Barcelona, 2 de junio de 2025
Barcino Property SOCIMI, S.A. (en adelante "Barcino", la "Sociedad" o la "Compañía"), en virtud de lo previsto en el artículo 17 del Reglamento (UE) nº 596/2014 sobre abuso de mercado y en el artículo 227 de la Ley 6/2023, de 17 de marzo, de los Mercados de Valores y de los Servicios de Inversión, y disposiciones concordantes, así como en la Circular 3/2020 de BME MFT Equity sobre información a suministrar por empresas incorporadas a negociación en el segmento BME Growth de BME MTF Equity, (en adelante "BME Growth") pone en su conocimiento la siguiente:
OTRA INFORMACIÓN RELEVANTE
Barcino ha publicado en su página web el informe trimestral correspondiente al primer trimestre de 2025. La presentación se adjunta al presente documento, sin perjuicio de la posibilidad de consultar el mismo en la página web de la Sociedad (https://www.barcinoproperty.com)
De conformidad con lo dispuesto en la Circular 3/2020, se hace constar que la información comunicada por la presente ha sido elaborada bajo la exclusiva responsabilidad de la Sociedad y de sus administradores.
Quedamos a su disposición para cuantas aclaraciones precisen.
BARCINO PROPERTY SOCIMI, S.A.
BARCINO PROPERTY SOCIMI, S.A.Q1 2025 and FY 2024 Results Presentation
J U N E 2 0 2 5
2 - BARCINO PROPERTY SOCIMI, S.A.
DISCLAIMER
This presentation (the "Presentation") has been prepared by Barcino Property SOCIMI, S.A. ("Barcino") and Vistalegre Property Management, S.L., -the Barcino's managing company-("VPM"). This Presentation does not constitute and should not be construed as an offer, inducement, invitation to sell or issue, or the solicitation, inducement or invitation of an offer to buy, subscribe or acquire securities of Barcino and/or VPM. This Presentation is solely for informational purposes and should not be treated as investment advice or as any recommendation to take any decision. In addition, this Presentation does not consider the specific investment objectives, financial situation or particular needs of any recipient in any jurisdiction nor does it contain all the information necessary to fully evaluate any investment or transaction.
Accordingly, no part of this Presentation nor the fact of its distribution or communication should form the basis of, or be relied upon in connection with, or act as any inducement to enter into any contract, commitment or investment decision whatsoever in relation to any securities or otherwise. This Presentation was not prepared for the purpose of being used in connection with any offering of securities. This Presentation has not been independently verified and Barcino and/or VPM do not make any representation, warranty or undertaking, express or implied, and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information, opinions or projections contained in the Presentation. Barcino and VMP and its respective current shareholders, advisers, officers, employees or agents shall have no liability whatsoever for any direct or consequential loss, damages, costs or prejudices whatsoever arising from any use of this Presentation or its contents or otherwise arising in connection with this Presentation.
Some of the information contained in the Presentation including, among other things, forecasts, goals, strategies, assessments and estimates are related to events factors, changing economic, business or other market conditions or prospect of growth anticipated by Barcino and/or VPM which are other than statements of historical facts and which realization is uncertain and is beyond the control of Barcino and/or VPM (the "Forward Looking Statements"). Forward Looking Statements can be identified from the context they are made. By their nature, Forward Looking Statements involve known and unknown risks, uncertainties, assumptions, estimates and other factors which do not constitute a proven fact, are based solely on Barcino's and VPM's subjective estimates and are not intended to give any assurances as to future results. There can be no assurance that Forward Looking Statements will prove to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward Looking Statements due to the inherent uncertainty therein. Whether or not the information will materialize and will be affected, amongst other things, by risk factors inherent in the Public Investment Vehicle's operations, as well as developments in the general environs and external factors that affect the Public Investment Vehicle's operation, which cannot be estimated in advance and that are not within the control of Barcino and/or VPM.
Market and competitive position data in the Presentation has generally been obtained from industry publications and studies conducted by third parties. Certain statements in the Presentation regarding the market and competitive position data are based on the internal analyses of Barcino and/or VPM, which involve certain assumptions and estimates. These internal analyses have not been verified by any independent sources and there can be no assurance that the assumptions or estimates are accurate. Accordingly undue reliance should not be placed on any of the industry, market or competitive position data contained in the Presentation.
This Presentation and the information contained in the Presentation are provided as of the date of this Presentation and are subject to change, and Barcino and/or VPM are not under any obligation to update, complete, revise, verify, amend or keep current the information contained herein, whether as a result of new information, future events or results or otherwise. The information contained in the Presentation must not be relied upon for any purpose. Furthermore, anyone who is interested in making an investment, should inform itself independently and conduct its own investigation and analysis of the information contained in this Presentation, consult with legal, regulatory, tax, business, investment, financial and accounting advisers to the extent that he deems necessary, and should make his own investment decisions based upon his own judgment and advice from such advisers as he deems necessary and not upon any view expressed by Barcino and/or VPM or expressed in this Presentation.
This Presentation shall be governed and construed in accordance with the laws of Spain without regard to its conflict of law provisions and the receiver of this Presentation hereby irrevocably consents to the exclusive jurisdiction of, and venue in, the competent jurisdiction located in Barcelona, Spain.
3 - BARCINO PROPERTY SOCIMI, S.A.
TABLE OF CONTENTS
01
Business Review
02
Q1 2025 Results
03
Q1 2025 KPIs
04
Capex
05
FY 2024 Results
06
FY 2024 KPIs
07
FY 2024 balance sheet
08
Appendix
4 - BARCINO PROPERTY SOCIMI, S.A.
01/ BUSINESS REVIEW
GOI WEAKER THAN EXPECTED DUE TO INCREASE IN MARKET SUPPLY IN LOW-SEASON PERIOD AND ASSET SALESQ1 2025 Gross Operating Income €468k, down -28% YoY
Q1 2025 Adjusted Net Operating Income (*) €218k, down -41% YoY
Q1 2025 EBITDA (*) €2.2m
Increasing mid-term supply resulting in lower occupancy and prices
Excluding the impact of empty units for sale and units sold Q1 2025 GOI is down -13% YoY
RICS VALUATION AND NAV PER SHAREQ1 2025 RICS VALUATION, that is 2024 RICS valuation adjusted for Q1 sales , €49.9m
Q1 2025 Net debt, €5.1m
Implied Q1 2025 NAV per share €1.82
Q1 2025 unaudited figures
(*) Reconciled on the next slide
DISPOSALSDuring Q1 2025, Barcino has completed the sale of 12 residential units for €5.1m. Barcino had deposit agreements for the sale of 8 additional residential units for €3.1m as of 31 March.
Gains related to the 12 completed sales amount to €2.4m.
Since 31 March, Barcino has signed the sale or deposit agreements for the sale of 2 additional residential units for €0.9m.
CAPEX , FINANCING AND DIVIDENDCapex of €260k in Q1 2025.
Repaid the mortgage loans of two of our buildings totaling €1.53m in Q1 2025.
As of Q1 2025 end debt amounted to €10m, net cash and cash equivalents to €1.2m and bank deposits to €3.7m, giving a net debt of €5.1m.
AGMTo be held on 17 June.
Approve dividend of €0.03 per share
Approve the purchase of Barcino shares at up to1.45€ per share resulting in up to 10% of Barcino shares being held as treasury shares.
5 - BARCINO PROPERTY SOCIMI, S.A.
02/ Q1 2025 RESULTS
BARCINO PROPERTY GROSS OPERATING INCOME:GOI of €467k, down by -€182k,
-28% YoY.
BA GOI down -€3k compared to Q1 2024 a decrease of -3% YoY.
Impact of units sold after Q4 2024 on GOI of -€121k.
GOI of the remainder of the portfolio including mid-term, long-term and commercial leases, are down -€58k, a -16% increase YoY.
GENERAL AND ADMINISTRATIVE COSTS:Increase €1.5k from Q1 2024.
ADJUSTED NOI:Decrease of -€152k, -41% YoY, due to a decrease in revenues and higher short term lower margin GOI in the mix.
In EUROS Q1 2025 (*) Q4 2023 (*) Var 24/23 %
P & L
GROSS OPERATING INCOME (GOI)
467.630
649.150
-28%
OPERATING EXPENSES
(151.342)
(179.296)
-16%
NET RENTAL INCOME (NRI)
316.287
469.854
-33%
% margin
68%
72%
Staff costs
(48.860)
(51.527)
General and administrative expenses
(49.118)
(47.585)
ADJUSTED NET OPERATING INCOME (NOI)
218.309
370.743
-41%
Management Fee
(120.201)
(29.358)
NET OPERATING INCOME (NOI)
98.108
341.385
-71%
Non recurring expenses
(313.968)
(72.266)
Rental Income 467.630 649.150
OPERATING EXPENSES: NOI AND EBITDA:Excess provisions & other income and expenses
(483) (5.059)
Letting and platform fees down -€3.6k.
Short-term and mid-term costs down
-€21k from Q1 2024.
STAFF COSTS:Personnel costs down -€3k from Q1 2024.
Property management fees €120k.
Non recurring expenses €314k, mainly related to sales costs
INTEREST:Interest expenses decrease of -€29k due mainly to the repayment of
2 mortgages.
Gains or losses on disposals 2.374.571 434.744
EBITDA 2.158.228 698.805
Depreciation & amortisations (186.621) (208.125)
EBIT 1.971.607 490.679
Net interest (185.180) (213.882)
EBT 1.786.428 276.798
(*) Q1 2025 and Q1 2024 Unaudited figures
6 - BARCINO PROPERTY SOCIMI, S.A.
03/ Q4 2024 KPIs
LFL MID TERM-REVENUES OCCUPANCY MID-TERM300. 000
280. 000
260.000
240.000
220.000
200.000
180. 000
300,000
280,000
260,000
240,000
220,000
200,000
180,000
-19%
Q1 2024 * Q1 2025 *
100%
90%
80%
70%
60%
50%
-14%
Q1 2024 * Q1 2025 *
LFL mid term Q1 revenue decline based on 52 units -19% YOY
(*) Q1 2025 and Q1 2024 Unaudited figures
Occupancy down from 89% to 75%
Based on 52 units
7 - BARCINO PROPERTY SOCIMI, S.A.
04/ REMAINING CAPEX
Major capex expected to be completed in Q2 2025, capex expected to be less than €0.3k.
Capex for a building that could benefit from refurbishment could amount to c.€0.6m.
There are still life leases and long-term lease units that may benefit from refurbishment in the future. Additional capex could add up to €1m over time
CAPEX
2024
Q1 2025*
Capex
(*) Q1 2025 Unaudited figures
0.3
0.26
8 - BARCINO PROPERTY SOCIMI, S.A.
05/ FY 2024 RESULTS
BARCINO PROPERTY GROSS OPERATING INCOME:GOI €2.6m, increase in GOI of €70k,
+3% YoY.
Ramp up of two new buildings have contributed €337k to GOI compared to FY 2023.
BA GOI up €32k compared to FY 2023, an increase of +6.5% YoY.
Impact of units sold after FY 2023 on GOI of -€242k.
Impact of empty units for sale on GOI of -€106k.
GOI of the remainder of the portfolio including mid-term, long-term and commercial leases, are up €49k, a
+3.6% increase YoY
OPERATING EXPENSES:Letting and platform fees up €13k from
GENERAL AND ADMINISTRATIVE COSTS:Decrease €11k from FY 2023.
ADJUSTED NOI:Increase of €25k, +2% YoY.
NOI:Property management fees €117k.
INTEREST:Interest expenses decrease of €7k due mainly to the repayment of three mortgages.
In EUROS 2024 2023 Var 24/23 %
P & L
Rental Income 2,593,370 2,523,596
GROSS OPERATING INCOME (GOI) 2,599,481 2,534,745 3%
* OPERATING EXPENSES (765,798) (711,266) 8%
NET RENTAL INCOME (NRI) 1,833,683 1,823,478 1%
% margin
71%
72%
Staff costs
(193,390)
(197,430)
General and administrative expenses (212,878) (223,742)
ADJUSTED NET OPERATING INCOME (NOI) 1,427,415 1,402,306 2%
Management Fee (117,430) (117,430)
NET OPERATING INCOME (NOI) 1,309,985 1,284,876 2%
Non recurring expenses (390,627) (251,158)
Excess provisions & other income and expenses (2,369) (662) Gains or losses on disposals 1,729,859 1,439,179
EBITDA 2,646,848 2,472,235
Depreciation & amortisations (827,903) (737,354)
FY 2023.
EBIT
1,818,944
1,734,881
- Short-term and mid-term costs up €46k from FY 2023.
Net interest
(841,212)
(848,394)
EBT
977,732
886,487
STAFF COSTS:
Personnel costs up €4k from FY 2023, due to salary increases.
*The sum of these items are included in the item of other operating expenses of the Statement of profit or loss for the year ended 31 december 2024 and 2023
9 - BARCINO PROPERTY SOCIMI, S.A.
06/ 2024 KPIs
LFL MID TERM-REVENUES OCCUPANCY MID-TERM850.000
800.000
750. 000
700.000
650.000
850,000
800,000
750,000
240,000
-1%
95%
93%
91%
89%
-1%
87%
700,000
2023 2024*
85%
2023 2024*
LFL mid term 2024 revenue decline based on 35 units -1% YOY
Occupancy down from 91% to 90%
10 - BARCINO PROPERTY SOCIMI, S.A.
07/ 2024 BALANCE SHEET
Balance sheet as of 31 december 2024 and 2023 (in Euros)ASSETS | 31/12/2024 | 31/12/2023 |
1 A) NON-CURRENT ASSETS | 35,251,939 | 38,090,934 |
1.1 I. Intangible fixed assets | 2,092 | 2,137 |
1.2 II. Property, plant and equipment | 522 | 623 |
1.3 III. Investment property | 35,203,262 | 38,047,380 |
1.5 IV. Non-current financial assets | 46.062 | 40,793 |
2 B) CURRENT ASSETS | 2,695,102 | 1,205,718 |
2.3 III. Trade and other receivables | 206,625 | 126,185 |
2.5 V. Non-current financial assets | 398,651 | 411,776 |
2.6 VI. Current prepayments and accrued income | 34,080 | 49,427 |
2.7 VII. Cash and cash equivalents | 2,055,746 | 618,331 |
TOTAL ASSETS | 37,947,041 | 39,296,652 |
EQUITY AND LIABILITIES | 31/12/2024 | 31/12/2023 |
1 A) EQUITY | 25,365,256 | 24,337,685 |
1.1 A-1) Shareholders' equity | 25,365,256 | 24,337,685 |
1.1.1 I. Share capital | 24,524,110 | 24,524,110 |
1.1.2 II. Share premium | 6,347,633 | 6.347.633 |
1.1.3 III. Reserves | 163,824 | 84,975 |
1.1.4 IV. Treasury shares | (187,673) | (247,311) |
1.1. 5 V. Loss from previous years | (6,460,372) | (7,258,210) |
1.1. 6 VI. Other capital contributions | 2 | 2 |
1.1.7 VII. Profit/(loss) for the year | 977,732 | 886,487 |
2 B) NON-CURRENT LIABILITIES | 10,293,493 | 12,479,992 |
2.2 II. Non-current payables | 10,210,288 | 12,479,992 |
2.2.2 2. Bank borrowings | 10,149,050 | 12,429,899 |
2.2.5 5. Other financial liabilities | 61,238 | 50,094 |
2.5 V. Current prepayments and accrued income | 83,206 | 0 |
3 C) CURRENT LIABILITIES | 2,288,292 | 2,478,975 |
3.3 III. Current payables | 1,448,261 | 1,836,065 |
3.5 V. Trade and other payables | 833,338 | 546,318 |
3.6 VI. Cash and cash equivalents | 6,693 | 96,592 |
TOTAL EQUITY AND LIABILITIES | 37,947,041 | 39,296,652 |
BARCINO PROPERTY SOCIMI, S.A.
08/ APPENDIX
12 - BARCINO PROPERTY SOCIMI, S.A.
STATEMENT OF PROFIT OR LOSS | 2024 | 2023 |
1. Revenue | 2,593,370 | 2,523,596 |
Real estate leases | 2,593,370 | 2,523,596 |
5. Other operating income | 6,111 | 11,148 |
a) Other operating income | 3,111 | 11,148 |
b) Operating grants taken to income | 3,000 | 0 |
6. Staff costs | (193,390) | (197,430) |
a) Wages, salaries and similar expenses | (148,783) | (160,554) |
b) Employee benefit costs | (44,606) | (36,876) |
7. Other operating expenses | (1,486,733) | (1,303,597) |
a) Outside services | (1,347,504) | (1,185,171) |
b) Taxes | (121,246) | (102,671) |
c) Losses, impairment and changes in trade provisions | (17,916) | (15,699) |
d) Other current operating expenses | (68) | (56) |
8. Depreciation and amortisation charge | (827,903) | (737,354) |
11. Impairment and gains or losses on disposals of non-current assets | 1,729,859 | 1,439,179 |
12. Other income and expenses | (2,369) | (662) |
PROFIT/(LOSS) FROM OPERATIONS | 1,818,944 | 1,734,881 |
13. Finance income | 1,543 | 2,980 |
From marketable securities and other financial instruments | 1,543 | 2,980 |
From third parties | 1,543 | 2,980 |
14. Finance costs | (842,755) | (851,374) |
On debts with third parties | (842,755) | (851,374) |
FINANCIAL LOSS | (841,212) | (848,394) |
PROFIT/(LOSS) BEFORE TAX | 977,732 | 886,487 |
Income tax | 0 | 0 |
PROFIT/(LOSS) FROM CONTINUING OPERATIONS | 977,732 | 886,487 |
PROFIT/(LOSS) FOR THE YEAR | 977,732 | 886,487 |
FY 2024 RESULTS STATEMENT OF PROFIT OR LOSS
ENDED 31 DECEMBER 2024-2023
(in Euros)
13- BARCINO PROPERTY SOCIMI, S.A.
CONTACTS
Josep Turró
President of the Advisory Committee | Barcelona
jturro@vistalegrepm.com
Laura Turró
COO | Barcelona
lturro@vistalegrepm.com
Olga Sevillano
CFO | Barcelona
osevillano@vistalegrepm.com
BARCINO PROPERTY SOCIMI, S.A.
Q1 2025 and FY 2024 Results Presentation
JUNE 2025