Barcelona, 18 de noviembre 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 tercer 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.Q3 2025 and H1 2025 Results Presentation
NO V E M B E R 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
Q3 2025 Results
03
Q3 2025 KPIs
04
Capex
05
H1 2025 results
06
H1 2025 balance sheet
4 - BARCINO PROPERTY SOCIMI, S.A.
01/ BUSINESS REVIEW
GOI WEAKER THAN EXPECTED DUE TO INCREASE IN MARKET SUPPLYQ3 2025 Gross Operating Income €483k, down -26% YoY
Q3 2025 Adjusted Net Operating Income (*) €235k, down -36% YoY
Q3 2025 EBITDA (*) €0.3m
Excluding the impact of empty units for sale and units sold Q3 2025 GOI is down -7% YoY
RICS VALUATION AND NAV PER SHAREQ3 2025 RICS VALUATION, that is 2024 RICS valuation adjusted for Q1-Q3 sales , €43.9m
Q3 2025 Net debt, €4.6m
Implied Q3 2025 NAV per share €1.76, post dividend and share buyback (€1.80 adjusted for the distributed dividends)
Q3 2025 unaudited figures
(*) Reconciled on the next slide
(**) The losses are largely due to the fact that units are carried a book value that is based on m2 which results in commercial units being carried at a book value that is significantly higher than market value.
DISPOSALSDuring Q3 2025, Barcino has completed the sale of 1 commercial unit and 1 residential unit for €0.4m, and accelerated the marketing of properties for sale.
Losses related to the 2 completed sales amount to €0.25m.(**)
Since 30 September, Barcino has signed deposit agreements for the sale of 3 additional residential units and one commercial unit for €1.4m and one option to sell a commercial unit for €0.1m.
During the last twelve months Barcino has completed the sale of 34 units (-22% vs Q3 2024 units) for €13.1m
CAPEX , FINANCINGCapex neglibile in Q3 2025, €0.5m in Q3 YTD 2025 (€0.9 in last twelve months)
As of Q3 2025 end debt amounted to €8.3m, net cash and cash equivalents to
€1.9m and bank deposits to €1.8m, giving a net debt of €4.6m.
Since Q3 2024 net debt has decreased by €6.8m (this calculation does not include
€3.9m of cash used for dividend payment and share buybacks)
SHARE BUYBACK PROGRAM1.1m shares purchased in Q3 25 at €1.45 per share
5 - BARCINO PROPERTY SOCIMI, S.A.
BARCINO PROPERTY
In EUROS
Q3 2025 (*)
Q3 2024(*)
Var 25/24 %
P & L
Rental Income
482,767
648,424
GROSS OPERATING INCOME (GOI)
482,767
648,424
-26%
OPERATING EXPENSES
(160,664)
(197,216)
-18%
NET RENTAL INCOME (NRI)
322,103
451,208
-29%
% margin
67%
70%
Staff costs
(50,258)
(47,918)
General and administrative expenses
(36,559)
(33,263)
ADJUSTED NET OPERATING INCOME (NOI)
235,286
370,027
-36%
Management Fee
(193,895)
(29,357)
NET OPERATING INCOME (NOI)
41,391
340,669
-88%
Non recurring expenses
(95,753)
(106,830)
Excess provisions & other income and expenses
75
129
Gains or losses on disposals (**)
(250,999)
327,550
EBITDA
(305,287)
561,518
Depreciation & amortisations
(129,715)
(210,150)
EBIT
(435,002)
351,368
Net interest
(116,596)
(208,576)
EBT
(551,598)
142,792
02/ Q3 2025 RESULTS
GROSS OPERATING INCOME:GOI of €483k, down by -€166k, -26% YoY.
Ramp up of a new building have contributed €29k to GOI compared to Q3 2024.
BA GOI down -€19k compared to Q3 2024 a decrease of -12% YoY.
Impact of units sold after Q4 2024 on GOI of -€129k.
GOI of the remainder of the portfolio including mid-term, long-term and commercial leases, are down -€47k, a -13% decrease YoY.
OPERATING EXPENSES:Letting and platform fees down -€10k.
Short-term and mid-term costs down
-€19k from Q3 2024.
GENERAL AND ADMINISTRATIVE COSTS:Up €3.2k from Q3 2024.
ADJUSTED NOI:Decrease of -€135k, -36% YoY, due to a decrease in revenues and higher short term lower margin GOI in the mix.
NOI AND EBITDA:Property management fees €194k.
Non recurring expenses €75k, mainly related to sales and shares buyback costs
STAFF COSTS:Personnel costs up €2.3k from Q3 2024 due to salary increases.
INTEREST:Interest expenses decrease of -€92k due mainly to the repayment of
2 mortgages and 3 ICO loans.
(*) Q3 2025 and Q3 2024 Unaudited figures
(**) The losses are largely due to the fact that units are carried a book value that is based on m2 which results in commercial units being carried at a book value that is significantly higher than market value.
6 - BARCINO PROPERTY SOCIMI, S.A.
03/ Q3 2025 KPIs
LFL MID TERM-REVENUES OCCUPANCY MID-TERM300, 000
280, 000
260,000
240,000
220,000
200,000
180, 000
240,000
230,000
88%
100%
90%
80%
70%
60%
50%
85%
220,000
210,000
200,000
190,000
-8%
82%
79%
76%
73%
+3%
180,000
70%
Q3 2024* Q3 2025* Q3 2024* Q3 2025*
LFL mid term Q3 revenue decline based on 46 units -8% YOY
(*) Q3 2025 and Q3 2024 Unaudited figures
Occupancy up from 80% to 83%
Based on 46 units
7 - BARCINO PROPERTY SOCIMI, S.A.
04/ REMAINING CAPEX
Major capex finalised in July 2025.
Capex for a building that needs refurbishment that 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-Q3 2025* |
Capex | 0.3 | 0.5 |
(*) Q1-Q3 2025 Unaudited figures
8 - BARCINO PROPERTY SOCIMI, S.A.
STATEMENT OF PROFIT OR LOSS | 30/06/2025* | 30/06/2024* |
1. Revenue | 990,255 | 1,379,107 |
Real estate leases | 990,255 | 1,379,107 |
5. Other operating income | 458 | 3,009 |
a) Other operating income | 458 | 3,009 |
6. Staff costs | (100,285) | (96,376) |
a) Wages, salaries and similar expenses | (78,333) | (73,664) |
b) Employee benefit costs | (21,953) | (22,713) |
7. Other operating expenses | (1,571,540) | (647,328) |
a) Outside services | (1,446,422) | (597,462) |
b) Taxes | (118,533) | (41,368) |
c) Losses, impairment and changes in trade provisions | (6,291) | (8,495) |
d) Other current operating expenses | (294) | (3) |
8. Depreciation and amortisation charge | (362,466) | (415,857) |
10. Excess provisions | 0 | 0 |
11. Impairment and gains or losses on disposals of non-current assets | 4,140,517 | 483,698 |
12. Other income and expenses | (2,248) | (2,369) |
PROFIT/(LOSS) FROM OPERATIONS | 3,094,690 | 703,884 |
13. Finance income | 16,805 | 436 |
From marketable securities and other financial instruments | 16,805 | 436 |
From third parties | 16,805 | 436 |
14. Finance costs | (335,760) | (420,808) |
On debts with third parties | (335,760) | (420,808) |
FINANCIAL LOSS | (318,955) | (420,372) |
PROFIT/(LOSS) BEFORE TAX | 2,775,735 | 283,512 |
Income tax | 0 | 0 |
PROFIT/(LOSS) FROM CONTINUING OPERATIONS | 2,775,735 | 283,512 |
PROFIT/(LOSS) FOR THE YEAR | 2,775,735 | 283,512 |
05/ H1 2025 RESULTS INTERIM STATEMENT OF PROFIT OR LOSS THE SIX-MONTH PERIOD
(*) Limited Review Report corresponding to the Individual Interim Financial statements for the six-month period ending 30 June 2025 and 30 June 2024
9 - BARCINO PROPERTY SOCIMI, S.A.
06/ H1 2025 BALANCE SHEET
Balance sheet as of 30 June 2025 and 31 December 2024 (in Euros)ASSETS | 30/6/2025 | 31/12/2024 |
1 A) NON-CURRENT ASSETS | 29,106,680 | 35,251,939 |
1.1 I. Intangible fixed assets | 2,427 | 2,092 |
1.2 II. Property, plant and equipment | 372 | 522 |
1.3 III. Investment property | 29,068,809 | 35,203,262 |
1.5 IV. Non-current financial assets | 35,071 | 46,062 |
2 B) CURRENT ASSETS | 5,995,631 | 2,695,102 |
2.3 III. Trade and other receivables | 74,409 | 206,625 |
2.5 V. Non-current financial assets | 369,942 | 398,651 |
2.6 VI. Current prepayments and accrued income | 24,363 | 34,080 |
2.7 VII. Cash and cash equivalents | 5,526,918 | 2,055,746 |
TOTAL ASSETS | 35,102,311 | 37,947,041 |
EQUITY AND LIABILITIES | 30/6/2025 | 31/12/2024 |
1 A) EQUITY | 25,838,381 | 25,365,256 |
1.1 A-1) Shareholders' equity | 25,838,381 | 25,365,256 |
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 | 257,821 | 163,824 |
1.1.4 IV. Treasury shares | (1,645,361) | (187,673) |
1.1. 5 V. Loss from previous years | (6,421,558) | (6,460,372) |
1.1. 6 VI. Other capital contributions | 2 | 2 |
1.1.7 VII. Profit/(loss) for the year | 2,775,735 | 977,732 |
2 B) NON-CURRENT LIABILITIES | 7,467,892 | 10,293,493 |
2.2 II. Non-current payables | 7,388,033 | 10,210,288 |
2.2.2 2. Bank borrowings | 7,328,995 | 10,149,050 |
2.2.5 5. Other financial liabilities | 59,038 | 61,238 |
2.5 V. Current prepayments and accrued income | 79,859 | 83,206 |
3 C) CURRENT LIABILITIES | 1,796,038 | 2,288,292 |
3.3 III. Current payables | 1,252,759 | 1,448,261 |
3.5 V. Trade and other payables | 536,586 | 833,338 |
3.6 VI. Cash and cash equivalents | 6,693 | 6,693 |
TOTAL EQUITY AND LIABILITIES | 35,102,311 | 37,947,041 |
8 - 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.
Q3 2025 and H1 2025 Results Presentation
NOVEMBER 2025