• The company has recorded year-on-year like-for-like growth of 8.2% in its Gross Rental Income (GRI), and an 8.7% increase in like-for-like Net Operating Income (NOI) compared with the same period of the previous financial year.

• Castellana Properties has increased the value of its portfolio to €1,772 million as at the end of September 2025, representing growth of 6.7% over six months, driven by the strategic acquisition of Forum Madeira.

• The portfolio’s operating indicators continue to outperform the sector average, underpinned by strong and stable fundamentals. Occupancy stands at 98.7%, the collection rate at 98.0%, and footfall and sales have risen by 3.5% and 4.2% respectively.

Castellana Properties, a listed company specialising in the acquisition and management of shopping centres and retail parks in Spain and Portugal, has today presented its results for the first half of its financial year (H1 FY26), covering the period from 1 April 2025 to 30 September 2025. During this period, the company achieved a record net profit of €61.8 million, up 87.3% on the same half of the previous financial year. It also recorded Net Operating Income (NOI) of €56.9 million, an 8.7% like-for-like increase compared with the same period last year, reflecting the excellent operational performance of the portfolio.

EBITDA rose by 83.9% to €49.8 million, while Gross Rental Income (GRI) amounted to €63.2 million at the end of the half-year, representing like-for-like growth of 8.2% versus the same period of the prior year.

As for the Gross Asset Value (GAV), the figure reached €1,772 million—an increase of 6.7% over the past six months—and a like-for-like rise of 2.3% compared with March 2025. This performance was also driven by the acquisition of Forum Madeira in Portugal in April 2025, the company’s fifth asset in the country.

The company’s financial strength is reflected in a robust debt structure, with 97% of debt at a fixed rate and a Net LTV of 34.7%. The average debt maturity stands at 4.3 years and the total all-in cost has decreased to 4.59%. Moreover, Fitch Ratings has recently upgraded the company’s credit rating to BBB with a stable outlook, reinforcing its position as a benchmark in the industry.

According to Alfonso Brunet, CEO of Castellana Properties, “At Castellana Properties, we are firmly committed to driving the transformation of retail through a sustainable growth model that creates opportunities for all our stakeholders. The first-half results confirm that we are moving in the right direction and are even more significant given that we have added six new assets this year and entered a new country. This performance demonstrates the strength of our sector expertise, reinforces our leading position in Iberia and gives us great momentum for the future.”

Continued growth across the entire portfolio

This financial half-year has been marked by intense commercial activity, with the signing of 196 leases (84 renewals and 112 new agreements) generating rental income of €13.1 million, representing a 7.5% increase over prior rents. A total of 152 leases (32,335 m²) were signed in Spain and 44 leases (4,884 m²) in Portugal. Meanwhile, the portfolio’s overall occupancy rate stands at 98.7% and the collection rate at 98.0%, placing Castellana Properties once again above the sector average.

All assets have continued to show strong performance in both footfall and sales. During the period, footfall rose by 4.0% in Spain and by 2.7% in Portugal, resulting in a portfolio-wide increase of 3.5%. Highlights include El Faro, where the opening of new brands such as Lefties, Mango, Fitness Park and Álvaro Moreno in the centre’s extension has boosted footfall by more than 33%. Granaita also stands out, with growth of 7.5% driven by the renewal of its retail offer, and Vallsur, with a 4.6% rise as it progresses on the second phase of its value-enhancement project, due for completion in the coming months.

In terms of sales, the portfolio delivered broad-based growth: +4.3% in Spain, +4.0% in Portugal and +4.2% at group level. The strongest categories included Culture, Media and Technology (+9.4%), Home (+6.7%), Leisure and Entertainment (+6.5%), Food (+5.6%) and Fashion (+4.1%). Consequently, tenant sales across the Castellana Properties portfolio grew by 3.7% in shopping centres and by 6.5% in retail parks compared with the same period last year.

A notable case is Bonaire, where, one year after the DANA weather event, the shopping centre has fully recovered, consolidating its regional leadership with a 2.7% increase in sales, an occupancy rise to 97.8% and 24 new leases driving average rents up by 12.6%.

Recognition and new milestones in the ESG strategy

In addition to these results, Castellana Properties continues to strengthen its leadership in the sector by combining digital innovation, operational capability and sustainability. An example of this is its loyalty programme, which has been recognised with the award for Best Innovation / Digital Strategy Action at the XXI Spanish Council of Shopping Centres and Retail Parks Congress (AECC 2025), thanks to its unique rewards-based platform in the Iberian market. The club’s activities integrated into the platform have helped increase tenant sales by 20%, confirming the positive impact of the initiative on both customers and retailers.

The company has also achieved, for the second consecutive year, the top GRESB 5-star rating and has renewed its Great Place to Work certification for the fifth year, with a trust score of 91% among employees, as well as the EPRA Gold award for its financial and sustainability reporting indicators.