- The SOCIMI reports solid progress across all key metrics, with growth in gross and net rents, improved EBITDA, strong FFO expansion, and a return to profit, driven by the positive performance of all segments and increased recurring cash generation capacity.
- The company has completed the refinancing of its debt with new long-term syndicated financing, significantly reducing its financial cost and lowering its leverage ratio.
- In addition, it executed Merlin’s exit through the B Shares Mechanism, reducing share capital and advancing the optimization of its shareholder structure.
Madrid, March 3 2026 – SILICIUS Real Estate, a SOCIMI specialized in the long-term management of properties with stable rental income, closed the 2025 financial year with a net profit of €17.8 million, compared to losses of €9.7 million recorded in 2024. The year confirms the company’s transition to a new phase, supported by sustained operational performance across the portfolio, the completion of refinancing, and the strengthening of its capital structure following Merlin’s exit.
Business performance in 2025 reflects consistent progress in operating metrics and an increased ability to convert ordinary activity into cash. Net rental income reached €23.3 million, up 7.1% year-on-year. At the same time, EBITDA stood at €16.7 million and FFO increased by 147%, enhancing visibility on recurring cash generation.
On a like-for-like basis, gross rental income amounted to €28.5 million, representing 7.6% growth compared to 2024, with positive contributions from all asset types. By segment, like-for-like growth was +10.5% in Shopping Centers, +29.5% in Residential, +9.2% in Offices, +5.2% in Retail, +2.8% in Logistics, and +2.5% in Hotels.
This progress is underpinned by particularly active leasing management. During the year, SILICIUS signed 170 new lease agreements covering more than 11,460 sqm of gross leasable area, with particularly strong momentum in Shopping Centers, Retail, and Offices. Average occupancy of operating assets reached 88%, improving by 1.8% compared to 2024, while weighted average unexpired lease term (WAULT) reached 4.5 years, reinforcing medium-term income stability.
Optimization of the financial structure
One of the key milestones of the year was the completion of a comprehensive debt restructuring aimed at optimizing financial costs, extending maturities, and strengthening visibility over the future cash profile. In 2025, the company formalized new syndicated financing totaling €163.3 million, extending the average maturity to eight years and significantly reducing the cost of debt. Additionally, €39 million was amortized using proceeds from divestments carried out during the period.
As a result, net financial debt stood at €158 million, a 17.6% reduction compared to the previous year, maintaining a prudent profile with an LTV of 33%. Furthermore, 97% of the debt is structured at a fixed rate, with an average cost of 4.68%. This structure strengthens the balance sheet and provides SILICIUS with greater flexibility to execute its strategic plan, maximizing the conversion of operational growth into cash generation.
According to Juan Díaz de Bustamante, CEO of SILICIUS:
“2025 marks a turning point in the company’s evolution. We have combined solid operational growth with structural balance sheet optimization, enabling us to operate more efficiently, at a lower financial cost and with greater visibility. This new structure allows us to transform operational growth into distributable Cash Flow. As a result, we are consolidating a clear value proposition: disciplined capital allocation, active asset rotation with value creation, and increasing shareholder remuneration, while maintaining the capacity to continue driving our strategic growth plan.”
Reduction and simplification of share capital
In 2025, the company also completed a significant step in optimizing its capital structure: the exit of Merlin Properties from the shareholder base through the execution of the B Shares Mechanism, which resulted in a 17.9% reduction in share capital, equivalent to 5,623,475 shares, for an allocated amount of €66.9 million. The transaction was executed through the return of the real estate assets located at Los Madrazo 6–10 (Madrid) and the Hotel Barceló Nura (Menorca).
In total, during 2025 four divestments were completed for an aggregate amount of €109 million, with a 17% premium over the latest GAV. As of year-end 2025, GAV stood at €494 million, representing a 2.3% like-for-like increase compared to the previous year.
Progress in sustainability and transparency, with EPRA recognition and carbon footprint improvements
In terms of sustainability, SILICIUS received the EPRA BPR Gold Award for financial reporting for the second consecutive year and improved its sustainability rating to achieve the EPRA sBPR Gold Award, strengthening its positioning in transparency and good governance.
The company also registered its carbon footprint for the second time in the Carbon Footprint, Offset and CO₂ Absorption Projects Registry of the Ministry for Ecological Transition and Demographic Challenge. This registration certifies the calculation of greenhouse gas emissions under Scopes 1, 2 and 3, including direct emissions, energy consumption, and indirect emissions associated, among others, with transportation, outsourced services, generated waste, and the use of assets leased to third parties.
