Colonial: 1Q26 Results - Strong leasing dynamics, disposals in focus

Research evidence excerpt

Colonial: 1Q26 Results - Strong leasing dynamics, disposals in focus

Deutsche Bank

Research

Rating Company Date

Hold Colonial 15 May 2026

Results

Europe

Spain

Reuters Bloomberg Exchange Ticker Price at 14 May 2026 (EUR) 5.38

COL.MC COL SM MCE COL

Price Target (EUR) 5.50

Real Estate

52-week range (EUR) 6.29 - 4.91

1Q26 Results - Strong leasing

Valuation & Risks dynamics, disposals in focus

Thomas Rothaeusler

1Q26 Results - Strong leasing dynamics, disposals in focus Research Analyst

Reporting: We view the reporting as a neutral event with earnings on-track to +49-69-910-43054

achieve guidance, disposal program on-track and continuing strong leasing activity

Sheetal Jaimalani

along with strong release spreads in Paris CBD. Rental growth slowed on a like for Research Associate

like basis with still significant contribution from indexation and occupancy

improvement. The management is expected to provide more specific details on

capital allocation and enhancement of the disposal program in the upcoming CMD Price/price relative

on 4th June. 8

FY26 headline earnings guidance confirmed at EUR0.34-0.35 (plus 1% YoY at mid- 6

point, DBe: EUR0.35, BBG consensus: EUR0.34). 1Q26 headline earnings per share

came in at 8.7 cents (+1% YoY), on track to reach the guidance for full year. 4

2024 2025 2026

LfL GRI growth softer at 4% vs 6% in FY25, similar to what we have seen for peers, Colonial – (Rebased)

made up by 1.9% indexation, 0.7% reversion and 1.4% higher occupancy. Leasing Performance (%) 1m 3m 12m

volume was up 14% with 28% higher annualized rents contracted. Releasing

Absolute -1.9 3.1 -6.9

spread at 7% vs 8% in FY25 with Paris CBD continuing its strong momentum at 18%

DJ (.STOXXE) -0.3 0.8 13.0

spread vs 16% in FY25. Occupancy came down stable at 93% overall while higher