All Iron RE I Socimi has registered an operating profit (FFO, cash generation) of 1.8 million euros in the first half of this 2026, equivalent to 12 cents per share, which represents a decrease of 18.2% compared with the 2.2 million achieved in the same period of 2025.
Despite this fall in FFO, the socimi has increased its revenue to 4.9 million euros in the first half of the fiscal year, which implies an advance of 9% and 8% in comparable terms, driven by the improvement in activity. Revenues from accommodation-related rents also increased by 9%, to 4.4 million.
Ebitda likewise showed a positive evolution and stood at 3.1 million euros, with a margin on revenue of 64%, after growing 9% compared with the first six months of the previous fiscal year, according to what the company communicated this Thursday.
Net profit reached 30.9 million euros in the first half of 2026 --including the revaluation of the assets--, which represents a slight decline of 3.44% compared with the 32 million recorded in the same period of last year.
As for the financial structure, the level of indebtedness --which relates net debt to the value of the portfolio-- remained at 31%, with an average cost of debt of 4.3% as of June 30, 2026.
At the close of that date, All Iron's portfolio was valued at 408 million euros, 14% more than in December 2025, and the net asset value per share stood at 18.4 euros/share.
Accommodation prices experienced a sharp increase supported by high demand, reaching an average of 144 euros, 8% higher in comparable terms than in the same period of the previous year. The sales margin stood at 58%, while the average occupancy of the assets was 83% in the first half of the fiscal year.
The socimi stresses that its portfolio of operating assets presents an average return on investment of 7.6% --excluding the effect of financial leverage-- and that it continues with the reorganization of its portfolio after the divestments in smaller assets and the putting into operation of the repositioning properties. So far this year it has opened four assets (in Sevilla, Málaga and Alicante) and maintains the objective of opening its property in Valencia before the end of the fiscal year.
OUTLOOK FOR THE YEAR 2028
Regarding future evolution, the company assures that it continues advancing in line with the objectives already communicated for 2028 and expects the share to reach a theoretical value of about 19-20 euros (NAV/share), in addition to placing its revenues in a range of between 23 and 25 million euros and Ebitda of between 19 and 21 million.
Likewise, it expects to achieve an FFO per share (cash generation) in the range of 0.9-1.1 euros/share for 2028, once 100% of the portfolio is fully operational and contributing rental income on a recurring basis.