An exceptional year with solid growth in net revenue and strong operational momentum in data centres, reflected in valuations

We closed an exceptional year, with solid growth in net income and strong operational momentum in data centres, which was reflected in valuations.

In 2025, the most significant milestones were:

✅ Data Centres: strong growth with the leasing of an additional 66 MW, completing occupancy of phase 1 and the first building of phase 2, still under construction.

✅ Offices: record occupancy of 94.2% with excellent performance in Madrid and Lisbon.

✅ Logistics: continues to advance, with a +1.5% increase in comparable rents and a strong increase in renewals (+5.8%).

✅ Shopping Centres: occupancy at historic highs (97%) and the effort rate at historic lows (11.0%).