Árima closed 2025 with a gross asset value of €563.5 million, representing an increase of 57% compared to the €359.3 million recorded in 2024. This growth is due to the first full year following the integration of JSS Real Estate and the progress of the repositioning projects in the portfolio.
The gross leasable area exceeds 175,000 sqm. As at 31 December 2025, the net asset value, adjusted to international standards, stood at €327.8 million, equivalent to €13.4 per share, 25% more than the €261.8 million recorded in 2024.
In operational terms, total revenue reached €27.7 million, compared to €12.2 million a year earlier. Recurring EBITDA rose to €18.5 million, compared to €2 million in 2024. EPRA earnings were €8.8 million, equivalent to €0.36 per share, compared to a negative figure of €0.04 per share in the previous year. Net profit stood at €8.4 million, in contrast to losses of €30.7 million in 2024.
The net debt level (LTV) closed at 40.7%, compared to 26.3% the previous year, after incorporating the financing associated with the combined portfolio. The debt has an average maturity of 3.5 years, an average cost of 3.4% and 65% is fixed rate. In addition, the company has €31.2 million in undrawn financing.
José María Rodríguez-Ponga Linares, CEO of Árima, points out that the integration with JSS has created a platform that combines stabilised assets and value creation projects in Madrid, allowing for active portfolio management.
During 2025, the company completed the corporate integration following the voluntary takeover bid launched in 2024, with Árima remaining as the parent company and the only listed company. The capital reorganisation amounted to €286 million and enabled a reduction of more than 60% in structural costs and 25% in expected financial expenses, in addition to placing the LTV at 40.7% following the cancellation of the debt associated with the acquisition.
In the commercial sphere, contracts were signed for more than 41,000 sqm, of which 32% correspond to the lease of the Dune building. The occupancy rate of the portfolio in operation stands at 90%. The contract signed with ICEX for Dune, an office building of approximately 13,000 sqm in Manoteras, guarantees 100% occupancy before the completion of the works and has a duration of 15 years.
The company also made progress in its asset rotation policy. In 2025, it sold the Habana building for €46 million, above its valuation in June 2025, generating a profit of €14.3 million (€0.55 per share) and creating value of more than 40% on the total investment. It also completed the divestment of the Ríos Rosas building, with an exit yield of close to 4%, and exercised the purchase option on the JV38 property, with an expected return on cost of around 7%.
At year-end, the portfolio generated gross annualised rental income of €30 million, including Dune and excluding Habana and Ríos Rosas.
Among the projects under development, Pradillo stands out, whose comprehensive refurbishment is expected to be completed in the first half of 2026 and which has an estimated return on total investment of over 8%.
In terms of ESG, the SOCIMI obtained a 5-star rating from GRESB in 2025 and continues to make progress in environmental and wellness certifications such as LEED Platinum, WELL Platinum, WELL Health & Safety, WiredScore Platinum and energy rating A in its main assets.
