Banc Sabadell | The results are perfectly in line with our forecasts and show trends very similar to those observed in recent quarters. Rental income: €296 million (up 1.0% versus Banco Sabadell’s 0.8% estimate); recurring EPS: €0.25 (down 3.9% versus the drop of 3.5% estimated byBanco Sabadell).
Comparable rental income grew by 5% thanks to indexation and price improvements in renewals. Recurring EPS fell by 4% due to the higher number of shares following the capital increase in July 2024. LTV rose 330 bps against December 2024 to 47%, perhaps the point that the market likes least, although the company announced its intention to sell assets worth €500 million over the next 18 months. It narrowed its 2025 guidance to €0.33-0.34 (versus Banco Sabadell’s estimate of €0.34).
