• Culmia’s revenue exceeds 735 million euros in 2025, with an 83% increase in sales
• Culmia reported revenue of480.7 million euros, plus an additional 255 million euros related to the delivery of 1,763 homes under the Plan Vive through a corporate divestiture.
• The company reported EBITDA of 76.5 million euros (+176%) and net income of 51.2 million euros in a fiscal year marked by operational growth, commercial strength, and the achievement of strategic milestones across its main business lines.
• Culmia closed out 2025 with 2,310 property transfers for homes intended for sale and rent, totaling 735.7 million euros, representing a 283% increase over the previous year.
• In the residential sales segment, the company completed the transfer of title for 549 homes worth 186 million euros and recorded 469 pre-sales valued at 235 million euros. Deliveries were concentrated primarily in Catalonia, Andalusia, the Levante region, and the Central-Northern region.
• At year-end, the company had a portfolio of 11,500 homes, of which 5,100 are under development and 6,400 are land reserves. Of the units under development, 2,400 are under construction and 2,400 are on the market.
• During the fiscal year, the company strengthened its financial structure by refinancing 100 million euros in corporate debt through a syndicated loan arranged with five Spanish financial institutions.

April 16, 2026 – Culmia, Spain’s leading residential project management platform, closed the 2025 fiscal year with revenue of 480.7 million euros, an 83% increase over the previous year. The company also posted EBITDA of 76.5 million euros (+176%) and net income of 51.2 million euros, in a fiscal year marked by operational growth, commercial strength, and the achievement of strategic milestones across its main business lines. Added to this figure is 255 million euros associated with the delivery of Lot 3 of the Plan Vive through the sale of shares in the concessionaire company, bringing the total amount for the fiscal year to 735.7 million euros.

Overall, registered transactions totaled 2,310 housing units intended for sale and rent, including both sales transactions and the transfer of Lot 3 of the Plan Vive to DWS.

In the sales segment, Culmia recorded 549 property title transfers, totaling 186 million euros, and 469 pre-sales worth 235 million euros. The homes delivered during the fiscal year were located primarily in Catalonia, Andalusia, the Levante region, and the Central-Northern region, reflecting the geographic diversification of the company’s operations.

As of the end of 2025, the company had a portfolio of 11,500 homes. Of that total, 6,400 are part of the land reserve, and 5,100 units are in the development phase, spread across 56 projects. In addition, the company is moving forward with the construction of 27 developments, totaling 2,400 homes, and is currently marketing 46 developments, comprising 2,400 homes.

Looking ahead to 2026, Culmia plans to launch new developments on the market and deliver 2,900 units, including Build-to-Sell (BTS) homes, affordable rental units, and Build-to-Rent (BTR) units. In addition, the company expects to sell 377 homes off-plan, for a total of 200 million euros.

In 2025, Culmia also strengthened its financial structure by refinancing 100 million euros in corporate debt through a syndicated loan arranged with five Spanish financial institutions in December. The transaction has provided Culmia with a stable and predictable financing framework to implement its strategic plan.

According to Francisco Pérez, CEO of Culmia, “2025 has been a turning point for Culmia, during which we have transformed the strength of our portfolio and the diversification of our business into tangible results. This fiscal year demonstrates our ability to execute with discipline, accelerate deliveries in strategic segments, generate value from our land bank, and continue expanding our residential platform with a long-term vision.”

Strategic Push for Affordable Housing and Joint Investment

In the affordable housing sector, Culmia consolidated its large-scale platform in 2025, achieving significant milestones in delivery, development, and new contracts. During the fiscal year, the company completed the handover to DWS of the 1,763 housing units in Lot 3 of the Madrid Regional Government’s Plan VIVE I, which are now in the leasing phase. It was also awarded three lots under the Madrid City Council’s Plan Suma Vivienda, under which it will develop 757 homes in the Los Berrocales and Los Ahijones areas, with a projected investment of 116 million euros. Culmia is currently consolidating a portfolio of more than 4,700 affordable housing units, including those already delivered, under development, and awarded.

In the “Build to Rent” segment, Culmia strengthened its delivery capacity in 2025 by completing 351 housing units in Badalona for CBRE Investment Management: 222 units in El Gorg and 129 housing units in Badalona Port, delivered in February and June, respectively.

In the office sector, the company continued to make progress in marketing the EDIFICI 6Ó Marina Building in Barcelona, a 5,472-square-meter property. As of December 2025, Culmia had closed the sale of 75% of the building, with six of its eight floors sold.

In terms of joint investment and capital diversification, the company continued to make progress on its strategy of forming alliances with top-tier institutional partners. In 2025, it reached an agreement with Patron Capital to develop two projects in Parc de l’Alba (Cerdanyola), one of Spain’s leading urban development projects. The company also signed a joint venture agreement with Invesco Real Estate this year to develop a high-end multifamily housing project in La Solana de La Moraleja, with a joint investment of 100 million euros. Both agreements continue the path of partnerships initiated in 2024 with Alterna Consulting, as part of Culmia’s strategy to attract institutional capital to drive residential projects in key locations.

In land management and selective growth, Culmia strengthened its presence in strategic locations with high-potential projects. In Madrid, the company acquired 12,216 square meters of buildable area in the Valdecarros development, where it plans to invest approximately 50 million euros to build 164 homes. In Galicia, it also completed the purchase of a historic building in the heart of Pontevedra, with an investment of 15 million euros to build 45 new homes.

Post-closing milestone

Culmia took another step forward in its affordable housing strategy with the agreement reached with MEAG to create the country’s largest operational platform in this segment. The platform will launch with 1,782 housing units, is expected to exceed 2,500 units, and will mobilize an investment of nearly 400 million euros. The initial portfolio includes assets from the Plan VIVE II, the Madrid City Council (Lot 1), and developments in Valencia and Benidorm, with plans to later incorporate the three additional lots from the Plan Suma in Los Ahijones and Los Berrocales.

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