New Risk • Jul 22
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 30% Last year net profit margin: 204% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.7x net interest cover). Share price has been highly volatile over the past 3 months (10% average weekly change). Shareholders have been substantially diluted in the past year (31% increase in shares outstanding). Minor Risks Dividend is not well covered by cash flows (95% cash payout ratio). Profit margins are more than 30% lower than last year (30% net profit margin). New Risk • May 28
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 31% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported December 2024 fiscal period end). Interest payments are not well covered by earnings (2.0x net interest cover). Share price has been highly volatile over the past 3 months (11% average weekly change). Shareholders have been substantially diluted in the past year (31% increase in shares outstanding). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Announcement • May 25
Árima Real Estate SOCIMI, S.A., Annual General Meeting, Jun 26, 2026 Árima Real Estate SOCIMI, S.A., Annual General Meeting, Jun 26, 2026. Location: calle principe de vergara 187, madrid Spain Valuation Update With 7 Day Price Move • May 07
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €14.10, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 14x in the Capital Markets industry in Europe. Total returns to shareholders of 36% over the past three years. New Risk • May 02
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended December 2024. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported December 2024 fiscal period end). Interest payments are not well covered by earnings (2.0x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. New Risk • Apr 23
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.0x net interest cover). Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Large one-off items impacting financial results. New Risk • Mar 09
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 30% Last year net profit margin: 204% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.7x net interest cover). Share price has been highly volatile over the past 3 months (7.7% average weekly change). Earnings have declined by 21% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (30% net profit margin). Shareholders have been diluted in the past year (22% increase in shares outstanding). Reported Earnings • Mar 02
Full year 2025 earnings released: EPS: €0.34 (vs €1.35 loss in FY 2024) Full year 2025 results: EPS: €0.34 (up from €1.35 loss in FY 2024). Revenue: €27.7m (up 128% from FY 2024). Net income: €8.37m (up €35.3m from FY 2024). Profit margin: 30% (up from net loss in FY 2024). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. New Risk • Jan 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Spanish stocks, typically moving 4.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 50% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (4.9% average weekly change). Shareholders have been diluted in the past year (22% increase in shares outstanding). New Risk • Dec 22
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 22% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 50% per year over the past 5 years. Minor Risk Shareholders have been diluted in the past year (22% increase in shares outstanding). Board Change • Oct 17
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. 2 independent directors (3 non-independent directors). Independent Director Jose Velasco Sanchez is the most experienced director on the board, commencing their role in 2024. Independent Director Santiago Aguirre de Biedma was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Oct 01
First half 2025 earnings released: EPS: €0.10 (vs €0.43 loss in 1H 2024) First half 2025 results: EPS: €0.10 (up from €0.43 loss in 1H 2024). Revenue: €6.03m (flat on 1H 2024). Net income: €2.66m (up €13.9m from 1H 2024). Profit margin: 44% (up from net loss in 1H 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 86 percentage points per year, which is a significant difference in performance. Board Change • Sep 23
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. 2 independent directors (3 non-independent directors). Independent Director Jose Velasco Sanchez is the most experienced director on the board, commencing their role in 2024. Independent Director Santiago Aguirre de Biedma was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. New Risk • Sep 15
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 47% per year over the past 5 years. Minor Risk Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Board Change • Aug 12
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. 2 independent directors (3 non-independent directors). Independent Director Jose Velasco Sanchez is the most experienced director on the board, commencing their role in 2024. Independent Director Santiago Aguirre de Biedma was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Announcement • May 30
Árima Real Estate SOCIMI, S.A., Annual General Meeting, Jun 30, 2025 Árima Real Estate SOCIMI, S.A., Annual General Meeting, Jun 30, 2025. Location: torre serrano, calle serrano 47, planta 4., madrid Spain New Risk • Apr 15
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Spanish stocks, typically moving 6.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 47% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (6.4% average weekly change). New Risk • Mar 05
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 49% per year over the past 5 years. New Risk • Nov 11
New major risk - Revenue and earnings growth Earnings have declined by 46% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Major Estimate Revision • Sep 17
Consensus EPS estimates upgraded to €0.06 loss, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from €14.0m to €13.0m. 2024 losses expected to reduce from -€0.18 to -€0.06 per share. Office REITs industry in Spain expected to see average net income growth of 19% next year. Consensus price target up from €9.75 to €10.00. Share price was steady at €8.44 over the past week. New Risk • Sep 08
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. This is currently the only risk that has been identified for the company. Announcement • May 22
Árima Real Estate SOCIMI, S.A., Annual General Meeting, Jun 19, 2024 Árima Real Estate SOCIMI, S.A., Annual General Meeting, Jun 19, 2024. Location: torre serrano, calle serrano 47, planta 4, madrid Spain Major Estimate Revision • Feb 27
Consensus EPS estimates fall by 30% The consensus outlook for fiscal year 2023 has been updated. 2023 expected loss increased from -€0.76 to -€0.99 per share. Revenue forecast of €9.00m unchanged since last update. Office REITs industry in Spain expected to see average net income growth of 76% next year. Consensus price target broadly unchanged at €9.75. Share price was steady at €6.30 over the past week. Announcement • Feb 23
Árima Real Estate SOCIMI, S.A. to Report Fiscal Year 2023 Results on Feb 28, 2024 Árima Real Estate SOCIMI, S.A. announced that they will report fiscal year 2023 results Pre-Market on Feb 28, 2024 New Risk • Feb 18
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. This is currently the only risk that has been identified for the company. Announcement • Nov 09
An unknown buyer completed the acquisition of office building María de Molina 39 from Árima Real Estate SOCIMI, S.A. (BME:ARM) for €30.4 million. An unknown buyer agreed to acquire office building María de Molina 39 from Árima Real Estate SOCIMI, S.A. (BME:ARM) on August 2, 2023.An unknown buyer completed the acquisition of office building María de Molina 39 from Árima Real Estate SOCIMI, S.A. (BME:ARM) for €30.4 million on November 7, 2023. Major Estimate Revision • Oct 12
Consensus EPS estimates fall from profit to €0.76 loss The consensus outlook for fiscal year 2023 has been updated. Forecast loss of -€0.76 per share in 2023, versus previous forecasts of €0.55 per share. Revenue forecast unchanged from €9.00m at last update. Office REITs industry in Spain expected to see average net income decline 8.1% next year. Consensus price target down from €10.50 to €10.20. Share price was steady at €6.75 over the past week. New Risk • Oct 11
New major risk - Revenue and earnings growth Earnings have declined by 2.9% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 2.9% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (4.2% average weekly change). Board Change • Oct 05
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Non-Executive Independent Director Cato Stonex was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 07
First half 2023 earnings released: €0.56 loss per share (vs €0.83 profit in 1H 2022) First half 2023 results: €0.56 loss per share (down from €0.83 profit in 1H 2022). Net loss: €14.8m (down 166% from profit in 1H 2022). Revenue is forecast to grow 31% p.a. on average during the next 3 years, compared to a 1.4% growth forecast for the Office REITs industry in Europe. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Announcement • Aug 04
Árima Real Estate SOCIMI, S.A. (BME:ARM) acquired an office building in Torrelaguna for €30 million. Árima Real Estate SOCIMI, S.A. (BME:ARM) acquired an office building in Torrelaguna for €30 million in June, 2023.Árima Real Estate SOCIMI, S.A. (BME:ARM) completed the acquisition of an office building in Torrelaguna for €30 million in June, 2023. Buying Opportunity • Jul 27
Now 21% undervalued Over the last 90 days, the stock is up 14%. The fair value is estimated to be €10.59, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.7% over the last 3 years. Earnings per share has grown by 24%. For the next 3 years, revenue is forecast to grow by 27% per annum. Earnings is also forecast to grow by 32% per annum over the same time period. New Risk • Jun 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Spanish stocks, typically moving 4.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (4.7% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (130% net profit margin). Reported Earnings • Mar 04
Full year 2022 earnings released: EPS: €0.39 (vs €0.94 in FY 2021) Full year 2022 results: EPS: €0.39 (down from €0.94 in FY 2021). Net income: €10.5m (down 60% from FY 2021). Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 12% growth forecast for the REITs industry in Spain. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Board Change • Dec 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. CFO & Executive Director Chony Martin Vicente-Mazariegos was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Nov 16
Price target decreased to €10.50 Down from €13.75, the current price target is provided by 1 analyst. New target price is 35% above last closing price of €7.75. Stock is down 17% over the past year. The company is forecast to post earnings per share of €0.75 for next year compared to €0.94 last year. Reported Earnings • Jul 29
First half 2022 earnings released First half 2022 results: Net income: (down €7.08m from profit in 1H 2021). Over the next year, revenue is forecast to grow 80%, compared to a 2.9% growth forecast for the industry in Spain. Price Target Changed • Apr 27
Price target decreased to €13.50 Down from €15.20, the current price target is provided by 1 analyst. New target price is 45% above last closing price of €9.30. Stock is up 3.3% over the past year. The company is forecast to post earnings per share of €0.83 for next year compared to €0.94 last year. Reported Earnings • Feb 27
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: €0.94 (up from €0.47 in FY 2020). Net income: €26.1m (up 100% from FY 2020). Revenue exceeded analyst estimates by 16%. Earnings per share (EPS) also surpassed analyst estimates by 77%. Over the next year, revenue is forecast to grow 66%, compared to a 9.5% growth forecast for the reits industry in Spain. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 4% per year. Board Change • Oct 31
High number of new directors CFO & Executive Director Chony Martin Vicente-Mazariegos was the last director to join the board, commencing their role in 2020. Major Estimate Revision • Aug 04
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate fell from €0.32 to €0.24. Revenue forecast unchanged from €5.00m at last update. Net income forecast to grow 34% next year vs 0.2% decline forecast for REITs industry in Spain. Consensus price target of €12.20 unchanged from last update. Share price fell 6.3% to €9.70 over the past week. Reported Earnings • Mar 01
Full year 2020 earnings released: EPS €0.47 (vs €1.05 in FY 2019) Full year 2020 results: Net income: €13.1m (down 15% from FY 2019). Analyst Estimate Surprise Post Earnings • Mar 01
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 28%. Earnings per share (EPS) also surpassed analyst estimates by 16%. Over the next year, revenue is expected to shrink by 7.9% compared to a 4.3% growth forecast for the REITs industry in Spain. Is New 90 Day High Low • Feb 23
New 90-day high: €9.18 The company is up 12% from its price of €8.20 on 25 November 2020. The Spanish market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is down 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €10.26 per share. Price Target Changed • Feb 13
Price target lowered to €12.20 Down from €15.20, the current price target is an average from 2 analysts. The new target price is 36% above the current share price of €9.00. As of last close, the stock is down 26% over the past year. Major Estimate Revision • Feb 12
Analysts lower revenue estimates to €5.00m The 2020 consensus revenue estimate decreased from €7.00m. Earning per share (EPS) estimate was also lowered from €1.58 to €0.41 for the same period. Net income is expected to grow by 729% next year compared to 13% growth forecast for the REITs industry in Spain. The consensus price target of €12.20 was unchanged from the last update. Share price stayed mostly flat at €9.00 over the past week. Is New 90 Day High Low • Jan 27
New 90-day high: €8.90 The company is up 14% from its price of €7.78 on 29 October 2020. The Spanish market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is up 15% over the same period. Analyst Estimate Surprise Post Earnings • Nov 17
Revenue and earnings miss expectations Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) also missed analyst estimates by 17%. Over the next year, revenue is forecast to grow 83% compared to a 1.9% decline forecast for the REITs industry in Spain. Is New 90 Day High Low • Oct 29
New 90-day low: €7.84 The company is down 13% from its price of €9.00 on 30 July 2020. The Spanish market is down 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is down 8.0% over the same period. Is New 90 Day High Low • Oct 13
New 90-day low: €8.58 The company is down 3.0% from its price of €8.84 on 15 July 2020. The Spanish market is also down 3.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the REITs industry, which is down 4.0% over the same period. Announcement • Jul 31
Árima Real Estate SOCIMI, S.A. (BME:ARM) acquired a 12,000 sqm office building in Madrid for €38.9 million. Árima Real Estate SOCIMI, S.A. (BME:ARM) acquired a 12,000 sqm office building in Madrid for €38.9 million on July 28, 2020. Ernst & Young LLP acted as accountant and Knight Frank LLP acted as information agent in the transaction.
Árima Real Estate SOCIMI, S.A. (BME:ARM) completed the acquisition of a 12,000 sqm office building in Madrid on July 28, 2020. 
