Ramada Investimentos: Net Income Down 19.6% in Q1 2026
Ramada Investimentos released its first quarter 2026 results on Tuesday, showing a 19.6% decrease in net income to €1.553 million from €1.932 million a year earlier. This decline reflects the weight of non-recurring impacts related to the administrative management of real estate assets, while the cash position significantly improved, reaching €7.8 million compared to €6.7 million on the same date in 2025.
Revenue and Margins Under Pressure
The group recorded a revenue of €2.541 million in the first quarter of 2026, down 2.5% from €2.606 million in the corresponding period of 2025. This contraction is mainly due to the effect of the divestiture in 2025 of properties leased to Socitrel, which ceased to contribute to the group's revenues. EBITDA fell by 9.4% to €2.016 million, while the EBITDA margin tightened by 6 percentage points, from 85.3% to 79.3%. This marginal degradation is largely attributable to a 37.4% increase in total costs, which rose to €525k. The group specified that this increase mainly stems from maintenance and repair expenses, but especially from costs associated with the administrative process of cancelling mortgages and real estate liens across the entire rural portfolio, following the repayment of bank loans in 2024 and the issuance of cancellation notices at the end of 2025.
Operational Results Affected by Administrative Expenses
EBIT stood at €1.973 million, down 7.5% compared to €2.133 million a year earlier. Amortization and depreciation charges decreased by 52.7%, from €91k to €43k. Financially, net financial results improved by 207.7%, with the group recording a drastic reduction in financial expenses (from €25k to €2k) following the extinguishment of its bank debt. Pre-tax income from continuing operations decreased by 6.3% to €1.987 million. The consolidated net income of €1.553 million also reflects the absence of contributions from discontinued operations, which had generated a profit of €278k in the first quarter of 2025. This difference alone accounts for more than 70% of the total decrease in net income over the period.
Enhanced Cash Position and Zero Debt
The group's cash position significantly strengthened, with a balance of €7.8 million as of March 31, 2026, compared to €1.2 million on December 31, 2025, marking an increase of €6.6 million in just one quarter. This progress reflects the net cash flows generated by operating activities, which amounted to €6.671 million. The group now has a zero-debt situation, with bank loans having been fully repaid in 2024. The freed-up funds will allow the group to continue the process of administrative simplification and to manage its future operations, including the distribution of dividends: a payment of €0.24 per share, totaling €6.154k, was made on April 24, 2026.
