Carmila 2025 Half-Year Results
First-half 2025 results: acceleration in growth and recurring earnings outlook revised upwards
Strong financial performance
◦ Net rental income of €203.4 million, with sustained growth of 15.4% compared with first-half 2024 (up 3.6% like for like)
◦ EBITDA of €176.9 million (up 14.1%)
◦ Recurring earnings per share at €0.93 (up 7.1%)
◦ Net income attributable to owners (IFRS) of €123.1 million
Continued operating momentum
◦ Very good leasing performance: 467 leases signed, positive 3.3% reversion
◦ Financial occupancy at 96.0% (up 70 basis points versus end-June 2024) (1)
◦ Retailer sales: growth in the second quarter (up 2.1%) and over the first half as a whole (up 1.0%)
◦ Specialty Leasing revenue of €9.1 million (up 15.1%)
◦ First-half collection rate of 96.5%
Accelerated value creation through the Galimmo integration and portfolio rotation
◦ Operating synergies: €5 million confirmed in full-year 2025
◦ Asset rotation: €29 million in mature assets sold or committed for sale
Positive revaluation of portfolio
◦ Portfolio valuation: €6,690.2 million (up 1.1% on a like-for-like basis compared with end December 2024)
◦ Net Initial Yield at 6.60% (stable versus end-June 2024)
◦ EPRA NTA per share of €25.89 at end-June 2025
Solid and disciplined financial structure
◦ Loan-to-Value ratio (2) of 39.7% at 30 June 2025
◦ Net-debt-to-EBITDA ratio of 7.6x
◦ New Fitch rating: BBB+ for senior unsecured issues (corporate rating of BBB/ stable from S&P and Fitch)
2025 outlook revised upwards
◦ Launch of a new €10 million share buyback programme
◦ 2025 guidance revised upwards: recurring earnings per share of €1.79 now expected in full-year 2025 (up 7.0% versus 2024)
(1) Galimmo pro-forma at 30 June 2024.
(2) EPRA LTV ratio including transfer taxes.
