Carmila 2025 annual results

2025 ANNUAL RESULTS : a year of profitable growth

EPS up 8.7% to €1.81, outperforming targets

2026 outlook: continued growth momentum

Three growth engines: NRI up 8.8% to €403.1 million

• Organic growth: adding 3.5% to net rental income, outpacing indexation by 110 basis points.

• Investment growth: adding 5.3% to net rental income; successful integration of Galimmo

• Innovation growth: recurring earnings contribution of €27 million, growing by 14%

Operational excellence confirmed, all KPIs on an upward trend

• High financial occupancy rate: up 30 basis points to 96.5%

• Record-high collection rate: up 80 basis points to 97.8%

• Strong rental uplift: up 3.8%

• Retailer sales: up 0.9% and footfall up 0.8%

Disciplined execution driving profitability

• EBITDA up 9.8% to €344.5 million; EBITDA margin at 79.3% (up 160 basis points)

Recurring earnings per share (EPS) up sharply, rising 8.7% to €1.81

• Recurring earnings (EPRA) of €254.7 million

• Net income attributable to owners (IFRS) of €185.5 million

A strong balance sheet supporting efficiency and opportunity

• Net debt/EBITDA at 7.3x, EPRA LTV (including transfer taxes) at 38.8%

A turning point reached in terms of portfolio valuation

• Up 1.3% (€6.7 billion), Net Initial Yield (NIY) of 6.56%, down for the first time in 7 years

• Ability to sell at appraisal values (€69 million of sales signed or completed in 2025)

Value creation for shareholders

• Increase in dividend per share: up 9% to €1.36

• EPRA NTA (Net Tangible Assets): up 1.5% to €26.52

• Share buybacks: new €10m buyback programme to launch on 19 February 2026

2026 outlook: continued growth in recurring earnings per share (EPS)

• EPS expected to rise 2% to €1.84, driven by robust organic growth

• Net buyer strategy confirmed: €100 million acquisitions target in 2026