Carmila 2024 Annual Results
2024 Annual Results: sustained growth driven by the acquisition of Galimmo and strong leasing momentum
Acquisition of Galimmo completed on 1 July 2024
o Total investment of €300 million at a 38% discount to EPRA NDV
o Immediately accretive (5% annual contribution to recurring earnings and EPRA NDV) Excellent financial and operating performance
o Recurring earnings per share at €1.67, up 4.5% versus 2023
o Net rental income of €370.7 million, with sustained growth of 8.3% compared with 2023 (4.2% on an organic basis)
o Very good leasing momentum with 942 leases signed and positive reversion of 3.0% o Financial occupancy at a record high 96.7%, up 0.1 percentage points
o Specialty Leasing and Pop-up Store revenue at €18.2 million (up 6.9% like for like)
o Record high collection rate of 97.0%
o Retailer sales up 1.8% versus 2023
o Attributable net income (IFRS) of €313.8 million
Positive trend in portfolio value
o Portfolio value of €6.7 billion, up 13.0% on 2023 (up 0.9% on a like-for-like basis)
o Net Initial Yield of 6.57% (around 336 basis points above 10-year French government bond yield)
o Sharp rise in EPRA NTA per share to €26.12 at end-2024 (up 8.1%), in connection with the integration of Galimmo
Solid financial structure
o Net-debt-to-EBITDA ratio of 7.4x
o EPRA LTV ratio including transfer taxes of 38.9% at end-2024
o Inaugural Green Bond launched at attractive terms in September 2024 (€300 million maturing in 2032 with a fixed coupon of 3.875%)
o No maturities to be refinanced before May 2027 o S&P rating maintained at BBB with a stable outlook
Robust non-financial performance
o 54% reduction in Scopes 1 & 2 carbon emissions compared with 2019 (in line with the net zero target for 2030)
o Strong improvement in GRESB rating (Green Star: 91/100)
2024 dividend and 2025 outlook
o Proposed dividend of €1.25 per share (up 4.2% on 2023)
o Recurring earnings per share expected in 2025: €1.75 (up 4.8%)
o Launch of a further €10 million share buyback programme in 2025
