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Carmila
Carmila (CARM) investor relations material
Carmila H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary19 Feb, 2026
Executive summary
Profitable growth in 2025 driven by organic, investment, and innovation engines, with recurring EPS up 8.7% to €1.81 and strong operational KPIs including high occupancy and record collection rates.
Robust leasing demand, successful Galimmo integration, and disciplined execution led to margin expansion and increased shareholder returns.
Portfolio value increased 1.3% to €6.7 billion, with 250 shopping centers welcoming over 600 million visitors and occupancy at 96.5%.
Retailer sales and footfall both increased, supporting resilient business fundamentals.
Financial highlights
Net rental income rose 8.8% year-over-year to €403.1 million, with organic growth of 3.5% above indexation.
EBITDA margin expanded to 79.3%, recurring EPS grew 8.7% to €1.81, and dividend per share increased 9% to €1.36.
EPRA NTA per share up 1.5% to €26.52; gross asset value reached €6.7 billion.
Recurring earnings reached €254.7 million, up 7.5% year-over-year.
Net income attributable to owners (IFRS) was €185.5 million.
Outlook and guidance
2026 EPS guidance set at €1.84, a 2% increase, supported by robust organic growth, innovation, and disciplined cost control.
Net buyer strategy confirmed with €100 million acquisitions target for 2026; guidance excludes profits from future acquisitions.
Organic NRI growth expected to remain above indexation, with innovation earnings to deliver high single-digit growth.
Positive retail property outlook amid easing inflation and rising real wages in core markets.
Impact of NIY decrease on asset strategy
Future growth drivers beyond traditional rents
Sustainability of net buyer strategy and projects
What drives the increase in strategic vacancy?
What's causing major project delays?
Future upside for retail media EBITDA
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Next Carmila earnings date
Q1 2026 TU23 Apr, 2026
Carmila
Next Carmila earnings date
Q1 2026 TU23 Apr, 2026
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Frequently asked questions
Carmila SA is a France-based real estate company specializing in the ownership, development, and management of retail shopping centers. The company primarily operates shopping centers adjacent to Carrefour hypermarkets, creating a combined retail experience that leverages foot traffic and retail synergies. Carmila’s properties are strategically located across France, Spain, and Italy, and the company focuses on optimizing its assets through property enhancements and tenant mix improvements. The company is headquartered in Boulogne-Billancourt, France, and its shares are listed on Euronext.
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