Carmila (CARM) investor relations material

Executive summary

• Strong operational and financial performance in H1 2026 led to an upgrade in full-year EPS guidance to €1.87, driven by robust revenue, profitability, and the Grand Quetigny acquisition.

• Portfolio value increased by 2.6% like-for-like to €6.8 billion, supported by asset transformation, record leasing activity, and retailer sales growth, especially in Spain.

• Three growth engines—organic, investment, and innovation—delivered results, with Retail Media and Specialty Leasing making notable contributions.

• Strategic acquisitions, €20 million in share buybacks, and disciplined capital allocation supported shareholder value creation.

• Record leasing activity: 530 leases signed, annual rental income up 33% year-over-year, and positive reversion of 2.8%.

Financial highlights

• Net rental income reached €204 million, up 1.4% like-for-like year-over-year.

• EBITDA was €178 million, up 1.9% like-for-like, with margin up 80 bps to 80.8%.

• Recurring EPS increased 3.5% to €0.97; net profit per share up 3.3%.

• Gross asset value up 2.6% like-for-like to €6.8 billion, led by France (+2.9%).

• EPRA NTA per share rose 3.3% to €26.75.

Outlook and guidance

• Upgraded 2026 recurring EPS guidance to €1.87, up 3.3% from 2025 and above initial guidance, reflecting operational outperformance and accretive acquisitions.

• Guidance incorporates the Grand Quetigny acquisition and targets further growth from Retail Media and Specialty Leasing.

• No major perimeter changes expected to impact 2026 guidance; further acquisitions or disposals could affect future guidance.