Carmila (CARM) H1 2024 earnings summary

Executive summary

• Delivered strong operating performance in H1 2024, with robust leasing activity—490–500 new leases signed—and stable appraisal values at €5.9bn.

• Acquired 93% of Galimmo SCA at a significant discount for €272m, adding €675m in assets and 52 centers, with a put option for the remaining shares and full impact expected in 2025.

• Revised up recurring EPS guidance to €1.65 for 2024, reflecting strong H1 and Galimmo acquisition.

• Strategic focus on innovation, value creation, urban transformation, and sustainability, with 46% CO2 emissions reduction since 2019 and net zero targeted by 2030.

• Announced and completed €10m share buyback in H1, with an additional €10m program to be launched.

Financial highlights

• Rent growth of +3.4% in H1, in line with indexation, driving earnings growth; net rental income up 0.8% to €176.3m.

• Recurring earnings per share at €0.87, up 2.4% year-over-year in H1 2024.

• Portfolio value stable at €5.9bn at end-June 2024; net yield at 6.6%.

• Net debt increased to €2,213m; EPRA LTV at 38.0%, Net debt/EBITDA at 7.5x.

• Share buybacks totaling €20m in 2024.

Outlook and guidance

• Full-year recurring EPS guidance raised to €1.65, up 3.5% from 2023, with Galimmo expected to contribute 3% to full-year growth and €5m in synergies from 2025.

• LTV target maintained below 40% (including transfer taxes) for 2024–2026.