Carmila (CARM) H1 2025 earnings summary

Executive summary

• Achieved strong growth in H1 2025, with recurring earnings per share guidance upgraded to €1.79, a 7.0% increase over 2024, supported by robust leasing activity (467 leases signed), high occupancy, and successful Galimmo integration delivering immediate synergies.

• Portfolio value increased to €6.7 billion, with 250 shopping centres and retail parks across France, Spain, and Italy.

• Maintained high financial occupancy rates (96.0%–96.7%) and strong balance sheet metrics, with net debt/EBITDA at 7.6x and EPRA LTV at 39.7%.

Financial highlights

• Net rental income rose 15.4% year-over-year to €203.4 million in H1 2025, driven by organic growth and Galimmo integration.

• Recurring EPS at €0.93 in H1 2025, up 7.1% year-over-year; full-year 2025 guidance raised to €1.79.

• EBITDA increased 14.1% to €176.9 million; net income attributable to owners was €123.1 million (+45.7% YoY).

• EPRA NTA per share at €25.89 at end-June 2025.

• Financial occupancy rate at 96.0% (+70 bps YoY); rent collection rate at 96.5%.

Outlook and guidance

• 2025 recurring EPS guidance raised to €1.79 (+7.0% vs. 2024), above initial €1.75 guidance.

• Launching a €10 million share buyback program through end-2025.

• Dividend policy targets at least €1 per share, with a 75% payout ratio; €1.25 per share dividend for 2024 approved and paid.

• Five major projects planned to start from 2026, subject to local authorizations.