Carmila (CARM) H1 2025 earnings summary

Executive summary

• Achieved strong growth in H1 2025, with recurring earnings outlook revised upwards and robust leasing activity, including 467 new leases generating €25.1m in annual rent.

• Net rental income rose 15.4% year-over-year to €203.4m, driven by organic growth and the Galimmo integration, which delivered immediate synergies and value creation.

• Portfolio value reached €6.7bn at end-June 2025, with 250 shopping centers and retail parks and a 96% occupancy rate.

• Dividend of €1.25 per share paid in May 2025; new €10m share buyback program announced.

• Enhanced operating margin and high occupancy, with a 4.6-year average lease maturity.

Financial highlights

• Net rental income reached €203.4m (+15.4% year-over-year, 3.6% like-for-like); EBITDA rose 14.1% to €176.9m.

• Recurring earnings per share increased 7.1% to €0.93 in H1 2025; net income attributable to owners was €123.1m.

• EPRA NTA per share at €25.89, up 10% year-over-year.

• Interest coverage ratio at 4.3x; net financial debt at €2.62bn.

• Portfolio valuation at €6,690.2m, up 1.1% like-for-like from end-2024.

Outlook and guidance

• 2025 recurring EPS guidance raised to €1.79, a 7.0% increase over 2024, above initial €1.75 guidance.

• Dividend policy targets at least €1 per share, with a 75% payout of recurring earnings and expected yield above 7.5%.

• New €10m share buyback program to run through end-2025.

• Targeting LTV below 40% for 2025–2026 and maintaining BBB/stable rating.

• EBITDA margin on gross rental income targeted to exceed 79% in 2025.