Carmila (CARM) H1 2026 earnings summary

Executive summary

• Strong operational and financial performance in H1 2026 led to an upgrade in full-year EPS guidance to €1.87, driven by record leasing activity (530 leases), portfolio value growth, and the Grand Quetigny acquisition.

• Growth engines—organic, investment, and innovation—delivered results, with notable contributions from Retail Media and Specialty Leasing.

• Portfolio value increased by €154.8 million (2.3%) to €6.8 billion, with like-for-like growth of 2.6% and stable EPRA financial occupancy at 96%.

• Retailer sales rose 2.3% overall, led by a 6.6% increase in Spain, and footfall increased 0.8%.

• Disciplined capital allocation included €20 million in share buybacks and support for shareholder value.

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 basis points to 80.8%.

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

• Net income attributable to owners was €231.8 million, up 88.3% year-over-year.

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 reflects the Grand Quetigny acquisition and strategic focus on innovation and capital allocation.

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

• Capital Markets Day scheduled for 19 November 2026 to unveil a new four-year strategic plan.