Carmila (CARM) H2 2024 earnings summary

Executive summary

• Achieved strong 2024 results with all key targets met or exceeded, including the successful integration of Galimmo, which added 51 centers and was immediately accretive to EPS and NAV.

• Record leasing activity with 942 leases signed and a financial occupancy rate of 96.7%.

• Portfolio expanded to 251 centers valued at €6.7 billion, consolidating a leading position in France and Spain.

• 86% of sites are leaders or joint leaders in their catchment areas, reinforcing local leadership.

• Achieved a 54% reduction in Scope 1 and 2 emissions since 2019, with a GRESB rating of 91/100.

Financial highlights

• Net rental income grew 8.3% to €371 million, driven by 4.2% organic growth and Galimmo's contribution.

• Recurring EPS reached €1.67, up 4.5% year-over-year, exceeding guidance.

• Portfolio valuation increased 13% to €6.7 billion, with a 0.9% like-for-like rise.

• EPRA NTA per share rose 8.1% to €26.12.

• Rent collection rate reached a record 97%, up 50 bps from last year.

Outlook and guidance

• 2025 recurring EPS guidance set at €1.75, up 4.8%.

• Proposed 2024 dividend of €1.25 per share, up 4.2%, with a 75% payout ratio.

• New €10 million share buyback program to be launched in 2025, following €20 million in buybacks in 2024.

• Major projects in Orléans, Antibes, Montesson, Labège, and Terrassa expected to start by 2026, pending local authorizations.

• Growth in recurring earnings in 2025 to be driven by organic rental income growth and full-year Galimmo contribution.