Carmila (CARM) H2 2025 earnings summary

Executive summary

• Profitable growth in 2025 driven by organic, investment, and innovation engines, with recurring EPS up 8.7% to €1.81 and strong operational KPIs including high occupancy and record collection rates.

• Robust leasing demand, successful Galimmo integration, and disciplined execution led to margin expansion and increased shareholder returns.

• Portfolio value increased 1.3% to €6.7 billion, with 250 shopping centers welcoming over 600 million visitors and occupancy at 96.5%.

• Retailer sales and footfall both increased, supporting resilient business fundamentals.

Financial highlights

• Net rental income rose 8.8% year-over-year to €403.1 million, with organic growth of 3.5% above indexation.

• EBITDA margin expanded to 79.3%, recurring EPS grew 8.7% to €1.81, and dividend per share increased 9% to €1.36.

• EPRA NTA per share up 1.5% to €26.52; gross asset value reached €6.7 billion.

• Recurring earnings reached €254.7 million, up 7.5% year-over-year.

• Net income attributable to owners (IFRS) was €185.5 million.

Outlook and guidance

• 2026 EPS guidance set at €1.84, a 2% increase, supported by robust organic growth, innovation, and disciplined cost control.

• Net buyer strategy confirmed with €100 million acquisitions target for 2026; guidance excludes profits from future acquisitions.

• Organic NRI growth expected to remain above indexation, with innovation earnings to deliver high single-digit growth.

• Positive retail property outlook amid easing inflation and rising real wages in core markets.