Carmila (CARM) Q1 2025 TU earnings summary

Executive summary

• Net rental income grew 15.0% year-over-year in Q1 2025, with like-for-like growth of 3.7%, driven by indexation and organic growth.

• 219 leases signed in Q1 2025, up 4.3% year-over-year, with positive 3.4% reversion, reflecting strong leasing momentum.

• Integration of Galimmo contributed to growth and synergies, strengthening the portfolio.

Financial highlights

• Gross rental income reached €112.0m (up 14.8% year-over-year); net rental income at €100.5m (up 15.0%).

• Collection rate improved to 96.2% from 95.0% a year ago.

• Financial occupancy rate stable at 96.0% (95.6% including Galimmo).

• Retailer sales declined 0.6% and footfall decreased 1.4%, mainly due to a negative calendar effect.

• Specialty Leasing revenues up 17% year-over-year (6% like-for-like), led by Spain.

Outlook and guidance

• 2025 recurring earnings per share guidance confirmed at €1.75, a 4.8% increase over 2024.

• Proposed cash dividend of €1.25 per share for 2024, up 4.2% from 2023, with a 75% payout ratio.

• Distribution policy targets at least €1.00 per share in cash and a 75% payout ratio through 2026.