Carmila (CARM) Q1 2026 TU earnings summary

Executive summary

• Achieved 1.2% organic growth in net rental income in Q1 2026, surpassing indexation by 80 basis points and aligning with targets.

• Continued execution of three growth engines: organic growth, investment growth with acquisitions and disposals, and innovation growth through Retail Media and Specialty Leasing.

• Strong leasing momentum with 227 leases signed, up 4% in volume and 34% in rental value year-over-year.

• Retailer sales increased 1.1% and footfall rose 0.9% compared to Q1 2025, with Spain leading growth.

Financial highlights

• Gross rental income reached €112.3 million, up 0.3% year-over-year; net rental income was €100.7 million, up 0.2% reported and 1.2% like-for-like.

• France net rental income grew 0.8% like-for-like, Spain 2.5%, and Italy 0.3%.

• Specialty Leasing revenues increased 5% year-over-year.

Outlook and guidance

• Recurring earnings per share guidance for 2026 confirmed at €1.84, up 2.0% excluding acquisitions.

• Expected net rental income growth of around 100 basis points above indexation.

• Cash dividend of €1.36 per share for 2025 (up 9%) proposed for approval at the 2026 AGM.