Carmila (CARM) Q3 2024 TU earnings summary

Executive summary

• Net rental income grew 6.2% (3.6% like-for-like) for the first nine months of 2024 compared to 2023, driven by Galimmo integration and organic growth.

• Recurring earnings per share for 2024 expected at €1.65, up 3.5% year-over-year.

• Retailer sales increased 0.7% and footfall declined 0.8% year-over-year (excluding Galimmo).

Financial highlights

• Gross rental income reached €298.1m (+7.0%), net rental income €274.3m (+6.2%) for the first nine months of 2024.

• Financial occupancy at 95.8% at end-September 2024, down 20 bps year-over-year.

• Net-debt-to-EBITDA ratio stood at 7.5x as of 30 June 2024.

• Collection rate at 96.1% (excluding Galimmo) for the period.

Outlook and guidance

• Recurring EPS for 2024 confirmed at €1.65, reflecting 3.5% growth and Galimmo integration.

• Galimmo expected to contribute 1.5% to 2024 growth, 3% on a full-year basis, with €5m annual run-rate synergies from 2025.

• Dividend policy targets at least €1.00 per share in cash, with a 75% payout ratio of recurring earnings.