Carmila (CARM) Q3 2025 TU earnings summary

Executive summary

• Net rental income increased by 9.9% (3.2% like-for-like) compared to the first nine months of 2024, driven by organic growth and the integration of Galimmo.

• Recurring earnings per share for 2025 are expected at €1.79, a 7.0% increase year-over-year.

• EBITDA margin is projected to reach 79% in 2025, up 130 basis points from 2024.

Financial highlights

• Gross rental income for the first nine months of 2025 was €327.4m, up 9.8% year-over-year.

• Net rental income reached €301.4m, up 9.9% year-over-year.

• Retailer sales rose 0.7% and footfall increased 0.3% compared to the same period in 2024.

• Collection rate improved to 96.6%, up 50 basis points from end-September 2024.

Outlook and guidance

• Recurring earnings per share for 2025 are confirmed at €1.79, with a 7.0% growth expectation.

• EBITDA margin is targeted at 79% for 2025.

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