Carmila (CARM) Q3 2026 TU earnings summary

Executive summary

• 9M 2026 operating momentum accelerated, with like-for-like net rental income growth rising to 2.1% from 1.4% in H1; full-year recurring EPS guidance of €1.87 was confirmed.

• Retailer sales, occupancy, collections and leasing activity improved, while a September acquisition and strong credit access supported further growth.

Financial highlights

• 9M gross rental income was €327.9m versus €327.4m, up 0.2% reported; net rental income was €305.9m versus €301.4m, up 1.5% reported and 2.1% like-for-like.

• Like-for-like net rental income growth outpaced indexation by 180 bps, supported by improved operating metrics, higher collections and innovation-driven revenues.

• Retailer sales rose 3.2% like-for-like, 380 bps above the panel; footfall increased 1.1%, 20 bps above the panel.

Outlook and guidance

• 2026 recurring EPS guidance was reiterated at €1.87, based on 9M performance and the strength of the European footprint.

• A new five-year strategic plan and future growth ambitions are scheduled for presentation at the Capital Markets Day on 19 November 2026.