Eurocommercial Properties (ECMPA) Q1 2025 earnings summary

Executive summary

• Six new anchor lettings to Primark and Inditex brands launched major remerchandising projects in Italy, driving value creation and tenant mix improvement.

• Like-for-like rental growth reached 3.0% year-over-year, with 283 lease transactions and a 3.8% uplift on renewals and relettings.

• Retail sales grew 2% over the last 12 months, with Belgium outperforming at 8.2% due to successful remerchandising.

• EPRA vacancy rate remained low at 1.5% as of 31 March 2025, and rent collection for Q1 was 99%.

• Direct investment result per share for Q1 2025 was €0.62, unchanged from Q1 2024.

Financial highlights

• IFRS profit after tax for Q1 2025 was €35.6 million (€0.66 per share), up from €30.6 million (€0.57 per share) in Q1 2024, mainly due to positive derivative revaluation and lower deferred tax.

• Rental income for Q1 2025 was €59.0 million, up 1.8% year-over-year; net property income rose 1.4% to €50.6 million.

• EPRA earnings per share held steady at €0.61; adjusted net asset value per share increased to €42.22 from €41.89 a year ago.

• Net loan to value ratio was 41.4% at 31 March 2025, with an average interest rate of 3.2% and interest cover ratio at 3.7x.

• IFRS equity rose to €2,115 million, and net asset value per share increased to €39.35.

Outlook and guidance

• Direct investment result guidance for full year 2025 confirmed at €2.40–€2.45 per share, assuming stable macroeconomic conditions.

• Proposed total dividend for 2024 is €1.80 per share, up 5.9% from 2023, with a final cash dividend of €1.12 payable in July 2025, subject to AGM approval.