Eurocommercial Properties (ECMPA) Q3 2025 earnings summary

Executive summary

• Like-for-like rental growth reached 3.6% for the twelve months to 30 September 2025, outperforming inflation by 1.7%.

• Retail sales increased 4.1% year-over-year, with notable sector gains in health & beauty (+8.1%), fashion & shoes (+7.0%), and telecom & electrical (+9.1%).

• Leasing momentum remained strong, with 296 renewals and relettings completed, achieving an average uplift of 6.1%; new lettings delivered a 13.8% uplift.

• EPRA vacancy rate stayed low at 1.3%, and rent collection was high at 98% for the period.

• Maintained a 5-Star GRESB Rating, improving to 91/100, and received the EPRA SBPR Gold Award for sustainability reporting.

Financial highlights

• Direct investment result per share increased to €1.85 (2024: €1.83); total direct investment result was €100 million (2024: €98.2 million).

• IFRS profit after tax was €74.5 million (€1.38 per share), down from €93.6 million (€1.75 per share) in 2024, mainly due to a €50 million substitute tax in Italy.

• Net property income rose 2.7% to €153.2 million.

• Net loan to value ratio improved to 40.7% from 41.3% at year-end 2024.

• Adjusted net asset value per share was €41.91 (2024: €41.89); EPRA NTA per share was €42.07 (2024: €41.79).

Outlook and guidance

• Direct investment result for full year 2025 is expected at the upper end of the €2.40–€2.45 per share guidance range, assuming no major macroeconomic deterioration.

• Cash interim dividend of €0.72 per share to be paid in January 2026, with an option for a stock dividend.