Eurocommercial Properties (ECMPA) Q3 2026 earnings summary

Executive summary

• Nine-month retail sales rose 4.4% YoY and footfall increased 3.3%; EPRA vacancy remained low at 1.2% and rent collection reached 99%.

• Active leasing and remerchandising supported rental growth; 2026 direct investment result guidance was raised to the upper end of €2.45–€2.50 per share.

Financial highlights

• IFRS profit after tax rose to €133.7m from €74.5m; diluted EPS was €2.42 versus €1.37 for 9M 2025.

• Direct investment result increased 2.3% to €102.3m; per-share result rose to €1.87 from €1.85.

• Proportional net property income increased 3.4% to €158.0m; IFRS net property income was €148.3m versus €143.3m.

• Total revenue was €208.4m versus €203.3m; rental income increased to €176.2m from €170.6m.

Outlook and guidance

• 2026 direct investment result expected at the upper end of €2.45–€2.50 per share; further growth expected in 2027 from Avion Shopping and remerchandising projects.

• Cash interim dividend of €0.73 per share expected in January 2027, with an intended option to elect a stock dividend.

• Extension of the Curno loan was being finalised; upon completion, no refinancing requirements are expected until 2029.