Eurocommercial Properties (ECMPA) Q4 2024 earnings summary

Executive summary

• Portfolio of 24 shopping centers valued at €3.9 billion across Italy, France, Sweden, and Belgium, with Italy representing 45% of value and strong operational and financial performance in 2024.

• Net property income rose 5.9% to €197.9 million, driven by rental growth and reduced property expenses.

• Vacancy rate reduced to 1.4%, with a 9.8% occupancy cost ratio, reflecting high asset quality and sustainable rent levels.

• Retail sales grew 2.7% year-over-year, with Belgium and Italy outperforming due to successful re-merchandising projects.

• Strong ESG progress: 12% reduction in carbon emissions, 87% renewable electricity, and 73% of centers achieved zero waste to landfill.

Financial highlights

• Property investments increased by 3.1% to €3.9 billion; net property income up 5.9% to €197.9 million.

• EPRA NTA per share up 5.6% to €41.79; direct investment result per share up over 3% to €2.39.

• Dividend proposal of €1.80 per share for 2025, a 5.9% increase, with a 75% payout ratio.

• Loan-to-value ratio improved to 41.3%; net debt stable at €1.6 billion.

• Share buyback of €15 million completed, representing 1.2% of issued share capital.

Outlook and guidance

• Direct investment result for 2025 expected between €2.40 and €2.45 per share, assuming stable macroeconomic conditions.

• Rental growth in 2025 to be supported by indexation, renewals, and higher turnover rents, with temporary vacancy possible during re-merchandising.

• Ongoing and future re-merchandising and development projects in Italy, Belgium, and Sweden to support growth.