Eurocommercial Properties (ECMPA) Q4 2025 earnings summary

Executive summary

• Announced acquisition of Avion Shopping in Umeå, Sweden for €110 million, a 45,000 sqm regional center anchored by IKEA and 80 shops, expected to close by March 2026, enhancing portfolio quality and geographic balance.

• Asset rotation strategy included disposal of non-core EKO megastore in Sweden, redeploying capital into Avion and optimizing portfolio quality.

• Sweden is now the second largest market, representing 23% of the portfolio, following Italy.

• Achieved strong operational and financial performance in 2025, with resilient rental growth, high occupancy, and robust leasing activity across all markets.

• Portfolio value increased by 2% year-over-year, with continued focus on ESG initiatives and accretive acquisitions.

Financial highlights

• Property investments increased by 3.8% to €4.05 billion.

• Net loan-to-value (LTV) improved to 39.8%, down 1.5% year-over-year.

• EPRA NTA per share rose 2.4% to €42.81; direct investment result reached €131.8 million.

• Dividend increased to €1.83 per share (75% payout ratio).

• Net debt stable at €1.6 billion; interest coverage ratio at 3.7x; average cost of debt 3.2%.

Outlook and guidance

• Guidance for 2026 direct investment result per share set at €2.45–€2.50, reflecting cautious assumptions and partial contribution from Avion acquisition, assuming stable macroeconomic and geopolitical conditions.

• Indexation for 2026 expected to be modest: 0% France, 1.1% Italy, 0.9% Sweden, 1.5–2% Belgium.

• Guidance includes Avion acquisition, with potential for upward revision later in the year.

• Rental growth in 2026 to be driven by active asset management, remerchandising, and new acquisitions.