Klépierre (LI) AGM 2025 presentation summary

2024 financial performance and Q1 2025 update

• Net current cash flow per share reached €2.60, up 5% from initial guidance, with a 6.4% cash dividend yield and 8.9% increase in EPRA NTA.

• EBITDA grew by 6.9%, with margin improvement to 86% and like-for-like net rental income up 6.3%.

• Retailer sales rose 4% in 2024, footfall increased 2.5%, and market share gains outpaced national indices.

• 1,725 leasing deals signed (+4% YoY), occupancy rate at 96.5%, and rental uplift of 4% on renewals.

• Q1 2025 saw continued growth: EBITDA up 3.8%, net rental income up 3.5%, and occupancy rate stable at 96.5%.

Investment, capital structure, and outlook

• 2024 acquisitions in Italy and France delivered double-digit annual cash returns on €237m invested.

• EPRA NTA per share increased for the first time in over five years, with a 3.9% like-for-like portfolio value rise.

• Maintains sector-leading balance sheet: net debt/EBITDA at 7.1x, loan-to-value at 36.5%, average debt cost 1.8%, and 5.8 years maturity.

• S&P and Fitch upgraded long-term and senior unsecured ratings to A- and A, both with stable outlooks.

• 2025 guidance reiterates 3% EBITDA growth and net current cash flow per share of €2.60–2.65.

Dividend and shareholder returns

• Proposed 2025 cash distribution of €1.85 per share, up 3%, paid in two installments in March and July.

• Dividend payout ratio set at 71% of net current cash flow per share.

• Net income for 2024 was €904.5m (company) and €1,249.2m (consolidated); dividend totals €530.7m.