Klépierre (LI) H1 2024 earnings summary

Executive summary

• Delivered strong H1 2024 results with uninterrupted growth in footfall, retailer sales, net rental income, and EBITDA, supported by a favorable macroeconomic environment in Europe.

• Maintained a unique position with 70 premium malls attracting over 700 million visitors annually and generating over €12 billion in retailer sales.

• Portfolio value increased for the first time in five years, reaching €19.9 billion, driven by cash flow growth and positive rental dynamics.

• Maintained sector-leading balance sheet metrics, with improved credit ratings, ample liquidity, and a new green financing framework.

• Continued focus on adapting retail mix, investing in assets, supporting omnichannel retailers, and renewed 2030 CSR ambitions.

Financial highlights

• Net rental income rose to €520.1 million, up 6.0% like-for-like and 4.9% year-over-year in H1 2024.

• EBITDA increased by 5.4% to €477.3 million, with margin up 60 bps to 85.7%.

• Net current cash flow per share grew 3.3% year-over-year to €1.25 in H1 2024.

• EPRA Net Tangible Assets per share increased 4.3% to €31.4.

• IFRS consolidated net income was €602.4 million (attributable to owners: €535.7 million); EPRA Earnings per share reached €1.26.

Outlook and guidance

• Raised 2024 guidance: now expecting 5% EBITDA growth (up from 4%) and net current cash flow of €2.50–€2.55 per share.

• Positive contribution from recent accretive acquisitions factored into revised guidance.