Klépierre (LI) H1 2025 earnings summary

Executive summary

• Delivered strong H1 2025 growth with net current cash flow per share up 5.3% to €1.32 and EPRA NTA per share up 4.6% to €34.3, supported by robust leasing and operational momentum.

• Total accounting return reached 10.2% year-to-date, including a €1.85 per share dividend.

• Retailer sales rose 3.5% in H1 2025, with footfall up 2.5%; Q2 saw further acceleration to 4.5% sales and 4% footfall growth, outpacing national indices.

• High leasing demand led to a 4.1% rental uplift on renewals and relettings, with occupancy at 97.0%.

• Portfolio value increased 2.6% like-for-like over six months to €20.6bn.

Financial highlights

• Net rental income grew 5.3% year-over-year to €547.6 million in H1 2025; EBITDA up 6.1% to €506.5 million.

• EPRA NTA per share rose 4.6% to €34.3; EPRA NRV up 4.1% to €38.2.

• Mall income (digital/print advertising, events, specialty leasing) up 9% in H1 2025.

• Dividend of €1.85 per share paid for 2024.

• IFRS consolidated net income was €690.1 million, with €617.6 million attributable to owners.

Outlook and guidance

• Upgraded 2025 guidance: EBITDA growth of 5% and net current cash flow per share of €2.65–€2.70.

• Like-for-like net rental income growth expected to accelerate in H2 2025.