Klépierre (LI) H1 2025 earnings summary

Executive summary

• Delivered strong H1 2025 results 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 exceeded 10%, with sequential acceleration in Q2 and upgraded 2025 guidance for 5% EBITDA growth and net current cash flow per share of €2.65–€2.70.

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

• Portfolio valuation increased 2.6% like-for-like over six months, driven by positive cash flow and market effects.

• High leasing demand led to 4.1% rental uplift on renewals and relettings, with occupancy at 97%.

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; total portfolio value increased 2.6% like-for-like.

• Gross rental income reached €630.9 million (+5.6% year-over-year); consolidated net income was €690.1 million.

• EPRA Earnings per share: €1.33 (vs. €1.27 in H1 2024); dividend paid in 2025: €1.85 per share.

• Mall income (digital/print advertising, events, specialty leasing) up 9% in H1 2025, now €100 million annually.

Outlook and guidance

• Upgraded 2025 guidance: now expecting 5% EBITDA growth 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.