Klépierre (LI) Q1 2025 TU earnings summary

Executive summary

• Year-on-year growth in Q1 2025, with net rental income up 3.5% and EBITDA up 3.8% compared to Q1 2024.

• Retailer sales rose 2% and footfall increased 1% versus Q1 2024, led by Iberia (+5%), France (+2%), and Italy (+2%).

• Financial occupancy rate reached 96.5%, up 50 bps year-over-year.

• Double credit rating upgrade: S&P to A- and Fitch to A, both with stable outlooks.

Financial highlights

• Q1 2025 revenues: €393.2 million, up from €380.2 million in Q1 2024.

• Net rental income: €262.2 million, up 3.5% reported and 2.9% like-for-like year-over-year.

• EBITDA grew 3.8% year-over-year.

• Net debt to EBITDA at 7.1x; consolidated net debt at €7,482 million as of March 31, 2025.

• Cost of debt at 1.8% with 100% hedging for 2025.

Outlook and guidance

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

• Confidence in continued growth despite macroeconomic and geopolitical volatility.