Klépierre (LI) Q2 2026 earnings summary

Executive summary

• Delivered strong operational and financial momentum in H1 2026, with robust demand for retail space, high leasing activity, and resilient performance despite a volatile macroeconomic environment.

• Net rental income and EBITDA both rose 4.4% and 4.8% year-over-year, respectively, with net current cash flow per share up 3% to €1.36.

• Occupancy rate reached 97.1%, retailer sales grew 3.9%, and footfall increased 1.2%, outpacing national indices.

• NAV per share increased 5.3% to €37.8, with total accounting return of 10.6% year-to-date.

• Consolidated net income rose to €757.8 million, and total comprehensive income attributable to owners increased to €683.5 million.

Financial highlights

• Net rental income: €577.7 million (+4.4% year-over-year); gross rental income: €649.1 million.

• EBITDA up 4.8% to €530.8 million; margin at 86.7% (+60 bps); net current cash flow per share at €1.36.

• EPRA NTA per share up 5.3% to €37.8; NAV up 10% year-over-year.

• Dividend per share paid in 2026 was €1.90; total accounting return year-to-date at 10.6%.

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

Outlook and guidance

• 2026 guidance raised: minimum EBITDA of €1,150 million and net current cash flow per share at the high end of €2.77–€2.80.

• Assumptions include 0.8% full-year indexation, resilient consumer demand, stable macroenvironment, and near-fully hedged cost of debt.

• Double-digit mall income growth expected to continue for the next three years.

• Preparing for IFRS 18 implementation in 2027, with 2026 comparatives to be restated.