Klépierre (LI) Q4 2025 earnings summary

Executive summary

• 2025 delivered strong earnings growth, with net rental income up 5.1–5.9%, EBITDA up 5.5%, and net current cash flow per share at €2.72, exceeding guidance.

• NAV per share rose 9% to €35.9, and total accounting return reached 15% for 2025 and 31% over two years.

• Outperformed European property sector and equity markets, with earnings growth 4x higher than EPRA top 20 and 20x the STOXX Europe 600 Index.

• Maintained high occupancy rates and optimized the retail portfolio, with top 70 malls representing 95% of portfolio value.

• Demonstrated leadership in sustainability, achieving top ESG ratings and significant reductions in energy intensity and GHG emissions.

Financial highlights

• Net rental income reached €1.12 billion, up 5.1% year-on-year, and EBITDA grew 5.5% to €1,119.3 million.

• Net current cash flow per share was €2.72, up 4.6–5% and above guidance.

• NAV per share increased to €35.9, a 9% rise year-on-year.

• Dividend per share proposed at €1.90, a 3% increase, with a 70% payout ratio.

• Portfolio valuation increased 4.9% like-for-like, driven by positive cash flow and market effects.

Outlook and guidance

• 2026 guidance targets at least €1,130 million EBITDA and €2.75 net current cash flow per share, assuming stable macroeconomic conditions and flat retailer sales.

• Indexation expected to slow to 0.8% in 2026, but internal growth, extensions, and recent acquisitions will support results.

• No significant increase in cost of debt expected for 2026, with financing needs already covered and cost of debt nearly fully hedged.

• Dividend proposal of €1.90 per share for 2025, representing a 6% yield.