Carmila Reports an 8.7% Growth in Earnings Per Share in 2025
The shopping center manager Carmila delivered 2025 results marked by an increase in net rents and improved profitability. The recurring net income per share reached 1.81 euros, exceeding initial targets.
Robust Growth Driven by Multiple Factors
Carmila recorded an 8.8% increase in net rents to 403.1 million euros in 2025, driven by three distinct growth engines. Organic growth reached 3.5%, exceeding the lease indexation by 110 basis points. This outperformance reflects the attractiveness of the operational model, supported by continuous asset transformation and sustained rental demand. Concurrently, growth through investment contributed 5.3% to the net rent increase, notably through the integration of the Galimmo platform, finalized in July 2024 for 300 million euros. This acquisition immediately improved operational indicators, with the occupancy rate increasing by 100 basis points to 94% and the recovery rate reaching a record level of 98.1%. The third pillar, growth through innovation, generated 27 million euros in contribution to recurring results, up 14%, incorporating Specialty Leasing, Retail Media, and marketing services.
Operational Efficiency Boosts EBITDA
EBITDA stands at 344.5 million euros, up by 9.8%, with a margin increasing to 79.3%, an expansion of 160 basis points. This operational performance reflects strict cost control, reduced to 15.3% of net rents. The recurring net income per share reached 1.81 euros, up 8.7% from 2024, surpassing initial targets. The EPRA NTA per share increased by 1.5% to 26.52 euros. Financially, the net debt to EBITDA ratio stands at 7.3 times, and the EPRA LTV ratio at 38.8%, offering a balanced structure. Carmila has 665 million euros in liquidity, including 540 million euros in undrawn credit lines due by 2028. A successful bond issue of 300 million euros due January 2033 was raised, with a coupon of 3.75%. The cost of debt is maintained at 3.0% for 2025 and 2026.
Asset Valuation and Dividend Increase
The valuation of the portfolio, rights included, reaches 6.7 billion euros, up 1.3% on a like-for-like basis. The immediate net yield (NIY) moved from 6.57% to 6.56%, marking a historic turning point in valuations. Carmila sold 69 million euros of assets in 2025, realized at appraisal values. The dividend per share increases by 9% to 1.36 euros, with a payout ratio of 75% of the recurring net income. A new share buyback program of 10 million euros will be launched on February 19, 2026. For 2026, Carmila anticipates an EPS of 1.84 euros, a growth of 2%, supported by an expected net rent increase of about 100 basis points above indexation. The group confirms its strategy as a net buyer with a target of 100 million euros in acquisitions in 2026.
