Carmila Records a 9.9% Increase in Net Rents in the Third Quarter of 2025
Carmila announced a 9.9% increase in its net rents compared to the first nine months of 2024, according to a company statement.
Financial Performance in the First Nine Months
Carmila observed a 9.9% increase in its net rents during the first nine months of 2025, reaching 301.4 million euros compared to 274.3 million euros in the same period in 2024. This growth includes an organic growth of 3.2%, with a notable contribution from indexing at 2.5%. Additionally, the group maintains its forecast for recurring earnings per share in 2025 at 1.79 euros, marking a growth of 7.0% compared to the previous year. The recovery rate also improved, reaching 96.6% at the end of September 2025, an increase of 50 basis points compared to the end of September 2024.
Sustainable Financing Initiatives
Carmila issued a second 'Green bond' of 300 million euros with a maturity until 2033 and an annual fixed coupon of 3.75%, aimed at financing assets certified BREEAM 'Very Good' or 'Excellent'. Simultaneously, 313 million euros of bonds maturing in 2027 and 2028 were repurchased and cancelled, thus optimizing the debt maturity profile. The financial occupancy rate stood at 95.3% at the end of September 2025, consistent with the previous year.
Strategic Developments and Environmental Leadership
The integration of Galimmo has positively contributed to Carmila's activity, which also benefits from favorable financing conditions. The group received a 'Green Star' rating from GRESB with a score of 92 out of 100, confirming its leadership in environmental responsibility. Concurrently, a new share buyback program of 10 million euros will start on October 24, 2025, bringing the total investment in share buybacks for the year to 30 million euros.
