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.
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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.
Carmila is confidently reiterating its objectives for 2026
Risks mentioned
No new supply and increasing scarcity of profitable spaces may limit future expansion opportunities
Interest rate sensitivity despite current full hedging in 2026-2027, potentially impacting cost of capital for future acquisitions
Retail market concentration in Western Europe and exposure to economic downturn affecting footfall and retailer demand
Opportunities identified
Accretive acquisition of Grand Quetigny (Dijon) generating rental uplift and innovation-based revenues leveraging Carmila's asset management expertise
Rising retailer demand and occupancy expansion (96.0%, +70 bps) supporting sustainable rental revenue growth across three countries
Innovation-driven revenues (Specialty leasing, Retail media, Next Tower, Marketing services) from 620 million annual visits
Outlook / guidance
Management commentary: Carmila is confidently reiterating its objectives for 2026 and expects to generate recurring earnings per share of €1.87.
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
