Carmila: Rent Increases by 1.2% in Q1, but France Slows Growth
In the first quarter of 2026, Carmila confirms its ability to extract real estate value beyond inflation: organic growth of net rents by 1.2%, which is 80 basis points above the indexation. Meanwhile, the shopping center manager reports a merchant sales growth of only 1.1%, primarily driven by dynamic Spain, while France records a decline of 0.6%.
Organic Growth and Strategic Real Estate Leverage
Carmila achieved an organic growth of net rents by 1.2% in Q1 2026, significantly surpassing the indexation—estimated at 0.4% for the quarter. This outperformance of 80 basis points confirms the group's real estate value enhancement strategy. Geographically distributed, the net rents were established at 100.7 million euros (100.5 million in Q1 2025), with France at 70.6 million euros, Spain at 24.0 million, and Italy at 6.1 million. The commercial activity accelerated with 227 new leases signed over the quarter, compared to 219 in Q1 2025, marking a 4% increase in volume and 34% in rental value. The average reversion rate is set at 2.0%, illustrating the group's ability to apply rent increases beyond inflation. The financial occupancy rate remains stable at 95.5%, while the collection rate has improved by 30 basis points to 96.5%.
Merchant Sales Growth and Geographic Disparities
Merchant sales grew by 1.1% over the quarter, but this average conceals significant geographic disparities. Spain shows robust growth of 7.0%, significantly outperforming France, which records a decline of 0.6%. The attendance at the centers increased by 0.9% on average, with Spain leading at 2.7% and France at 0.6%. This imbalance reflects the contrasts in consumption across Europe. Carmila attributes the relative weakness in France to the geopolitical context impacting local spending. Meanwhile, innovative initiatives are gaining ground: Specialty Leasing appreciated by 5%, driven by the adoption of the digital platform ClickStand. The rollout of Retail Media continues with 1,000 latest-generation screens being installed, aimed at reaching the 620 million annual visitors of Carmila centers.
Financial Strategy and Shareholder Returns
Carmila confirms its target of a recurring net income per share of at least 1.84 euros for 2026, an increase of 2.0%, driven by three growth engines: net rents, investments, and innovation. The group has also started a share buyback program in two tranches of 10 million euros each, the first being finalized at an average price of 17.34 euros. A second tranche was launched on April 27, 2026. Financially, Carmila successfully completed a 100 million euro top-up on its debt maturing in 2033 on April 8, 2026, confirming an average net debt cost of 3.0% for 2026, stable despite the interest rate environment. The group has no bond maturities until May 2027. The General Assembly on May 13, 2026, will be called to vote on a proposed dividend of 1.36 euros per share, up 9% from the 2024 fiscal year (1.25 euros). A real estate sale (Villers-Semeuse) was completed on March 31, 2026, for 12.4 million euros, as part of a net buyer strategy aiming for 100 million euros in acquisitions per year at a spread of 100 basis points above the capitalization rate.
