Carmila Shares Drop 2.5% Despite Rising Rents in the First Quarter

Quarterly Financial Performance

The decline in the stock occurred after the publication of the first quarter 2026 revenue. Carmila reported a 1.2% organic growth in net rents, exceeding the indexing effect by 80 basis points. This figure demonstrates the group's ability to create rental value beyond the automatic revaluation of leases. However, the performance is mixed regarding the activity of the brands. The revenue of merchants in the portfolio centers only increased by 1.1% during the period, driven by Spain, while France saw a decline of 0.6%. This geographical imbalance illustrates a fragile domestic consumption in a context where the surge in energy prices could further weigh on household purchasing power. The next financial calendar milestone is set for May 12 with the annual general meeting, followed by the semi-annual results on July 28.

Technical Analysis of Stock Movement

At 17.14 euros, Carmila's share price has fallen below its 50-day moving average of 17.35 euros, after having crossed it upwards in recent weeks. This bearish crossover signals a weakening of the short-term trend, as the stock has declined by 3.7% over seven days. The 200-day moving average, currently at 17.04 euros, now serves as a first technical reference point to watch if the decline continues. The market context is not favorable for real estate companies this Friday. The CAC 40 is down 1.05% during the session, while the SBF 120 drops 1%. Among the values related to real estate and infrastructure, Vinci drops 1.95% and Schneider Electric 1.47%. Across the Atlantic, comparable listed U.S. real estate companies, such as Simon Property Group (+0.98%) and Prologis (+0.65%), however, ended in the green at their last close, indicating that the selling pressure remains concentrated on the European market for now.