Klépierre Confirms 2026 Targets After a Progressive First Quarter
On Thursday, Klépierre released its first quarter 2026 results, showing a 4.4% increase in merchant sales and an occupancy rate rise to 96.9%, amidst a volatile macroeconomic environment. The European leader in shopping centers reaffirms its 2026 targets with a minimum EBITDA of 1,130 million euros and a net current cash flow per share of at least 2.75 euros.
Sustained Leasing Activity, Moderately Increasing Net Revenues
In the first quarter, Klépierre recorded a 4.4% increase in merchant sales, driven by a 1.6% year-over-year increase in foot traffic and a 4.2% improvement in March. Net rental income grew by 2.8% on a current perimeter basis, with a constant perimeter growth of 2.6%, surpassing the indexation of 180 basis points due to operational efficiency gains and Mall Income growth. The occupancy rate improved by 40 basis points to 96.9% as of March 31, 2026. Positive rental reversion reached 4.9% on renewals and re-lettings, reflecting sustained demand focused on quality assets. Several flagship centers (Nueva Condomina in Spain, RomaEst in Italy, Blagnac in France, Campania in Italy) recorded merchant sales increases close to or in the double digits.
Prudent Financial Management and Confirmed Outlooks
EBITDA increased by 2.7% during the period. The group maintains a strong cash position: net debt of 7,475 million euros with a net debt/EBITDA ratio of 6.8x, average cost of debt at 1.9%, and an interest coverage ratio at 100% in 2026. No additional refinancing needs are announced for 2026 following the repayment of the February 2026 bond loan. A bond issue of 200 million euros was carried out on February 26, 2026, on two lines with an average spread of 75 basis points, an average yield of 3.1%, and an average maturity of 7 years. The group distributes 1.90 euros per share to shareholders for 2025 (0.95 euro paid on March 10, 2026, 0.95 euro scheduled for July 7, 2026).
Continued Expansion Strategy and Maintained Targets
Klépierre finalized the acquisition of the remaining 50% stake in Aqua Portimão (Portugal) for 59 million euros from its joint venture partner on April 16, 2026. This leading shopping center, located in the western Algarve region, has shown a 33% increase in commercial density over the last three years. The group estimates that this acquisition will generate a near-double-digit return on investment from the first year, benefiting from the Portuguese real estate tax exemption regime. In the absence of additional refinancing needs in 2026 and despite geopolitical tensions and macroeconomic volatility, Klépierre reiterates its targets for the year: a minimum EBITDA of 1,130 million euros and a net current cash flow per share of at least 2.75 euros.
