Klépierre Confirms Its Momentum: Rental Income on the Rise and Property Value Increasing
The European leader in shopping centers in continental Europe announced its annual results for 2025 on Thursday, marked by a solid increase in rental income and a significant appreciation in the value of its real estate assets. These performances enabled the group to achieve a total accounting return of 15% over one year.
Strong Performance in Core Financial Indicators
In 2025, Klépierre recorded a 5% increase in its recurring net income per share, which stands at 2.72 euros. This growth reflects a 5.5% increase in gross operating surplus, exceeding the group's initial guidance. Net rental income grew by 5.1% to reach 1,120.4 million euros, supported by a 4.5% growth at constant scope and by the full-year contributions of acquisitions made in 2024. In operational detail, the rental reversion rate was 4.6% on renewals and re-lettings, while the occupancy rate improved by 60 basis points to 97.1%. Visitor footfall increased by 1.8% and retailers' sales grew by 3.4%. Mall Income activity saw a rise of 12.1%, driven by the development of Specialty Leasing and Retail Media activities. The effort rate of merchants remains low at 12.5%, strengthening the group's capacity to implement new rent increases.
Significant Growth in Net Asset Value and Financial Stability
The net asset value revalued increased by 9.5% to stand at 35.9 euros per share as of December 31, 2025, reflecting a 4.9% appreciation in the value of the portfolio at constant scope. The average initial net EPRA yield was 5.7%. Taking into account the cash dividend of 1.85 euros distributed in 2025, the group generated a total accounting return of 15% over twelve months and 31.4% over the 2024-2025 period. On the financial front, consolidated net debt remained stable at 7.35 billion euros as of December 31, 2025, compared to the end of 2024. The net debt to EBITDA ratio reached a new historical low of 6.7x, while the Loan to Value ratio declined to 34.7%. Rating agencies S&P and Fitch both raised Klépierre's investment grade credit rating to A- and A respectively in 2025. The group raised more than one billion euros in long-term financing over twelve months, with an average maturity of 8.5 years and an average interest rate of 3.3%. The average maturity of the debt stands at 6.3 years with an average cost of debt of 1.9%.
Strategic Acquisitions and Developments
At the end of 2025, Klépierre finalized the acquisition of the Casamassima shopping center in Bari, Italy, for 160 million euros. This center, which welcomes 7.5 million annual visitors, hosts major brands such as Zara, Sephora, Foot Locker, Rituals, and the only Primark store in the Apulia region. This operation is expected to generate a return on investment close to double digits in the first year. The group delivered the extension of Odysseum in Montpellier, completed within the allocated time and budget, to accommodate Primark and a new dining area, with an estimated yield of 9%. A 81 million euro extension project was launched at Le Gru in Turin, aimed at expanding the presence of omnichannel brands with an expected yield of 10%. Klépierre also unveiled an extension of the Romagna shopping center in Rimini by 6,820 sqm accommodating the region's first Primark store, with an expected yield of over 8%. On disposals, the group sold non-strategic assets for 205 million euros, with an average premium of 8% over appraisal values, for an average initial net EPRA yield of 5.6%.
