Carmila confirms recurring net profit of €1.87 per share, rents accelerate at +2.1% over nine months
On October 22, 2026, Carmila confirmed its recurring net profit per share target of €1.87 for fiscal year 2026, supported by an acceleration in its net rental income at constant scope in the third quarter. The key point of the publication lies in this momentum: +2.1% over nine months, compared to +1.4% in the first half.
This confirmation comes four weeks before the investor day (Capital Markets Day) scheduled for November 19, 2026, during which the real estate company will present a new five-year strategic plan. The share showed a decline of 16.5% over one year at the beginning of October.
Net rental income of €305.9 million, up 2.1% at constant scope
Over the first nine months of 2026, net rental income reached €305.9 million, compared to €301.4 million a year earlier, representing growth of 1.5% on a reported basis and 2.1% at constant scope. According to the group, this growth exceeds the effect of rent indexation by 180 basis points.
Gross rental income is virtually stable at €327.9 million compared to €327.4 million (+0.2%). By country, France, which represents the bulk of the total with €219.8 million, grows by 2.5% on a reported basis and by 2.1% at constant scope.
Spain shows a gap between the two readings: €68.0 million, down 1.3% on a reported basis, but up 2.5% at constant scope. Italy, at €18.1 million, grows by 0.7%.
Occupancy rate at 96% and 744 leases signed over nine months
The operational indicators published point in the same direction. Sales revenue from merchants located in Carmila centers grows by 3.2% at constant scope, 380 basis points above the reference panel, with an increase of 6.1% in Spain. Foot traffic increases by 1.1%, 20 basis points above the panel.
The real estate company signed 744 leases over the period, a volume up 15% year-on-year, with an average revaluation of 3.1% during renewals and relocations. The occupancy rate stands at 96.0% as of September 30, 2026, up 70 basis points year-on-year, and the collection rate reaches 97.5%, up 90 basis points.
The group attributes the acceleration in rental income to the improvement in these indicators, the increase in the collection rate, and growth in revenue linked to its 620 million annual visits (temporary space rental, advertising sales, marketing services). Marie Cheval, Chief Executive Officer, indicated observing growing demand from retailers and customers for the centers.
Ratings confirmed, debt covered and acquisition in Dijon
On the financial side, S&P confirmed on October 15, 2026 Carmila's BBB rating (stable outlook), raising its thresholds on the main debt criteria. Fitch confirmed on October 7 the BBB+ rating for unsecured senior debt. The net debt to EBITDA ratio stood at 7.3 times as of June 30, 2026.
Since January 1, the group has completed €200 million in top-ups on existing bond lines and renewed €540 million in revolving credit lines over seven years. Its net debt is fully covered for 2026 and 2027, which reduces its sensitivity to the recent increase in interest rates. In September, Carmila finalized the acquisition of Grand Quetigny, a 13,650 m² shopping center adjoining a Carrefour hypermarket in the Dijon metropolitan area, presented by the group as accretive to results from the first year.
The recurring EPS target of €1.87 for 2026 corresponds to the average analyst consensus tracked. On this basis, the share trades at approximately 7.7 times expected earnings for the current fiscal year. Full year 2026 results will be presented on February 11, 2027.
