Eurocommercial aims for the high end of its 2026 range, supported by a 4.4% rise in sales
On 29 October 2026, after the close of Euronext, Eurocommercial announced that it expects its 2026 direct investment result to reach the high end of its range of €2.45 to €2.50 per share. The property company is relying on a 4.4% increase in like-for-like tenant sales over nine months and a 3.3% rise in footfall.
The direct investment result per share reached €1.87, compared with €1.85 a year earlier, while the weighted average number of shares rose by 1.63%. In contrast, the acquisition of Avion Shopping in Sweden in April 2026 raised the net loan-to-value ratio to 41.5%, compared with 39.8% at the end of 2025.
Direct investment result up 2.3% to €102.3 million
For the first nine months of 2026, the direct investment result, the indicator favoured by management because it excludes unrealised gains and losses, rose 2.3% to €102.3 million, compared with €100.0 million a year earlier. Net rental income on a proportionate consolidation basis increased by 3.4% to €158.0 million.
IFRS rental income rose by €5.6 million, of which €5.3 million came from Sweden, including Avion Shopping. Together with an improvement in net property charges and a €1.1 million decline in operating expenses, this more than offset the increase in property charges and net interest expenses, which rose by €3.9 million to €43.1 million.
IFRS profit increased from €74.5 million to €133.7 million. The difference mainly reflects a deferred tax charge reduced from €72.5 million to €24.1 million, following the non-recurrence of a €50 million Italian substitute tax recognised in 2025.
Gains on derivative instruments also increased, to €26.2 million from €2.6 million. By contrast, the revaluation of property assets contributed €30.0 million, compared with €49.7 million a year earlier.
Sales up in all four countries, like-for-like rents at -1.9% in France
Tenant sales rose 4.4% on a like-for-like basis over nine months, and 4.2% in the third quarter alone. Italy recorded the strongest increase, at 7.0%, ahead of Sweden (3.5%), Belgium (2.6%) and France (1.7%) over the same period.
Over twelve months to the end of September, like-for-like rental growth reached 2.1%, about 150 basis points above indexation, driven by Belgium (4.4%) and Italy (3.8%). France posted -1.9%, which the group attributes to vacancies and selective letting decisions aimed at strengthening its offer.
In its half-year results published on 27 August 2026, the group had already cited a competitive rental environment in France, leading to selective rent reductions. Across the whole portfolio, the EPRA vacancy rate stood at 1.2%, compared with 1.3% a year earlier.
Over the last twelve months, the 307 renewals and re-lettings generated an average rent increase of 2.9%. The rent collection rate reached 99% over nine months.
Debt up after Avion, 2026 result expected at the high end of the range
Proportionate net debt rose from €1,612 million to €1,736 million since the end of 2025, mainly due to the acquisition of Avion Shopping. The net debt to EBITDA ratio increased from 7.7 times to 8.0 times. Interest coverage stands at 3.4 times, and 79% of debt is at fixed rates or hedged.
The group raised €525 million of long-term financing in 2026 and, in July, concluded a five-year green loan of SEK 700 million, backed by Avion Shopping. Once the extension of the Curno loan is finalised, no refinancing would be required before 2029.
A cash interim dividend of €0.73 per share is due to be paid in January 2027, representing 40% of the €1.83 dividend paid in 2026. Shareholders should be able to opt for payment in shares.
For 2026, Eurocommercial now expects a direct investment result at the high end of its range of €2.45 to €2.50 per share. The midpoint of €2.475 was included in the guidance accompanying the 2025 annual report, published on 21 April 2026.
The group anticipates further growth in 2027, supported by the full-year contribution of Avion Shopping and by projects to restructure its commercial offer.
