Eurocommercial: Direct investment result up to €68.7 million in the first half, 2026 guidance confirmed
Eurocommercial Properties published its results for the first half of 2026 on August 27, 2026, marked by a progression of its main rental aggregates and the integration of the Avion Shopping acquisition in Sweden.
The Dutch real estate company, which owns 25 shopping centers in Belgium, France, Italy and Sweden, confirms its annual objective while implementing a selective rental policy in France that has impacted rental growth in that market.
Direct investment result of €68.7 million, IFRS result of €78.1 million
In the first half of 2026, the direct investment result (the recurring profitability indicator retained by the group) increased by 2.6% to €68.7 million, compared to €66.9 million in the first half of 2025. On a per-share basis, it amounted to €1.26, compared to €1.25 a year earlier, despite a 1.7% increase in the average number of shares outstanding.
Gross rental income (on a proportional consolidation basis) increased by 2.6% to €122.7 million, and net rental income by 3.1% to €104.8 million. EPRA Earnings increased by 3.1% to €67.6 million, or €1.24 per share.
The IFRS net result amounted to €78.1 million, compared to €42.3 million in the first half of 2025. This change mainly reflects the non-repetition of a €50 million substitution tax recorded in Italy in the first half of 2025 and a lower deferred tax expense of €51.6 million, effects partially offset by lower revaluation gains on the portfolio (€26.4 million compared to €48.9 million).
Sales growth driven by Italy, selective approach in France
Operationally, footfall increased by 3.2% and like-for-like sales by 4.6% over the semester, with Italy showing the strongest growth at 7.3%. The EPRA vacancy rate remained at 1.0%, compared to 1.2% a year earlier, and the occupancy cost ratio (OCR) stood at 9.2%, compared to 10.1% a year before.
Like-for-like rental growth on a twelve-month basis reached 2.5%, or 190 basis points above indexation. It was driven by Italy (+5.4%) and Belgium (+3.5%), while France recorded -1.5%.
The group indicates that this French decline results from a selective approach, with lower rents granted on certain relocations to renew the rental mix. Over the past twelve months, 308 renewals and relocations were signed, with an average rental increase of 4.7%, including 7.9% for the 101 new lettings.
Avion Shopping acquisition, green financing and reaffirmed guidance
In April 2026, Eurocommercial completed the acquisition of the Avion Shopping center (45,000 m²) in Umeå, Sweden, for a total investment of approximately €111 million, with a yield of 8%. The transaction was financed in part by available resources and in part by a green loan of 700 million Swedish kronor (approximately €63.5 million) over five years granted by SEB in July 2026.
The group also concluded an agreement for the acquisition of Mood, a leisure complex adjacent to the Fiordaliso center in Milan, for a price of €7.5 million (yield of 14%), with completion expected before year-end.
The value of the portfolio increased to €4.2 billion (compared to €4.1 billion at the end of 2025). The net debt to value ratio (LTV) rose to 40.9%, compared to 39.8% at the end of 2025, primarily due to the Avion acquisition. The group reaffirmed its 2026 guidance for a direct investment result of €2.45 to €2.50 per share, with expected growth in 2027 thanks to the full-year contribution of Avion Shopping and remerchandising projects.
