Klépierre: acquisition of 50% of an Italian portfolio for €196 million
The real estate company bases this revision on rental growth exceeding indexation and an occupancy rate of 97.1%. It has simultaneously undertaken a new acquisition in Lombardy, financed through debt.
2026 targets raised following nine months of EBITDA and rental growth
Klépierre raised its targets for the 2026 fiscal year on the occasion of publishing its activity for the first nine months. The group now aims for earnings before interest, taxes, depreciation and amortization (EBITDA) of at least €1,165 million. This target is measured on a total share basis and incorporates the attributable share of equity-accounted companies. The current net cash flow target is set at €2.83 per share.
Management justifies this revision by its confidence in the group's operational and financial performance for the remainder of the year, despite persistent geopolitical and macroeconomic volatility. Over the first nine months, EBITDA on a total share basis reached €813.8 million, compared with €772.0 million a year earlier. On the scope retained for the annual target, which includes the share of equity-accounted companies, it stood at €869.0 million, compared with €829.8 million.
Current net cash flow attributable to the group increased from €572.8 million to €597.4 million. On a per-share basis, it came in at €2.08 compared with €2.00, representing an increase of 4%. Net rental revenues grew by 4.6%, reaching €872.6 million.
What the figures truly reveal concerns the composition of this increase. On a constant perimeter basis, net rental revenues rose by 3.8%, a rate 300 basis points higher than indexation according to the group. The growth therefore does not rest solely on contractual rent revaluation. It is complemented by the contribution of acquisitions of Casamassima (Italy) and Aqua Portimão (Portugal).
Activity indicators point in the same direction. The financial occupancy rate gained 10 basis points year-over-year, and rents increased by 5.5% during renewals and re-letting. Tenants' sales on a constant perimeter basis grew by 3.9%, with footfall increasing by 1.1%. Revenues grouped under the "Mall Income" indicator rose by 13.6%.
Net debt stable and €1,060 million in financing raised
Total revenue for the first nine months amounted to €1,257.1 million, compared with €1,213.4 million a year earlier. Net rental revenues constitute the bulk of this, at €972.8 million compared with €948.9 million. Charges and taxes recharged reached €227.3 million, compared with €210.7 million. Management and development fees stood at €57.0 million, compared with €53.8 million, and all these data have not been audited.
From a financial perspective, the group raised €1,060 million in long-term financing, with an average maturity of 7 years and an average yield of 3.81%. This envelope includes a green bond issuance of €500 million, maturing in September 2034, carrying a coupon of 3.875%. The yield on these new financings is above the group's average cost of debt, which stands at 1.9% for an average maturity of 6.1 years.
As of September 30, 2026, consolidated net debt reached €7,312 million, compared with €7,352 million on June 30. The net debt/EBITDA ratio stood at 6.6x, a historically low level according to the group, and the interest coverage ratio at 7.0x. Available liquidity of €2,949 million comprises €880 million in cash and cash equivalents as well as €1,744 million in confirmed undrawn revolving credit lines.
This liquidity covers 4.5 years of maturities, and 2027 refinancings are fully covered. S&P assigns the group a long-term rating of A- and Fitch a rating of A on its unsecured senior debt, both with stable outlooks.
Il Leone: €196 million acquisition in Lombardy
On October 15, 2026, Klépierre signed a binding agreement to acquire from its joint venture partner the residual 50% stake in a portfolio of shopping centers. This portfolio includes Il Leone, located in Lombardy on the shores of Lake Garda. The total amount of the transaction is €196 million. Financed through debt, it is expected to be finalized by December 31, 2026, and the group presents it as accretive from day one.
Il Leone spans 60,000 m² of retail space and houses notably Zara, Lefties, Apple, Sephora, Decathlon and Pellizzari. Klépierre plans to launch an expansion project dedicated to dining and entertainment offerings. This project is in addition to ongoing extensions at Le Gru (Turin) and Romagna (Rimini). Southern Europe is, according to the group, its most important region and the one displaying the strongest growth.
This publication comes after several weeks of share price decline. On October 19, 2026, the share was down 4.5% over one month and was trading below its 200-day moving average. The group will publish its full-year 2026 results on February 24, 2027, after market close.
