Half Year 2025 Carmila SA Earnings Call Transcript
Key Points
- Carmila SA (CRMIF) secured 467 new leases, contributing to sustained growth in net rental income.
- Recurring earnings increased by 7.1% year-on-year, with an upward revision of 2025 recurring EPS guidance to €1.79.
- A new €10 million share buyback program will be launched, reflecting confidence in the company's financial health.
- The company maintains a strong financial occupancy rate of 95.2% and a net initial yield of 7.3% in Spain.
- Carmila SA (CRMIF) has reduced greenhouse gas emissions by 54% since 2019, with a commitment to achieve net zero emissions by 2030.
- The company's LTV ratio is close to 40%, raising concerns about financial leverage.
- There is uncertainty regarding Carrefour's potential departure from Italy, which could impact Carmila's operations.
- The integration of Galimmo requires significant CapEx, with €10 million planned annually.
- The retail real estate market faces limited new greenfield projects, potentially restricting future expansion opportunities.
- Despite strong performance, the occupancy cost ratio in Italy is relatively high at 12.2%, which could pressure tenant profitability.
Welcome to the Carmila H12025 results presentation. For the first part of the conference call, the participants will be in listen-only mode.
(Operator Instructions)
Now I will hand the conference over to the speakers. Marie Cheval chair and CEO, Sebastien Vanhoove, Deputy CEO and Pierre-yves Thirion, Chief Financial Officer Please go ahead.
Good evening, everyone.
Welcome to Carmila H12025 presentation. Together with Sebastien Vanhoove Deputy CEO and Pierre-yves CFO, we are thrilled to present strong results for this semester. We are confirming once again our ability to deliver growth and value for shareholders.
We have secured 467 new leases. This strong living activity contributes to a sustained growth in net rental income.
What's striking is how this translates into even stronger recurring earnings growth. It has increased by 7.1% year on year. Indeed, we raised our 25-recurring guidance to â¬1.79 representing a 7% increase compared to '24.
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