Carmila SA (FRA:CUX1)

Full Year 2025 Carmila SA Earnings Call Transcript

Feb 19, 2026 / 08:00 AM GMT

Release Date Price: €17.46 (+1.39%)

Transcript

Key Points

Positve

Carmila SA (CRMIF) reported a high occupancy rate of 96.5% with positive reversion of 3.8%, indicating strong demand for its retail spaces.
The company achieved an 8.8% increase in net rental income, reaching €403 million, showcasing robust revenue growth.
Carmila SA (CRMIF) increased its dividend by 9% and announced a new €10 million share buyback, demonstrating a commitment to returning capital to shareholders.
The company successfully integrated Galimau, generating €5 million in cost synergies, and maintained low and stable financing costs at 3%.
Carmila SA (CRMIF) is leveraging innovation as a growth pillar, with initiatives like Clickstand and retail media contributing €27 million to EBITDA in 2025.

Negative

The company's guidance for 2026 indicates only a modest 2% EPS growth, which may not meet investor expectations for higher growth.
There is a slight increase in vacancy rates, rising from 5.1% in 2023 to 5.7% in 2025, driven by strategic vacancy management.
The delay in major projects, such as those in France, due to local elections and regulatory hurdles, could impact future growth timelines.
Carmila SA (CRMIF) faces challenges in replicating the high accretion levels seen with the Galimau acquisition, indicating potential difficulties in future acquisitions.
Retail sales in France were flat, reflecting macroeconomic softness and potential tenant mix issues, which could affect rent renewal negotiations.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

CARM.PA - Carmila SA
Full Year 2025 Carmila SA Earnings Call
Feb 19, 2026 / 08:00AM GMT

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Presentation
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Unidentified_1 [1]
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Striking the right balance between efficiency and opportunity with an LTV of 38.8%. And we are proud to continue to return capital to shareholders.

We have increased the dividend by 9% and today we are announcing a new EUR10 million share buyback.

Looking ahead, we expect another year of profitable growth in 2016.

The guidance for next year is EUR1 $0.84, an increase of 2%.

Slat 5 shows the positive momentum across the board.

This is clearly reflected in the key operational indicators.

Nearly 900 leases signed.

High occupancy at 96.5% and positive reversion of 3.8%, well above indexation.

This directly translated into revenue growth, with net rental income up 8.8% to â

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