Half Year 2025 Klepierre SA Earnings Call Transcript
Key Points
- Klepierre (KLPEF) reported a strong set of results with net current cash flow increasing by 5.3% year on year to EUR1.32 per share.
- Retailer sales and footfall showed significant growth, with retailer sales up 3.5% in the first half of 2025 and accelerating to 4.5% in the second quarter.
- The company achieved a 4.1% rental uplift on renewals and relettings, with occupancy increasing by 80 basis points to 97%.
- Klepierre (KLPEF) successfully raised EUR505 million at a competitive blended yield of 2.85%, maintaining a low cost of debt at 1.8%.
- The company revised its guidance upwards, expecting a 5% EBITDA increase instead of 3%, and net current cash flow between EUR265 and EUR270 per share in 2025.
- The impact of US tariffs on European goods is uncertain, though Klepierre (KLPEF) expects it to be limited.
- The company faces challenges in finding suitable acquisition opportunities that fit its strategy, with a scarcity of eligible assets in Europe.
- Indexation for rent growth in 2026 is not expected to increase compared to 2025, potentially limiting future rent growth.
- The company is cautious about development projects, focusing only on mall extensions and avoiding greenfield developments.
- Klepierre (KLPEF) is not interested in expanding into new countries, which may limit its growth opportunities geographically.
(video playing)
Hello and welcome to the Klepierre 2025 half year results presentation hosted by Jean-Marc Jestin, Chairman of the Executive Board; and Stephane Tortajada, CFO. My name is Ben, and I will be your coordinator for today's event. Please note this conference is being recorded (Operator Instructions).
I will now hand you over to your host, Jean-Marc Jestin, to begin today's conference. Please go ahead, sir.
Good evening, everyone, and welcome to the presentation of Klepierre 2025 first half earnings. Together with Stephane Tortajada, CFO, we appreciate you joining us today.
So let me start saying that I am pleased to report a strong set of results. The performance this year was driven by a very intense leasing demand for leading malls and a solid acceleration of the business in the second quarter.
Once again, we delivered outperformance on the net current cash flow that increased by 5.3% year on year to EUR1.32 per share. Similarly
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