Carmila SA (XPAR:CARM)

Half Year 2026 Carmila SA Earnings Call Transcript

Jul 30, 2026 / 06:30 AM GMT

Release Date Price: €16.9 (+1.56%)

Transcript

Key Points

Positve

Carmila SA (CRMIF) reported a record leasing activity with 530 leases signed in H1 2026, reflecting strong tenant demand and a reversion of 2.8% above indexation.
The company upgraded its 2026 recurring EPS guidance to EUR1.87, driven by operational outperformance and the accretive acquisition of Grand Kittimi.
Asset transformation projects, such as the expansion in Toulouse-La Bege and new leisure complex in Rennes, boosted footfall by up to 22%, demonstrating value creation.
Innovation growth contributed EUR13.7 million in recurring earnings, up 13% year-on-year, with retail media and next-hour services scaling successfully.
The balance sheet strengthened with EPRA LTV improving to 39.3% and net debt at 7.3 times EBITDA, providing financial flexibility for future investments.

Negative

Italy's portfolio performance was softer due to a transition to a new operator, with footfall slightly down, though retailer sales grew by 1%.
The company's guidance for 2026 does not account for potential additional acquisitions or disposals in the second half, limiting upside visibility.
Strategic vacancy, while value-creating, remains at around 1.8%, which could be seen as a drag on immediate occupancy rates.
The acquisition pipeline in Spain faces a competitive market, making it challenging to find suitable opportunities at attractive yields.
Despite strong overall performance, the portfolio's 20% convenience centers segment may face slower growth compared to leading shopping centers, requiring ongoing portfolio optimization.

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

CARM.PA - Carmila SA
Half Year 2026 Carmila SA Earnings Call
Jul 30, 2026 / 06:30AM GMT

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Presentation
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Unidentified_1 [1]
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Welcome to the Carmilla First Half 2026 results presentation. For the first part of the conference call, the participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by dialing pound key 5 on their telephone keypad. Now I will hand the conference over to the speakers, Mary Cheval, Chair and CO, Sebastian Van Hove, Deputy CO, and Pierre-Yves Thirion, CFO. Please go ahead.

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Unidentified_2 [2]
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Good morning everyone and welcome to our first half reserves presentation.

Operational performance this

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