Carmila (CARM) H2 2025 earnings summary

Executive summary

• Profitable growth in 2025 driven by organic, investment (notably Galimmo integration), and innovation engines, with recurring EPS up 8.7% to €1.81.

• Organic growth reached 3.5%, outperforming indexation, with dynamic leasing and agile projects.

• Innovation contributed €27 million to EBITDA/earnings, firmly established as a third growth pillar (+14% vs 2024).

• Strong cost discipline led to margin expansion, with EBITDA margin at 79.3% and increased shareholder returns.

• Operational excellence reflected in high occupancy (96.5%) and record collection rate (97.8%).

Financial highlights

• Net rental income up 8.8% to €403 million year-over-year; gross rental income up 7.5% to €434.4 million.

• EBITDA margin rose to 79.3%, recurring EPS up 8.7% to €1.81.

• Dividend per share increased 9% to €1.36, with a 75% payout ratio; €30 million in share buybacks executed.

• Portfolio valuation up 1.3% to €6.7 billion; EPRA NTA per share up 1.5% to €26.52.

• Net debt/EBITDA at 7.3x; EPRA LTV at 38.8%; cost of debt stable at 3.0%.

Outlook and guidance

• 2026 EPS guidance set at €1.84 (+2%), supported by robust organic growth, innovation, and cost control.

• Net buyer strategy confirmed with €100 million acquisitions target for 2026.

• Organic NRI growth expected to remain 100 basis points above indexation.

• Dividend and share buyback programs to continue, supporting shareholder returns.

• Guidance does not include profits from future acquisitions; pipeline and financial structure support further growth.