Eurocommercial Properties (ECMPA) H2 2025 earnings summary

Executive summary

• Announced acquisition of Avion Shopping in Umeå, Sweden for EUR 110 million, a 45,000 sqm regional center anchored by IKEA and 80 shops, expected to close by March 2026, enhancing portfolio quality and geographic balance.

• Asset rotation strategy included disposal of non-core EKO megastore in Sweden, redeploying capital into multi-anchor, growth-oriented assets.

• Sweden is now the second largest market, representing 23% of the portfolio, following Italy.

• Achieved strong operational and financial performance in 2025, with resilient rental growth, high occupancy, and robust leasing activity across all markets.

• Portfolio value increased by 2% year-over-year, with continued focus on ESG initiatives and accretive acquisitions.

Financial highlights

• Property investments increased by 3.8%, with portfolio valuation exceeding EUR 4 billion.

• Net loan to value (LTV) ratio improved to 39.8%, down 1.5% year-over-year.

• EPRA NTA per share rose 2.4% to EUR 42.81; direct investment result reached EUR 131.8 million.

• Dividend increased to EUR 1.83 per share (75% payout ratio).

• Net debt stable at EUR 1.6 billion; interest coverage ratio at 3.7x; average cost of debt 3.2%.

Outlook and guidance

• Guidance for 2026 direct investment result per share set between EUR 2.45 and EUR 2.50, reflecting cautious assumptions and partial contribution from Avion acquisition.

• Indexation for 2026 expected to be modest: 0% in France, 1.1% in Italy, 0.9% in Sweden, and 1.5%-2% in Belgium.

• Rental growth in 2026 to be driven by active asset management, remerchandising, and new acquisitions.