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Carmila: 2024 Annual Results: Sustained Growth Driven by the Acquisition of Galimmo and Strong Leasing Momentum

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BOULOGNE-BILLANCOURT, France, February 11, 2025--(BUSINESS WIRE)--Regulatory News:

Carmila (Paris:CARM):

Acquisition of Galimmo completed on 1 July 2024

  • Total investment of €300 million at a 38% discount to EPRA NDV

  • Immediately accretive (5% annual contribution to recurring earnings and EPRA NDV)

Excellent financial and operating performance

  • Recurring earnings per share at €1.67, up 4.5% versus 2023

  • Net rental income of €370.7 million, with sustained growth of 8.3% compared with 2023 (4.2% on an organic basis)

  • Very good leasing momentum with 942 leases signed and positive reversion of 3.0%

  • Financial occupancy at a record high 96.7%1, up 0.1 percentage points

  • Specialty Leasing and Pop-up Store revenue at €18.2 million (up 6.9% like for like)

  • Record high collection rate of 97.0%

  • Retailer sales up 1.8% versus 2023

  • Attributable net income (IFRS) of €313.8 million

Positive trend in portfolio value

  • Portfolio value of €6.7 billion, up 13.0% on 2023 (up 0.9% on a like-for-like basis)

  • Net Initial Yield of 6.57% (around 336 basis points above 10-year French government bond yield)

  • Sharp rise in EPRA NTA per share to €26.12 at end-2024 (up 8.1%), in connection with the integration of Galimmo

Solid financial structure

  • Net-debt-to-EBITDA ratio of 7.4x

  • EPRA LTV ratio including transfer taxes2 of 38.9% at end-2024

  • Inaugural Green Bond launched at attractive terms in September 2024 (€300 million maturing in 2032 with a fixed coupon of 3.875%)

  • No maturities to be refinanced before May 2027

  • S&P rating maintained at BBB with a stable outlook

Robust non-financial performance

  • 54% reduction in Scopes 1 & 2 carbon emissions compared with 2019 (in line with the net zero target for 2030)

  • Strong improvement in GRESB rating3 (Green Star: 91/100)

2024 dividend and 2025 outlook

  • Proposed dividend of €1.25 per share (up 4.2% on 2023) 4

  • Recurring earnings per share expected in 2025: €1.75 (up 4.8%)

  • Launch of a further €10 million share buyback programme in 2025

Marie Cheval, Chair and Chief Executive Officer of Carmila commented:

"The successful implementation of the Building Sustainable Growth plan and the outstanding commitment of our employees confirm Carmila’s ability to achieve sustained growth in recurring earnings, supported by strong results in 2024.

Carmila posted a remarkable operating performance, with strong momentum in retailer sales and record-high occupancy. Carmila's shopping centres are go-to destinations when it comes to capturing and transforming the latest retail trends.

The acquisition of Galimmo has consolidated Carmila's position as Europe's third-largest listed operator of shopping centres. Backed by a solid balance sheet and dynamic capital allocation policy, Carmila is well positioned to seize future opportunities."