Carmila Sa · EURONEXT:CARM
Carmila Sa — FY2025 Earnings Presentation
43 slides from Carmila Sa's earnings presentation, February 2026
Slide 1: A Year of Profitable Growth: FY 2025 Results Presentation
A YEAR OF PROFITABLE GROWTH FY 2025 RESULTS PRESENTATION 1
Slide 2: 2025: A year of profitable growth
01 2025: A year of 02 Strong momentum 03 Converting growth 04 2026 profitable growth across all 3 growth into earnings Outlook engines MARIE CHEVAL SEBASTIEN VANHOOVE PIERRE-YVES THIRION MARIE CHEVAL Chair and Chief Executive Officer Deputy Chief Executive Officer Chief Financial Officer Chair & Chi
Slide 3: 2025: A year of profitable growth
2025: A year of profitable growth MARIE CHEVAL Chair & Chief Executive Officer 3
Slide 4: FY2025: A year of profitable growth - Key takeaways
FY2025: A year of profitable growth Key takeaways • Strong momentum across our 3 growth engines: o Organic growth: Robust leasing demand; net rental income growth above indexation (+3.5% vs 2024) o Investment growth: Successful Galimmo integration, contributing +5.3% to FY25 net rental income o Inno
Slide 5: FY2025 at a glance: Positive momentum across the board
FY2025 at a glance: Positive momentum across the board Portfolio snapshot Leasing activity Occupancy rate Reversion 893 96.5% +3.8% leases signed +30 bps vs 2024 above indexation Net rental income EPRA NTA per share Gross Asset Value 250 shopping centres +8.8% +1.5% +1.3% €6.7bn gross asset value €4
Slide 6: Strong momentum across our growth engines
Strong momentum across our 3 growth engines Organic growth Investment growth Innovation growth +3.5% +5.3% €27m Net rental income Net rental income Total recurring earnings contribution (+14%) Strong demand from retailers Successful Galimmo integration Omnichannel incubator (Specialty Leasing, Contr
Slide 7: Disciplined cost management enabling accretive growth
Disciplined cost management enabling accretive growth Profitable growth of the EPS Effective Galimmo synergies €5m Immediate cost synergies €1.81 Expanding EBITDA margin 79.3% --- +160 bps vs 2024 +8.7% 2025 recurring EPS (+3.7% above initial guidance) Optimised Financing costs 3.0% limited marginal
Slide 8: Strong balance sheet as a catalyst for shareholder value
Strong balance sheet as a catalyst for shareholder value Balance sheet providing Committed to shareholder value creation efficiency and opportunity 7.3x Net debt / EBITDA €1.36 --- +9% 1 2025 Dividend per share 38.8% EPRA LTV 75% pay-out ratio Regular share buy-backs (€30m completed in 2025) 1. Subm
Slide 9: Net buyer strategy delivering immediate, accretive and scalable growth
Net buyer strategy delivering immediate, accretive and scalable growth ANNUAL TARGET /////////// 2025 ACHIEVEMENT ACQUISITIONS ACQUISITIONS • €100m per year • Galimmo successful integration • Spread of 100bps above cap rate • LTV(1) c.40% DISPOSALS DISPOSALS €50m per year in line with book value • €
Slide 10: 2026 Outlook: Continued EPS growth driven by sustained organic growth
2026 Outlook: Continued EPS growth driven by sustained organic growth Organic growth 2026 GUIDANCE /////////// Investment growth €1.84 Expected 2026 recurring EPS Innovation growth (+2% vs 2025) Cost control 10
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Slide 12: Positive outlook in 2026 for retail property and our portfolio
Positive outlook in 2026 for retail property and our portfolio Gradual recovery in consumption amid Omnichannel easing inflation and rising real wages is the winning model Consumption Inflation increasing1 easing1 Integrated online & France +0.7% +1.3% in-store strategy z +2.7% +2.3% z Spain Italy +
Slide 13: Local LifeHubs accelerate retail growth
Local LifeHubs accelerate retail growth Essential in people’s lives Health & Hypermarket-anchored Value Retail Deeply rooted in territories Beauty Relevant to people Fashion Services Shopping, services, meetings, dining, experience Food & Leisure & Close to people Restaurants Sports Strong presence
Slide 14: Proven ability to accelerate growth
Proven ability to accelerate growth Strong leasing momentum driving NRI organic growth above indexation +4.7% Scale effect +4.2% +0.6% +4.2% a platform positioned to capture further upside +1.0% +0.8% +3.5% +1.1% Active asset and cost management +4.1% supporting EPS accretion +3.2% +3.4% +1.0% +2.4%
Slide 15: Strong momentum across all growth engines
Strong momentum across all 3 growth engines SEBASTIEN VANHOOVE Deputy Chief Executive Officer 15
Slide 16: Strong leasing momentum reflecting sustained demand
Organic growth Strong leasing momentum reflecting sustained demand High demand Attractive new brands Health & beauty Sports Gran Via de Hortaleza BAB2 As Cancelas 893 +3.8% Clothing & accessories Kids Leases signed Reversion uplift La Sierra Wittenheim/Toulouse Toulouse El Paseo Food & Restaurants T
Slide 17: Attracting new leaders
Organic growth Attracting new leaders Number of stores signed in 2025 +10 +8 +8 +8 +7 +6 +4 +4 +3 +3 # of stores 5 19 108 7 18 10 50 74 38 14 in 2025 17
Slide 18: Local LifeHubs model generating strong engagement
Organic growth Local LifeHubs model generating strong engagement Local LifeHubs Positive footfall Growing Retailer sales % change in footfall of % change in the sales of 85% Carmila centres vs. 2024 Carmila tenants vs. 2024 Of centres leader or co-leader in their catchment +0.8% +0.9% Prime, hyperma
Slide 19: A diversified European footprint driving growth
Organic growth A diversified European footprint driving growth 250 shopping centres 75 centres 75% €6.7bn 20% (Spain) 167 centres GAV (France) 5% 8 centres (Italy) NRI – Organic growth +3.5% +3.6% +2.6% Benefiting from strong indexation & A new partner & Thriving in our most mature market robust lea
Slide 20: 50 agile projects in 2025
Organic growth 50 agile projects in 2025 10% yield on cost Food park Health Shopping 12 food parks since 2021 4 pharmacies delivered in 2025 Fashion (street food, burgers, etc.) (8 in pipeline) Montesson/El Paseo (Kiabi) Grand Vitrolles Chambourcy/Trans-en-Provence Toulouse Labège (Zara) 20
Slide 21: Restructuring of Marseille-Vitrolles
Organic growth Restructuring of Marseille-Vitrolles Food Park (2025) & SpeedPark (2027) openings Complete renovation (2025) Pharmacy transfer Refurbishment (2024) (2024) Food park (2025) Speed park (2027) +15% visitors in Q4 25 (+250k vs Q4 24) 5.1M 44,000 90 visitors per year sq.m of GLA stores 21
Slide 22: Galimmo's seamless integration demonstrates the scalability of our platform
Investment growth Galimmo’s seamless integration demonstrates the scalability of our platform Platform scalability Creation of additional value Seamless integration TARGETS IT and employees within 6 months Financial >96% Occupancy Collection 97% Scalable platform Rate 51 new centres EPS accretive fr
Slide 23: Long-term potential with mixed-use and major projects
Investment growth Long-term potential with mixed-use and major projects Major Projects Mixed-Use 2 transformation projects in Nantes and Sartrouville Montesson Orléans with Carrefour and Altarea (minority stake) €200m in Capex (€50m per year from 2027) 13 Carmila centres Toulouse Labège Antibes in t
Slide 24: Building recurring income streams
Innovation growth Building recurring income streams Specialty Leasing1 €15.0m 2 Retail Media1 €2.6m Marketing Services1 €4.3m Next Tower (5G & Wi-fi) €3.5m Carmila Retail Development RETAIL DEVELOPMENT €1.6m €27m (+14% vs 2024) Total recurring earnings contribution 1. Omnichannel incubator 2. Corres
Slide 25: Innovating with high-margin income streams
Innovation growth Innovating with high-margin income streams Specialty Leasing Retail Media Leveraging Carrefour synergies and data ClickStand (online platform) EBITDA impact: +1% to +2% of growth Leveraging scale Strong market pull & attractive margins High-yield & growth tool +1,000 new screens 25
Slide 26: Converting growth into earnings
Converting growth into earnings PIERRE-YVES THIRION Chief Financial Officer 26
Slide 27: Growing revenues with stable operating costs
Growing revenues with stable operating costs Growing NRI Stable operating costs +8.8% +8.3% +2.1% +15.6% +7.1% 403.1 17.9% 370.7 15.4% 15.5% 16.1% 15.3% 335.2 342.4 289.9 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 NRI Overhead expenses/NRI 2025 Collection Rate = 97.8% (+80bps) e.g. Galimmo sy
Slide 28: Controlled energy costs to support growth
Controlled energy costs to support growth On track to achieve net zero emissions by 2030 ENERGY CONSUMPTION RENEWABLE REDUCTION ENERGY • -56% energy consumption vs. 2019 • 9 solar projects in Spain • 100% of assets are BREEAM-certified1 with 1,933 kWp potential • 100% LED relamping • 3 new projects
Slide 29: Stable cost of debt with no refinancing need before 2027
Stable cost of debt with no refinancing need before 2027 Well-positioned cost of debt to Well-spread and secured maturity profile 1 support future growth €m 2 550 3.0% 3.0% 3.0% 425 400 342 300 276 189 120 50 2026 2027 2028 2029 2030 2031 2032 2033 2024 2025 2026e Commercial paper Bonds Bank Loan Co
Slide 30: Cost control and margin expansion converting growth into earnings
Cost control and margin expansion converting growth into earnings EPS momentum EBITDA margin expansion €1.81 €1.56 €1.60 €1.67 +8.7% 79.3% --- €1.24 % +160 bps vs 2024 €1.20 EBITDA of €344.5m (+9.8%) 2020 2021 2022 2023 2024 2025 Boosted by 2020-2025 EPS CAGR: +8.6% 2020-2025 EBITDA CAGR: +9.4% 30
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Slide 32: Rising portfolio valuation
Rising portfolio valuation Market value Like-for-like change (vs 31 Dec. 2024) €6.7bn +1.3% +1.1% +2.9% -1.3% Rental BREEAM- Scarcity Transaction Lower growth certifications value market support discount rates 32
Slide 33: Current valuations mark a turning point as yields begin to compress
Current valuations mark a turning point as yields begin to compress Net Initial Yields Rental income continues to rise have peaked and stabilised 9.0% Exit cap rate Discount rate Net rental CAGR 8.0% 8.0% 6.57% 6.56% 7.0% 6.42% 6.7% 6.0% 6.14% 5.0% 5.89% 5.85% 4.0% 5.64% 3.0% 5.50% 5.42% 2.0% 2.0%1
Slide 34: Balance sheet: efficiency and opportunity
Balance sheet: efficiency and opportunity €2,527 Net debt €665m Cash and liquidity BBB 7.3x Net debt / EBITDA corporate rating Stable outlook 3.0% Cost of debt 4.6x Interest coverage 38.8% EPRA LTV 4.3 years Maturity BBB+ senior unsecured issuances At 31 December 2025 34
Slide 35: Balance between low cost of capital and capacity to invest
Balance between low cost of capital and capacity to invest Accessing low-cost capital Investing at high returns Capital recycling Accretive investments Disposals yield at 6.6% 100 bps value creation for acquisitions (at book value) Agile projects Strong access to bond markets 10% yield on cost e.g.
Slide 36: Value creation is reflected in the EPRA NAV per share metrics
Value creation is reflected in the EPRA NAV per share metrics €m EPRA NAV YoY Change 2024 2025 (in €) (%) EPRA NTA 26.12 26.52 +1.5% EPRA NRV 28.31 28.77 +1.6% EPRA NDV 24.54 24.71 +0.7% 36
Slide 37: 2026 Guidance: Continued EPS growth driven by sustained organic growth
2026 Guidance: Continued EPS growth driven by sustained organic growth +2% EPS growth 2026 Innovation growth 2025 net disposals Investment €1.84 Consistent growth in EPS contribution -1% growth Organic growth +c.100 bps above indexation 2026 €1.81 EPS pre- Investment 2026 growth EPS Guidance 2025 EP
Slide 38: 2026 Outlook
2026 Outlook MARIE CHEVAL Chair & Chief Executive Officer 38
Slide 39: Delivering attractive and sustainable returns
Delivering attractive and sustainable returns Capital allocation and distribution policy Growth in NTA/share 75% +3.5% CAGR pay-out ratio 26.52 26.12 25.26 Strong dividend growth 24.17 +1.5% +7.7% per year since 2021 22.99 % 22.32 Regular share buy-backs €30m in 2025 (i.e. 1.2% of capital) 2020 2021
Slide 40: 2026 Outlook: Continued EPS growth driven by sustained organic growth
2026 Outlook: Continued EPS growth driven by sustained organic growth Organic growth 2026 GUIDANCE /////////// c.100 bps above indexation €1.84 Investment growth Net buyer strategy Innovation growth Expected 2026 recurring EPS New recurring income streams (+2% vs 2025) Cost control Converting growth
Slide 41: Q&A Session
Q&A Session 41 CARIILA
Slide 42: Actively pivoting the merchandising mix
Organic growth Actively pivoting the merchandising mix Pivoting to new concepts Carmila’s merchandising mix vision % of rental income Target retail mix for a Carmila centre Dec 2019 34.4% Dec 2025 Sport 27.5% Health and beauty Culture, gifts 6% (15% target for 22.6% and leisure 23% healthcare) 16% 1
Slide 43: Carmila Capex and investment outlook
Carmila Capex and investment outlook Green Capex Agile restructuring projects €10 million /year, including €50 million /year on agile investment in solar energy restructuring projects As well as €15 million /year in maintenance Capex Major projects Next Tower €50 million /year from 2027 to be €10 mi