Slide 1: Carmila Investor Presentation
Carmila Investor Presentation March 2023 1
Slide 2: Presentation of Carmila; Activity Overview and Financial Performance; Conclusion
1 Presentation of Carmila 2 Activity Overview and Financial Performance 3 Conclusion 2
Slide 3: Owns and manages 208 shopping centres in France, Spain and Italy
owns and manages 208 shopping centres in France, Spain and Italy France 121 centres Complete national coverage, LEADING CENTRES IN medium-sized cities THEIR AREA Spain 79 centres CARREFOUR Major cities (Madrid, Barcelona, etc.) and tourist Carmila centres are attached destinations (Malaga, Majorca,
Slide 4: History of Carmila and Outlook 2023-2026
History of Carmila Outlook 2023-2026 Successful first phase of growth (2014-2019) Sustainable level of rents Post-COVID rebound, recurring Growth generated by incubator Created EPS +26% and new business lines in 2014 2017 IPO (2022) Resilient operational Dynamic capital allocation performance during
Slide 5: Key Figures
Key Figures €6.2bn €1.56 35.8% Gross Asset Value recurring EPS in 2022 LTV1 at end-2022 end-2022 €1.17 €25.26 / share Dividend per share in 7.7x EPRA NTA end-2022 cash proposed2 in Net debt/EBITDA 2022 2023 1. EPRA LTV including RETTS 2. To be proposed to shareholders at the annual meeting in May 20
Slide 6: The key strengths of Carmila's portfolio of shopping centres
The key strengths of Carmila’s portfolio of shopping centres • The right assets for their catchment areas (~30 stores on average) Local leaders in • z are local leaders or co/leaders ~90% of sites mid sized cities • Benefiting from the renaissance of mid-sized cities • Hypermarkets: the “first” disc
Slide 7: Finding a new balance in retail after the health crisis
Finding a new balance in retail after the health crisis E-commerce sales Retailers investing in physical stores (BtoC, including marketplaces, Q2 2018 =100) 160 The comeback of physical stores vs. e- commerce, Figaro 20 January 2022 140 120 “[Brands] are gaining market share with The Brands that are
Slide 8: Carmila 2022-2026 Roadmap
Carmila 2022-2026 Roadmap An incubator A leader in the Breaking new and an sustainable ground omnichannel transformation Digital infrastructure investment platform for of local regions with Next Tower retailers Minority venture investments with Carmila Retail Development Building sustainable growth
Slide 9: Pivoting the mix-merch and providing services to retailers
Incubator Pivoting the mix-merch and providing services to retailers More health and beauty, less fashion % of Carmila tenants by share of rental base (end-2022) Incubating DNVB* and new concepts, pop-up stores, specialty leasing, events 37% 31% Healthcare: 15% of gross rental income by 2026 17% 19%
Slide 10: A leader in the sustainable transformation of local regions
Sustainability A leader in the sustainable transformation of local regions Exemplary non-financial Net zero climate commitment reporting Target: Net zero scope 1 and 2 emissions Target: 100% of assets BREEAM certified by 2030 by 2025, 100% very good by 2030 Accelerating on net zero:z On track with B
Slide 11: Always investing and transforming our centres
Sustainability Always investing and transforming our centres HEALTH AND MID- RESTRUCTURING DEVELOPMENT SIZED STORES Laval in France Holly’s Puget Diner in Langueux Normal in Pau Lescar Puget-sur-Argens food court Vertuo in Athis-Mons • Transformation of centre and • New food courts, mainly on • New
Slide 12: A long-term pipeline of major projects and mixed-use development
Sustainability A long-term pipeline of major projects and mixed-use development Montesson Sartrouville FIVE MAJOR PROJECTS Nantes Orléans €200M CAPEX (vs. €550M previously) Beaujoire • No building work currently underway Toulouse Labège • First projects in pipeline to begin in 2025 • Redesigned proj
Slide 13: Growth from new business lines
New business Growth from new business lines Omnichannel incubator Income from services to retailers A mobile tower company with €180M of assets by 2026 A portfolio of minority RETAIL investments in innovative DEVELOPMENT new retail concepts €30M annual contribution to recurring earnings by 2026 13
Slide 14: Presentation of Carmila; Activity Overview and Financial Performance; Conclusion
1 Presentation of Carmila 2 Activity Overview and Financial Performance 3 Conclusion 14
Slide 15: Retailer sales higher than in 2019
Retailer sales higher than in 2019 2022 retailer sales : Invasion 102% of 2019 level of Concerns around Ukraine energy situation 2022 footfall : 93% 110% of 2019 level 105% 105% 106% 104% 104% 102% 103% 99% 99% 97% 98% 96% 93% 95% 94% 91% 91% 92% 91% 91% 94% 93% 88% January February March April May
Slide 16: Strong commercial momentum in 2022
Strong commercial momentum in 2022 Positive reversion Good level of new business signed in Positive reversion High level of 2022 occupancy 854 +1.5% 96.5% Long-term leases signed Above previous Financial occupancy rate in 2022 passing rents (+20 bps vs. end-2021) No change in policy on lease terms,
Slide 17: The right mix of retailers for each Carmila centre
The right mix of retailers for each Carmila centre Healthcare Purchasing Power Restaurants Clothing, Sportwear Beauty Gifts The pivot to a new mix-merch has helped Carmila centres to outperform1 1. footfall vs. sector +4pts in France (% of 2019 footfall); and +1pts in Spain (% of 2019 footfall). Sou
Slide 18: Increase in the like-for-like valuation of assets
Increase in the like-for-like valuation of assets Valuation of portfolio as of 31 December 2022 Like-for-like 31 Dec. 2022 change €6,166M (vs 31 Dec. 2021) (vs 31 Dec. 2021) Market value -0.8% +1.0% Total (reported) Total (like-for-like) Reasonable appraisal assumptions Average capitalisation rate (
Slide 19: Recurring Earnings Per Share: rebound in 2022
Recurring Earnings Per Share: rebound in 2022 Recurring Earnings Per Share 2022 Performance Recurring EPS +26% vs. 2021 at €1.56 2021 €1.24 Faster normalisation of rent collection than expected +26% Organic rental growth +4.2%, of which indexation +3.2% Of which €0.06 of income from COVID rent colle
Slide 20: 2022 Dividend and Outlook for 2023
2022 Dividend and Outlook for 2023 DIVIDEND 2023 OUTLOOK €1.17 per share in €1.57 recurring EPS cash to be proposed* expected in 2023 in 2023 (+17% vs. previous vdividend) v effect on rents Positive indexation (+4% from Q1 2023) Dividend Policy: Confident on rent collection 75% payout of Impact from
Slide 21: Strong Balance Sheet
Strong Balance Sheet End-2021 End-2022 Committed to BBB S&P rating Net debt (€M) 2,323 2,204 GAV1 (€M) 6,214 6,166 High level of confidence on portfolio valuation EPRA LTV 37.4% 35.8% (including RETTS) assumptions Significant headroom vs. bank EPRA LTV 39.2% 37.6% covenants Net debt/EBITDA 9.7x 7.7x
Slide 22: Strengthened liquidity position and funding structure
Strengthened liquidity position and funding structure Carmila Maturity Profile*: End-December 2022 New term loan signed in July 2022: New €550M sustainability linked term loan (5 year maturity, 2 year extension option), E3M+180bps BBB rating with a stable outlook from S&P Liquidity: Repayment 550 €8
Slide 23: Asset rotation and development: More active management of the portfolio
Asset rotation and development: More active management of the portfolio for greater flexibility SUCCESSFUL FIRST PHASE USE OF PROCEEDS OF DISPOSALS €240 million of disposals agreed or Development closed as of today €24 million acquisition of Rosaleda Shareholder return in 2022 €30 million share buyb
Slide 24: Presentation of Carmila; Activity Overview and Financial Performance; Conclusion
1 Presentation of Carmila 2 Activity Overview and Financial Performance 3 Conclusion 24
Slide 25: A successful first year of the plan: Building Sustainable Growth
A successful first year of the plan: “Building Sustainable Growth” Record performance and operational excellence Rebound in retailer sales post COVID, high occupancy, commercial activity supported by transformed assets, pivot to new retailers and ecosystem of services Ahead of schedule on first mile