Carmila Sa · EURONEXT:CARM
Carmila Sa — Carmila Sas — H1 2025 Earnings Presentation
44 slides from Carmila Sa's earnings presentation, Jul 22, 2025
Slide 1: Carmila H1 2025 Results Presentation
Carmila H1 2025 RESULTS PRESENTATION 1
Slide 2: Key Highlights
1 Key Highlights MARIE CHEVAL Chair and Chief Executive Officer 2 Activity Overview SEBASTIEN VANHOOVE Deputy Chief Executive Officer 3 Financial Performance PIERRE-YVES THIRION Chief Financial Officer 4 Conclusion MARIE CHEVAL Chair and Chief Executive Officer 2
Slide 3: Key Highlights
1 Key Highlights MARIE CHEVAL Chair and Chief Executive Officer 2 Activity Overview SEBASTIEN VANHOOVE Deputy Chief Executive Officer 3 Financial Performance PIERRE-YVES THIRION Chief Financial Officer 4 Conclusion MARIE CHEVAL Chair and Chief Executive Officer 3
Slide 4: Key takeaways from H1 2025
Key takeaways from H1 2025 Strong leasing activity 467 new leases (€25.1 million of annual rent) Sustained growth in net rental income +15.4% (+3.6% like-for-like) Recurring earnings growth €0.93 (+7.1% vs. €0.87 in H1 2024) Appraisal values of assets €6.7bn at end-June 2025 (+1.1% like-for-like) Be
Slide 5: Favourable macroeconomic trends support retail real estate fundamentals
Favourable macroeconomic trends support retail real estate fundamentals Normalising inflation Omnichannel is the Robust demand Limited supply & interest rates optimal model Inflation at 2.0%1 Integrated online and Retailer sales at +2.3%3 in-store strategy France (0.8%) France (+2.8%) Spain (2.2%) S
Slide 6: A unique “Building Sustainable Growth” strategy
A unique “Building Sustainable Growth” strategy that makes Carmila the ideal platform for shopping centres Transforming our assets to Capacity to optimise capital Long-term vision create value in a changing environment Pivoting the merchandising mix Asset rotation Mixed use with Carrefour Incubator
Slide 7: We are beating strategic plan targets
We are beating strategic plan targets Strategic Plan Targets As of today Growth in recurring EPS of +7.0% at €1.79 Building Sustainable Growth in 2025e (+9.8% above 2019 level) Dividend at least €1 per share, in cash, Cash dividend of €1.25 per share paid in 2025 75% payout of recurring earnings +4.
Slide 8: Spain is a key geography and a growth engine
Spain is a key geography and a growth engine for Carmila Supporting trends Carmila in Spain 1st in Spain +2.6%1 75 shopping centres Real GDP growth in 2025e c. 500,000 sq.m. of GLA 21% of GAV €1.4bn at end-June 2025 100M x4 Tourists in 2025e GAV in 10 years (vs. initial cost) 12 new shopping centres
Slide 9: We are actively unlocking value on our Spanish portfolio
We are actively unlocking value on our Spanish portfolio NRI lfl growth above indexation 95.2% +5.6% Financial Occupancy +4.8% (H1 2025) +0,8% +2,1% +4.1% 10.9% +1,9% Net growth Occupancy Cost Ratio (H1 2025) +4,0% +3,5% +2,2% Indexation 7.3% Net Initial Yield (H1 2025) 2023 2024 H1 2025 Demonstrate
Slide 10: Our flagships assets attract top retailers
Our flagships assets attract top retailers FAN Mallorca Alcobendas Huelva Balearics Madrid region Andalusia Strategically positioned in top tourism regions 10
Slide 11: Galimmo’s seamless integration demonstrates the scalability of our platform
Capital optimisation Galimmo’s seamless integration demonstrates the scalability of our platform Platform scalability Portfolio quality Immediate synergies €5m cost synergies in 2025 Performing assets Seamless integration Natural fit with existing portfolio IT and employees within 6 months Scalable
Slide 12: The integration of Galimmo is delivering significant value to our shareholders
Capital optimisation The integration of Galimmo is delivering significant value to our shareholders Strong return for Carmila shareholders Creation of additional value Targets €300m of equity investment Financial occupancy >96% Collection rate 97% Operational metrics momentum IRR > 40% Enhanced leas
Slide 13: Carmila is positioned as a net buyer to capture value from capital optimisation
Capital optimisation Carmila is positioned as a net buyer to capture value from capital optimisation Track record (2021-2024) Annual target Disposal Disposal • €300m since 2021 for 14 assets • €50m per year in line with book value • Price in line with book value (NIY at 6.57%) • €29m already complet
Slide 14: We are generating strong performance across every asset sizes
Long-term vision We are generating strong performance across every asset sizes Leadership and Performance is not Scale effect Network effect location a matter of size 85%1 22 19 14 of sites are leader or co-leader in their catchment area 250 shopping centres Number of stores Segny Carmila is the go-
Slide 15: Incremental growth initiatives are further enhancing recurring earnings
Long-term vision Incremental growth initiatives are further enhancing recurring earnings Omnichannel €4.0m incubator Contribution to recurring earnings €2.9m Locked-in rent1 + pipeline €1.0m RETAIL Recurring earnings DEVELOPMENT 1. Total rent for leases and agreements signed with mobile operators 15
Slide 16: We are on track to achieve net zero emissions
Long-term vision We are on track to achieve net zero emissions Energy consumption reduction -59% energy consumption vs. 2019 100% LED relamping AI driven Building Management < <<<< ~45% €10m of Green Capex per year Renewable energy ~45% 6 solar projects in Spain with 1,650 kWp potential 10% CO2 (201
Slide 17: Carmila is delivering best-in-class performance
Carmila is delivering best-in-class performance Strong NRI creation Cash-flow outperformance Accounting TSR (H1 25 vs. H1 24) €m 203 €1,79 €1,67 €1,63 €1,60 €1,56 +14% 167 €1,20 €1,24 (Dividend + EPRA NTA revaluation) H1 2019 H1 2025 2019 2020 2021 2022 2023 2024 2025e Strong cash-flow growth: 2025
Slide 18: Key Highlights
1 Key Highlights MARIE CHEVAL Chair and Chief Executive Officer 2 Activity Overview SEBASTIEN VANHOOVE Deputy Chief Executive Officer 3 Financial Performance PIERRE-YVES THIRION Chief Financial Officer 4 Conclusion MARIE CHEVAL Chair and Chief Executive Officer 18
Slide 19: Solid activity supports sustainable OCR
Create value Solid activity supports sustainable OCR Retailer sales growth Stable footfall Occupancy cost ratio % change in the sales of % change in footfall of OCR of Carmila centres Carmila tenants vs. H1 24 Carmila centres vs. H1 24 at end-June 2025 167 centres +0.2% +0.2% 10.6% 75 centres +4.4%
Slide 20: Our centres capture strong retailer demand
Create value Our centres capture strong retailer demand Clothing & accessories Sports High demand #4 #6 #8 467 Leases signed Health & beauty Pet food 96.0% NEW TENANT #15 #7 Occupancy rate Food & restaurants Street food Coffee shop +3.3% Reversion uplift #48 #6 #20 #2 #Stores in Carmila centres 55 n
Slide 21: Carmila’s renewed merchandising mix keeps pace with latest consumer trends
Create value Carmila’s renewed merchandising mix keeps pace with latest consumer trends Pivoting to new concepts Target retail mix for a Carmila centre % of rental income December 2019 34,4% Sport June 2025 Health and beauty 28,3% Culture, gifts 6% (15% target for and leisure 23% healthcare) 16% 22,
Slide 22: Specialty leasing activity is bringing innovation into our centres
Create value Specialty leasing activity is bringing innovation into our centres Total revenue of €9.1 million (+15.1% vs. H1 2024) Experience Capitalising on famous franchises Leveraging digital marketing Innovation Seizing emerging trends Combining strong performance and experiential concepts 22
Slide 23: We are transforming our assets through targeted agile restructuring projects
Create value We are transforming our assets through targeted agile restructuring projects Food park Leisure Health 11 food parks since 2021 12 leisure units 28 new pharmacies (street food, burgers, etc.) (fitness or leisure parks) (creation or extension) Latest opening: Vitrolles Work-in-progress: R
Slide 24: Restructuring of Talavera
Create value Restructuring of Talavera: Carmila’s know-how in transforming assets Attracting leading brands €5m of capex invested Improving operational KPIs Footfall: 4.2M (+23%) Financial occupancy: 100% in 2025 (vs. 88% in 2017, at the acquisition date) Creating value GAV: x2.5 IRR: >17% 80km 33,0
Slide 25: Major projects: limited supply reinforces our centres
Long-term vision Major projects: limited supply reinforces our centres Retail Projects Mixed-Use Projects 2 transformation projects in Terrassa: upcoming project in Nantes and Sartrouville with Montesson final preparation phase Carrefour and Altarea Orléans (minority stake) €200m in Capex 13 Carmila
Slide 26: Key Highlights
1 Key Highlights MARIE CHEVAL Chair and Chief Executive Officer 2 Activity Overview SEBASTIEN VANHOOVE Deputy Chief Executive Officer 3 Financial Performance PIERRE-YVES THIRION Chief Financial Officer 4 Conclusion MARIE CHEVAL Chair and Chief Executive Officer 26
Slide 27: Best-in-class operational efficiency
Best-in-class operational efficiency High financial occupancy Stable collection rate Positive reversion 96.0% 96.5% +3.3% (+70 bps vs. H1 2024)1 (stable vs. H1 2024) (above indexation) Predictably high occupancy rate Rent collection target: 97% Sustained positive reversion (>96% since 2019) 1. Pro-f
Slide 28: Delivering sustained growth in net rental income
Delivering sustained growth in net rental income Net rental income Total growth and drivers €m +15.4% +15.4% Total growth 203,4 Acquisitions (net of disposals) Six-month of Galimmo contribution +11,8% 176,0 Organic growth • Strong operating results • Contribution of agile +3,6% restructuring project
Slide 29: Carmila is a platform generating strong growth in EBITDA
Carmila is a platform generating strong growth in EBITDA EBITDA Indexation €m +3.9% CAGR Organic growth 176,9 Strong operating results and agile restructuring 155,1 projects 140,8 Growth initiatives • Next Tower • Omnichannel incubator • Carmila Retail Development Capital optimisation Targeted sprea
Slide 30: We are improving margins through AI adapted ecosystem and the benefits of scale
We are improving margins through AI adapted ecosystem and the benefits of scale EBITDA margin Operational excellence and scale effect 250 centres and more than 6,000 retailers Target 79,0% Ultra efficient IT and data ecosystem empowered by IA Strong core IT architecture Data lake and BI tools State
Slide 31: Strong growth in recurring earnings
Strong growth in recurring earnings €m Total share (€m) H1 2024 H1 2025 Change Net rental income 176.3 203.4 +15.4% EBITDA 155.1 176.9 +14.1% Recurring earnings 123.8 132.0 +6.6% Recurring earnings per share 0.87 0.93 +7.1% (€/share) 31
Slide 32: Strong momentum in recurring earnings
Strong momentum in recurring earnings Recurring Earnings Per Share 2025 Guidance revised upwards +7.1% €0,93 €1.79 €0,87 Expected 2025 Recurring EPS (+7.0% vs. 2024) H1 2024 H1 2025 Spanish dynamics Galimmo integration EPS at record level Margins improvement Initial guidance of €1.75 per share Build
Slide 33: Portfolio revaluation confirms our projections
Portfolio revaluation confirms our projections Market value Like-for-like change (vs 31 Dec. 2024) €6.7bn +1.1% €5.0bn +1.1% €1.4bn +1.3% €0.3bn +0.8% 33
Slide 34: Current valuations offer an attractive entry point as rates peak
Current valuations offer an attractive entry point as rates peak Net Initial Yield Reasonable assumptions Positive like-for-like portfolio valuation 9,0% Exit cap rate Discount rate Net rental CAGR 2020-2025 8,0% 8.0% 6,57% 6,60% 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
Slide 35: Best-in-class balance sheet unlocking opportunities
Best-in-class balance sheet unlocking opportunities Cost of debt and key credit metrics Proactive management of the debt €2,618m Net debt €652m Cash and liquidity Tender offer on the 2028 bond 7.6x Average Net debt / EBITDA €100m repurchased 3.0% Cost of debt 4.3x Interest coverage Extension of the
Slide 36: Solid balance sheet with a well-spread maturity profile
Solid balance sheet with a well-spread maturity profile Debt Maturity Profile1 Liquidity €m €112m of cash and cash equivalents Commercial paper Bonds Bank loan and an undrawn RCF of €540m Average cost of net debt in H1 2025 3.0% 826 Average remaining maturity: 4.3 years 598 425 400 Interest rate hed
Slide 37: New rating from Fitch with a BBB+ for senior unsecured issuances
New rating from Fitch with a BBB+ for senior unsecured issuances BBB corporate rating BBB corporate rating Stable outlook Stable outlook BBB+ rating for senior unsecured issuances 37
Slide 38: 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 H1 2024 2024 H1 2025 (in €) (%) EPRA NRV 25.37 28.31 28.17 +11.0% EPRA NTA 23.59 26.12 25.89 +9.7% EPRA NDV 23.36 24.54 24.10 +3.1% 38
Slide 39: Key Highlights
1 Key Highlights MARIE CHEVAL Chair and Chief Executive Officer 2 Activity Overview SEBASTIEN VANHOOVE Deputy Chief Executive Officer 3 Financial Performance PIERRE-YVES THIRION Chief Financial Officer 4 Conclusion MARIE CHEVAL Chair and Chief Executive Officer 39
Slide 40: Focused on creating value for shareholders
Focused on creating value for shareholders Shareholder return policy NEW 2025 GUIDANCE 75% pay-out ratio Dividend yield above 7.5% Strong growth in dividend since €1.79 2021: +7.7% per year Expected 2025 Recurring EPS Regular share buy-backs programs • First 2025 program completed (€10m) • New share
Slide 41: Q&A session
Q&A session 41
Slide 42: 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 +€10 million vs. 2024 in maintenance Capex linked to Galimmo Major projects Next Tower
Slide 43: Carrefour & Carmila: a successful partnership
Carrefour & Carmila: a successful partnership Purchasing power A unique relationship Pharmacy Fashion brands Ownership • Hypermarket and parking lots are owned by Carrefour • Shopping centre is owned by Carmila Renovation and Development Agreement • Possibility to develop retail projects on the park
Slide 44: Carmila, the 3rd largest listed operator of shopping centres in Europe
Carmila, the 3rd largest listed operator of shopping centres in Europe 250 sites anchored by Carrefour hypermarkets 75 sites 21% 167 sites 74% €6.7bn (Spain) (France) GAV 5% 8 sites (Italy) Carmila + Galimmo €281 per sq.m. 85%1 of shopping centres 600+ million visitors average rent are leaders or jo