Carmila Sas (CRMIF) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to the Carmilla H1 2025 results presentation. For the first part of the conference call, the participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by dialing pound key 5 on their telephone keypad. Now I will hand the conference over to the speakers. Mary Cheval, Chair and CEO, Sebastian Van Hove, Deputy CEO, and Pierre-Yves Thirion, CFO. Please go ahead. Good evening, everyone. Welcome to Carmela's H1 2025 results presentation. Together with Sébastien Vanhoef, Deputy CEO, and Pierre-Yves Thirion, CFO, we are thrilled to present strong results for this semester. We are confirming once again our ability to deliver growth and value for shareholders. We have secured 467 new leases. This strong living activity contributes to our sustained growth in net rental income. What's striking is how this translates into even stronger recurring earnings growth. It has increased by 7.1% year-on-year. Indeed, we raise our 25 recurring appraised guidance to 1.79 euros representing a 7% increase compared to 24. We will also launch tomorrow a new share buyback program of 10 million euros. Alongside these strong results, favorable trends are creating a supportive environment. We are observing a normalization of inflation and interest rates. Furthermore, the omnichannel approach remains the optimal model for retailers with integrated online and in-store strategies. We are seeing robust demand in retail, with positive growth across France, Spain and Italy. Finally, on the supply side, limited new greenfield projects mean that scarcity underpins the value and attractiveness of our assets. As a result, retail real estate investment volumes are increasing, demonstrating renewed confidence in the sector. In this contex...