Carmila Sas (CRMIF) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to the Carmilla first half 2026 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, Marie Cheval, Chair and CEO, Sebastien Vanhoove, Deputy CEO, and Pierre-Yves Thirion, CFO. Please go ahead. Good morning everyone and welcome to our first half results presentation. Operational performance this semester continues to be very strong both in terms of growth and profitability. As a consequence, we are in a position to upgrade the full year guidance and report an increase in the value of our portfolio. Today I will start with the key takeaways. Sebastien will deep dive into our free growth engines and Pierre-Yves will take you through the financials. Let me begin with the key messages. This was a very strong first half. But I want to be clear, it is not a one-off. It is a continuation of a track record we have built year after year. And behind is the same engine, our ability to transform our assets. First, we are upgrading our 26 guidance on the back of operational outperformance and our new acquisition. Second, momentum was strong across our three growth engines. Organic growth with net rental income up 1.4%, boosted by record tenant demand and by strong momentum in Spain. Investment growth with the immediately accretive acquisition of Grand Kittimi and innovation growth contributing 14 million euros with our new retail media offering now being deployed. Third, asset transformation is driving excellent operational performance, record losing activity, strong retailer sales and rising portfolio valuation. Fourth, the strength o...