Carmila Sas (CRMIF) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.902 Good morning, everyone, and welcome to Carmela's 25 results presentation. 00:00:05.902 -- 00:00:11.112 This has been another year of profitable growth, reflecting the strength 00:00:11.112 -- 00:00:15.516 of our strategy and high-quality execution. 00:00:15.720 -- 00:00:19.133 Let's begin with the key highlights of the year. 00:00:19.133 -- 00:00:24.461 We will then explore the drivers behind it, revenue growth, powered by three 00:00:24.461 -- 00:00:29.728 growth engines, and discipline cost management, which convert growth into 00:00:29.728 -- 00:00:34.252 earnings. Finally, the outlook for 26. 00:00:34.315 -- 00:00:39.722 First, the key takeaways from 25, a year of profitable growth. 00:00:39.722 -- 00:00:44.615 We had strong momentum across all three growth engines. 00:00:44.615 -- 00:00:49.480 First, organic growth reached 3.5%, 00:00:49.480 -- 00:00:52.703 once again outperforming indexation, 00:00:52.703 -- 00:00:58.448 thanks to strong retailer demand, dynamic leasing activity, and value-creative 00:00:58.448 -- 00:01:00.630 agile projects. 00:01:00.630 -- 00:01:05.755 Second, investment growth, which added over 5% to net 00:01:05.755 -- 00:01:11.480 rental income, thanks to the full-year impact of the Gallimaux acquisition. 00:01:11.480 -- 00:01:16.670 And third, innovation growth, which is now firmly established 00:01:16.670 -- 00:01:23.544 as a third growth pillar, generating 27 million euros of EBITDA. 00:01:23.544 -- 00:01:28.874 This strong top-line momentum, combined with cost discipline, translated into 00:01:28.874 -- 00:01:31.395 higher profitability. 00:01:31.831 -- 00:01:35.594 The EBITDA margin rose to 79.3% 00:01:36.137 -- 00:01:38.961 and we grew earnings by 9%, 00:01:38.961 -- 00:01:42.146 taking EPS to €1.8...