Carmila Sas (CRMIF) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone, and welcome to Carmela's 25 results presentation. This has been another year of profitable growth, reflecting the strength of our strategy and high-quality execution. Let's begin with the key highlights of the year. We will then explore the drivers behind it, revenue growth, powered by three growth engines, and discipline cost management, which convert growth into earnings. Finally, the outlook for 26. First, the key takeaways from 25, a year of profitable growth. We had strong momentum across all three growth engines. First, organic growth reached 3.5%, once again outperforming indexation, thanks to strong retailer demand, dynamic leasing activity, and value-creative agile projects. Second, investment growth, which added over 5% to net rental income, thanks to the full-year impact of the Gallimaux acquisition. And third, innovation growth, which is now firmly established as a third growth pillar, generating 27 million euros of EBITDA. This strong top-line momentum, combined with cost discipline, translated into higher profitability. The EBITDA margin rose to 79.3% and we grew earnings by 9%, taking EPS to €1.81. The balance sheet is strong, striking the right balance between efficiency and opportunity, with an LTV of 38.8%. And we are proud to continue to return capital to shareholders. We have increased the dividend by 9% and today we are announcing a new €10 million share buyback. Looking ahead, we expect another year of profitable growth in 26. The guidance for next year is €1.84, an increase of 2%. Slide 5 shows the positive momentum across the board. This is clearly reflected in the key operational indicators. Nearly 900 leases signed, high occupancy at 96.5% and positive reversion of 3.8% well above indexation. This directly translated ...