Carmila SA (CRMIF) Full Year 2025 Earnings Call Highlights: Strong Revenue Growth and Strategic …

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Fri, February 20, 2026 at 12:01 AM GMT+9 3 min read

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Release Date: February 19, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Carmila SA (CRMIF) reported a high occupancy rate of 96.5% with positive reversion of 3.8%, indicating strong demand for its retail spaces.

The company achieved an 8.8% increase in net rental income, reaching 403 million, showcasing robust revenue growth.

Carmila SA (CRMIF) increased its dividend by 9% and announced a new 10 million share buyback, demonstrating a commitment to returning capital to shareholders.

The company successfully integrated Galimau, generating 5 million in cost synergies, and maintained low and stable financing costs at 3%.

Carmila SA (CRMIF) is leveraging innovation as a growth pillar, with initiatives like Clickstand and retail media contributing 27 million to EBITDA in 2025.

Negative Points

The company's guidance for 2026 indicates only a modest 2% EPS growth, which may not meet investor expectations for higher growth.

There is a slight increase in vacancy rates, rising from 5.1% in 2023 to 5.7% in 2025, driven by strategic vacancy management.

The delay in major projects, such as those in France, due to local elections and regulatory hurdles, could impact future growth timelines.

Carmila SA (CRMIF) faces challenges in replicating the high accretion levels seen with the Galimau acquisition, indicating potential difficulties in future acquisitions.

Retail sales in France were flat, reflecting macroeconomic softness and potential tenant mix issues, which could affect rent renewal negotiations.

Q & A Highlights

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Q: How confident are you in reaching your acquisition objectives, and how competitive is the market? Also, how should we consider future acquisitions in your guidance? A: Unidentified_1: We are confident in our net buyer strategy, targeting EUR100 million in acquisitions this year. We see good opportunities and believe we can add value through cost efficiency and our platform’s network effect. Future acquisitions are not included in our current guidance, but they will drive higher earnings in 2026. We will update you as soon as we can.

Q: Can you provide more details on the revenue growth from innovation initiatives? A: Unidentified_1: Innovation is a key growth pillar for Carmila, characterized by high margins and low capital intensity. Our initiatives, such as specialty leasing and retail media, are expected to contribute 1-2% to growth. We are leveraging partnerships with Carrefour and others to enhance our retail media offerings, aiming to become a major player in France’s shopping centers.

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Q: Do you foresee a return to the 2017 levels of indexation outperformance, or is the current 100 basis points the new normal? A: Unidentified_3: While the impact of indexation will be lower in 2026 than in 2025, we have consistently created value in various market conditions. We believe we can return to 1.5-2% indexation levels, but this depends on market data. We are equipped to perform in both high and low indexation environments.

Q: What is driving the increase in vacancy rates, and how are you addressing it? A: Unidentified_3: The slight increase in vacancy is due to strategic vacancy, which rose from 1.5% to 2%. This allows us to proactively manage restructuring and agile projects. We focus on financial occupancy as the best performance indicator, trading passive occupancy for strategic asset positioning.

Q: Can you elaborate on the accretion potential of future acquisitions compared to Gallimo? A: Unidentified_3: While replicating Gallimo’s 9.5% yield is challenging, we aim for acquisitions with a spread of over 100-150 basis points between acquisition price and valuation. We focus on creating additional value through asset management, targeting strategic fits with Carmila.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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