Shopping center operator Carmila's Q1 rental income rises

Carmila SA

23/04/2026 16:54

Overview

France commercial real estate firm's Q1 gross rental income rose 0.3% yr/yr

Organic net rental income grew 1.2%, outpacing indexation by 80 bps

Company completed €12.4 mln asset sale and finalized €10 mln share buyback tranche

Outlook

Carmila confirms 2026 guidance for recurring EPS of at least €1.84, up 2%

Company expects net rental income to grow about 100 basis points above indexation in 2026

Result Drivers

ORGANIC RENTAL GROWTH - Organic net rental income rose 1.2%, outpacing indexation by 80 basis points, driven by leasing momentum and value extraction above automatic indexation

LEASING MOMENTUM - 227 leases signed in Q1, up 4% in volume and 34% in rental value, with average rental uplift of 2.0%

INNOVATION INITIATIVES - Specialty Leasing revenues up 5% and ongoing roll-out of Retail Media screens contributed to additional high-margin revenues

Company press release: ID:nBw3pwqDJa

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Gross Rental Income
EUR 112.30 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the commercial reits peer group is "buy"

Wall Street's median 12-month price target for Carmila SA is €21.50, about 21.6% above its April 22 closing price of €17.68

The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 9 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)