Klépierre, the European leader in shopping malls, with an exclusive focus on continental Europe, continued to deliver solidly growing results over 2025:

• Net current cash flow up 5% year-on-year, at €2.72 per share beating the last revised guidance

• EBITDA of €1,119.3m, up 5.5% year-on-year

• NAV up 9% over 12 months to €35.9 per share

• Total accounting return at 15% in 2025 for the second consecutive year

• Net rental income up 5.1% year-on-year

• Further market share gains:

  • Footfall up 1.8% year-on-year
  • Like-for-like retailer sales up 3.4% over the year, double the rate of national retail sales indices

• Sustained leasing activity momentum:

  • Financial occupancy rate up 60 basis points year-on-year, at 97.1% with rental uplift of 4.6%
  • Occupancy cost ratio at 12.5% providing further rental uplift potential

• Mall Income grew by 12.1% led by Retail Media and Specialty Leasing

• The best credit profile in the European real estate sector ensuring highly competitive access to financing:

  • €1 billion of new money raised at a 3.3% yield and an average 8.5-year maturity
  • Historically low net-debt-to-EBITDA ratio at 6.7x, LTV ratio at 34.7% and ICR at 7.2x
  • Average cost of debt at 1.9%

• Like-for-like change in portfolio valuation up 4.9% over 12 months

• Increased cash dividend per share to shareholders of €1.90

• Capital allocation initiatives delivered further value creation:

  • Acquisition of the leading mall in the Bari metropolitan area
  • Extensions completed at Odysseum (Montpellier, France; 9% yield-on-cost) and launched at Le Gru (Turin, Italy) and Romagna (Rimini, Italy) with projected yields-on-cost of 10% and above 8%, respectively

• Unrivalled track record having delivered cumulative growth in NRI, EBITD and NCCF in excess of 20% over the last 3 years despite more than €2 billion of disposals, representing close to 10% of the portfolio’s appraisal value as of December 31, 2025

• 31.4% total accounting return posted over the last 2 years

• Klépierre’s retail platform remains uniquely geared for growth, bolstered by:

  • Further operating efficiencies, rental uplift and Mall Income deployment
  • Selective accretive capital allocation

IFRS consolidated net income: €1,458.5 million (attributable to owners of the parent: €1,299.4 million)

Read the full press release