

2025 Guidance Fully Confirmed and Double Upgrade in Credit Ratings
Klépierre, the premier shopping malls specialist with exclusive focus on continental Europe, delivered year-on-year growth in the first quarter of 2025. In a context of global macroeconomic uncertainty, the backdrop for consumption in continental Europe remains positive, supported by historically low unemployment and wage growth. The possible impact of tariffs on the global retail supply chain should lead retailers to favor their operations in continental Europe.
Consequently, Klépierre fully confirms its guidance for 2025 with EBITDA growth expected at 3% and net current cash flow per share for full-year 2025 of €2.60-2.65. Over the first quarter of 2025, additional market share gains and continued operating excellence supported the performance:
- Net rental income up 3.5% on a reported basis, lifted by the acquisition of RomaEst in the second quarter of 2024
- Like-for-like net rental income up 2.9%, outpacing indexation by 110 basis points
- 3.8% growth in EBITDA
- Retailer sales up 2% and footfall up 1% compared to first-quarter 2024
- 3% positive rental uplift on renewals and re-lettings
- Financial occupancy rate at 96.5%, up 50 bps over one year
With a recent double credit upgrade, Klépierre now stands at the very best level of rating in the European listed real estate space, providing access to attractive financing in various market conditions and ensuring visibility on cash returns to shareholders:
- S&P upgraded Klépierre to “A−” (stable outlook) on February 24, 2025, while Fitch upgraded Klépierre’s senior unsecured debt to “A” (stable outlook) on April 23, 2025
- €74 million in disposals signed or closed year-to-date, at 19% above appraisal values
- €105 million 10-year green bond raised with a 3.56% yield on April 7, 2025, most refinancing needs for 2025 already covered
- Net debt to EBITDA at 7.1x, cost of debt at 1.8% and hedging rate at 100% for 2025
- Cash distribution of €1.85 per share: interim dividend of €0.925 per share paid on March 6, 2025, with the balance of €0.925 per share to be paid on July 10, 2025.