First-half 2025 results continued unabated growth
Klépierre, the leading shopping mall pure player with exclusive focus on continental Europe, continued to deliver firmly growing results over the first half of 2025:
- Upgraded full-year 2025 guidance: EBITDA growth of 5% and net current cash flow per share at €2.65-€2.70
- EPRA NTA up 4.6% over 6 months to €34.3 per share
- Year-to-date total accounting return already at 10.2%
- EBITDA up 6.0% year-on-year
- Net current cash flow up 5.3% year-on-year
- Net rental income up 5.3% year on year
- Further market share gains, with strong acceleration in the second quarter:
- Footfall up 4.0% in the second quarter and 2.5% in the first half
- Like-for-like retailer sales up 4.5% in the second quarter and 3.5% in the first half, double the rate of national retail sales indices
- Strong leasing momentum as brands focus on Europe in a context of global volatility:
- Financial occupancy rate at 97.0%, up 80 basis points year on year
- 4.1% rental uplift and occupancy cost ratio down to 12.5%, paving the way for further rental uplift
- The best credit profile in the European real estate sector ensuring highly competitive access to financing:
- €505 million of new money raised in the first half at a competitive yield of 2.85%
- Historic low net-debt-to-EBITDA ratio at 6.8x, LTV ratio at 35.3% and ICR at 7.3x
- Average cost of debt at 1.8%
- Portfolio valuation up 2.6% on a like-for-like-basis over six months
- Value creation initiatives through capital allocation:
- Delivery of the first phase of the Odysseum extension (Montpellier, France) to be opened in H2, yield on cost of 9%, on time and on budget
- Start of the extension project at Le Gru (Turin, Italy) for a total consideration of €81 million and yield on cost of 10%
- Outstanding growth from last year’s acquisitions of prime malls: 25% increase in net rental income at RomaEst and 20% growth at O’Parinor, just one year after acquisition, demonstrating our track-record of creating value on acquisitions
- €155 million in disposals closed or signed year to date, 12% above appraisal values with a blended NIY of 5.5%
IFRS consolidated net income: €690.1 million (attributable to owners of the parent: €617.6 million)