Klépierre, the european leader in shopping centers, releases tonight its first-half 2026 earnings.

Trading momentum has remained strong during the first half of the year, extending the positive trajectory established in 2025. Demand for high-quality retail space continues to outpace supply, supporting robust leasing activity and rental uplift. Klépierre malls in continental Europe continue to be the preferred venues for leading and emerging retailers.

Strong organic growth momentum:

• Full-year 2026 guidance raised: EBITDA to reach a minimum of €1,150 million and net current cash flow per share at the high end of a €2.77-€2.80 range.
• NAV up 5.3% over 6 months to €37.80 per share.
• Year-to-date total accounting return stands at 10.6%.
• EBITDA up 4.8% year-on-year.
• Net current cash flow up 3.0% year-on-year.
• Further market share gains, during the first half:
  • Footfall up 1.2% ;
  • Like-for-like retailer sales up 3.9%, firmly above the rate of national retail sales indices.
• Retailers’ demand remained well supported, with key international brands continuing to prioritize prime locations as they pursue their expansion strategies:
  • Financial occupancy rate at 97.1%, up 10 basis points year-on-year ;
  • Leasing volume, up 8% year-on-year ;
  • 5.0% rental uplift on renewals and relettings and occupancy cost ratio steady at 12.5%.
• Net rental income up 4.4% year-on-year.
• Industry leading credit profile ensuring highly competitive access to financing:
  • €300 million of new money raised in the first half at a yield of 3.42% and an average 8.2-year maturity ;
  • Historic low net-debt-to-EBITDA ratio at 6.6x, LTV ratio at 33.8% and ICR at 7.2x ;
  • Average cost of debt at 1.9%.
• Further initiatives supporting future cash flow growth with the ongoing extension projects of Le Gru (Turin, Italy) and Romagna (Rimini, Italy), with projected yields-on-cost of 10% and above 8%, respectively.
• IFRS consolidated net income: €757.8 million (attributable to owners of the parent: €684.7 million).

Highlights of the period:

Very strong operating momentum underpinned by a dynamic consumption and leasing environment

Klépierre’s best-in-class portfolio concentrated on leading malls in continental Europe has continued to capture an ever-growing portion of leasing demand. Such positioning is evidenced by the major international retailers’ concentration across Klépierre’s portfolio as they pursue their flight to quality. Leasing volume for the Group’s venues increased by 8% year-on-year over the first half. Supported by sustained demand for high-quality, profitable space and limited new supply, Klépierre’s occupancy rose 10 basis points year-on-year to 97.1%, with a 5% rental uplift on renewals and relettings delivered over the first six months of the year. Across its portfolio, retailer sales grew 3.9% while footfall was up 1.2% over the first half of the year, delivering further market share gains. Rental growth remains well supported by an occupancy cost ratio at 12.5%. With an asset base largely endorsed by market leading brands within each category, from fast-growing Health & Beauty brands, Entertainment & Fitness venues to innovative Dining & Drinks concepts, Klépierre displays the most powerful listed retail platform. Klépierre pursued its footfall monetization through the steady roll-out of its mall income solutions, up 13.4% over the first six months of the year, led by Specialty Leasing and Retail Media.

Continued strong cash-flow generation and capital value creation

Klépierre has remained steadfast in allocating capital to high-quality assets in Europe’s most dynamic markets, where growth fundamentals are the strongest. Over the last years, this focused capital allocation strategy enabled the Group to generate sustainable superior rental growth. Southern Europe is the clearest illustration: its share of net rental income has risen sharply from 35% in 2019 to 45% in the first half of 2026, reflecting strong execution across the Group’s platform and the increasing contribution from its fastest-growing regions. Our unique retail platform provides a powerful engine for continued cash-flow growth and value creation. Over the first six months of 2026, net rental income was up 4.4% year-on-year, driven by 3.3% like-for-like growth and the Casamassima (Bari, Italy) acquisition completed at the end of 2025. This acquisition is delivering on the targeted high-single digit return in the first year. EBITDA grew by 4.8%. This strong operating performance, combined with a slight uptick in financial expenses generated a 3.0% increase in net current cash flow. EPRA Net Tangible Assets (NTA) per share rose by 5.3%, compared to December 31, 2025, at €37.80, led by a 2.6% like-for-like portfolio uplift over six months while average EPRA Net Initial Yield (NIY) closed the period at 5.6%. As of June 30, 2026, on the back of the NTA increase and the €1.90 cash dividend distributed in 2026, the Group generated a 10.6% year-to-date total accounting return.

Industry-leading credit profile

The Group raised €300 million of new financing over the first half of 2026 at a competitive blended yield of 3.42% with an average 8.2-year maturity supported by its best-in-class A-/A credit ratings from S&P and Fitch respectively. As of June 30, 2026, Klépierre’s net debt-to-EBITDA stood at 6.6x, Loan-to-Value at 33.8% and interest coverage ratio at 7.2x. The Group’s average debt maturity was 6.1 years at an average cost of debt of 1.9%. Consolidated net debt was stable at €7,352 million at the end of June 2026, compared with €7,347 million at December 31, 2025, thanks to the cash flow generation covering cash distributions to shareholders and capex over the period. Liquidity stood at €2,398 million, mainly comprising €1,718 million in unused committed credit facilities (net of commercial paper), €325 million in other credit facilities and €355 million in cash and equivalents.

2026 guidance revised upward:

On the back of the robust performance achieved over the first six months and despite a volatile geopolitical and macroeconomic environment, Klépierre is highly confident in delivering continued strong profitable growth for the remainder of the year. Thus, Klépierre raises its 2026 full-year guidance and now expects to reach a minimum of €1,150 million EBITDA and a net current cash flow per share at the high-end of a €2.77-€2.80 range.

The revised guidance is based on the following updated assumptions:

• 0.8% full-year indexation;
• No further deterioration in the macroenvironment;
• Resilient consumer demand;
• No impact from further acquisitions or disposals; and
• Cost of debt near-fully hedged in 2026.

Read the full press release