Carmila Sa · EURONEXT:CARM
Carmila Sa — H1 2026 Earnings Presentation
39 slides from Carmila Sa's earnings presentation, Jul 29, 2026
Slide 1: A very strong H1
A VERY STRONG H1 Operational outperformance leads to 2026 guidance upgrade & rising portfolio value — H1 2026 RESULTS PRESENTATION — 1
Slide 2: H1 2026: a very strong H1, results, strategic update
H1 2026: Strong results From growth Strategic update a very strong H1 across all 3 growth to earnings coming soon engines MARIE CHEVAL SEBASTIEN VANHOOVE PIERRE-YVES THIRION MARIE CHEVAL Chair and Chief Executive Officer Deputy Chief Executive Officer Chief Financial Officer Chair and Chief Executiv
Slide 3: H1 2026: A very strong H1
H1 2026: A very strong H1 MARIE CHEVAL Chair and Chief Executive Officer 3
Slide 4: A very strong H1 2026: key takeaways
A very strong H1 2026: key takeaways 1) 2026 Guidance upgrade o +3.3% EPS growth (€1.87), due to operational outperformance and new acquisition 2) Good momentum across our 3 growth engines o Organic growth: NRI growth of +1.4% (+100bps above indexation), boosted by record tenant demand and strong mo
Slide 5: H1 2026 at a glance: strong operational and financial performance
H1 2026 at a glance: strong operational and financial performance Leasing activity Occupancy rate Reversion 530 96.0% +2.8% leases signed stable vs H1 25 above indexation Saran EBITDA margin EPRA NTA per share Gross Asset Value 80.8% +3.3% +2.6% (+80bps vs H1 25) €26.75(1) like-for-like(2) Calais-Co
Slide 6: Continued strong momentum across our growth engines
Continued strong momentum across our 3 growth engines Organic growth Investment growth Innovation growth +1.4% +1% €13.7m Net rental income Recurring earnings Recurring earnings annualised contribution (+13% yoy) Strong demand from retailers New Retail Media is here Asset transformation Acquisition
Slide 7: Why retailers choose Carmila's shopping centres
Why retailers choose Carmila’s shopping centres Growing Efficient sales Prime space Experiencing market share of conversion scarcity new trends shopping centres +70-150bps >200% No new greenfield 75% Overperformance in shopping Online cost of customer projects of DNVB became omnichannel centres vs o
Slide 8: A European platform of Leading Shopping Centres
A European platform of Leading Shopping Centres European platform Leading Shopping Centres % of total GAV % of total GAV Leading Shopping Centres 80 assets at 80% 166 centres 75 centres c.€70m per centre 80% 249 20% €6.8bn 164 centres 75% 75 centres A network of assets GAV convenience 5% 20% shoppin
Slide 9: Leading Shopping Centres perfectly positioned to capture retail growth
Carmila’s Leading Shopping Centres are perfectly positioned to capture retail growth 80 Leading Shopping Centres at the core of the Attractive destinations with a strong exposure to portfolio (80% of the GAV) coastal areas and major cities Attractive Leading catchment areas shopping destinations Str
Slide 10: Asset transformation drives portfolio revaluation and NRI organic growth
Organic growth Asset transformation drives portfolio revaluation and NRI organic growth above indexation NRI organic growth Transformation drivers consistently above indexation Optimising merchandising mix with new retailers and rent increases +1.1% +1.0% +1.0% +0.8% +0.8% +0.6% 50 restructuring pro
Slide 11: Strong operational performance
Organic growth Strong operational performance Footfall(1) Retailer sales(1) Occupancy cost ratio(2) +0.8% +2.3% 10.9% (3) (4) +1.0% +1.2% 11.0% (3) +1.4% +6.6% 10.2% (1) Change vs H1 2025; (2) At end-June 26; (3) Quantaflow: +0.5% (excluding super-regional shopping centres), Cad&Lan: -0.3%; (4) FACT
Slide 12: Acquisition of Grand Quetigny for €45m
Investment growth Acquisition of Grand Quetigny for €45m +1% recurring earnings (annualised contribution) A leading asset Carmila’s platform will bring more with strong fundamentals value creation 4.2M 13,650 66 visitors per year sq.m of GLA stores 12
Slide 13: A unique Retail Media offering
Innovation growth A unique Retail Media offering unlocking Europe’s deepest transactional data Monetising Leveraging Measuring footfall Carrefour data campaign impact >620 million Deepest transactional visits per year data in Europe Drive-to-Fame (1) 100% Unlimitail expertise Drive-to-Store of our s
Slide 14: 2026 Guidance upgrade
2026 Guidance upgrade Organic growth 2026 GUIDANCE UPGRADE Operational outperformance and cost-efficiency driving EBITDA margin expansion Investment growth +3.3% (vs 25) Accretive net buyer strategy Expected 2026 Recurring EPS €1.87 Innovation growth Accelerating high-margin income streams Initial g
Slide 15: Strong results across all growth engines
Strong results across all 3 growth engines SEBASTIEN VANHOOVE Deputy Chief Executive Officer 15
Slide 16: Record leasing activity supported by high tenant demand
Organic growth Record leasing activity supported by high tenant demand Record demand from retailers Carmila’s leading new trends Health & beauty Sports 530 +2.8% Clothing & accessories Asian Wave Leases signed Reversion uplift Food & Restaurants Leisure 96.0% 10.9% Pet shops Occupancy rate Effort ra
Slide 17: Restructuring projects supporting incremental rental growth
Organic growth Restructuring projects supporting incremental rental growth Sports & Leisure Fashion Fashion Creation of a leisure area Extension of Zara Opening of Primark Rennes-Cesson Toulouse Labège Talavera 39 projects approved in H1 representing €37m of CapEx at a 9% yield on cost 17
Slide 18: Restructuring in Toulouse Labège
Organic growth Restructuring in Toulouse Labège Creation of a Zara flagship DIAZ FRAM NICOLAS EASY CASH Zara floor space x3 Creation of a 3,400 sq.m flagship +7% footfall (+130,000 visits in H1 26 vs H1 25) 5.1M 27,900 101 visitors per year sq.m of GLA stores 18
Slide 19: Restructuring in Rennes-Cesson
Organic growth Restructuring in Rennes-Cesson Speed Park & Fort Boyard openings Karting Bowling Quiz boxing Virtual reality Billiard Karaoke Laser game Arcades games Pixel Bar & Snack +7,000 sq.m +22% footfall Leisure complex on the parking 50,000 new visitors in June 26 >3M 20,600 75 visitors per y
Slide 20: Restructuring in Talavera
Organic growth Restructuring in Talavera Opening of Primark +19% Footfall (+77,000 visitors since opening on 12 June 26) 4.2M 20,500 54 visitors per year sq.m of GLA stores 20
Slide 21: Reinforcing the customer experience
Organic growth Reinforcing the customer experience Events Specialty Leasing Heat waves Panini football card trading Leading new trends Driving sustainable footfall eLigue 1 McDonald’s Surfing on the Asian wave Capitalising on 620 million visits per year to boost sales conversion 21
Slide 22: Beyond traditional leasing: innovation-driven recurring income streams
Innovation growth Beyond traditional leasing: Innovation- driven recurring income streams Specialty Leasing(1) €7.4m(2) Retail Media(1) €1.0m Marketing Services(1) €2.7m Next Tower (5G & Wi-fi) €1.8m Carmila Retail Development RETAIL DEVELOPMENT €0.8m €13.7m (+13% yoy) Recurring earnings contributio
Slide 23: From growth to earnings
From growth to earnings PIERRE-YVES THIRION Chief Financial Officer 23
Slide 24: Demonstrated ability to grow revenues with stable operating costs
Demonstrated ability to grow revenues with stable operating costs H1 H1 YoY €m 2025 2026 Change +0.2% Net rental income 203.4 203.8 +1.4% LfL Overhead costs(1) -28.0 -27.7 +0.5% EBITDA 176.9 177.8 +1.9% LfL EBITDA margin 80.1% 80.8% +80bps Net financial expenses -42.4 -40.0 Income taxes & other -2.7
Slide 25: Cost control to support growth
Cost control to support growth AI bringing tangible impact Efficiency gains supported by Lower energy costs and ESG initiatives technology and AI supporting profitability AI driven Building Management Systems Optimising energy consumption, HVAC and lighting in real-time to substantially reduce opera
Slide 26: Portfolio appraisal values up +2.6% supported by asset transformation
Portfolio appraisal values up +2.6% supported by asset transformation Appraisal values Like-for-like change (vs 31 December 2025) €6.8bn +2.6% €5.1bn +2.9% €1.4bn +1.8% €0.3bn +0.8% Rental BREEAM- Scarcity Transformation growth certifications value of the assets 26
Slide 27: Current valuations mark a turning point driven by asset transformation
Current valuations mark a turning point driven by asset transformation Drivers of Gross Asset Value Net initial yields (like-for-like growth) In € -12bps 6.81bn 6.57% 6.56% +12m 6.42% 6.45% 6.14% +97m 5.85% 5.89% 5.64% 5.50% +60m 5.42% 6.64bn(1) 2017 2018 2019 2020 2021 2022 2023 2024 2025 H1 GAV Re
Slide 28: Fixed cost of debt and no major refinancing needs before 2027
Fixed cost of debt and no major refinancing needs before 2027 Fixed cost of debt to support Well-spread and secured maturity profile(1) future growth €m 550 3.0% 3.0% 3.15% 425 400 400 274 276 160 189 50 2026 2027 2028 2029 2030 2031 2032 2033 2025 2026e 2027e Commercial paper Bonds Bank Loan Cost o
Slide 29: EPRA LTV improvement on the back of rising valuations
EPRA LTV improvement on the back of rising valuations and controlled debt €m H1 2025 H1 2026 Net Debt 2,618 2,658(2) -40bps EPRA LTV at 39.3% (vs H1 25) Gross Asset Value(1) 6,690 6,813 (1) Including RETTs, (2) of which €40m of share buybacks 29
Slide 30: Balance sheet: efficiency and opportunity
Balance sheet: efficiency and opportunity €2,658m Net debt €625m Cash and liquidity BBB 7.3x Net debt / EBITDA corporate rating Stable outlook 3.0% Cost of debt 4.8x Interest coverage 39.3% EPRA LTV 4.2 years Maturity BBB+ senior unsecured issuances At 30 June 2026 30
Slide 31: Value creation reflected in EPRA NAV per share metrics
Value creation is reflected in the EPRA NAV per share metrics EPRA NAV YoY Change H1 2025 H1 2026 (in €) (%) EPRA NTA 25.89 26.75 +3.3% EPRA NRV 28.17 29.06 +3.2% EPRA NDV 24.10 24.84 +3.1% 31
Slide 32: Delivering attractive and sustainable returns
Delivering attractive and sustainable returns A well-positioned Liquidity improvement risk-adjusted returns profile Average daily turnover on Carmila’s shares (in €) x3 +3.5% Cash-flow growth since 2019 H1 EPS >3M +3.3% Attractive NTA revaluation x2 H1 EPRA NTA 1.6M >96% High earnings visibility Fin
Slide 33: 2026 Guidance upgrade reflecting strong H1 performance and new acquisition
2026 Guidance upgrade reflecting strong H1 performance and new acquisition +3.3% EPS growth €1.87 Operational performance Innovation growth 2025 net disposals Consistent growth in -1% 2026 net EPS contribution acquisition Organic growth +c.100 bps above indexation 2026 €1.81 EPS 2026 Upgraded Guidan
Slide 34: Strategic update coming soon
Strategic update coming soon MARIE CHEVAL Chair and Chief Executive Officer 34
Slide 35: Capital Markets Day on 19 November 2026
2026 Capital Markets Day announcement & key topics Unlocking Strong balance Leading Shopping Transformation additional Sustainable EPS sheet to seize Centres portfolio engine revenues through growth opportunities innovation Capital Markets Day on 19 November 2026 35
Slide 36: Q&A Session
Q&A Session 36
Slide 37: Optimising the merchandising mix
Organic growth Optimising the merchandising mix Pivoting to new concepts Carmila’s merchandising mix vision % of rental income Target retail mix for a Carmila centre Dec 2019 H1 2026 29.0% Sport 26.9% Health and beauty Culture, gifts 6% (15% target for 22.6% and leisure 23% healthcare) 16% 20.0% 15.
Slide 38: Carmila Capex and investment outlook
Carmila Capex and investment outlook Green Capex Restructuring projects €10 million /year, including €50 million /year on investment in solar energy restructuring projects As well as €15 million /year in maintenance Capex Major projects Next Tower €50 million /year from 2027 to be €10 million/year o
Slide 39: Next Tower: empowering 5G and Wi-Fi
Innovation growth Next Tower: empowering 5G and Wi-Fi 254 Towers in France and Spain €3.3m 5G Tower Annualised rent (secured(1) + pipeline) Infrastructure and 5G are two powerful investment trends (2) €42m Activation of Carmila’s regional network Gross asset value of Next Tower (1) Total rent for le