Klepierre S.A.

Klépierre said first-half 2026 net rental income increased 4.4% to EUR 571.9 million, driven by 3.3% like-for-like growth. EBITDA grew 4.8% and the EBITDA margin improved by 60 basis points to 86.7%. Net current cash flow came in at EUR 1.36 per share. Retailer sales rose 3.9% and footfall increased 1.2%, while occupancy reached 97.1%. NAV rose 5.3% to EUR 37.8 per share, and total accounting return was 10.6% year-to-date including the EUR 1.9 dividend paid. Management raised 2026 guidance to at least EUR 1.15 billion in EBITDA and net current cash flow per share at the high end of the EUR 2.77 to EUR 2.8 range. For the second half, Stephane Tortajada said like-for-like CapEx should stay around EUR 50 million, and full-year disposals could be around EUR 120 million. He also said 2026 indexation is 0.8% and the first view for 2027 is around 1.4% to 1.5%.

Jean-Marc Jestin struck an upbeat tone, saying the company is benefiting from strong demand for high-quality retail space, limited new supply, and a portfolio focused on leading malls in attractive catchments. He emphasized that Klépierre is compounding NAV through active asset management, retenanting, extensions, and monetizing footfall through mall income. He also reiterated that growth is being earned through execution rather than inflation, with like-for-like net rental income growing 2.5 points above indexation in H1.

Stephane Tortajada focused on the financial mechanics behind the quarter: the 4.8% EBITDA growth, 86.7% margin, and EUR 1.36 per share net current cash flow. On guidance, he said there should be no H2 deceleration in EBITDA, and that the full-year target reflects seasonality rather than a softer outlook. He also quantified capital allocation and valuation drivers, citing H1 CapEx of EUR 72 million, expected second-half like-for-like CapEx of about EUR 50 million, and said the 2.6% like-for-like portfolio value increase was mainly from 2% cash flow growth and 0.6% from a slightly lower discount rate. He added that 2026 indexation is fixed at 0.8%, with 2027 currently seen around 1.4% to 1.5%.

Analysts focused on acquisitions, capital allocation, and whether the company might be missing deals because it is being too selective; management repeatedly said it wants to stay disciplined on price and quality, and will only do accretive acquisitions that fit its strategy. Another theme was mall income: management said the 13.4% H1 growth came from specialty leasing, retail media, and mobility, with dedicated mall managers and better screen inventory helping execution. Questions on sales and footfall showed H2 trends remain consistent with H1, with Q2 retailer sales at 3.5%, Q2 footfall at 1.4%, and early July footfall around 1.5%.