Globenewswire·2025-07-30 15:46Core Insights - Klépierre reported strong growth in the first half of 2025, driven by solid leasing momentum and increased retailer sales and footfall, particularly in Q2 [2][5][14] Financial Performance - EBITDA increased by 6.0% year-on-year, with net current cash flow up 5.3% year-on-year, reaching between €2.65 and €2.70 per share for the full year [3][14] - EPRA NTA rose by 4.6% over six months to €34.3 per share, with a total accounting return of 10.2% year-to-date [3][8] - Net rental income grew by 5.3% year-on-year, supported by a like-for-like growth of 3.5% and acquisitions completed in 2024 [7][11] Market Dynamics - Footfall increased by 4.0% in Q2 and 2.5% in the first half, while like-for-like retailer sales rose by 4.5% in Q2 and 3.5% in the first half, significantly outpacing national retail sales indices [3][5][4] - The financial occupancy rate improved to 97.0%, up 80 basis points year-on-year, with a rental uplift of 4.1% [4][6] Capital Management - Klépierre raised €505 million in new financing at a competitive yield of 2.85%, maintaining a strong credit profile with a net-debt-to-EBITDA ratio of 6.8x and an interest coverage ratio of 7.3x [9][10] - The average cost of debt was reported at 1.8%, with a Loan-to-Value ratio of 35.3% [10] Strategic Initiatives - The company successfully completed the first phase of the Odysseum extension in Montpellier, France, with a yield on cost of 9%, and initiated a new extension project at Le Gru in Turin, Italy, with a projected yield on cost of 10% [12][11] - Klépierre closed or signed disposals totaling €155 million, achieving 12% above appraisal values with a blended net initial yield of 5.5% [13] Outlook - The company revised its full-year guidance upwards, expecting continued growth in like-for-like net rental income and a 5% increase in EBITDA for 2025 [14]