Core Viewpoint - Klépierre announces the conclusion of Mr. David Simon's tenure as Chairman of the Supervisory Board after 14 years, highlighting his exceptional leadership and strategic insight [2][3]. Company Overview - Klépierre is the European leader in shopping malls, focusing exclusively on continental Europe, with a portfolio valued at €21.2 billion as of December 31, 2025 [5]. - The company operates large shopping centers in over 10 countries in Continental Europe, attracting more than 720 million visitors annually [5]. - Klépierre is a French REIT (SIIC) listed on Euronext Paris and is included in the CAC Next 20 and EPRA Euro Zone Indexes, as well as various ethical indexes [5]. Leadership Changes - The Vice-Chairwoman will serve as the interim Chair of the Supervisory Board immediately following Mr. Simon's departure, ensuring the Board remains equipped to fulfill its duties [3]. - The Board will convene to consider Mr. Simon's succession in due course [3].

Core Insights - Klépierre reported a 5% increase in earnings and a 9% rise in NAV for 2025, expressing confidence for 2026 [1][2][19] Financial Performance - Net current cash flow increased by 5% year-on-year to €2.72 per share, surpassing previous guidance [3][6] - EBITDA reached €1,119.3 million, up 5.5% year-on-year [3][6] - NAV per share rose by 9% to €35.9, driven by a 4.9% like-for-like portfolio value appreciation [7][10] - Total accounting return was 15% for 2025, with a cumulative return of 31.4% over the last two years [7][8] Operational Highlights - Net rental income grew by 5.1% year-on-year to €1,120.4 million, supported by a 4.5% like-for-like growth [5][24] - Footfall increased by 1.8% and like-for-like retailer sales rose by 3.4%, outperforming national retail sales indices [2][3] - Financial occupancy rate improved to 97.1%, with a rental uplift of 4.6% [3][4] Capital Allocation and Investments - Klépierre raised €1 billion in new financing at a competitive yield of 3.3% with an average maturity of 8.5 years [9][10] - The company acquired the leading mall in Bari for €160 million, expected to generate high-single digit cash returns [11][19] - Extensions at Odysseum and new projects at Le Gru and Romagna are projected to yield above 8% [12][19] Sustainability and Governance - Klépierre aims for net-zero on scopes 1 and 2 by 2030, with significant improvements in energy intensity and waste management [14][15] - The company was recognized for its sustainability efforts, ranking first in the European Listed Real Estate category by GRESB [16][17] - Governance changes include the planned appointment of Ludovic Jacquot to the Supervisory Board [20][21]

Core Insights - Klépierre is a leading European shopping mall operator, focusing exclusively on continental Europe, with a portfolio valued at €20.6 billion as of June 30, 2025 [4] - The company operates large shopping centers across more than 10 countries, attracting over 700 million visitors annually [4] - Klépierre is listed on Euronext Paris and is part of various indexes, including CAC Next 20 and EPRA Euro Zone, highlighting its market significance [4] Share and Voting Rights Information - As of January 31, 2026, Klépierre has a total of 286,861,172 shares and 286,861,172 theoretical voting rights [2][6] - The number of exercisable voting rights is 286,299,415, indicating a small number of shares are deprived of voting rights [2][6] Upcoming Events - Klépierre has scheduled key events including the release of 2025 full-year earnings on May 7, 2026, and the first-quarter 2026 trading update on the same day [3] - The Annual General Meeting is also set for May 7, 2026, providing an opportunity for shareholder engagement [3]

Core Viewpoint - Klépierre, a leading European shopping mall operator, has reported its total number of shares and voting rights as of December 31, 2025, highlighting its significant market presence and commitment to sustainable development [2][4]. Group 1: Company Overview - Klépierre is the European leader in shopping malls, focusing exclusively on continental Europe [4]. - The company's portfolio is valued at €20.6 billion as of June 30, 2025, comprising large shopping centers across more than 10 countries in continental Europe [4]. - Klépierre attracts over 700 million visitors annually to its shopping centers [4]. - The company is a French REIT (SIIC) listed on Euronext Paris and is included in the CAC Next 20 and EPRA Euro Zone Indexes [4]. - Klépierre is recognized in various ethical indexes, including CAC SBT 1.5, MSCI Europe ESG Leaders, and FTSE4Good, reflecting its commitment to sustainable development and climate change initiatives [4]. Group 2: Voting Rights and Shares - As of December 31, 2025, Klépierre has a total of 286,861,172 shares [2]. - The theoretical voting rights correspond to the total number of voting rights attached to all shares, which is also 286,861,172 [6]. - The number of exercisable voting rights is 286,360,353, accounting for shares deprived of voting rights [6].

Core Viewpoint - Klépierre has acquired the Casamassima shopping center in the Bari metropolitan area of southern Italy, enhancing its retail portfolio in southern Europe [1][4]. Group 1: Acquisition Details - The financial terms of the transaction were not disclosed, and the acquisition was completed at the end of 2025 [1]. - Casamassima shopping center records an annual footfall of 7.5 million with a loyalty rate exceeding 90%, indicating its strong market position [1]. - The shopping center is part of a larger retail and leisure destination in the Apulia region, offering approximately 100,000 square meters of space [1]. Group 2: Tenant Base and Strategy - The tenant base includes major brands such as Spazio Conad, Leroy Merlin, Decathlon, MediaWorld, Sephora, Foot Locker, and Rituals, along with a flagship Zara store and the only Primark in the Apulia region [2]. - The acquisition supports Klépierre's business-to-business strategy, focusing on the growth of international category-focused retailers [2]. Group 3: Future Plans and Expectations - Several occupiers have committed to expanding their presence at the center, including the development of new flagship formats [3]. - Following the acquisition, Casamassima will be integrated into Klépierre's southern European portfolio, with a focus on operational initiatives such as lease reversion and retenanting [3][4]. - Klépierre expects the investment to yield a high single-digit cash return in its first year of ownership [4]. - As of June 30, 2025, Klépierre's shopping center portfolio was valued at €20.6 billion ($24 billion) [4].

Core Insights - Klépierre has announced the acquisition of the Casamassima shopping mall in Italy, which is a leading retail destination in the Bari metropolitan area with a population of 1.4 million and an annual footfall of 7.5 million [1][2] Group 1: Acquisition Details - The Casamassima mall features 100,000 sqm of retail and leisure space, including major brands such as Zara, Primark, and a 9-screen movie theater [2] - The acquisition aligns with Klépierre's Business-to-Business strategy, focusing on expanding the presence of international retailers and enhancing the retail mix [3] Group 2: Operational Enhancements - By integrating Casamassima into its portfolio, Klépierre aims to improve operational performance through reversion, retenanting, and introducing mall income, targeting a high single-digit cash return on investment in the first year [4] Group 3: Company Overview - Klépierre is the European leader in shopping malls, with a portfolio valued at €20.6 billion as of June 30, 2025, hosting over 700 million visitors annually across more than 10 countries in continental Europe [6] - The company is listed on Euronext Paris and included in various ethical indexes, reflecting its commitment to sustainable development and climate change initiatives [7]

Core Points - Klépierre is a leading European shopping mall operator, focusing exclusively on continental Europe, with a portfolio valued at €20.6 billion as of June 30, 2025 [3] - The company operates large shopping centers across more than 10 countries in continental Europe, attracting over 700 million visitors annually [3] - Klépierre is listed on Euronext Paris and is included in various indexes, including CAC Next 20 and EPRA Euro Zone, as well as ethical indexes like MSCI Europe ESG Leaders and FTSE4Good, highlighting its commitment to sustainable development [3] Share and Voting Rights Information - As of November 30, 2025, Klépierre has a total of 286,861,172 shares and 286,861,172 theoretical voting rights [2] - The number of exercisable voting rights is 286,342,025, accounting for shares that are deprived of voting rights [2][5] - Klépierre owns 519,147 of its own shares as of the same date [5]

Core Insights - Klépierre SA, a leading European shopping mall operator, reported a total of 286,861,172 shares and 286,336,128 exercisable voting rights as of October 31, 2025 [2][5]. Company Overview - Klépierre is focused exclusively on continental Europe, with a portfolio valued at €20.6 billion as of June 30, 2025, comprising large shopping centers across more than 10 countries [3]. - The company attracts over 700 million visitors annually to its shopping centers [3]. - Klépierre is listed on Euronext Paris and is part of the CAC Next 20 and EPRA Euro Zone Indexes, as well as various ethical indexes, highlighting its commitment to sustainable development and climate change initiatives [3].

Financial Data and Key Metrics Changes - Real estate FFO was $3.22 per share in Q3 2025, up from $3.05 in the prior year, reflecting a 5.6% growth [10] - Domestic NOI increased by 5.1% year-over-year for the quarter and 4.2% for the first nine months of the year [10] - Total funds from operation for Q3 were $1.23 billion, or $3.25 per share, compared to $1.07 billion, or $2.84 per share last year [12] - The company announced a dividend of $2.20 per share for Q4, a year-over-year increase of $0.10, or 4.8% [12] Business Line Data and Key Metrics Changes - The malls and premium outlets ended Q3 at 96.4% occupancy, an increase of 40 basis points sequentially and 20 basis points year-over-year [11] - Retailer sales per square foot for malls and premium outlets were $742 for the quarter, with total sales volumes increasing more than 4% [11] - The mills achieved a 99.4% occupancy, an increase of 10 basis points sequentially and 80 basis points from the prior year [11] Market Data and Key Metrics Changes - The company signed over 1,000 leases totaling approximately 4 million square feet during the quarter, with about 30% representing new deals [10] - Retailer demand remains strong, with certain categories like luxury and athleisure outperforming [36] Company Strategy and Development Direction - The company completed the acquisition of the remaining 12% interest in Talbot Realty Group, enhancing operational efficiency and increasing NOI from the assets [7][8] - The development pipeline includes several new projects with a net cost of $1.25 billion and a blended yield of 9% [9] - The company is focused on enhancing the quality of its portfolio and pursuing new growth opportunities [7] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the ability to produce comparable NOI growth in 2026, citing positive indicators from the portfolio [44] - The impact of tariffs on retailer behavior is still uncertain, with management noting that the full effects have yet to be seen [51] - Management highlighted the importance of creating holistic shopping environments to compete with e-commerce [75] Other Important Information - The company completed a dual tranche U.S. senior note offering totaling $1.5 billion with a weighted average coupon rate of 4.8% [12] - The company is evaluating its investment in Klépierre while considering opportunities for acquiring full-price assets [96][99] Q&A Session Summary Question: Can you share specifics of the operational efficiencies from the Talbot assets? - Management indicated that operational efficiencies will come from integrating Talbot's assets into their platform, enhancing cash flow and occupancy levels [20] Question: How widespread was the increase in sales results? - Management noted a widespread increase across all platforms, with luxury and athleisure categories performing particularly well [36] Question: Can you maintain strong NOI growth in 2026? - Management expressed confidence in maintaining strong NOI growth, citing positive indicators from the portfolio [44] Question: What impact are tariffs having on retailer behavior? - Management acknowledged that tariffs have not yet fully impacted retailer financials, but they expect some effects to emerge [51] Question: How is the company approaching capital allocation priorities? - Management indicated that capital allocation will focus on growth opportunities, including development and potential buybacks, while also considering dividend growth [110]

Financial Data and Key Metrics Changes - Real estate FFO was $3.22 per share in Q3 2025, up from $3.05 in the prior year, reflecting a 5.6% growth [10] - Domestic NOI increased by 5.1% year-over-year for the quarter and 4.2% for the first nine months of the year [10] - Third quarter funds from operation were $1.23 billion, or $3.25 per share, compared to $1.07 billion, or $2.84 per share last year [11][12] - The company ended the quarter with approximately $9.5 billion of liquidity [12] - The dividend announced for Q4 is $2.20 per share, a year-over-year increase of $0.10, or 4.8% [12] Business Line Data and Key Metrics Changes - The Malls and Premium Outlets ended Q3 at 96.4% occupancy, an increase of 40 basis points sequentially and 20 basis points year-over-year [11] - The Mills achieved a 99.4% occupancy, an increase of 10 basis points sequentially and 80 basis points from the prior year [11] - Retailer sales per square foot for the Malls and Premium Outlets were $742 for the quarter, with total sale volumes increasing more than 4% in Q3 [11] Market Data and Key Metrics Changes - The company signed over 1,000 leases totaling approximately 4 million square feet during the quarter, with about 30% representing new deals [10] - Strong demand was noted across the portfolio, particularly in luxury and athleisure categories, with a robust back-to-school season contributing to sales growth [36] Company Strategy and Development Direction - The acquisition of the remaining 12% interest in Taubman Realty Group was completed, enhancing operational efficiency and increasing NOI from the assets [7][8] - The company is pursuing new growth and value creation opportunities, with a development pipeline of $1.25 billion and a blended yield of 9% [9] - The company is focused on improving the merchandising mix and enhancing tenant quality across its portfolio [68] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the ability to produce comparable NOI growth in 2026, citing positive internal reports and external factors [44][46] - Concerns were raised about the potential impact of tariffs on smaller retailers, but overall leasing demand remains strong [50][52] - Management noted that while luxury properties are performing well, some tourist-oriented centers, particularly in Las Vegas, are underperforming [38] Other Important Information - The company completed a dual tranche U.S. senior note offering totaling $1.5 billion at a combined average term of 7.8 years and a weighted average coupon rate of 4.8% [12] - The company is exploring the use of AI to enhance customer engagement and operational efficiency [75][77] Q&A Session Summary Question: Can you share specifics on operational efficiencies from the Taubman assets? - Management highlighted the elimination of public company costs and the integration of operational expertise to enhance cash flow and occupancy levels [19][20] Question: How do you view the cap rate of the final 12% of Taubman? - Management clarified that the cap rate is expected to improve due to operational synergies and intrinsic growth of the portfolio [28][29] Question: Can you provide details on sales results and tenant performance? - Management noted widespread increases in sales across all platforms, with luxury and athleisure categories performing particularly well [36][38] Question: What are your thoughts on the impact of tariffs on retailers? - Management acknowledged that tariffs may impact smaller retailers more significantly, but overall leasing demand remains strong [50][52] Question: How do you prioritize capital allocation? - Management indicated a focus on growing dividends, buybacks, and development opportunities, with a particular emphasis on maintaining a strong balance sheet [106][110]