Eurocommercial Properties (ECMPA) Q1 2026 earnings summary

Executive summary

• Q1 2026 saw continued growth in tenant sales (+4.9%) and footfall (+3.8%), with strong leasing activity and low vacancy rates across all markets.

• Acquisition of Avion Shopping Centre in Sweden for €108 million, contributing to results from April 2026.

• Major remerchandising projects in Italy and France are progressing on schedule and within budget.

Financial highlights

• Gross rental income rose to €60.5 million (+2.5% year-over-year); net property income increased to €51.7 million (+2.3%).

• IFRS profit after tax was €37.9 million (€0.70 per share), up from €35.6 million (€0.66 per share) in Q1 2025.

• Direct investment result per share stable at €0.62; EPRA earnings per share at €0.59 (down from €0.61).

• Net loan-to-value ratio at 40.1% (up from 39.8% at year-end 2025); net borrowings at €1,626 million.

• Interim dividend of €0.72 per share paid in January 2026; proposed total dividend for 2025 is €1.83 per share.

Outlook and guidance

• Direct investment result for 2026 expected between €2.45 and €2.50 per share, assuming stable macroeconomic and geopolitical conditions.

• Rental growth to be supported by indexation, renewals, and relettings, with ongoing remerchandising mitigating temporary vacancies.