Klépierre (LI) Q1 2026 TU earnings summary

Executive summary

• Q1 2026 saw retailer sales rise 4.4% year-over-year, with March up 4.2% and footfall increasing 1.6% year-over-year.

• Leasing volumes grew 16% year-over-year, supporting higher rental income and occupancy.

• Strong performance in Spain, Portugal, Norway, and the Czech Republic, each exceeding 5% retailer sales growth.

• Major retailers maintained expansion plans, and flagship assets posted high-single to double-digit sales increases.

Financial highlights

• Net rental income up 2.8% on a reported basis; like-for-like net rental income up 2.6%, outpacing indexation by 180 bps.

• EBITDA increased by 2.7% year-over-year.

• Gross rental income rose from €305.6m in Q1 2025 to €313.4m in Q1 2026; net rental income from €262.2m to €269.6m.

• Revenue increased from €393.2m in Q1 2025 to €407.7m in Q1 2026.

Outlook and guidance

• Guidance for full-year 2026 reaffirmed: minimum €1,130m in EBITDA and at least €2.75 net current cash flow per share.

• No refinancing needs for 2026; continued monitoring of geopolitical and macroeconomic risks.