Eurocommercial Properties NV

Latest Results (15.10.2025):

Eurocommercial Properties NV reported strong financial results for the first half of 2025, demonstrating resilience and growth in key areas. The company achieved a direct investment result per share of €1.25, a slight increase from the previous year, while property values rose by 1.3% to reach €4 billion. Continued leasing momentum and strategic capital allocations have contributed to a stable financial position, with a net loan to value ratio improving to 40.5%.

Direct Investment Result

Eurocommercial Properties NV achieved a direct investment result per share of €1.25 in H1 2025, up marginally from €1.24 in H1 2024. This consistent performance reflects the company's effective investment strategies and stable income streams.

Property Valuation

Property values increased by 1.3% to a total of €4 billion, maintaining a stable EPRA Net Initial Yield of 5.7%. This growth underscores the enhanced value of the company's real estate portfolio.

Leasing Momentum

The company maintained strong leasing momentum with 296 renewals and relettings, resulting in an average rental uplift of 2.9%. Additionally, 110 new lettings achieved a 6.6% uplift, contributing to the overall rental growth of 3%.

Financial Position

Eurocommercial Properties NV improved its net loan to value ratio to 40.5%, down from 41.3% at the end of December 2024. The net debt EBITDA ratio remained stable at 8.4x, indicating a solid financial foundation.

Capital Allocation

The company advanced major remerchandising projects in Italy and completed the sale of Eko Stormarknad in Växjö for €14.1 million, exceeding the latest valuation. These strategic moves are aimed at enhancing portfolio value and optimizing asset performance.

Outlook

For the full year 2025, Eurocommercial Properties NV expects the direct investment result to be at the upper end of the guidance range, between €2.40 and €2.45 per share, assuming no significant macro-economic changes.