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  3. •

    REIT - Retail
Eurocommercial Properties N.V.

Eurocommercial Properties N.V.

ECMPA.AS
Eurocommercial Properties N.V.NL flagEuronext Amsterdam
27.25
EUR
-0.20
- -
1.49BMarket Cap
Eurocommercial Properties N.V.
ECMPA.AS
(Euronext Amsterdam)

Recent

price

27.25

P/E

ratio

- -

div

yld

- -

ROIC.AI

2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2021
2022
2023
2024
2025
TTM
FRC
4.28
4.18
4.37
4.6
4.79
4.69
4.56
4.26
4.34
4.53
4.66
4.5
4.64
4.84
4.92
5.07
5.06
Revenue per Share
-4.98
2.4
4.89
-0.29
2.94
2.33
3.86
4.29
5.32
1.45
1.48
1.98
3.82
-0.51
3.3
2.3
2.32
Basic EPS, GAAP
1.33
-1.11
1.91
1.54
1.63
2.01
1.8
1.78
1.73
2.15
2.19
1.81
2.06
2.18
1.89
2.17
2
Free Cash Flow per Basic Share
1.63
0.96
1.41
1.74
1.3
1.13
1.39
1.42
1.47
1.52
1.85
0.47
1.49
1.4
1.33
1.32
1.37
Dividend per Share
-0.02
7.58
9.86
4.65
7.92
7.32
9.34
9.28
10.31
6.44
6.45
11.94
13.99
9.63
13.5
12.45
12.36
Book Value per Share
28.48
31.09
33.3
31.37
32.55
32.34
38.13
37.04
40.27
39.03
37.94
38.19
40.21
37.83
38.97
40
39.66
Tangible Book Value per Share
36
39
41
41
42
43
43
48
49
50
50
53
52
53
54
54
55
Basic Weighted Avg Shares
155
163
180
190
201
201
198
206
212
225
234
238
244
257
263
274
276
Sales/Revenue/Turnover
-66.76
83.1
65.5
66.44
65.5
66.53
65.45
63.53
64.51
64.92
66.74
65.22
62.37
63.81
64.64
64.14
64.15
Operating Margin (%)
- -
- -
1
1
1
1
1
1
1
1
1
2
2
2
2
2
2
Depreciation Expense
-181
94
201
-12
123
100
168
207
261
72
75
105
201
-27
177
124
127
Net Income, GAAP
- -
- -
4.32
- -
- -
1.9
16.65
9.85
22.94
25.08
6.05
20.17
18.18
- -
17.82
40.83
41.11
Effective Tax Rate (%)
-116.33
57.48
112.05
-6.36
61.34
49.58
84.62
100.7
122.71
31.98
31.84
44.03
82.44
-10.46
67.21
45.35
45.84
Profit Margin (%)
-88
-54
7
-19
-279
-82
64
-104
-247
-181
85
-153
-168
-234
-139
-479
-21
Working Capital
857
930
1,036
1,149
994
1,041
1,102
1,221
1,221
1,572
1,767
1,431
1,325
1,322
1,430
1,103
1,563
LT Debt
1,033
1,214
1,370
1,300
1,366
1,387
1,658
1,792
1,974
1,940
1,907
2,019
2,111
2,007
2,086
2,162
2,165
Total Equity
- -
- -
4.72
- -
- -
5.04
4.02
3.92
3.16
3.05
3.91
3.3
3.39
- -
3.87
2.81
2.79
Return on Invested Capital (%)
- -
- -
16.96
- -
- -
9.84
13.51
14.18
15.09
5.03
5.4
5.91
9.75
- -
10.14
6.84
6.89
Return on Capital (%)
- -
- -
57.39
-4.05
46.97
30.9
46.62
48.52
54.67
17.47
23.16
21.92
29.4
-4.32
28.67
17.82
18.1
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
508
486
48
LT Borrowings
1,050
1,100
1,563
LT Finance Leases
- -
3
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
54
54
55
Market Capitalization
1,430
1,398
1,425

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
89
121
138
Cash, Cash Equivalents & STI
31
68
78
Accounts Receivable, Net
52
48
52
Inventories
- -
- -
- -
Total Current Liabilities
619
600
159
Payables & Accruals
- -
- -
- -
ST Debt
508
486
48
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
4.75%
2.63%
3.69%
Free Cash Flow
3.85%
2.06%
15.97%
Net Income, GAAP
-72.04%
-153.8%
-29.67%
Sales/Revenue/Turnover
3.16%
3.21%
4.22%
Total Cash Common Dividend
20.46%
26.79%
0.14%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
65
67
62
70
263
2025
66
67
70
71
274
2026
69
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.57
- -
- -
- -
3.3
2025
0.66
- -
- -
- -
2.3
2026
0.69
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.52
- -
- -
- -
1.33
2025
0.53
- -
- -
- -
1.32
2026
0.58
- -
- -
- -
- -
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Business
Eurocommercial Properties N.V. is a Dutch real estate investment company specializing in the acquisition, development, and management of retail real estate, primarily shopping centers located in Belgium, France, Italy, and Sweden. Founded in 1991 and headquartered in Amsterdam, the company manages a €4 billion portfolio comprising approximately 27 shopping centers that serve prime locations and high-footfall areas. Its main products and services include ownership, leasing, and asset management of retail properties, with a focus on shopping centers anchored by hypermarkets and everyday retail to ensure consistent foot traffic. Core assets feature well-established centers such as Carosello, I Gigli, CremonaPO in Italy, and Woluwe in Belgium, with tenant mixes spanning fashion, food, cosmetics, and services sectors. The company places significant emphasis on sustainable property management, integrating energy-efficient measures and sustainability certifications such as BREEAM across its portfolio. Key service innovations include tenant relationship management, remerchandising projects to enhance tenant mix, and introduction of digital tools like a tenant app to improve communication and consumer engagement. Recent major developments in 2024 and 2025 include a strategic push on capital allocation with significant remerchandising initiatives in Italy focusing on new full concept stores for major retailers such as Primark and Inditex, and refurbishments of Carrefour Market and Inno department stores. The company completed important refinancing transactions enhancing its financial structure, improved occupancy with an EPRA vacancy rate tightly controlled at 0.7%, and achieved rental growth averaging 6.1% in recent leasing transactions reflecting robust tenant demand. Eurocommercial continued to achieve strong operational metrics with a 99% rent collection rate and reported like-for-like rental growth of 3.6% over twelve months through September 2025. Sustainability efforts are underscored by improved GRESB ratings, a 20% reduction in carbon emissions through energy efficiency investments, and commitments to full sustainability certification of all assets by 2025. These strategic and operational advances position Eurocommercial as a leading, resilient retail real estate investor across its core European markets, combining financial performance with a focus on tenant and community engagement.