Good morning everyone, and welcome to our first half results presentation. Operational performance this semester continued to be very strong both in terms of growth and profitability.

As a consequence, we are in a position to upgrade the full year guidance and report an increase in the value of our portfolio. Today I will start with the key takeaways, Sébastien will deep dive into our three growth engines, and Pierre-Yves will take you through the financials.

Let me begin with the key messages. This was a very strong first half, but I want to be clear, it is not a one-off.

It is the continuation of the track record we have built year after year. Behind is the same engine, our ability to transform our assets.

First, we are upgrading our '26 guidance on the back of operational outperformance and our new acquisition. Second, momentum was strong across our three growth engines.

Organic growth, with net rental income up 1.4%, boosted by record tenant demand and by strong momentum in Spain. Investment growth, with the immediately accretive acquisition of Grand Quetigny.

Innovation growth, contributing €14 million, with our new retail media offering now being deployed. Third, asset transformation is driving excellent operational performance: record leasing activity, strong retailer sales, and rising portfolio valuation.

Fourth, the strength of our balance sheet provides efficiency and opportunity, with net debt at 7.3 times EBITDA and an EPRA LTV of 39.3%. Fifth, we continue to create value for shareholders through disciplined capital allocation.

We completed €20 million of buybacks in the first half, and EPRA NTA per share rose 3.3%. In short, a very strong half, but above all, the continuation of a proven model, powered by asset transformation.

These takeaways are grounded in strong operational and financial performance. We signed 530 leases.

This is our highest ever volume of leasing activity, with reversion of 2.8% above indexation, and occupancy held at a high 96%. That fed directly into financial performance, an EBITDA margin of 80.8%, up 80 basis points on last year, and gross asset value up 2.6% like-for-like.

Strong operations translating into strong returns. As our performance is powered by three engines.

Organic growth: net rental income up 1.4%, driven by strong retailer demand, asset transformation, and once again, 100 basis points above indexation. Investment growth: this half was marked by the acquisition of Grand Quetigny, adding 1% to recurring earnings on an annualized basis.

Innovation growth: €13.7 million of recurring earnings, up 13% year-on-year, with retail media now live and high demand for specialty leasing. Three engines, all firing.

Why do retailers choose our centers? Because shopping centers are winning share.

They outperform overall consumption. That is because they convert.

In a world where the cost of acquiring a customer online has more than doubled, a store is the most efficient channel. Add to that genuine scarcity—no new greenfield supply is being built—and consumers who are looking for experience and social interaction.

That combination is exactly what our leading shopping centers offer. We operate a European platform of 250 assets across France, Spain, and Italy, worth nearly €7 billion.

At its core are 80 leading shopping centers. They make up 80% of that total value and are the primary driver of our performance.

Alongside them, a resilient network of 170 convenience centers anchors us in an everyday local life. I want to insist on these leading shopping centers.

These 80 leading shopping centers are perfectly positioned to capture retail growth. They sit in the most dynamic region of our three countries, in attractive catchment areas, with strong economic and demographic growth.

They host around 70 top-tier brands. Occupancy is above 97%.

They are where we scale our innovations: specialty leasing, retail media, and Nextower. In short, we lead in the regions with the strongest growth, delivering highly scalable performance right across the portfolio.

This performance is not accidental. It is built through asset transformation.

How do we do that? Merchandising mix, 50 restructuring projects a year, and reinforcing the customer experience.

We consistently grow organic rental income above indexation. As the chart shows, we have done this year after year, and in the first half, again, 100 basis points ahead of inflation.

The same transformation drivers lifted our portfolio value by 2.6%. The operational picture is strong across all three countries.

Group footfall was up nearly 1%, and retailer sales up 2.3%. The standout is Spain, where retailer sales rose 6.6%, and the occupancy cost ratio remains healthy at around 11%, which means our tenants are profitable and there is room for further rental growth.

On investment growth, we acquired Grand Quetigny for €45 million. It's a deal that ticks every box.

First, it's a leading asset, with strong fundamentals, and a natural fit for our leading shopping centers portfolio: 4.2 million visitors a year, 66 stores, and a dominant position in its local market. Second, we have identified exactly where the Carmila platform can add value through higher occupancy, reversion, and asset transformation.

The result is immediately accretive, adding 1% to recurring earnings. On innovation, our third engine, this is where retail media stands out, and it rests on something advertisers truly value: data.

We are unlocking Europe's deepest transactional data. We are pairing over 600 million annual visits with Carrefour first-party data and JCDecaux expertise.

We give advertisers something they can't find anywhere else, which is the ability to target precisely and to measure real impact all the way through to sales. That's exactly why our first clients, brands like Ferrero and Heineken, are already advertising across our 900 new digital screens.

For Carmila, it's high value, high margin, and we expect retail media to contribute up to 2% of EBITDA. All this leads to our guidance upgrade.

Organic outperformance and cost efficiency are expanding our EBITDA margin. Our net buyer strategy is accretive, and innovation is accelerating.

Together, they take our '26 recurring EPS guidance to €1.87, up 3% on last year, and above our initial guidance of €1.84. With that, I'll hand over to Sébastien to take you through the detail.

Thank you, Marie. Let me take you deeper into our three growth engines and the record leasing activity behind it.

This was our busiest ever half-year for leasing: 530 leases signed. That reflects real, record demand from retailers, with reversion up 2.8% and occupancy at 96%.

The effort rate of 10.9% tells us tenants remain healthy and profitable. Just as important is the quality of demand.

We are welcoming the leaders in the most dynamic categories, that are health and beauty, sport, fashion, food, leisure, and the fast-growing Asian wave concepts. When the best brands choose us, is a clearer signal of our centers' appeal.

This demand is what lets us do what Carmila does best: transform our assets. Through restructuring projects, we drive incremental rental growth.

In the first half, we approved 39 projects at a 9% yield on cost. Let me now show you three examples that capture what we do.

In Toulouse-Labège, Zara's space grew to three times its original size, creating a 3,400-square-meter flagship. The impact was immediate: footfall up 7%, that's 130,000 additional visits versus last year.

A stronger anchor makes the whole center stronger. In Rennes Cesson, we did something different.

We turned an underused parking area into a 7,000-square-meter leisure complex with Speed Park and Fort Boyard. The result: footfall up 22%, with 50,000 new visitors in June alone.

This is how we densify our existing footprint and create value from space we already own. In Talavera in Spain, we opened a new Primark.

Since it opened in mid-June, footfall is up 19%, with 77,000 additional visitors. It has repositioned the center as a shopping destination for its region.

Three projects, one pattern. This is asset transformation in action: the right brands in the right places lift the entire asset.

Beyond bricks and mortar, the customer experience is central to what we do. Customer experience is critical because it keeps people coming back, driving sustainable, repeat footfall.

Across our 620 million visits a year, that translates into stronger sales conversion. We enrich it constantly through events, for example, like Panini card trading during the World Cup, specialty leasing concepts surfing the Asian wave, and during the heat waves, turning our centers into cool, welcoming places to spend time.

Finally, on innovation, we are building recurring income streams beyond traditional leasing. Together, they contributed €13.7 million in H1, up 13% year-on-year.

Specialty leasing leads at €7.4 million, complemented by marketing services, Carmila Retail Development, and the ramp-up of retail media. I would single out Nextower.

By monetizing 5G and Wi-Fi connectivity across our sites, we are turning our physical footprint into a new recurring revenue stream, already contributing €1.8 million, with sustain investment planned through 2028. It's a perfect example of how we extract fresh value from assets we already own.

Taken together: high margin, low capital, and a structural driver of our future growth. With that, I'll pass to Pierre-Yves to turn this growth into earnings.

Hello, everyone. Marie and Sébastien have shown you the strength of our top-line growth.

I will now show you how we convert it into earnings through cost discipline, a rising portfolio value, and a strong balance sheet. Demonstrating the ability to grow revenues with stable operating costs, this is the essence of our model.

Net rental income rose to €204 million, up 1.4% like-for-like. EBITDA reached €178 million, up 1.9% like-for-like, growing faster than rental income.

That operating leverage lifted our EBITDA margin by 80 basis points to 80.8% and took recurring EPS to €0.97, up 3.5%. Beyond operating leverage, we have two additional levers to optimize our cost base: AI and ESG.

The first is technology. AI has enabled us to build a suite of tools that deliver tangible efficiency gains: AI-driven building management systems to optimize energy consumption in real time, a new data lake centralizes our operation to unlock further savings, and by automating high-impact workflows, our AI agents are delivering a return on investment above 20%.

The second is ESG. Our decarbonization strategy lowers energy costs structurally through lower consumption, renewable energy usage, while keeping us on track for net zero by 2030, with emissions already down 78% versus 2019.

Together, these two levers reduced our cost base and directly supports profitability. On slide 26, our portfolio appraisal value continue to rise.

They were up 2.6% like-for-like to €6.8 billion. That is €170 million increase since December '25.

Growth was broad-based, led by France, up 2.9%. This growth is underpinned by rental growth, green certifications, scarcity value, and above all, the transformation of our assets, which accounts for more than half of the value increase.

This is value we are actively creating, not just market movements. We believe these valuations make a turning point.

On the left, you can see that net initial yields have started to compress down 12 basis points since 2024. On the right, we detail the main drivers behind the increase in our portfolio value.

Out of the €170 million like-for-like increase in gross asset value, €60 million came from rental income growth, around €100 million came from asset transformation—this is nearly 60% of the increase—and €12 million came from the strong momentum of yields in Spain. In short, our valuation growth is driven by operational performance, not sentiment.

On slide 28, our debt structure is a real competitive advantage. We have a well-spread maturity profile with no major refinancing needs before '27.

Our cost of debt is fixed and low at 3% and expected at just 3.15% next year. In a higher environment rate, this visibility gives us the firepower to keep investing in growth.

On slide 29, rising values and controlled debt reduced our leverage further. Net debt was broadly stable—the slight increase simply reflects our share buybacks—while gross asset value continued to grow.

As a result, EPRA LTV improved by 40 basis points to 39.3%. Here is the balance sheet at a glance: leverage at 7.3 times, maturity at 4.2 years.

This is reflected in our earnings: BBB stable from S&P and Fitch, and a BBB+ from Fitch on senior unsecured debt. Efficient and ready for opportunity.

On slide 31, our value creation flows through net asset value per share. EPRA NTA rose 3.3% year-on-year to €26.75, with NRV and NDV up similarly.

Consistent growth, value per share. On slide 32, put together, this is an attractive, well-positioned returns profile: cash flow growth, an NTA revaluation of 3.3%, high earnings visibility, above 96% occupancy, and a strong balance sheet.

I would draw particular attention to shares liquidity, where we have made a real step change. Average daily number in our shares doubles in a year at €3 million and has now tripled since 2019.

This deeper liquidity opens the stock to a whole new pool of institutional investors who applied strict liquidity thresholds, broadening our shareholder base. On slide 33, this bridge shows how this strong first-half performance flows through to an upgraded guidance.

From €1.81 last year, we initially guided to €1.84. Now our strong H1 operational performance and the acquisition of Grand Quetigny, already accretive, take us to €1.87 for a total EPS growth of 3.3%.

I will hand back to Marie.

Thank you, Pierre-Yves. It has been a great first half of the year, and there is more to come.

We will host a Capital Markets Day on November 19th to announce our new strategic plan to 2030: five key topics, our leading shopping centers portfolio, our asset transformation engine, growing revenues through innovation, balance sheet strength, and sustainable earnings growth. We look forward to seeing you in person.

This concludes the presentation. We would now be happy to take your questions.

Hi, good morning, team. Thank you for the presentation.

I have two questions and I'll go through them one by one. The first one is on the like-for-like portfolio value change.

It was 2.6% for the portfolio overall and 2.9% in France, which is actually higher than what your other European shopping center peers have reported. Is it reasonable for us to expect these trends to be more sticky in the future?

As in, is that something that you expect to be outperforming going forward from here? Along with that, if you could also provide some color on the investment markets and the opportunities that you see for future accretive acquisitions, that's the first one.

Okay. Thank you for your question.

As Pierre-Yves explained, the increase is a portfolio creation is driven by two main pillars. First, the robust rent growth, and second, the asset transformation.

Importantly, appraisers did not change their methodology. We think that there is more to come on asset transformation.

As we have an objective of around 50 projects of transformation per year. We did 39 of them in the first half, there are more to come.

I think it's really the roll-out of a very strong strategy of transforming our assets. As mentioned, three good examples in the first semester: the Zara in Labège, the Speed Park and Fort Boyard park in Rennes Cesson, and the Primark in Talavera, and there is more to come.

We are confident on our ability to continue to grow, to create value on our portfolio. On the acquisition, as you noticed, we acquired Quetigny.

We have reached 50% of our objective of €100 million of acquisitions this year in the first half, meaning that we are on track. We have a pipeline of projects and we are confident in our capacity to reach our target, depending, of course, this is subject to market conditions, we will keep you posted on this important part of our strategy.

Just to complete, we are clearly targeting—sorry.

Thank you for that.

The second—

No, you go on. Sorry.

No, just on acquisition, our focus is on our three core markets. Clearly, we are targeting leading shopping centers when we can secure yields of at least 100 to 150 basis points above capitalization rates.

That's what we are looking for.

That's very clear. Thank you.

The second question is on Spain, actually, because there seems to be a pretty strong momentum in that market. Could you just help us understand what's happening there?

The 7% increase in retailer sales obviously is much higher than what France and Italy have performed. Is Spain kind of, because of the attractiveness of the country, is that something that might become a bigger part of your portfolio going from here?

Thank you for your question. As you mentioned, the growth in sales in Spain is quite amazing, 6.6%.

I think it reflects, first, the quality of our portfolio, and second, the fact that economy in Spain is booming more than in France and even Italy. We are benefiting from this trend, especially tourism is very high in Spain and we are very well located in Spain on touristy area.

We think that there is more still to come in Spain and we are ready to catch all the good impact on the Spanish economy. As I mentioned previously, we are in an acquisition mode in France, Spain, and Italy.

We are looking for asset to acquire in Spain. Spain is a very competitive market, we need to find the right opportunity.

It's very clear. Thank you so much for taking my questions.

Good morning, Marie and team. Thank you for this presentation.

I would have maybe one or two questions and I can ask one by one. The first one maybe is on the guidance on your slide 33.

Actually, we understand that in your guidance, you have maybe taken into account the impact of your acquisition in Dijon. Shall we expect maybe also some disposals to be taken into account in 2026?

Or maybe you are more to look for disposals in 2027?

Thank you, Florent, for this question. Yes, we have uplifted the guidance from 1.84 to 1.87.

Part of it comes from the Quetigny acquisition, around €0.01, and €0.02 come from operational performance, which is very strong, with the improvement of the EBITDA margin. Regarding the impact of potential disposal, we have already done around €15 million of disposals this year, and the objective, the yearly objective is around 50.

We are working on it. We have the capacity to do it, as we have done it, and we have disposed of more than 6% of the total portfolio in the last 3 years at really good conditions.

That won't impact the guidance for '26 as we are already starting the second semester. Won't impact the guidance for '26.

Okay. Thank you.

Maybe my second question, would be on your acquisition in Dijon. You expect that it will be accretive by plus 1% on net earnings on an annual basis.

Shall we consider this as a first conservative estimate? Or do you already include maybe some results with regarding the transformation of the asset and upgrade of the operational performance?

Yes, thank you for this question. The 1% is the immediate accretive impact.

As we have said, we are well above of target objective of 150 basis points above the cap rate for the net acquisition yield. On top of that, as Marie said, this center is really the kind of center that we are looking for, a leading shopping center.

We have capacity to optimize the mix merchandising. We have the capacity to make restructuring and to optimize the customer journey.

On top of that, there will be additional value creation.

Okay. Maybe my last question, you have spoken about implementation of cost efficiency, notably thanks to artificial intelligence.

Shall we expect any further improvement in the future in terms of cost efficiency?

Yes. Artificial intelligence is starting to be really concrete within Carmila.

It's not just a concept, but we are starting to develop really interesting solutions. By the way of example, we are currently developing an agent dedicated, for example, to automated reconciliations for cash receipts with outstanding invoices.

This is really important for us as we have more than 6,000 tenants, so many invoices, and it helps a lot the team to optimize the process and to be more efficient. We have a good returns on it.

As you have seen last year, we have improved the margin. We are continuing this semester with an improvement of 80 basis points, and there is more to come with efficiency around artificial intelligence solution deployments.

Thank you. That's very helpful.

Thank you very much.

Yes. Good morning and thank you for the presentation.

I've got a few questions. I will go through them one by one.

The first one maybe is on the guidance, just quickly. Do we agree that there's no additional acquisitions or disposals in the guidance, meaning that if there is anything happening soon, that could be impacting the guidance again?

Yes, there is no additional impact. As I said, we are entering in the second semester, there won't be big changes due to perimeter impacts to the guidance.

We are comfortable with that guidance, and we will deliver that guidance.

Okay. Thank you.

Maybe regarding the specialty leasing and pop-up stores, they're up more than 8% year-on-year, it's quite a good performance. I was just wondering, how come do you drive such a good performance is in this area, and should we expect more to come in the second part of 2026 and in 2027?

I think on specialty leasing, it's a good example of the power of the Carmila platform. We have people on the ground.

We have a great network and we have very efficient tools. If you remember, we launched Kwikstand, a AI-powered tool, in order to be more efficient.

We have very good streamline process because we are many leases on specialty leasing, we need to be very efficient. I think we can innovate to propose our tenant with new concepts and be able to deploy it very quickly.

Clearly, it's a very good example of the power of Carmila platform. We think that there is still to come, and probably in the coming years, a double-digit growth in this specialty leasing.

Clear. Thank you.

Maybe on Italy, because you didn't really mention anything this time. I know it's not your main geography, but it seems that the figures are a bit softer this time.

Obviously, it's related to the change in operator, but I'm just wondering if you could add a bit more colors on the market and what you expecting for 2027 with a new operator. Are you looking for growth or yeah, are you trying to reduce the exposure basically?

Yes, thank you for this question on Italy. As you mentioned, there is a new operator for Italy.

We have eight shopping centers. Seven of them are anchored with new Princesse, a new operator, is currently transitioning and rolling out new concepts.

It can explain why footfall is slightly down, but retailer sales actually grew by 1%. This proved the robust strength of our tenant mix.

We are very pleased with our current portfolio. We consider that the platform is a significant opportunity and we are clearly in a net buyer position in Italy, as in Spain and as in France, and we would love to expand if we find the right opportunities.

Thank you. If I may, just the last question.

You seem to emphasize your 80% of leading shopping centers, and then 20% is a bit of the rest. Should we understand that those 20% at your Capital Markets Day, maybe you're going to try to get rid of those 20% or transform it?

What's really the plan for those 20%, or should we just wait for the Capital Markets Day?

We hope to see you at the Capital Markets Day, for sure. Clearly, those 20%, first, they are not low quality.

They are not bad and we like them. It's a network of convenience centers, checkout galleries, providing daily essentials, and clearly it's a valuable and very resilient segment, it's not a problem to be solved.

That said, clearly, our direction of travel is clear. Over the plan, we are steering the portfolio toward more leading shopping centers through acquisition and disposal.

We want to buy leading centers like Grand Quetigny, and we are selective seller of non-core assets like we did with Villers-Semeuse. The idea is to recycling that capital.

On the exact phase, the quantum, the buyer universe, we will explain that at our Capital Markets Day on the 19th of November.

Thank you very much. Marie clear.

Thanks.

Hi, team. Good morning.

Thanks for the presentation. Two questions from my end.

First one: so there's been a number of wildfires in essentially all of your countries you're present in. Have any of your assets been affected by this, and do you see a change in consumer behavior?

Secondly, the EPRA vacancy rate you report now excludes the strategic vacancies. Why did you decide to change your metric here, and what would the number be if you do consider the strategic vacancies?

Yes. On the fire, first of all, we want to demonstrate our support to the people concerned by the fire.

No Carmila shopping centers exposed to this area. As our portfolio is very well spread and I think it's in terms of risk management, it's a kind of comfort.

On your second question—

On your second question about the EPRA vacancy rate, we are just aligning with the market, publishing the EPRA vacancy rate as everybody is calculating it. The result is 96% of financial occupancy and 4% of vacancy.

The impact of strategic vacancy is pretty stable. It allows us to develop restructuring projects such as Zara in Labège, Primark in Talavera, it creates value.

The idea was to align with the market practices, and that's was why we decided to publish the EPRA vacancy as are doing our peers. Okay.

Let's say you would have provided the number as you did previously, what would it have been?

Yes, we can, of course, and there's no problem with the strategic vacancy. It creates value, it's around 1.8% and it's pretty stable, and it has always been very stable over the semesters.

Okay. All right.

Had an EPRA occupancy rate roughly 94% then in H1?

No. 96%, that's how it's calculated.

That's how our peers are calculating it, so that's why we decided to align with the peers, and the EPRA occupancy rate is 96%.

Okay. Thank you.

We have a few questions on the chat. The first one is about the acquisitions.

Do we target centers attached to Carrefour? Can we look at other hypermarket operators, centers attached to other hypermarket operators?

Yes. We can buy the kind of asset we would like.

No problem to buy an asset anchored by another operator. As you know now, Carrefour is anchored mainly with Carrefour hypermarket, and we are very happy with that.

We have in Italy eight shopping centers without a Carrefour hypermarket, and in France now, two centers without a Carrefour hypermarket. Clearly, our acquisition policy is clear.

We want to acquire shopping center in which we can create value, and if it's anchored by a Carrefour hypermarket, it's very good. If it's anchored by another hypermarket, it's good also.

The second question on the chat is about the share buyback program. Do we plan to launch a new share buyback program?

On the share buybacks, we have already done €20 million during the first semester. Last year, the total was €30 million.

We are currently happy with the 20. We haven't decided to launch a new program for the third quarter, but we will keep you updated for the fourth quarter.

Then the question about the heat wave impact on visitors numbers and retailers' revenues.

Clearly, in June, especially in France, the heat wave has a positive impact on the footfall, not major, but a positive impact. I think everybody realized that when it's raining, when it's cold, and when it's very hot, the shopping center provide a comfort for the visit, which is very appreciated by the clients.

We try to be very in touch with local authorities during the heat wave. For instance, some school came into our center to do the class, especially in Montesson near Paris.

I think it demonstrates that we are a place that give comfort and that we are very anchored in the local authority in order to be part of the social link, which is very important for us. Then

a last question: where will the Capital Markets Day be hosted?

Thank you for this question. We will host it in Paris because we think it's more convenient for a lot of people.

We will organize after this CMDs visits to our shopping center, especially I can announce it in Rennes, in order to see the new leisure complex in our Rennes Cesson shopping center. I think there is no other question.

I thank you for your attention. Have a nice day and have a nice summer.

Thank you very much.