CARMILA SA: insider trades · France · AMF

About CARMILA SA

Carmila SA is a listed real estate company focused on convenience-based retail property in Europe. Created in 2014 at the initiative of Carrefour together with institutional partners, the company was listed on the stock market in 2017 and has since established itself as a key player in shopping centers anchored in everyday consumer catchments. Carmila is listed on Euronext Paris, Compartment A, under ticker CARM and ISIN FR0010828137. Its business model is built around owning, managing, transforming and enhancing a portfolio of shopping centers, mainly integrated with or located near Carrefour hypermarkets and supermarkets. This proximity-based model gives Carmila privileged access to recurring consumer traffic and a broad base of retail tenants. In 2025, the group reported a portfolio of 250 shopping centers across 3 countries, with an appraised value of about €6.7 billion, more than 6,400 partner retailers and over 600 million visitors per year. Carmila’s strategic positioning is that of a specialist in human-scale retail assets located in catchment areas where people live and shop regularly. The company aims to generate stable rental income, maintain high occupancy and create value through redevelopment, extension and refurbishment projects. Its strategy goes beyond pure leasing: Carmila also develops mixed-use projects, combining retail with services and sometimes offices or residential components, while rolling out innovation initiatives to support tenant performance and customer experience. Retail media, merchandising optimization and active center management have become additional growth levers alongside organic rent increases. Geographically, Carmila is primarily present in France, Spain and Italy. France remains its historical core market and main revenue base, while Spain has become an increasingly important contributor to growth and asset value creation. The group benefits from a portfolio that is largely leader or co-leader in its trade areas, which supports strong occupancy levels and healthy footfall. For fiscal year 2025, Carmila posted solid performance, with net rental income of €403.1 million, EBITDA of €344.5 million and recurring earnings per share of €1.81, up 8.7% year on year. The company also reported a financial occupancy rate of 96.5% and an EPRA LTV ratio of 38.8%, reflecting a disciplined financial profile and active capital allocation. Overall, Carmila combines the defensive qualities of retail real estate, recurring rental cash flows and meaningful asset-transformation potential in a market supported by land scarcity and the long-term importance of well-located convenience retail assets.