Key results and guidance
Klépierre said its like-for-like net rental income rose 2.6% in the first quarter. The French shopping-centre operator left unchanged its target for 2026 net current cash flow per share of at least €2.75, a goal that the company says is based on a minimum 1% increase in EBITDA.
Financials and operational drivers
First-quarter EBITDA increased by 2.7% to reach €267 million. Net rental income rose 2.6% on a like-for-like basis and 2.8% on a current basis, with the uplift on a current basis supported by the acquisition of Cassamina. Indexation added 0.8 percentage points to net rental income growth in the quarter.
Occupancy and rental dynamics showed modest movement. The vacancy rate was 3.1% at the end of the quarter, which is 20 basis points higher than in the prior quarter but 40 basis points lower than a year earlier. Rental uplift across the portfolio stood at 4.9% for the quarter, compared with 4.6% for full-year 2025. The occupancy cost ratio remained stable at 12.5%.
Retail sales and footfall
Retailer sales at Klépierre’s shopping centres increased 4.4% year-over-year during the quarter, with March posting 4.2% growth. Several markets delivered stronger performances, with Spain, Portugal, Norway and the Czech Republic each recording retail sales growth above 5%. Footfall across Klépierre centres rose 1.6% in the period.
Balance sheet and financing
The company reported its average cost of debt remained unchanged at 1.9%. Following a bond refinancing carried out in February that was priced at 3.1% for seven years, Klépierre said it has no further refinancing needs in 2026. Net debt-to-EBITDA was 6.8 times at the reporting date, and the company indicated that 100% of its debt is hedged at a fixed rate for this year.
Portfolio move: Aqua Portimão
Klépierre acquired the remaining 50% interest in the Aqua Portimão shopping centre in Portugal’s Algarve region for €59 million, moving to full ownership of the asset. The mall has posted a 33% increase in sales density over the past three years. Klépierre expects the transaction to deliver a high-single-digit cash return starting in the first year following completion.
Notes: The company maintained its 2026 guidance and reported the Q1 operational and financial metrics above without issuing changes to its outlook.