Eurocommercial Properties FY25 results: operational KPI's improve on all fronts

Eurocommercial reports results -1,7% below our EPRA EPS expectations and the visible alpha CSS on higher than expected investment and interest expenses. The investment expenses are likely related to the € 110,0m Swedish acquisition announced this week. The operational metrics improved materially on all fronts vs 3Q25: collection rate, OCR, Vacancy. Momentum continued in January 2026 as total retail sales were up +6,5% YoY. Over FY25 the portfolio valuation increased by +1,9% driven by higher NOI and stable cap rates. We think Eurocommercial will reach the upper end of its FY26 guidance of €2,45-2,50 direct investment result EPS.