Report
Eurocommercial Properties 3Q25 results: Italy continues to outperform
Eurocommercial reports results in line with our expectations at EUR 1.85 direct investment result per share vs. 1.83 KBCSe (+1.1% YoY). The rental income growth accelerated at 3.6% like-for-like (1.7% above inflation) driven by rent reversion, stable (+10bps) vacancy and higher retail sales (+4.1% vs 2.6% in 1H25). The like-for-like growth is mainly driven by the Italian portfolio at +5.1%. The average rent collection dropped from 99.0% to 98.0% coming from the French portfolio (92% in 3Q25). The average debt maturity decreased to 3.3y from 3.6y in 1H25. In the short run, Eurocommercial has to refinance approx. EUR 426m secured loans in Sweden (C4) and Italy (flagships: Carosello and I Gigli). The company indicated at its CMD that discussions are going well and an update is to be expected in the beginning of FY26. EUR 28.0 TP and accumulate rating reiterated.
Underlying
EUROCOMMERCIAL PROPERTIES NV
Provider
KBC Securities
We are a financial services provider for several types of professional clients, each with distinct needs.
Lynn Hautekeete
Other Reports on these Companies
Other Reports from KBC Securities
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.