Carmila

First-quarter 2022 Financial Information

Regulatory News:

Carmila (Paris:CARM):

• Carmila financial performance returning to normal
  • Net rental income up 17% versus first quarter 2021
  • Collection rate of 94% in the first quarter of 2022
• Leasing momentum maintained
  • 218 leases signed, positive reversion of +2.1% on new leases
  • Financial occupancy at 95.8%, up +30 basis points versus end-March 2021
  • Rental base up by +4.0% compared to end-March 2021
• Carmila outperforms the sector in terms of footfall
• Retailer sales: 94% of first quarter 2019 level
• Completion of the €20 million share buyback programme on 24 March 2022 and launch of a further €10 million share buyback programme
• Agreement for the sale of a portfolio of assets in France for €150 million, in line with appraisal values at end-2021
• Interest rate hedging position increased since the end of December 2021

Marie Cheval, Chair and Chief Executive Officer of Carmila commented: “The first quarter of 2022 has been positive, with the Group’s financial performance returning to normal in the absence of major health restrictions. After an excellent leasing performance in 2021, Carmila shopping centres enjoyed high occupancy rates. The disposal of a portfolio of six assets, signed in April, confirms the attractiveness and liquidity of Carmila's assets.”

Key financial highlights

	First-quarter 2022	First-quarter 2021	Change
Gross rental income (€m)	90.8	84.71	+7.2%
Net rental income (€m)	81.9	70.2	+16.6%
France	55.5	46.6	+19.2%
Spain	21.2	18.5	+14.4%