Carmila S.A. (CRMIF) Q2 2026 Earnings Call Transcript

Operational performance this semester continued to be very strong, both in terms of growth and profitability. As a consequence, we are in a position to upgrade the full year guidance and report an increase in the value of our portfolio. Today, I will start with the key takeaways, Sebastien will deep dive into our 3 growth engines and Pierre-Yves will take you through the financials. Let me begin with the key messages. This was a very strong first half, but I want to be clear, it is not a one-off. It is a continuation of the track record we have built year-after-year. And behind is the same engine, our ability to transform our assets. First, we are upgrading our '26 guidance on the back of operational outperformance and our new acquisition. Second, momentum was strong across our 3 growth engines, organic growth with net rental income up 1.4%, boosted by record tenant demand and by strong momentum in Spain. Investment growth with the immediately accretive acquisition of Grand Quetigny and innovation growth contributing EUR 14 million with our new retail media offering.