Carmila stock (CARM, ISIN FR0010828137) is the share of the property company that owns the shopping malls attached to Carrefour hypermarkets in France, Spain and Italy. Listed as a real estate investment company (SIIC, the French equivalent of a REIT), it redistributes most of its rental income as dividends, which makes it an income stock followed by retail investors.
This page covers the live Carmila share price, the business model, the latest results, the dividend and its taxation, the competitors and how to buy the stock — with one important caveat: as a SIIC, Carmila is not eligible for the PEA.
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Last updated: October 21, 2026
Carmila Stock Price: Live Quote
Over 52 weeks, the Carmila share price has traded between € and €. Carmila is listed in Compartment A of Euronext Paris and belongs to the SBF 120 and CAC Mid 60 indices.
Carmila at a Glance: The Malls of Carrefour Hypermarkets
Carmila was created in 2014 by Carrefour and institutional investors to bring together and develop the shopping malls located around the group’s hypermarkets. It became a listed company in 2017, through a merger with a small firm already quoted on the stock exchange.
According to the company, Carmila owns around 250 shopping centers in France, Spain and Italy, valued at €6.7 billion as of December 31, 2025, and welcomes more than 600 million visitors a year. In 2024, the acquisition of Galimmo, owner of malls attached to former Cora hypermarkets, widened the French portfolio.
The positioning is that of local retail hubs, which the company calls « Local LifeHubs »: everyday places, rooted in their areas, where the Carrefour hypermarket draws a steady flow of customers. The malls host shops, restaurants, health services and leisure.
How Carmila Makes Money
The model of a retail property company is simple in principle: Carmila owns the buildings and collects the rent paid by the retailers. That rent is generally indexed to inflation, and part of it can depend on the sales generated by the retailer.
The company highlights three growth drivers:
- Organic growth: indexation of rents, upward renegotiations (known as reversion) and improvement of the occupancy rate.
- Growth through investment: targeted acquisitions, with a target of around €100 million a year, and disposals of secondary assets.
- Growth through innovation: letting of temporary spaces (Specialty Leasing), advertising screens (Retail Media) and new services, with high margins.
Two indicators summarize the quality of this model. The financial occupancy rate measures the share of potential rent actually collected: the closer it is to 100%, the fewer vacant units the portfolio has. The collection rate indicates the share of billed rent actually received, a good thermometer of the financial health of the tenant retailers.
The link with Carrefour is structural. The neighboring hypermarket generates the footfall, and Carrefour remains Carmila’s largest shareholder. Our page on buying Carrefour stock lets you track the health of this key partner.
Like all property companies, Carmila reacts to a handful of main factors:
- Interest rates: when rates rise, property values fall and the cost of debt increases; the dividend yield also becomes less attractive compared with bonds. This is the sector’s number one driver of price swings.
- Consumer spending: retailer sales, footfall, retailer failures.
- Operational indicators: the Carmila occupancy rate, the rent collection rate, the level of reversion.
- The health of Carrefour: the group’s strategy for its hypermarkets directly influences the appeal of the malls.
The ex-dividend date, every year in the spring, also triggers a mechanical drop in the price, by the amount paid.
Carmila’s Latest Results
In the first quarter of 2026, rental income reached €112.3 million and net rents €100.7 million, stable on a reported basis and up 1.2% at constant scope, i.e. 80 basis points above indexation (Carmila publications).
| Net rents Q1 2026 | Amount | Change at constant scope |
|---|---|---|
| France | €70.6 million | +0.8% |
| Spain | €24.0 million | +2.5% |
| Italy | €6.1 million | +0.3% |
| Total | €100.7 million | +1.2% |
Operational indicators are solid: 227 leases signed over the quarter, reversion of +2.0%, a financial occupancy rate of 95.5% and a collection rate of 96.5%. Spain is the most dynamic region, with retailer sales up 7.0%, while France slips slightly by 0.6%.
On July 29, 2026, alongside its half-year results, Carmila raised its 2026 guidance for recurring net income per share to €1.87, from €1.84 previously and €1.81 in 2025. Organic growth in net rents reached 1.4% in the first half, and the company bought the Dijon Grand Quetigny center for €45 million. Third-quarter financial information is due on October 22, 2026 after the close.
How to Read a REIT Earnings Release
A property company’s reported net income is blurred by swings in property values. The relevant indicators are recurring net income (rents minus costs and the debt burden), which funds the dividend; revalued net asset value (NAV), which measures the value of the portfolio per share; and the loan-to-value ratio (LTV), which relates debt to asset value.
Comparing the share price with NAV per share tells you whether the market values the property company at a discount or a premium to the value of its buildings.
Carmila Stock: Key Figures
The gauge positions the current price within the 52-week range:
The last five sessions of ():
Market Data and History, Updated Automatically
CARM.PA · Paris| Exercice clos le | Chiffre d’affaires | Résultat net |
|---|---|---|
| 2025-12-31 | 434,4 M € | 185,5 M € |
| 2024-12-31 | 404,1 M € | 313,8 M € |
| 2023-12-31 | 368,6 M € | 2,8 M € |
| 2022-12-31 | 357,0 M € | 219,3 M € |
Source: Yahoo Finance, data collected by the server (collection date shown under each block). Indicative data, not investment advice.
Carmila Dividend: Yield and Schedule
Carmila pays an annual dividend. For fiscal year 2025, the annual general meeting of May 13, 2026 was asked to approve a dividend of €1.36 per share, fully in cash, up 9% from the €1.25 dividend paid for 2024. It went ex-dividend on May 20, 2026 and was paid from May 22, 2026.
At the current price of €, the data feed indicates a dividend of € per share, a yield of %. This yield, high relative to the market average, is explained by the SIIC regime and by the moderate valuation of retail property companies.
The SIIC Regime: Distribution Rules for French REIT Stocks
Listed real estate investment company status exempts Carmila from corporate tax on its property activities. In return, the law requires the company to distribute a large share of its earnings: 95% of profits from rents, 70% of capital gains on disposals and all dividends received from subsidiaries under the same regime.
This is what makes SIICs income stocks by construction — the defining trait of French REIT stocks. The trade-off: the company keeps little profit to grow, and funds its acquisitions with debt, disposals or, more rarely, capital increases.
In 2026, Carmila complemented the dividend with share buybacks intended to be cancelled: a first €10 million tranche executed, then a second €10 million tranche launched in late April. Cancelling shares mechanically lifts earnings per share. To compare with other income stocks, see our selection of the best dividend stocks.
Debt and Financial Structure
The average cost of debt is confirmed at 3.0% for 2026, unchanged from 2025. In April 2026, Carmila topped up an existing bond issue maturing in January 2033 by €100 million, and the company has no bond maturity before May 2027, according to its press release.
For a property company, debt management is central: real estate is largely financed with borrowing, and a sustained rise in rates makes each refinancing more expensive. The maturity schedule and the leverage ratio therefore deserve attention at every publication.
Analyst Consensus on Carmila Stock
Analysts generally value a property company from its revalued NAV and its recurring earnings. Their price targets depend heavily on their interest-rate assumptions and on the capitalization rates applied to shopping malls.
Carrefour is Carmila’s largest shareholder, with about one-third of the capital. Insurers and institutional investors present since the company’s creation also hold significant stakes. Governance is led by Marie Cheval, chair and chief executive officer.
This structure provides a long-term industrial partner, but it creates a dependency: Carrefour’s decisions on its hypermarkets — renovation, reduction of floor space, change of format — weigh directly on the appeal of the malls.
Carmila’s Competitors
Carmila operates in European retail real estate, alongside property companies with different profiles:
- Klépierre: large regional shopping malls across Europe. Our page on buying Klépierre stock covers this file, often compared with Carmila.
- Unibail-Rodamco-Westfield: flagship centers in the major European and American metropolises.
- Mercialys: malls attached to hypermarkets in France, a model close to that of Carmila.
Carmila’s specificity lies in the local, mid-size format of its centers, less exposed to the big fashion chains than regional malls, but more dependent on the vitality of the neighboring hypermarket and on local purchasing power.
Carmila and Online Shopping
The growth of online shopping is the structural risk most often cited for shopping malls. It nevertheless hits the different formats unevenly. Carmila’s neighborhood malls host a high proportion of services, restaurants, health providers and everyday retailers — activities less replaceable by the internet than fashion or electronics.
The company is also working to turn this threat into a source of revenue: advertising screens sold to brands (Retail Media), pop-up spaces bookable online, click-and-collect points. According to the half-year results, these innovation activities contributed €13.7 million to recurring income, up 13% year on year. Their weight remains modest, but their growth is closely watched.
Shopping Center Stocks: The Market Context
Shopping center property companies have been through a difficult decade: the rise of online shopping, closures linked to the 2020 health crisis, then a sharp rise in rates from 2022, which lowered the value of buildings and made debt more expensive. Many stocks in the sector have traded for years below the value of their assets.
Since then, the stabilization of rates and the resilience of rents have improved the reading of the sector, without erasing the doubts. For the investor, this means part of the high yield pays for a perceived risk: the market demands a premium for holding retail real estate.
Carmila Stock: Strengths and Risks
| Strengths | Risks |
|---|---|
| High dividend, raised for 2025 | Sensitivity to interest rates |
| High occupancy and collection rates | Dependence on Carrefour and hypermarkets |
| Recurring income guidance raised in 2026 | Sluggish French consumer spending |
| Debt at a controlled cost, maturities spread out | Competition from online shopping |
Should You Buy Carmila Stock in 2026?
Carmila stock is aimed chiefly at the investor looking for regular income who accepts the sensitivity of listed property to interest rates. The file combines a high dividend, stable operational indicators and a raised forecast for 2026.
The points of caution are real: a rise in rates would weigh on valuation, a deterioration in consumer spending on variable rents, and an unfavorable shift in the hypermarket format on footfall. Anyone asking « is Carmila a good dividend stock » should also keep one rule in mind: the payout is not guaranteed — it depends on results and on decisions of the annual general meeting.
A prudent approach consists in adding Carmila to a diversified property sleeve, alongside other listed property companies, rather than making it a dominant holding. The capital invested is not guaranteed.
How to Buy Carmila Stock
- Identify the stock: Carmila, ticker CARM, ISIN FR0010828137, Euronext Paris, Compartment A.
- Choose the account: SIIC shares are excluded from the PEA, the French tax-advantaged equity savings plan. You must therefore go through a regular share account or, depending on the contract, a life insurance policy offering the stock as a unit-linked investment.
- Plan for taxation: in a share account, SIIC dividends are subject to the French flat tax (prélèvement forfaitaire unique), with no 40% allowance — that relief is reserved for standard dividends if you opt for the progressive tax scale.
- Place a limit order to control your purchase price; our guide to stock market orders explains the different options.
- Note the calendar: annual results in February, annual general meeting and ex-dividend date in May, half-year results in late July.
For broader exposure, ETFs on European listed real estate hold Carmila alongside other property companies. CFDs, which are leveraged products, allow short-term speculation but expose you to rapid losses and do not pay the dividend in the same form.
Diversifiez votre patrimoineInvestissez dans l’artDes tableaux originaux, pièces uniques signées par l’artiste. Un actif tangible, loin des écrans et des cotations.Voir les tableaux →
Frequently Asked Questions About Carmila Stock
Does Carmila pay a dividend?
Yes. Carmila pays an annual dividend in cash. For 2025, it amounts to €1.36 per share, up 9%, with an ex-dividend date of May 20, 2026. As a SIIC, the company must distribute most of its rental earnings.
Can you hold Carmila stock in a PEA?
No. Shares of listed real estate investment companies (SIIC), such as Carmila, are excluded from the PEA. You must go through a regular share account or, depending on the contract, a life insurance policy offering the stock.
What is the link between Carmila and Carrefour?
Carmila owns the shopping malls attached to Carrefour hypermarkets in France, Spain and Italy. Carrefour, which co-founded the company in 2014 with institutional investors, remains its largest shareholder.
What is a SIIC?
A listed real estate investment company is exempt from corporate tax on its property activities, in exchange for the obligation to distribute 95% of its rental earnings, 70% of its capital gains and all dividends received from SIIC subsidiaries.
A rise in rates lowers the value of buildings, increases the cost of debt and makes the dividend less attractive compared with bond investments. Listed property companies are therefore among the stocks most sensitive to rates.
What is the ISIN code of Carmila?
The ISIN code of Carmila stock is FR0010828137. The stock trades on Euronext Paris, Compartment A, under the ticker CARM, and belongs to the SBF 120 and CAC Mid 60 indices.
The Key Takeaways
- Listing: Euronext Paris, CARM, ISIN FR0010828137 — not PEA-eligible (SIIC).
- Business: around 250 malls attached to Carrefour hypermarkets in France, Spain and Italy.
- Dividend: €1.36 for 2025 (+9%), plus share buybacks.
- Results: recurring income per share guidance raised to €1.87 for 2026.
- Risks: interest rates, consumer spending, dependence on Carrefour.
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