Mercialys Reports a 3.9% Increase in Recurring Net Income, Supported by a 4.1% Rise in Revalued Net Assets

Strong Performance in Recurring Net Results

Mercialys posted a recurring net income of 117.5 million euros in 2025, up by 3.9% compared to 113.1 million in 2024. Per share, the recurring net income reached 1.26 euros, up from 1.21 euros the previous year, marking an identical increase of 3.9%. This result is at the upper end of the mid-year revised guidance range of 1.24 to 1.27 euros per share. The performance benefits from a 2.8% organic growth in rental income, driven by a favorable indexation of 2.3% and partially offset by asset disposals made in 2024. EBITDA stands at 148.9 million euros, up 1.2% from 2024, with a high margin remaining at 82.4%. Operational fundamentals show remarkable solidity, with a record rent recovery rate of 97.8% and a historically low financial vacancy rate of 2.0%. The effort rate, reflecting the merchants' ability to bear rents, remains stable at 10.9%.

Increase in Property Value and Net Asset Value

The value of the real estate portfolio rose to 3,041.1 million euros including rights as of December 31, 2025, up 10.1% over twelve months at current scope, or 2.1% at constant scope. This development is driven by positive rental dynamics with an impact of rents by 2.0%, slightly offsetting the rise in interest rates. The average yield rate of appraisals remains stable at 6.65%, marking a positive gap of over 300 basis points compared to ten-year government bonds. The EPRA NTA revalued net asset climbs to 16.96 euros per share, up 4.1% over twelve months from 16.29 euros at the end of 2024. This increase is explained by the recurring net income of 1.26 euros and a favorable variation of latent gain for 1.41 euros, partially offset by the dividend payment for 2024 of 1.00 euro and the negative effect of fair value of derivatives for 0.99 euro. The debt ratio (LTV including rights) stands at 37.4%, an improvement of 230 basis points compared to June 2025, well below the bank threshold of 55%. Mercialys also confirmed its BBB rating with a stable outlook by Standard & Poor's in October 2025.

Major Acquisition Operations in 2025

Mercialys conducted major acquisition operations in 2025 for a cumulative amount of 190 million euros, displaying an average yield of about 9%. In March 2025, the group acquired the remaining 70% of the portfolio management company ImocomPartners, which manages a fund under management of 670 million euros dedicated to retail parks. In June 2025, the leading shopping center Saint-Genis 2 in western Lyon was acquired for 146 million euros, a site of 18,000 square meters hosting 90 stores and 10 restaurants. In July 2025, Mercialys took over the remaining 49% of the company Hyperthetis for 29.5 million euros net, thus gaining full control of five sites representing 66,000 square meters. The development project portfolio amounts to 400 million euros for medium-term deployment, including restructuring in Toulouse, Brest, and Niort, extensions in Angers and Grenoble, as well as the development of new Shop-Parks in Saint-André (Reunion), Saint-Denis (Paris region), and Ferney-Voltaire (Geneva basin). All projects respect a strict criterion of a minimum profitability of 8% on employed capital.