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<\/a><\/a>\nMercialys (Paris:MERY):<\/p>
\nThe very strong performance in the first half of 2026 reflects the successful repositioning of the portfolio around the Shop\u2022Park model and excellent operational execution, in an otherwise volatile environment.<\/p>
- \n
- \nNRE up +4.1% over 12 months <\/b>to Euro 64.1 million, or Euro 0.69 per share1<\/sup> (+3.9%)<\/li>\n
- \nEBITDA up +4.8%, with the margin expanding to 82.7% <\/b>a 70bps improvement over 12 months<\/li>\n
- \nNet rental income growth reaching +4.5%, driven by organic rental growth of +2.9%\n
- \n
- \nMarket share gains with footfall up +4.5%, <\/b>+370bp above the national panel<\/li>\n
- \nRetailer sales growth of +2.3%, <\/b>significantly outperforming the national benchmark<\/li>\n
- \nCurrent financial vacancy held at 2.1% <\/b>and retailer occupancy cost ratio limited to 11.1%<\/li>\n
- \nPortfolio value up +4.6% over 12 months, <\/b>with a stable yield rate of 6.63%<\/li>\n<\/ul>
- \n
- \nEPRA NTA up +3.8% over 12 months to Euro 16.23 per share <\/b>vs Euro 15.63 at end-June 2025<\/li>\n
- \nGrowth momentum sustained through the acquisition of a retail park in Toulouse<\/b><\/li>\n
- \nLoan-to-value ratio of 41.9%2<\/sup><\/b>, improving by 10bp year on year<\/li>\n<\/ul>
\n
\n \n\u00a0<\/p><\/td>
\nAt June 30, 2026<\/p><\/td>
\n\u0394<\/p>
\nvs. H1 2025<\/p><\/td><\/tr>\n
\n \nNet rental income (\u20acm)<\/p><\/td>
\n87.2<\/p><\/td>
\n+4.5%<\/p><\/td><\/tr>\n
\n \nEBITDA (\u20acm)<\/p><\/td>
\n76.3<\/p><\/td>
\n+4.8%<\/p><\/td><\/tr>\n
\n \nEBITDA margin<\/i><\/p><\/td>
\n82.7%<\/i><\/p><\/td>
\n+70bp<\/i><\/p><\/td><\/tr>\n
\n \nNet recurrent earnings (\u20acm)<\/b><\/p><\/td>
\n64.1<\/b><\/p><\/td>
\n+4.1%<\/b><\/p><\/td><\/tr>\n
\n \n\u00a0<\/p><\/td>
\n\u00a0<\/p><\/td>
\n\u00a0<\/p><\/td><\/tr>\n
\n \n\u00a0<\/p><\/td>
\nAt June 30, 2026<\/p><\/td>
\nOver 12-month<\/p><\/td><\/tr>\n
\n \nPortfolio appraisal value (\u20acm)<\/p><\/td>
\n3,063.2<\/p><\/td>
\n+4.6%<\/p><\/td><\/tr>\n
\n \nLTV ratio<\/p><\/td>
\n41.9%<\/p><\/td>
\n-10bp<\/p><\/td><\/tr>\n
\n \nEPRA NTA (\u20ac\/share)<\/b><\/p><\/td>
\n16.23<\/b><\/p><\/td>
\n+3.8%<\/b><\/p><\/td><\/tr>\n<\/table>
\n2026 GUIDANCE RAISED<\/p>
- \n
- \nFull-year NRE target revised upward and now expected between Euro 1.30 and Euro 1.32 per share<\/b><\/li>\n
- \nDividend target raised to at least Euro 1.02 per share<\/b><\/li>\n<\/ul>
\nI. CONTINUED MARKET SHARE GAINS FOR OUR SHOP\u2022PARK CENTERS<\/b><\/p>
\nIn the first half of 2026, Mercialys confirmed the full relevance of its Shop\u2022Park model, a hybrid format between destination centers and retail parks. Its 34 leading regional sites, which concentrate more than 95% of the portfolio value and 75% of which record more than 3 million visitors per year, capitalize on the polarization of retail towards the most dynamic regions and an affordable offering. This \u201cEveryday-low-price\u201d value proposition is now carried by more than 75% of the retailers across the portfolio: a wide choice and the preservation of purchasing power throughout the year.<\/p>
\n1. A RESILIENT CONSUMPTION BACKDROP AND STRUCTURAL GROWTH DRIVERS<\/p>
\nFrench household consumption is proving resilient in the first half, despite a latent resurgence of inflation. Overall, it is expected to grow by +0.2% to +0.5% in 2026, benefiting from a dual buffer: on the one hand, the expected decline in the savings rate by 2028, with each point of savings released representing around +1.3 additional points of consumption; on the other hand, the weight of social benefits, which account for nearly 34% of households\u2019 gross disposable income, structurally protecting consumption from cyclical shocks. A gradual return of the rent indexation driver is foreseeable from late 2026 \/ 2027 given embedded inflation.<\/p>
\nIn the meantime, first-half organic growth (+2.9% on net rents) was driven by actions carried out on the portfolio and by reversion (+2.3% on leases signed), which fully took over from the decline in indexation, which fell sharply to just +0.1% versus +2.5% a year earlier. This dual growth model \u2013 reversion and indexation \u2013 ensures sustainable revenue growth through the cycles.<\/p>
\nFurthermore, Mercialys\u2019 portfolio is ideally positioned to capture a long-term structural growth driver: the silver economy, whose contribution to GDP growth is estimated at +0.25 point per year over the coming years. France\u2019s senior population now exceeds 15 million people, with those 65 and over already represent nearly 22% of the population, a level broadly in line with the European Union average. This clientele, which generally has high purchasing power (the pension\/salary replacement rate reaches 70% in France), proves particularly loyal to physical retail: people aged 65 and over make an average of 137 store visits per year, compared with 94 for those under 35 with no children. They favor proximity and show greater loyalty to retailers. Focused on the regions where the growth brought by the senior population is strongest, Mercialys\u2019 geographic footprint makes it a natural beneficiary of this trend.<\/p>
\n2. ACCELERATING OPERATIONAL OUTPERFORMANCE<\/p>
\nThe operational indicators for the first half of 2026 confirm the strong appeal of the portfolio and its recurring outperformance relative to market indices:<\/p>
- \n
- \nfootfall across the sites is up +4.5% on a cumulative basis at end-June, i.e. +370bp above the Quantaflow national panel, and accelerates to +6.5% between June 1 and July 15, 2026, illustrating the appeal of the Shop\u2022Park indoor \/ outdoor concept;<\/li>\n
- \nretailer sales are up +2.3%3<\/sup>, i.e. +280bp above the FACT national index, driven by a rebound in sales in June after a start to the second quarter marked by a geopolitical wait-and-see attitude and a heatwave that was less favorable to consumption;<\/li>\n
- \nthe current financial occupancy rate returned to a very high level of 97.9%. The current financial vacancy rate thus remains at frictional levels, around 2% (versus 2.4% in the first quarter of 2026); it should be noted that 90% of the vacant units, linked to the liquidation of apparel retailers at the end of 2025, have already been re-let;<\/li>\n
- \nthe retailer occupancy cost ratio stands at 11.1% (excluding food), one of the lowest in the listed sector, preserving strong reversion potential;<\/li>\n
- \nreversion reaches +2.3% on leases signed in the first half, becoming the main driver of organic growth in a context of declining indexation.<\/li>\n<\/ul>
\nThis momentum is supported by particularly sustained leasing activity, with 97 leases signed in the first half of 2026 and a +24% increase in reletting operations compared with the first half of 2025. The leasing strategy continues to diversify the retail mix and to carefully reduce exposure to the apparel segment, a sector undergoing consolidation. Mercialys is gradually approaching its strategic objectives for diversifying commercial risk: no consumption segment accounting for more than 15% of rents and no retailer accounting for more than 3% of its rental income.<\/p>
\nMercialys signed its first three leases with the Italian retailer Legami, leader in the gifts\/leisure segment, in Angers, St Genis and N\u00eemes. This also includes a first signing with Primark in N\u00eemes. Four leases were signed with iconic Everyday-low-price retailers in the health\/beauty segment; Normal (Annemasse, Quimper) and Adopt (Morlaix and Clermont). In addition, two leases were signed with Aroma-zone (N\u00eemes and Brest).<\/p>
\nLastly, the signing of Action in Brest completes the reletting of all the space vacated following the departure of Casino: Leclerc, Leclerc Parapharmacie, Leclerc Jouet, Grand Frais and Action.<\/p>
\n3. ACCRETIVE EXTERNAL GROWTH AND A DISCIPLINED DEVELOPMENT PIPELINE<\/p>
\nMercialys is pursuing its strategy of growth through accretive acquisitions, with Euro 192 million invested since 2025 at an average initial yield above 8%: the acquisition of the Saint-Genis 2 shopping center south of Lyon, the buyout of the residual interests in the company Hyperthetis and, in the second quarter of 2026, the acquisition of the Fenouillet retail park, north of Toulouse (8,145 sq.m, 100% let). These operations meet the Company\u2019s strict criteria: improvement in the quality of the portfolio, attractive immediate yield, geographic and format consistency, and value creation potential.<\/p>
\nNew acquisitions are expected in the second half of 2026. These will be financed partly through asset rotation thereby preserving the Company\u2019s balance sheet strength.<\/p>
\nIn parallel, Mercialys is activating its development pipeline in a disciplined manner. It represents more than Euro 100 million over the 2026-2028 period and Euro 200 million over 2029-2031, with a target internal rate of return of at least 10% and the flexibility to suspend or restart each project depending on the market environment. Several landmark projects were launched during the half-year, with positive effects on revenues expected from 2027 onwards:<\/p>
- \n
- \nMarseille: delivery expected at the end of 2026\/beginning 2027, around 80% pre-let, for estimated value creation of +10%;<\/li>\n
- \nGrenoble: works launched in mid-2026, 90% pre-let, generating +20% of additional net rent;<\/li>\n
- \nSaint-Andr\u00e9 (R\u00e9union Island): works launched in mid-2026, pre-letting above 90%, for an expected yield above 9%;<\/li>\n
- \nN\u00eemes: phase 1 activated in 2025 and delivered in the first half of 2026, phase 2 in preparation.<\/li>\n<\/ul>
\nII. STRONG GROWTH IN HALF-YEAR RESULTS, A RISING PORTFOLIO VALUE AND A ROBUST FINANCIAL STRUCTURE<\/b><\/p>
\n1. NRE UP +4.1% FOR THE FIRST HALF<\/p>
\nThe strong operational momentum is reflected across all financial indicators for the first half of 2026.<\/p>
\nInvoiced gross rents are up +3.8% at Euro 91.9 million and gross rental income reaches Euro 92.2 million, driven by organic growth in gross rents of +2.3% (+2.9% organic growth in net rents). A temporary effect contributed adversely to revenue growth. It is linked to the ongoing redevelopment of the Brest and Niort sites, the full delivery of which and the new rents are expected to take effect in 2027. Restated for this redevelopment effect, gross rental income is up +6.2%.<\/p>
\nEBITDA comes to Euro 76.2 million, up +4.8% compared with the first half of 2025. The EBITDA margin improves by +70bp to 82.7%, benefiting from the increase in rents and cost discipline, partly linked to the first measurable gains from the artificial intelligence program, which targets a 5% reduction in operating expenses over the medium term. This discipline is also reflected in the 70bps reduction in the EPRA cost ratio.<\/p>
\nNet recurrent earnings (NRE) come to Euro 64.1 million, up +4.1% year on year, and to Euro 0.69 per share, i.e. +3.9% (per-share growth reflecting a temporary increase in the average number of shares related to the liquidity program). This NRE growth is achieved despite the rise in financial expenses associated with the increase in interest rates and the related normalization of the Company\u2019s average cost of debt.<\/p>
\n2. CONTINUED PORTFOLIO REVALUATION<\/p>
\nThe portfolio value comes to Euro 3,063 million including transfer taxes at end-June 2026, up +0.7% over 6 months and +4.6% over 12 months on a current basis. Over 12 months, this increase combines a rent effect of +1.3%, a yield effect of +2.5% and a scope effect of +0.8%. Over the half-year, rental growth (+0.5%) and the scope effect (+0.8%) offset a slight pressure on yields (-0.6%).<\/p>
\n
\n \n \n\u00a0<\/p><\/td>
\nCurrent basis<\/p><\/td>
\nLike-for-like4<\/sup><\/p><\/td><\/tr>\n
\n \nat June 30, 2026<\/p><\/td>
\nChange over the last 6 months<\/i><\/p><\/td>
\nChange over the last 12 months<\/i><\/p><\/td>
\nChange over the last 6 months<\/i><\/p><\/td>
\nChange over the last 12 months<\/i><\/p><\/td><\/tr>\n
\n \nAppraisal value excluding transfer taxes<\/p><\/td>
\n2,855.0<\/p><\/td>
\n+0.7%<\/p><\/td>
\n+4.4%<\/p><\/td>
\n-0.1%<\/p><\/td>
\n+3.6%<\/p><\/td><\/tr>\n
\n \nAppraisal value including transfer taxes<\/p><\/td>
\n3,062.9<\/p><\/td>
\n+0.7%<\/p><\/td>
\n+4.6%<\/p><\/td>
\n-0.1%<\/p><\/td>
\n+3.8%<\/p><\/td><\/tr>\n<\/table>
\nThe average appraisal yield rate comes to 6.63%, virtually stable compared with the end of 2025. This rate reflects a yield spread of more than 300bp compared with the risk-free rate (10-year OAT).<\/p>
\nThe EPRA net asset value indicators are up over 12 months: EPRA NTA comes to Euro 16.23 per share (+3.8%), EPRA NRV to Euro 18.71 (+4.3%) and EPRA NDV to Euro 16.49 (+4.4%). The increase in NTA is supported by net recurrent earnings and the revaluation of assets, despite the payment of the Euro 1.00 per share dividend on May 6, 2026, which mechanically reduces the 6-month indicators.<\/p>
- \nDividend target raised to at least Euro 1.02 per share<\/b><\/li>\n<\/ul>
- \nGrowth momentum sustained through the acquisition of a retail park in Toulouse<\/b><\/li>\n
- \nRetailer sales growth of +2.3%, <\/b>significantly outperforming the national benchmark<\/li>\n
- \nEBITDA up +4.8%, with the margin expanding to 82.7% <\/b>a 70bps improvement over 12 months<\/li>\n