Mercialys Sa · EURONEXT:MERY
Mercialys Sa — Mercialys Paris Ord — FY2025 Earnings Presentation
44 slides from Mercialys Sa's earnings presentation, Feb 18, 2026
Slide 1: 2025 Full-Year Results
2025 FULL-YEAR RESULTS February 18, 2026
Slide 2: Preliminary remarks
Preliminary remarks 2025 FULL-YEAR consolidated financial statements were approved by the Board of Directors on February 17, 2026 AUDIT PROCEDURES They have been completed by the statutory auditors. The audit certification report is underway 2025 FULL-YEAR RESULTS 2
Slide 3: Contents
Contents 01 02 03 04 01 Creating momentum for sustainable growth 02 Foundations in place to drive retailer and consumer preference 03 Strong results solid financing metrics 2026 outlook 04 Creating momentum for Foundations in place to Strong results & 2026 outlook sustainable growth drive retailer a
Slide 4: Creating momentum for sustainable growth
01 CREATING MOMENTUM for sustainable growth
Slide 5: Positive outlook for selective commercial real estate portfolios
Positive outlook for selective commercial real estate portfolios - Limited new supply of commercial space with high barrier to entry Urban - Population growth in suburban areas structure - Accessibility issues in city centers favoring out-of-town locations - Appetite for physical shopping Visitors’
Slide 6: Key progress towards the full repositioning of our portfolio
Key progress towards the full repositioning of our portfolio 8 core pillars focus on evolving consumption patterns WHERE WE COME FROM… …WHERE WE STAND… …WHERE WE AIM TO BE (SOON) Scattered portfolio all over the country incl. 95% of portfolio refocused on the 100% of portfolio refocused on Location
Slide 7: Strategic shift generating strong growth momentum
Strategic shift generating strong growth momentum Our best overall set of results since 2019 +1.7% vs 2024 +8.5% vs H1 PRO-FORMA(1) RENTAL REVENUES EPRA NTA €182.6m €16.96 / share +40 bps vs H1 +3.9% vs H1 EBITDA MARGIN PORTFOLIO LFL VALUE (2) 82.4% €3,041m +3.9% vs 2024 -260 bps vs H1 NRE LTV(2) €1
Slide 8: Core pillars in place to drive turnover and NRE growth
Core pillars in place to drive turnover and NRE growth OUR RETAIL TURNOVER NRE PORTFOLIO STRATEGIC ROADMAP GROWTH DRIVER GROWTH DRIVER Geographically to best capture both consumption refocused spending & population growth to embrace catchment area potential and face the Right sized reduction in mark
Slide 9: Proposed cash dividend of €1.00 per share
Proposed cash dividend of €1.00 per share(1) for 2025 Double-digit return for shareholders ROE Over ROE 10.2% 12 months (Return on Equity) 6.1% 4.1% (2) ( NTA growth Div. Yield TSR Over TSR 18.4% 12 months (Total Shareholder Return) 9.2% 9.2% (3) Share price var. Div. Yield (1) Subject to approval b
Slide 10: Committed to maintaining sector-leading ESG ratings
Committed to maintaining sector-leading ESG ratings 2025 AWARDS OUTPERFORMING OUR ROADMAP -57% 86% GHG emissions per sqm strategic centers rated since 2017 BREEAM In-Use Low Carbon GHG emissions Prime status Excellent or Outstanding Leader reduction leader 10pts ahead of 2030 initial target +59% vs
Slide 11: Medium-term trajectory: strong top line growth, profitability improvement, sustained high return
Medium-term trajectory: strong top line growth, profitability improvement, sustained high return AVERAGE DIVIDEND YIELD OF 10.2% 2026-2028 TRAJECTORY OVER LAST 5 YEARS Rental revenue growth (2026-2028 cagr) [+5.0% / +7.0%]* 11.2% 10.7% › of which organic [+1.5% / +2.0%] 9.8% 9.9% 9.2% › of which ind
Slide 12: Foundations in place to drive retailer and consumer preference
02 FOUNDATIONS IN PLACE to drive retailer and consumer preference
Slide 13: Our refocus on regional capitals in French sunbelt
Our refocus on regional capitals in French sunbelt helps us capture bulk of GDP growth while other regions are declining POPULATION POLARIZATION IN FRANCE MERCIALYS POLARIZED PORTFOLIO AVERAGE ANNUAL POPULATION CHANGE BETWEEN 2016 AND 2022 +0,76 % À +3,87 % +0,35 % À +0,74 % MORLAIX +0,15 % À +0,32
Slide 14: Our powerful omnichannel strategy enhances drive-to-store
Our powerful omnichannel strategy enhances drive-to-store Shop Park SOCIAL MEDIA EXCLUSIVE EVENTS CLICK & DROP & COLLECT PRODUCT HIGHLIGHTS › 417m views generated in 2025 › Thematic shows Footfall We offer a complete set of ship-from-store e.g Halloween +8.0% solutions to our tenants › 40m people re
Slide 15: Our retail mix matches consumer brand preferences
Our retail mix matches consumer brand preferences #1 #2 #3 CONSUMER SEGMENTS IN THE SEGMENT IN THE SEGMENT IN THE SEGMENT Everyday goods Action Gifi Centrakor 80% DIY Leroy Merlin Brico Depot Castorama Sport equipment Decathlon Nike Intersport General grocery Leclerc Carrefour Intermarché of French
Slide 16: Rental and industrial diversification to limit tenant risks
Our rental and industrial diversification is key to limit tenant risks and increase product offering diversity for consumers OBJECTIVE: NO INDIVIDUAL RETAILER RENTAL TOP50 TENANTS: EXPOSURE ABOVE 3% IN THE MEDIUM TERM 50% OF RENTAL REVENUS 6,0% All other tenants Top10 tenants 5,0% 25% 48% 4,0% 17% 3
Slide 17: Everyday-low-price is instrumental to sustain tenant health
Everyday-low-price is instrumental to sustain tenant health when purchasing power continues to be under pressure PURCHASING POWER FACING RENEWED PRESSURE Our high collection rate clearly illustrates our « inflation CONSUMER PRICE INDEX (GROWTH IN %) hedge » business model 7.0% 6.0% COLLECTION RATES
Slide 18: Commercial efforts focused on attracting leading Everyday-low-price brands
Our commercial efforts have focused on attracting the leading Everyday-low-price brands to our shopping parks TOP RETAILERS BAROMETER* RETAIL POSITIONING OF MAIN RETAILERS SIGNED IN 2025 (OCTOBER 2025) ACROSS OUR SHOP●PARK PORTFOLIO Leclerc (Hypermarket), LOW PRICE 1 Lidl (supermarket), Household Eq
Slide 19: Our strategy outperforms in the current economic environment
Our strategy outperforms in the current economic environment FOOTFALL RETAILER SALES 12-MONTH CUMULATIVE CHANGE AT END-DEC 2025 12-MONTH CUMULATIVE CHANGE AT END-DEC 2025 Mercialys +3.9% Mercialys +2.6% +300 bp +280 bp Quantaflow +0.9% FACT -0.2% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% -0.5% 0.5% 1.5% 2.5% +3
Slide 20: Record low vacancy and sector-leading OCR
Our record low vacancy and sector-leading OCR create healthy reversionary tension on upcoming lease expiries FINANCIAL VACANCY (1) OCCUPANCY COST RATIO AT A RECORD LOW LEVEL AMONG SECTOR PEERS’ LOWEST LEVEL 11.1% (2) 10.9% 2.9% 2.9% 2.9% 10.8% 10.7% (2) 2.0% 10.0% including food stores 2022 2023 202
Slide 21: Our pipeline gives us optionality and will be activated with discipline
Our pipeline gives us optionality and will be activated with discipline CAPEX INTENSITY Angers Ferney- Voltaire FLEXIBILITY TO Dijon LAUNCH, STOP OR Ste Marie Toulouse RESTART ANY OF St André OUR DEVELOPMENT Valence Cannes PROJECTS Mandelieu Paris Brest Marseille St Denis PdC Nimes HURDLE RATE Greno
Slide 22: Reinforcement projects help our assets gain local leadership
Our reinforcement projects help our assets gain local leadership BREST SHOP•PARK RETAIL MIX STRENGTHENING • Ph. 1 completed on budget in 14 months; Ph. 2 delivery ACCELERATED planned for Sept. 2026 EXECUTION • 90% of the former Casino sqm relet to-date • +50% footfall overall since reopening in Dec.
Slide 23: Extension projects capitalize on leading retail locations
Our extension projects capitalize on our already leading retail locations to build additional retail strength GRENOBLE SHOP•PARK ANGERS SHOP•PARK REINFORCING THE ATTRACTIVENESS OF THE SITE CONSOLIDATING LEADERSHIP VIA LAND-BANK ACQUISITION • Removal of the existing indoor mall and resizing for mid-s
Slide 24: Transforming our Fenouillet SHOP•PARK
Example of how we are transforming our Fenouillet SHOP•PARK to become the most visited asset in Toulouse metropolis 2013 - 2014 2015 - 2025 2026-2027 NEW PROJECTS New mall opening (2016) + 47 shops + 13 MS Restructuring of the historical gallery (2026-27) Historical gallery of 24 + 13 +3 MS: TEDI, B
Slide 25: New developments are attracting strong retailer demand
Our new developments are attracting strong retailer demand FERNEY-VOLTAIRE SHOP•PARK Land acquisition under sales ~17,000 sqm with agreement a mixed-use offering Wealthy and dynamic cross- Marks of interest > 80 % of total GLA border area between France and Switzerland Opening scheduled in 2029 EXPE
Slide 26: Acquisitions improve portfolio quality and growth momentum
Our acquisitions improve our portfolio quality and contribute to our growth momentum 2025 2026 SAINT-GENIS 2 ACQUISITION OUR NEW INVESTMENT CAMPAIGN HAS ALREADY BEGUN 2nd largest Shopping center in Greater Lyon TOULOUSE RETAIL PARK €176m High-income customer base Right-sized asset recently refurbish
Slide 27: Our model unlocks additional value on recent acquisitions
Our model already unlocks additional value on recent acquisitions SAINT-GENIS SHOP•PARK MERCHANDIZING MIX AND VACANCY OPTIMIZATION 1 lease signed and leads with major retailers IMPROVEMENT TARGETS Vacancy Leasing Charges Specialty reduction rent decrease leasing income -50% +5% -10% +10% IDENTIFIED
Slide 28: Trajectory accelerated by ImocomPartners AUM growth
Our trajectory to be further accelerated by ImocomPartners AUM growth IMOCOMPARK AUM 2025 OPERATIONAL KPIS STRONG VALUE CREATION POTENTIAL > 2.7x 385k sqm 670m €40m [+1.5m/+1.7m] [€3.2m/€3.6m] Rental area GAV TT NRI per year [+0.4m/+0.5m] [+0.1m/+0.2m] 33 348 +10% €1.2m Retail parks Tenants SRI rati
Slide 29: Strong results & solid financing metrics
03 STRONG RESULTS & SOLID FINANCING METRICS
Slide 30: +2.8% gross rental revenues on a like-for-like basis
+2.8% gross rental revenues evolution on a like-for-like basis €182.6m +1.7% €180.6m +0.6% €179.5m Lease rights +€4.5m Lease rights €0.4m €0.5m -€3.5m +2.8% (1) €179.2m €180.1m Rental revenues Scope Organic growth Rental revenues Dec. 31, 2024 and other impacts of gross rental revenues Dec. 31, 2025
Slide 31: First results of EBITDA optimization via Artificial Intelligence
First results of EBITDA optimization via Artificial Intelligence FOCUS ON 3 VALUE CREATION DRIVERS 2025 AI ROLLOUT HIGHLIGHTS Targeted automation of recurring lesser value-added functions I.e. legal processes, document management, › First AI agent applied to lease negociations 01 contractual reporti
Slide 32: 2025 Net Recurrent Earnings up +3.9% to €1.26 per share
2025 Net Recurrent Earnings up +3.9% to €1.26 per share NRE at its second highest level since 2011 EBITDA MARGIN 82.4% +40bps €1.26 / +3.9% share +€3.7m €1.21/ share +€1.7m +€5.1m -€0.2m -€6.0m €113.1m €117.5m +3.9% NRE Change in EBITDA Change in Change in Change Change in NRE Dec. 31, 2024 financia
Slide 33: Scope and cash-flow effect pushed portfolio value up
Scope and Cash-flow effect pushed the portfolio value up CHANGE IN PORTFOLIO VALUE IN 2025 in €m (1) CHANGE IN PORTFOLIO VALUE (1) H1 2025 FY 2025 +10.1% Rent effect +1.7% +2.0% 3,041 +3 Yield effect -1.0% +0.1% +54 Scope effect +5.3% +8.0% TOTAL CHANGE IN PORTFOLIO VALUE +6.0% +10.1% +222 2,761 MER
Slide 34: Strong EPRA NTA per share increase: +4.1%
Strong EPRA NTA per share increase: +4.1% over 12 months + €1.41 EPRA NTA › €16.96/share (1) €16.96 › +8.5% over 6 months €16.29 + €1.26 › +4.1% over 12 months -€0.99 driven by Portfolio revaluation - €1.00 EPRA NRV › €19.42/share › +8.2% over 6 months › +6.5% over 12 months EPRA NDV › €17.29/share
Slide 35: Solid balance sheet with extensive covenant headroom
Solid balance sheet with extensive covenant headroom STANDARD & POOR’S RATING: BBB / STABLE EXTENSIVE COVENANT HEADROOM AT END-2025 CONFIRMED ON OCTOBER 17, 2025 LTV COVENANT : ICR COVENANT : CHANGE IN NET DEBT / EBITDA < 55% EXCL. TT > 2X 5.5x 8.2x 7.2x 5.1x 7.1x 6.8x 4.9x 38.9% 38.2% 40.4% 2022 20
Slide 36: Sound liquidity position and extended debt maturity
Sound liquidity position covering 53% of our gross debt with an extended average debt maturity DEBT SCHEDULE IN €M (1) DRAWN DEBT 2.9% average cost Commercial of bond debt 15 paper 500 Bonds 300 27 300 300 150 Feb. Mar. Jun. Nov. Feb. Sept Sept 2026 2026 2027 2027 2028 2029 2030 2031 2032 3.5 years
Slide 37: 2026 Outlook
2026 OUTLOOK PIERCIALYS
Slide 38: 2026 outlook: steady NRE growth per share & balanced dividend
2026 outlook: steady NRE growth per share & balanced dividend distribution level NET RECURRENT EARNINGS At least €1.29 / share DIVIDEND At least €1.0 / share 2025 FULL-YEAR RESULTS 38
Slide 39: Appendices
PIERCIALYS 74) wu iS a za TH Oo. o. og
Slide 40: Financial calendar
Financial calendar 2026 2026 ANNUAL CONFERENCE SHAREHOLDERS’ CALL ON 2026 MEETING HALF-YEAR RESULTS APRIL 20 APRIL 23 JULY 28 JULY 29 OCTOBER ACTIVITY AT PRESS RELEASE ACTIVITY AT MARCH 31, 2026 ON 2026 SEPTEMBER 30, 2026 (after market close) HALF-YEAR RESULTS (after market close) (after market clos
Slide 41: EPRA performance indicators
EPRA performance indicators DECEMBER 31, 2024 JUNE 30, 2025 DECEMBER 31, 2025 EPRA earnings - € per share 1.21 0.66 1.26 EPRA NRV - € per share 18.23 17.94 19.42 EPRA NTA - € per share 16.29 15.63 16.96 EPRA NDV - € per share 16.45 15.79 17.29 EPRA net initial yield - % 5.93% 5.93% 5.64% EPRA “toppe
Slide 42: Net recurrent earnings (NRE) & EPRA earnings
Net recurrent earnings (NRE) & EPRA earnings IN THOUSANDS OF EUROS DECEMBER 31, 2024 DECEMBER 31, 2025 Invoiced rents 179,151 180,084 Lease rights 384 507 Rental revenues 179,534 180,591 Non-recovered property taxes -2,378 -2,373 Non-recovered service charges -3,631 -4,101 Net property operating exp
Slide 43: Balance sheet
Balance sheet IN THOUSANDS OF EUROS DECEMBER 31, 2024 DECEMBER 31, 2025 Goodwill - 11,470 Intangible assets 3,424 12,390 Property, plant and equipment other than investment property 7,445 9,082 Investment property 1,720,595 1,692,018 Right-of-use assets 14,784 143,493 Investments in associates 40,31
Slide 44: Disclaimer
Disclaimer › This communication contains forward-looking information and statements about Mercialys. Forward-looking statements are statements that are not historical facts. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, obj