Slide 1: The combination of operational expertise and financial strength
The combination of operational expertise and financial strength 2025 HALF-YEAR RESULTS July 25, 2025
Slide 2: Contents
Contents 01 02 03 01 Growth perspective of a qualitatively refocused portfolio 02 Sector-leading financial metrics Outlook 03 Growth perspective of a Sector-leading financial Outlook qualitatively refocused portfolio metrics Page 3 Page 26 Page 35 Page 3 Page 26 Page 35 2025 HALF-YEAR RESULTS 2
Slide 3: Growth perspective of a qualitatively refocused portfolio
01 GROWTH PERSPECTIVE OF A QUALITATIVELY REFOCUSED PORTFOLIO
Slide 4: 2025 NRE target range raised to €1.24-€1.27 per share
2025 NRE target range raised to €1.24-€1.27 per share €1.27 €1.25 € 1.22 € 1.24 NRE PER € 1.21 € 1.17 SHARE € 1.13 TRAJECTORY 2022 2023 2024 2025 2025 Revised upwards DIVIDEND TRAJECTORY 2022 2023 2024 2025 2025 Confirmed * * Dividend level will be proposed by Mercialys’ Board scheduled to meet on F
Slide 5: Positive outlook for the commercial real estate sector
Positive outlook for the commercial real estate sector Limited new supply of commercial space with high barrier to entry RETAIL SALES IN FRANCE Urban Population growth in suburban areas RESILIENT TO DEFLATION structure Accessibility issues in city centers favoring out-of-town locations Annual change
Slide 6: We have actively refocused our portfolio on the most dynamic metropolitan areas
We have actively refocused our portfolio on the most dynamic metropolitan areas 148 ASSETS WITH AN AVERAGE VALUE OF € 6,5m (1) 34 ASSETS WITH AN AVERAGE VALUE OF € 77m (1) 2005 2025 PARIS (1) Excluding transfer taxes 2025 HALF-YEAR RESULTS 6
Slide 7: We have rebalanced our portfolio towards real estate formats shaped for sustained performance
We have rebalanced our portfolio towards real estate formats shaped for sustained performance CONVENIENCE SHOPPING SHOPPING RETAIL COMMERCIAL REAL ESTATE FORMATS CENTERS MALL PARK PARK Number of shops & restaurants < 50 up to 250+ 50 to 150 < 50 Concept Multiple levels architecture NO YES NO NO Unde
Slide 8: The right balance between accessibility, choice & experience
EXAMPLE OF ONE OF OUR SHOPPING PARKS BREST THE RIGHT BALANCE BETWEEN ACCESSIBILITY, CHOICE & EXPERIENCE • Largest center in Brest metropolis (36,000 sqm) • More than 70 stores, mid-size units & restaurants • 1,500 parking spots • 97.5% occupancy 8
Slide 9: Right-sized asset format adapted to increasing retail concentration
Right-sized asset format of our portfolio adapted to increasing retail concentration No. of brands No. of #1 brand No. of brands in % of fan Level of segment Retail consumption segments with fan base brands in the segment 50% top of mind for #1 concentration > 5% mentioned Everyday goods discount st
Slide 10: Our constantly improved tenant-mix selection matching our customers' preferences
Our constantly improved tenant-mix selection matching our customers’ preferences H1 2025 BREAKDOWN OF MERCIALYS’ ANNUALIZED RENTAL INCOME BY BUSINESS SECTOR (%) 30.0% 70% of our TOP3 retailers in each consumption sector also in French consumers’ TOP3 favorites 19.3% 15,2% 15.2% 9.1% 7.8% TOP3 3.4% P
Slide 11: Large & diversified merchandising mix
EXAMPLE OF ONE OF OUR SHOPPING PARKS TOULOUSE LARGE & DIVERSIFIED MERCHANDISING MIX • 2nd largest shopping center in Greater Toulouse • 132 stores: 29 MSUs, 89 shops, 13 restaurants and 1 cinema HYPERMARKET • 105,700 sqm GLA and 2,600 parking spots ; 97.2% occupancy RESTAURANT MID-SIZE STORES SHOPS
Slide 12: Our increasingly diversified merchandising mix enabling a safer dispersion of risks
Our increasingly diversified merchandising mix enabling a safer dispersion of rental and operational risks RANKING # TENANT % OF TOTAL RENT Exposure to our two largest tenants decreased by 5% (-0,5 bp) 1 INTERMARCHE 5.6% over 6 months 2 AUCHAN 5.3% 3 CARREFOUR 2.4% Objective of reducing all our indi
Slide 13: Current financial vacancy rate at the lowest level since 2020
Current financial vacancy rate at the lowest level since 2020 thanks to strong letting activity FINANCIAL VACANCY RATE (1) (2) 5.4% 4.9% 4.4% 4.4% 4.4% 4.3% 4.1% 1.6% 1.7% 1.5% 1.5% 1.4% 1.2% 1.4% 3.8% 3.2% 3.0% 2.9% 2.9% 2.9% 2.9% 2020 2021 2022 2023 2024 H1 2024 H1 2025 Current financial vacancy r
Slide 14: Powerful anchorage without dependence on a particular food retailer
Powerful anchorage without dependence on a particular food retailer Marcq-en-Barœul* Re-development projects currently without food anchor DIJON Paris* Rent : 0.4% of total net rents Morlaix Value : 0.4% of portfolio value Brest VALENCE Rennes Rent : 0.5% of total net rents Quimper Value : 0,45% of
Slide 15: A proven ability to transform retailers' cycles into powerful growth drivers
A proven ability to transform retailers’ cycles into powerful growth drivers : Brest and Niort as examples of our unique know-how 13,700 sqm of unoperated hypermarket GLA relet in 2025 to 3 dominant food retailers in France Further future potential opportunities with leading retailers 2025 HALF-YEAR
Slide 16: New opportunities for qualitative transformations in a context of low vacancy
New opportunities for qualitative transformations in a context of low vacancy and high demand across our portfolio Smaller, more efficient food stores Lease expiry schedule (with a focus on hypermarkets) change in € sales per sqm % of total rent per year 17.1% 14.8% 9,500 9,100 11.9% 3.6% 9.7% 8,400
Slide 17: Industrialized marketing strategies enhancing retailers' operations
Industrialized marketing strategies enhancing retailers’ operations 1 2 3 SOCIAL MEDIA OMNICHANNEL RESPONSIBLE CONSUMPTION Social media: Local and ROI oriented Capitalizing on click-and-collect Capitalizing on new consumption trends as Winning strategy = relevant brand content + careful 59 lockers i
Slide 18: Sustained footfall & retailer sales outperformance
Sustained footfall & retailer sales outperformance CUMULATIVE CHANGE IN FOOTFALL CUMULATIVE CHANGE IN RETAILER SALES AT END-JUNE 2025 (1) AT END-JUNE 2025 (1) (% change vs. H1 2024) (% change vs. H1 2024) Mercialys +3.4%* Mercialys +1.7%* +240 bp +50 bp Quantaflow +1.0%* FACT +1.2%** 0.0% 0.5% 1.0%
Slide 19: Reversion uptick to sustain future organic growth
Reversion uptick to sustain future organic growth in a context of slowing indexation AVERAGE ORGANIC RENTAL REVENUE GROWTH OVER THE PERIOD: +3.6% (1) › Organic growth of +2.7% in H1 2025 reflecting a +3.4% +3.4% +2.6% +3.7% +3.6% -7.0% +3.0% +4.1% +4.1% +3.9% +2.7% decline of indexation and a pick-u
Slide 20: Lowest comparable OCRs among our peers allowing for future reversion
Lowest comparable OCRs among our peers allowing for future reversion MERCIALYS’ SEGMENT OCRS BELOW MARKET AVERAGE MERCIALYS TENANTS’ OCR (1) AT THE LOWER END OF THE LISTED SECTOR ACROSS ALL CONSUMPTION SEGMENTS (at end-2024) (at end-2024) 15,4% 24% 14,0% 21% 12,6% 10,5% 9,8% 16,8% 17% 17% 15% Excl.
Slide 21: 2025 acquisitions illustrate our expansion strategy
2025 acquisitions perfectly illustrate our expansion strategy : unlocking growth and improving our portfolio quality SAINT-GENIS 2 ACQUISITION BUYOUT STAKE IN HYPERTHETIS High population density Demographically dynamic areas High-income customer base Existing regional Mercialys’ presence Recently re
Slide 22: Curated investment
LEADING ASSET ACQUISITION IN 2025 LYON CURATED INVESTMENT • 2d largest shopping center in Greater Lyon • 29,000 sqm GLA • More than 100 stores and restaurants • Top 10 return per sqm for food retail in France • 1,900 parking spots (ground level only) • Top 5 asset in Mercialys’ portfolio
Slide 23: Disciplined approach to development with a hurdle rate above 7%
We believe in a disciplined approach to development with a hurdle rate above 7 % GRENOBLE › Removal of the existing indoor mall to make way for mid-size units better suited to customer expectations €40m currently committed on development projects › Creation of a “Gourmet promenade” with a food-focus
Slide 24: ImocomPartners, an ideal platform to develop investments on vertical themes
ImocomPartners, an ideal plateform to develop investments on “vertical themes” with limited equity FOR MERCIALYS FOR OUR LPs • Asset-light and recurrent source of • Benefiting from broad commercial Specialized commercial real estate revenue: direct (dividends) and real estate expertise platform with
Slide 25: Additional growth lever
EXAMPLE OF A RETAIL PARK MANAGED BY IMOCOMPARTNERS ADDITIONAL GROWTH LEVER
Slide 26: Sector-leading financial metrics
02 SECTOR-LEADING FINANCIAL METRICS
Slide 27: Rental revenues temporarily impacted by H2 2024 disposals
Rental revenues temporarily impacted by H2 2024 disposals €91.6m Lease rights €174 MILLIONS OF €0.2m ORGANIC GROWTH +2.7% €88.7m -3.1% ACQUISITIONS took place very late during Lease rights the first half of 2025 -€4.6m +€0.1m €0.2m +€2.3m -€0.7m €91.4m NEGATIVE IMPACT €88.5m -3.1% of disposals in 20
Slide 28: Optimizing EBITDA by investing in Artificial Intelligence
Optimizing EBITDA by investing in Artificial Intelligence 3 VALUE CREATION DRIVERS IDENTIFIED Targeted automation of recurring lower-value functions 1 › E.g. legal processes, document management, contractual reporting, administrative support › Medium term target: savings 5% of operating expenses Opt
Slide 29: H1 2025 Net Recurrent Earnings up +3.9% to €61.6m
H1 2025 Net Recurrent Earnings up +3.9% to €61.6m, with +4.0% per share €0.66 / +4.0% €0.63 / share share EBITDA MARGIN 82.0% - €0.2m + €1.9m - €1.2m + €0.5m + €3.5m - €2.8m + €0.7m €61.6m +3.9% €59.3m NRE Change in Change in Change in Change in Change in Change Change in NRE June 30, 2024 rental re
Slide 30: Rebound confirmed in the portfolio valuation
Rebound confirmed in the portfolio valuation Change in portfolio value excluding transfer taxes LIKE-FOR-LIKE CHANGE (1) H1 2024 FY 2024 H1 2025 of which rent effect +2.3% +3.3% +1.7% of which yield effect -2.0% -2.3% -1.4% TOTAL CHANGE IN PORTFOLIO VALUE +0.4% +1.1% +0.3% MERCIALYS Average annual r
Slide 31: Portfolio yield of 6.79% delivers a +350 bp premium over the risk-free rate
Mercialys’ portfolio yield of 6.79% delivers a +350 bp premium over the risk-free rate leaving room for future revaluation 12/2019 12/2020 12/2021 12/2022 12/2023 06/2024 12/2024 06/2025 Average appraisal yield rate 5.26% 5.72% 5.71% 5.75% 6.61% 6.68% 6.65% 6.79% EPRA Net Initial Yield 4.94% 5.28% 5
Slide 32: Change in EPRA NDV per share impacted by the full dividend payment
Change in EPRA NDV per share impacted by the full dividend payment in H1 €16.45 EPRA NDV -€1.00 › €15.79/share (1) €15.79 (2) +€0.24 › -4.5% over 12 months +€0.15 -€0.05 driven by change in fair value -€0.01 of fixed-rate debt and goodwill Rent effect EPRA NRV + €0.47 › €17.94/share Yield effect › +
Slide 33: Sound liquidity position covering 52% of our gross debt
Sound liquidity position covering 52% of our gross debt DEBT SCHEDULE AT END-JUNE 2025 (in €m)(1) Commercial paper 500 DRAWN DEBT Bonds 300 300 300 150 15 27 Aug. Sept. Feb. Dec. June Nov. Jun. Jul. Dec. Feb. Jun. Sept. Jun. 2025 2025 2026 2026 2027 2027 2028 2028 2028 2029 2030 2031 2032 UNDRAWN DE
Slide 34: Target to keep a solid credit rating, while maintaining our growth trajectory
Target to keep a solid credit rating, while maintaining our growth trajectory CHANGE IN LTV AND ICR CHANGE IN COST OF DRAWN DEBT 6.1x 5.5x 5.7x 5.2x 39.6% (1) 36.1% 37.4% 34.3% 2.2% 2.0% 1.9% H1 2022 H1 2023 H1 2024 H1 2025 H1 2024 FY 2024 H1 2025 LTV (%) - including transfer taxes ICR (x) STANDARD
Slide 35: Outlook
Oo 6 Oo °° < La a > Ww oO B
Slide 36: The bricks for future superior growth are in place
The bricks for future superior growth are in place Lower vacancy sustained organic growth Refocused Attractive Right format Diversified Potential External growth Superior portfolio on occupancy and power of and relevant reversion opportunities Growth leading assets cost ratio attraction for Merchand
Slide 37: 2025 NRE new target range revised upwards
2025 NRE new target range revised upwards CHANGE IN NET RECURRENT EARNINGS / SHARE Revised to €1.24-€1.27 / share compared with initial target range of €1.22-€1.25 / share DIVIDEND POLICY At least 1.0€ / share maintained ESG Goal of carbon neutrality & continued progress on our strategy 2025 HALF-YE
Slide 38: Appendices
APPENDICES PIERCIALYS
Slide 39: Net recurrent earnings (NRE) & EPRA earnings
Net recurrent earnings (NRE) & EPRA earnings IN THOUSANDS OF EUROS JUNE 30, 2024 JUNE 30, 2025 Invoiced rents 91,385 88,509 Lease rights 175 226 Rental revenues 91,560 88,735 Property taxes -14,265 -13,545 Rebilling to tenants 11,872 11,162 Non-recovered property taxes -2,393 -2,382 Service charges
Slide 40: Balance sheet
Balance sheet IN THOUSANDS OF EUROS DECEMBER 31, 2024 JUNE 30, 2025 Goodwill - 19,473 Intangible assets 3,424 3,561 Property, plant and equipment other than investment property 7,445 8,346 Investment property 1,720,595 1,701,866 Right-of-use assets 14,784 146,472 Investments in associates 40,315 33,
Slide 41: 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