Slide 1: 2026 Half-Year Results
2026 HALF-YEAR RESULTS July 29, 2026
Slide 2: Contents
Contents 01 02 03 04 Enduring growth Capitalizing on our Growth translated into Appendices despite volatility Shop•Park model to robust financial activate our growth levers performance Page 3 Page 13 Page 24 Page 32 2026 HALF-YEAR RESULTS 2
Slide 3: Enduring growth despite volatility
01 Enduring growth despite volatility
Slide 4: Broad-based growth across all key financial indicators
Broad-based growth across all key financial indicators +4.5% +3.8% NET RENTAL REVENUE EPRA NTA +2.9% organic growth €16.23 / share @ HY26 ge o nth ch an vs . +4.8% +4.6% H 1 2 025 EBITDA PORTFOLIO LFL VALUE** +70 bps @ 82.7% €3,063m @ HY26 -m 12 +4.1% -10 bps NET RECURRENT EARNINGS LOAN-TO-VALUE **
Slide 5: 2026 guidance upgrade
2026 guidance upgrade NET RECURRENT EARNINGS guidance raised to €1.30 - €1.32 per share 2026 DIVIDEND At least €1.02 GUIDANCE per share UPGRADE 2026 HALF-YEAR RESULTS 5
Slide 6: Strong 6-month shareholder return supported by a €1.0 dividend per share
Strong 6-month shareholder return supported by a €1.0 dividend per share paid on 6 May 2026 SHARE PERFORMANCE 120 110 100 90 ( 80 31-Dec-25 31-Mar-26 30-Jun-26 Mercialys EPRA Eurozone SBF 120 TSR Over 6 TSR 14.8% months (Total shareholder return) 8.6% 6.2% (1) Share price variation Div. Yield (1) Di
Slide 7: Continued growth of our shopping parks market share
Continued growth of our shopping parks market share both in terms of footfall and retailers' sales THE STRONG GROWTH IN FOOTFALL REFLECTS THE RETAILER SALES CONTINUE TO OUTPERFORM SUCCESSFUL TRANSFORMATION OF OUR ASSETS MARKET TRENDS Cumulative YTD change as of end-June Cumulative YTD change as of e
Slide 8: Resilient household savings and social transfers to support consumption improvement in France
Resilient household savings and social transfers to support a gradual consumption improvement in France SAVINGS RATE CUSHION INFLATIONARY PRESSURE SOCIAL BENEFITS OFFER A STRONG BUFFER TO CONSUMPTION Share of France GDI Share of France GDI 21.0% Forecast 33.9% 17.8% 22.4% 1 16.6% 59.3% 2 Avg pre-cov
Slide 9: Reversion and active leasing as main drivers of organic growth
Reversion and active leasing as main drivers of organic growth, with perspective of indexation recovery ahead ORGANIC GROWTH DRIVEN BY +2.3% REVERSION INFLATION LIKELY TO REGENERATE INDEXATION TAILWIND ON LEASING ACTIVITY Quarterly variation (YoY base) +2.3% GROSS RENT +2.9% NET RENT 7.0% Forecast 6
Slide 10: Vacancy near record lows, supported by stable OCR and resilient leasing demand
Vacancy near record lows, supported by stable OCR and resilient leasing demand EXPECTED CONTINUED FINANCIAL VACANCY STABLE OCCUPANCY COST RATIO PAVES WAY IMPROVEMENT FOR STEADILY INCREASING REVERSION In accordance with the EPRA calculation method: rental value at vacant units / Mercialys’ occupancy
Slide 11: EU and France adopt regulatory measures to level the playing field for physical retailers
EU and France adopt regulatory measures to level the playing field for physical retailers EUROPEAN UNION “SMALL PARCEL” TAX FRENCH SENATE PASSES BILL TARGETING ULTRA-FAST FASHION 1 Mar 2026 1 Jul 2026 Three main measures introduced aimed at protecting physical 1 2 retailers from Asian e-commerce ope
Slide 12: Decarbonation, certification and transparency as value drivers
Decarbonation, certification and transparency as value drivers DECARBONATION CERTIFIED PORTFOLIO GOVERNANCE & TRANSPARENCY • 95% of total portfolio value • Transparency Award 2026 : All BREEAM In-Use certified at end- • Goal of carbon neutrality by 2050 categories 1st place ; 2nd first- 2025 certifi
Slide 13: Capitalizing on our Shop•Park model to activate our growth levers
02 Capitalizing on our Shop•Park model to activate our growth levers
Slide 14: High comparable revenue productivity confirms the efficiency of our Shop•Park model
High comparable revenue productivity confirms the efficiency of our Shop•Park model OUR STRATEGIC ROADMAP DELIVERS CONVERSION RATES WELL ABOVE BENCHMARKS Average sales/sqm/million visitors/year to offer the best combination of B to C Cost efficient services & B to B low charge levels 1 400 to captur
Slide 15: Our geographic focus well positioned to capture French population movements
Our geographic focus well positioned to capture dynamics of French population movements and silver economy potential POPULATION EVOLUTION FAVOR OUR PORTFOLIO IS POSTIONED IN REGIONS BENEFITING FROM SENIOR OUR GEOGRAPHIC FOOTPRINT POPULATION GROWTH FROM POSITIVE INFLOWS Immigration flows France avera
Slide 16: Senior consumers: a massive, underleveraged growth driver for retail real estate
Senior consumers : a massive, underleveraged growth driver for retail real estate A GLOBAL STRUCTURAL DEMOGRAPHIC SHIFT SENIORS : A LOYAL, STORE-ORIENTED CUSTOMER BASE when will the over 65s represent Average store visits per buyer / year 33% of the total population ? 65+ years, no children 137 50–6
Slide 17: Our accessible Everyday-low-price proposition protects shoppers' purchasing power
Our accessible Everyday-low-price (EDLP) proposition protects shoppers’ purchasing power CONSUMERS INCREASINGLY TRADE DOWN AND COMPARE MORE THAN 75% OF OUR TENANTS ARE OFFERING 'CHOICE AND VALUE FOR MONEY' PRODUCTS STORE CHOICE WHAT TRIGGERS A RETAIL SWITCH? THROUGHOUT THE YEAR "Rate the importance
Slide 18: Our leasing effort focuses on preferred brands, broader choice and diversification
Our leasing effort focuses on consumers’ preferred brands, broader choice and tenant diversification SELECTIVE LEASING FOR STRONGER APPEAL & DIVERSIFIED MERCHANDISING MIX 28.5% Evolution since 2020 -300 bp 19.8% -760 bp +380 bp +380 bp 16.1% 13.9% 9.0% +70 bp 9.3% +30 bp 3.4% +210 bp Personal Items
Slide 19: Our reletting momentum demonstrates our capacity to diversify rental exposure
Our reletting momentum demonstrates our capacity to diversify our rental exposure, as personal items consolidate PERSONAL ITEMS SECTOR IS UNDER PRESSURE CONSOLIDATION IS RESHAPING THE SECTOR › A maturing personal-items segment (-11% over 10 years), an evolution anticipated in our leasing strategy ›
Slide 20: Our disciplined pipeline being activated in line with our business plan
Our disciplined pipeline being activated in line with our business plan CAPEX INTENSITY Launched Launched To be launched in 2025 in 2026 in 2027-28 Angers FLEXIBILITY TO Ferney- LAUNCH, STOP OR Dijon Voltaire RESTART ANY OF Ste Marie OUR DEVELOPMENT Toulouse PROJECTS Cannes Brest St André Paris St D
Slide 21: Transforming strategic assets into growth platforms
Transforming strategic assets into growth platforms NÎMES SHOP•PARK MARSEILLE SHOP•PARK ENHANCING ATTRACTIVENESS AND RETAIL APPEAL UNLOCKING SIGNIFICANT VALUE CREATION POTENTIAL › A full asset refurbishment (building covers, circulation flows, signage) › Restructuring of the biggest hypermarket spac
Slide 22: Strong leasing demand validates our development strategy
Strong leasing demand validates our development strategy GRENOBLE SHOP•PARK SAINT ANDRE SHOP•PARK BUILDING A MARKET-LEADING DESTINATION CREATING REUNION ISLAND'S NEXT RETAIL LANDMARK › Replacing the enclosed mall with more efficient retail formats › Development of a 15,000 sqm retail park located in
Slide 23: 2026 acquisition campaign on track
2026 acquisition campaign on track, only targeting assets improving portfolio quality, at accretive yields Q2 2026 H2 2026 - 2027 ACQUISITION CONSOLIDATING TOULOUSE QUALITY-LED INVESTMENT STRATEGY AS A TOP-PERFORMING ASSET IN OUR PORTFOLIO TOULOUSE RETAILPARK ENHANCING OUR PORTFOLIO WITH TOP TIER AS
Slide 24: Growth translated into robust financial performance
03 Growth translated into robust financial performance
Slide 25: Revenue growth accelerates, with redevelopment benefits yet to come
Revenue growth accelerates, with redevelopment benefits yet to come GRI growth GRI organic growth €92.2m +3.8% +6.2% +2.3% +€1.7m Lease rights -€5.0m €0.3m €88.7m +€5.5m +€0.1m pro forma Brest & Niort Lease rights redevelopment €0.2m effect -€2.0m NRI growth -€2.0m €91.9m €88.5m €87.2m +4.5% +2.9% L
Slide 26: Artificial Intelligence: first measurable gains on our three value creation drivers
Artificial Intelligence: first measurable gains on our three value creation drivers TARGETED AUTOMATION OF 1 H1 2026 AI SCORECARD & YEAR END TARGET RECURRING LOWER-VALUE FUNCTIONS › Routine administrative tasks are increasingly handled through automation, improving execution speed and operational co
Slide 27: Operational momentum translates into +4.1% growth in Net Recurrent Earnings
Operational momentum translates into +4.1% growth in Net Recurrent Earnings EBITDA MARGIN 82.7% +70bps €0.69 / share* +3.9% €0.66 / share + €3.5m + €0.3m + €2.0m - €0.3m + €2.0m - €0.0m - €4.9m €64.1m +4.1% €61.6m NRE Change in Change in Change in Change in Change in Change Change in NRE June 30, 20
Slide 28: Rental growth offsets market rates pressure on yields
Rental growth offsets market rates pressure on yields, supporting portfolio value positive evolution CHANGE IN TOTAL PORTFOLIO VALUE (1) CHANGE IN PORTFOLIO VALUE (1) Over 12 months Over 6 months (in €m) Rent effect +1.3% +0.5% +54 +0.7% Yield effect +2.5% -0.6% Scope effect +0.8% +0.8% +222 +15.5 -
Slide 29: Recurrent earnings and valuation gains support EPRA NTA growth
Recurrent earnings and valuation gains support EPRA NTA growth of +3.8% over 12 months +€0.66 €16.23 +€1.28 €15.63 -€0.34 EPRA NRV › €18.71 / share - €1.00 › +4.3% over 12 months EPRA NDV › €16.49 / share › +4.4% over 12 months EPRA NTA at Dividend paid Net recurrent Chg. in fair value Chg. in fair
Slide 30: Secured balance sheet with extensive covenant headroom
Secured balance sheet with extensive covenant headroom STANDARD & POOR’S RATING: BBB / STABLE EXTENSIVE COVENANT HEADROOM REAFFIRMED ON OCTOBER 17, 2025 CHANGE IN NET DEBT / EBITDA LTV RATIO (1) ICR RATIO 8.5x 42.0% 41.9% 5.7x 8.2x 8.3x ~8.0x < 41% 39.5% 4.9x ~4.5x 4.1x 2025 H1 2025 H1 2026 2026 202
Slide 31: The building blocks of sustainable long-term value creation
The building blocks of sustainable long-term value creation REFOCUSED PORTFOLIO RETAIL OUTPERFORMANCE 34 leading regional assets Footfall +4.5% in H1-2026, +370bp representing > 95% of portfolio value above the national panel 75% of which with over 3M footfall Tenant sales +2.3% ACCRETIVE EXTERNAL G
Slide 32: Appendices
PIERCIALYS ” Lu Y Q z Lu a. a. <=
Slide 33: Net recurrent earnings (NRE)
Net recurrent earnings (NRE) In thousand euros JUNE 30, 2025 JUNE 30, 2026 Invoiced rents 88,509 91,888 Lease rights 226 305 Rental revenues 88,735 92,193 Non-recovered service charges and property taxes -4,367 -4,495 Net property operating expenses -942 -547 Net rental income 83,426 87,151 Manageme
Slide 34: Balance sheet
Balance sheet IN THOUSANDS OF EUROS DECEMBER 31, 2025 RESTATED JUNE 30, 2026 Goodwill 11,470 11,470 Intangible assets 12,389 13,359 Property, plant and equipment other than investment property 9,517 9,798 Investment property 2,826,868 2,842,152 Right-of-use assets 7,160 7,034 Investments in associat
Slide 35: 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