Mercialys Paris Ord (MEIYF) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Ladies and gentlemen, welcome to the Merchalise presentation regarding its 2025 full year results. It will be structured in two parts. First, a presentation by Merchalise management team, represented by Mr. Vansan Rava, Group CEO. Afterwards, there will be a Q&A session during which you can ask oral questions through your computer or by joining the conference call. I will now hand over to Mr. Vansan Rava. Sir, please go ahead. Good morning, everyone. Thank you for attending this presentation of our 2025 full year results. Our presentation today is built around four main messages. First of all, the momentum created by the repositioning of our portfolio. Secondly, the foundations we have put in place to gain the preference of retailers and consumers. Thirdly, the strength of our results and our financial structure. And finally, our distribution policy and our outlook for 2026. 2025 was special for us. In October, we celebrated Mercedes' 25th anniversary. 2025 also marked a change of momentum for the company. For several years now, we have been undergoing a profound transformation of our portfolio. 2025 showed that this strategic change is now well advanced and already bearing fruit. Slide five, we note that there is a general positive consensus about commercial real estate sector. This is especially the case for the companies with portfolio of assets in the right locations and in the right format. Three factors will support future performance for those companies. First, population is still growing in the suburban areas, while administrative constraints for new supply have increased. The second factor is a tighter consumer spending, which means that everyday low price policies are fundamental to create shoppers' preference. Thirdly, retail and commercial real estate are...