Mercialys (MERY) H1 2025 earnings summary

Executive summary

• Net recurrent earnings (NRE) rose 3.9% year-over-year to €61.6m, or €0.66 per share (+4.0%), with full-year NRE guidance raised to €1.24–1.27 per share and a dividend target of at least €1.00 per share reaffirmed.

• Portfolio transformation focused on dynamic French regions and prime retail areas, with 34 strategic shopping parks and a diversified tenant base.

• €174 million invested in two major real estate acquisitions at an average yield of 9%, including Saint-Genis 2 and Hyperthetis buyout.

• Operational momentum supported by high occupancy, robust leasing activity, and strong cash flow.

• Sustained footfall and retailer sales outperformance versus national benchmarks, with ongoing realignment and site restructuring.

Financial highlights

• Net recurrent earnings rose to €61.6m (+3.9%), with NRE per share up 4.0% to €0.66.

• EBITDA for H1 2025 was €72.7m, down 4.4% year-over-year, with an EBITDA margin of 82.0%.

• Rental revenues declined 3.1% year-over-year to €88.5m, mainly due to asset disposals, but organic growth reached +2.7%.

• Portfolio value at June 30, 2025 was €2,926.9m including transfer taxes, up 1.6% year-over-year.

• EPRA NTA per share was €15.63, and EPRA net disposal value at €15.79 per share, down 4–4.5% over six months.

Outlook and guidance

• Full-year 2025 NRE guidance raised to €1.24–1.27 per share.

• Dividend target confirmed at a minimum of €1.00 per share.

• Management expects a strong operational second half and continued ESG progress under the FAIR IMPACTS 2030 strategy.