Mercialys (MERY) Q1 2025 TU earnings summary

Executive summary

• First-quarter 2025 organic growth in invoiced rents reached 2.7%, confirming progress toward 2025 objectives.

• Footfall at shopping centers rose 2.5%, outperforming the national panel by 180bp, driven by strong food retailer performance and portfolio realignment.

• Acquisition of the remaining 70% of ImocomPartners finalized, expected to be accretive from 2025.

Financial highlights

• Invoiced rents for Q1 2025 totaled €43.8 million, down 3.7% on a current basis due to July 2024 disposals, but up 2.7% like-for-like compared to Q1 2024.

• Gross rental income for Q1 2025 was €43.9 million, down from €45.5 million in Q1 2024.

• Financial occupancy rate remained high at 97.0% at end-March 2025, stable versus end-2024.

Outlook and guidance

• 2025 objectives confirmed: net recurrent earnings per share of €1.22–€1.25 and a dividend of at least €1 per share.

• Robust Q1 activity supports confidence in continued growth in net recurrent earnings.