Mercialys (MERY) Q3 2025 TU earnings summary

Executive summary

• Footfall increased by 3.7% at end-September, outperforming the national panel's 0.8% rise.

• Tenant sales grew 2.5% at end-August, also ahead of the national panel's 0.4% growth.

• Portfolio realigned around the Shopping Park segment, emphasizing customer comfort and operational efficiency.

• New SHOP PARK brand launched, with renovations and new retail anchors planned.

Financial highlights

• Invoiced rents reached €134.2 million over nine months, up 2.6% like-for-like.

• Current occupancy rate stood at 97.0% at end-September.

• Positive reversion on new leases at 1.9% over nine months.

Outlook and guidance

• 2025 targets for net recurrent earnings per share confirmed at €1.24–€1.27, revised upward in July.

• Dividend of at least €1.0 per share for 2025 reaffirmed.