Mercialys (MERY) Q4 2025 earnings summary

Executive summary

• Achieved best results since 2019, with net recurrent earnings up 3.9% to €117.5 million and a portfolio refocused on dynamic regions and dominant assets, reducing hypermarket dependence.

• Celebrated 25th anniversary, maintained sector-leading ESG ratings, and advanced toward a certified net zero trajectory.

• Strong operational momentum with high occupancy, robust leasing, and commercial performance outpacing national benchmarks.

• Proposed €1.00 per share dividend for 2025, supporting double-digit total shareholder return.

Financial highlights

• EBITDA margin rose 40 bps to 82.4%; recurring net income increased 3.9% year-over-year to €117.5 million.

• Rental revenues reached up to €182.6 million, up 1.7% year-over-year on a pro forma basis; like-for-like gross rental revenues up 2.8%.

• Portfolio value up 10.1% year-over-year to €3,041 million; EPRA NTA per share up 4.1% to €16.96.

• LTV ratio improved by 260 bps in six months to 39.5%, with net debt/EBITDA reduced to 6.8x.

• Dividend of €1 per share proposed, supporting a total shareholder return of 18.4% and ROE of 10.2%.

Outlook and guidance

• 2026-2028 rental revenue CAGR expected at 5%-7%, with 1.5%-2% from organic growth and the rest from acquisitions and pipeline.

• Net recurrent earnings growth targeted at 2%-4% annually, with a dividend payout of ~80% of NRE per share.

• 2026 EPS/NRE guidance of at least €1.29 and dividend of at least €1 per share.

• Capital allocation to remain disciplined, targeting net debt/EBITDA below 8x and ICR above 3.5x.