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Mercialys
Mercialys (MERY) investor relations material
Mercialys Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary18 Feb, 2026
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.
Share buyback strategy vs. capital allocation
Explain Saint-Genis 20% valuation uplift
Consider geographic diversification outside France?
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Next Mercialys earnings date
H1 202629 Jul, 2026
Mercialys
Next Mercialys earnings date
H1 202629 Jul, 2026
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Frequently asked questions
MERCIALYS SA is a French real estate investment company (REIT) focused on the ownership, management, and development of retail properties. The company’s portfolio primarily consists of shopping centers and retail parks located throughout France, including both urban and suburban areas. Through asset management and strategic partnerships, the company seeks to provide attractive destinations for shoppers and secure long-term value for investors.
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