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Patrimoine et Commerce (PAT) investor relations material
Patrimoine et Commerce Q3 2026 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Gross rental income reached €45.4m in 9M 2026, up 5.0% YoY, while like-for-like income remained stable.
Portfolio totals more than 560,000 sqm, primarily retail parks near mid-sized towns in France.
Financial highlights
Gross rental income was €45.4m vs €43.3m in 9M 2025, a €2.2m increase.
At constant perimeter, gross rental income was €42.3m vs €42.5m, down 0.4%.
Portfolio movements and a €2.4m increase from the full-consolidation scope change drove the reported increase.
Like-for-like rental income was stable; contractual lease indexation was near zero and temporary tenant movements were negligible.
Outlook and guidance
Management cited ongoing portfolio enhancement and rigorous asset management as drivers of business momentum and sustainable value creation.
The strategy is to strengthen the position in France’s low-cost retail park sector; identified deal flow is expected to support growth in development and operating assets.
- Rental growth and lower leverage offset a sharp decline in reported net income.PAT
H2 2014 - Rental income rose 5.6%, while financing costs and fair-value losses pressured earnings.PAT
H1 2026 - Q1 2026 gross rental income grew 1.6% to €14.6M, reflecting stable retail park performance.PAT
Q1 2026 TU - Gross rental income up 9.4%, FFO up 8.8%, and RNAV/share up 4.4% in 2025.PAT
H2 2025 - Gross rental income up 9.5% to €43.3M, fueled by acquisitions and portfolio growth.PAT
Q3 2025 TU - Rental income and FFO up over 9%, LTV improved, and €1.35 dividend approved.PAT
H1 2025 - Gross rents up 5.6% to €39.5M, with continued asset rotation and growth focus.PAT
Q3 2024 TU - Net profit up 16.2% and €20m capital increase strengthen growth and financial position.PAT
H1 2024 - Q1 2025 gross rents up 9.6% year-over-year, fueled by indexation and acquisitions.PAT
Q1 2025 TU
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