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Patrimoine et Commerce (PAT) investor relations material
Patrimoine et Commerce Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved strong growth in 2025 with gross rental income up 9.4% to €57.6m and FFO rising 8.8% to €33.4m.
Portfolio value increased to €909.4m, with NAV per share up 4.4% to €31.4.
Dividend proposed at €1.40 per share, up 3.7%, yielding 6.0% on share price and 4.5% on NAV.
Leasing activity was strong with 106 leases signed and a financial occupancy rate of 95.6%.
Strategic focus on retail parks, energy transition, and a resilient tenant base.
Financial highlights
Gross rental income rose 9.4% year-over-year to €57.6m; net rental income up 7.9% to €52.9m.
EBITDA increased by 8.0% to €46.5m; recurring net income (FFO) up 8.8% to €33.4m.
Net result attributable to the group reached €41.9m, up 2.4% year-over-year.
Net cost of debt: €12.9m (+5.7%), average interest rate 2.98%.
Collection rate on rents and service charges: 99%.
Outlook and guidance
Targeting further portfolio growth with a goal of exceeding €1B in assets.
Pipeline includes 9 projects (~15,000 m², €31m investment, >9% yield) and additional projects identified.
Continued focus on energy transition, with significant investments in photovoltaic panels and EV charging infrastructure.
Continued confidence in growth prospects, supported by a resilient operational base and ongoing asset optimization.
Dividend policy remains persistent, reflecting management's confidence.
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