Patrimoine et Commerce
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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.
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Q4 2025 earnings summary18 Feb, 2026

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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Future acquisition pipeline details
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