Mercialys (MERY) Investor presentation summary

Portfolio and operational performance

• Focused on 33 core shopping centers in dynamic French regions, representing 95% of portfolio value and a 98% occupancy rate at end-2024.

• Annualized rental revenues reached €169.2m with an 82.0% EBITDA margin and a BBB rating with stable outlook.

• Net recurrent earnings grew at a 3.4% CAGR from 2021-2024, with €1.21 per share in 2024.

• Footfall outperformed the national panel by 180 basis points in Q1 2025, driven by new food anchors and portfolio realignment.

• Financial vacancy rate for core assets dropped to 2.0%, the lowest since 2019.

Financial strength and capital management

• Maintained LTV below 37% and ICR above 2x, with net debt/EBITDA at 5.1x and extensive covenant headroom.

• Two bond operations in Q3 2024 improved liquidity, extending debt maturity to 3.8 years and reducing average cost of drawn debt to 2.0%.

• Appraisal yield at 6.65% in 2024, offering a 465 bp spread over cost of debt and ~350 bp over the risk-free rate.

• EPRA NTA at €16.29/share, NDV at €16.45/share, and NRV at €18.23/share at end-2024.

Growth strategy and investment pipeline

• Committed, controlled, and identified projects total €417.5m, with €408m still to be spent, targeting completion between 2025 and beyond 2029.

• Potential acquisitions in commercial real estate or related activities capped at €200m, with a minimum yield target of 7%.

• Lease expiry schedule is well-staggered, with 86.8% of rental income from national/international retailers.