Mercialys (MERY) Q3 2026 TU earnings summary

Executive summary

• Shop Park operating momentum strengthened through September 2026, with higher footfall and retailer sales, 98.2% financial occupancy and confirmed FY 2026 targets.

• Everyday-low-price positioning and regional locations supported market-share gains amid modest household consumption growth.

Financial highlights

• Invoiced rents reached €137.5 million, up 2.5% on a current-scope basis; rental revenues including lease rights were €138 million, up 2.6%.

• Like-for-like gross rent growth was 2.3% over nine months, driven by 2.1% reversion and asset management, offsetting zero indexation.

• Rent collection was 97.3% at end-September, stable vs. end-June; retailer sales rose 3.0% YTD, accelerating from 2.3% at end-June.

Outlook and guidance

• FY 2026 RNR per share target confirmed at €1.30–€1.32, implying growth of 3.2%–4.8% vs. 2025; target dividend is at least €1.02 per share.

• Project deliveries are expected to generate over €10 million in additional annual rents at full run-rate; full contribution from new leases is expected in 2027.

• Indexation is expected to support growth in 2027–2028 as positive rent indices roll through lease anniversaries.