Patrimoine et Commerce (PAT) H1 2026 earnings summary

Executive summary

• H1 2026 gross rental income rose 5.6% year over year to €30.345m, reflecting portfolio movements and scope changes.

• Attributable net income was €10.646m, down 12%, as higher financing costs and negative property fair-value movements weighed on reported earnings.

• Commercial occupancy was 95.6% at 30 June, excluding strategic vacancy; rent, charges and taxes collection reached 99%.

• Portfolio valuation reached €930m, with a 7.5% capitalization rate.

Financial highlights

• Rental income was €30.345m, up 5.6%; net rents were €27.477m, up 5.3%.

• Current operating income rose 6.2% to €23.327m; operating income was €18.667m, including a €4.455m negative property fair-value change.

• Recurring net income attributable to shareholders was €16.229m, broadly stable versus €16.271m in H1 2025; FFO was €16.2m, with diluted FFO per share of €1.00.

• Attributable net income was €10.646m and EPS was €0.66, versus €0.76 in H1 2025.

• Gross borrowing cost rose to €8.168m from €6.866m; net financial expense was €8.075m versus €6.528m year over year.

Outlook and guidance

• High portfolio occupancy, maintained over several years, is expected to continue; active monitoring of sites and tenants remains a priority.

• Identified deal flow supports future development and operations; a pipeline includes five projects totaling ~12,000 sqm, €25m investment and >9% returns, with 10+ additional projects identified.

• Strategic focus on discount, dining, leisure and food distribution; solar rollout, energy renovations and EV charging stations support sustainability and potential rental income.