Patrimoine et Commerce (PAT) H2 2025 earnings summary

Executive summary

• Gross rental income reached €57.6m for 2025, up 9.4% year-over-year, with net rental income at €52.9m and FFO up 8.8% to €33.4m.

• Portfolio value increased to €909.4m, with RNAV per share at €31.40, up 4.4% from 2024.

• Dividend proposed at €1.40 per share, maintaining a distribution rate above 60% of FFO and yielding 6.0% on share price.

• 106 leases signed, occupancy rate at 95.6%, and rent recovery rate at 99%.

• Continued focus on energy transition, with rollout of solar panels, EV charging stations, and decarbonisation initiatives.

Financial highlights

• Gross rental income rose 9.4% to €57.6m; net rental income up 7.9% to €52.9m year-over-year.

• FFO increased 8.8% to €33.4m; FFO per share at €2.10 (+8.9%).

• Adjusted EBITDA reached €46.5m (+8.0%).

• Net profit (group share) was €41.9m (+2.4%).

• Net cost of debt was €12.9m (+5.7%), with average interest rate at 2.98%.

Outlook and guidance

• Targeting asset value above €1bn, with a pipeline of development and solar projects.

• Strategic priorities include portfolio expansion, asset transformation, and energy transition initiatives.

• Continued rollout of EV charging stations and solar panels, aiming for 28 MW capacity and 130,000+ sqm coverage.

• Confidence in growth prospects, supported by resilient operations and asset optimization.

• Dividend policy remains persistent, reflecting management's confidence.