Patrimoine et Commerce (PAT) Q1 2026 TU earnings summary

Executive summary

• Gross rental income for Q1 2026 reached €14.6 million, up 1.6% year-over-year, reflecting stable portfolio performance and positive impact from acquisitions.

• Growth driven by contractual rent indexation and full-year effect of recent acquisitions, partially offset by tenant movements.

• Continued divestment of non-strategic assets, including a €3.2 million property sale in Hénin-Beaumont at appraisal value.

Financial highlights

• Gross rental income increased by €0.2 million to €14.6 million compared to Q1 2025.

• Like-for-like rental income rose 0.1%, mainly due to rent indexation.

• Acquisitions contributed €0.4 million to rental income, while disposals reduced income by €0.2 million.

Outlook and guidance

• Management expects continued rental momentum and portfolio stability, supported by proactive asset management and targeted acquisitions and disposals.

• Strategy aims to reinforce leadership in low-cost retail parks across France.