Patrimoine et Commerce (PAT) Q2 2026 earnings summary

Executive summary

• Gross rental income for HY1 2026 was €30.3m, up 5.6% year-over-year, reflecting portfolio movements and scope changes.

• Net profit attributable to group share was €10.6m, down 12% compared to HY1 2025, impacted by fair value adjustments and non-recurring items.

• Financial occupancy rate improved to 95.6%, with a rent recovery rate above 99%.

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

• Secured €10m equity investment from SMABTP, reinforcing financial structure.

Financial highlights

• Gross rental income rose to €30.3m (+5.6% year-over-year); net rental income increased 5.3% to €27.5m.

• Normative EBITDA increased to €23.1m (+2.4%).

• Funds from operations (FFO) were stable at €16.2m, with diluted FFO per share at €1.00.

• Net cost of debt was €8.1m, with 84% of debt at fixed or hedged rates and an average interest rate of 3.13%.

• Net asset value (NAV) per share was €29.87, down 4.8% from December 31, 2025.

Outlook and guidance

• Targeting asset base above €1bn, with ongoing and planned developments.

• Strategic focus on expanding discount, dining, leisure, and food distribution segments.

• Pipeline includes five projects (~12,000 sqm, €25m investment, >9% returns) and 10+ additional projects identified.

• Commitment to energy transition with solar panel rollout and energy renovations.

• Management remains confident in the business model and strategy, citing strong fundamentals and a sound financial structure.