Patrimoine et Commerce (PAT) Q3 2026 TU earnings summary

Executive summary

• Gross rental income reached €45.4m in 9M 2026, up 5.0% YoY, while like-for-like income remained stable.

• Portfolio totals more than 560,000 sqm, primarily retail parks near mid-sized towns in France.

Financial highlights

• Gross rental income was €45.4m vs €43.3m in 9M 2025, a €2.2m increase.

• At constant perimeter, gross rental income was €42.3m vs €42.5m, down 0.4%.

• Portfolio movements and a €2.4m increase from the full-consolidation scope change drove the reported increase.

• Like-for-like rental income was stable; contractual lease indexation was near zero and temporary tenant movements were negligible.

Outlook and guidance

• Management cited ongoing portfolio enhancement and rigorous asset management as drivers of business momentum and sustainable value creation.

• The strategy is to strengthen the position in France’s low-cost retail park sector; identified deal flow is expected to support growth in development and operating assets.