Patrimoine et Commerce (PAT) Q4 2025 earnings summary

Executive summary

• Achieved strong growth in 2025 with gross rental income up 9.4% to €57.6m and FFO rising 8.8% to €33.4m.

• Portfolio value increased to €909.4m, with NAV per share up 4.4% to €31.4.

• Dividend proposed at €1.40 per share, up 3.7%, yielding 6.0% on share price and 4.5% on NAV.

• Leasing activity was strong with 106 leases signed and a financial occupancy rate of 95.6%.

• Strategic focus on retail parks, energy transition, and a resilient tenant base.

Financial highlights

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

• EBITDA increased by 8.0% to €46.5m; recurring net income (FFO) up 8.8% to €33.4m.

• Net result attributable to the group reached €41.9m, up 2.4% year-over-year.

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

• Collection rate on rents and service charges: 99%.

Outlook and guidance

• Targeting further portfolio growth with a goal of exceeding €1B in assets.

• Pipeline includes 9 projects (~15,000 m², €31m investment, >9% yield) and additional projects identified.

• Continued focus on energy transition, with significant investments in photovoltaic panels and EV charging infrastructure.

• Continued confidence in growth prospects, supported by a resilient operational base and ongoing asset optimization.

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