France · Delayed Price · Currency is EUR Mercialys Earnings Call Transcripts
Fiscal Year 2025
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Delivered best results since 2019 with EBITDA margin at 82.4% and recurring net income up 3.9% year-over-year. Portfolio value exceeded €3 billion, LTV improved to 39.5%, and guidance targets 5–7% rental revenue CAGR through 2028.
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Strong operational momentum and portfolio transformation led to raised full-year earnings guidance and a confirmed dividend target. High occupancy, robust leasing, and disciplined capital allocation support growth, while recent acquisitions and refinancing strengthen the balance sheet.
Fiscal Year 2024
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Net recurrent earnings rose 3.8% to EUR 113.1 million, with rental revenues up 0.9% and a proposed EUR 1 per share dividend. Strong operational performance, high occupancy, and a robust balance sheet support 2025 guidance of EUR 1.22–1.25 per share in earnings and continued investment.
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Rental income and recurring earnings grew solidly, with improved operational metrics and a strengthened balance sheet. Portfolio risk profile enhanced by diversification away from Casino, and a robust development pipeline is in place. Guidance for 2024 remains on track.