France · Delayed Price · Currency is EUR Mercialys Earnings Call Transcripts
Fiscal Year 2026
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Corrected summary: Strong organic growth and disciplined financial management drove higher rental income, EBITDA, and recurring net income, with upgraded 2026 guidance. The Shop Park model outperformed benchmarks, while asset transformations and AI adoption boosted efficiency. Asset rotation and selective acquisitions will continue, focusing on value creation and a solid balance sheet.
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.