DJ PATRIMOINE ET COMMERCE: 2025 ANNUAL RESULTS
PATRIMOINE ET COMMERCE
PATRIMOINE ET COMMERCE: 2025 ANNUAL RESULTS
18-Feb-2026 / 08:00 CET/CEST
Dissemination of a French Regulatory News, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
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PRESS RELEASE
2025 ANNUAL RESULTS
Paris - February 18, 2026
At its meeting on February 17, 2026, the Patrimoine & Commerce Supervisory Board reviewed the Company's operations and
approved the 2025 financial statements (1), prepared by Management.
-- Funds from operations growing by +8.8%
-- Portfolio valuation of EUR 909m (+0.6%)
-- Dividend payment of EUR 1.40 per share, growing by +3.7%, implying a 6.0% yield on share price, as well as a 4.5%
yield on NAV
Key figures
Key financials 31/12/25 31/12/24 Var. %
12 months 12 months
Gross Rental Income EUR 57.6m EUR 52.6m +9.4%
Funds from operations EUR 33.4m EUR 30.7m +8.8%
Group share of net profit EUR 41.9m EUR 41.0m +2.4%
Alternative Performance Measures 31/12/25 31/12/24 Var. %
Asset appraisal value (excluding transfer taxes) (2) EUR 909.4m EUR 903.8m +0.6%
Capitalization rate (3) 7.5% 7.6% n.a.
LTV ratio (4) 42.7% 43.1% n.a.
NAV (excluding transfer taxes - EUR/share) 31.4 EUR 30.1 EUR +4.4%
NAV (excluding transfer taxes) EUR 498.0m EUR 478.5m +4.1%
Eric Duval, Managing Director and Founder of Patrimoine & Commerce declared: « Patrimoine & Commerce delivers strong performance and continues the strategic optimization of its asset portfolio. By placing the energy transition at the core of our business model - especially through the rollout of charging stations and photovoltaic projects - we are ensuring sustainable and responsible growth. This solid financial foundation, combined with the resilience of our operations, enables us to propose a dividend distribution of EUR1.40 per share, an increase of +3.7% compared to the previous fiscal year. This decision confirms the persistence of our dividend distribution policy and our confidence in our growth prospects. »
Operational performance
Patrimoine & Commerce had a sustained leasing activity and signed 106 leases (of which 42 renewals). The financial occupancy rate is increasing and stands at 95.6% (5) on the portfolio. The collection rate on rents and service charges invoiced in 2025 stands at 99%.
Funds from operations growing by +8.8%
In 2025, Patrimoine & Commerce continued to deliver a solid financial performance.
For the fiscal year ended December 31, 2025, Patrimoine & Commerce reported consolidated gross rental income of EUR 57.6m, against EUR 52.6m for the fiscal year ended December 31, 2024:
in millions of euros - 12 months 31/12/25 31/12/24 Var. % Like-for-like 53.3 51.7 +3.2% Acquisitions 3.8 0.1 n.a Disposals 0.4 0.8 n.a Gross rental income 57.6 52.6 +9.4%
The increase of gross rental income is mainly explained by (i) the effect of the acquisitions made in 2024 and 2025 (ii) the like-for-like increase, driven by contractual indexation.
Net rental income stands at 92% of gross rental income, mainly composed of unrecovered rental expenses and provisions for credit losses:
in millions of euros - 12 months 31/12/25 31/12/24 Var. % Gross rental income 57.6 52.6 +9.4% Entry fees 0.0 0.1 n.a. Gross rental revenue 57.6 52.7 +9.3% Unrecovered rental expenses (4.1) (3.5) n.a. Other building expenses (0.6) (0.1) n.a. Net rental income 52.9 49.1 +7.9%
Operating expenses are increasing over the period (EUR6.4m in 2025 vs. EUR6.0m in 2024), mainly explained by a rise in management fees due to higher rents.
Net cost of debt amounted to EUR 12.9m in 2025, an increase of +5.7% compared to last year, and is explained by a higher level of debt over fiscal year 2025 compared to fiscal year 2024, linked with the portfolio perimeter effect. The Company continues to benefit from the hedging of its debt portfolio, with 89% of the debt either at fixed rate or at hedged variable rate. The average interest rate on debt is 2.98% for the 12 months ending December 31, 2025 (versus 3.12% in 2024).
Recurring net result (FFO) amounted to EUR 33.4m in 2025, an increase of +8.8% compared to 2024:
in millions of euros - 12 months 31/12/25 31/12/24 Var. % Restated current operational result 46.5 43.0 +8.0% Restated net cost of debt (12.9) (12.2) +5.7% Current taxes (0.3) (0.2) n.a. Funds from operations (FFO) (6) 33.4 30.7 +8.8% Diluted FFO per share 2.10 1.93 +8.9%
Including the fair value adjustment of the portfolio (-EUR 1.6m), the share of the result of companies accounted for using the equity method (+EUR 9.6m), other non-recurring revenues and charges (-EUR 0.6m), and the contribution of hedging strategies on debt (+EUR 0.2m), net profit amounted to EUR 40.9m for the fiscal year 2025 and EUR 41.9m in group share, an increase of +2.4% vs. 2024.
Decrease of the LTV ratio and increase of the NAV per share at EUR 31.4 (+4.4%)
The Group consolidated net debt of EUR 385.5m as of December 31, 2025, implies a Loan-to-Value ratio of 42.7%, leaving a significant investment capacity compared to the target of 50% set by Patrimoine & Commerce.
in millions of euros - 12 months 31/12/25 31/12/24 Net Debt 385.5 387.3 (-) other lease liabilities (4.6) (4.6) (-) financial instruments 0.4 0.2 Restated Net debt 381.3 382.9 Property valuation (excl. Transfer taxes) 893.9 889.3 Loan To Value ratio 42.7% 43.1%
Net asset value per share amounted to EUR 31.4 (EUR 498.0m) in 2025, an increase of +4.4% versus 2024.
in millions of euros 31/12/25 31/12/24 NAV, excl. Transfer taxes 498.0 478.5 NAV per share, excl. Transfer taxes (in euros) 31.39 30.08 Number of shares (excl. Treasury shares) 15 894 885 15 905 312
Development and optimization of the portfolio
As of December 31, 2025, the portfolio valuation (excluding transfer taxes and including properties accounted for using the equity method and assets held for sale), reached EUR 909.4m, increasing by +0.6% compared to 2024. The capitalization rate of the properties in operation stands at 7.5%.
in millions of euros Variation Net balance as of January 1, 2025 903.8 Acquisitions 18.3 Disposals (11.2) Fair value impact (1.6) Net balance as of December 31, 2025 909.4
During the fiscal year ended December 31, 2025, Patrimoine & Commerce continued its development with the acquisition, on July 30, 2025, of a commercial property in Plérin (Bretagne) with a total area of approximately 4,500 sqm, and continued its investments in the construction of two new units in Wittenheim (Grand-Est) and two new units in Lempdes (Auvergne-Rhône-Alpes). The company also acquired, at the end of 2025, an industrial brownfield site for redevelopment in Massieux (Auvergne-Rhône-Alpes), to develop a commercial complex. Finally, the company took delivery of the second phase of the Champniers program. The total amount of these investments amounted to EUR18.3m in 2025.
Furthermore, Patrimoine & Commerce continued its asset rotation policy with the disposal of two assets at amounts close to their appraisal values. These include an asset in Limoges Le Vigen (Hauts-de-France) disposed on February 13, 2025, and a parking space in Salon de Provence (Provence-Alpes-Côte-d'Azur) disposed on December 17, 2025. These disposals represent a total amount of EUR11.2m.
Dividend payment of EUR 1.40 per share
The distribution of a dividend of EUR 1.40 per share, increasing by +3.7% compared to 2024, will be proposed to the Annual General Meeting of Patrimoine & Commerce. The proposed dividend implies a 4.5% yield on net asset value per share as of December 31, 2025, and of 6.0% on the stock price (7).
Agenda
April 9, 2026 First-Quarter 2026 activity
June 11, 2026 Annual General Meeting
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