DJ PATRIMOINE ET COMMERCE: FIRST-HALF 2026 RESULTS
PATRIMOINE ET COMMERCE
PATRIMOINE ET COMMERCE: FIRST-HALF 2026 RESULTS
23-Jul-2026 / 08:45 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
FIRST-HALF 2026 RESULTS
Paris -July 23, 2026
At its meeting on July 22, 2026, the Patrimoine & Commerce Supervisory Board reviewed the Company's operations and
approved the 2026 half-year financial statements, prepared by Management (1).
-- Gross rental income of EUR 30.3m
-- Portfolio valuation of EUR 930m
-- LTV ratio of 42.8%
Key figures:
Key financials 30/06/26 30/06/25 Var. %
6 months 6 months
Gross Rental Income EUR 30.3m EUR 28.7m +5.6%
Funds from operations (2) EUR 16.2m EUR 16.3m (0.3%)
Group share of net profit EUR 10.6m EUR 12.1m (12.0%)
Alternative Performance Measures 30/06/26 31/12/25 Var. %
Asset appraisal value (excluding transfer taxes) (3) EUR930.0m EUR909.4m n.a
Capitalization rate (4) 7.5% 7.5% n.a
LTV ratio (5) 42.8% 42.7% n.a
NAV (excluding transfer taxes - EUR/share) EUR 29.9 EUR 30.1 (4.8%)
NAV (excluding transfer taxes) EUR 485.8m EUR 498.0m (2.5%)
Eric Duval, Managing Director and Founder of Patrimoine & Commerce declared: "Patrimoine & Commerce's results for the first half of 2026 confirm the resilience of its business model and the quality of its assets. In a market environment that remains challenging, Patrimoine & Commerce continues to deliver a solid performance, underpinned by recurring income and disciplined management of its operations. Backed by strong fundamentals and a sound financial structure, Patrimoine & Commerce is confidently pursuing the execution of its strategy with a view to creating sustainable long-term value.
Operational performance
Over the first half of 2026, Patrimoine & Commerce had a dynamic leasing activity and signed 49 leases (including 21 renewals), improving the financial occupancy rate to 95.6% (6). The rent, charges, and taxes collection rate stands at 99% for the first half of 2026.
Financial performance
Over the first six months of 2026, Patrimoine & Commerce continued to deliver a solid financial performance.
As of June 30, 2026, Patrimoine & Commerce gross rents amounted to EUR 30.3m compared to EUR 28.7m as of June 30, 2025:
In millions of euros - 6 months 30/06/26 30/06/25 Var. % Like-for-like 28.3 28.3 +0.0% Acquisitions 0.7 - n.a Consolidation scope change (7) 1.3 - n.a Disposals 0.1 0.4 n.a Gross rental income 30.3 28.7 +5.6%
The increase in gross rental income is explained by asset portfolio movements and a change in the scope of full consolidation (+EUR 1.6m). On a like-for-like basis rental income remained stable, with the average contribution from indexation around 0%.
The conversion of gross rental income into net rental income remained stable between the two periods (91% of gross rental income in both half-year periods), mainly reflecting non-recoverable charges and provisions for credit losses (which represent approximately 0.6% of half-year invoicing):
In millions of euros - 6 months 30/06/26 30/06/25 Var. % Gross rental income 30.3 28.7 +5.6% Entry fees (0.0) 0.0 n.a. Gross rental revenue 30.3 28.7 +5.6% Unrecovered rental expenses (2.7) (2.2) +19.2% Other building expenses (0.2) (0.4) n.a. Net rental income 27.5 26.1 +5.3%
Overhead costs amounted to EUR 4.2m. Thus, the current operational result amounted to EUR 23.3m as of June 30, 2026.
The net cost of debt amounted to EUR 8.1m as of June 30, 2026. The company has low exposure to interest rate risk, with 84% of its debt at fixed or hedged variable rates, and the average interest rate over the period is 3.13% (vs. 2.87% in the first half of 2025).
The group share of funds from operations (FFO) amounted to EUR 16.2m as of June 30, 2026, stable compared to the previous year:
In millions of euros - 6 months 30/06/26 30/06/25 Var. % Restated current operational result 23.1 22.6 +2.4% Restated net cost of debt (6.9) (6.3) +9.4% Current taxes (0.0) (0.0) n.a. Funds from operations (FFO) (2) 16.2 16.3 (0.3%) Diluted FFO per share 1.00 1.02 (2.5%)
The external appraisal valuation campaign resulted in a fair value adjustment of -EUR 4.5m in the 2026 half-year accounts.
Considering other non-recurring income and expenses (-EUR 1.1m) and the change in the fair value of hedging instruments (+EUR 0.1m), net profit amounted to EUR 10.6m in group share, as of June 30, 2026 (i.e. EUR 10.5 million including minority interests).
LTV ratio stable, NAV per share at EUR 29.9
The group share of consolidated net debt of EUR 376.3m as of June 30, 2026, implies a Loan-To-Value ratio groupe share of 42.8%, leaving a significant investment capacity compared to the target of 50% set by Patrimoine & Commerce.
In millions of euros 30/06/26 31/12/25 Net Debt 376.3 385.5 (-) other lease liabilities (4.5) (4.6) (-) financial instruments 0.5 0.4 Restated Net Debt 372.3 381.3 Property valuation (excl. Transfer taxes) 869.8 893.9 Loan To Value ratio - Groupe share 42.8% 42.7%
Net asset value per share amounted to EUR 29.87 (EUR 485.8m), a decrease of -4.8% versus December 31, 2025. Adjusted for the dividend distribution, the NAV would stand at EUR 508.4m (EUR 31.3 per share), a decrease of -0.4% compared to December 31, 2025.
In millions of euros 30/06/26 31/12/25 NAV, excl. Transfer taxes 485.8 498.0 NAV per share, excl. Transfer taxes (in euros) 29.87 31.39 Number of shares (excl. Treasury shares) 16 260 844 15 894 885
Development and optimization of the portfolio
As of June 30, 2026, the portfolio valuation (excluding transfer taxes and including properties accounted for using the equity method and assets held for sale) reached EUR 930.0m, the main changes compared to December 31, 2025, are detailed below.
The capitalization rate of the properties in operation stands at 7.5%.
In millions of euros Variation Net balance as of January 1st, 2026 909.4 Investments 2.0 Disposals (4.2) Change in asset portfolio (7) 27.2 Fair value impact (4.5) Net balance as of June 30, 2026 930.0
Over the first six months of 2026, Patrimoine & Commerce did not make any acquisitions of new properties. Investments during the period focused on its assets in operation.
Additionally, Patrimoine & Commerce continued its asset rotation policy with the disposal of two commercial units in Hénin-Beaumont (Hauts-de-France) and in Piennes (Grand Est), for a total amount of EUR 4.2m, in line with appraisal value.
Approval of a dividend of EUR1.40 per share
The Annual General Meeting held on June 11, 2026, approved the distribution of a dividend of EUR 1.40 per share, representing a total amount of EUR 22.6m. This represents a yield on NAV (before dividend distribution) of 4.7%, and a yield on the stock market price of 5.2% (as of July 21, 2026).
Agenda
October 8, 2026 Third-Quarter 2026 activity
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About Patrimoine & Commerce
Patrimoine & Commerce owns and operates a real estate portfolio, largely comprising retail property, covering a total surface area of more than 560,000 sqm. The assets are mainly located in retail parks near mid-sized towns throughout France.
Patrimoine & Commerce benefits from a significant identified deal flow that will enable it to feed its growth, in terms of both assets under development and operating assets.
Notes:
1 The half-year financial statements were approved by management. As of the date of publication of this press release, the auditors' limited review procedures are being finalised.
2 Recurring net income is adjusted for Sépric Promotion's overhead costs (-EUR 0.5 million as of 30/06/26 and -EUR 1.2 million as of 30/06/25) and the expenses related to the free share plan (EUR 0.5m).
3 Incl. Group share of Studio Prod and assets held for sale.
4 Calculated as the ratio of annualized gross rental income (or market rental value for vacant spaces) to property valuation excl. transfer taxes, excluding assets held for sale.
5 Adjusted for hedging instruments.
6 Excluding strategic vacancy.
7 The asset in Cherbourg in now fully consolidated.
Patrimoine & Commerce is listed on NYSE Euronext Paris.
ISIN Code: FR0011027135 - Ticker: PAT
For more information: www.patrimoine-commerce.com
For any information, contact:
PATRIMOINE & COMMERCE PRESS - INVESTORS RELATIONS
Managing Director
ACTUS finance et communication
Eric DUVAL
Phone: +33 (0)7 88 09 17 29
contact@patrimoine-commerce.com
edovergne@actus.fr
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Regulatory filing PDF file
File: EN_PR Half year 2026 results
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Language: English
Company: PATRIMOINE ET COMMERCE
45 avenue Georges Mandel
75016 PARIS
France
Phone: +33146994762
E-mail: contact@patrimoine-commerce.com
Internet: https://www.patrimoine-commerce.com/
ISIN: FR0011027135
Euronext Ticker: PAT
AMF Category: Inside information / News release on accounts, results
EQS News ID: 2370252
End of Announcement EQS News Service
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July 23, 2026 02:45 ET (06:45 GMT)
