PATRIMOINE ET COMMERCE: FIRST-HALF 2026 RESULTS

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 € 30.3m
• Portfolio valuation of € 930m
• LTV ratio of 42.8%

Key figures:

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 € 30.3m compared to € 28.7m as of June 30, 2025:

The increase in gross rental income is explained by asset portfolio movements and a change in the scope of full consolidation (+€ 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):

Overhead costs amounted to € 4.2m. Thus, the current operational result amounted to € 23.3m as of June 30, 2026.

The net cost of debt amounted to € 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 € 16.2m as of June 30, 2026, stable compared to the previous year:

The external appraisal valuation campaign resulted in a fair value adjustment of -€ 4.5m in the 2026 half-year accounts.

Considering other non-recurring income and expenses (-€ 1.1m) and the change in the fair value of hedging instruments (+€ 0.1m), net profit amounted to € 10.6m in group share, as of June 30, 2026 (i.e. € 10.5 million including minority interests).

LTV ratio stable, NAV per share at € 29.9

The group share of consolidated net debt of € 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.

Net asset value per share amounted to € 29.87 (€ 485.8m), a decrease of -4.8% versus December 31, 2025. Adjusted for the dividend distribution, the NAV would stand at € 508.4m (€ 31.3 per share), a decrease of -0.4% compared to December 31, 2025.

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 € 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%.

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 € 4.2m, in line with appraisal value.

Approval of a dividend of €1.40 per share

The Annual General Meeting held on June 11, 2026, approved the distribution of a dividend of € 1.40 per share, representing a total amount of € 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 (-€ 0.5 million as of 30/06/26 and -€ 1.2 million as of 30/06/25) and the expenses related to the free share plan (€ 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

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