Patrimoine et Commerce (PAT) Q2 2025 earnings summary

Executive summary

• Gross rental income rose 9.7% year-over-year to €28.7m for H1 2025, with net rental income up 7.8% and occupancy at 95.5%.

• Net profit attributable to the group was €12.1m, down from €0.99 per share in H1 2024, mainly due to negative fair value adjustments.

• Portfolio comprised 81 assets valued at up to €897.4m, with a target to exceed €1bn and continued expansion in retail parks.

• High occupancy rate of 95.5% and rent collection at 99%, with 56 leases signed and a 99% rent recovery rate.

• Dividend of €1.35 per share for 2024 approved, totaling €21.9m, payable July 31, 2025.

Financial highlights

• Net rental income increased 7.8% year-over-year to €26.1m; gross rental income up to €28.7m, driven by acquisitions and rental activity.

• Funds from operations (FFO) rose 9.1% to €16.6m.

• Net income declined to €11.8m from €14.4m, reflecting a €3.5m negative change in property fair value.

• RNAV/NAV per share at €29.47–€29.50, a 2.0% decrease from December 2024.

• Sale of two units for €5.2m, above appraisal value, in line with expert valuations.

Outlook and guidance

• Strategic focus on expanding the portfolio, developing existing assets, and supporting the energy transition.

• High occupancy and rent collection rates expected to be maintained; continued selective acquisitions and proactive asset management.

• Targeting over €1bn in assets and maintaining returns above 7%.

• Plans for 25+ solar panel projects and rollout of electric charging stations at retail parks.

• Significant investment capacity remains, with LTV well below the 50% target.