PRESS RELEASE

FIRST-HALF 2025 RESULTS
Paris -July 23, 2025

At its meeting on July 22, 2025, the Patrimoine & Commerce Supervisory Board reviewed the
Company’s operations and approved the 2025 half-year financial statements, prepared by
Management.

- Increase in gross rental income by +9.7%
- Increase in FFO by +9.1%
- Portfolio valuation of € 897m
- Improvement of the LTV ratio to 41.5%

Key figures:
30/06/25 30/06/24
Key financials Var. %
6 months 6 months
Gross Rental Income € 28.7m € 26.2m +9.7%
Funds from operations (1) € 16.6m € 15.2m +9.1%
Group share of net profit € 12.1m € 14.9m (18.7%)

Alternative Performance Measures 30/06/25 31/12/24 Var. %
Asset appraisal value (excluding transfer taxes) (2) € 897.4m € 903.9m n.a
Capitalization rate (3) 7.6% 7.6% n.a
LTV ratio (4) 41.5% 43.1% n.a
NAV (excluding transfer taxes - €/share) 29.5 € 30.1 € (2.0%)
NAV (excluding transfer taxes) € 468.2m € 478.5m (2.1%)


Eric Duval, Managing Director and Founder of Patrimoine & Commerce declared: “The results for
the first half of 2025 underscore the strength of our fundamentals and the relevance of our strategic
direction. In a persistently complex economic environment, we have sustained a solid level of
performance. This momentum is driven by disciplined management, a clear market positioning, and
strong, trust-based relationships with all our stakeholders. We move into the second half of the year
with confidence and determination, guided by a long-term vision and a firm commitment to creating
sustainable value.”

Operational performance
Over the first half of 2025, Patrimoine & Commerce had a dynamic leasing activity and signed 56
leases (including 27 renewals), improving the financial occupancy rate to 95.5% (5). The rent,
charges, and taxes collection rate stands at 99% for the first half of 2025.
Financial performance
Over the first six months of 2025, Patrimoine & Commerce continued to deliver solid a financial
performance.

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As of June 30, 2025, Patrimoine & Commerce gross rents amounted to € 28.7m compared to €
26.2m as of June 30, 2024:

In millions of euros - 6 months 30/06/25 30/06/24 Var. %
Like-for-like 26.9 26.0 +3.7%
Acquisitions 1.8 - n.a
Disposals 0.0 0.2 n.a
Gross rental income 28.7 26.2 +9.7%

The increase in gross rental income is explained by asset portfolio movements (+€ 1.6m), mainly
with the acquisition of a 13 assets portfolio end of 2024. The increase in gross rents on a like-for-
like basis (+€ 1.0m or +3.7%) is driven by the contractual indexation of rents.

Net rental income increased by +7.8%, with the gross to net ratio remaining stable between the
two periods (91% of gross rents in the first half of 2025 vs. 92% in 2024), mainly reflecting non-
recoverable charges and provisions for credit losses (which represent approximately 1.3% of half-
year invoicing):

In millions of euros - 6 months 30/06/25 30/06/24 Var. %
Gross rental income 28.7 26.2 +9.7%
Entry fees (0.0) 0.0 n.a.
Gross rental revenue 28.7 26.2 +9.6%
Unrecovered rental expenses (2.2) (1.7) +31.6%
Other building expenses (0.4) (0.3) n.a.
Net rental income 26.1 24.2 +7.8%

Operating expenses and other revenues remained stable at € 3.4m. Thus, the current operational
result amounted to € 22.0m as of June 30, 2025.
The net cost of debt amounted to € 6.5m as of June 30, 2025, an increase of +9.4% compared to
June 30, 2024. The company has low exposure to interest rate risk, with 88% of its debt at fixed
or hedged variable rates, and the average interest rate decreased over the period (2.87% in the
first half of 2025 vs. 2.99% in the first half of 2024).
Recurring net result (FFO) amounted to € 16.6m as of June 30, 2025, compared to € 15.2m as of
June 30, 2024, an increase of +9.1%:
In millions of euros – 6 months 30/06/25 30/06/24 Var. %
Restated current operational result 23.1 21.2 +9.2%
Restated net cost of debt (6.5) (6.0) +9.4%
Current taxes (0.0) (0.0) n.a.
Funds from operations (FFO) (1) 16.6 15.2 +9.1%
Diluted FFO per share 1.04 1.01 +3.4%

The external appraisal valuation campaign resulted in a fair value adjustment of -€ 3.4m in the
2025 half-year accounts, which primarily reflects the increase in transfer duties following the
adoption of the 2025 Finance Act (+0.5%).

Taking into account the share of the result of companies accounted for using the equity method (-
€0.3m) and other non-recurring income and expenses (-€ 1.1m), net profit amounted to € 11.8m
as of June 30, 2025, and € 12.1m in group share.
THE LOW-COST RETAIL
PARK SPECIALIST
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Improvement of the LTV ratio, decrease of the NAV per share at 29.5 € (-2.0%)
The Group consolidated net debt of € 371.2m as of June 30, 2025, implies a Loan-To-Value ratio
of 41.5%, leaving a significant investment capacity compared to the target of 50% set by
Patrimoine & Commerce.

In millions of euros 30/06/25 31/12/24
Net Debt 371.2 387.3
(-) other lease liabilities (4.9) (4.6)
(-) financial instruments 0.2 0.2
Restated Net Debt 366.5 382.9
Property valuation (excl. Transfer taxes) 882.8 889.3
Loan To Value ratio 41.5% 43.1%

Net asset value per share amounted to 29.47 € (€ 468.2m), a decrease of -2.0% versus December
31, 2024. Adjusted for the dividend distribution, the NAV would stand at € 490.2m (€30.9 per
share), an increase of +2.6% compared to December 31, 2024.

In millions of euros 30/06/25 31/12/24
NAV, excl. Transfer taxes 468.2 478.5
NAV per share, excl. Transfer taxes (in euros) 29.47 30.08
Number of shares (excl. Treasury shares) 15 888 149 15 905 312


Development and optimization of the portfolio
As of June 30, 2025, the portfolio valuation (excluding transfer taxes and including properties
accounted for using the equity method) reached € 897.4m, a slight decrease compared to
December 31, 2024. The capitalization rate of the properties in operation stands at 7.6%.

In millions of euros Variation
Net balance as of January 1st, 2025 903.9
Investments 2.2
Disposals (5.2)
Fair value impact (3.5)
Net balance as of June 30, 2025 897.4

Over the first six months of 2025, 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 Le Vigen (Nouvelle-Aquitaine), for a total amount of € 5.2m, above appraisal
value.

Approval of a dividend of €1.35 per share
The Annual General Meeting held on June 12, 2025, approved the distribution of a dividend of
€1.35 per share, representing a total amount of €21.9m. This represents a yield on NAV (before
dividend distribution) of 4.6%, and a yield on the stock market price of 5.6% (as of July 22, 2025).


THE LOW-COST RETAIL
PARK SPECIALIST
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Agenda
October 9, 2025 Third-Quarter 2025 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 556,000 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 Recurring net income is adjusted for the operating expenses of the real estate development activity (-€1.2 million as of
30/06/25 and -€0.5 million as of 30/06/2024)
2 Incl. Group share of Cherbourg and Studio Prod and assets held for sale.
3 Based on annualized rents (or market rental value for vacant spaces) and on property valuation excl. transfer taxes
4 Adjusted for hedging instruments.
5 Excluding strategic vacancy.




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 CYLANS
Eric DUVAL Phone: +33 (0)7 88 09 17 29
contact@patrimoine-commerce.com patrimoine-commerce@cylans.fr




THE LOW-COST RETAIL
PARK SPECIALIST
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