par PATRIMOINE ET COMMERCE
PATRIMOINE ET COMMERCE: FIRST-HALF 2025 RESULTS
PATRIMOINE ET COMMERCE
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.
Key figures:
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. As of June 30, 2025, Patrimoine & Commerce gross rents amounted to € 28.7m compared to € 26.2m as of June 30, 2024:
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):
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%:
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. 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.
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.
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%.
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).
Agenda October 9, 2025 Third-Quarter 2025 activity
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