PATRIMOINE ET COMMERCE: 2025 ANNUAL RESULTS

PRESS RELEASE

2025 ANNUAL RESULTS

Paris - February 18, 2026

At its meeting on February 17, 2026, the Patrimoine & Commerce Supervisory Board reviewed the Company’s operations and approved the 2025 financial statements (1), prepared by Management.

• Funds from operations growing by +8.8%
• Portfolio valuation of € 909m (+0.6%)
• Dividend payment of € 1.40 per share, growing by +3.7%, implying a 6.0% yield on share price, as well as a 4.5% yield on NAV

Key figures

Eric Duval, Managing Director and Founder of Patrimoine & Commerce declared: « Patrimoine & Commerce delivers strong performance and continues the strategic optimization of its asset portfolio. By placing the energy transition at the core of our business model — especially through the rollout of charging stations and photovoltaic projects — we are ensuring sustainable and responsible growth. This solid financial foundation, combined with the resilience of our operations, enables us to propose a dividend distribution of €1.40 per share, an increase of +3.7% compared to the previous fiscal year. This decision confirms the persistence of our dividend distribution policy and our confidence in our growth prospects. »

Operational performance

Patrimoine & Commerce had a sustained leasing activity and signed 106 leases (of which 42 renewals). The financial occupancy rate is increasing and stands at 95.6% (5) on the portfolio. The collection rate on rents and service charges invoiced in 2025 stands at 99%.

Funds from operations growing by +8.8%

In 2025, Patrimoine & Commerce continued to deliver a solid financial performance.

For the fiscal year ended December 31, 2025, Patrimoine & Commerce reported consolidated gross rental income of € 57.6m, against € 52.6m for the fiscal year ended December 31, 2024:

The increase of gross rental income is mainly explained by (i) the effect of the acquisitions made in 2024 and 2025 (ii) the like-for-like increase, driven by contractual indexation.

Net rental income stands at 92% of gross rental income, mainly composed of unrecovered rental expenses and provisions for credit losses:

Operating expenses are increasing over the period (€6.4m in 2025 vs. €6.0m in 2024), mainly explained by a rise in management fees due to higher rents.

Net cost of debt amounted to € 12.9m in 2025, an increase of +5.7% compared to last year, and is explained by a higher level of debt over fiscal year 2025 compared to fiscal year 2024, linked with the portfolio perimeter effect. The Company continues to benefit from the hedging of its debt portfolio, with 89% of the debt either at fixed rate or at hedged variable rate. The average interest rate on debt is 2.98% for the 12 months ending December 31, 2025 (versus 3.12% in 2024).

Recurring net result (FFO) amounted to € 33.4m in 2025, an increase of +8.8% compared to 2024:

Including the fair value adjustment of the portfolio (-€ 1.6m), the share of the result of companies accounted for using the equity method (+€ 9.6m), other non-recurring revenues and charges (-€ 0.6m), and the contribution of hedging strategies on debt (+€ 0.2m), net profit amounted to € 40.9m for the fiscal year 2025 and € 41.9m in group share, an increase of +2.4% vs. 2024.

Decrease of the LTV ratio and increase of the NAV per share at € 31.4 (+4.4%)

The Group consolidated net debt of € 385.5m as of December 31, 2025, implies a Loan-to-Value ratio of 42.7%, leaving a significant investment capacity compared to the target of 50% set by Patrimoine & Commerce.

Net asset value per share amounted to € 31.4 (€ 498.0m) in 2025, an increase of +4.4% versus 2024.

Development and optimization of the portfolio

As of December 31, 2025, the portfolio valuation (excluding transfer taxes and including properties accounted for using the equity method and assets held for sale), reached € 909.4m, increasing by +0.6% compared to 2024. The capitalization rate of the properties in operation stands at 7.5%.

During the fiscal year ended December 31, 2025, Patrimoine & Commerce continued its development with the acquisition, on July 30, 2025, of a commercial property in Plérin (Bretagne) with a total area of approximately 4,500 sqm, and continued its investments in the construction of two new units in Wittenheim (Grand-Est) and two new units in Lempdes (Auvergne-Rhône-Alpes). The company also acquired, at the end of 2025, an industrial brownfield site for redevelopment in Massieux (Auvergne-Rhône-Alpes), to develop a commercial complex. Finally, the company took delivery of the second phase of the Champniers program. The total amount of these investments amounted to €18.3m in 2025.

Furthermore, Patrimoine & Commerce continued its asset rotation policy with the disposal of two assets at amounts close to their appraisal values. These include an asset in Limoges Le Vigen (Hauts-de-France) disposed on February 13, 2025, and a parking space in Salon de Provence (Provence-Alpes-Côte-d’Azur) disposed on December 17, 2025. These disposals represent a total amount of €11.2m.

Dividend payment of € 1.40 per share

The distribution of a dividend of € 1.40 per share, increasing by +3.7% compared to 2024, will be proposed to the Annual General Meeting of Patrimoine & Commerce. The proposed dividend implies a 4.5% yield on net asset value per share as of December 31, 2025, and of 6.0% on the stock price (7).