Slides
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July 29, 2026 2026 HALF-YEAR RESULTS
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22 0 2 6 H A L F - Y E A R R E S U L T S 01 Enduring growth despite volatility 02 Capitalizing on our Shop•Park model to activate our growth levers 03 Growth translated into robust financial performance 04 Appendices Page 3 Page 13 Page 24 Page 32 Contents
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Enduring growth despite volatility 01
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42 0 2 6 H A L F - Y E A R R E S U L T S Broad-based growth across all key financial indicators +2.9% organic growth NET RENTAL REVENUE +4.5% +70 bps @ 82.7% EBITDA +4.8% €16.23 / share @ HY26 EPRA NTA +3.8% €3,063m @ HY26 PORTFOLIO LFL VALUE** +4.6% 41.9% @ HY26 LOAN-TO-VALUE ** -10 bps+4.1% +3.9% / share* NET RECURRENT EARNINGS ** Including rights and financial lease * Temporary increase in the average number of shares over the period, due to the liquidity contract v s . H 1 2 0 2 5 1 2 - m o n t h c h a n g e
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52 0 2 6 H A L F - Y E A R R E S U L T S 2026 guidance upgrade At least €1.02 per share 2026 DIVIDEND GUIDANCE UPGRADE NET RECURRENT EARNINGS guidance raised to €1.30 - €1.32 per share
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62 0 2 6 H A L F - Y E A R R E S U L T S Strong 6-month shareholder return supported by a €1.0 dividend per share paid on 6 May 2026 (1) Dividend 2025 / avg. share price HY 2026 TSR (Total shareholder return) 6.2% 8.6% Share price variation Div. Yield (1) ( TSR SHARE PERFORMANCE 14.8%Over 6 months 80 90 100 110 120 31-Dec-25 31-Mar-26 30-Jun-26 Mercialys EPRA Eurozone SBF 120
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72 0 2 6 H A L F - Y E A R R E S U L T S Continued growth of our shopping parks market share both in terms of footfall and retailers' sales -0.5% +2.3% -1.0% -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% FACT Mercialys +280 bp THE STRONG GROWTH IN FOOTFALL REFLECTS THE SUCCESSFUL TRANSFORMATION OF OUR ASSETS RETAILER SALES CONTINUE TO OUTPERFORM MARKET TRENDS Cumulative YTD change as of end-June › Footfall up +6,5% from June 1 to July 15 confirming the attractiveness of our indoor / outdoor Shop•Park model › Transformation projects generated tangible uplifts in performance across Brest, Nîmes, Aix, Marseille and Niort +0.8% +4.5% +0.0% +1.0% +2.0% +3.0% +4.0% +5.0% Quantaflow Mercialys +370 bp › After a strong Q1, slower April and May, sales trends improved again in June › Conversion had softened in Q2 amid geopolitical uncertainty and more browsing-led visits during the May/June heatwave Cumulative YTD change as of end-June
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82 0 2 6 H A L F - Y E A R R E S U L T S Resilient household savings and social transfers to support a gradual consumption improvement in France › Consumption remains inflation-hit but should grow by +0.2%/+0.5% in 2026, supported by lower savings rates through 2028 ❶ › A 1pp drop in savings adds c.+1.3% to consumption, while end-2028 savings remain 2.3pp above pre-Covid ❷ Source : OFCE forecasts, April 2026, INSEE ndc June 2026, Banque de France SAVINGS RATE CUSHION INFLATIONARY PRESSURE › With social benefits representing 34% of households’ GDI consumption remains relatively protected from cycles › Purchasing power is expected to recover in 2027, driven by real wages (+0.7%) and benefits indexed to 2026 inflation SOCIAL BENEFITS OFFER A STRONG BUFFER TO CONSUMPTION Share of France GDI 59.3% 22.4% 33.9% -15.1% -0.5% 13.8% 21.0% 17.8% 16.6% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026f 2027f 2028f Avg pre-covid : 14% 1 2 Share of France GDI Forecast
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92 0 2 6 H A L F - Y E A R R E S U L T S -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 2020 Q1 Q3 2021 Q1 Q3 2022 Q1 Q3 2023 Q1 Q3 2024 Q1 Q3 2025 Q1 Q3 2026 Q1 Q3 2027 Q1 Q3 2028 Q1 Q3 ILC IPCH Reversion and active leasing as main drivers of organic growth, with perspective of indexation recovery ahead INFLATION LIKELY TO REGENERATE INDEXATION TAILWIND Source : Banque de France Quarterly variation (YoY base) › Driven by a more dynamic nominal wage trajectory, 2026 headline inflation is expected to reach 2.5%, supporting indexation from end-2026/2027 › Inflation should normalize around c.2% p.a. from 2027 +2.2% +0.1% H1 2026 organic growth indexation organic growth excl. index +2.3% ORGANIC GROWTH DRIVEN BY +2.3% REVERSION ON LEASING ACTIVITY › Our organic growth reached +2.9% in HY2026 on net rent, driven by active leasing and a strong reversion of +2.3%, offsetting lower indexation of +0.1% only › This highlights our dual growth model that supports sustainable growth through cycles of indexation +2.8% +0.1% H1 2026 organic growth indexation organic growth excl. index +2.9%GROSS RENT NET RENT Forecast
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102 0 2 6 H A L F - Y E A R R E S U L T S 2.9% 2.9% 2.0% 2.4% 2.1% 2023 2024 2025 Q1 2026 H1 2026 11.1% 10.7% 10.8% 10.9% 11.1% 2022 2023 2024 2025 H1 2026 10.4% including food stores +24% reletting deals signed in H1 2026 vs H1 2025 Mercialys’ occupancy cost ratio and vacancy rate do not include agreements relating to the Casual Leasing business In accordance with the EPRA calculation method: rental value at vacant units / (annualized minimum guaranteed rent on occupied units + rental value of vacant units) EXPECTED CONTINUED FINANCIAL VACANCY IMPROVEMENT STABLE OCCUPANCY COST RATIO PAVES WAY FOR STEADILY INCREASING REVERSION Vacancy near record lows, supported by stable OCR and resilient leasing demand FY2026 target
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112 0 2 6 H A L F - Y E A R R E S U L T S EU and France adopt regulatory measures to level the playing field for physical retailers 1 Mar 2026 1 €2 French tax per goods category on non-EU parcels under €150 1 Jul 2026 2 EU scraps €150 de minimis threshold €3 duty/category introduced 1 Nov 2026 EU handling fee (~€2/parcel, TBC) added on top of the €3 duty 2028 4 Full EU customs tariffs via the new Customs Data Hub +26% non-EU parcels in a year › ≈ 20% of Île-de-France road traffic › High packaging and returns waste Up to +€9-€11 per item ordered online from countries outside EU €3 EU duty + ~€2 EU handling fee, from Nov. 2026 + €6 for ultra fast fashion tax x2 : average price per item will more than double due to combination of environmental malus and small parcel tax (from an average of 9€ to 18€*) Sources: French Finance Act 2026 (art. 82); Council Reg. (EU) 2026/382; French Customs, 30 June 2026 and * Institut français de la mode ROOT CAUSES THE MEASURES COST IMPACT FOR SMALL PARCEL E-COMMERCE RETAILERS Three main measures introduced aimed at protecting physical retailers from Asian e-commerce operators dumping practices : 1 - Environmental malus Up to €12/item in 2026, up to €20 by 2030 (≈ 50% of pre-tax price) 2 - Advertising ban For ultra-fast-fashion brands, incl. influencer partnerships 3 - Mandatory awareness messages Promoting reuse, sobriety and recycling on their sites EUROPEAN UNION “SMALL PARCEL” TAX FRENCH SENATE PASSES BILL TARGETING ULTRA-FAST FASHION 3
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122 0 2 6 H A L F - Y E A R R E S U L T S Decarbonation, certification and transparency as value drivers DECARBONATION • Goal of carbon neutrality by 2050 certified by the SBTi • -57% reduction in scopes 1 & 2 emissions at end-2025 vs baseline 2017 • 46% of sites equipped with photovoltaic panels CERTIFIED PORTFOLIO • 95% of total portfolio value BREEAM In-Use certified at end- 2025 • Environmental efficiency embedded in every acquisition underwriting (e.g. Saint-Genis 2 improvement levers) • Resilience: protection against asset obsolescence and tenant demand shift GOVERNANCE & TRANSPARENCY • Transparency Award 2026 : All categories 1st place ; 2nd first- place position since 2022 and 10th consecutive recognition • Gold status for EPRA sBPR and BPR disclosure every year since 2016 • S&P BBB / stable : ESG factors integrated in credit profile ESG as a financial lever: lower financing costs, stronger retailer demand, and long-term protection of appraisal values 2026 HALF-YEAR RESULTS 28
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Capitalizing on our Shop•Park model to activate our growth levers 02
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142 0 2 6 H A L F - Y E A R R E S U L T S High comparable revenue productivity confirms the efficiency of our Shop•Park model OUR STRATEGIC ROADMAP DELIVERS CONVERSION RATES WELL ABOVE BENCHMARKS Cost efficient to offer the best combination of B to C services & B to B low charge levels Accessible to capture the polarization of demand on the Everyday-low-price segment Refocused geographically to best capture both consumption spending & population growth Right sized to embrace catchment area potential and face the reduction in market depth Dominant to respond to tenants’ focus on the best footfall / OCR combination Diversified to mitigate retailers’ business cycle risks: no overexposure to any single brand Selective to match customers’ preferences in terms of “top of mind” brands Sustainable to appeal to consumers, lower B to B cost of operations and extend assets’ life with €1300 of revenue per SQM generated per million visitors per year, Shop•Park assets offer a conversion rate significantly above European benchmarks Source : Green Street datas, Mercialys computation 0 200 400 600 800 1 000 1 200 1 400 France Germany Italy Spain United Kingdom Mercialys Average sales/sqm/million visitors/year
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152 0 2 6 H A L F - Y E A R R E S U L T S Our geographic focus well positioned to capture dynamics of French population movements and silver economy potential OUR PORTFOLIO IS POSTIONED IN REGIONS BENEFITING FROM SENIOR POPULATION GROWTH FROM POSITIVE INFLOWS POPULATION EVOLUTION FAVOR OUR GEOGRAPHIC FOOTPRINT Immigration flows From France abroad Immigration flows to France from abroad From +0.4% to +1.5% From 0.0% to +0.3% From -0.7% to -0.1% France average (2017-2023) : +0.4% From 1.5% to <1.8% From 1.3% to <1.5% <1.3% 3% or more From 1.8% to <3% France: + 1.5% Source : INSEE ©IGN-Insee
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162 0 2 6 H A L F - Y E A R R E S U L T S Senior consumers : a massive, underleveraged growth driver for retail real estate A GLOBAL STRUCTURAL DEMOGRAPHIC SHIFT › The senior population has a structuraly higher purchasing power : welfare state benefit (pension vs. wage replacement rate of 70% in France vs. 53% in Germany, but 86% in Spain) › The 65+ population represent ~22% of both the French and EU populations, making it a significantly growing consumer segment › 15M senior population in France with a positive contribution to French GDP growth of +0.25 pt / year SENIORS : A LOYAL, STORE-ORIENTED CUSTOMER BASE › 61% consider it important to touch the product before buying › 55% only buy trusted products or brands › They favor proximity, well-known brands and reassurance rather than novelty Shop Park 137 129 127 126 112 112 107 94 65+ years, no children 50–64 years, no children Families 18–24 years Families 12–17 years 35–49 years, no children Families 6–11 years Families 0–5 years Under 35 years, no children Average store visits per buyer / year Source : NielsenIQ – Seniors, an audience of the future – October 2024 Sources : INSEE statistiques et études – Projections de population à l’horizon 2070 ; Eurostat (Population structure and ageing) when will the over 65s represent 33% of the total population ? Now 2035 2045 2060 2070 OECD
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172 0 2 6 H A L F - Y E A R R E S U L T S Our accessible Everyday-low-price (EDLP) proposition protects shoppers’ purchasing power Source : Dauvers/Leboncoin, July 2026 10% 16% 20% 35% 39% 71% 79% Brand Nutri-Score Labels Promotion Origin Quality / Taste Price CONSUMERS INCREASINGLY TRADE DOWN AND COMPARE 23% 28% 29% 30% 51% 65% I like trying new products/brands I pay attention to my ecological impact Advertising/promotions influence my purchases I consume locally and responsibly I am loyal to my preferred retailers I look the best prices RELATIONSHIP WITH CONSUMPTION "Which statements apply to you..." 4 pts vs 2025 6 pts vs 2025 3,1 / 5 3,4 / 5 3,7 / 5 3,9 / 5 4,1 / 5 4,3 / 5 Loyalty Shopping experience Choice Promotions Proximity Price STORE CHOICE "Rate the importance of the following factors..." 5 = important Choice Product origin Loyalty Promotions Product quality Proximity Price WHAT TRIGGERS A RETAIL SWITCH? PRODUCT CHOICE "When choosing a food product..." 18% men 23% women 14% men 7% women 1 = not important 81% 54% 52% 46% 32% 31% 28% 78% of 18 - 34s 57% of 65+ MORE THAN 75% OF OUR TENANTS ARE OFFERING 'CHOICE AND VALUE FOR MONEY' PRODUCTS THROUGHOUT THE YEAR EDLP : 76 % of tenants Non-EDLP : 24 % of tenants Our target : 90% of Everyday- low-price brands in portfolio EVERYDAY-LOW-PRICE (EDLP) MEANS VALUE WITH PURPOSE More choice, stronger affordability, and a clear answer to pressured household budgets
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182 0 2 6 H A L F - Y E A R R E S U L T S Our leasing effort focuses on consumers’ preferred brands, broader choice and tenant diversification 28.5% 9.0% 19.8% 13.9% 16.1% 9.3% 3.4% Personal Items Household equipment Culture, gifts & sports Food-anchored tenants Health & beauty Restaurants and catering Services SELECTIVE LEASING FOR STRONGER APPEAL & DIVERSIFIED MERCHANDISING MIX 97 LEASES SIGNED in H1 2026 Evolution since 2020 -300 bp +210 bp +380 bp -760 bp +380 bp +70 bp +30 bp
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192 0 2 6 H A L F - Y E A R R E S U L T S Our reletting momentum demonstrates our capacity to diversify our rental exposure, as personal items consolidate 90% SQM RETENANTED of which 20% to non personal items brands PERSONAL ITEMS SECTOR IS UNDER PRESSURE CONSOLIDATION IS RESHAPING THE SECTOR OUR RETAL MIX IS SHIFTING AWAY FROM PERSONAL ITEMS › A maturing personal-items segment (-11% over 10 years), an evolution anticipated in our leasing strategy › Reshaped by omnichannel (~1/4 online), second-hand and store-network optimization : trends that we have capitalized on in our portfolio › New dynamic entrants (sport, international brands) broaden our tenant pool and support our reletting 31.5% 28.5% 2020 2022 2024 H1 2026 Status Compulsory liquidation Compulsory liquidation Compulsory liquidation Receivership Nb of premises 5 5 5 2 % of total rent 0.35% 0.5% 0.25% 0.1% Current Recom 4 5 3 2 % recom 80% 100% 60% 100% -300 bp
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202 0 2 6 H A L F - Y E A R R E S U L T S CAPEX INTENSITY TIMELINE SHORT/MID-TERM MID/LONG-TERM > €100m 2026/2028 €200m 2029/2031 Ferney- Voltaire Nimes (ph.2) Valence Ste Marie Angers Cannes Mandelieu Marseille LV FLEXIBILITY TO LAUNCH, STOP OR RESTART ANY OF OUR DEVELOPMENT PROJECTS HURDLE RATE IRR >= 10 % Restructuring/ strengthening Extension New project Our disciplined pipeline being activated in line with our business plan Launched in 2025 Niort Brest Nimes (ph.1) Toulouse Marseille PdC Dijon St André Grenoble Launched in 2026 To be launched in 2027-28 Paris St Denis Angers Lanester Quimper
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212 0 2 6 H A L F - Y E A R R E S U L T S MARSEILLE SHOP•PARK ENHANCING ATTRACTIVENESS AND RETAIL APPEAL UNLOCKING SIGNIFICANT VALUE CREATION POTENTIAL › A full asset refurbishment (building covers, circulation flows, signage) to drastically improve the customer journey › Retail mix differentiation to widen choice and drive footfall › Restructuring of the biggest hypermarket space in Mercialys portfolio (22,000 sqm) › Creation of 1 “right sized” food store(Leclerc or Costco) on 12,000 sqm, 1 leisure complex (Nikito on 7,000 sqm), 1 MSU and several small store units 75 % of brands exclusive to our Shop Park in catchment area 52% spontaneous recall of Shop Park brand (usually ~20% in the 1st year) 0 % vacancy +15% in footfall 6m 2026 vs. 2025 Construction starting End-2026 / 2027 Pre-letting ~ 80 % +10% Value creation on the project 30 % of new retailers in 5 years upcoming opening Transforming strategic assets into growth platforms NÎMES SHOP•PARK
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222 0 2 6 H A L F - Y E A R R E S U L T S Strong leasing demand validates our development strategy BUILDING A MARKET-LEADING DESTINATION › Replacing the enclosed mall with more efficient retail formats › Complete renovation of the circulation flows and signage › Creation of a “gourmet promenade” Construction started Mid-2026 90% pre-let GRENOBLE SHOP•PARK CREATING REUNION ISLAND'S NEXT RETAIL LANDMARK Construction starting Mid-2026 Expected YOC : above 9 % vs. 8.5 % in Dec-25 SAINT ANDRE SHOP•PARK › Development of a 15,000 sqm retail park located in a densely populated area with limited competition in the north-east of the island › Opening scheduled for 2027 Pre-letting > 90 % vs. 80 % in Dec-25 +20% additional net rent
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232 0 2 6 H A L F - Y E A R R E S U L T S 2026 acquisition campaign on track, only targeting assets improving portfolio quality, at accretive yields Q2 2026 TOULOUSE RETAILPARK ACQUISITION MATCHING OUR INVESTMENT CRITERIA • Prime asset with zero vacancy, a retail mix perfectly aligned with our Everyday-Low-Price positioning and strong retail density • Acquisition at an attractive yield for a retail park reinforcing our footprint in the north of Toulouse 8,145 sqm GLA 100% let ACQUISITION CONSOLIDATING TOULOUSE AS A TOP-PERFORMING ASSET IN OUR PORTFOLIO H2 2026 - 2027 ENHANCING OUR PORTFOLIO WITH TOP TIER ASSETS WITH FINANCIAL DISCIPLINE AS PREREQUISITE QUALITY-LED INVESTMENT STRATEGY STRENGTHEN OUR FOOTPRINT ON HIGH-POTENTIAL REGIONS PORTFOLIO ROTATION TO MAINTAIN OUR BBB RATING P&L ACCRETION ATTRACTIVE YIELD BUT QUALITY FIRST
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Growth translated into robust financial performance 03
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252 0 2 6 H A L F - Y E A R R E S U L T S €88.5m €91.9m €0.2m -€2.0m -€2.0m +€5.5m +€0.1m +€1.7m €0.3m -€5.0m €87.2m GRI at June 30, 2025 Brest and Niort Assets in restructuration St Genis Indexation Organic growth of gross rental income excl. Indexation GRI at June 30, 2026 Property charges NRI at June 30, 2026 Lease rights Lease rights €88.7m GRI organic growth +2.3% €92.2m Revenue growth accelerates, with redevelopment benefits yet to come +6.2%+3.8% +4.5% €86.7m Pro-forma rental revenues at mid-2025 Restating H1 2025 for the rents generated by the Brest and Niort units prior to their ongoing redevelopment (full delivery completion expected in 2027) pro forma Brest & Niort redevelopment effect NRI growth GRI growth +2.9% Like-for-like
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262 0 2 6 H A L F - Y E A R R E S U L T S › Routine administrative tasks are increasingly handled through automation, improving execution speed and operational consistency › 10 processes automated to date: i.e. legal workflows, document management, contractual reporting › Enhancing tenant relationships and asset oversight through AI-assisted decision support › Tenant requests response time reduced by 50% 1 2 3 › Giving teams immediate access to actionable insights across assets and tenants, supporting faster and better-informed decisions › 4 data use cases in production (20 at year end) : visitor flows, retailer performance, service charges, investment analytics ON TRACK Agentic AI is now delivering its first quantified gains, deployed within a strict security and governance framework and supporting our performance trajectory Artificial Intelligence: first measurable gains on our three value creation drivers TARGETED AUTOMATION OF RECURRING LOWER-VALUE FUNCTIONS OPTIMIZATION OF ASSET MANAGEMENT PROCESSES ADVANCED DATA MANAGEMENT H1 2026 AI SCORECARD & YEAR END TARGET 1% of OPEX annualized run-rate savings achieved at end-June 2026 20 agents AI agents in production across back office & asset management x20 time reduction for asset and information access 100% of employees trained and using AI tools daily PROGRESS TOWARD MEDIUM-TERM TARGET: SAVINGS OF 5% OF OPERATING EXPENSES 20% 100.0%
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272 0 2 6 H A L F - Y E A R R E S U L T S €61.6m €64.1m + €3.5m + €0.3m - €0.3m - €4.9m + €2.0m - €0.0m + €2.0m NRE June 30, 2025 Change in rental revenues Change in non-recovered building service charges Change in operating costs Change in financial expenses Change in other income, costs and allowance for provisions Change in taxes Change in share of equity associates and recurring non- controlling interests NRE June 30, 2026 €0.69 / share* EBITDA MARGIN 82.7% +70bps +4.1% +3.9%€0.66 / share Operational momentum translates into +4.1% growth in Net Recurrent Earnings * Temporary increase in the average number of shares over the period, due to the liquidity contract
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282 0 2 6 H A L F - Y E A R R E S U L T S Average annual rent (€/sq.m) €272.7 Average valuation (€/sq.m. excl. transfer taxes) €3,833 Appraisal yield 6.63% (~flat vs FY 2025) CHANGE IN PORTFOLIO VALUE (1) Over 12 months Over 6 months Rent effect +1.3% +0.5% Yield effect +2.5% -0.6% Scope effect +0.8% +0.8% TOTAL CHANGE +4.6% +0.7% Rental growth offsets market rates pressure on yields, supporting portfolio value positive evolution CHANGE IN TOTAL PORTFOLIO VALUE (1) (in €m) OUR PREMIUM ON APPRAISAL RATE IS STILL >300 BPS OVER THE RISK-FREE RATE (1) Including transfer taxes at current perimeter End-Dec 2025 Scope effect Rent effect Yield effect End-June 2026 3,041 -17.8 3,063 +222 +54+0.7% +24.0 +15.5
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292 0 2 6 H A L F - Y E A R R E S U L T S €15.63 €16.23 - €1.00 +€1.28 +€0.66 -€0.34 EPRA NTA at end-June 2025 Dividend paid Net recurrent earnings Chg. in fair value of assets Chg. in fair value of fin. Instruments & other items EPRA NTA at end-June 2026 › €16.49 / share › +4.4% over 12 months EPRA NDV › €18.71 / share › +4.3% over 12 months EPRA NRV Recurrent earnings and valuation gains support EPRA NTA growth of +3.8% over 12 months (1) Including non-recurrent items (e.g. amortization, depreciations of assets, capital gains or losses on assets’ disposals) (2) Calculation based on the diluted number of shares at the end of the period, in accordance with the EPRA methodology regarding NTA (2) (1)
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302 0 2 6 H A L F - Y E A R R E S U L T S Secured balance sheet with extensive covenant headroom LTV RATIO (1)CHANGE IN NET DEBT / EBITDA STANDARD & POOR’S RATING: BBB / STABLE REAFFIRMED ON OCTOBER 17, 2025 EXTENSIVE COVENANT HEADROOM ICR RATIO 8.2x 8.3x 8.5x ~8.0x 2025 H1 2025 H1 2026 2026 target 39.5% 42.0% 41.9% < 41% 2025 H1 2025 H1 2026 2026 Target 4.9x 5.7x 4.1x ~4.5x 2025 H1 2025 H1 2026 2026 target €1.2 bn of net debt with 3.2% average cost of bond debt 3.8 years average debt maturity at mid-June 2026 No debt redemption before Nov-2027 (150 M€) (1) including TT & including financial lease
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312 0 2 6 H A L F - Y E A R R E S U L T S The building blocks of sustainable long-term value creation REFOCUSED PORTFOLIO RECORD OCCUPANCY REVERSION RESERVOIR vacancy now frictional : 2.1% at end-June 2026 expected to decrease further ahead Tenants' OCR of 11.1%, one of the lowest in the listed sector 34 leading regional assets representing > 95% of portfolio value 75% of which with over 3M footfall Reversion of +2.2% captured in 2025, +2.3% in H1-26 RETAIL OUTPERFORMANCE Footfall +4.5% in H1-2026, +370bp above the national panel Tenant sales +2.3% ACCRETIVE EXTERNAL GROWTH €192m deployed since 2025 at >8% entry yields : Saint-Genis 2, Hyperthetis and Fenouillet retail park More acquisitions lined up for H2 with strong discipline ASSET-LIGHT & EFFICIENCY ImocomPartners third-party platform (€650m AUM) AI program targeting 5% OPEX savings
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APPENDICES
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332 0 2 6 H A L F - Y E A R R E S U L T S Net recurrent earnings (NRE) In thousand euros JUNE 30, 2025 JUNE 30, 2026 Invoiced rents 88,509 91,888 Lease rights 226 305 Rental revenues 88,735 92,193 Non-recovered service charges and property taxes -4,367 -4,495 Net property operating expenses -942 -547 Net rental income 83,426 87,151 Management, administrative and other activities income 3,205 5,205 Other income and expenses -3,402 -4,059 Personnel expenses -10,486 -12,091 EBITDA 72,743 76,205 Net financial items (excluding non-recurring elements (1)) -13,959 -18,877 Other operating items (including provisions) 5,389 7,356 Tax expense -451 -489 Share of net income from associates and joint ventures 1,736 1,439 Non-controlling interests (excluding capital gains, amortization and impairment) -3,850 -1,513 Net recurrent earnings (NRE) 61,608 64,121 NRE per share (based on average diluted number of shares) 0.66 0.69 (1) Impact of hedging ineffectiveness, banking default risk, premiums, non -recurring amortization and costs relating to bond redempt ion, proceeds and costs from unwinding and restructuring hedging operations
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342 0 2 6 H A L F - Y E A R R E S U L T S Balance sheet IN THOUSANDS OF EUROS DECEMBER 31, 2025 RESTATED JUNE 30, 2026 Goodwill 11,470 11,470 Intangible assets 12,389 13,359 Property, plant and equipment other than investment property 9,517 9,798 Investment property 2,826,868 2,842,152 Right-of-use assets 7,160 7,034 Investments in associates 41,951 38,193 Other non-current assets 28,263 28,356 Deferred tax assets 1,326 1,181 Non-current assets 2,938,944 2,951,542 Trade receivables 27,853 34,345 Other current assets 27,770 31,556 Cash and cash equivalents 435,319 45,257 Investment property held for sale 7,721 13,294 Current assets 498,663 124,452 TOTAL ASSETS 3,437,606 3,075,994 Share capital 93,887 93,887 Additional paid-in capital, treasury shares and other reserves 1,516,683 1,458,483 Equity attributable to owners of the parent 1,610,569 1,552,370 Non-controlling interests 60,424 58,480 Equity 1,670,993 1,610,850 Non-current provisions 1,453 1,391 Non-current financial liabilities 1,234,560 1,237,454 Deposits and guarantees 32,050 32,839 Non-current lease liabilities 74,570 71,398 Other non-current liabilities 3,462 3,540 Non-current liabilities 1,346,095 1,346,622 Trade payables 9,007 15,274 Current financial liabilities 360,042 51,595 Current lease liabilities 6,657 6,958 Current provisions 14,682 8,379 Other current liabilities 30,112 36,312 Current tax liabilities 17 3 Current liabilities 420,518 118,522 TOTAL EQUITY AND LIABILITIES 3,437,606 3,075,994 ASSETS EQUITY AND LIABILITIES Switch to fair value accounting (vs. amortized cost before): depreciation & impairment now replaced by fair value adjustments. Dec-25 restated on a like-for-like basis.
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352 0 2 6 H A L F - Y E A R R E S U L T S Disclaimer 352 0 2 6 H A L F - Y E A R R E S U L T S › This communication contains forward-looking information and statements about Mercialys. Forward-looking statements are statements that are not historical facts. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. › Although Mercialys’ management believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of Mercialys shares are informed that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond Mercialys’ control, that could cause actual results and developments to differ noticeably from those expressed, suggested or projected in the forward-looking information and statements. These risks and uncertainties include those discussed or identified in Mercialys’ public filings with the Autorité des marchés financiers (Financial Markets Authority - AMF), including those listed under the “Risk factors” heading in the Universal Registration Document filed by Mercialys on March 13, 2026. › This presentation has been prepared solely for information purposes and must not be interpreted as a solicitation or an offer to buy or an offer to sell any of these securities or related financial instruments. In addition, it does not offer and must not be treated as investment advice. › No representation or warranty, express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained in this document. Recipients should not consider it a substitute for exercising their own judgment. All of the opinions expressed in this document are subject to change without prior notice. › This presentation and its contents are proprietary information and cannot be reproduced or distributed, in whole or in part, without Mercialys’ prior written consent.