Earnings release
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Broad-based Growth Across All IndicatorsEPRA NTA up +3.8% Over 12 MonthsFull-year NRE and Dividend Guidance Raised Regulatory News: Mercialys (Paris:MERY): The very strong performance in the first half of 2026 reflects the successful repositioning of the portfolio around the Shop•Parkmodel and excellent operational execution, in an otherwise volatile environment. NRE up +4.1% over 12 monthsto Euro 64.1 million, or Euro 0.69 per share(+3.9%)EBITDA up +4.8%, with the margin expanding to 82.7%a 70bps improvement over 12 monthsNet rental income growth reaching +4.5%, driven by organic rental growth of +2.9%Reversion of +2.3% and leasing dynamic taking over from an indexation at only +0.1% Market share gains with footfall up +4.5%,+370bp above the national panelRetailer sales growth of +2.3%,significantly outperforming the national benchmarkCurrent financial vacancy held at 2.1%and retailer occupancy cost ratio limited to 11.1%Portfolio value up +4.6% over 12 months,with a stable yield rate of 6.63% EPRA NTA up +3.8% over 12 months to Euro 16.23 per sharevs Euro 15.63 at end-June 2025Growth momentum sustained through the acquisition of a retail park in ToulouseLoan-to-value ratio of 41.9%, improving by 10bp year on year At June 30, 2026 Δvs. H1 2025Net rental income (€m) 87.2 +4.5% EBITDA (€m) 76.3 +4.8% EBITDA margin 82.7% +70bp Net recurrent earnings (€m) 64.1 +4.1% At June 30, 2026 Over 12-monthPortfolio appraisal value (€m) 3,063.2 +4.6%LTV ratio 41.9% -10bp EPRA NTA (€/share) 16.23 +3.8% 2026 GUIDANCE RAISED Full-year NRE target revised upward and now expected between Euro 1.30 and Euro 1.32 per shareDividend target raised to at least Euro 1.02 per share I. CONTINUED MARKET SHARE GAINS FOR OUR SHOP•PARK CENTERS In the first half of 2026, Mercialys confirmed the full relevance of its Shop•Park model, a hybrid format between destinationcenters and retail parks. Its 34 leading regional sites, which concentrate more than 95% of the portfolio value and 75% of whichrecord more than 3 million visitors per year, capitalize on the polarization of retail towards the most dynamic regions and anaffordable offering. This “Everyday-low-price” value proposition is now carried by more than 75% of the retailers across theportfolio: a wide choice and the preservation of purchasing power throughout the year. 1. A RESILIENT CONSUMPTION BACKDROP AND STRUCTURAL GROWTH DRIVERS French household consumption is proving resilient in the first half, despite a latent resurgence of inflation. Overall, it is expectedto grow by +0.2% to +0.5% in 2026, benefiting from a dual buffer: on the one hand, the expected decline in the savings rate by2028, with each point of savings released representing around +1.3 additional points of consumption; on the other hand, theweight of social benefits, which account for nearly 34% of householdsʼ gross disposable income, structurally protectingconsumption from cyclical shocks. A gradual return of the rent indexation driver is foreseeable from late 2026 / 2027 givenembedded inflation. In the meantime, first-half organic growth (+2.9% on net rents) was driven by actions carried out on the portfolio and byreversion (+2.3% on leases signed), which fully took over from the decline in indexation, which fell sharply to just +0.1% versus+2.5% a year earlier. This dual growth model – reversion and indexation – ensures sustainable revenue growth through thecycles. Furthermore, Mercialysʼ portfolio is ideally positioned to capture a long-term structural growth driver: the silver economy,whose contribution to GDP growth is estimated at +0.25 point per year over the coming years. Franceʼs senior population nowexceeds 15 million people, with those 65 and over already represent nearly 22% of the population, a level broadly in line withthe European Union average. This clientele, which generally has high purchasing power (the pension/salary replacement ratereaches 70% in France), proves particularly loyal to physical retail: people aged 65 and over make an average of 137 store visitsper year, compared with 94 for those under 35 with no children. They favor proximity and show greater loyalty to retailers.Focused on the regions where the growth brought by the senior population is strongest, Mercialysʼ geographic footprint makesit a natural beneficiary of this trend. 2. ACCELERATING OPERATIONAL OUTPERFORMANCE 1 2
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The operational indicators for the first half of 2026 confirm the strong appeal of the portfolio and its recurring outperformancerelative to market indices: footfall across the sites is up +4.5% on a cumulative basis at end-June, i.e. +370bp above the Quantaflow national panel,and accelerates to +6.5% between June 1 and July 15, 2026, illustrating the appeal of the Shop•Park indoor / outdoorconcept;retailer sales are up +2.3%, i.e. +280bp above the FACT national index, driven by a rebound in sales in June after a startto the second quarter marked by a geopolitical wait-and-see attitude and a heatwave that was less favorable toconsumption;the current financial occupancy rate returned to a very high level of 97.9%. The current financial vacancy rate thusremains at frictional levels, around 2% (versus 2.4% in the first quarter of 2026); it should be noted that 90% of thevacant units, linked to the liquidation of apparel retailers at the end of 2025, have already been re-let;the retailer occupancy cost ratio stands at 11.1% (excluding food), one of the lowest in the listed sector, preserving strongreversion potential;reversion reaches +2.3% on leases signed in the first half, becoming the main driver of organic growth in a context ofdeclining indexation. This momentum is supported by particularly sustained leasing activity, with 97 leases signed in the first half of 2026 and a+24% increase in reletting operations compared with the first half of 2025. The leasing strategy continues to diversify the retailmix and to carefully reduce exposure to the apparel segment, a sector undergoing consolidation. Mercialys is graduallyapproaching its strategic objectives for diversifying commercial risk: no consumption segment accounting for more than 15% ofrents and no retailer accounting for more than 3% of its rental income. Mercialys signed its first three leases with the Italian retailer Legami, leader in the gifts/leisure segment, in Angers, St Genis andNîmes. This also includes a first signing with Primark in Nîmes. Four leases were signed with iconic Everyday-low-price retailersin the health/beauty segment; Normal (Annemasse, Quimper) and Adopt (Morlaix and Clermont). In addition, two leases weresigned with Aroma-zone (Nîmes and Brest). Lastly, the signing of Action in Brest completes the reletting of all the space vacated following the departure of Casino: Leclerc,Leclerc Parapharmacie, Leclerc Jouet, Grand Frais and Action. 3. ACCRETIVE EXTERNAL GROWTH AND A DISCIPLINED DEVELOPMENT PIPELINE Mercialys is pursuing its strategy of growth through accretive acquisitions, with Euro 192 million invested since 2025 at anaverage initial yield above 8%: the acquisition of the Saint-Genis 2 shopping center south of Lyon, the buyout of the residualinterests in the company Hyperthetis and, in the second quarter of 2026, the acquisition of the Fenouillet retail park, north ofToulouse (8,145 sq.m, 100% let). These operations meet the Companyʼs strict criteria: improvement in the quality of theportfolio, attractive immediate yield, geographic and format consistency, and value creation potential. New acquisitions are expected in the second half of 2026. These will be financed partly through asset rotation therebypreserving the Companyʼs balance sheet strength. In parallel, Mercialys is activating its development pipeline in a disciplined manner. It represents more than Euro 100 million overthe 2026-2028 period and Euro 200 million over 2029-2031, with a target internal rate of return of at least 10% and theflexibility to suspend or restart each project depending on the market environment. Several landmark projects were launchedduring the half-year, with positive effects on revenues expected from 2027 onwards: Marseille: delivery expected at the end of 2026/beginning 2027, around 80% pre-let, for estimated value creation of+10%;Grenoble: works launched in mid-2026, 90% pre-let, generating +20% of additional net rent;Saint-André (Réunion Island): works launched in mid-2026, pre-letting above 90%, for an expected yield above 9%;Nîmes: phase 1 activated in 2025 and delivered in the first half of 2026, phase 2 in preparation. II. STRONG GROWTH IN HALF-YEAR RESULTS, A RISING PORTFOLIO VALUE AND A ROBUST FINANCIAL STRUCTURE 1. NRE UP +4.1% FOR THE FIRST HALF The strong operational momentum is reflected across all financial indicators for the first half of 2026. Invoiced gross rents are up +3.8% at Euro 91.9 million and gross rental income reaches Euro 92.2 million, driven by organicgrowth in gross rents of +2.3% (+2.9% organic growth in net rents). A temporary effect contributed adversely to revenuegrowth. It is linked to the ongoing redevelopment of the Brest and Niort sites, the full delivery of which and the new rents areexpected to take effect in 2027. Restated for this redevelopment effect, gross rental income is up +6.2%. EBITDA comes to Euro 76.2 million, up +4.8% compared with the first half of 2025. The EBITDA margin improves by +70bp to82.7%, benefiting from the increase in rents and cost discipline, partly linked to the first measurable gains from the artificialintelligence program, which targets a 5% reduction in operating expenses over the medium term. This discipline is alsoreflected in the 70bps reduction in the EPRA cost ratio. Net recurrent earnings (NRE) come to Euro 64.1 million, up +4.1% year on year, and to Euro 0.69 per share, i.e. +3.9% (per-share growth reflecting a temporary increase in the average number of shares related to the liquidity program). This NREgrowth is achieved despite the rise in financial expenses associated with the increase in interest rates and the relatednormalization of the Companyʼs average cost of debt. 2. CONTINUED PORTFOLIO REVALUATION 3
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The portfolio value comes to Euro 3,063 million including transfer taxes at end-June 2026, up +0.7% over 6 months and +4.6%over 12 months on a current basis. Over 12 months, this increase combines a rent effect of +1.3%, a yield effect of +2.5% and ascope effect of +0.8%. Over the half-year, rental growth (+0.5%) and the scope effect (+0.8%) offset a slight pressure on yields(-0.6%). Current basis Like-for-likeat June 30,2026Change over the last6 months Change over the last12 months Change over the last6 months Change over the last12 monthsAppraisal value excludingtransfer taxes 2,855.0 +0.7% +4.4% -0.1% +3.6% Appraisal value includingtransfer taxes 3,062.9 +0.7% +4.6% -0.1% +3.8% The average appraisal yield rate comes to 6.63%, virtually stable compared with the end of 2025. This rate reflects a yieldspread of more than 300bp compared with the risk-free rate (10-year OAT). The EPRA net asset value indicators are up over 12 months: EPRA NTA comes to Euro 16.23 per share (+3.8%), EPRA NRV toEuro 18.71 (+4.3%) and EPRA NDV to Euro 16.49 (+4.4%). The increase in NTA is supported by net recurrent earnings and therevaluation of assets, despite the payment of the Euro 1.00 per share dividend on May 6, 2026, which mechanically reduces the6-month indicators. EPRA NRV EPRA NTA EPRA NDVJune 30,2025 Dec. 31,2025 June 30,2026 June 30,2025 Dec. 31,2025 June 30,2026 June 30,2025 Dec. 31,2025 June 30,2026 €/share 17.94 19.42 18.71 15.63 16.96 16.23 15.79 17.29 16.49 Change over 6months -3.6% -4.3% -4.7% Change over 12months +4.3% +3.8% +4.4% 3. A ROBUST FINANCIAL STRUCTURE TO FUND GROWTH Mercialysʼ financial structure remains very solid. Net financial debt amounts to Euro 1.2 billion, for an average cost of bond debtof 3.2% and an average maturity of 3.8 years, with no repayment maturity before November 2027 (Euro 150 million). The loan-to-value ratio (LTV including transfer taxes and financial lease) comes to 41.9%, improving by 10bp over 12 months,the ICR to 4.1x and the net debt to EBITDA ratio to 8.5x. These levels leave headroom relative to the covenants (LTV excludingtransfer taxes below 55% and ICR above 2x). Standard & Poorʼs BBB / stable outlook rating was reaffirmed on October 17, 2025. 4. A VALUE-CREATING CSR TRAJECTORY Mercialys is firmly pursuing its “4 Fair Impacts for 2030” strategy. The carbon trajectory stands at -57% for scope 1 and 2emissions at the end of 2025 compared with the 2017 baseline. A new, more ambitious carbon trajectory validated by the SBTi(carbon neutrality by 2050) was submitted to shareholders at the General Meeting of April 23, 2026. At the end of 2025, 95%of the portfolio is BREEAM In-Use certified. The Company was also awarded first place of SBF120 listed companies across all categories at the 2026 Transparency Award,on July 2 by Labrador. This award confirms the consistency and strength of its commitment to financial and extra-financialtransparency, also illustrated by the double Gold status obtained at the EPRA sBPR and BPR awards since 2016. III. 2026 TARGETS REVISED UPWARD Reflecting the strength of its first-half 2026 performance, Mercialys is raising its full-year net recurrent earnings target, nowexpected between Euro 1.30 and Euro 1.32 per share, versus at least Euro 1.29 announced in February. The Dividend target isalso raised to at least Euro 1.02 per share in respect of the 2026 financial year, against at least Euro 1.00 per share previously. The Company reaffirms a medium-term growth trajectory, driven by the operational outperformance of the Shop•Park model,reversion expected to gain momentum, accretive external growth and a disciplined development pipeline, all underpinned by asolid financial structure. * * * This press release is available onwww.mercialys.comA presentation of these results is also available online, in the following section:Investors / News and Press Releases / Financial Press Releases About MercialysMercialys is one of Franceʼs leading real estate companies. It is specialized in the holding, management and transformation ofretail spaces, anticipating consumer trends, on its own behalf and for third parties. At June 30, 2026, the Company had a realestate portfolio valued at Euro 3.2 billion including transfer taxes. Mercialys has been listed on the stock market since October12, 2005 (ticker: MERY) and has “SIIC” real estate investment trust (REIT) tax status. Part of the SBF 120 and Euronext ParisCompartment A, it had 93,886,501 shares outstanding at June 30, 2026. IMPORTANT INFORMATIONThis press release contains certain forward-looking statements regarding future events, trends, projects or targets. Theseforward-looking statements are subject to identified and unidentified risks and uncertainties that could cause actual results to 4
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differ materially from the results anticipated in the forward-looking statements. Please refer to Mercialysʼ Universal RegistrationDocument available atwww.mercialys.comfor the year ended December 31, 2025 for more details regarding certain factors,risks and uncertainties that could affect Mercialysʼ business. Mercialys makes no undertaking in any form to publish updates oradjustments to these forward-looking statements, nor to report new information, new future events or any other circumstancesthat might cause these statements to be revised. Temporary increase in the average number of shares over the half-year due to the liquidity programIncluding transfer taxes and real estate finance leaseExcluding brands in liquidation / receivership process in H1 2026Constant number and area of sites View source version on businesswire.com:https://www.businesswire.com/news/home/20260728703676/en/ Analyst and investor contactOlivier PouteauTel: +33 (0)6 30 13 27 31Email:opouteau@mercialys.com 1 2 3 4