Footfall defies the economic climate

In a French market where households are prioritizing precautionary savings, Mercialys has managed to outperform its sector. At the end of March 2026, footfall across its centers rose by +3.9% on a like-for-like basis, representing a significant lead of 290 basis points over the national panel.
Retailer sales followed this trend with a 2.2% increase. However, management noted a slowdown in March alone: uncertainty surrounding the USA-Iran conflict and the resurgence of inflation weighed on purchasing decisions, serving as a reminder of the current fragility of purchasing power.

Active management of rental risk

Invoiced rents amounted to EUR 44.5 million (+1.7%), benefiting from the integration of the Saint-Genis 2 site. While like-for-like growth slowed slightly (+2.0%), this is explained by near-zero indexation and persistent difficulties in the textile sector.
Mercialys had to absorb the liquidations of several ready-to-wear brands (Kaporal, IKKS, Naf Naf). The vacancy rate rose mechanically to 2.4%, but the firm remains reassuring: the diversification strategy limits exposure to any single retailer, commercial momentum is strong with 50 leases signed in Q1 (+16%), and high-growth brands such as Action, Normal, or Mango are replacing vacated floor space.

Attractive yield and targets confirmed

The strength of the balance sheet allows Mercialys to propose a dividend of EUR 1 per share at the General Meeting on April 23, offering a yield of 9.1% (based on the annual closing price).

Confident for the remainder of the year, management confirmed its 2026 targets: a funds from operations (FFO) of at least EUR 1.29 per share. For 2027, the group already anticipates a potential rebound in rents thanks to the return of inflation, which is expected to boost the indexation index (ILC) in the second half of the year.