First-quarter Organic Growth of +2.7%

Regulatory News:

Mercialys (Paris:MERY):

The first quarter’s performance confirms that the Company is on track to achieve its objectives for 2025.

• Like-for-like growth in invoiced rents of 2.7%

Invoiced rents came to Euro 43.8 million at end-March 2025. The 3.7% contraction on a current basis primarily reflects the disposals completed in July 2024. These disposals will enable the Company to finance a resumption of investments, targeting a maximum of Euro 200 million of acquisitions.

• Footfall up 2.5% for Mercialys sites, 180bp above the national panel

• Acquisition of ImocomPartners finalized

In March 2025, Mercialys completed its acquisition of the remaining 70% interest not yet held in the investment management company ImocomPartners. This operation will have an accretive impact on the Company's results from 2025.

• Dividend of Euro 1.0 per share proposed at the General Meeting

The proposed dividend would give a 9.9% yield on the year’s closing share price.
The ex-dividend date will be May 2, with the dividend to be paid on May 6, 2025.

• 2025 objectives confirmed

The Company's activity for the first quarter enables it to confirm the full-year objectives announced for 2025, with:
(i) net recurrent earnings per share of Euro 1.22 to Euro 1.25, and (ii) a dividend of at least Euro 1 per share.

First-quarter revenues

(In thousands of euros)	Year to end-March 2024	Year to end-March 2025	Change Like-for-like basis (%)	Change Current basis (%)
Invoiced rents	45,463	43,761	+2.7%	-3.7%
Lease rights	82	111		+35.9%
Gross rental income	45,545	43,872		-3.7%

Robust activity supported by good footfall trends

Footfall at Mercialys shopping centers increased by 2.5% during the first quarter of 2025, based on a comparable number of days. Mercialys significantly outperformed the Quantaflow national panel for the FACT (+0.7%) by +180bp, highlighting the portfolio’s realignment around dynamic and growing geographical areas. The food retailers are once again performing their role as anchors. They have generated footfall growth at the sites where business operations have been taken over, with double-digit increases in some cases, such as Saint-Etienne, Fréjus, Mandelieu and Aix en Provence. The in-depth renovation of the stores taken over to bring them into line with the best standards required by the brands in terms of their store concepts and product offerings is only just getting started, and is expected to support positive trends for visitor flows over the coming half-year periods.