Mercialys (PARIS: MERY) has appointed Maël Aoustin as its new Lead Independent Director. The decision was taken by the Board of Directors on a recommendation from the Appointments, Compensation and Governance Committee and takes effect immediately.

Aoustin has served on the Mercialys Board since 2023. He currently holds the position of independent director and serves as Chairman of the Audit, Risks and Sustainable Development Committee. His appointment is intended to strengthen the company's governance framework in line with market best practices.

Role and responsibilities

In his new capacity, Aoustin will serve as the primary point of contact for the Chairman of the Board of Directors and other directors, with a specific focus on facilitating communication among independent directors. This role complements the existing governance structure of the French real estate company.

Professional background

Aoustin possesses more than 20 years of experience in the real estate sector. Since March 2022, he has served as Chairman of the Management Board of UXCO Group. Prior to this, he held significant leadership positions including:

• Unibail-Rodamco: Spent 12 years in various management roles across France and international markets.
• Galimmo: Served as head from 2016 to 2022.

Company profile

Mercialys is a leading French real estate company specializing in the holding, management, and transformation of retail spaces. The company operates on its own behalf and for third parties, anticipating consumer trends. Key financial and structural details include:

The company has been listed on the stock market since October 12, 2005.

Mercialys (PARIS: MERY) confirmed its 2026 financial targets as the Shop•Park retail format drove significant market share gains, with footfall rising 5.4% and retailer sales increasing 3.0% over the first nine months of 2026.

The French real estate company reported that this commercial momentum translated into invoiced rents of €137.5 million, a 2.5% increase year-to-date. The performance underscores the resilience of the portfolio's Everyday-low-price positioning amidst modest household consumption growth.

Commercial performance outpaces national trends

Mercialys' operational metrics significantly exceeded the broader French retail market. Footfall growth of 5.4% represented an outperformance of 420 basis points against the national panel. Similarly, retailer sales grew 3.0%, which is 280 basis points above the national FACT index and well ahead of the estimated +0.3% growth in overall household consumption.

This divergence suggests that Mercialys is capturing value from consumers prioritizing affordability. The strategy is supported by a tenant mix where more than 75% of retailers offer low-price products, alongside anchor tenants like Leclerc, Intermarché, and Lidl.

Rental growth and occupancy metrics

Rental revenues, including lease rights, reached €138 million, up 2.6%. On a like-for-like basis, organic growth in gross rents stood at 2.3%, driven by lease reversion of +2.1% and asset management initiatives, compensating for zero indexation during the period.

Financial occupancy improved to 98.2%, maintaining one of the highest rates in the sector. The occupancy cost ratio for retailers remained among the lowest at 11.1%, providing room for future rental increases without stressing tenants.

What the numbers show

A key analytical observation lies in the relationship between rent collection stability and occupancy cost ratios. Despite a challenging consumer environment, the rent collection rate held steady at 97.3%. This stability, combined with the low occupancy cost ratio of 11.1%, indicates that retailers are not under immediate financial distress. This dynamic supports the sustainability of the +2.1% reversion rate, as tenants retain sufficient margin to absorb rental increases without defaulting, thereby securing long-term income visibility for Mercialys.

2026 targets and financial structure

The company reaffirmed its full-year guidance for Recurring Net Result (RNR) per share between €1.30 and €1.32, representing a projected increase of 3.2% to 4.8% compared with 2025. The target dividend per share remains at least €1.02.

Financially, Mercialys maintains a robust structure with no debt repayments due before November 2027 and nearly €400 million in undrawn credit lines. The interest rate hedging rate stood at 94% at June 30. Project capital expenditure of approximately €100 million for 2026-2028 is progressing as planned, expected to generate €10 million in additional annual rents upon completion of key developments in Brest, Niort, Marseille, Grenoble, and Dijon.