Debt Structure

The finance lease of the Saint-Genis 2 center, acquired in June 2025, did not exist at end-2024. Excluding it, LTV including transfer taxes stood at 39.9% at June 30, 2026. Definitions: see below.

The share of fixed-rate debt measures hedging against changes in interest rates (including commercial paper). The increase in the average cost of bond debt reflects the increase in debt linked to the 2025 acquisitions and the early refinancing, in June 2025, of the bond that matured in February 2026.

All undrawn bank lines include ESG criteria. The BBB rating, stable outlook, was reaffirmed by S&P Global Ratings on October 17, 2025.

Maturities of drawn debt and undrawn credit lines at June 30, 2026, in millions of euros. The average maturity of drawn debt is 3.8 years.

Drawn debt: commercial paper in 2026, then bonds in November 2027, February 2029, September 2031 and June 2032. Undrawn lines: a €180 million syndicated revolving credit facility in June 2028 and five bilateral lines of €30 million to €50 million, from December 2028 to December 2030.

The bonds carry a fixed coupon: 2.0% for the private placement maturing in November 2027, 2.50% for the bond maturing in February 2029, and 4.0% for those maturing in September 2031 and June 2032. Commercial paper consists of short-term securities.

Total drawn debt: €1,292 million. Cash: €45.3 million. Net financial debt: €1,239.9 million.

Drawn debt does not include the finance lease of the Saint-Genis 2 shopping center (€65.0 million at June 30, 2026), which is not attached to net financial debt.

Mercialys’ credit agreements provide for early repayment in the event of non-compliance with four ratios. At June 30, 2026, all of them were complied with, and the levels achieved leave headroom.

Mercialys intends to maintain the flexibility of its financial structure and regularly reviews the options for optimizing its maturities in light of market conditions and its cost of financing. Asset disposals help preserve the strength of its balance sheet.

LTV (Loan To Value), debt ratio: net financial debt divided by the appraisal value of the portfolio, including or excluding transfer taxes, plus the value of the shares of equity-accounted companies.

• LTV including transfer taxes and finance lease: the debt ratio published in Mercialys’ press releases and presentations (41.9% at June 30, 2026). It includes the finance lease of the Saint-Genis 2 center.
• LTV excluding transfer taxes: the ratio used for the bank covenants, excluding the finance lease (42.9% at June 30, 2026, against a ceiling of 55%).
• EPRA LTV: the ratio calculated using the method of EPRA (European Public Real Estate Association). Prepared on a proportionate basis, it notably includes the finance lease and divides net debt by the value of the portfolio and of certain other assets excluding transfer taxes (45.9% at June 30, 2026; 42.8% including transfer taxes). It differs from the Company’s ratio, which is the reference for the bank covenants.

ICR (Interest Coverage Ratio): finance cost coverage ratio, the ratio between EBITDA and net finance costs.

Net debt / EBITDA: the ratio between net financial debt and EBITDA.

On October 27, 2026, Mercialys placed €300 million of bonds maturing in January 2033, with an annual coupon of 5.25%. Fully swapped to a floating rate, the issue will have an immediate cost of 4.8%. It strengthens liquidity, extends the average maturity of the debt and notably finances the early refinancing of the bond maturities of November 2027 and February 2029.

On October 23, 2026, S&P Global Ratings confirmed Mercialys’ BBB rating, stable outlook.

The tables above remain as of June 30, 2026.

Sources: 2026 half-year financial report, 2026 half-year results presentation and press release, 2025 annual results press release.