Dividend

Updated: October 15, 2026

• Policy: an annual dividend of around 80% of NRE per share (outlook to 2028 published on February 17, 2026).
• Target for 2026: a dividend of at least €1.02 per share, raised on July 28, 2026 (at least €1.00 previously) and confirmed on October 15, 2026, for expected NRE of between €1.30 and €1.32 per share.
• Next publication: 2026 annual results, on February 11, 2027.

The General Meeting of April 23, 2026 approved the payment of a dividend of €1.00 per share for 2025, identical to that paid for 2024. It represents 80% of net recurrent earnings (€1.26 per share) and offers a yield of 5.9% on the net asset value (NTA) of €16.96 per share at end-2025 and 9.1% on the 2025 closing price. The ex-dividend date was May 4, 2026, and the dividend was paid on May 6, 2026.

This dividend corresponds to the distribution requirement under the SIIC regime concerning exempt profits from:

• property rental or sub-letting operations (including dividends paid by subsidiaries subject to the SIIC regime), i.e. €0.73 per share;
• the distribution of exempt income recorded on the Company’s balance sheet, i.e. €0.27 per share.

Over the last three financial years (2023 to 2025), Mercialys paid out €2.99 in dividends per share, representing 82% of its recurrent earnings, for an average yield of 9.6%.

In November 2005, Mercialys elected for the tax regime applicable to listed real estate investment companies (SIIC). It is therefore exempt from corporate income tax on its rental revenues and on capital gains from the sale of properties or of certain investments in real estate companies. In return, it must distribute to its shareholders:

• at least 95% of its tax-exempt profits from the leasing or subletting of properties;
• at least 70% of its tax-exempt profits from the sale of properties and of investments in real estate companies;
• all of the dividends received from its subsidiaries included in the scope of the election.

The regime also requires that no shareholder, alone or acting in concert, hold more than 60% of the share capital.

For individual shareholders, dividends paid out of tax-exempt profits do not qualify for the 40% allowance; this applies to all dividends paid for the 2021 to 2025 financial years.