€4.8 billion of subscribed capital.

What subscribed capital means

Subscribed capital (capital souscrit) is the total amount of capital that partners have committed to contribute to the company. It is recorded in the articles of association and published in the Registre du Commerce et des Sociétés.

It is a measure of the financial commitment of the partners and of the company's capacity to undertake long-term investments and to provide comfort to counterparties, banks and partners.

The variable-capital regime

As a SARL à capital variable, HOLDING JMB may increase or reduce its capital within limits set in its articles — between a minimum floor and an authorised ceiling — without a formal amendment of the articles for each operation, in accordance with Articles L.231-1 et seq. of the Code de commerce.

This flexibility allows the admission of new partners and the deployment of fresh capital in line with investment opportunities, while preserving full legal transparency.

Capital allocation policy

Capital is allocated across the group's three pillars — real estate, financial investment and banking instruments — according to a policy approved by management and reviewed by the Investment Committee.

Liquidity buffers are maintained at group level to meet commitments under all market conditions, and leverage is kept conservative.