<?xml version="1.0"?>
<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd http://www.w3.org/1999/xlink http://www.xbrl.org/2003/xlink-2003-12-31.xsd">
  <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel" roleURI="http://www.xbrl.org/2009/role/netLabel" />
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="AdditionnalPaidinCapitalTreasurySharesAndOtherReserves" xlink:href="mercialys-2022-12-31.xsd#mercialys_AdditionnalPaidinCapitalTreasurySharesAndOtherReserves" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AdditionnalPaidinCapitalTreasurySharesAndOtherReserves_label_labelen" xml:lang="en">Additionnal Paidin Capital Treasury Shares And Other Reserves</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionnalPaidinCapitalTreasurySharesAndOtherReserves" xlink:to="AdditionnalPaidinCapitalTreasurySharesAndOtherReserves_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="AdjustmentsForDepreciationAmortisationAndProvisionsNetOfReversals" xlink:href="mercialys-2022-12-31.xsd#mercialys_AdjustmentsForDepreciationAmortisationAndProvisionsNetOfReversals" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AdjustmentsForDepreciationAmortisationAndProvisionsNetOfReversals_label_labelen" xml:lang="en">Adjustments For Depreciation Amortisation And Provisions Net Of Reversals</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForDepreciationAmortisationAndProvisionsNetOfReversals" xlink:to="AdjustmentsForDepreciationAmortisationAndProvisionsNetOfReversals_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="AdjustmentsForDiscountingAdjustmentsToConstructionLeases" xlink:href="mercialys-2022-12-31.xsd#mercialys_AdjustmentsForDiscountingAdjustmentsToConstructionLeases" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AdjustmentsForDiscountingAdjustmentsToConstructionLeases_label_labelen" xml:lang="en">Adjustments For Discounting Adjustments To Construction Leases</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForDiscountingAdjustmentsToConstructionLeases" xlink:to="AdjustmentsForDiscountingAdjustmentsToConstructionLeases_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="AdjustmentsForExpensesIncomeFromNetFinancialDebt" xlink:href="mercialys-2022-12-31.xsd#mercialys_AdjustmentsForExpensesIncomeFromNetFinancialDebt" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AdjustmentsForExpensesIncomeFromNetFinancialDebt_label_labelen" xml:lang="en">Adjustments For Expenses Income From Net Financial Debt</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForExpensesIncomeFromNetFinancialDebt" xlink:to="AdjustmentsForExpensesIncomeFromNetFinancialDebt_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="AdjustmentsForFinancialExpensesSpreadOut" xlink:href="mercialys-2022-12-31.xsd#mercialys_AdjustmentsForFinancialExpensesSpreadOut" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AdjustmentsForFinancialExpensesSpreadOut_label_labelen" xml:lang="en">Adjustments For Financial Expenses Spread Out</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForFinancialExpensesSpreadOut" xlink:to="AdjustmentsForFinancialExpensesSpreadOut_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="AdjustmentsForInterestOnNoncashLoans" xlink:href="mercialys-2022-12-31.xsd#mercialys_AdjustmentsForInterestOnNoncashLoans" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AdjustmentsForInterestOnNoncashLoans_label_labelen" xml:lang="en">Adjustments For Interest On Noncash Loans</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForInterestOnNoncashLoans" xlink:to="AdjustmentsForInterestOnNoncashLoans_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="AdjustmentsForLeaseRightsReceivedFromTenantsAndSpreadOutOverTheTermOfTheLease" xlink:href="mercialys-2022-12-31.xsd#mercialys_AdjustmentsForLeaseRightsReceivedFromTenantsAndSpreadOutOverTheTermOfTheLease" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AdjustmentsForLeaseRightsReceivedFromTenantsAndSpreadOutOverTheTermOfTheLease_label_labelen" xml:lang="en">Adjustments For Lease Rights Received From Tenants And Spread Out Over The Term Of The Lease</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForLeaseRightsReceivedFromTenantsAndSpreadOutOverTheTermOfTheLease" xlink:to="AdjustmentsForLeaseRightsReceivedFromTenantsAndSpreadOutOverTheTermOfTheLease_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="AdjustmentsForNetFinancialInterestInRespectOfLeaseAgreements" xlink:href="mercialys-2022-12-31.xsd#mercialys_AdjustmentsForNetFinancialInterestInRespectOfLeaseAgreements" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AdjustmentsForNetFinancialInterestInRespectOfLeaseAgreements_label_labelen" xml:lang="en">Adjustments For Net Financial Interest In Respect Of Lease Agreements</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForNetFinancialInterestInRespectOfLeaseAgreements" xlink:to="AdjustmentsForNetFinancialInterestInRespectOfLeaseAgreements_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="CashPaymentsOnAcquisitionsOfInvestmentPropertiesAndOtherFixedAssets" xlink:href="mercialys-2022-12-31.xsd#mercialys_CashPaymentsOnAcquisitionsOfInvestmentPropertiesAndOtherFixedAssets" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="CashPaymentsOnAcquisitionsOfInvestmentPropertiesAndOtherFixedAssets_label_labelen" xml:lang="en">Cash Payments On Acquisitions Of Investment Properties And Other Fixed Assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashPaymentsOnAcquisitionsOfInvestmentPropertiesAndOtherFixedAssets" xlink:to="CashPaymentsOnAcquisitionsOfInvestmentPropertiesAndOtherFixedAssets_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="CashReceiptsOnDisposalsOfInvestmentPropertiesAndOtherFixedAssets" xlink:href="mercialys-2022-12-31.xsd#mercialys_CashReceiptsOnDisposalsOfInvestmentPropertiesAndOtherFixedAssets" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="CashReceiptsOnDisposalsOfInvestmentPropertiesAndOtherFixedAssets_label_labelen" xml:lang="en">Cash Receipts On Disposals Of Investment Properties And Other Fixed Assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashReceiptsOnDisposalsOfInvestmentPropertiesAndOtherFixedAssets" xlink:to="CashReceiptsOnDisposalsOfInvestmentPropertiesAndOtherFixedAssets_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="ChangeInDepositsAndGuarantees" xlink:href="mercialys-2022-12-31.xsd#mercialys_ChangeInDepositsAndGuarantees" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ChangeInDepositsAndGuarantees_label_labelen" xml:lang="en">Change In Deposits And Guarantees</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangeInDepositsAndGuarantees" xlink:to="ChangeInDepositsAndGuarantees_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="ChangeInLoansAndAdvancesGranted" xlink:href="mercialys-2022-12-31.xsd#mercialys_ChangeInLoansAndAdvancesGranted" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ChangeInLoansAndAdvancesGranted_label_labelen" xml:lang="en">Change In Loans And Advances Granted</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangeInLoansAndAdvancesGranted" xlink:to="ChangeInLoansAndAdvancesGranted_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="ChangeInWorkingCapitalRequirementRelatingToOperationsExcludingDepositsAndGuarantees" xlink:href="mercialys-2022-12-31.xsd#mercialys_ChangeInWorkingCapitalRequirementRelatingToOperationsExcludingDepositsAndGuarantees" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ChangeInWorkingCapitalRequirementRelatingToOperationsExcludingDepositsAndGuarantees_label_labelen" xml:lang="en">Change In Working Capital Requirement Relating To Operations Excluding Deposits And Guarantees</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangeInWorkingCapitalRequirementRelatingToOperationsExcludingDepositsAndGuarantees" xlink:to="ChangeInWorkingCapitalRequirementRelatingToOperationsExcludingDepositsAndGuarantees_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="ChangeInWorkingCapitalRequirementsOtherReceivableAndPayables" xlink:href="mercialys-2022-12-31.xsd#mercialys_ChangeInWorkingCapitalRequirementsOtherReceivableAndPayables" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ChangeInWorkingCapitalRequirementsOtherReceivableAndPayables_label_labelen" xml:lang="en">Change In Working Capital Requirements Other Receivable And Payables</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangeInWorkingCapitalRequirementsOtherReceivableAndPayables" xlink:to="ChangeInWorkingCapitalRequirementsOtherReceivableAndPayables_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="ChangesInTreasuryShares" xlink:href="mercialys-2022-12-31.xsd#mercialys_ChangesInTreasuryShares" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ChangesInTreasuryShares_label_labelen" xml:lang="en">Changes In Treasury Shares</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangesInTreasuryShares" xlink:to="ChangesInTreasuryShares_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="ChargesAndTaxBilledToTenant" xlink:href="mercialys-2022-12-31.xsd#mercialys_ChargesAndTaxBilledToTenant" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ChargesAndTaxBilledToTenant_label_labelen" xml:lang="en">Charges And Tax Billed To Tenant</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChargesAndTaxBilledToTenant" xlink:to="ChargesAndTaxBilledToTenant_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="ConsolidatedReservesAndRetainedEarningsMember" xlink:href="mercialys-2022-12-31.xsd#mercialys_ConsolidatedReservesAndRetainedEarningsMember" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ConsolidatedReservesAndRetainedEarningsMember_label_labelen" xml:lang="en">Consolidated Reserves And Retained Earnings Member</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConsolidatedReservesAndRetainedEarningsMember" xlink:to="ConsolidatedReservesAndRetainedEarningsMember_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="DividendsPaidToShareholdersOfTheParentCompanyInterim" xlink:href="mercialys-2022-12-31.xsd#mercialys_DividendsPaidToShareholdersOfTheParentCompanyInterim" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="DividendsPaidToShareholdersOfTheParentCompanyInterim_label_labelen" xml:lang="en">Dividends Paid To Shareholders Of The Parent Company Interim</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPaidToShareholdersOfTheParentCompanyInterim" xlink:to="DividendsPaidToShareholdersOfTheParentCompanyInterim_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="DividendsPaidToShareholdersOfTheParentCompanyPreviousYear" xlink:href="mercialys-2022-12-31.xsd#mercialys_DividendsPaidToShareholdersOfTheParentCompanyPreviousYear" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="DividendsPaidToShareholdersOfTheParentCompanyPreviousYear_label_labelen" xml:lang="en">Dividends Paid To Shareholders Of The Parent Company Previous Year</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPaidToShareholdersOfTheParentCompanyPreviousYear" xlink:to="DividendsPaidToShareholdersOfTheParentCompanyPreviousYear_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="ExpenseIncomeFromNetFinancialDebt" xlink:href="mercialys-2022-12-31.xsd#mercialys_ExpenseIncomeFromNetFinancialDebt" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ExpenseIncomeFromNetFinancialDebt_label_labelen" xml:lang="en">Expense Income From Net Financial Debt</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpenseIncomeFromNetFinancialDebt" xlink:to="ExpenseIncomeFromNetFinancialDebt_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="FinalDividendsPaidForPreviousYear" xlink:href="mercialys-2022-12-31.xsd#mercialys_FinalDividendsPaidForPreviousYear" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FinalDividendsPaidForPreviousYear_label_labelen" xml:lang="en">Final Dividends Paid For Previous Year</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinalDividendsPaidForPreviousYear" xlink:to="FinalDividendsPaidForPreviousYear_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="GrossFinanceCosts" xlink:href="mercialys-2022-12-31.xsd#mercialys_GrossFinanceCosts" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="GrossFinanceCosts_label_labelen" xml:lang="en">Gross Finance Costs</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrossFinanceCosts" xlink:to="GrossFinanceCosts_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="ImpactOfChangesInScopeWithChangeOfControl" xlink:href="mercialys-2022-12-31.xsd#mercialys_ImpactOfChangesInScopeWithChangeOfControl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ImpactOfChangesInScopeWithChangeOfControl_label_labelen" xml:lang="en">Impact Of Changes In Scope With Change Of Control</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpactOfChangesInScopeWithChangeOfControl" xlink:to="ImpactOfChangesInScopeWithChangeOfControl_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="IncreaseDecreaseShareCapital" xlink:href="mercialys-2022-12-31.xsd#mercialys_IncreaseDecreaseShareCapital" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="IncreaseDecreaseShareCapital_label_labelen" xml:lang="en">Increase Decrease Share Capital</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseShareCapital" xlink:to="IncreaseDecreaseShareCapital_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="InterestReceived" xlink:href="mercialys-2022-12-31.xsd#mercialys_InterestReceived" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="InterestReceived_label_labelen" xml:lang="en">Interest Received</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestReceived" xlink:to="InterestReceived_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="InterimDividendsPaidForCurrentYear" xlink:href="mercialys-2022-12-31.xsd#mercialys_InterimDividendsPaidForCurrentYear" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="InterimDividendsPaidForCurrentYear_label_labelen" xml:lang="en">Interim Dividends Paid For Current Year</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterimDividendsPaidForCurrentYear" xlink:to="InterimDividendsPaidForCurrentYear_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="NetPropertyOperatingCharges" xlink:href="mercialys-2022-12-31.xsd#mercialys_NetPropertyOperatingCharges" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="NetPropertyOperatingCharges_label_labelen" xml:lang="en">Net Property Operating Charges</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetPropertyOperatingCharges" xlink:to="NetPropertyOperatingCharges_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="NetRentalIncome" xlink:href="mercialys-2022-12-31.xsd#mercialys_NetRentalIncome" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="NetRentalIncome_label_labelen" xml:lang="en">Net Rental Income</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetRentalIncome" xlink:to="NetRentalIncome_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="OtherExpenseFromOrdinaryActivities" xlink:href="mercialys-2022-12-31.xsd#mercialys_OtherExpenseFromOrdinaryActivities" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="OtherExpenseFromOrdinaryActivities_label_labelen" xml:lang="en">Other Expense From Ordinary Activities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherExpenseFromOrdinaryActivities" xlink:to="OtherExpenseFromOrdinaryActivities_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="OtherIncomeFromOrdinaryActivities" xlink:href="mercialys-2022-12-31.xsd#mercialys_OtherIncomeFromOrdinaryActivities" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="OtherIncomeFromOrdinaryActivities_label_labelen" xml:lang="en">Other Income From Ordinary Activities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherIncomeFromOrdinaryActivities" xlink:to="OtherIncomeFromOrdinaryActivities_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="OtherOperatingExpenseFromNonOrdinaryActivities" xlink:href="mercialys-2022-12-31.xsd#mercialys_OtherOperatingExpenseFromNonOrdinaryActivities" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="OtherOperatingExpenseFromNonOrdinaryActivities_label_labelen" xml:lang="en">Other Operating Expense From Non Ordinary Activities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingExpenseFromNonOrdinaryActivities" xlink:to="OtherOperatingExpenseFromNonOrdinaryActivities_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="OtherOperatingIncomeFromNonOrdinaryActivities" xlink:href="mercialys-2022-12-31.xsd#mercialys_OtherOperatingIncomeFromNonOrdinaryActivities" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="OtherOperatingIncomeFromNonOrdinaryActivities_label_labelen" xml:lang="en">Other Operating Income From Non Ordinary Activities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingIncomeFromNonOrdinaryActivities" xlink:to="OtherOperatingIncomeFromNonOrdinaryActivities_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="OtherTransactionsWithShareholders" xlink:href="mercialys-2022-12-31.xsd#mercialys_OtherTransactionsWithShareholders" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="OtherTransactionsWithShareholders_label_labelen" xml:lang="en">Other Transactions With Shareholders</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherTransactionsWithShareholders" xlink:to="OtherTransactionsWithShareholders_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="ReversalOfAllowanceForProvisions" xlink:href="mercialys-2022-12-31.xsd#mercialys_ReversalOfAllowanceForProvisions" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ReversalOfAllowanceForProvisions_label_labelen" xml:lang="en">Reversal Of Allowance For Provisions</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReversalOfAllowanceForProvisions" xlink:to="ReversalOfAllowanceForProvisions_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="ServiceChargesAndPropertyTax" xlink:href="mercialys-2022-12-31.xsd#mercialys_ServiceChargesAndPropertyTax" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ServiceChargesAndPropertyTax_label_labelen" xml:lang="en">Service Charges And Property Tax</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ServiceChargesAndPropertyTax" xlink:to="ServiceChargesAndPropertyTax_label_labelen" xlink:type="arc" />
  </link:labelLink>
</link:linkbase>