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Hitting Our Stride The Next Chapter of Primaris Montreal, QC | October 7, 2026 Primaris’ Investor Day at Promenades St-Bruno
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2 CAUTION REGARDING FORWARD- LOOKING STATEMENTS AND NON- GAAP MEASURES Forward-Looking Statements and Future-Oriented Financial Information Disclaimer: Certain statements included in this presentation as well as oral statements made during the course of the oral presentation constitute ‘‘forward-looking information’’ or “forward-looking statements” within the meaning of applicable securities laws. The words “will”, “expects”, “plans”, "estimates", “intends” and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Specific forward-looking statements made or implied in this presentation include but are not limited to statements regarding: Primaris Real Estate Investment Trust’s (“Primaris” or the “Trust”) growth opportunities, strategy, rental revenue drivers, expected future distributions, development activities, occupancy improvement (including from the re-leasing of former HBC space), increasing rental rates and reducing operating costs, future acquisitions and dispositions, the reallocation of capital, opportunities with respect to remerchandising and redesigning shopping centres, NOI** growth opportunities, improving recovery ratios, the Trust’s targets for managing its financial condition and the movement of tenants back to traditional lease structures. Forward-looking statements are provided for the purpose of presenting information about management’s current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. These statements are not guarantees of future performance and are based on estimates and assumptions that are inherently subject to risks and uncertainties. Primaris cautions that although it is believed that the assumptions are reasonable in the circumstances, actual results, performance or achievements of Primaris may differ materially from the expectations set out in the forward-looking statements. Material risk factors and assumptions include those set out in the Trust’s management’s discussion and analysis for the three and six months ended June 30, 2026 (the “MD&A”) and for the year ended December 31, 2025 (the “Annual MD&A”), each of which is available on the Trust’s profile on SEDAR+ at www.sedarplus.ca, and in Primaris’ other materials filed with the Canadian securities regulatory authorities from time to time.1 Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, Primaris undertakes no obligation to update any forward- looking statements to reflect new information, subsequent or otherwise. Readers are cautioned that there is a significant risk that actual results for the year ending December 31, 2026 and for the three year period for which the three-year growth targets are presented will vary from the financial outlook statements provided in this presentation and in the Trust’s MD&A and that such variations may be material. Certain forward-looking information included in this presentation may also be considered “future-oriented financial information” or “financial outlook” for purposes of applicable securities laws (collectively, “FOFI”). FOFI about the Trust’s prospective results of operations in this presentation includes, without limitation, Primaris’ three-year growth targets, anticipated FFO** per unit annual growth, anticipated annual net rent, anticipated growth over former annual net rent, anticipated distribution annual growth, anticipated Same Properties Cash NOI** annual growth and anticipated in-place occupancy. FOFI contained herein is subject to the same assumptions, risk factors, limitations and qualifications set out in the MD&A and the Annual MD&A, each of which is available on the Trust’s profile on SEDAR+ at www.sedarplus.ca, and in Primaris’ other materials filed with the Canadian securities regulatory authorities from time to time. The Trust and management believe that such FOFI has been prepared on a reasonable basis, reflecting management’s best estimates and judgments. However, because this information is subjective and subject to numerous risks, it should not be relied on as necessarily indicative of future results. FOFI contained in this presentation is made as of the date of this presentation and is provided for the purpose of providing further information about the Trust’s prospective results of operations. Readers are cautioned that the FOFI contained herein should not be used for purposes other than those for which it is disclosed herein. Readers are also urged to examine the Trust’s materials filed with the Canadian securities regulatory authorities from time to time as they contain discussions of risks and uncertainties which could cause the actual results and performance of Primaris to differ materially from the forward-looking statements and financial outlook contained in this presentation. All forward-looking statements and financial outlook in this presentation are qualified by these cautionary statements. These forward-looking statements and financial outlook are made as of October 7, 2026, and Primaris, except as required by applicable securities laws, assumes no obligation to update or revise them to reflect new information or the occurrence of future events or circumstances. Non-GAAP Financial Measures: Primaris' unaudited interim condensed consolidated financial statements and the accompanying notes for the three and six months ended June 30, 2026 were prepared in accordance with IFRS accounting standards as issued by the International Accounting Standards Board; however, in this presentation, a number of measures are presented which do not have a standardized meaning prescribed under generally accepted accounting principles (“GAAP”) in accordance with IFRS. These non-GAAP measures include non-GAAP financial measures and non-GAAP ratios, each as defined in National Instrument 52-112 - Non-GAAP and Other Financial Measures Disclosure (“NI 52-112”). Non-GAAP measures in this presentation are denoted by the suffix “**”. Management believes these non-GAAP measures are useful measures to assessing Primaris’ performance period over period and its ability to meet its financial obligations. However, these non-GAAP measures may not be comparable to similar measures presented by other real estate entities and should not be construed as an alternative to financial measures determined in accordance with IFRS. Additional information regarding these non-GAAP measures, including definitions and reconciliations to the most directly comparable GAAP figure, where applicable, can be found in the Trust’s MD&A, which is available on the Primaris website at www.primarisreit.com and on the Trust’s profile on SEDAR+ at www.sedarplus.ca. See Section 12, "Non-GAAP Measures" of the MD&A for the descriptions of each non-GAAP measure used in this presentation and to find a quantitative reconciliation to the most directly comparable GAAP measure applicable; Section 12, "Non-GAAP Measures" and the related quantitative reconciliations are incorporated by reference herein. Use of Operating Metrics: Primaris uses certain operating metrics to monitor and measure the operational performance of its portfolio. Operating metrics in this presentation include, among others, investment property count, total commercial retail unit (“CRU”) sales volume, site coverage, store count, gross leasable area (“GLA”), in-place occupancy, committed occupancy, weighted average lease term and same stores sales productivity. Certain of these operating metrics, including total CRU sales volume and same store sales productivity, may constitute supplementary financial measures as defined in NI 52-112. These supplementary measures are not derived from directly comparable measures contained in the Trust’s financial statements but may be used by management and disclosed on a periodic basis to depict the historical or future expected financial performance, financial position or cash flow of the Trust. For an explanation of the composition of committed occupancy, see Section 8.1, “Occupancy”, and for an explanation of the composition of total CRU sales volume and same store sales productivity, see Section 8.4, "Tenant Sales", in each case in the Trust’s MD&A, which is available on the Trust’s profile on SEDAR+ at www.sedarplus.ca, and which sections are incorporated by reference herein. This version of Hitting Our Stride Primaris’ Investor Day at Promenades St -Bruno presentation is dated October 7, 2026.