Slides
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TITLE SLIDE + IMAGE Results H1 2026 21 July 2026
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AGENDA #1 + IMAGE 1. Key Messages & Highlights 2. Results 3. Transactions 4. LifeCentral 5. Financing & Valuations 6. ESG 7. Management Agenda 8. Appendices Table of contents 2
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TEXT FULL Key Messages • Positive Dutch and Belgian valuations, mainly supported by higher passing rents • Like - for - like gross rental income growth of +4.3% in our core portfolio • Well protected against higher interest rates through low capex, completed refinancing and 6 4 % daily - life exposure • Major steps forward in transformations of Knauf Shopping Schmiede and Cityplaza with mixed - use additions • € 60m in new 10 - year US Private Placement (USPP) agreed; further strengthening the debt maturity profile • Fitch reaffirmed Wereldhave’s BBB credit rating with a stable outlook • May AGM approved all resolutions, strengthening access to new equity • Forecast FY 2026 direct result per share (DRPS) confirmed at € 1.85 - 1.95 • E arnings accretive capital rotation in LOI stage in the Benelux 3
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TABLE FULL 4 Highlights H1 2026 H1 2025 H1 2026 Change Direct result per share (€) 0.91 0.91 +0.0% Indirect result per share (€) 0.10 (0.04) (140.0%) Total result per share (€) 1.01 0.86 (14.9%) EPRA NTA per share (€) 22.91 23.11 +0.9% Net LTV (%) 44.9 44.1 (0.8pp) Proportion of mixed-use Benelux (in % of m²) 15.6 16.4 +0.8pp Direct result steady despite ongoing external challenges
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TABLE FULL 5 Highlights H1 2026 Strong like - for - like gross rental growth of +4.3% 1) Approximation 0.5% 4.1% 2.4% 3.3% 5.2% 4.3% Belgium Netherlands Core Portfolio Like - for - Like Rental Growth H1 2026 vs. H1 2025; % Drivers of like-for-like Net Rental Income1: • Indexation: + 2.5% • Other income: + 2.0% • Leasing: + 0.3% • Property expenditures (mostly Belgium): (2.4%) Net Rental Income Gross Rental Income
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AGENDA #1 + IMAGE 1. Key Messages & Highlights 2. Results 3. Transactions 4. LifeCentral 5. Financing & Valuations 6. ESG 7. Management Agenda 8. Appendices Table of contents 6
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TABLE FULL 7 Operations H1 2026 Leasing core portfolio 2% above old rent and 12% above ERV 1) New leases and renewals; excluding other commercial activities such as temporary leases and pop - up contracts 2) As % of the annualized contract rent excluding discounts (MGR) 3) On top of indexed passing rents 4) EPRA Occupancy Country Leasing Volume1 Leasing Volume2 MGR Uplift3 MGR Uplift3 MGR vs. ERV Occupancy Rate € m % € m % % % Belgium 4.8 7.2% 0.2 4.4% 13.4% 97.8% Netherlands 4.5 6.0% (0.1) (1.9%) 10.8% 97.4% Luxembourg 0.5 3.2% 0.0 14.0% 10.4% 98.2% Core Portfolio 9.8 6.2% 0.1 2.0% 12.0% 97.7% France 0.4 3.5% (0.0) (47.7%) 2.7% 97.8% Total 10.2 6.1% 0.1 1.8% 11.6% 97.7% Caused by two renewals that were driven by Dutch law, without these deals spread would have been flat
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TEXT FULL Track Record LifeCentral strategy Cumulative Footfall delta 2021 = 100 8 Significant outperformance of Full Service Centers Cumulative Tenant Sales delta 2021 = 100 Note: core portfolio only 1) According to MSCI definition; unlevered 100 125 150 2021 2022 2023 2024 2025 2026 H1 100 125 150 2021 2022 2023 2024 2025 2026 H1 Total Property Return 1 2021 = 100 FSC Shopping Center 100 125 150 2021 2022 2023 2024 2025 2026 H1
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TABLE FULL 9 Dutch portfolio continues to outperform the market 0 10 January February March April May June Wereldhave Belgium Belgium SC Market Footfall growth vs. same period 2025: Belgium H1 2026; % Footfall growth vs. same period 202 5 : Netherlands H1 2026; % 0 10 January February March April May June Wereldhave Netherlands Netherlands SC Market Source: PFM, Vemcount , BLSC, Wereldhave 0 10 January February March April May June Wereldhave Luxembourg Footfall growth vs. same period 2025: Luxembourg H1 2026; %
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TEXT FULL Wereldhave Belgium Fashion Food & Beverage Health & Beauty Super - markets Homeware & Household Shoes Multimedia & Electronics 1% 2% 1% 1% 0% (5%) (2%) 3% Tenant sales increased, especially of largest categories 10 Tenant sales H1 2026 vs. H1 2025: Belgium 2 % Tenant sales H1 2026 vs. H1 2025: Netherlands 3 % 1) Rent based weighted average Wereldhave Belgium and Wereldhave Netherlands 2) Belgium tenant sales numbers based on 79% of rental value (sales data received at time of publication), sorted on weight of b ran ch in terms of rental income 3) Netherlands tenant sales numbers based on 44% of rental value (sales data received at time of publication), sorted on weight of branch in terms of rental income Source: Tenant sales data; Wereldhave Wereldhave Netherlands Fashion Super - markets Homeware & Household Health & Beauty Food & Beverage Shoes Food Other Multimedia & Electronics 2% 2% 8% 1% (4%) 1% 2% (0%) 1%
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TABLE FULL 11 Daily Life as a solid base in an uncertain macro environment 13% 11% 7% 9% 4% 8% 34% 6% 5% 4% Total Daily Life: 51% Non - daily Life Daily Life 2019/Launch LifeCentral % of rent Food Health & Beauty Food & Beverage Homeware & Household Fashion (discount) Other Daily Life Retail 1 Fashion (mainstream) Shoes Multimedia & Electronics Other Non - Daily Life Retail Total Daily Life: 64% 2025 FY % of rent 2026 H1 % of rent 1) Includes amongst others Sport, Fitness, Personal Care, Services, Healthcare, Leisure, Serving the community 13% 13% 9% 6% 9% 13% 26% 6% 3% Total Daily Life: 65% 13% 13% 10% 7% 9% 13% 25% 6% 4%
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TEXT FULL • € 0.5m MGR signed, 10.4% above ERV and 14% above previous rent on average. Including: • Signed Basic - Fit (1,435 m²) and Women’s secret (180 m²) in Schmiede • At Knauf Schmiede , the transformation into a Full Service Center is underway, with visible upgrades to the center and the customer journey already in place • Th e Medi - Market ha s moved and opened at the new location • Footfall increased 2.4% vs. H1 2025 Core portfolio update • € 4.8m MGR signed, 13.4% above ERV and 4.4% above previous rent on average. Including: • New lease with Only in Shopping Bastions – Tournai (789 m²) • New lease with Le Pain Quotidien (158 m²) and Huggy's (125 m²) in Shopping Belle - Île - Liège • New lease with PREGO In Shopping Ring Kortrijk (85 m²) • Vero Moda expanded in Ville 2 Charleroi while Douglas opened a brand - new store • Footfall increased 1.3% vs. H1 2025 12 Belgium Luxembourg • € 4.5m MGR signed, 10.8% above ERV but 1.9% below previous rent on average. Delta vs. previous rent driven by Dutch “303 - law ”. Main deals: • New leases with fashion retailers Lager 157 ( 2,670 m 2 ) in Tilburg, Cotton Club (515 m 2 ) in Zoetermeer and Van Uffelen (704 m 2 ) in Middenwaard • New lease with international sports retailer Decathlon (1,654 m 2 ) in Hoofddorp • Relocation of Norah (350 m²) in Hoofddorp • Footfall increased 2.3 % vs. H1 2025 Netherlands
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TEXT FULL Stable Belgian and Dutch OCRs 13 OCR Wereldhave Belgium 1 H1 2026, LTM; % OCR Wereldhave NL 2 H1 2026, LTM; % 1) Belgium OCRs calculated with tenant sales numbers based on 81% of rental value (sales data received at time of publication ), sorted on weight of branch in terms of rental income 2) Netherlands OCRs calculated with tenant sales numbers based on 51% of rental value (sales data received at time of publica tio n), sorted on weight of branch in terms of rental income 3) Dutch Supermarkets’ OCR is based on a limited sample and includes tenant feedback Source: Tenant turnover data, Wereldhave 13% 16% 2% 12% 15% 14% 15% 14% 3% Wereldhave Netherlands Fashion Super - markets 3 Health & Beauty Homeware & Household Food & Beverage Shoes Food Other Multimedia & Electronics 15% 17% 12% 11% 4% 19% 21% 9% 13% Wereldhave Belgium Fashion Food & Beverage Health & Beauty Super - markets Homeware & Household Shoes Multimedia & Electronics Food Other Belgian tenants healthy with OCRs above Dutch levels due to higher sales productivities
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TITLE ONLY Costs are stable, even with growing portfolio 14 0 15 30 0% 20% 40% 2020 2021 2022 2023 2024 2025 2026 (FC) 11.4m 35.2% 11.3m 32.2% 11.7m 30.4% 10.9m 29.4% 10.5m 22.4% 10.6m 20.6% 10.1m 21.7% Direct GENEX EPRA Cost Ratio (including direct vacancy costs) EPRA Cost Ratio (incl. direct vacancy costs) % Direct GENEX €m
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TABLE FULL 15 Direct result Increase driven by acquisitions, rental growth, partly offset by increased interest expenses and disposals Actuals H1 2025 Acquisition Luxembourg, Ville 2 & various units Disposal Winkelhof, Roselaar, Sterrenburg and Waterloo NRI Belgium NRI Luxembourg NRI France General cost Interest € 49.4m ( € 2.8m) ( € 0.5m) ( € 0.2m) ( € 1.3m) ( € 0.6m) € 50.9m € 0.3m € 1.2m € 0.3m NRI Netherlands Actuals H1 2026 Tax € 5.1m + € 1.5m +3% Temporary vacancy d ue to Schmiede transformation
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GRAPH FULL EDIT CHART DATA 1 Click with the right mouse button on the chart and choose ‘Edit data’. Change chart type Edit data INSERT/EDIT A CHART 1 If necessary, delete the existing chart by using the ‘Backspace key’. Click on the pictogram to insert a new chart (see example below). 2 Select the preferred chart and click on ‘Insert’. Insert 3 Change the format of the chart by clicking on various parts of the chart and using the various options under the tab ‘Chart Tools’ - ‘Format’. 16 Outlook 2026 DRPS confirmed at € 1.85 - 1.95 2023 2024 2025 2026FC 1.85 – 1.95 1.73 1.76 1.86 2023 2024 2025 2026FC 1.20 1.25 1.30 1.35 Direct Result per Share € Dividend per Share €
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AGENDA #1 + IMAGE 1. Key Messages & Highlights 2. Results 3. Transactions 4. LifeCentral 5. Financing & Valuations 6. ESG 7. Management Agenda 8. Appendices Table of contents 17
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TEXT Despite macro uncertainty, we continue our growth strategy • Global tensions continue to weigh on the international economy and investment market, but our portfolio remains resilient due to our focus on non - cyclical Daily Life retail and Mixed Use • The resilience of our existing assets, allows us to continue the LifeCentral growth phase • In addition, all resolutions were approved during our 2026 AGM • Our shareholders trust us with the ability to issue 20% new shares, which provides us flexibility to continue the Growth Phase of our LifeCentral strategy with equity backed acquisitions • During H1, we have strengthened our portfolio with two acquisitions: • Supermarket unit in Charleroi that completes our ownership of shopping center Ville 2 • Hema in Overvecht that strengthened our position in the asset • Earnings accretive capital rotation in LOI stage in the Benelux 18 -
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TEXT + SUBTITLE + IMAGE 19 - Key terms acquisition Ville2 Supermarket, Charleroi Seller Equilis on behalf of Fidagh SA Acquisition characteristics 2.7k m 2 GLA Acquisition date 11 March 2026 Deal structure WHNV Share deal (contribution in kind) Cost impact No impact, as the asset will be managed by the existing Wereldhave BE Team LTV Impact A decrease of 10bps Deal rationale Wereldhave is now 100% owner of Ville2, Charleroi Currently in discussion with two major grocery operators for a lease
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TEXT + SUBTITLE + IMAGE 20 - Key terms acquisition Hema, Shopping Center Overvecht Seller Crossroads Real Estate on behalf of a group of investors Acquisition characteristics 3.3k m 2 GLA Acquisition date 9 April 2026 Deal structure WHNV Share deal (contribution in kind) Cost impact No impact, as the asset will be managed by the existing Wereldhave NL Team LTV Impact A decrease of 10bps Deal rationale Strengthening existing position of circa 2.9k m² in a strong - performing retail asset in a key Dutch market
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AGENDA #1 + IMAGE 1. Key Messages & Highlights 2. Results 3. Transactions 4. LifeCentral 5. Financing & Valuations 6. ESG 7. Management Agenda 8. Appendices Table of contents 21
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IMAGE + TEXT #1 • Ongoing Full Service Center transformations including Cityplaza (NL) and Knauf Schmiede (LUX) are on track • Healthcare cluster ‘ health&fit ’, including medical center with more than five tenants, opened in Cityplaza, Nieuwegein (NL) • Strengthening the tenant mix with daily life retailers like Lager 157, New Yorker, TK Maxx and Basic - Fit continues • Tenant base further diversified with an increase of mixed - use to 16.4% LifeCentral progress H1 2026 2019 2020 2021 2022 2023 2025 2026 H1 2026 Target 9% 10% 14% 16% 2024 13% 15% 16% 11% 17% 22 Mixed - use development 2019 - 2025 In % of total GLA
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TEXT + IMAGE #1 23 Other income progress H1 2026 In 2026, we have built the foundation for further growth of our Other income streams • Media screens network fully implemented before May 2026 • Blueprints created for all Dutch assets identifying Other income opportunities • 26 new Other income contracts signed in H1 2026 in NL and successful Parodontax Mall Takeover in Hoofddorp (NL) • EV chargers outperforming budget in Belgium Other income development 2025 – 2027 1 In € m 2024 2025 2026 H1 2026 - Target 2027 - Target 4.5m 6.7m 4.0m 8.6m 10.1m 1) Core portfolio only Half - year income, on track for 2026 target
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TEXT + IMAGE #1 [BLUE] An asset in transformation to become a Full Service Center with diversified retail offering, outdoor all - day F&B, healthcare and fitness, with a strong connection to leisure and municipality services in the direct vicinity Key items of transformation delivered so far: • Right - sizing of retail: • Transformation of 1,100 m 2 retail into a Basic - Fit (2022) • Transformation of 1,440 m 2 retail into F&B, resulting in a 2,350 m 2 outdoor eat&meet square (2025) • Disposal of 700 m 2 retail for a residential development located on the west side of the center (2025) • Creation of an every.deli fresh food cluster facing the Albert Heijn supermarket (2023) Ongoing items of transformation: • Realization of a health&fit cluster, including healthcare center Roerdomp , EsthétiQ , and Hair & Beauty Lavin (delivered on time and within budget in H1 2026) • Look & feel upgrade of galleries and entries – in design phase 24 In transformation: Cityplaza Nieuwegein, Netherlands
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TEXT + IMAGE #1 [BLUE] Knauf Schmiede, in transformation to become a Full Service Center with a balanced offer including daily life, mixed - use and traditional retail in the heart of the Ardennes Key items of transformation delivered so far: • Adding LifeCentral elements • Fragrance, commercial signing, public seating & green and Wayfinding Ongoing items of transformation: • Re - routing ground floor by adding one unit: improving visitor flows and creating additional leasable area. Contract signed with Women’secret • Optimizing first floor by moving retail tenants to ground floor, creating a larger unit for Basic - Fit (signed) increasing mixed use from 18% to 21%. • Replacement of unsuccessful F&B operator by established F&B and leisure name • Adding LifeCentral elements • A kiosk version of the point, play & relax and restrooms 25 In transformation: Knauf Schmiede Luxembourg OPTICIAN SHOP Previously a corridor Previously a corridor
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TABLE FULL 26 LifeCentral transformations continue for acquired assets LifeCentral investments 1 in BE, LUX and NL 2 € m, 2026+ 1) Including Maintenance, Customer Experience and Commercial 2) Excluding France, JVs, Offices and Retail Parks 3) Internally committed 25 25 36 7 4 21 LifeCentral CAPEX Spent H1 2026 2026 2027 2028+ 61 8 21 25 4 Acquired Assets Initial Program Spent Uncommitted Committed 3 Low CAPEX commitments suitable for current market uncertainties
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TEXT #9 Completed FSCs #6 Invest #1 Hold #1 Sell Capital allocation discipline: IRR Framework 27 Capital allocation decisions Benelux assets1 1) Excluding Belgian Retail Parks & Offices 2) Returns shown are weighted averages based on Green Street’s analysis of European retail companies under coverage, calculated as: Economic Cap Rate + Long term LFL NOI growth (source: Green Street Advisors (Global Property Allocator, 15 June 2026)) 8% 7% 7.4% - Continental European Retail Average IRR 2 Unlevered IRR
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TEXT + IMAGE #1 28 Continued evidence for strong FSC yield shift Yield shift since start of FSC Transformation bps (92) (49) (43) (27) 6 32 90 (22) (9) 85 87 96 100 Vier Meren Cityplaza De Koperwiek Kronenburg Presikhaaf Eggert NL Market Yield 1 Genk Shopping 1 Shopping Belle - Île Ring Kortrijk Tournai BE Market Yield 2 Nivelles 1) NL Market Yield: Prime net initial yield Shopping Centers Q2 2026 vs. Q2 2020; source: JLL 2) BE Market Yield: Prime yield Shopping Centers Q2 2026 vs. Q2 2020; source: Cushman & Wakefield
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TABLE FULL Middenwaard Tilburg Kronenburg Nivelles Koperwiek 29 Residential profits Residential profit: € 0.50 - 0.80 per share • We are now working on the residential opportunity on 4 locations in several stages of the development • Residential development in Arnhem with Amvest is ongoing • Research for potential residential development in Zoetermeer will start in 2026 28 2026+ Expected Cash Gains 2026+; € m Development of residential units # Units In Progress Early Stage Completed & Sold Total: 1,200 - 1,600 units
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AGENDA #1 + IMAGE 1. Key Messages & Highlights 2. Results 3. Transactions 4. LifeCentral 5. Financing & Valuations 6. ESG 7. Management Agenda 8. Appendices Table of contents 30
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TABLE FULL 31 Positive Benelux valuations, primarily driven by passing rent 1) Weighted average Value (€ m) Revaluation H1 2026 EPRA NIY (%) Country FY 2025 H1 2026 € m % FY 2025 H1 2026 Belgium 1,019 1,038 7.2 0.7% 6.3% 6.3% Luxembourg 188 189 0.1 0.0% 7.3% 7.3% Netherlands 958 982 10.0 1.0% 6.2% 6.6% Core Portfolio 2,166 2,209 17.3 0.8% 6.4%1 6.5%1 France 177 175 (3.9) (2.2%) 5.0% 5.1% Offices Belgium 97 97 (0.2) (0.2%) 7.2% 7.9% Total 2,439 2,481 13.2 0.5% 6.3%1 6.5%1
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TEXT FULL Debt/EBITDA remains amongst lowest of peer group 32 Net Loan to Value (LTV) Debt, % of value Debt vs. peers 1 Debt/EBITDA 1) Peers: Eurocommercial , Hammerson, Klepierre , Mercialys , URW. Source: Green Street, July 2026 (Values normalized by Green Street, may differ from reported results) Peer 1 Peer 2 Peer 3 Peer 4 WH Peer 5 8.7x 8.5x 7.7x 6.9x 6.4x 6.1x H1 2024 FY 2024 H1 2025 FY 2025 H1 2026 Target 35 - 40% 43.0% 41.8% 44.9% 42.5% 44.1% LTV decreased to 44.1% compared to H1 2025 • Increased compared to FY 2025 following dividend payments in Q2 2026 Final steps to reach the LTV target of 35 - 40% • Equity backed acquisitions • Disposal of last two French assets • Disposal Belgium non - core assets • JV existing Dutch assets
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TABLE FULL 33 Debt profile Q4 2025 H1 2026 Covenants Comments Interest bearing debt1 (€) 1,124m 1,092m Debt decreased, following debt repayments with the disposal proceeds that were received end of December Average cost of debt 3.62% 3.55% Cost of debt decreased following the maturity of a € 32m bond in Belgium, together with its associated interest rate swap Undrawn committed (€) 227m 227m Cash position (€) 106m 11m Cash decreased, following debt repayments with the disposal proceeds that were received end of December Fixed vs. floating debt 81% / 19% 83% / 17% Including macro-hedges Net LTV 42.5% 44.1% Net LTV increased, following dividend payment Gross LTV 46.8% 44.5% ≤ 60% Gross LTV decreased, following debt repayments with the disposal proceeds that were received end of December ICR 4.1x 4.1x > 2.5x Solvency 51.3% 51.7% > 40% Debt maturity (years) 3.7 3.8 Syndicated € 250m RCF was refinanced with a five-year term with extension options. In conjunction with refinancing of a € 30m Wereldhave Belgium facility, debt maturity increased 1) Nominal value of interest - bearing debt
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TABLE FULL 34 Successful H1, including refinancing of RCFs and USPP refinancing agreed for H2 € 1.12bn Debt Mix Q4 2025 0 100 200 300 Drawn Undrawn Drawn Undrawn Drawn Undrawn Drawn Undrawn Drawn Undrawn Drawn Undrawn Commercial Paper RCF Bank loans Private Placements 2026 2027 2028 2029 2030 >2030 Debt Maturity Profile In € m Weighted average debt maturity 3.8 years (pro - forma post USPP refi 4.3 years) 50% 7% 40% 3% 0% Debt Mix H1 2026 € 1.09bn USPP EUPP Bank loans (inl. RCF) Commercial Paper Bonds 49% 7% 38% 3% 3% Refinancing agreed for H2
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TITLE ONLY Debt maturity increased further following RCF and USPP refinancing 35 2019 2020 2021 2022 2023 2025 2026 H1 Pro - forma post USPP refinancing 4.0 4.3 3.8 3.8 2024 3.4 3.4 3.7 3.3 3.5 Debt Maturity In years
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AGENDA #1 + IMAGE 1. Key Messages & Highlights 2. Results 3. Transactions 4. LifeCentral 5. Financing & Valuations 6. ESG 7. Management Agenda 8. Appendices Table of contents 36
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TEXT + SUBTITLE ESG projects 2026 EV charging points • In the Netherlands we have identified potential for another 140 charging points. Of which 14 have been realized in shopping center Middenwaard BREEAM • Complete recertification of the Dutch portfolio, including tenants will be completed Q4 2026 Green Lease agreements • Green Lease increased to 75% in H1 2026 Paris Proof • In shopping center Vier Meren (NL) we will replace 8 gas boilers for a hybrid system that includes a heat pump. This leads to a total yearly reduction of 35 tons of CO2 per year Green Financing • The syndicated €250 million RCF was refinanced with sustainability - linked components, reinforcing Wereldhave’s commitment to reducing emissions throughout its own operations and those of its tenants 37 Becoming future proof 74% 75% FY 2024 FY 2025 H1 2026 74% 1) Green Leases in BENELUX portfolio In % of total leases 1) S light decrease due to inclusion of two new assets in Luxemburg and Ville 2.
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AGENDA #1 + IMAGE 1. Key Messages & Highlights 2. Results 3. Transactions 4. LifeCentral 5. Financing & Valuations 6. ESG 7. Management Agenda 8. Appendices Table of contents 38
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TABLE FULL 39 Management Agenda Focus on Target 2025 - 2027 Current Status Creating scale Expand portfolio Earnings accretive capital rotation in LOI stage in the Benelux ; maintaining strong balance sheet Total Return Exceed 10% annualized Total Return (up from 8%) H1 2026: 7.7% (annualized) Capital re - allocation 2 Dutch disposals and 3 JVs (equity light) Dutch disposals done, screening further JVs Finalizing FSC transformations Complete last six transformations 1 FSC completed in 2025, 1 completion scheduled for 2026 ESG GRESB 5 - star rating 4 - star rating Phase out France Dispose last two French assets Waiting for improved French investment market Last phase of balance sheet de - risking Reduce LTV to 35 - 40% Reduced from 46.7% to 44.1% Other income 2027 Other income: € 10.1m On track to meet target
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AGENDA #1 + IMAGE 1. Key Messages & Highlights 2. Results 3. Transactions 4. LifeCentral 5. Financing & Valuations 6. ESG 7. Management Agenda 8. Appendices Table of contents 40
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IMAGE + TEXT #2 41 Company Profile June 2026 Key Facts Number of retail assets1 21 Average size 32,500 m² Number of shopping center visitors in H1 2025 46.8 m Net loan-to-value ratio 44.1 % Occupancy shopping centers 97.7 % EPRA NIY shopping centers 6.4 % WALT2 5.2 years Development pipeline3 € 4 m 6 9 1) E xcluding Zoetermeer 2) Lease end date of shopping centers. Indefinite contracts counted as 1 year lease term 3) Future capex of total committed projects (excl. France)
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TEXT FULL Company Profile June 2026 42 Belgium 46% France 7% Luxembourg 8% Netherlands 40% Retail Assets 96% Offices 4% € 2.5bn € 2.5bn Portfolio Breakdown by value Portfolio Breakdown by value
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IMAGE + TEXT #2 43 Tenant mix core portfolio Top 10 Tenants % of rent1 Ahold Delhaize 6.2 % Jumbo Group 4.7 % Bestseller 3.6 % C&A 3.1 % A.S. Watson Group 2.6 % H&M 1.8 % Carrefour 1.4 % NewYorker 1.4 % A.F. Mulliez (Decathlon, Kiabi) 1.3 % The Sting 1.3 % Total top 10 27.4 % Annualized contract rent by category Fashion & Accessoires 3.2% Food Fresh Health & Beauty Homeware & Household Mixed - Use Multimedia & Electronics 1.1% Services Shoe & Leatherware 3.5% Special Goods & Others 2.6% Sports Supermarkets 0.5% Series 35.0% 11.1% 6.4% 16.9% 3.4% 6.2% 10.0% 1) C ontractual annual rent
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TABLE FULL 44 Like - for - like NRI growth LFL NRI growth (% yoy ) Belgium France Netherlands Shopping centers 8.4% 7.9% 0.5% (10.2%) 8.2% 5.9% 3.7% 4.9% 4.1% 4.7% 6.4% 2.6% H1 2025 FY 2025 H1 2026
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TABLE FULL 45 Occupancy rates EPRA Occupancy rate Shopping Centers 97.8% 98.2% Belgium 97.7% France Luxembourg The Netherlands Shopping centers 98.2% 98.3% 96.4% 97.0% 95.8% 97.4% 96.9% 97.7% 97.8% 97.2% 97.8% 97.4% H1 2025 FY 2025 H1 2026
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TABLE FULL 46 Note: 2022 influenced by Covid Measures 13% 7% 4% 2% 1% 12% 3% 8% 1% (1%) 20% 9% 6% 2% 2% 13% 13% 8% 2% 2% 0% 2% FY 2022 FY 2023 FY 2024 FY 2025 H1 2026 Change in visitors versus the same period previous year (%) Footfall Belgium France Netherlands Full Service Centers Luxembourg
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TABLE FULL 47 Breakdown of valuation results H1 2026 0.2% (0.1%) (0.3%) (0.9%) (0.4%) (0.3%) 0.5% 1.1% 1.1% 0.2% 0.8% Belgium 0.0% Luxembourg Netherlands Core portfolio (1.3%) France Offices Belgium Total 0.7% 0.0% 1.0% 0.8% (2.2%) (0.2%) 0.5% Yield shift Market rent & other Yield vs. Rent
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TABLE FULL 48 EPRA NTA 0.91 0.01 EPRA NTA YE 2025 Direct result Indirect result Dividend Other EPRA NTA H1 2025 23.53 (0.04) (1.30) 23.11 EPRA NTA Bridge: YE 2025 to H1 2026 ( € per share)
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TABLE FULL 49 Reconciliation of EPRA value metrics H1 2026 EPRA value reconciliation bridge ( € per share) 0.38 0.04 (0.04) (0.04) 3.00 (3.00) Impact issue shares Deferred tax in relation to IP (0.19) Fair value financial instruments RETT 23.11 EPRA NRV H1 2026 Deferred tax in relation to IP (0.15) EPRA NTA H1 2026 Reverse NTA adjustments IFRS NAV H1 2026 Fair value of fixed interest rate debt EPRA NDV H1 2026 23.00 Exclude RETT 23.00 26.30 Note: EPRA Value metrics are defined in the EPRA BPR Guidelines dated September 2024
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