Slide 1: 2024 Annual Results
FREY 2024 Annual Results Another year of strong growth for 1 06.03.2025
Slide 2: Disclaimer
FREY Disclaimer This presentation has been prepared for informational purposes only, as a supplement to the information made public by FREY, to which readers are invited to refer. It does not constitute and should not be construed as an invitation, a recommendation or an offer to buy, sell, At its m
Slide 3: Contents
FREY Contents 01 Introduction 02 2024: strategic initiatives 100% dedicated to growth 03 Solid operational performance: relevant positioning 04 Improved financial results 05 Outlook: 2025, embedded growth 3
Slide 4: Introduction
FREY Introduction 4 06.03.2025
Slide 5: FREY, a story of growth & innovation
FREY FREY, a story of growth & innovation 1 FREY acquires ROS, Towards European Since 2020 (Retail Outlet Shopping) leadership in a leading outlet outdoor shopping FREY acquires 2 major assets manager in Europe Launch of Malmö destinations x2 FREY rolls out its Shopping Designer Village works FREY b
Slide 6: Strategic initiatives 100% dedicated to growth
FREY 2024 Strategic initiatives 100% dedicated to growth Acquisition of ROS, a leading outlet manager in Europe (11 outlets and 2 developments under management) Continued international expansion and strategic pivot towards outlets with the launch of Malmö Designer Village construction works in Swe
Slide 7: 2024: positive momentum on indicators
FREY 2024: positive momentum on indicators ECONOMIC PORTFOLIO CAP RATE INCL. TRANSFER TAX €2.1bn 6.6% BRANDS VISUAL +1.0% +20 bps (1) GROSS RENTAL INCOME GROSS RENTAL INCOME €135.7m +5.4% +19.6% LFL change PROFIT FROM EPRA NTA NAV: RECURRING OPERATIONS €107.9m €33.6 /share +28.1% +3.1% Changes vs 31
Slide 8: Execution of the ESG strategy
FREY Execution of the ESG strategy Climate strategy Complete carbon footprint: Mission-driven company / B Corp Calculated according to the GHG 2024 targets achieved: Protocol (3 scopes) Discharge of the Mission Committee SBTi objective: Evolving roadmap: Emission reduction trajectory according Adapt
Slide 9: 2024, strategic initiatives 100% dedicated to growth
FREY 2024, strategic initiatives 100% dedicated to growth 9 06.03.2025
Slide 10: FREY is stepping up growth by opening up to the outlet market
FREY FREY is stepping up growth by opening up to the outlet market Outlets are a winning formula: A specialist market A high-growth market (1) A fragmented market Assets appreciated by brands & visitors 10 (1) Annual sales growth outlook of +9% by 2026 for retailers (source: Kenn Gunn Consul
Slide 11: FREY, the leader in outdoor shopping destinations
FREY FREY, the leader in outdoor shopping destinations 1 Acquisition of ROS Top 5 outlet manager in Europe 2 Malmö Designer Village Launch of works in Q3 2024 11
Slide 12: ROS, complete know-how from outlet development to asset management
FREY ROS, complete know-how from outlet development to asset management 13 outlets +170k m² 8 countries Top 5 Including 2 outlets under development GLA – 235k m² with Belgium, Croatia, Germany, Hungary, Poland, outlet manager in Europe (1) (Malmö Designer Village and developments and extensions Port
Slide 13: Malmö Designer Village
FREY Malmö Designer Village The largest outlet in the Nordic market Development of a high-environmental-quality outlet in Sweden’s largest catchment area (1) 4 m inhabitants Excellent BREEAM certification 26 m tourists Catchment area < 90 min International region 26,000 m² 121 units With strong econ
Slide 14: €224m in disposals signed in 2024
FREY €224m (1) in disposals signed in 2024 €55m €169m The sale of a portfolio of 4 retail parks for €169m (2): unit disposals disposals in carried out in H1 (3) December via a partnership with Batipart Europe (2) (1) €127m Group share. (2) JV owned 66.7% by Batipart Europe and 33.3% by FREY. (3) Sal
Slide 15: €550m in new financing
FREY €550m in new financing €550m 4.7 years Maturity of FREY Group debt €400m vs. 4.0 years in 2023 June 2024: 5-year corporate bank financing with 2-year extension option This refinancing has a threefold objective: €100m diversify funding sources Nov. 2024: Fixed-rate corporate financing with a 1
Slide 16: Solid operational performances: relevant positioning
FREY Solid operational performances: relevant positioning 16 06.03.2025
Slide 17: Pan-European platform with solid fundamentals
FREY Pan-European platform Stockholm €2.1bn Value of economic assets with solid fundamentals excl. duties Malmö Designer Matarnia Park Outlet (3) Handlowy €137.2m Gdańsk Gdańsk Soltau Warsaw Gross annualised rent Berlin Warsaw SP (2) Claye-Souilly Le Parc du Luc Les Docks de Saint- 97.5% Ouen SP (2)
Slide 18: Economic model once again showing its resilience
FREY Economic model once again showing its resilience LFL footfall (1) LFL tenant revenue (2) LFL occupancy rate (3) Average 7,2 % 6,5 % 16,9 % 97,7 % 97,6 % 98,0 % 98,0 % 97,7 % 97,5 % closure 2.3 3,1 % months 3,5 % 2,1 % 7,2 % 5,0 % 4,2 % 2,1 % Average closure 1.9 months (16,0)% (5,0)% 2019 2020 2
Slide 19: Strong momentum in rental business
FREY Strong momentum in rental business 173 leases signed in 2024 portfolio & development Catering Household equipment Bazaar €20.2m rental income (1) €17.4m Group share Personal equipment Leisure +3.5% average uplift (2) Calculated on headline rents net of lessor contributions (1) New leases, relet
Slide 20: Excellent brand diversification
FREY Excellent brand diversification Breakdown of annualised rents by sector 18% 31% 2% Share of Top 10 Personal Other (1) equipment FREY is confirming the positive diversification of its rental risk 2% Services 5% 4% Share of first tenant group Bazaar, Financial profile: Investment Grade Discount 6
Slide 21: Shopping Promenade Riviera repositioning
FREY Shopping Promenade Riviera repositioning Leading fashion Redesigned catering Enhanced leisure Increased service offering offering offering offering 7.0 VISITS IN 2024 70 ,000 SURFACE AREA 93% OCCUPANCY RATE MILLION m² GLA 21
Slide 22: Improved financial results
FREY Improved financial results 22 06.03.2025
Slide 23: Growth in assets and annualised rents
FREY Growth in assets and annualised rents Value of economic portfolio (1) (€bn) LFL: +0.2% 2,1 2,1 1,7 1,4 1,1 1,2 +1.0% 2019 2020 2021 2022 2023 2024 Gross annualised rents (2) (€m) LFL: +5.6% 133,8 137,2 of which +3.4% indexation 100,1 80,6 54,2 59,1 +2.5% 2019 2020 2021 2022 2023 2024 (1) Value
Slide 24: Strengthening of FREY's recurring profitability
FREY Strengthening of FREY's recurring profitability Gross rental income (€m) 135,7 113,5 91,5 72,9 59,5 43,6 +19.6% 2019 2020 2021 2022 2023 2024 Profit from recurring operations (€m) 107,9 84,2 62,8 53 42,4 +28.1% 29 2019 2020 2021 2022 2023 2024 24
Slide 25: Strong access to debt market
FREY Strong access to debt market €1,215.6m Gross bank debt €550m 14% Financing raised 100% corporate financing €521.3m under ESG criteria Stronger liquidity with 86% systematic implementation of ESG commitments Liquidities Corporate Mortgage €321.3m in cash and €200.0m in corporate credit lines 25
Slide 26: Solid financial structure
FREY Solid financial structure Cost of debt (1) 2.66% 41.1% LTV ratio (incl. transfer tax) 60.0% banking covenant Average duration of debt 8.2% Secured debt ratio 20.0% banking covenant 4.7 years Well-financed growth strategy with significant margin for seizing opportunities Optimised coverage
Slide 27: NAV up 3.1% in 2024
FREY NAV up 3.1% in 2024 Change in EPRA NTA NAV (€m) Change in EPRA NTA NAV per share (€) 1 073,0 33,6 1,033.8 33,6 926,2 934,7 33,1 798,9 784,7 +3.8% 32,7 32,6 31,9 +3.1% 2019 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 2024 27 Presentation of 06.03.25 | FREY
Slide 28: Recurring dividend growth
FREY Recurring dividend growth Change in proposed dividend €/share (1) 1,9 1,8 1,7 1,6 1,5 1,5 +5.6% 100% in cash 2019 2020 2021 2022 2023 2024 (1) As proposed to the General Meeting to be held on 25 June 2025. 28
Slide 29: Outlook: 2025, embedded growth
FREY Outlook: 2025, embedded growth 29 06.03.2025
Slide 30: Strong organic growth
FREY Strong organic growth Development pipeline of €628m 2 projects deliverable in H1 2027 for an amount of €240m and generating rent of €20m Malmö Designer Village (Sweden) Shopping Promenade Lleida (Spain) Opening: H1 2027 Opening: H1 2027 30
Slide 31: Continuation of the outlet strategy: acquisition of Designer Outlet Berlin
FREY Continuation of the outlet strategy: acquisition of Designer Outlet Berlin Flagship outlet in Germany with strong operational performance 21,169 m² 6 40 GLA Outlet in Outlet in 98% Germany (1) Europe (1) Occupancy rate €230m €18.1m €8,000 Acquisition price Operating profit (2) Sales density / s
Slide 32: Conclusion
FREY Conclusion 32 06.03.2025
Slide 33: From performance to ambition
FREY From performance to ambition Review and outlook 2024 2025 + 28% profit from Embedded growth Pivot: outlet strategy FREY recurring operations Pipeline generating growth Proprietary and third-party European leader in outdoor management shopping destinations 33
Slide 34: Conclusion. Appendices
FREY Conclusion. Appendices 34 06.03.2025
Slide 35: Attractive investment profile
FREY Attractive ECONOMIC PORTFOLIO investment profile €2.1bn Value of assets excl. duties Leading real estate company in the French and European open-air shopping centre market with €137.2m Gross annualised rent a portfolio focused on large, high-performance assets with high environmental quality
Slide 36: Thank you.
FREY Thank you. 36 06.03.2025