Azrieli Group Ltd. · TASE:AZRG
Azrieli — Q3 2025 Earnings Presentation
47 slides from Azrieli's earnings presentation, Nov 26, 2025
Slide 1: Investor Presentation Q3/2025
Investor Presentation Q3/2025 30 September 2025 1 1 | Investor Presentation, September 2025
Slide 2: Disclaimer
2 DISCLAIMER The information included in this presentation is merely a summary and does not exhaust all of the Slides 12, 13 and 14 – The Company’s estimations regarding the projected increase in the results of information about the Company and its operations, nor is it a substitute for inspection o
Slide 3: Azrieli Group / Business Card
Azrieli Group / Business Card Israel’s largest real Traded on the capital ~80% estate company market since 2010 of the value of income-producing investment and under-construction Free float: 30.1% properties (on a consolidated basis) is attributed to real estate in Israel Average occupancy rate in A
Slide 4: Property Portfolio
4 Property Portfolio(1) Malls and retail centers Offices 23 malls and retail centers (2) 392,000 m2 Senior Homes 17 office and other properties – Rental Housing Israel 655,000 m2 8 office properties – overseas 245,000 m2 4 senior homes 115,000 m2 1,141 apartments 3 rental housing properties 34,000 m
Slide 5: Properties Breakdown, NIS in millions
Properties Breakdown, NIS in millions(1) Hotels 1% 29% Real estate in Israel – offices and other spaces 626 18,239 Residential 2% 27% sales in Israel Real estate in Israel 1,631 – retail centers and malls 16,824 Rental housing in Israel 3% 2,122 17% Data centers 10,620 Income- producing real 3% esta
Slide 6: Q3/2025 Financial Highlights
Q3/2025 Financial Highlights (NIS in millions, compared with Q3/2024) NOI 657 +12% Results of Q3 Same-property 588 2025 +2% NOI FFO Growing Strong (excluding senior 395 )3%( housing) FFO 424 (7%) Investments (YTD 2025) 2,475 Leverage ratio 37% Equity/assets 39% Dividend 800 6.60 per share (1) For a
Slide 7: Operating Segments
Operating Segments 7 | Investor Presentation, September 2025
Slide 8: Malls and Retail Centers
Malls and Retail Centers NOI in Q3/2025 NIS 271 million GLA 75 million versus NIS 261 million in ~392,000 m2 (1) Annual footfall Q3/2024 Innovation and Renewal Book Value Average occupancy rate Azrieli Gift Card Betterment and Approx. NIS upgrade of malls and retail centers 16.8 billion 99%(2) Azrie
Slide 9: Store Sales and Occupancy Cost Ratio
Store Sales and Occupancy Cost Ratio Total Change in Store Sales in Azrieli Malls July-Sept. +3.9% July-Sept. 2024 2025 Occupancy Cost Occupancy Cost Ratio Ratio 12.2% 12.3% 11.9% 12.0% 12.0% 11.9% 11.9% 11.3% 11.5% 11.2% 11.2% 11.5% 10.9% 10.6% 9.5% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Slide 10: Offices
Offices Innovation and NOI in Q3/2025 GLA Renewal NIS 217 million ~ 655,000 m2 )1( versus NIS 216 million in Q3/2024. Community Technology Book value Average Betterment and occupancy rate upgrade of towers Approx. NIS 18.2 billion 96% )2( (1) The figures presented are as of 30 September 2025. GLA fi
Slide 11: Office Tenants
Office Tenants 11 11 | Investor Presentation, September 2025
Slide 12: Global DC Operations – Green Mountain Global
Global DC Operations – Green Mountain Global NOI in Q3/2025 NIS 111 million versus NIS 56 million in Q3/2024 GMG - Contracted NOI / MW Hamar NIS 570M / 168MW Rjukan )1( Oslo Stavanger )€ 147M) London Contracted MW - Billed/BBNB(2) 148MW / 20MW Frankfurt Power generated by renewable energy 100% Power
Slide 13: Global DC Operations – Contracted MW
Global DC Operations – Contracted MW U.K. Norway London Hamar 7 MW 90 MW Hamar Rjukan Oslo Enebakk Stavanger Germany 26 MW Frankfurt 36 MW Rjukan London (Company’s share: 10 MW 18MW) Frankfurt Rennesøy Total 17 MW 168 MW 13 | Investor Presentation, September 2025
Slide 14: Expansion of Global DC Operations - Green Mountain Global
Expansion of Global DC Operations - Green Mountain Global Significant growth since the acquisition of Green Mountain (July 2021) Acquisition – 2021 2025 Change Countries of operation 1 3 x3 Number of sites 3 6(1) x2 MW (2) 24 168 x7 NOI (NIS in millions)(2) 84 570(3) x7 (1) Including a property unde
Slide 15: Global DC Operations - Green Mountain Global
Global DC Operations - Green Mountain Global Hamar Telemark Stavanger Oslo London Frankfurt Rennesøy Rjukan Enebakk Hamar London-Romford Frankfurt-Mainz A former NATO Colocation data Hyperscale and Built-to-suit project East London location, GM and KMW JV ammunition storage center located at wholesa
Slide 16: Hamar Project – OSL2
Hamar Project – OSL2 Expansion Option #2 Building A | 30MW Expansion Option #1 Building B | 30MW Building C | 30MW 16 | Investor Presentation, September 2025
Slide 17: Mainz Project – FRA1
Mainz Project – FRA1 Module West 18MW Module Middle 18MW Expansion Option 18MW Simulation 17 | Investor Presentation, September 2025
Slide 18: Palace Senior Housing Chain
Palace Senior Housing Chain Palace Operating Palace Operating Book value Approx. NIS 4.3 billion Modi’in Tel Aviv 239 +4 231 +4 Apartments Medical units Apartments Medical units Average occupancy rate Palace Operating Palace Operating 99% )2( Lehavim Ra’anana 350 +2 321 +2 NOI in Q3/2025 NIS 25 mill
Slide 19: Properties Under Construction
Properties Under Construction 19 | Investor Presentation, September 2025
Slide 20: Development Pipeline
Development Pipeline Holon Tel Aviv Tel Aviv Jerusalem Ramat HaSharon Project 3 Expansion of Azrieli Center and Palace Sde Dov Senior Mount Zion Hotel SolarEdge Spiral Tower Home ~250,000 m2 ~150,000 m2 )3( ~42,000 m2 )3( ~34,000 m2 )2( ~43,000 m2 Rishon LeZion Tel Aviv Herzliya Modi’in Petach Tikva
Slide 21: Development Projects: Growth Driver
Development Projects: Growth Driver Use Estimated Completion Estimated Construction Cost, Property Name Location GLA (2) Including Land (NIS in millions)(1) Date Palace Rishon LeZion Rishon LeZion 37,300 2025 540-560 Modi’in, Lot 10 Modi’in 37,000 2026 570-580 Short & Medium SolarEdge Campus Ramat H
Slide 22: Development Projects: Expected Contribution to NOI and FFO
Development Projects: Expected Contribution* to NOI and FFO (NIS in millions) NOI (NIS millions) Actual NOI in Q3/2025, annualized 2,628 3,103 Additional NOI from DC segment based on signed contracts** 128 2,628 Additional NOI from development projects(1) 144 18% Additional NOI from ZMH Hammerman pr
Slide 23: Tel Aviv's Central Business District (CBD)
Tel Aviv’s Central Business District (CBD) Income-Producing 1 Azrieli Center 2 2 Azrieli Sarona 5 1 3 Azrieli Town, Offices 4 Azrieli Town, Rental Housing 4 Under construction and 3 under planning 5 Expansion of 6 Azrieli Center and Spiral Tower 6 Azrieli Town Building E 23 | Investor Presentation,
Slide 24: Expansion of Azrieli Center and Spiral Tower in Tel Aviv
Development Projects / Expansion of Azrieli Center and Spiral Tower in Tel Aviv Area GLA Land cost (1) ~ 8,400 m2 150,000 m2 Approx. NIS 374 million Estimated construction Uses Estimated completion cost, including land date NIS 3.0-3.2 2028 billion מלון Hotel מסחר Retail משרדים Offices Housing
Slide 25: Expansion of Azrieli Center and Spiral Tower in Tel Aviv
Development Projects / Expansion of Azrieli Center and Spiral Tower in Tel Aviv 25 | Investor Presentation, September 2025
Slide 26: Development Projects / Lot 10, Modi'in
Development Projects / Lot 10, Modi’in 8,100m2 ±37,000m2 Clalit Medical Offices and Center (included in the office Retail )1( and retail areas) Connection to the A bustling center with mall and the commercial and retail buildings and movie existing center theaters (1) The Company promoted a plan to
Slide 27: Development Projects / Glil Yam – Rental Housing
Development Projects / Glil Yam – Rental Housing Estimated cost of ~147 Highway 2 construction including land Land area ~5,200 m2 NIS 380-400 apartments over two adjacent lots and other retail space million 2 Lots Land price per apartment Uses Estimated completion date Approx. NIS 710 2027 Highway 2
Slide 28: Development Projects / Mount Zion Hotel – Jerusalem
Development Projects / Mount Zion Hotel – Jerusalem In September 2025 A management agreement was signed with Kempinski, one of the world's leading international luxury hotel chains. Planned built-up area according Acquisition cost to approved zoning plan Approx. NIS 275 34,000m2 (1) million Up to 24
Slide 29: Development Projects / Sde Dov Senior Home
Development Projects / Sde Dov Senior Home Award of the Sde Dov tender Land area On 19 February 2025, the Company ~4,500 m2 won the ILA’s tender for acquisition of leasehold rights in a lot in Tel Aviv, for construction of a senior home project and retail areas. Einstein Expected cost of project inc
Slide 30: Closing of the ZMH Hammerman Transaction
Closing of the ZMH Hammerman Transaction Acquisition of ~67% of ZMH Hammerman according to a valuation of approx. NIS 869 million Holdings • Azrieli Group: ~67%. • The Feiglin and Ben-Avraham families: ~33%. Continuity in management with shared values • ZMH’s management shall continue to lead ZMH Ha
Slide 31: ZMH Hammerman Business Card
ZMH Hammerman Business Card 12,428(1) Total inventory of apartments 13 20 Projects under development, Projects under sale of which has not yet begun construction, planning and marketing ~2,575 (1) ~760 Apartments in the pipeline Apartments offered for sale ~2,370 (1) 24 Apartments in the pipeline, w
Slide 32: ESG / Environment
ESG / Environment 5 properties are LEED certified 14 properties 350 meters tall, 91 floors are LEED O&M certified 19 properties Implement a landfill waste reduction program 50% Target for the reduction of landfill waste by 2027 10 properties UN Sustainable have social recycling sites in Development
Slide 33: Azrieli ESG / Environment
Azrieli ESG / Environment 350 meters tall 91 floors Azrieli Group’s flagship State-of-the-art shading project system Solar panels The world’s largest project to use recycled aluminum The world’s first supertall Innovative and efficient AC building with a façade made system entirely of recycled alumi
Slide 34: Azrieli ESG / Environment
4 Azrieli ESG / Environment Sarona Tower has been certified LEED v5 O+M Platinum and was unveiled at the Sustainability Award ceremony of the City of Tel Aviv Sustainability Award by the City of Tel Aviv Azrieli Group was granted the Urban Sustainability Award by the City of Tel Aviv-Jaffa in recogn
Slide 35: Azrieli ESG / Society
Azrieli ESG / Society Swords of Iron Partnering with the Following the Swords of Iron war, and as part of Azrieli Community Group’s ESG strategy, it rallied to support the Israeli • Projects for the community focusing on themes related to our core business, such as building community gardens in peop
Slide 36: Azrieli ESG / Corporate Governance
6 Azrieli ESG / Corporate Governance Improvement in ESG ratings in the last year Azrieli Group presents a trend of continuing improvement in international and local ESG ratings, which are an indication of organizational strength, effective risk management and implementation of a smart sustainability
Slide 37: Financials
Financials 37 | Investor Presentation, September 2025
Slide 38: NOI compared with previous years and Q3/2024
NOI compared with previous years and Q3/2024 NOI (NIS in millions) NOI (NIS in millions) )1( 9% 12% 2,302 657 19 8 2,113 15 230 586 111 1,953 154 87 51 4 56 133 72 92 25 60 110 22 25 1,611 1,590 111 26 1,523 10 37 53 1,385 37 139 48 865 1,301 149 122 1,238 39 821 217 1,214 216 29 121 769 1,105 1,134
Slide 39: FFO (management's method) compared with previous years and Q3/2024
FFO (management’s method)(2) compared with previous years and Q3/2024 FFO (management's method) attributed to the real estate business(1)(2) (NIS in millions) 1,709 119 )3( 1,481 )3( )3( 454 1,378 103 1,313 1,318 45 424 1,278 85 29 153 166 165 1,053 1,007 999 923 45 54 409 9 121 395 1,590 810 836 1,
Slide 40: Dividend Distribution / Consistent and on the Rise
Dividend Distribution / Consistent and on the Rise NIS 800 million in dividend distributions in respect of 2024 )1( 1,000 1,000 8.25 8.50 900 800 800 7.50 700 700 650 6.50 600 600 560 6.60 520 500 480 5.77 5.50 400 5.36 400 4.50 320 300 4.95 265 280 4.29 4.62 300 240 240 3.96 3.50 200 3.30 2.50 100
Slide 41: Leverage Ratio, Duration and Cost of Debt
Leverage Ratio, Duration and Cost of Debt Extension of Average Duration of Debt (2) Financial Strength)1( 6.4 6.0 6.1 6.0 • Low leverage ratio – net financial debt to assets: ~37% 5.3 5.3 5.5 4.5 • Equity to assets: ~39% 4.4 4.1 3.3 • Cash and cash equivalents: NIS ~3.26 billion 3.1 2.7 2.7 (approx.
Slide 42: Payment Schedule (Principal Only)
Payment Schedule (Principal Only) On a consolidated basis as of 30 September 2025 CP &Short-term 13,571 257 Loand for residential sales segment Long-term banks and institutional bodies Lenders- Overseas operations Bonds 13,314 3,488 93 3,076 2,630 27 2,495 1,555 2,306 733 60 1,527 94 315 757 55 20 1
Slide 43: Summary of Financial Statement Results
Summary of Financial Statement Results (NIS in millions) Consolidated Consolidated Consolidated Q3/2025 Q3/2024 2024 Revenues from rent, maintenance and management fees and sales 973 839 3,281 NOI 657 586 2,302 Same-property NOI 588 578 - FFO (Management’s method) attributed to the real estate busin
Slide 44: Summary of Balance Sheet Figures
Summary of Balance Sheet Figures (NIS in millions) Consolidated Consolidated 30 September 2025 31 December 2024 Cash, securities and deposits 3,258 4,634 Gross financial debt 29,192 25,894 Net financial debt (1) 23,644 19,744 Net financial debt to assets 37% 34% Financial assets (mostly Bank Leumi s
Slide 45: Average Cap Rate and FFO / Income-Producing Real Estate Business
Average Cap Rate and FFO / Income-Producing Real Estate Business FFO(2) (management's method) for Q3/2025 Weighted average cap rate – 7.00% attributed to the real estate business – NIS 424 million NIS in millions NIS in millions Q3/2025 Q3/2024 NOI 657 586 Total investment real estate as of 30 Septe
Slide 46: Recap / Leadership, Innovation and Strength
Recap / Leadership, Innovation and Strength The key parameters of the core Exceptional financial business (NOI, FFO) resilience and strength demonstrate continuous growth The Company’s operations High occupancy rates over are predominantly in Israel time Significant growth drivers: • Organic growth
Slide 47: Thank You
Thank You 47 | Investor Presentation, September 2025