Lighthouse Properties Plc · JSE:LTE

Lighthouse Properties — H1 2025 Earnings Presentation

39 slides from Lighthouse Properties's earnings presentation, June 2025

  1. Slide 1: Financial Results Presentation

    FINANCIAL RESULTS PRESENTATION for the six months ended 30 June 2025

  2. Slide 2: Agenda

    Agenda 01 OVERVIEW 02 LISTED REAL ESTATE 03 FINANCIAL RESULTS 04 DIRECT PORTFOLIO 05 PROJECTS 06 OUTLOOK

  3. Slide 3: Overview

    LAGHTHOUSE 01 OVERVIEW |

  4. Slide 4: Strategy

    STRATEGY  Dominant and defensive malls  Cities with strong economic underpin  Western European focus  Rotation from Hammerson to physical strategy completed  Focus shift to existing portfolio  Constantly assessing and monitoring opportunities LIGHTHOUSE PROPERTIES p.l.c. 4 OVERVIEW RESULTS PRE

  5. Slide 5: Financial Highlights for 1H2025

    FINANCIAL HIGHLIGHTS FOR 1H2025  Distributable earnings increase +7.9% (1H2025: 1.3122 EURc/ps vs.1H2024: 1.2166 EURc/ps) › Benefit from accretive rotation out of Hammerson › Growth despite the refinancing impact of Forum Coimbra  NAV per share increase +2.8% (1H2025: 42.63 EURc/ps vs. 1H2024: 41.

  6. Slide 6: Operational Highlights for 1H2025

    OPERATIONAL HIGHLIGHTS FOR 1H2025 Spain % Portugal % France % Total % Proportionate share of direct property portfolio based on fair value 58.0 27.6 14.4 100.0 Like-for-like growth in NPI 5.9 4.5 12.0 6.9 Growth in sales 8.0 8.8 3.8 7.6 Growth in footfall 4.4 2.2 4.6 3.9 Vacancy 2.2 0.1 6.4 2.7 LIGH

  7. Slide 7: Macro Economic Highlights

    MACRO ECONOMIC HIGHLIGHTS GDP Growth rate (%) – 2Q2025 Retail sales YoY (%) – June 2025 2.8% Spain 1.9% Portugal 0.7% France 1.4% Euro area 6.2% Spain 6.9% Portugal (1.1%) France 3.1% Euro area Inflation rate (%) – June 2025 Unemployment rate (%) – 2Q2025 10.3% Spain 6.3% Portugal 7.4% France 2.3% S

  8. Slide 8: Investment Portfolio Evolution

    INVESTMENT PORTFOLIO EVOLUTION FY2024 1H2025 France France 17.4% 14.4% Spain 49.3% Spain 58.0% Portugal Portugal 27.6% 33.3% LIGHTHOUSE PROPERTIES p.l.c. 8 OVERVIEW RESULTS PRESENTATION 14 AUGUST 2025

  9. Slide 9: Acquisitions Closed During 1H2025

    ACQUISITIONS CLOSED DURING 1H2025 Espacio Alcalá Magna Mediterráneo Madrid Cartagena Acquisition costs1 EUR 96.3 million EUR 135.4 million Acquisition yield1 7.6% 7.0% Closing/transfer date 5 March 2025 27 June 2025 1. Excluding transaction cost LIGHTHOUSE PROPERTIES p.l.c. 9 OVERVIEW RESULTS PRESEN

  10. Slide 10: Latest Acquisition – Espacio Mediterráneo

    LATEST ACQUISITION – ESPACIO MEDITERRÁNEO  Effective date: 27 June 2025  Acquisition price1: EUR 135.4 million (100%)  Acquisition yield1: 7.0%  Footfall: 7.7 million › 1H2025 Sales growth: 7.4% › 1H2025 Footfall growth: 1.6%  Vacancy: 0.7%  Acquisition financed by: › Loan secured by Espai Gir

  11. Slide 11: Espacio Mediterráneo

    Espacio Mediterráneo LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 14 AUGUST 2025 11

  12. Slide 12: Espacio Mediterráneo

    Espacio Mediterráneo LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 14 AUGUST 2025 12

  13. Slide 13: Espacio Mediterráneo

    Espacio Mediterráneo LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 14 AUGUST 2025 13

  14. Slide 14: Espacio Mediterráneo

    Espacio Mediterráneo LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 14 AUGUST 2025 14

  15. Slide 15: Alcalá Magna

    Alcalá Magna  Acquired March 2025  1H2025 sales growth: 8.9%  1H2025 footfall growth: 3.7%  Vacancy: 0.0% LIGHTHOUSE PROPERTIES p.l.c. 15 RESULTS PRESENTATION 14 AUGUST 2025

  16. Slide 16: Listed Real Estate

    LAGHTHOUSE 02 LISTED REAL ee ESTATE 1

  17. Slide 17: Listed Portfolio

    LISTED PORTFOLIO Number of Jun 2025 Number of Dec 2024 Listed real estate investments at fair value shares EUR shares EUR Klepierre 155 184 5 189 353 870 184 24 191 115 NEPI Rockcastle 1 411 918 9 126 786 1 417 115 10 027 685 14 316 139 34 218 800 LIGHTHOUSE PROPERTIES p.l.c. 17 LISTED REAL ESTATE R

  18. Slide 18: Financial Results

    LAGHTHOUSE 03 FINANCIAL RESULTS §&

  19. Slide 19: Key Indicators

    KEY INDICATORS Jun 2025 Jun 2024 Shares in issue 2 089 010 218 1 853 993 105 Distribution per share (EUR cents) 1.3122 1.2166 Pay-out ratio (%) 100.0 100.0 Net asset value per share (EUR cents) 42.63 41.46 Price per share (JSE-ZAR) 8.13 7.98 Loan-to-value ratio (%) 35.0 21.1 LIGHTHOUSE PROPERTIES p.

  20. Slide 20: Borrowings

    BORROWINGS Pro rata balance Borrowings Interest rate Maturity date EUR Natixis Consortium¹ 3-month Euribor plus 3.00% 7 March 2027 67 567 501 Santander Consortium 3-month Euribor plus 1.95% 12 June 2028 47 241 348 Santander Consortium 6-month Euribor plus 2.50% 28 January 2029 66 247 418 ING Consort

  21. Slide 21: Borrowings - Maturity

    BORROWINGS - MATURITY Debt maturity profile (EUR) 250,000,000 200,000,000 150,000,000 100,000,000 50,000,000 0 2025 2026 2027 2028 2029 2030 2031 2032  Hedge profiles substantially match related debt profiles1  Lighthouse policy is to hedge all interest rate risk over the medium term  Five loans

  22. Slide 22: EPRA

    EPRA  Lighthouse invests exclusively in Western European malls  The Lighthouse Board adopted EPRA Best Practice Recommendations effective from 1 January 2025  Lighthouse considers key EPRA metrics as: NTA, LTV and Vacancy  EPRA adoption has no impact on calculation of distributable earnings EPRA

  23. Slide 23: Direct Portfolio

    >B< LAGHTHOUSE PROPERTIES pll.c 04 why DIRECT B Nis PORTFOLIO!

  24. Slide 24: Direct Property Portfolio

    DIRECT PROPERTY PORTFOLIO Retail gross 7,8 Ownership1 Occupancy lettable area6 Property name Geographical location % % m² Spain Torrecárdenas Almeria, Spain 100 99.0% 61 237 Salera Castellón de la Plana, Spain 50 99.6% 2 53 502 H2O Madrid, Spain 100 91.7% 52 913 Espai Gironés Girona, Spain 100 99.5%

  25. Slide 25: Tenants by Income – 1H2025

    TENANTS BY INCOME – 1H2025 By monthly rental % Inditex Group 25.6% of rental income 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% % of monthly contractual revenue 1 LIGHTHOUSE PROPERTIES p.l.c. 25 DIRECT PORTFOLIO RESULTS PRESENTATION 14 AUGUST 2025

  26. Slide 26: Performance Metrics

    PERFORMANCE METRICS Lease expiry profile by monthly rental (EUR)  Portfolio vacancy: 2.7% 3.9% December 2025  Collection rate: 98.3% 7.8%  Portfolio average OCR (LTM): 10% December 2026  WAULT: 7.6 years 7.1% December 2027 9.8% December 2028 8.5% December 2029 62.7% After December 2029 0% 20% 40

  27. Slide 27: Performance Metrics

    PERFORMANCE METRICS Tenant type by GLA Fashion 38.1%  Leasing activity: Leisure 14.5% › 16 202m² Food & Beverages 9.7% › New tenants 11 269m² Sport 5.3% Grocery 5.0% › Renewal of existing leases of 4 942m² Personal care 4.0%  Average rental reversion: +4.9%1 during 1H2025 Other 3.6% Electronics 3.

  28. Slide 28: Leasing

    05 LEASING >B< LAGHTHOUSE PROPERTIES pll.c. ——— P 35ACOOR BLUE

  29. Slide 29: Leasing

    LEASING • Espai Gironés • Forum Coimbra • Forum Coimbra • Forum Coimbra • H2O • Docks Vauban • Torrecárdenas • Forum Coimbra • H2O • Forum Montijo • Forum Coimbra • H2O • Alcalá Magna • Docks 76 • Alcalá Magna • Alcalá Magna • Docks Vauban • Docks Vauban • Docks 76 • Docks 76 • Salera • Forum Coimbr

  30. Slide 30: Market Trends

    MARKET TRENDS Large malls are the main target for retailers  Retailers focus on larger concepts and close the small stores  Large malls have the flexibility to provide additional space to enlarge the highly performing stores  Scarce supply puts the spotlight on the existing schemes  Large units

  31. Slide 31: Projects

    >B< LAGHTHOUSE PROPERTIES pc. —— 05 PROJECTS

  32. Slide 32: Projects: H2O Refurbishment

    PROJECTS H2O Refurbishment  Project cost: EUR 10 million1  Yield: 7.5%2  Project status: › Works ongoing › Completion: 4Q2025 New floor and balustrades New floor New floor and balustrades Refurbished lobbies 1 Amount included in the acquisition price LIGHTHOUSE PROPERTIES p.l.c. 32 2 Acquisition

  33. Slide 33: Projects: Lake & Park

    PROJECTS Lake area  Lake area reduced from 12 500m² to 6 700m²  Extension of the existing park and improved connection to the adjacent retail park Lake & Park project Lake & Park project New lake restaurant Lake& &Park Lake Parkproject project LIGHTHOUSE PROPERTIES p.l.c. 33 PROJECTS RESULTS PRESE

  34. Slide 34: Projects: Forum Coimbra Extension

    PROJECTS Forum Coimbra Extension  Project cost: EUR 12 million  Yield 7.5%  Primark extension: 2 782m² to 4 066m²  Zara extension: 2 202m² to 3 688m²  Expansion of Stradivarius and Pull&Bear are part of the project  Project status: › Lease agreements with Primark and Zara signed › Construction

  35. Slide 35: Projects: Espai Gironés Zara Extension

    PROJECTS Espai Gironés: Zara Extension  Current ZARA surface: 1 930m²  New ZARA surface: 3 700m²  Project includes the right-sizing of C&A and addition of an anchor tenant  Project cost: EUR 5.9 million  Yield: 5%  Project status: › Tendering completed › Start of works in 3Q2025 LIGHTHOUSE PRO

  36. Slide 36: Projects: Alcalá Magna Zara Extension

    PROJECTS Alcalá Magna: Zara Extension  Current ZARA surface: 1 870m²  New ZARA surface: 2 400m²  Project cost: included in the acquisition price  Project status: › Lease agreement signed › The tenant took occupation of the additional space and commenced fitting-out › The store will remain partia

  37. Slide 37: Outlook

    >B< LAGHTHOUSE PROPERTIES pll.c. ——— 06 OUTLOOK

  38. Slide 38: Outlook

    OUTLOOK  Remain disciplined in investment approach  Acquisitions anticipated to moderate going forward  Iberian economic performance remains strong  Full year benefit from recent acquisitions to benefit 2026  Benefit of value-enhancing investing to be realised in 2026 and beyond  Guidance of 2

  39. Slide 39: Questions

    >B< LAGHTHOUSE PROPERTIES pll.c. ——— 07 QUESTIONS

Lighthouse Properties — H1 2025 Earnings Presentation on 6ix