Slide 1: A strong 2024 performance providing firm footings for future rental growth
February 12, 2025 A strong 2024 performance providing firm footings for future rental growth
Slide 2: Disclaimer
2024 Full-Year Earnings – February 12, 2025 Disclaimer This document was prepared by Klépierre S.A. (the “Company”) solely for the purpose of presenting Klépierre’s 2024 full-year earnings released on February 12, 2025. This document is not to be reproduced or distributed, in whole or in part, by an
Slide 3: Table of Content
Table of Content 1.High return in 2024 and positive outlook for next year 2.Full-year 2024 highlights 3.Sector-leading financing metrics 4.Distribution & outlook 3
Slide 4: High return in 2024 and positive outlook for next year
01 High return in 2024 and positive outlook for next year 4
Slide 5: High growth momentum in 2024
2024 Full-Year Earnings – February 12, 2025 High growth momentum in 2024 +5.3% Net current cash flow per share at €2.60, 5% above initial guidance +8.9% 6.4% Increase in EPRA NTA Cash dividend yield 5
Slide 6: We served our shareholders with a double digit accounting return
2024 Full-Year Earnings – February 12, 2025 We served our shareholders with a double digit accounting return +15% +6% €1.80 cash dividend per share paid in 2024 +9% NTA increase (+€2.70 per share to €32.8) 2024 total accounting return 6
Slide 7: Strong outperformance at the EBITDA level
2024 Full-Year Earnings – February 12, 2025 Strong outperformance at the EBITDA level +6.9% 1 Further improvement in the EBITDA margin at 86%, up 70 basis points year-on-year EBITDA growth 2 +6.3% like-for-like net rental income growth • Positive rental uplift • Higher collection rate • Better occup
Slide 8: We operate in a sturdy consumption backdrop
2024 Full-Year Earnings – February 12, 2025 We operate in a sturdy consumption backdrop Positive real wage growth Improving consumer confidence and lower expected savings 100 16.0% 12.00% 15.5% 10.00% 99 15.0% 8.00% 14.5% 98 14.0% 6.00% 13.5% 4.00% 97 13.0% 2.00% 12.5% 96 12.0% 0.00% 01/2022 01/2023
Slide 9: Outlook for prime malls is strong in continental Europe
2024 Full-Year Earnings – February 12, 2025 Outlook for prime malls is strong in continental Europe Supply-demand balance is in favour of prime malls landlords DEMOGRAPHICS ERA OF RETAIL AND URBAN NO NEW SUPPLY OMNICHANNEL BIFURCATION PLANNING Large European cities Hybrid buying journeys Retai
Slide 10: We have a differentiating profile
2024 Full-Year Earnings – February 12, 2025 We have a differentiating profile 70 irreplaceable premium malls Welcoming more than 700 million visitors a year and generating €12 billion annual retailer sales Through asset management initiatives we create the conditions for retailers to outperform We a
Slide 11: Retailer sales productivity is rising, and Klépierre malls continue to gain market shares
2024 Full-Year Earnings – February 12, 2025 Retailer sales productivity is rising, and Klépierre malls continue to gain market shares +4.0% +2.5% Retailer sales growth in 2024 vs. 2023 Footfall increase in 2024 vs. 2023 and up 10% over the last two years and up 7.5% over the last two years Solid mar
Slide 12: Tenant demand for our venues remains at a high level
2024 Full-Year Earnings – February 12, 2025 Tenant demand for our venues remains at a high level Solid occupational performance and rental uplift Deals signed by segment – (in sq.m.)(1) 1 Fashion 1,725 37% Deals signed +4% year-on-year 2 Cinema, Fitness & Other 3 Culture, Sports & Leisure 15% 14% 96
Slide 13: We actively curate the mix towards best performing banners
2024 Full-Year Earnings – February 12, 2025 We actively curate the mix towards best performing banners Change in retailers’ total store size since 2019 – (% change in total sq.m. leased) +274% +188% +155% +111% +102% +72% +62% +26% +28% +30% +14% Leading omnichannel players demand more space in our
Slide 14: We will continue to deliver outperformance in 2025
2024 Full-Year Earnings – February 12, 2025 We will continue to deliver outperformance in 2025 Retailer’s occupational fundamentals are healthy with sequentially improving occupancy cost ratios 12.9% 12.8% 12.6% 2022 2023 2024 14
Slide 15: Our actions translated into growing revenues over the last 2 years
2024 Full-Year Earnings – February 12, 2025 Our actions translated into growing revenues over the last 2 years +15% Net rental income growth over +17% 2022-2024 EBITDA growth over 2022-2024 +16% Net current cash flow per share over 2022-2024 15
Slide 16: We are increasing further cash dividend
2024 Full-Year Earnings – February 12, 2025 We are increasing further cash dividend €1.85 / share €1.80 €1.85(1) Proposed cash dividend per share for 2024 71% distribution rate €1.75 €1.70 +3% 2024 dividend growth Year-on-year 6.4% 2021 2022 Average 2024 cash dividend yield 2023 2024 16 (1) To be pa
Slide 17: Last quarter and start to the year were very well oriented
2024 Full-Year Earnings – February 12, 2025 Last quarter and start to the year were very well oriented We continue to gain market shares Uninterrupted retailer sales increase Growing number of shoppers High leasing demand for best-in-class malls in right locations 17 17
Slide 18: We have a very limited sensitivity to financing costs
2024 Full-Year Earnings – February 12, 2025 We have a very limited sensitivity to financing costs Entering 2025 with a low average cost of debt at 1.7% Well spread debt maturity (5.9 years) and very limited refinancing needs in 2025 (€255m bond maturing in October 2025) 100% interest rates hedging i
Slide 19: Tangible green lights for 2025 to deliver growth
2024 Full-Year Earnings – February 12, 2025 Tangible green lights for 2025 to deliver growth We expect to deliver 3% EBITDA increase in 2025 and Net current cash-flow per share of €2.60-€2.65 19
Slide 20: 2024 was the start of the capital appreciation journey
2024 Full-Year Earnings – February 12, 2025 2024 was the start of the capital appreciation journey EPRA NTA per share 34 32 €32.8 30 €31.4 €30.1 28 26 24 22 20 12/31/2023 06/30/2024 12/31/2024 +8.9% 1st NTA increase in more than 5 years 2020
Slide 21: Cash-flow effect pushed the portfolio value up
2024 Full-Year Earnings – February 12, 2025 Cash-flow effect pushed the portfolio value up Portfolio value as of December 31, 2024 (total share) Klépierre’s portfolio Net Initial Yield is stable €20,225m 12-month like-for-like change in portfolio values 5.90% 5.90% 5.90% +3.90% +4.10% +0.10% Market
Slide 22: Investment market shows positive signals
2024 Full-Year Earnings – February 12, 2025 Investment market shows positive signals Inflation(2) is normalizing in the Euro area Buyers are deploying capital and liquidity is improving 11% 7% Inflation normalization 2.4% 3% -1% Interest rates down, with 4 ECB rate cuts in 2024 and 1 in 2025 2019-01
Slide 23: Next incremental tailwind may come from market effect
2024 Full-Year Earnings – February 12, 2025 Next incremental tailwind may come from market effect Average discount rates used by independent appraisers at all-time highs 7.8% 7.8% 7.3% Klépierre’s risk premium on 6.8% discount rate stands at 6.7% 6.6% 6.7% 6.5% 545 bps 6.1% 6.1% 5.5% 5.6% 5.4% 5.2%
Slide 24: 2024 acquisitions perfectly illustrate our investment strategy
2024 Full-Year Earnings – February 12, 2025 2024 acquisitions perfectly illustrate our investment strategy Special situations 1 offering attractive buy-out valuation opportunities Assets matching our 2 clients’ expectations 6th most visited mall in Italy with 12th most visited mall in France, 10 mil
Slide 25: We believe in a disciplined approach to development
2024 Full-Year Earnings – February 12, 2025 We believe in a disciplined approach to development On time & on budget O ur major success in 2024 O ur main commit t ed project Targeted investments in high return Barcelona, Spain Montpellier, France opportunities with a controlled level of risk Extensio
Slide 26: We operate with a sector-leading balance sheet
2024 Full-Year Earnings – February 12, 2025 We operate with a sector-leading balance sheet 7.1x 7.4x Net Debt Interest to EBITDA Coverage ratio 36.5% 5.9 years 1.7% Loan-to-value Average Average cost ratio debt maturity of debt 26
Slide 27: Credit ratings confirmed by S&P with positive outlook
2024 Full-Year Earnings – February 12, 2025 As confirmed by S&P that moved to positive BBB+ A2 Positive outlook Long term rating Short-term rating (raised from stable on May 27, 2024) A- F1 Stable outlook (confirmed on May 24, 2024) Senior unsecured rating Short-term rating 27
Slide 28: We affirmed our worldwide leadership in sustainability
2024 Full-Year Earnings – February 12, 2025 We affirmed our worldwide leadership in sustainability st 1 Worldwide Retail Listed Klépierre is one of the few businesses st worldwide included in the CDP 1 Europe Retail climate “A” list out of the st 1 Europe Listed, all classes of assets 24,800 partici
Slide 29: Full-year 2024 highlights
02 Full-year 2024 highlights 29
Slide 30: Retailers continue to show healthy sales growth
2024 Full-Year Earnings – February 12, 2025 Retailers continue to show healthy sales growth 2024 retailer sales by region compared to 2023 +4.0% +5.2% +4.8% +4.5% +3.4% +0.3% Group France Iberia Netherlands/Germany/ Italy Scandinavia (share of total (38%) (12%) Central Europe (27%) (11%) sales) (12%
Slide 31: Earnings indicators
2024 Full-Year Earnings – February 12, 2025 Earnings indicators TOTAL SHARE 2023 2024 Change (in millions of euros) Net Rental Income 1,005.0 1,066.1 +6.3% (like-for-like) EBITDA(1) 921.4 985.3 +6.9% NET CURRENT CASH-FLOW 811.6 850.0 Group share 709.0 746.5 NET CURRENT CASH FLOW 2.48 2.60 +5.3% (€/P
Slide 32: 2024 Net current cash flow per share up 5.3%
2024 Full-Year Earnings – February 12, 2025 2024 Net current cash flow per share up 5.3% Group share +€0.23 - €2.60 €2.48 -€0.10 -€0.01 Management Current tax 2023 NCCF Change in NRI & other income and Cost of debt 2024 NCCF expenses Payroll & G&A 2024 Net Current Cash Flow per share was up €0.12, m
Slide 33: Portfolio valuation up 4.1% over one year
2024 Full-Year Earnings – February 12, 2025 Portfolio valuation up 4.1% over one year Change over 12 months (€m, total share, inc. transfer taxes) 12/31/2024 % of total portfolio 12/31/2023 Reported LfL(a) France 7,734 38.2% 7,631 +1.3% +1.4% Italy 4,744 23.5% 4,241 +11.8% +5.8% Scandinavia 2,431 12
Slide 34: Value growth fueled EPRA net asset value metrics
2024 Full-Year Earnings – February 12, 2025 Value growth fueled EPRA net asset value metrics December EPRA net asset values December 2023 Change 2024 EPRA NRV €33.7 €36.7 +8.9% EPRA NTA €30.1 €32.8 +8.9% EPRA NDV €27.7 €29.3 +5.8% 34
Slide 35: Sector-leading financing metrics
03 Sector-leading financing metrics 35
Slide 36: We operate a sector-leading balance sheet, providing us with ample access to financing
2024 Full-Year Earnings – February 12, 2025 We operate a sector-leading balance sheet, providing us with ample access to financing COST OF DEBT & KEY CREDIT METRICS STRONG DEBT (AS OF DECEMBER 31, 2024) RAISING ACHIEVEMENTS 1.7% Cost of debt for 2024 7.4x High level of interest coverage ratio €855 m
Slide 37: We have large covenant headroom
2024 Full-Year Earnings – February 12, 2025 We have large covenant headroom Covenants applicable to Klépierre SA financing Bank and bonds covenants(1) December 2024 Loan-to-Value ≤ 60% 36.5% EBITDA/Net interest expense(2) ≥ 2.0x 7.4x Secured debt/Portfolio value(3) ≤ 20% 2.0% Portfolio value(4) ≥ €1
Slide 38: Our sound liquidity position covers 38% of our gross debt
2024 Full-Year Earnings – February 12, 2025 Our sound liquidity position covers 38% of our gross debt Liquidity position as of December 31, 2024: €3.0 billion €0.3bn €0.4bn Cash and equivalents Other credit facilities Split of liquidity available €2.3bn Unused committed revolving credit facilities 3
Slide 39: Well spread debt maturities with a 5.9 years average maturity
2024 Full-Year Earnings – February 12, 2025 Well spread debt maturities with a 5.9 years average maturity Financing breakdown by type of Long-term debt maturity schedule excluding commercial papers resource as of December 31, 2024 (in millions of euros) (Outstanding debt, total share) 13% Commercial
Slide 40: Distribution & outlook
04 Distribution & outlook 40
Slide 41: We propose a 3% increase in cash distribution at €1.85 per share
2024 Full-Year Earnings – February 12, 2025 We propose a 3% increase in cash distribution at €1.85 per share The proposed distribution is composed of: Proposed distribution of Pay-out ratio of €1.85 €1.85 71% (1) up 3% compared to 2024 €0.690 The proposed distribution would be a payment in two insta
Slide 42: 2025 guidance
2024 Full-Year Earnings – February 12, 2025 2025 guidance The guidance is built under the assumption of a stability in the current European macroeconomic backdrop marked by normalizing inflation and low GDP growth. In 2025, Klépierre expects to generate 3% EBITDA(1) growth, supported by: • Retailer
Slide 43: Agenda
Agenda April 24, 2025 Q1 Business review(1) April 24, 2025 Annual General Meeting (1) Before market opening. 43
Slide 44: Appendices
Appendices KLEPIERRE
Slide 45: Net current cash flow
2024 Full-Year Earnings – February 12, 2025 Net current cash flow 12/31/2023 12/31/2024 Change Total share (in €m) Gross rental income 1,164.8 1,230.6 Rental and building expenses (159.9) (164.5) Net rental income 1,005.0 1,066.1 +6.3% (like-for-like) Management & administrative income 74.6 78.8 Pay
Slide 46: Our global leadership in sustainability has been recognized worldwide
2024 Full-Year Earnings – February 12, 2025 Our global leadership in sustainability has been recognized worldwide CAC 40 ESG INDEX LEADER “A” LIST AA RATING 1.5°C CAC SBT 1.5 INDEX • Peers’ comparison: • Klépierre is one of the • Klépierre is integrated • Klépierre received an AA • In 2020, Klépierr
Slide 47: Building the most sustainable plateform for commerce
2024 Full-Year Earnings – February 12, 2025 Building the most sustainable plateform for commerce Achieving net zero by 2030 Pursue our efforts on energy Install renewable energy production units efficiency and reach at our assets to reach up to 70 kWh /sq.m as the average portfolio 30% of self consu
Slide 48: Our distinguished achievements testify to our long-standing efforts
2024 Full-Year Earnings – February 12, 2025 Our distinguished achievements testify to our long-standing efforts The Group’s 2024 key ESG performance indicators 49% 86% 100% Reduction in the energy Reduction in greenhouse Waste diverted intensity of our portfolio gases emissions (GHG) from landfill (
Slide 49: Our business is considered highly contributive to the environmental transition
2024 Full-Year Earnings – February 12, 2025 Our business is considered highly contributive to the environmental transition as per the European taxonomy The activity of Klépierre pertains to “acquisition and ownership of buildings” (7.7) as per the EU Taxonomy 72% 70% 76% ALIGNED Turnover ALIGNED CAP
Slide 50: Contact
Contact investorrelations@klepierre.com +33 (0)7 50 66 05 63 50
Slide 51: KLEPIERRE
KLEPIERRE SHOP. MEET. CONNECT. °