Azrieli Group Ltd. · TASE:AZRG
Azrieli — Q1 2026 Earnings Presentation
49 slides from Azrieli's earnings presentation, May 2026
Slide 1: Investor Presentation Q1/2026
Investor Presentation Q1/2026 31.03.2026 Investor Presentation, March 2026
Slide 2: Disclaimer
DISCLAIMER The information included in this presentation is merely a summary and does not exhaust all of the Slides 12-15 – The Company’s estimates regarding the projected increase in the results of the DC information about the Company and its operations, nor is it a substitute for inspection of the
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: 33.47% properties (on a consolidated basis) is attributed to real estate in Israel Average occupancy rate in
Slide 4: Property Portfolio
Property Portfolio(1) Malls and retail centers Office properties 23 malls and retail centers (2) 390,000 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
Slide 5: Breakdown of Properties, NIS in millions
Breakdown of Properties, NIS in millions(1) Hotels 1% 28% Real estate in Israel – office and other space 1,095 18,080 Residential 4% 26% sales in Israel Real estate in Israel 2,306 – retail centers and malls 17,009 Rental housing in Israel 3% 2,065 18% Data centers 11,696 Income- producing real 2% e
Slide 6: Q1/2026 Financial Highlights
Q1/2026 Financial Highlights (NIS in millions, compared with previous year) NOI 638 Q1/2026 FFO(1) (excluding senior 395 Financial Highlights housing) FFO(1) 399 Net income 540 Investments 483 Leverage ratio(2) 35% Equity/assets 40% (1) For a calculation of the FFO according to the ISA’s method, see
Slide 7: Operating Segments
Operating Segments 7 Investor Presentation, March 2026
Slide 8: Malls and Retail Centers
Malls and Retail Centers NOI in Q1/2026 NIS 247M GLA ~75M versus NIS 252M in Q1/2025 ~390,000 m2 (1) annual footfall Innovation & Renewal Book value Average occupancy rate Launch of new Approx. brand language upgrade of malls NIS 17.0B 98%(2) and retail centers Azrieli Gift Card (1) The figures pres
Slide 9: Store Sales and Occupancy Cost Ratio
Store Sales and Occupancy Cost Ratio Total change in store sales in Azrieli malls, including the effect of Operation Roaring Lion Jan.-March -7.1% Jan.-March 2025 2026 Occupancy Cost Occupancy Cost Ratio Ratio 12.2% 12.3% 11.9% 12.0% 12.0% 11.9% 11.9% 11.5% 11.5% 11.5% 11.3% 11.2% 11.2% 10.9% 10.6%
Slide 10: Azrieli Malls - Continuing to Lead and Innovate
Azrieli Malls - Continuing to Lead and Innovate Continuing to lead the rankings in Israeli Launch of new brand language for Azrieli malls malls The best malls in Israel 2026 The best mall in Israel Azrieli Jerusalem 10 Investor Presentation, March 2026
Slide 11: Offices
Offices Innovation & NOI in Q1/2026 GLA Renewal NIS 223M ~ 655,000 m2 )1( versus NIS 223M in Q1/2025 Community Technology Book value Average Betterment and occupancy rate Approx. upgrade of towers NIS 18.1B 97% )2( (1) The figures presented are as of 31 March 2026. GLA figures represent the Company’
Slide 12: Office Tenants
Office Tenants 12 Investor Presentation, March 2026
Slide 13: Global DC Operations – Green Mountain Global
Global DC Operations – Green Mountain Global Operations in 3 NOI for Q1/2026 countries with 7 sites operating and under NIS 110M versus NIS 116M in Q1/2025 construction Hamar Contracted MW Contracted NOI Rjukan Oslo 257 MW (1) NIS 1.0B Stavanger )€ 278M) Undheim Contracted MW- Contracted MW- Billed
Slide 14: Expansion of Global DC Operations
Expansion of Global DC Operations Significant growth since the acquisition of Green Mountain (July 2021) Acquisition - 2021 3/2026 Change Countries of operations 1 3 X3 Number of sites 3 )1(7 X2 )2( MW 24 257 X11 )2( Contracted NOI (NIS in millions) 84 )3(1,040 X12 (1) Including properties under con
Slide 15: Global DC Operations – Contracted MW
Global DC Operations – Contracted MW Norway Rjukan Enebakk Hamar 10 MW 26 MW 90 MW Hamar Rjukan Oslo Undheim Rennesøy Stavanger Undheim 80 MW 17 MW London Germany UK Frankfurt Frankfurt London Total 54 MW 7 MW 27 MW (Company’s share) 257MW 15 Investor Presentation, March 2026
Slide 16: Global DC Operations – Green Mountain Global
Global DC Operations – Green Mountain Global Rennesøy Rjukan Enebakk Hamar A former NATO ammunition Colocation data center located at Hyperscale and wholesale data Built-to-suit project for customer, storage facility converted into a the nexus of hydro electric power center campus located north of O
Slide 17: Hamar Project – OSL2
Hamar Project – OSL2 Expansion Option #2 Building A | 30MW Expansion Option #1 Building B | 30MW Building C | 30MW 17 Investor Presentation, March 2026
Slide 18: Mainz Project – FRA1
Mainz Project – FRA1 Module West 18MW Module Middle 18MW Expansion Option 18MW Rendering 18 Investor Presentation, March 2026
Slide 19: Undheim Project
Undheim Project 19 Investor Presentation, March 2026
Slide 20: Palace Senior Housing Chain
Palace Senior Housing Chain Palace Operating Palace Operating Book value Approx. NIS 4.5B Modi’in Tel Aviv 239 +4 231 +4 Apartments Medical units Apartments Medical units Occupancy rate Palace Operating Palace Operating 99% )2( Lehavim Ra’anana 350 +2 321 +2 NOI in Q1/2026 NIS 29M Apartments Medical
Slide 21: Properties Under Construction
Properties Under Construction 21 Investor Presentation, March 2026
Slide 22: Development Pipeline
Development Pipeline Holon Tel Aviv Tel Aviv Jerusalem Ramat HaSharon Expansion of Azrieli mall and Mount Zion Project 3 the Spiral Tower Palace Sde Dov Senior Home Glilot Campus Hotel ~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
Slide 23: 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 2026 540-560 Modi’in, Lot 10 Modi’in 37,000 2026 580-590 Short & Medium Glilot Campus Ramat HaSh
Slide 24: 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 Q1/2026, annualized 2,552 3,542 Additional NOI from DC segment based on signed contracts** 579 2,552 39% Additional NOI from development projects(1) 144 Additional NOI from lease-up of vaca
Slide 25: Tel Aviv Central Business District (CBD)
Tel Aviv 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 Planning 5 Expansion of 6 Azrieli Center and Spiral Tower 6 Azrieli Town Building E 25 Investor Presentation, March 2026
Slide 26: Expansion of Azrieli Mall and the Spiral Tower in Tel Aviv
Development Projects / Expansion of Azrieli Mall and the Spiral Tower in Tel Aviv Land area GLA Land cost ~ 8,400 m2 150,000 m2 Approx. NIS 374M Estimated construction Uses Estimated completion cost, including land (1) date NIS 3.1-3.3B 2028 מלון Hotel מסחר Retail משרדים Offices Housing דיור
Slide 27: Expansion of Azrieli Mall and the Spiral Tower in Tel Aviv
Development Projects / Expansion of Azrieli Mall and the Spiral Tower in Tel Aviv 27 Investor Presentation, March 2026
Slide 28: Expansion of Azrieli Mall and the Spiral Tower in Tel Aviv
Development Projects / Expansion of Azrieli Mall and the Spiral Tower in Tel Aviv 91 floors 350 meters Cutting-edge Flagship project shading system of Azrieli Group The largest project in the Solar panels world to use recycled aluminum The world’s first supertall State-of-the-art, high- efficiency A
Slide 29: 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 30: 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 NIS380-400M apartments over two adjacent lots and additional retail space 2 Lots Land price per apartment Uses Estimated completion date Approx. NIS 710K 2028 Highway 20
Slide 31: 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 based on Acquisition cost approved zoning plan Approx. NIS 275M 34,000m2 (1) 247 rooms Estimated
Slide 32: 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 was awarded 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 pro
Slide 33: ZMH Hammerman Business Card
ZMH Hammerman Business Card 12 19 Projects under development, Projects under construction, sale of which has not yet begun planning and marketing ~3,265 (1) ~747 (1) Apartments in the pipeline Apartments for sale ~3,553 (1) 28 Apartments in the pipeline, with Conditional urban renewal signed contrac
Slide 34: Azrieli ESG / Environment
Azrieli ESG / Environment 11 properties 50% 19 properties 14 properties 5 properties with social recycling centers Landfill waste reduction participate in the are LEED O&M-certified are LEED-certified green in partnership with Pitchon target by end of 2027 Environment Project aimed buildings (green
Slide 35: Azrieli ESG / Environment
Azrieli ESG / Environment Environmental Management and Carbon Emissions Reduction in the Group’s Properties Azrieli Group works to reduce greenhouse gas emissions through a combination of advanced environmental management, improved energy efficiency in its properties and increased use of renewable e
Slide 36: Azrieli ESG / Society
Azrieli ESG / Society Social responsibility and community impact | Main initiatives Social recycling T-Share Just A Second Azrieli Garden Eco-Challenge Holon hubs Givatayim Urban agriculture Collection of approx. Environmental 11 hubs in collaboration with Upcycling initiative: 50,000 school shirts
Slide 37: Azrieli ESG / Society
Azrieli ESG / Society Social responsibility and community impact Diversity, human capital and employee wellbeing • Women hold around one third of the Group’s senior management positions • Thousands of hours in training programs and workshops a year • A scholarship program for employees and their fam
Slide 38: Azrieli ESG / Corporate Governance
Azrieli ESG / Corporate Governance Information Security & Privacy Gender Diversity on the Board • Compliance with ISOX and ITGC • 5 out of the 10 members of the Board are requirements women (~50%). • Comprehensive information security and • The Board’s chair is a woman. cyber controls • Commitment t
Slide 39: Financials
Financials 39 Investor Presentation, March 2026
Slide 40: NOI compared with previous years and Q1/2025
NOI compared with previous years and Q1/2025 NOI (NIS in millions) +10% 2,527(1) 2,302 30 646 638 19 449 7 8 2,113 230 1,953 15 116 110 154 87 103 4 72 92 91 133 60 110 24 29 1,611 1,590 111 24 21 1,523 10 37 1,385 53 48 37 139 1,238 1,301 149 122 865 905 39 1,214 821 29 121 769 223 223 11 124 26 13
Slide 41: FFO (management’s method) compared with previous years and Q1/2025
FFO (management’s method)(2) compared with previous years and Q1/2025 FFO (management's method) attributed to the real estate business(1)(2) (NIS in millions) 1,709 1,674 (4) 119 100 452 399 1,481(3) 17 1,378(3) 103 4 1,313 1,318 1,278 85 153 166 165 1,053 1,004 999 910 45 54 9 121 1,590 1,574 435 1
Slide 42: Dividend Distribution of NIS 850M for 2025
Dividend Distribution of NIS 850M for 2025 1,200 9.50 )1( 1,000 8.50 1,000 8.25 850 7.50 800 800 700 6.83 6.50 650 6.60 600 600 560 5.50 520 5.77 480 5.36 400 4.95 4.50 400 4.62 320 4.29 300 265 280 3.96 240 240 3.50 200 3.30 2.50 2.64 2.47 2.19 2.31 1.98 1.98 1.50 2010 2011 2012 2013 2014 2015 2016
Slide 43: 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 6.1 6.1 • Low leverage ratio – net financial debt to assets: ~35% 6.0 6.0 5.5 5.3 5.3 • Equity to assets: ~40% 4.5 4.4 4.1 • Cash and cash equivalents: Approx. NIS 4.0B 3.3 (approx. NIS 5.8B
Slide 44: Payment Schedule (principal only, NIS in millions)
Payment Schedule (principal only, NIS in millions) On a consolidated basis as of 31 March 2026 11,668 129 11,539 2,973 2,947 2,487 27 2,467 35 (1) 2,273 1,801 63 1,964 60 1434 750 862 29 93 295 1735 117 43 11 1,828 1,918 1,706 1,684 1,474 1,512 1,177 2026 2027 2028 2029 2030 2031 2032 2033 forth (1)
Slide 45: Summary of Financial Statement Results
Summary of Financial Statement Results (NIS in millions) Consolidated Consolidated Consolidated Q1 2026 Q1 2025 2025 Revenues from rent, maintenance and management fees 952 938 3,750 NOI 638 646 2,527 Same-property NOI 635 646 - FFO (management’s method) attributed to the real estate business (1) 39
Slide 46: Summary of Balance Sheet Figures
Summary of Balance Sheet Figures (NIS in millions) Consolidated Consolidated 31.03.2026 31.12.2025 Cash, securities and deposits 4,000 3,827 Gross financial debt 28,580 28,814 Net financial debt (1) 22,750 23,146 Net financial debt to assets 35% 36% Financial assets (mainly Bank Leumi shares) 1,837
Slide 47: Income-Producing Real Estate Business: Average Cap Rate and FFO
Average Cap Rate and FFO / Income-Producing Real Estate Business FFO(2) (management's method) for Q1/2026 attributed to the real estate business – NIS 399M Weighted average cap rate – 6.8% NIS in millions Q1/2026 Q1/2025 NIS in millions NOI 638 646 Total investment property as of 31 March 2026 52,43
Slide 48: Recap / Leadership, Innovation and Strength
Recap / Leadership, Innovation and Strength Continued growth in key Exceptional financial parameters of the core resilience and strength business The Company’s operations Consistently high are predominantly in Israel occupancy rates Significant growth drivers: • Organic growth • Enterprise and devel
Slide 49: Thank You!
Thank You! 49 Investor Presentation, March 2026