Eurocommercial Properties Nv · EURONEXT:ECMPA
Eurocommercial Properties Nv — H1 2026 Earnings Presentation
39 slides from Eurocommercial Properties Nv's earnings presentation, Aug 28, 2026
Slide 1: Half year results 2026
of value creation in shopping centres Half year results 2026 28 August 2026 1
Slide 2: Agenda
Agenda Operational review Evert Jan van Garderen CEO Financial review Roberto Fraticelli CFO 2
Slide 3: Evert Jan van Garderen
EUROCOMMERCIAL ve. J Xl “a a €) e \ Evert Jan van Garderen
Slide 4: A selective portfolio of 25 European shopping centres
A selective portfolio of 25 European shopping centres Company founded and 1991 listed on Amsterdam Stock Exchange First shopping centre acquisition in France 1992 Les Atlantes First shopping centre 1994 acquisition in Italy Curno First shopping centre acquisition in Sweden 2001 Burlöv First shopping
Slide 5: Both destination shopping and everyday convenience
Both destination shopping and everyday convenience Experiential Wellness, concepts and CONVENIENCE beauty and destinations DESTINATION SUBURBAN personal care FLAGSHIP Leisure & ASSETS Health & Beauty Entertainment ASSETS Grocery & Food & Fashion Services Beverage Premium & Hypermarket international
Slide 6: Eurocommercial strategy
Eurocommercial strategy INVESTMENT OPERATIONAL FINANCIAL VALUE STRATEGY STRATEGY STRATEGY CREATION Where we invest What we buy and How we finance What we deliver how we manage We invest in prime We acquire high-quality, We apply a disciplined We deliver sustainable shopping centres in strong well-lo
Slide 7: Italy's accelerating market momentum creates a compelling advantage
Italy’s accelerating market momentum creates a compelling advantage Italy represents Remerchandising delivering results across our flagship centres: 44% of our portfolio Renewals & relettings: +8.6% Rental growth above indexation: +1.1% Completed 2023 Retail sales for the period: +7.3% Renewals & re
Slide 8: Operational strategy: Remerchandising pipeline
Operational strategy Remerchandising pipeline Targeted projects are upgrading tenant mix, unlocking space productivity and strengthening destination appeal CremonaPo Collestrada I Gigli Val Thoiry 2 3 4 Completed July 2026 Q4 2026 Q4 2026 Ongoing 2027/2028 New Primark store Final phase of the Leftie
Slide 9: Completed projects validate the investment returns
Completed projects validate the investment returns Remerchandising projects completed in the past 2 years (2024 and 2025) delivered solid rental uplifts comparing 2026 to 2023 CAPEX Rental Uplift* €4.8M €1.0M €5.8M €1.1M * Above indexation 9
Slide 10: Three remerchandising projects, three value-creation wins
Three remerchandising projects, three value-creation wins The nearly-completed remerchandising projects are expected to deliver solid rental uplift comparing 2027* to 2024 as a result of completed renewals and relettings negotiations CAPEX Expected rental uplift** €9.8M €2.9M €15.9M €2M €5.9M €0.7M
Slide 11: Avion Shopping
Investment strategy Avion Shopping Our latest acquisition +3.5% +6.2% 8% Turnover Growth Footfall growth Yield For the period For the period Umeå, Sweden 80 shops & restaurants 45,000 sqm GLA 2,600 parking spaces 11
Slide 12: Fiordaliso's Mood leisure destination
Fiordaliso’s Mood leisure destination Extending the offer and creating value Terms agreed to acquire Mood, a leisure destination adjacent to Fiordaliso shopping centre, in Milan 14% initial yield Attractive entry point with immediate income generation c.5,000 sqm redevelopment potential The investme
Slide 13: Operational results
Operational results H1 2026 results highlight the continued success of our strategy across all key operational metrics Rental growth Rental uplift Retail sales +2.5% +4.7% +4.6% Like-for-like on 308 renewals and relettings 6 months to 30June 2026 Vacancy OCR Footfall 1.0% 9.2% +3.2% 13
Slide 14: Footfall momentum continues across the portfolio
Footfall momentum continues across the portfolio Footfall comparison 6M June 2026 Footfall uplift in flagship centres* Footfall uplift in across portfolio 4,2% 4,2% 4,5% 3,5% 4,1% 2,9% 2,9% 2,1% Woluwe Passage du Havre Carosello Fiordaliso Belgium France Italy * Sweden Shopping * I Gigli is excluded
Slide 15: Good retail sales growth across all markets
Good retail sales growth across all markets Retail sales comparison 6M June 2026 by country and by sector Retail sales growth by country Retail sales growth by sector 7,3% Services 7,2% Food & Restaurants 6,5% Books & Toys 6,5% 4,6% Health & Beauty 6,0% 3,8% 3,5% Fashion/Shoes 5,6% Hypermarket 4,1%
Slide 16: Italy leads rental growth, outperforming indexation
Italy leads rental growth, outperforming indexation Rental growth across countries at31 Country 30Dec June 2026 2024 Belgium 3.5% France -1.5% Italy 5.4% Sweden 0.3% Overall 2.5% Like-for-like rental growth +190 bps above indexation 16
Slide 17: Vacancy continues to be very low
Vacancy continues to be very low Overall vacancy of 1.0% reflects strong portfolio-wide occupancy Vacancy by market at 30 June 2026 Italy 0,2% Belgium 0,8% France 1,4% Sweden 2,6% Overall 1,0% 17
Slide 18: Attracting the best brands to create the best shopping destinations
Attracting the best brands to create the best shopping destinations 18
Slide 19: Increasing leasing activity
Increasing leasing activity 296 308 Leasing top 235 261 performers 161 186 207 +5.2% 173 Renewals 100 110 101 +13.7% 62 Relettings 2023 2024 2025 2026 Relettings Renewals Data is 12 months rolling as at 30 June of each year
Slide 20: Long lease expiry profile provides strong income visibility
Long lease expiry profile provides strong income visibility Our well-spread lease expiry profile provides strong income visibility, with most of the rental income secured beyond six years Excluding Avion Shopping 20
Slide 21: Where AI creates value for ECP
Where AI creates value for ECP 4 focus areas in our AI implementation Using AI to improve marketing, Tenant & visitor engagement events and leasing effectiveness, and to better understand footfall AI across our full commercial triangle and sales drivers Building a data platform with Intelligent data
Slide 22: ESG: building a more sustainable portfolio
ESG: building a more sustainable portfolio Major projects completed or advanced during H1 2026 Italy France Group I Gigli Les Atlantes Climate resilience & Energy Gas-fired co-generation New heat pumps procured to replace decommissioned and replaced with existing gas boilers, advancing the next perf
Slide 23: 2026 and beyond: Core priorities
2026 and beyond CORE PRIORITIES Value Cost creation control Digitalisation ESG Drive rental growth Actively manage the interest Execute the Strengthen data analytics through active leasing and rate hedging to control the decarbonisation roadmap interest expenses, also for the across leasing, operati
Slide 24: Roberto Fraticelli
Roberto Fraticelli EUROCOMMERCIAL
Slide 25: Financial strategy
FINANCIAL STRATEGY STRATEGIC CAPITAL ALLOCATION High-return on remerchandising projects and selective accretive acquisitions to generate value EARNINGS GROWTH Recurring earnings growth through sustainable rental increases and cost discipline. Increases in interest expenses to remain contained due to
Slide 26: Financial results
Financial results H1 2026 results highlight the continued success of our strategy across all key operational metrics Direct Investment Result (+2.6%) Net LTV ratio (+1.1%) Portfolio valuation €68.7 million 40.9% €4.2 bn 2026 guidance (per share, Average cost of debt IFRS profit (+84.8%) reaffirmed)
Slide 27: Direct Investment Result rose 2.6% to €68.7m, led by rental growth
Direct Investment Result rose 2.6% to €68.7m, led by rental growth €122.74m +2.6% €1.26 (+2.6%) Rental Income y-o-y Increase in DIR vs H1 2025 DIR/Share 3,0823 1,200 ,300 (,700) ,200 ,1845 68,6625 (,700) (1,8443) 66,9400 Direct Rental Property Expenses Bad debt Net Company Expenses Net Interest Corp
Slide 28: All markets posted valuation gains
All markets posted valuation gains Net value Valuation Valuation EPRA yields 30 June 2026 increase from increase from (€ million) 31 Dec 2025 30 June 2025 NIY Topped up 552 0.0% 0.4% 5.2% 5.3% 837 0.1% 0.5% 5.4% 5.6% 1,840 0.4% 1.4% 5.9% 6.0% 957 2.0% 3.0% 5.8% 6.1% Overall 4,186 0.7% 1.4% 5.7% 5.8%
Slide 29: EPRA NTA remained resilient after dividends and FX impacts
EPRA NTA remained resilient, also after dividend distributions and FX impacts ,24033 1,26000 ,17000 (,04272) 42,81492 ,15005 42,44082 (1,83000) (,20175) (,12000) 29
Slide 30: Sources and use of funds H1 2026
Operating cash and net debt funded Avion investment Sources and uses of funds (€m) €4.8 Net increase in cash Sources and €15.6 CAPEX use of funds €31.7 Dividends paid Net increase in borrowings €122.8 H1 2026 €111 Acquisition Avion Shopping Operating €40.3 cash flow Sources Uses Total €163.1m 30
Slide 31: Capital markets approach
CAPITAL MARKETS APPROACH PRUDENT LEVERAGE Net LTV target of around 40%, Net Debt/EBITDA target at 8x maintaining a conservative and flexible capital structure DIVERSIFIED FUNDING Long-term financing primarily through secured bank lending with more than 15 leading European real estate financial insti
Slide 32: Cost of debt unchanged at 3.2%, leverage rose modestly
Cost of debt unchanged at 3.2%, leverage rose modestly due to Avion acquisition H1 2026 snapshot Net debt Interest-rate hedging DIR per share €1.7bn 82% €1.26 H1 2025: €1.25 Key financial metrics June 2026 December 2025 Average cost of debt 3.2% 3.2% Interest coverage ratio 3.6x 3.7x Net Debt/EBITDA
Slide 33: €588.5 million refinanced
€588.5 million refinanced January 2026 January 2026 January 2026 July 2026 €270 million €200 million €55 million €63.5 million Five-year refinancing Seven-year refinancing Five-year refinancing Five-year green loan Lenders Lender Lender Lender UniCredit Intesa Deutsche Bank SEB BayernLB Sanpaolo AG
Slide 34: No major refinancing needed until 2029
No major refinancing needed until 2029 Total net borrowings Average loan maturity Average term of hedges Average overall interest rate €1.7 bn 4 years 4 years 3.2% Non-current borrowings maturity and amortisation schedule (€m) including loan renewals 9 Amortization End balloon 15 21 625 387 - 257 5
Slide 35: 35 years of growth and value creation
35 years of growth and value creation 1991 | At Inception Today | 35 Years On Portfolio Value Portfolio Value €150 million €4.2 billion Portfolio Portfolio Diversified Shopping centre specialist Financial Position Financial Position No leverage 40.9% Consolidated net loan-to-value ratio Total annual
Slide 36: Eurocommercial delivered 15.1% total return in first seven months of 2026
Eurocommercial delivered 15.1% total return in the first seven months of 2026 Sustainable dividend and Direct Investment Result (DIR) growth FY 2025 Dividend FY 2025 DIR 2,44 2,39 2,18 2,28 2,32 €1.83 €2.44 €0.72 interim + €1.11 final +2.1% Change 1,80 1,83 Total return Investment yield 1,70 1,60 on
Slide 37: 2026 guidance
2026 guidance Direct investment result reaffirmed at €2.45-€2.50 per share, with further growth expected in 2027 as a result of a full year contribution of Avion Shopping and the remerchandising projects 3737
Slide 38: Disclaimer/forward-looking statements
Disclaimer/forward-looking statements This presentation has been prepared by Eurocommercial Properties N.V. (the “Company”) solely for informational purposes. It does not constitute, nor should it be construed as, an offer to sell or a solicitation of an offer to buy or subscribe for any securities
Slide 39: Head Office Group Offices
Head Office Group Offices Eurocommercial Properties N.V. Belgium France Italy Sweden De Boelelaan 7 Rue St Lambert 200 107 Rue Saint Lazare Via Della Moscova, 3 Kungsgatan 48 1083 HJ Amsterdam 1200 Bruxelles 75009 Paris 20121 Milano 111 35 Stockholm www.eurocommercialproperties.com investorrelations
Eurocommercial Properties — H1 2026 Earnings Presentation on 6ix