Slide 1: Capital Markets Presentation for the First Quarter of 2026
DISCLAIMER The following is an unofficial translation into the English language, for convenience purposes only, of the Annual Supplemental Presentation of Melisron Ltd. (“the Company”) for the quarter year ended March 31, 2026 that was originally prepared in the Hebrew language. The full, legal and bi
Slide 2: Disclaimers
Introduction Disclaimers This presentation was prepared by Melisron Ltd. (the "Company"). forward-looking information as defined in Section 32A of the The presentation is intended to provide general information about Securities Law, 5728-1968.��Forward-looking information as the Company's operations
Slide 3: Company overview and history
Introduction ~NIS 35 NIS20.5 1992 Listed on the Tel Aviv Stock Exchange (TASE) Controlled by Liora Ofer 49% sqm 1,067,000 billion billion Included in the leading indices: (via Ofer Held by Total Assets Market Cap TA-35, TA-125 and TA Real Estate Investments Ltd.) the Public Managed Area + 28,000 par
Slide 4: Portfolio
Introduction Portfolio Malls Offices Residential 18 Malls 6 Offices & High-Tech Parks 13,000 Total Units Pipeline 542,000 sqm GLA 484,000 sqm GLA 5,500 Units in Planning & Construction NIS 19.5 billion Assets Value NIS 9.8 billion Assets Value NIS 17.4 billion Expected Revenues (100%) NIS 10.4 billion T
Slide 5: Asset Map
Introduction Asset Map Regional Malls (49% of NOI) Urban & Neighborhood Malls (10% of NOI) Ofer Ramat Aviv | Ofer HaKiryon | Ofer Ofer Marom Center | Ofer Kanyonet | Ofer Grand Haifa | Ofer HaKanyon HaGadol PT | Adumim | Ofer Sirkin | Ofer Harel | Ofer Nahariya Ofer Rehovot | Ofer Grand Be’er Sheva
Slide 6: Breakdown of Income-Producing Asset Mix by Risk and Return
Introduction Breakdown of the Company’s Income-Producing Asset Mix by Risk and Return Characteristics Area Income- Rights & Weighted NOI�for the (Company’s Occupancy Producing Construction Average % of Reporting Period Share) Rate Assets Value Value Cap Rate NOI (NIS millions) (thousand sqm) (%) (NI
Slide 7: Malls
© 1°) ~~ : MELISRON Malls
Slide 8: Mall Tenant Mix
Malls Mall Tenant Mix Health, Beauty & Revenue Breakdown by Tenant Category Personal Care General Retail, Services, Leisure & Gifts Supermarkets Watches & Jewelry Food & Beverage Department Stores Cinemas Home Design, Electronics Fashion, Footwear & Technology & Accessories 8
Slide 9: Retail Sales Analysis (In NIS billions)
Malls Retail Sales Analysis (In NIS billions) Impact of the War Decrease of 5% Increase of 19% January–April 2026 January–April 2025 comparable period 2025 2026 – Post-Passover to date Revenues at the Company's malls in January through April declined by approximately 5% compared to the comparable pe
Slide 10: New Leases, Option Exercises and Lease Renewals During Q1 2026
Malls New Leases, Option Exercises and Lease New Leases During Q1 2026 (Retail & Offices) 25% Retail Offices Option Exercises New Leases Option Exercises New Leases 10% & Lease Renewals (Tenant Turnover) & Lease Renewals (Tenant Turnover) Number of Leases 117 22 6 4 Leased Area (thousand sqm) 23 3 1 1 A
Slide 11: Projects Under Construction: Ofer Yavne and Ofer Nof HaGalil
Malls Project Under Construction Project Under Construction Ofer Yavne (70% Company’s Share) Ofer Nof HaGalil Expansion (90.9% Company’s Share) Leasable Area 24,300 sqm Land Use: Retail & Offices Leasable Area 21,000 sqm (Retail: 17,000 sqm, Offices: 7,300 sqm) Land Use: Retail Invested to Date: NIS 179
Slide 12: Offices
Illustration Offices
Slide 13: Offices: 484,000 sqm managed, 3.9 years WAULT
Offices Leading International and Local Companies 484,000 sqm managed 8,000 parking spaces ~370 tenants, including leading companies listed on stock exchanges in Israel and worldwide Key Tenants 3.9 years WAULT 96.3% occupancy rate NIS 108 million NOI (run-rate of NIS 432 million) 6.74% weighted avera
Slide 14: Offices: Projects in Planning and Construction
Offices Projects in Planning and Construction 124,330 sqm Development Pipeline (Company’s Share) Including: Landmark B, Lincoln, Ofer Yokneam and Ofer Carmel NIS 174 million Expected NOI from projects under construction (Company’s Share) NIS 952 million Illustration Assets Value under construction (Co
Slide 15: Residential
Trees BREGEEEE MELISRON Residentia
Slide 16: Aviv Melisron – Overview
Residential Aviv Melisron – Overview Balance Sheet Equity Attributable to Owners NIS 3.5 billion Total Assets NIS 575 million Leverage Contractor License 79% Net Debt to CAP Class C5 License 5 Safety Stars 27 projects under construction ~5,500 residential units and advanced planning for construction
Slide 17: Aviv Melisron in Numbers | Residential Units
Residential Aviv Melisron in Numbers | Residential Units 13,000 Total Residential Units Pipeline Expected Units for Construction Expected Units for Sale 100% (Aviv Melisron share) Expected Number of Units under Active Construction 1,299 1,205 5,491 3,425 551 3,641 1,935 285 Land Acquired by Projects
Slide 18: Aviv Melisron in Numbers: Expected Revenues and Operating Profit
Residential Aviv Melisron in Numbers Expected Revenues and Operating Profit Expected Development Revenues Expected Operating Profit (100%, NIS millions) (100%, NIS millions) Expected Average Operating Margin on Cost 6,481 1,090 17,380 2,743 In addition, Aviv Melisron is advancing a significant 1,402 nu
Slide 19: Apartment Sales in Q1 2026
Residential Apartment Sales in Q1 2026 Total Units Total Sales Number of Sold in the Remaining during the Units Sold Project Units in Period Project Name during the (including Inventory (including VAT) Period prior periods) (NIS millions) Aviv HaHistadrut C' 2 77 137 12 Aviv HaHistadrut D' 2 22 66 1
Slide 20: Projects Under Construction and Projects Expected to Commence in the Coming Year
Residential Projects Under Construction and Projects Expected to Commence in the Coming Year Under Under Under Under Under Construction Construction Construction Construction Construction HaHistadrut G', Givatayim Redding, Tel Aviv HaMakor, Ramat Gan Hefetz Haim, Tel Aviv Podim, Ramat Gan 332 reside
Slide 21: Future Revenue Backlog
Residential Future Revenue Backlog Future revenue backlog is a non-GAAP financial measure reflecting the remaining future revenues expected from all binding apartment sale agreements signed as of the end of the reporting period, net of revenues already recognized in accordance with IFRS 15. NIS millio
Slide 22: Financial Results Overview
Financial Results Overview Illustration
Slide 23: Financial Results Overview for Q1 2026
Financial Financial Results Overview for Q1 2026 Net Profit NIS 265 million (attributable Increase of NIS 28 million compared to the corresponding to owners) period last year NOI NIS 402 million (attributable Increase of 2% compared to the corresponding period last year. to owners) The Company estima
Slide 24: Financial Results Overview for Q1 2026 (continued)
Financial Financial Results Overview for Q1 2026 Cash Flow from NIS 258 million Operating Activities Increase of NIS 15 million compared to the (excluding residential activity) corresponding period last year Occupancy Rates 99% in malls 96% in offices Ofir Sarid, NIS 27.8 billion Total Investment Incre
Slide 25: FFO
Financial FFO 3% (NIS millions) Q1 2026 Q1 2025 Increase in FFO compared to Q1 2025 Excluding the impact NOI attributable to owners 402 396 of Operation “Rising Lion” General and Administrative Expenses (excluding depreciation and share-based compensation) (18) (18) 298 Marketing and Advertising Exp
Slide 26: Investment Property Value
Financial Investment Property Value | Owners’ Share, NIS millions 27,527 27,697 25,561 23,960 In Q1 2026 the Company recorded an increase in the value of its commercial assets 22,233 ~NIS 170 million 20,303 18,985 18,504 The increase is mainly attributable to investments in assets and assets 17,127
Slide 27: Net Debt Balance, Owners' Share
Projects Net Debt Balance | Owners’ Share (excluding Aviv Melisron), NIS millions 11,651 258 179 21 6 11,584 3 Illustration 31.12.2025 Operating Cash Linkage Cash Flow Loan for Land Non-Cash 31.03.2026 Flow Income Differences from Investing Acquisition in Movements Producing Activities Aviv Melisron
Slide 28: Efficient Utilization of Cost of Debt
Projects Efficient Utilization of Cost of Debt 4.7% 3.25 years Leverage Ratio (LTV) on the Company’s Assets Average Debt Maturity and Indexed Cost of Debt 2011– 3.2026 3.7% 3.3% NIS 1,007m 2.9% Debt maturing by the end 2.38% 2.48% *2.47% of 2026 (excluding commercial 2.35% 2.23% papers) at an effective
Slide 29: Debt Repayment Schedule and Effective Interest Rate on Debt
Financial Debt Repayment Schedule and Effective Interest Rate on Debt Repayments (excluding Aviv Melisron) 2,629 2,571 During the coming year (through March 31, 2027), the Company is required to repay principal debt of approximately NIS 2 billion As of March 31, 2026, the Company has cash and a portf
Slide 30: Real Interest Expense, Net on Financial Debt Over the Years
Financial Real Interest Expense, Net on Financial Debt Over the Years (Owners’ Share) in NIS millions 461 Decrease of 65% 413 371 335 320 311 288 262 237 197 178 185 184 172 162 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 3.2026 The decrease in financing expenses for the firs
Slide 31: Weighted Average Cap Rate vs. Weighted Average Indexed Cost of Debt
Financial Weighted Average Cap Rate vs. Weighted Average Indexed Cost of Debt 7.96% 7.82% 7.83% 7.57% 7.66% 7.51% 7.47% 7.44% 7.47% 7.39% 7.23% 7.21% 6.97% 6.97% 6.98% 7.01% 6.97% 6.96% 6.99% 6.97% 6.92% 6.84% 6.82% 6.82% 6.81% 6.76% 6.75% 6.75% 6.77% 6.95% 6.95% 6.96% 6.95% 6.93% 6.82% 5.2% 4.23% 4
Slide 32: Projects Under Construction
Projects Under Construction Illustration
Slide 33: Development Momentum
Projects Development Momentum 72 thousand sqm NIS 115 million 4 new projects under 4 new projects under construction and occupancy construction and occupancy Expected NOI Addition of 162 addition of thousand sqm (Company’s share) NIS 229–241 m (Company’s share) 90 thousand sqm NIS 114–126m 5 project
Slide 34: Projects Under Construction and Occupancy
Projects Projects Under Construction and Occupancy Expected Leasable Estimated Net Book Estimated NOI Ownership Primary Development % Leased Completion Area Project Value as of Construction at Full Property Name Rate Use Stage Area Date (sqm) Cost 31.03.2026 Investment Occupancy (Form 4) Landmark Un
Slide 35: Projects in Planning Stage
Projects Projects in Planning Stage Leasable Expected Expected Net Book Estimated Estimated NOI Ownership Primary Area Status Construction Completion Value as of Project at Full Property Name Rate Use (sqm) Start Date 31.03.2026 Cost Occupancy Approved Ofer Adumim 100% Retail 3,400 2026 2028 9 45-50
Slide 36: Company Activity Breakdown by Category
Projects Company Activity Breakdown by Category Based on current NOI and NOI following completion of existing development in the medium term, including Aviv Melisron activity 4% 12% 5% Future 27% Current 26% Mix 58% Mix 68% Following full occupancy of projects under current development in the medium
Slide 37: Future Potential for NOI Growth from Income-Producing Assets
Projects Future Potential for NOI Growth from Income-Producing Assets (Excluding Residential Activity Contribution) In NIS millions +20% 114 1,983 64 1,869 50 1,805 107 1,648 NOI Q1.26 Lease-Up of Landmark Stabilized Contribution Stabilized NOI NOI from Stabilized (Owners’ Share, Vacant Space Tower
Slide 38: Future Potential for FFO Growth from Income-Producing Assets
Projects Future Potential for FFO Growth from Income-Producing Assets (Management Approach – AFFO) (Excluding Residential Activity Contribution), NIS millions +22% 88 1,513 1,372 53 1,425 43 100 1,229 FFO Q1.26 Lease-Up Landmark Stabilized FFO Contribution Stabilized FFO FFO from Stabilized FFO (Ann
Slide 39: Future Potential from Income-Producing Assets and Residential Activity
Projects Future Potential from Income-Producing Assets (NOI) and Operating Profit from Residential Activity (NIS millions) +45% 1,983 1,648 Q1.2026 2026 2027 2028 2029 Income-Producing Assets Residential • NOI from income-producing projects under future development and operating profit from residentia
Slide 40: NOI and FFO Over the Years
Projects NOI (Owners’ Share) and FFO (Management Approach – AFFO) Over the Year (NIS millions) FFO (Management Approach – AFFO) +287% 1,023 1,160 1,234 1,229 1,425 1,513 391 427 475 529 584 640 695 717 461 723 887 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1/26 FFO after
Slide 41: Thank You for Your Attention
Thank You for Your Attention For further details: Tal Frumer, Chief Accountant and Head of Capital Markets 09-9525555 | talfr@melisron.co.il 41