Slide 1: Results H1 2025
Results, 112025
Slide 2: Table of contents
Table of contents p vl Key Messages & Highlights Results Transactions LifeCentral Financing & Valuations ESG Management Agenda Appendices Wereldhave
Slide 3: Key Messages
Key Messages Forecast FY 2025 direct result per share (DRPS) raised to € 1.75-1.85 from € 1.70-1.80 € 108m of non-core assets sold at book value Continued operational improvements in core portfolio: +6% like-for-like net rental income growth and +2% retailer sales growth Debt profile further strengt
Slide 4: H1 2024 H1 2025 Change
H1 2024 H1 2025 Change Direct result per share (€) 0.84 0.91 +8.3% Indirect result per share (€) 0.84 0.10 (88.1%) Total result per share (€) 1.68 1.01 (39.9%) EPRA NTA per share (€) 22.35 22.91 +2.5% Net LTV (%) 43.0 44.9 +1.9pp Proportion of mixed-use Benelux (in % of m²) 14.5 15.6 +1.3pp
Slide 5: Highlights H1 2025
Highlights H1 2025 Strong like-for-like rental growth continuing Like-for-Like Net Rental Income Growth Drivers! H12025 vs. Hi 2024; % + Indexation: +3.5% * Other Rental Income: +1.4% 8.4% : on * Occupancy: +0.6% * Cost savings: +0.3% Belgium Netherlands Core Portfolio Wereldhave 5 1) Approximation
Slide 6: Table of contents
Table of contents p vl Key Messages & Highlights Results Transactions LifeCentral Financing & Valuations ESG Management Agenda Appendices Wereldhave
Slide 7: Leasing activity by country
# of Leasing Occupancy Country MGR Uplift3 MGR vs. ERV Contracts1 Volume2 Rate Belgium 31 7.4% 1.6% 7.3% 98.2% Netherlands 65 7.1% 0.5% 11.3% 95.8% Luxembourg 5 3.8% 0.0% 8.2% 97.8% Core Portfolio 101 6.9% 0.9% 9.5% 96.9% France 7 3.9% (19.4%) (8.5%) 96.4% Total 108 6.7% 0.8% 8.6% 96.9%
Slide 8: KPI Full Service Center In Transformation
Traditional KPI Full Service Center In Transformation Shopping Center # Assets1 9 4 4 Mixed-use Percentage 16% 15% 17% Direct Result 6.2% 6.5% 6.2% Valuation Result (0.2%) 1.7% 5.3% Total Property Return2 (unlevered) 6.0% 8.2% 11.5% Operating Performance MGR Uplift3 0.4% 2.3% (1.6%) MGR vs. ERV 10.1
Slide 9: Footfall in our Dutch portfolio outperforming the market
Footfall in our Dutch portfolio outperforming the market Footfall growth vs. same period 2024": Belgium Footfall growth vs. same period 2024": Netherlands Footfall growth vs. same period 2024": Luxembourg H1 2025; % H1 2025; % H1 2025; % 10 10 10 y D> WY \ ° 2 2 S 5 = 2 2 = S 5 = 2 2 = S 5 = 2 s g 5
Slide 10: 2% increase in tenant sales versus same period last year
2% increase in tenant sales versus same period last year’ Tenant sales H1 2025 vs. H1 2024: Belgium? % 3% 1% 1% 2% 22% as peo Wereldhave Fashion Food& Health& Super Homeware Shoes Multimedia Belgium Beverage Beauty markets & & Household Electronics 1) Rent based weighted average Wereldhave Belgium a
Slide 11: Daily Life as a solid base in an uncertain macro environment
Daily Life as a solid base in an uncertain macro environment 2019/Launch LifeCentral 2024 H1 2025 % of rent % of rent % of rent Total Daily Total Daily Total my | Life: 51% Life: 68% Life: 67% ‘ \> < \ > 1% 10% Slight changes because of transactions Daily Life Hl Food Il Food & Beverage Fashion (dis
Slide 12: Core portfolio update
Core portfolio update Belgium Luxembourg Netherlands + 31retail deals signed, 7.3% above ERV and 1.6% + 5 retail deals signed, 7.6% above ERV and in line + 65 retail deals signed 11.3% above ERV, and 0.5% above previous rent on average. Including: with previous rent on average above previous rent on
Slide 13: Dutch OCRs declined on the back of strong sales and removal of 2024 bankruptcies
Dutch OCRs declined on the back of strong sales and removal of 2024 bankruptcies OCR Wereldhave NL? H1 2025, LTM; % OCR Wereldhave Belgium’ H1 2025, LTM; % Declined from 17% to 15% due to strong performance in H1 15% 15% 20% 18% 18% 15% 14% 14% 12% 13% 12% 11% 10% 10% 4% 4% 3% U = i Wereldhave Fashi
Slide 14: Direct result
Direct result a. Increase driven by acquisitions, rental growth & cost savings €437m Actuals Acquisition Disposal NRI Belgium —NRI France NRI General cost Other income Interest Tax Actuals H1 2024 Luxembourg — Winkelhof Netherlands and expenses H1 2025 & various units ‘4 Wereldhave
Slide 15: Outlook 2025 DRPS increased to € 1.75 - 1.85
Outlook 2025 DRPS increased to € 1.75 - 1.85 Direct Result per Share Dividend per Share € € 173 176 175-185 oo 105 1.30 : : 2022 2023 2024 2025FC 2022 2023 2024 2025FC is Wereldhave
Slide 16: Table of contents
Table of contents > 16 yo PF WwW WN Key Messages & Highlights Results Transactions LifeCentral Financing & Valuations ESG Management Agenda Appendices Wereldhave
Slide 17: Acquired asset key figures
Book Value (€ m) 40.0 • Size (m2) 20,751 • Occupancy1 (% of Rent) 95.2 NRI (€ m) 3.9 • Average rent per m2 let (€) 192.8 Everyday life retail (% of Total Rent) 60.5 • Mixed-use (% of Total m2) 7.2 • Tenants 90 • Annual footfall (m visitors) 3.6
Slide 18: 2025 2025 2023 2021
2025 2025 2023 2021 2021 2020
Slide 19: Key terms Tilburg Acquisition
Key terms Tilburg Acquisition Seller Dutch Family Office Acquisition € 5.4m (incl. transaction costs), for 2,756k m? retail characteristics space adjacent to our existing properties Acquisition date 14 April 2025 Net Initial Yield 11.0% Deal structure Share deal (contribution in kind) No impact, as
Slide 20: Key terms Zoetermeer JV
Key terms Zoetermeer JV Seller Unibail-Rodamco-Westfield Acquisition € 165.6m (incl. transaction costs), for 59k m? retail characteristics space and 3,270 parking spaces Acquisition date June 2025 JV Partner Sofidy Wereldhave stake: 15% LTV: 40% (secured green five-year loan from a JV Set-up leading
Slide 21: We will add several FSC elements to Zoetermeer
We will add several FSC elements to Zoetermeer x ; Wereldhave
Slide 22: Table of contents
Table of contents > vl 22 Key Messages & Highlights Results Transactions LifeCentral Financing & Valuations ESG Management Agenda Appendices Wereldhave
Slide 23: LifeCentral progress H1 2025
LifeCentral progress H1 2025 * Two Full Service Center transformations going according to plan: Kronenburg Phase 1, Arnhem (NL) and Shopping Nivelles (BE) * Healthcare center signed to create second Healthcare Cluster ‘health&fit in Cityplaza, Nieuwegein (NL) * Working on LifeCentral Transformation
Slide 24: In transformation: Nivelles
In transformation: Nivelles Nivelles, Belgium A Full Service Center offering its visitors everything under one roof; from functional to fun shopping and an extensive F&B offering including outdoor terraces Key items of transformation in progress | To be delivered before year- end 2025: + Extension o
Slide 25: In transformation: Kronenburg
In transformation: Kronenburg Arnhem, Netherlands A Full Service Center with a varied F&B, health, leisure and entertainment offering and strong connection to surroundings Current status of transformation phase 1: New and relocated Aldi and C&A opened in H1 2025 First F&B operator opened in F&B clus
Slide 26: Initial LifeCentral CAPEX program nearing completion
Initial LifeCentral CAPEX program nearing completion Total LifeCentral investments' in BE and NL, excl. FR € m, 2020-2026+ 291 236 LifeCentral CAPEX Spent 2020-H1 2025 Remaining LifeCentral CAPEX 2025 2026+ [Uncommitted [J Committed gg. Inciting Maintenance, Customer Experience and Commerciol CAPEX
Slide 27: Capital allocation decisions Benelux assets
Capital allocation decisions Benelux assets1
Slide 28: Continued evidence for strong FSC yield shift
Continued evidence for strong FSC yield shift Yield shift since start of FSC Transformation bps Vier Meren (95) De Koperwiek Sterrenburg Cityplaza Kronenburg Presikhaaf 1 Eggert 34 NL Market Yield! 90 Genk Shopping 1 (16) iy Shopping Belle-ile 84 Ring Kortrijk 88 Tournai 95 BE Market Yield? 100 28
Slide 29: Residential profits
Residential profits Development of residential units # Units Tilburg Hl Completed Brugge {0 In Progress 1) Early Stage Middenwaard Total: 1,200 - 1,600 units Kronenburg Koperwiek 29 Residential profit: € 0.50-0.80 per share We are now working on the residential opportunity on 6 locations in several
Slide 30: Table of contents
Table of contents p fl 30 Key Messages & Highlights Results Transactions LifeCentral Financing & Valuations ESG Management Agenda Appendices Wereldhave
Slide 31: Value, revaluation and EPRA NIY by country
Value (€ m) Revaluation H1 2025 EPRA NIY (%) Country FY 2024 H1 2025 €m % FY 2024 H1 2025 Belgium 892 900 1.7 0.2% 5.9% 6.0% Luxembourg - 187 20.5 12.4% - 7.5% Netherlands 1,083 1,052 (5.8) (0.6%) 6.3% 6.2% Core Portfolio 1,975 2,138 16.4 0.8% 6.1%1 6.2%1 France 175 176 (1.8) (1.0%) 5.1% 5.1% Office
Slide 32: Net LTV Target
Net LTV Target Net LTV 43.9% 43.0% 44.9% 437% | : 35-40% H1 2023 H1 2024 FY 2024 H12025 — Pro-forma incl. post 30 June disposals! 32. 1) Noncore Dutch asset De Roselaar and two smaller non-core Belgian assets Target LTV increased to 44.9% in H1 2025 * CAPEX spending and dividend payment * Luxembourg
Slide 33: Interest bearing debt and covenants
Q4 2024 H1 2025 Covenants Comments Debt increased following the acquisitions in Luxembourg and Interest bearing debt1 (€) 955m 1,086m dividend payment Average cost of debt 3.50% 3.40% Lower cost on floating rate debt following ECB actions Undrawn committed credit facilities unaffected due to € 100m
Slide 34: Successful H1, including inaugural EUPP and new acquisition financing
Successful H1, including inaugural EUPP and new acquisition financing Debt Maturity Profile In€ém 300 Debt Mix Q4 2024 Debt Mix H1 2025 Hl uspp Ml eure 1 Bank loans (inl. RCF) € 1,086m Weer) Hl Commercial Paper I Bonds Weighted average debt maturity 3.3 years Drawn Undrawn 2025 34 Drawn Undrawn Draw
Slide 35: Table of contents
Table of contents w ao wv Key Messages & Highlights Results Transactions LifeCentral Financing & Valuations ESG Management Agenda Appendices Wereldhave
Slide 36: ESG projects 2025
ESG projects 2025 Becoming future proof Further acceleration of solar Green Leases in Belgium & The Netherlands * 3.7 MWh generated: 12% of total energy consumption (2024) In % of total leases + Installation of 376 solar panels for anchor tenant Jumbo at De Koperwiek 67% 74% 76% * Multiple upcoming
Slide 37: Table of contents
Table of contents No p 9 37 Key Messages & Highlights Results Transactions LifeCentral Financing & Valuations ESG Management Agenda Appendices Wereldhave
Slide 38: New Management Agenda
New Management Agenda Focus on Creating scale T get 2025-2027 Expand portfolio Current Status Screening acquisitions; maintaining strong balance sheet Total Return Exceed 10% annualized Total Return (up from 8%) H1 2025: 8.3% Capital re-allocation 2 Dutch disposals and 3 JVs (equity light) Winkelhof
Slide 39: Table of contents
Table of contents p vl Key Messages & Highlights Results Transactions LifeCentral Financing & Valuations ESG Management Agenda Appendices Wereldhave
Slide 40: Key Facts
Key Facts Number of retail assets1 22 Average size 31,100 m² Number of shopping center 46.8 m visitors in H1 2025 Net loan-to-value ratio 44.9 % Occupancy shopping 96.9 % centers 9 EPRA NIY shopping centers 6.2 % WALT2 5.3 years Development pipeline3 € 10 m 6
Slide 41: Portfolio split by country
Offices 4% Belgium Netherlands 41% 44% Retail Assets France 96% Luxembourg 7% 8%
Slide 42: Top 10 Tenants % of rent
Top 10 Tenants % of rent1 Ahold Delhaize 6.3 % Jumbo Group 4.3 % C&A 3.1 % A.S. Watson Group 2.7 % Bestseller 2.5 % H&M 1.6 % Carrefour 1.4 % A.F. Mulliez (Decathlon, Kiabi) 1.3 % NewYorker 1.2 % Redisco (Mano, Pronti) 1.1 % Total top 10 25.5 %
Slide 43: Like-for-like NRI growth
Like-for-like NRI growth 8.4% LFL NRI growth (% yoy) (10.2%) (16.6%) Belgium Fra 43 ince Netherlands Mi) 12024 MFY 2024 HJ H1 2025 Shopping centers Wereldhave
Slide 44: Occupancy rates
Occupancy rates EPRA Occupancy rate Shopping Centers 99.0% 97.8% 97.3% - fF || as =f — | Belgium France Luxembourg The Netherlands Shopping centers Mi) 12024 MFY 2024 HJ H1 2025 us Wereldhave
Slide 45: Footfall
Footfall 20% 13% 13% > 12% FY 2022 4g Note: 2022 influenced by Covid Measures Change in visitors versus the same period previous year (%) 13% 9% 8% 8% 6% 3% 4% 4% 7% 1% 1% 1% (1%) FY 2023 FY 2024 H1 2025 Wl Belgium Ml France {J Netherlands [J Full Service Centers [J Luxembourg Wereldhave
Slide 46: Breakdown of valuation results H1 2025
Breakdown of valuation results H1 2025 46 Belgium Luxembourg Netherlands Core portfolio France Offices Belgium Total (1.0%) Yield vs. Rent (0.8%) (OAM OKss) (0.2%) 0.6% IB Yield shift [J Market rent & other Wereldhave
Slide 47: EPRA NTA
EPRA NTA EPRA NTA Bridge: YE 2024 to H1 2025 (€ per share) oo (1.25) 23.43 (0.39) EPRA NTA Change resulting Direct result Indirect result Dividend Other EPRA NTA YE 2024 from issued shares H1 2025 47 Wereldhave
Slide 48: Reconciliation of EPRA value metrics H1 2025
Reconciliation of EPRA value metrics H1 2025 EPRA value reconciliation bridge (€ per share) 3.36 26.33 (3.36) 2291 (0.06) 22.88 _ (0.05) : | it it IFRS NAV Impact Deferred tax Fair value RETT EPRANRV Exclude RETT Deferred tax EPRANTA Reverse NTA Fair value of EPRANDV H1 2025 dilutive in relation to
Slide 49: ATTN
’ 4 a | ATTN