Retail Estates Sa · EURONEXT:RET
Retail Estates Sa — FY2025-2026 Earnings Presentation
37 slides from Retail Estates Sa's earnings presentation, May 22, 2026
Slide 1: Stable EPRA earnings and a strengthened balance sheet support further growth
Stable EPRA earnings and a strengthened balance sheet support further growth at Retail Estates Annual Results 2025-2026 22 May 2026
Slide 2: Operational
V-Mart, Bruges Operational ESG Financials Financing Outlook
Slide 3: Operational highlights
Operational highlights Leasing and visitors Renewals and new Occupancy New contracts or contracts versus ERV contract renewals +12.18% 97.82% +0.55 pp Number of visitors Transactions in Belgium* Contract renewals, 37 +2.6% 95 New contracts, 58 * FY 25-26 versus 24-25, based on 16 retail parks in Bel
Slide 4: Real estate market
Real estate market Belgium The Netherlands Take-up in BE in m² (2015-2025, CBRE) Total take-up in NL in m² (2015-2025, CBRE) 500,000 1,000,000 250,000 500,000 0 0 2017 2023 2018 2016 2019 2019 2020 2022 2021 2025 2022 2018 2023 2021 2024 2025 2024 2015 2017 2016 2020 Retail investment in BE in € bn
Slide 5: Investments and divestments
Investments and divestments Continuous improvement of the real estate portfolio 2026-2027 Sell Buy Development Kampenhout € 34.01 m € 5.42 m Acquisition France Site in Zaventem (BE), Units in Woonmall Home decoration mall Alexandrium (NL) Veenendaal (NL), Solitary shops in Fléron, Jodoigne, Kuurne .
Slide 6: New development: Kampenhout (Belgium)
New development: Kampenhout (Belgium) 27 mio EUR investment 10 units 20,000 m² surface area Opening planned end 2027/early 2028 Home furnishing 6
Slide 7: First acquisition in France: retail park L'Oseraie in Osny
First acquisition in France: retail park L’Oseraie in Osny (after balance sheet date) 29 mio EUR acquisition price 10 units 12,734 m² surface area 1.95 mio EUR annual contractual income Opened in 2019 Mix of international and national retail chains (Action, Gémo, Maxi Zoo, Chaussea, Centrakor, La Ha
Slide 8: A strong, diversified portfolio in Belgium and the Netherlands
A strong, diversified portfolio in Belgium and the Netherlands EPRA NIY (Net Initial Yield) 1,006 retail properties 6.63% 116 locations with retail parks or clusters 1,191,234 m² surface area Belgium The Netherlands – Retail properties – EPRA Net Initial Yield – Retail properties – EPRA Net Initial
Slide 9: Macroeconomic situation: uncertain but mitigated
Macroeconomic situation: uncertain but mitigated Construction cost inflation: Rising financing costs: limited, not much development hedged Consumer confidence and Inflation: purchasing power: rental income indexed commercial mix 9
Slide 10: ESG
Frunpark Wetteren Operational ESG Financials Financing Outlook
Slide 11: ESG: improving the quality of our buildings
ESG: improving the quality of our buildings – Reinforced data layer lead to m€ invested in 2025/26 • developed methodology that gives insights into 13.3 entirely integrated into the portfolio value total real estate portfolio energy use • baseline year setting to 2024-2025 • target-setting – CRREM a
Slide 12: Financials
Hasselt Operational ESG Financials Financing Outlook
Slide 13: Full year 2025-2026 (ended 31 March 2026)
Full year 2025-2026 (ended 31 March 2026) Occupancy rate EPRA earnings EPRA earnings Net rental income per share 97.82% € 145.79 m € 91.90 m € 6.15 +0.55 pp +2.54% +1.14% -1.04% 100.00% €100.00m €7.50 98.47% 98.10% €145.79m €90.86m €91.90m 97.26% 97.82% €150.00m €138.83m€142.18m €88.20m €88.37m €6.3
Slide 14: Full year 2025-2026 (ended 31 March 2026)
Full year 2025-2026 (ended 31 March 2026) Debt-to-assets EPRA NTA Operational Fair value margin ratio per share € 2,102 m 40.39% € 83.41 80.97% +1.55% +0.56 pp -2.14 pp 3.14% 2,200m 50.00% €100.00 2,102m 44.77% 44.62% 2,070m 2,028m 42.52% €83.41 2,000m 40.39% €78.15 €80.87 1,889m 40.00% €73.78 €75.0
Slide 15: Consolidated income statement
Consolidated income statement INCOME STATEMENT (in € 000) 31.03.2026 31.03.2025 INCOME STATEMENT (in € 000) 31.03.2026 31.03.2025 Rental income 146,119 143,414 Financial income 200 157 Rental related expenses -331 -1,238 Net interest charges -20,715 -20,228 Net rental income 145,787 142,176 Changes
Slide 16: Consolidated balance sheet
Consolidated balance sheet ASSETS (in € 000) 31.03.2026 31.03.2025 SHAREHOLDERS’ EQUITY AND LIABILITIES (in € 000) 31.03.2026 31.03.2025 Shareholders’ equity 1,298,026 1,230,021 Non-current assets 2,153,649 2,116,630 Goodwill Intangible non-current assets 8,566 8,697 Shareholders’ equity attributabl
Slide 17: EPRA Key Performance Indicators (KPIs)
EPRA Key Performance Indicators (KPIs) 31/3/2026 31/3/2025 (in € 000) € / share (in € 000) € / share EPRA earnings 91,897 6.15 90,859 6.21 EPRA NTA (Net Tangible Assets) 83.41 80.87 Closing share price 66.00 60.30 17
Slide 18: Financing
Woonboulevard Breda XXL Operational ESG Financials Financing Outlook
Slide 19: Debt maturity
Debt maturity USPP signed in April 2026 – 150 mio USD – 12 years Average interest Overview debt maturity (in m€) rate €250m 2.12% €200m €150m Average debt maturity Commercial paper 3.32 years €100m Bonds Bank loans €50m €0m FY2026/27 FY2027/28 FY2028/29 FY2029/30 FY2030/31 FY2031/32 FY2032/33 19
Slide 20: Debt ratio
Debt ratio Debt ratio Evolution debt ratio 40.39% 55% 50% Net debt / 45% EBITDA 7.11 40% 40.39% 35% 20-21 21-22 22-23 23-24 24-25 25-26 Investment capacity (debt rate max 45%) € +/- 125 m 20
Slide 21: Hedging
Hedging Overview debt hedging (in %) 110% Hedge ratio 100% 103.77% 90% 14% 22% 80% 50% 70% 81% 60% 94% Weighted average 50% Unhedged floating rate debt hedge duration 80% Hedged floating rate debt 40% 74% Fixed rate debt 4.25 years 30% 46% 20% 10% 23% 9% 6% 4% 4% 0% Interest cover -10% ratio (min 2)
Slide 22: Structure of debt
Structure of debt Unused credit facilities Structure of the financial debt (excl. back-up for commercial paper) Commercial paper, 5% € 198.9 m Bonds, 17% New or extended credit lines € 115 m USPP Bilateral credits, 78% $ 150 m 22
Slide 23: Outlook
Be-MINE Boulevard, Beringen Operational ESG Financials Financing Outlook
Slide 24: Focus on priorities
Focus on priorities Growth and Operational Future-proofing our internationalization excellence buildings Increase the Focus on like- occupancy rate for-like evolution Continuously monitor Value creation the commercial mix Leveraging data 24
Slide 25: Outlook and guidance 2026-2027
Outlook and guidance 2026-2027 Net rental income € 149 m Net dividend per share Gross dividend per share € 3.675 € 5.25 25
Slide 26: Calendar
Calendar General Assembly Monday 20 July 2026 Ex-dividend date Thursday 23 July 2026 Record date dividend Friday 24 July 2026 Dividend made available for payment Monday 27 July 2026 Announcement first quarter results 2026-2027 Monday 27 July 2026 Announcement half-yearly results 2026-2027 Friday 13
Slide 27: Contact
Contact Nicolas Beaussillon Kara De Smet Chief Executive Officer Chief Finance Officer +32 2 568 10 20 +32 2 568 10 20 Nicolas.Beaussillon@retailestates.com Kara.DeSmet@retailestates.com 27
Slide 28: Retail Estates nv
Retail Estates nv Public BE-REIT Industrielaan 6 1740 Ternat (Belgium) T: +32 2 568 10 20 info@retailestates.com www.retailestates.com This presentation has been prepared by the management of Retail Estates NV, Belgian public real estate investment company (“Retail Estates” or the “Company”), solely
Slide 29: Appendix
Alexandrium Megastores, Rotterdam Operational ESG Financials Financing Outlook Appendix
Slide 30: Retail Estates in a nutshell
Retail Estates in a nutshell Retail Estates invests in out-of-town retail properties in Belgium and the Netherlands with the objective of creating long-term growth for its shareholders by increasing its dividend. Properties The growth stems from the value of the portfolio as well as the increasing i
Slide 31: Retail Estates in a nutshell
Retail Estates in a nutshell Retail Estates is self-managed. Due to its internal expertise and in-house capabilities in property & leasing management, project management and maintenance, legal, finance and accounting, it achieves high operational efficiency. Tenants appreciate the direct connection
Slide 32: Quality and diversification of tenants
Quality and diversification of tenants Geographical distribution De Mandemakers Groep, 4.8% Flanders 33.66% Wallonia 28.39% Orlando Capital (Leen Bakker / Kwantum), The Netherlands 37.95% Top 4.4% tenants Maxeda (Brico / Praxis), 3.4% Others, 82.0% Colruyt Group, 3.0% Auchan Group, 2.4% Type of buil
Slide 33: Evolution of occupancy rate
Partner of Evolution of occupancy rate choice – Focus on maximising occupancy – Local expertise – High quality portfolio Current 100.00% occupancy rate 98.00% 96.00% 94.00% 97.82% 92.00% 90.00% 88.00% 86.00% 84.00% 82.00% 80.00% 12-13 13-14 14-15 15-16 16-17 17-18 18-19 19-20 20-21 21-22 22-23 23-24
Slide 34: Purchasing power and population density guide choice of location: Belgium
Purchasing power and population density guide choice of location Belgium Antwerp Retail Estates selects its properties based on objective criteria of which Ghent purchasing power is one of the most important. Brussels Liège The heat map shows the average Namur income per municipality in Belgium. Mon
Slide 35: Purchasing power and population density guide choice of location: The Netherlands
Purchasing power and population density guide choice of location The Netherlands Retail Estates selects its properties based on objective criteria of which purchasing power is one of the most important. Zaandam Cruquius Utrecht The heat map shows the average Naaldwijk Apeldoorn income per municipali
Slide 36: Growth portfolio Retail Estates between 1998 and 2026 (fair value)
Growth portfolio Retail Estates between 1998 and 2026 Entry in the €2.0bn Netherlands Fair value € 2,102 mln €1.5bn Retail Estates focuses on continuously strengthening the quality of its property and expanding its property portfolio €1.0bn €0.5bn €0.0bn ‘98 ‘99 ‘00 ‘01 ‘02 ‘03 ‘04 ‘05 ‘06 ‘07 ‘08 ‘
Slide 37: Growth portfolio Retail Estates between 1998 and 2026 (area)
Growth portfolio Retail Estates between 1998 and 2026 Entry in the Netherlands 1,250,000 m² Retail area 1,191,234 m² 1,000,000 m² Retail Estates expands its portfolio through acquisitions, project developments and optimisation of the property portfolio 750,000 m² 500,000 m² 250,000 m² 0 m² ‘98 ‘99 ‘