Big Shopping Centers Ltd. · TASE:BIG
Big Shopping Centers — Q2 2026 Earnings Presentation
33 slides from Big Shopping Centers's earnings presentation, August 2026
Slide 1: Capital Market Presentation Q2 2026
Capital Market August 2026 Presentation Q2 2026
Slide 2: Disclaimer
Disclaimer This presentation includes information that is based on information published in the financial statements of Big Shopping Centers Ltd . (“The Company ”), which were published in accordance with the Securities Law, 1968 and the regulations promulgated thereunder (“The Securities Law ”), as
Slide 3: Strategy
Strategy Long - term holding of properties Focusing on improvement and increasing cash flows through effective management of the properties Concentration on 3 main segments Residential for rent Offices Commercial projects (mainly outside of Israel) office buildings in significant cities and shopping
Slide 4: Financial Data
1 FINANCIAL DATA 4 CAPITAL MARKET PRESENTATION
Slide 5: Breakdown of Real Estate value
Breakdown of Real Estate value BIG Group (Company share in %) Value by Value by Country Sector 52% 18% 58% Israel Serbia & Commercial Montenegro 14% 6% 1% Czech 9% Romania 8% 34% USA Poland Residential Offices & Republic for Rent Parking 5 CAPITAL MARKET PRESENTATION
Slide 6: Shareholders' Equity Growth
Shareholders ’ Equity Growth in NIS millions 2,494 2,959 3,236 3,437 4,049 3,990 6,645 9,411 10,952 12,022 13,391 13,390 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 June 2026 6 CAPITAL MARKET PRESENTATION
Slide 7: Year-End Yielding GLA
Year -End Yielding GLA in thousands of m 2 | BIG Group Actual Projected end of year 1,155 1,799 2,139 2,080 1,954 2,179 2,481 2,733 2,883 3,182 3,390 3,540 3,677 3,719 2018 2019 2020 2021 2022 2023 2024 2025 Jun-26 2026 2027 2028 2029 2030 Residential for rent Offices 7 Commercial CAPITAL MARKET PRE
Slide 8: Investment Property Fair Value
Investment Property Fair Value In NIS Millions | BIG Group Effective Actual Projected end of year * 8,887 10,564 11,236 14,917 18,530 22,710 27,442 29,738 29,166 31,146 32,666 34,384 37,342 38,608 2018 2019 2020 2021 2022 2023 2024 2025 June 2026 2027 2028 2029 2030 2026 Residential for rent Offices
Slide 9: NOI Growth
NOI Growth in NIS millions | BIG Group Effective Excluding the decrease Actual Projected rate, year - end * in the holding rate in AFI 603 703 802 970 1,133 1,396 1,728 1,954 2,125 2,230 2,347 2,540 2,626 Properties, the NOI growth rate compared to the same period last year is 6.5% 951 956 0.5% Diff
Slide 10: NOI for Same Properties
CENTERS NOI for Same Properties BIG Group Effective Europe Israel NOI in Euro millions NOI in NIS millions 273 276 1.1% Difference The same - property NOI growth rate for BIG 40.8 43.1 centers in Israel, 5.6% excluding the impact of Difference Operations 'Rising Lion 25' and 'Roaring Lion 26', is 2.
Slide 11: AFI Properties NOI for Same Properties
AFI NOI for Same Properties PROPERTIES Europe Israel NOI in Euro millions NOI in NIS millions 115.9 126.2 101.6 110.5 8.9% Difference 8.8% Difference 01- 06/2025 01- 06/2026 01- 06/2025 01- 06/2026 11 CAPITAL MARKET PRESENTATION
Slide 12: AFFO Growth
AFFO Growth in NIS millions | BIG Group Effective Excluding the decrease Actual Projected rate, year - end * in the holding rate in AFI Properties, the AFFO 335 368 323 562 717 770 920 1,015 1,147 1,198 1,263 1,382 1,432 growth rate compared to the same period last year is 12.2% 498 532 6.8% Differe
Slide 13: Turnover Data – Same Properties
Turnover Data – Same Properties 2026 vs 2025 Romania | AFI Properties Centers Europe | BIG Centers Israel | BIG Centers Million Euro Million Euro NIS millions 4,152 4,364 443 493 270 269 (0.3%) 11.3% 5.1% Difference Difference Difference 1- 6/2025 1- 6/2026 1- 6/2025 1- 6/2026 1- 6/2025 1- 6/2026 2.
Slide 14: New Contracts
New Contracts | 2026 BIG Centers | Israel Average rent per Sqm Contracts Average area per Terminated New Total area # contract contracts contracts Change Inc. anchor 176 35,656 203 124 131 5.6% Options tenants exercised Exc. anchor 173 30,530 177 133 141 6% tenants New contracts 16 2,734 171 182 186
Slide 15: Growth Engines
2 GROWTH ENGINES 15 CAPITAL MARKET PRESENTATION
Slide 16: Big Fashion Petach Tikva Phase A
Big Fashion Petach Tikva | Phase A* Under Construction | BIG In NIS millions | As of 30 June 2026 Fair Accrued Construction Projected Expected Yield rate value cost cost balance NOI launch date 824 692 1,247 164 2029 8.5% Offices Commercial 40 K 65K 100% Sqm Sqm 76% 58% BIG’s share % Marketing % Mar
Slide 17: Big Fashion Ashkelon
Big Fashion Ashkelon Under Construction | BIG In NIS millions | As of 30 June 2026 Fair Accrued Construction Projected Expected Yield rate value cost cost balance NOI launch date 66 44 398 40 2028 9.1% 50% Offices Commercial 10K 37K BIG’s share % Sqm Sqm 17 CAPITAL MARKET PRESENTATION The above Comp
Slide 18: Big Fashion Ness Ziona
Big Fashion Ness Ziona Under Construction | BIG In NIS millions | As of 30 June 2026 Fair Accrued Construction Projected Expected Yield rate value cost cost balance NOI launch date 235 222 834 86 2030 8.2% The above forecast takes into account the revenues and construction costs of the commercial co
Slide 19: Growth Engines Under Development
Growth Engines Under Development | BIG Total lands NIS 838million 30 June 2026 | BIG’s share Petah Glilot Ness Kaniel Additional Tikva Ziona Kfar Saba lands 257 NIS millions 72 NIS millions 23 NIS millions 203 NIS millions 283 NIS millions 100% 47.4% 87% 50% BIG's share BIG's share BIG's share BIG's
Slide 20: Europe Activity
3 EUROPE ACTIVITY 20 CAPITAL MARKET PRESENTATION
Slide 21: BIG Europe | Key Data
BIG Europe | Key Data Actual NOI Assets value | in Euro millions in Euro millions | BIG’s 229 239 367 561 679 1,054 1,245 1,299 share, effective 41.8 48.2 15.3% Difference 1- 6/2025 1- 6/2026 2019 2020 2021 2022 2023 2024 2025 June 2026 Occupancy rate 97% 99% 98% 97% 98% 99% 99% 99% 21 CAPITAL MARKE
Slide 22: BIG Europe | Growth Engines
BIG Europe | Growth Engines in Euro millions 30 June 2026 Projected NOI Effective Costs incurred Remaining Project Holding GLA | 100% 2026 2027 2028 2029 Total Yielding rate % * construction costs rate Dzierzoniow 95.5% 16,844 10.2 21.1 2.3 - - - 7.2% Konstantynow 66.9% 13,040 7.9 5.8 1.2 - - - 8.7%
Slide 23: Poland
KOSZALIN Gdańsk SUWAŁKI OLSZTYN OSTRÓDA POLAND GORZÓW PIŁA GNIEZNO Growth engine for the Company ’s WŁOCŁAWEK Warsaw activity in Europe KALISZ LUBNA KONSTANTYNÓW ŁÓDŹ Existing centers LUBIN Projects Under Development BOLESŁAWIEC WROCŁAW DZIERŻONIÓW KIELCE MYSZKÓW OLKUSZ KRAKÓW TARNÓW ANDRYCHÓW 23 CA
Slide 24: Liquidity & Flexibility
4 Liquidity & Flexibility 24 CAPITAL MARKET PRESENTATION
Slide 25: Liquidity and Financial Flexibility
The Company holds marketable Uncollatera Liquidity AFI Properties shares lized assets 6.8 and Financial 4.6 NIS billion 72% Flexibility Value of shares Thereof not 5.3 Income - producing pledged assets NIS billion As of June 30, 2026 Exc. AFI Properties S&P Ma’alot stable/ ilAA Secured debt stable/
Slide 26: Debt Repayment Overview | Israel
Debt Repayment Overview | Israel Without AFI Properties in NIS millions 2026 2027 2028 2029 2030 2031 2032 2033 2034 Total Bank Debt in Israel 215 174 272 - - - - - - 661 Total loans from banks and financial institutions 215 174 272 - - - - - - 661 Total unsecured Bond Series 203 579 676 564 572 673
Slide 27: Thank You
Thank Assaf Nagar Deputy CEO You 073- 2600410 054- 5660147 assaf@bigcenters.co.il 27 CAPITAL MARKET PRESENTATION
Slide 28: Appendices
5Appendices 28 CAPITAL MARKET PRESENTATION
Slide 29: BIG Overview Geographic Sectors
ISRAEL EUROPE USA * GLA, m 2 (100%) 700,000 653,000 107,000 BIG Overview Average occupancy App, 100% 99% 98% (Exc. AFI Properties) Total value of Investment property 10,568 4,410 389 Geographic Sectors Total value of Assisted living Value of properties under development 344 1,125 - 164 - - In NIS mi
Slide 30: Consolidated Balance Sheet
Consolidated Balance Sheet |BIG ’s effective share Total effective Total effective Total effective Total effective Israel Israel USA USA Europe Europe consolidated consolidated consolidated consolidated )exc. AFI ( )exc. AFI ( )Inc. AFI ( )Inc. AFI ( 30/06/2026 31/12/2025 30/06/2026 31/12/2025 30/06
Slide 31: Consolidated Balance Sheet
Consolidated Balance Sheet |BIG ’s effective share Total effective Total effective Total effective Total effective BIG Israel Israel USA USA Europe Europe consolidated consolidated consolidated )exc. AFI ( )exc. AFI ( )Inc. AFI ( )Inc. AFI ( 30/06/2026 31/12/2025 30/06/2026 31/12/2025 30/06/2026 31/
Slide 32: Profit and Loss | Cumulative
Total effective Total effective Total effective Total effective consolidated consolidated consolidated consolidated Israel Israel USA USA Europe Europe )exc. AFI ( )exc. AFI ( )Inc. AFI ( )Inc. AFI ( 1-6/2026 1-6/2025 1-6/2026 1-6/2025 1-6/2026 1-6/2025 1-6/2026 1-6/2025 1-6/2026 1-6/2025 NIS thousa
Slide 33: Profit and Loss | Quarterly
Total effective Total effective Total effective Total effective BIG consolidated consolidated consolidated Israel Israel USA USA Europe Europe )exc. AFI ( )exc. AFI ( )Inc. AFI ( )Inc. AFI ( 4-6/2026 4-6/2025 4-6/2026 4-6/2025 4-6/2026 4-6/2025 4-6/2026 4-6/2025 4-6/2026 4-6/2025 NIS thousands NIS t