Melisron Limited · TASE:MLSR
Melisron — Investor Presentation (March 2026)
43 slides from Melisron's investor presentation, March 2026
Slide 1: Capital Markets Presentation 2025
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 year ended December 31, 2024 that was originally prepared in the Hebrew language. The full, legal and binding
Slide 2: Disclaimer
Introduction Disclaimer This presentation has been prepared by Melisron Ltd. (the information, as defined in Section 32A of the Israeli Securities “Company”). It is intended to provide general information Law, 1968. regarding the Company’s activities to investors only and does not Such forward-lookin
Slide 3: Company at a glance and milestones
Introduction ~NIS 35 NIS20 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 1987 1992 2009
Slide 4: Portfolio
Introduction Portfolio Malls Offices Residential 18 Malls 6 Office & High-Tech Parks 12,500 Total Units Pipeline 542,000 sqm GLA 484,000 sqm GLA 6,400 Units in Planning & Construction NIS 19.5 billion Assets Value NIS 9.8 billion Assets Value NIS 18.5 billion Expected Revenues (100%) NIS 10.4 billion Te
Slide 5: Asset Map
Introduction Asset Map Regional Malls (50% of NOI) Neighborhood Malls (7% 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 Office & Hi
Slide 6: Income-Producing Asset Mix by Risk and Return Characteristics
Introduction Breakdown of the Company’s Income-Producing Asset Mix by Risk and Return Characteristics Area Income- Rights & Weighted NOI (Company’s Occupancy Producing Construction Average % of 2025 Share) Rate Assets Value Value Cap Rate NOI (NIS millions) (thousand sqm) (%) (NIS millions) (NIS mil
Slide 7: Malls
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 Fashion, Footwear Home Design, Electronics & Accessories & Technology 8
Slide 9: Retail Sales Analysis (by Segment)
Malls Retail Sales Analysis (by Segment) Total sales in Ofer malls in 2025 – approx. NIS 10.4 billion Change in Sales in 2025 Compared to the corresponding period in 2024 2023 Fashion, Footwear & Accessories (3%) 16% Food & Beverage 2% 15% Health, Beauty & Personal Care (1%) 16% Electronics & Techno
Slide 10: New Leases, Option Exercises and Lease Renewals in 2025
Malls New Leases, Option Exercises and Lease New Leases Renewals in 2025 (Retail & Offices) Retail Offices Option Exercises New Leases Option Exercises New Leases & Lease Renewals (Tenant Turnover) & Lease Renewals (Tenant Turnover) Number of Leases 415 110 31 14 Leased Area (thousand sqm) 68 17 33 28 O
Slide 11: Asset Value Development Over Time
Malls Asset Value Development Over Time (NIS millions) NOI Asset Value Stabilized 2025 2022 % Increase 2025 2022 % Increase Ofer Ramat Aviv 202 185 164 23% 3,217 2,751 17% Ofer HaKiryon 210 186 149 41% 3,063 2,523 21% Ofer Grand Haifa 151 148 119 27% 2,232 1,817 23% Ofer Petah Tikva 153 147 118 30%
Slide 12: 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 (70% 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 156 m
Slide 13: Offices
MELISRON Offices
Slide 14: Offices: 484,000 sqm managed
Offices Leading International and 484,000 sqm managed Local Companies ~370 tenants, including leading companies listed on stock exchanges in Israel and worldwide 8,000 parking spaces Key Tenants 3.9 years WAULT 96.9% occupancy rate NIS 421 million NOI (run-rate of NIS 434 million based on Q4 2025) 6.7
Slide 15: Office 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 910 million Illustration Assets Value under construction (Co
Slide 16: Residential
Illustration _ | Prrreseiakae feaerr Lomb hh Bee eee MELISRON Residential
Slide 17: Aviv Melisron – Overview
Residential Aviv Melisron – Overview Balance Sheet Equity Attributable to Owners NIS 3.4 billion Total Assets NIS 566 million Leverage Contractor License 79% Net Debt to CAP Class C5 License 5 Safety Stars 27 projects under construction ~6,400 residential units and advanced planning for construction
Slide 18: Growth since entering the residential segment
Residential Since entering the residential segment, we have continued to grow at a high pace Number of Units in Projects Number of Projects* Expected Developer Expected Gross Profit with required majority (including projects without Units for Sale (Aviv Melisron share, NIS millions) the required majo
Slide 19: Aviv Melisron in Numbers: Residential Units
Residential Aviv Melisron in Numbers | Total Residential Residential Units Units Pipeline Expected Units for Construction Expected Units for Sale 100% (Aviv Melisron share) Expected Number of Units under Active Construction By the end of 2026 2027 2028 Land Acquired by Projects under Projects with t
Slide 20: 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) 19% Expected Average Operating Margin on Cost In addition, Aviv Melisron is advancing a significant number of projects totaling a
Slide 21: Apartment Sales in 2025
Residential Apartment Sales in 2025 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 G' 5 75 139 30 Aviv HaHistadrut D' 20 20 68 109
Slide 22: Projects Under Construction and Expected to Commence
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 23: 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 24: Financial Results Overview
Financial Results Overview Illustration
Slide 25: Financial Results Overview for 2025 and Q4 2025
Financial Financial Results Overview for 2025 and Q4 2025 Net Profit NIS 1,857 million (NIS 897 million in Q4) (attributable Increase of NIS 326 million compared to the to owners) corresponding period last year NOI NIS 1,614 million (NIS 415 million in Q4) (attributable Increase of 7% compared to the
Slide 26: Financial Results Overview for 2025 and Q4 2025
Financial Financial Results Overview for 2025 and Q4 2025 Cash Flow from NIS 1,214 million Operating Activities Increase of NIS 59 million compared to the corresponding (excluding residential activity) period last year Occupancy Rates 99% in malls 97% in offices Ofir Sarid, CEO NIS 27.6 billion Total I
Slide 27: FFO
Financial FFO (NIS millions) 2025 2024 Increase in FFO compared to 2024 NOI attributable to owners 1,614 1,510 General and Administrative Expenses (excluding depreciation and share-based compensation) (72) (70) Marketing and Advertising Expenses (10) (11) EBITDA 1,532 1,429 NIS million Real Interest
Slide 28: Investment Property Value
Financial Investment Property Value | Owners’ Share, NIS millions In 2025 the Company recorded an increase in the value of its commercial assets ~NIS 2 billion The increase is mainly attributable to investments in existing and under-construction assets amounting to NIS 582 million, and to fair value
Slide 29: Net Debt Balance (Owners' Share)
Financial Net Debt Balance | Owners’ Share (excluding Aviv Melisron), NIS millions H1728199en.htm 31.12.2024 Operating Linkage Cash Flow Dividend Loan for Land Non-Cash 31.12.2024 Cash Flow Differences from Investing Paid Acquisition in Movements Income Activities Aviv Melisron Producing Real Estate
Slide 30: Leverage Ratio and Cost of Debt 2011–2025
Financial Efficient Utilization of Cost of Debt Leverage Ratio (LTV) on the Company’s Assets and Indexed Cost of Debt 2011–2025 3.4 years Average Debt Maturity NIS 1,281m Debt maturing by the end of 2026 (excluding commercial papers) at an effective interest rate of 1.86% 2.43% Yield to Maturity of sec
Slide 31: Debt Repayment Schedule and Effective Interest Rate
Financial Debt Repayment Schedule and Effective Interest Rate on Debt Repayments (excluding Aviv Melisron) During the year (through December 31, 2026) the Company is required to repay principal debt of ~NIS 2 billion As of December 31, 2025, the Company has cash and a portfolio of financial assetst av
Slide 32: Real Interest Expense 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 413 371 335 320 60% 311 288 262 237 197 178 185 184 172 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 The increase in financing expenses for 2025 was mainly du
Slide 33: Weighted Average Cap Rate vs. Indexed Cost of Debt
Financial Weighted Average Cap Rate vs. Weighted Average Indexed Cost of Debt 4.41% 2.43% current cost of debt Cost of debt Weighted average cap rate Based on a cost of debt of 2.43% (based on Melisron bond issuance (Series 20), duration of 4.1 years) 33
Slide 34: Projects Under Construction
Projects Under Construction Illustration
Slide 35: Development Momentum
Projects Development Momentum 75 thousand sqm NIS 122m 5 new projects under (in 2025, generating at an annualized rate of NIS 8m) construction and occupancy 5 new projects under Expected NOI construction and occupancy Addition of 165 addition of thousand sqm (Company’s share) 236–248 NIS m (Company’
Slide 36: Projects Under Construction and Occupancy
Projects Projects Under Construction and Occupancy Expected Leasable Estimated Net Book Estimated NOI Actual Ownership Primary Development % Leased Completion Area Project Value as of Construction at Full NOI Property Name Rate Use Stage Area Date (sqm) Cost 31.12.2025 Investment Occupancy in 2025 (
Slide 37: 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 31.12.2025 Cost Occupancy Approved Ofer Adumim 100% Retail 3,400 2026 2028 9 45-50
Slide 38: 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 26% Current 26% Mix 58% Mix 69% Following full occupancy of projects under current development in the medium
Slide 39: 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 NOI Q4.25 Lease-Up of Contribution Landmark Stabilized Contribution Stabilized NOI NOI from Stabilized (Owners’ Share, Vacant Space from Projects Tower B NOI from from
Slide 40: 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 FFO Q4.25 Lease-Up Contribution Landmark Stabilized FFO Contribution Stabilized FFO FFO from Stabilized FFO (Annualized) of Vacant from Proje
Slide 41: 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) … Income-Producing Assets Residential Illustration • NOI from income-producing projects under future development and operating profit from residential activity are based on the Co
Slide 42: NOI and FFO Over the Years
Projects NOI (Owners’ Share) and FFO (Management Approach – AFFO) Over the Year (NIS millions) FFO (Management Approach – AFFO) 1,023 1,284 1,558 1,470 529 475 717 640 461 723 695 427 887 391 584 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Q4/ 25 FFO after FFO after (Excluding Annual
Slide 43: 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