Slide 1: Accelerating growth and guidance upgrade
July 30, 2025 Accelerating growth and guidance upgrade
Slide 2: Disclaimer
Disclaimer This document was prepared by Klépierre results to differ materially from those anticipated S.A. (the “Company”) solely for the purpose of in these forward-looking statements. For a detailed presenting Klépierre’s 2025 half-year earnings description of these risks and uncertainties, pleas
Slide 3: Table of content
Table of content 01 Enduring growth, on track for another thrilling year 02 First-half 2025 wrap-up 03 European real-estate leading credit metrics 04 Outlook 3
Slide 4: Enduring growth, on track for another thrilling year
01 Enduring growth, on track for another thrilling year
Slide 5: Another set of earnings growth and NTA expansion
2025 First-Half Earnings – July 30, 2025 Another set of earnings growth and NTA expansion +5.3% €1.32 €1.25 Net current cash flow per share at €1.32 H1 2024 H1 2025 +4.6% €34.30 €32.80 Increase in EPRA NTA FY 2024 H1 2025 5
Slide 6: Delivering double digit year-to-date accounting return
2025 First-Half Earnings – July 30, 2025 Delivering double digit year-to-date accounting return 10.2% 5.6% 4.6% First-half 2025 €1.85 cash Total year-to-date (1) NTA growth dividend per share accounting return (€1.5 per share to €34.3) paid in 2025 (1) Total accounting return is the growth in EPRA N
Slide 7: Consumer fundamentals remain supportive
2025 First-Half Earnings – July 30, 2025 Consumer fundamentals remain supportive Very strong labour market in Euro Area, with historic low unemployment rate The European 6.4% 6.4% consumer backdrop 6.3% 6.3% 6.2% 6.2% 6.3% 6.3% 6.3% 6.2% 6.3% remains favorable with an unemployment rate Unemployment
Slide 8: A value proposition fitted to omnichannel retailers
2025 First-Half Earnings – July 30, 2025 A value proposition fitted to omnichannel retailers EBIT margins in retail We act as a trusted partner in raising brand awareness 2023 We support retailers to boost their drive-to-store initiatives 2024 11.6% 11.0% We provide embedded last-mile logistics for
Slide 9: Shopping centers are preferred venues, especially among young generations
2025 First-Half Earnings – July 30, 2025 Shopping centers are preferred venues, especially among young generations Among all types of physical retail, shopping mall is by far the favorite destination, for 40% of Europeans 40% 46% among 18-24- year- olds 21% 13% 9% Shopping centers City centers Retai
Slide 10: Klépierre malls steadily capture greater market shares
2025 First-Half Earnings – July 30, 2025 Klépierre malls steadily capture greater market shares Strong sequential acceleration observed in Q2 Like-for-like change in retailer sales +4.5% +3.5% +1.8% Solid market share gains and Q1 2025 Q2 2025 H1 2025 strong outperformance, with Like-for-like change
Slide 11: Klépierre malls are the preferred locations for retailers
2025 First-Half Earnings – July 30, 2025 Klépierre malls are the Why retailers prefer our malls preferred Flight to quality: they focus on fewer but larger and better stores locations for retailers and No new supply and scarcity of physical substitute new concepts 11
Slide 12: And this is illustrated by the leasing dealflow
2025 First-Half 2025 Earnings First-Half – July Earnings 30, 30, – July 20252025 And this is illustrated by the leasing dealflow Opening and enlargement of traffic drivers Health, Beauty, Food & 60% beverages and Of openings (in sq.m.) in the Sports brands first-half of 2025 are category killers and
Slide 13: High leasing demand continued to fuel growth
2025 First-Half Earnings – July 30, 2025 High leasing demand continued to fuel growth +4.1% 97.0% Positive rental uplift Occupancy rate on renewals and relettings +80 bps year-on-year 13
Slide 14: Gains of market shares in recent years translate into lower OCR's
2025 First-Half Earnings – July 30, 2025 Gains of market shares in recent years translate into lower OCR’s Low occupancy cost ratios pave the way to further rental uplift 12.9% 12.8% 12.6% 12.5% 2022 2023 2024 H1 2025 14
Slide 15: Driven by solid operating performance, capital appreciation journey is continuing
2025 First-Half Earnings – July 30, 2025 Driven by solid operating performance, capital appreciation journey is continuing EPRA NTA per share +2.6% +4.6% Like-for-like portfolio € 36.00 €34.3 valuation over six months € 34.00 €32.8 € 32.00 €31.4 € 30.00 5.7% € 28.00 € 26.00 € 24.00 € 22.00 Average E
Slide 16: Positive momentum translates into lower average risk premia within the portfolio
2025 First-Half Earnings – July 30, 2025 Positive momentum translates into lower average risk premia within the portfolio …suggesting additional compressions to come 7.8% 7.8% 7.6% 7.3% Solid operating trends 6.8% and cash flow growth 6.5% 6.7% 6.1% 6.1% 6.1% 5.5% 5.6% 5.4% Increasing investment 5.2
Slide 17: Rising growth levers
2025 First-Half Earnings – July 30, 2025 Rising Retail media growth 700 Specialty leasing levers million footfall Mobility Mall income(1) business: unlocking value by capitalizing on our 700 million annual visits Events (1) Income from the monetization of footfall in Klépierre’s venues, mainly 17 st
Slide 18: High-margin contribution to earnings
2025 First-Half Earnings – July 30, 2025 High-margin contribution to earnings Mall income in millions of euros +48% 51.8 34.9 100% EBITDA impact Half-year 2022 Half-year 2025 +9% year-on-year net growth in H1 2025 18
Slide 19: Accretive capital allocation policy
2025 First-Half Earnings – July 30, 2025 Accretive capital allocation policy Disposal of small-scale assets above book value Value creation through the Strong rental uplift investment on acquisitions cycle Extension of leading assets with high returns 19
Slide 20: Disposals of small-scale assets with NTA accretion
2025 First-Half Earnings – July 30, 2025 Disposals of small-scale assets with NTA accretion 155 In year-to-date asset disposals(1) million euros 12% Above appraised values 5.5% Blended Net Initial Yield 20 (1) Disposals of assets signed or closed, in total share, excluding transfer tax
Slide 21: 2024 acquisitions have been delivering strong results
2025 First-Half Earnings – July 30, 2025 2024 acquisitions have been delivering strong results 20% year-on-year Net rental income growth since acquisition (February 2024) Paris, France 25% year-on-year Net rental income growth Rome, Italy since acquisition (May 2024) 21
Slide 22: Every single extension is delivered on time and on budget
2025 First-Half Earnings – July 30, 2025 Every single extension is delivered on time and on budget Minimum return threshold: 8% yield on cost 8.0% 8.0% • Extension of shopping malls crystallizing 13.5% high leasing demand • Strong track record with high returns and controlled level of risks 9.0% • €
Slide 23: Delivery of the first phase of extension in Montpellier for an opening in H2
2025 First-Half Earnings – July 30, 2025 Delivery of the first phase of extension in Montpellier for an opening in H2 18,500 sq.m. to be added to the 73,000 sq.m. existing mall 12 million footfall €56 million total investment 9.0% Montpellier, France Yield on Cost 23
Slide 24: Kick-off of the extension at Le Gru, for an opening scheduled in 2027
2025 First-Half Earnings – July 30, 2025 Kick-off of the extension at Le Gru, for an opening scheduled in 2027 7,500 sq.m. additional GLA on top of the existing 83,000 sq.m. 11 million footfall €81 million total investment 10% Turin, Italy expected Yield on Cost 24
Slide 25: Our growth engine is firing on all cylinders
2025 First-Half Earnings – July 30, 2025 Our growth engine is firing on all cylinders +5.3% net rental income growth • Positive rental uplift • Better occupancy • Growing mall income • Accretive acquisitions +6.0% Further improvement in the EBITDA margin at 86.1%, up 40 basis points EBITDA growth(1)
Slide 26: Unrivalled credit rating and highly compelling financing raised
2025 First-Half Earnings – July 30, 2025 Unrivalled credit rating and highly compelling financing raised €505 million(1) raised over the first-half 2025 (Senior unsecured) A- A Rating raised on February 24, 2025 Rating raised on April 23, 2025 2.85% blended yield 26 (1) Five years weighted average m
Slide 27: Rock-solid balance-sheet as a competitive advantage
2025 First-Half Earnings – July 30, 2025 Rock-solid balance-sheet as a competitive advantage Net debt to EBITDA Low net debt 7.9x to EBITDA to navigate through 7.4x all cycles 7.1x 6.8x 12/31/2022 12/31/2023 12/31/2024 06/30/2025 Flexibility to complete accretive investments 27
Slide 28: Constant bottom line growth
2025 First-Half Earnings – July 30, 2025 Constant bottom line growth NCCF per share (in €) +9% € 1.32 € 1.25 € 1.21 (1) H1 2023 H1 2024 H1 2025 28 (1) Excluding the positive non-recurring income statement impact related to the 2020 and 2021 account receivables
Slide 29: 2025 guidance revised upwards
2025 First-Half Earnings – July 30, 2025 2025 guidance revised upwards Sequential acceleration in like-for-like net rental income growth anticipated in H2 5% EBITDA(1) growth in 2025 €2.65 - €2.70 Net current cash flow per share versus €2.60-€2.65 initially 29 (1) EBITDA on a total share basis, incl
Slide 30: Key highlights
2025 First-Half Earnings – July 30, 2025 Key highlights 01 Unparalleled value 02 Growth-driven proposition for portfolio powered by retailers in an multiple operating omnichannel world levers 03 Strong balance-sheet 04 Strong returns to seize accretive to shareholders opportunities 30
Slide 31: First-half 2025 wrap-up
02 First-half 2025 wrap-up
Slide 32: Retailers continue to show healthy sales growth
2025 First-Half Earnings – July 30, 2025 Retailers continue to show healthy sales growth H1 2025 retailer sales by region compared to H1 2024 +9.1% +7.7% +3.5% +2.4% +1.4% +1.3% Group Iberia Northwest & CE France Italy Scandinavia (share of total sales) (12%) (15%) (37%) (25%) (11%) H1 2025 retailer
Slide 33: Earnings indicators
2025 First-Half Earnings – July 30, 2025 Earnings indicators TOTAL SHARE (in millions of euros) H1 2024 H1 2025 Change Net Rental Income 520.1 547.6 +5.3% EBITDA(1) 477.3 506.5 +6.1% NET CURRENT CASH FLOW 410.6 435.3 - Group share 359.7 378.8 - NET CURRENT CASH FLOW (€ per share) 1.25 1.32 +5.3% EBI
Slide 34: H1 2025 Net current cash flow per share up 5.3%
2025 First-Half Earnings – July 30, 2025 H1 2025 Net current cash flow per share up 5.3% Group share €1.25 +€0.08 +€0.01 -€0.01 -€0.01 €1.32 H1 2024 NCCF Change in NRI Management fees Cost of debt Current tax H1 2025 NCCF & other income expenses and Payroll & G&A Half-year 2025 Net Current Cash Flow
Slide 35: Portfolio valuation up 2.6% over six months
2025 First-Half Earnings – July 30, 2025 Portfolio valuation up 2.6% over six months Change over 6 months (€m, total share, incl. transfer taxes) 06/30/2025 % of total portfolio 12/31/2024 Reported LfL(a) France 7,877 38.2% 7,734 +1.8% +1.7% Italy 4,878 23.7% 4,744 +2.8% +3.3% Scandinavia 2,460 11.9
Slide 36: Value growth fueled EPRA net asset value metrics
2025 First-Half Earnings – July 30, 2025 Value growth fueled EPRA net asset value metrics EPRA net December June Change asset values 2024 2025 EPRA NRV €36.7 €38.2 +4.1% EPRA NTA €32.8 €34.3 +4.6% EPRA NDV €29.3 €30.3 +3.4% 36
Slide 37: European real-estate leading credit metrics
03 European real-estate leading credit metrics
Slide 38: Our credit metrics
2025 First-Half Earnings – July 30, 2025 Our credit metrics €7,272m Net Debt 6.8x Net Debt to EBITDA 35.3% Loan-to-value ratio 7.3x Interest Coverage ratio 1.8% Average cost of debt 38
Slide 39: We have large covenant headroom
2025 First-Half Earnings – July 30, 2025 We have large covenant headroom Covenants applicable to Klépierre SA financing Bank and bonds covenants(1) June 2025 Loan-to-Value ≤ 60% 35.3% EBITDA / Net interest expense(2) ≥ 2.0x 7.3x Secured debt / Portfolio value(3) ≤ 20% 1.9% Portfolio value(4) ≥ €10bn
Slide 40: Our sound liquidity position covers 42% of our gross debt
2025 First-Half Earnings – July 30, 2025 Our sound liquidity position covers 42% of our gross debt Liquidity position as of June 30, 2025: €3.5 billion €0.3bn €1.0bn Other credit facilities Cash and equivalents €2.2bn Split of liquidity available Unused committed revolving credit facilities 40
Slide 41: Well-spread debt maturities with a 5.4-year average maturity
2025 First-Half Earnings – July 30, 2025 Well-spread debt maturities with a 5.4-year average maturity Financing breakdown by type of resource as Long-term debt maturity schedule excluding commercial papers of June 30, 2025 (Outstanding debt, total share) (in millions of euros) 12% Commercial paper 1
Slide 42: Outlook
04 Outlook
Slide 43: 2025 guidance
2025 First-Half Earnings – July 30, 2025 2025 guidance With the solid performance delivered over the first six months, Klépierre enters the second half on a strong footing to deliver growth in 2025. The like for like net rental income growth is expected to accelerate further over H2 2025. Consequent
Slide 44: Agenda: October 22, 2025 Q3 trading update
Agenda October 22, 2025 Q3 trading update(1) (1) After market close.
Slide 45: Appendix
Appendix
Slide 46: Active mix optimization towards the best performing banners
2025 First-Half Earnings – July 30, 2025 Active mix optimization towards the best performing banners Change in retailers’ total store size since 2019 (% change in total sq.m. leased) +384% Leading omnichannel players demand +255% more space in our malls +194% +131% +102% +69% +72% +26% +28% +30% +14
Slide 47: Net current cash flow
2025 First-Half Earnings – July 30, 2025 Net current cash flow Total Share (€m) 06/30/2024 06/30/2025 Change Gross rental income 597.4 630.9 Rental and building expenses (77.3) (83.3) Net rental income 520.1 547.6 +5.3% (+3.5% like-for-like) Management fees & other income 36.8 40.5 Payroll expenses
Slide 48: A recognized global leadership in sustainability
2025 First-Half Earnings – July 30, 2025 A recognized global leadership in sustainability LEADER “A” LIST CAC SBT 1.5 INDEX A RATING 1.5°C • Peers’ comparison: • Klépierre is one of the • Klépierre is integrated • Klépierre received an A • Klépierre’s 1st Worldwide Retail few businesses in ESG indic
Slide 49: Building the most sustainable platform for commerce
2025 First-Half Earnings – July 30, 2025 Building the most sustainable plateform for commerce Achieving net zero by 2030 Pursue our efforts on energy Install renewable energy production units efficiency and reach at our assets to reach up to 70 kWh /sq.m as the average portfolio 30% of self consumpt
Slide 50: Notable achievements testifying to our long-standing efforts
2025 First-Half Earnings – July 30, 2025 Notable achievements testifying to our long-standing efforts The Group’s 2024 key ESG performance indicators 49% 86% 100% Reduction in the energy Reduction in greenhouse Waste diverted intensity of our portfolio gases emissions (GHG) from landfill (vs 2013, o
Slide 51: Contact
Contact investorrelations@klepierre.com +33 (0)7 50 66 05 63
Slide 52: KLEPIERRE
KLEPIERRE SHOP. MEET. CONNECT. °