Retail Estates Sa · EURONEXT:RET
Retail Estates Sa — H1 2025-2026 Earnings Presentation
45 slides from Retail Estates Sa's earnings presentation, Nov 14, 2025
Slide 1: Half-year results 2025-2026
Half-year results 2025-2026 14 November 2025
Slide 2: 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 Properties for its shareholders by increasing its dividend. 1,020 The growth stems from the value of the portfolio as well as the increa
Slide 3: Highlights
V-Mart, Bruges Highlights Our portfolio ESG Financials Financing Outlook Appendix
Slide 4: Half year 2025-2026 (ended 30 September 2025)
Half year 2025-2026 (ended 30 September 2025) EPRA earnings EPRA NTA EPRA earnings per share per share € 45.46 m € 3.06 € 78.99 €60.00m €4.00 €100.00 €3.13 €3.12 €3.06 €78.15 €78.99 €44.52m €45.35m €45.46m €74.35 €3.00 €2.84 €75.00 €68.46 €39.06m €40.00m €2.00 €50.00 €20.00m €1.00 €25.00 €0.00m €0.0
Slide 5: Half year 2025-2026 (ended 30 September 2025)
Half year 2025-2026 (ended 30 September 2025) Debt-to-assets Fair value Occupancy rate ratio € 2,087.06 m 97.40% 42.80% 2,200m 100.00% 50.00% 47.54% 2,087m 97.81% 98.08% 44.54% 44.59% 2,047m 97.57% 97.40% 42.80% 2,000m 1,930m 40.00% 1,817m 95.00% 1,800m 30.00% 1,600m 90.00% 20.00% 1,400m 85.00% 10.0
Slide 6: Echoes from the retailers
Echoes from the retailers What happened in the past period? Period up to 30 September 2025 – Consumer mood: indexation of wages and residential property market – Food & non-food retailers – Weather – Travel and horeca 6
Slide 7: Echoes from the retailers
Echoes from the retailers What do we expect in the upcoming period? Inflation – Evolution contractual rent versus ERV – Rent reviews: renewals/break date – Price leaders versus price followers: hard to increase prices following first inflation wave Salary costs Logistics Circular economy – Increasin
Slide 8: Retail Estates: past period and looking ahead
Retail Estates: past period and looking ahead Profitability – Rental income and debt collection – Vacancy – Maintenance costs – Personnel costs – Interest costs – Taxes – Dividend 8
Slide 9: Retail Estates: past period and looking ahead
Retail Estates: past period and looking ahead Balance sheet – Property value – Investment capacity – Financing capacity – Capital markets Mitigating factors – Indexation of wages and real wage growth – High saving rates – All time high leisure expenses 9
Slide 10: Wheel of retailing: lifecycle of concepts
Wheel of retailing: lifecycle of concepts Low prices High prices Low status High status Low margins 1. 2. High margins 4. 3. A new Even higher prices competitor Even higher status enters the Even higher margins market with low prices and other features of the entry phase 10
Slide 11: Blokker Holding
Blokker Holding blokker. BsaAR uy xenos BLOKKER HOLDING casa ncn Sto:s Intertoys RETAIL sts | 11
Slide 12: Bankrupt, survivors and relaunch after legal proceedings
Relaunch after legal Bankrupt Survivors proceedings Sold in 2019 Sold in 2019 Sold in 2019 Now King Jouet Sold in 2021 Sold in 2019 Sold in 2017 Sold in 2017 Sold in 2021 Now ToyChamp 12
Slide 13: Shift in retail: same products, different shops
Shift in retail: same products, different shops – From old concepts such as Blokker to popular discounters Action, TEDi – From specialists such as Carpetright to generalist decoration Roobol/Kwantum or home improvement stores Bauhaus/ Hornbach with bigger selection of products – Electro Depot contin
Slide 14: Leen Bakker: reduced exposure
Leen Bakker: reduced exposure Leen Bakker shops in Belgium owned by Retail Estates Belgium 20 18 -4 0% – only one in three shops profitable 10 11 – not enough invested to attract consumers – Retail Estates reduced exposure 0 2022 2025 The Netherlands – different situation – more consumer experience
Slide 15: Our portfolio
Boulevard Cruquius Highlights Our portfolio ESG Financials Financing Outlook Appendix
Slide 16: Portfolio KPIs
Portfolio KPIs 1,020 retail properties 116 locations with retail parks or clusters 1,213,544 m² surface area EPRA NIY (Net Initial Yield) 6.57% Belgium The Netherlands Retail properties Retail properties 715 305 Locations with retail Locations with retail parks or clusters parks or clusters 101 15 A
Slide 17: Portfolio valuation
Portfolio valuation Belgium The Netherlands – EPRA Net Initial Yield – EPRA Net Initial Yield 6.49% 6.70% – Average contractual – Average contractual rent per m² rent per m² 127.43 EUR 123.17 EUR – Occupancy rate – Occupancy rate 97.28% 97.60% 17
Slide 18: Portfolio management
Portfolio management Improving the risk profile of the real estate portfolio Sell Buy Build € 19.84 m € 5.30 m € 0.46 m E.g. Veenendaal 18
Slide 19: Purchasing power guides choice of location: Belgium
Purchasing power guides choice of location Belgium Antwerp Retail Estates selects its properties based on Ghent objective criteria of which purchasing power is one Brussels Liège of the most important. Namur Mons The heat map shows the average income per municipality in Belgium. Darker means more in
Slide 20: Purchasing power guides choice of location: The Netherlands
Purchasing power guides choice of location The Netherlands Retail Estates selects its properties based on objective criteria of which purchasing power is one Zaandam Cruquius of the most important. Utrecht Naaldwijk Apeldoorn Rotterdam Arnhem The heat map shows the Spijkenisse average income per mun
Slide 21: Quality and diversification of tenants
Partner Quality and diversification of tenants of choice Geographical distribution Flanders (Belgium) 34.76% Wallonia (Belgium) 27.99% The Netherlands 37.25% Type of building Retail parks 76.91% Retail clusters 18.56% Individual 4.32% Other 0.21% Commercial activities of tenants Home improvement 57.
Slide 22: Quality and diversification of tenants: top tenants
Partner Quality and diversification of tenants of choice De Mandemakers Groep, 4.7% Gilde Equity (Kwantum / Leen Bakker), 4.5% Maxeda (Brico / Praxis), 3.4% Others, 81.9% Top tenants Colruyt Group (Zeb), 3.0% Auchan Group (Krëfel), 2.4% Based on annual rental income on 30 September 2025 22
Slide 23: Evolution of occupancy rate
Partner Evolution of occupancy rate of choice – Properties at prime location in high demand: reletting – Extensive retail market knowledge: know your customers 100.00% Current 99.00% occupancy rate 98.00% 97.00% 96.00% 95.00% 97.40% 94.00% 93.00% 92.00% 91.00% 90.00% 12-13 13-14 14-15 15-16 16-17 17
Slide 24: ESG
Retailcluster Sint- Denijs-Westrem Highlights Our portfolio ESG Financials Financing Outlook Appendix
Slide 25: ESG in the first half of 2025-2026
ESG in the first half of 2025-2026 – Conclusion from double materiality analysis: focus on minimising CO2 footprint and maximising energy efficiency of our portfolio – Setting the baseline and working on actionable and credible targets Investigating opportunities of – Data and dialogue with tenants
Slide 26: Financials
Frunpark, Wetteren Highlights Our portfolio ESG Financials Financing Outlook Appendix
Slide 27: Key figures
Key figures EPRA earnings Net rental income Like-for-like EPRA earnings per share € 72.69 m +2.20% € 45.46 m € 3.06 Operational EPRA NTA Net debt / Debt ratio margin per share EBITDA 42.80% 80.21% € 78.99 7.58 27
Slide 28: Key figures
Key figures REAL ESTATE PORTFOLIO 30.09.2025 31.03.2025 Number of properties 1,020 1,023 Total lettable area in m² 1,213,544 1,231,205 Estimated fair value (in €) 2,087,059,611 2,069,537,304 Estimated investment value (in €) 2,199,575,520 2,179,677,298 Average rent prices per m² (in €) 124.77 123.83
Slide 29: Consolidated income statement
Consolidated income statement INCOME STATEMENT (in € 000) 30.09.2025 30.09.2024 Rental income 72,841,413 71,234,620 Rental related expenses -149,125 -625,625 Net rental income 72,692,288 70,608,994 Recovery of property expenses 0 0 Recovery of rental charges and taxes normally payable by tenants on
Slide 30: Consolidated balance sheet
Consolidated balance sheet ASSETS (in € 000) 30.09.2025 31.03.2025 Non-current assets 2,130,100 2,116,630 Goodwill Intangible non-current assets 8,385 8,697 Investment properties3 2,087,060 2,069,537 Other tangible non-current assets 6,167 6,163 Financial non-current assets 24,630 31,172 Financial i
Slide 31: Consolidated balance sheet
Consolidated balance sheet SHAREHOLDERS’ EQUITY AND LIABILITIES (in € 000) 30.09.2025 31.03.2025 Shareholders’ equity 1,220,313 1,230,021 Shareholders’ equity attributable to the shareholders of the parent company 1,211,164 1,221,040 Capital 329,678 322,499 Issue premiums 407,491 396,559 Reserves 42
Slide 32: EPRA Key Performance Indicators (KPIs)
EPRA Key Performance Indicators (KPIs) 30/9/2025 31/3/2025 (in € 000) € / share (in € 000) € / share EPRA earnings 45,461 3.06 90,859 6.21 EPRA NTA (Net Tangible Assets) 78.99 80.87 Closing share price 63.50 60.30 32
Slide 33: Financing
Woonboulevard Breda XXL Highlights Our portfolio ESG Financials Financing Outlook Appendix
Slide 34: Debt maturity
Debt maturity Overview debt maturity (in m€) €250m Average interest rate €200m 2.05% €150m €100m €50m Average debt €0m maturity FY2025 FY2026 FY2027 FY2028 FY2029 FY2030 FY2031 FY2032 3.39 years Bank loans Bonds and alternative financing Commercial paper 34
Slide 35: Debt ratio
Debt ratio Debt ratio Evolution debt ratio 42.80% 55% 50% Net debt / EBITDA 42.80% 7.58 45% 40% 20-21 21-22 22-23 23-24 24-25 HY 25-26 Investment capacity (debt rate max 45%) € 78.44 m 35
Slide 36: Hedging
Hedging Overview debt hedging (in %) 100% 1% 10% 26% 33% Hedge ratio 90% 80% 99.43% 70% 62% 60% 74% 50% 86% 40% 72% 30% 67% 20% Interest cover 10% 37% 26% 4% 2% ratio (min 2) 0% -10% 7.09 30/9/2025 31/3/2026 31/3/2027 31/3/2028 31/3/2029 Fixed rate debt Hedged floating rate debt Unhedged floating ra
Slide 37: Structure of debt
Structure of debt Structure of the financial debt Unused credit facilities 4.30% (excl. back-up for commercial paper) 21.28% € 151.66 m 74.42% Funding with major banks Bond loans and alternative financing Commercial paper 37
Slide 38: Outlook
Be-MINE Boulevard, Beringen Highlights Our portfolio ESG Financials Financing Outlook Appendix
Slide 39: Outlook and guidance 2025-2026
Outlook and guidance 2025-2026 Net rental income € 145 m Net dividend per share Gross dividend per share € 3.64 € 5.20 39
Slide 40: Calendar
Calendar Announcement Q3 results 2025-2026 Monday 16 February 2026 Announcement annual results 2025-2026 Friday 22 May 2026 Annual General Meeting Monday 20 July 2026 40
Slide 41: Contact
Contact Jan De Nys Nicolas Beaussillon Kara De Smet Chief Executive Officer Chief Executive Officer Chief Finance Officer +32 2 568 10 20 +32 2 568 10 20 +32 2 568 10 20 Jan.DeNys@retailestates.com Nicolas.Beaussillon Kara.DeSmet@retailestates.com @retailestates.com 41
Slide 42: Appendix
Alexandrium Megastores, Rotterdam Highlights Our portfolio ESG Financials Financing Outlook Appendix
Slide 43: Growth portfolio Retail Estates between 1998 and 2025
Growth portfolio Retail Estates between 1998 and 2025 €2.0bn Entry in the Netherlands Fair value €1.5bn € 2,087 mln 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 44: Growth portfolio Retail Estates between 1998 and 2025
Growth portfolio Retail Estates between 1998 and 2025 Entry in the Netherlands 1,250,000 m² Retail area 1,213,544 m² 1,000,000 m² Retail Estates expands its portfolio through acquisitions, project developments and optimisation of the property 750,000 m² portfolio 500,000 m² 250,000 m² 0 m² ‘98 ‘99 ‘
Slide 45: 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