Slide 1: Financial Results Presentation
FINANCIAL RESULTS PRESENTATION for the year ended 31 December 2025
Slide 2: Agenda
AGENDA 01 OVERVIEW 02 CHANGES TO THE BOARD 03 FINANCIAL RESULTS 04 DIRECT PORTFOLIO 05 LEASING 06 PROJECTS 07 OUTLOOK
Slide 3: Overview
| OR Lp t a Sa ame \ - | ai : e i ; OVERVIEW LAGHTHOUSE PROPERTIES plc. ———
Slide 4: Strategy
STRATEGY Dominant and defensive malls Cities with strong economic underpin Western European focus Focus shift to existing portfolio Constantly assessing and monitoring opportunities LIGHTHOUSE PROPERTIES p.l.c. 4 OVERVIEW RESULTS PRESENTATION 5 MARCH 2026
Slide 5: Financial Highlights for FY2025
FINANCIAL HIGHLIGHTS FOR FY2025 Distributable earnings increase +7.5% (FY2025: 2.7600 EURc/ps vs.FY2024: 2.5671 EURc/ps) › Benefit from accretive rotation out of Hammerson › Growth despite the refinancing impact of Forum Coimbra NAV per share increase +5.1% (FY2025: 44.88 EURc/ps vs. FY2024: 42.
Slide 6: Operational Highlights for FY2025
OPERATIONAL HIGHLIGHTS FOR FY2025 Spain % Portugal % France % Total % Proportionate share of direct property portfolio based on fair value 59.1 28.0 12.9 100.0 Like-for-like growth in NPI 5.0 2.5 4.3 3.8 Growth in sales 5.9 8.2 2.3 6.0 Growth in footfall 1.7 2.1 3.5 2.2 Vacancy by GLA 0.3 0.1 5.1 1.
Slide 7: Macro Economic Highlights
MACRO ECONOMIC HIGHLIGHTS GDP Growth rate (%) – 4Q2025 2.6% Spain Retail sales YoY (%) – December 2025 1.9% Portugal 0.2% France 0.3% Euro area 2,9% Spain 3,1% Portugal (1.0%) France 1.3% Euro area Inflation rate (%) – December 2025 Unemployment rate (%) – 2Q2025 9.9% Spain 2.3% Spain 5.8% Portugal
Slide 8: Espacio Mediterráneo
ESPACIO MEDITERRÁNEO Effective date: 27 June 2025 Acquisition price¹: EUR 135.4 million (100%) Acquisition yield¹: 7.0% Footfall: 7.8 million › 2025 Sales growth: 5.6% › 2025 Footfall growth: 2.1% Vacancy: 0.0% Acquisition financed by: › Loan secured by Espai Gironés › Loan secured by Es
Slide 9: Overview
LIGHTHOUSE PROPERTIES p.l.c. 9 OVERVIEW RESULTS PRESENTATION 5 MARCH 2026
Slide 10: Overview
LIGHTHOUSE PROPERTIES p.l.c. 10 OVERVIEW RESULTS PRESENTATION 5 MARCH 2026
Slide 11: Alcalá Magna
ALCALÁ MAGNA Effective date: 5 March 2025 Acquisition price¹: EUR 96.3 million (100%) Acquisition yield: 7.6% Footfall: 7.0 million › 2025 Sales growth: 7.6% › 2025 Footfall growth: 0.1% Vacancy: 0.0% New flagship ZARA 1. Excluding transaction cost LIGHTHOUSE PROPERTIES p.l.c. 11 OVERVIE
Slide 12: Overview
LIGHTHOUSE PROPERTIES p.l.c. 12 OVERVIEW RESULTS PRESENTATION 5 MARCH 2026
Slide 13: Property Portfolio Evolution
PROPERTY PORTFOLIO EVOLUTION FY2024 FY2025 France France 12.9% 17.4% Spain 49.3% Spain 59.1% Portugal 28.0% Portugal 33.3% LIGHTHOUSE PROPERTIES p.l.c. 13 OVERVIEW RESULTS PRESENTATION 5 MARCH 2026
Slide 14: Business Evolution (2023 – 2025)
BUSINESS EVOLUTION (2023 – 2025) NPI 100 90 +236% growth in NPI 80 70 60 50 40 30 20 10 0 2023 2025 France Spain Portugal Slovenia LIGHTHOUSE PROPERTIES p.l.c. 14 OVERVIEW RESULTS PRESENTATION 5 MARCH 2026
Slide 15: Changes to the Board
CHANGES TO THE BOARD >3< LAGHTHOUSE SS =
Slide 16: Changes to the Board
CHANGES TO THE BOARD Chief Financial Officer › Kobus van Biljon to step down effective 1 June 2026 › Succeeded by Dawie Swarts Chief Operating Officer › Eddie Mc Donald to retire effective 1 July 2026 › Succeeded by Laurian Mc Gonigal 1. Excluding transaction cost LIGHTHOUSE PROPERTIES p.l.c. 16
Slide 17: Financial Results
RESULTS >3< LEGHTHOUSE PROPERTIES plc
Slide 18: Key Indicators
KEY INDICATORS 2025 2024 Shares in issue 2 089 010 218 2 023 353 689 Distribution per share (EUR cents) 2.7600 2.5671 Pay-out ratio (%) 100.0 100.0 Net asset value per share (EUR cents) 44.88 42.70 Price per share (JSE-ZAR) 8.45 8.03 Loan-to-value ratio (%) 35.5 25.0 LIGHTHOUSE PROPERTIES p.l.c. 18
Slide 19: Borrowings
BORROWINGS Pro rata balance Borrowings Interest rate Maturity date EUR Natixis Consortium¹ 3-month Euribor plus 3.00% 7 March 2027 65 551 743 Santander Consortium 3-month Euribor plus 1.95% 12 June 2028 46 389 445 Santander Consortium 6-month Euribor plus 2.50% 28 January 2029 66 253 935 ING Consort
Slide 20: Borrowings - Maturity
BORROWINGS - MATURITY Debt maturity profile (EUR) 300,000,000 250,000,000 200,000,000 42.0% 150,000,000 100,000,000 24.6% 50,000,000 14.1% 11.3% 8.0% 0 2026 2027 2028 2029 2030 2031 2032 Hedge profiles substantially match related debt profiles¹ Lighthouse policy is to hedge all interest rate ris
Slide 21: EPRA
EPRA Lighthouse invests exclusively in Western European malls The Lighthouse Board adopted EPRA Best Practice Recommendations effective from 1 January 2025 Lighthouse considers key EPRA metrics as: NTA, LTV and Vacancy EPRA adoption has no impact on calculation of distributable earnings EPRA
Slide 22: Direct Portfolio
DIRECT PORTFOLIO >B< LAGHTHOUSE PROPERTIES pll.c. ———
Slide 23: Performance Metrics
PERFORMANCE METRICS Lease expiry profile by monthly rental (EUR) Portfolio vacancy: 1.3% December 2026 › Spain: 0.3% › Portugal: 0.1% December 2027 › France: 5.1% December 2028 Collection rate: 98.7% Portfolio average OCR (LTM): 10.6% December 2029 WAULT: 7.3 years December 2030 2025 Index
Slide 24: Tenants by Income – 2025
TENANTS BY INCOME – 2025 By monthly rental % Inditex Group 30.7% of rental income 0% 2% 4% 6% 8% 10% 12% % of monthly contractual revenue 1 LIGHTHOUSE PROPERTIES p.l.c. 24 DIRECT PORTFOLIO RESULTS PRESENTATION 5 MARCH 2026
Slide 25: Performance Metrics
PERFORMANCE METRICS Apportioned net rental Fashion Food and beverages Personal care Leasing activity: Sport Leisure Jewellery and accessories › 165 lease agreements Electronics Grocery Shoes and bags Services › 71 renewals Toys and hobbies Household and furniture Food specialist › 94 lease agreeme
Slide 26: Leasing
05 LEASING
Slide 27: Leasing
LEASING Extensions and refurbishments • Espai Gironés • Forum Coimbra • Forum Coimbra • Forum Coimbra • Alcalá Magna • Alcalá Magna • Docks Vauban • Forum Coimbra • Rivetoile • Torrecárdenas • Forum Coimbra • H2O • Salera • Forum Coimbra • Salera • Forum Coimbra • H2O • Alcalá Magna • Espacio • Sale
Slide 28: Projects
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Slide 29: H2O Refurbishment
H2O REFURBISHMENT https://youtu.be/5_VU9P4xY_E?feature=shared LIGHTHOUSE PROPERTIES p.l.c. 29 PROJECTS RESULTS PRESENTATION 5 MARCH 2026
Slide 30: Projects
LIGHTHOUSE PROPERTIES p.l.c. 30 PROJECTS RESULTS PRESENTATION 5 MARCH 2026
Slide 31: Projects
PROJECTS LIGHTHOUSE PROPERTIES p.l.c. 31 PROJECTS RESULTS PRESENTATION 5 MARCH 2026
Slide 32: Projects: Salera – East Plaza re-tenanting
PROJECTS Salera – East Plaza re-tenanting Brands involved: › Bershka: Increase from 700m² to 1 200m² › Stradivarius: Increase from 370m² to 800m² Project status: › Bershka and Stradivarius opened in February 2026 › Cortefiel, Scalpers, Rossellimac: lease agreements signed LIGHTHOUSE PROPERTIES p
Slide 33: Projects: Alcalá Magna – ZARA extension
PROJECTS Alcalá Magna – ZARA extension Previous ZARA surface: 1 870m² New ZARA surface: 2 400m² Project cost: included in the acquisition price Project status: completed New concepts in Alcala Magna in 2025: Stadivarius, Bershka, Starbucks, KFC, Ginos LIGHTHOUSE PROPERTIES p.l.c. 33 PROJEC
Slide 34: Outlook
OUTLOOK p< LAGHTHOUSE PROPERTIES plc. . =
Slide 35: Outlook
OUTLOOK Remain disciplined in investment approach Acquisitions anticipated to moderate going forward Iberian economic performance remains strong Full year benefit from recent acquisitions to benefit 2026 Benefit of value-enhancing investing to be realised in 2026 and beyond Guidance of a
Slide 36: Questions
QUESTIONS >3< LAGHTHOUSE PROPERTIES pll.c