Eurocommercial Properties Nv · EURONEXT:ECMPA
Eurocommercial Properties Nv — Shareholder Meeting (June 2026)
48 slides from Eurocommercial Properties Nv's shareholder meeting presentation, Jun 2, 2026
Slide 1: Annual General Meeting 2026
Annual General Meeting 2026 2 June 2026
Slide 2: 35 years of long-term value creation
35 years of long-term value creation 25 shopping centres 4 markets €4+ billion portfolio
Slide 3: Company history and acquisitions
1991 Company founded and listed on Amsterdam Stock Exchange First shopping centre acquisition in France 1992 Les Atlantes First shopping centre 1994 acquisition in Italy Curno First shopping centre acquisition in Sweden 2001 Burlöv First shopping centre 2018 acquisition in Belgium Woluwe Shopping To
Slide 4: A proven growth journey over 35 years
A proven growth journey over 35 years Total Return as per IPO 1991 (in €*) Total annual shareholder return 2200 (compounded) since inception: 2100 6.45% 2000 1900 1800 1700 1600 1500 Total annual shareholder return over 1400 1300 2025: 26% 1200 1100 1000 900 800 700 Total annual shareholder return 6
Slide 5: Sweden becomes second largest market
Sweden becomes second largest market .8 8.Avion Shopping, Umeå 5
Slide 6: Avion Shopping acquisition completed April 2026
Acquisition completed in April 2026 45,000sqm Dominant regional shopping centre €108million Total investment 80 Avion Shops and restaurants Shopping IKEA Expanding our Direct internal access Nordic portfolio 6.2% Turnover increase (Q1 2026) 7 Newly built large retail boxes 6
Slide 7: Strong fundamentals in line with our strategy
Strong fundamentals in line with our strategy Location Located in Umeå, one of Sweden’s fastest-growing cities, with a young, expanding population & dynamic economy Strong footfall 50% of the catchment within 30 minutes, including Umeå University (40,000+ students) driving recurring footfall (2025:
Slide 8: Dominant regional retail destination
Dominant regional retail destination 33,776 sqm Gallery 11,865 sqm Retail boxes 2,600 Parking spaces 8
Slide 9: Dominant retail destinations in resilient catchments
Dominant retail destinations in resilient catchments 5 Experiential. Destination-Led. Dominant regional shopping destinations serving catchment areas of over 1 million inhabitants Flagship centres They attract visitors from a wide geographic area and serve as prime locations for leading internationa
Slide 10: Tailored merchandising mixes
Tailored merchandising mixes Our tenant mix is deliberately structured to balance destination-led growth with convenience-driven stability Flagship centres* 46% Hypermarket-anchored centres 54% *I Gigli/Carosello/Fiordaliso/Woluwe Shopping/ Passage du Havre Everyday Everyday Retail, Retail, 26% 26%
Slide 11: 2025: Operational highlights
2025: Operational highlights Rental growth Rental uplift Retail sales +3.4% +4.8% +3.4% Like-for-like Rental uplift on renewals and relettings 297 lease transactions Vacancy OCR Collection rate 1.0% 9.4% 99% 11
Slide 12: Q1 2026: Positive momentum continues
Q1 2026: Positive momentum continues Rental growth Rental uplift Retail sales +2.1% +4.2% +4.9% Like-for-like Rental uplift on renewals and relettings 310 Q1 2026 vs Q1 2025 lease transactions Vacancy OCR Collection rate 1.5% 9.2% 99% 12
Slide 13: Footfall trends
Footfall trends Footfall growth in 2025 Footfall growth in Q1 2026 10.0% 4.0% 4.0% 3.7% 3.1% 1.4% 2.7% 0.9% Belgium France Italy Sweden Belgium France Italy Sweden +2.8% +3.8% Across the total portfolio despite the disruption of on-going Across the total portfolio despite the disruption of on-going
Slide 14: Occupancy cost ratio (OCR)
Occupancy cost ratio (OCR) Low OCRs support sustainable rental income and low vacancy Country H1 2025 FY 2025 Q1 2026 Belgium 14.4% 13.6% 14.2% France 10.8% 10.4% 10.1% Italy 10,0% 9.2% 8.9% Sweden 8.2% 7.6% 7.7% Overall 10.1% 9.4% 9.2% The total occupancy cost ratio is defined as rent plus marketin
Slide 15: EPRA Vacancy
EPRA Vacancy At December 31, 2025 EPRA Vacancy rate remains low at 1.0%, Country 31 Mar 2025 31 Dec 2025 31 Mar 2026 Belgium 0.4% 1.1% 1.8% France 2.3% 1.3% 1.7% Italy 0.4% 0.2% 0.4% Sweden 3.4% 2.4% 3.4% Overall 1.5% 1.0% 1.5% Long-term EPRA Vacancy Average = 1.5% 1.8% 1.8% 1.8% 1.8% 1.7% 1.5% 1.5%
Slide 16: Remerchandising creating value to our portfolio
Remerchandising creating value to our portfolio completed completed Woluwe Shopping Carosello ongoing ongoing ongoing ongoing Collestrada Val Thoiry I Gigli CremonaPo 16
Slide 17: Remerchandising results 2025
Remerchandising results 2025 A core driver of value creation Actively enhancing tenant mix to drive growth in income, footfall and asset value Improve tenant quality • Attract leading international and high-growth brands • Strengthen category mix (e.g. Health & Beauty, F&B) Increase sales & footfall
Slide 18: Remerchandising I Gigli, Florence
Remerchandising I Gigli, Florence • Boxeur Des Rues – upcoming opening (I Gigli gallery) • Roadhouse Grill relocating to Gigli • Closure of the second New entry Leisure Village area of the hypermarket • Three units merged for a new (January ‘26) food anchor (Opening in • Opening of Lefties September
Slide 19: Remerchandising Collestrada, Perugia
Remerchandising Collestrada, Perugia Hypermarket reduction on the right side Primark is scheduled to Media World moves into part of this unit open by the end of 2026 in the former H&M and Tezenis units, alongside the resizing of part of the Bata and MediaWorld units Zara moves to part of the curre
Slide 20: ESG Embedded in strategy & long-term value creation
ESG Embedded in strategy & long-term value creation Clear decarbonisation progress in 2025 -40% in Scope 1 & 2 carbon emissions -23% in Scope 1, 2 & 3 carbon emissions 93% renewable energy in landlord- (vs. 2024) (vs. 2024) controlled areas (2024: 87%) -2% in total energy consumption (vs. 2024) -13%
Slide 21: ESG Achievements & green financing
ESG Achievements & green financing ESG achievements Green financing 83% of assets EPC Label A, B or C Solar production consumed on site up 12% to 6,296 MWh 546 EV charging stations within the portfolio; expansion ongoing across markets 100% of our portfolio is BREEAM certified (Very good or Excellen
Slide 22: ESG Social impact & external recognition
ESG Social impact & external recognition 8.0 customer satisfaction Position shopping centres as active community hubs that create positive social and environmental impact through community engagement, circular economy initiatives, employment and reskilling programmes, health and well-being activitie
Slide 23: Social engagement in action
Social engagement in action “This is Social Art” is an initiative developed in Italy with world-renowned artist Kelsey Montague to make art accessible, emotional, and interactive for everyone The project transforms retail destinations into cultural and social spaces through immersive and highly shar
Slide 24: Rigorous financial discipline
Rigorous financial discipline Long-term view Long-term assets financed with long-term mortgage-based financings granted by strong and long-standing relationship lenders Clear targets Net Loan to Value ratio target set at 40% Net Hedging ratio target set at 80% Dividend target between 65% and 85% of
Slide 25: Source and use of funds for 2025
Source and use of funds for 2025 (in millions of euros) Use of funds in 2025 25
Slide 26: 2025: Financial highlights
2025: Financial highlights Property investments EPRA NTA per share Net LTV ratio (+3.8%) (+2.4%) €4.05 billion 39.8% €42.81 Direct Investment Result Dividend Interest expenses (+3%) (+1.7%) €131.8 €1.83 No increase million All values are based on proportional consolidation 26
Slide 27: Valuations growth across all markets
Valuations growth across all markets EPRA yields 2025 Net value Valuation Valuation 31 Dec 2025 change from change from (€ million) 30 June 2025 31 Dec 2024 NIY Topped up 551 0.4% 1.1% 5.1% 5.3% 836 0.4% 1.3% 5.5% 5.6% 1,818 0.9% 3.0% 6.0% 6.1% 848 0.9% 1.4% 5.7% 5.9% Overall 4,053 0.7% 2.0% 5.7% 5.
Slide 28: Key metrics
Key metrics Key financial metrics Net debt stable at €1.6 billion 12.2025 12.2024 Average cost of 3.2% 3.2% Net interest rate hedging level debt YE 25: 87% Interest coverage 3.7x 3.5x ratio Net Debt/EBITDA 8.2x 8.5x Direct investment result per share YE 25: €2.44 (+ €0.05) Average loan Over 4 years
Slide 29: Refinancings
January 2025 Refinancings SEK550m (€50m) five-year loan with Postbank – a branch of Deutsche Bank - on shopping centre Valbo completed in June 2025 SEK2.4bn (€220m) green portfolio refinancing with Nordea bank, extending maturity from 2025 & 2026 2027 to 2030 and funding four Swedish shopping centre
Slide 30: Long-term borrowings maturity
Long-term borrowings maturity Total net borrowings Average loan maturity Average term of hedges Average overall interest rate €1.6 bn (unchanged) Over 4 years Over 4 years 3.2% Non-current borrowings maturity and amortisation schedule (€m) including loan renewals Lenders’ Share 700 8 Amortization 60
Slide 31: Net LTV ratio and Net hedging ratio
Net LTV ratio and Net hedging ratio Net LTV ratio past 5 years Hedging ratio 42.5% Hedging ratio net debt Target 42.3% 41.3% 80% 40.4% 40.1% 39.8% 2021 2022 2023 2024 2025 2026 Q1 The Avion acquisition is fully funded with already available cash resources and existing credit lines. 31
Slide 32: Financial position
Main highlights Financial Financial position position 2025 vs 2024 (€ million) 12.2025 12.2024 Property investments* €3,837 €3,699 Net borrowings unchanged Net borrowings* €1,517 €1,519 EPRA NTA €2,348 €2,245 Property investments up by 3.7% Financial EPRA Net initial yield 5.7% 5.7% NAV per share up
Slide 33: EPRA NTA per share bridge 2025
EPRA NTA per share bridge 2025 0.66 2.44 (0.18) (0.14) 0.41 42.81 41.79 (1.80) (0.04) (0.36) EPRA NTA Direct Inv. Indirect Inv. Adj. Deferred Adj. FV Dividend Stock Dividend Foreign Exchange Other EPRA NTA 31/12/2024 Result Result Tax Fin. Instr. Distribution Movements 31/12/2025 33
Slide 34: Income Statement
Income statement Main highlights (€ million) 12.2025 12.2024 Rental income* €228.8 €219.7 Net property income increased by €4 million Net property income* €189.1 €185.1 Net interest expenses* €51.9 €52.2 Net interest expense Income Statement unchanged Direct investment result €131.8 €127.9 PER SHARE
Slide 35: Direct Investment Result 12/2025 vs 12/2024
Direct Investment Result (DIR) 12/2025 vs 12/2024 (€/m) 9.6 (0.7) 1.3 131.8 (2.0) 127.9 (2.6) (1.7) Direct Rental Bad Debts Repair and Net Service Company Corporate Direct Investment Income Maintenance Charges expenses Income Investment Result & Other Tax Result 31/12/2024 Property Expenses 31/12/20
Slide 36: What to expect in 2026
What to expect in 2026 Internal factors • The Company is progressing with its internal growth projects, which will bear their fruits progressively in 2026, 2027 and beyond • The Avion Shopping acquisition will be contributing from mid April 2026 and the remerchandising project is expected to be fina
Slide 37: External audit
External audit 37
Slide 38: AGM
AGM Eurocommercial Properties N.V. 2 June 2026
Slide 39: Our audit process
Our audit process 01. Our report 02. Materiality Financial statements Materiality of EUR 25 million • Auditor’s report on consolidated and • 0.61% of total assets company financial statements • Lower materiality for results from net property • Our opinion: unqualified income: EUR 12.5 million. • Man
Slide 40: Audit findings
Audit findings Key audit matter Going concern • Valuation of investment property • No risk of going concern identified Fraud risks and approach • Fraud risk regarding management Internal control observations override of controls • Key observations reported to Supervisory • Fraud risk regarding recog
Slide 41: AGM
AGM Eurocommercial Properties N.V. 2 June 2026
Slide 42: © 2024 KPMG <add entity> a Dutch limited liability company and a member firm
© 2024 KPMG <add entity> a Dutch limited liability company and a member firm of the KPMG global organization of independent member firms affiliated with KPMG 42 International Limited, a private English company limited by guarantee. All rights reserved. Document Classification: KPMG Confidential 42
Slide 43: Growing shareholders’ returns
Growing shareholders’ returns EPS Sustainable dividend and EPS growth 2.44 Steady EPS increase over 2.28 2.32 2.39 the past 5 years 2.18 1.80 1.83 Dividend 1.60 1.70 1.50 Yearly dividend growth FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Dividend EPS 43
Slide 44: 2026 Proposed dividend
2026 Proposed dividend €1.83 per share Total dividend of €1.83 per share to be paid in 2026 subject to the AGM approval, a 1.7% increase compared to €1.80 per share paid in 2025 €0.72 €1.11 Interim dividend of €0.72 per share already paid in January 2026 Dividend 2026 Shareholders representing 19% o
Slide 45: 2026 to range between €2.45 and €2.50 per share
2026 guidance Assuming no major deterioration in the macro- economic and geopolitical environment for the remaining of the year, we expect the direct investment result for 2026 to range between €2.45 and €2.50 per share 4545
Slide 46: Financial calendar
Financial calendar 4 June 2026 Ex-dividend date 2 July 2026 Final dividend payment date and take-up of stock dividend 27 August 2026 H1 2026 results (after closing of Euronext) 29 October 2026 Q3 2026 results (after closing of Euronext) 46
Slide 47: Disclaimer/forward-looking statements
Disclaimer/forward-looking statements This presentation has been prepared by Eurocommercial Properties N.V. (the “Company”) solely for informational purposes. It does not constitute, nor should it be construed as, an offer to sell or a solicitation of an offer to buy or subscribe for any securities
Slide 48: Head Office Eurocommercial Properties N.V.
Head Office Group Offices Eurocommercial Properties N.V. Belgium France Italy Sweden De Boelelaan 7 Rue St Lambert 200 107 Rue Saint Lazare Via Della Moscova, 3 Kungsgatan 48 1083 HJ Amsterdam 1200 Bruxelles 75009 Paris 20121 Milano 111 35 Stockholm www.eurocommercialproperties.com investorrelations
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