Slide 1: Investor Presentation Q2/2026
Investor Presentation Q2/2026 30.06.2026 Investor Presentation, June 2026
Slide 2: Disclaimer
DISCLAIMER The information included in this presentation is merely a summary and does not exhaust all of the Slides 13-16 – The Company’s estimates regarding the projected increase in the results of the DC information about the Company and its operations, nor is it a substitute for inspection of the
Slide 3: Azrieli Group / Business Card
Azrieli Group / Business Card Israel’s largest real Traded on the capital ~79% estate company market since 2010 of the value of income-producing investment and under-construction Free float: 33.16% properties (on a consolidated basis) is attributed to real estate in Israel Average occupancy rate in
Slide 4: Property Portfolio
Property Portfolio(1) Malls and retail centers Offices 23 malls and retail centers (2) 387,000 m2 Senior Homes 17 office and other properties – Rental Housing Israel 655,000 m2 8 office properties – overseas 245,000 m2 5 senior homes 145,000 m2 1,415 apartments 3 rental housing properties 34,000 m2
Slide 5: Breakdown of Properties, NIS in millions
Breakdown of Properties, NIS in millions(1) Hotels 2% 28% Real estate in Israel – office and other space 1,056 18,256 Residential 3% 26% sales in Israel Real estate in Israel 2,349 – retail centers and malls 16,920 Rental housing in Israel 3% 2,070 18% Data centers 11, 988 Income- producing real 2%
Slide 6: Q2/2026 Financial Highlights
Q2/2026 Financial Highlights (NIS in millions, compared with Q2/2025) NOI 651 - +4% Q2/2026 FFO(1) (excl. senior homes) 411 (1%) - Financial Highlights FFO(1) 426 - +1% Net income 155 Investments (H1/26) 1,728 Leverage ratio(2) 37% Equity/assets 39% Change Nominal excl. FX Change Effect(3) (1) For t
Slide 7: Operating Segments
Operating Segments 7 Investor Presentation, June 2026
Slide 8: Malls and Retail Centers
Malls and Retail Centers NOI in Q2/2026 261M NIS GLA ~75M ~387,000 sqm (1) annual footfall 9% year-over-year Innovation & Renewal Book value Average occupancy rate Launch of new Approx. brand language Upgrade of malls NIS 16.9B 99%(2) and retail centers Azrieli Gift Card (1) The figures are as of 30
Slide 9: Store Sales and Occupancy Cost Ratio
Store Sales and Occupancy Cost Ratio Total change in store sales in Azrieli malls, including the effect of Operation Roaring Lion and Operation Rising Lion Apr.-June +8.3% Apr.-June 2025 2026 Occupancy Cost Occupancy Cost Ratio Ratio 12.2% 12.3% 11.9% 12.0% 12.0% 11.9% 11.9% 11.5% 11.5% 11.5% 11.3%
Slide 10: Azrieli Malls - Continuing to Lead and Innovate
Azrieli Malls - Continuing to Lead and Innovate Continuing to lead the rankings in Israeli Launch of new brand language for Azrieli malls malls I Wanna The best malls Lots of Sales Azrieli, Tel Aviv Azrieli, Jerusalem in Israel 2026 I Wanna Food & Fun Azrieli Ayalon, Ramat The best mall in Israel Az
Slide 11: Offices
Offices Innovation & NOI in Q2/2026 GLA Renewal NIS 230M 655,000 sqm(1) ~ vs. NIS 240M in Q2/25 (net of one-time compensation Community received in Q2/25, the NOI was up by 4%) Technology Book value Average Betterment and occupancy rate upgrade of towers Approx. NIS 18.3B 96%(2) (1) The figures are
Slide 12: Office Tenants
Office Tenants 12 Investor Presentation, June 2026
Slide 13: Palace Senior Housing Chain
Palace Senior Housing Chain Palace Palace Book value Approx. NIS 4.5B Modi’in Tel Aviv 239 +4 231 +4 Apartments Medical units Apartments Medical units Occupancy rate Palace Palace 99% (2) Lehavim Ra’anana 350 +2 321 +2 NOI in Q2/2026 NIS 29M Apartments Medical units Apartments Medical units 16% year
Slide 14: Global DC Operations – Green Mountain Global
Global DC Operations – Green Mountain Global Operations in 3 NOI for Q2/2026 countries with 7 sites operating and under NIS 103M vs. NIS 115M in Q2/25 construction Net of forex effects, the NOI was up by 3%(2) Hamar Contracted MW Contracted NOI Rjukan Oslo 275 MW (1) <NIS 1B Stavanger (€ 315M) Undhe
Slide 15: Expansion of Global DC Operations - Green Mountain Global
Expansion of Global DC Operations - Green Mountain Global Significant growth since the acquisition of Green Mountain (July 2021) Acquisition - 2021 8/2026 Change Countries of operations 1 3 X3 Number of sites 3 )1)7 X2 MW(2) 24 275 X11.5 Contracted NOI (NIS in millions)(2) 84 >1,000(3) X12 (1) Inclu
Slide 16: Global DC Operations – Contracted MW
Global DC Operations – Contracted MW Norway Rjukan Enebakk Hamar 10 MW 31 MW 90 MW Hamar Rjukan Oslo Undheim Rennesøy Stavanger Undheim 80 MW 16 MW London Germany UK Frankfurt Frankfurt London Total 54 MW 21 MW 27 MW (Company’s share) 275MW 16 Investor Presentation, June 2026
Slide 17: Global DC Operations – Green Mountain Global
Global DC Operations – Green Mountain Global Rennesøy Rjukan Enebakk Hamar A former NATO ammunition Colocation data center located at Hyperscale and wholesale data Built-to-suit project for customer, storage facility converted into a the nexus of hydro electric power center campus located north of O
Slide 18: Hamar Project – OSL2
Hamar Project – OSL2 Expansion Option #2 Building A | 30MW Expansion Option #1 Building B | 30MW Building C | 30MW 18 Investor Presentation, June 2026
Slide 19: Mainz Project – FRA1
Mainz Project – FRA1 Module West 18MW Module Middle 18MW Module East 18MW Rendering 19 Investor Presentation, June 2026
Slide 20: Undheim Project
Undheim Project 20 Investor Presentation, June 2026
Slide 21: Properties Under Construction
Properties Under Construction 21 Investor Presentation, June 2026
Slide 22: Development Pipeline
Development Pipeline Holon Tel Aviv Ramat HaSharon Project 3 Palace Sde Dov Senior Home Jerusalem Glilot Campus Mount Zion Hotel ~250,000 m2 ~42,000 m2 (3) ~34,000 m2 (2) ~43,000 m2 Tel Aviv Herzliya Modi’in Petach Tikva Tel Aviv Expansion of Azrieli mall & Azrieli Town Building E Glil Yam Lot 10 La
Slide 23: Development Projects: Growth Driver
Development Projects: Growth Driver Use Estimated Completion Estimated Construction Cost, Property Name Location GLA (2) Including Land (NIS in millions)(1) Date Modi’in North, Lot 10 Modi’in 37,000 2026 580-590 Short & Medium Glilot Campus Ramat HaSharon 43,000 2027 820-840 Term Development Project
Slide 24: Development Projects: Expected Contribution to NOI and FFO
Development Projects: Expected Contribution* to NOI and FFO (NIS in millions) NOI (NIS in millions) Actual NOI in Q2/2026, annualized 2,604 3,579 Additional NOI from DC segment based on signed contracts** 660 2,604 Additional NOI from development projects(1) 126 37% Additional NOI from lease-up of v
Slide 25: Tel Aviv Central Business District (CBD)
Tel Aviv Central Business District (CBD) Income-Producing 1 Azrieli Center 2 2 Azrieli Sarona 5 1 3 Azrieli Town, Offices 4 Azrieli Town, Rental Housing 4 Under Construction and 3 Planning 5 Expansion of 6 Azrieli Center and Spiral Tower 6 Azrieli Town Building E 25 Investor Presentation, June 2026
Slide 26: Expansion of Azrieli Mall and the Spiral Tower in Tel Aviv
Development Projects / Expansion of Azrieli Mall and the Spiral Tower in Tel Aviv Land area GLA Land cost ~ 8,400 m2 150,000 m2 Approx. NIS 374M Estimated completion Uses Estimated date construction cost, including land (1) 2028 מלון Hotel מסחר Retail משרדים Housing NIS 3.1-3.3B Offices דיור
Slide 27: Expansion of Azrieli Mall and the Spiral Tower in Tel Aviv
Development Projects / Expansion of Azrieli Mall and the Spiral Tower in Tel Aviv 27 Investor Presentation, June 2026
Slide 28: Spiral Tower: 91 floors, 350 meters
Development Projects / Expansion of Azrieli Mall and the Spiral Tower in Tel Aviv 91 floors 350 meters Cutting-edge Flagship project shading system of Azrieli Group The largest project in the Solar panels world to use recycled aluminum The world’s first supertall State-of-the-art, high- efficiency A
Slide 29: Development Projects / Lot 10, Modi'in
Development Projects / Lot 10, Modi’in 8,100m2 ±37,000m2 Clalit Medical Offices and Center (included in the office Retail(1) and retail areas) Connection to the A bustling center with mall and the commercial and retail buildings and movie existing center theaters (1) The Company promoted a plan to a
Slide 30: Development Projects / Glil Yam, Rental Housing
Development Projects / Glil Yam, Rental Housing Estimated cost of ~147 Highway 2 construction, including land Land area ~5,200 m2 NIS 390-410M (1) apartments over two adjacent lots and additional retail space 2 Lots Land price per apartment Uses Estimated completion date Approx. NIS 710K 2028 Highwa
Slide 31: Development Projects / Mount Zion Hotel, Jerusalem
Development Projects / Mount Zion Hotel, Jerusalem In September 2025 A management agreement was signed with Kempinski, one of the world's leading international luxury hotel chains. Planned built-up area based on Acquisition cost approved zoning plan Approx. NIS 275M 34,000m2 (1) 247 rooms Estimated
Slide 32: Development Projects / Sde Dov Senior Home
Development Projects / Sde Dov Senior Home Award of the Sde Dov tender Land area On 19 February 2025, the Company ~4,500 m2 was awarded the ILA’s tender for acquisition of leasehold rights in a lot in Tel Aviv, for construction of a senior home project and retail areas. Einstein Expected cost of pro
Slide 33: ZMH Hammerman Business Card
ZMH Hammerman Business Card 12 19 Projects under development, Projects under construction, sale of which has not yet begun planning and marketing ~3,265 (1) ~747 (1) Apartments in the pipeline Apartments for sale ~3,553 (1) 28 Apartments in the pipeline, with Conditional urban renewal signed contrac
Slide 34: Azrieli ESG / Environment
Azrieli ESG / Environment 11 properties 50% 19 properties 14 properties with an active environmental are LEED O&M-certified for green 5 properties with social recycling centers in Landfill waste reduction target initiative aimed at landfill waste are LEED-certified for green operations, of which: To
Slide 35: Azrieli ESG / Environment
Azrieli ESG / Environment Building climate resilience for Azrieli Group via the TCFD framework and a greenhouse gas emissions reduction plan Objective: Build climate resilience for Azrieli to protect our assets and their value against climate change. • TCFD : A framework for managing financial risks
Slide 36: Azrieli ESG / Society
Azrieli ESG / Society Social responsibility and community impact | Main initiatives Social Recycling Accessibility "Protecting the Hubs T-Share Project Azrieli Garden Sea" Initiative 11 hubs in collaboration with Collection of ~35,000 school Enhancing accessibility Urban agriculture and ECO festival
Slide 37: Azrieli ESG / Corporate Governance
Azrieli ESG / Corporate Governance Information Security & Gender Diversity on the Privacy Board • Compliance with ISOX and ITGC • 5 out of the 10 members of the Board are requirements women (~50%). • Comprehensive information security and • The Board’s chair is a woman. cyber controls • Commitment t
Slide 38: Financials
Financials 38 Investor Presentation, June 2026
Slide 39: NOI compared with previous years and Q2/2025
NOI compared with previous years and Q2/2025 NOI (NIS in millions) +10% 2,527(1) 2,302 30 648 651 19 449 7 9 2,113 230 1,953 15 115 103 154 87 103 4 72 92 133 91 29 60 110 25 19 1,611 1,590 111 22 1,523 10 37 53 1,385 37 139 48 1,238 1,301 149 122 865 905 39 1,214 821 230 29 121 769 240 11 124 26 13
Slide 40: FFO (management method) compared with previous years and Q2/2025
FFO (management method)(2) compared with previous years and Q2/2025 FFO (management method) attributed to the real estate business(1)(2) (NIS in millions) 1,709 1,674 (4) 119 100 425 426 1,481(3) 15 1,378(3) 103 8 1,313 1,318 1,278 85 153 166 165 1,053 1,004 999 910 45 54 9 121 1,590 1,574 1,378 417
Slide 41: Dividend Distribution of NIS 850M for 2025
Dividend Distribution of NIS 850M for 2025 1,200 9.50 (1) 1,000 8.50 1,000 8.25 850 7.50 800 800 700 6.83 6.50 650 6.60 600 600 560 5.50 520 5.77 480 5.36 400 4.95 4.50 400 4.62 320 4.29 300 265 280 3.96 240 240 3.50 200 3.30 2.50 2.64 2.47 2.19 2.31 1.98 1.98 1.50 2010 2011 2012 2013 2014 2015 2016
Slide 42: Leverage Ratio, Duration and Cost of Debt
Leverage Ratio, Duration and Cost of Debt Extension of average duration of debt (2) Financial strength(1) 6.4 6.1 6.1 6.5 • Low leverage ratio – net financial debt to assets: ~37% 6.0 5.5 5.3 5.3 • Equity to assets: ~39% 4.5 4.4 4.1 • Cash and cash equivalents: Approx. NIS 4.5B 3.3 (approx. NIS 6.2B
Slide 43: Payment Schedule (principal only, NIS in millions)
Payment Schedule (principal only, NIS in millions) On a consolidated basis as of 30 June 2026 13,890 122 - 13,768 2,891 2,825 2,466 27 2,498 2,030 1,983 34 - 1,814 (1) 60 94 465 1334 761 1,600 110 - 560 39 11 47 880 18 1,850 1,941 1,726 1,704 1,530 1,191 525 2026 2027 2028 2029 2030 2031 2032 2033 f
Slide 44: Summary of Financial Statement Results
Summary of Financial Statement Results (NIS in millions) Consolidated Consolidated Consolidated Q2 2026 Q2 2025 2025 Revenues from rent, maintenance and management fees 970 949 3,750 NOI 651 648 2,527 Same-property NOI 649 648 - FFO (management method) attributed to the real estate business (1) 426
Slide 45: Summary of Balance Sheet Figures
Summary of Balance Sheet Figures (NIS in millions) Consolidated Consolidated 30.06.2026 31.12.2025 Cash and deposits 4,463 3,827 Gross financial debt 30,397 28,814 Net financial debt (1) 24,189 23,146 Net financial debt to assets 37% 36% Financial assets (mainly Bank Leumi shares) 1,751 1,847 Fair v
Slide 46: Income-Producing Real Estate Business
Average Cap Rate and FFO / Income-Producing Real Estate Business FFO(2) (management method) for Q2/2026 attributed to the real estate business – NIS 426M Weighted average cap rate – 6.83% NIS in millions Q2/2026 Q2/2025 NIS in millions NOI 651 648 Total investment property as of 30 June 2026 52,882
Slide 47: Recap / Leadership, Innovation and Strength
Recap / Leadership, Innovation and Strength Continued growth in key Exceptional financial parameters of the core resilience and strength business The Company’s operations Consistently high are predominantly in Israel occupancy rates Significant growth drivers: • Organic growth • Enterprise and devel
Slide 48: Thank You!
Thank You! 48 Investor Presentation, June 2026