Slide 1: FREY achieves another record year
FREY FREY ACHIEVES ANOTHER RECORD YEAR 2023 Annual Results 1 Presentation of 28 February 2024
Slide 2: Disclaimer
FREY Disclaimer This presentation has been prepared solely for information purposes, to accompany the information disclosed by FREY to the public elsewhere, to which readers should refer. It does not constitute and should not be construed as an At its meeting of 28 February 2024, invitation, a recom
Slide 3: Contents
FREY 01 02. 03. 04. 05. 06. onte Introduction 2023 Key events Operational performance Financial results Execution of ESG strategy Outlook
Slide 4: 01. Introduction
FREY 01. Introduction 4
Slide 5: FREY: Track-record of Growth and Innovation
FREY FREY: Track-record of 1 Growth and Innovation Towards European leadership in open-air retail FREY acquires 2 major assets: Polygone Riviera in France and Matarnia Park FREY rolls out its pan- Handlowy in Poland FREY becomes a ‘’Société à Mission’’ European strategy with the acquisition of and o
Slide 6: 2023: a year full of structuring events
FREY 2023: a year full of in structuring events Acquisition of the largest open-air shopping centre in France: Polygone Riviera Development of pan-European platform with the opening of a 4th country: Poland Opening of the largest gastronomic and cultural hall in Europe in St Ouen Launch of the 1
Slide 7: 2023: Good dynamic of indicators
2023: Good dynamic FREY of indicators ECONOMIC PORTFOLIO OCCUPANCY RATE €2.1bn 97.7% +21.9% -30bps ANNUALISED RENTS UPLIFT ON RELETTINGS €133.8m +6.3% AND RENEWALS +33.7% PROFIT FROM EPRA NTA NAV €32.6 RECURRING OPERATIONS €84.2m -1.5% / +1.5% /share +34.1% Excl. impact of the Capital Increase 7 Cha
Slide 8: 02. 2023 Key events
FREY 02. 2023 Key events 8
Slide 9: Acquisition of Polygone Riviera
FREY Acquisition of BREEAM in Use certified “Outstanding” Polygone Riviera % The largest open-air shopping centre in France 765,000 95% €22m Inhabitants less than 15 Occupancy rate Annual rental income m² 77,100 m² GLA (1) min away 1 hour 55 Average visit time €272.3m x2 times national average Inves
Slide 10: Opening of a fourth country: Poland
FREY Opening of a fourth country: % Poland 600,000 99% €8m Matarnia Park Handlowy in Inhabitants less than 20 Occupancy rate Annual rental income min away Gdańsk FREY will be able to transform this high-potential asset to bring it up to the standards of its Shopping Promenade® concept and so harness
Slide 11: 1st FREY URBAN Shopping Promenade
FREY 1st FREY URBAN Shopping The largest Promenade gastronomic and cultural hall in Europe Located in St-Ouen, in the new “Docks” eco- neighbourhood, which will eventually be home to 161 000 15,000 inhabitants and 30,000 employees, this new Visitors since opening (18 Jan. 2024) retail complex compos
Slide 12: 1st city entrance transformation project: Montigny-lès-Cormeilles
FREY 1st city entrance transformation project: Montigny-lès-Cormeilles Safeguarding existing economic momentum Meeting the need for local and regional development Integrating more diverse functions Mixed operation: promotion and portfolio project Stepping up the ecological transition of the urban co
Slide 13: Strengthening of capital €97.1m
FREY Strengthening of Shareholding structure at 31/12/2023 capital 26,5% Firmament Participations (Groupe Antoine Frey) 7,4% €97.1m SCI Primonial Capimmo 19,5% PREDICA Capital increase 11,6% Public FREY €25/share 10,1% AG REAL ESTATE 12,3% Issue price 12,6% SOGECAP An accretive transaction enabling
Slide 14: 03. Operational performance
FREY 03. Operational performance 14
Slide 15: Pan-European platform with solid fundamentals
FREY Pan-European platform €2.1bn with solid fundamentals Value of economic portfolio €133.8m Gross annualised rents 97.7% Occupancy rate (1) 6.4% 11 Environmental certifications Cap rate (2) 31% 6 International share (3) 2 (1) At 31 December 2023, the vacancy rate calculated in accordance with the
Slide 16: Business model once again shows its resilience
FREY Business model once again shows its resilience LFL Footfall (1) LFL Tenant sales (2) LFL Occupancy rate (3) vs 2019 vs 2019 96,7% 97,7% 97,6% 98,0% 98,0% 97,7% 8,7% 12,2% 10,4% 3,1% 1,4% 1,5% 5,0% 5,4% -1,4% 1,2% Average Average closure 2.3 closure 1.9 months months 2018 2019 2020 2021 2022 202
Slide 17: Extremely dynamic rental activity
FREY Extremely dynamic rental activity 170 leases signed in 2023 under Assets & Development €16.7m in rental income (1) €14.1m Group share +6.3% average uplift (2) Calculated on economic rents net of lessor contributions (1) New leases, remarketings and renewals. (2) Remarketing and renewal. 17 Pres
Slide 18: Excellent diversification of brands
FREY Excellent diversification of brands Breakdown of rental income by sector Services Bazaar, Discount Leasing speciality 2% Leisure 5% 2% 4% 6% 18% Personal Beauty, Health equipment 6% 29% Share of Top 10 Share the 1st tenants group Sports FREY confirms the robust Financial profile €133.8m 6% dive
Slide 19: Very limited impact of brands in insolvency proceedings at FREY
FREY Very limited impact of brands in insolvency proceedings at FREY 62 brands 4,000 shops €0,4m Actual risk amount (*) for FREY 0,3% in annualised rents Group share (*) risk = excluding franchisees, continuation plan approved by the Commercial Court, acquisitions and sites sold 19 Presentation of 2
Slide 20: Continuous value creation at FREY
FREY Continuous value creation at FREY Repositioning of acquired Restructuring of city entrances Extension of assets in the portfolio 1st generation assets FREY owns 270 hectares of already developed and partially built land (25%), representing a portfolio of value-creation projects in the coming ye
Slide 21: Focus Algarve Shopping & Algarve Retail Park repositioning and extension
FREY Focus AlgarveShopping & Algarve Retail Park Repositioning and extension Albufeira % m² 59,000m² GLA 8 million 100% of visitors in 2023 Occupancy rate €12m €16m 120 bps +12% since acquisition Capex Margin achieved NOI Repositioning Extension of an 1st generation asset In Use of a retail Park Ver
Slide 22: 04. Financial results
FREY 04. Financial results 22
Slide 23: Growth of the portfolio and annualised rents
FREY Growth of the portfolio and annualised rents Economic portfolio value (1) (€bn) Gross annualised rents (2) (€m) 2,1 133,8 LFL: -0.8% LFL: +4.4% including +4.1% indexation 1,7 100,1 1,4 1,2 +21.9% 80,6 +33.7% 1,1 59,1 54,2 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 (1) Value of economic a
Slide 24: Strengthening and acceleration of recurring profitability
FREY Strengthening and acceleration of recurring profitability Gross rental income (€m) Profit from recurring operations (€m) 113,5 84,2 +34.1% 91,5 62,8 72,9 53 +24.0% 59,5 42,4 43,6 29 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 24 Presentation of 28 February 2024 FREY
Slide 25: Very good access to the debt market
FREY Very good access to the debt market €997.4m Gross bank debt 1% First Green Loan €375m 13% of €120.0m Financing raised 100% Corporate financing under €378.0m ESG criteria 86% Strengthened liquidity by systematically implementing ESG commitments Corporate Hypothécaire CBI Cash €73.0m in cash and
Slide 26: Solid financial structure
FREY Solid • Cost of debt (3) financial structure 2.37% 41.0% LTV ratio incl. transfer tax • Average debt period 60.0% bank covenant 4.0 years 6.3% Secured Debt Ratio • Optimisation of the coverage 20.0% bank covenant rate Comfortable leverage in today’s • Increased to 98% on average economic enviro
Slide 27: Resilient NAV despite the dilutive impact of fundraising
FREY Resilient NAV despite the dilutive impact of fundraising Change in NTA NAV (€m) Change in NTA NAV/share (€) 1 033,8 (*) €33.1 -€1.0 -€1.5 926,2 934,7 +€2.0 €32.6 798,9 784,7 +10,6% Capital increase Dividend Operation -1.5% 2019 2020 2021 2022 2023 31.12.2022 31.12.2023 (1) EPRA Net Tangible Ass
Slide 28: Recurring dividend growth
FREY Recurring dividend growth Change in proposed €/share dividend (1) 1,8 1,7 1,6 1,5 1,5 +5.9% 100% in cash 2019 2020 2021 2022 2023 (1) As proposed to the General Meeting to be held on 15 May 2024. 28 Presentation of 28 February 2024 FREY
Slide 29: 05. Execution of ESG strategy
FREY 05. Execution of ESG strategy 29
Slide 30: FREY 1st Mission-Led Property company: 3rd year in execution
FREY FREY 1st Mission-Led Property company: 3rd year in execution Achievement of the 2023 targets OUR AIM : restoring retail as a service for the common good Quitus of the Mission Committee 2nd Audit by the Independent Third Party KPMG 100% involved employees 30 Presentation of 28 February 2024 FREY
Slide 31: Decarbonisation
FREY Decarbonisation B Corp certified Mission Company, FREY remains at the forefront of innovation and exemplarity FoREY: Forest acquisition in France and responsible, sustainable forest management: 1,845 ha in 8 forests 53% of 2030 target CO2 Developing low-carbon projects Reducing the ca
Slide 32: Renewable solar energy production
FREY Renewable solar energy production Objective: installation of solar panels on (1) • 50% of the existing portfolio by 2026 • 100% of the portfolio by 2028 Operational component completed: 4,300 PV modules installed on 17,300 m² of roofs, producing 1,800 kWc In 2024, FREY is continuing to impl
Slide 33: 06. Outlook
FREY 06. Outlook 33
Slide 34: Execution of the strategic plan
FREY Execution of the strategic plan Asset Management Implementation Opportunistic acquisitions Partnership with of existing sites of the secure pipeline in Europe the Caisse des Dépôts Group Densification and Acquisitions of prime diversification of existing 3 Major projects open-air retail ass
Slide 35: Appendices
FREY Appendices 35
Slide 36: Attractive investment profile
FREY ECONOMIC ASSETS Attractive investment profile €2.1bn Value of economic portfolio Leading real estate company in the French and European open-air shopping centre market, with €133.8m a portfolio concentrated on large, high-performance assets of high environmental quality Gross annualised rents
Slide 37: Thank you.
FREY Thank you. 37