Big Shopping Centers Ltd. · TASE:BIG
Big Shopping Centers — Q4 2025 Earnings Presentation
35 slides from Big Shopping Centers's earnings presentation, March 2026
Slide 1: Capital Market Presentation Q4 2025
Capital Market MARCH 2026 Presentation Q4 2025 תמונה שמכילה אומנות קליפיפם ,צללית ,סמל ,יצירתיות .תוכן שנוצר על-ידי בינה מלאכותית עשוי להיות שגוי
Slide 2: BIG Shopping Centers – Annual Letter to Investors
BIG Shopping Centers – Annual Letter to Investors 3 To the shareholders of Big Shopping Centers, our business partners, we are hereby pleased to present you in this Annual Lette r to Investors the highlights of Big ’s activities, strategy and plans (as we, the Company ’s leaders, envision them). Set
Slide 3: What's Next – Strategy
What ’s Next – Strategy In 2025, our strategic process that has been implemented over the past several years reached We are focused on continued growth while maintaining operational and management capabilities maturity. We know exactly what we aim to accomplish and on what to focus . Both Big and AF
Slide 4: Big Poland and The Financial Position
Big Poland The Financial Position An additional item worthy of reference is our activities in Poland, where we have been active for We wish to stress that we are always prepared at the financial level for a crisis situation, with almost four years and in this relatively short time our activities hav
Slide 5: Disclaimer
Disclaimer This presentation includes information that is based on information published in the financial statements of Big Shopping Centers Ltd . (“The Company ”), which were published in accordance with the Securities Law, 1968 and the regulations promulgated thereunder (“The Securities Law ”), as
Slide 6: Strategy
Strategy Long - term holding of properties Focusing on improvement and increasing cash flows through effective management of the properties Concentration on 3 main segments Residential for rent Offices Commercial (mainly outside of Israel) projects office buildings in significant cities and resident
Slide 7: Financial Data
1 FINANCIAL DATA 7 CAPITAL MARKET PRESENTATION
Slide 8: Breakdown of Real Estate value
Breakdown of Real Estate value BIG Group (Company share in %) Value by Value by Country Sector 50% 19% 58% Israel Serbia & Montenegro Commercial 1% 5% 10% 15% 9% 33% USA Chez Poland Romania Residential Offices & Republic for Rent Parking 8 CAPITAL MARKET PRESENTATION
Slide 9: Shareholders' Equity Growth
Shareholders ’ Equity Growth in NIS millions 2,494 2,959 3,236 3,437 4,049 3,990 6,645 9,411 10,952 12,022 13,391 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 9 CAPITAL MARKET PRESENTATION
Slide 10: Year-End Yielding GLA
Year -End Yielding GLA in thousands of m 2 | BIG Group Actual Projected end of year 1,155 1,799 2,139 2,080 1,954 2,179 2,481 2,733 2,880 3,105 3,247 3,383 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Residential for rent Offices 10 Commercial CAPITAL MARKET PRESENTATION
Slide 11: Investment Property Fair Value
Investment Property Fair Value In NIS Millions | BIG Group Effective Actual Projected end of year* 8,887 10,564 11,236 14,917 18,530 22,710 27,442 29,738 30,779 32,504 34,363 37,367 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Residential for rent Offices 11 Commercial CAPITAL MARKET
Slide 12: NOI Growth
NOI Growth in NIS millions | BIG Group Effective Actual Projected rate, year - end* 603 703 802 970 1,133 1,396 1,728 1,954 2,122 2,243 2,362 2,558 493 463 6.5% Difference 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 10- 12/2024 10- 12/2025 Residential for rent Offices 12 Commercial C
Slide 13: NOI for Same Properties – BIG Centers
CENTERS NOI for Same Properties Europe Israel NOI in Euro millions NOI in NIS millions 541 515 5% Difference The growth rate of NOI 60.6 56.5 from same properties in BIG Centers in Israel on 7.3% neutralizing the impact of Difference the war is 6.5%. On neutralizing the expansion in Beer Shava and A
Slide 14: AFI NOI for Same Properties
AFI NOI for Same Properties PROPERTIES Europe Israel NOI in Euro millions NOI in NIS millions 206 193 6.7% 158 163 Difference 2.7% Difference 2024 2025 2024 2025 14 CAPITAL MARKET PRESENTATION
Slide 15: AFFO Growth
AFFO Growth in NIS millions | BIG Group Effective Actual Projected rate, year - end* 335 368 323 562 717 770 900 1,015 1,137 1,199 1,264 1,385 263 236 11% Difference 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 10- 12/2024 10- 12/2025 Residential for rent Offices 15 Commercial CAPITAL
Slide 16: Turnover Data – Same Properties
Turnover Data – Same Properties Israel | BIG Centers Europe | BIG Centers Romania | AFI Properties Centers NIS millions Million Euro Million Euro 7,472 7,679 637 696 573 590 2.8% 9.2% 3% Difference Difference Difference 2024 2025 2024 2025 2024 2025 3.1% 1.3% 1.5% OCR (Ex. Meng.) 6.2% 6.6% 7.8% 7.7%
Slide 17: New Contracts 2025 BIG Centers Israel
New Contracts | 2025 BIG Centers | Israel Average rent per m 2 Contracts Average area per Terminated New Total area # contract contracts contracts Change Inc. anchor 342 90,128 264 111 117 5.4% Options tenants exercised Exc. anchor 338 71,710 212 123 130 5.7% tenants New contracts 39 7,192 184 104 1
Slide 18: Growth Engines
2 GROWTH ENGINES 18 CAPITAL MARKET PRESENTATION
Slide 19: Big Fashion Petach Tikva Phase A
Big Fashion Petach Tikva | Phase A* In NIS millions | As of 31 December 2025 Fair Accrued Construction Projected Expected Yield rate value cost cost balance NOI launch date 754 596 1,344 164 2029 8.5% Offices Commercial 40 K 65K 100% m2 m2 76% 58% BIG’s share % Marketing % Marketing % 19 CAPITAL MAR
Slide 20: Big Fashion Ashkelon
Big Fashion Ashkelon In NIS millions | As of 31 December 2025 Fair Accrued Construction Projected Expected Yield rate value cost cost balance NOI launch date 51 28 414 40 2028 9.1% 50% Offices Commercial 10K 37K BIG’s share % m2 m2 20 CAPITAL MARKET PRESENTATION The above Company estimates constitut
Slide 21: Growth Engines Under Development
Growth Engines Under Development | BIG Total lands NIS 947million 31 December 2025 | BIG’s share Petah Glilot Ness Kaniel Additional Tikva Ziona Kfar Saba lands 235 NIS millions 41 NIS millions 238 NIS millions 163 NIS millions 270 NIS millions 100% 47.4% 87% 50% BIG's share BIG's share BIG's share
Slide 22: Europe Activity
3 EUROPE ACTIVITY 22 CAPITAL MARKET PRESENTATION
Slide 23: BIG Europe | Key Data
BIG Europe | Key Data Actual NOI Assets value | in Euro millions in Euro millions | BIG’s 229 239 367 561 679 * 1,054 1,245 share, effective 61.7 86.7 40.5% Difference 1- 12/2024 1- 12/2025 23.1 18.7 23.5% Difference 2019 2020 2021 2022 2023 2024 2025 10- 12/2024 10- 12/2025 Occupancy rate 97% 99% 9
Slide 24: BIG Europe | Growth Engines
BIG Europe | Growth Engines in Euro millions 31 December 2025 Projected NOI Effective Remaining Project Holding GLA | 100% Costs incurred 2026 2027 2028 2029 Total Yeilding rate % construction costs rate Dzierzoniow 95.5% 16,844 10.2 21.1 2.3 - - - 7.2% Konstantynow 66.9% 13,040 4.8 8.9 1.2 - - - 8.
Slide 25: Poland
KOSZALIN Gdańsk SUWAŁKI OLSZTYN OSTRÓDA POLAND GORZÓW PIŁA GNIEZNO Growth engine for the Company ’s WŁOCŁAWEK Warsaw activity in Europe KALISZ LUBNA KONSTANTYNÓW ŁÓDŹ Existing centers LUBIN Projects Under Development BOLESŁAWIEC WROCŁAW DZIERŻONIÓW MYSZKÓW OLKUSZ KRAKÓW TARNÓW ANDRYCHÓW 25 CAPITAL M
Slide 26: Liquidity & Financial Flexibility
Liquidity & 4 Financial Flexibility 26 CAPITAL MARKET PRESENTATION
Slide 27: Liquidity and Financial Flexibility
The Company holds marketable Uncollatera Liquidity The Company has options ( Series 7) with an exercise price of NIS AFI Properties shares lized assets 5.7 and 573, expiring in June 2026. Assuming the options are exercised, the Company is Financial expected to receive cash - flow of 5.6 NIS billion
Slide 28: Debt Repayment Overview | Israel
Debt Repayment Overview | Israel Without AFI Properties in NIS millions 2026 2027 2028 2029 2030 2031 2032 2033 2034 Total Bank Debt in Israel 373 151 271 - - - - - - 795 Public commercial Securities Papers (Serios 5) 250 - - - - - - - - 250 Total unsecured Bond Serios Institutes 623 151 271 - - - -
Slide 29: Thank You
Thank Assaf Nagar Deputy CEO You 073- 2600410 054- 5660147 assaf@bigcenters.co.il 29 CAPITAL MARKET PRESENTATION
Slide 30: Appendices
5Appendices 30 CAPITAL MARKET PRESENTATION
Slide 31: BIG Overview Geographic Sectors
ISRAEL EUROP USA GLA, m 2 (100%) 616,000 616,000 107,000 BIG Overview Average occupancy App, 100% 99% 98% (Exc. AFI Properties) Total value of Investment property 10,296 4,716 398 Geographic Sectors Total value of Assisted living Value of properties under development 344 805 - 77 - - In NIS millions
Slide 32: Consolidated Balance Sheet
Consolidated Balance Sheet |BIG ’s effective share Total effective Total effective Total effective Total effective BIG consolidated consolidated consolidated Israel Israel USA USA Europe Europe (exc. AFI) (inc. AFI) (exc. AFI) (inc. AFI) 31- Dec - 25 31- Dec - 24 31- Dec - 25 31- Dec - 24 31- Dec -
Slide 33: Consolidated Balance Sheet
Consolidated Balance Sheet |BIG ’s effective share Total effective Total effective Total effective Total effective BIG consolidated consolidated consolidated Israel Israel USA USA Europe Europe (exc. AFI) (inc. AFI) (exc. AFI) (inc. AFI) 31- Dec - 25 31- Dec - 24 31- Dec - 25 31- Dec - 24 31- Dec -
Slide 34: Profit and Loss | Cumulative
TOTAL BIG | TOTAL BIG | TOTAL BIG | TOTAL BIG | ISRAEL ISRAEL USA USA EUROPE EUROPE EX. AFI Properties in. AFI Properties EX. AFI Properties in. AFI Properties 01- 12/2025 01- 12/2024 01- 12/2025 01- 12/2024 01- 12/2025 01- 12/2024 01- 12/2025 01- 12/2025 01- 12/2024 01- 12/2024 NIS thousands NIS th
Slide 35: Profit and Loss | Quarterly
TOTAL BIG | TOTAL BIG | TOTAL BIG | TOTAL BIG | ISRAEL ISRAEL USA USA EUROPE EUROPE EX. AFI Properties in. AFI Properties EX. AFI Properties in. AFI Properties 10- 12/2025 01- 12/2024 10- 12/2025 01- 12/2024 10- 12/2025 01- 12/2024 10- 12/2025 10- 12/2025 01- 12/2024 01- 12/2024 NIS thousands NIS th