Slide 1: Financial Results Presentation
FINANCIAL RESULTS PRESENTATION for the year ended 31 December 2024
Slide 2: Overview
HTHOUSE >B< L2G PROPERTIES pll.c 01 OVERVIEW
Slide 3: Strategy
STRATEGY Dominant and defensive malls in western Europe Large and mid-sized growing cities with a strong economic underpin Tenant focused targeting key retailers Adaptable approach to the changes in retail environment Strong in-house development and asset management capabilities Conserva
Slide 4: Highlights for 2024
HIGHLIGHTS FOR 2024 Distributable earnings of 2.5671 EUR cents per share › Exceeding guidance of 2.50 EUR cents per share NAV per share increase to 42.70 EUR cents Sales increased by 7.8% compared to the prior year LTV increase from 14.0% to 25.0% (c. 31% post Alcala Magna acquisition) Com
Slide 5: Investment Portfolio Evolution
INVESTMENT PORTFOLIO EVOLUTION FY2023 FY2024 FY2025 – projection Spain, France, Hammerson, 18% France 14% 29% 17% Spain, Spain, 49% 58% Portugal, Portugal, 21% 28% Slovenia, Portugal, 8% 33% France, 24% Acquisition of 3 properties in Spain Acquisition of Alcala Magna (closed March 2025) Acquis
Slide 6: Investment Portfolio
INVESTMENT PORTFOLIO Number Value GLA of assets (EUR m) (’000m²) Vacancy Spain 4 563 208 0.9% Portugal 2 381 79 0.1% France 4 198 148 5.8% LIGHTHOUSE PROPERTIES p.l.c. 6 OVERVIEW RESULTS PRESENTATION 13 MARCH 2025
Slide 7: Iberian Strategy
IBERIAN STRATEGY Forum Espai Alegro Alcala Coimbra Torrecárdenas Salera H2O Gironès Montijo Magna Castellón de la Coimbra Almeria Madrid Girona Lisbon Madrid Plana Zara Primark Grocer anchor Large catchment (>100 000 people) Strong & growing economic underpi
Slide 8: Acquisitions Closed During 2024
ACQUISITIONS CLOSED DURING 2024 Salera H2O Alegro Montijo Espai Gironès Rivas-Vaciamadrid Montijo Salt Castellón de la Plana (Madrid) (Lisbon) (Girona) Acquisition costs EUR 85.5 million EUR 111 million EUR 177.8 million EUR 168.2 million Acquisition yield 7.8% 7.5% 7.5% 7.4% Closing/transfer date 3
Slide 9: Salera
Salera Acquired January 2024 2024 sales growth: 12.2% 2024 footfall growth: 2.9% Vacancy: 0.2% LIGHTHOUSE PROPERTIES p.l.c. 9 RESULTS PRESENTATION 13 MARCH 2025
Slide 10: Salera
Salera LIGHTHOUSE PROPERTIES p.l.c. 10 RESULTS PRESENTATION 13 MARCH 2025
Slide 11: H2O
H2O Acquired April 2024 2024 sales growth: 10.1% 2024 footfall growth: 3.7% Vacancy: 2.6% LIGHTHOUSE PROPERTIES p.l.c. 11 RESULTS PRESENTATION 13 MARCH 2025
Slide 12: H2O
H2O LIGHTHOUSE PROPERTIES p.l.c. 12 RESULTS PRESENTATION 13 MARCH 2025
Slide 13: Alegro Montijo
Alegro Montijo Acquired September 2024 2024 sales growth: 7.3% 2024 footfall growth: 7.6% Vacancy: 0% LIGHTHOUSE PROPERTIES p.l.c. 13 RESULTS PRESENTATION 13 MARCH 2025
Slide 14: Alegro Montijo
Alegro Montijo LIGHTHOUSE PROPERTIES p.l.c. 14 RESULTS PRESENTATION 13 MARCH 2025
Slide 15: Espai Girones
Espai Girones Acquired October 2024 2024 sales growth: 13.8% 2024 footfall growth: 7.2% Vacancy: 0.5% LIGHTHOUSE PROPERTIES p.l.c. 15 RESULTS PRESENTATION 13 MARCH 2025
Slide 16: Espai Girones
Espai Girones LIGHTHOUSE PROPERTIES p.l.c. 16 RESULTS PRESENTATION 13 MARCH 2025
Slide 17: Acquisitions Closed Post FY2024 – Alcala Magna
ACQUISITIONS CLOSED POST FY2024 – ALCALA MAGNA Effective date: 6 March 2025 Acquisition price: EUR 96.3 million (100%) Acquisition yield: 7.6% Footfall: 7 million Vacancy: 0% Acquisition financed by: › EUR 48.0 subrogated loan › EUR 48.3 from existing cash resources (obtained from the di
Slide 18: Alcala Magna
Alcala Magna Acquired March 2025 2024 sales growth: 10.9% 2024 footfall growth:16.8% Vacancy: 0.5% LIGHTHOUSE PROPERTIES p.l.c. 18 RESULTS PRESENTATION 13 MARCH 2025
Slide 19: Alcala Magna
Alcala Magna LIGHTHOUSE PROPERTIES p.l.c. 19 RESULTS PRESENTATION 13 MARCH 2025
Slide 20: Portfolio Performance
PORTFOLIO PERFORMANCE Spain % Portugal % France % Total % Proportionate share of direct property portfolio based on fair value 49.3 33.3 17.4 100.0 Like-for-like growth in net property income 1.3 6.3 14.3 7.4 Growth in sales 11.1 6.0 1.8 7.8 Growth in footfall 5.1 3.8 3.3 4.3 Vacancy 0.9 0.1 5.8 2.0
Slide 21: Financial Results
>B< LAGHTHOUSE PROPERTIES pll.c. ——— 03 FINANCIAL RESULTS
Slide 22: Key Indicators
KEY INDICATORS 2024 2023 Shares in issue 2 023 353 689 1 830 409 794 Distributable earnings per share (EUR cents) 2.5671 1.7618 Distribution per share (EUR cents) 2.5671 2.7000 Pay-out ratio (%) 100.0 153.3 Net asset value per share (EUR cents) 42.70 42.00 Price per share (JSE-ZAR) 8.03 7.35 Loan-to
Slide 23: Borrowings
BORROWINGS Pro rata balance Long term borrowings Interest rate Maturity date EUR Covenant LTV Loan LTV Existing facilities Natixis Consortium1 3-month Euribor +3.00% 7 March 2027 69 614 825 < 45% 34.0% Santander Consortium 6-month Euribor +2.50% 28 January 2029 66 342 496 < 55% 40.0% Aareal Fixed ra
Slide 24: Borrowings - Maturity
BORROWINGS - MATURITY Debt maturity profile (EUR) 250,000,000 200,000,000 150,000,000 100,000,000 50,000,000 0 2025 2026 2027 2028 2029 2030 2031 2032 2033 Existing Debt Transaction Debt Hedge profiles match related debt profiles 1 Lighthouse policy is to hedge all interest rate risk over the me
Slide 25: Property Valuations
PROPERTY VALUATIONS Independent experts valued portfolio at 31 December 2024 Pro rata portfolio value of EUR 1 143 million Valuations gains in Iberia were partially offset by valuation losses in France Capitalisation rate 1 2024 2023 Spain 7.06% 7.00% Portugal 6.72% 6.45% France 7.43% 7.21% LI
Slide 26: Direct Portfolio
>B< LAGHTHOUSE PROPERTIES pll.c. ——— 04 DIRECT ; PORTFOLIOg
Slide 27: Direct Property Portfolio
DIRECT PROPERTY PORTFOLIO % % Retail gross Property name Geographical location Ownership Occupancy lettable area (m²) Fair value (EUR) Spain Torrecardenas Almería, Spain 100 99.8% 61 173 173 160 000 H2O Rivas-Vaciamadrid, Spain 100 97.4% 52 596 125 620 000 Espai Gironès Girona, Spain 100 99.5% 40 34
Slide 28: Tenants by Income – FY2024
TENANTS BY INCOME – FY2024 By monthly rental % Inditex Group 29,7% of rental income 0% 2% 4% 6% 8% 10% 12% 14% % of monthly contractual revenue 1 1. Excludes grocers E’Leclerc (at Saint Sever) and Continente (at Forum Coimbra) as these are separately owned LIGHTHOUSE PROPERTIES p.l.c. 28 DIRECT PORT
Slide 29: Performance Metrics
PERFORMANCE METRICS Lease expiry profile by monthly rental (EUR) Portfolio vacancy: 2% December 2025 10.9% Collection rate: 99% December 2026 5.9% December 2027 6.3% Portfolio average OCR: 10.6% December 2028 10.8% December 2029 10.5% Leasing activity: After December 2029 55.5% 0% 20% 40% 60
Slide 30: Leasing
>B< LAGHTHOUSE PROPERTIES pll.c. 05 LEASING
Slide 31: Leasing
LEASING • H2O • Forum Coimbra • H2O • Rivetoile • Salera • Forum Coimbra • Torrecárdenas • Alegro Montijo (Extension in • Saint Sever • Docks Vauban • Docks 76 • Docks Vauban • Salera • Forum Coimbra 2026) • Saint Sever • Saint Sever (Extension in • Docks Vauban 2026) • Docks Vauban • Forum Coimbra
Slide 32: Positive Impact of Asset Management Initiatives
POSITIVE IMPACT OF ASSET MANAGEMENT INITIATIVES Alegro Montijo H2O Alcala Magna Saint Sever Primark opening: Primark opening: Primark opening: Primark opening: October 2024 September 2024 April 2024 November 2023 Zara new concept: New concepts from Bershka, Bershka opening: September 2
Slide 33: New Openings in 2024
NEW OPENINGS IN 2024 LIGHTHOUSE PROPERTIES p.l.c. 33 LEASING RESULTS PRESENTATION 13 MARCH 2025
Slide 34: New Openings in 2024
NEW OPENINGS IN 2024 LIGHTHOUSE PROPERTIES p.l.c. 34 LEASING RESULTS PRESENTATION 13 MARCH 2025
Slide 35: New Openings in 2024
NEW OPENINGS IN 2024 LIGHTHOUSE PROPERTIES p.l.c. 35 LEASING RESULTS PRESENTATION 13 MARCH 2025
Slide 36: Projects
p< LAGHTHOUSE PROPERTIES pll.c. ——— Ti 05 PROJECTS
Slide 37: Projects
PROJECTS H2O Refurbishment Forum Coimbra Extension Rivetoile extension Project cost: €10 million (*) Project cost: EUR 12 million Project cost: EUR 5.8 million Yield: 7.5% (**) Yield 7.5% Yield 5.5% Project status: Primark extension: 2 782m² to 4 066m² Creating a continuous corrido
Slide 38: Outlook
>B< LAGHTHOUSE PROPERTIES pll.c. ——— 06 OUTLOOK ent
Slide 39: Outlook
OUTLOOK Guidance of 5% growth in DEPS › Impacted by refinancing of Forum Coimbra and disposal of Planet Koper One acquisition finalised (Alcala Magna) and one in exclusivity (anticipated to close 2Q2025) › Sufficient liquidity available to acquire asset Anticipate accretive growth into 2026 fr
Slide 40: Questions
>B< LAGHTHOUSE PROPERTIES p.lc. —— 07 = QUESTIONS