Eurocommercial Properties Nv · EURONEXT:ECMPA
Eurocommercial Properties Nv — FY2025 Earnings Presentation
46 slides from Eurocommercial Properties Nv's earnings presentation, Mar 6, 2026
Slide 1: Full Year Results 2025
Full Year Results 2025 6 March 2026
Slide 2: Agenda
Acquisition of Avion Shopping Evert Jan van Garderen CEO Results review Evert Jan van Garderen CEO Financial review and closing Agenda remarks Roberto Fraticelli CFO Q&A Evert Jan van Garderen CEO 2
Slide 3: Acquisition of Avion Shopping
Acquisition of Avion Shopping Evert Jan van Garderen 3
Slide 4: Avion Shopping: 45,000 sqm, €110 million
45,000sqm Dominant regional shopping centre €110million Avion Total investment 80 Shopping Shops and restaurants Expanding our IKEA Nordic portfolio Direct internal access 7 Newly built large retail boxes 4
Slide 5: Strong fundamentals
Strong fundamentals 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 IKEA-anchored destination Attract
Slide 6: Dominant regional retail destination
Dominant regional retail destination 33,776 sqm Gallery 11,865 sqm Retail boxes 2,600 Parking spaces 6
Slide 7: Attractive tenant mix for the catchment
Attractive tenant mix for the catchment Dominant retail destination in an undersupplied market Tenant mix at Avion Shopping Services Electronic 2% 2% Books & Toys 1% Fitness 2% Avion Shopping Centre is Gift & Jewellery Fashion anchored by Willys, H&M, Clas 3% 31% Ohlson and Stadium, and Food & Bever
Slide 8: Asset rotation in action
Asset rotation in action 2025: Acquisition of Avion Shopping & disposal of EKO megastore July 2025 March 2026 Active portfolio management Upgrading asset quality • Disposal of non-core, single-tenant retail asset • 45,000 sqm dominant regional shopping centre • Capital released at an attractive poin
Slide 9: Sweden becomes second largest market
Sweden becomes second largest market .8 8.Avion Shopping, Umeå 9
Slide 10: Invest in resilient geographies
Invest in resilient geographies Improving consumption, stable labour markets and structural retail demand We operate exclusively in established, resilient European economies with improving consumer fundamentals and transparent property markets. Since 2023, online penetration has stabilised, confirmi
Slide 11: Dominant retail destinations in resilient catchments
Dominant retail destinations in resilient catchments 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 international
Slide 12: Results review
Results review Evert Jan van Garderen 12
Slide 13: 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% 13
Slide 14: Footfall trends
Footfall trends Footfall uplift in flagship centres Footfall uplift in across portfolio 10.0% 10.0% 7.6% 4.1% 3.7% 2.9% 2.7% 0.9% Belgium France Italy Sweden Woluwe Passage du Carosello Fiordaliso Shopping Havre +6.2% +2.8% Average footfall increase in our flagship centres Across the total portfolio
Slide 15: Positive retail sales growth across all markets
Positive retail sales growth across all markets Retail sales comparison 12M 2025 vs 2024 by country and by sector Retail sales growth by country Retail sales growth by sector 8.0% 7.1% Hyper/supermarkets 10.7% 7.0% Telecom & Electrical 2.4% 6.0% Home Goods -2.7% 5.0% Sport -1.8% 3.9% 4.0% Services 4
Slide 16: The positive trend continues in the new year
The positive trend continues in the new year Retail sales comparison January 2026 vs January 2025 by country Retail sales growth by country 9.50% 6.50% 5.20% 3.80% 3.50% Total Belgium France Italy Sweden total 16
Slide 17: Like-for-like rental growth
Like-for-like rental growth Rental momentum translating into income growth Rental growth above indexation 2025 Rental growth across Country countries 31 Dec 2024 9.7% Belgium 3.9% 1.80% France 1.8% 4.7% Italy 4.7% 0.90% 3.5% 3.4% 7.90% 0.10% 1.57% Sweden 1.9% 3.80% 3.40% 1.83% Overall 3.4% 2022 2023
Slide 18: Occupancy cost ratio (OCR)
Occupancy cost ratio (OCR) Low OCRs support sustainable rental income and low vacancy Country FY 2024 H1 2025 FY 2025 Belgium 14.2% 14.4% 13.6% France 10.4% 10.8% 10.4% Italy 9.8% 10,0% 9.2% Sweden 8.2% 8.2% 7.6% Overall 9.8% 10.1% 9.4% The total occupancy cost ratio is defined as rent plus marketin
Slide 19: EPRA Vacancy
EPRA Vacancy EPRA Vacancy rate remains low at 1.0%, ranging between 0.2% and 2.4% Country 31 Dec 2024 30 June 2025 31 Dec 2025 Belgium 0.2% 0.7% 1.1% France 1.8% 1.5% 1.3% Italy 0.3% 0.1% 0.2% Sweden 3.9% 3.2% 2.4% Overall 1.4% 1.2% 1.0% Long-term EPRA Vacancy Average = 1.5% 1.8% 1.8% 1.8% 1.8% 1.6%
Slide 20: Strong leasing momentum driving relettings
Strong leasing momentum driving relettings Partnering with leading international brands reinforces our centres’ dominance 4.8% 8.8% Average rental uplift Rental uplift achieved on 101 relettings Average rental uplift % of leases Number of renewals Country on renewals and renewed and relettings relet
Slide 21: Attractive and balanced tenant mix to address consumer needs
Attractive and balanced tenant mix to address consumer needs Strong focus on upgrading the centres’ retail mix Deals signed by sector (as % of total deals) including the latest concept stores and attracting new high-potential brands 25.0% 21.5% 20.9% 20.0% New anchor openings Redesigned full formats
Slide 22: Merchandising mix
Merchandising mix By GLA (including ECP non-owned hypermarket) Our merchandising mix reflects: 31.1% • Anchored by hypermarkets driving 25.2% recurring traffic • Strong fashion core complemented by services and F&B 6.7% 4.1% 4.5% 5.2% 6.0% 6.0% • Diversified exposure limiting sector 2.9% 1.1% 1.3% 1
Slide 23: Fastest growing retail sectors in our malls in 2025
Fastest growing retail sectors in our malls in 2025 Fashion & Shoes Health & Beauty Sports & Lifestyle 51% 32% 20% GLA increase in 2025 (% by sector) as a result of renewals and relettings 23
Slide 24: Strategic brand partnerships strengthening our centres
With three additional stores planned, Primark is expanding its footprint across our portfolio, reinforcing its role as a key fashion anchor and powerful traffic driver. Strategic brand Present in 23 of our shopping centres, partnerships Rituals plays a key role in our health and beauty category, sup
Slide 25: 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 25
Slide 26: Remerchandising delivered tangible value creation
Woluwe +10% +7% +5.8% Footfall Turnover Renewals & relettings 99% +4% +8% Remerchandising Occupancy Rental growth Renewals delivered tangible value Carosello creation +4% +12% +10.2% Footfall Turnover Renewals & relettings 100% +8% +22% Occupancy Rental growth Renewals 26
Slide 27: Remerchandising I Gigli, Florence
Remerchandising I Gigli, Florence 3A 5 New entry 1 Scarpe&Scarpe from • Closure of the second Zara to the ex-Panorama hyper the Retail Park to the area of the hypermarket reduction (opened 19/9/25) ex-Zara reduction (January ‘26) (opened 26/2/26) • Opening of Lefties before Oct ‘26 New entry 4,186sq
Slide 28: Remerchandising I Gigli, Florence
Remerchandising I Gigli, Florence The ongoing re-merchandising programme at I Gigli is further strengthening the centre’s leadership in Tuscany by enhancing the tenant mix and elevating the overall customer journey. Key Highlights: • Reinforcing I Gigli’s dominant regional position • Upgrading the r
Slide 29: ESG Embedded in strategy and long-term value creation
ESG Embedded in strategy and 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) -1
Slide 30: ESG Future-proof assets & green financing
ESG Future-proof assets & green financing Future-proof assets 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 station within the Portfolio; expansion ongoing across markets 100% of our portfolio is BREEAM certified (Very good or
Slide 31: ESG Social impact & external recognition
ESG Social impact & external recognition Community & tenant engagement 8.0 customer satisfaction Position shopping centres as active community hubs with positive social and environmental impact Recognised ESG leadership 31
Slide 32: Financial Review
Financial Review Roberto Fraticelli 32
Slide 33: 2025: Financial highlights
2025: Financial highlights Property investments Net LTV ratio EPRA NTA per share (+3.8%) (improved by 1.5%) (+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 33
Slide 34: Valuations growth across all markets
Valuations growth across all markets EPRA yields 2025 Net value 31 Valuation Valuation 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 35: Key metrics
Key metrics Net debt stable at Key financial metrics €1.6 billion 2025 2024 Average cost of debt 3.2% 3.2% Interest rate hedging level Interest coverage ratio 3.7x 3.5x 87% Net Debt/EBITDA 8.2x 8.5x EPRA LTV 42.3% 42.8% Direct investment result per share Average loan maturity Almost 5 years Over 3 y
Slide 36: Refinancings completed in 2025
January 2025 SEK550m (€50m) five-year loan with Postbank – a branch of Deutsche Bank - on shopping centre Valbo June 2025 SEK2.4bn (€220m) green portfolio refinancing with Nordea bank, extending maturity from 2027 to 2030 July 2025 €200m five-year green and sustainability-linked refinancing (ING, BN
Slide 37: 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) Almost 5 years 4.4 years 3.2% Non-current borrowings maturity and amortisation schedule (€m) including loan renewals 700 8 Amortization 600 End balloon 50
Slide 38: Sources and use of funds for 2025
Sources and use of funds for 2025 (in millions of euros) Use of funds in 2025 38
Slide 39: Net LTV ratio and hedging ratio
Net LTV ratio and hedging ratio Net LTV ratio past 5 years Hedging ratio Target Hedging ratio net debt 87% 42.5% 42.3% 80% 80% 79% 78% 77% 77% 41.3% 69% 40.4% 39.8% 2021 2022 2023 2024 2025 Dec/25 Jun/26 Dec/26 Jun/27 Dec/27 Jun/28 Dec/28 The Avion acquisition will be fully funded with already avail
Slide 40: EPRA NTA per share bridge
EPRA NTA per share bridge 0.66 2.44 (0.18) (0.14) 0.41 42.81 (1.80) (0.04) 41.79 (0.33) 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 & Shares Issued Movements 31/12/2025 40
Slide 41: Direct Investment Result (DIR) 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 42: 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 42
Slide 43: 2026 guidance
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 4343
Slide 44: Financial calendar
Financial calendar 17 April 2026 Publication of Annual Report 7 May 2026 First Quarter 2026 results (after closing of Euronext) 2 June 2026 Annual General Meeting 27 August 2026 H1 2026 results (after closing of Euronext) 29 October 2026 Third Quarter 2026 results (after closing of Euronext) 44
Slide 45: 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 46: Head Office and Group Offices
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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