Azrieli Group Ltd. · TASE:AZRG
Azrieli — Q4 2025 Earnings Presentation
48 slides from Azrieli's earnings presentation, Mar 19, 2026
Slide 1: Investor Presentation Q4 and 2025
Investor Presentation Q4 and 2025 31.12.2025 Investor Presentation, December 2025
Slide 2: Disclaimer
DISCLAIMER The information included in this presentation is merely a summary and does not exhaust all of the Slides 12-15– The Company’s estimations regarding the projected increase in the results of the data center information about the Company and its operations, nor is it a substitute for inspect
Slide 3: Azrieli Group / Business Card
Azrieli Group / Business Card Israel’s largest real Traded on the capital ~80% estate company market since 2010 of the value of income-producing investment and under-construction Free float: 31.37% 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) 390,000 m2 Senior Homes Rental Housing 17 office and other properties – 655,000 m2 Israel 8 office properties – overseas 245,000 m2 4 senior homes 115,000 m2 1,141 apartments 3 rental housing properties 34,000 m2
Slide 5: Breakdown of Properties, NIS in millions
Breakdown of Properties, NIS in millions(1) Hotels 1% 29% Real estate in Israel – offices and other space 634 18,281 Residential 3% 27% sales in Israel Real estate in Israel 1,682 – retail centers and malls 16,885 Rental housing in Israel 3% 2,044 18% Data centers 11,246 Income- producing real 2% es
Slide 6: 2025 Financial Highlights
2025 Financial Highlights (NIS in millions, compared with previous year) 2,527 2025 NOI +10% FFO A year of transformation, (excluding senior 1,574 )1%( momentum, and laying housing) the foundations for future growth FFO 1,674 )2%( Net income 1,888 +27% Investments 3,048 Leverage ratio 36% Equity/ass
Slide 7: Operating Segments
Operating Segments Investor Presentation, December 2025 7
Slide 8: Malls and Retail Centers
Malls and Retail Centers NOI in 2025 NIS 949 million GLA 75 million versus NIS 1,009 million in 2024 (net of the effect of the Group’s decision not to collect debt balances in ~390,000 m2(1) Annual footfall respect of management fees in malls in the sum of NIS 70 million, the increase in the NOI is
Slide 9: Store Sales and Occupancy Cost Ratio
Store Sales and Occupancy Cost Ratio Total change in store sales in Azrieli malls, net of the month of June due to operation Rising Lion Jan-Dec Jan.-Dec. Jan-Dec Unchanged 2024 2024 2025 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% 11.2
Slide 10: Offices
Offices Innovation & NOI in 2025 GLA Renewal NIS 905 million 655,000 m2 )1( ~ versus NIS 865 million in 2024. Community Technology Book value Average Betterment and occupancy rate Approx. upgrade of towers NIS 18.3 billion 97% )2( (1) The figures presented are as of 31 December 2025. GLA figures rep
Slide 11: Office Tenants
Office Tenants Investor Presentation, December 2025 11
Slide 12: Global DC Operations – Green Mountain Global
Global DC Operations – Green Mountain Global Operations in 3 NOI for 2025 countries with sites 7 NIS 449 million operating and under Compared with NIS 230 million last year construction Hamar Contracted MW Contracted NOI Rjukan Oslo 257 MW (1) NIS 1.04B Stavanger )€ 278M) Undheim Contracted MW- Cont
Slide 13: Global DC Operations – Contracted MW
Global DC Operations – Contracted MW Norway Rjukan Enebakk Hamar 10 MW 26 MW 90 MW Hamar Rjukan Oslo Undheim Rennesøy Stavanger Undheim 80 MW 17 MW London Germany UK Frankfurt Frankfurt London Total 54 MW 7 MW (Company’s share) 27 MW 257MW Investor Presentation, December 2025 13
Slide 14: Expansion of Global DC Operations
Expansion of Global DC Operations Significant growth since the acquisition of Green Mountain (July 2021) Acquisition - 2021 3/2026 Change Countries of operations 1 3 X3 Number of sites 3 )1(7 X2 )2( MW 24 257 X11 )2( Contracted NOI (NIS in millions) 84 )3(1,040 X12 (1) Including properties under con
Slide 15: 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 16: Hamar Project – OSL2
Hamar Project – OSL2 Building A | 30MW Expansion Option #2 Expansion Option #1 Building B | 30MW Building C | 30MW Investor Presentation, December 2025 16
Slide 17: Mainz Project – FRA1
Mainz Project – FRA1 Module West 18MW Module Middle 18MW Expansion Option 18MW Rendering Investor Presentation, December 2025 17
Slide 18: Undheim Project
Undheim Project Investor Presentation, December 2025 18
Slide 19: Palace Senior Housing Chain
Palace Senior Housing Chain Palace Palace Book value Modi’in Operating Tel Aviv Operating Approx. NIS 4.4 billion 239 +4 231 +4 Apartments Medical units Apartments Medical units Occupancy rate Palace Lehavim Operating Palace Ra’anana Operating 100% )2( 350 +2 321 +2 NOI in 2025 NIS 103 million Apart
Slide 20: Properties Under Construction
Properties Under Construction Investor Presentation, December 2025 20
Slide 21: Development Pipeline
Development Pipeline Holon Tel Aviv Tel Aviv Jerusalem Ramat HaSharon Project 3 Expansion of Azrieli Center and Palace Sde Dov Senior Mount Zion Hotel Glilot Campus Spiral Tower Home ~250,000 m2 ~150,000 m2 )3( ~42,000 m2 )3( ~34,000 m2 )2( ~43,000 m2 Rishon LeZion Herzliya Modi’in Petach Tikva Pala
Slide 22: 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 Palace Rishon LeZion Rishon LeZion 37,300 2026 540-560 Modi’in, Lot 10 Modi’in 37,000 2026 570-580 Short & Medium Glilot Campus Ramat HaSh
Slide 23: Development Projects: Expected Contribution to NOI and FFO
Development Projects: Expected Contribution* to NOI and FFO (NIS in millions) NOI (NIS millions) Actual NOI in Q4/2025, annualized 2,300 3,539 Additional NOI from DC segment based on signed contracts** 614 2,300 Additional NOI from development projects(1) 144 54% From the Group’s decision not to col
Slide 24: Tel Aviv's Central Business District (CBD)
Tel Aviv’s Central Business District (CBD) Income-Producing 1 Azrieli Center 2 2 Azrieli Sarona 5 3 Azrieli Town, 1 Offices 4 Azrieli Town, Rental Housing 4 Under Construction and 3 Under Planning 5 Expansion of 6 Azrieli Center and Spiral Tower 6 Azrieli Town Building E Investor Presentation, Decem
Slide 25: Expansion of Azrieli Center and Spiral Tower in Tel Aviv
Development Projects / Expansion of Azrieli Center and Spiral Tower in Tel Aviv Area GLA Land cost (1) ~ 8,400 m2 150,000 m2 Approx. NIS 374 million Estimated construction Uses Estimated completion cost, including land date NIS 3.0-3.2 2028 billion מלון Hotel מסחר Retail משרדים Offices Housing
Slide 26: Expansion of Azrieli Center and Spiral Tower in Tel Aviv
Development Projects / Expansion of Azrieli Center and Spiral Tower in Tel Aviv Investor Presentation, December 2025 26
Slide 27: Azrieli ESG / Environment
Azrieli ESG / Environment 91 floors 350 meters Advanced Azrieli Group’s shading system flagship project World’s largest project using Solar panels recycled aluminum World’s first supertall Efficient and innovative air conditioning system building whose entire exterior is made of recycled aluminum In
Slide 28: Development Projects / Lot 10, Modi'in
Development Projects / Lot 10, Modi’in 8,100m2 ±37,000m2 Clalit Medical Offices and Center Retail )1( (included in the office 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
Slide 29: Development Projects / Glil Yam – Rental Housing
Development Projects / Glil Yam – Rental Housing ~147 Estimated cost of Highway 2 Land area construction including land apartments ~5,200 m2 NIS 380-400 and additional retail space over two adjacent lots million 2 Lots Land price per apartment Uses Estimated completion date Approx. NIS 710 2028 High
Slide 30: 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 275 34,000m2 (1) million 247 rooms Es
Slide 31: 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 won 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 project inc
Slide 32: ZMH Hammerman Business Card
ZMH Hammerman Business Card 12,428(1) Total inventory of apartments 9 19 Projects under development, Projects under sale of which has not yet begun construction, planning and marketing ~3,352 (1) ~830 Apartments in the pipeline Apartments for sale ~3,553 (1) 28 Apartments in the pipeline, with Condi
Slide 33: Azrieli ESG / Environment
Azrieli ESG / Environment 11 properties 50% 19 properties 14 properties 5 properties with social recycling Landfill waste reduction participate in the are LEED O&M-certified are LEED-certified green centers in partnership target by end-2027 Environment Project aimed buildings (green operations) buil
Slide 34: Azrieli ESG / Environment
Azrieli ESG / Environment Environmental Management and Carbon Emissions Reduction in the Group’s Properties Azrieli Group works to reduce greenhouse gas emissions through a combination of advanced environmental management, improved energy efficiency in its properties and increased use of renewable e
Slide 35: Azrieli ESG / Society
Azrieli ESG / Society Social responsibility and community impact | Main initiatives Social recycling T-Share Just A Second Azrieli Garden Eco-Challenge Holon hubs Givatayim Urban agriculture Collection of approx. Environmental 11 hubs in collaboration with Upcycling initiative: 50,000 school shirts,
Slide 36: Azrieli ESG / Society
Azrieli ESG / Society Social responsibility and community impact Diversity, human capital and employee wellbeing • Women hold around one third of the Group’s senior management positions • Thousands of hours in training programs and workshops per year • A scholarship program for employees and their f
Slide 37: Azrieli ESG / Corporate Governance
Azrieli ESG / Corporate Governance Information Security & Privacy Gender Diversity on the Board • Compliance with ISOX and ITGC • 5 out of the 10 members of the Board are requirements women. • Comprehensive information security and • The Board’s chair is a woman. cyber controls • Commitment to gende
Slide 38: Financials
Financials Investor Presentation, December 2025 38
Slide 39: NOI compared with previous years and Q4/2024
NOI compared with previous years and Q4/2024 NOI (NIS )ש"חinמיליון millions) ( NOI +10% 2,527(1) 2,302 30 630 2,113 19 449 6 1,953 15 230 575(1) 154 99 8 87 103 4 72 92 133 91 110 22 107 1,611 60 17 1,523 1,590 111 10 37 53 28 1,385 37 139 48 20 1,301 149 122 865 905 1,238 39 821 29 121 1,214 22
Slide 40: FFO (management's method) compared with previous years and Q4/2024
FFO (management’s method)(2) compared with previous years and Q4/2024 FFO (management's method) attributed to the real estate business(1)(2) (NIS in millions) 1,709 1,674(4) 119 100 1,481(3) 431(3) 1,378(3) 103 1,313 1,318 24 1,278 85 373(4) 153 166 165 46 1,053 1,004 999 910 45 54 9 121 1,590 1,574
Slide 41: Dividend Distribution of NIS 850 million for 2025
Dividend Distribution of NIS 850 million for 2025 1,200 9.50 )1( 1,000 8.50 1,000 8.25 850 7.50 800 800 7.01 700 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 20
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 • Low leverage ratio – net financial debt to assets: ~36% 6.0 • Equity to assets: ~40% 5.3 5.3 5.5 4.5 4.4 4.1 • Cash and cash equivalents: NIS ~3.83 billion 3.1 3.3 2.7 2.7 (approx.
Slide 43: Payment Schedule (Principal Only)
Payment Schedule (Principal Only) On a consolidated basis as of 31 December 2025 CP and short-term loans Bank loans - residential sales segment 11,682 Long-term banks and institutional bodies 129 Foreign banks and institutional bodies Bonds 11,553 3,410 93 3,013 2,719 27 93 2,283 2,479 777 1487(2) 6
Slide 44: Summary of Financial Statement Results
Summary of Financial Statement Results (NIS in millions) Consolidated Consolidated 2025 2024 Net revenues from rent, maintenance and management fees and sales 3,750 3,281 NOI 2,527 2,302 Same-property NOI 2,221 2,231 FFO (Management’s method) attributed to the real estate business (1) 1,674 1,709 FF
Slide 45: Summary of Balance Sheet Figures
Summary of Balance Sheet Figures (NIS in millions) Consolidated Consolidated 31 December 2025 31 December 2024 Cash, securities and deposits 3,827 4,634 Gross financial debt 28,814 25,894 Net financial debt (1) 23,146 19,744 Net financial debt to assets 36% 34% Financial assets (mostly Bank Leumi sh
Slide 46: Average Cap Rate and FFO / Income-Producing Real Estate Business
Average Cap Rate and FFO / Income-Producing Real Estate Business FFO(2) (management's method) for 2025 attributed to the real estate business – NIS 1,674 million Weighted average cap rate – 6.83% NIS in millions 2025 2024 NIS in millions NOI 2,527 2,302 Total investment real estate as of 31 December
Slide 47: Recap / Leadership, Innovation and Strength
Recap / Leadership, Innovation and Strength Continued growth in key Exceptional financial parameters of the core business resilience and strength The Company’s operations are High occupancy rates predominantly in Israel over time Significant growth drivers: • Organic growth • Enterprise and developm
Slide 48: Thank You!
Thank You! Investor Presentation, December 2025 48