Eurocommercial Properties Nv · EURONEXT:ECMPA
Eurocommercial Properties Nv — Eurocommercial Pptys N V — H1 2025 Earnings Presentation
35 slides from Eurocommercial Properties Nv's earnings presentation, Aug 29, 2025
Slide 1: Successful remerchandising strategy drives positive performance and growth
Successful remerchandising strategy drives positive performance and growth Half Year 2025 results 29 August 2025 C4, Kristianstad
Slide 2: CEO review
CEO review Evert Jan van Garderen Woluwe Shopping, Belgium
Slide 3: Operational highlights
Operational highlights Solid first-half results supported by rental growth, resilient demand, and strategic focus Rental Growth Rental Uplift Occupancy +3% +2.9% 98.8% Like-for-Like On renewal and relettings 296 lease transactions 3
Slide 4: Operational highlights
Operational highlights Performance shows healthy centres with growing sales, sustainable rents and robust rent collection Retail Sales OCR Collection Rate +2.6% 10% 99% 4
Slide 5: Attractive brands deliver vibrant destinations and elevate appeal
Attractive brands deliver vibrant destinations and elevate appeal 296 deals were signed as retailers continue to identify our shopping centres as a key component in their expansion programmes New stores in France New store in Milan Unit extension in Sweden First store in a Belgian First store in Bru
Slide 6: Attractive brands deliver vibrant destinations and elevate appeal
Attractive brands deliver vibrant destinations and elevate appeal 296 deals were signed as retailers continue to identify our shopping centres as a key component in their expansion programmes New stores and formats in Belgium and France 6
Slide 7: Customer centric approach to win customers’ loyalty and build resilience
Customer centric approach to win customers’ loyalty and build resilience 98.8% occupancy rate with strong focus on Deals signed by sector (as % of total deals) upgrading the centres’ retail mix including the TELE & latest concept stores and attracting new high- ELECTRICAL, BOOKS/TOYS, 1% 7% potentia
Slide 8: Leasing momentum captures rental reversion and drives performance
Leasing momentum captures rental reversion and drives performance Average rental % of leases Number of uplift on renewed Country renewals and renewals and and relet 2.9% Rental uplift on top of indexation relettings relettings (MGR) Belgium 17 1.9% 22% 6.6% Achieved on 110 new lettings France Italy
Slide 9: Three projects launched in 2025 to drive value creation
Three projects launched in 2025 to drive value creation Collestrada I Gigli CremonaPO 9
Slide 10: Collestrada
Collestrada Hypermarket reduction and remodelling of the gallery THE PROJECT Phase 1 Hypermarket reduction on the right side → Media World moves into part of this unit New MW Primark Phase 2 Zara moves to part of the current Store store ex Media World unit Hypermarket Phase 3 H&M moves into the curr
Slide 11: Collestrada remodelling
Collestrada remodelling With its unique merchandising mix, Collestrada is the leading shopping destination in the region, attracting visitors from all over Umbria as well as surrounding areas. The ongoing remerchandising project will further strengthen its dominant position and extend its catchment
Slide 12: I Gigli
I Gigli Hypermarket reduction and new formats introduction PAM Hyper- market ZARA reduction new store Negotiations are ongoing with an important Italian retailer New Pull & Bear Store 12
Slide 13: I Gigli remodelling
I Gigli remodelling The ongoing remerchandising project at I Gigli will further strengthen the centre’s leadership position by enhancing the tenant mix and improving the overall customer journey. This initiative will not only consolidate I Gigli’s dominance in Tuscany but also generate sustainable l
Slide 14: CremonaPO
CremonaPO Introducing Primark New Unieuro store in the adjoining Retail Park New Primark store replacing Unieuro Retail Park 14
Slide 15: CremonaPO remodelling
CremonaPO remodelling The remerchandising project at CremonaPO, which includes the arrival of a new Primark, marks a key growth driver for the centre, the introduction of such a strong international brand broadens and diversifies the retail offer. Beyond reinforcing CremonaPO’s position as the leadi
Slide 16: Results achieved in the projects completed in 2024
Results achieved in the projects completed in 2024 16
Slide 17: Carosello remerchandising project produced outstanding results
Carosello remerchandising project produced outstanding results Zara +14.9% Retail sales Stradivarius +14.5% Rental uplift 100% Occupancy Media World ▪ Zara closed stores in competing centres ▪ Inditex added to its retail offer with a full concept Zara, a larger Stradivarius and opening a new Bershka
Slide 18: Carosello, Remerchandising project
Carosello, Remerchandising project New STRADIVARIUS New Media World (550m²) (3,300m²) Nespresso (118m²) New ZARA (4,600m²) Grand Vision (229m²) H&M New BERSHKA (1,600m²) (800m²)
Slide 19: Carosello: Stronger penetration, greater attractivity towards Milan
Carosello: Stronger penetration, greater attractivity towards Milan Carosello has always been a dominant shopping destination for the eastern side of Metropolitan Milan. Thanks to the recent remerchandising project, its pull in this area has further strengthened, diminishing the competitive edge of
Slide 20: Woluwe remerchandising project produced outstanding results
Woluwe remerchandising project produced outstanding results Massimo Dutti +9.8% Retail sales Zara +13.8% Footfall 99.3% Occupancy INNO ▪ Inditex opened full concept Zara and new Massimo Dutti ▪ C&A relocated in a new store with the latest format ▪ INNO department store completely refurbished Carrefo
Slide 21: Woluwe Shopping, remerchandising project
Woluwe Shopping, remerchandising project First Floor Ground Floor New MASSIMO DUTTI New ZARA Refurbished INNO New C&A Carrefour (360m²) (3,300m²) (12,000m²) (1,455m²) Supermarket
Slide 22: Sustainability at the core of long-term growth
Sustainability at the core of long-term growth Recognitions 100% centres BREEAM In-Use certified either with Excellent or Very Good AEX® ESG Index 62% Increase in Green loans GRESB awarded five star Carbon Disclosure Project (CDP) rating improved to B Green Finance Framework in place assessed by ISS
Slide 23: Sustainability at the core of long-term growth
Sustainability at the core of long-term growth 12% vs 2023 reduction in carbon emissions (Scope 1 and 2) Group Green lease clauses included on approximately 60% of leases Swedish Country Directors in C4, Kristianstad, Sweden +41% vs 2023 of energy produced by on site solar panels 87% of total electr
Slide 24: Financial Review
Financial Review Roberto Fraticelli, CFO Roberto Fraticelli, CFO CFO review Roberto Fraticelli Carosello, Italy
Slide 25: Main financial highlights in H1 2025
Main financial highlights in H1 2025 • In June 2025, two new refinancing transactions were completed in Sweden and Italy for a total of €415 million (€315 million group share) • Further progress made on the refinancing of the maturing loans expiring in H2 2026 • Loan to value ratio (proportional con
Slide 26: Valuations
Valuations NOI Growth supports increase in valuations +0.7% from +0.9% from +2.1% from +0.3% from 31 December 31 December 31 December 31 December 2024 2024 2024 2024 Net Value Net Value Net Value Net Value 30 June 2025 30 June 2025 30 June 2025 30 June 2025 €546M €832M €1,784M €827M Valuation Increa
Slide 27: Financial Position
Financial Position (at 30 June 2025) Main Highlights Financial Position (€ million) 06.2025 12.2024 01 LTV lowered to 40.5% Property investments* €3,781 €3,699 Net borrowings* €1,527 €1,519 EPRA NTA €2,249 €2,245 Higher value properties due to 02 higher NOI EPRA Net initial yield 5.7% 5.7% Loan to V
Slide 28: EPRA Net Tangible Asset
EPRA Net Tangible Asset (€ per share) EPRA NTA Bridge 1.25 0.34 0.04 (0.11) (0.46) 41.79 0.20 41.46 0.21 (1.80) Direct inv. result Deferred Tax Stock dividend Foreign Exchange EPRA NTA 30/06/25 EPRA NTA 31/12/24 Indirect inv. Result FV Financial… Dividend distribution Other 28
Slide 29: Income Statement
Income Statement (at 30 June 2025) Main Highlights Income Statement 01 Rental Income increase slightly (€ million) 06.2025 06.2024 affected by remerchandising Rental income* €113.3 €110.2 projects Net property income* €95.7 €94.3 02 Net interest expenses unchanged Net interest expenses* €25.9 €25.8
Slide 30: Direct Investment Result
Direct Investment Result comparison of H1 2025 with H1 2024 Direct Investment Result (DIR) Bridge (In € millions) 3.30 (1.36) 66.88 66.28 (0.87) (0.47) DIR 31 December 2024 Rental Income Corporate Income Tax Net Service Charges Company and Other Expenses DIR 30 June 2025 30
Slide 31: 2025 Direct investment result guidance updated
2025 Direct investment result guidance updated ▪ Assuming no major deterioration in the macro- economic environment, we expect the direct investment result for the full year 2025 to be at the higher end of the guidance provided with the publication of the 2024 annual results in March 2025 (between €
Slide 32: Eurocommercial pillars for growth
Eurocommercial 4 pillars for growth Customer-Centric Value Creation Growth Remerchandising Creating vibrant destinations projects across the whole that win loyalty and drive portfolio delivering sales uplift & resilience. rental growth and strengthening Strong occupancies and relevance in each catch
Slide 33: Financial Calendar
Financial Calendar 11 September 2025 Capital Markets Day in Brussels 30 October 2025 Third Quarter 2025 results (after closing of Euronext) 5 March 2026 Full year results 2025 MoDo, Moisselles-Domont , France
Slide 34: 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 35: Head Office Group Offices
Head Head Office Office Group Group Offices Offices Eurocommercial Properties Eurocommercial Properties N.V. N.V. Belgium Belgium France France Italy Italy Sweden Sweden De Boelelaan469 Herengracht 7 Rue Rue St Lambert200 St Lambert 200 107 107 Rue SaintLazare rue Saint Lazare Via Via Della Moscova,
Eurocommercial Pptys N V — H1 2025 Earnings Presentation on 6ix