Slide 1: Company Presentation H1 2026
Company Presentation H1 2026
Slide 2: Legal Disclaimer
Legal Disclaimer The Company's assessments regarding its This presentation does not constitute and shall not expected financial results, including its be construed as an offer to the public or an assessments regarding the potential effects of invitation to purchase securities of the Company, the busine
Slide 3: Company Overview
Company Overview Establishment Stock Exchange Financial Results for H1 2026 Established in 2006 as the first Real Estate Included in the TA-125, TA-90, TA-Real Estate, ~3% increase in NOI, totaling ~NIS 263m Investment Trust (REIT) in Israel TA-Income Producing Israel, Tel-Div, Tel-Bond (~NIS 255m in
Slide 4: Sectoral and Geographic Diversification
Sectoral and Geographic Diversification Most of the properties are 27% 45% 17% 11% located in central Israel, Tel Aviv and Gush Dan Tel Aviv and the Central Northern Southern Greater Tel Aviv area Israel Israel Israel Increased diversification over 61% the years, with emphasis on Industry & Logistics
Slide 5: Investment in REIT
Investment in REIT 1 « REIT 1 is the first and largest REIT in Israel « The fund benefits from a professional and experienced management team « The fund has demonstrated over the years strong value creation and growth in results and dividends « The maximum development ratio permitted by law was recent
Slide 6: Driving Value Through Sustainability / Green Energy
Driving Value Through Sustainability / Green Energy Green Building Solar Panels Renewable energy from self-generation: 8MWp installed and generating 2MWp under construction 6MWp in planning and permitting Energy Supplier Diversification Over 95% of energy consumption from private suppliers Electric C
Slide 7: Diversified Property Portfolio
Diversified Property Portfolio Offices • Retail Centers • Industry & Logistics Nursing Homes • Parking • Hospitality 7
Slide 8: Infinity Park | Ra'anana Junction
Infinity Park | Ra’anana Junction 1. Infinity Tower 2. Infinity Campus 1 Construction completed August 2023 Winner of a prestigious international award for 2026* alongside towers from New York, London and Dubai 3. Infinity Plaza Campus and Plaza upgrade completed June 2025 2 (Data for 100%. Company shar
Slide 9: Property Portfolio | Offices
Property Portfolio | Offices Daniel Frish, Tel Aviv HaArba’a, Tel Aviv Ha'Yovel, Tel Aviv Rothschild, Tel Aviv Leasable Area: ~20k sqm Leasable Area: ~17k sqm Leasable Area: ~73k sqm Leasable Area: ~23k sqm Ownership: 65% (Parking 80%) Ownership: 35% (Parking 50%) Ownership: 19% (Parking 50%) Ownershi
Slide 10: Property Portfolio | Offices
Property Portfolio | Offices HaMenofim, Herzliya Pituach Hashmonaim, Tel Aviv Global Park, Lod Leasable Area: ~17k sqm Leasable Area: ~8k sqm Leasable Area: ~21k sqm Ownership: 50% Ownership: 65% Ownership: 50% Sapir, Herzliya Pituach Tulipman, Rishon LeZion Efal, Petah Tikva Leasable Area: ~8k sqm Lea
Slide 11: Property Portfolio | Retail Centers
Property Portfolio | Retail Centers Emek Center, Afula Friendly, Gan Yavne Leasable Area: ~22k sqm Leasable Area: ~16.7k sqm Ownership: 60% Ownership: 75% Shopping center expansion in progress See also Slide 21 WEST DESIGN, Sarona Gardens, Rishon LeZion Tel Aviv Leasable Area: ~24k sqm Leasable Area
Slide 12: Property Portfolio | Retail Centers, Hospitality
Illustration Property Portfolio | Retail Centers, Hospitality Lev Talpiot, Jerusalem Power Center, Modi’in Leasable Area: ~16k sqm Leasable Area: ~11k sqm Ownership: 100% Ownership: 50% Sha’arei Hadera, Hadera G Rothschild Mall, Rishon LeZion Leasable Area: ~14k sqm Leasable Area: ~8.5k sqm retail a
Slide 13: Property Portfolio | Industry, Logistics
Property Portfolio | Industry, Logistics Har Tuv Kfar Masaryk Leasable Area: ~30k sqm Leasable Area: ~31k sqm Ownership: 50% Ownership: 50% Construction of a fourth building See also Slide 17 Beit Shemesh Teradion Leasable Area: ~51k sqm Gush Segev Ownership: 100% See also Slide 18 Leasable Area: ~4
Slide 14: Property Portfolio | Industry, Logistics
Property Portfolio | Industry, Logistics Neot Hovav Bar Lev Leasable Area: ~18k sqm Leasable Area: ~15.2k sqm Ownership: 100% Ownership: 67% ~30 dunams for industry Ownership: 50% Hadera Leasable Area: ~7k sqm Alon Tavor ~29 dunams Leasable Area: ~46k sqm Ownership: 100% Ownership: 25% Alon Tavor Mi
Slide 15: Property Portfolio | Nursing Homes
Property Portfolio | Nursing Homes Ness Ziona Haifa Leasable Area: 19k sqm Leasable Area: 13k sqm Ownership: 90% Ownership: 50% Nesher Ashdod Leasable Area: 22k sqm Leasable Area: 16k sqm Ownership: 50% Ownership: 100% Addition of a protected wing See also Slide 21 15
Slide 16: Property Portfolio | Parking Facilities
Property Portfolio | Parking Facilities Sky Tower Parking Hakikar Parking Tel Aviv Tel Aviv ~400 parking spaces ~540 parking spaces Ownership: 90% Ownership: 67.5% BSR 3+4 Parking Karta Parking City Tower Parking Bnei Brak Jerusalem Ramat Gan ~275 parking spaces ~975 parking spaces ~400 parking spac
Slide 17: Development and Value Enhancement
Development and Value Enhancement Kfar Masaryk GLA: 7,200 sqm 8,800 sqm 2,900 sqm 11,800 sqm Completion year: 2019 2022 Q4 2026 (E) 2024 Logistics & Industry * For the entire complex, including Construction of the NOI NOI land cost GLA (sqm) Project cost* Fair value Yield on cost buildings in phases
Slide 18: Development and Value Enhancement
Development and Value Enhancement Beit Shemesh Logistics Today April 2023 Today September 2024 * Including land cost Land acquired in 2021 NOI ** First full year of income Construction completion: GLA (sqm) Project cost* Fair value Yield on cost 2026** March 2025 - All figures in NIS m - 100% occupan
Slide 19: Development and Value Enhancement
Development and Value Enhancement Multipark Illustrations Ashkelon Logistics, Retail * Including land cost - All figures in NIS m. - The information described above constitutes forward-looking Construction of the Expected Expected information, including the Company’s intentions and GLA (sqm) Project
Slide 20: Development and Value Enhancement
Development and Value Enhancement Ashkelon Illustrations BIG FASHION Retail and Offices * Including land cost - All figures in NIS m. - The information described above constitutes forward-looking Expected Construction completion Project cost* Cost invested* Expected information, including the Company’s
Slide 21: Development and Value Enhancement
Development and Value Enhancement Beit Hadar WEST DESIGN Ashdod Rishon LeZion Nursing Home Retail Addition of a protected wing Eastern façade upgrade Additional area: ~5,100 sqm area: ~6,500 sqm Construction cost: ~NIS 58m Expected construction cost: ~NIS 41m Expected annual NOI: ~NIS 4m Cost invest
Slide 22: Development and Value Enhancement
Development and Value Enhancement “Sypholux” Complex Illustration for demonstration purposes only SYL Illustration for demonstration purposes only SYL Yigal Alon, Tel Aviv • Land located in the Tel Aviv Central Business District (CBD) • Strategic location with high transportation accessibility • An
Slide 23: Financial Data
Financial Data 23 21
Slide 24: Summary of Financial Data
Summary of Financial Data Growth in NOI despite Change % Change % Q2 Q2 temporary or one-time 2025-2026 1-6/2026 1-6/2025 Q2 2025-2026 2026 2025 2025 effects on the results NOI 2.9% 262.7 255.2 1.9% 135.0 132.5 524.8 NOI same property *(0.7%) 249.5 251.3 * (1.0%) 127.3 128.6 - FFO according to the Is
Slide 25: Adjusted FFO
Adjusted FFO 1-6/2026 1-6/2025 Q2 2026 Q2 2025 2025 FFO according to the Israel Securities Authority approach attributable to the 118.0 110.4 38.0 47.9 200.3 Company’s shareholders Management approach, additional adjustments: Share-based payment 7.2 8.0 3.6 4.0 15.6 Elimination of expenses from deve
Slide 26: NOI
NOI NIS m 600 550 525 Continued NOI growth, despite 500 temporary or one-time effects 124% on the results 450 423 400 350 342 324 301 300 273 255 263 240 250 200 * Mainly from additional income from the Ra’anana complex (at full 150 occupancy) - NOI is a commonly used metric in the real estate indust
Slide 27: Adjusted FFO
Adjusted FFO NIS m 400 367 350 342 116% 301 300 250 256 250 233 224 200 170 150 100 * The forecast was affected by the update to the NOI forecast and by an increase in finance expenses ** Mainly the additional income generated by the Ra'anana Complex (at full occupancy). 50 - Data based on the Company
Slide 28: Results per Share
Results per Share Agorot per share 186 181-183 180 176 169 160 155 143 141 140 129 130 119 120 Equity to total assets 103 100% 100 88** 92 89 84 86 80 82 74 80 72 68 64 59 60 56 50% 48.5% 50% Adjusted FFO per share (Management approach) 49% 49% 49% 49% 49% 48% 48% 48% 47% 47% 43 44 Dividend per shar
Slide 29: Return on Equity per Share
Return on Equity per Share NIS per share High return on equity ~13% average per year over the past decade 30 7.77 13% average per year 20 22.87 Equity per share (NIS)* 10 Cumulative dividend per share (NIS) Average annual return on equity** 9.48 * Equity attributable to owners ** Average of the annu
Slide 30: Financial Strength
Financial Strength Equity to High liquidity total assets ~48.5% (IFRS) Available committed credit facilities, cash balances and financial assets Weighted average totaling ~NIS 950m debt duration ~4.3 years Bond series rating il/AA Weighted average Issuer rating history cost of debt ~2.3% CPI-linked –
Slide 31: Long-Term Debt Maturities
NIS m Long-Term Debt 750 Maturities 700 650 600 550 500 450 Series E Bonds 400 Series F Bonds Series G Bonds 350 Series H Bonds* Debt of investee companies** 300 250 200 150 100 * Including expansion from January 2026 ** Company share. In 2026–2027 includes short-term revolving 50 bank debt - Data b
Slide 32: Cap Rates vs. Weighted Average Cost of Debt
Cap Rates vs. Weighted Average Cost of Debt 9% 8% 7.52% 7.52% 7.46% 7.29% 6.95% 7% 6.64% 6.73% 6.59% 6.55% 6.37% 6.52% 6.49% 6% Cap Rates derived from the Company’s 5% 4.7% 4.2% income-producing properties Weighted effective CPI-linked long-term cost of debt 4% CPI-linked cost of debt (Series H bonds
Slide 33: Annex A – Expanded Consolidated Statements
Annex A – Expanded Consolidated Statements The Company’s expanded consolidated financial statements are presented in accordance with IFRS, except as described below: Investments in investee companies holding income-producing properties, which are presented using the equity method, are replaced by pro
Slide 34: Annex A – Expanded Consolidated Statements
Annex A – Expanded Consolidated Statements Expanded Consolidated Statement of Financial Position (continued) (NIS in thousands) 30.06.2026 30.06.2025 31.12.2025 NIS in thousands Current Liabilities: Liabilities to banks and other credit providers 1,163,644 1,269,226 1,661,673 Trade payables 137,055
Slide 35: Annex A – Expanded Consolidated Statements
Annex A – Expanded Consolidated Statements Expanded Consolidated Statements of Profit or Loss (NIS in thousands) For the six-month period ended For the three-month period ended For the year ended 30.06.2026 30.06.2025 30.06.2026 30.06.2025 31.12.2025 NIS in thousands Rental income 281,273 269,096 143
Slide 36: THANK YOU
THANK YOU For further information: Nirit Bregman, CPA, Head of IR niritb@reit1.co.il | 03-7686700 36