Lighthouse Properties Plc · JSE:LTE
Lighthouse Properties — H1 2026 Earnings Presentation
29 slides from Lighthouse Properties's earnings presentation, Aug 11, 2026
Slide 1: Financial Results Presentation
FINANCIAL RESULTS PRESENTATION for the six months ended 30 June 2026
Slide 2: Content
CONTENT 01 04 OVERVIEW OUTLOOK 02 05 FINANCIAL RESULTS ANNEXURES 03 OPERATIONS Salera LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 11 AUGUST 2026 2
Slide 3: Overview
01 OVERVIEW Alcala Magna LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 11 AUGUST 2026 3
Slide 4: Strategy
FINANCIAL OVERVIEW R E S U L TS OPERATIONS OUTLOOK ANNEXURES STRATEGY Purpose Investment criteria To provide shareholders with a stable investment We invest in direct real estate investments with the following key with sustainable growing distributions characteristics: underpinned by dominant malls
Slide 5: Executing our defensive REIT strategy
FINANCIAL OVERVIEW R E S U L TS OPERATIONS OUTLOOK ANNEXURES EXECUTING OUR DEFENSIVE REIT STRATEGY 2021 2022 2023 2024 2025 2026 Strategy Simplification Scale Pure-play REIT Defensive REIT Value Creation • Focused retail REIT • Reduced legacy and • Expanded concentration • 4 acquisitions • Portfolio
Slide 6: Financial highlights for 1H2026
FINANCIAL OVERVIEW R E S U L TS OPERATIONS OUTLOOK ANNEXURES FINANCIAL HIGHLIGHTS FOR 1H2026 EPRA LTV EPRA NAV per improved to share increase Refinancings¹ Torrecárdenas 35.9% +4.9% & Alcalá Magna (FY2025: 36.1%) (1H2026: 44.76 EUR cps vs. Aareal Bank refinanced 1H2025: 42.66 EUR cps) France Agreed
Slide 7: Operational highlights
FINANCIAL OVERVIEW R E S U L TS OPERATIONS OUTLOOK ANNEXURES OPERATIONAL HIGHLIGHTS Proportionate Like-for-like Growth in sales Growth in footfall EPRA Vacancy share of direct growth in NPI property portfolio based on fair value Spain: 59.1% Spain: 5.6% Spain: 7.7% Spain: 2.4% Spain: 0.3% Portugal:
Slide 8: Property portfolio evolution
FINANCIAL OVERVIEW R E S U L TS OPERATIONS OUTLOOK ANNEXURES PROPERTY PORTFOLIO EVOLUTION Proportionate property value 14.4% 12.8% 27.6% 59.1% 28.1% 58.0% 1H2025 1H2026 France Portugal Spain LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 11 AUGUST 2026 8
Slide 9: Financial results
02 FINANCIAL RESULTS Espacio Mediterraneo LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 11 AUGUST 2026 9
Slide 10: 1H2026 financial results
FINANCIAL OVERVIEW RESULTS OPERATIONS OUTLOOK ANNEXURES 1H2026 FINANCIAL RESULTS DISTRIBUTABLE EARNINGS COMPONENTS 1H2026 1H2025 % change Property rental and related revenue EURm 72.7 63.9 13.8% Acquisition of Espacio Investment revenue EURm - 1.0 < 100% Mediterráneo on 27 Jun Listed investment adju
Slide 11: Capital management
FINANCIAL OVERVIEW RESULTS OPERATIONS OUTLOOK ANNEXURES CAPITAL MANAGEMENT • Access to diverse funding sources and proactive management of Debt Maturity Profile funding, maturity, concentration and interest rate risks underpin our capital strategy • A strong balance sheet, supported by a disciplined
Slide 12: Refinancing
FINANCIAL OVERVIEW RESULTS OPERATIONS OUTLOOK ANNEXURES REFINANCING 1 2 3 SPAIN CLOSED FRANCE EXPECTED 4Q2026 Projected metrics post 1H2026 Torrecárdenas & Alcalá Magna RPI French portfolio Aareal Bank refinancing Natixis preferred lender The projected cost of debt (at current rates) post Aareal and
Slide 13: Operations
03 OPERATIONS Espai Girones LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 11 AUGUST 2026 13
Slide 14: Performance metrics
FINANCIAL OVERVIEW RESULTS OPERATIONS OUTLOOK ANNEXURES PERFORMANCE METRICS Portfolio EPRA Portfolio average Lease expiry profile by monthly rental (EUR) vacancy Collection rate OCR (LTM) 1.1% 98.7% 10.5% • Spain: 0.3% • Portugal: 0.0% Dec 2026 3.5% • France: 6.1% Dec 2027 6.1% WAULT 2026 Dec 2028 9
Slide 15: Performance metrics
FINANCIAL OVERVIEW RESULTS OPERATIONS OUTLOOK ANNEXURES PERFORMANCE METRICS Sales Variation by Sector Leisure 17.4% Leasing activity Average rental reversion¹ Services 11.9% Personal care 7.9% ‐85 Lease +6.53% Grocery 7.2% agreements signed Fashion 6.2% Jewelry, optics & accessories 5.7% ‐38 505m² F
Slide 16: Top ten tenants
FINANCIAL OVERVIEW RESULTS OPERATIONS OUTLOOK ANNEXURES TOP TEN TENANTS By monthly rental % 31.5% of rental income Inditex Group Inditex 12.2% Primark 4.7% JD Sports 3.0% H&M 2.6% Cortefiel 2.3% C&A 1.4% Primor 1.4% Mercadona 1.4% Druni 1.3% Mango 1.2% 0% 2% 4% 6% 8% 10% 12% 14% LIGHTHOUSE PROPERTIE
Slide 17: Spain
FINANCIAL OVERVIEW RESULTS OPERATIONS OUTLOOK ANNEXURES SPAIN 59.1% 2.7% 5.6% Salera Bershka and Stradivarius relocated to enlarged stores; Cortefiel took the of the direct vacated Bershka unit; Scalpers opened a new store and Rossellimac (Apple GDP growth LFL NPI growth Premium Reseller) signed a l
Slide 18: Leasing activity
FINANCIAL OVERVIEW RESULTS OPERATIONS OUTLOOK ANNEXURES LEASING ACTIVITY Salera Salera Espacio Mediterraneo Espacio Mediterraneo Salera LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 11 AUGUST 2026 18
Slide 19: Portugal
FINANCIAL OVERVIEW RESULTS OPERATIONS OUTLOOK ANNEXURES PORTUGAL 28.1% 2.5% 1.7% Forum Coimbra Completion of Inditex expansion project (Zara, Bershka, Stradivarius of the direct Pull & Bear) GDP growth LFL NPI growth Primark extension handed over for tenant fit-out, scheduled opening property 2Q2026
Slide 20: Leasing activity
FINANCIAL OVERVIEW RESULTS OPERATIONS OUTLOOK ANNEXURES LEASING ACTIVITY Forum Coimbra Forum Coimbra Forum Coimbra Forum Coimbra Forum Coimbra Forum Montijo LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 11 AUGUST 2026 20
Slide 21: France
FINANCIAL OVERVIEW RESULTS OPERATIONS OUTLOOK ANNEXURES FRANCE 12.8% 0.2% 6.6% Docks Vauban New retail and F&B openings in 1Q2026 (Lovisa, O'Tacos, Les 3 Brasseurs) have of the direct strengthened the mall's offering GDP growth LFL NPI growth Saint Sever property 2Q2026 Rituals opened in 2Q2026. The
Slide 22: Outlook
04 OUTLOOK Torrecárdenas LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 11 AUGUST 2026 22
Slide 23: Outlook
FINANCIAL OVERVIEW RESULTS OPERATIONS OUTLOOK ANNEXURES OUTLOOK Remain Acquisitions Iberian economic disciplined in anticipated to performance investment moderate going remains strong approach forward Full year benefit Benefit of value- Guidance of from recent enhancing approximately acquisitions to
Slide 24: FY2026 distribution guidance revised upward
FINANCIAL OVERVIEW RESULTS OPERATIONS OUTLOOK ANNEXURES FY2026 DISTRIBUTION GUIDANCE REVISED UPWARD FY2026 distribution guidance (EUR cents per share) 6.9% → 8.7% Anticipated 3.05 growth relative to 3.00 the FY2025 3.00 distribution, 2.95 2.95 revised upward 2.90 Underlying assumptions 2.85 from the
Slide 25: Questions
QUESTIONS Torrecárdenas LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 11 AUGUST 2026 25
Slide 26: Annexures
05 ANNEXURES Alcala Magna LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 11 AUGUST 2026 26
Slide 27: Direct property portfolio
FINANCIAL OVERVIEW RESULTS OPERATIONS OUTLOOK ANNEXURES ANNEXURE 1 DIRECT PROPERTY PORTFOLIO Effective Occupancy Retail gross ownership (GLA) lettable area Fair value Property name Geographical location % % m² EUR Spain Espai Gironès Girona, Spain 100 100.0 41 441 177 829 212 Torrecárdenas Almería,
Slide 28: Borrowings
FINANCIAL OVERVIEW RESULTS OPERATIONS OUTLOOK ANNEXURES ANNEXURE 2 BORROWINGS Pro rata Pro rata balance¹ balance¹ 1H2026 FY2025 Borrowings Interest rate Maturity date EUR EUR Natixis Consortium 3-month Euribor plus 3.00% 7 March 2027 63 517 501 65 542 500 Santander Consortium 3-month Euribor plus 1.
Slide 29: Lender mix
FINANCIAL OVERVIEW RESULTS OPERATIONS OUTLOOK ANNEXURES ANNEXURE 3 LENDER MIX % of Gross Debt 7% 11% 19% Natixis Consortium Santander Consortium 36% ING Consortium BPI Consortium 13% Aareal Bank CaixaBank 14% LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 11 AUGUST 2026 29
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