Slide 1: Strong 2025 results. Accelerating growth and confidence in 2026
2025 Full-Year Earnings – February 19, 2026 February 19, 2026 Strong 2025 results. Accelerating Confidencegrowth and in 2026, guidance upgrade with growth drivers intact
Slide 2: Disclaimer
2025 Full-Year Earnings – February 19, 2026 Disclaimer This document was prepared by Klépierre results to differ materially from those anticipated S.A. (the “Company”) solely for the purpose of in these forward-looking statements. For a detailed presenting Klépierre’s 2025 full-year earnings descrip
Slide 3: Table of contents
2025 Full-Year Earnings – February 19, 2026 Table of contents 01 An outstanding track record 02 performance 2025: another year of robust 03 creation A portfolio built for durable value 04 2026 Perspectives 05 sector-leading credit metrics Operating KPIs and 06 2026 Guidance 3
Slide 4: An outstanding track record
2025 Full-Year Earnings – February 19, 2026 01 An outstanding track record 4
Slide 5: The best listed European retail portfolio
2025 Full-Year Earnings – February 19, 2026 The best listed European retail portfolio Over the last three years (2022-2025) Net Rental Income EBITDA(1) NCCF per share (1) EBITDA on a total share basis, including the attributable portion of equity investees’ EBITDA 5
Slide 6: A transformed portfolio generating the greatest FFO growth
2025 Full-Year Earnings – February 19, 2026 A transformed portfolio generating the greatest FFO growth Net buyer Net seller Cumulated FFO growth 2022-2025(1) 30% 25% Listed retail peer 20% #1 15% Listed retail peer 10% #2 Listed retail peer #3 5% Asset disposals 0% net of acquisitions(2) -10% -5% 0%
Slide 7: Klépierre remains the stand-out
2025 Full-Year Earnings – February 19, 2026 Adjusted EPS growth over 2022-25e Klépierre remains the stand-out +5% +1% Klépierre TOP 20 EPRA (1) Eurostoxx 600 (2) 7 (1) EPRA Nareit developed Europe - Company data and Bloomberg consensus figures on a weighted average basis, as of February 17, 2026 (2)
Slide 8: We produced NTA growth significantly ahead of peers
2025 Full-Year Earnings – February 19, 2026 We produced NTA growth significantly ahead of peers Net buyer Net seller Cumulated growth in NTA/share 2023-2025(1) 25% 20% 15% Listed retail peer #1 Listed retail peer 10% #2 Listed retail peer 5% #3 Asset disposals 0% net of acquisitions(2) -10% -5% 0% 5
Slide 9: We delivered outstanding returns to our shareholders
2025 Full-Year Earnings – February 19, 2026 We delivered outstanding returns to our shareholders 2023-25 Total Accounting Returns(1) Klépierre 31% Listed retail peer #1 Average EPRA Listed retail peer top 20(2) #2 20% Listed retail peer 16% #3 13% 6% Listed retail peer #4 -19% Bubble size by market
Slide 10: 2025: another year of robust performance
2025 Full-Year Earnings – February 19, 2026 02 2025: another year of robust performance 10
Slide 11: Continued market share gains fueled by strong retailer sales outperformance
2025 Full-Year Earnings – February 19, 2026 Continued market share gains fueled by strong retailer sales outperformance Retailer sales 2025 like-for-like change +3.4% Strong outperformance, with retailer sales growth doubling national sales indices(1) 11 (1) Comparison as of end November 2025. Weigh
Slide 12: Operating KPIs: further improvement
2025 Full-Year Earnings – February 19, 2026 Operating KPIs: further improvement Rental uplift Occupancy On renewals and relettings Reaching 97.1% Mall Income OCR Growth year-on-year Improvement in occupancy cost ratio to 12.5% 12
Slide 13: Our results beat guidance
2025 Full-Year Earnings – February 19, 2026 Our results beat guidance €2.72 +5% upNet Current CashNCCF/share vs. 2024 Flow per share shar and above initial guidance of €2.60-2.65 +5.5% vs. 2024 EBITDA(1) 87.3% EBITDA margin (+50 bps over 12 months) +5.1% vs. 2024 Net Rental Income +4.5% on a like-fo
Slide 14: NAV up 9% again in 2025
2025 Full-Year Earnings – February 19, 2026 NAV up 9% again in 2025 NAV(1) per share Total Accounting Return (2) € 35.9 € 32.8 12/31/2024 12/31/2025 +19% over the last two years +31% over the last two years 14 (1) EPRA NTA (2) NAV growth + dividend
Slide 15: We deliver consistent dividend growth
2025 Full-Year Earnings – February 19, 2026 We deliver consistent dividend growth €1.90 / share Proposed cash dividend per share for 2025 € 1.85 € 1.80 € 1.75 +3% 2025 dividend growth Year-on-year 6% 2022 2023 2024 2025 Spot dividend yield as of February 17, 2026 15 (1) To be paid in two equal insta
Slide 16: A portfolio built for durable value creation
2025 Full-Year Earnings – February 19, 2026 03 A portfolio built for durable value creation 16
Slide 17: Two established growth drivers
2025 Full-Year Earnings – February 19, 2026 Two established growth drivers Organic Accretive capital drivers allocation Rental uplift Extensions Mall income Acquisitions 17
Slide 18: One and only target: build the highest cash-generating portfolio
2025 Full-Year Earnings – February 19, 2026 One and only target: build the highest cash-generating portfolio and maximize long term value for our shareholders Right-sized for Cost Stringent their catchment area efficient Capex Assets designed to fit Competitive OCRs Disciplined investments to custom
Slide 19: Our malls boast best-in-class occupancy levels
2025 Full-Year Earnings – February 19, 2026 Our malls boast best-in-class occupancy levels Klépierre’s occupancy rate 96.5% 95.8% 96.0% 2022 2023 2024 2025 19
Slide 20: Our malls attract category killers
2025 Full-Year Earnings – February 19, 2026 Our malls attract category killers No new prime mall supply drives scarcity Rise of omnichannel is curating the retail landscape Category killers upsizing to bigger stores Top performing malls are those able to adapt to the consumers’ expectations 20
Slide 21: Sharp focus on brands displaying the highest sales densities
2025 Full-Year Earnings – February 19, 2026 Sharp focus on brands Change in retail mix over the last years (share of total retailer sales) displaying the highest sales densities Groceries, Entertainment & Fitness 8% Fashion 7% 12% 11% Restaurant & 35% Optimize our portfolio Beverage 39% In accompany
Slide 22: Sustained high growth for Sports & Accessories and Health & Beauty
2025 Full-Year Earnings – February 19, 2026 Sustained high growth for Sports & Accessories and Health & Beauty SPORTS & ACCESSORIES HEALTH & BEAUTY Retailer sales Retailer sales CAGR since 2019 CAGR since 2019 22
Slide 23: Magnetic power of dining in retail destinations
2025 Full-Year Earnings – February 19, 2026 Magnetic power of dining in retail destinations How Restaurant & Beverage shapes shoppers’ engagement RESTAURANT & BEVERAGE in malls Carry 285% more Spend 40% more transactions Retailer sales CAGR since 2019 Visit shopping centers Stay longer in the mall t
Slide 24: Continued increase in sales density maintains healthy occupancy cost ratio levels
2025 Full-Year Earnings – February 19, 2026 Continued increase in sales density maintains healthy occupancy cost ratio levels Improving OCR 12.9% 12.8% 12.6% 12.5% 2022 2023 2024 2025 Klépierre’s closest peers display at least 300 basis points higher OCRs Destination mall players 12.5% 15.9% 10.6% L
Slide 25: Low OCRs create massive potential for continued rental uplift
2025 Full-Year Earnings – February 19, 2026 Low OCRs create massive potential for continued rental uplift Evolution of physical retail sales and shopping centre stock across 17 key European markets Evolution of rental uplift Physical retail sales (nominal) Shopping centre stock 4,000 160 Forecast 20
Slide 26: Mall income: a significant growth opportunity
2025 Full-Year Earnings – February 19, 2026 Mall income: a significant growth opportunity Growing demand for high quality traffic to engage directly with Specialty Leasing consumers through strategic promotional initiatives of the Group’s total net rental income Expanding screen network by Retail Me
Slide 27: Retail Media & Specialty Leasing: a unified ecosystem
2025 Full-Year Earnings – February 19, 2026 Retail Media & Specialty Leasing: a unified ecosystem serving our full client base Address our entire client spectrum Provide a full suite of customized tools • Omnichannel banners launching large scale • Static media out-of-home (OOH) solutions promotiona
Slide 28: Specialty Leasing – a powerful growth lever
2025 Full-Year Earnings – February 19, 2026 Specialty Leasing – a powerful growth lever High-Quality Footfall Immediate brand exposure to a unique purchase-ready mall traffic Powerful Brand High-impact presence reinforcing local as well as international brands’ Visibility legitimacy and trust Direct
Slide 29: Still nascent Retail Media with room to scale and optimize potential
2025 Full-Year Earnings – February 19, 2026 Still nascent Retail Media with room to scale and optimize potential Recent operating model shift from a legacy outsourced to a hybrid model, to boost coverage and better leverage our relationships with retailers Grow digital inventory by 30% by 2030 and m
Slide 30: Roll-out of car park monetization
2025 Full-Year Earnings – February 19, 2026 Roll-out of car park monetization Elevated scarcity in city center Gradual increase in the number car parks availability of paid and EV parking spaces Yield management initiatives on Ongoing initiatives to introduce the back of a flexible pricing paid park
Slide 31: Ample resources to pursue selective external growth
2025 Full-Year Earnings – February 19, 2026 Ample resources to pursue selective external growth Historically low net debt to EBITDA to navigate through all cycles 7.4x 7.1x 12/31/2023 12/31/2024 12/31/2025 Credit rating upgrade by both S&P and Fitch to execute accretive (Senior unsecured) investment
Slide 32: Extension projects to maximize value creation
2025 Full-Year Earnings – February 19, 2026 Extension projects to maximize value creation We have unique expertise in turning shopping malls into best-in-class assets across the European landscape Créteil Soleil Gran Reno France, Créteil Italy, Bologna Playbook for transformative operations 11,400 s
Slide 33: Delivery of the extension in Montpellier
2025 Full-Year Earnings – February 19, 2026 Delivery of the extension in Montpellier 18,500 sq.m. To be added to the 73,000 sq.m. existing mall 12 million Footfall €56 million Total investment 9.0% Yield-on-cost 33
Slide 34: Ongoing extension at top performing Le Gru
2025 Full-Year Earnings – February 19, 2026 Ongoing extension at top performing Le Gru 7,500 sq.m. Additional GLA on top of the existing 83,000 sq.m. 11 million Footfall €81 million Total investment 10% Expected yield-on-cost 34
Slide 35: Rimini to become the reference mall across the Adriatic coast
2025 Full-Year Earnings – February 19, 2026 Rimini to become the reference mall across the Adriatic coast 6,820 sq.m. Additional GLA on top of the existing 73,000 sq.m. €42 million Total investment >8% Expected yield-on-cost 35
Slide 36: Driving material value creation through acquisitions is in our DNA
2025 Full-Year Earnings – February 19, 2026 Driving material value creation through acquisitions is in our DNA Capturing substantial rental uplift by implementing large-scale retenanting Value creation since acquisition in 2024 Improving occupancy and rent collection by leveraging our leading platfo
Slide 37: Our latest acquisition
2025 Full-Year Earnings – February 19, 2026 Our latest acquisition €160 million acquisition finalized end of 2025 Located in 7.5M Bari, Italy yearly footfall Metropolitan area of Very high 1.4 million inhabitants sales density 37
Slide 38: We will make of Casamassima a leading mall in Southern Europe
2025 Full-Year Earnings – February 19, 2026 We will make of Casamassima a leading mall in Southern Europe Retail venue matching brands’ expectations International category killers endorsing the mall Actions fueling operating improvements and rental growth Retenanting, rental uplift due to low OCRs a
Slide 39: Confident about 2026 as Klépierre's growth drivers are intact
2025 Full-Year Earnings – February 19, 2026 Confident about 2026 as Klépierre’s growth drivers are intact 01 Rental uplift remains 02 Significant Mall intact Income growth 03 04 High value creation from Execution of selective extension projects acquisitions 39
Slide 40: 2026 Perspectives
2025 Full-Year Earnings – February 19, 2026 04 2026 Perspectives 40
Slide 41: A hot transaction market is another tailwind
2025 Full-Year Earnings – February 19, 2026 A hot transaction market is another tailwind +5% 30% Year-on-Year of retail transactions European retail investment involve shopping centers volumes in 2025, at 35.5 billion in Europe of euros Several prime mall landmark transactions recorded in 2025 in th
Slide 42: Positive operating dynamics are compressing risk premia in portfolio valuation
2025 Full-Year Earnings – February 19, 2026 Positive operating dynamics are compressing risk premia in portfolio valuation Average risk premia trends lower 7.8% 7.8% 7.6% 7.3% 6.7% 6.8% 6.5% 6.1% 6.1% 6.1% 5.5% 5.6% 5.2% 5.4% Like-for-like portfolio valuation over 2019 2020 2021 2022 2023 2024 2025
Slide 43: Potential future risk premium compression
2025 Full-Year Earnings – February 19, 2026 Average prime net initial yield per asset class(1) vs. Klépierre Potential future risk premium 4.9% compression 4.7% 4.1% supported by robust growth performance 2.8% Klépierre Offices Logistic Residential 10-year swap rate (2) 43 (1) Average prime yields i
Slide 44: Small-scale asset disposals with NAV accretion
2025 Full-Year Earnings – February 19, 2026 Small-scale asset disposals with NAV accretion In year-to-date million euros asset disposals (1) Above appraised values Blended Net Initial Yield 44 (1) Disposals of assets signed or closed, in total share, excluding transfer tax
Slide 45: Cost of debt won't be a headwind in 2026
2025 Full-Year Earnings – February 19, 2026 Cost of debt won’t be a headwind in 2026 raised over blended year weighted 2025 yield average maturity Refinancing needs are very limited as the only major bond maturing in 2026 (€500m bond due in February) is already fully covered 45 45
Slide 46: 2026 Guidance
2025 Full-Year Earnings – February 19, 2026 2026 Guidance For full-year 2026, Klépierre expects to achieve a minimum of €1,130 million EBITDA(1) and at least €2.75 Net current cash flow per share. 46 (1) EBITDA on a total share basis, including the attributable portion of equity investees’ EBITDA.
Slide 47: Operating KPIs and sector-leading credit metrics
2025 Full-Year Earnings – February 19, 2026 05 Operating KPIs and sector-leading credit metrics 47
Slide 48: Retailers continue to show healthy sales growth
2025 Full-Year Earnings – February 19, 2026 Retailers continue to show healthy sales growth 2025 retailer sales , footfall 2025 retailer sales by region compared to 2024 2025 retailer sales by segment compared to 2024 +10.3% +6.7% +6.6% +5.4% +3.8% +2.1% +2.0% +1.9% +1.7% +1.3% Group Northwest & CE
Slide 49: Category killers enjoying double-digit retailer sales growth
2025 Full-Year Earnings – February 19, 2026 Category killers enjoying double-digit retailer sales growth In the Fashion segment, Mango continues to outperform, with new openings planned in 2026 Rituals is a fast-growing Health & Beauty brand, with additional stores planned to open in 2026 Strong per
Slide 50: Earnings indicators
2025 Full-Year Earnings – February 19, 2026 Earnings indicators (in millions of euros) 2024 2025 Change Net Rental Income 1,066.1 1,120.4 +5.1% EBITDA(1) 985.3 1,043.4 +5.9% NET CURRENT CASH FLOW 850.0 890.7 - Group share 746.5 780.4 - NET CURRENT CASH FLOW (€ per share) 2.60 2.72 +4.6% EBITDA(1) +
Slide 51: 2025 Net current cash flow per share up 5%
2025 Full-Year Earnings – February 19, 2026 2025 Net current cash flow per share up 5% GROUP SHARE € 0.17 € 0.02 € 0.17 -€ 0.03 -€ 0.04 € 2.60 2024 NCCF Change in NRI Management fees & Cost of debt Current tax 2025 NCCF other income and expenses Payroll & G&A 51
Slide 52: Portfolio valuation up 4.9% over the year on a like-for-like basis
2025 Full-Year Earnings – February 19, 2026 Portfolio valuation up 4.9% over the year on a like-for-like basis Main appraisers’ assumptions as of Change over December 31, 2025 12 months % of total 12/31/2025 12/31/2024 Reported LfL(1) portfolio The 4.9% like-for-like increase in property valuations
Slide 53: Value growth fueled EPRA net asset value metrics
2025 Full-Year Earnings – February 19, 2026 Value growth fueled EPRA net asset value metrics EPRA net December December Change asset values 2024 2025 EPRA NRV €36.7 €39.9 +8.7% EPRA NTA €32.8 €35.9 +9.5% EPRA NDV €29.3 €31.7 +8.2% 53
Slide 54: Our credit metrics
2025 Full-Year Earnings – February 19, 2026 Our credit metrics Net Debt 6.7x Net Debt to EBITDA 34.7% Loan-to-value ratio Interest Coverage ratio Average cost of debt 54
Slide 55: Significant covenant headroom
2025 Full-Year Earnings – February 19, 2026 Significant covenant headroom Covenants applicable to Klépierre SA financing (1) December 2025 Loan-to-Value ≤ 60% 34.7% EBITDA / Net interest expense ≥ 2.0x 7.2x Secured debt / Portfolio value (2) ≤ 20% 1.9% Portfolio value (3) ≥ €10bn €18.4bn Secured deb
Slide 56: Sound liquidity position covers 36% of our gross debt
2025 Full-Year Earnings – February 19, 2026 €325m Other credit facilities Cash and equivalents Sound liquidity position covers 36% of our gross debt Split of liquidity available Liquidity position as of December 31, 2025: €3 billion Unused committed revolving credit facilities €1,800m 56
Slide 57: Well-spread debt maturities with a 6.3-year average maturity
2025 Full-Year Earnings – February 19, 2026 Well-spread debt maturities with a 6.3-year average maturity Financing breakdown by type of resource Long-term debt maturity schedule excluding commercial papers as of December 31, 2025 (Outstanding debt, total share) (in millions of euros) 12% Commercial
Slide 58: 2026 Guidance
2025 Full-Year Earnings – February 19, 2026 06 2026 Guidance 58
Slide 59: We propose a €1.90 dividend per share
2025 Full-Year Earnings – February 19, 2026 We propose a €1.90 dividend per share The proposed distribution PROPOSED DISTRIBUTION OF PAY-OUT RATIO OF is composed of: €1.90 up 3% year-on-year €1.03 The proposed distribution would be a payment in two equal installments: €0.87 • €0.95 per share on Marc
Slide 60: 2026 Guidance
2025 Full-Year Earnings – February 19, 2026 2026 Guidance For full-year 2026, Klépierre expects to achieve a minimum of €1,130 million EBITDA(1) and at least €2.75 net current cash flow per share in a weaker indexation environment and under the following assumptions: • Stable macroeconomic backdrop
Slide 61: Agenda
2025 Full-Year Earnings – February 19, 2026 Agenda May 7, 2026 Q1 trading update(1) 61 (1) Before market opening
Slide 62: Appendix
2025 Full-Year Earnings – February 19, 2026 Appendix 62
Slide 63: Net current cash flow
2025 Full-Year Earnings – February 19, 2026 Net current cash flow Total Share (€m) 12/31/2024 12/31/2025 Change Gross rental income 1,230.6 1,267.5 Rental and building expenses (164.5) (147.1) Net rental income 1,066.1 1,120.4 +5.1% (+4.5% like-for-like) Management fees & other income 78.8 84.5 Payr
Slide 64: A recognized global leadership in sustainability
2025 Full-Year Earnings – February 19, 2026 A recognized global leadership in sustainability LEADER “A” LIST CAC SBT 1.5 INDEX A A R AT I N G 1.5°C • Peers’ comparison: Klépierre is, once again, Klépierre is included Klépierre maintains Klépierre’s low-carbon 1st Worldwide Retail one of the few in t
Slide 65: Building the most sustainable platform for commerce
2025 Full-Year Earnings – February 19, 2026 Building the most sustainable platform for commerce Achieving net zero by 2030 PURSUE OUR EFFORTS ON ENERGY EFFICIENCY INSTALL RENEWABLE ENERGY PRODUCTION UNITS AT AND REACH OUR ASSETS TO REACH UP TO 70 kWh as the average portfolio /sq.m. energy efficiency
Slide 66: Notable achievements testifying to our long-standing efforts
2025 Full-Year Earnings – February 19, 2026 Notable achievements testifying to our long-standing efforts The Group’s 2025 key ESG performance indicators 43% Reduction in the energy intensity 87% Reduction in greenhouse gases 100% Waste diverted of our portfolio emissions (GHG) Scopes 1 and 2 from la
Slide 67: Contact
2025 Full-Year Earnings – February 19, 2026 Contact investorrelations@klepierre.com +33 (0)6 86 59 74 36 67
Slide 68: 2025 Full-Year Earnings – February 19, 2026
2025 Full-Year Earnings – February 19, 2026