Slide 1: Capital Markets Presentation for the First Half of 2026
DISCLAIMER The following is an unofficial translation into the English language, for convenience purposes only, of the Annual Supplemental Presentation of Melisron Ltd. (“the Company”) for the quarter year ended June 30, 2026 that was originally prepared in the Hebrew language. The full, legal and b
Slide 2: Disclaimer
Introduction Disclaimer Such forward-looking information is based on the Company’s regarding the Company’s activities to investors only and does good faith assessments, taking into account its past not constitute an offer to purchase or sell securities of the experience and accumulated professional
Slide 3: Company overview and history
Introduction ~NIS 35.5 ~ NIS 19.3 1992 Listed on the Tel Aviv Stock Exchange (TASE) Controlled by Liora Ofer 49% sqm 1,067,000 billion billion Included in the leading indices: (via Ofer Held by Total Assets Market Cap TA-35, TA-125 and TA Real Estate Investments Ltd.) the Public Managed Area 1987 19
Slide 4: Portfolio
Introduction Portfolio Malls Offices Residential 18 Malls 6 Office & High-Tech Parks 13,300 Total Units Pipeline 542,000 sqm GLA 484,000 sqm GLA 5,400 Units in Planning & Construction NIS 19.7 billion Assets Value NIS 9.9 billion Assets Value NIS 17.4 billion Expected Revenues (100%) NIS 5 billion T
Slide 5: Asset Map
Introduction Asset Map Regional Malls ( 50% of NOI) Urban and Neighborhood Malls ( 10% of NOI) Ofer Ramat Aviv | Ofer HaKiryon | Ofer Grand Ofer Marom Center | Ofer Kanyonet | Ofer Adumim Haifa | Ofer HaKanyon HaGadol PT | Ofer | Ofer Sirkin | Ofer Harel | Ofer Nahariya | Ofer Rehovot | Ofer Grand B
Slide 6: Income-Producing Asset Mix by Risk and Return Characteristics
Introduction Breakdown of the Company’s Income-Producing Asset Mix by Risk and Return Characteristics NOI for the Area Income- Rights & reporting Weighted (Company’s Occupancy Producing Construction period Average % Share) (thousand Rate Assets Value Value (NIS Cap Rate of NOI sqm) )%( (NIS millions
Slide 7: Malls
MELISRON Malls
Slide 8: Mall Tenant Mix
Malls Mall Tenant Mix Revenue Breakdown by Tenant Category 8% Health, Beauty & Personal Care 13% General Retail, Services, Leisure & 5% Gifts Supermarkets 4% Watches & Jewelry 10% Food & 3% Beverage Department Stores 1% Cinemas 9% Home Design, Electronics & Technology 47% Fashion, Footwear & Accesso
Slide 9: Retail Sales Analysis (NIS billions)
Malls Retail Sales Analysis (NIS billions) January-June 2025 January-June 2026 April-June 2025 April-June 2026 Retailers ’sales in the first six months of the year increased by 4% compared to the corresponding period last year, despite 38 days of fighting (compared to 12 days last year) that disrupt
Slide 10: New Leases, Option Exercises and Lease Renewals in the First Half of 2026
Malls New Leases, Option Exercises and Lease Renewals New Leases in the First Half of 2026 (Retail & Offices) 20% Retail Offices New Leases New Leases Option Exercises Option Exercises & (Tenant (Tenant & Lease Renewals Lease Renewals Turnover) Turnover) Number of Leases 228 44 12 7 Leased Area (tho
Slide 11: Projects Under Construction: Ofer Yavne and Ofer Nof HaGalil
Malls Project Under Construction Project Under Construction Ofer Yavne ( 70% Company’s Share) Ofer Nof HaGalil Expansion ( 90.9% Company’s Share) Leasable Area 24,300 sqm Leasable Area 21,000 sqm Land Use: Retail & Offices Land Use: Retail (Retail 17,000 sqm, Offices 7,300 sqm) Invested to Date: NIS
Slide 12: Offices
MELISRON Offices
Slide 13: Offices: tenants and key figures
Offices Leading International and Local Companies 484,000 sqm managed ~ 370 tenants, including leading companies listed on stock exchanges in Israel and worldwide. 8,000 parking spaces 3.9 years WAULT Key Tenants 96.4% occupancy rate NIS 214 million NOI (run-rate of NIS 428 million) 6.77% weighted a
Slide 14: Projects in Planning and Construction
Offices Projects in Planning and Construction 124,330 sqm Development Pipeline (Company’s Share) Including : Landmark B ,Lincoln, Ofer Yokneam and Ofer Carmel NIS 175 million Expected NOI from projects under construction (Company’s Share) NIS 989 million Assets Value under construction Illustration
Slide 15: Residential
Illustration Residential
Slide 16: Aviv Melisron – Overview
Residential Aviv Melisron – Overview Balance Sheet Equity Attributable to Owners NIS 3.5 billion Total Assets NIS 548 million Leverage Contractor License 80% Net Debt to CAP Class C5 License 5 Safety Stars 27 projects under ~5,400 residential units construction and for construction (100%) advanced p
Slide 17: Aviv Melisron in Numbers | Residential Units
Residential Aviv Melisron in Numbers | laitnediseR Units 13,300 Total Residential Units Pipeline Expected Units for Sale Expected Units for Construction (Aviv Melisron Share) 100% Expected Number of Units under Active Construction 3,926 1,208 1,125 3,118 3,345 551 5,400 2,288 1,935 285 3,641 551 As
Slide 18: Aviv Melisron in Numbers: Expected Revenues and Operating Profit
Residential Aviv MELISRON in Numbers Expected Revenues and Operating Profit Expected Operating Profit Expected Development Revenues (100% NIS millions) (100% NIS millions) 1,090 6,481 19% Expected Average Operating Margin on Cost In addition, Aviv Melisron is advancing a significant number of 2,743
Slide 19: Apartment Sales in the First Half of 2026
Residential Apartment Sales in the First Half of 2026 Number of Total Units Total Sales during Remaining Units Sold Sold in the Project the Period Project Name Units during the (including prior (including VAT), in Inventory Period periods) (NIS millions) Aviv HaHistadrut G' 2 77 137 12 Aviv HaHistad
Slide 20: Projects Under Construction and Projects Expected to Commence in the Coming Year
Residential Projects Under Construction and Projects Expected to Commence in the Coming Year Under Under Under Under Completed Construction Construction Construction Construction Podim Ramat Gan Hefetz Haim Tel Aviv HaMakor Ramat-Gan Redding Tel Aviv HaHistadrut G’ Givatayim 111 residential units 63
Slide 21: Future Revenue Backlog
Residential Future Revenue Backlog Future revenue backlog is a non-GAAP financial measure (Non-GAAP) reflecting the remaining future revenues expected from all binding apartment sale agreements signed as of the end of the reporting period, net of revenues already recognized in accordance with accoun
Slide 22: Financial Results Overview
Financial Results Overview Illustration
Slide 23: Financial Results Overview for the First Half of 2026
Financial Financial Results Overview for the First Half of 2026 Net Profit NIS 554 million (NIS 289 million in the second quarter) (attributable Decrease of NIS 120 million compared to the corresponding period last year to owners) NOI NIS 814 million (NIS 412 million in the second quarter) (attribut
Slide 24: Financial Results Overview for the First Half of 2026
Financial Financial Results Overview for the First Half of 2026 Cash Flow from NIS 588 million (NIS 330 million in the second quarter) Operating Activities Increase of NIS 19 million compared to the corresponding period last year (excluding residential activity) Ofir Sarid , Occupancy Rates 99% in m
Slide 25: FFO for the first half of 2026
Financial FFO (NIS millions) for the first half of 2026 for the first half of the year 4% of 2025 Increase in *FFO compared to the first half of 2025 excluding the impact of NOI attributable to owners 814 790 “Roaring Lion” General and administrative expenses (excluding depreciation and share-based
Slide 26: Investment Property Value
Financial 28,057 Investment Property Value | Owners' Share, NIS millions 27,527 25,561 23,960 22,233 In the first half of 2026 the Company recorded an increase in the value 20,303 of its commercial assets 18,985 18,504 17,127 of~ NIS 530 million The increase is mainly attributable to investments in
Slide 27: Net Debt Balance | Owners' Share (excluding Aviv Melisron)
Financial Net Debt Balance | Owners' Share (excluding Aviv Melisron), NIS millions 371 46 52 11,651 588 11,730 180 122 31.12.2025 Operating cash Dividend Indexation Cash flow Loan for Non cash 30.06.2026 flow Income paid differences from investing financing land movements producing activities at Avi
Slide 28: Efficient Utilization of Leverage and Cost of Debt
Financial Efficient Utilization of Cost of Debt 4.7% Leverage Ratio on the Company’s Assets (LTV ) 3.41 years and Total Indexed Cost of Debt over the years Average Debt Maturity 3.7% 2011-6.2026 NIS 2,985 3.3% 2.9% 2.38% 2.35% 2.48% *2.53% million 2.23% Debt maturing by the end of 2027 1.97% 2.05% (
Slide 29: Debt Repayment Schedule and Effective Interest Rate on Debt
Financial Debt Repayment Schedule and Effective Interest Rate on Debt Repayments (excluding Aviv Melisron) During the coming year (through June deriuqer si ynapmoC eht )2027 ,30 2,667 2,692 2.7 SIN~ fo tbed lapicnirp yaper otbillion As of June fo oilotfrop a dna hsac sah ynapmoC eht ,2026 ,30 noitaz
Slide 30: Real Interest Expense, Net on Financial Debt Over the Years
Financial Real Interest Expense, Net on Financial Debt Over the Years (Owners ' Share) in NIS millions Decrease of 461 62% 413 320 371 335 288 311 262 237 197 185 184 178 172 175 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 6.2026 The decrease in financing expenses in the fi
Slide 31: Weighted Average Cap Rate vs. Weighted Average Indexed Cost of Debt
Financial Weighted Average Cap Rate vs. Weighted Average Indexed Cost of Debt 7.96% 7.82% 7.83% 7.57% 7.66% 7.51% 7.47% 7.44% 7.47% 7.39% 7.2 3% 7.2 1% 6.97% 6.97% 6.98% 7.0 1% 6.97% 6.96% 6.99% 6.97% 6.92% 6.84% 6.82% 6.82% 6.81% 6.76% 6.75% 6.75% 6.77% 6.95% 6.95% 6.96% 6.95% 6.93% 6.82%6.82% 5.2%
Slide 32: Projects Under Construction
Projects Under Construction Illustration
Slide 33: Development Momentum
Introduction Projects Development Momentum 101 thousand sqm NIS 139 million 5 new projects under 5 new projects under construction and occupancy construction and occupancy Addition of 162 Expected NOI addition of thousand sqm NIS 231-241 million (Company’s Share) (Company’s Share) 61 thousand sqm NI
Slide 34: Projects Under Construction and Occupancy
Projects Projects Under Construction and Occupancy Leasable % Expected Estimated Net Book Value in Estimated NOI Property Ownership Primary Development Name Rate Use Area Stage Leased Completion Date Project the Company’s books Construction at Full (sqm) Area Cost Investment Occupancy (Form 4) as of
Slide 35: Projects in Planning Stage
Projects Projects in Planning Stage Net project Leasable Expected Expected value in the Estimated NOI Property Ownership Primary Estimated Area Status Construction Completion Company’s at Full Name Rate Use Project Cost (sqm) Start Date books as of Occupancy 30.06.2026 Approved Ofer 100% Retail 3,40
Slide 36: Company Activity Breakdown by Category
Projects Company Activity Breakdown by Category Based on NOI today and NOI following completion of existing development in the medium term, including Aviv Melisron activity 4% 12% 5% Future 26% Current 26% Mix Mix 58% 69% Following full occupancy of projects under current development in the medium t
Slide 37: Future Potential for Growth in NOI from Income-Producing Assets
Projects Future Potential for Growth in NOI from Income-Producing Assets (Excluding Residential ActivityContribution) In NIS millions +21% 92 2,001 89 1,909 50 1,820 1,648 122 NOI Q2.26 Lease-Up of Landmark Tower B Representative Contribution from Representative NOI Representative Owners' Share, Vac
Slide 38: Future Potential for Growth in FFO from Income-Producing Assets
Projects Future Potential for Growth in FFOfrom Income- Producing Assets (Management Approach – AFFO) (Excluding Residential Activity Contribution) – In NIS millions +24% 74 1,570 73 1,496 43 1,423 112 1,268 FFO Q2.26 Lease-Up of Vacant Space Landmark Representative FFO Contribution from Representat
Slide 39: Future Potential – NOI and Operating Profit from Residential
Projects Future Potential – NOI from Income-Producing Assets and Operating Profit from Residential Activity (NIS millions) +46% ~400 2,001 1,648 Q2.2026 2026 2027 2028 2029 Income-Producing Assets Residential Illustration • The NOI from income-producing projects under future development and operatin
Slide 40: NOI and FFO Over the Years
Projects NOI( Owners ’Share) and FFO (Management Approach – AFFO )Over the Years In NIS millions FFO (Management Approach – AFFO) +300% 1,492 1,023 1,160 1,234 1,268 1,566 427 529 461 887 391 475 584 640 695 717 723 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q2/26 FFO FFO
Slide 41: Thank You for Your Attention
Thank You for Your Attention For further details: Tal Frumer, Chief Accountant and Head of Capital Markets | 09-9525555 talfr@melisron.co.il 41