Slide 1: Results H1 2026
Results H1 2026 21 July 2026
Slide 2: Table of contents
Table of contents 1. Key Messages & Highlights 2. Results 3. Transactions 4. LifeCentral 5. Financing & Valuations 6. ESG 7. Management Agenda 8. Appendices 2
Slide 3: Key Messages
Key Messages • Positive Dutch and Belgian valuations, mainly supported by higher passing rents • Like -for-like gross rental income growth of +4.3% in our core portfolio • Well protected against higher interest rates through low capex, completed refinancing and 6 4% daily -life exposure • Major step
Slide 4: Highlights H1 2026: Direct result steady despite ongoing external challenges
Highlights H1 2026 Direct result steady despite ongoing external challenges H1 2025 H1 2026 Change Direct result per share (€) 0.91 0.91 +0.0% Indirect result per share (€) 0.10 (0.04) (140.0%) Total result per share (€) 1.01 0.86 (14.9%) EPRA NTA per share (€) 22.91 23.11 +0.9% Net LTV (%) 44.9 44.
Slide 5: Highlights H1 2026: Strong like-for-like gross rental growth of +4.3%
Highlights H1 2026 Strong like -for-like gross rental growth of +4.3% Drivers of like-for-like Net Rental Income1: Like -for-Like Rental Growth • Indexation: + 2.5% H1 2026 vs. H1 2025; % • Other income: + 2.0% 5.2% • Leasing: + 0.3% • Property expenditures (mostly Belgium): (2.4%) 4.3% 4.1% 3.3% 2.
Slide 6: Table of contents
Table of contents 1. Key Messages & Highlights 2. Results 3. Transactions 4. LifeCentral 5. Financing & Valuations 6. ESG 7. Management Agenda 8. Appendices 6
Slide 7: Operations H1 2026: Leasing core portfolio 2% above old rent and 12% above ERV
Operations H1 2026 Leasing core portfolio 2% above old rent and 12% above ERV Leasing Leasing MGR vs. Occupancy Country Volume1 Volume2 MGR Uplift3 MGR Uplift3 ERV Rate €m % €m % % % Belgium 4.8 7.2% 0.2 4.4% 13.4% 97.8% Netherlands 4.5 6.0% (0.1) (1.9%) 10.8% 97.4% Luxembourg 0.5 3.2% 0.0 14.0% 10.
Slide 8: Track Record LifeCentral strategy: Significant outperformance of Full Service Centers
Track Record LifeCentral strategy Significant outperformance of Full Service Centers Cumulative Footfall delta Cumulative Tenant Sales delta Total Property Return 1 2021 = 100 2021 = 100 2021 = 100 150 150 150 125 125 125 100 100 100 2021 2022 2023 2024 2025 2026 2021 2022 2023 2024 2025 2026 2021 2
Slide 9: Dutch portfolio continues to outperform the market
Dutch portfolio continues to outperform the market Footfall growth vs. same period 2025: Belgium Footfall growth vs. same period 202 5 : Netherlands Footfall growth vs. same period 2025: Luxembourg H1 2026; % H1 2026; % H1 2026; % 10 10 10 0 0 0 May May May March March March April April April June J
Slide 10: Tenant sales increased, especially of largest categories
Tenant sales increased, especially of largest categories Tenant sales H1 2026 vs. H1 2025: Belgium 2 Tenant sales H1 2026 vs. H1 2025: Netherlands 3 % % 8% 3% 2% 2% 1% 2% 2% 1% 1% 1% 1% 0% 1% (0%) (2%) (4%) (5%) Wereldhave Fashion Food & Health & Super - Homeware Shoes Multimedia Wereldhave Fashion
Slide 11: Daily Life as a solid base in an uncertain macro environment
Daily Life as a solid base in an uncertain macro environment 2019/Launch LifeCentral 2025 FY 2026 H1 % of rent % of rent % of rent 4% 4% 3% 5% 13% 6% 13% 6% 13% 6% 11% 13% 13% Total Daily 25% Total Daily 26% Total Daily Life: 51% 7% Life: 65% Life: 64% 34% 10% 9% 9% 7% 6% 4% 13% 13% 8% 9% 9% Daily L
Slide 12: Core portfolio update
Core portfolio update Belgium Luxembourg Netherlands • € 4.8m MGR signed, 13.4% above ERV and 4.4% • € 0.5m MGR signed, 10.4% above ERV and 14% • € 4.5m MGR signed, 10.8% above ERV but 1.9% above previous rent on average. Including: above previous rent on average. Including: below previous rent on a
Slide 13: Stable Belgian and Dutch OCRs
Stable Belgian and Dutch OCRs Belgian tenants healthy with OCRs above Dutch levels due OCR Wereldhave Belgium 1 to higher sales productivities OCR Wereldhave NL 2 H1 2026, LTM; % H1 2026, LTM; % 21% 19% 17% 16% 15% 15% 14% 15% 14% 13% 13% 12% 12% 11% 9% 4% 3% 2% Wereldhave Fashion Food & Health & Su
Slide 14: Costs are stable, even with growing portfolio
Costs are stable, even with growing portfolio EPRA Cost Ratio (incl. direct vacancy costs) Direct GENEX % €m 40% 30 35.2% 32.2% 30.4% 29.4% 22.4% 21.7% 20.6% 20% 15 11.4m 11.3m 11.7m 10.9m 10.5m 10.6m 10.1m 0% 0 2020 2021 2022 2023 2024 2025 2026 (FC) Direct GENEX EPRA Cost Ratio (including direct v
Slide 15: Direct result
Direct result Increase driven by acquisitions, rental growth, partly offset by increased interest expenses and disposals +€ 1.5m € 5.1m +3% € 0.3m € 1.2m (€ 0.2m) € 0.3m (€ 2.8m) (€ 0.5m) (€ 1.3m) € 50.9m (€ 0.6m) Temporary vacancy due to Schmiede € 49.4m transformation Actuals Acquisition Disposal
Slide 16: Outlook 2026 DRPS confirmed at € 1.85 - 1.95
Outlook 2026 DRPS confirmed at € 1.85 - 1.95 Direct Result per Share Dividend per Share € € 1.86 1.85 – 1.95 1.35 1.30 1.73 1.76 1.25 1.20 2023 2024 2025 2026FC 2023 2024 2025 2026FC 16
Slide 17: Table of contents
Table of contents 1. Key Messages & Highlights 2. Results 3. Transactions 4. LifeCentral 5. Financing & Valuations 6. ESG 7. Management Agenda 8. Appendices 17
Slide 18: Despite macro uncertainty, we continue our growth strategy
Despite macro uncertainty, we continue our growth strategy • Global tensions continue to weigh on the international economy and investment market, but our portfolio remains resilient due to our focus on non -cyclical Daily Life retail and Mixed Use • The resilience of our existing assets, allows us
Slide 19: Key terms acquisition Ville2 Supermarket, Charleroi
Key terms acquisition Ville2 Supermarket, Charleroi Seller Equilis on behalf of Fidagh SA Acquisition 2.7k m 2 GLA characteristics Acquisition date 11 March 2026 Deal structure WHNV Share deal (contribution in kind) No impact, as the asset will be managed by Cost impact the existing Wereldhave BE Te
Slide 20: Key terms acquisition Hema, Shopping Center Overvecht
Key terms acquisition Hema, Shopping Center Overvecht Crossroads Real Estate on behalf of a group Seller of investors Acquisition 3.3k m 2 GLA characteristics Acquisition date 9 April 2026 Deal structure WHNV Share deal (contribution in kind) No impact, as the asset will be managed by Cost impact th
Slide 21: Table of contents
Table of contents 1. Key Messages & Highlights 2. Results 3. Transactions 4. LifeCentral 5. Financing & Valuations 6. ESG 7. Management Agenda 8. Appendices 21
Slide 22: LifeCentral progress H1 2026
LifeCentral progress H1 2026 • Ongoing Full Service Center transformations including Cityplaza (NL) and Knauf Schmiede (LUX) are on track • Healthcare cluster ‘ health&fit’, including medical center with more than five tenants, opened in Cityplaza, Nieuwegein (NL) • Strengthening the tenant mix with
Slide 23: Other income progress H1 2026
Other income progress H1 2026 In 2026, we have built the foundation for further growth of our Other income streams • Media screens network fully implemented before May 2026 • Blueprints created for all Dutch assets identifying Other income opportunities • 26 new Other income contracts signed in H1 2
Slide 24: In transformation: Cityplaza Nieuwegein, Netherlands
In transformation: Cityplaza Nieuwegein, Netherlands An asset in transformation to become a Full Service Center with diversified retail offering, outdoor all -day F&B, healthcare and fitness, with a strong connection to leisure and municipality services in the direct vicinity Key items of transforma
Slide 25: In transformation: Knauf Schmiede Luxembourg
In transformation: Knauf Schmiede Luxembourg OPTICIAN Knauf Schmiede, in transformation to become a Full Service Center Previously a corridor with a balanced offer including daily life, mixed -use and traditional retail in the heart of the Ardennes Key items of transformation delivered so far: SHOP
Slide 26: LifeCentral transformations continue for acquired assets
LifeCentral transformations continue for acquired assets LifeCentral investments 1 in BE, LUX and NL 2 Low CAPEX commitments € m, 2026+ suitable for current market 61 uncertainties 7 8 4 4 21 36 21 25 25 25 LifeCentral CAPEX Spent H1 2026 2026 2027 2028+ Acquired Assets Uncommitted Initial Program C
Slide 27: Capital allocation discipline: IRR Framework
Capital allocation discipline: IRR Framework Capital allocation decisions Benelux assets1 Unlevered IRR #6 #9 Completed FSCs 8% #1 7.4% - Continental 7% #1 European Retail Average IRR 2 Invest Hold Sell 27 1) Excluding Belgian Retail Parks & Offices 2) Returns shown are weighted averages based on Gr
Slide 28: Continued evidence for strong FSC yield shift
Continued evidence for strong FSC yield shift Yield shift since start of FSC Transformation bps Vier Meren (92) Cityplaza (49) De Koperwiek (43) Kronenburg (27) Presikhaaf 6 Eggert 32 NL Market Yield 1 90 Nivelles (22) Genk Shopping 1 (9) Shopping Belle -Île 85 Ring Kortrijk 87 Tournai 96 BE Market
Slide 29: Residential profits
Residential profits Development of residential units Residential profit: € 0.50 -0.80 per share # Units • We are now working on the residential opportunity on 4 Tilburg Completed & Sold locations in several stages of the development In Progress • Residential development in Arnhem with Amvest is ongo
Slide 30: Table of contents
Table of contents 1. Key Messages & Highlights 2. Results 3. Transactions 4. LifeCentral 5. Financing & Valuations 6. ESG 7. Management Agenda 8. Appendices 30
Slide 31: Positive Benelux valuations, primarily driven by passing rent
Positive Benelux valuations, primarily driven by passing rent Value (€ m) Revaluation H1 2026 EPRA NIY (%) Country FY 2025 H1 2026 €m % FY 2025 H1 2026 Belgium 1,019 1,038 7.2 0.7% 6.3% 6.3% Luxembourg 188 189 0.1 0.0% 7.3% 7.3% Netherlands 958 982 10.0 1.0% 6.2% 6.6% Core Portfolio 2,166 2,209 17.3
Slide 32: Debt/EBITDA remains amongst lowest of peer group
Debt/EBITDA remains amongst lowest of peer group Net Loan to Value (LTV) LTV decreased to 44.1% compared to H1 2025 Debt vs. peers 1 Debt, % of value • Increased compared to FY 2025 following Debt/EBITDA dividend payments in Q2 2026 8.7x 8.5x 44.9% 44.1% 43.0% 41.8% 42.5% 7.7x 35 -40% 6.9x Final ste
Slide 33: Debt profile
Debt profile Q4 2025 H1 2026 Covenants Comments Debt decreased, following debt repayments with the disposal Interest bearing debt1 (€) 1,124m 1,092m proceeds that were received end of December Cost of debt decreased following the maturity of a € 32m bond in Average cost of debt 3.62% 3.55% Belgium,
Slide 34: Successful H1, including refinancing of RCFs and USPP
Successful H1, including refinancing of RCFs and USPP refinancing agreed for H2 Debt Mix Q4 2025 Debt Mix H1 2026 3% 3% 3% USPP 0% EUPP Bank loans (inl. RCF) 40% 38% € 1.12bn 49% € 1.09bn 50% Commercial Paper Weighted average Bonds debt maturity 3.8 years (pro-forma post USPP 7% 7% refi 4.3 years) D
Slide 35: Debt maturity increased further following RCF and USPP refinancing
Debt maturity increased further following RCF and USPP refinancing Debt Maturity In years 4.3 4.0 3.8 3.8 3.7 3.5 3.4 3.4 3.3 2019 2020 2021 2022 2023 2024 2025 2026 H1 Pro -forma post USPP refinancing 35
Slide 36: Table of contents
Table of contents 1. Key Messages & Highlights 2. Results 3. Transactions 4. LifeCentral 5. Financing & Valuations 6. ESG 7. Management Agenda 8. Appendices 36
Slide 37: ESG projects 2026: Becoming future proof
ESG projects 2026 Becoming future proof EV charging points Green Leases in BENELUX portfolio • In the Netherlands we have identified potential for another 140 charging points. Of which In % of total leases 14 have been realized in shopping center Middenwaard 74% 74% 1) 75% BREEAM • Complete recertif
Slide 38: Table of contents
Table of contents 1. Key Messages & Highlights 2. Results 3. Transactions 4. LifeCentral 5. Financing & Valuations 6. ESG 7. Management Agenda 8. Appendices 38
Slide 39: Management Agenda
Management Agenda Focus on Target 2025 -2027 Current Status Earnings accretive capital rotation in LOI stage in Creating scale Expand portfolio the Benelux ; maintaining strong balance sheet Exceed 10% annualized Total Return Total Return H1 2026: 7.7% (annualized) (up from 8%) Capital re -allocatio
Slide 40: Table of contents
Table of contents 1. Key Messages & Highlights 2. Results 3. Transactions 4. LifeCentral 5. Financing & Valuations 6. ESG 7. Management Agenda 8. Appendices 40
Slide 41: Company Profile June 2026
Company Profile June 2026 Key Facts Number of retail assets1 21 Average size 32,500 m² Number of shopping center 46.8 m visitors in H1 2025 Net loan-to-value ratio 44.1 % Occupancy shopping 97.7 % centers 9 EPRA NIY shopping centers 6.4 % WALT2 5.2 years Development pipeline3 €4 m 6 1) Excluding Zoe
Slide 42: Company Profile June 2026
Company Profile June 2026 Portfolio Breakdown by value Portfolio Breakdown by value Offices 4% Netherlands 40% Belgium 46% € 2.5bn € 2.5bn Retail Assets Luxembourg 96% 8% France 7% 42
Slide 43: Tenant mix core portfolio
Tenant mix core portfolio Annualized contract rent by category Top 10 Tenants % of rent1 Series Supermarkets Ahold Delhaize 6.2 % 0.5% Sports 10.0% Jumbo Group 4.7 % Special Goods & Others 2.6% Fashion Bestseller 3.6 % 3.5% Shoe & Accessoires 35.0% C&A 3.1 % & Leatherware 6.2% A.S. Watson Group 2.6
Slide 44: Like-for-like NRI growth
Like -for-like NRI growth LFL NRI growth (% yoy ) 8.4% 8.2% 7.9% 6.4% 5.9% 4.9% 4.7% 3.7% 4.1% 2.6% 0.5% (10.2%) Belgium France Netherlands Shopping centers H1 2025 FY 2025 H1 2026 44
Slide 45: Occupancy rates
Occupancy rates EPRA Occupancy rate Shopping Centers 98.3% 98.2% 98.2% 97.8% 97.8% 97.8% 97.7% 97.7% 97.4% 97.4% 97.2% 97.0% 96.9% 96.4% 95.8% Belgium France Luxembourg The Netherlands Shopping centers H1 2025 FY 2025 H1 2026 45
Slide 46: Footfall
Footfall Change in visitors versus the same period previous year (%) 20% 13% 13% 12% 13% 9% 8% 8% 7% 6% 4% 3% 2% 2% 2% 2% 2% 2% 1% 1% 0% (1%) FY 2022 FY 2023 FY 2024 FY 2025 H1 2026 Belgium France Netherlands Full Service Centers Luxembourg Note: 2022 influenced by Covid Measures 46
Slide 47: Breakdown of valuation results H1 2026
Breakdown of valuation results H1 2026 Yield vs. Rent Belgium 0.2% 0.5% 0.7% Luxembourg 0.0% 0.0% Netherlands (0.1%) 1.1% 1.0% Core portfolio (0.3%) 1.1% 0.8% France (2.2%) (1.3%) (0.9%) Offices Belgium (0.2%) (0.4%) 0.2% Total (0.3%) 0.8% 0.5% Yield shift Market rent & other 47
Slide 48: EPRA NTA
EPRA NTA EPRA NTA Bridge: YE 2025 to H1 2026 ( € per share) 0.91 (0.04) 23.53 0.01 23.11 (1.30) EPRA NTA Direct result Indirect result Dividend Other EPRA NTA YE 2025 H1 2025 48
Slide 49: Reconciliation of EPRA value metrics H1 2026
Reconciliation of EPRA value metrics H1 2026 EPRA value reconciliation bridge ( € per share) 3.00 26.30 0.38 (0.04) (3.00) 23.11 (0.19) 23.00 0.04 23.00 (0.04) (0.15) IFRS NAV Impact issue Deferred tax Fair value RETT EPRA NRV Exclude RETT Deferred tax EPRA NTA Reverse NTA Fair value of EPRA NDV H1
Slide 50: better everyday life, better business
better everyday life, better business