Shopper Park Plus Nyrt. · BET:SPPC
Shopper Park Plus Nyrt — Investor Presentation (September 2026)
36 slides from Shopper Park Plus Nyrt's investor presentation, September 2026
Slide 1: Investor Presentation
Investor Presentation September 2026 (Based on financial data as of 30 June 2026) shopperparkplus.hu
Slide 2: Disclaimer
Disclaimer Important information regarding this presentation This presentation has been prepared by Shopper Park Plus Plc. (the “Company” and, together with its consolidated subsidiaries, the “Group”) for information purposes only. It does not constitute or form part of, and should not be construed
Slide 3: Introduction to Shopper Park Plus
Introduction to Shopper Park Plus A pure-play, food-anchored retail park platform — 30 assets, four CEE markets, EUR 659m of gross assets 30 606k sqm EUR 659m retail parks gross lettable area gross asset value Asset footprint Hungary since 2022 · 14 assets 100% 94.9% 93% PL Czechia food-anchored (Te
Slide 4: Historical milestones — from a single carve-out to a four-country platform
Introduction to Shopper Park Plus Historical milestones — from a single carve-out to a four-country platform in under four years Incorporation Company incorporated and registered with the Hungarian commercial register. July – August 2019 Gross asset Value 1 June 2022 Seed portfolio acquired Acquisit
Slide 5: Key Investment Highlights
Key Investment Highlights Seven reasons to own SPLUS Leading food-anchored platform in CEE EUR-listed REIT with tax advantages 1 5 One of the leading food-anchored retail park owners in Central and Eastern Europe, with The first Hungarian REIT to list in EUR, benefiting from Hungarian REIT tax exemp
Slide 6: CEE retail parks: low density, affordable rents and a persistent yield premium
Market environment CEE retail parks: low density, affordable rents and a persistent yield premium to Western Europe Retail park market statistics by country Retail park prime yields — CEE vs Germany (%) Czechia Hungary Poland Slovakia Romania 8.5% 8.0% Total stock ('000 sqm) 2,036 864 4,404 879 1,08
Slide 7: Consumer recovery is broadening across the region
Market environment Consumer recovery is broadening across the region, with Hungary and Czechia growing fastest Retail sales volume, index 2021 = 100 (seasonally and calendar adjusted) Consumer confidence indicator, seasonally adjusted balance (pp) 113 2 -3 108 -8 -13 103 -18 98 -23 -28 93 -33 88 -38
Slide 8: Three structural factors that could re-rate the Hungarian retail market
Market environment Three structural factors that could re-rate the Hungarian retail market — and SPP with it 1 2 3 Euro adoption debate Capital market turnaround “Plaza Stop” supply constraint Risk premium compression EU funds and cross-border lending Barrier to new competing supply ▪ Public support
Slide 9: A balanced four-country platform — no single market above 45% of income
Portfolio overview A balanced four-country platform — no single market above 45% of income GLA by country (total 606k sqm) GAV by country (total EUR 659m) NOI by country (H1 2026) Ten largest retail parks by GLA Retail park Ctry k sqm Budaörs HU 35.4 10.6% 12.2% 11.9% Warszawa–Łomianki PL 35.3 11.8%
Slide 10: Four markets, four distinct value-creation agendas
Portfolio overview Four markets, four distinct value-creation agendas Hungary Poland Slovakia Czechia since June 2022 since March 2026 since February 2025 since June 2022 14 262k 8 209k 4 72k 4 64k assets sqm GLA assets sqm GLA assets sqm GLA assets sqm GLA 93.6% EUR 271m 96.4% EUR 214m 92.4% EUR 94
Slide 11: Value per sqm up 26% since 2023
Portfolio overview Value per sqm up 26% since 2023 — earned on rent, not on yields, with the reversion still to be captured Carrying value per sqm (EUR/sqm, quarter end) Portfolio occupancy (%, quarter end) 100% 1150 1 080 1 085 97.6 1100 1 068 1 071 98% 97.0 1 036 96.1 1050 1 024 96% 95.4 94.9 95.0
Slide 12: Necessity-led tenant mix with rental income protected against inflation
Portfolio overview Necessity-led tenant mix with more than 90% of rental income protected against inflation Tenant structure by sector (% of let GLA) Concentration of fixed and base rental income Electronics 1.5% Tenant 10 1.3% Lease structure Food & beverage Tenant 9 1.4% 2.0% ▪ The majority of lea
Slide 13: Anchor tenants: stable top lines, secured on long leases
Portfolio overview Anchor tenants: stable top lines, secured on long leases at affordable rents Tesco HUNGARY Tesco CZECHIA Tesco SLOVAKIA Auchan POLAND Four anchors, four markets Financial year & basis FY25/26 to Feb ’26 · IFRS FY24/25 to Feb ’25 · Czech GAAP FY24/25 to Feb ’25 · IFRS FY2025 to Dec
Slide 14: Retailers roll out across the platform
Portfolio overview Retailers roll out across the platform — 18 of the 30 key brands trade in more than one SPP market 18 of 30 4 trade in more than one rent in all four markets market 227 911 units held by these 30 let units across the brands portfolio 6.5 77% parks per brand, of 30 of let lettable
Slide 15: Certification is effectively complete — focus shifts to energy
Sustainability Certification is effectively complete — the focus shifts to energy generation and consumption 93% 28 / 30 100% –30% 2026 of assets BREEAM In-Use “Very Good” or certified assets certified in HU, CZ and SK portfolio energy consumption target vs. target for full portfolio certification b
Slide 16: Two engines: unlock the standing portfolio, then scale the platform across CEE
Growth strategy Two engines: unlock the standing portfolio, then scale the platform across CEE 1 Unlock the standing portfolio 2 Scale the platform Organic, self-funded, already in execution Disciplined, accretive, capital-market funded ▪ Active asset management — invest in the buildings, upgrade co
Slide 17: Anchor downsizing: a proven playbook with value uplift potential
Value creation — lever 1 Anchor downsizing: a proven playbook with EUR 15–36m of long-term value uplift potential 30,700 sqm 18,600 sqm EUR 15.3m 50,000 sqm EUR 36m downsize space already re-let further Tesco potential, conservative value uplift, conservative @ 7% cap further Tesco potential, upper
Slide 18: A 3.2 million sqm landbank sitting under 606k sqm of buildings
Value creation — lever 2 A 3.2 million sqm landbank sitting under 606k sqm of buildings 3.2m sqm 108,300 sqm 20,205 sqm EUR 0.3–0.4m c. EUR 28m total site area, doubled by the Polish average plot size across the portfolio average building footprint annual GRI from drive-thru land leases estimated la
Slide 19: Two portfolio acquisitions in fourteen months, both at yields above 9%
Acquisition track record Two portfolio acquisitions in fourteen months, both at yields above 9% on entry Slovak portfolio Polish portfolio Signed December 2024 · closed February 2025 Signed December 2025 · closed 5 March 2026 EUR 83.5m 9.5% c. EUR 195m 9.1% gross purchase price gross asset yield on
Slide 20: Rental income has grown at a 22% CAGR since 2023
Financial performance Rental income has grown at a 22% CAGR since 2023 — and H1 2026 alone matches full-year 2024 Gross rental income and net operating income (EUR m) Gross asset value and EPRA NTA (EUR m) 40 760 659 35 33.0 660 29.3 30 560 24.2 23.5 23.6 430 25 22.2 21.9 460 19.3 351 20 360 310 324
Slide 21: Solid rental growth and leakage compression driving record NOI
Financial performance Solid rental growth combined with leakage compression is driving record net operating income Gross rental income by portfolio (EUR m, quarterly) Quarterly net operating income (EUR m) 15 15.5 13.4 13.5 10 6.2 11.5 10.2 2.2 3.4 9.5 8.2 8.1 2.1 1.0 2.0 7.0 7.5 6.0 6.0 5 5.4 5.3 5
Slide 22: Poland set the step change, but all four markets contributed
Financial performance Poland set the step change, but all four markets contributed — GRI up 56% and NOI up 82% Gross rental income bridge, H1 2025 to H1 2026 (EUR m) Net operating income bridge, H1 2025 to H1 2026 (EUR m) +5.4 23.5 +6.1 23.6 +1.1 +1.6 +1.7 +0.2 +0.5 15.1 +2.4 13.0 H1 2025 Hungary Cz
Slide 23: EPRA Earnings more than doubled
EPRA measures EPRA Earnings more than doubled — operational performance is outpacing valuation growth EPRA measure Unit H1 2026 H1 2025 Δ EPRA Net Initial Yield (%) 7.8% EPRA Earnings EUR m 11.3 5.2 +117% 7.6% EPRA Earnings per share ¹ EUR 0.47 0.35 +34% 7.4% 7.2% EPRA Net Initial Yield % 7.31% 7.39
Slide 24: Ring-fenced, largely interest-only facilities maturing in 2029–2031
Balance sheet and financing Ring-fenced, largely interest-only facilities maturing in 2029–2031, with 78% of principal hedged EUR 702m EUR 343m EUR 313m 4.1 yrs 78% Dec 2029 total assets total equity gross debt weighted average bank debt of drawn bank principal hedged first maturity maturity Debt ma
Slide 25: Leverage below the 50–60% target on every measure
Balance sheet and financing Leverage below the 50–60% target on every measure, leaving room for the planned bond 46% 48% 42.6% 2.22% 5.33% EUR 82m gross LTV on SPP’s definition ¹ reported leverage, incl. member EPRA loan-to-value weighted average margin over avg. all-in rate on bank loans, debt capa
Slide 26: Management guidance: NOI compounding at c. 11% to 2030
Outlook Management guidance: net operating income compounding at c. 11% to 2030 Gross rental income guidance by country (EUR m) EUR m 2026E 2027E 2028E 2029E 2030E 85 Gross rental income 49.8 68.1 71.2 73.9 76.1 75 65 Leakage (2.2) (4.8) (4.6) (4.4) (4.3) 55 45 Net operating income 47.7 63.2 66.6 69
Slide 27: A growing, fully EUR-denominated dividend backed by a mandatory REIT distribution
Shareholder returns A growing, fully EUR-denominated dividend backed by a mandatory REIT distribution Dividend per share — paid and guidance-implied earnings capacity (EUR) 1.8 Dividend policy 1.6 ▪ As a regulated Hungarian REIT, the Board is required by law to propose distribution of at 1.4 least 9
Slide 28: EBRD's fund exits to the controlling shareholder
Capital markets EBRD’s fund exits to the controlling shareholder — aggregate influence unchanged at 41.9% EUR 13.9 EUR 338m +19% c. 52% 24.3m 41.94% share price, 3 September 2026 market capitalisation ¹ share price YTD to 3 September total return since the IPO ² shares in issue aggregated influence
Slide 29: Scale delivered, quality retained — value creation levers still largely unspent
Investment case Scale delivered, quality retained — and the value creation levers are still largely unspent 01 02 03 Proven consolidator Defensive income Visible organic growth Two portfolio acquisitions in fourteen months, both 100% food-anchored, with Tesco and Auchan on leases to Like-for-like NO
Slide 30: Contacts
Contacts Kristóf Bárány, CFA Founding Partner, Chairman of the Board of Directors kristof.barany@shopperparkplus.hu Gábor Tóth, CFA Head of Investor Relations gabor.toth@shopperparkplus.hu Investor Relations Team investor.relations@shopperparkplus.hu H-1027 Budapest, Kacsa utca 15-23. · Shopper Park
Slide 31: Appendix
Appendix Financial statements · Key operating metrics · Portfolio schedule · Governance
Slide 32: Consolidated statement of profit or loss
Appendix – Financial statements Consolidated statement of profit or loss EUR m H1 2026 Q2 2026 H1 2025 Q2 2025 YoY (H1) Rental income Gross rental income 23.5 13.5 15.1 8.0 +56% The 56% increase in gross rental income was driven by consolidation of the Polish portfolio from 5 March 2026 and by renta
Slide 33: Consolidated statement of financial position
Appendix – Financial statements Consolidated statement of financial position Assets, EUR m 30.06.2026 31.12.2025 Δ Equity and liabilities, EUR m 30.06.2026 31.12.2025 Δ Total assets 702.1 568.2 +24% Total equity and liabilities 702.1 568.2 +24% Investment properties 658.7 430.0 +53% Equity ² 343.2 3
Slide 34: Portfolio, valuation and debt metrics since 2023
Appendix – Key metrics Portfolio, valuation and debt metrics since 2023 Unit 2023 2024 2025 H1 2026 Where the value still sits Number of retail parks # 18 18 22 30 ▪ Average retail park transaction values in the region have run well above Gross lettable area k sqm 325.0 325.0 398.0 606.5 SPP’s carry
Slide 35: Property schedule — 30 retail parks across four markets
Appendix – Portfolio Property schedule — 30 retail parks across four markets Hungary · 14 assets · 262,100 sqm Poland · 8 assets · 208,600 sqm Slovakia and Czechia · 8 assets · 135,800 sqm Retail park GLA (sqm) Retail park GLA (sqm) Retail park GLA (sqm) Shopland Budaörs 35,397 Warszawa–Łomianki 35,
Slide 36: Board, management arrangements and governance considerations
Appendix – Governance Board, management arrangements and the principal governance considerations Board of Directors Supervisory Board and Audit Committee Chairman · real estate investment and venture capital Kristóf Péter Bárány, CFA Dr. Gergely Szűcs President · over 14 years in investment manageme
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