06/03/2026 - Full Year Results 2025 Presentation

6 March 2026

Acquisition of Avion Shopping

Evert Jan van Garderen

CEO

Results review

Evert Jan van Garderen

CEO

Financial review and closing remarks

Roberto Fraticelli

CFO

Q&A

Evert Jan van Garderen

CEO

2

Agenda

3

45,000sqm

Dominant regional shopping centre

€110million

Total investment

80

Shops and restaurants

IKEA

Direct internal access

7

Newly built large retail boxes

Avion Shopping

Expanding our Nordic portfolio

Strong fundamentals

Location

Located in Umeå, one of Sweden's fastest-growing cities, with a young, expanding population & dynamic economy

Strong footfall

50% of the catchment within 30 minutes, including Umeå University (40,000+ students) driving recurring footfall

IKEA-anchored destination

Attractive tenant mix with direct IKEA access, driving regional footfall, including from Finland

BREEAM Excellent

Built in 2016, the centre is a modern retail destination

developed to high standards and fully ESG compliant

Dominant regional retail destination

33,776 sqm

Gallery

11,865 sqm

Retail boxes

2,600

Parking spaces

Attractive tenant mix for the catchment

Dominant retail destination in an undersupplied market

Tenant mix at Avion Shopping

Services

2%

Fitness 2%

Electronic 2%

Gift & Jewellery 3%

Fashion 31%

Food & Beverage 5%

Shoes 8%

Health & Beauty 8%

Home Goods 10%

Hypermarket 18%

Sport 10%

Avion Shopping Centre is anchored by Willys, H&M, Clas Ohlson and Stadium, and complemented by a strong mix of retail and food & beverage. Located in a low-density retail area with limited competition, the centre captures a significant share of local consumer spending.

Asset rotation in action

2025: Acquisition of Avion Shopping & disposal of EKO megastore

July 2025 March 2026

Active portfolio management

• Disposal of non-core, single-tenant retail asset

• Capital released at an attractive point in the cycle

• Part of our disciplined capital recycling strategy

• Continuous optimisation of portfolio composition

  Upgrading asset quality

• 45,000 sqm dominant regional shopping centre

• Strong multi-anchor destination with high footfall

• Modern, ESG-compliant asset

• Clear leasing and income growth upside

.8

8.Avion Shopping, Umeå

Sweden becomes second largest market

Invest in resilient geographies

Improving consumption, stable labour markets and structural retail demand

We operate exclusively in established, resilient European economies with improving consumer fundamentals and transparent property markets.

Since 2023, online penetration has stabilised, confirming the structural resilience of physical retail across our core markets.

Source: GLOBAL DATA: LATEST DATA AVAILABLE

Sweden is a very resilient geography due to:

• GDP continues to sustain positive growth in 2026

• Household purchasing power improving

• Retail consolidation benefitting dominant centres

Dominant retail destinations in resilient catchments

5

Flagship centres

20

Hypermarket-anchored centres

Experiential. Destination-Led.

Dominant regional shopping destinations serving catchment areas of over 1 million inhabitants.

They attract visitors from a wide geographic area and serve as prime locations for leading international and national brands, offering strong footfall, broad appeal and destination driven performance.

Essential. Convenient. Resilient.

Established shopping centres deeply embedded in local communities.

They represent the first-choice retail destinations within their catchments, serving as trusted community anchors and generating consistent local footfall through convenience-led, daily-needs retail.

11

12

2025: Operational highlights

Fiordaliso

Carosello

Passage du

Havre

Woluwe

Shopping

2,9%

4,1%

7,6%

10,0%

Sweden

Italy

France

Belgium

0,9%

2,7%

3,7%

10,0%

Footfall trends

+6.2%

Average footfall increase in our flagship centres

* I Gigli is excludedas it is currently on a remerchandising project

+2.8%

Across the total portfolio despite the disruption of on-going remerchandising projects

Sweden

Italy

France

Belgium

Total

2,0%

1,0%

0,0%

2,1%

2,9%

3,0%

3,4%

3,9%

7,0%

6,0%

5,0%

4,0%

7,1%

8,0%

Positive retail sales growth across all markets

Retail sales comparison 12M 2025 vs 2024 by country and by sector

Sweden

Italy

France

Belgium

total

3,80%

3,50%

5,20%

6,50%

9,50%

Total

The positive trend continues in the new year

Retail sales comparison January 2026 vs January 2025 by country

Country 31 Dec 2024

Like-for-like rental growth

Rental momentum translating into income growth

Rental growth above indexation

9.7%

0,10%

3,40%

4.7%

3.5% 3.4%

2022 2023 2024 2025

Indexation Organic Growth

Occupancy cost ratio (OCR)

Low OCRs support sustainable rental income and low vacancy

The total occupancy cost ratio is defined as rent plus marketing contributions, service charges and tenant property taxes as a proportion of turnover including VAT.

Average = 1.5%

1,6%

1,8%

1,8%

1,8%

1,7%

1,8%

1,4%

1,2%

1,5%

1,5%

1,5%

1,3%

1,5%

1,5%

1,5%

1,5%

1,5%

1,5%

1,5%

1,30%

1%

Dec-20 March-21 June-21 Sep-21 Dec-21 March-22 June-22 Sep-22 Dec-22 March-23 June-23 Sep-23 Dec-23 March-24 June-24 Sep-24 Dec-24 March-25 June-25 Sep-25 Dec-25

EPRA Vacancy

EPRA Vacancy rate remains low at 1.0%, ranging between 0.2% and 2.4%

Strong leasing momentum driving relettings

4.8%

Average rental uplift

8.8%

Rental uplift achieved on 101

relettings