Third Quarter Results 2025

Date: 30 October 2025

Release: After closing of Euronext

Operational highlights

• Like-for-like rental growth at 3.6% (twelve months to 30 September 2025) driven by indexation and continued leasing progress across all markets (1.7% above inflation)

• Retail sales rose 4.1% in the first nine months of 2025, with strong sector growth in health & beauty (+8.1%), fashion and shoes (+7.0%), telecom and electrical (+9.1%) and books and toys (+6.7%)

• Continued strong leasing momentum: 296 renewals and relettings completed over the last twelve months, achieving an average uplift of 6.1%, of which new lettings delivered 13.8%

• EPRA vacancy rate remained low at 1.3% (June 2025: 1.2%), reflecting solid tenant demand and active leasing management

• OCR at 10% - a solid base for sustainable rental uplifts

• Rent collection remained high at 98% for the nine-month period

• Maintained 5-Star GRESB Rating with an improved score of 91/100 (2024: 88/100), confirming continued progress in sustainability

  Financial highlights

• Direct investment result per share up to €1.85 (2024: €1.83)

• Net loan to value ratio further improved to 40.7% from 41.3% at 31 December 2024

• In accordance with the Company's dividend policy, a cash interim dividend of €0.72 per share is expected to be paid in January 2026. The Company also intends to offer shareholders the possibility of opting for a stock dividend instead of the cash interim dividend

  Guidance

• Direct investment result for the full year 2025 is confirmed to be at the upper end of the €2.40 - €2.45 per share guidance range

Key financials for the 9-month period

(€'000) 30 September 2025 30 September 2024

30 September 2025 31 December 2024

* Based on proportional consolidation

Evert Jan van Garderen, CEO:

"The ongoing performances of Woluwe and Carosello underline the success of our remerchandising strategy and the value of close cooperation with our tenants. The other projects now under way in Italy will continue this momentum, further improving the quality, performance and resilience of our portfolio."

Leasing momentum captures rental reversion and drives operational performance

Leasing activity remained solid across the portfolio, with nearly 16% of lettable units renewed or relet over the past twelve months, achieving an average uplift of 6.1% on contracted rent. Of these transactions, 107 were new lettings, delivering a significantly higher uplift of 13.8%, reflecting continued retailers demand for well-located and high-performing shopping centres. This steady leasing progress supported like-for-like rental growth of 3.6% and helped maintain the Group's low vacancy rate of 1.3% and a sustainable occupancy cost ratio of 10%.

Capital Markets Day 2025

On 11 September 2025 Eurocommercial held its Capital Markets Day at Woluwe Shopping in Brussels, bringing together investors, stakeholders, and 12 of the 13 analysts covering the Company. The event served as an important opportunity to engage directly with the financial community and to showcase the Group's strategic progress and asset quality. Participants received detailed presentations on Eurocommercial's operational performance, sustainability roadmap, and value creation strategy, followed by a guided tour of Woluwe Shopping, where they could experience the results of the successful 2024 remerchandising project. The event reaffirmed the Group's strong relationships with the investment community and its commitment to transparent communication and long-term growth.

Flagship centres performance and active capital management

Eurocommercial's flagship centres continued to perform strongly in 2025, supported by remerchandising, active leasing, and disciplined capital management. Woluwe Shopping (Belgium) maintained double-digit footfall and a positive sales growth, driven by its upgraded retail mix and new premium openings in Q3 2025, including SKINS, Pierre Marcolini, and Sandro. Carosello (Italy) also outperformed, with strong leasing momentum and sustained trading following Zara's expansion. Remerchandising projects at Collestrada, I Gigli, and CremonaPo (Italy) are advancing, anchored by new flagship stores for Primark and Inditex. The Group also slightly strengthened its capital position through the sale of the 8,200 m² EKO unit in Växjö, Sweden, for SEK 158 million (€14.1 million), above valuation, underscoring both the liquidity and quality of its regional retail portfolio.

Financial highlights

The direct investment result for the nine-month period ending 30 September 2025 increased to €100 million (€1.85 per share), compared to €98.2 million (€1.83 per share) for the same period in 2024. This improvement was primarily driven by a €6.0 million increase in rental income, supported by indexation, lease renewals, and relettings, despite the temporary reduction in income resulting from ongoing remerchandising works. The net loan to value ratio as per 30 September 2025 decreased to 40.7% compared to 41.3% at 31 December 2024, mainly due to the increase in operational results and property values and the loan amounts remaining stable. The Group covenant net loan to value ratio agreed with the financing banks is 60%. At 30 September 2025, the unhedged part of the Company's loan portfolio was 13% (including the hedging instruments entered into until the date of publication) and the average interest rate was stable at 3.2%.

Guidance

Assuming no major deterioration in the macroeconomic environment, we confirm the direct investment result for the full year 2025 to be at the upper end of the guidance provided with the publication of the 2024 annual results in March 2025 (between €2.40 and €2.45 per share).

Amsterdam, 30 October 2025

Board of Management

Evert Jan van Garderen Roberto Fraticelli

Nine-Month Report 2025

The Nine-Month Report 2025, attached to this press release, contains the operational and financial results for the first nine months of the year.

Financial calendar

5 March 2026: Full year results 2025 (after close of business) 16 April 2026: Publication of Annual Report 2025

7 May 2026: First quarter results 2026 (after close of business)

Eurocommercial Properties N.V. is a Euronext-quoted property investment company and one of Europe's shopping centre specialists. Founded in 1991, Eurocommercial currently owns and operates 24 shopping centres in Belgium, France, Italy, and Sweden with total assets of €4 billion.

https://www.eurocommercialproperties.com

For additional information please contact: Ilaria Vitaloni, Investor Relations Officer Tel: +31 20 5306030

investorrelations@ecpnv.com

Operational highlights

• Like-for-like rental growth at 3.6% (twelve months to 30 September 2025) driven by indexation and continued leasing progress across all markets (1.7% above inflation)

• Retail sales rose 4.1% in the first nine months of 2025, with strong sector growth in health & beauty (+8.1%), fashion and shoes (+7.0%), telecom and electrical (+9.1%) and books and toys (+6.7%)

• Continued strong leasing momentum: 296 renewals and relettings completed over the last twelve months, achieving an average uplift of 6.1%, of which new lettings delivered 13.8%

• EPRA vacancy rate remained low at 1.3% (June 2025: 1.2%), reflecting solid tenant demand and active leasing management

• OCR at 10% - a solid base for sustainable rental uplifts

• Rent collection remained high at 98% for the nine-month period

• Maintained 5-Star GRESB Rating with an improved score of 91/100 (2024: 88/100), confirming continued progress in sustainability

  Financial highlights

• Direct investment result per share up to €1.85 (2024: €1.83)

• Net loan to value ratio further improved to 40.7% from 41.3% at 31 December 2024

• In accordance with the Company's dividend policy, a cash interim dividend of €0.72 per share is expected to be paid in January 2026. The Company also intends to offer shareholders the possibility of opting for a stock dividend instead of the cash interim dividend

  Guidance

• Direct investment result for the full year 2025 is confirmed to be at the upper end of the €2.40 - €2.45 per share guidance range

Evert Jan van Garderen, CEO:

"The ongoing performances of Woluwe and Carosello underline the success of our remerchandising strategy and the value of close cooperation with our tenants. The other projects now under way in Italy will continue this momentum, further improving the quality, performance and resilience of our portfolio."

Board of Management's commentary

Retail operations across the Group's four markets continued to perform well during the first nine months of 2025, supported by resilient consumer spending and low unemployment levels. Retail sales increased by 4.1% year-to-date, with further momentum in the third quarter as all markets contributed positively to turnover growth.

Like-for-like rental growth for the twelve months to 30 September 2025 was 3.6%, driven by indexation and steady leasing progress. Rent collection remained strong at 98%, reflecting the financial health of the tenant base and an affordable average occupancy cost ratio of 10%.

Leasing activity remained solid, with almost 300 lease transactions completed over the past twelve months, producing an overall rental uplift of 6.1%. New lettings achieved an average uplift of 13.8%, demonstrating sustained demand from expanding retailers. Italy delivered the strongest results with an