First-half 2026 – interim consolidated financial statements

1. Consolidated income statement

   In millions of euros	Notes	06/30/2026	06/30/2025
   Gross rental income		649.1	632.9
   Service charges and property taxes		(204.6)	(200.2)
   Charges and tax billed to tenants		151.4	140.1
   Net property operating charges		(18.2)	(20.1)
   Net rental income	3.2.1	577.7	552.7
   Management, administrative and other operating income		41.0	43.9
   Payroll expenses		(62.5)	(61.9)
   Depreciation, amortization and impairment		(8.6)	(7.8)
   Provisions		0.2	(16.4)
   Other general expenses		(22.7)	(24.2)
   Change in value of investment properties	3.1.3	409.0	341.5
   Income (loss) from disposals		(1.0)	11.5
   Goodwill impairment			(0.2)
   Operating income		933.1	839.1
   Financial income		79.8	78.3
   Financial expenses		(147.8)	(149.2)
   Interest expense on leases liabilities		(5.0)	(4.9)
   Cost of net debt	3.3.5	(73.0)	(75.8)
   Change in the fair value of financial instruments		(3.7)	(24.5)
   Gain (loss) on net monetary position		(1.4)	(4.3)
   Share in earnings of equity-accounted companies		35.9	54.5
   Profit before tax		890.9	789.0
   Income tax expense	3.4	(133.1)	(98.9)
   CONSOLIDATED NET INCOME		757.8	690.1
   		684.7	617.6
   		73.1	72.5
   Earnings per share
   Undiluted earnings (in €) - attributable to owners of the parent (a)		2.39	2.16
   Diluted earnings (in €) - attributable to owners of the parent (b)		2.39	2.15

   • Attributable to owners of the parent

   • Attributable to non-controlling interests

   (a) Average number of shares - undiluted : 286,401,831 in 2026 and 286,043,006 in 2025

   (b) Average number of shares - diluted: 286,411,847 in 2026 and 286,489,098 in 2025

2. Consolidated statements of other comprehensive income

   In millions of euros	06/30/2026	06/30/2025
   Consolidated net income Other items of comprehensive income (loss) recognized directly in equity	757.8 (2.5)	690.1 (44.4)
   instruments	(3.1)	(4.9)
   	0.1	(40.3)
   	0.5	0.9
   Items that will be reclassified subsequently to profit or loss	(2.5)	(44.3)
   		(0.1)
   Items that will not be reclassified subsequently to profit or loss		(0.1)
   TOTAL COMPREHENSIVE INCOME	755.3	645.7
   	683.5	571.7
   	71.8	74.0

   • Effective portion of gains and losses on cash flow hedging

   • Translation gains and losses

   • Tax on other items of comprehensive income

   • Actuarial gains and losses

   • Attributable to owners of the parent

   • Attributable to non-controlling interests

3. Consolidated statements of financial position

   Assets

   In millions of euros	Notes	06/30/2026	12/31/2025
   Goodwill		466.8	465.4
   Intangible assets		39.2	36.5
   Property, plant and equipment		34.7	38.6
   Investment properties at fair value	3.1	19,602.1	19,038.7
   Investment properties at cost	3.1	29.8	22.7
   Investments in equity-accounted companies		1,116.2	1,087.3
   Other non-current assets	3.3.1	174.8	252.1
   Long-term derivative instruments	3.3.1	7.4	8.6
   Deferred tax assets		5.9	10.4
   Non-current assets		21,476.9	20,960.3
   Investment properties held for sale	3.1	38.4	56.0
   Trade receivables	3.2.2	112.8	99.7
   Other receivables	3.3.1	258.8	237.1
   Short-term derivative instruments	3.3.1	84.7	83.2
   Cash and cash equivalents	3.3.3	355.0	831.9
   Current assets		849.7	1,307.9
   TOTAL ASSETS		22,326.6	22,268.2

   Equity and liabilities

   In millions of euros	Notes	06/30/2026	12/31/2025
   Share capital		401.6	401.6
   Additional paid-in capital, Legal reserves and Consolidated reserves		8,385.7	7,623.0
   Consolidated net income		684.7	1,299.4
   Equity attributable to owners of the parent		9,472.0	9,324.0
   Equity attributable to non-controlling interests		2,155.2	2,139.6
   Total equity	4.1.5	11,627.2	11,463.6
   Non-current financial liabilities	3.3.1	5,847.4	6,498.3
   Non-current lease liabilities		309.4	335.2
   Long-term provisions		46.5	47.0
   Pension obligations & long term benefits		7.9	7.3
   Long-term derivative instruments		56.5	73.5
   Deposits		155.7	153.8
   Deferred tax liabilities		1,472.0	1,368.1
   Non-current liabilities		7,895.4	8,483.2
   Current financial liabilities	3.3.1	1,852.9	1,667.5
   Current lease liabilities		12.6	12.8
   Bank overdrafts	3.3.3		0.4
   Trade payables		129.7	95.6
   Due to suppliers of fixed assets		28.0	25.2
   Other liabilities		615.2	372.9
   Short-term derivative instruments	3.3.1	0.2	0.8
   Payroll and tax liabilities		165.4	146.2
   Current liabilities		2,804.0	2,321.4
   TOTAL EQUITY AND LIABILITIES		22,326.6	22,268.2

4. Consolidated statements of cash flows

   In millions of euros	Notes	06/30/2026	06/30/2025
   CASH FLOWS FROM OPERATING ACTIVITIES
   Net income from consolidated companies		757.8	690.1
   Elimination of expenditure and income with no cash effect or not related to operating activities
   - Depreciation, amortization and provisions		5.7	21.9
   - Change in value of investment properties	3.1.3	(409.0)	(341.5)
   - Goodwill impairment			0.2
   - Income (loss) from disposals		1.0	(11.5)
   - Current and deferred income taxes	3.4	133.1	98.9
   - Share in earnings of equity-accounted companies		(35.9)	(54.5)
   - Reclassification of interest and other items		99.3	127.3
   Gross cash flow from consolidated companies		552.0	530.9
   Income tax (received) paid		(15.8)	(21.2)
   Change in operating working capital		(25.0)	17.4
   Net cash flow from operating activities		511.2	527.1
   CASH FLOWS FROM INVESTING ACTIVITIES
   Proceeds from sales of investment properties		15.5	13.7
   Proceeds from sales of other fixed assets			(1.9)
   Proceeds from disposals of subsidiaries (net of cash disposed, net of loans and advances repaid)			57.0
   Acquisitions of investment properties			(1.3)
   Payments in respect of construction work in progress		(71.9)	(76.4)
   Acquisitions of other fixed assets		(6.4)	(10.4)
   Acquisitions of subsidiaries (net of cash acquired)		(53.7)	(1.9)
   Cash received from joint ventures and associates (including dividends received and loans issued)		38.1	27.6
   Loans and advances repayments		(4.1)	(6.6)
   Net cash flow used in investing activities		(82.5)	(0.2)
   CASH FLOWS FROM FINANCING ACTIVITIES
   Dividends paid to owners of the parent	1.2	(272.0)	(264.4)
   Dividends paid to non-controlling interests		(41.4)	(44.4)
   Acquisitions/disposals of treasury shares			(0.5)
   New loans, borrowings and hedging instruments	3.3.4	1,147.0	1,256.3
   Repayment of loans, borrowings and hedging instruments	3.3.4	(1,660.5)	(836.5)
   Net repayment of lease liabilities		(6.4)	(7.0)
   Interest paid		(72.2)	(67.3)
   Interest paid on lease liabilities		(5.0)	(4.9)
   Net cash flow from / (used) in financing activities		(910.5)	31.3
   Effect of foreign exchange rate changes on cash and cash equivalents		5.3	(2.4)
   CHANGE IN CASH AND CASH EQUIVALENTS		(476.5)	555.8
   Cash and cash equivalents at beginning of period	3.3.3	831.5	400.7
   Cash and cash equivalents at end of period	3.3.3	355.0	956.5

5. Statements of changes in consolidated equity

DEBT AND FINANCING

As of June 30, 2026, consolidated net debt increased to €7,352.2 million compared to €7,346.6 million at end-2025.

The Group raised €300 million in long-term financing in the bonds market. The proceeds were primarily used to refinance a

€260 million mortgage loan.

DISTRIBUTION

On March 10, 2026, Klépierre paid a €0.95 per share interim dividend, for a total amount of €272.0 million excluding treasury shares.

On May 7, 2026, the General Meeting of Shareholders approved the payment of a €1.90 per share cash distribution in respect of 2025. The total distribution (excluding treasury shares) amounted to €544.5 million.

On July 7, 2026, Klépierre paid out the balance of the €0.95 per share distribution, for a total amount of €272.4 million (excluding treasury shares).

INVESTMENTS AND DIVESTMENTS

CORPORATE REPORTING

Klépierre, a French joint-stock corporation (société anonyme) governed by the French Commercial Code and listed on Euronext Paris (Compartment A), is headquartered at 26, boulevard des Capucines, Paris.

On July 24, 2026, the Executive Board approved the interim condensed consolidated financial statements of Klépierre SA for the six months ended June 30, 2026.

APPLICATION OF IFRS

The interim condensed consolidated financial statements for the six months ended June 30, 2026 have been prepared in accordance with IAS 34 "Interim Financial Reporting". They should be read in conjunction with the published consolidated financial statements for 2025.

Figures are presented in millions of euros (€m), with all amounts rounded to the nearest hundred thousand, unless otherwise indicated. Slight differences between figures may exist in the different statements due to rounding.

First-time Application of IFRS 18 - Presentation and Disclosure in Financial Statements

IFRS 18 "Presentation and Disclosure in Financial Statements" will replace IAS 1 for annual reporting periods beginning on or after January 1st, 2027.

The IFRS 18 standard modifies the structure of the statement of profit or loss, introduces three mandatory categories (operating, investing, financing), and establishes new presentation and disclosure requirements for certain performance measures, including Management-Defined Performance Measures (MPMs).

The Group is currently assessing the implications of implementing IFRS 18 standard, of which:

• the reclassification of certain income and expense items across the operating, investing and financing categories, including the reclassification of the "Contribution of companies accounted for under the equity method" and interest income on cash balances into investing activities;

• the alignment of internal performance measures with the new regulatory definitions.

The Group intends to apply IFRS 18 as from January 1st, 2027, in accordance with the transition requirements of the standard. Comparative information will be restated for the 2026 financial year upon first-time application.

USE OF MATERIAL JUDGMENTS AND ESTIMATES

The preparation of these interim condensed consolidated financial statements under IFRS required management to use estimates and assumptions, which may change with new circumstances. Key assumptions and uncertainties with significant risk of impacting asset and liability values in future periods are detailed below:

• Investment property: the Group appoints independent appraisers to perform half-yearly valuations of its real estate assets in accordance with the methods described in the chapter 4 of the 2025 Universal Registration Document;

• Measurement of goodwill of management companies: the Group tests goodwill for impairment at least once a year. For the half year closing, in accordance with IAS 36, an impairment test is performed when there is an indication that goodwill may be impaired, which was not the case at June 30, 2026;

• Financial instruments: the Group measures the fair value of the financial instruments it uses in accordance with standard market models and IFRS 13;

• Credit risk assessment: credit risk is assessed according to IFRS 9:

• Deferred tax assets: a deferred tax asset is recognized when it is probable that taxable profits will be available against which the recognized tax asset can be utilized;

• Risk factors related to climate change: the Group has taken the effects of its sustainable development policy into account in the main closing estimates. Appraisers were provided with 12 non-financial key performance indicators (e.g., energy consumption, greenhouse gas emissions) and factored in the most significant impacts into their valuations, based on current methodologies, although their influence cannot be isolated. Expenditures are recognized as either investments (e.g., energy equipment upgrades, solar panels, etc.) or recurring expenses (e.g., energy management tools, audits and studies). The Group's financing incorporates environmental performance criteria, with €2,450 million in sustainability-linked loans and €805 million of bonds as of June 30, 2026.

CONSOLIDATION METHODS