15/06/2026 - Annual report 2025-2026 - PDF

ANNUAL REPORT

2025-2026

2 I ANNUAL REPORT 2025-2026 I SUMMARY I

2025-2026 IN

BRIEF

LETTER TO THE SHAREHOLDERS

MANAGEMENT

REPORT

CORPORATE GOVERNANCE

SUSTAINABILITY

REPORT

P. 6

P. 13

P. 16

P. 33

P. 71

3 I ANNUAL REPORT 2025-2026 I SUMMARY

RETAIL ESTATES ON THE STOCK EXCHANGE

P. 114

REAL ESTATE

REPORT

P. 119

FINANCIAL REPORT

P. 137

RISK FACTORS

P. 248

LEXICON, APMs

and EPRA KPIs

P. 269

4 I ANNUAL REPORT 2025-2026 I REMARKABLE REAL ESTATES FACTS 1998-2026 I

1998

Retail Estates on the stock exchange

IPO and first listing on Euronext Brussels

1999

Strengthening of the capital

1st public capital increase

2002

Independent

Retail Estates becomes an independently managed investment company with

fixed capital

2003

Strengthening of the capital

2nd public capital increase

2008

Value real estate portfolio

Real estate portfolio reaches the milestone of EUR 250 million

2011

Value real estate portfolio

Real estate portfolio reaches the milestone of EUR 500 million

2012

Optional stock dividend

Retail Estates offers choice to shareholders

2013

Strengthening of the capital

3rd public capital increase

2014

SICAF becomes Belgian REIT

Diversification of financing sources bond issue - private placement

2015

Strengthening of the capital

4th public capital increase

5 I ANNUAL REPORT 2025-2026 I REMARKABLE REAL ESTATES FACTS 1998-2026 I

‌2016

Value real estate portfolio Real estate portfolio reaches the milestone of EUR 1 billion

Diversification of financing sources

bond issue - private placement

2017

Inclusion in EPRA index

The inclusion in the EPRA index contributes to the share's visibility

2018

Expansion in the Netherlands Additional listing on Euronext Amsterdam

20 years Retail Estates on the stock exchange

2019

Value real estate portfolio

Real estate portfolio reaches the milestone of EUR 1,5 billion

2020

Diversification of financing sources Bond issue - private placement of EUR 75 million

2021

Stable portfolio valuations Despite months of

mandatory shop closures due to the corona crisis, the dividend remains inflation proof

2022

Full recovery Operational results restored to precorona level

2023

25th anniversary of Retail Estates

2024

Acquisition Alexandrium Megastores

Portfolio value

Property portfolio reaches EUR 2 billion

2026

Start Nicolas Beaussillon as CEO

First purchase in France

‌6 I ANNUAL REPORT 2025-2026 I 24/25 IN BRIEF I

Like-for-like evolution of rental income

(at constant portfolio)

+2.02%

Gross dividend

€ 5.20

+2%

RETAIL ESTATES - EPRA NTA - IFRS NAW

Net rental income

€ 145.79 mio

+2.54%

Retail Estates nv EPRA NTA IFRS NAW

EPRA-result

€ 91.90 mio

+1.14%

EPRA result per share1

€ 6.15

-1.04%

EPRA-NTA

€ 83.41

Share price on 31 March 2026

€ 66.00

1 Based on the weighted average number of shares.

7 I ANNUAL REPORT 2025-2026 I 24/25 IN BRIEF I

real restate portfolio capital ESG

Estimated fair value of the real estate portfolio

€ 2,101.66 mio

+1.55%

Occupancy rate

97.82%

Capital increase

€ 18.22 mio

319,035 new shares

Capital and share premiums

€ 737.17 mio

15,026,370 shares

€ 13.02 mio investments in making our property more sustainable

50.00%

49.15%

DEBT RATIO

40.00%

30.00%

44.77%

44.62%

42.52%

40.39%

40.39%

20.00%

10.00%

-%

31.03.2022 31.03.2023 31.03.2024 31.03.2025 31.03.2026

8 I ANNUAL REPORT 2025-2026 I 24/25 IN BRIEF I

GEOGRAPHICAL SPREAD

37.95%

FAIR VALUE

33.66%

Flanders

Wallonia

The Netherlands

Retail properties in Belgium

Retail Estates nv has concentrated on continuously improving the quality of its properties and the expansion of its real estate portfolio.

22.89%

28.39%

TYPE OF BUILDING

3.63%

Retail parks Retail clusters

Individual retail properties

Others

Retail properties in The Netherlands

RETAIL AREA

Retail Estates expands its real estate portfolio through acquisitions, project developments and optimisation investments.

GROWTH PORTFOLIO RETAIL ESTATES NV BETWEEN 1998 AND 2026

15.05%

16.82%

1.82%

2.31%

73.27%

TENANT ACTIVITIES

4.93%

58.99%

Home improvement Fashion Commodities

& Food

Horeca Leisure Other

Total number of retail properties

The real estate portfolio of Retail Estates nv consists of retail properties located outside the largest cities of Belgium, the Netherlands and France.

€ 2,000 mln

€ 1,600 mln

€ 1,200 mln

€ 800 mln

€ 400 mln

€ 0 mln

1,200,000 m²

1,000,000 m²

800,000 m²

600,000 m²

400,000 m²

200,000 m²

0 m²

98 00 02 04 06 08 10 12 14 16 18 20 22 24 26

Fair value Belgium Fair value the Netherlands

98 00 02 04 06 08 10 12 14 16 18 20 22 24 26

m² surface area Belgium m² surface area the Netherlands

9 I ANNUAL REPORT 2025-2026 I GEOGRAPHICAL SPREAD CLUSTERS I

Retail Estates operates in retail parks and clusters located in locations where purchasing power is high. In Belgium, this includes the golden triangle between Antwerp, Ghent and Brussels. In the Netherlands, this includes the Randstad between Amsterdam and Rotterdam.

'RANDSTAD'

'GOLDEN TRIANGLE'

AWARDS

'RETAIL ESTATES WAS AGAIN INCLUDED IN THE EPRA ANNUAL REPORT SURVEY AND WAS AWARDED TWO GOLD MEDALS FOR FINANCIAL REPORTING AND SUSTAINABILITY REPORTING.'

AXIS EAST-WEST

'GREEN AXIS'

10 I ANNUAL REPORT 2025-2026 I KEY FIGURES 2022_2026 I

The financial year of Retail Estates nv starts on 1 April and ends on 31 March. The key figures below are consolidated figures.

1 The Royal Decree of 13 July 2014 relating to the regulated real estate companies (the "RREC R.D."), last modified by the Royal Decree of 23 april 2018 in execution of the Law of 12 May 2014 relating to the regulated real estate companies (the "RREC Law").

2 EPRA earnings per share at 31 March 2023 contained non-recurring results due to various refunds of Dutch corporate taxes relating to previous financial years. Excluding the non-recurring income, the EPRA earnings (group share) amounted to € 80,501,000 and the EPRA earnings per share (group share) to € 5.79.

11 I ANNUAL REPORT 2025-2026 I KEY FIGURES 2022_2026 I

2 EPRA earnings per share at 31 March 2023 contained non-recurring results due to various refunds of Dutch corporate taxes relating to previous financial years. Excluding the non-recurring income, the EPRA earnings (group share) amounted to € 80,501,000 and the EPRA earnings per share (group share) to € 5.79.

12 I ANNUAL REPORT 2025-2026 I KEY FIGURES 2022_2026 I

EPRA Key Performance Indicators (KPIs)

The Miscellaneous chapter contains detailed calculations and definitions.

13 I ANNUAL REPORT 2025-2026 I LETTER TO THE SHAREHOLDERS I

Dirk Vanderschrick

Chairman of the Board of Directors

Nicolas Beaussillon

Managing Director

14 I ANNUAL REPORT 2025-2026 I LETTER TO THE SHAREHOLDERS I

Dear shareholders,

"Encouraged by these solid operational and financial foundations, we are fully focused on the continued implementation of our long-term strategy and the creation of sustainable value for all our stakeholders."

Nicolas Beaussillon

The 2025-2026 financial year was yet another year in which our resilience, stability and the attractiveness of our real estate portfolio were demonstrated.

Operational performance remained strong. The occupancy rate rose further to 97.82%, confirming the commercial success of our sites and the continued demand from tenants. Our rental income grew further in the past financial year, amounting to € 146.1 million, an increase of 1.89% compared with the previous year. On a like-for-like1 basis, growth stood at 2.0%, driven mainly by indexations of existing lease agreements. This trend underlines the robustness of our income streams and the quality of our portfolio.

Our EPRA result2 reflects this solid underlying performance, rising to € 91.9 million, an increase of 1.14% compared with the previous financial year, despite the first full impact of corporation tax in the Netherlands amounting to € 1.98 million. EPRA earnings per share amounted to € 6.15, slightly below last year's level, due to the increase in the number of shares following the

capital increase in connection with the interim optional dividend in June 2025.

The EPRA Net Tangible Asset value rose to € 83.41 per share, taking into account the proposed gross dividend of

€ 5.20. The operating margin improved slightly to 80.97%, underlining the profitability of our core activities. At the same time, the value of the real estate portfolio increased to € 2,101.7 million, driven by positive revaluations.

Our financial position remained solid, with a debt ratio of 40.39%, well below our internal target of a maximum of 45%. This provides us with the necessary flexibility and additional investment capacity to further realise our growth plans. At the same time, we continued to focus on active portfolio optimisation and targeted investments in sustainability.

We remain convinced that we have invested in the best asset class within commercial property, and we will not deviate from this cornerstone of our strategy. Retail parks

1 Evolution of rental income on a similar portfolio (excluding purchases/sales from past financial year)

2 EPRA earnings are calculated as follows: net result excluding changes in the fair value of investment properties, excluding the result on the disposal of investment properties, excluding changes in the fair value of financial assets and liabilities and excluding minority interests relating to the above-mentioned elements. .

15 I ANNUAL REPORT 2025-2026 I LETTER TO THE SHAREHOLDERS I

have demonstrated their considerable resilience for many years and have evolved into a fully-fledged asset class that is highly sought after by institutional investors in Europe. They meet numerous expectations of the end consumer, the retailer and the investor.

Visitors benefit from their high efficiency in terms of accessibility, parking facilities and retail offering, whilst tenants have access to spacious premises in which they can combine their omnichannel activities, at lower rents and costs than is the case with other retail property. As a result, many retailers achieve higher profitability there compared to other segments of commercial property.

The stable supply and limited opportunities to develop new assets in Western Europe support the valuations of our portfolio, whilst yields remain attractive, ensuring that out-of-town retail property remains popular with investors.

Over the coming years, we will be focusing our full attention on the following priorities in order to enhance the appeal of our portfolio.

Portfolio growth and internationalisation

Given our leading position and the considerable size of our portfolio in Belgium and the Netherlands, we are convinced that internationalisation offers the greatest growth opportunities. In this context, we have chosen to focus initially on France. This market, which is in many respects comparable to the Belgian one, offers significant opportunities thanks to its size, in terms of consumers, retailers and the supply of retail parks.

In early April 2026, following the close of the 2025-2026 financial year and therefore not yet reflected in the results presented in this annual report, Retail Estates completed its first acquisition in the Paris region. We are continuing along this path and aim for further growth in the coming

period through new acquisitions. At the same time, we remain focused on improving quality in our existing markets in Belgium and the Netherlands through asset rotation and the strengthening of strategic positions.

Operational excellence

Further optimising the management of our retail parks is a key driver of value creation. The emphasis here is on the quality of the tenant mix, the customer experience, increasing revenue and making better use of data.

Quality and sustainability of the portfolio

As a long-term investor, we aim to safeguard the quality and sustainability of our portfolio. We remain committed to reducing our CO2 emissions, including through insulation and solar panels, with the aim of achieving a 50% reduction in our operational CO2 emissions by 2035 and thus working towards carbon neutrality by 2050. For the first time, we are setting out clear targets in the sustainability report included below.

These clear strategic choices, combined with the robustness of our model and our results, allow us to look to the future with confidence and ambition, whilst remaining vigilant in the face of a changing macroeconomic and geopolitical environment.

Finally, on behalf of both ourselves and the Board of Directors, we would like to thank Jan De Nys wholeheartedly for his dedication to the development of Retail Estates over the past 28 years. The company has grown significantly and, under Jan's leadership, has become the market leader in Belgium and the Netherlands. Together with the Board of Directors, the management team and the entire Retail Estates team, we are determined to continue this growth in other countries.

Over the past six months, Jan and Nicolas have organised a smooth handover of the company's management, in the interests of all stakeholders. In this context, Nicolas has been able to familiarise himself with the entire portfolio -which is essential in the property sector - meet the majority of our partners, and define the strategic priorities for the company.

We would also like to thank our shareholders for their continued trust, as well as our employees, partners and tenants for their daily dedication and commitment.

Thanks to their commitment, we are able to consistently implement our strategy and create sustainable value. We remain committed to continuing to earn this trust through discipline, transparency and a long-term vision focused on growth and stability. With a solid foundation and clear strategic priorities, we look to the future with confidence.

16 I ANNUAL REPORT 2025-2026 I MANAGEMENT REPORT I

‌Management report

STRATEGY 17

SIGNIFICANT EVENTS IN THE FINANCIAL YEAR 21

EVENTS AFTER THE BALANCE SHEET DATE 28

COMMENTS ON THE CONSOLIDATED ACCOUNTS 29

17 I ANNUAL REPORT 2025-2026 I CORPORATE GOVERNANCE I

‌About

Retail Estates

Legal requirements

The annual report of Retail Estates is a combined report within the meaning of articles 3:6 and 3:32 of the Belgian Code of Companies and Associations. The elements to be included in this report on the basis of these articles are discussed in the different chapters.

Forward-looking statements

This annual report contains forward-looking statements, including but not limited to statements using such words as "believe", "anticipate", "expect", "intend", "plan", "pursue", "estimate", "can", "will", "continue", and similar expressions. These forward-looking statements are made in the context of known and unknown risks, uncertainties and other factors that might cause the actual results, the financial condition, the performance or the accomplishments of Retail Estates nv and its subsidiaries ("the Group") or the results of the sector to differ considerably from the expected results, performance or accomplishments expressed or implied in the aforementioned forward-looking statements. Given these uncertainties, investors are advised not to place undue reliance on such forward-looking statements.

18 I ANNUAL REPORT 2025-2026 I CORPORATE GOVERNANCE I

Osny,

France

1. Strategy - investment in out-of-town retail real estate

   Goal - investment in a representative portfolio of out-of-town retail real estate

   The Belgian public real estate investment trust Retail Estates nv is a niche player specialised in making out-of-town retail properties located on the periphery of residential areas or along main access roads to urban centres available to users. Real Estates NV acquires these real estate properties from third parties or builds and commercialises retail buildings for its own account. A typical retail building has an average area of 1,000 m² in Belgium and 1,500 m² in the Netherlands.

   The most important long-term goal for Retail Estates nv is to assemble, manage and expand a portfolio of out-of-town retail real estate which ensures steady, long-term growth due to its location and the quality and diversification of its tenants. The projected growth results both from the value of the portfolio and the income generated from leasing.

   As of 31 March 2026,

   Retail Estates has 1,006 premises in its portfolio with a total retail area of

   1,191,234 m².

   
   
   

   In the short term, this goal is pursued by continuously monitoring the occupancy rate of the portfolio, the rental income and the maintenance and management costs.

   Portfolio growth

   The selective purchase and construction of retail buildings at particular locations (so-called 'retail clusters and retail parks') are aimed at simplifying the management and boosting the value of the portfolio. Retail Estates has currently identified 116 locations with retail parks and clusters. The real estate portfolio is spread throughout Belgium, the Netherlands and, since

   april 2026 after the closing of financial year 2025-2026, France.

   Over the past years, Retail Estates has concentrated on continuously improving the quality of its properties and expanding its real estate portfolio.

   In principle, Retail Estates rents its properties as a building shell, with the furnishings, fittings and maintenance left to the discretion of the tenants. Retail Estates' own maintenance costs are essentially limited to the maintenance of car parks and roofs, and can be planned in advance in most cases. In addition, Retail Estates also invests in making its buildings more energy efficient. More information is available in the sustainability report included in this annual report.

   Most of its tenants are well-known retail chains.

   As of 31 March 2026, Retail Estates has 1,006 premises in its portfolio with a total retail area of 1,191,234 m². The occupancy rate of these buildings, measured as the ratio of Estimated Rental Value (ERV) of vacant surfaces versus the ERV of the total portfolio, is 97.82%.

   On 31 March 2026, the fair value of the investment properties of Retail Estates nv and its subsidiaries is estimated by the independent real estate experts at € 2,101.66 million (value excluding transaction costs) and the investment value at € 2,214.83 million (value including transaction costs).

   Retail Estates has invested a total of € 15.91 million in "Distri-Land" real estate certificates. It currently holds 88.12% of the issued "Distri-Land" real estate certificates. The issuer of these real estate certificates owns 12 retail properties with a fair value of € 23.59 million

   19 I ANNUAL REPORT 2025-2026 I CORPORATE GOVERNANCE I

   Acquisition criteria

   Retail Estates seeks to optimise its real estate portfolio in terms of profitability and potential for capital gains by paying attention to a number of criteria which serve as guidelines when acquiring real estate:

   Choice of location

   Based on the insight that management has acquired into the profitability of its tenants, the locations that are selected aim to offer Retail Estates' tenants the best chances of success. In this respect, the company seeks to achieve a healthy balance between the supply of retail properties and the demand from retailers. The aim in this is to develop a number of cluster locations and retail parks.

   Rental prices and initial profitability

   In order to reconcile the profitability expectation of Retail Estates and its tenants over the long term, special attention is paid to rental prices. Experience has shown that the excessive rents charged by certain project developers result in a high level of tenant turnover when the results do not quickly meet the retailers' expectations.

   Geographical spread

   Retail Estates spreads its investments throughout all major retail areas in Belgium and the Netherlands. As a result, the public BE-REIT prefers to concentrate its investments in sub-regions with strong purchasing power (mainly the Brussels - Ghent - Antwerp triangle and the "green axis" of Brussels - Namur - Luxembourg in Belgium as well as the "Randstad" region in the Netherlands and the east-west axis in the south of the country). In practice, it invests little in the Brussels Capital Region due to its limited supply of out-of-town locations. In France, Retail Estates made its first investment in 2026 in the periphery of Paris, where purchasing power is high.

   Development and redevelopment of property for our own account

   Retail Estates has experience in developing new retail buildings for its tenants for its own account. Experience has shown that such developments offer architecturally attractive retail properties which generate a higher initial income than retail properties offered on the investment market. The redevelopment of out-of-town shopping clusters into large groups of modern, connected retail properties also becomes more important by the year.

   Such redevelopments generally allow for an increase in lettable area and a better alignment of the premises with tenants' needs. Another distinct advantage of redevelopments is that parking and road infrastructure is improved and retail properties are modernised.

   The importance of redeveloping retail lane clusters into a larger whole of connected, modern retail properties is also increasing annually. In this redevelopment, the rentable surface area usually increases, retail properties are better adapted to the needs of the tenants, the parking and road infrastructure is improved and retail properties are modernised.

   Diversity of tenants

   Retail Estates seeks to have as many different retail sectors as possible represented in its list of tenants, with a preference for sectors known to have valuable retail outlets. In times of economic hardship, not all retail sectors are equally affected by a possible fall in turnover. A good distribution over diverse sectors limits the risks attached to negative economic developments.

2. Investing via the Belgian real estate investment trust Retail Estates nv

   Since 24 October 2014, Retail Estates nv has been registered as a public Belgian real estate investment trust. In its capacity of public BE-REIT - and with a view to maintaining this status - the company is subject to the

   BE-REIT legislation, which includes restrictions relative to its activities, debt ratio and appropriation of results. As long as it respects the above-mentioned rules, the company benefits from an exceptional tax regime. This regime allows Retail Estates nv to pay virtually no corporate tax on its earnings in Belgium, thereby ensuring that the result available for distribution is higher than for real estate companies that do not enjoy this status. As a public BE-REIT, Retail Estates nv also has additional assets, such as its strongly diversified real estate portfolio and the fact that it has been incorporated for an indefinite period of time.

   Investments in out-of-town retail real estate have, over the years, become more attractive owing to a stricter permit policy adopted by the government, a very limited supply of high-quality retail locations and a continuously high level of demand. The internationalisation of the retail property market, in conjunction with the shift from city centre to out-of-town activities, has had a positive influence on the out-of-town retail real estate market.

   This evolution, as well as the tendency to further institutionalise the investment market for out-of-town retail real estate, not only explains the rise in rents, but also the increase in the fair value of this real estate in the longer term. Moreover, several tenants of the company have incorporated the benefits of distance selling - by means of online selling - in their retail concept. This

   20 I ANNUAL REPORT 2025-2026 I CORPORATE GOVERNANCE I

   tendency even extends to the points of sale. This omnichannel approach, which embraces click-and-collect, benefits these companies' market position.

   Tradability of shares

   Each Retail Estates nv shareholder owns an investment instrument that can be traded freely and cashed in at any time via Euronext. Retail Estates has furthermore also been listed on Euronext Amsterdam since 11 April 2018, one week after the 20th anniversary of its initial listing on Euronext Brussels. All shares of Retail Estates nv are held by the public and a number of institutional investors. On 12 June 2026, four shareholders reported that, in accordance with the transparency legislation and Retail Estates nv's articles of association, they have stakes exceeding the statutory threshold of 3% and/or 5% (further explanation in the "Shareholding structure" section of this management report).

   The Euronext pricing lists, which are published in the daily press and on the Euronext website, enable shareholders to follow the evolution of their investments at all times. The company also has a website (https://www.retailestates.com) with relevant shareholder information.

   Intrinsic value

   The net asset value (NAV) of the share is an important indication of its value. The net asset value is calculated by dividing the consolidated shareholders' equity by the number of shares. The NAV (IFRS) amounted to € 85.64 on 31 March 2026. This represents an increase by +3.15% compared to € 83.02 over the previous year.

   The EPRA NTA (net tangible asset) amounts to € 83.41 (including the dividend of the 2025-2026 financial year), compared to € 80.87 in the previous year.

   This increase is mainly explained by the inclusion of the non-distributed results of the previous financial year to equity, the capital increase through the optional dividend and the recognized value increases in the real estate portfolio. On 31 March 2026, the stock market price of the share was € 66.00 representing a discount of -20.88% (compared to the EPRA NTA). Compared to the previous financial year, the number of shares of Retail Estates nv increased by 319,035.

   Dendermonde, Belgium

   
   
   

   21 I ANNUAL REPORT 2025-2026 I CORPORATE GOVERNANCE I

3. ‌Significant events in the financial year 2025-2026

   Investments - retail parks

   
   
   

   Acquisition of shop unit in home decoration mall Woonmall Alexandrium (Rotterdam, the Netherlands) In the first half of the financial year, Retail Estates purchased three retail units in Woonmall Alexandrium (Rotterdam, the Netherlands) for a total amount of

   Woonmall Alexandrium,

   Rotterdam, The Netherlands

   
   
   

   € 5.1 million (including costs), slightly higher than the fair value (€ 4.7 million). The units were purchased through Alex Invest nv, a 50% subsidiary incorporated under Dutch law. With this purchase, Retail Estates increased its interest in the joint ownership to 49.52% of the voting rights through Alex Invest.

   About Woonmall Alexandrium

   The home decoration mall Woonmall Alexandrium features 55 home decoration retail units spread over a surface area of approximately 60,000 m2. There are 900 parking spaces on the roof. The location can be reached perfectly by car as well as by train, the underground railway and by bus from the city of Rotterdam and the surrounding area.

   Since its construction the complex has become a supraregional shopping destination for furniture and interior decoration articles in the broadest sense, in one of the most attractive shopping areas in the Netherlands with 670,000 inhabitants. In terms of the number of visitors, Woonmall Alexandrium is one of the locations where the current tenants in general have their top performing retail units in the Netherlands.

   The home decoration mall Woonmall Alexandrium was opened in 1997 and sold at that time to various private investors and (shop) owners. The retail units acquired by Retail Estates via its 50% subsidiary under Dutch law, Alex Invest N.V., are let to tenants the majority of whom are already part of the company's existing Dutch portfolio of 14 retail parks.

   In its urban planning the city of Rotterdam has aimed at maximum efficiency at this location by opting for a covered 3-floor home decoration shopping center. This purchase is therefore perfectly in line with the policy and location preferences of Retail Estates.

   Cooperation with Westpoort Alexandrium B.V.

   The property was purchased by Alex Invest N.V., a company under Dutch law. The investment is funded by loans granted by Retail Estates (60%) and by a capital injection by Retail Estates and its partner Westpoort Alexandrium B.V. (40%).

   Westpoort Alexandrium B.V. is controlled by the Roobol family, who has acquired a 50 per cent participating interest in N.V. Alex Invest via a € 6 million capital increase.

   With this purchase, both specialised retail real estate investors have joined forces in order to consolidate the ownership structure of the home decoration mall Alexandrium. By combining their expertise in retail as well as real estate, the new owners have the unique knowhow to ensure the lasting success of the home decoration mall and guarantee further growth, together with the other owners and retailers.

   Two strong partners also make it possible to better control the shopping center's future development, including with respect to ESG objectives or criteria.

   22 I ANNUAL REPORT 2025-2026 I CORPORATE GOVERNANCE I

   Non-current assets under construction

   On 31 March 2026 the total amount of the non-current assets under construction is € 19.54 million. Retail Estates distinguishes five types of fixed assets under construction:

   • € 1.11 million speculative land positions (the so-called "land bank"; these concern residual land in existing portfolios that is held for possible development or to be sold at a later stage if no development is possible);

   • € 12.92 million of prospective fixed assets under construction;

   • € 0.00 million of fixed assets under construction in pre-development;

   • € 5.39 million of fixed assets under construction in progress; and

   • € 0.12 million of fixed assets under construction specifically linked to sustainability.

   Non-current assets under construction - prospection

   In 2014, Retail Estates acquired the retail park at Wetteren (Belgium) with 14 retail units and a gross retail area of 10,423 m². The retail park, which opened in 2008, is known as Frunpark Wetteren. It is very successful and attracts consumers from far and wide.

   In 2016, Retail Estates acquired, by way of speculation, an adjacent plot of land with two SME properties (investment of approx. € 9 million). According to the Spatial Implementation Plan, a permit can in principle be obtained for retail properties destined for large-scale retail as well as for SME properties.

   Retail Estates will build a home furnishings park as an extension of the existing retail park. In order to obtain planning permission, it became apparent that a mobility adjustment was required beforehand, for which there was no support from the wider community or local authorities.

   A solution was subsequently found in the form of a new entrance and exit, which resolves the mobility issues.

   To this end, an alternative redevelopment scenario was drawn up whereby additional shops will be built alongside the existing retail park (5,000 m² for large-scale, high-volume retail), supplemented by the redevelopment of another section into an SME park. In the first half of the financial year, Retail Estates submitted a planning application for this. Retail Estates has no experience with SME projects and has found a partner to realise the SME park.

   Non-current assets under construction - pre-development

   
   
   

   There are no projects in pre-development within the consolidation perimeter. For more information about Kampenhout, please refer to Investments in associated companies.

   Non-current assets under construction - development

   In Denderleeuw (Belgium), Retail Estates has received a planning permission to replace two older retail properties by a new building, which will again house two retail properties. Work has started in the second half of 2025.

   Completion is scheduled for the summer of 2026. The expected investment amounts to € 2.87 million. The total annual rent will amount to € 0.40 million.

   Other investments

   Within the context of the ESG strategy, Retail Estates invests in the installation of photovoltaic panels on the roofs of several retail parks in Belgium.

   Over the past twelve months, photovoltaic panels were installed in Kampenhout, Eupen, Gent, Wilrijk, Kontich, Westerlo, Kortrijk and Jemeppe (Belgium) with a total capacity of 1,382 kWp, which are expected to generate more than 1,244 MWh of green power each year. This corresponds to the annual consumption of 355 families1.

   Denderleeuw, Belgium

   1 Based on an average consumption of 3.5 MWh/year (VREG).

   23 I ANNUAL REPORT 2025-2026 I CORPORATE GOVERNANCE I

   This investment amounts to € 0.96 million. Retail Estates rents out these installations to its customers or to an energy broker.

   In addition to renewable energy Retail Estates invests in roof and façade renovations. In the past financial year, this investment amounted to € 12.05 million for several premises located in Belgium (among others Aartselaar, Genk, Lier, Merksem, Sint-Stevens-Woluwe and Sint-Denijs-Westrem) and in the Netherlands (among others Breda and Naaldwijk).

   Furthermore, Retail Estates is making room for charging stations at its retail properties. In the past financial year, seven fast chargers and one slow charger were installed at four Retail Estates sites. The number of new charging point installations is set to increase in the 2026-2027 financial year once the new round of tenders has been completed.

   We refer to the sustainability report in this annual report for more information about Retail Estates' ESG investments.

   Completion of non-current assets under construction No significant completions of non-current assets under construction took place during the financial year

   2025-2026.

   Optimisation of real estate portfolio

   Retail Estates pays close attention to the changing needs of its tenants with respect to retail area. Several tenants systematically expand their product range and regularly request an extension of their retail area. This can be done by acquiring space from adjacent tenants who sometimes have too much space or by constructing a new addition to the retail unit. Sometimes a combination of both is opted for.

   Renovations sometimes include more than just an expansion of the retail area. Retail Estates regularly seizes the opportunity to remove an existing shop façade and replace it with a contemporary version that better fits the tenant's image.

   Such investments allow us to build "win-win" relations with the tenants.

   
   
   

   Marche-en-Famenne,

   België

   
   
   

   We are delighted to be developing a new home furnishings centre in Kampenhout: the combination of strong local purchasing power and a growing population makes this an exceptionally valuable location.

   Investments in associated companies

   24 I ANNUAL REPORT 2025-2026 I CORPORATE GOVERNANCE I

   Simulation

   woonboulevard Kampenhout,

   Belgium

   
   
   

   In Kampenhout (Belgium), Veilinghof 't Sas nv will build a new retail park following the demolition of the former chicory auction building. The retail park will become Belgium's first home furnishings boulevard based on the Dutch model. At a home furnishings boulevard, consumers will find a variety of shops specialising in home-related products, such as interior design, furniture and DIY. This benefits both consumers and retailers, as everything is grouped together in one convenient location.

   
   
   

   Veilinghof 't Sas NV has been granted a final, enforceable planning permission. Consequently, Retail Estates began marketing the new home furnishings centre in March 2026 and started demolition work on the old chicory auction in April. Construction of the home furnishings centre will begin in the autumn of 2026, with the 20,000 m² retail park scheduled for completion by the end of 2027 or early 2028. The site has space for ten shops. The total investment amounts to 27 million euros.

   Kampenhout is a perfect location for this concept. The catchment area is home to 500,000 people in a region with a high population density and high purchasing power. As a result, several retailers are already interested in opening a store there, including DIY chain Brico

   (5,485 m²) and various home decoration specialists.

   In terms of sustainability, the home furnishing boulevard is fully in line with the real estate company's strategy that buildings must be future-proof. The site will be developed in an extremely sustainable manner and operated in a CO2-neutral way. It will be a climate-friendly home furnishing retail park thanks to the use of green roofs, solar panels, heat pumps, water-permeable parking areas and the creation of green spaces. Charging points for electric vehicles will also be provided.

   In addition to the home furnishing retail park, the site will also include a leisure and catering business. Adjacent to this, the municipality of Kampenhout is developing a municipal swimming pool.

   Retail Estates holds a 26.19% participating interest in the company Veilinghof 't Sas nv, which unites the interests of the different owners and represents a surface area of 37,708 m².

   The investment of Retail Estates in this participating interest is € 1.75 million in the company's capital and an initial long-term loan of € 5.00 million intended to acquire a neighbouring site. Furthermore, Retail Estates undertakes to maintain sufficient liquid assets at all times with a view to the completion of the project. In this context, an additional funding facility of € 2.50 million has been made available. As at 31 March 2026, the company Veilinghof 't Sas had already drawn down € 1.63 million of this facility.

   25 I ANNUAL REPORT 2025-2026 I CORPORATE GOVERNANCE I

   Divestments

   
   
   

   Total divestments in the past financial year amounted to net proceeds of € 34.01 million. The sales resulted in a net capital gain of € 1.30 million. The divestments comprised the sale of a retail property in Veenendaal (Netherlands), the sale of properties on the Keerdok site in Mechelen (Belgium), the sale of the site in Zaventem (Belgium), the sale of retail units in Sint-Martens-Latem, Fléron, Jodoigne and Kuurne (Belgium), the sale of an SME unit in Eupen (Belgium) and the sale of land plots for apartments developed by a property developer on the site in Houthalen-Helchteren (Belgium).

   Veenendaal (Netherlands)

   On 1 April 2025, Retail Estates sold a home decoration mall comprising two retail units in Veenendaal (the Netherlands) for € 12 million. The 18,576 m² property was leased to Eijerkamp, a well-known Dutch family business specialising in home furnishings and furniture. The total annual rent for this retail property amounted to

   € 1.48 million. The fair value of the property stood at

   € 11.97 million as at 31 March 2025.

   The site was sold because it is an atypical property: it comprises a large-scale area with only two tenants. Retail Estates' investment policy in the Netherlands focuses more on standard properties with a surface area of

   1,500 m².

   Keerdok Mechelen

   In addition, the remaining retail properties were sold as part of the phased sale of the Keerdok site in Mechelen (Belgium). This site was rezoned by the local authority for apartment development following the approval of the RUP Rode Kruisplein.

   
   
   

   The first phase of the sale took place in March 2023 and resulted in sales proceeds of € 3.75 million. A second sales phase followed in early 2025, during which two

   properties were sold, generating net sales proceeds of

   € 1.83 million.

   As at 31 August 2025, the remaining properties on the Keerdok site were sold, generating net proceeds of

   € 5.59 million. A partial deferral of payment until

   31 December 2026 has been granted for this, secured by a bank guarantee on first demand.

   Zaventem

   Retail Estates has sold a site in Zaventem (Belgium) to De Werkvennootschap, established by the Flemish Government to manage major infrastructure projects, for

   € 11.63 million, which is € 1.19 million higher than the fair value of the complex (€ 10.44 million). This agreement forms part of the widening of the Brussels Ring Road, for which the site in Zaventem must be expropriated. It concerns a plot of 21,955 m², of which 10,100 m² is built-up (2,000 m² of retail space and 8,100 m² of warehouses). The annual rent amounted to € 0.76 million.

   Sint-Martens-Latem

   Furthermore, on 30 September 2025, a property in Sint-Martens-Latem (Belgium) was sold for € 1.85 million. The fair value of the property was € 2.06 million.

   The current rental income amounted to € 0.11 million. The building consisted of a let ground-floor shop and a vacant office. The decision to proceed with this transaction was based on the complex planning permission status of the property and the persistent vacancy of the office floor.

   Other

   In addition, in the first half of the 2025-2026 financial year, a few minor transactions took place relating to the sale of land holdings of the SME unit in Eupen (Belgium) and land holdings of apartments on the site in Houthalen-

   Helchteren (Belgium). In total, these were sold for net proceeds of € 0.51 million.

   Furthermore, three properties in Fléron, Jodoigne and Kuurne (Belgium) were sold for a total amount of

   € 2.46 million, which was slightly above the fair value of

   € 2.12 million.

   These divestments are part of an annual recurring sales programme of (individual) retail properties that are not part of the core portfolio of Retail Estates due to their location, size and/or commercial activity.

   Investments: conclusion

   The acquisition and completion of own developments in the 2025-2026 financial year, less divestments, resulted in a decrease of the real estate portfolio by € 35.00 million (excl. non-current assets under construction). The total rental income increased by € 0.28 million in financial year 2025-2026 as a result of these investments and decreased by € -0.09 million in the past financial year as a result of the divestments. If the acquisitions and sales had taken place on 1 April 2025, the rental income would have increased by € 0.35 million.

   The investments are financed by a mix of shareholders' equity (issue of new shares by non-monetary or monetary contributions) and borrowed capital (financing of working capital by the banks, issue of a bond loan, …).

   For a description of the main investments and divestments in the 2024-2025 financial year, please refer to pages 22-26 of the 2024-2025 Annual Financial Report.

   For a description of the main investments and divestments in the 2023-2024 financial year, please refer to pages 20-23 of the 2023-2024 Annual Financial Report.

   26 I ANNUAL REPORT 2025-2026 I CORPORATE GOVERNANCE I

   Management of the real estate portfolio

   Occupancy rate

   On 31 March 2026, the occupancy rate was 97.82% of the total estimated rental value (ERV) of the properties included in the real estate portfolio. Obviously, the occupancy rate must be seen as a snapshot taken of a series of mutations in the previous financial year. It does not imply a guarantee for the future, as the Belgian and Dutch legislation on commercial lease is mandatory and allows for cancellation every three years in Belgium and every five years in the Netherlands.

   Rental income

   On 31 March 2026, the net rental income amounted to

   € 145.79 million, an increase of € +3.61 million (+2.54%) compared to the same period of the last financial year.

   The increase is driven by the indexation of the rents (€ +4.09 million) and additional rental income from

   acquisitions made during the 2024-2025 financial year. In Belgium, the indexation rate was 2.09% on average over the past financial year. In the Netherlands, the indexation was also 2.94% on average.

   Outstanding trade receivables, after deduction of doubtful debtors and advance payments, amounted to

   € 12.42 million, of which € 11.18 have not yet reached their maturity date and € 0.31 million relate to the revolving fund and the reserve fund. Taking into account the guarantees obtained - both rental guarantees and bank guarantees - the credit risk on trade receivables is very limited on 31 March 2026. The total prebilling amounted to € 10.76 million on 31 March 2026 compared to € 11.09 million last year. It relates to unexpired rents billed for the periods after 31 March 2026.

   Damage claims

   No significant claims were identified in the 2025-2026 financial year.

   Capital increases in the context of the authorised capital - optional interim dividend

   The Board of Directors of Retail Estates has decided on 28 May 2025 to pay an optional gross interim dividend of

   € 5.10 (€ 3.57 net) for the 2024-2025 financial year. A total of 34.70% of the coupons no 33 were contributed in exchange for new shares. This means that on 27 June 2025, 319,035 new shares were issued for a total amount of € 18,223,279.202 (this is the total issue price with the issue premium included). The total number of shares on 31 March 2026 amounts to 15,026,370 and the capital to

   € 338,099,179.15. This interim dividend was paid out by decision of the board of directors within the framework of the authorized capital, based on the authorization granted by the extraordinary general meeting of 12 June 2024.

   Implementation of the financing strategy

   Retail Estates combines bilateral credits with different banking partners and private placements of bonds with institutional investors. The average maturity of the credit portfolio is 3.32 years.

   Within the context of the financing of its activities, Retail Estates has had a commercial paper programme of (up to) € 100 million since September 2017 (and extended in October 2018). The commercial paper is fully covered by back-up lines and unused credit lines that serve as a guarantee for refinancing should the placement or renewal of the commercial paper prove to be impossible or only partially possible. As of 31 March 2026, an amount of € 40.15 million of this commercial paper programme has been used.

   The average interest rate on 31 March 2026 is 2.12% compared to 2.08% on 31 March 2025. The degree to which Retail Estates can finance itself significantly impacts its profitability. Property investment generally entails a relatively high level of debt financing. To optimally limit this risk, Retail Estates applies a cautious and conservative strategy. As a result, an interest rate increase does not have a substantial impact on the total result in the financial year ending on 31 March 2026.

   Interest rate increases or decreases nevertheless have an impact on the market value of the concluded IRS contracts and thus on shareholders' equity and changes in the fair value of financial assets and liabilities. The conservative hedging strategy was also consistently maintained over the past year and will lead to a gradual increase in average interest costs in the future.

   Retail Estates opts for a growth model with a direct contribution of earnings per share. This can be done both on the capital side and on the debt financing side.

   On the capital side, this can be done through a non-monetary contribution, a traditional rights issue or via the option for BE-REITs recently introduced in the BE-REIT Act to implement a capital increase through an accelerated bookbuilding procedure (ABB). Since the publication of the amendment to the articles of association of 23 December 2019, Retail Estates has had the possibility to make use of the accelerated bookbuilding procedure. At the extraordinary general meeting of 12 June 2024, the authorized capital was renewed. We refer to the press release of 12 June 2024.

   On the debt financing side, this can be done through traditional bank financing on the one hand or a public and/or private bond loan on the other.

   2 See press release of 27 June 2025.

   27 I ANNUAL REPORT 2025-2026 I CORPORATE GOVERNANCE I

   Retail Estates regularly examines the possibility of a private and/or public bond loan.

   After the end of the financial year, Retail Estates entered into a USPP. For further information, please refer to Events after the balance sheet date.

   For more information with regard to the financing, please refer to note 31 et seq. of the Financial Report chapter.

   Merger by acquisition of subsidiaries

   On 28 March 2025, the boards of directors of Retail Estates and its wholly-owned subsidiary, SVK nv, resolved to carry out a transaction equivalent to a merger with effect from 1 April 2025, whereby the entire assets of SVK nv (which owns two retail properties at the Gouden Kruispunt retail park in Tielt-Winge) were transferred to Retail Estates as a result of a dissolution without liquidation.

   On 25 June 2025, the boards of directors of Retail Estates and its wholly-owned subsidiary and institutional regulated property company, Retail Warehousing Invest nv, resolved to carry out a transaction equivalent to a merger with effect from 1 July 2025, whereby the entire assets of Retail Warehousing Invest nv were transferred to Retail Estates as a result of a dissolution without liquidation.

   Mergers of subsidiaries simplify administrative management and reduce the taxable income of the subsidiaries of Retail Estates nv.

   Marche-en-Famenne,

   Belgium

   
   
   

   28 I ANNUAL REPORT 2025-2026 I CORPORATE GOVERNANCE I

4. ‌Events after the balance sheet date

   Acquisition retail park in Osny (France)

   On 9 April 2026, Retail Estates completed its first investment in France with the acquisition of the L'Oseraie retail park, located in Osny in the Val-d'Oise department (Île-de-France), for €29 million. The retail park covers 12,734 m², comprises 10 units and is fully let. The annual contractual rental income amounts to €1.95 million.

   The retail park, which opened in 2019, houses a mix of international and national chains, including Action, Gémo, Maxi Zoo, Chaussea, Centrakor and La Halle.

   Furthermore, the park forms part of a larger commercial zone (ZAC Osny-l'Oseraie) featuring, in particular, an Auchan hypermarket and major retailers such as Boulanger, Leroy Merlin, But and Grand Frais, on a site benefiting from a strong and stable catchment area.

   "France offers growth perspectives"

   This acquisition fits within the property company's growth and internationalisation strategy. CEO Nicolas Beaussillon: "We are determined to continue growing in our core business: retail parks on the outskirts of cities. In Belgium and the Netherlands, we now have significant market shares and growth opportunities are limited.

   France, on the other hand, offers this potential. The combination of a very large population, a highly dynamic domestic rental market, and a significant presence of retail parks makes this market particularly relevant to our strategy."

   The choice of France follows a multi-year analysis of European markets. This analysis revealed that the area around Paris, with its strong demographics and purchasing power, fits perfectly with Retail Estates' strategy.

   A gradual and structured growth strategy in France Following this first acquisition in the Île-de-France region, Retail Estates will focus on investments in the periphery of Paris and other major French cities and thereby aims to replicate the success achieved in the Netherlands. There, Retail Estates began its international expansion in 2017 before experiencing very rapid growth. Currently, the company's Dutch real estate portfolio now accounts for a third of its total value. Nicolas Beaussillon continues: "Just as in the Netherlands, we wish to rapidly expand our presence in France and build a local team with the market knowledge and expertise that will enable us to create future value for our shareholders."

   USPP of USD 150 million signed

   As part of the further diversification of its funding sources, the company completed a US Private Placement (USPP) on 30 April 2026 with a US institutional investor for USD 150 million. This long-term financing has a maximum term of 12 years and will initially serve to refinance existing bonds maturing in the 2026-2027 financial year, amounting to € 100 million (of which

   Osny,

   France

   
   
   

   € 25 million matures in June 2026 and € 75 million in December 2026). With this transaction, Retail Estates strengthens its access to international capital markets and spreads its financing risk across various sources and maturities.

   29 I ANNUAL REPORT 2025-2026 I CORPORATE GOVERNANCE I

5. ‌Comments on the consolidated accounts for financial year 2025-2026

Balance sheet

The investment properties (including non-current assets under construction) increased from € 2,069.54 million to

Barchon,

Belgium

€ 2,101.66 million (+1.55%). This can mainly be explained by a positive revaluation of the existing real estate portfolio for an amount of € 27.8 million. The non-current assets held for sale decreased from € 18.46 million to

€ 3.32 million. At the end of each quarter, the assets for which the sales agreement has already been signed but the deed has not yet been executed are recorded in the assets held for sale.

The intangible non-current assets decreased slightly to

€ 8.57 million and mainly consist of the investments in an integrated technology system (S/4HANA). The financial non-current assets amounting to € 34.85 million mainly consist of € 28.22 million from the fair value of financial instruments and € 6.63 million from a claim against the joint venture Veilinghof 't Sas nv. The participating interest of 26.19% in Veilinghof 't Sas nv is valued at an amount of € 1.55 million on the basis of the change in equity method.

Current assets amount to € 43.08 million and consist of

€ 3.32 million from assets held for sale, € 14.34 million from trade receivables, € 19.93 million from tax receivables and other current assets, € 2.09 million from cash and cash equivalents and € 3.39 million from accrued charges and deferred income.

The shareholders' equity of the public BE-REIT amounts to € 1,298.03 million, of which € 1,286.87 million are attributable to the group. On 31 March 2026, the capital amounts to € 338.10 million, an increase by € 7.18 million compared to last year, following the capital increase

mentioned above. After deduction of the capital increase costs, the capital on the balance sheet amounts to

€ 329.68 million.

During the 2025-2026 financial year, 319,035 new shares were created. The issue premiums amount to € 407.49, an increase by € 10.93 million compared to last year, following the capital increase mentioned above. Since the 2020-2021 financial year the issue premiums resulting from capital increases are included in the distributable issue premium account.

Reserves amount to € 426.75 million and consist of the reserve for the variations in the fair value of real estate properties (€ 248.03 million), the reserve for the variations in the fair value of financial assets and liabilities (€ 27.17 million), the result of previous financial years carried forward (€ 146.30 million), the available reserves (€ 10.34 million) and the legal reserves (€ 0.09 million).

The group makes use of financial derivatives (interest rate swaps and caps) to hedge interest rate risks arising from certain operational, financial and investment activities. Financial derivatives are initially recognised at cost and revalued to their fair value on the next reporting date. The derivatives currently used by Retail Estates qualify as accounting cash flow hedges only to a limited extent. Changes in the fair value of the derivatives that do not qualify as cash flow hedges are recorded directly in the income statement. Changes in the fair value of the swaps qualifying as cash flow hedges are booked directly as shareholders' equity and are not included in the income statement. The revaluation of the derivatives in the result amounts to € 3.77 million on 31 March 2026

30 I ANNUAL REPORT 2025-2026 I CORPORATE GOVERNANCE I

and is positive as a result of an increase of the long-term interest rate.

The net result of the financial year amounts to

€ 123.93 million and consists of € 91.90 million from EPRA earnings (group share), € 27.18 million from the result on portfolio, € 3.77 million from variations in the fair value of financial assets and liabilities and

€ 1.08 million from EPRA earnings attributable to minority interests.

The long-term liabilities amount to € 673.48 million and consist of € 668.53 million from long-term financial liabilities with a weighted average term of 3.32 years. The remaining long-term liabilities relate to deferred taxes.

The short-term liabilities amount to € 225.22 million and consist of € 13.76 million from trade debts and other short-term liabilities. These mainly comprise the trade debts amounting to € 0.25 million, tax debts estimated at

€ 2.76 million, invoices receivable for € 9.20 million and exit taxes amounting to € 0.39 million. The short-term financial liabilities amount to € 191.72 million, of which

€ 40.15 million in commercial paper and € 130 million in bond loans maturing within the year. These were refinanced through financing arrangements (including the USPP, see above).

On 31 March 2026, the weighted average interest rate

is 2.12%.

The consolidated balance sheet is contained in the chapter "Consolidated balance sheet" of this Annual Financial Report (p. 177 et seq.).

Income statement

The net rental income has increased by € +3.61 million (+2.54%) to € 145.79 million. This increase is mainly due to indexation of rental income (€ +4.09 million) and the impact of acquisitions and project completions in the previous financial years 2024-2025 and 2025-2026, which generated additional rent this year (€ +0.99 million).

On the other hand, the vacancy in the 2025-2026 financial year had a negative impact of € 0.81 million on the net rental income. The sale of properties during the 2024-2025 financial year resulted in a decrease in net rental income of € -1.52 million in 2025-2026. The sales that took place in 2025-2026 had an impact of € -0.1 million.

Furthermore, there was a positive impact from lower write-downs on trade receivables (€ +0.9 million), rent discounts (€ +0.22 million) and solar panels and charging stations (€ +0.42 million). Revenue from contract renewals, however, had a negative effect in the

2025-2026 financial year (€ -0.46 million).

The property costs amount to € -15.73 million compared to € -15.55 million in the previous year, a decrease by

€ -0.18 million which can mainly be explained by higher technical and vacancy costs (€ +0.29 million), compensated by lower commercial costs (€ -0.10 million). In addition, there were no significant claims during this financial year that resulted in additional costs.

The company's operating costs amount to € -9.03 million, compared to € -9.48 million last year mainly explained by lower fees to third parties (€ -0.25 million).

The result of the sale of investment properties is € 1.30 million. This gain is mainly the result of the sale of the site in Zaventem. Please refer to the "Divestment" section (supra) for more details.

The variation in the fair value of investment properties amounts to € 27.54 million. This increase is mainly attributable to the positive impact of estimated market rent (ERV) and indexation adjustments (€ +36.99 million), partially offset by the effect of sustainability investments and other project investments on the investment properties (€ -11.03 million). In addition, an additional positive valuation impact was realised on the portfolio as a result of contract renewals and new lease agreements (€ +5.66 million), whilst vacancy led to a negative valuation impact of € -3.29 million. Changes in the yield had only a limited impact on the valuation over the financial year (€ +0.20 million). Finally, other one-off factors had a negative impact of € -0.99 million.

The other result on portfolio amounts to € -1.66 million, which is mainly attributable to the impact of deferred taxes.

The financial result (excluding variations in the fair value of financial assets and liabilities) amounts to

€ -20.59 million compared to € -20.14 million last year. This evolution is mainly driven by a decrease in the weighted average interest rate from 2.08% to 2.12%.The variation in the fair value of financial assets and liabilities amounts to € 3.77 million compared to € -13.07 million last year. The evolution of these costs is the result of the change in the fair values of the swaps that are not defined as a cash flow (variations in the fair value of financial assets and liabilities). However, this result is an unrealised and non-cash item.