Slides
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Strong execution in a dynamic retail market 01
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EBITDA(1) year-on-year +4.8% Net Rental Income year-on-year +4.4% +3% NCCF/share at €1.36 Sustained H1 2026 momentum from NRI to NCCF 2026 First-Half Earnings – July 29, 2026 (1) On a total share basis. year-on-year
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6 Healthy operating fundamentals 97.1% Occupancy rate Up 10 bps year-on-year 2026 First-Half Earnings – July 29, 2026 +8% Leasing volume Growth year-on-year +13.4% Mall income Growth year-on-year +5% Rental uplift On renewals & relettings
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7 2026 First-Half Earnings – July 29, 2026 Further market share gains Retailer sales (1) Footfall (1) +3.9% +1.2% year-on-year year-on-year Retailer sales largely outpacing national sales indices(2) (1) Like-for-Like change. (2) Comparison as of end of May 2026. Weighted average of latest national retail sales indices: Banque de France; Istituto Nazionale di Statistica; Instituto Nacional de Estadística; Statistikmyndigheten SCB; Statistisk Sentralbyra; Danmarks Statistik; Centraal Bureau voor de Statistiek; Statistisches Bundesamt; Central Statistical Office of Poland (GUS); Czech Statistical Office; Turkish Statistical Institute.
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NAV up 10% over a year €37.8 06/30/2026 €35.9 12/31/202506/30/2025 €34.3 +5.3% 2026 First-Half Earnings – July 29, 2026 NAV(1) per share (1) EPRA NTA. 8
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92026 First-Half Earnings – July 29, 2026 Year-to-date double-digit total accounting return Year-to-date Total accounting return(1) 10.6% First-half 2026 NAV growth €1.90/share to €37.8 Dividend per share paid in 2026 €1.90/share 5.3%5.3% 2026 First-Half Earnings – July 29, 2026 (1) NAV growth + dividend.
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Guidance upgrade vs. at least €2.75 initially €2.77- €2.80 Minimum of €1,150 million EBITDA(1) vs. minimum of €1,130 million initially (1) EBITDA on a total share basis, including the attributable portion of equity investees’ EBITDA. Net current cash flow per share at the high-end of a range 10 2026 First-Half Earnings – July 29, 2026 10
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An ever more powerful destination mall portfolio 02
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A unique portfolio 70 leading assets in large catchment areas 2026 First-Half Earnings – July 29, 2026 • Our venues welcome 720 million visitors a year • Located in the most dynamic markets in continental Europe with revenue per capita 20% above national averages 12
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Portfolio well spread over the continent with a spin to dynamic Southern regions Net Rental Income(1) breakdown per region 45% 31% 17% 7% France Northwest & Central Europe Scandinavia Southern Europe 2026 First-Half Earnings – July 29, 2026 (1) Total share including equity investees 13 Italy Spain Portugal
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37% 13% 8% 6% Calibrating the retail mix 14 H1 2026 Anticipating and amplifying customer expectations to adapt the mix Roll-out of innovative retail and experiential offering Optimizing our portfolio In accompanying the extension of leading and emerging brands for each and every segment 36% of our retail mix is Health, Wellness & Entertainment oriented (vs. 30% in H1 2019) Health, Wellness & Entertainment(1) (1) Includes Health & Beauty, Dining & Drinks, Entertainment, and Sports Goods Fashion Electronics & Home Equipment Accessories Services & Groceries 2026 First-Half Earnings – July 29, 2026 Promote the best in Fashion the highest quality brands Boosting Health, Wellness & Entertainment offer as shoppers increasingly seek experiences 36%
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15 Our malls offer the full retail experience of our malls cover the complete range of category killers with the best growth potential 78% 2026 First-Half Earnings – July 29, 2026
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Our success is all about retenanting 16 Lettings to new tenants represented 48% of the total leasing volume over the last 2 years Fast growing emerging brands and new entrants Opening and enlarging stores in our venues 2026 First-Half Earnings – July 29, 2026 16
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Our success lies in fast execution in developing leading omnichannel retailers +444% +207% +135% +74% +10%+57% +19% +277% Additional GLA since 2019 2026 First-Half Earnings – July 29, 2026 17
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Active retenanting and fast execution pay-off Examples of sales density growth across flagship assets – H1 2026 vs H1 2024 Copenhagen, Denmark ▲ +32% 2026 First-Half Earnings – July 29, 2026 ▲ +15% Murcia, Spain ▲ +23% Madrid, Spain ▲ +22% Turin, Italy 18
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19 2025 First-Half Earnings – July 30, 2025 We capture leasing demand 97.1%+8% Occupancy rate +10 basis points year-on-year Year-on-year leases signed in H1 2026 2026 First-Half Earnings – July 29, 2026 19
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Unabated rental uplift +4.4% +4.0% +4.6% +5.0% FY2023 FY2024 FY2025 HY2026 +5.0% (1) 2026 First-Half Earnings – July 29, 2026 20 (1) Rent uplift secured through lease renewals and relettings over H1 2026
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Mall income: accelerating growth over the last 3 years FY2024 FY2025 HY2026 +8% +12% +13% 10% of the Group’s total net rental income 2026 First-Half Earnings – July 29, 2026 21 720 million footfall monetization
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Specialty Leasing • Hiring dedicated specialty leasing managers to boost brand activations and promotional events in our malls. • Rolling-out a full digital platform to accelerate execution. We execute our strategy built on complementary growth levers Retail Media • Expanding and modernizing our screen inventory including the addition of larger displays. • Shifting from a legacy outsourced to a hybrid model, to deepen our retailer relationships while enhancing contract profitability. Mobility • Addressing the structural scarcity in city center car parks availability. • Gradually increasing the number of paid and EV parking spaces. • Ensuring optimal yield management on the back of a flexible pricing model. 2026 First-Half Earnings – July 29, 2026 22
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Impressive topline outperformance above indexation Like-for-like Net Rental Income growth in excess of indexation 2026 First-Half Earnings – July 29, 2026 2023 2024 2025 H1 2026 +300 bps +350 bps +330 bps +250 bps 23
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24 Highly supportive retail market dynamics Best-in-class leasing & asset management Flight to quality: focus on fewer but larger and better stores No new supply and scarcity of physical substitute Retenanting to higher sales density retailers to capture rental uplift Further deployment of mall income across the portfolio 2026 First-Half Earnings – July 29, 2026 Intact potential for further growth A unique portfolio tailored for outperformance Welcoming 720 million visitors a year and generating €13 billion annual retailer sales Preferred venues for leading national and international banners in their highly selective expansion plans
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2025 Full-Year Earnings – February 19, 2026 High organic growth in the real estate sector 2026 First-Half Earnings – July 29, 2026 Best-in-class credit profile Fortress B/S and fast growing NAV Organic growth well above indexation 1 3 2 NRI growth over indexation(2) The best credit ratings within the listed European property landscape (Senior unsecured) Historic low net debt/EBITDA6.6x Growth in NAV(1) since December 2023 +26% +300bps 2023 - H1 2026 (1) EPRA NTA per share. 25 (2) Average Like-for-Like NRI growth.
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Operating KPIs and sector-leading credit metrics 03
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Earnings indicators 27 TOTAL SHARE (in millions of euros) H1 2025 H1 2026 Change NET RENTAL INCOME 547.6 571.9 +4.4% EBITDA(1) 506.5 530.8 +4.8% NET CURRENT CASH FLOW 435.3 449.5 +3.3% Group share 378.8 389.7 NET CURRENT CASH FLOW (€ per share) 1.32 1.36 +3.0% EBITDA(1) + attributable portion of equity investees’ EBITDA 544.8 567.9 +4.2% (1) EBITDA stands for “earnings before interest, taxes, depreciation and amortization” and is a measure of the Group’s operating performance. 2026 First-Half Earnings – July 29, 2026
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H1 2026 Net current cash flow per share up 3.0% 28 Group share H1 2025 NCCF Change in NRI Management fees & other income and Payroll & G&A Cost of debt Current tax expenses H1 2026 NCCF €1.32 +€0.07 - -€0.02 -€0.01 €1.36 Half-year 2026 Net Current Cash Flow per share was up €0.04, mainly on the back of a better operational performance and a tight control of payroll and G&A. 28 2026 First-Half Earnings – July 29, 2026
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Portfolio valuation up 2.6% over six months 29 (€m, total share, incl. transfer taxes) 06/30/2026 % of total portfolio 12/31/2025 Change over 6 months Reported LfL(a) Southern Europe 8,248 37.9% 7,782 +6.0% +5.2% France 8,025 36.9% 7,902 +1.6% +1.5% Northwest and Central Europe 2,985 13.7% 2,978 +0.2% +1.2% Scandinavia 2,515 11.6% 2,530 -0.6% -0.6% TOTAL PORTFOLIO 21,772 100.0% 21,192 +2.7% +2.6% Main appraisers’ assumptions as of June 30, 2026 The 2.6% like-for-like increase in property valuations over the last six months was the combination of: +2.0% positive cash flow effect +0.6% positive market effect The average EPRA NIY for the portfolio stood at 5.6%, down 10 basis points over six months. (a) Like-for-like change. For Scandinavia and Turkey, change is indicated on a constant currency basis. Central European assets are valued in euros. 2026 First-Half Earnings – July 29, 2026
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Value growth fueled EPRA net asset value metrics 30 EPRA net asset values December 2025 June 2026 Change EPRA NRV €39.9 €41.9 +5.0% EPRA NTA €35.9 €37.8 +5.3% EPRA NDV €31.7 €33.2 +4.7% 2026 First-Half Earnings – July 29, 2026
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Our credit metrics 31 Net Debt €7,352m Net Debt to EBITDA 6.6x Loan-to-value ratio 33.8% Interest Coverage ratio 7.2x Average cost of debt 1.9% Hedging ratio for 2026 91% 2026 First-Half Earnings – July 29, 2026
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Significantcovenant headroom 32 Bank and bonds covenants(1) June 2026 Loan-to-Value ≤ 60% 33.8% EBITDA / Net interest expense ≥ 2.0x 7.2x Secured debt / Portfolio value(2) ≤ 20% 0.0% Portfolio value(3) ≥ €10bn €19.0bn Secured debt / Revalued NAV(2) ≤ 50% 0.0% Covenants applicable to Klépierre SA financing (1) Covenants are based on the 2025 revolving credit facility (2) Excluding Steen & Strøm (3) Group share, including transfer taxes and including equity accounted investees 2026 First-Half Earnings – July 29, 2026
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Split of liquidity available Unused committed revolving credit facilities Sound liquidity position 33 2026 First-Half Earnings – July 29, 2026 €0.4bn €1.7bn €0.3bn Liquidity position as of June 30, 2026: Cash and equivalentsOther credit facilities Unused committed revolving credit facilities €2.4 billion
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Well-spread debt maturities with a 6.1-year average maturity 34 9 668 418 857 778 1,319 820 620 88 120 15 876 H2 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 79% Bonds 1% Corporate loans 6% Mortgage loans 14% Commercial papers Financing breakdown by type of resource as of June 30, 2026 (Outstanding debt, total share) Long-term debt maturity schedule excluding commercial papers (in millions of euros) 2037+ 2026 First-Half Earnings – July 29, 2026
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Guidance 04
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2026 Guidance On the back of the robust performance achieved over the first six months and despite a volatile geopolitical and macroeconomic environment, Klépierre is highly confident in delivering continued strong profitable growth for the remainder of the year. Thus, Klépierre raises its 2026 full-year guidance and now expects to reach a minimum of €1,150 million EBITDA(1) and a net current cash flow per share at the high-end of a €2.77- €2.80 range. (1) EBITDA on a total share basis, including the attributable portion of equity investees’ EBITDA 2026 First-Half Earnings – July 29, 2026 The revised guidance is based on the following updated assumptions: • 0.8% full-year indexation • No further deterioration in the macroenvironment • Resilient consumer demand • No impact from further acquisitions or disposals; and • Cost of debt near-fully hedged in 2026 36
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Agenda October 21, 2026 Trading update for the first nine months of 2026 (after market close)
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Appendix
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Net current cash flow 39 Total Share (€m) 06/30/2025 06/30/2026 Change Gross rental income 630.9 648.4 Rental and building expenses (83.3) (76.5) Net rental income 547.6 571.9 +4.4% (+3.3% like-for-like) Management fees & other income 40.5 40.4 Payroll expenses and other general expenses (81.5) (81.5) EBITDA(1) 506.5 530.8 +4.8% Cost of net debt (80.8) (84.7) Cash flow before share in equity investees and taxes 425.8 446.1 Share in equity investees 32.0 29.4 Current tax expenses (22.5) (26.0) Net current cash flow (total share) 435.3 449.5 +3.3% Group share (in €m) NET CURRENT CASH FLOW 378.8 389.7 Per share (in €) NET CURRENT CASH FLOW (€/share) 1.32 1.36 +3.0% EBITDA(1) including the attributable portion of equity investees’ EBITDA 544.8 567.9 +4.2% (1) EBITDA stands for « earnings before interest, taxes, depreciation and amortization » and is a measure of the Group’s operating performance. 2026 First-Half Earnings – July 29, 2026
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Our leadership in sustainability is recognized by all agencies 40 Klépierre has maintained or improved all its sustainability ratings for several years. Klépierre is GRESB leader and a CDP A-list member. The Group once again ranked first worldwide among listed retail real estate companies, scoring 95 out of 100 Klépierre earned a place on CDP’s prestigious Climate A List for the fourth consecutive year and achieved an A- rating for Water Security Klépierre obtained an AA rating from MSCI, second highest rating Klépierre obtained a B rating and Prime Status from ISS ESG's Fund Rating system, in progress compared to 2023 The Group received a ‘negligible’ ESG risk rating from Sustainalytics, indicating a very low exposure to financially material ESG risks For the 14th consecutive year, Klépierre received an EPRA (European Public Real Estate Association) Gold Award for exceptional adherence to best practice in sustainability disclosures. Performance 20242023 2025 95/100 A list AA B 6.3 Gold award 2026 First-Half Earnings – July 29, 2026
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2026 First-Half Earnings – July 29, 2026 Our strategy is supported by a holistic ESG framework 41 Our position as industry leader in sustainability is empowered by a holistic ESG framework encompassing robust policies, tailored asset-level management, a robust reporting process and ambitious targets for 2030. • Low carbon • Energy reduction • Waste management, • Transport • Purchasing, communities, etc. • Asset-level energy, water and waste analysis • Assessment and management of key transition and physical risks for each asset • Asset-level action plans A comprehensive set of policies around Tailored, asset-level management of ESG topics • 99% of portfolio value covered • Utility & waste monitored every month • Automated reporting & real-time analysis • Quarterly meeting with country heads and teams • External reporting aligned with international standards (sBPRs, GRI, CSRD, etc.) • Energy intensity of 70 kWh/sq.m. • Net-zero carbon on scopes 1&2 • Maintain 100% recovery rate • Achieve 60% material recovery rate • Net-zero land use • … Robust reporting process Ambitious targets and commitments
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42 Rate of access to ESG training for employees 100% Share of centers with a Giving Back project 75% Notable achievements testifying to our long-standing efforts Waste diverted from landfill, with >53% reused or recycled 100% Assets with a valid BREEAM In-Use certification 100% Reduction in the energy intensity of our portfolio (vs. 2013, and 0.4% vs. 2024) now standing at 74.6 kWh/sq.m. 43% Reduction in greenhouse gas emissions (GHG) Scopes 1 and 2 (vs. 2017, and 6% compared to 2024) 87% 2025 key ESG performance indicators 42 2026 First-Half Earnings – July 29, 2026
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investorrelations@klepierre.com +33 (0)6 86 59 74 36 Contact