Slides
Page 1
28 August 2026 Half year results 2026 1 of value creation in shopping centres
Page 2
Agenda Operational review Evert Jan van Garderen CEO Financial review Roberto Fraticelli CFO 2
Page 3
Evert Jan van Garderen
Page 4
1991 2026 1992 1994 2001 2018 Company founded and listed on Amsterdam Stock Exchange First shopping centre acquisition in France Les Atlantes First shopping centre acquisition in Italy Curno First shopping centre acquisition in Sweden Burlöv First shopping centre acquisition in Belgium Woluwe Shopping Latest shopping centre acquisition in Sweden Avion Shopping A selective portfolio of 25 European shopping centres 4
Page 5
Both destination shopping and everyday convenience DESTINATION FLAGSHIP ASSETS CONVENIENCE SUBURBAN ASSETS Fashion Premium & international brands Leisure & Entertainment Experiential concepts and destinations Food & Beverage Dining, cafés and social experiences Health & Beauty Wellness, beauty and personal care Grocery & Services Hypermarket and essential services
Page 6
6 VALUE CREATION What we deliver We deliver sustainable shareholders value through remerchandising, asset enhancement and disciplined capital recycling, driving income growth and portfolio quality INVESTMENT STRATEGY Where we invest We invest in prime shopping centres in strong European markets with solid economic fundamentals, dominant catchments and long-term growth potential OPERATIONAL STRATEGY What we buy and how we manage We acquire high-quality, well-located assets and actively manage them through leasing, data-driven insights and asset management to optimize performance and relevance FINANCIAL STRATEGY How we finance We apply a disciplined financial approach with prudent leverage, diversified bank financing and active risk management to support long-term stability and flexibility Eurocommercial strategy
Page 7
Italy’s accelerating market momentum creates a compelling advantage Italy represents 44% of our portfolio Renewals & relettings: +13.6% Rental growth above indexation: +5.3% Retail sales for the period: +6.2% Renewals & relettings: +12.8% Rental growth above indexation: +8.8% Retail sales for the period: +6.9% Renewals & relettings: +8.6% Rental growth above indexation: +1.1% Retail sales for the period: +7.3%Completed 2023 Completed 2024 To be completed 2026 Remerchandising delivering results across our flagship centres: 75% of the Italian portfolio is rated A and above* * Green Street shopping centres ratingData as at 30 June 2026
Page 8
Operational strategy Remerchandising pipeline Targeted projects are upgrading tenant mix, unlocking space productivity and strengthening destination appeal CremonaPo Collestrada I Gigli Val Thoiry 2 3 4 New Primark store opened, completing the repositioning project Final phase of the remerchandising project with Primark opening Lefties and Lidl to open in Autumn 2026 Remerchandising and redevelopment progressing Completed July 2026 Q4 2026 Q4 2026 Ongoing 2027/2028 8
Page 9
Completed projects validate the investment returns Remerchandising projects completed in the past 2 years (2024 and 2025) delivered solid rental uplifts comparing 2026 to 2023 9 CAPEX €4.8M €1.0M €5.8M €1.1M Rental Uplift* * Above indexation
Page 10
Three remerchandising projects, three value-creation wins Together, the projects demonstrate a repeatable model: improve the retailer offer, grow rents and earn attractive returns * The expected rental income in 2027 is based on signed or agreed new lease contracts in the related shopping centres **Above indexation The nearly-completed remerchandising projects are expected to deliver solid rental uplift comparing 2027* to 2024 as a result of completed renewals and relettings negotiations €9.8M €5.9M €15.9M €2.9M €2M €0.7M CAPEX Expected rental uplift**
Page 11
Investment strategy Avion Shopping Our latest acquisition +3.5% Turnover Growth For the period +6.2% Footfall growth For the period 8% Yield Umeå, Sweden 45,000 sqm GLA80 shops & restaurants 2,600 parking spaces 11
Page 12
Fiordaliso’s Mood leisure destination Extending the offer and creating value Terms agreed to acquire Mood, a leisure destination adjacent to Fiordaliso shopping centre, in Milan 14% initial yield Attractive entry point with immediate income generation c.5,000 sqm redevelopment potential The investment comprises a multi-screen cinema, a gaming area and approximately 5,000 sqm of space that can be redeveloped into restaurants and additional leisure, further strengthening Fiordaliso’s attractiveness and the overall offering Stronger destination Integrating Mood with Fiordaliso shopping centre and nearby Retail Park will further broaden the offer of services and leisure, increase customer flows and create further value
Page 13
Rental uplift +4.7% on 308 renewals and relettings H1 2026 results highlight the continued success of our strategy across all key operational metrics Rental growth Vacancy OCR Footfall +2.5% Like-for-like Retail sales +4.6% 6 months to 30June 2026 1.0% 9.2% +3.2% 13 Operational results
Page 14
Footfall momentum continues across the portfolio +4.0% Average footfall increase in our flagship centres 14 +3.2% Across the total portfolio despite the disruption of on-going remerchandising projects * I Gigli is excluded as it is currently on a remerchandising project Footfall uplift in flagship centres* Footfall uplift in across portfolio 2,9% 3,5% 4,2% 4,2% Woluwe Shopping Passage du Havre Carosello Fiordaliso 2,9% 4,1% 2,1% 4,5% Belgium France Italy Sweden Footfall comparison 6M June 2026 * Italy is impacted by the ongoing remerchandising projects *
Page 15
Retail sales growth by country Retail sales growth by sector 15 Good retail sales growth across all markets Retail sales comparison 6M June 2026 by country and by sector 4,6% 3,8% 1,4% 7,3% 3,5% total Belgium France Italy Sweden -0,9% 0,6% 1,5% 4,1% 5,6% 6,0% 6,5% 6,5% 7,2% Sport Home Goods Electricals Hypermarket Fashion/Shoes Health & Beauty Books & Toys Food & Restaurants Services
Page 16
Italy leads rental growth, outperforming indexation Country 31 Dec 2024 Belgium 3.5% France -1.5% Italy 5.4% Sweden 0.3% Overall 2.5% Rental growth across countries at 30 June 2026 16 Like-for-like rental growth above indexation +190 bps
Page 17
Vacancy continues to be very low Overall vacancy of 1.0% reflects strong portfolio-wide occupancy 17 0,2% 0,8% 1,4% 2,6% 1,0% Italy Belgium France Sweden Overall Vacancy by market at 30 June 2026
Page 18
Attracting the best brands to create the best shopping destinations 18
Page 19
Increasing leasing activity 62 100 110 101 173 161 186 207 2023 2024 2025 2026 Relettings Renewals 235 261 296 308 Leasing top performers +13.7% +5.2% Relettings Renewals Data is 12 months rolling as at 30 June of each year
Page 20
Long lease expiry profile provides strong income visibility Our well-spread lease expiry profile provides strong income visibility, with most of the rental income secured beyond six years 20Excluding Avion Shopping
Page 21
Where AI creates value for ECP 4 focus areas in our AI implementation Workplace Intelligence Process automation Tenant & visitor engagement Intelligent data & reporting Empowering individuals to work smarter Streaming how we work internally AI across our full commercial triangle Turning data into strategic decisions 21 LLM Enterprise Licenses for all employees (96% monthly active users H1 2026*); AI Coding Assistants for developers implemented; ECP Academy focus on AI courses and AI regulation Automating internal workflows such as turnover reporting, invoice processing and contract-related tasks Using AI to improve marketing, events and leasing effectiveness, and to better understand footfall and sales drivers Building a data platform with Microsoft Fabric and Power BI to generate automated reports and enable conversational analytics
Page 22
ESG: building a more sustainable portfolio Major projects completed or advanced during H1 2026 22 Italy I Gigli Gas-fired co-generation decommissioned and replaced with high-efficiency heat pumps; external LED lighting installed Belgium Climate resilience & Energy performance Measures increase on-site renewable generation, strengthen the building envelope and support long-term environmental performance 85% of shopping centres area are labelled EPC A, B or C Asset-level climate risks assessed and integrated into business plans to strengthen portfolio resilience France Woluwe Shopping Roof waterproofing and insulation upgrades underway and the feasibility of installing additional rooftop solar panels is being assessed Group Carosello Gas phase-out project fully approved; New geothermal heat pumps installation to start in September, with completion targeted for Q1 2027 Centr’Azur Common-area gas boilers replaced with geothermal energy and heat pumps Les Atlantes New heat pumps procured to replace existing gas boilers, advancing the next phase of decarbonisation The Swedish portfolio maintains strong ESG performance, aligned with the Group’s CRREM targets through renewable electricity, on-site generation and low-carbon operations Sweden
Page 23
2026 and beyond CORE PRIORITIES Drive rental growth through active leasing and positive rental reversion Complete current remerchandising projects and strengthen tenant mix with future remerchandising projects Screen for accretive acquisitions and external growth opportunities Actively manage the interest rate hedging to control the interest expenses, also for the medium and long term Optimise property operating costs while maintaining asset quality Maintain a lean cost base and disciplined overhead management Leverage AI and automation to improve efficiency Strengthen data analytics across leasing, operations and asset management Improve digital engagement with tenants and customers Execute the decarbonisation roadmap across the portfolio Phase out gas and expand renewable energy generation Improve EPC and BREEAM performance Value creation Cost control Digitalisation ESG 23
Page 24
Roberto Fraticelli 24
Page 25
FINANCIAL STRATEGY STRATEGIC CAPITAL ALLOCATION High-return on remerchandising projects and selective accretive acquisitions to generate value EARNINGS GROWTH Recurring earnings growth through sustainable rental increases and cost discipline. Increases in interest expenses to remain contained due to 3.2% average cost of debt, 80% hedging and first material refinancings in 2029 RESILIENT BALANCE SHEET Net LTV at around 40%, Net Debt/EBITDA at around 8x, long- term financing and adequate liquidity and covenant headroom. Increases in asset values linked to sustainable NOI growth INCREASING RETURNS Support current earnings and asset value growth through strategic capex, remerchandising projects and strong relettings 25
Page 26
Net LTV ratio (+1.1%) 40.9% H1 2026 results highlight the continued success of our strategy across all key operational metrics Direct Investment Result (+2.6%) Average cost of debt IFRS profit (+84.8%) 2026 guidance (per share, reaffirmed) €68.7 million Portfolio valuation €4.2 bn 3.2% €78.1 million €2.45-€2.50 26 Financial results All figures are based on proportional consolidation unless stated otherwise
Page 27
Direct Investment Result rose 2.6% to €68.7m, led by rental growth 66,9400 3,0823 (,700) (,700) 1,200 ,300 (1,8443) ,200 ,1845 68,6625 Direct Investment Result 30/06/2025 Rental Income Property Expenses Bad debt Net Service Charges Company Expenses Net Interest Expense Corporate Income Tax Other Direct Investment Result 30/06/2026 Rental Income y-o-y €122.74m (+2.6%) Increase in DIR vs H1 2025 +2.6% DIR/Share €1.26 27
Page 28
All markets posted valuation gains 28 Net value 30 June 2026 (€ million) Valuation increase from 31 Dec 2025 Valuation increase from 30 June 2025 EPRA yields NIY Topped up 552 0.0% 0.4% 5.2% 5.3% 837 0.1% 0.5% 5.4% 5.6% 1,840 0.4% 1.4% 5.9% 6.0% 957 2.0% 3.0% 5.8% 6.1% Overall 4,186 0.7% 1.4% 5.7% 5.8% All values are based on proportional consolidation
Page 29
EPRA NTA remained resilient, also after dividend distributions and FX impacts 29 42,81492 1,26000 ,17000 ,24033 (1,83000) ,15005 (,20175) (,12000) 42,44082 (,04272)
Page 30
Sources and use of funds H1 2026 Operating cash and net debt funded Avion investment Sources and uses of funds (€m) €40.3 €122.8 €111 €31.7 €4.8 Net increase in borrowings Operating cash flow Acquisition Avion Shopping Dividends paid Net increase in cash Sources Uses Total €163.1m 30 €15.6 CAPEX
Page 31
CAPITAL MARKETS APPROACH PRUDENT LEVERAGE Net LTV target of around 40%, Net Debt/EBITDA target at 8x maintaining a conservative and flexible capital structure DIVERSIFIED FUNDING Long-term financing primarily through secured bank lending with more than 15 leading European real estate financial institutions ACTIVE INTEREST RATE MANAGEMENT Hedging ratio target of approximately 80% through a mix of fixed-rate debt and hedging instruments LONG-TERM VISIBILITY Well-spread debt maturity profile with an average committed loan term of four years, with no material refinancing due until 2029 31
Page 32
Cost of debt unchanged at 3.2%, leverage rose modestly due to Avion acquisition Key financial metrics H1 2026 snapshot Net debt €1.7bn Interest-rate hedging 82% DIR per share €1.26 H1 2025: €1.25 Average cost of debt Interest coverage ratio Net Debt/EBITDA ratio Proportional net LTV ratio Average loan maturity Interest rate hedging 3.2% 3.6x 8.5x 40.9% 4 yrs 82% 3.2% 3.7x 8.2x 39.8% Almost 5 yrs 87% June 2026 December 2025
Page 33
€588.5 million refinanced January 2026 €200 million Seven-year refinancing Lender Intesa Sanpaolo January 2026 €270 million Five-year refinancing Lenders UniCredit BayernLB Pimco January 2026 €55 million Five-year refinancing Lender Deutsche Bank AG July 2026 €63.5 million Five-year green loan Lender SEB 2026 snapshot €588.5m Total refinancing completed 5-7 years tenors 6 Funding partners 33
Page 34
- 257 387 625 58 180 12 25 21 15 9 5 - 2027 2028 2029 2030 2031 2032 2033 Amortization End balloon No major refinancing needed until 2029 Non-current borrowings maturity and amortisation schedule (€m) including loan renewals Average overall interest rateTotal net borrowings Average loan maturity Average term of hedges 3.2%€1.7 bn 4 years 4 years 34 All values are based on proportional consolidation
Page 35
35 years of growth and value creation 35 1991 | At Inception Today | 35 Years On Portfolio Value Portfolio Value €4.2 billion Portfolio Diversified Portfolio Shopping centre specialist Financial Position No leverage Financial Position 40.9% Consolidated net loan-to-value ratio Total annual shareholder return (compounded) since inception: 6.42% p.a.* Compounded annual return; dividends reinvested *Information published for 31 July 2026 Global Property Research €150 million
Page 36
Eurocommercial delivered 15.1% total return in the first seven months of 2026 Investment yield on DIR 9.4% Share price at €26.05 on 31 December 2025 Sustainable dividend and Direct Investment Result (DIR) growth 1,50 1,60 1,70 1,80 1,83 2,18 2,28 2,32 2,39 2,44 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Dividend DIR 36 Total return 15.1% YTD to 31 July 2026 GPR data* FY 2025 Dividend €1.83 €0.72 interim + €1.11 final * Information published for 31 July 2026 Global Property Research FY 2025 DIR €2.44 +2.1% Change
Page 37
37 2026 guidance Direct investment result reaffirmed at €2.45-€2.50 per share, with further growth expected in 2027 as a result of a full year contribution of Avion Shopping and the remerchandising projects 37
Page 38
Disclaimer/forward-looking statements This presentation has been prepared by Eurocommercial Properties N.V. (the “Company”) solely for informational purposes. It does not constitute, nor should it be construed as, an offer to sell or a solicitation of an offer to buy or subscribe for any securities in the United States or any other jurisdiction. This document may not be reproduced, distributed, or disclosed, in whole or in part, by any party other than the Company. The Company accepts no responsibility or liability for any use of this material by third parties. The information contained herein has not been independently verified. No representation, warranty, or undertaking—express or implied—is made as to the accuracy, completeness, fairness, or reliability of the information or opinions contained in this presentation. Neither the Company nor any of its directors, officers, or employees shall be liable for any loss or damage arising from the use of this document or its contents, or otherwise in connection with this presentation. This presentation may contain forward-looking statements. These statements are inherently subject to risks and uncertainties, as they relate to future events and are based on current expectations, assumptions, and projections. Actual results may differ materially from those expressed or implied due to known or unknown risks, uncertainties, and other factors beyond the Company’s control. Recipients are therefore cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this presentation. The Company does not undertake any obligation to update or revise these statements, whether as a result of new information, future events, or otherwise, except as required by applicable law. In case of discrepancies the information contained in this document and public documents, the latter shall prevail. For further information on the risks affecting the Company’s business, please refer to the most recent annual report, available at www.eurocommercialproperties.com 38
Page 39
Head Office Eurocommercial Properties N.V. De Boelelaan 7 1083 HJ Amsterdam Group Offices Belgium Rue St Lambert 200 1200 Bruxelles France 107 Rue Saint Lazare 75009 Paris Italy Via Della Moscova, 3 20121 Milano Sweden Kungsgatan 48 111 35 Stockholm www.eurocommercialproperties.com investorrelations@eurocommercialproperties.com 39