Earnings release
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1 PRESS RELEASE Date: 27 August 2026 Release: After closing of Euronext HALF YEAR RESULTS 2026 GROWTH ACROSS ALL KEY METRICS Operational highlights • Footfall increased by 3.2% in the first six months of 2026, reflecting continued positive customer engagement across the portfolio • Like-for-like retail sales increased by 4.6% over the same period, with Italy outperforming at 7.3% • 308 leases signed over the last 12 months, generating an overall like for like average uplift of 4.7%, of which 101 were new lettings achieving 7.9% • Major remerchandising projects continue to progress according to schedule and, as they become fully operational in 2027, are expected to deliver double-digit returns on cost • Avion Shopping (45,000m²) in Umeå, Sweden acquired for approximately €111 million in April 2026 yielding 8% • Leasing teams strengthened further with the appointment of a Group Leasing Director • EPRA vacancy rate down to 1% • OCR remained at low 9.2% • Rent collection stable at 99% • Gas dismissal completed at I Gigli, Centr’Azur, MoDo and in progress at Woluwe, Carosello and Les Atlantes Financial highlights • Direct investment result increased by 2.6% to €68.7 million compared to H1 2025 (€66.9 million) • IFRS profit increased to €78.1 million compared to H1 2025 (€42.3 million) • EPRA Earnings increased by 3.1% to €67.6 million compared to H1 2025 (€65.5 million) • SEK 700 million Avion Shopping 5-year green loan financing completed in July 2026 • Property values increased to €4.2 billion (December 2025: €4.1 billion) • 2026 direct investment result guidance reaffirmed at €2.45 –€2.50 per share, with further growth expected in 2027 thanks to the full year contributions of Avion Shopping and of the remerchandising projects Eurocommercial delivered a strong set of results for the first half of 2026, with growing footfall and retailer sales, good relettings and high occupancy. New brands and an evolving retail mix continue to strengthen our centres, while the completion of major remerchandising projects will provide additional rental income , t ogether with the acquisition of Avion Shopping. Solid operational fundamentals and a sound financial position provide a robust basis for continued growth.
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2 Evert Jan van Garderen, CEO: “Our centres continue to attract more customers, with like -for-like footfall up 3.2% and retail sales up 4.6% in the first half, with Italy delivering an impressive 7.3% increase. These results reflect the continued strengthening of our retail offer through new brands and remerchandising. As the major projects reach completion and the new stores become fully operational, we expect to increasingly capture the returns from them through stronger trading and rental income growth. At the same time, we continue to further enhance the quality and growth potential of our portfolio, while reinforcing our leasing organisation to support our ambitions across all four markets.” Key financials (€’000) 2026 2025 Gross rental income* 122,737 119,655 Net property income* ** 104,778 101,660 Profit for the period (IFRS) 78,101 42,309 Direct investment result 68,669 66,940 Direct investment result - € per share €1.26 €1.25 30 June 2026 31 December 2025 Property investments* 4,185,868 4,052,789 Net loan to value ratio* 40.9% 39.8% Net debt to EBITDA (rolling 12 months) 8.5x 8.2x Stock market prices - € per share 27.30 26.05 * Based on proportional consolidation ** The comparative figures for “Property expenses” and “Company expenses” have been adjusted to better reflect marketing expenses Strong leasing performance Leasing activity remained strong during the first half of 2026, with a combination of new international brands, emerging concepts and targeted relocations continuing to refresh the merchandising mix across the portfolio. Over the last twelve months, 308 renewals and relettings were completed, generating an average rental uplift of 4.7%, while new lettings achieved an average uplift of 7.9%, reflecting continued retailer demand for space in Eurocommercial's shopping centres. Rental growth Rental uplift Retail Sales Vacancy OCR Footfall +4.7% +4.6% 1.0% Like-for-like 9.2% +3.2% +2.5% on 308 renewals and relettings 6 months up to 30 June 2026
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3 In Italy, 120 renewals and relettings generated an average rental uplift of 7.3%, led by I Gigli, Carosello and Fiordaliso. At I Gigli, the recent remerchandising programme supported the expansion of Inditex brands including Zara, Stradivarius, Pull&Bear introducing their latest formats and concepts, as well as the arrival of Lefties. In the retail park , Lidl opening will complete the offer. Over the same period, Carosello and Fiordaliso continued to introduce distinctive new concepts, including Levi’s, Kippun Haru (Korean skincare store) and JB Burger. At CremonaPo, the opening of Primark's new store marked the completion of the centre's remerchandising programme, attracting exceptional customer interest and approximately doubling footfall on its opening day. In Sweden, leasing activity continued to enhance the retail mix and reduce vacancy across the portfolio. Recent transactions include Brothers at Grand Samarkand, Rituals at Elins Esplanad, Chop Chop at Hallarna, and IKEA and LaMe Asian Market at C4 Shopping. At Ingelsta, the transformation of the former ICA Maxi space progressed with new lettings to Apoteket and Synoptik, complementing the earlier arrivals of Åhléns, Coop and Normal. Leasing initiatives are also advancing at the recently acquired Avion Shopping, with Lekia, a toy retailer, becoming the first new tenant to take previously vacant space, while discussions are progressing well with other several potential brands to increase the occupancy. In France, the focus remained on enhancing the tenant mix and introducing brands capable of broadening the appeal of the centres. As part of this strategy, lower rents were selectively granted to secure stronger brands and enhance the long-term attractiveness of the assets. New and forthcoming openings include Intersport at Centr’Azur, Normal and Paul at Les Atlantes, and Rituals at Val Thoiry, Shopping Étrembières and MoDo. The opening of the n ew 1,804m² Intersport store at Centr’Azur , for example, generated significant customer interest, underlining the positive impact of the centre’s ongoing repositioning. Woluwe Shopping continued to enhance its retail offer with the introduction of new international brands and concepts. These include Hawaiian Poke Bowl, the fast-growing healthy food concept; Agatha Paris, the French jewellery brand; and Cabaïa , the French lifestyle brand specialising in colourful backpacks and travel accessories. The centre’s food and beverage offer will also be expanded after the summer with the arrival of Les Tartes de Françoise, the well-known Belgian artisanal bakery, and Rambo, a new smash burger concept. To support the active management of the tenant mix, Eurocommercial has continued to strengthen its leasing teams across the four markets. Since last spring, the teams have been reinforced with new appointments in France, in Sweden and in Belgium, adding further local expertise and resources to support leasing activities and the continued evolution of the centres’ retail offer. The organisation is further supported by the appointment of Laurent Raffault as Group Leasing Director. During his career, Laurent held several senior positions across Europe, particularly in France, Belgium and Italy, building strong expertise in leveraging pan -European platforms to develop strategic partnerships with leading international retailers. In his new role, he coordinates leasing activities across Eurocommercial’s four markets, strengthen engagement with leading retail brands and support the continued evolution of the portfolio’s retail offer. Additional rental income from the completed remerchandising projects Three major remerchandising projects are now approaching completion, marking an important transition towards their full contribution to income generation. At I Gigli, the opening of Lefties this autumn, together with Lidl in the retail park, will mark the beginning of a new remerchandis ing phase for the centre . At Collestrada, the handover of the new Primark unit was completed with the store scheduled to open in Q4 2026, while at CremonaPo the opening of Primark in Ju ly completed the centre’s remerchandising programme. During the works in 2025 and 2026, a number of units involved in these initiatives were temporarily non- income producing, limiting their contribution to rental growth. As the new tenants become fully operational, these units will return to full income generation, with the projects expected to deliver a return
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4 on cost exceeding 10% and their full contribution becoming visible in 2027, in line with the earlier remerchandising initiatives at Woluwe Shopping and Carosello, demonstrating the value creation potential of the Group’s active asset management strategy. In parallel, we continue to evaluate further attractive remerchandising opportunities across the portfolio and will provide updates once the relevant agreements have been finalised. Asset acquisitions, creating new opportunities Avion Shopping acquisition in Umeå - Sweden In April, Eurocommercial completed the acquisition of the 45,000m² Avion Shopping Centre in Umeå from Ingka Centres, further strengthening its position as owner and operator of dominant shopping centres in the Nordics. Avion Shopping is a modern regional retail destination comprising approximately 80 shops and restaurants, anchored by strong brands including Willys, H&M, Clas Ohlson and Stadium. The scheme benefits from a well -balanced mix of national and international retailers, as well as a recent extension with large-format stores and currently yields 8%. The acquisition has been partially financed with available resources and partly through a 5-year SEK 700 million green loan granted by SEB. Fiordaliso’s Mood acquisition in Milan - Italy The Group has agreed terms on the acquisition of Mood, a leisure destination adjacent to Fiordaliso for €7.5 million. The investment, which generates a 14% return, comprises a multi-screen cinema, a gaming area and approximately 5,000m² of space that can be redeveloped into restaurants and additional leisure, further strengthening Fiordaliso’s attractiveness and the overall offering. The property also includes approximately 750 underground parking spaces. Completion is expected before the end of the year. Growth backed by financial strength In the first half of 2026, Eurocommercial continued to demonstrate a resilient financial profile supported by strong operational performance, disciplined capital allocation and a robust funding structure. Our operational performance and disciplined approach to asset management continue to support the financial results. Net property income based on proportional consolidation increased by 3.1% and the direct investment result by 2.6% to €68.7 million during the first half, while the portfolio recorded a positive valuation movement. Following the acquisition of Avion, the net loan-to-value ratio stood at 40.9%. In 2026, the Company drew down €525 million of long-term refinancing relating to Carosello, and I Gigli in Italy and C4 in Sweden. In July 2026, Eurocommercial also signed and drew down a SEK 700 million (€63.5 million) 5-year green loan on its recently acquired Avion Shopping. These transactions extended the Group’s average debt maturity to f our years and ensure that no significant refinancing is required before 2029. The direct investment result per share for the first six months increased to €1.26 from €1.25 in the corresponding period of 2025. Guidance for 2026 2026 direct investment result guidance reaffirmed at €2.45–€2.50 per share, with further growth expected in 2027 as a result of the full year contributions of Avion Shopping and of the remerchandising projects. Amsterdam, 27 August 2026 Board of Management Evert Jan van Garderen Roberto Fraticelli
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5 Conference call and webcast Eurocommercial will host a conference call and audio webcast tomorrow, Friday 28 August 2026, at 10:00 AM (GMT) /11:00 AM (CET) for investors and analysts. To access the conference call, please register at the following link: Half Year 2026 Results Conference Call To access the audio webcast, please register at the following link: Half Year 2026 Results Webcast Financial calendar 29 October 2026: Third Quarter 2026 results (after closing of Euronext) 3 March 2027: Full year results 2026 (after closing of Euronext) About Eurocommercial Eurocommercial Properties N.V. is a Euronext-quoted property investment company and one of Europe’s shopping centre specialists. Founded in 1991, Eurocommercial currently owns and operates 25 shopping centres in Belgium, France, Italy, and Sweden with total assets of €4.2 billion. www.eurocommercialproperties.com For additional information please contact: Ilaria Vitaloni, Investor Relations Officer Tel: +31 6 2505 4166 - Ilaria.vitaloni@ecpnv.com
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6 Tel: +31 6 2505 4166 - Ilaria.vitaloni@ecpn Half year report 2026 at 30 June 2026
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7 Portfolio, split by country, at 30 June 2026* Italy Sweden France Belgium Property value €1,840m No. of properties 8 Property value €957m No. of properties 8 Property value €837m No. of properties 8 Property value €552m No. of properties 1 * Figures based on proportional consolidation as set out in Note 2 of the Condensed Consolidated Interim Financial Statements. FULL OPERATIONAL AND FINANCIAL REVIEW Contents 01 Highlights 08 Board of Management’s commentary 09 Operational review 13 Country commentary 15 Group ESG activities 16 Financial review 19 Responsibility statement 13% of portfolio 44% of portfolio 23% of portfolio 20% of portfolio 20 Condensed consolidated interim financial statements 29 Other information 30 Alternative performance measures appendix (statement of consolidated direct, indirect, and total investment results, EPRA performance measures)
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8 Board of Management’s commentary With low indexation in almost all our countries , rental growth depend s on our ability to generate incremental income through active leasing and asset management. Our focus is therefore on introducing new retailers, retaining successful tenants, continuously improving the merchandising mix and bringing vacant or reconfigured space back into income. We are also strengthening our leasing teams across the four markets, adding further expertise and resources to deepen relationships with leading retailers and identify new concepts and opportunities for our centres. In France, where the leasing environment remains particularly competitive, we have taken a selective and pragmatic approach. In certain cases, we have accepted lower rents on new lettings where this allows us to introduce stronger or more relevant retailers and improve the overall merchandising mix. While these decisions have temporarily affected rental growth, we believe that maintaining an attractive and competitive retail offer is essential to the long- term performance of our centres and that these initi atives will support future footfall, retailer sales and rental growth. We are also reaching an important stage in the remerchandising programmes undertaken over recent years. A number of major projects are now approaching completion, with the associated space progressively returning to full operation. During the works, units involved in these programmes temporarily generated little or no rental income. As the new stores open and begin tra ding, we expect these areas to make an increasing contribution to rental income and organic growth. At the same time, we will continue to identify opportunities across the portfolio where targeted reconfiguration and remerchandising can further enhance the customer offer and long-term income potential of our assets. The acquisition of Avion Shopping in April , yielding 8%, provides an additional opportunity to apply this approach, adding a dominant regional shopping centre to the portfolio with clear potential to improve occupancy, strengthen the merchandising mix and grow rental income through our leasing and asset management expertise. Initial leasing activity since completion has been encouraging, with Lekia, a toy retailer, becoming the first new tenant to take previously vacant space, while discussions are progressing well with other several potential brands to increase the occupancy. Terms have also been agreed for the acquisition of Mood, a leisure destination adjacent to Fiordaliso shopping centre in Milan , for a to tal price of €7.5 million , representing a 14% yield. The property comprises a multi -screen cinema, a gaming area and approximately 5,000 m² of space that can be redeveloped into restaurants and additional leisure, further strengthening Fiordaliso’s attractiveness and the overall offering. Completion is expected before the end of the year. Our operational performance and disciplined approach to asset management continue to support the financial results. Net property income increased by 3.1% and the direct investment result by 2. 6% to €68.7 million during the first half, while the portfolio recorded a positive valuation movement. Following the acquisition of Avion Shopping, the consolidated net loan-to-value ratio based on proportional consolidation stood at 40.9%. Looking ahead, we remain confident and focused on disciplined asset management, continuously enhancing the quality of our portfolio and creating long-term value. We reaffirm the 2026 direct investment result guidance at €2.45 –€2.50 per share, with further growth expected in 2027 as a result of the full year contributions of Avion Shopping and of the remerchandising projects.
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9 Operational review Retail sales Retail sales continued to show positive momentum, with like-for-like sales increasing by 4.6% in the first half of 2026 and 4.3% over the last 12 months. Growth was recorded across all four markets, with Italy delivering the strongest H1 performance at +7.3%, followed by Belgium (+3.8%), Sweden (+ 3.5%) and France (+1.4%). At sector level, the trend was also encouraging, with particularly strong growth in the first six months of 2026 in Gifts & Jewellery (+9.1%), Services (+7.2%), Food & Restaurants (+6.5%), Books & Toys (+6.5%) and Health & Beauty (+ 6.0%). Home Goods also returned to growth, further highlighting the broader improvement in trading performance during the first half of the year. Like-for-like retail sales by country* 30 June 2026 (6M) 30 June 2026 (12M) Overall 4.6% 4.3% Belgium 3.8% 4.7% France 1.4% 1.7% Italy 7.3% 5.1% Sweden 3.5% 5.0% *Excluding extensions/redevelopments Like-for-like retail sales by sector* 30 June 2026 (6M) 30 June 2026 (12M) Fashion & Shoes 5.6% 4.6% Health & Beauty 6.0% 8.0% Gifts & Jewellery 9.1% 6.7% Sport -0.9% -1.1% Home Goods 0.6% -1.4% Books & Toys 6.5% 5.3% Electricals 1.5% 1.4% Food & Restaurants 6.5% 4.3% Hypermarkets 4.1% 8.4% Services 7.2% 6.6% *Excluding extensions/redevelopments
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10 Rental growth Like-for-like (same floor area) rental growth for the 12 months to 30 June 2026 was 2.5%, 190 basis points above indexation and supported by active leasing and the reletting of vacant units. Italy and Belgium delivered the strongest growth, benefi tting from the positive impact of recent remerchandising initiatives and the strengthening of their retail offers. Sweden remained positive at +0.3%, despite the impact of vacancies, with early signs of improvement as leasing activity progresses and new ten ants are secured. France recorded -1.5%, reflecting a selective approach to leasing, with some lower rents accepted to refresh the tenant mix and support the long -term performance and attractiveness of the centres. Like-for-like rental growth 30 June 2026 Overall 2.5% Belgium 3.5% France -1.5% Italy 5.4% Sweden 0.3% Like-for-like rental growth is calculated based on 12-month data and excludes the impact of acquisitions, disposals and development projects to provide an accurate figure for comparison. It includes the impact of indexation, turnover rent, vacancies and leasing. Renewals and relettings Over the past 12 months, leasing activity remained strong, with a total of 308 renewals and relettings completed. Overall, these agreements delivered an average rental uplift of 4.7%. Of the total, 207 leases were renewals with existing tenants, resulting in a rental increase of 2.9%. The other 101 leases involved retailers taking occupancy in new units across our shopping centres. These new lettings enhanced the tenant mix and achieved a significantly higher rental uplift of 7.9%, demonstrating continued demand from retailers and brands seeking to establish a presence in our centres. Renewals and relettings for the 12 months to 30 June 2026* Number of renewals and relettings Average rental uplift on renewals and relettings % of total leases renewed and relet (MGR) Overall 308 4.7% 14.5% Belgium 26 5.6% 12.2% France 45 0.0% 10.3% Italy 120 7.3% 13.8% Sweden 117 3.6% 21.2% *Excluding extensions/redevelopments
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11 EPRA vacancy rate EPRA vacancy remained low and stable at 1.0% at 30 June 2026, unchanged from year-end 2025 and below the 1.2% recorded a year earlier. Occupancy remained high across all four markets , with particularly low vacancy levels in Italy (0.2%) and Belgium (0.8%), while France and Sweden stood at 1.4% and 2.6%, with both markets recording an improvement during the second quarter following successful leasing activity. EPRA vacancies* 30 June 2025 30 September 2025 31 December 2025 31 March 2026 30 June 2026 Overall 1.2% 1.3% 1.0% 1.5% 1.0% Belgium 0.7% 1.8% 1.1% 1.8% 0.8% France 1.5% 2.0% 1.3% 1.7% 1.4% Italy 0.1% 0.1% 0.2% 0.4% 0.2% Sweden 3.2% 2.6% 2.4% 3.4% 2.6% *Excluding storage space Out of almost 2 ,000 shops, there were only 2 3 tenants in administration occupying in total 34 units, representing 1.2% of total GLA and 1.4% of total MGR. For most of these units, rent continued to be paid. Occupancy cost ratios At 30 June 2026 , the portfolio's overall occupancy cost ratio (OCR), comprising rent, marketing contributions, service charges and tenant property taxes as a percentage of tenant sales including VAT, stood at 9.2%, compared with 10.1% a year earlier. The improvement was driven by continued growth in tenant sales a nd leaves the portfolio with one of the lowest OCRs in the sector, supporting affordable occupancy costs, sustainable rental growth and consistently high occupancy levels. Occupancy cost ratios First six months 2026 Overall 9.2% Belgium 14.4% France 10.5% Italy 9.0% Sweden 7.6% Rent collection Rent collection for the 12 months to 30 June 2026 reached 99%. Collection rate comparison % of H1 2026 invoiced rent collected Overall 99% Belgium 100% France 97% Italy 100% Sweden 100%
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12 Valuations At 30 June 2026, all the Company’s properties were independently valued as usual in accordance with the rules set out in the “Red Book” of the Royal Institution of Chartered Surveyors (RICS), the International Valuation Standards and IAS 40. The firms appointed this year we re CBRE, Colliers, Cushman & Wakefield, JLL, Knight Frank, Kroll and Savills. The fair value of the portfolio increased by 1.4% relative to 30 June 2025 and by 0.7% compared with 31 December 2025. The portfolio continues to benefit from its high-quality composition, with the five flagship assets accounting for 45% of total value and the suburban hypermarket shopping centres representing the remaining 55%. Valuations at 30 June 2026 Net value (€M) 30 June 2026 Valuation increase from December 2025 Valuation increase from June 2025 EPRA Net initial yield EPRA Topped-up yield Overall 4,186 0.7% 1.4% 5.7% 5.8% Belgium 552 0.0% 0.4% 5.2% 5.3% France 837 0.1% 0.5% 5.4% 5.6% Italy 1,840 0.4% 1.4% 5.9% 6.0% Sweden 957 2.0% 3.0% 5.8% 6.1% 5 Flagships Net value (€M) 30 June 2026 EPRA net initial yield EPRA topped up yield Woluwe Shopping (Belgium) Passage du Havre (France) I Gigli, Carosello, Fiordaliso (Italy) 1,904 (45% of the portfolio) 5.5% 5.6% 20 suburban hypermarket anchored shopping centres Net value (€M) 30 June 2026 EPRA net initial yield EPRA topped up yield 7 in France 5 in Italy 8 in Sweden 2,282 (55% of the portfolio) 5.8% 6.1%
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13 Asset acquisitions, creating new opportunities Avion Shopping acquisition in Umeå - Sweden In April, Eurocommercial completed the acquisition of the 45,000m² Avion Shopping Centre in Umeå from Ingka Centres, further strengthening its position as owner and operator of dominant shopping centres in the Nordics. Avion Shopping is a modern regional retail destination comprising approximately 80 shops and restaurants, anchored by strong brands including Willys, H&M, Clas Ohlson and Stadium. The scheme benefits from a well -balanced mix of national and international retailers, as well as a recent extension with large-format stores, currently yields 8%. The acquisition has been partially financed with available resources and partly through a 5-year SEK 700 million green loan granted by SEB. Fiordaliso’s Mood acquisition in Milan - Italy The Group has agreed terms on the acquisition of Mood, a leisure destination adjacent to Fiordaliso for €7.5 million. The investment, which generates a 14% return, comprises a multi-screen cinema, a gaming area and approximately 5,000m² of space that can be redeveloped into restaurants and additional leisure, further strengthening Fiordaliso’s attractiveness and the overall offering. The property also includes approximately 750 underground parking spaces. Completion is expected before the end of the year. Unlocking income through remerchandising Three major remerchandising projects are now approaching completion, marking an important transition towards their full contribution to income generation. At I Gigli, the opening of Lefties this autumn, together with Lidl in the retail park, will mark the begin ning of a new remerchandising phase for the centre. At Collestrada, the handover of the new Primark unit was completed with the store scheduled to open in Q4 2026, while at CremonaPo the opening of Primark in Ju ly completed the centre’s remerchandising programme. During the works in 2025 and 2026, a number of units involved in these initiatives were temporarily non-income producing, limiting their contribution to rental growth. As the new tenants become fully operational, these units will return to full income generation. At I Gigli, €9.8 million of C apex is expected to generate approximately €2.9 million of additional rent, while at Collestrada, €15.9 million Capex is expected to deliver around €2 million of additional rent and at CremonaPo, €5.9 million Capex is expected to generate around €0.7 million, in each case above indexation. These projects follow the successful remerchandising initiatives at Woluwe Shopping and Carosello, where €4.8 million and €5.8 million of Capex respectively generated approximately €1.0 million and €1.1 million of additional rent, respectively. Together, these initiatives demonstrate a repeatable asset management approach: improving the retail offer, growing rental income and generating attractive returns on capital. Country commentary Italy Italy delivered the strongest operational performance across the Group. Retail sales increased by 7.3% during the first half of 2026, while rental growth reached 5.4%, driven primarily by active leasing, relettings and remerchandising initiatives rather than indexation, demonstrating the portfolio's ability to generate organic growth through proactive asset management. Leasing activity remained particularly strong, generating an average rental uplift of 7.3%, with r elettings achieving 9.4% and renewals 5.2% , while EPRA vacancy remained exceptionally low at 0.2%. Asset management initiatives continued to enhance the quality of the portfolio, with the opening of Primark's new store at CremonaPo, marking the completion of the centre's remerchandising programme and attracting exceptional customer interest. At Collestrada, the handover of the new Primark unit in early July represented another important milestone, with the opening scheduled for the fourth quarter of 2026. At I Gigli, the remerchandising programme continued with the forthcoming opening of Lefties and Lidl, while planning progressed for future expansion opportunities at both I Gigli and Carosello, reinforcing the long-term growth potential of the Italian portfolio.
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14 The portfolio also continued to make progress on its decarbonisation roadmap through the rollout of heat pumps, solar photovoltaic installations and energy efficiency projects, with electricity consumption and landlord-controlled greenhouse gas emissions further reduced during the period. Sweden The Swedish portfolio delivered a positive operational performance during the first half of 2026, with footfall increasing by 4. 5% and retailer sales by 3. 5%. Ingelsta was a particularly strong contributor, benefiting from the successful transformation of the former ICA Maxi space and the introduction of Åhléns, Coop and Normal. Like-for-like rental growth was 0.3%, with leasing activity show ing encouraging results. Over the last twelve months, 117 renewals and relettings were completed at an average uplift of 3.6%, with relettings achieving 13.7%. Active leasing also contributed to reducing EPRA vacancy from 3.4% in Q1 to 2.6% at the end of Q2, supported by new lettings including Brothers at Grand Samarkand and Apoteket a nd Synoptik at Ingelsta. Asset management activity continued across the portfolio, with new and expanded stores including Rituals at Elins Esplanad, IKEA and Clas Ohlson at C4 Shopping. The acquisition of Avion Shopping in April added a dominant regional asset to the Swedish portfolio . Initial leasing activity since completion has been encouraging, with Lekia, a toy retailer, becoming the first new tenant to take previously vacant space, while discussions are progressing well with other several potential brands to increase the occupancy. The portfolio also continued to progress its sustainability objectives. All Swedish centres are equipped with solar panels, with annual production capacity of approximately 10% of portfolio electricity consumption including tenants. France The French portfolio continued to demonstrate resilience despite a more challenging consumer environment. Tenant sales increased by 1.4% over the first six months of the year, supported by footfall growth of 4.1%. Leasing activity remained focused on further strengthening the merchandising mix through the introduction of brands including Intersport, Normal, Rituals, Tape à l'Œil and L'Atelier d'Amaya, while key renewals, including Sephora at Passage du Havre, were s uccessfully completed. Rental growth was -1.5%, primarily reflecting strategic leasing decisions, where selected relettings were concluded at lower rents to optimise the long -term merchandising mix and enhance the quality and attractiveness of the centres. Preparations also continued for the redevelopment of Val Thoiry following Leroy Merlin's planned movement to an adjoining site, while roadworks to improve the accessibility to the shopping centre are progressing according to plan. ESG initiatives advanced across the portfolio, including the completion of geothermal heating works and the continued replacement of gas heating systems. Belgium In the first half of 2026, Woluwe Shopping continued to perform well, footfall increased by 2.9%, while retailer sales grew by 3. 8%, reflecting the continued success of the centre's premium positioning and strengthened retail mix. Like-for-like rental growth reached 3.5%, supported by active leasing, with 26 renewals and relettings generating an average rental uplift of 5.6% and reducing the EPRA vacancy rate to 0.8% from 1.1% at the end of 2025. Across the 12 months, nine relettings were signed achieving an average rental uplift of 8.2%, bringing new brands including Hawaiian Poke Bowl, Agatha Paris, Cabaïa.
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15 Preparations are advanced for a comprehensive interior renovation that will further enhance the customer experience and reinforce Woluwe Shopping's position as one of Belgium's leading shopping destinations. Sustainability initiatives continued to improve the environmental performance of the asset, including ongoing roof insulation programme and the installation of additional electric vehicle charging stations. Group ESG activities Sustainability remains a strategic priority for the Company and continues to guide initiatives aimed at enhancing asset quality, reducing carbon emissions and strengthening portfolio resilience. During the first half of 2026, the Group continued in its path towards its target of carbon neutrality for landlord - controlled energy (Scope 1 and 2) by 2030 and a net -zero portfolio by 2050, in line with the CRREM decarbonisation pathways. With reference to the data collection for the period Q4 2025 - Q1 2026 the Company ma de tangible progress across its ESG roadmap through targeted decarbonisation initiatives, increased renewable energy sourcing and ongoing investment in the environmental performance of its portfolio: • Renewable electricity sourcing in landlord-controlled areas increased further to 97% of total electricity consumption (2025: 93%); • In tenant-controlled areas, the proportion of renewable electricity rose significantly to 64% (2025: 50%), reflecting a continued collaboration with tenants, in line with Green Leases, to accelerate the transition to cleaner energy; • Asset quality remains a cornerstone of the Company's ESG strategy. The entire portfolio is BREEAM certified, and during the second quarter of 2026, the Company launched the pre-assessment phase for the renewal of BREEAM In -Use certifications for six shoppi ng centres in Italy and one in France, targeting an Excellent rating; • The energy performance of the property portfolio continued to improve during the period, with 85% of the gross lettable area (GLA) now achieving Energy Performance Certificate (EPC) ratings of A, B or C. This reflects the inclusion of the recently acquired Avion Shopping, which holds an EPC rating of B, and the successful improvement of Modo Shopping Centre's EPC rating from E to B; • Engagement with tenants remains an important component of the Company's sustainability strategy. In the first half of the year, Eurocommercial planned further activities to engage tenants, highlighting opportunities for landlord-tenant collaboration on energy reduction initiatives. The communication plan covers sustainability initiatives designed to improve awareness on energy co nsumption and support the transition towards lower-carbon operations across the portfolio. Several major asset-level decarbonisation projects were completed or advanced during the period. At I Gigli Shopping Centre, the gas-fired co-generation plant was decommissioned in April 2026 and replaced with high-efficiency heat pumps. The project also i ncluded the installation of LED lighting in external areas, further reducing energy consumption and carbon emissions. At Carosello, the project to eliminate the use of natural gas through the installation of a geothermal system reached a key milestone with the receipt of all required administrative approvals. Construction is expected to commence shortly, with completion targeted for the first quarter of 2027. At Centr'Azur, the gas boilers serving the common areas were successfully replaced with a geothermal system combined with heat pumps, significantly reducing reliance on fossil fuels. At Les Atlantes, the decarbonisation programme continued to progress with the procurement of new heat pumps to replace the existing gas boilers, paving the way for implementation in the next phase of the project. At Woluwe Shopping, the feasibility of installing additional rooftop solar panels is being assessed, with the aim of increasing on-site renewable energy generation. Works are already underway to improve the roof’s waterproofing and insulation, enhancing the building’s thermal performance, climate resilience and
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16 long-term environmental performance. These initiatives are expected to increase on -site renewable energy generation, enhance the building’s resilience to climate -related risks and support its long -term environmental performance. As a result, and in execution of its ESG roadmap, Eurocommercial continues to reduce carbon intensity, enhance asset quality, strengthen collaboration with tenants and improve portfolio resilience, supporting the successful delivery of its 2030 and 2050 sustainability ambitions. Financial review IFRS key figures The IFRS profit after taxation for the first six months of 2026 increased to €78.1 million (€1.43 per share), compared with €42.3 million (€0.79 per share) for the corresponding period in 2025. The improvement primarily reflects the non-recurrence of the €50 million substitute tax recognised in Italy in the first half of 2025 and lower deferred tax on property investments , resulting in a €51.6 million lower deferred tax charge. In addition, favourable fair value movements on derivatives of €2.2 million and an improved contribution from the joint venture by €2.8 million further supported the result. These positive effects were partly offset by lower revaluation gains of €22.5 million on the property portfolio compared with the first half of 2025. The underlying operational performance remained resilient during the period. IFRS net property income increased by €3.0 million to €98.4 million, driven by higher rental income of €2.9 million, reflecting annual indexation, lease renewals and relettings , together with the contribution from the acquisition of Avion Shopping in Sweden from 16 April 2026. The increa se in p roperty expenses of €1.1 million, mainly reflecting the costs attributable to Avion Shopping and higher bad debt provisions in France and Belgium was largely compensated by lower Company expenses (€0.8 million) achieved thanks to cost-efficiency measures. The net service charges improved by €1.2 million, largely due to a one -off tax refund in Belgium. The IFRS contribution from the joint venture increased to €3.2 million in the first half of 2026 compared to €0.4 million in the first half of 202 5. The improvement mainly reflects the non -recurrence of the substitute tax recognised in the prior -year period of €5 million, favourable derivative movements and continued operational performance of €0.2 million , partly offset by lower property revaluation gains of €2.9 million. IFRS equity amounted to €2,149.5 million at 30 June 2026 compared with €2,162.5 million at 31 December 2025. The decrease primarily reflects the interim dividend paid in January 2026 and the final dividend declared in respect of the 2025 financial year, together with the negative currency translati on movement of €11.2 million following the weakening of the Swedish krona. These movements were largely offset by the profit generated during the first six months of the year of €78.1 million. IFRS net consolidated borrowings increased to €1,620.7 million at 30 June 2026 from €1,584.7 million at 31 December 2025, mainly reflecting the financing of the acquisition of Avion Shopping. The IFRS net asset value per share decreased to €39.31 at 30 June 2026 from €39.74 at 31 December 2025.
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17 Alternative performance measures The Company also presents alternative performance measures according to the European Securities and Markets Authority (ESMA) guidelines. These alternative performance measures, such as direct and indirect investment results, net loan-to-value ratio, adjusted net asset value and EPRA performance measures, are used to present the underlying business performance and to enhance comparability between financial periods and among peers. Alternative performance measures presented in this press release should not be considered as a substitute for measures of performance in accordance with IFRS. The direct investment result for the first six months of 2026 increased by 2.6% to €68.7 million, compared with €66.9 million for the corresponding period in 2025. The improvement was driven by higher rental income of €2.9 million, reflecting annual indexation, lease renewals, relettings and the contribution from Avion Shopping, together with an improvement in the net service charge result largely due to a one- off tax refund in Belgium. Company expenses decreased by €0.8 million following the implementation of cost-efficiency measures and the direct investment contribution from the joint venture increased by €0.4 million. These favourable developments were partly offset by higher property expenses of €1.1 million, mainly related to Avion Shopping and an increase in bad debts in France and Belgium, higher net interest expenses of €1.5 million reflecting higher borrowing levels. The direct investment result is defined as net property income plus other income less net interest expenses and company expenses after taxation. In the view of the Board, this more accurately represents the underlying profitability of the Company than IFRS "profit after taxation", which includes unrealised valuation movements and other non-cash items. The direct investment result per share increased to €1.26 from €1.25 in the first half of 2025, despite the 1.7% increase in the average number of shares outstanding from 53,710,643 to 54,637,824. The indirect investment result amounted to a profit of €9.4 million compared with a loss of €24.6 million in the corresponding period of 2025. The improvement was primarily driven by the significantly lower deferred tax charge, following the non-recurrence of the substitute tax recognised in Italy in the previous period, the favourable fair value movements on derivatives and an improved contribution from the joint venture. These positive effects more than compensated for the lower property revaluation gain of €26.4 million compared with €48.9 million in the first half of 2025. Gross rental income , including the Company's proportional share of the joint venture, increased by 2.6% to €122.7 million from €119.7 million in the first half of 2025, reflecting annual indexation, lease renewals, relettings and the contribution from the acquisition of Avion Shopping. Net property income , including the Company's proportional share of the joint venture, increased by 3.1% to €104.8 million compared with €101.7 million in the first half of 2025. The increase reflects higher rental income and an improved net service charge result, partly offset by higher property expenses. The adjusted net asset value amounted to €42.86 per share at 30 June 2026, compared with €43.08 at 31 December 2025 and €41.74 at 30 June 2025. Adjusted net asset value excludes contingent capital gains tax liabilities and the fair value of financial derivatives. EPRA Earnings for the first six months of 2026 amounted to €67.6 million, or €1.24 per share, compared with €65.5 million, or €1.22 per share, in the corresponding period of 2025. EPRA Net Tangible Assets (EPRA NTA) slightly decreased to €42.44 per share at 30 June 2026 from €42.81 at 31 December 2025 mainly due to the distribution of the final dividend for the full year 2025. EPRA NTA increased to €42.44 per share at 30 June 2026 from €41.46 at 30 June 2025 due to a higher profit after taxation . EPRA NTA excludes deferred tax relating to property investments and financial instruments, together with the fair value of financial instruments, and is calculated on a fully diluted basis. In the Appendix starting on page 30 the various statements and tables relating to these alternative performance measures are presented for further information.
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18 Funding During the first half of 2026, the Company completed the drawdown of some of the long-term financing facilities secured in late 2025 for a total amount of €525 million. In July 2026 the Company entered into a SEK 700 million (approximately €63.5 million) five-year green loan facility with Skandinaviska Enskilda Banken AB (SEB) at margins in line with its current loans, secured against Avion Shopping in Umeå, Sweden. The financing follows the acquisition of Avion Shopping from Ingka Centres, completed in April 2026, and further strengthens the Company's debt profile. At 30 June 2026, total long - and short-term borrowings, including the Company's proportional share of the joint venture, amounted to €1,790 million, compared with €1,683 million at 31 December 2025. Net borrowings increased to €1,713 million from €1,612 mi llion at year -end 2025, mainly reflecting the acquisition of Avion Shopping. The consolidated net loan-to-value ratio, based on proportional consolidation, increased to 40.9% at 30 June 2026 from 39.8% at 31 December 2025, mainly reflecting the acquisition of Avion Shopping. As at 30 June 2026, the net debt to EBITDA ratio, including the share of the joint venture consolidated on a proportional basis, stood at 8.5x (8.2x at 31 December 2025), while the interest cover ratio was 3.6x (3.7x at December 2025) mainly as a consequence of the acquisition of Avion Shopping. The average committed unexpired term of the Group's bank loans is 4 years, while the average interest rate remained stable at 3.2%. At 30 June 2026, 82% of the Company's borrowings were fixed or hedged, with an average hedged term of 4 years. At 30 June 2026, the Company had entered into green and sustainability -linked financings for a total amount of € 1,115.4 million (Group share), comprising € 751.7 million of green loans, €21 5.4 million of green and sustainability -linked loans and €14 8.3 million of sustainability -linked loans. The Company continues to pursue opportunities to further increase the proportion of green and sustainability -linked financings through future loans and upgrades of existing facilities. Long-term borrowings maturity and amortisation schedule (€m) Interest rate hedging The Company has an overall hedging ratio target of around 80%, achieved through a combination of fixed-rate loans and various interest rate hedging instruments, including plain vanilla swaps, collars and forward-starting interest rate swaps. This strategy provides the Company with the flexibility to determine when, and for how long, to fix the variable interest rate on its borrowings while maintaining an efficient financing structure. It also supports the Company's active asset management strategy by avoidi ng significant break costs when refinancing or disposing of assets financed with predominantly floating-rate debt. At 30 June 2026, 82% of the Company's proportionally consolidated loan portfolio was fixed or hedged (31 December 2025: 87%). The interest rate hedge portfolio comprised interest rate swaps with an average remaining maturity of 4 years (31 December 2025: over 4.4 years). - 257 387 625 58 180 12 25 21 15 9 5 - 2027 2028 2029 2030 2031 2032 2033 Amortization End balloon
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19 Hedging ratio from 30 June 2026 to 31 December 2029 The Company is constantly monitoring the development of the Euribor and Stibor interest rate curves, looking for further opportunities to fix an attractive interest rate level also through forward starting interest rate swaps. As a result, the average inter est rate for the Company is expected to remain stable for the coming period. Dividend For the financial year ended 31 December 2025, Eurocommercial declared a total dividend of €1.83 per share, comprising an interim dividend of €0.72 per share and a final dividend of €1.11 per share. The interim cash dividend was paid on 30 January 2026. The final dividend was approved by shareholders at the Annual General Meeting held on 2 June 2026 and was paid on 2 July 2026. Shareholders representing 18.5% of the shares eligible for dividend elected to receive the final dividend in the form of shares. As a result, 361,189 new shares were issued from the Company's fiscal share premium reserve at an issue price of €31.08 per share, increasing the issued share capital to 55,508,668 shares. Accordingly, €11.2 million of the final dividend was settled in shares rather than in cash . The Company, as per its dividend policy, intends to offer shareholders the possibility of opting for a stock dividend instead of a cash dividend for the 2026 interim dividend scheduled for January 2027. Responsibility statement We hereby state that to the best of our knowledge, and in accordance with the applicable IFRS reporting principles for interim financial reporting, the condensed consolidated interim financial statements give a true and fair view of the assets, liabilities, financial position and results of the Group, and that the interim management report of the Board of Management includes the most important transactions with related parties as well as a fair review of the development and performance of the business during the reporting period and the position of the Group at the balance sheet date, together with a description of the principal opportunities and risks associated with the expected development of the Group for the remaining months of the current financial year. Risks This report makes reference to the 2025 Annual Report with regard to existing risks, which have not materially changed. Amsterdam, 27 August 2026 Board of Management Evert Jan van Garderen Roberto Fraticelli 82% 83% 84% 74% 63% 30-06-2026 31-12-2026 31-12-2027 31-12-2028 31-12-2029
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Eurocommercial Properties N.V. Condensed consolidated interim financial statements 2026 20 Condensed consolidated statement of profit or loss (€‘000) Six months ended 30-06-26 Six months ended 30-06-25 Rental income 116,231 113,310 Service charge income 22,471 20,492 Total revenue 138,702 133,802 Service charge expenses (23,502) (22,746) Property expenses* (16,827) (15,681) Total expenses (40,329) (38,427) Net property income 98,373 95,375 Share of result of joint venture 3,244 404 Revaluation property investments 26,378 48,880 Company expenses* (4,897) (5,735) Investment expenses (1,037) (1,251) Other income 1,123 2,322 Operating result 123,184 139,995 Interest income 390 308 Interest expenses and borrowing costs (27,849) (26,255) Gain/(Loss) derivative financial instruments 524 (1,712) Net financing result (26,935) (27,659) Profit before taxation 96,249 112,336 Current tax (2,300) (2,580) Deferred tax (15,848) (67,447) Total tax (18,148) (70,027) Profit after taxation 78,101 42,309 Per share (€)** Profit after taxation 1.43 0.79 Diluted profit after taxation 1.42 0.78 * The comparative figures for ‘Property expenses’ and ‘Company expenses’ have been adjusted to reflect the reclassification of marketing expenses. ** The average number of shares on issue (after deduction of shares bought back) over the six -month period is 54,637,824 in 2026 and 53,710,643 in 2025 and the average diluted number of shares on issue (after deduction of shares bought back) over the six-month period is 55,101,540 in 2026 and 54,008,324 in 2025. Condensed consolidated statement of comprehensive income (€‘000) Six months ended 30-06-26 Six months ended 30-06-25 Profit after taxation 78,101 42,309 Foreign currency translation differences (subsequently reclassified to profit or loss) (11,155) 11,359 Total other comprehensive income (net of tax) (11,155) 11,359 Total comprehensive income 66,946 53,668 Per share (€)* Total comprehensive income 1.23 1.00 Diluted total comprehensive income 1.22 0.99 * The average number of shares on issue (after deduction of shares bought back) over the six -month period is 54,637,824 in 2026 and 53,710,643 in 2025 and the average diluted number of shares on issue (after deduction of shares bought back) over the six-month period is 55,101,540 in 2026 and 54,008,324 in 2025.
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Eurocommercial Properties N.V. Condensed consolidated interim financial statements 2026 21 Condensed consolidated statement of financial position (€‘000) Note 30-06-26 31-12-25 30-06-25 Assets Property investments 4 3,969,518 3,837,019 3,781,199 Investments in joint venture 110,388 113,144 103,408 Tangible fixed assets 6,225 6,728 5,841 Receivables 105 105 108 Tax receivable 4,375 4,374 3,275 Derivative financial instruments* 9,252 9,678 10,807 Total non-current assets 4,099,863 3,971,048 3,904,638 Trade and other receivables 54,296 47,555 49,444 Tax receivable 6,167 4,433 4,033 Derivative financial instruments* 5,550 5,564 5,427 Receivable from joint venture 0 0 10,500 Cash and deposits 72,302 67,578 61,062 Total current assets 138,315 125,130 130,466 Total assets 4,238,178 4,096,178 4,035,104 Equity Issued share capital 551,475 548,875 549,121 Share premium reserve 250,451 251,804 250,909 Currency translation reserve (85,931) (74,776) (85,440) Other reserves 1,355,403 1,312,197 1,312,048 Undistributed income 78,101 124,369 42,309 Total equity 2,149,499 2,162,469 2,068,947 Liabilities Trade and other payables 15,145 16,455 16,537 Tax payable 11,364 22,846 22,826 Borrowings 5 1,485,092 1,099,795 1,474,757 Derivative financial instruments* 4,541 7,105 17,820 Deferred tax liabilities 6 199,967 186,351 170,030 Total non-current liabilities 1,716,109 1,332,552 1,701,970 Trade and other payables 139,430 97,366 125,370 Tax payable 24,135 17,421 21,749 Borrowings 5 207,940 484,928 113,668 Derivatives financial instruments* 1,065 1,442 3,400 Total current liabilities 372,570 601,157 264,187 Total liabilities 2,088,679 1,933,709 1,966,157 Total equity and liabilities 4,238,178 4,096,178 4,035,104 *Comparative figures have been adjusted to better reflect the short-term and long-term balances of the derivative financial instruments.
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Eurocommercial Properties N.V. Condensed consolidated interim financial statements 2026 22 Condensed consolidated statement of cash flows (€ ‘000) Six months ended 30-06-26 Six months ended 30-06-25 Profit after taxation 78,101 42,309 Adjustments for non-cash movements: Movement performance shares granted 1,247 804 Revaluation property investments (27,035) (46,668) (Gain)/Loss derivative financial instruments (524) 1,712 Share of result of joint venture (3,244) (404) Interest income (390) (308) Interest expenses and borrowing costs 27,849 26,255 Deferred tax 15,848 67,447 Current tax 2,300 2,580 Depreciation tangible fixed assets 1,026 1,091 Fair value movement non-current debtors/creditors 998 (1,941) Other movements 0 (24) Cash flow from operating activities after adjustments 96,176 92,853 Changes in receivables and creditors: (Increase) in receivables (8,542) (4,692) (Decrease) in creditors (3,946) (3,736) Cash generated from operating activities 83,688 84,425 Current tax paid (2,088) (2,370) Substitute tax paid (12,500) (12,500) Derivative financial instruments settled (1,867) 0 Dividend from joint venture 6,000 0 Borrowing costs paid (6,226) (1,181) Interest paid (27,117) (26,292) Interest received 372 289 Cash flow from operating activities 40,262 42,371 Acquisition (108,544) 0 Capital expenditure (16,320) (13,919) Additions to tangible fixed assets (463) (548) Cash flow from investing activities (125,327) (14,467) Proceeds from borrowings 626,318 258,374 Repayment of borrowings (503,478) (233,218) Dividends paid (31,695) (28,185) Payments lease liabilities (750) (724) Movement non-current creditors (535) 931 Cash flow from financing activities 89,860 (2,822) Net cash flow 4,795 25,082 Currency differences on cash and deposits (71) 16 Increase in cash and deposits 4,724 25,098 Cash and deposits at beginning of period 67,578 35,964 Cash and deposits at the end of period 72,302 61,062
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Eurocommercial Properties N.V. Condensed consolidated interim financial statements 2026 23 Condensed consolidated statement of changes in equity The movements in equity in the six-month period ended 30 June 2026 were: (€’000) Issued share capital Share premium reserve Currency translation reserve Other reserves Undis- tributed income Total equity Balance at 01-01-2026 548,875 251,804 (74,776) 1,312,197 124,369 2,162,469 Profit after taxation 0 0 0 0 78,101 78,101 Other comprehensive income 0 0 (11,155) 0 0 (11,155) Total comprehensive income 0 0 (11,155) 0 78,101 66,946 Transactions with owners of the Company Contributions and distributions Dividend distribution in cash – interim 0 0 0 0 (31,695) (31,695) Dividend payable – final 2025 0 0 0 0 (49,468) (49,468) Dividend distribution in shares - interim 2,600 (2,600) 0 7,487 (7,487) 0 Non-distributed result previous financial year 0 0 0 35,719 (35,719) 0 Performance shares granted 0 1,247 0 0 0 1,247 Total contributions and distributions 2,600 (1,353) 0 43,206 (124,369) (79,916) Total equity at 30-06-2026 551,475 250,451 (85,931) 1,355,403 78,101 2,149,499 The movements in equity in the six-month period ended 30 June 2025 were: (€’000) Issued share capital Share premium reserve Currency translation reserve Other reserves Undis- tributed income Total equity Balance at 01-01-2025 545,791 253,435 (96,799) 1,206,354 176,825 2,085,606 Profit after taxation 0 0 0 0 42,309 42,309 Other comprehensive income 0 0 11,359 0 0 11,359 Total comprehensive income 0 0 11,359 0 42,309 53,668 Transactions with owners of the Company Contributions and distributions Dividend distribution in cash – interim 0 0 0 0 (28,185) (28,185) Dividend payable – final 2024 0 0 0 0 (42,946) (42,946) Dividend distribution in shares - interim 3,330 (3,330) 0 8,151 (8,151) 0 Non-distributed result previous financial year 0 0 0 97,543 (97,543) 0 Performance shares granted 0 804 0 0 0 804 Total contributions and distributions 3,330 (2,526) 0 105,694 (176,825) (70,327) Total equity at 30-06-2025 549,121 250,909 (85,440) 1,312,048 42,309 2,068,947
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Eurocommercial Properties N.V. Condensed consolidated interim financial statements 2026 24 Notes to the condensed consolidated interim financial statements as at 30 June 2026 General Eurocommercial Properties N.V. (the Company) domiciled in Amsterdam, the Netherlands, is a closed-end property investment company. This interim report included the figures for the six -month period starting 1 January 2026 and ended 30 June 2026 and comprise the Company and its subsidiaries (together referred to as the “Group”). This interim financial information has not been audited or reviewed by the Company’s auditors. 1. Principal accounting policies (a) Statement of compliance The consolidated interim financial statements for the six-month period ended 30 June 2026 have been drawn up in accordance with IAS 34 Interim Financial Reporting as adopted by the European Union (IFRS). The condensed consolidated interim financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group’s annual financial statements as at 31 December 2025. (b) Change in accounting policies, reclassifications, amendments and improvements to IFRS The accounting policies adopted in the preparation of the condensed consolidated interim financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended 31 December 2025. The following amendments and improvements to existing IFRS Accounting Standards, effective from 1 January 2026, have been adopted by the Group: Amendments to the Classification and Measurement of financial instruments disclosures- IFRS 9 and IFRS 7, effective 1 January 2026. In May 2024, the IASB issued Amendments to IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments (the Amendments). The Amendments include: • A clarification that a financial liability is derecognised on the ‘settlement date’ and the introduction of an accounting policy choice (if specific conditions are met) to derecognise financial liabilities settled using an electronic payment system before the settlement date • Additional guidance on how the contractual cash flows for financial assets with environmental, social and corporate governance (ESG) and similar features should be assessed • Clarifications on what constitute ‘non -recourse features’ and what are the characteristics of contractually linked instruments • The introduction of disclosures for financial instruments with contingent features and additional disclosure requirements for equity instruments classified at fair value through other comprehensive income (OCI) Annual Improvements to IFRS Accounting Standards - Volume 11, effective 1 January 2026. In July 2024 , the IASB issued nine narrow scope amendments as part of its periodic maintenance of IFRS accounting standards. The amendments include clarifications, simplifications, corrections or changes to improve consistency in IFRS 1 First -time Adoption of International Financial Reporting Standards, IFRS 7 Financial instruments: Disclosure and its accompanying Guidance on implementing IFRS 7, IFRS 9 Financial Instruments, IFRS 10 Consolidated Financial Statements and IAS 7 Statements of Cash Flows.
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Eurocommercial Properties N.V. Condensed consolidated interim financial statements 2026 25 Notes to the condensed consolidated interim financial statements as at 30 June 2026 2. Segment information (€‘000) For the six month period ended 30-06-26 Belgium France Italy Sweden The Netherlands* Total proportional consolidation Adjustments joint venture Total IFRS Rental income 14,317 23,854 56,272 28,294 0 122,737 (6,506) 116,231 Service charge income 3,803 1,959 9,341 9,096 0 24,199 (1,728) 22,471 Service charge expenses (2,947) (1,506) (10,089) (10,655) 0 (25,197) 1,695 (23,502) Property expenses (1,106) (6,049) (5,770) (4,036) 0 (16,961) 134 (16,827) Net property income 14,067 18,258 49,754 22,699 0 104,778 (6,405) 98,373 Share of result of joint venture 0 0 0 0 0 0 3,244 3,244 Revaluation property investments 498 1,359 7,562 17,492 (12) 26,899 (521) 26,378 Segment result 14,565 19,617 57,316 40,191 (12) 131,677 (3,682) 127,995 Fair value movement derivative financial instruments 386 138 524 Net interest expenses (29,201) 1,742 (27,459) Company expenses (4,897) 0 (4,897) Investment expenses (1,044) 7 (1,037) Other income 587 536 1,123 Profit before taxation 97,508 (1,259) 96,249 Current tax (2,669) 369 (2,300) Deferred tax (16,738) 890 (15,848) Profit after taxation 78,101 0 78,101 (€‘000) As per 30-06-26 Belgium France Italy Sweden The Netherlands* Total proportional consolidation Adjustments joint venture Total IFRS Property investments 551,830 837,640 1,839,670 956,728 0 4,185,868 (216,350) 3,969,518 Investments in joint venture 0 0 0 0 0 0 110,388 110,388 Tangible fixed assets 71 1,354 2,815 868 1,117 6,225 0 6,225 Receivables 9,305 34,435 13,654 7,009 1,486 65,889 (946) 64,943 Derivative financial instruments 1,049 0 19,519 975 0 21,543 (6,741) 14,802 Cash and deposits 775 3,213 8,470 18,888 46,010 77,356 (5,054) 72,302 Total assets 563,030 876,642 1,884,128 984,468 48,613 4,356,881 (118,703) 4,238,178 Creditors 11,174 31,726 48,953 30,985 50,712 173,550 (9,985) 163,565 Non-current creditors 1,529 8,586 16,768 763 219 27,865 (1,356) 26,509 Borrowings 273,964 221,812 891,849 377,736 25,000 1,790,361 (97,329) 1,693,032 Derivative financial instruments 507 0 3,974 1,384 0 5,865 (259) 5,606 Deferred tax liabilities 0 0 116,267 93,474 0 209,741 (9,774) 199,967 Total liabilities 287,174 262,124 1,077,811 504,342 75,931 2,207,382 (118,703) 2,088,679 * The Netherlands represents assets and liabilities of Eurocommercial Properties N.V.
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Eurocommercial Properties N.V. Condensed consolidated interim financial statements 2026 26 Notes to the condensed consolidated interim financial statements as at 30 June 2026 2. Segment information (continued) (€‘000) For the six month period ended 30-06-25 Belgium France Italy Sweden The Netherlands* Total proportional consolidation Adjustments joint venture Total IFRS Rental income 14,522 24,541 55,217 25,375 0 119,655 (6,345) 113,310 Service charge income 3,806 2,085 8,485 7,770 0 22,146 (1,654) 20,492 Service charge expenses (4,198) (1,693) (9,702) (8,800) 0 (24,393) 1,647 (22,746) Property expenses*** (818) (5,555) (5,997) (3,378) 0 (15,748) 67 (15,681) Net property income 13,312 19,378 48,003 20,967 0 101,660 (6,285) 95,375 Share of result of joint venture 0 0 0 0 0 0 404 404 Revaluation property investments 4,318 7,261 38,214 2,687 (161) 52,319 (3,439) 48,880 Segment result 17,630 26,639 86,217 23,654 (161) 153,979 (9,320) 144,659 Fair value movement derivative financial instruments** (2,239) 530 (1,709) Net interest expenses** (27,359) 1,409 (25,950) Company expenses*** (5,735) 0 (5,735) Investment expenses (1,260) 9 (1,251) Other income 1,202 1,120 2,322 Profit before taxation 118,588 (6,252) 112,336 Current tax (2,978) 398 (2,580) Deferred tax (73,301) 5,854 (67,447) Profit after taxation 42,309 0 42,309 (€‘000) As per 31-12-25 Belgium France Italy Sweden The Netherlands* Total proportional consolidation Adjustments joint venture Total IFRS Property investments 550,750 836,090 1,817,660 848,289 0 4,052,789 (215,770) 3,837,019 Investments in joint venture 0 0 0 0 0 0 113,144 113,144 Tangible fixed assets 60 1,430 3,023 926 1,289 6,728 0 6,728 Receivables 7,250 29,926 17,562 2,346 431 57,515 (1,048) 56,467 Derivative financial instruments 767 0 20,071 1,496 0 22,334 (7,092) 15,242 Cash and deposits 1,468 3,738 6,700 57,050 1,754 70,710 (3,132) 67,578 Total assets 560,295 871,184 1,865,016 910,107 3,474 4,210,076 (113,898) 4,096,178 Creditors 10,054 29,163 51,695 25,495 2,289 118,696 (3,909) 114,787 Non-current creditors 1,476 9,152 30,437 716 351 42,132 (2,831) 39,301 Borrowings 269,508 206,971 825,830 380,217 0 1,682,526 (97,803) 1,584,723 Derivative financial instruments 1,409 0 6,359 1,250 0 9,018 (471) 8,547 Deferred tax liabilities 0 0 104,990 90,245 0 195,235 (8,884) 186,351 Total liabilities 282,447 245,286 1,019,311 497,923 2,640 2,047,607 (113,898) 1,933,709 * The Netherlands represents assets and liabilities of Eurocommercial Properties N.V. ** Fair value movement on derivative financial instruments and ‘Net interest Expenses’, previously included within ‘Net financing result’, are now presented separately to provide a clearer classification to the users of the financial statements. *** The comparative figures for “Property expenses” and “Company expenses” have been adjusted to better reflect marketing expenses.
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Eurocommercial Properties N.V. Condensed consolidated interim financial statements 2026 27 Notes to the condensed consolidated interim financial statements as at 30 June 2026 3. Exchange rates It is the Company’s policy for non -euro investments to use debt denominated in the currency of the investment to provide a (partial) hedge against currency movements. Exceptionally forward contracts may be entered into from time to time when debt instrumen ts are deemed inappropriate for cost or other reasons. The only non -euro investment assets and liabilities of the Company are in Sweden. As at 30 June 2026 the exchange rate for €1 was SEK 11.0935 (31 December 2025: SEK 10.8215 and 30 June 2025: SEK 11.1465). 4. Property investments Property investments are stated at fair value. It is the Company’s policy that all property investments are revalued semi-annually by qualified independent experts. The independent valuation figures for the Company’s properties represent the net price expected to be received by the Company from a notional purchaser who would deduct any purchaser’s costs including registration tax. All properties in the Group are freehold. The qualified independent valuers have prepared their appraisals in accordance with the Appraisal and Valuation Standards published by the Royal Institute of Chartered Surveyors (RICS) and the International Valuation Standards published by the International Valuation Standards Committee (IVSC). These standards require that valuers, amongst other activities, collect a variety of data including general economic data, property specific data and market supply and demand data. Property specific data include passing rent and future rent, expenses, lease terms, lease incentives, vacancies, rent concessions, etc. The Board of Management reviews the valuation reports and determines that the source data provided by the Company is processed correctly. The data and valuation methodologies used are set out in the independent valuation reports. All properties were revalued at 30 June 2026. The current property portfolio is: (€‘000) 30-06-26 Fair value 31-12-25 Fair value 30-06-26 Costs to date 31-12-25 Costs to date Belgium 551,830 550,750 671,233 670,642 France 837,640 836,090 616,434 616,220 Italy 1,623,320 1,601,890 1,108,530 1,094,917 Sweden 956,728 848,289 900,574 786,355 Property investments 3,969,518 3,837,019 3,296,771 3,168,134 Changes in property investments for the financial period ended 30 June 2026 were as follows: (€‘000) Property Investments 30-06-26 Property Investments 31-12-25 Property Investments 30-06-25 Book value at beginning of the period 3,837,019 3,698,526 3,698,526 Acquisition 111,605 0 0 Capital expenditure - general 2,837 11,245 5,481 Capital expenditure - extensions and refurbishments 14,428 26,395 8,161 Capitalised letting fees/lease incentives/fit out costs 4,346 8,634 6,285 Amortisation capitalised letting fees/lease incentives/fit out costs (4,577) (8,620) (4,184) Elimination of capitalised letting fees 232 (14) (2,101) Property investments valuation adjustment 27,035 67,959 46,668 Book value property sold 0 (13,922) 0 Exchange rate movement (23,407) 46,816 22,363 Book value at end of period 3,969,518 3,837,019 3,781,199 The exchange rate movement is due to the depreciation of SEK against EUR during the reporting period. In April 2026, Eurocommercial completed the acquisition of Avion Shopping in Umeå, Sweden, for a total investment of €11 1 million. The 45,000 m² shopping centre comprises around 80 shops and restaurants and is directly connected to an adjoining 30,000 m² IKEA store, providing a strong anchor and supporting customer footfall. The acquisition is structured as a share deal and is accounted for as an asset acquisition outside the scope of IFRS 3. Accordingly, Avion Shopping was recognised as investment property under IAS 40 and no deferred tax liability was recognised on acquisition for the initial temporary difference, as the initial recognition exception under IAS 12 applies.
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Eurocommercial Properties N.V. Condensed consolidated interim financial statements 2026 28 Notes to the condensed consolidated interim financial statements as at 30 June 2026 Assumptions and sensitivity analysis: The average net initial yield applied by the valuers is 5.1% for Belgium, 5.1% for France, 5. 8% for Italy and 5.9% for Sweden, compared to the yields reported as per 30 June 2025 of 5.0% (Belgium), 5.4% (France), 5.8% (Italy) and 5.7% (Sweden), respectively. An increase in the average net initial yield of 25 bps would result in a decrease in the value of the property portfolio of €163 million (30 June 2025: €160 million), whereas a decrease in the average yield of 25 bps would result in an increase in the value of the property portfolio of €180 million (30 June 2025: €172 million). An increase in the estimated rental value of 5% would result in an increase in the value of the property portfolio of €134 million (30 June 2025: €130 million). A decrease in the estimated rental value of 5% would result in a decrease in the value of the property portfolio of €125 million (30 June 2025: €130 million). 5. Borrowings Changes in borrowings for the financial period ended 30 June 2026 were as follows: (€‘000) 30-06-26 31-12-25 30-06-25 Book value at beginning of the year 1,584,723 1,554,748 1,554,748 Drawdown of funds 626,318 421,659 258,374 Repayments (503,478) (413,850) (233,218) Exchange rate movement (9,639) 19,592 8,426 Movement prepaid borrowing costs (4,892) 2,574 95 Book value at end of period 1,693,032 1,584,723 1,588,425 The borrowings are all provided by major banks and have an average committed unexpired term of 4 years. The average interest rate, including derivative financial instruments, as at 30 June 2026 was 3.2% (30 June 2025: 3.2%). At 30 June 2026, the Company has hedged 82% (30 June 2025: 81%) of its exposure to interest rates movements on its borrowings. The average hedged term is 4 years (30 June 2025: more than 4 years ). The fair value of the loans including borrowing costs is €1,800 million (fair value at 31 December 2025: €1,633 million and 30 June 2025: €1,592 million). The fair value of the borrowings with a fixed interest rate from drawdown date to maturity is calculated on a model taking into account the applicable interest rate of the underlying loan. 6. Deferred tax Changes in deferred tax for the financial period ended 30 June 2026 were as follows: (€‘000) 30-06-26 31-12-25 30-06-25 Book value at beginning of the period 186,351 150,354 150,354 Recognised in statement of profit or loss 15,848 81,972 67,447 Reallocation to tax payable 0 (50,000) (50,000) Exchange rate movement (2,232) 4,025 2,229 Book value at end of period 199,967 186,351 170,030 As at 30 June 2026, €106.5 million was related to Italy and €93.5 million was related to Sweden. As at 31 December 2025, the total amount of deferred tax liabilities of €186.4 million is for an amount of €90.3 million related to Sweden and for an amount of €96.1 million to Italy. 7. Share capital and reserves The Annual General Meeting of the Company held on 2 June 202 6 adopted the dividend proposal by the Supervisory Board and the Board of Management to declare a total dividend over the financial year ended 31 December 2025 of €1.83 per share, meaning a final dividend of €1.11 per share as an interim dividend of €0.72 per share was paid in January 2026 . Shareholders had the option to take (i) a cash dividend of €1.1 1 per share for 2026 (€1.12 per share for 2025 ), (ii) a stock dividend of one new share for every 2 8 existing shares in 2026 (25 existing shares in 2025) or (iii) a combination of both in any proportion they wish.
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Eurocommercial Properties N.V. Condensed consolidated interim financial statements 2026 29 Notes to the condensed consolidated interim financial statements as at 30 June 2026 8. Commitments not included in the balance sheet The Company is committed to contribute to its Italian joint venture company Galleria Verde S.r.l. a residual amount of € 1.6 million for the refurbishment of Fiordaliso shopping centre. In addition, the Company is committed to complete some activities linked to the Curno extension project agreed with Municipality of Curno for an estimated residual amount €1.2 million. 9. Post balance sheet events For the financial year ended 31 December 2025, Eurocommercial’s shareholders representing 18.5% of the shares eligible for dividend have opted to receive a stock dividend instead of a final cash dividend of €1. 11 per share, in accordance with the terms and conditions set by Eurocommercial and disclosed to the market by Eurocommercial on 29 May 2026 and 2 June 2026. As a result of this take up the Company issued on 2 July 2026 361,189 new shares at an issue price of €31.08 for each new share. The issued and paid-up share capital of Eurocommercial therefore increased to €555,086,680 (composed of 55,508,668 shares with a nominal value of €10.00 per share). Following the balance sheet date, the Company completed a new SEK 700 million (approximately €63 million) five- year green loan with Skandinaviska Enskilda Banken AB for Avion Shopping in Umeå. The facility matures on 30 July 2031. The proceeds were used to prepay short-term credit lines used for the acquisition of Avion. The Company also agreed terms for the acquisition of the leisure building next to Fiordaliso, Milan, for €7.5 million. Other information Holders of shares with a holding of 3% or more Under the Netherlands Act on Financial Supervision, the Netherlands Authority for the Financial Markets has received notification from four holders of shares with interests greater than 3% in the Company. According to the latest notifications these interests were as follows: Mr A. van Herk (20.22% - notification 8 May 2019), PGGM Vermogensbeheer B.V. (3.13% - notification 4 December 2023), BlackRock Inc. (3.87% - notification 13 January 2026) and BNP Paribas Asset Management Holding (3.06% - notification 15 May 2026). Stock market prices and turnovers Stock market prices and turnovers from 1 January 2026 to 30 June 2026 High Low Average Closing price 30 June 2026 (€; shares) 27.30 29.15 24.85 26.95 Average daily turnover (in shares) 71,451 Average daily turnover (€‘000,000) 1.9 Total turnover over the past six months (€‘000,000) 249 Market capitalisation (€‘000,000) 1,498 Total turnover as a percentage of market capitalisation 16.62% Source: Euronext, Global Property Research. Stock market prices are followed by Bloomberg: Ticker: ECMPA:NA (Amsterdam) Ticker: ECMPA (Belgium) Ticker: ECMPM (Milan) Amsterdam, 27 August 2026 Board of Management Supervisory Board E.J. van Garderen, CEO B.W. Roelvink, Chairman R. Fraticelli, CFO E.R.G.M. Attout K. Laglas
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Eurocommercial Properties N.V. Supplementary information 30 Alternative performance measures appendix Statement of consolidated direct, indirect and total investment results* (€‘000) Six months ended 30-06-26 Six months ended 30-06-25 Rental income 116,231 113,310 Service charge income 22,471 20,492 Service charge expenses (23,502) (22,746) Property expenses*** (16,827) (15,681) Interest income 390 308 Interest expenses (27,849) (26,255) Company expenses*** (4,897) (5,735) Other income 1,123 2,322 Current tax (2,228) (2,432) Direct investment result 64,912 63,583 Direct investment result joint venture 3,757 3,357 Total direct investment result attributable to owners of the Company 68,669 66,940 Revaluation property investments 26,378 48,880 Gain/(Loss) derivative financial instruments 524 (1,712) Corporate income tax on derivatives (72) (148) Investment expenses (1,037) (1,251) Deferred tax (15,848) (67,447) Indirect investment result 9,945 (21,678) Indirect investment result joint venture (513) (2,953) Total indirect investment result attributable to owners of the Company 9,432 (24,631) Total investment result attributable to owners of the Company 78,101 42,309 Per share (€)** Total direct investment result 1.26 1.25 Total indirect investment result 0.17 (0.46) Total investment result 1.43 0.79 Statement of adjusted net equity* (€‘000) 30-06-26 31-12-25 30-06-25 IFRS net equity per consolidated statement of financial position 2,149,499 2,162,469 2,068,947 Net derivative financial instruments (9,196) (6,695) 4,986 Net deferred tax 199,967 186,351 170,030 Net derivative financial instruments and net deferred tax joint venture 3,291 2,264 288 Adjusted net equity 2,343,561 2,344,389 2,244,251 Number of shares on issue after deduction of shares bought back 54,679,475 54,419,516 53,763,988 Net asset value - € per share (IFRS) 39.31 39.74 38.48 Adjusted net asset value - € per share 42.86 43.08 41.74 Stock market prices - € per share 27.30 26.05 26.75 * These statements contain additional information which is not part of the IFRS interim financial statements. ** The Company’s shares are listed on Euronext Amsterdam, Brussels and Milan. The calculation of the direct and indirect investment results per share is based on the average shares on issue over the period. The average number of shares on issue after deduction of the shares bought back during the six-month period was 54,637,824 (30 June 2025: 53,710,643). *** The comparative figures for ‘Property expenses’ and ‘Company expenses’ have been adjusted to reflect the reclassification of marketing expenses.
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Eurocommercial Properties N.V. Supplementary information 31 In addition to the condensed consolidated statement of profit or loss, the Company presents its direct and indirect investment results, enabling a better understanding of its performance. The direct investment result consists of net property income, net interest expenses, company expenses, other income and current tax. The indirect investment result consists of revaluation property investments , disposal of investment properties, fair value movement of derivative financial instruments, corporate income tax on derivatives, investment expenses and deferred tax. EPRA performance measures* The European Public Real Estate Association (EPRA) is an organisation which promotes, develops and represents the European public real estate sector. EPRA sets out best practice reporting guidelines on a number of financial and operational performance indicators relevant to the real estate sector. Total (€’000) Per share(€) 30-06-26 31-12-25 30-06-25 30-06-26 31-12-25 30-06-25 EPRA Earnings 67,553 126,829 65,532 1.24 2.35 1.22 EPRA NRV 2,450,352 2,450,927 2,350,666 44.32 44.68 43.32 EPRA NTA 2,346,665 2,348,709 2,249,356 42.44 42.81 41.46 EPRA NDV 2,150,887 2,186,510 2,071,866 38.90 39.86 38.18 Reconciliation EPRA Earnings* Total (€’000) For the six months ended 30-06-26 30-06-25 IFRS result after taxation 78,101 42,309 Adjustment to IFRS result after taxation: Revaluation property investments (26,378) (48,880) Fair value movement derivative financial instruments (524) 1,712 Deferred tax 15,848 67,447 Share of result of joint ventures excluding financial and investment expenses 506 2,944 EPRA Earnings 67,553 65,532 Average number of shares on issue over the period after deduction of shares bought back 54,637,824 53,710,643 EPRA Earnings per share 1.24 1.22 * These statements contain additional information which is not part of the IFRS interim financial statements. Belgium France Italy Sweden Total (%) 30-06-26 31-12-25 30-06-26 31-12-25 30-06-26 31-12-25 30-06-26 31-12-25 30-06-26 31-12-25 EPRA net initial yield 5.2 5.1 5.4 5.5 5.9 6.0 5.8 5.7 5.7 5.7 EPRA topped- up yield 5.3 5.3 5.6 5.6 6.0 6.1 6.1 5.9 5.8 5.8 EPRA vacancy rate 0.8 1.1 1.4 1.3 0.2 0.2 2.6 2.4 1.0 1.0
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Eurocommercial Properties N.V. Supplementary information 32 Reconciliation NAV, EPRA NRV, EPRA NTA & EPRA NDV* (€’000) EPRA NRV EPRA NTA EPRA NDV 30-06-26 31-12-25 30-06-26 31-12-25 30-06-26 31-12-25 IFRS equity Eurocommercial shareholders 2,149,499 2,162,469 2,149,499 2,162,469 2,149,499 2,162,469 Diluted NAV and diluted NAV at fair value 2,149,499 2,162,469 2,149,499 2,162,469 2,149,499 2,162,469 Exclude: Deferred tax assets and liabilities 203,070 190,672 203,070 190,672 n/a n/a Deferred tax liabilities joint venture 9,774 8,884 9,774 8,884 n/a n/a Fair value financial instruments (9,196) (6,695) (9,196) (6,695) n/a n/a Fair value financial instruments joint ventures (6,482) (6,621) (6,482) (6,621) n/a n/a Include: Fair value of fixed interest rate debt n/a n/a n/a n/a 1,388 24,041 Real estate transfer tax 101,523 100,068 n/a n/a n/a n/a Real estate transfer tax joint ventures 2,164 2,150 n/a n/a n/a n/a NAV 2,450,352 2,450,927 2,346,665 2,348,709 2,150,887 2,186,510 Fully diluted number of shares 55,290,903 54,857,257 55,290,903 54,857,257 55,290,903 54,857,257 NAV per share (€) 44.32 44.68 42.44 42.81 38.90 39.86 * These statements contain additional information which is not part of the IFRS interim financial statements. For the assets owned by our local subsidiaries in Sweden, deferred tax liabilities (DTL) are reported in the Group IFRS financial statements adopting the initial recognition exemption of IAS 12 Income taxes; consequently, the DTL is €34 million higher than reported in the balance sheet. EPRA NRV and EPRA NTA: Deferred Tax Asset (DTA) and DTL for capital gains or losses from property investments and financial instruments are excluded from IFRS equity for this calculation. DTA and DTL for capital gain or losses from property investments are excluded at 100% as it is the intention of the Company to keep its assets in the medium-long term. Capital expenditure disclosure* (€’000) Six months ended 30-06-26 Six months ended 30-06-25 Group Joint Venture** Total Group Joint Venture** Total Investment properties – Incremental lettable space*** 115,522 0 115,522 1,338 0 1,338 – No incremental lettable space**** 13,348 58 13,406 12,304 300 12,604 – Tenant incentives/capitalised letting fees***** 4,346 2 4,348 6,285 127 6,412 Capitalised interest 0 0 0 0 0 0 Total capital expenditure 133,216 60 133,276 19,927 427 20,354 Conversion from accrual to cash basis (945) (6) (951) 277 (37) 240 Total capital expenditure on cash basis 132,271 54 132,325 20,204 390 20,594 * These statements contain additional information which is not part of the IFRS interim financial statements. ** Joint ventures are reported on a proportionate share. *** Capital expenditure due to incremental lettable space is related to acquisitions and extensions. **** Capital expenditure with no incremental lettable space is mainly related to general capital expenditure , major refurbishment and includes investments to maintain or enhance existing assets without creating additional leasing space. ***** Capital expenditure due to tenant incentives/capitalised letting fees refer to fit -out contribution granted to new tenants in the context of the reletting of existing spaces or to existing tenants to support shop transformation in the context of an expiring contract.
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Eurocommercial Properties N.V. Supplementary information 33 Reconciliation EPRA net initial yield and EPRA topped-up yield* (€’000) Belgium France Italy Sweden Total 30-06-26 31-12-25 30-06-26 31-12-25 30-06-26 31-12-25 30-06-26 31-12-25 30-06-26 31-12-25 Property investments 551,830 550,750 837,640 836,090 1,623,320 1,601,890 956,728 848,289 3,969,518 3,837,019 Land and property held for development 0 0 (6,350) (5,730) (11,320) (9,390) (2,594) (2,543) (20,264) (17,663) Investments in joint venture 0 0 0 0 216,350 215,770 0 0 216,350 215,770 Property investments completed 551,830 550,750 831,290 830,360 1,828,350 1,808,270 954,134 845,746 4,165,604 4,035,126 Purchasers’ costs 13,796 13,769 61,891 61,785 16,385 18,074 9,541 8,061 101,613 101,689 Gross value property investments 565,626 564,519 893,181 892,145 1,844,735 1,826,344 963,675 853,807 4,267,217 4,136,815 Annualised net rents (EPRA NIY) 29,156 28,558 47,840 48,641 109,059 108,775 56,100 48,874 242,155 234,848 Lease incentives (incl. rent free periods) 988 1,149 1,798 1,523 2,109 2,242 2,378 1,555 7,273 6,469 Annualised rents (EPRA topped-up yield) 30,144 29,707 49,638 50,164 111,168 111,017 58,478 50,429 249,428 241,317 EPRA net initial yield (%) 5.2 5.1 5.4 5.5 5.9 6.0 5.8 5.7 5.7 5.7 EPRA topped-up yield (%) 5.3 5.3 5.6 5.6 6.0 6.1 6.1 5.9 5.8 5.8 * These statements contain additional information which is not part of the IFRS interim financial statements. Reconciliation EPRA vacancy rate* (€’000) Estimated rental value of vacant space Estimated rental value of the whole portfolio EPRA vacancy rate (%) 30-06-26 31-12-25 30-06-26 31-12-25 30-06-26 31-12-25 Belgium 227 301 27,012 26,548 0.8 1.1 France 679 651 50,002 50,494 1.4 1.3 Italy 220 230 109,731 109,399 0.2 0.2 Sweden 1,331 1,281 51,950 52,431 2.6 2.4 EPRA vacancy 2,457 2,463 238,695 238,872 1.0 1.0 * These statements contain additional information which is not part of the IFRS financial statements.
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Eurocommercial Properties N.V. Supplementary information 34 EPRA LTV Metric* * These statements contain additional information which is not part of the IFRS financial statements. ** The net payables include the balances of long and short term trade, tax and other payables and receivables. *** The EPRA adjustments include the balances of right of use assets. The figures in this press release have not been audited by an external auditor (€’000) 30-06-2026 Group IFRS as reported €M Share of Joint Venture €M Group Proportional Consolidation as reported €M EPRA Adjustments €M*** EPRA LTV €M Include: Borrowings from financial institutions 1,693.0 97.3 1,790.3 0 1,790.3 Net payables** 0 0 0 135.5 135.5 Exclude: Cash and cash equivalents 72.3 5.0 77.3 0 77.3 Net debt (a) 1,620.7 92.3 1,713.0 135.5 1,848.5 Include: Investment properties at fair value 3,969.5 216.4 4,185.9 0 4,185.9 Right of use assets 0 0 0 3.5 3.5 Total Property Value (b) 3,969.5 216.4 4,185.9 3.5 4,189.4 LTV (a/b) 40.8% 40.9% 44.1% (€’000) 31-12-2025 Group IFRS as reported €M Share of Joint Venture €M Group Proportional Consolidation as reported €M EPRA Adjustments €M*** EPRA LTV €M Include: Borrowings from financial institutions 1,584.7 97.8 1,682.5 0 1,682.5 Net payables** 0 0 0 103.3 103.3 Exclude: Cash and cash equivalents 67.6 3.1 70.7 0 70.7 Net debt (a) 1,517.1 94.7 1,611.8 103.3 1,715.1 Include: Investment properties at fair value 3,837.0 215.8 4,052.8 0 4,052.8 Right of use assets 0 0 0 4.1 4.1 Total Property Value (b) 3,837.0 215.8 4,052.8 4.1 4,056.9 LTV (a/b) 39.5% 39.8% 42.3%
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Head Office Eurocommercial Properties N.V. De Boelelaan 7, 1083 HJ Amsterdam The Netherlands Tel: 31 (0)20 530 60 30 Belgium 200, rue Saint-Lambert 1200 Woluwe-Saint-Lambert Belgium Tel: 32 2 426 29 26 Italy Via della Moscova, 3 20121 Milano Italy Tel: 39 02 760 759 1 France 107, rue Saint Lazare 75009 Paris France Tel: 33 (0)1 48 78 06 66 Sweden Kungsgatan 48 111 35 Stockholm Sweden Tel: 46 (0)8 678 53 6