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ND IREIT GLOBAL Joint Sponsors of IREIT Global : 1H2026 Results Presentation 5 August 2026 CITY DEVELOPMENTS LIMITED ΤΟ TIKEHAU CAPITAL
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2 This presentation may contain forward-looking statements that involve assumptions, risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from other developments or companies, shifts in expected levels of occupancy rate, property rental income, charge out collections, changes in operating expenses (including employee wages, benefits and training costs), governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of management on future events. The information contained in this presentation has not been independently verified. No representation or warranty, expressed or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Neither IREIT Global Group Pte. Ltd. (the “Manager”) or any of its affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising, whether directly or indirectly, from any use, reliance or distribution of this presentation or its contents or otherwise arising in connection with this presentation. The past performance of IREIT Global (“IREIT”) is not indicative of the future performance of IREIT. Similarly, the past performance of the Manager is not indicative of the future performance of the Manager. The value of units in IREIT (“Units”) and the income derived from them may fall as well as rise. Units are not obligations of, deposits in, or guaranteed by, the Manager or any of its affiliates. An investment in Units is subject to investment risks, including the possible loss of the principal amount invested. Investors should note that they will have no right to request the Manager to redeem or purchase their Units for so long as the Units are listed on the Singapore Exchange Securities Trading Limited (the “SGX-ST”). It is intended that unitholders of IREIT may only deal in their Units through trading on the SGX-ST. Listing of the Units on the SGX-ST does not guarantee a liquid market for the Units. This presentation is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for Units. Important Notice
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Pure Play Western Europe-Focused REIT 3 (1) Based on fair valuation as at 30 Jun 2026. (2) Based on closing unit price of S$0.205 as at 30 Jun 2026. (3) Based on NAV per Unit of €0.31 as at 30 Jun 2026. Spain 17% France 25% Germany 58% Valuation €792.1m (1) Retail 25% Office 75% Investing in real estate used primarily for office, retail, industrial (including logistics) and hospitality purposes Trading Statistics: Joint Sponsors: Portfolio: Germany: 5 office properties France: 44 retail properties Spain: 4 office properties Tikehau Capital, City Developments Limited (“CDL”) Market Cap: S$275.7 million (2) Price-to-NAV: 0.45x (2),(3)
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Unique S-REIT focusing on Western Europe 4 Bonn Campus Berlin Campus Germany Darmstadt Campus (Greater Frankfurt) Münster Campus Cergy France Evreux Claye-Souilly Tours (Saint-Cyr-sur-Loire) Delta Nova VI (Madrid) Delta Nova IV (Madrid) Spain Parc Cugat Green (Barcelona) Sant Cugat Green (Barcelona) Portfolio Valuation €792.1m (1) Properties 53 Lettable area 425,263 sqm Rent Leases 120 Occupancy Rate 94.4% (2) (1) Excludes right-of-use assets amounting to €5,260,000 asat 30 Jun 2026. (2) Excluding Berlin Campus which is undergoing repositioning and including committed leases as at 30 June 2026. Occupancy rate including Berlin Campus would be 76.9%. Excluding Berlin Campus and leases that have not started, occupancy rate would be 91.0%.
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Agenda 5 Key Highlights Financial Performance Portfolio and Asset Management Market Review Looking Ahead 6 9 14 19 21
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6 Key Highlights Berlin Campus
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1H2026 Results 7 Resilient 1H2026 operating performance with continued leasing progress and improved occupancy to 94.4% (1) ▪ DPU remains broadly stable compared to 2H2025, reflecting resilient underlying operating performance. Aggregate Leverage 44.7% as at 31 Mar 2026 45.5% ▪ Increased due to lower cash balance following distribution and capex payments, coupled with a decrease in fair value of investment properties. Weighted Average Interest Rate 4.1% as at 31 Mar 2026 4.3% ▪ 97.4% of all bank borrowings hedged. Weighted Average Lease Expiry 5.4 years as at 31 Mar 2026 (3) 5.3 years (3) ▪ Supported by new leases and lease extensions during the quarter. (1) Excluding Berlin Campus which is undergoing repositioning and including committed leases as at 30 June 2026. (2) DPU is stable on a sequential basis, -2.6% when compared to H2FY2025 of €0.38 cents. (3) Based on gross rental income as at reporting date (excluding Berlin Campus which is undergoing repositioning). Distribution per Unit (“DPU”) -2.6% HoH (2) €0.37 cents
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Update on Project RE(O 8 (1) Please refer to announcements made on SGX-ST in relation to the signing of the two hospitality leases dated 28 Nov 2024 and 19 Dec 2024. Project Status on Phase 1 (Hotel) ▪ Construction works started in 2Q2025 according to schedule. ▪ Contract signed with General Contractor Züblin in Aug 2025 for the delivery of the 2 hotels (1) and entrance hall. ▪ Construction is on schedule with delivery expected in 3Q2027. ▪ Funding successfully secured. Project Status on Phase 2 (Office) ▪ Discussions still ongoing with several potential office tenants with the aim to secure lease commitments for substantial portions of the office space. ▪ Lease signing will be subject to Board approval. ▪ Budget and timeline for the works are pending final discussions with potential anchor tenant.
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9 Financial Performance Bonn Campus
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Operating & Financial Performance 10 (€ ‘000) 1H2026 2H2025 Variance (%) Gross Revenue 25,965 23,868 8.8 Property Operating Expenses (8,879) (9,046) (1.8) Net Property Income 17,086 14,822 15.3 Finance Costs (7,017) (4,564) 53.7 Income Tax (Expense) / Benefit (748) 7,262 NM Net Change in Fair Value of Investment Properties (29,378) (77,157) (61.9) Income to be Distributed to Unitholders (1) 5,017 5,113 (1.9) ▪ Gross revenue and Net Property Income in 1H FY2026 were broadly stable on an underlying basis. Gross revenue and net property income in 2H FY2025 was affected by one-off items recorded in the prior period. Excluding these items, recurring revenue and net property income trends remained stable sequentially. ▪ Higher finance costs in 1H2026 due to increase in hedging interest rate for the refinanced German Portfolio that have become effective end-Jan 2026 ▪ Sequentially, distributable income was broadly stable vs. 2H2025 (1) The income to be distributed to Unitholders was after the retention of 10% of income for working capital and capital expenditure. The net finance costs on the S$85.0m green notes issued on 22 May 2025 were capitalised as part of the costs of Berlin Campus and were adjusted out from the distribution to conserve cash and finance the repositioning of Berlin Campus.
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Distribution Per Unit 11 Distribution Per Unit 1H 2026 2H 2025 Increase / (Decrease) (%) Distribution Per Unit (€ cents) (1) 0.37 0.38 (2.6) (1) DPU of €0.37 cents and €0.38 cents for 1H2026 and 2H2025 respectively were computed based on income to be distributed to Unitholders over the total issued Units of 1,344,837,568. Distribution Period 1 Jan 2026 to 30 Jun 2026 Distribution per Unit (“DPU”) €0.37 cents Ex-Date 13 Aug 2026 (Thursday) Record Date 14 Aug 2026 (Friday) Distribution Payment Date 27 Aug 2026 (Thursday)
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Financial Position 12 (€ ‘000) As at 30 Jun 2026 As at 31 Dec 2025 Variance (%) Cash and Cash Equivalents (1) 57,146 89,658 (36.3) Investment Properties (2) 797,330 804,280 (0.9) Total Assets 887,779 926,306 (4.2) Borrowings 398,610 406,794 (2.0) Total Liabilities 464,461 475,513 (2.3) Net Assets Attributable to Unitholders 423,318 450,793 (6.1) NAV per Unit (€/unit) 0.31 0.34 (8.8) NAV per Unit (S$/unit) (3) 0.46 0.51 (9.8) ▪ NAV in S$ terms was S$0.46 per Unit as at 30 Jun 2026, 9.8% lower than that of NAV as at 31 Dec 2025 due mainly to lower cash balances and a decrease in fair value of investment properties. ▪ Based on closing unit price of S$0.205 as at 30 Jun 2026, IREIT is trading at 55.4% discount to its NAV of S$0.46 per Unit. (1) Mainly due to the voluntary partial loan repayment of €10.0 million for the Spanish Portfolio and payment of capital expenditures for Project RE(O. (2) Includes right-of-use assets amounting to €5,260,000 as at 30 Jun 2026 and €6,140,000 as at 31 Dec 2025. (3) Based on S$1.4752 per € as at 30 Jun 2026 and S$1.5077 per € as at 31 Dec 2025 as extracted from MAS website.
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Debt Profile ▪ Spanish lenders confirmed that the required covenant conditions as at 30 Jun 2026 have been met on a forward-looking basis for the proposed extension of existing borrowings to December 2029, subject to applicable interest rate hedging arrangements being entered into. ✓ The Manager is progressing the refinancing documentation and expects to finalise the refinancing in 2H2026. ▪ Aggregate leverage increased slightly to 45.5% mainly due to lower cash balance following distribution and capex payments and a decrease in fair value of investment properties. ✓ 97.4% of the bank borrowings have been hedged with interest rate swaps and interest rate caps. ▪ €20.0m capex facility provided by UniCredit and €12.5m loan facility provided by CDL remain undrawn. These facilities are intended to be used to finance the capex for the repositioning of Berlin Campus. (1) Aggregate leverage and interest coverage ratio are calculated based on the respective definitions under MAS Code on Collective Investment Schemes, Property Funds Appendix 6. Aggregate leverage is computed based on total borrowings (excluding lease liabilities arising from land rent) divided by total assets (excluding right of use assets). (2) Includes amortised upfront transaction costs. The interest rate has increased from 2.8% as at 31 Dec 2025 to 4.3% as at 30 Jun 2026, as the new interest rate swaps relating to loans for the German Portfolio have become effective since end-Jan 2026. (3) The Manager continues to monitor the ICR through prudent capital management and portfolio optimisation. Dec 2026 Jul 2027 May 2028 Sep 2028 Jul 2029 Secured Unsecured German Portfolio €200.8m Spanish Portfolio €53.5m Decathlon Portfolio €51.4m B&M Portfolio €38.4m Green Notes (Berlin Campus) €57.6m Debt Maturity Profile30 Jun 2026 31 Dec 2025 Gross Borrowings Outstanding (€’m) 401.7 410.5 Aggregate Leverage (1) 45.5% 44.6% Weighted Average Interest Rate (2) 4.3% 2.8% Interest Coverage Ratio (1) 1.8x(3) 2.7x Weighted Average Debt Maturity 2.2 years 2.7 years 13
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14 Portfolio and Asset Management Sables d'Olonne
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Diversified Portfolio in Key European Markets 15 (1) Based on fair valuations as at 30 Jun 2026. (2) Excluding Berlin Campus which is undergoing repositioning and including committed leases as at 30 June 2026. Occupancy rate including Berlin Campus would be 76.9%. Excluding Berlin Campus and leases that have not started, occupancy rate would be 91.0%. 4 44 5 Spain France Germany 53 Properties € €792.1m Valuation (1) €798.1m as at 31 Dec 2025 94.4% (2) Occupancy Rate 92.2% as at 31 Mar 2026 (2) 5.3 years (2) WALE 5.4 years as at 31 Mar 2026 425,263 sqm Lettable Area 5 German Properties Lettable Area (sqm) 201,103 Valuation (€ m) (1) 461.2 % of Portfolio 58.2% Occupancy (%) (2) 88.2% WALE (years) (2) 3.9 4 Spanish Properties Lettable Area (sqm) 66,904 Valuation (€ m) (1) 130.6 % of Portfolio 16.5% Occupancy (%) 92.6% WALE (years) 7.8 44 French Properties Lettable Area (sqm) 157,256 Valuation (€ m) (1) 200.3 % of Portfolio 25.3% Occupancy (%) 100% WALE (years) 5.2
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Portfolio Valuation 16 ▪ The independent valuations as at 30 Jun 2026 and 31 Dec 2025 were undertaken by Jones Lang LaSalle Expertises SAS. ▪ The decrease in portfolio valuation as at 30 Jun 2026 was mainly driven by the ongoing repositioning project at Berlin Campus and the weak leasing market conditions surrounding Concor Park located in Munich, Germany. This is offset by an increase in valuation from Spain portfolio, due to an increase in occupancy rates. (1) The valuation of certain properties includes special assumptions related to leases and related risks within these properties. In particular, the valuation of Berlin Campus has assumed that (i) the lease with a major prospective office tenant that the Manager is currently finalising with has been entered into, (ii) the refurbishment cost as provided by the Manager has been used and (iii) no adjustment for construction cost or risk has been applied in the cash flows. In the event that any of these assumptions are different from the actual situation, these could affect the valuation of Berlin Campus. Portfolio Location Independent Valuation (€ m) Change (%) 30 Jun 2026 31 Dec 2025 Germany (1) 461.20 470.30 (1.9) Spain 130.60 127.10 2.8 France 200.27 200.74 (0.2) Total 792.07 798.14 (0.8)
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Well-Staggered Leases with Blue-Chip Tenants 17 (1) Based on gross rental income as at 30 Jun 2026 (excluding Berlin Campus which is undergoing repositioning). Including 12.3% of the leases breaks pushed back to 2030 on 27 July 2026. (2) Allianz will be terminating its lease at Concor Park by 31 Dec 2027, please refer to announcement made on SGX-ST dated 25 Jun 2026. Largest European semiconductor manufacturing and design company. listed on the New York Stock Exchange and the Euronext Paris. A unit of Allianz SE, one of the world's largest insurance companies. S&P’s long-term rating stands at AA. One of the world’s largest sporting goods retailer with over 1,800 stores across 79 countries. 2025 sales turnover of €16.8bn and S&P’s short- term rating of A-2. One of the world’s leading integrated telcos with c.261m mobile customers, c.25m fixed-network lines and c.22m broadband lines. S&P’s long- term rating stands at BBB+. Leading discount retailer listed on the London Stock Exchange. Constituent of FTSE100 index. 20.4% 17.3% 17.0%3.9% 3.6% 37.8% Key Tenants (1) Decathlon GMG - Deutsche Telekom B&M Allianz Handwerker Services GmbH ST Microelectronics Others 2.5% 21.2% 4.4% 21.4% 26.9% 23.6% 0.1% 8.9% 2.6% 21.6% 10.2% 56.6% 2026 2027 2028 2029 2030 2031 & beyond Lease Break and Expiry Profile (1) Based on lease break Based on lease expiry Weighted Average Lease Expiry: 5.3 years More than 50% of the leases will expire in 2031 and beyond (2) (2)
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German Portfolio: ▪ Darmstadt Campus: Increased committed occupancy from c.71% as at 1Q2026 to c.72% as at 2Q2026 following 1 new lease signed for c.270 sqm in 2Q2026. Spanish Portfolio: ▪ Delta Nova VI: 2 new leases secured on c.1,700 sqm to bring the asset to full occupancy. 1 renewal signed on c.300 sqm. ▪ Sant Cugat Green: 2 new leases secured on c.4,800 sqm. Only c.600 sqm office space remaining available to let in the asset. ▪ Parc Cugat Green: Lease extension signed on c.6,300 sqm until 2037 with 1 tenant expanding in the property to replace 2 tenants vacating c.2,100 sqm. 1 additional new lease secured on c.450 sqm to bring the asset to full office occupancy. Active Asset Management to Optimise Portfolio 18 (1) Calculated as a percentage with the numerator being the new headline rent of all indexed leases over the relevant period and denominator being the last passing rent of the areas subject to indexation over the relevant period. c. 15,719 sqm New Leases and Renewals 5.3 Years New Lease Weighted Average Unexpired Lease Term 100% Rents Paid 1.01% Existing Portfolio Rental Escalation YTD (1) 2Q2026 Performance Delta Nova (Madrid) Darmstadt Campus (Greater Frankfurt)
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19 Market Review Delta Nova VI
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Europe real estate sentiment improves as capital returns 20 ▪ Prime European offices are showing clear signs of stabilisation: CBRE expects 1.1% office-based employment growth in 2026, around 350,000 new office jobs across 44 cities, and tightening CBD supply and rising occupier demand are increasingly spilling over into non-CBD locations, supporting a broader recovery in Europe’s office market. ▪ European real estate investment is recovering progressively, with Savills estimating €52bn invested in Q1 2026, up 6% year-on-year, and forecasting a further c.16% growth in full-year 2026 as sentiment improves and debt markets become more supportive CBD and non-CBD completion rates and spread between CBD and non-CBD vacancy (1) European Investment Forecast (2) (1) CBRE European-Real-Estate-Market-Outlook-2026 (2) Savills Research: European Investment Nowcast, European Investment 2026
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21 Looking Ahead B&M Tours (Saint-Cyr-sur-Loire)
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Looking Ahead 22 ▪ The European real estate market has shown cautious but sustained improvement in its investment and letting activities, driven by supportive economic conditions and monetary policies of varying momentum across countries. (1)Macro ▪ Active leasing and asset management continued to support portfolio resilience ▪ Occupancy reached 94.4% as at 30 June 2026, including committed leases and excluding Berlin Campus (2) ▪ Spanish portfolio refinancing is targeted for completion in 2H2026 Portfolio ▪ Phase 1 remains on schedule for completion in 3Q2027 ▪ Discussions continue with potential office tenants for Phase 2 ▪ Higher finance costs are expected to remain a near-term headwind as the repositioning progresses Project RE(O in Berlin (1) Cushman & Wakefield European Outlook 2026 (2) Excluding Berlin Campus which is undergoing repositioning. Occupancy rate including Berlin Campus would be 76.9%.
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23 Thank You For enquiries, please contact: Ms Ang Lay Kheng Chief Financial Officer Tel: (65) 6850 0603 Email: laykheng.ang@ireitglobal.com Concor Park Follow our LinkedIn: https://www.linkedin.com/company/ireitglobal