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SA AS ASAS MISAKO EIGHTHOUSE PROPERTIES p.l.c. FINANCIAL RESULTS PRESENTATION for the six months ended 30 June 2026 PRIMARK Des
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 11 AUGUST 2026 2 CONTENT 01 OVERVIEW 04 OUTLOOK 02 FINANCIAL RESULTS 05 ANNEXURES 03 OPERATIONS Salera
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 11 AUGUST 2026 3 01 OVERVIEW Alcala Magna
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 11 AUGUST 2026 4 Dominant and defensive malls Cities with strong economic underpin Constant asset enhancement Constantly assessing and monitoring opportunities Western European focus Purpose To provide shareholders with a stable investment with sustainable growing distributions underpinned by dominant malls Investment criteria We invest in direct real estate investments with the following key characteristics: Forum Coimbra STRATEGY OVERVIEW FINANCIAL RESULTS OPERATIONS OUTLOOK ANNEXURES
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 11 AUGUST 2026 5 EXECUTING OUR DEFENSIVE REIT STRATEGY Strategy • Focused retail REIT vision • Dominant Western European mall strategy Simplification • Reduced legacy and non-core investments • Improved portfolio quality Scale • Expanded concentration in Spain and Portugal (Iberia) • Stronger tenant mix Pure-play REIT • 4 acquisitions completed • Exit from listed investments Defensive REIT • Portfolio grew to EUR 1.5bn of dominant malls • Vacancy reduced to 1.1% • 100% interest rate hedged Value Creation • Debt refinance • NOI growth focus 2021 2022 2023 2024 2025 2026 Stronger outcomes 1.1% Vacancy Best in class occupancy 100% Interest rate hedged Protection from rate volatility 4.3 Years weighted average debt maturity Long-dated, aligned with REIT profile EUR 1.5bn Portfolio value Of dominant shopping centres Growing DPS & NAV Consistent earnings and NAV growth 12 BREEAM Certified assets Sustainable, future- ready portfolio Key Iberian acquisitions Salera H2O Forum Montijo Espai Gironès Alcalá Magna Espacio Mediterráneo Torrecárdenas OVERVIEW FINANCIAL RESULTS OPERATIONS OUTLOOK ANNEXURES
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 11 AUGUST 2026 6 FINANCIAL HIGHLIGHTS FOR 1H2026 +9.7% (1H2026: 1.4401 EUR cps vs. 1H2025: 1.3122 EUR cps) Benefit from acquisition contributions: full 6 months from Espacio Mediterráneo, 2 months from Alcalá Magna, rental indexation (particularly in Spain), and ongoing asset management initiatives EPRA NAV per share increase +4.9% (1H2026: 44.76 EUR cps vs. 1H2025: 42.66 EUR cps) EPRA LTV improved to 35.9% (FY2025: 36.1%) Refinancings¹ Torrecárdenas & Alcalá Magna Aareal Bank refinanced France Agreed terms with Natixis Distributable earnings increase Espacio Mediterraneo 1 Post 1H2026 OVERVIEW FINANCIAL RESULTS OPERATIONS OUTLOOK ANNEXURES
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 11 AUGUST 2026 7 OPERATIONAL HIGHLIGHTS Proportionate share of direct property portfolio based on fair value Like-for-like growth in NPI Growth in sales Growth in footfall EPRA Vacancy Total: 100.0% France: 12.8% Portugal: 28.1% Spain: 59.1% Total: 4.5% France: 6.6% Portugal: 1.7% Spain: 5.6% Total: 7.9% France: 5.7% Portugal: 9.5% Spain: 7.7% Total: 3.0% France: 4.5% Portugal: 3.1% Spain: 2.4% Total: 1.1% France: 6.1% Portugal: 0.0% Spain: 0.3% OVERVIEW FINANCIAL RESULTS OPERATIONS OUTLOOK ANNEXURES
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 11 AUGUST 2026 8 PROPERTY PORTFOLIO EVOLUTION Proportionate property value 14.4% 27.6% 58.0% 12.8% 28.1% 59.1% France Portugal Spain 1H20261H2025 OVERVIEW FINANCIAL RESULTS OPERATIONS OUTLOOK ANNEXURES
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 11 AUGUST 2026 9 02 FINANCIAL RESULTS Espacio Mediterraneo
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 11 AUGUST 2026 10 DISTRIBUTABLE EARNINGS COMPONENTS 1H2026 1H2025 % change Property rental and related revenue EURm 72.7 63.9 13.8% Investment revenue EURm - 1.0 < 100% Listed investment adjustment EURm 0.3 (0.1) > 100% Property operating expenses EURm (23.2) (22.7) (2.2%) Administrative and other expenses EURm (4.5) (4.1) (9.8%) Net finance costs EURm (14.2) (10.5) (35.2%) Taxation charge EURm (0.9) (0.8) (12.5%) Antecedent distribution EURm 0.2 0.7 (71.4%) Distributable income EURm 30.4 27.4 10.9% Shares in issue m 2 112.39 2 089.01 1.1% Distribution per share EUR cents 1.4401 1.3122 9.7% Pay-out ratio % 100.0 100.0 0.0% Net asset value EUR cents 44.76 42.66 4.9% Price per share JSE-ZAR 7.92 8.13 (2.6%) 1H2026 FINANCIAL RESULTS Acquisition of Espacio Mediterráneo on 27 Jun 2025 and Alcalá Magna on 6 Mar 2025, rental indexation (particularly in Spain), and ongoing asset management initiatives Mainly due to fair value gains on investment property OVERVIEW FINANCIAL RESULTS OPERATIONS OUTLOOK ANNEXURES
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 11 AUGUST 2026 11 CAPITAL MANAGEMENT EPRA LTV 1H2026 35.9% FY2025 36.1% Interest-bearing borrowings (nominal)¹ 1H2026 EUR 577.9m FY2025 EUR 581.0m Cost of borrowings 1H2026 4.97% 1H2025 4.99% Weighted average debt maturity 1H2026 4.3 years FY2025 4.7 years • Access to diverse funding sources and proactive management of funding, maturity, concentration and interest rate risks underpin our capital strategy • A strong balance sheet, supported by a disciplined LTV ratio and extensive hedging, provides financial flexibility and resilience KEY METRICS 4 360 69 026 48 674 143 081 4 502 69 751 238 505 4.95% 5.31% 5.00% 4.44% 4.77% 4.96% 5.01% 0% 1% 2% 3% 4% 5% 6% 7% 8% 0 50 000 100 000 150 000 200 000 250 000 300 000 2026 2027 2028 2029 2030 2031 2032 EUR '000 Maturing Weighted Avg Rate Debt Maturity Profile Fixed borrowings 1H2026 100% 1H2025 100% 1 Refer to Annexure 2 for details OVERVIEW FINANCIAL RESULTS OPERATIONS OUTLOOK ANNEXURES
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 11 AUGUST 2026 12 €128.1m facility impact REFINANCING Torrecárdenas & Alcalá Magna Aareal Bank refinancing • Refinanced across both Spanish malls • Improved covenant flexibility • Enhanced cash extraction capacity; subject only to covenant compliance RPI French portfolio Natixis preferred lender • Competitive lender process completed • Incumbent lender reduces execution risk • Improved financing economics • Enhanced cash extraction capacity Projected metrics post 1H2026 SPAIN CLOSED FRANCE EXPECTED 4Q2026 EUR 128.1m facility impact 6-year bullet debt profile c. EUR 126.0m facility impact 5-year bullet debt profile The projected cost of debt (at current rates) post Aareal and Natixis refinancing is expected to increase from 4.97% to 5.05% 185 bps new margin (Improved from 226 bps) 175 bps new margin (Improved from 300 bps) 1 2 3 The average maturity is expected to increase from 4.3 to 5.2 years Following completion of these refinancings, the Group will have no material amortising loans outstanding OVERVIEW FINANCIAL RESULTS OPERATIONS OUTLOOK ANNEXURES
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 11 AUGUST 2026 13 03 OPERATIONS Espai Girones
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 11 AUGUST 2026 14 PERFORMANCE METRICS Lease expiry profile by monthly rental (EUR)Portfolio EPRA vacancy 1.1% • Spain: 0.3% • Portugal: 0.0% • France: 6.1% 2026 Indexation • Spain: 2.9% • Portugal: 2.0% • France: -0.5% (Q1) Portfolio average OCR (LTM) 10.5% WAULT 7.4 years Collection rate 98.7% 3.5% 6.1% 9.1% 8.1% 9.9% 63.3% 0% 20% 40% 60% 80% Dec 2026 Dec 2027 Dec 2028 Dec 2029 Dec 2030 Post Dec 2030 OVERVIEW FINANCIAL RESULTS OPERATIONS OUTLOOK ANNEXURES
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 11 AUGUST 2026 15 PERFORMANCE METRICS 5.6% 0.4% 1.2% 1.3% 1.8% 2.5% 2.7% 3.5% 4.0% 4.7% 5.2% 5.9% 7.2% 8.1% 12.2% 36.1% 0% 10% 20% 30% 40% Other Office space DIY & garden Food specialist Household & furniture Services Toys & hobbies Shoes, leather & bags Grocery Electronics Leisure Jewellery, optics & accessories Sport Personal care Food & beverages Fashion Net Rental by Sector Leasing activity ‐85 Lease agreements signed ‐38 505m² Average rental reversion¹ +6.53% -3.4% 1.9% 2.2% 2.6% 3.9% 4.7% 5.5% 5.7% 6.2% 7.2% 7.9% 11.9% 17.4% -10% -5% 0% 5% 10% 15% 20% Sport Food & beverages Toys & hobbies Shoes, leather & bags Electronics Household & furniture Food specialist Jewelry, optics & accessories Fashion Grocery Personal care Services Leisure Sales Variation by Sector Alcala Magna OVERVIEW FINANCIAL RESULTS OPERATIONS OUTLOOK ANNEXURES 1 Excluding indexation, which will be applied on the indexation date. Includes renewals and like-for- like replacements. Excludes resising, relocations & other operations that imply landlord capex
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 11 AUGUST 2026 16 TOP TEN TENANTS 1.2% 1.3% 1.4% 1.4% 1.4% 2.3% 2.6% 3.0% 4.7% 12.2% 0% 2% 4% 6% 8% 10% 12% 14% Mango Druni Mercadona Primor C&A Cortefiel H&M JD Sports Primark Inditex By monthly rental % Inditex Group 31.5% of rental income OVERVIEW FINANCIAL RESULTS OPERATIONS OUTLOOK ANNEXURES
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 11 AUGUST 2026 17 SPAIN 59.1% of the direct property portfolio by fair value 2.7% GDP growth 2Q2026 5.6% LFL NPI growth 7.7% Tenant sales growth 2.4% Footfall growth 0.3% EPRA vacancy Above the eurozone average, underpinned by resilient private consumption and sustained investment inflows Salera Bershka and Stradivarius relocated to enlarged stores; Cortefiel took the vacated Bershka unit; Scalpers opened a new store and Rossellimac (Apple Premium Reseller) signed a lease agreement, with opening 3Q2026 Lefties refurbished its store and opened the latest concept in April 2026 Espai Gironès Extended Zara store handed over, fit-out underway; C&A signed the reduction of the space to enable Cortefiel's introduction. Both stores to open in 4Q2026 Espacio Mediterráneo Primark renewed ahead of expiry and refurbished its store; Primor took a new 723m² unit; Rossellimac and Mango Teen opened in 2Q2026 Alcalá Magna Bershka refurbishment completed; Pull & Bear refurbishment underway – all Inditex brands will be in flagship format H2O Lefties signed a 3 210m² store combining five units; Zara agreed to extend to c.3 000m². On completion, the mall will be fully let H2O OVERVIEW FINANCIAL RESULTS OPERATIONS OUTLOOK ANNEXURES
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 11 AUGUST 2026 18 LEASING ACTIVITY Espacio Mediterraneo Espacio Mediterraneo Salera Salera Salera OVERVIEW FINANCIAL RESULTS OPERATIONS OUTLOOK ANNEXURES
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 11 AUGUST 2026 19 PORTUGAL 28.1% of the direct property portfolio by fair value 2.5% GDP growth 2Q2026 1.7% LFL NPI growth 9.5% Tenant sales growth 3.1% Footfall growth 0.0% EPRA vacancy Tenant sales and footfall outpacing the market. NPI growth impacted by expansion projects and expected to normalise in 2027 Forum Coimbra Completion of Inditex expansion project (Zara, Bershka, Stradivarius Pull & Bear) Primark extension handed over for tenant fit-out, scheduled opening in 4Q2026. Lego and Sephora opened new stores Construction works commenced to extend the mall for Santa Magdalena medical centre Forum Montijo Primor has taken occupation of 712m² store with planned opening in September 2026 Motocard opened on 763m² in the retail park Forum Montijo OVERVIEW FINANCIAL RESULTS OPERATIONS OUTLOOK ANNEXURES
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 11 AUGUST 2026 20 LEASING ACTIVITY Forum Coimbra Forum Coimbra Forum Montijo Forum Coimbra Forum Coimbra Forum Coimbra OVERVIEW FINANCIAL RESULTS OPERATIONS OUTLOOK ANNEXURES
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 11 AUGUST 2026 21 FRANCE 12.8% of the direct property portfolio by fair value 0.2% GDP growth 2Q2026 6.6% LFL NPI growth 5.7% Tenant sales growth 4.5% Footfall growth 6.1% EPRA vacancy Asset management initiatives delivering growth despite market challenges Docks Vauban New retail and F&B openings in 1Q2026 (Lovisa, O'Tacos, Les 3 Brasseurs) have strengthened the mall's offering Saint Sever Rituals opened in 2Q2026. The food court is expanding, with five new restaurants opening during 2026 Docks 76 New Yorker signed a lease and landlord works have commenced. The activity game Fort Boyard opened in April 2026, occupying 885m² and further strengthening the mall's entertainment offering. Actimag (Apple Premium Reseller) signed the lease to relocate and extend Rivetoile New Yorker signed a lease for its only store in the inner city of Strasbourg and is expected to open in 4Q2026 Popeyes signed a lease agreement with its opening in 3Q2026 Docks 76 OVERVIEW FINANCIAL RESULTS OPERATIONS OUTLOOK ANNEXURES
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 11 AUGUST 2026 22 04 OUTLOOK Torrecárdenas
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 11 AUGUST 2026 23 Forum Montijo OUTLOOK Remain disciplined in investment approach Acquisitions anticipated to moderate going forward Iberian economic performance remains strong Full year benefit from recent acquisitions to benefit FY2026 Benefit of value- enhancing investing to be realised in FY2026 and beyond Guidance of approximately 3.00 EUR cents distributable income per share OVERVIEW FINANCIAL RESULTS OPERATIONS OUTLOOK ANNEXURES
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 11 AUGUST 2026 24 FY2026 DISTRIBUTION GUIDANCE REVISED UPWARD 2.76 2.95 3.00 2.60 2.65 2.70 2.75 2.80 2.85 2.90 2.95 3.00 3.05 Prior year distribution FY2025 Prior guidance FY2026 Revised guidance FY2026 FY2026 distribution guidance (EUR cents per share) 6.9% → 8.7% Anticipated growth relative to the FY2025 distribution, revised upward Underlying assumptions from the FY2025 Integrated Report remain unchanged OVERVIEW FINANCIAL RESULTS OPERATIONS OUTLOOK ANNEXURES
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 11 AUGUST 2026 25 QUESTIONS Torrecárdenas
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 11 AUGUST 2026 26 05 ANNEXURES Alcala Magna
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 11 AUGUST 2026 27 Property name Geographical location Effective ownership % Occupancy (GLA) % Retail gross lettable area m² Fair value EUR Spain Espai Gironès Girona, Spain 100 100.0 41 441 177 829 212 Torrecárdenas Almería, Spain 100 100.0 61 238 177 114 107 Mediterráneo Cartagena, Spain 100 100.0 49 907 158 476 516 H2O Madrid, Spain 100 99.4 53 781 148 525 262 Alcalá Magna Madrid, Spain 100 99.8 32 743 107 956 126 Salera Castellón de la Plana, Spain 50 99.8 53 537 104 637 759 Total Spain 99.8 292 647 874 538 982 Portugal Forum Coimbra Coimbra, Portugal 100 100.0 35 113 216 626 546 Forum Montijo Lisbon, Portugal 100 100.0 45 123 199 025 425 Total Portugal 100.0 80 236 415 651 971 France Saint Sever Rouen, France 60 96.1 35 043 56 829 382 Rivetoile Strasbourg, France 60 92.6 29 667 53 423 603 Docks Vauban Le Havre, France 60 100.0 48 874 43 311 575 Docks 76 Rouen, France 60 88.2 36 544 36 884 724 Total France 94.8 150 128 190 449 284 Total 98.8 523 011 1 480 640 237 DIRECT PROPERTY PORTFOLIO ANNEXURE 1OVERVIEW FINANCIAL RESULTS OPERATIONS OUTLOOK ANNEXURES
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 11 AUGUST 2026 28 Borrowings Interest rate Maturity date Pro rata balance¹ 1H2026 EUR Pro rata balance¹ FY2025 EUR Natixis Consortium 3-month Euribor plus 3.00% 7 March 2027 63 517 501 65 542 500 Santander Consortium 3-month Euribor plus 1.95% 12 June 2028 45 432 563 46 290 938 Santander Consortium 6-month Euribor plus 2.50% 28 January 2029 65 722 112 65 722 112 ING Consortium Fixed rate of 4.91% 18 December 2029 76 800 000 76 810 482 BPI Consortium Fixed rate of 4.45% 11 September 2031 81 949 000 81 949 000 Aareal Bank² Fixed rate of 4.12% 27 June 2032 70 110 000 70 110 000 Aareal Bank² Fixed rate of 4.08% 27 June 2032 76 230 000 76 230 000 Aareal Bank² Fixed rate of 4.81% 27 June 2032 59 637 500 59 800 000 Caixa Bank 3-month Euribor plus 2.20% 30 June 2032 38 500 000 38 500 000 TOTAL 577 898 676 580 955 032 Weighted average remaining loan term: 4.3 years (FY2025: 4.7 years) Weighted average effective interest rate: 4.97% (1H2025: 4.99%) BORROWINGS 1. All amounts reflect Lighthouse's proportionate share, as applicable | 2. Including a two-year extension option, which was exercised as part of the Aareal Bank refinance in July 2026. ANNEXURE 2OVERVIEW FINANCIAL RESULTS OPERATIONS OUTLOOK ANNEXURES
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LIGHTHOUSE PROPERTIES p.l.c. RESULTS PRESENTATION 11 AUGUST 2026 29 ANNEXURE 3 LENDER MIX 11% 19% 13% 14% 36% 7% Natixis Consortium Santander Consortium ING Consortium BPI Consortium Aareal Bank CaixaBank % of Gross Debt OVERVIEW FINANCIAL RESULTS OPERATIONS OUTLOOK ANNEXURES