Interim report
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LEGHTHOUSE PROPERTIES p.l.c. Condensed unaudited consolidated interim results for the six months ended 30 June 2026 PRIMARK
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Directors’ commentary NATURE OF THE BUSINESS Lighthouse Properties p.l.c. (“Lighthouse” or the “Company” or the “Group”) is domiciled in Malta and is listed on the Main Board of the JSE Limited (“JSE”). The Group invests in dominant and defensive malls located in large Western European cities with a strong economic underpin and economic growth. A key component of the Group’s strategy is to evolve and adapt malls to cater for the ever-changing demands of retailers and consumers. DISTRIBUTABLE EARNINGS AND COMMENTARY ON RESULTS The Board has declared a distribution of 1.4401 EUR cents per share for the six months ended 30 June 2026. This distribution, which is payable in cash, is 9.7% higher than the distribution of 1.3122 EUR cents per share of the comparable prior period. A detailed announcement, including salient dates and the tax treatment applicable to the interim distribution, will be published separately. The growth in distributable earnings during 1H2026 can be attributed to the full six-month impact of Espacio Mediterráneo (acquired on 27 June 2025), an additional two months’ contribution from Alcalá Magna (acquired on 6 March 2025), the benefit of rental indexation (particularly in the Spanish portfolio), as well as the Group’s ongoing asset management initiatives. Performance measures For the six months ended Jun 2026 For the six months ended Jun 2025 For the year ended Dec 2025 Distributable earnings per share (EUR cents)1 1.4401 1.3122 2.7600 EPRA net tangible assets (“NTA”) (EUR cents)2 44.76 42.66 44.85 EPRA loan-to-value (“LTV”) ratio (%)3 35.9 36.0 36.1 Property cost-to-income ratio (%)4 31.5 35.5 33.2 Administrative cost-to-income ratio (%)4 6.2 6.3 6.4 1 Refer to pages 21 to 22 for a reconciliation of IFRS profit to European Public Real Estate (“EPRA”) earnings per share and distributable earnings per share, respectively. 2 Refer to page 23 for the EPRA NT A per share calculation. 3 Refer to pages 25 to 26 for the EPRA L TV ratio calculation. 4 Refer to page 24 for the EPRA cost ratio calculation. DIRECT PORTFOLIO PERFORMANCE Lighthouse continued to focus on optimising its existing portfolio through proactive asset management, selective capital expenditure and disciplined leasing execution. The direct property portfolio recorded like-for-like net property income (“NPI”) growth of 4.5% during 1H2026. Tenant sales and footfall increased by 7.9% and 3.0%, respectively, compared to the prior interim period. This performance is materially ahead of prevailing inflation across all three markets. Rent collections were maintained at 98.7% of billings. During the interim period, 85 lease agreements were concluded (44 new leases and 41 renewals) covering a combined gross lettable area (“GLA”) of 38 505m². The average reversion was +6.53% (excluding indexation). The EPRA vacancy rate decreased further from 1.3% at December 2025 to 1.1% at June 2026. This reduction reflects the successful leasing of the planned vacancies created to facilitate the introduction of Lefties and the expansion of Zara at H2O. Spain % Portugal % France % Total % Direct property portfolio based on fair value1 59.1 28.1 12.8 100.0 Like-for-like growth in NPI 5.6 1.7 6.6 4.5 Growth in tenant sales (six months ended June 2026) 7.7 9.5 5.7 7.9 Growth in footfall (six months ended June 2026) 2.4 3.1 4.5 3.0 EPRA vacancy rate (June 2026) 0.3 – 6.1 1.1 1 Based on the proportionate share of direct property portfolio. Spain Spain recorded gross domestic product (“GDP”) growth of 2.7% for 2Q2026, above the eurozone average of 1.0% and underpinned by resilient private consumption, a strengthening labour market and sustained investment inflows. Representing 59.1% of the direct property portfolio by fair value, the Spanish portfolio delivered a strong operational performance. During this interim period, like-for-like NPI increased by 5.6% and tenant sales by 7.7%, ahead of the country’s June 2026 inflation rate of 3.2%. Footfall increased by 2.4% over the same period and the EPRA vacancy rate remained negligible at 0.3% at June 2026. At Salera, several stores were repositioned. In 1Q2026, Bershka and Stradivarius relocated to enlarged, consolidated stores and Muerde la Pasta opened a new restaurant. Cortefiel has taken over the store vacated by Bershka and Lefties completed its refurbishment in 2Q2026. Scalpers opened a new store in 2Q2026 and Rossellimac, an Apple Premium Reseller, took possession of their store, with its opening scheduled for 3Q2026. The extended Zara store at Espai Gironès was handed over in 2Q2026 and tenant fit-out is underway. Sprinter completed its full refurbishment and reopened in March 2026. C&A has signed a new lease for a reduced, reconfigured store enabling the introduction of Cortefiel. At Espacio Mediterráneo, Primark renewed its lease ahead of the 2028 expiry. Primark is in the process of fully refurbishing its store. Primor has signed a lease for a new 723m² store on the first floor and took possession in June 2026. Rossellimac and Mango Teen opened in 2Q2026. Bershka completed the refurbishment of its store at Alcalá Magna during the period. Pull & Bear commenced the refurbishment of its store in 3Q2026 and, following the completion of the Zara and Stradivarius refurbishments in 2025, all Inditex brands in the mall will be in their latest flagship formats. At H2O, Lefties signed a lease for a 3 210m² store formed by combining five existing units, including the former bowling alley that was relocated to the vacated trampoline park space. Commercial terms have been agreed with Zara to extend its store from 1 830m² to approximately 3 000m². On completion, all eight Zara stores in the Iberian portfolio will have been extended and upgraded to the latest flagship format. On completion of the Lefties fit-out and related tenant relocations, the mall will be fully let. 2 LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026
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Portugal The Portuguese economy continued to outperform the wider eurozone, recording GDP growth of 2.5% in 2Q2026 compared to the eurozone average of 1.0%. This growth was supported by robust domestic demand and a resilient labour market. This backdrop underpinned a strong operational performance across the Group’s Portuguese portfolio, which represents 28.1% of the direct property portfolio by fair value. During the six months to June 2026, like-for-like NPI increased by 1.7% and tenant sales by 9.5%, ahead of the region’s inflation rate of 3.2% at June 2026. Footfall increased by 3.1% during this period and the portfolio remained effectively fully let. At Forum Coimbra, the refurbishments and extensions of Zara (3 684m²), Stradivarius (685m²), Pull & Bear (784m²) and Bershka (878m²) were completed on time and within budget. All four stores now rank among the best-performing of their respective brands in Portugal. Lego and Sephora have opened their first stores in Central Portugal. Phase 1 of the Primark expansion was handed over in April 2026, with the full refurbishment and extension expected to be completed in 4Q2026. Cinema NOS has signed a new long-term lease at Forum Montijo, securing the mall’s leisure anchor. Primor has taken occupation of a 712m² store, with opening planned for September 2026. Motocard has taken possession of a retail park unit previously occupied by Casa, which vacated following a nationwide insolvency. France France recorded GDP growth of 0.2% in 2Q2026, reflecting a more subdued macroeconomic backdrop shaped by elevated political and fiscal uncertainty. Representing 12.8% of the direct property portfolio by fair value, the French portfolio nonetheless delivered like-for-like NPI growth of 6.6%. Tenant sales growth of 5.7% was achieved during the six months ended June 2026, well ahead of regional inflation of 1.8%. Footfall increased by 4.5% over the same period, while the EPRA vacancy rate was 6.1% at June 2026. At Docks Vauban, Lovisa, O’Tacos and Les 3 Brasseurs opened in 1Q2026, further strengthening the mall’s retail and food and beverage offering. Volfoni, an Italian restaurant, is expected to open in 3Q2026. At Saint Sever, Project X relocated and expanded its store in March 2026 and Rituals opened in June 2026. In the food court, Tasty Pizza and the restaurant Crust have opened, with a further three restaurants scheduled to open in 3Q2026. New Yorker signed a lease to enter Docks 76 and landlord works have commenced for its store on the ground floor. The activity game, Fort Boyard, opened in April 2026, occupying 885m² and further strengthening the mall's entertainment offering. At Rivetoile, New Yorker signed a lease for its only store in the inner city of Strasbourg and is expected to open in 4Q2026. Hollister has renewed its lease on terms that include a full-store upgrade and Popeyes will open during 3Q2026. CAPITAL Changes to capital In total, 29.7% of shareholders elected to receive the 2H2025 dividend in the form of scrip rather than cash. This resulted in 23 378 545 new shares being issued at ZAR 7.3622106 per share on 9 April 2026. Borrowings No additional debt was incurred during 1H2026. In July 2026, the two loan facilities secured against Torrecárdenas and Alcalá Magna, totalling EUR 111.2 million, were repaid and replaced with an increased facility from Aareal Bank, at improved margins. As a result, Lighthouse's total facilities with Aareal Bank increased by EUR 128.1 million to EUR 334.1 million, with the facilities maturing in 2032. The resulting surplus cash will be utilised for capital projects in the existing portfolio. The refinancing of the facilities secured against the French portfolio (EUR 105.9 million at 100%) that matures in March 2027 is progressing well. Terms from Natixis, the existing lead lender, for an interest-only, five-year facility of EUR 126 million (100%) at a margin of 175 basis points over 3-month Euribor have been accepted. The 125 basis points r eduction in margin reflects improved lending appetite in France and the change in asset quality and tenant mix since the facility was originally drawn in 2022. It is anticipated that the refinance will be implemented during 4Q2026. The additional funds raised will be utilised for any future asset management initiatives. The projected cost of debt (at current rates) post Aareal and Natixis refinancing is expected to increase from 4.97% to 5.05%. 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. The Group’s EPRA LTV ratio was 35.9% at June 2026. Loan maturity Gross amount outstanding1 Jun 2026 EUR Interest rate 7 March 2027 63 517 501 3-month Euribor plus 3.00% 12 June 2028 45 432 563 3-month Euribor plus 1.95% 28 January 2029 65 722 112 6-month Euribor plus 2.50% 18 December 2029 76 800 000 Fixed rate of 4.91% 11 September 2031 81 949 000 Fixed rate of 4.45% 27 June 20322 70 110 000 Fixed rate of 4.12% 27 June 20322 76 230 000 Fixed rate of 4.08% 27 June 20322 59 637 500 Fixed rate of 4.81% 30 June 2032 38 500 000 3-month Euribor plus 2.20% Total 577 898 676 Weighted average loan maturity (years) 4.3 1 All amounts reflect Lighthouse’ s proportionate share, as applicable, and exclude accrued interest. 2 Including a two-year extension option, which was exercised as part of the Aareal Bank refinance in July 2026. Interest rate derivatives Hedge instrument Nominal amount1 Jun 2026 EUR Maturity date Rate % Interest rate cap 63 517 501 7 March 2027 1.00 Interest rate swap 45 432 563 12 June 2028 2.37 Interest rate swap 65 722 112 28 January 2029 1.90 Interest rate swap 38 500 000 30 June 2030 2.89 Total 213 172 176 1 All amounts reflect Lighthouse’ s proportionate share, as applicable. Directors’ commentary continued 3 LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026
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Directors’ commentary continued Cost of borrowings Jun 2026 % Jun 2025 % Dec 2025 % Weighted average fixed/unhedged base rate 2.36 2.32 2.27 Weighted average margin 2.22 2.23 2.22 Weighted average transaction costs 0.53 0.55 0.53 Total weighted average cost of borrowings excluding hedging impact 5.11 5.11 5.02 Weighted average impact of hedging on base rate (0.14) (0.12) (0.06) Total weighted average hedged cost of borrowings 4.97 4.99 4.96 The relevant data included in the Directors’ commentary is based primarily on the management accounts contained on pages 11 to 20 and the EPRA performance measures contained on pages 21 to 27. CHANGES TO THE BOARD David Swarts succeeded Kobus van Biljon as Chief Financial Officer with effect from 1 June 2026, following a structured handover period during which they worked closely together to ensure continuity across the Group’s financial reporting and capital management functions. The transition was implemented smoothly and the Board welcomes Dawie's contribution to date. Laurian Mc Gonigal succeeded Eddie Mc Donald as Chief Operating Officer with effect from 1 July 2026. Laurian worked alongside Eddie for several years and her extensive prior exposure to the Group's operations ensured a seamless handover. The Board is pleased with the successful transition and with her contribution since assuming the role. These changes at executive level reflect the successful execution of a structured succession process ensuring the continued execution of Lighthouse’s strategy. Justin Muller, the Chief Executive Officer, relocated from Amsterdam to Madrid with effect from 1 August 2026. His relocation supports the Group’s continued focus on consolidating and growing its Iberian portfolio. The Board considers this relocation a natural evolution of the Group’s operating model as senior leadership is positioned closer to the assets and operations. OUTLOOK Operational momentum across Lighthouse’s portfolio of dominant, well-located malls remained strong throughout the period, with all key metrics performing ahead of the Board’s expectation. This performance continues to validate the disciplined approach of active management of the existing portfolio, carefully targeted leasing and the capital investment strategy. The period saw a broad range of portfolio activity from renewed commitments by anchor tenants to store expansions, new brand introductions and selective reconfigurations. Collectively, these initiatives underscore the scope for further value creation within the current portfolio, without reliance on new acquisitions. As the remaining projects reach completion and newly repositioned assets stabilise, the Board expects the resulting earnings contribution to underpin continued strong growth in distributions into 2027. Accordingly, the Board hereby revises its FY2026 distribution guidance upwards, from approximately 2.95 EUR cents per share to approximately 3.00 EUR cents per share. This represents an increase in anticipated growth from 6.9% to 8.7% relative to the FY2025 distribution of 2.76 EUR cents per share. The underlying assumptions, as communicated in the FY2025 Integrated Report when guidance was first issued, remain unchanged. The revised guidance is the responsibility of the Board. This financial information has not been reviewed or reported on by the Company’s auditor. By order of the Board 11 August 2026 Alcalá Magna, Madrid, Spain 4 LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026
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Direct investments comprise malls in Spain, Portugal and France. Lighthouse constantly assesses opportunities to upgrade, refurbish, extend and redevelop our properties. Property portfolio overview at 30 June 2026 Fair value EUR 1 481 million (Jun 2025: EUR 1 390 million) (Dec 2025: EUR 1 467 million) GLA-based vacancy 1.2% (Jun 2025: 2.7%) (Dec 2025: 1.3%) Gross lettable area 523 011m² (Jun 2025: 505 964m2) (Dec 2025: 520 041m2) Weighted average rent per m2 per month EUR 21.70 (Jun 2025: EUR 21.18) (Dec 2025: EUR 21.36) Property name Primary use Geographical location Ownership % Acquisition date GLA-based occupancy % 2 Retail gross lettable area m² Weighted average rent per m2 EUR Fair value EUR Address SPAIN Espai Gironès Retail Girona, Spain 100 10 October 2024 100.0 41 441 26.75 177 829 212 7 Cami dels Carlins, 10, 17190 Salt, Girona, Spain Torrecárdenas Retail Almería, Spain 100 10 March 2022 100.0 61 238 18.47 177 114 107 Aveda. Medico Francisco Perez, 04009 Almería, Spain Espacio Mediterráneo Retail Cartagena, Spain 100 27 June 2025 100.0 49 907 18.55 158 476 516 Calle Londres s/n, Industrial Site Cabezo Beaza, 30353 Cartagena, Murcia, Spain H2O Retail Madrid, Spain 100 3 April 2024 99.4 53 781 18.10 148 525 262 C. Marie Curie, 4, 28521 Rivas-Vaciamadrid, Madrid, Spain Alcalá Magna Retail Madrid, Spain 100 6 March 2025 99.8 32 743 21.14 107 956 126 C. Valentin Juara, Bellot, 4, 28805 Alcalá de Henares, Madrid, Spain Salera Retail Castellón de la Plana, Spain 50 1 31 January 2024 99.8 53 537 3,4 24.26 104 637 759 10 Av. Enrique Gimeno, 82, 12006 Castellón de la Plana, Castellón, Spain Total – Spain 99.88 292 647 20.61 9 874 538 982 PORTUGAL Forum Coimbra Retail Coimbra, Portugal 100 31 May 2017 100.0 35 113 5 35.90 216 626 546 Avenida Jose Bonifacio de Andrade e Silva 1, Quinta do Vale Gemil – Almegue Santa Clara, Coimbra, 3040-389, Portugal Forum Montijo Retail Lisbon, Portugal 100 11 September 2024 100.0 45 123 6 26.66 199 025 425 Rua da Azinheira, Afonsoeiro 1, Montijo, 2870-100, Portugal Total – Portugal 100.08 80 236 30.70 9 415 651 971 FRANCE Saint Sever Retail Rouen, France 60 1 30 September 2021 96.1 35 043 3,7 17.80 56 829 382 10 Avenue de Bretagne, 76100 Rouen, France Rivetoile Retail Strasbourg, France 60 1 30 September 2021 92.6 29 667 3 22.66 53 423 603 10 3 Place Dauphiné, 67100 Strasbourg, France Docks Vauban Retail Le Havre, France 60 1 30 September 2021 100.0 48 874 3 12.79 43 311 575 10 70 Quai Frissard, 76600 Le Havre, France Docks 76 Retail Rouen, France 60 1 30 September 2021 88.2 36 544 3 15.89 36 884 724 10 Boulevard Ferdinand de Lesseps, 76047 Rouen, France Total – France 94.88 150 128 16.58 9 190 449 984 Total 98.88 523 011 21.70 9 1 480 640 937 Total weighted average increase in rental by rentable area from the prior year (%) 1.011 Weighted average annualised property yield 6.911 1 Refers to the effective ownership in the property . 2 Refers to the historical occupancy that is calculated based on the GLA of occupied space as a pe rcentage of the GLA of all lettable space, which differs from the EPRA vacancy rate that is based on the estimated rental value (“ERV”) of vacant space as a percentage of the ERV of all lettable space. 3 The GLA reflects 100% of Salera and the French properties’ retail GLA. 4 Excluding 13 693m2 Alcampo hypermarket that is separately owned. 5 Excluding 17 700m2 Continente hypermarket that is separately owned. 6 Excluding 17 000m² Continente hypermarket that is separately owned. 7 Excluding 13 529m² E.Leclerc hypermarket that is separately owned. 8 The weighted average occupancy rate at 30 June 2026 has been calculated using the GLA of each property as the weighting factor . 9 The weighted average rent per square metre at 30 June 2026 has been calculated using the occu pied lettable area of each property as the weighting factor. 10 The fair value of Salera and the French properties reflect Lighthouse’ s effective 50% and 60% ownership, respectively. 11 The weighted average has been pro-rated for Lighthouse's effective ownership in the underlying properties. 5 LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026
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Property portfolio overview continued at 30 June 2026 Fair value (%) France Portugal Spain 12.8% 28.1% 59.1% Espai Gironès, Girona, Spain Area (GLA) 18.4% 61.0% France Portugal Spain 20.6% 58.6% Revenue (%) France Portugal Spain 15.1% 26.3% 6 LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026 Vacant 1.2 2.7 4.6 5.0 5.7 6.6 74.2 % 2026 2027 2028 2029 2030 After December 2030 December Lease expiry profile by area (GLA) % 3.5 6.1 9.1 8.1 9.9 63.3 2026 2027 2028 2029 2030 After December 2030 December Lease expiry profile by monthly rental Geographical profile (based on proportionate ownership)
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Condensed consolidated statement of financial position as at 30 June 2026 Note Unaudited Jun 2026 EUR Unaudited Jun 2025 EUR Audited Dec 2025 EUR ASSETS Non-current assets 1 584 149 398 1 499 044 152 1 570 629 674 Investment property 3 1 502 968 667 1 431 387 372 1 489 008 000 Plant and equipment 311 029 400 636 337 261 Equity-accounted investments 67 468 247 52 245 878 66 902 168 Other financial assets 13 401 455 15 010 266 14 382 245 Current assets 82 917 725 112 905 554 91 416 659 Investments 8 501 832 14 316 139 10 586 772 Loans to equity-accounted investments 2 638 622 2 559 325 2 634 226 Other financial assets 1 043 530 – – Trade and other receivables 24 540 749 22 486 164 26 272 273 Cash and cash equivalents 46 192 992 73 543 926 51 923 388 Total assets 1 667 067 123 1 611 949 706 1 662 046 333 EQUITY AND LIABILITIES Total equity 933 721 253 886 762 461 923 606 319 Share capital 21 123 888 20 890 102 20 890 102 Share premium 544 263 928 535 558 661 535 536 693 Treasury shares (2 420 952) (2 220 989) (2 220 989) Non-distributable reserve 109 715 525 97 429 995 117 155 423 Foreign currency translation reserve (1 393 006) (1 393 006) (1 393 006) Share-based payment reserve 1 107 369 1 052 765 1 410 732 Retained earnings 266 479 473 230 761 009 257 595 337 Equity attributable to equity holders 938 876 225 882 078 537 928 974 292 Non-controlling interest (5 154 972) 4 683 924 (5 367 973) Total liabilities 733 345 870 725 187 245 738 440 014 Non-current liabilities 590 391 984 678 399 265 692 619 957 Interest-bearing borrowings 559 216 195 645 058 034 659 507 220 Deferred tax liabilities 16 721 503 17 111 048 16 739 480 Other financial liabilities 14 454 286 16 230 183 16 373 257 Current liabilities 142 953 886 46 787 980 45 820 057 Interest-bearing borrowings 107 635 652 6 925 297 7 711 698 Other financial liabilities 1 740 398 233 943 446 739 Trade and other payables 32 205 733 38 326 009 36 239 540 Taxation payable 1 372 103 1 302 731 1 422 080 Total equity and liabilities 1 667 067 123 1 611 949 706 1 662 046 333 Condensed consolidated statement of comprehensive income for the six months ended 30 June 2026 Notes Unaudited for the six months ended Jun 2026 EUR Unaudited for the six months ended Jun 2025 EUR Audited for the year ended Dec 2025 EUR Property rental and related revenue 76 706 317 68 588 950 146 741 975 Straight-lining of rental revenue adjustment 295 085 – – Investment revenue – 952 359 1 060 018 Total revenue 77 001 402 69 541 309 147 801 993 Fair value adjustments 719 932 244 751 19 876 101 Fair value (loss)/gain on investment property 3 (295 085) – 17 384 473 Fair value gain on investments 529 500 1 572 093 3 382 056 Fair value gain/(loss) on currency and interest rate derivatives 485 517 (1 327 342) (890 428) Property operating expenses (26 182 445) (26 863 019) (53 509 808) Administrative and other expenses (4 630 351) (4 202 662) (9 275 689) Expected credit losses on tenant receivables (398 675) – – Depreciation on plant and equipment (26 231) – – Foreign exchange gain 178 530 1 311 160 1 405 239 Share of profit of associate 2 607 615 2 225 004 16 875 294 Operating profit 49 269 777 42 256 543 123 173 130 Finance income 875 743 1 560 349 2 329 015 Finance costs (17 311 793) (14 173 972) (31 616 508) Other income/(expenses) 6 568 7 332 (21 204) Profit before tax 32 840 295 29 650 252 93 864 433 Taxation (947 892) (1 074 965) (1 369 295) Profit for the period 31 892 403 28 575 287 92 495 138 Total comprehensive income for the period 31 892 403 28 575 287 92 495 138 Profit/(loss) for the period attributable to: Equity holders of the Company 31 679 402 29 039 726 103 011 474 Non-controlling interest 213 001 (464 439) (10 516 336) 31 892 403 28 575 287 92 495 138 Total comprehensive income/(loss) for the period attributable to: Equity holders of the Company 31 679 402 29 039 726 103 011 474 Non-controlling interest 213 001 (464 439) (10 516 336) 31 892 403 28 575 287 92 495 138 Earnings per share Basic earnings per share (EUR cents) 4 1.51 1.43 5.01 Diluted earnings per share (EUR cents) 4 1.51 1.43 5.00 7 LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026
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Condensed consolidated statement of changes in equity for the six months ended 30 June 2026 Unaudited Share capital EUR Share premium EUR Treasury shares EUR Non- distributable reserve EUR Foreign currency translation reserve EUR Share- based payment reserve EUR Retained earnings EUR Equity attributable to equity holders EUR Non- controlling interest EUR Total equity EUR Balance at 31 December 2024 20 233 537 510 568 809 (1 429 439) 102 276 263 (1 393 006) 840 248 224 200 407 855 296 819 5 148 363 860 445 182 Total comprehensive income: Profit/(loss) for the period – – – – – – 29 039 726 29 039 726 (464 439) 28 575 287 Equity issue (48 780 487 shares on 18 June 2025) (net of share issuance costs) 487 805 18 756 433 – – – – – 19 244 238 – 19 244 238 Purchase of treasury shares (net of share vesting) – – (791 550) – – – – (791 550) – (791 550) Share-based employee remuneration – – – – – 212 517 – 212 517 – 212 517 Transfer to non-distributable reserve – – – 1 555 911 – – (1 555 911) – – – Transactions with owners in their capacity as owners: Distribution – final 2024 168 760 6 233 419 – (6 402 179) – – (20 923 213) (20 923 213) – (20 923 213) – Cash (paid on 24 April 2025) – – – – – – (20 923 213) (20 923 213) – (20 923 213) – Scrip issue (16 876 042 shar es on 24 April 2025) 168 760 6 233 419 (6 402 179) – – – – – – Balance at 30 June 2025 20 890 102 535 558 661 (2 220 989) 97 429 995 (1 393 006) 1 052 765 230 761 009 882 078 537 4 683 924 886 762 461 Total comprehensive income: Profit/(loss) for the period – – – – – – 73 971 748 73 971 748 (10 051 897) 63 919 851 Equity issue – (21 968) – – – – – (21 968) – (21 968) Share-based employee remuneration – – – – – 357 967 – 357 967 – 357 967 Transfer to non-distributable reserve – – – 19 725 428 – – (19 725 428) – – – Transactions with owners in their capacity as owners: Distribution paid – interim 2025 (11 September 2025) – – – – – – (27 411 992) (27 411 992) – (27 411 992) Balance at 31 December 2025 20 890 102 535 536 693 (2 220 989) 117 155 423 (1 393 006) 1 410 732 257 595 337 928 974 292 (5 367 973) 923 606 319 Total comprehensive income: Profit for the period – – – – – – 31 679 402 31 679 402 213 001 31 892 403 Purchase of treasury shares (net of share vesting) – – (199 963) – – – – (199 963) – (199 963) Share-based employee remuneration – – – – – (303 363) – (303 363) – (303 363) Transfer to non-distributable reserve – – – 1 521 123 – – (1 521 123) – – – Transactions with owners in their capacity as owners: Distribution – final 2025 233 786 8 727 235 – (8 961 021) – – (21 274 143) (21 274 143) – (21 274 143) – Cash (paid on 9 April 2026) – – – – – – (21 274 143) (21 274 143) – (21 274 143) – Scrip issue (23 378 545 shar es on 9 April 2026) 233 786 8 727 235 – (8 961 021) – – – – – – Balance at 30 June 2026 21 123 888 544 263 928 (2 420 952) 109 715 525 (1 393 006) 1 107 369 266 479 473 938 876 225 (5 154 972) 933 721 253 8 LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026
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Unaudited for the six months ended Jun 2026 EUR Unaudited for the six months ended Jun 2025 EUR Audited for the year ended Dec 2025 EUR Operating activities Cash generated from operations 41 204 132 35 384 930 80 002 196 Finance and hedging income received 817 659 1 456 161 2 151 973 Finance and hedging costs paid (13 494 721) (10 937 790) (23 766 821) Taxation paid (979 892) (3 209 570) (3 326 459) Distributions paid (21 274 143) (20 923 213) (48 335 205) Cash inflow from operating activities 6 273 035 1 770 518 6 725 684 Investing activities Development and improvement of investment property (10 111 966) (7 453 946) (23 526 208) Additions to plant and equipment – (400 636) (337 261) Acquisition of investment property – (181 817 691) (208 281 728) Proceeds from disposal of listed equity security investments 2 314 108 21 474 754 27 014 084 Receipts on loans to equity-accounted investments – 2 470 000 2 394 436 Cash outflow from investing activities (7 797 858) (165 727 519) (202 736 677) Financing activities Issue of shares – 19 244 238 19 222 270 Purchase of treasury shares (199 963) (791 550) (936 974) Repayments of interest-bearing borrowings (4 184 140) (4 900 665) (9 217 939) Borrowing costs paid – (4 548 129) (5 299 088) Proceeds from interest-bearing borrowings – 137 565 000 153 140 000 Cash (outflow)/inflow from financing activities (4 384 103) 146 568 894 156 908 269 Decrease in cash and cash equivalents (5 908 926) (17 388 107) (39 102 724) Effect of exchange rate changes on cash held 178 530 1 311 160 1 405 239 Cash and cash equivalents at the beginning of the period 51 923 388 89 620 873 89 620 873 Cash and cash equivalents at the end of the period 46 192 992 73 543 926 51 923 388 Condensed consolidated statement of cash flows for the six months ended 30 June 2026 1. PREP ARATION AND ACCOUNTING POLICIES The condensed unaudited consolidated interim results are prepared in accordance with the JSE Listings Requirements for interim results. The listings requirements require interim results to be prepared in accordance with the framework concepts and the measurement and recognition requirements of International Financial Reporting Standards (“IFRS”), as adopted by the European Union, IFRS as issued by the International Accounting Standards Board, interpretations as issued by the International Financial Reporting Interpretations Committee, Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee, and to also, as a minimum, contain the information required by IAS 34: Interim Financial Reporting. The accounting policies applied in the preparation of the condensed unaudited consolidated interim results are in terms of IFRS and are consistent with those accounting policies applied in the preparation of the previous consolidated annual financial statements. The Group’s investment property is valued annually at 31 December by external independent valuers and is reviewed and approved by the Board for financial reporting. In terms of IAS 40: Investment Property, investment property is valued at fair value and is categorised as a level 3 investment, as one or more of the significant inputs is not based on observable market data. In terms of IFRS 7: Financial Instruments: Disclosures, IFRS 9: Financial Instruments and IFRS 13: Fair Value Measurement, the Group’s derivatives and listed real estate investments are measured at fair value through profit or loss. The interest rate derivatives are categorised as level 2 investments and the investments in listed real estate as level 1. This report was compiled under the supervision of David Swarts CA(SA), the Chief Financial Officer. These interim results were approved by the Board of Lighthouse on 11 August 2026. The Directors take full responsibility for the preparation of the report and for ensuring that the financial information has been accurately reflected. 2. SALIENT EVENTS On 4 March 2026, the Company declared a cash dividend of 1.4478 EUR cents per share with an alternative scrip distribution option of 1.4478 EUR cents per share by way of an issue of 3.77318 new Lighthouse shares for every 100 Lighthouse shares held. On 9 April 2026, 23 378 545 new Lighthouse shares were issued and a cash dividend of EUR 21.3 million was paid. 3. F AIR VALUE MEASUREMENT The following table analyses financial instruments and investments carried at fair value by valuation method. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value. The carrying amounts of financial instruments that are not measured at fair value reasonably approximate their fair value: u For trade and other receivables, cash and cash equivalents and trade and other payables: market-related terms and conditions. u For other financial assets and liabilities: market-r elated terms and conditions. u For inter est-bearing borrowings: market-related terms and conditions. The different levels have been defined as: Level 1: Quoted prices (unadjusted) in active markets for identical assets and liabilities. Level 2: Inputs other than quoted prices included in level 1 that ar e observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Level 3: Inputs for the assets or liabilities that ar e not based on observable market data (unobservable inputs). Notes 9 LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026
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3. F AIR VALUE MEASUREMENT continued Financial instruments, risk and fair value measurements There were no transfers between levels 1, 2 and 3 during the period. The valuation methods applied are consistent with those applied in preparing the previous audited consolidated financial statements. Quarterly discussions of valuation processes and results are held between the Chief Financial Officer and management where any changes in level 2 and 3 fair values are analysed for period-end reporting. Level 1 EUR Level 2 EUR Level 3 EUR Fair value EUR Unaudited Jun 2026 Investment property – – 1 502 968 667 1 502 968 667 Other financial assets – 2 323 075 – 2 323 075 Investments at fair value through profit or loss 8 501 832 – – 8 501 832 Total assets measured at fair value 8 501 832 2 323 075 1 502 968 667 1 513 793 574 Unaudited Jun 2025 Investment property – – 1 431 387 372 1 431 387 372 Other financial assets – 2 091 642 – 2 091 642 Investments at fair value through profit or loss 14 316 139 – – 14 316 139 Total assets measured at fair value 14 316 139 2 091 642 1 431 387 372 1 447 795 153 Audited Dec 2025 Investment property – – 1 489 008 000 1 489 008 000 Other financial assets – 2 198 149 – 2 198 149 Investments at fair value through profit or loss 10 586 772 – – 10 586 772 Total assets measured at fair value 10 586 772 2 198 149 1 489 008 000 1 501 792 921 Investment property Valuation of investment property requires judgement in the determination of future cash flows from leases and appropriate discount and exit capitalisation rates. Details of the most recent independent external valuations of investment property at 31 December 2025 are included in the table below. Additional capitalised costs during the period have a negligible impact on the sensitivity adjustments. Lowest per valuation Highest per valuation Weighted average Sensitivity adjustment – high case Sensitivity adjustment – low case Valuation impact – high case EUR Valuation impact – low case EUR Exit capitalisation rate 6.7% 8.0% 7.0% (0.5)% 0.5% 57 374 502 (46 995 387) Discount rate 8.7% 9.8% 9.0% (0.5)% 0.5% 53 019 775 (49 306 217) Rental escalation 1.8% 2.5% 2.2% (1.0)% 1.0% 67 014 867 (29 240 176) Vacancy period nil 28 months 5 months 3 months 3 months 5 540 000 (16 965 391) Note: The sensitivity analysis in the table above assumes that all other variables remain constant, i.e. only one variable is changed at a time. Unaudited Jun 2026 EUR Unaudited Jun 2025 EUR Audited Dec 2025 EUR Investment in property comprises: Investment property 1 501 925 190 1 430 638 980 1 488 259 608 Straight-lining of rental revenue adjustment 1 043 477 748 392 748 392 Total investment property 1 502 968 667 1 431 387 372 1 489 008 000 Details of investment property are as follows: At cost 1 468 217 935 1 423 043 588 1 458 004 739 Fair value adjustments 6 972 178 (10 117 210) 7 267 263 Straight-lining of rental revenue adjustment 1 043 477 748 392 748 392 Investment property under development 26 735 077 17 712 602 22 987 606 Investment property at fair value 1 502 968 667 1 431 387 372 1 489 008 000 Movement in investment property is as follows: Carrying amount at the beginning of the period 1 489 008 000 1 182 935 000 1 182 935 000 Additions from acquisitions – 238 251 774 258 174 198 Cost capitalised 13 605 182 10 017 565 30 200 061 Capitalisation of borrowing costs 355 485 183 033 314 268 Fair value (loss)/gain (295 085) – 17 384 473 Straight-lining of rental revenue adjustment 295 085 – – Carrying amount at the end of the period 1 502 968 667 1 431 387 372 1 489 008 000 Notes continued 10 LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026
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4. EARNINGS AND HEADLINE EARNINGS 4.1 Ear nings and headline earnings per share Unaudited Jun 2026 EUR Unaudited Jun 2025 EUR Audited Dec 2025 EUR Basic earnings per share (EUR cents) 1.51 1.43 5.01 Diluted earnings per share (EUR cents) 1.51 1.43 5.00 Headline earnings per share (EUR cents) 1.52 1.43 3.10 Diluted headline earnings per share (EUR cents) 1.52 1.43 3.10 4.2 Reconciliation of ear nings attributable to equity holders to headline earnings Unaudited Jun 2026 EUR Unaudited Jun 2025 EUR Audited Dec 2025 EUR Earnings attributable to equity holders of the Company 31 679 402 29 039 726 103 011 474 Adjusted for: Fair value gain on investment property of associate – – (11 678 887) Net fair value loss/(gain) on investment property1 177 052 – (27 550 380) Headline earnings 31 856 454 29 039 726 63 782 207 Weighted number average ordinary shares in issue during the period 2 093 729 167 2 028 843 599 2 055 817 594 1 After non-controlling interest and income tax effect. 5. EVENTS AFTER THE REPOR TING PERIOD AND GOING CONCERN 5.1 Events after the r eporting period In July 2026, the loan facilities secured against Torrecárdenas and Alcalá Magna were refinanced with Aareal Bank. The outstanding loan amount of EUR 111.2 million was repaid from the proceeds of a new facility totalling EUR 128.1 million. This new facility forms part of an increase to the existing Aareal facility which matures in 2032. Total borrowings from Aareal now amount to EUR 334.1 million. In addition, terms from Natixis (the existing lead lender) for the refinancing of the facilities secured against the French portfolio that matures in March 2027 have been accepted. The new interest-only, five-year facility of EUR 126 million (100%) will be at a margin of 175 basis points over 3-month Euribor and is anticipated to be implemented during 4Q2026. The Directors are not aware of any other matters or circumstances arising subsequent to 30 June 2026 that require any additional disclosures or adjustments to the financial statements. 5.2 Going concer n The Board concluded that the going concern assumption remains appropriate for the Group and Company. As at 30 June 2026, current liabilities exceeded current assets by EUR 60.0 million, mainly due to the Natixis facility being classified as current. Having considered the refinancing described in Note 5.1, together with the Group’s forecasts and available liquidity, the Board concluded that no material uncertainty exists that may cast significant doubt on the Group’s or Company’s ability to continue as a going concern. 6. SEGMENT AL ANALYSIS A segment is a distinguishable component of the Group that is engaged in providing services (business segments) or in providing services within a particular economic environment (geographical segments), which is subject to risks and returns that are different from those of other segments. The Group’s operating segments are based on geographical segments, which are consistent with its business segments. The Group determines and presents operating segments based on the information that is provided internally to the Company’s Board and Investment Committee, jointly the Group’s Chief Operating Decision-maker. Segments Description Spain Property investments and operations in the Kingdom of Spain. The malls have similar economic characteristics and customers, and meet the criteria for aggregation. Portugal Property investments and operations in the Republic of Portugal. The malls have similar economic characteristics and customers, and meet the criteria for aggregation. France Property investments and operations in the Republic of France. The malls have similar economic characteristics and customers, and meet the criteria for aggregation. Corporate The corporate segment represents “head office”. Items that cannot be directly attributed to any of the other segments are included in the corporate segment. This primarily relates to cash held within head office entities, listed investments, and the Company’s equity. Reconciliation of segmental reporting to IFRS financial statements The reconciliation of the segmental reporting with financial information extracted from the consolidated financial statements for the period ended 30 June 2026, 30 June 2025 and 31 December 2025 is included in the segmental analyses, and primarily relates to the matters below, i.e. management accounts’ adjustments (“management accounts adjustments”). Retail Property Investments – pro rata exclusion of Resilient’s 40% share Effective from 30 September 2021, Lighthouse acquired a 75% interest in four French malls. Related party Resilient REIT Limited (“Resilient”) acquired the remaining 25% at that time. Effective from 31 August 2022, Lighthouse sold 15% of the issued shares in and related loans to Retail Property Investments to Resilient. After the transaction Lighthouse held 60% of Retail Property Investments and Resilient held the remaining 40%. To provide a clear understanding of Lighthouse’s economic exposure to the French properties, Resilient’s pro rata share of assets, liabilities, profits or losses has been removed. Torrecárdenas Properties and Forum Montijo tax adjustments Iberian property transactions often entail the disposal of companies instead of underlying properties, with the buyer and seller sharing the net deferred tax liability related to cumulative property valuation differences on a 50/50 basis. It is management’s view that the Torrecárdenas property’s deferred tax related to cumulative fair value gains on investment property is unlikely to become payable, and in the event of a disposal, that 50% of the net deferred tax liability would be recovered from the purchaser. As such, the applicable component of the deferred tax liability has been transferred to non-distributable reserves. The Group’s acquisition of Forum Montijo included sharing the net deferred tax liability 50/50 between seller and buyer, as is market practice in Iberia. As such, the IFRS gross-up of the investment property acquisition value for the 50% of the deferred tax liability that the Group did not obtain a discount for, was added back in the management accounts. The full deferred tax liability recognised on acquisition has been credited to the statement of comprehensive income on conversion of the companies to Portuguese SICs. This income tax benefit has been removed from the management accounts. Spanish Retail Investments SOCIMI – adjustment of equity accounting to proportionate consolidation On 31 January 2024, Lighthouse acquired a 50% interest in Salera, a mall in Spain. Related party Resilient acquired the remaining 50%. The investment is equity-accounted. To disclose Lighthouse’s interest in and economic exposure to Salera, the equity-accounted investment is removed and Lighthouse’s exposure to the pro rata share of assets, liabilities, profits or losses has been included. Notes continued 11 LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026
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6. SEGMENT AL ANALYSIS continued Condensed consolidated statement of financial position – segments SEGMENTS GROUP – MANAGEMENT ACCOUNTS MANAGEMENT ACCOUNTS’ ADJUSTMENTS GROUP – IFRS Spain Jun 2026 EUR Portugal Jun 2026 EUR France Jun 2026 EUR Corporate Jun 2026 EUR Jun 2026 EUR Retail Property Investments – pro rata exclusion of Resilient’s 40% share Jun 2026 EUR Torrecárdenas Properties – deferred tax adjustments Jun 2026 EUR Spanish Retail Investments SOCIMI joint venture Jun 2026 EUR Jun 2026 EUR ASSETS Non-current assets 888 925 179 416 631 897 190 449 284 – 1 496 006 360 126 966 189 – (38 823 151) 1 584 149 398 Investment property 874 538 982 415 651 971 190 449 284 – 1 480 640 237 126 966 189 – (104 637 759) 1 502 968 667 Plant and equipment 311 029 – – – 311 029 – – – 311 029 Equity-accounted investments – – – – – – – 67 468 247 67 468 247 Other financial assets 14 075 168 979 926 – – 15 055 094 – – (1 653 639) 13 401 455 Current assets 27 958 540 25 773 115 10 715 749 14 430 581 78 877 985 7 143 833 – (3 104 093) 82 917 725 Investments – – – 8 501 832 8 501 832 – – – 8 501 832 Loans to equity-accounted investments – – – – – – – 2 638 622 2 638 622 Other financial assets – – 626 118 – 626 118 417 412 – – 1 043 530 Trade and other receivables 3 575 430 7 926 675 7 205 911 1 874 097 20 582 113 4 803 940 – (845 304) 24 540 749 Cash and cash equivalents 24 383 110 17 846 440 2 883 720 4 054 652 49 167 922 1 922 481 – (4 897 411) 46 192 992 Total assets 916 883 719 442 405 012 201 165 033 14 430 581 1 574 884 345 134 110 022 – (41 927 244) 1 667 067 123 Notes continued 12 LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026
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6. SEGMENT AL ANALYSIS continued Condensed consolidated statement of financial position – segments continued SEGMENTS GROUP – MANAGEMENT ACCOUNTS MANAGEMENT ACCOUNTS’ ADJUSTMENTS GROUP – IFRS Spain Jun 2026 EUR Portugal Jun 2026 EUR France Jun 2026 EUR Corporate Jun 2026 EUR Jun 2026 EUR Retail Property Investments – pro rata exclusion of Resilient’s 40% share Jun 2026 EUR Torrecárdenas Properties – deferred tax adjustments Jun 2026 EUR Spanish Retail Investments SOCIMI joint venture Jun 2026 EUR Jun 2026 EUR EQUITY AND LIABILITIES Total equity attributable to equity holders – – – 947 495 060 947 495 060 (5 154 972) (8 618 835) – 933 721 253 Share capital – – – 21 123 888 21 123 888 – – – 21 123 888 Share premium – – – 544 263 928 544 263 928 – – – 544 263 928 Treasury shares – – – (2 420 952) (2 420 952) – – – (2 420 952) Non-distributable reserve – – – 118 794 034 118 794 034 – (8 618 835) (459 674) 109 715 525 Foreign currency translation reserve – – – (1 393 006) (1 393 006) – – – (1 393 006) Share-based payment reserve – – – 1 107 369 1 107 369 – – – 1 107 369 Retained earnings – – – 266 019 799 266 019 799 – – 459 674 266 479 473 Equity attributable to equity holders – – – 947 495 060 947 495 060 – (8 618 835) – 938 876 225 Non-controlling interest – – – – – (5 154 972) – – (5 154 972) Total liabilities 383 650 771 170 122 176 72 182 965 1 433 373 627 389 285 139 264 994 8 618 835 (41 927 244) 733 345 870 Non-current liabilities 368 587 922 158 353 266 2 809 553 (516 167) 529 234 574 92 079 631 8 618 835 (39 541 056) 590 391 984 Interest-bearing borrowings 349 013 462 157 522 265 – – 506 535 727 90 206 597 – (37 526 129) 559 216 195 Deferred tax liabilities 8 618 835 – – (516 167) 8 102 668 – 8 618 835 – 16 721 503 Other financial liabilities 10 955 625 831 001 2 809 553 – 14 596 179 1 873 034 – (2 014 927) 14 454 286 Current liabilities 15 062 849 11 768 910 69 373 412 1 949 540 98 154 711 47 185 363 – (2 386 188) 142 953 886 Interest-bearing borrowings 2 837 996 (530 855) 63 054 008 – 65 361 149 42 036 005 – 238 498 107 635 652 Other financial liabilities 1 806 772 72 478 – – 1 879 250 – – (138 852) 1 740 398 Trade and other payables 10 118 605 12 227 287 6 319 404 715 685 29 380 981 5 149 358 – (2 324 606) 32 205 733 Taxation payable 299 476 – – 1 233 855 1 533 331 – – (161 228) 1 372 103 Total equity and liabilities 383 650 771 170 122 176 72 182 965 948 928 433 1 574 884 345 134 110 022 – (41 927 244) 1 667 067 123 Notes continued 13 LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026
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6. SEGMENT AL ANALYSIS continued Condensed consolidated statement of financial position – segments continued SEGMENTS GROUP – MANAGEMENT ACCOUNTS MANAGEMENT ACCOUNTS’ ADJUSTMENTS GROUP – IFRS Spain Jun 2025 EUR Portugal Jun 2025 EUR France Jun 2025 EUR Corporate Jun 2025 EUR Jun 2025 EUR Retail Property Investments – pro rata exclusion of Resilient’s 40% share Jun 2025 EUR Torrecárdenas Properties – deferred tax adjustments Jun 2025 EUR Spanish Retail Investments SOCIMI joint venture Jun 2025 EUR Jun 2025 EUR ASSETS Non-current assets 820 116 646 383 581 155 201 893 875 – 1 405 591 676 134 595 917 – (41 143 441) 1 499 044 152 Investment property 806 333 418 382 679 723 200 817 890 – 1 389 831 031 133 878 592 – (92 322 251) 1 431 387 372 Plant and equipment 400 636 – – – 400 636 – – – 400 636 Equity-accounted investments – – – – – – – 52 245 878 52 245 878 Other financial assets 13 382 592 901 432 1 075 985 – 15 360 009 717 325 – (1 067 068) 15 010 266 Current assets 23 499 208 25 538 060 11 430 602 44 130 720 104 598 590 7 654 176 – 652 788 112 905 554 Investments – – – 14 316 139 14 316 139 – – – 14 316 139 Loans to equity-accounted investments – – – – – – – 2 559 325 2 559 325 Trade and other receivables 3 063 332 7 053 523 7 289 730 539 834 17 946 419 4 893 593 – (353 848) 22 486 164 Cash and cash equivalents 20 435 876 18 484 537 4 140 872 29 274 747 72 336 032 2 760 583 – (1 552 689) 73 543 926 Total assets 843 615 854 409 119 215 213 324 477 44 130 720 1 510 190 266 142 250 093 – (40 490 653) 1 611 949 706 Notes continued 14 LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026
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6. SEGMENT AL ANALYSIS continued Condensed consolidated statement of financial position – segments continued SEGMENTS GROUP – MANAGEMENT ACCOUNTS MANAGEMENT ACCOUNTS’ ADJUSTMENTS GROUP – IFRS Spain Jun 2025 EUR Portugal Jun 2025 EUR France Jun 2025 EUR Corporate Jun 2025 EUR Jun 2025 EUR Retail Property Investments – pro rata exclusion of Resilient’s 40% share Jun 2025 EUR Torrecárdenas Properties – deferred tax adjustments Jun 2025 EUR Spanish Retail Investments SOCIMI joint venture Jun 2025 EUR Jun 2025 EUR EQUITY AND LIABILITIES Total equity attributable to equity holders – – – 890 608 051 890 608 051 4 683 924 (8 523 514) (6 000) 886 762 461 Share capital – – – 20 890 102 20 890 102 – – – 20 890 102 Share premium – – – 535 558 661 535 558 661 – – – 535 558 661 Treasury shares – – – (2 220 989) (2 220 989) – – – (2 220 989) Non-distributable reserve – – – 105 959 509 105 959 509 – (8 523 514) (6 000) 97 429 995 Foreign currency translation reserve – – – (1 393 006) (1 393 006) – – – (1 393 006) Share-based payment reserve – – – 1 052 765 1 052 765 – – – 1 052 765 Retained earnings – – – 230 761 009 230 761 009 – – – 230 761 009 Equity attributable to equity holders – – – 890 608 051 890 608 051 – (8 523 514) (6 000) 882 078 537 Non-controlling interest – – – – – 4 683 924 – – 4 683 924 Total liabilities 378 741 488 160 962 445 77 673 695 2 204 588 619 582 215 137 566 169 8 523 514 (40 484 653) 725 187 245 Non-current liabilities 363 051 543 150 857 254 66 436 080 64 021 580 408 898 129 474 562 8 523 514 (40 007 709) 678 399 265 Interest-bearing borrowings 341 596 026 150 237 287 63 054 008 – 554 887 321 127 219 846 – (37 049 133) 645 058 034 Deferred tax liabilities 8 523 513 – – 64 021 8 587 534 – 8 523 514 – 17 111 048 Other financial liabilities 12 932 004 619 967 3 382 072 – 16 934 043 2 254 716 – (2 958 576) 16 230 183 Current liabilities 15 689 945 10 105 191 11 237 615 2 140 567 39 173 317 8 091 607 – (476 944) 46 787 980 Interest-bearing borrowings 1 781 135 (575 854) 3 432 009 – 4 637 290 2 288 007 – – 6 925 297 Other financial liabilities – 233 943 – – 233 943 – – – 233 943 Trade and other payables 13 908 810 10 447 101 7 805 606 837 836 32 999 351 5 803 600 – (476 944) 38 326 009 Taxation payable – – – 1 302 731 1 302 731 – – – 1 302 731 Total equity and liabilities 378 741 488 160 962 445 77 673 695 892 812 639 1 510 190 266 142 250 093 – (40 490 653) 1 611 949 706 Notes continued 15 LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026
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6. SEGMENT AL ANALYSIS continued Condensed consolidated statement of financial position – segments continued SEGMENTS GROUP – MANAGEMENT ACCOUNTS MANAGEMENT ACCOUNTS’ ADJUSTMENTS GROUP – IFRS Spain Dec 2025 EUR Portugal Dec 2025 EUR France Dec 2025 EUR Corporate Dec 2025 EUR Dec 2025 EUR Retail Property Investments – pro rata exclusion of Resilient’s 40% share Dec 2025 EUR Torrecárdenas Properties – deferred tax adjustments Dec 2025 EUR Spanish Retail Investments SOCIMI joint venture Dec 2025 EUR Dec 2025 EUR ASSETS Non-current assets 880 557 963 411 493 180 190 510 068 – 1 482 561 211 127 006 710 – (38 938 247) 1 570 629 674 Investment property 866 694 999 410 558 000 189 582 001 – 1 466 835 000 126 387 999 – (104 214 999) 1 489 008 000 Plant and equipment 337 261 – – – 337 261 – – 337 261 Equity-accounted investments – – – – – – – 66 902 168 66 902 168 Other financial assets 13 525 703 935 180 928 067 – 15 388 950 618 711 – (1 625 416) 14 382 245 Current assets 28 942 841 21 467 319 10 273 449 24 715 832 85 399 441 6 887 910 – (870 692) 91 416 659 Investments – – – 10 586 772 10 586 772 – – – 10 586 772 Loans to equity-accounted investments – – – – – – – 2 634 226 2 634 226 Trade and other receivables 6 788 458 7 538 098 7 554 211 96 259 21 977 026 5 075 085 – (779 838) 26 272 273 Cash and cash equivalents 22 154 383 13 929 221 2 719 238 14 032 801 52 835 643 1 812 825 – (2 725 080) 51 923 388 Total assets 909 500 804 432 960 499 200 783 517 24 715 832 1 567 960 652 133 894 620 – (39 808 939) 1 662 046 333 Notes continued 16 LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026
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6. SEGMENT AL ANALYSIS continued Condensed consolidated statement of financial position – segments continued SEGMENTS GROUP – MANAGEMENT ACCOUNTS MANAGEMENT ACCOUNTS’ ADJUSTMENTS GROUP – IFRS Spain Dec 2025 EUR Portugal Dec 2025 EUR France Dec 2025 EUR Corporate Dec 2025 EUR Dec 2025 EUR Retail Property Investments – pro rata exclusion of Resilient’s 40% share Dec 2025 EUR Torrecárdenas Properties – deferred tax adjustments Dec 2025 EUR Spanish Retail Investments SOCIMI joint venture Dec 2025 EUR Dec 2025 EUR EQUITY AND LIABILITIES Total equity attributable to equity holders – – – 937 558 127 937 558 127 (5 367 973) (8 618 835) 35 000 923 606 319 Share capital – – – 20 890 102 20 890 102 – – – 20 890 102 Share premium – – – 535 536 693 535 536 693 – – – 535 536 693 Treasury shares – – – (2 220 989) (2 220 989) – – – (2 220 989) Non-distributable reserve – – – 125 780 257 125 780 257 – (8 618 835) (5 999) 117 155 423 Foreign currency translation reserve – – – (1 393 006) (1 393 006) – – – (1 393 006) Share-based payment reserve – – – 1 410 732 1 410 732 – – – 1 410 732 Retained earnings – – – 257 554 338 257 554 338 – – 40 999 257 595 337 Equity attributable to equity holders – – – 937 558 127 937 558 127 – (8 618 835) 35 000 928 974 292 Non-controlling interest – – – – – (5 367 973) – – (5 367 973) Total liabilities 382 474 399 169 384 033 76 215 031 2 329 063 630 402 525 139 262 593 8 618 835 (39 843 939) 738 440 014 Non-current liabilities 371 307 201 157 873 637 64 488 125 (498 190) 593 170 773 130 658 189 8 618 835 (39 827 840) 692 619 957 Interest-bearing borrowings 349 802 092 157 215 899 61 338 003 – 568 355 994 128 558 107 – (37 406 881) 659 507 220 Deferred tax liabilities 8 618 835 – – (498 190) 8 120 645 – 8 618 835 – 16 739 480 Other financial liabilities 12 886 274 657 738 3 150 122 – 16 694 134 2 100 082 – (2 420 959) 16 373 257 Current liabilities 11 167 198 11 510 396 11 726 906 2 827 253 37 231 752 8 604 404 – (16 099) 45 820 057 Interest-bearing borrowings 2 258 151 (520 373) 3 441 253 – 5 179 031 2 294 169 – 238 498 7 711 698 Other financial liabilities 314 685 132 054 – – 446 739 – – – 446 739 Trade and other payables 8 594 362 11 898 714 8 285 653 1 405 173 30 183 902 6 310 235 – (254 597) 36 239 540 Taxation payable – – – 1 422 080 1 422 080 – – – 1 422 080 Total equity and liabilities 382 474 399 169 384 033 76 215 031 939 887 190 1 567 960 652 133 894 620 – (39 808 939) 1 662 046 333 Notes continued 17 LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026
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6. SEGMENT AL ANALYSIS continued Condensed consolidated statement of profit or loss – segments SEGMENTS GROUP – MANAGEMENT ACCOUNTS MANAGEMENT ACCOUNTS’ ADJUSTMENTS GROUP – IFRS Spain for the six months ended Jun 2026 EUR Portugal for the six months ended Jun 2026 EUR France for the six months ended Jun 2026 EUR Corporate for the six months ended Jun 2026 EUR for the six months ended Jun 2026 EUR Retail Property Investments – pro rata exclusion of Resilient’s 40% share for the six months ended Jun 2026 EUR Torrecárdenas Properties – deferred tax adjustments for the six months ended Jun 2026 EUR Spanish Retail Investments SOCIMI joint venture for the six months ended Jun 2026 EUR for the six months ended Jun 2026 EUR Property rental and related revenue 41 510 498 18 079 718 13 061 597 – 72 651 813 8 709 459 – (4 654 955) 76 706 317 Straight-lining of rental revenue adjustment – – 177 052 – 177 052 118 033 – – 295 085 Total revenue 41 510 498 18 079 718 13 238 649 – 72 828 865 8 827 492 – (4 654 955) 77 001 402 Fair value adjustments 1 089 952 – (344 956) 529 500 1 274 496 (229 970) – (324 594) 719 932 Fair value loss on investment property – – (177 052) – (177 052) (118 033) – – (295 085) Fair value gain on investments – – – 529 500 529 500 – – – 529 500 Fair value gain/(loss) on currency and interest rate derivatives 1 089 952 – (167 904) – 922 048 (111 937) – (324 594) 485 517 Property operating expenses (11 793 125) (4 541 625) (6 554 838) – (22 889 588) (4 369 891) – 1 077 034 (26 182 445) Administrative and other expenses (1 264 914) (581 807) (311 661) (2 366 580) (4 524 962) (212 443) – 107 054 (4 630 351) Expected credit losses on tenant receivables (88 452) (46 092) (160 803) – (295 347) (107 202) – 3 874 (398 675) Depreciation (26 231) – – – (26 231) – – – (26 231) Foreign exchange gain – – – 178 530 178 530 – – – 178 530 Share of profit of associate – – – – – – – 2 607 615 2 607 615 Operating profit/(loss) 29 427 728 12 910 194 5 866 391 (1 658 550) 46 545 763 3 907 986 – (1 183 972) 49 269 777 Finance income 57 446 9 078 350 802 167 108 584 434 233 870 – 57 439 875 743 Finance costs (8 590 252) (3 933 376) (2 011 549) – (14 535 177) (3 881 520) – 1 104 904 (17 311 793) Other income – – 3 941 – 3 941 2 627 – – 6 568 Profit/(loss) before income tax 20 894 922 8 985 896 4 209 585 (1 491 442) 32 598 961 262 963 – (21 629) 32 840 295 Taxation (251 330) – (74 945) (593 284) (919 559) (49 962) – 21 629 (947 892) Profit/(loss) for the period attributable to equity holders of the Company 20 643 592 8 985 896 4 134 640 (2 084 726) 31 679 402 213 001 – – 31 892 403 All segmental revenues were generated from external customers and from countries other than Malta, the Company’s domicile. Notes continued 18 LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026
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6. SEGMENT AL ANALYSIS continued Condensed consolidated statement of profit or loss – segments continued SEGMENTS GROUP – MANAGEMENT ACCOUNTS MANAGEMENT ACCOUNTS’ ADJUSTMENTS GROUP – IFRS Spain for the six months ended Jun 2025 EUR Portugal for the six months ended Jun 2025 EUR France for the six months ended Jun 2025 EUR Corporate for the six months ended Jun 2025 EUR for the six months ended Jun 2025 EUR Retail Property Investments – pro rata exclusion of Resilient’s 40% share for the six months ended Jun 2025 EUR Torrecárdenas Properties – deferred tax adjustments for the six months ended Jun 2025 EUR Spanish Retail Investments SOCIMI joint venture for the six months ended Jun 2025 EUR for the six months ended Jun 2025 EUR Property rental and related revenue 31 191 457 18 792 694 13 873 997 6 492 63 864 640 9 250 620 – (4 526 310) 68 588 950 Investment revenue – – – 952 359 952 359 – – – 952 359 Total revenue 31 191 457 18 792 694 13 873 997 958 851 64 816 999 9 250 620 – (4 526 310) 69 541 309 Fair value adjustments (638 535) 548 308 (665 711) 1 538 716 782 778 (443 807) – (94 220) 244 751 Fair value gain on investments – – – 1 572 093 1 572 093 – – – 1 572 093 Fair value (loss)/gain on currency and interest rate derivatives (638 535) 548 308 (665 711) (33 377) (789 315) (443 807) – (94 220) (1 327 342) Property operating expenses (9 206 623) (5 532 629) (7 922 503) (41 415) (22 703 170) (5 281 671) – 1 121 822 (26 863 019) Administrative and other expenses (958 708) (693 016) (307 168) (2 092 275) (4 051 167) (209 441) – 57 946 (4 202 662) Foreign exchange gain – – – 1 311 160 1 311 160 – – – 1 311 160 Share of profit of associate – – – – – – – 2 225 004 2 225 004 Operating profit/(loss) 20 387 591 13 115 357 4 978 615 1 675 037 40 156 600 3 315 701 – (1 215 758) 42 256 543 Finance income 289 485 42 376 528 183 237 330 1 097 374 352 122 – 110 853 1 560 349 Finance costs (5 286 246) (3 829 179) (2 142 955) (243) (11 258 623) (4 020 254) – 1 104 905 (14 173 972) Other income – – 4 399 – 4 399 2 933 – – 7 332 Profit/(loss) before income tax 15 390 830 9 328 554 3 368 242 1 912 124 29 999 750 (349 498) – – 29 650 252 Taxation 115 620 (500) (172 415) (902 729) (960 024) (114 941) – – (1 074 965) Profit/(loss) for the period attributable to equity holders of the Company 15 506 450 9 328 054 3 195 827 1 009 395 29 039 726 (464 439) – – 28 575 287 All segmental revenues were generated from external customers and from countries other than Malta, the Company’s domicile. Notes continued 19 LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026
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6. SEGMENT AL ANALYSIS continued Condensed consolidated statement of profit or loss – segments continued SEGMENTS GROUP – MANAGEMENT ACCOUNTS MANAGEMENT ACCOUNTS’ ADJUSTMENTS GROUP – IFRS Spain for the year ended Dec 2025 EUR Portugal for the year ended Dec 2025 EUR France for the year ended Dec 2025 EUR Corporate for the year ended Dec 2025 EUR For the year ended Dec 2025 EUR Retail Property Investments – pro rata exclusion of Resilient’s 40% share for the year ended Dec 2025 EUR Torrecárdenas Properties – deferred tax adjustments for the year ended Dec 2025 EUR Spanish Retail Investments SOCIMI joint venture for the year ended Dec 2025 EUR For the year ended Dec 2025 EUR Property rental and related revenue 74 312 589 36 675 240 27 037 212 6 492 138 031 533 18 026 735 – (9 316 293) 146 741 975 Investment revenue – – – 1 060 018 1 060 018 – – – 1 060 018 Total revenue 74 312 589 36 675 240 27 037 212 1 066 510 139 091 551 18 026 735 – (9 316 293) 147 801 993 Fair value adjustments 31 929 817 23 707 179 (16 069 931) 3 312 949 42 880 014 (10 713 289) – (12 290 624) 19 876 101 Fair value gain/(loss) on investment property 31 319 255 23 158 870 (15 248 858) – 39 229 267 (10 165 907) – (11 678 887) 17 384 473 Fair value gain on investments – – – 3 382 056 3 382 056 – – – 3 382 056 Fair value gain/(loss) on currency and interest rate derivatives 610 562 548 309 (821 073) (69 107) 268 691 (547 382) – (611 737) (890 428) Property operating expenses (21 679 077) (9 143 684) (14 917 016) (51 187) (45 790 964) (9 944 674) – 2 225 830 (53 509 808) Administrative and other expenses (1 936 057) (1 445 407) (701 458) (4 869 416) (8 952 338) (476 977) – 153 626 (9 275 689) Foreign exchange gain – – – 1 405 239 1 405 239 – – – 1 405 239 Share of profit of associate – – – – – – – 16 875 294 16 875 294 Operating profit/(loss) 82 627 272 49 793 328 (4 651 193) 864 095 128 633 502 (3 108 205) – (2 352 167) 123 173 130 Finance income 294 471 51 799 867 487 375 912 1 589 669 578 325 – 161 021 2 329 015 Finance costs (13 997 067) (7 857 660) (4 146 922) (2 509) (26 004 158) (7 838 496) – 2 226 146 (31 616 508) Other (expense)/income (35 000) – 7 840 – (27 160) 5 956 – – (21 204) Profit/(loss) before income tax 68 889 676 41 987 467 (7 922 788) 1 237 498 104 191 853 (10 362 420) – 35 000 93 864 433 Taxation (182 541) – (230 876) (801 961) (1 215 378) (153 917) – – (1 369 295) Profit/(loss) for the year attributable to equity holders of the Company 68 707 135 41 987 467 (8 153 664) 435 537 102 976 475 (10 516 337) – 35 000 92 495 138 All segmental revenues were generated from external customers and from countries other than Malta, the Company’s domicile. Notes continued 20 LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026
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Non-IFRS measures EPRA PERFORMANCE MEASURES The EPRA has issued Best Practice Recommendation (“BPR”) Guidelines on key measures of relevance to a broad spectrum of real estate investors. The BPR guidelines endeavour to improve transparency and comparability of European real estate companies’ financial statements and disclosures. We provide these measures to aid comparison with other European real estate businesses. In terms of the JSE Listings Requirements, the EPRA measures are considered pro forma financial information. This pro forma financial information is the responsibility of the Company’s Board of Directors. The pro forma financial information is presented for illustrative purposes only and, due to its nature, may not fairly present the Company’s financial position, changes in equity, results of operations, or cash flows in accordance with IFRS. The pro forma EPRA measures have primarily been extracted from the IFRS condensed unaudited consolidated interim results set out on pages 7 to 10 or extracted/calculated based on the management accounts included in the segmental analyses included on pages 11 to 20. EPRA performance indicators The EPRA performance indicators included in the table below have been extracted and summarised from the detailed EPRA calculations on pages 22 to 27, including the basis upon which it has been prepared. Summary table Six months ended Jun 2026 Six months ended Jun 2025 Year ended Dec 2025 EPRA earnings (EUR) 29 889 762 26 847 823 56 750 817 EPRA earnings per share (EUR cents) 1.4276 1.3233 2.7605 EPRA NRV (EUR) 996 834 643 939 751 977 987 939 654 EPRA NRV per share (EUR cents) 47.19 44.99 47.29 EPRA NTA (EUR) 945 541 786 891 074 351 936 979 311 EPRA NTA per share (EUR cents) 44.76 42.66 44.85 EPRA NDV (EUR) 937 254 645 880 127 216 926 323 228 EPRA NDV per share (EUR cents) 44.37 42.13 44.34 EPRA NIY (%) 6.7 7.2 7.1 EPRA “topped-up” NIY (%) 7.0 7.6 7.3 EPRA vacancy rate (%) 1.1 2.3 1.3 EPRA cost ratio (including direct vacancy costs) (%) 22.2 23.6 23.0 EPRA cost ratio (excluding direct vacancy costs) (%) 21.9 20.2 22.5 EPRA LTV (%) 35.9 36.0 36.1 Like-for-like rental growth (%) 4.5 6.9 3.6 EPRA capital expenditure 14 172 048 248 454 624 288 904 640 EPRA earnings EPRA earnings is a measure of underlying operational performance and represents the net income generated from operational activities. It is intended to provide an indicator of the underlying income performance generated from the leasing and management of the property portfolio. EPRA earnings calculation Six months ended Jun 2026 EUR Six months ended Jun 2025 EUR Year ended Dec 2025 EUR IFRS profit for the period attributable to equity holders of the Company1 31 679 402 29 039 726 103 011 474 Adjustments to calculate EPRA earnings, exclude: (i) Changes in value of investment properties, development properties held for investment and other investment interests: Fair value gain on investment property1 – – (17 384 473) Fair value gain on investments1 (529 500) (1 572 093) (3 382 056) (ii) Profits or losses on disposal of investment properties, development properties held for investment and other investment interests: None – – – (iii) Profits or losses on sales of trading properties including impairment charges in respect of trading properties: None – – – (iv) Tax on profits or losses on disposals: Current taxation 5 47 624 446 900 412 501 (v) Negative goodwill/goodwill impairment: None – – – (vi) Changes in fair value of financial instruments and associated close-out costs: Fair value loss on currency and interest rate derivatives 1 (485 517) 1 327 342 890 428 (vii) Acquisition costs on share deals and non-controlling joint venture interests: None – – – (viii) Adjustments related to funding structure: Amortisation of interest rate hedging transaction costs 5 (352 499) (352 499) (705 001) Interest expense – related to non-controlling interest5 2 540 488 2 591 617 5 073 882 (ix) Adjustments related to non-operating and exceptional items: Related party income5 (8 292) (8 620) 19 272 Depreciation of non-real-estate investments1 26 231 – – Foreign exchange gain1 (178 530) (1 311 160) (1 405 239) (x) Taxation in respect of EPRA adjustments: Taxation5 (17 977) (328 967) (1 957 064) (xi) Adjustments (i) to (x) above in respect of joint ventures (unless already included under proportional consolidation): Non-distributable portion of profit of associate 5 (324 594) (94 220) (12 325 624) (xii) Non-controlling interests in respect of the above: Non-distributable portion of non-controlling interest 5 (2 507 074) (2 890 203) (15 497 283) Refer to page 27 for the footnotes. 21 LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026
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Non-IFRS measures continued EPRA PERFORMANCE MEASURES continued EPRA earnings continued EPRA earnings calculation continued Six months ended Jun 2026 EUR Six months ended Jun 2025 EUR Year ended Dec 2025 EUR EPRA earnings (a) 29 889 762 26 847 823 56 750 817 Company specific adjustments: Listed investments dividends accrued7 348 214 (141 708) 199 633 Antecedent distribution8 183 043 706 232 706 232 Distributable earnings (b) 30 421 019 27 412 347 57 656 682 Less: Distribution declared (30 421 019) (27 412 347) (57 656 682) Interim distribution declared (30 421 019) (27 412 347) (27 411 992) Final distribution declared (30 244 690) Distributable earnings surplus/(shortfall) for the period – – – Weighted average ordinary shares in issue during the period9 (c) 2 093 729 167 2 028 843 599 2 055 817 594 EPRA earnings per share (EUR cents) (a/c) 1.4276 1.3233 2.7605 Number of shares entitled to distribution10 (d) 2 112 388 763 2 089 010 218 2 089 010 218 Distributable earnings per share (EUR cents) (b/d) 1.4401 1.3122 2.7600 Less: Distribution per share (EUR cents) (1.4401) (1.3122) (2.7600) Interim distribution per Share (EUR cents) – declared (1.4401) (1.3122) (1.3122) Final distribution per Share (EUR cents) – declared (1.4478) Distributable earnings surplus/(shortfall) for the period per share (EUR cents) – – – Distribution payout ratio (%) 100.00 100.00 100.00 Refer to page 27 for the footnotes. Distributable earnings Distributable earnings components Six months ended Jun 2026 EUR Six months ended Jun 2025 EUR Year ended Dec 2025 EUR Property rental and related revenue3 72 651 813 63 864 640 138 031 533 Investment revenue3 – 952 359 1 060 018 Listed real estate investments dividends accrued7 348 214 (141 708) 199 633 Property operating expenses3 (22 889 588) (22 703 170) (45 790 964) Expected credit losses on tenant receivables3 (295 347) – – Administrative and other expenses3 (4 524 962) (4 051 167) (8 952 338) Finance income3 584 434 1 097 374 1 589 669 Finance costs3 (14 535 177) (11 258 623) (26 004 158) Amortisation of interest rate hedging transaction costs5 (211 499) (211 499) (423 001) Taxation3 (919 559) (960 024) (1 215 378) Taxation – non-distributable5 29 647 117 933 (1 544 564) Antecedent distribution8 183 043 706 232 706 232 Distributable earnings for the period 30 421 019 27 412 347 57 656 682 Less: Distribution declared (30 421 019) (27 412 347) (57 656 682) Interim distribution declared (30 421 019) (27 412 347) (27 411 992) Final distribution declared (30 244 690) Distributable earnings surplus/(shortfall) for the period – – – Refer to page 27 for the footnotes. 22 LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026
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EPRA PERFORMANCE MEASURES continued EPRA net asset value metrics The EPRA net asset value (“NAV”) set of metrics makes adjustments to the NAV per the IFRS financial statements to provide stakeholders with the most relevant information on the fair value of the assets and liabilities of a real estate investment company, under different scenarios. EPRA net reinstatement value (“NRV”) The objective of the EPRA NRV measure is to highlight the value of net assets on a long-term basis. Assets and liabilities that are not expected to crystallise in normal circumstances such as the fair value movements on financial derivatives and deferred taxes on property valuation surpluses are therefore excluded. Since the aim of the metric is to also reflect what would be needed to recreate the Company through the investment markets based on its current capital and financing structure, related costs such as real estate transfer taxes should be included. EPRA net tangible assets (“NTA”) The underlying assumption behind the EPRA NTA calculation assumes entities buy and sell assets, thereby “realising” certain deferred tax liabilities. EPRA net disposal value (“NDV”) The EPRA NDV illustrates a scenario where deferred tax, financial instruments and certain other adjustments are calculated to the full extent of their liability (including potential tax exposure not reflected in the statement of financial position), net of any resulting tax. This measure should not be viewed as a “liquidation NAV” as fair values often do not represent liquidation values. EPRA NRV Jun 2026 EUR EPRA NTA Jun 2026 EUR EPRA NDV Jun 2026 EUR IFRS equity attributable to shareholders2 938 876 225 938 876 225 938 876 225 Include/exclude: Impact of dilutionary instruments11 – – – Diluted net asset value 938 876 225 938 876 225 938 876 225 Exclude: Deferred tax in relation to fair value gains of investment property4 17 237 670 8 618 835 – Fair value of financial instruments6 (1 953 274) (1 953 274) – Include: Fair value of fixed interest rate loans12 – – (1 621 580) Real estate transfer tax13 42 674 022 – – Net asset value 996 834 643 945 541 786 937 254 645 Fully diluted number of shares11 2 112 388 763 2 112 388 763 2 112 388 763 Net asset value per share (EUR cents) 47.19 44.76 44.37 Refer to page 27 for the footnotes. EPRA NRV Jun 2025 EUR EPRA NTA Jun 2025 EUR EPRA NDV Jun 2025 EUR IFRS equity attributable to shareholders2 882 078 537 882 078 537 882 078 537 Include/exclude: Impact of dilutionary instruments11 – – – Diluted net asset value 882 078 537 882 078 537 882 078 537 Exclude: Deferred tax in relation to fair value gains of investment property4 17 047 027 8 523 514 – Fair value of financial instruments6 472 300 472 300 – Include: Fair value of fixed interest rate loans12 – – (1 951 321) Real estate transfer tax13 40 154 113 – – Net asset value 939 751 977 891 074 351 880 127 216 Fully diluted number of shares11 2 089 010 218 2 089 010 218 2 089 010 218 Net asset value per share (EUR cents) 44.99 42.66 42.13 EPRA NRV Dec 2025 EUR EPRA NTA Dec 2025 EUR EPRA NDV Dec 2025 EUR IFRS equity attributable to shareholders2 928 974 292 928 974 292 928 974 292 Include/exclude: Impact of dilutionary instruments11 – – – Diluted net asset value 928 974 292 928 974 292 928 974 292 Exclude: Deferred tax in relation to fair value gains of investment property4 17 237 670 8 618 835 – Fair value of financial instruments6 (613 816) (613 816) – Include: Fair value of fixed interest rate loans12 – – (2 651 064) Real estate transfer tax13 42 341 508 – – Net asset value 987 939 654 936 979 311 926 323 228 Fully diluted number of shares11 2 089 010 218 2 089 010 218 2 089 010 218 Net asset value per share (EUR cents) 47.29 44.85 44.34 Refer to page 27 for the footnotes. Non-IFRS measures continued 23 LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026
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EPRA PERFORMANCE MEASURES continued EPRA net initial yield and “topped-up” net initial yield The EPRA net initial yield (“NIY”) is calculated as the annualised rental income based on passing cash rents, less non-recoverable property operating expenses, divided by the gross market value of the property. In EPRA “topped-up” NIY, the net rental income is “topped-up” to reflect rent after the expiry of lease incentives such as rent-free periods, rental discounts and step rents. EPRA NIY and “topped-up” NIY Jun 2026 EUR Jun 2025 EUR Dec 2025 EUR Investment property – wholly-owned 1 185 553 194 1 096 690 890 1 362 620 001 Investment property – share of joint ventures/funds 295 087 043 293 140 141 104 214 999 Completed property portfolio3 1 480 640 237 1 389 831 031 1 466 835 000 Allowance for estimated purchasers’ costs13 42 674 022 40 154 113 42 341 508 Gross up completed property portfolio valuation (a) 1 523 314 259 1 429 985 144 1 509 176 508 Annualised cash passing rental income14 118 617 227 115 623 756 118 638 633 Property outgoings15 (15 926 406) (12 256 010) (12 049 935) Annualised net rents (b) 102 690 821 103 367 746 106 588 698 Add: Notional rent expiration of rent-free periods or other lease incentives16 4 598 873 5 593 287 4 079 482 Topped-up net annualised rent (c) 107 289 694 108 961 033 110 668 180 EPRA NIY (%) (b/a) 6.7 7.2 7.1 EPRA “topped-up” NIY (%) (c/a) 7.0 7.6 7.3 Refer to page 27 for the footnotes. EPRA vacancy rate The EPRA vacancy rate estimates the percentage of the total potential rental income not received due to vacancy. The EPRA vacancy rate is calculated by dividing the ERV of vacant premises by the ERV of the entire property portfolio if all premises were fully leased. Lighthouse considers retail space as let when a lease is signed before the reporting date, or when a heads of terms is agreed by the reporting date and the related lease is signed before the report release date. EPRA vacancy rate Jun 2026 EUR Jun 2025 EUR Dec 2025 EUR Estimated rental value of vacant space17 1 212 199 2 479 332 1 441 619 Estimated rental value of the whole portfolio18 112 212 763 109 040 825 113 058 227 EPRA vacancy rate (%) 1.1 2.3 1.3 EPRA vacancy rate per country Jun 2026 % Jun 2025 % Dec 2025 % Spain 0.3 1.6 0.5 Portugal – 0.2 0.1 France 6.1 7.7 6.0 EPRA vacancy rate 1.1 2.3 1.3 Refer to page 27 for the footnotes. EPRA cost ratios EPRA cost ratios reflect the relevant administrative and operating costs of the business and provide a recognised and understood reference point for analysis of a company’s costs. The EPRA cost ratio (including direct vacancy costs) includes all administrative and operating expenses in the IFRS statements (net of any service fees). The EPRA cost ratio (excluding direct vacancy costs) is calculated as per the aforementioned, but with an adjustment to exclude vacancy costs. EPRA cost ratios Six months ended Jun 2026 EUR Six months ended Jun 2025 EUR Year ended Dec 2025 EUR Property operating expenses3 (a) (22 889 588) (22 703 170) (45 790 964) Administrative and other expenses3 (b) (4 524 962) (4 051 167) (8 952 338) Administrative and other expenses1 (c) (4 630 351) (4 202 662) (9 275 689) Net service charge costs5 (d) (3 504 208) (4 002 523) (6 128 003) Non-service charge property operating expenses5 (e) (4 271 369) (4 005 421) (10 947 799) Share of joint venture expenses5 (f) (1 326 627) (389 382) (813 698) EPRA costs (including direct vacancy costs) (g) (13 732 555) (12 599 988) (27 165 189) Direct vacancy costs5 (h) 173 416 1 805 205 605 185 EPRA costs (excluding direct vacancy costs) (i) (13 559 139) (10 794 783) (26 560 004) Gross rental income5 58 195 859 49 733 875 110 307 969 Share of joint venture gross rental income5 3 577 921 3 735 924 7 750 535 Gross rental income (j) 61 773 780 53 469 799 118 058 504 Total property rental and related revenue3 (k) 72 651 813 63 864 640 138 031 533 Total revenue3 (l) 72 828 865 64 816 999 139 091 551 Property operating cost ratio (%) (-a/k) 31.5 35.5 33.2 Administrative cost ratio (%) (-b/l) 6.2 6.3 6.4 EPRA cost ratio (including direct vacancy costs) (%) (-g/j) 22.2 23.6 23.0 EPRA cost ratio (excluding direct vacancy costs) (%) (-i/j) 21.9 20.2 22.5 Refer to page 27 for the footnotes. Disclosure notes: u No overhead or operating expenses (including share of the joint venture) were capitalised during the period. u Lighthouse accounting policies do not allow for the capitalisation of overhead expenses. Non-IFRS measures continued 24 LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026
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EPRA PERFORMANCE MEASURES continued EPRA loan-to-value The LTV ratio is an important metric that assesses the lending risk a lender bears by providing financing as per the borrower’s requirement and it shows the relation of borrowings to the fair value of the assets. PROPORTIONATE CONSOLIDATION PROPORTIONATE CONSOLIDATION EPRA LTV metric Group as reported Jun 2026 EUR Share of joint ventures Jun 2026 EUR Non-controlling interest Jun 2026 EUR Combined Jun 2026 EUR Group as reported Jun 2025 EUR Share of joint ventures Jun 2025 EUR Non-controlling interest Jun 2025 EUR Combined Jun 2025 EUR Include: Net interest-bearing borrowings – non-current4 559 216 195 37 526 129 (90 206 597) 506 535 727 645 058 034 37 049 133 (127 219 846) 554 887 321 Net interest-bearing borrowings – current4 107 635 652 (238 498) (42 036 005) 65 361 149 6 925 297 – (2 288 007) 4 637 290 Total net interest-bearing borrowings per management accounts4 666 851 847 37 287 631 (132 242 602) 571 896 876 651 983 331 37 049 133 (129 507 853) 559 524 611 Unamortised borrowing costs – non-current6 4 336 907 973 870 – 5 310 777 6 386 518 1 450 867 (308 995) 7 528 390 Unamortised borrowing costs – current6 2 481 678 238 498 (308 995) 2 411 181 2 802 970 – (411 994) 2 390 976 Total unamortised borrowing costs per management accounts6 6 818 585 1 212 368 (308 995) 7 721 958 9 189 488 1 450 867 (720 989) 9 919 366 Total gross interest-bearing borrowings – non-current 563 553 102 38 499 999 (90 206 597) 511 846 504 651 444 552 38 500 000 (127 528 841) 562 415 711 Total gross interest-bearing borrowings – current 110 117 330 – (42 345 000) 67 772 330 9 728 267 – (2 700 001) 7 028 266 Borrowings from financial institutions 673 670 432 38 499 999 (132 551 597) 579 618 834 661 172 819 38 500 000 (130 228 842) 569 443 977 Net payables4 7 664 984 1 479 302 (345 418) 8 798 868 15 839 845 123 096 (910 007) 15 052 934 Exclude: Cash included in borrowings service reserve accounts 6 (4 608 694) (550 000) – (5 158 694) (6 463 253) – 84 400 (6 378 853) Cash and cash equivalents4 (46 192 992) (4 897 411) 1 922 481 (49 167 922) (73 543 926) (1 552 689) 2 760 583 (72 336 032) Net debt (a) 630 533 730 34 531 890 (130 974 534) 534 091 086 597 005 485 37 070 407 (128 293 866) 505 782 026 Include: Investment property 4 1 502 968 667 104 637 759 (126 966 189) 1 480 640 237 1 431 387 372 92 322 251 (133 878 592) 1 389 831 031 Investments4 8 501 832 – – 8 501 832 14 316 139 – – 14 316 139 Total property value (b) 1 511 470 499 104 637 759 (126 966 189) 1 489 142 069 1 445 703 511 92 322 251 (133 878 592) 1 404 147 170 LTV (a/b) (%) 35.9 36.0 Refer to page 27 for the footnotes. Non-IFRS measures continued 25 LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026
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EPRA PERFORMANCE MEASURES continued EPRA loan-to-value continued PROPORTIONATE CONSOLIDATION EPRA LTV metric Group as reported Dec 2025 EUR Share of joint ventures Dec 2025 EUR Non-controlling interest Dec 2025 EUR Combined Dec 2025 EUR Include: Net interest-bearing borrowings – non-current4 659 507 220 37 406 881 (128 558 107) 568 355 994 Net interest-bearing borrowings – current4 7 711 698 (238 498) (2 294 169) 5 179 031 Total net interest-bearing borrowings per management accounts4 667 218 918 37 168 383 (130 852 276) 573 535 025 Unamortised borrowing costs – non-current6 5 506 686 1 093 119 (102 999) 6 496 806 Unamortised borrowing costs – current6 2 767 755 238 498 (411 994) 2 594 259 Total unamortised borrowing costs per management accounts6 8 274 441 1 331 617 (514 993) 9 091 065 Total gross interest-bearing borrowings – non-current 665 013 906 38 500 000 (128 661 106) 574 852 800 Total gross interest-bearing borrowings – current 10 479 453 – (2 706 163) 7 773 290 Borrowings from financial institutions 675 493 359 38 500 000 (131 367 269) 582 626 090 Net payables4 9 967 267 (525 241) (1 235 150) 8 206 876 Exclude: Cash included in borrowings service reserve accounts 6 (4 562 851) (550 000) 89 362 (5 023 489) Cash and cash equivalents4 (51 923 388) (2 725 080) 1 812 825 (52 835 643) Net debt (a) 628 974 387 34 699 679 (130 700 232) 532 973 834 Include: Investment property 4 1 489 008 000 104 214 999 (126 387 999) 1 466 835 000 Investments4 10 586 772 – – 10 586 772 Total property value (b) 1 499 594 772 104 214 999 (126 387 999) 1 477 421 772 LTV (a/b) (%) 36.1 Refer to page 27 for the footnotes. Non-IFRS measures continued EPRA like-for-like rental growth Like-for-like net rental growth compares the growth of the net rental income of the portfolio that has been consistently in operation, and not under development, during the full current and prior periods. This metric therefore excludes acquisitions, disposals, and property under development during the relevant period. Refer to the property portfolio overview on pages 5 and 6 for details on the underlying property values. EPRA like-for-like rental growth per country Jun 2026 % Jun 2025 % Dec 2025 % Spain19 5.6 5.9 5.0 Portugal19 1.7 4.5 2.5 France19 6.6 12.0 3.4 EPRA like-for-like rental growth 4.5 6.9 3.6 Refer to the footnotes alongside. EPRA capital expenditure EPRA capital expenditure details are included below. Group (excluding joint ventures) Jun 2026 EUR Joint ventures (proportionate share) Jun 2026 EUR Total Group Jun 2026 EUR Investment properties 13 605 182 211 381 13 816 563 Incremental lettable space6 3 868 400 – 3 868 400 No incremental lettable space6 5 593 967 26 318 5 620 285 Tenant incentives6 4 142 815 185 063 4 327 878 Capitalised interest6 355 485 – 355 485 Total capital expenditure 13 960 667 211 381 14 172 048 Conversion from accrual to cash basis (including subrogated debt on acquisitions)6 (3 848 701) (37 981) (3 886 682) Total capital expenditure on a cash basis 10 111 966 173 400 10 285 366 Refer to the footnotes alongside. 26 LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026
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Non-IFRS measures continued EPRA PERFORMANCE MEASURES continued EPRA capital expenditure continued Group (excluding joint ventures) Jun 2025 EUR Joint ventures (proportionate share) Jun 2025 EUR Total Group Jun 2025 EUR Acquisitions6 238 251 774 – 238 251 774 Investment properties 10 017 564 2 252 10 019 816 Incremental lettable space6 3 319 257 – 3 319 257 No incremental lettable space6 6 094 708 2 252 6 096 960 Tenant incentives6 603 599 – 603 599 Capitalised interest 183 034 – 183 034 Total capital expenditure 248 452 372 2 252 248 454 624 Conversion from accrual to cash basis (including subrogated debt on acquisitions)6 (58 997 702) – (58 997 702) Total capital expenditure on a cash basis 189 454 670 2 252 189 456 922 Group (excluding joint ventures) Dec 2025 EUR Joint ventures (proportionate share) Dec 2025 EUR Total Group Dec 2025 EUR Acquisitions6 258 174 198 – 258 174 198 Investment properties 30 200 061 216 113 30 416 174 Incremental lettable space6 12 257 247 – 12 257 247 No incremental lettable space6 16 314 960 216 113 16 531 073 Tenant incentives6 1 627 854 – 1 627 854 Capitalised borrowing costs6 314 268 – 314 268 Total capital expenditure 288 688 527 216 113 288 904 640 Conversion from accrual to cash basis (including subrogated borrowings on acquisitions)6 (56 566 323) – (56 566 323) Total capital expenditure on a cash basis 232 122 204 216 113 232 338 317 1 Extracted from the Group’ s IFRS condensed statement of comprehensive income on page 7. 2 Extracted from the Group’ s IFRS condensed statement of financial position on page 7. 3 Extracted from the management accounts included in the Group’ s segmental statement of profit or loss on pages 18 to 20. 4 Extracted from the management accounts included in the Group’ s segmental statement of financial position on pages 12 to 17. 5 Calculated based on information supporting the management accounts included in the Group’ s segmental statement of profit or loss on pages 18 and 20. 6 Calculated based on information supporting the management accounts included in the Group’ s segmental statement of financial position on pages 12 and 17. 7 Listed investments dividends accrued were calculated as follows: u Klépierre and NEPI Rockcastle: Represents an accrual for dividends from listed investments (based on the average holdings during the period) relating to their respective earnings for the period, but not yet declared. 8 Antecedent distributions related to shares issued during the period with rights to distributions as follows: u Antecedent distributions – interim: for 1H2025 shares issued after 31 December 2024, but prior to 30 June 2025. u Antecedent distributions – interim: for 1H2026 shares issued after 31 December 2025, but prior to 30 June 2026. 9 Calculated as the basic average number of outstanding shares during the period (in line with IFRS earnings). 10 Calculated on the Company’ s total issued shares at the relevant reporting date. 11 Extracted from the notes to the IFRS condensed unaudited consolidated interim results. 12 Estimate of the fair value adjustment related to fixed-rate loans. 13 Based on real estate transfer tax percentages included in the most recent independent external property valuations, except where the Group has achieved different rates for similar assets during the last two years. 14 Annualised cash passing rental income was computed based on the contractual rental amounts effective at the reporting date. 15 Computed based on the Group’ s expected 12-month non-recoverable property operating expenses (including shortfalls on service charges) for the relevant reporting period. 16 Adjustment for unexpired lease incentives such as rent-free periods, discounted rent periods and step rents. The adjustment includes the annualised cash rent that will apply at the expir y of the lease incentive. 17 The ERV of vacant space was based on the amount of rental income Lighthouse expects to achieve upon leasing. 18 The ERV of the whole portfolio was computed based on the passing rent at reporting date, adjusted to include the ERV of vacant space. 19 Further details on size and value are included in the property portfolio over view as set out on page 5. 27 LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026
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Corporate information COMPANY DETAILS AND REGISTERED OFFICE Lighthouse Properties p.l.c. Registration number: C 100848 Registered in Malta on 29 December 2021 ISIN: MU0461N00015 JSE and A2X share code: LTE LEI: 549300UG27SWRF0X2U62 4 th Floor, Office 41, Block A, IL-Piazzetta Tower Road, Sliema, SLM 1605, Malta Email: investorr elations@lighthouse.mt Website: www.lighthouse.mt Tel: +356 21 344 5601 BOARD OF DIRECTORS Mark Olivier1 (Chairperson) Justin Muller3 (Chief Executive Officer) Laurian Mc Gonigal3 (Chief Operating Officer) David Swarts3 (Chief Financial Officer) Stuart Bird1 Karen Bodenstein1 Desmond de Beer2 Anthony Doublet1 Nicolaas Hanekom4 Stephen Paris1 1 Independent Non-Executive Director 2 Non-Independent Non-Executive Director 3 Executive Director 4 Alternate to Desmond de Beer NETHERLANDS OFFICE Barbara Strozzilaan 310 1083 HN, Amsterdam The Netherlands SOUTH AFRICAN TRANSFER SECRETARY JSE Investor Services Proprietary Limited 5th Floor, One Exchange Square, Gwen Lane Sandown, 2196 (PO Box 4844, Johannesburg, 2000) South Africa JSE SPONSOR Java Capital Trustees and Sponsors Proprietary Limited 6 th Floor, 1 Park Lane Wierda Valley Sandton, 2196 South Africa MALTESE COMPANY SECRETARY, REGISTRAR AND TRANSFER AGENT Finco Trust Services Limited The Bastions Office No. 2 Emvin Cremona Street Floriana Malta FRN 1281 AUDITOR PwC Malta 78 Mill Street Zone 5 Central Business District Qormi CBD 5090, Malta COMMERCIAL BANKERS ING Bank N.V. Bijlmerdreef 106 1102 CT Amsterdam The Netherlands Forum Coimbra, Coimbra, Portugal 28 LIGHTHOUSE PROPERTIES p.l.c. UNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026
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