2025 results

2025 NRE UP +3.9%

COMMERCIAL PERFORMANCE RAMP UP

NTA GROWTH OF +4.1% OVER 12 MONTHS

SUSTAINED GROWTH EXPECTED FOR 2026 AND THE MEDIUM TERM

Completion of the portfolio’s refocusing on dominant assets located in dynamic regions, supported by retail mixes aligned with consumer expectations, contributing to the strong performance delivered in 2025 and to continued growth onward.

• Net recurrent earnings (NRE) up +3.9% to Euro 117.5 million, or Euro 1.26 per share
• Footfall up +3.9% across the portfolio, +300bp above the national panel

Realignment around the dynamic shopping parks segment, with an attractive and accessible retail brands selection

• Retailer sales up +2.6%, +280bp above the national panel
• Organic rental revenue growth of +2.8%, supported by a +2.2% increase in reversion
• Current financial occupancy rate at a historic high of 98% and occupancy cost ratio stable at 10.9%

Vacancy rate now frictional and occupancy cost ratio supporting reversion across the portfolio

• Resumption of a growth strategy through accretive, value-creating acquisitions

Growth strategy to continue moving forward in 2026, implemented in 2025 through acquisitions with attractive yield rates including the Saint-Genis 2 Shop•Park and minority interests in Hyperthetis, which owns five hypermarkets

• Portfolio value up +10.1% year-on-year to Euro 3,041 million including transfer taxes

Increase driven by the revaluation of the Saint-Genis 2 Shop•Park, acquired in June 2025, as well as successful asset restructurings and the impact of the improvement in operational indicators across the vast majority of our sites

• Appraisal yield rate stable at 6.65%
• EPRA NTA up +4.1% to Euro 16.96 per share, vs Euro 16.29 at end-2024
• Loan to value ratio of 39.5%[1], an improvement of 260bp over six months
• Dividend per share of Euro 1.00[2] proposed for 2025

2026 OBJECTIVES AND MEDIUM-TERM OUTLOOK

• 2026 NRE expected to reach at least Euro 1.29 per share
• 2026 dividend of at least Euro 1.00 per share
• Looking ahead to 2028: continued growth strategy

Outlook by 2028 of an average annual rental growth ranging between +5% and +7%, making it possible to absorb the increase in financial expenses and supporting an average annual NRE growth of +2% to +4%

[1] Including transfer taxes

[2] Amount submitted for approval by the shareholders present or represented at the ordinary general meeting to be held on April 23, 2026