Eurocommercial Properties (ECMPA) investor relations material

Executive summary

• Portfolio of 25 shopping centers valued at €4.2 billion across Belgium, France, Italy, and Sweden, with Italy representing 44% and delivering standout operational performance and leading rental and retail sales growth.

• Achieved strong operational and financial performance in H1 2026, driven by rental growth, successful remerchandising, and portfolio expansion, including the acquisition of Avion Shopping in Sweden and Mood leisure asset in Milan.

• 308 leases signed in the last 12 months, with an average rental uplift of 4.7%; new lettings achieved 7.9% uplift.

• ESG and digitalization initiatives, including AI adoption, decarbonization, and increased renewable energy sourcing, are integrated into operations to enhance efficiency and asset resilience.

• Major remerchandising projects nearing completion, expected to deliver double-digit returns on cost in 2027 and significant additional rental income.

Financial highlights

• Direct investment result rose 2.6% year-over-year to €68.7 million for H1 2026; EPRA Earnings up 3.1% to €67.6 million.

• IFRS profit increased by 84.8% to €78.1 million compared to H1 2025, mainly due to non-recurrence of a €50 million substitute tax and lower deferred tax.

• Portfolio valuation increased to €4.2 billion, with all markets posting valuation gains and stable net initial yields.

• Net loan-to-value (LTV) at 40.9%, reflecting acquisitions; net debt to EBITDA at 8.5x.

• Rental income and retail sales grew 4.7% and 4.6% respectively, with Italy leading at 7.3% sales growth.

Outlook and guidance

• Guidance for direct investment result reaffirmed at €2.45–2.50 per share for 2026, with further growth expected in 2027 as remerchandising projects and acquisitions fully contribute.

• Full benefits from major projects and new store openings expected in 2027, with limited impact in H2 2026.

• Continued focus on rental growth, cost control, digitalization, and ESG execution.