Retail Estates (RET) Investor presentation summary

Leadership and strategic direction

• New CEO Nicolas Beaussillon appointed in January 2026, bringing extensive real estate and retail experience after a 28-year predecessor tenure.

• Focus remains on out-of-town retail properties, emphasizing easy access, free parking, and omnichannel synergies.

• Expansion strategy targets mature and dynamic markets in France, Belgium, and the Netherlands, with €110 million investment capacity.

Portfolio and operational performance

• Portfolio includes 1,017 retail properties across 114 locations, totaling 1,210,870 m², with a 97.79% occupancy rate.

• First French acquisition: L'Oseraie retail park in Osny for €29 million, generating €1.95 million annual income.

• New development in Kampenhout, Belgium, with a €27 million investment and 20,000 m² surface area, opening by early 2028.

• Portfolio fair value reached €2.08 billion as of Q3 2025-2026.

Financial highlights

• Net rental income for the first nine months of 2025-2026 was €108.72 million, up 2.11% like-for-like.

• EPRA earnings reached €68.28 million, with EPRA earnings per share at €4.57.

• Debt ratio stands at 41.49%, with net debt/EBITDA at 7.24 and €184.3 million in unused credit facilities.

• Operational margin is 80.86%, and EPRA NTA per share is €80.66.