Klépierre (LI) investor relations material

Opening remarks and agenda

• Notice of meeting published in official bulletins, notifications sent to shareholders and auditors, and quorum confirmed.

• AGM broadcast live online, with formalities and officer appointments completed, including Stanley Shashoua as Chairman.

• Agenda included management report, trading update, statutory auditors' reports, CSR strategy, governance, compensation, Q&A, and voting on resolutions.

• Tribute paid to the late David Simon, highlighting his transformative leadership.

Financial performance review

• Retailer sales increased by 3.4% in 2025, doubling national indices, with shopping centers gaining market share.

• Rental income rose 5.1% over 2024; EBITDA margin reached a historic 87.3%.

• Net current cash flow per share up 5.1% to €2.72, exceeding initial targets and guidance.

• Portfolio value reached €21.2 billion, up 4.95% year-on-year and 19% over two years; NAV per share up 9%.

• Q1 2026: footfall up 1.6%, retailer sales up 4.4%, rental income up 2.8%, EBITDA up 2.7%, occupancy at 96.9%.

Strategic initiatives and plans

• Acquisition of Casamassima mall in Bari, Italy for €160m, targeting high single-digit ROI from year one.

• Focus on retenanting, rental uplift, and operational improvements at new assets.

• Continued focus on operational excellence, asset rotation, and maintaining a strong balance sheet.

• Maintained flexibility for selective external growth, with net debt/EBITDA reduced to 6.7x and credit rating upgrades.

• 2026 guidance reiterated: minimum EBITDA €1,130m and at least €2.75 net current cash flow per share.