Aradei Capital Sa · CSEMA:ARD
Aradei Capital Sa — H1 2026 Earnings Presentation
25 slides from Aradei Capital Sa's earnings presentation, Oct 1, 2026
Slide 1: Bricks For Business - H1 2026 Results Presentation
RESULTS PRESENTATION Bricks For Business H1 2026 Bricks For Business Thursday, 1st October 2026
Slide 2: Contents
H 1 2 0 2 6 R E S U L T S C O N F E R E NC E Contents 01 H1 2026 Activity 02 H1 2026 Financial Performance 03 Execution of the 2030 Roadmap
Slide 3: Aradei Capital: Activity in the first half of 2026
01 Aradei Capital Activity in the first half of 2026
Slide 4: The three drivers of the half-year
01 · ARADEI CAPITAL The three drivers of the half-year 01 OPERATING ASSETS MOMENTUM Solid and resilient portfolio performance 02 PROGRESS ON STRATEGIC PROJECTS Continued development of flagship projects and new investments 03 ROLL-OUT OF NEW INITIATIVES Delivery of new growth drivers in leisure, ret
Slide 5: The portfolio at a glance
01 · ARADEI CAPITAL The portfolio at a glance 18% ~MAD 8.5bn 1% Healthcare Portfolio valuation Offices vs MAD 8bn in H1 2025 5% High Street Retail 33% 507,000 sqm Diversified Retail - Food retail assets GLA vs 474,000 sqm in H1 2025 7% (as % of GLA) Industrial 15% 12% 35 assets Retail - Other Retail
Slide 6: Strong operational performance
01 · ARADEI CAPITAL Strong operational performance 97% Occupancy rate as of 30 June 2026 106% Footfall rate* Relative to H1 2025 level 93% Collection rate as of 30 June 2026 * Retail assets equipped with a footfall counting system. 6 | Aradei Capital · Results as of 30 June 2026
Slide 7: A diversified, high-quality tenant base
01 · ARADEI CAPITAL A diversified, high-quality tenant base KEY FIGURES TOP 3 TENANTS 57% of rents + 650 64% of GLA Long-term fixed-tenure leases leases 33% of rents 16% of rents 8% of rents A GRANULAR BASE OF OTHER TENANTS + 300 brands < 5% of rents for each of the other tenants 7 | Aradei Capital
Slide 8: Acceleration of the investment pace
01 · ARADEI CAPITAL Acceleration of the investment pace Annual investment, MAD m x2 600 2026 INVESTMENT PROGRAMME* MAD 600m 378 H2 planned in 2026 300 vs ~MAD 300m invested in 2025 In line with the property company’s 2030 vision 158 222 H1 142 2025 2026E * On a cash-disbursement basis 8 | Aradei Cap
Slide 9: Sela Park Casablanca
01 · ARADEI CAPITAL Sela Park Casablanca Retail park opened in November 2025 A new family destination in a fast-developing neighbourhood ~30,000 sqm ~83% GLA Occupancy rate 30.06.26 Façade view ~10,000 sqm Dedicated to immersive leisure Environmental certification A recent asset in its stabilisation
Slide 10: Our environmental achievements
01 · ARADEI CAPITAL — Our environmental achievements 1st EDGE Champion company in Morocco (IFC) 5 EDGE / EDGE Advanced certified assets 3 retail parks, 1 health care unit, 1 office building 8 assets equipped with solar panels in 2026e Nearly 40% of multi-tenant assets equipped with EV charging stati
Slide 11: Financial performance
02 Financial performance Financial results as of 30 June 2026
Slide 12: Operating assets momentum and new growth drivers
02 · H1 2026 FINANCIAL PERFORMANCE Operating assets momentum and new growth drivers IFRS consolidated revenue EBITDA Adjusted FFO* MAD m MAD m MAD m +28% vs H1 2025 +6% vs H1 2025 +5% vs H1 2025 393 244 163 229 155 60 9 9 308 229 235 155 155 308 334 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 Pr
Slide 13: Financial performance - H1 2026 results
02 · H1 2026 FINANCIAL PERFORMANCE Financial performance - H1 2026 results Residential Property In MAD m Total 30/06/2026 Property Investment Development Rental income 311 311 – Other income 82 22 60 Revenue 393 334 60 EBITDA 244 235 9 EBITDA margin 61.9% 70.3% 15.0% Adjusted FFO* 163 155 9 (*) H1 2
Slide 14: A balanced financial structure
02 · H1 2026 FINANCIAL PERFORMANCE A balanced financial structure 3,664 MAD m 38% 3.5x Gross debt EPRA LTV* as of 30 June 2026 ICR vs 34% at end-2025 Diversified funding sources Financing structure Gross debt breakdown, % ~4.5% Average cost of funding Bank debt 64% Bonds 28% ~85% Fixed-rate or cappe
Slide 15: Execution of the 2030 roadmap
03 Execution of the 2030 roadmap Investment · Diversification · Transformation
Slide 16: Borj Fez renovation
03 · 2030 ROADMAP Borj Fez renovation Completion in Q3 of the extension and renovation programme Arrival of new premium brands, improved customer experience and merchandising mix. 27,500 sqm 5 million Total GLA 30.06.2026 Visitors Façade view +2,500 sqm 92% (Dec 2025) →98% Area created Occupancy rat
Slide 17: Almazar renovation
03 · 2030 ROADMAP Almazar renovation Renovation works progressing towards delivery at end- 2026 Upgrade of the mall and expansion of the leisure and food & beverage offering to strengthen its appeal 37,000 sqm 95% Total GLA 30.06.2026 Occupancy rate 30.06.2026 Façade view 25% 3.5 million Target leis
Slide 18: Sela Gallery Rabat
03 · 2030 ROADMAP Sela Gallery Rabat Start of development works on an extension Expansion of one of the property company’s historic assets located on a major city thoroughfare 9,400 sqm 97% Total GLA 30.06.2026 Occupancy rate 30.06.2026 +4,000 sqm 5% 2 million→ 14% (Dec 2025) Extension area Visitors
Slide 19: Mixed-use project at the entrance to Casablanca
03 · 2030 ROADMAP Mixed-use project at the entrance to Casablanca ~30% Development works progress at end-June 2026 Steady progress on site, creating a new destination at the southern Construction site view entrance to Casablanca. Indicative rendering Indicative rendering 19 | Aradei Capital · Result
Slide 20: Casa Anfa
03 · 2030 ROADMAP Casa Anfa A new land plot for a mixed-use project within the Casa Anfa urban hub. Acquired in July 2026 ~30,000 sqm GFA Indicative rendering Development potential Retail Offices Residential Development of an open, integrated project designed around complementary uses, to create a n
Slide 21: Leisure - Roll-out of the WAW concept
03 · 2030 ROADMAP Leisure - Roll-out of the WAW concept Leisure Best Leisure, a subsidiary created in 2012, currently operates 12 leisure and entertainment spaces within our assets. • Gradual roll-out of the Family Entertainment Center concept: JANUARY 2026 Sela Park Casablanca 1st WAW FEC opened ·
Slide 22: Retail media – Our assets, a showcase for brands
03 · 2030 ROADMAP Retail media – Our assets, a showcase for brands Retail media Launch in November 2025 of the retail media agency Elevate, offering tailor-made, high-impact formats in strategic locations to enrich the customer experience and deepen engagement. • A digital network of 32 screens depl
Slide 23: 2030 Roadmap: ~MAD 2.4bn of investments secured
03 · 2030 ROADMAP 2030 Roadmap: ~MAD 2.4bn of investments secured, ahead of trajectory 2025 – 2030 investment programme SECURED as of 30 JUNE 2026 CAPITAL MARKETS DAY TARGET ~MAD 2.4bn ~MAD 3.3bn Investment pipeline under execution ~70% of the 2030 programme under execution 23 | Aradei Capital · Res
Slide 24: 2030 Roadmap: Reminder of the Capital Markets Day targets
03 · 2030 ROADMAP 2030 Roadmap: Reminder of the targets announced at the Capital Markets Day PORTFOLIO SIZE (MAD BN) REVENUE FUNDS FROM OPERATIONS (MAD M) (MAD M) +3.3 x 1.8 x 1.6 bn MAD ~11.3 ~1,100 ~500 ~8 305 606 2024 2030e 2024 2030e 2024 2030e Forecast target indicators 24 | Aradei Capital · Re
Slide 25: Contact
H 1 2 0 2 6 R E S U L T S C O N F E R E NC E Contact [email protected]