English (Half year report 2026)

at 30 June 2026

Property value

No. of properties 8

Property value

No. of properties 8

Property value

No. of properties 8

Property value

No. of properties 1

44%

of portfolio

23%

of portfolio

20%

of portfolio

13%

of portfolio

* Figures based on proportional consolidation as set out in Note 2 of the Condensed Consolidated Interim Financial Statements.

Contents

01 Highlights

08 Board of Management's commentary 09 Operational review

FULL OPERATIONAL AND FINANCIAL REVIEW

7

13 Country commentary

1. Group ESG activities

2. Financial review

1. Responsibility statement

2. Condensed consolidated interim financial statements

1. Other information

2. Alternative performance measures appendix (statement of consolidated direct, indirect, and total investment results, EPRA performance measures)

With low indexation in almost all our countries, rental growth depends on our ability to generate incremental income through active leasing and asset management. Our focus is therefore on introducing new retailers, retaining successful tenants, continuously improving the merchandising mix and bringing vacant or reconfigured space back into income. We are also strengthening our leasing teams across the four markets, adding further expertise and resources to deepen relationships with leading retailers and identify new concepts and opportunities for our centres. In France, where the leasing environment remains particularly competitive, we have taken a selective and pragmatic approach. In certain cases, we have accepted lower rents on new lettings where this allows us to introduce stronger or more relevant retailers and improve the overall merchandising mix. While these decisions have temporarily affected rental growth, we believe that maintaining an attractive and competitive retail offer is essential to the longterm performance of our centres and that these initiatives will support future footfall, retailer sales and rental growth.

We are also reaching an important stage in the remerchandising programmes undertaken over recent years. A number of major projects are now approaching completion, with the associated space progressively returning to full operation. During the works, units involved in these programmes temporarily generated little or no rental income. As the new stores open and begin trading, we expect these areas to make an increasing contribution to rental income and organic growth. At the same time, we will continue to identify opportunities across the portfolio where targeted reconfiguration and remerchandising can further enhance the customer offer and long-term income potential of our assets.

The acquisition of Avion Shopping in April, yielding 8%, provides an additional opportunity to apply this approach, adding a dominant regional shopping centre to the portfolio with clear potential to improve occupancy, strengthen the merchandising mix and grow rental income through our leasing and asset management expertise. Initial leasing activity since completion has been encouraging, with Lekia, a toy retailer, becoming the first new tenant to take previously vacant space, while discussions are progressing well with other several potential brands to increase the occupancy.

Terms have also been agreed for the acquisition of Mood, a leisure destination adjacent to Fiordaliso shopping centre in Milan, for a total price of €7.5 million, representing a 14% yield. The property comprises a multi-screen cinema, a gaming area and approximately 5,000m² of space that can be redeveloped into restaurants and additional leisure, further strengthening Fiordaliso's attractiveness and the overall offering. Completion is expected before the end of the year.

Our operational performance and disciplined approach to asset management continue to support the financial results. Net property income increased by 3.1% and the direct investment result by 2.6% to

€68.7 million during the first half, while the portfolio recorded a positive valuation movement. Following the acquisition of Avion Shopping, the consolidated net loan-to-value ratio based on proportional consolidation stood at 40.9%.

Looking ahead, we remain confident and focused on disciplined asset management, continuously enhancing the quality of our portfolio and creating long-term value.

We reaffirm the 2026 direct investment result guidance at €2.45-€2.50 per share, with further growth expected in 2027 as a result of the full year contributions of Avion Shopping and of the remerchandising projects.

Retail sales continued to show positive momentum, with like-for-like sales increasing by 4.6% in the first half of 2026 and 4.3% over the last 12 months. Growth was recorded across all four markets, with Italy delivering the strongest H1 performance at +7.3%, followed by Belgium (+3.8%), Sweden (+3.5%) and France (+1.4%).

At sector level, the trend was also encouraging, with particularly strong growth in the first six months of 2026 in Gifts & Jewellery (+9.1%), Services (+7.2%), Food & Restaurants (+6.5%), Books & Toys (+6.5%) and Health & Beauty (+6.0%). Home Goods also returned to growth, further highlighting the broader improvement in trading performance during the first half of the year.

Like-for-like retail sales by country*

*Excluding extensions/redevelopments

Like-for-like retail sales by sector*

*Excluding extensions/redevelopments

Like-for-like (same floor area) rental growth for the 12 months to 30 June 2026 was 2.5%, 190 basis points above indexation and supported by active leasing and the reletting of vacant units.

Italy and Belgium delivered the strongest growth, benefitting from the positive impact of recent remerchandising initiatives and the strengthening of their retail offers. Sweden remained positive at

+0.3%, despite the impact of vacancies, with early signs of improvement as leasing activity progresses and new tenants are secured. France recorded -1.5%, reflecting a selective approach to leasing, with some lower rents accepted to refresh the tenant mix and support the long-term performance and attractiveness of the centres.

Like-for-like rental growth

Like-for-like rental growth is calculated based on 12-month data and excludes the impact of acquisitions, disposals and development projects to provide an accurate figure for comparison. It includes the impact of indexation, turnover rent, vacancies and leasing.

Over the past 12 months, leasing activity remained strong, with a total of 308 renewals and relettings completed. Overall, these agreements delivered an average rental uplift of 4.7%. Of the total, 207 leases were renewals with existing tenants, resulting in a rental increase of 2.9%. The other 101 leases involved retailers taking occupancy in new units across our shopping centres. These new lettings enhanced the tenant mix and achieved a significantly higher rental uplift of 7.9%, demonstrating continued demand from retailers and brands seeking to establish a presence in our centres.

Renewals and relettings for the 12 months to 30 June 2026*

*Excluding extensions/redevelopments

EPRA vacancy remained low and stable at 1.0% at 30 June 2026, unchanged from year-end 2025 and below the 1.2% recorded a year earlier. Occupancy remained high across all four markets, with particularly low vacancy levels in Italy (0.2%) and Belgium (0.8%), while France and Sweden stood at 1.4% and 2.6%, with both markets recording an improvement during the second quarter following successful leasing activity.

EPRA vacancies*

*Excluding storage space

Out of almost 2,000 shops, there were only 23 tenants in administration occupying in total 34 units, representing 1.2% of total GLA and 1.4% of total MGR. For most of these units, rent continued to be paid.

At 30 June 2026, the portfolio's overall occupancy cost ratio (OCR), comprising rent, marketing contributions, service charges and tenant property taxes as a percentage of tenant sales including VAT, stood at 9.2%, compared with 10.1% a year earlier. The improvement was driven by continued growth in tenant sales and leaves the portfolio with one of the lowest OCRs in the sector, supporting affordable occupancy costs, sustainable rental growth and consistently high occupancy levels.

Occupancy cost ratios

Rent collection for the 12 months to 30 June 2026 reached 99%.

Collection rate comparison

At 30 June 2026, all the Company's properties were independently valued as usual in accordance with the rules set out in the "Red Book" of the Royal Institution of Chartered Surveyors (RICS), the International Valuation Standards and IAS 40. The firms appointed this year were CBRE, Colliers, Cushman & Wakefield, JLL, Knight Frank, Kroll and Savills.

The fair value of the portfolio increased by 1.4% relative to 30 June 2025 and by 0.7% compared with 31 December 2025. The portfolio continues to benefit from its high-quality composition, with the five flagship assets accounting for 45% of total value and the suburban hypermarket shopping centres representing the remaining 55%.

Valuations at 30 June 2026

Avion Shopping acquisition in Umeå - Sweden

In April, Eurocommercial completed the acquisition of the 45,000m² Avion Shopping Centre in Umeå from Ingka Centres, further strengthening its position as owner and operator of dominant shopping centres in the Nordics. Avion Shopping is a modern regional retail destination comprising approximately 80 shops and restaurants, anchored by strong brands including Willys, H&M, Clas Ohlson and Stadium. The scheme benefits from a well-balanced mix of national and international retailers, as well as a recent extension with large-format stores, currently yields 8%. The acquisition has been partially financed with available resources and partly through a 5-year SEK 700 million green loan granted by SEB.

Fiordaliso's Mood acquisition in Milan - Italy

The Group has agreed terms on the acquisition of Mood, a leisure destination adjacent to Fiordaliso for

€7.5 million. The investment, which generates a 14% return, comprises a multi-screen cinema, a gaming area and approximately 5,000m² of space that can be redeveloped into restaurants and additional leisure, further strengthening Fiordaliso's attractiveness and the overall offering. The property also includes approximately 750 underground parking spaces. Completion is expected before the end of the year.

Three major remerchandising projects are now approaching completion, marking an important transition towards their full contribution to income generation. At I Gigli, the opening of Lefties this autumn, together with Lidl in the retail park, will mark the beginning of a new remerchandising phase for the centre. At Collestrada, the handover of the new Primark unit was completed with the store scheduled to open in Q4 2026, while at CremonaPo the opening of Primark in July completed the centre's remerchandising programme. During the works in 2025 and 2026, a number of units involved in these initiatives were temporarily non-income producing, limiting their contribution to rental growth. As the new tenants become fully operational, these units will return to full income generation.

At I Gigli, €9.8 million of Capex is expected to generate approximately €2.9 million of additional rent, while at Collestrada, €15.9 million Capex is expected to deliver around €2 million of additional rent and at CremonaPo, €5.9 million Capex is expected to generate around €0.7 million, in each case above indexation. These projects follow the successful remerchandising initiatives at Woluwe Shopping and Carosello, where €4.8 million and €5.8 million of Capex respectively generated approximately €1.0 million and €1.1 million of additional rent, respectively.

Together, these initiatives demonstrate a repeatable asset management approach: improving the retail offer, growing rental income and generating attractive returns on capital.

Italy delivered the strongest operational performance across the Group. Retail sales increased by 7.3% during the first half of 2026, while rental growth reached 5.4%, driven primarily by active leasing, relettings and remerchandising initiatives rather than indexation, demonstrating the portfolio's ability to generate organic growth through proactive asset management. Leasing activity remained particularly strong, generating an average rental uplift of 7.3%, with relettings achieving 9.4% and renewals 5.2%, while EPRA vacancy remained exceptionally low at 0.2%.

Asset management initiatives continued to enhance the quality of the portfolio, with the opening of Primark's new store at CremonaPo, marking the completion of the centre's remerchandising programme and attracting exceptional customer interest. At Collestrada, the handover of the new Primark unit in early July represented another important milestone, with the opening scheduled for the fourth quarter of 2026. At I Gigli, the remerchandising programme continued with the forthcoming opening of Lefties and Lidl, while planning progressed for future expansion opportunities at both I Gigli and Carosello, reinforcing the long-term growth potential of the Italian portfolio.

The portfolio also continued to make progress on its decarbonisation roadmap through the rollout of heat pumps, solar photovoltaic installations and energy efficiency projects, with electricity consumption and landlord-controlled greenhouse gas emissions further reduced during the period.

The Swedish portfolio delivered a positive operational performance during the first half of 2026, with footfall increasing by 4.5% and retailer sales by 3.5%. Ingelsta was a particularly strong contributor, benefiting from the successful transformation of the former ICA Maxi space and the introduction of Åhléns, Coop and Normal.

Like-for-like rental growth was 0.3%, with leasing activity showing encouraging results. Over the last twelve months, 117 renewals and relettings were completed at an average uplift of 3.6%, with relettings achieving 13.7%. Active leasing also contributed to reducing EPRA vacancy from 3.4% in Q1 to 2.6% at the end of Q2, supported by new lettings including Brothers at Grand Samarkand and Apoteket and Synoptik at Ingelsta.

Asset management activity continued across the portfolio, with new and expanded stores including Rituals at Elins Esplanad, IKEA and Clas Ohlson at C4 Shopping. The acquisition of Avion Shopping in April added a dominant regional asset to the Swedish portfolio. Initial leasing activity since completion has been encouraging, with Lekia, a toy retailer, becoming the first new tenant to take previously vacant space, while discussions are progressing well with other several potential brands to increase the occupancy.

The portfolio also continued to progress its sustainability objectives. All Swedish centres are equipped with solar panels, with annual production capacity of approximately 10% of portfolio electricity consumption including tenants.

The French portfolio continued to demonstrate resilience despite a more challenging consumer environment. Tenant sales increased by 1.4% over the first six months of the year, supported by footfall growth of 4.1%. Leasing activity remained focused on further strengthening the merchandising mix through the introduction of brands including Intersport, Normal, Rituals, Tape à l'Œil and L'Atelier d'Amaya, while key renewals, including Sephora at Passage du Havre, were successfully completed. Rental growth was -1.5%, primarily reflecting strategic leasing decisions, where selected relettings were concluded at lower rents to optimise the long-term merchandising mix and enhance the quality and attractiveness of the centres.

Preparations also continued for the redevelopment of Val Thoiry following Leroy Merlin's planned movement to an adjoining site, while roadworks to improve the accessibility to the shopping centre are progressing according to plan.

ESG initiatives advanced across the portfolio, including the completion of geothermal heating works and the continued replacement of gas heating systems.

In the first half of 2026, Woluwe Shopping continued to perform well, footfall increased by 2.9%, while retailer sales grew by 3.8%, reflecting the continued success of the centre's premium positioning and strengthened retail mix.

Like-for-like rental growth reached 3.5%, supported by active leasing, with 26 renewals and relettings generating an average rental uplift of 5.6% and reducing the EPRA vacancy rate to 0.8% from 1.1% at the end of 2025. Across the 12 months, nine relettings were signed achieving an average rental uplift of 8.2%, bringing new brands including Hawaiian Poke Bowl, Agatha Paris, Cabaïa.

Preparations are advanced for a comprehensive interior renovation that will further enhance the customer experience and reinforce Woluwe Shopping's position as one of Belgium's leading shopping destinations.

Sustainability initiatives continued to improve the environmental performance of the asset, including ongoing roof insulation programme and the installation of additional electric vehicle charging stations.

Sustainability remains a strategic priority for the Company and continues to guide initiatives aimed at enhancing asset quality, reducing carbon emissions and strengthening portfolio resilience. During the first half of 2026, the Group continued in its path towards its target of carbon neutrality for landlord-controlled energy (Scope 1 and 2) by 2030 and a net-zero portfolio by 2050, in line with the CRREM decarbonisation pathways.

With reference to the data collection for the period Q4 2025 - Q1 2026 the Company made tangible progress across its ESG roadmap through targeted decarbonisation initiatives, increased renewable energy sourcing and ongoing investment in the environmental performance of its portfolio:

• Renewable electricity sourcing in landlord-controlled areas increased further to 97% of total electricity consumption (2025: 93%);

• In tenant-controlled areas, the proportion of renewable electricity rose significantly to 64% (2025: 50%), reflecting a continued collaboration with tenants, in line with Green Leases, to accelerate the transition to cleaner energy;

• Asset quality remains a cornerstone of the Company's ESG strategy. The entire portfolio is BREEAM certified, and during the second quarter of 2026, the Company launched the pre-assessment phase for the renewal of BREEAM In-Use certifications for six shopping centres in Italy and one in France, targeting an Excellent rating;

• The energy performance of the property portfolio continued to improve during the period, with 85% of the gross lettable area (GLA) now achieving Energy Performance Certificate (EPC) ratings of A, B or

  C. This reflects the inclusion of the recently acquired Avion Shopping, which holds an EPC rating of B, and the successful improvement of Modo Shopping Centre's EPC rating from E to B;

• Engagement with tenants remains an important component of the Company's sustainability strategy. In the first half of the year, Eurocommercial planned further activities to engage tenants, highlighting opportunities for landlord-tenant collaboration on energy reduction initiatives. The communication plan covers sustainability initiatives designed to improve awareness on energy consumption and support the transition towards lower-carbon operations across the portfolio.

Several major asset-level decarbonisation projects were completed or advanced during the period. At I Gigli Shopping Centre, the gas-fired co-generation plant was decommissioned in April 2026 and replaced with high-efficiency heat pumps. The project also included the installation of LED lighting in external areas, further reducing energy consumption and carbon emissions. At Carosello, the project to eliminate the use of natural gas through the installation of a geothermal system reached a key milestone with the receipt of all required administrative approvals. Construction is expected to commence shortly, with completion targeted for the first quarter of 2027.

At Centr'Azur, the gas boilers serving the common areas were successfully replaced with a geothermal system combined with heat pumps, significantly reducing reliance on fossil fuels. At Les Atlantes, the decarbonisation programme continued to progress with the procurement of new heat pumps to replace the existing gas boilers, paving the way for implementation in the next phase of the project.

At Woluwe Shopping, the feasibility of installing additional rooftop solar panels is being assessed, with the aim of increasing on-site renewable energy generation. Works are already underway to improve the roof's waterproofing and insulation, enhancing the building's thermal performance, climate resilience and

long-term environmental performance. These initiatives are expected to increase on-site renewable energy generation, enhance the building's resilience to climate-related risks and support its long-term environmental performance.

As a result, and in execution of its ESG roadmap, Eurocommercial continues to reduce carbon intensity, enhance asset quality, strengthen collaboration with tenants and improve portfolio resilience, supporting the successful delivery of its 2030 and 2050 sustainability ambitions.

The IFRS profit after taxation for the first six months of 2026 increased to €78.1 million (€1.43 per share), compared with €42.3 million (€0.79 per share) for the corresponding period in 2025. The improvement primarily reflects the non-recurrence of the €50 million substitute tax recognised in Italy in the first half of 2025 and lower deferred tax on property investments, resulting in a €51.6 million lower deferred tax charge. In addition, favourable fair value movements on derivatives of €2.2 million and an improved contribution from the joint venture by €2.8 million further supported the result. These positive effects were partly offset by lower revaluation gains of €22.5 million on the property portfolio compared with the first half of 2025.

The underlying operational performance remained resilient during the period. IFRS net property income increased by €3.0 million to €98.4 million, driven by higher rental income of €2.9 million, reflecting annual indexation, lease renewals and relettings, together with the contribution from the acquisition of Avion Shopping in Sweden from 16 April 2026. The increase in property expenses of €1.1 million, mainly reflecting the costs attributable to Avion Shopping and higher bad debt provisions in France and Belgium was largely compensated by lower Company expenses (€0.8 million) achieved thanks to cost-efficiency measures. The net service charges improved by €1.2 million, largely due to a one-off tax refund in Belgium.

The IFRS contribution from the joint venture increased to €3.2 million in the first half of 2026 compared to €0.4 million in the first half of 2025. The improvement mainly reflects the non-recurrence of the substitute tax recognised in the prior-year period of €5 million, favourable derivative movements and continued operational performance of €0.2 million, partly offset by lower property revaluation gains of

€2.9 million.

IFRS equity amounted to €2,149.5 million at 30 June 2026 compared with €2,162.5 million at 31 December 2025. The decrease primarily reflects the interim dividend paid in January 2026 and the final dividend declared in respect of the 2025 financial year, together with the negative currency translation movement of €11.2 million following the weakening of the Swedish krona. These movements were largely offset by the profit generated during the first six months of the year of €78.1 million.

IFRS net consolidated borrowings increased to €1,620.7 million at 30 June 2026 from €1,584.7 million at 31 December 2025, mainly reflecting the financing of the acquisition of Avion Shopping.

The IFRS net asset value per share decreased to €39.31 at 30 June 2026 from €39.74 at 31 December 2025.

The Company also presents alternative performance measures according to the European Securities and Markets Authority (ESMA) guidelines. These alternative performance measures, such as direct and indirect investment results, net loan-to-value ratio, adjusted net asset value and EPRA performance measures, are used to present the underlying business performance and to enhance comparability between financial periods and among peers. Alternative performance measures presented in this press release should not be considered as a substitute for measures of performance in accordance with IFRS.

The direct investment result for the first six months of 2026 increased by 2.6% to €68.7 million, compared with €66.9 million for the corresponding period in 2025. The improvement was driven by higher rental income of €2.9 million, reflecting annual indexation, lease renewals, relettings and the contribution from Avion Shopping, together with an improvement in the net service charge result largely due to a one-off tax refund in Belgium. Company expenses decreased by €0.8 million following the implementation of cost-efficiency measures and the direct investment contribution from the joint venture increased by €0.4 million. These favourable developments were partly offset by higher property expenses of €1.1 million, mainly related to Avion Shopping and an increase in bad debts in France and Belgium, higher net interest expenses of €1.5 million reflecting higher borrowing levels.

The direct investment result is defined as net property income plus other income less net interest expenses and company expenses after taxation. In the view of the Board, this more accurately represents the underlying profitability of the Company than IFRS "profit after taxation", which includes unrealised valuation movements and other non-cash items.

The direct investment result per share increased to €1.26 from €1.25 in the first half of 2025, despite the 1.7% increase in the average number of shares outstanding from 53,710,643 to 54,637,824.

The indirect investment result amounted to a profit of €9.4 million compared with a loss of €24.6 million in the corresponding period of 2025. The improvement was primarily driven by the significantly lower deferred tax charge, following the non-recurrence of the substitute tax recognised in Italy in the previous period, the favourable fair value movements on derivatives and an improved contribution from the joint venture. These positive effects more than compensated for the lower property revaluation gain of €26.4 million compared with €48.9 million in the first half of 2025.

Gross rental income, including the Company's proportional share of the joint venture, increased by 2.6% to €122.7 million from €119.7 million in the first half of 2025, reflecting annual indexation, lease renewals, relettings and the contribution from the acquisition of Avion Shopping.

Net property income, including the Company's proportional share of the joint venture, increased by 3.1% to €104.8 million compared with €101.7 million in the first half of 2025. The increase reflects higher rental income and an improved net service charge result, partly offset by higher property expenses.

The adjusted net asset value amounted to €42.86 per share at 30 June 2026, compared with €43.08 at 31 December 2025 and €41.74 at 30 June 2025. Adjusted net asset value excludes contingent capital gains tax liabilities and the fair value of financial derivatives.

EPRA Earnings for the first six months of 2026 amounted to €67.6 million, or €1.24 per share, compared with €65.5 million, or €1.22 per share, in the corresponding period of 2025.

EPRA Net Tangible Assets (EPRA NTA) slightly decreased to €42.44 per share at 30 June 2026 from

€42.81 at 31 December 2025 mainly due to the distribution of the final dividend for the full year 2025. EPRA NTA increased to €42.44 per share at 30 June 2026 from €41.46 at 30 June 2025 due to a higher profit after taxation. EPRA NTA excludes deferred tax relating to property investments and financial instruments, together with the fair value of financial instruments, and is calculated on a fully diluted basis.

In the Appendix starting on page 30 the various statements and tables relating to these alternative performance measures are presented for further information.

During the first half of 2026, the Company completed the drawdown of some of the long-term financing facilities secured in late 2025 for a total amount of €525 million. In July 2026 the Company entered into a SEK 700 million (approximately €63.5 million) five-year green loan facility with Skandinaviska Enskilda Banken AB (SEB) at margins in line with its current loans, secured against Avion Shopping in Umeå, Sweden. The financing follows the acquisition of Avion Shopping from Ingka Centres, completed in April 2026, and further strengthens the Company's debt profile.

At 30 June 2026, total long- and short-term borrowings, including the Company's proportional share of the joint venture, amounted to €1,790 million, compared with €1,683 million at 31 December 2025. Net borrowings increased to €1,713 million from €1,612 million at year-end 2025, mainly reflecting the acquisition of Avion Shopping.

The consolidated net loan-to-value ratio, based on proportional consolidation, increased to 40.9% at 30 June 2026 from 39.8% at 31 December 2025, mainly reflecting the acquisition of Avion Shopping.

As at 30 June 2026, the net debt to EBITDA ratio, including the share of the joint venture consolidated on a proportional basis, stood at 8.5x (8.2x at 31 December 2025), while the interest cover ratio was

3.6x (3.7x at December 2025) mainly as a consequence of the acquisition of Avion Shopping.

The average committed unexpired term of the Group's bank loans is 4 years, while the average interest rate remained stable at 3.2%. At 30 June 2026, 82% of the Company's borrowings were fixed or hedged, with an average hedged term of 4 years.

At 30 June 2026, the Company had entered into green and sustainability-linked financings for a total amount of €1,115.4 million (Group share), comprising €751.7 million of green loans, €215.4 million of green and sustainability-linked loans and €148.3 million of sustainability-linked loans. The Company continues to pursue opportunities to further increase the proportion of green and sustainability-linked financings through future loans and upgrades of existing facilities.

Long-term borrowings maturity and amortisation schedule (€m)

9

Amortization

15

End balloon

21 625

257

387

12

-

180

-

25

5

58

2027 2028 2029 2030 2031 2032 2033

The Company has an overall hedging ratio target of around 80%, achieved through a combination of fixed-rate loans and various interest rate hedging instruments, including plain vanilla swaps, collars and forward-starting interest rate swaps. This strategy provides the Company with the flexibility to determine when, and for how long, to fix the variable interest rate on its borrowings while maintaining an efficient financing structure. It also supports the Company's active asset management strategy by avoiding significant break costs when refinancing or disposing of assets financed with predominantly floating-rate debt.

At 30 June 2026, 82% of the Company's proportionally consolidated loan portfolio was fixed or hedged (31 December 2025: 87%). The interest rate hedge portfolio comprised interest rate swaps with an average remaining maturity of 4 years (31 December 2025: over 4.4 years).

Hedging ratio from 30 June 2026 to 31 December 2029

63%

82% 83% 84% 74%

30-06-2026 31-12-2026 31-12-2027 31-12-2028 31-12-2029

The Company is constantly monitoring the development of the Euribor and Stibor interest rate curves, looking for further opportunities to fix an attractive interest rate level also through forward starting interest rate swaps. As a result, the average interest rate for the Company is expected to remain stable for the coming period.

For the financial year ended 31 December 2025, Eurocommercial declared a total dividend of €1.83 per share, comprising an interim dividend of €0.72 per share and a final dividend of €1.11 per share. The interim cash dividend was paid on 30 January 2026. The final dividend was approved by shareholders at the Annual General Meeting held on 2 June 2026 and was paid on 2 July 2026.

Shareholders representing 18.5% of the shares eligible for dividend elected to receive the final dividend in the form of shares. As a result, 361,189 new shares were issued from the Company's fiscal share premium reserve at an issue price of €31.08 per share, increasing the issued share capital to 55,508,668 shares. Accordingly, €11.2 million of the final dividend was settled in shares rather than in cash. The Company, as per its dividend policy, intends to offer shareholders the possibility of opting for a stock dividend instead of a cash dividend for the 2026 interim dividend scheduled for January 2027.

We hereby state that to the best of our knowledge, and in accordance with the applicable IFRS reporting principles for interim financial reporting, the condensed consolidated interim financial statements give a true and fair view of the assets, liabilities, financial position and results of the Group, and that the interim management report of the Board of Management includes the most important transactions with related parties as well as a fair review of the development and performance of the business during the reporting period and the position of the Group at the balance sheet date, together with a description of the principal opportunities and risks associated with the expected development of the Group for the remaining months of the current financial year.

This report makes reference to the 2025 Annual Report with regard to existing risks, which have not materially changed.

Amsterdam, 27 August 2026

Board of Management Evert Jan van Garderen Roberto Fraticelli

(€'000) Six months ended

30-06-26

Six months ended

30-06-25

* The comparative figures for 'Property expenses' and 'Company expenses' have been adjusted to reflect the reclassification of marketing expenses.

** The average number of shares on issue (after deduction of shares bought back) over the six-month period is 54,637,824 in 2026 and 53,710,643 in 2025 and the average diluted number of shares on issue (after deduction of shares bought back) over the six-month period is 55,101,540 in 2026 and 54,008,324 in 2025.

Condensed consolidated statement of comprehensive income

(€'000) Six months ended

30-06-26

Six months ended

30-06-25

* The average number of shares on issue (after deduction of shares bought back) over the six-month period is 54,637,824 in 2026 and 53,710,643 in 2025 and the average diluted number of shares on issue (after deduction of shares bought back) over the six-month period is 55,101,540 in 2026 and 54,008,324 in 2025.

(€'000) Note 30-06-26 31-12-25 30-06-25

Assets

Liabilities

*Comparative figures have been adjusted to better reflect the short-term and long-term balances of the derivative financial instruments.

(€ '000) Six months ended

30-06-26

Six months ended

30-06-25

The movements in equity in the six-month period ended 30 June 2026 were:

(€'000)

Issued share capital

Share premium reserve

Currency translation

reserve

Other reserves

Undistributed income

Total equity

Transactions with owners of the Company Contributions and distributions

The movements in equity in the six-month period ended 30 June 2025 were:

interim

- interim

previous financial year

Eurocommercial Properties N.V. (the Company) domiciled in Amsterdam, the Netherlands, is a closed-end property investment company. This interim report included the figures for the six-month period starting 1 January 2026 and ended 30 June 2026 and comprise the Company and its subsidiaries (together referred to as the "Group").

This interim financial information has not been audited or reviewed by the Company's auditors.

1. Principal accounting policies

   1. Statement of compliance

      The consolidated interim financial statements for the six-month period ended 30 June 2026 have been drawn up in accordance with IAS 34 Interim Financial Reporting as adopted by the European Union (IFRS). The condensed consolidated interim financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group's annual financial statements as at 31 December 2025.

   2. Change in accounting policies, reclassifications, amendments and improvements to IFRS The accounting policies adopted in the preparation of the condensed consolidated interim financial statements are consistent with those followed in the preparation of the Group's annual consolidated financial statements for the year ended 31 December 2025.

      The following amendments and improvements to existing IFRS Accounting Standards, effective from 1 January 2026, have been adopted by the Group:

      Amendments to the Classification and Measurement of financial instruments disclosures- IFRS 9 and IFRS 7, effective 1 January 2026.

      In May 2024, the IASB issued Amendments to IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments (the Amendments). The Amendments include:

      • A clarification that a financial liability is derecognised on the 'settlement date' and the introduction of an accounting policy choice (if specific conditions are met) to derecognise financial liabilities settled using an electronic payment system before the settlement date

      • Additional guidance on how the contractual cash flows for financial assets with environmental, social and corporate governance (ESG) and similar features should be assessed

      • Clarifications on what constitute 'non-recourse features' and what are the characteristics of contractually linked instruments

      • The introduction of disclosures for financial instruments with contingent features and additional disclosure requirements for equity instruments classified at fair value through other comprehensive income (OCI)

        Annual Improvements to IFRS Accounting Standards - Volume 11, effective 1 January 2026.

        In July 2024, the IASB issued nine narrow scope amendments as part of its periodic maintenance of IFRS accounting standards. The amendments include clarifications, simplifications, corrections or changes to improve consistency in IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 7 Financial instruments: Disclosure and its accompanying Guidance on implementing IFRS 7, IFRS 9 Financial Instruments, IFRS 10 Consolidated Financial Statements and IAS 7 Statements of Cash Flows.

2. Segment information

* The Netherlands represents assets and liabilities of Eurocommercial Properties N.V.

1. Segment information (continued)

   (€'000) For the six month period ended 30-06-25	Belgium	France	Italy	Sweden	The Netherlands*	Total proportional consolidation	Adjustments joint venture	Total IFRS
   Rental income	14,522	24,541	55,217	25,375	0	119,655	(6,345)	113,310
   Service charge income	3,806	2,085	8,485	7,770	0	22,146	(1,654)	20,492
   Service charge expenses	(4,198)	(1,693)	(9,702)	(8,800)	0	(24,393)	1,647	(22,746)
   Property expenses***	(818)	(5,555)	(5,997)	(3,378)	0	(15,748)	67	(15,681)
   Net property income	13,312	19,378	48,003	20,967	0	101,660	(6,285)	95,375
   Share of result of joint venture	0	0	0	0	0	0	404	404
   Revaluation property investments	4,318	7,261	38,214	2,687	(161)	52,319	(3,439)	48,880
   Segment result	17,630	26,639	86,217	23,654	(161)	153,979	(9,320)	144,659
   Fair value movement derivative financial instruments**						(2,239)	530	(1,709)
   Net interest expenses**						(27,359)	1,409	(25,950)
   Company expenses***						(5,735)	0	(5,735)
   Investment expenses						(1,260)	9	(1,251)
   Other income						1,202	1,120	2,322
   Profit before taxation						118,588	(6,252)	112,336
   Current tax						(2,978)	398	(2,580)
   Deferred tax						(73,301)	5,854	(67,447)
   Profit after taxation						42,309	0	42,309

   (€'000) As per 31-12-25	Belgium France Italy	Sweden	The Netherlands*	Total proportional consolidation	Adjustments joint venture	Total IFRS
   Property investments	550,750 836,090 1,817,660	848,289	0	4,052,789	(215,770)	3,837,019
   Investments in joint venture	0 0 0	0	0	0	113,144	113,144
   Tangible fixed assets	60 1,430 3,023	926	1,289	6,728	0	6,728
   Receivables	7,250 29,926 17,562	2,346	431	57,515	(1,048)	56,467
   Derivative financial instruments	767 0 20,071	1,496	0	22,334	(7,092)	15,242
   Cash and deposits	1,468 3,738 6,700	57,050	1,754	70,710	(3,132)	67,578
   Total assets	560,295 871,184 1,865,016	910,107	3,474	4,210,076	(113,898)	4,096,178
   Creditors	10,054 29,163 51,695	25,495	2,289	118,696	(3,909)	114,787
   Non-current creditors	1,476 9,152 30,437	716	351	42,132	(2,831)	39,301
   Borrowings	269,508 206,971 825,830	380,217	0	1,682,526	(97,803)	1,584,723
   Derivative financial instruments	1,409 0 6,359	1,250	0	9,018	(471)	8,547
   Deferred tax liabilities	0 0 104,990	90,245	0	195,235	(8,884)	186,351
   Total liabilities	282,447245,286 1,019,311	497,923	2,640	2,047,607	(113,898)	1,933,709

   * The Netherlands represents assets and liabilities of Eurocommercial Properties N.V.

   ** Fair value movement on derivative financial instruments and 'Net interest Expenses', previously included within 'Net financing result', are now presented separately to provide a clearer classification to the users of the financial statements.

   *** The comparative figures for "Property expenses" and "Company expenses" have been adjusted to better reflect marketing expenses.

2. Exchange rates

   It is the Company's policy for non-euro investments to use debt denominated in the currency of the investment to provide a (partial) hedge against currency movements. Exceptionally forward contracts may be entered into from time to time when debt instruments are deemed inappropriate for cost or other reasons. The only non-euro investment assets and liabilities of the Company are in Sweden. As at 30 June 2026 the exchange rate for €1 was SEK 11.0935 (31 December 2025: SEK 10.8215 and 30 June 2025: SEK 11.1465).

3. Property investments

   Property investments are stated at fair value. It is the Company's policy that all property investments are revalued semi-annually by qualified independent experts. The independent valuation figures for the Company's properties represent the net price expected to be received by the Company from a notional purchaser who would deduct any purchaser's costs including registration tax. All properties in the Group are freehold. The qualified independent valuers have prepared their appraisals in accordance with the Appraisal and Valuation Standards published by the Royal Institute of Chartered Surveyors (RICS) and the International Valuation Standards published by the International Valuation Standards Committee (IVSC). These standards require that valuers, amongst other activities, collect a variety of data including general economic data, property specific data and market supply and demand data. Property specific data include passing rent and future rent, expenses, lease terms, lease incentives, vacancies, rent concessions, etc. The Board of Management reviews the valuation reports and determines that the source data provided by the Company is processed correctly. The data and valuation methodologies used are set out in the independent valuation reports. All properties were revalued at 30 June 2026.

   The current property portfolio is:
   (€'000)	30-06-26 Fair value	31-12-25 Fair value	30-06-26 Costs to date	31-12-25 Costs to date

   Belgium	551,830	550,750	671,233	670,642
   France	837,640	836,090	616,434	616,220
   Italy	1,623,320	1,601,890	1,108,530	1,094,917
   Sweden	956,728	848,289	900,574	786,355
   Property investments	3,969,518	3,837,019	3,296,771	3,168,134

   Changes in property investments for the financial period ended 30 June 2026 were as follows:

   Property Property Property Investments Investments Investments

   (€'000)

   30-06-26

   31-12-25 30-06-25

   Book value at beginning of the period	3,837,019	3,698,526	3,698,526
   Acquisition	111,605	0	0
   Capital expenditure - general	2,837	11,245	5,481
   Capital expenditure - extensions and refurbishments	14,428	26,395	8,161
   Capitalised letting fees/lease incentives/fit out costs	4,346	8,634	6,285
   Amortisation capitalised letting fees/lease incentives/fit out costs	(4,577)	(8,620)	(4,184)
   Elimination of capitalised letting fees	232	(14)	(2,101)
   Property investments valuation adjustment	27,035	67,959	46,668
   Book value property sold	0	(13,922)	0
   Exchange rate movement	(23,407)	46,816	22,363
   Book value at end of period	3,969,518	3,837,019	3,781,199

   The exchange rate movement is due to the depreciation of SEK against EUR during the reporting period.

   In April 2026, Eurocommercial completed the acquisition of Avion Shopping in Umeå, Sweden, for a total investment of €111 million. The 45,000m² shopping centre comprises around 80 shops and restaurants and is directly connected to an adjoining 30,000m² IKEA store, providing a strong anchor and supporting customer footfall. The acquisition is structured as a share deal and is accounted for as an asset acquisition outside the scope of IFRS 3. Accordingly, Avion Shopping was recognised as investment property under IAS 40 and no deferred tax liability was recognised on acquisition for the initial temporary difference, as the initial recognition exception under IAS 12 applies.

   Assumptions and sensitivity analysis:

   The average net initial yield applied by the valuers is 5.1% for Belgium, 5.1% for France, 5.8% for Italy and 5.9% for Sweden, compared to the yields reported as per 30 June 2025 of 5.0% (Belgium), 5.4% (France), 5.8% (Italy) and 5.7% (Sweden), respectively.

   An increase in the average net initial yield of 25 bps would result in a decrease in the value of the property portfolio of €163 million (30 June 2025: €160 million), whereas a decrease in the average yield of 25 bps would result in an increase in the value of the property portfolio of €180 million (30 June 2025: €172 million).

   An increase in the estimated rental value of 5% would result in an increase in the value of the property portfolio of

   €134 million (30 June 2025: €130 million). A decrease in the estimated rental value of 5% would result in a decrease in the value of the property portfolio of €125 million (30 June 2025: €130 million).

4. Borrowings

   Changes in borrowings for the financial period ended 30 June 2026 were as follows:

   (€'000) 30-06-26 31-12-25 30-06-25

   Book value at beginning of the year	1,584,723	1,554,748	1,554,748
   Drawdown of funds	626,318	421,659	258,374
   Repayments	(503,478)	(413,850)	(233,218)
   Exchange rate movement	(9,639)	19,592	8,426
   Movement prepaid borrowing costs	(4,892)	2,574	95
   Book value at end of period	1,693,032	1,584,723	1,588,425

   The borrowings are all provided by major banks and have an average committed unexpired term of 4 years. The average interest rate, including derivative financial instruments, as at 30 June 2026 was 3.2% (30 June 2025: 3.2%). At 30 June 2026, the Company has hedged 82% (30 June 2025: 81%) of its exposure to interest rates movements on its borrowings. The average hedged term is 4 years (30 June 2025: more than 4 years). The fair value of the loans including borrowing costs is €1,800 million (fair value at 31 December 2025: €1,633 million and 30 June 2025:

   €1,592 million). The fair value of the borrowings with a fixed interest rate from drawdown date to maturity is calculated on a model taking into account the applicable interest rate of the underlying loan.

5. Deferred tax

   Changes in deferred tax for the financial period ended 30 June 2026 were as follows:

   (€'000) 30-06-26 31-12-25 30-06-25

   Book value at beginning of the period	186,351	150,354	150,354
   Recognised in statement of profit or loss	15,848	81,972	67,447
   Reallocation to tax payable	0	(50,000)	(50,000)
   Exchange rate movement	(2,232)	4,025	2,229
   Book value at end of period	199,967	186,351	170,030

   As at 30 June 2026, €106.5 million was related to Italy and €93.5 million was related to Sweden. As at 31 December 2025, the total amount of deferred tax liabilities of €186.4 million is for an amount of €90.3 million related to Sweden and for an amount of €96.1 million to Italy.

6. Share capital and reserves

   The Annual General Meeting of the Company held on 2 June 2026 adopted the dividend proposal by the Supervisory Board and the Board of Management to declare a total dividend over the financial year ended 31 December 2025 of €1.83 per share, meaning a final dividend of €1.11 per share as an interim dividend of €0.72 per share was paid in January 2026. Shareholders had the option to take (i) a cash dividend of €1.11 per share for 2026 (€1.12 per share for 2025), (ii) a stock dividend of one new share for every 28 existing shares in 2026 (25 existing shares in 2025) or (iii) a combination of both in any proportion they wish.

7. Commitments not included in the balance sheet

   The Company is committed to contribute to its Italian joint venture company Galleria Verde S.r.l. a residual amount of €1.6 million for the refurbishment of Fiordaliso shopping centre. In addition, the Company is committed to complete some activities linked to the Curno extension project agreed with Municipality of Curno for an estimated residual amount €1.2 million.

8. Post balance sheet events

For the financial year ended 31 December 2025, Eurocommercial's shareholders representing 18.5% of the shares eligible for dividend have opted to receive a stock dividend instead of a final cash dividend of €1.11 per share, in accordance with the terms and conditions set by Eurocommercial and disclosed to the market by Eurocommercial on 29 May 2026 and 2 June 2026.

As a result of this take up the Company issued on 2 July 2026 361,189 new shares at an issue price of €31.08 for each new share. The issued and paid-up share capital of Eurocommercial therefore increased to €555,086,680 (composed of 55,508,668 shares with a nominal value of €10.00 per share).

Following the balance sheet date, the Company completed a new SEK 700 million (approximately €63 million) five-year green loan with Skandinaviska Enskilda Banken AB for Avion Shopping in Umeå. The facility matures on 30 July 2031. The proceeds were used to prepay short-term credit lines used for the acquisition of Avion.

The Company also agreed terms for the acquisition of the leisure building next to Fiordaliso, Milan, for €7.5 million.

Holders of shares with a holding of 3% or more

Under the Netherlands Act on Financial Supervision, the Netherlands Authority for the Financial Markets has received notification from four holders of shares with interests greater than 3% in the Company.

According to the latest notifications these interests were as follows: Mr A. van Herk (20.22% - notification 8 May 2019), PGGM Vermogensbeheer B.V. (3.13% - notification 4 December 2023), BlackRock Inc. (3.87% - notification

13 January 2026) and BNP Paribas Asset Management Holding (3.06% - notification 15 May 2026).

Stock market prices and turnovers

Stock market prices and turnovers from 1 January 2026 to 30 June 2026

Source: Euronext, Global Property Research.

Stock market prices are followed by Bloomberg: Ticker: ECMPA:NA (Amsterdam)

Ticker: ECMPA (Belgium) Ticker: ECMPM (Milan)

Amsterdam, 27 August 2026

Board of Management Supervisory Board

E.J. van Garderen, CEO B.W. Roelvink, Chairman

R. Fraticelli, CFO E.R.G.M. Attout

K. Laglas

Alternative performance measures appendix

(€'000) Six months

ended 30-06-26

Six months

ended 30-06-25

(€'000) 30-06-26 31-12-25 30-06-25

* These statements contain additional information which is not part of the IFRS interim financial statements.

** The Company's shares are listed on Euronext Amsterdam, Brussels and Milan. The calculation of the direct and indirect investment results per share is based on the average shares on issue over the period. The average number of shares on issue after deduction of the shares bought back during the six-month period was 54,637,824 (30 June 2025: 53,710,643).

*** The comparative figures for 'Property expenses' and 'Company expenses' have been adjusted to reflect the reclassification of marketing expenses.

In addition to the condensed consolidated statement of profit or loss, the Company presents its direct and indirect investment results, enabling a better understanding of its performance. The direct investment result consists of net property income, net interest expenses, company expenses, other income and current tax. The indirect investment result consists of revaluation property investments, disposal of investment properties, fair value movement of derivative financial instruments, corporate income tax on derivatives, investment expenses and deferred tax.

The European Public Real Estate Association (EPRA) is an organisation which promotes, develops and represents the European public real estate sector. EPRA sets out best practice reporting guidelines on a number of financial and operational performance indicators relevant to the real estate sector.

Total (€'000) Per share(€)

Belgium France Italy Sweden Total

(%) 30-06-26 31-12-25 30-06-26 31-12-25 30-06-26 31-12-25 30-06-26 31-12-25 30-06-26 31-12-25

Total (€'000)

For the six months ended 30-06-26 30-06-25

* These statements contain additional information which is not part of the IFRS interim financial statements.

* These statements contain additional information which is not part of the IFRS interim financial statements.

For the assets owned by our local subsidiaries in Sweden, deferred tax liabilities (DTL) are reported in the Group IFRS financial statements adopting the initial recognition exemption of IAS 12 Income taxes; consequently, the DTL is €34 million higher than reported in the balance sheet.

EPRA NRV and EPRA NTA: Deferred Tax Asset (DTA) and DTL for capital gains or losses from property investments and financial instruments are excluded from IFRS equity for this calculation. DTA and DTL for capital gain or losses from property investments are excluded at 100% as it is the intention of the Company to keep its assets in the medium-long term.

(€'000) Six months ended 30-06-26 Six months ended 30-06-25

Joint Joint

Group Venture** Total Group Venture** Total

* These statements contain additional information which is not part of the IFRS interim financial statements.

** Joint ventures are reported on a proportionate share.

*** Capital expenditure due to incremental lettable space is related to acquisitions and extensions.

**** Capital expenditure with no incremental lettable space is mainly related to general capital expenditure, major refurbishment and includes investments to maintain or enhance existing assets without creating additional leasing space.

***** Capital expenditure due to tenant incentives/capitalised letting fees refer to fit-out contribution granted to new tenants in the context of the reletting of existing spaces or to existing tenants to support shop transformation in the context of an expiring contract.

(€'000) Belgium France Italy Sweden Total

30-06-26 31-12-25 30-06-26 31-12-25 30-06-26 31-12-25 30-06-26 31-12-25 30-06-26 31-12-25

* These statements contain additional information which is not part of the IFRS interim financial statements.

(€'000) Estimated rental value of

vacant space

Estimated rental value of the whole portfolio

EPRA

vacancy rate (%)

30-06-26 31-12-25 30-06-26 31-12-25 30-06-26 31-12-25

* These statements contain additional information which is not part of the IFRS financial statements.

* These statements contain additional information which is not part of the IFRS financial statements.

** The net payables include the balances of long and short term trade, tax and other payables and receivables.

*** The EPRA adjustments include the balances of right of use assets.

The figures in this press release have not been audited by an external auditor

Head Office

Eurocommercial Properties N.V.

De Boelelaan 7, 1083 HJ Amsterdam The Netherlands

Tel: 31 (0)20 530 60 30

Belgium

200, rue Saint-Lambert

1200 Woluwe-Saint-Lambert Belgium

Tel: 32 2 426 29 26

Italy

Via della Moscova, 3 20121 Milano

Italy

Tel: 39 02 760 759 1

France

107, rue Saint Lazare 75009 Paris

France

Tel: 33 (0)1 48 78 06 66

Sweden Kungsgatan 48

111 35 Stockholm Sweden

Tel: 46 (0)8 678 53 6