Retail Estates sa

Annual Report (ESEF) • Jun 16, 2025

ret-2025-03-31-en 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Annual report 2024-2025 1 REMARKABLE REAL ESTATE FACTS p. 10 2 LETTER TO THE SHAREHOLDERS p. 19 3 MANAGEMENT REPORT p. 35 4 SUSTAINA- BILITY REPORT p.82 5 RETAIL ESTATES ON THE STOCK EXC HANGE p. 130 6 REAL ESTATE REPORT p. 139 7 FINANCIAL REPORT p. 176 8 RISK FACTORS p. 248 9 PERMANENT DOCUMENT p. 262 10 MISCELLANEOUS p. 280 4 REMARKABLE REAL ESTATE FACTS 1998-2025 1998 Retail Estates on the stock exchange IPO and first listing on Euronext Brussels 2011 Value real estate portfolio Real estate portfolio reaches the milestone of EUR 500 million 1999 Strengthening of the capital 1st public capital increase 2012 Optional stock dividend Retail Estates offers choice to shareholders 2002 Independent Retail Estates becomes an independently managed investment company with fixed capital 2013 Strengthening of the capital 3rd public capital increase 2003 Strengthening of the capital 2nd public capital increase 2014 Diversification of financing sources bond issue - private placement Sicaf becomes Belgian Reit 2008 Value real estate portfolio Real estate portfolio reaches the milestone of EUR 250 million 2015 Strengthening of the capital 4th public capital increase 5 2025 2016 Waarde portefeuille Vastgoedportefeuille bereikt de kaap van 1 miljard EUR Diversificatie van de financieringsbronnen Obligatie-uitgifte – private plaatsing 2021 Stabiele waarderingen Ook het dividend blijft inflatiebestendig ondanks maanden verplichte winkelsluiting door coronacrisis 2017 Opname EPRA-index De opname in de EPRA-index draagt bij tot de visibiliteit van het aandeel 2022 Volledig herstel Operationele resultaten herstellen tot precoronaniveau 2018 20 jaar Retail Estates op de beurs Bijkomende beursnotering op Euronext Amsterdam Versterking kapitaal 5e publieke kapitaalverhoging Uitbreiding in THE NETHERLANDS 2023 25-jarig bestaan van Retail Estates 2019 Waarde portefeuille Vastgoedportefeuille overschrijdt de kaap van 1,5 miljard EUR 2020 Diversificatie van de financieringsbronnen Obligatie-uitgifte - private plaatsing 75 mio EUR 2024 Aankoop Alexandrium Megastores Waarde portefeuille Vastgoedportefeuille bereikt de kaap van 2 miljard EUR 2025 2016 Value real estate portfolio Real estate portfolio reaches the milestone of EUR 1 billion Diversification of financing sources bond issue - private placement 2021 Stable portfolio valuations Despite months of mandatory shop closures due to the corona crisis, the dividend remains inflation proof 2017 Inclusion in EPRA index The inclusion in the EPRA index contributes to the share’s visibility 2022 Full recovery Operational results restored to precorona level 2018 20 years Retail Estates on the stock exchange Additional listing on Euronext Amsterdam 2023 25th anniversary of Retail Estates 2019 Strengthening of the capital 5th public capital increase Expansion to the Netherlands 2020 Diversification of financing sources bond issue - private placement of EUR 75 million 2024 Acquisition Alexandrium Megastores Portfolio value Property portfolio reaches EUR 2 billion 6 HIGHLIGHTS OF THE PAST FINANCIAL YEAR Like-for-like evolution of rental income (at constant portfolio) +0.38% Gross dividend € 5.10 +2% Net rental income € 142.18 mio +2.41% EPRA result per share1 € 6.21 +0.5% EPRA-result € 90.86 mio +2.82 % EPRA-NTA € 80.87 Share price on 31 March 2025 € 60.30 DATA PER SHARE 04/24 05/24 06/24 07/2’ 08/2’ 09/2’ 10/24 11/24 12/24 01/25 02/25 03/25 04/25 Retail Estates nv IFRS NAW EPRA NTA 1 Based on weighted average number of shares. 2 Het EPRA-resultaat per aandeel op 31 maart 2023 is de EPRA-winst op 31 maart 2023 gecorrigeerd voor de niet-recurrente resultaten als gevolg van diverse teruggaven van THE NETHERLANDSse vennootschapsbelastingen met betrekking tot vorige boekjaren. Results RETAIL ESTATES - EPRA NTA - IFRS NAW 7 real restate portfolio ESG Estimated fair value property € 2,069.54 +2% Occupancy rate 97.26% 42.52% €11.41mio investments in making our property more sustainable 12.5% of the EPRA result was invested in sustainability debt ratio capital 8 24/25 in brief 305 Retail properties in The Netherlands 718 Retail properties in Belgium 1 023 Retail properties The real estate portfolio of Retail Estates nv consists of retail properties located outside the largest cities of Belgium and the Netherlands. fair value retail area 2 069 537 304 € 1 231 205 m2 Retail Estates nv has concentrated on continuously improving the quality of its properties and the expansion of its real estate portfolio. Retail Estates expands its real estate portfolio through acquisitions, project developments and investments in the optimisation of its real estate portfolio. GROWTH PORTFOLIO RETAIL ESTATES NV BETWEEN 1998 AND 2025 Fair Value Belgium Fair Value The Netherlands Surface area m² Belgium Surface area m² The Netherlands GEOGRAPHICAL DISTRIBUTION TYPE OF BUILDING Commercial activities of tenants 4,26% Individual peripheral retailproperties 18,51% Retail clusters 0,23% Other 77,00% Retail parks 34,52% Flanders 37,91% The Netherlands 27,57% Wallonia 58,93% Home improvement 15,76% Fashion 14,56% Commodities +Food 2,31% Leisure 1,80% Horeca 6,57% Other 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 9 GEOGRAPHICAL SPREAD CLUSTERS Retail Estates operates in retail parks and clusters located in locations where purchasing power is high. In Belgium, this includes the golden triangle between Antwerp, Ghent and Brussels. In the Netherlands, this includes the Randstad between Amsterdam and Rotterdam. Awards ‘RETAIL ESTATES WAS AGAIN INCLUDED IN THE EPRA ANNUAL REPORT SURVEY AND WAS AWARDED TWO GOLD MEDALS FOR FINANCIAL REPORTING AND SUSTAINABILITY REPORTING.’ 10 KEY FIGURES 2021-2025 The financial year of retail estates nv starts on 1 April and ends on 31 March. The key figures below are consolidated figures. REAL ESTATE PORTFOLIO 31.03.2025 31.03.2024 31.03.2023 31.03.2022 31.03.2021 Number of properties 1,023 1,020 1,013 987 992 Total lettable area in m² 1,231,205 1,228,576 1,211,004 1,177,577 1,153,448 Estimated fair value (in €) 2,069,537,304 2,028,317,000 1,888,562,000 1,759,879,000 1,717,245,000 Estimated investment value (in €) 2,179,677,298 2,134,531,000 1,983,204,000 1,833,757,000 1,789,397,000 Average rent prices per m² 123.83 119.06 114.89 104.14 102.24 Occupancy rate 97.26% 98.10% 98.47% 97.81% 97.35% BALANCE SHEET INFORMATION 31.03.2025 31.03.2024 31.03.2023 31.03.2022 31.03.2021 Shareholders’ equity 1,230,021,301 1,174,361,000 1,104,064,000 920,980,000 808,223,000 Shareholders’ equity attributable to the shareholders of the parent company 1,221,039,711 1,167,356,083 1,097,249,112 920,980,000 808,223,000 Debt ratio (RREC legislation, max. 65%)1 42.52% 44.62% 44.77% 49.15% 52.18% RESULTS (in € 000) 31.03.2025 31.03.2024 31.03.2023 31.03.2022 31.03.2021 Net rental income 142,176 138,829 125,401 115,579 100,402 Property result 139,359 136,431 123,482 113,504 98,738 Property costs -15,551 -16,340 -15,332 -10,524 -6,877 Operating corporate costs and other current operating income and expenses -9,480 -8,473 -7,097 -6,050 -6,123 Operating result before result on portfolio 114,328 111,617 101,053 96,930 85,737 Result on portfolio 29,787 50,425 51,460 22,096 -4,146 Operating result 144,115 162,043 152,513 119,026 81,592 Financial result -33,213 -38,059 22,723 16,158 -17,757 Net result (share Group) 106,696 122,967 180,621 131,837 61,436 EPRA earnings (share Group) 90,859 88,366 88,203 75,265 62,908 1 The Royal Decree of 13 July 2014 relating to the regulated real estate companies (the "RREC R.D."), last modified by the Royal Decree of 23 april 2018 in execution of the Law of 12 May 2014 relating to the regulated real estate companies (the "RREC Law"). 2 EPRA earnings per share at 31 March 2023 contained non-recurring results due to various refunds of Dutch corporate taxes relating to previous financial years. Excluding the non-recurring income, the EPRA earnings (group share) amounted to € 80,501,000 and the EPRA earnings per share (group share) to € 5.79. 11 INFORMATION PER SHARE 31.03.2025 31.03.2024 31.03.2023 31.03.2022 31.03.2021 Number of shares 14,707,335 14,375,587 14,085,827 13,226,452 12,665,763 Number of dividend bearing shares 14,707,335 14,375,587 14,085,827 13,226,452 12,665,763 Weighted average number of shares 14,627,352 14,294,043 13,909,243 12,893,111 12,652,011 Net asset value (NAV) (IFRS) (attributable to the shareholders of the parent company) (in €) 83.02 81.20 77.90 69.63 63.81 EPRA NTA (attributable to the shareholders of the parent company) (in €) 80.87 78.15 73.78 68.46 65.53 Net asset value per share (investment value) excl. dividend excl. the fair value of authorised hedging instruments (in €) 83.61 78.55 75.69 69.67 66.43 EPRA earnings per share (attributable to the shareholders of the parent company) (in €) 6.21 6.18 6.34 5.84 4.97 Gross dividend per share (in €) 5.10 5.00 4.90 4.60 4.50 Net dividend per share (in €) 3.57 3.50 3.43 3.22 3.15 Gross dividend yield on closing price (excl. dividend) 8.46% 7.69% 7.53% 6.22% 7.71% Net dividend yield on closing price (excl. dividend) 5.92% 5.38% 5.27% 4.36% 5.39% Closing price on closing date (in €) 60.30 65.00 65.10 73.90 58.40 Average share price (in €) 62.50 60.95 65.02 68.84 57.26 Evolution of share price during the financial year -7.23% -0.15% -11.91% 26.54% 23.21% Over-/undervaluation compared to net asset value IFRS -27.37% -19.95% -16.43% 6.13% -8.48% Over-/undervaluation compared to the EPRA NTA value -25.44% -16.83% -11.77% 7.95% -10.87% Crescend’eau Verviers BELGIUM WOONBOULEVARD Heerlen THE NETHERLANDS 12 EPRA Key Performance Indicators (KPIs) 31.03.2025 31.03.2024 EUR/1000 EUR per share EUR/1000 EUR per share EPRA earnings 90,859 6.21 88,366 6.18 EPRA NRV (Net Reinstatement Value) 1,306,192 88.81 1,238,330 86.14 EPRA NTA (Net Tangible Assets Value) 1,189,388 80.87 1,123,482 78.15 EPRA NDV (Net Disposal Value) 1,224,055 83.23 1,177,341 81.90 31.03.2025 31.03.2024 % % EPRA Net Initial Yield (NIY) 6.68% 6.61% EPRA topped-up Net Initial Yield (topped-up NIY) 6.68% 6.61% EPRA Vacancy 2.74% 1.80% EPRA Cost Ratio (incl. vacancy costs) 18.35% 18.32% EPRA Cost Ratio (excl. vacancy costs) 18.09% 18.18% EPRA Loan-To-Value ratio 42.36% 44.46% The Miscellaneous chapter contains detailed calculations and definitions. DEN BOSCH BOULEVARD Noord-Brabant THE NETHERLANDS 13 LETTER to the shareholders In the past fiscal year, we managed to increase our results again. Jan De Nys Dirk Vanderschrick Chairman of the Board of Directors Jan De Nys Managing Director 14 LETTER to the shareholders Chaussea Merksem BELGIUM Dear shareholders, In the past financial year, we succeeded in increasing our results once again. Rental income rose by +2.78% to € 143.41 million (like-for-like1 +0.4%), resulting in an EPRA result2 of € 90.86 million, an increase of +2.82% compared to the same period last year. The EPRA result per share amounted to € 6.21 per share, an improvement on the record result in the 2023-2024 financial year, in which we eliminated the dilution effect of the issue of new shares in connection with the optional dividend within the year. The increase is mainly due to indexation of existing rents and additional rental income from acquisitions during the 2023-2024 financial year, in particular that of the Alexandrium Megastores retail park in Rotterdam (the Netherlands). The impact on like-for-like is due to (temporary) vacancy, a limited negative impact of contract renewals and discounts. Due to the limited supply of retail parks on the real estate market, Retail Estates only applied arbitrage to its real estate portfolio in the 2024-2025 financial year. A number of properties that no longer fit in with the real estate company's strategy were sold in order to acquire other properties. In the Netherlands, we acquired an additional retail unit in Woonmall Alexandrium (Rotterdam) and a retail property at Tref Center Venlo, where we already had an extensive presence. This was offset by the sale of several individual stores in Belgium. We also delivered new stores in various locations in Belgium. As a result of these changes, the real estate portfolio consisted of 1,023 properties with a lettable area of 1,231,205 m² on 31 March 2025. We continue to make significant efforts in the area of sustainability: we have achieved our target for investments in insulation and renewable energy, and for the first time we have generated more than € 1 million in revenue from solar panels and charging stations. The value of the real estate portfolio increased again to € 2,069.54 million (+2.03% compared to 31 March 2024). This is mainly due to general developments related to estimated rental values (ERV), indexations, and - to a lesser extent - returns on the existing portfolio (€ +34.15 million). The limited increase in the value of the real estate portfolio is partly due to a catch-up of the estimated rental values (ERV), which are now closer to the contractual rents. Due to the low number of transactions in the peripheral real estate market, there was also little movement in yields. 1 Evolution of rental income on a similar portfolio (excluding purchases/sales from past financial year) 2 EPRA earnings are calculated as follows: net result excluding changes in the fair value of investment properties, excluding the result on the disposal of investment properties, excluding changes in the fair value of financial assets and liabilities and excluding minority interests relating to the above-mentioned elements. . 15 +2.03% Increase in fair value of property portfolio The trend that began during the corona period in which retail parks outperformed in terms of profitability continues. TEDI - Tongeren BELGIUM In 2024-2025, the market for peripheral retail real estate remained largely frozen, especially for properties with a value above € 10 million. This is not surprising in itself: occupancy rates at retail parks remain high and cash flows are holding up, partly supported by rent indexation (+14.6% in Belgium and +11.61% in the Netherlands, both since 1 April 2022). As a result, owners and their banks are holding on to their retail parks unless they sell to strengthen their balance sheets or, in the case of some funds, to pay out shareholders. This confirms the excellent investment profile of this type of property. The trend that began during the coronavirus period, with retail parks outperforming, is continuing. Moreover, this performance is also attracting more new players to the out-of-town segment. Particularly striking are the large investment programs of British REITs such as British Land, which systematically focus their acquisitions on retail parks. At an operational level, the EPRA occupancy rate declined slightly to 97.26%. Retail Estates managed to quickly re-let most of the properties after a few retailers filed for bankruptcy. For a large number of stores that were involved in bankruptcy, the receiver found a new tenant, so there was no loss of rent due to vacancy. In addition, Retail Estates had reduced its exposure to several of these retail chains in recent years. New tenants were found for some of the remaining retail properties thanks to the quality of the locations. Where no new tenants have yet been found, this is partly due to the size of the shops concerned, which deviates from the sector standard of 1,000 m². In Wallonia, the repurposing of vacant properties when there is a change of tenant is slower due to a change in the decree procedure, which is not yet known to all local authorities. In the meantime, inflation has returned to normal, which has a positive impact on rents and operating costs for retailers. Moreover, we are also seeing improvements among consumers. In Belgium, median consumer wealth rose by +11% in 2024, significantly outpacing inflation. As a result, consumers saw their real prosperity and purchasing power increase. In the Netherlands, purchasing power increased due to real wage growth caused by the tight 16 labor market. Residential real estate prices also continued to rise in both Belgium and the Netherlands. This is good news for our customers in home decoration: when consumers see the value of their homes rising, they are more inclined to invest in improving their homes because this supports the value of their property. Retail Estates continues to pay close attention to extending its current bank financing and hedging interest rate risks. Shareholders' equity was strengthened by a capital increase of € 19.74 million in June 2024 and the allocation of undistributed profits to reserves. As a result, the debt ratio remains low at 42.52% (compared to 44.62% on 31 March 2024). Retail Estates maintains an investment capacity of € 89.56 million within the target debt ratio of 45% that it has set for itself. The average interest rate was 2.08% on 31 March 2025. Assuming a stable perimeter, financing costs will remain at the same level in 2025-2026. Finally, the Board of Directors of Retail Estates intends to pay an interim dividend in the form of an optional dividend of € 5.10 gross (or € 3.57 net, i.e. the net dividend per share after deduction of 30% withholding tax) per share (participating in the results of the 2024-2025 financial year) in the course of June 2025. Dirk Vanderschrick Chairman of the Board of Directors Jan De Nys Managing Director Dividend increases for the 21st time. Dirk Vanderschrick Strategy: investing in out-of-town 18 An investment in Retail Estates 20 Significant events in the financial year 2024-2025 22 Events after the balance sheet date 28 Comments on the consolidated accounts for financial year 2024-2025 29 MANAGEMENT REPORT 17 18 ABOUT RETAIL ESTATES Legal requirements The annual report of Retail Estates is a combined report within the meaning of articles 3:6 and 3:32 of the Belgian Code of Companies and Associations. The elements to be included in this report on the basis of these articles are discussed in the different chapters. Forward-looking statements This annual report contains forward-looking statements, including but not limited to statements using such words as “believe”, “anticipate”, “expect”, “intend”, “plan”, “pursue”, “estimate”, “can”, “will”, “continue”, and similar expressions. These forward-looking statements are made in the context of known and unknown risks, uncertainties and other factors that might cause the actual results, the financial condition, the performance or the accomplishments of Retail Estates nv and its subsidiaries ("the Group") or the results of the sector to differ considerably from the expected results, performance or accomplishments expressed or implied in the aforementioned forward-looking statements. Given these uncertainties, investors are advised not to place undue reliance on such forward-looking statements. 1. Strategy - investment in out-of-town retail real estate Goal - investment in a representative portfolio of out-of-town retail real estate The Belgian public real estate investment trust Retail Estates nv is a niche player specialised in making out-of-town retail properties located on the periphery of residential areas or along main access roads to urban centres available to users. Real Estates NV acquires these real estate properties from third parties or builds and commercialises retail buildings for its own account. A typical retail building has an average area of 1,000 m² in Belgium and 1,500 m² in the Netherlands. The most important long-term goal for Retail Estates nv is to assemble, manage and expand a portfolio of out-of-town retail real estate which ensures steady, long-term growth due to its location and the quality and diversification of its tenants. The projected growth results both from the value of the portfolio and the income generated from leasing. In the short term, this goal is pursued by continuously monitoring the occupancy rate of the portfolio, the rental income and the maintenance and management costs. Portfolio growth The selective purchase and construction of retail buildings at particular locations (so-called ‘retail clusters and retail parks’) are aimed at simplifying the management and boosting the value of the portfolio. Retail Estates has currently identified 119 locations with retail parks and clusters. The real estate portfolio is spread throughout Belgium and the Netherlands. Over the past years, Retail Estates has concentrated on continuously improving the quality of its properties and expanding its real estate portfolio. 19 In principle, Retail Estates rents its properties as a building shell, with the furnishings, fittings and maintenance left to the discretion of the tenants. Retail Estates’ own maintenance costs are essentially limited to the maintenance of car parks and roofs, and can be planned in advance in most cases. In addition, Retail Estates also invests in making its buildings more energy efficient. More information is available in the sustainability report included in this annual report. Most of its tenants are well-known retail chains. As of 31 March 2025, Retail Estates has 1,023 premises in its portfolio with a total retail area of 1,231,205 m². The occupancy rate of these buildings, measured as the ratio of Estimated Rental Value (ERV) of vacant surfaces versus the ERV of the total portfolio, is 97.26%. On 31 March 2025, the fair value of the investment properties of Retail Estates nv and its subsidiaries is estimated by the independent real estate experts at € 2,069.54 million (value excluding transaction costs) and the investment value at € 2,179.68 million (value including transaction costs). Retail Estates has invested a total of € 15.91 million in “Distri-Land” real estate certificates. It currently holds 88.12% of the issued “Distri-Land” real estate certificates. The issuer of these real estate certificates owns 12 retail properties with a fair value of € 23.89 million Acquisition criteria Retail Estates seeks to optimise its real estate portfolio in terms of profitability and potential for capital gains by paying attention to a number of criteria which serve as guidelines when acquiring real estate: Choice of location Based on the insight that management has acquired into the profitability of its tenants, the locations that are selected aim to offer Retail Estates’ tenants the best chances of success. In this respect, the company seeks to achieve a healthy balance between the supply of retail properties and the demand from retailers. The aim in this is to develop a number of cluster locations and retail parks. Rental prices and initial profitability In order to reconcile the profitability expectation of Retail Estates and its tenants over the long term, special attention is paid to rental prices. Experience has shown that the excessive rents charged by certain project developers result in a high level of tenant turnover when the results do not quickly meet the retailers’ expectations. Geographical spread Retail Estates spreads its investments throughout all major retail areas in Belgium and the Netherlands. As a result, the public BE-REIT prefers to concentrate its investments in sub-regions with strong purchasing power (mainly the Brussels – Ghent – Antwerp triangle and the “green axis” of Brussels – Namur – Luxembourg in Belgium as well as the "Randstad" region in the Netherlands and the east-west axis in the south of the country). In practice, it invests little in the Brussels Capital Region due to its limited supply of out-of-town locations. Development and redevelopment of property for our own account Retail Estates has experience in developing new retail buildings for its tenants for its own account. Experience has shown that such developments offer architecturally attractive retail properties which generate a higher initial income than retail properties offered on the investment market. The redevelopment of out-of-town shopping clusters into large groups of modern, connected retail properties also becomes more important by the year. Such redevelopments generally allow for an increase in lettable area and a better alignment of the premises with tenants’ needs. Another distinct advantage of redevelopments is that parking and road infrastructure is improved and retail properties are modernised. The importance of redeveloping retail lane clusters into a larger whole of connected, modern retail properties is also increasing annually. In this redevelopment, the rentable surface area usually increases, retail properties are better adapted to the needs of the tenants, the parking and road infrastructure is improved and retail properties are modernised. Diversity of tenants Retail Estates seeks to have as many different retail sectors as possible represented in its list of tenants, with a preference for sectors known to have valuable retail outlets. In times of economic hardship, not all retail sectors are equally affected by a possible fall in turnover. A good distribution over diverse sectors limits the risks attached to negative economic developments. 2. Investing via the Belgian real estate investment trust Retail Estates nv Since 24 October 2014, Retail Estates nv has been registered as a public Belgian real estate investment trust. In its capacity of public BE-REIT – and with a view to maintaining this status – the company is subject to the BE-REIT legislation, which includes restrictions relative to its activities, debt ratio and appropriation of results. As long as it respects the above-mentioned rules, the company benefits from an exceptional tax regime. This regime allows Retail Estates nv to pay virtually no corporate tax on its earnings in Belgium, thereby ensuring that the result available for distribution is higher than for real estate companies that do not enjoy this status. As a public BE-REIT, Retail Estates nv also has additional assets, such as its strongly diversified real estate portfolio and the fact that it has been incorporated for an indefinite period of time. Investments in out-of-town retail real estate have, over the years, become more attractive owing to a stricter permit policy adopted by the government, a very limited supply of high-quality retail locations and a continuously high level of demand. The internationalisation of the retail property market, in conjunction with the shift from city centre to out-of-town activities, has had a positive influence on the out-of-town retail real estate market. This evolution, as well as the tendency to further institutionalise the investment market for out-of-town retail real estate, not only explains the rise in rents, but also the increase in the fair value of this real estate in the longer term. Moreover, several tenants of the company have incorporated the benefits of distance selling – by means of online selling – in their retail concept. This tendency even extends to the points of sale. This omnichannel approach, which embraces click-and-collect, benefits these companies’ market position. Tradability of shares Each Retail Estates nv shareholder owns an investment instrument that can be traded freely and cashed in at any time via Euronext. Retail Estates has furthermore also been listed on Euronext Amsterdam since 11 April 2018, one week after the 20th anniversary of its initial listing on Euronext Brussels. All shares of Retail Estates nv are held by the public and a number of institutional investors. On 13 June 2025, five shareholders reported that, in accordance with the transparency legislation and Retail Estates nv’s articles of association, they have stakes exceeding the statutory threshold of 3% and/or 5% (further explanation in the "Shareholding structure" section of this management report). The Euronext pricing lists, which are published in the daily press and on the Euronext website, enable shareholders to follow the evolution of their investments at all times. The company also has a website (www.retailestates.com) with relevant shareholder information. The Company’s tenants are primarily reputable affiliate companies. 20 21 1023 properties in portfolio with a retail area of 1,231,205 m2 Intrinsic value The net asset value (NAV) of the share is an important indication of its value. The net asset value is calculated by dividing the consolidated shareholders’ equity by the number of shares. The NAV (IFRS) amounted to € 83.02 on 31 March 2025. This represents an increase by 2.24% (€ 81.20 over the previous year). The EPRA NTA (net tangible asset) amounts to € 80.87 (including the dividend of the 2023-2024 financial year), compared to € 78.15 in the previous year. This increase is mainly explained by the inclusion of the non-distributed results of the previous financial year to equity, the capital increase through the optional dividend and the recognized value increases in the real estate portfolio. On 31 March 2025, the stock market price of the share was € 60.30 representing a discount of -25.44% (compared to the EPRA NTA). Compared to the previous financial year, the number of shares of Retail Estates nv increased by 331,748. 22 Woonmall ALEXANDRIUM Rotterdam THE NETHERLANDS 3. Significant events in the financial year 2024-2025 Investments – retail parks Acquisition of shop unit in home decoration mall Woonmall Alexandrium (Rotterdam, the Netherlands) On 16 July 2024, Retail Estates acquired an additional shop unit in Woonmall Alexandrium (Rotterdam, the Netherlands) for € 1.8 million, in line with the fair value. The unit was acquired via Alex Invest nv, a 50% subsidiary under Dutch law. With this purchase, Retail Estates, through Alex Invest, increases its stake to 43.66% of the voting rights in the joint ownership. About Woonmall Alexandrium The home decoration mall Woonmall Alexandrium features 55 home decoration retail units spread over a surface area of approximately 60,000 m2. There are 900 parking spaces on the roof. The location can be reached perfectly by car as well as by train, the underground railway and by bus from the city of Rotterdam and the surrounding area. ct ontsloten met de stad Rotterdam en omgeving. Since its construction the complex has become a supraregional shopping destination for furniture and interior decoration articles in the broadest sense, in one of the most attractive shopping areas in the Netherlands with 670,000 inhabitants. In terms of the number of visitors, Woonmall Alexandrium is one of the locations where the current tenants in general have their top performing retail units in the Netherlands. The home decoration mall is fully let. The home decoration mall Woonmall Alexandrium was opened in 1997 and sold at that time to various private investors and (shop) owners. The retail units acquired by Retail Estates via its 50% subsidiary under Dutch law, Alex Invest N.V., are let to tenants the majority of whom are already part of the company’s existing Dutch portfolio of 14 retail parks. In its urban planning the city of Rotterdam has aimed at maximum efficiency at this location by opting for a covered 3-floor home decoration shopping center. This purchase is therefore perfectly in line with the policy and location preferences of Retail Estates. Cooperation with Westpoort Alexandrium B.V. The property was purchased by Alex Invest N.V., a company under Dutch law. The investment is funded by loans granted by Retail Estates (60%) and by a capital injection by Retail Estates and its partner Westpoort Alexandrium B.V. (40%). Westpoort Alexandrium B.V. is controlled by the Roobol family, who has acquired a 50 per cent participating interest in N.V. Alex Invest via a € 6 million capital increase. With this purchase, both specialised retail real estate investors have joined forces in order to consolidate the ownership structure of the home decoration mall Alexandrium. By combining their expertise in retail as well as real estate, the new owners have the unique knowhow to ensure the lasting success of the home decoration mall and guarantee further growth, together with the other owners and retailers. Two strong partners also make it possible to better control the shopping center’s future development, including with respect to ESG objectives or criteria. Acquisition of units on retail park Tref Center in Venlo (the Netherlands) On 21 February 2025, Retail Estates invested € 10.00 million (including transfer tax) in a retail property in Venlo (the Netherlands). The purchase price is above the fair value (9.79 million euros). The retail property contains two retail units that are currently leased to the Lidl supermarket chain and the garden furniture store Life Outdoor Living. For the Lidl supermarket, this is a relocation with a significant expansion compared to the shop they have been operating for a long time at the retail park. This shop is one of the larger supermarkets that Lidl operates in the Netherlands. Retail Estates is pleased to have a supermarket as a magnet among its specialty shops. Both retail properties generate € 0.63 million in rental income, which leads to an initial yield of 6.30%. This investment is the final piece in the acquisition of the entire retail park with the exception of the Albert Heijn hypermarket, the transformation of which will be initiated by the new owner. 23 1 Based on an average consumption of 3.5 MWh/year (VREG). The purchased building is located at the Tref Center retail park, where Retail Estates already has a large presence. The Tref Center retail park was developed around the Trefbox hypermarket (owned by a value-add fund managed by real estate manager Mitiska REIM). It is a rare combination of food and non-food retailers in the Netherlands, comparable to what is often seen in the United Kingdom. It has 19 retail units with a surface area of 31,295 m² and a petrol station, and tenants including Lidl, Pets Place, Kwantum, Leen Bakker, Jysk and Beter Bed. The retail park has been an established value in the Venlo region for over 50 years, with a customer zone that extends from Venlo (100,000 inhabitants) to the German border. Venlo is the second largest city in the province of Limburg after Maastricht. Retail Estates is also present in this region in Maastricht and Heerlen. Additional purchases During the past financial year, Retail Estates purchased two properties in Belgium with a joint value of € 0.8 million. The acquisition price was in line with the fair value. Furthermore, the REIT acquired additional real estate certificates of Distri-Land for a total amount of € 0.16 million. As a result, Retail Estates owned 88% of the certificates on 31 March 2025. Non-current assets under construction On 31 March 2025 the total amount of the non-current assets under construction is € 9.25 million. Retail Estates distinguishes five types of fixed assets under construction: –€ 0.94 million speculative land positions (the so-called “land bank”; these concern residual land in existing portfolios that is held for possible development or to be sold at a later stage if no development is possible); –€ 7.68 million prospective fixed assets under construction; –€ 0.00 million the fixed assets under construction in pre-development; –€ 0.13 million the fixed assets under construction in progress; and –€ 0.50 million the fixed assets under construction specifically linked to sustainability. Non-current assets under construction - prospection In 2014, Retail Estates acquired the retail park at Wetteren with 14 retail units and a gross retail area of 10,423 m². The retail park, which opened in 2008, is known as Frunpark Wetteren. It is very successful and attracts consumers from far and wide. In 2016, Retail Estates acquired, by way of speculation, an adjacent plot of land with two SME properties (investment of approx. € 9 million). According to the Spatial Implementation Plan, a permit can in principle be obtained for retail properties destined for large-scale retail as well as for SME properties. Retail Estates attempted to expand the existing retail park. In order to obtain a permit for this, it became apparent that a mobility adjustment had to be made in advance, for which there was no support in the wider area or among local authorities. A solution was then found with a new entrance and exit that solves the mobility problems. For this reason, an alternative redevelopment scenario was developed, whereby the existing retail park would be expanded to a limited extent with retail real estate, supplemented by the redevelopment of another section into an SME park (whereby the mobility problem was solved in principle). Retail Estates has no experience with SME projects and sought a partner to realize the SME park. Given the lower potential development value for SME units, a write-down of € 1.18 million was taken on the project land. Non-current assets under construction – pre-development No projects in pre-development within the consolidation perimeter. For more information about Kampenhout, please refer to Investments in associated companies. Non-current assets under construction – development In Denderleeuw, Retail Estates has received a planning permission to replace two older retail properties by a new building, which will again house two retail properties. An agreement has been reached with the tenants, which means that work will start in the second half of 2025. Completion is scheduled for the summer of 2026. The expected investment amounts to € 2.87 million. The total annual rent will amount to € 0.40 million. Non-current assets under construction linked to sustainability Within the context of the ESG strategy, Retail Estates invests in the installation of photovoltaic panels on the roofs of several retail parks in Belgium. Over the past twelve months, photovoltaic panels were installed in Arlon, Frameries, Jambes, Merksem, Mons, Sint-Martens-Latem and Tongeren with a total capacity of 4,378 kWp, which are expected to generate more than 3,940 MWh of green power each year. This corresponds to the annual consumption of 1,126 families1. This investment amounts to € 2.67 million. Retail Estates rents out these installations to its customers or to an energy broker. In addition to renewable energy Retail Estates invests in roof and façade renovations. In the past financial year, this investment amounted to € 8.74 million for premises located in Wilrijk, Oevel, Gilly, Wetteren, Lier, Jambes, Quaregnon, Roeselare, Marche-en-Famenne, Braine-l'Alleud, Tielt-Winge, Gembloux, Aiseau-Presles, Libramont, Schoten, Dendermonde, Mechelen, Gentbrugge, Sint-Stevens-Woluwe and Aarschot. In the Netherlands, it concerned Den Bosch, Cruquius and Zaandam. Furthermore, Retail Estates is making room for charging stations at its retail properties. In the past financial year, Allego and Sparki, both providers of chargers for electric cars, have installed chargers at 13 and 10 Retail Estates sites respectively. 24 In Overijse, Retail Estates is insulating the facade and replacing the glazing. Completion is scheduled for mid-2025. The expected investment amounts to € 0,33 million. We refer to the sustainability report in this annual report for more information about Retail Estates' ESG investments. Completion of non-current assets under construction In Houthalen-Helchteren, an existing building in which Retail Estates owned retail space was demolished. A new apartment building consisting of a ground floor retail space and three floors of apartments was erected by a promoter with whom an agreement had been concluded. The agreement with the promoter stipulated, on the one hand, that the promoter was to take care of the erection of the newly built retail space and, on the other hand, a right of superficies was granted by Retail Estates to the same promoter for the erection of the 22 apartments. Retail Estates paid an amount of € 0.4 million for the creation of the newly built shell shop space with a surface area of 1,032 m² and the completion happened in early 2025. In Gent, a retail unit was demolished to make way for a new commercial building. In early 2025, the building was delivered to the tenant who opened a supermarket there in the spring of 2025. The total investment was € 1.67 million. In Aiseau-Presles, a retail unit was renovated and expanded by 200 m². The total investment amounted to € 0.33 million. The completion of the building took place in November 2024. 2.7 mio EUR were invested in the installation of solar panels on the roofs of several retail properties A new store was completed in Ghent, built with various sustainable techniques. More information in the sustainability report. 25 In Eupen an existing retail property was demolished and replaced by a new standard retail property with a surface area of 1,009 m² (compared to 1,609 m² before). The total investment amounted to € 1.27 million. On the vacant land, a right of superficies was granted to a partner that has built 4 SME units intended for sale. Optimisation of real estate portfolio Retail Estates pays close attention to the changing needs of its tenants with respect to retail area. Several tenants systematically expand their product range and regularly request an extension of their retail area. This can be done by acquiring space from adjacent tenants who sometimes have too much space or by constructing a new addition to the retail unit. Sometimes a combination of both is opted for. Renovations sometimes include more than just an expansion of the retail area. Retail Estates regularly seizes the opportunity to remove an existing shop façade and replace it with a contemporary version that better fits the tenant's image. Such investments allow us to build “win-win” relations with the tenants. During the past fiscal year, a property in Aiseau-Presles was remodeled. More information under "Completion of non-current assets under construction". Investments in associated companies In Kampenhout, Veilinghof 't Sas nv intends to build a new retail park following the demolition of the former chicory auction building. The retail park will become Belgium's first furniture strip based on the Dutch model. At the time of publication of this annual report, an appeal was pending before the Council for Permit Disputes (Raad voor Vergunningsbetwistingen) against the environmental permit obtained. The Council is competent to overturn the decision on the permit granted by the permanent deputation on procedural grounds and to refer it back to the same permanent deputation of the province of Flemish Brabant. As a result, the permit is currently enforceable but not final. In anticipation of the ruling, the company started demolishing the structures on part of the site in October 2024, and it intends to start demolishing the remaining structures and carrying out the other permitted work as soon as possible once the environmental permit becomes final. Retail Estates expects a ruling from the Council for Permit Disputes in the fall of 2025. Retail Estates holds a 26.19% participating interest in the company Veilinghof ‘t Sas nv, which unites the interests of the different owners and represents a surface area of 37,708 m². A joint venture agreement was entered into between the company’s shareholders for the purpose of the redevelopment. The investment of Retail Estates in this participating interest is € 1.75 million in the company’s capital and an initial long-term loan of € 5.00 million intended to acquire a neighbouring site. Furthermore, Retail Estates undertakes to maintain sufficient liquid assets at all times with a view to the completion of the project. On 31 March 2025, the outstanding current account debt amounted to € 0.86 million. Divestments Total divestments in the past financial year included net sales proceeds of € 7.90 million. These sales resulted in a net capital gain of € 0.39 million. The total divestments stem from the sale of four separate properties, the sale of two properties on the Keerdok site (Mechelen), and the sale of land positions for apartments developed by real estate developers on the Houthalen and Halle sites. The divestments, which mainly resulted from the sale of four retail properties, were sold for net proceeds of € 5.75 million. The fair value of these properties was € 5.25 million. The current rental income from the properties amounted to € 0.20 million. In addition, two retail properties were sold as part of the phased sale of the Keerdok site in Mechelen. This site was rezoned by the local government for apartment construction following the approval of the RUP Rode Kruisplein. The first phase of the sale took place in March 2023 and resulted in proceeds of € 3.75 million. A second phase of sales followed in early 2025, in which two properties were sold with net sales proceeds of € 1.83 million. By 31 March 2026 at the latest, the remaining Keerdok site properties, which are already valued on the balance sheet at the agreed sale value, representing an amount of €5.60 million, will be sold. Please refer to Appendix 22 of the financial report for more details about this transaction. Furthermore, land positions for apartments on the Halle and Houthalen-Helchteren sites were sold during the 2024-2025 financial year. These were sold for a total net sales proceeds of € 0.32 million. These divestments are part of an annual recurring sales programme of (individual) retail properties that are not part of the core portfolio of Retail Estates due to their location, size and/or commercial activity. Investments: conclusion The acquisition and completion of own developments in the 2024-2025 financial year, less divestments, resulted in an increase of the real estate portfolio by € 16.72 million. The total rental income increased by € 0.11 million in financial year 2024-2025 as a result of these investments and decreased by € 0.13 million in the past financial year as a result of the divestments. If the acquisitions and sales had taken place on 1 April 2024, the rental income would have increased by € 1.18 million. The investments are financed by a mix of shareholders’ equity (issue of new shares by non-monetary or monetary 26 contributions) and borrowed capital (financing of working capital by the banks, issue of a bond loan, …). For a description of the main investments in the 2023-2024 financial year, please refer to pages 20-23 of the 2023-2024 Annual Financial Report. For a description of the main investments in the 2022-2023 financial year, please refer to pages 20-22 of the 2022-2023 Annual Financial Report. Management of the real estate portfolio Occupancy rate On 31 March 2025, the occupancy rate was 97.26% of the total retail area of the properties included in the real estate portfolio. Obviously, the occupancy rate must be seen as a snapshot taken of a series of mutations in the previous financial year. It does not imply a guarantee for the future, as the Belgian and Dutch legislation on commercial lease is mandatory and allows for cancellation every three years in Belgium and every five years in the Netherlands. Rental income On 31 March 2025, the net rental income amounted to € 142.18 million, an increase of € 3.35 million (2.41%) compared to the same period of the last financial year. The increase is driven by the indexation of the rents (€ +3.28 million) and additional rental income from acquisitions made during the 2023-2024 financial year. In Belgium, the indexation rate was 3.05% on average over the past financial year. In the Netherlands, the indexation was also 3.05% on average. Outstanding trade receivables, after deduction of doubtful debtors and advance payments, amounted to € 12.09 million, of which € 0.20 million relate to the revolving fund and the reserve fund and of which € 11.32 million have not yet reached their maturity date. Taking into account the guarantees obtained - both rental guarantees and bank guarantees - the credit risk on trade receivables is very limited on 31 March 2025. The total prebilling amounted to € 11.09 million on 31 March 2025 compared to € 11.86 million last year. It relates to unexpired rents billed for the periods after 31 March 2025. Damage claims No significant claims were identified in the 2024-2025 financial year. Capital increases in the context of the authorised capital – optional interim dividend The Board of Directors of Retail Estates has decided on 24 May 2024 to pay an optional gross interim dividend of € 5.00 (€ 3.50 net) for the 2023-2024 financial year. A total of 39.23% of the coupons no 32 were contributed in exchange for new shares. This means that on 27 June 2024, 331,748 new shares were issued for a total amount of € 19,739,006.002 (this is the total issue price with the issue premium included). The total number of shares on 31 March 2025 amounts to 14,707,335 and the capital to € 330,920,767.36. This interim dividend was paid out by decision of the board of directors within the framework of the authorized capital, based on the authorization granted by the extraordinary general meeting of 1 June 2022. This authorization has since been renewed at the extraordinary general meeting of 12 June 2024. Implementation of the financing strategy Retail Estates combines bilateral credits with different banking partners and private placements of bonds with institutional investors. The average maturity of the credit portfolio is 3.46 years. Within the context of the financing of its activities, Retail Estates has had a commercial paper programme of (up to) € 100 million since September 2017 (and extended in October 2018). The commercial paper is fully covered by back-up lines and unused credit lines that serve as a guarantee for refinancing should the placement or renewal of the commercial paper prove to be impossible or only partially possible. As of 31 March 2025, an amount of € 40.10 million of this commercial paper programme has been used. The average interest rate on 31 March 2025 is 2.08% compared to 2.30% on 31 March 2024. The degree to which Retail Estates can finance itself significantly impacts its profitability. Property investment generally entails 2 See press release of 27 June 2024. Crescend’eau, Verviers BELGIUM a relatively high level of debt financing. To optimally limit this risk, Retail Estates applies a cautious and conservative strategy. As a result, an interest rate increase does not have a substantial impact on the total result in the financial year ending on 31 March 2025. Interest rate increases or decreases nevertheless have an impact on the market value of the concluded IRS contracts and thus on shareholders’ equity and changes in the fair value of financial assets and liabilities. Retail Estates opts for a growth model with a direct contribution of earnings per share. This can be done both on the capital side and on the debt financing side. On the capital side, this can be done through a non-monetary contribution, a traditional rights issue or via the option for BE-REITs recently introduced in the BE-REIT Act to implement a capital increase through an accelerated bookbuilding procedure (ABB). Since the publication of the amendment to the articles of association of 23 December 2019, Retail Estates has had the possibility to make use of the accelerated bookbuilding procedure. At the extraordinary general meeting of 1 June 2022, the authorized capital was renewed, and this renewal was repeated at the extraordinary general meeting of 12 June 2024. We refer to the press release of 12 June 2024. On the debt financing side, this can be done through traditional bank financing on the one hand or a public and/or private bond loan on the other. Retail Estates regularly examines the possibility of a private and/or public bond loan. For more information with regard to the financing, please refer to note 34 et seq. of the Financial Report chapter. First green loan secured Retail Estates has secured its first green loan in 2024-2025. Retail Estates has been committed to improving the energy performance of its real estate portfolio for many years. With this green loan, the company is embedding sustainability in its financing strategy. This financing will be used to make properties more energy efficient through insulation and to generate local renewable energy with the installation of solar panels. Merger by acquisition of subsidiaries Mergers of subsidiaries simplify administrative management and reduce the taxable income of the subsidiaries of Retail Estates nv. On 28 March 2025, the merger by acquisition of SVK nv by Retail Estates nv was approved by the boards of directors of the respective companies, with effect from 1 April 2025. SVK owned two retail properties at the Gouden Kruispunt retail park in Tielt-Winge. T-FORUM, Tongeren BELGIUM 27 4. Events after the balance sheet date Divestment of retail property in Veenendaal (the Netherlands) On 1 April 2025 Retail Estates sold a retail property in Veenendaal (the Netherlands) for € 12 million. The 18,576 m² property was leased to Eijerkamp, a well-known Dutch family business specializing in home furnishings and furniture. The total annual rent for this retail property amounts to € 1.48 million. The fair value of the property was € 12 million on 31 March 2025. The site was sold because it is an atypical real estate site: it concerns a large area with only two tenants. Retail Estates' investment policy in the Netherlands focuses rather on standard properties with an area of 1,500 m². Optional interim dividend On 28 May 2025, the Board of Directors of Retail Estates decided to distribute, in the form of an optional dividend, a gross interim dividend for financial year 2024-2025 (which started on 1 April 2024 and ended on 31 March 2025) amounting to € 5.10 (€ 3.57 net, i.e. the net dividend per share after deduction of withholding tax at a rate of 30%) per share (participating in the profits of financial year 2024-2025). In connection with the decision to distribute the interim dividend, the board of directors is therefore offering shareholders the option of contributing their claim arising from the distribution of the net amount of the interim dividend to the company's capital, in exchange for the issue of new shares (in addition to the option to receive the interim dividend in cash and the option to opt for a combination of the two previous options). The new shares issued as a result of this capital increase will participate in the results from 1 April 2025. Taking into account Retail Estates' distribution obligation as a public real estate investment trust pursuant to Article 13 of the Royal Decree of 13 July 2014 on regulated real estate companies, the board of directors will propose to the annual general meeting of 22 July 2025, not to distribute any additional dividend for the 2024-2025 financial year. The contribution in kind of receivables from Retail Estates in the context of the interim optional dividend, and the associated capital increase, strengthens the company's equity and therefore reduces its (legally limited) debt ratio. This will enable Retail Estates to carry out additional debt-financed transactions in the future and thus further realize its growth intentions. The interim optional dividend will also lead (in proportion to the contribution of the net dividend rights to the company's capital) to a retention of funds within the company that will strengthen its financial position. In addition, this strengthens the ties with the shareholders. The issue price of the new shares has been set by the board of directors at € 57.12. Taking into account the aforementioned issue price, each new share to be issued may be subscribed for and will be paid up by the contribution of net dividend rights attached to 16 existing shares of the same form (represented by coupon no. 33). The option period will run from 5 June 2025 to 19 June 2025, after which the capital increase and the issue of the new shares will be finalised on 26 June 2025. For more information, please see the press release of 28 May 2025. Retail Warehousing Invest - transaction equivalent to a merger The boards of directors of Retail Estates and Retail Warehousing Invest (a wholly owned subsidiary of Retail Estates with the status of IGVV) intend to decide on a transaction equivalent to a merger within the meaning of Section 12:7 of the Companies and Associations Act, as a result of which the entire assets of Retail Warehousing Invest will be transferred to Retail Estates following dissolution without liquidation. The transaction would take effect on 1 July 2025 and aims to achieve administrative simplification and cost savings within the Retail Estates group. 28 29 Retailpark SHOP in STOCK Fosses-la-Ville GRAND PRÉS - Mons BELGIUM 5. Comments on the consolidated accounts for financial year 2024-2025 Balance sheet The investment properties (including non-current assets under construction) increased from € 2,028.32 million to € 2,069.54 million (2.03%). This can mainly be explained by a positive revaluation of the existing real estate portfolio for an amount of € 27.8 million. The non-current assets held for sale increased from € 8.55 million to € 18.46 million. At the end of each quarter, the assets for which the sales agreement has already been signed but the deed has not yet been executed are recorded in the assets held for sale. Assets worth € 13.40 million were added to the assets held for sale in the 2024-2025 financial year of which assets worth € 3.50 million were sold. The intangible non-current assets decreased slightly to € 8.70 million and mainly consist of the investments in an integrated technology system (S/4HANA). The financial non-current assets amounting to € 31.17 million mainly consist of € 24.60 million from the fair value of financial instruments and € 5.00 million from a claim against the joint venture Veilinghof ’t Sas nv. The participating interest of 26.19% in Veilinghof ’t Sas nv is valued at an amount of € 1.57 million on the basis of the change in equity method. Current assets amount to € 42.45 million and consist of € 18.46 million from assets held for sale, € 14.63 million from trade receivables, € 2.84 million from tax receivables and other current assets, € 2.92 million from cash and cash equivalents and € 3.61 million from accrued charges and deferred income. The shareholders’ equity of the public BE-REIT amounts to € 1,230.02 million, of which € 1,221.04 million are attributable to the group. On 31 March 2025, the capital amounts to € 330.92 million, an increase by € 7.46 million compared to last year, following the capital increase mentioned above. After deduction of the capital increase costs, the capital on the balance sheet amounts to € 322.50 million. During the 2024-2025 financial year, 331,748 new shares were created. The issue premiums amount to € 396.56, an increase by € 12.06 million compared to last year, following the capital increase mentioned above. Since the 2020-2021 financial year the issue premiums resulting from capital increases are included in the distributable issue premium account. Reserves amount to € 395.29 million and consist of the reserve for the variations in the fair value of real estate properties (€ 321.53 million), the reserve for the variations in the fair value of financial assets and liabilities (€ 37.47 million), the result of previous financial years carried forward (€ 130.94 million), the available reserves (€ 9.57 million) and the legal reserves (€ 0.09 million). The reserves are decreased by the impact on the fair value of estimated transfer rights and costs resulting from the hypothetical disposal of investment properties (€ 104.30 million). The group makes use of financial derivatives (interest rate swaps and caps) to hedge interest rate risks arising from certain operational, financial and investment activities. Financial derivatives are initially recognised at cost and revalued to their fair value on the next reporting date. The derivatives currently used by Retail Estates qualify as accounting cash flow hedges only to a limited extent. Changes in the fair value of the derivatives that do not qualify as cash flow hedges are recorded directly in the income statement. Changes in the fair value of the swaps qualifying as cash flow hedges are booked directly as shareholders’ equity and are not included in the income statement. The revaluation of the derivatives in the result amounts to € -13.07 million on 31 March 2025 and is negative as a result of a decrease of the long-term interest rate. The net result of the financial year amounts to € 108.47 million, of which € 106.70 million are attributable to the shareholders of the Group, and consists of € 90.86 million from EPRA earnings (group share), € 29.79 million from the result on portfolio, € - 30 13.07 million from variations in the fair value of financial assets and liabilities and € 0.90 million from EPRA earnings attributable to minority interests. The long-term liabilities amount to € 830.51 million and consist of € 828.95 million from long-term financial liabilities with a weighted average term of 3.46 years. The remaining long-term liabilities relate to deferred taxes. The short-term liabilities amount to € 98.55 million and consist of € 15.71 million from trade debts and other short-term liabilities. These mainly comprise the trade debts amounting to € 0.35 million, tax debts estimated at € 4.15 million, invoices receivable for € 9.80 million and exit taxes amounting to € 0.40 million. The short-term financial liabilities amount to € 61.48 million, of which € 40.10 million in commercial papers. Other short-term liabilities have increased from € 1.15 million to € 1.52 million and mainly consist of guarantees received. On 31 March 2025, the weighted average interest rate is 2.08%. The consolidated balance sheet is contained in the chapter “Consolidated balance sheet” of this Annual Financial Report (p. 176 et seq.). Income statement The net rental income has increased by € 3.35 million (+2.41%) to € 142.18 million, mainly due to the indexation of the rents (€ 3.28 million). This increase is mainly due to indexation of rental income (€ +3.28 million) and the impact of acquisitions and project completions in the previous financial year, which generated a full year's rent for the first time this year (€ +3.56 million). On the other hand, the increase in vacancy rates in the 2024-2025 financial year had a negative impact of € 1.17 million on the net rental income. There was also a negative impact from rent reductions (€ -0.54 million), impairments on trade receivables (€ -0.59 million) and the impact of contract renewals (€ -0.71 million). Income from solar panels and charging stations, on the other hand, had a positive effect (€ +0.49 million) in the 2024-2025 financial year. The sale of properties during the 2023-2024 financial year resulted in a decrease in net rental income of € -0.66 million in 2024-2025. The sales that took place in 2024-2025 had an impact of € -0.14 million. There was also a limited increase due to the acquisition of additional properties and the completion of projects (€ +0.11 million) and an other effect of € -0.29 million. The property costs amount to € -15.55 million compared to € -16.34 million in the previous year, a decrease by € 0.79 million which can mainly be explained by a decrease of the technical costs by € -1.48 million. This decrease in technical costs is mainly the result of savings of € 1 million on costs related to structural maintenance, as well as a reversal of the provision related to the damage to the facade panels of the retail park in Cruquius. In addition, there were no significant claims during this financial year that resulted in additional costs. The company’s operating costs amount to € -9.48 million, compared to € -8.47 million last year mainly explained by the increase in IT costs (€ +0.35 million), the increase in fees to third parties (€ +0.22 million) and the increase of personnel expenses (€ +0.20 million). The result of the sale of investment properties is € 0.39 million. This gain is mainly the result of the sale of retail properties in Fontaine-l'Évêque, Keerdok (Mechelen) and Tilff. Please refer to the “Divestment" section (supra) for more details. The variation in the fair value of investment properties amounts to € 27.83 million. The main effects of this change are a positive effect due to general developments Spijkenisse - South-Holland THE NETHERLANDS 31 related to estimated rental values (ERV), indexations and yields on the existing portfolio (€ +34.15 million), an increase in vacancy rates (€ -5.80 million), a positive effect due to contract extensions and new contracts (€ +2.57 million) and a negative effect due to the impact of sustainability investments and other project investments (€ -3.26 million). In addition, there is another impact (€ +0.57 million) related to the write-down of the Wetteren SME properties (see supra 'Non-current assets under construction - prospection') and the valuation of charging stations and operational solar panels. The other portfolio result amounts to € 1.57 million, which is mainly related to the impact of deferred taxes. The financial result (excluding variations in the fair value of financial assets and liabilities) amounts to € -20.14 million compared to € -21.57 million last year. This evolution is mainly driven by a decrease in the weighted average interest rate from 2.30% to 2.08%.The variation in the fair value of financial assets and liabilities amounts to € -13.07 million compared to € -16.49 million last year. The evolution of these costs is the result of the change in the fair values of the swaps that are not defined as a cash flow (variations in the fair value of financial assets and liabilities). However, this result is an unrealised and non-cash item. On 27 December 2023, the law amending the FBI regime was published, as a result of which an FBI can no longer invest in Dutch real estate, except through a subsidiary subject to the regular Dutch corporate tax rate. The amendment took effect on 1 January 2025. For the financial year ending on 31 March 2025, the FBI regime will therefore apply to all Dutch companies (with the exception of Alex Invest nv, which is not eligible for this regime) until 31 December 2024. From 1 January 2025, the FBI regime will no longer apply to the Dutch subsidiaries. The impact in the fourth quarter as a result of the discontinuation of the FBI regime amounts to € 0.83 million. EPRA earnings (group share) amount to € 90.86 million ten opzichte van € 88.37 million last year. The consolidated income statement is contained in the chapter “Consolidated income statement” of this Annual Financial Report (p. 176 et seq.). Outlook for the 2025-2026 financial year For the 2025-2026 financial year, on the basis of the planned composition of the real estate portfolio and barring unforeseen events, the company expects the net rental income to amount to € 146 million. This figure takes into account modest inflation, and purchases and sales for which a sales contract was signed and investments that were tendered and for which the required permits were obtained. European studies predict that in 2025, rents in retail parks will rise faster than those of other retail property types, € 6,21 EPRA earnings per share (Group) in financial year 2024-2025 32 driven by strong demand and low vacancy rates. The limited availability of high-quality retail park locations remains a challenge, increasing competition among retailers for these spaces. Retail Estates aims at a gross dividend of € 5.2 (€ 3.64 net) for the 2025-2026 financial year. This would represent an increase by 2% compared to the dividend for the 2024-2025 financial year (€ 5.1 gross). Arbitration of real estate portfolio Retail Estates expects to actively arbitrate its real estate portfolio for approximately € 50 million in the 2025-2026 financial year. The sale of the retail units in Veenendaal (the Netherlands) in April 2025 was a first step in this process (see 'Events after the balance sheet date'). Appropriation of the results At its meeting of 28 May 2025 the Board of Directors of Retail Estates decided to distribute, in the form of an optional dividend, a gross interim dividend for financial year 2024-2025 amounting to € 5.10 (€ 3.57 net, i.e. the net dividend per share after deduction of withholding tax at a rate of 30%) per share (participating in the profits of financial year 2024-2025). The total amount of the interim dividend is determined taking into account the obligation of Retail Estates as a public BE-REIT to pay out dividends pursuant to article 13 of the Royal Decree of 13 July 2014 on regulated real estate companies. Consequently, the board of directors will propose to the annual general meeting of 22 July 2025 not to distribute an additional dividend for the 2023-2024 financial year. (000) EUR Financial year 2024-2025 Result of the year 106,494 Reserve for the positive/negative balance of changes in the fair value of real estate properties -4,321 Reserve of estimated transfer rights and costs resulting from the hypothetical disposal of investment properties 435 Changes in fair value of financial assets and liabilities -11,630 Profit to be appropriated for the financial year 90,978 Profit carried forward from the previous financial year (IFRS) 136,653 Transfer of carried forward results from previous financial years (- / +) 0 Other -298 Payment of dividend 31 March 2025 -75,007 Result to be carried forward 152,325 Chapters 9 to 11 of this Annual Financial Report contain an abridged version of the statutory annual accounts. The integral version of the statutory annual accounts as well as the related reports can be consulted on the website of Retail Estates (ww.retailestates.com) or can be obtained free of charge upon request. Miscellaneous items Research and development The company has not undertaken any activities or incurred any expenditure in the area of research and development. Branch offices The company does not have any branch offices. Historical financial situation For more information about the consolidated financial statements for the 2023-2024 financial year we refer to p. 178 et seq. of the 2023-2024 Annual Financial Report. For more information about the consolidated financial statements for the 2022-2023 financial year we refer to p. 164 et seq. of the 2022-2023 Annual Financial Report. Corporate governance STATEMENT 33 CORPORATE GOVERNANCE Retailpark Be-Mine boulevard BELGIUM Corporate Governance statement Governance model The extraordinary shareholders’ meeting of Retail Estates of 1 June 2022 adopted new articles of association that implement the Belgian Code of Companies and Associations (“CCA”). Following the amendment to the articles of association on 1 June 2022, Retail Estates opted for a one-tier governance structure, as referred to in article 7:85 et seq. CCA. In the light of this choice, Retail Estates abolished the management board within the meaning of article 524bis of the (old) Belgian Companies Code with effect as of 1 June 2022, and replaced it by a management committee, to which the board of directors has delegated specific, clearly specified managerial powers. Corporate Governance Code (2020 Code) In accordance with article 3:6 § 2 CCA and the Royal Decree of 12 May 2019 laying down the corporate governance code to be complied with by listed companies, Retail Estates implements the provisions of the 2020 Belgian Corporate Governance Code (2020 Code), taking into account the particularities linked to the BE-REIT legislation. The 2020 Code is available on the website www.corporategovernancecommittee.be. However, Retail Estates derogates from the provisions of the 2020 Corporate Governance Code in a number of fields. According to the “comply or explain" principle of the 2020 Code, it is permitted to take into account the company’s specific situation (e.g. the relatively small size and the characteristics of the company) and to derogate from a provision of the 2020 Corporate Governance Code, subject to justification. The Corporate Governance Charter, which describes the governance rules applicable within Retail Estates, was updated as of 1 June 2022, following the implementation of the CCA in the articles of association, the abolishment 34 35 of the old management board and the introduction of the management committee, taking into account the 2020 Corporate Governance Code. Following the creation of an investment committee and the extension of the management committee, the Corporate Governance Charter was again amended with effect on 1 April 2023. An update to the Corporate Governance Charter was approved by the Board of Directors on 23 May 2025. The latest version of the Corporate Governance Charter can be consulted on the company website (www.retailestates.com). On the date of this Annual Financial Report, Retail Estates complies with the 2020 Corporate Governance Code 2020, with the exception of the following provisions: Derogation from provision 3.8 Retail Estates derogates from provision 3.8 of the Corporate Governance Code. This provision stipulates that the minutes of the meeting of the board of directors note diverging views expressed by directors and that the names of the interveners are only recorded if specifically requested by them. The Corporate Governance Charter of Retail Estates stipulates that the minutes note diverging views as well as any reservations made by specific directors, unless a consensus can be reached. The names of the interveners are only recorded if specifically requested by them. If directors make reservations although a consensus has been reached, their names are included in the reservations. Retail Estates derogates from the above-mentioned provision 3.8 of the Corporate Governance Code as the company is of the opinion that recording diverging views when a consensus is reached on the one hand and not mentioning the names of the directors making reservations (if a consensus is reached) on the other hand are not conducive to the operations of the board of directors as a collegiate body nor to the empowerment of the directors. Derogation from provision 7.6 Retail Estates derogates from this provision and does not award shares to the non-executive directors. The company feels that the legal framework and the nature of the company (BE-REIT), its general policy and its mode of operation already meet the objective of provision 7.6 of the 2020 Code (which is to encourage the non-executive directors to act with the perspective of a long-term shareholder) and adequately guarantee that action is undertaken with a view to promoting long-term value creation. This perspective is embedded in the governance of Retail Estates as a regulated real estate company. The Retail Estates share has a strong track record and the company’s directors strive for solid earnings per share year after year, an ambition that is certainly achieved. Retail Estates feels that the directors have proved in the past that this perspective, without the award of a remuneration in the form of shares, is sufficiently present in the directors’ conduct. The remuneration report contained in this Corporate Governance Statement includes an overview of the total remuneration of the non-executive directors. Without any obligation imposed by the remuneration policy, Victor Ragoen, non-executive director, do have a shareholding in Retail Estates, based on a personal decision. Derogation from provision 7.9 Retail Estates derogates from this provision and does not set an explicit minimum threshold of shares of Retail Estates to be held by the CEO and the other members of the management committee. The company feels that the legal framework and the nature of the company (BE-REIT), its general policy, its mode of operation and the ongoing long-term bonus plan already meet the objective of provision 7.9 of the 2020 Code (which is to encourage the executive management to act with the perspective of a long-term shareholder) and adequately guarantee that action is undertaken with a view to promoting long-term value creation. This perspective is embedded in the management of Retail Estates as a regulated real estate 36 company. The Retail Estates share has a strong track record and the management strives for solid earnings per share year after year, an ambition that is certainly achieved. Retail Estates feels that the management has proved in the past that this perspective, without the award of a remuneration in the form of shares, is sufficiently present in the management’s conduct. Without any obligation imposed by the remuneration policy, the CEO does have a shareholding in Retail Estates nv, based on a personal decision. Derogation from provision 7.12 Retail Estates derogates from provision 7.12 f the Corporate Governance Code. The company has not included in the contracts of the members of the executive management (with the exception of the contract with the CEO) any specific provisions enabling the company to claim back any variable remuneration already paid or withhold payment thereof, apart from the possibilities in this respect offered by common law. If there ever were a reason to claim back variable remunerations, which is not likely in light of the relevant procedures for internal and external control, the possibilities on the basis of common law will be examined. This provision will be taken into account upon conclusion of any future contracts with the executive management. If new members joint the management committee, a clause similar to the clause included in the agreement with the CEO will systematically be inserted into the new contracts. Shareholding structure Based on the transparency declarations received and the information which Retail Estates nv possesses, the main shareholders are: % at date of registration1 Pro forma % at 31.03.2025² Pro forma % at 06.06.2025³ Nextensa nv 10.03% 9.19% 9.19% AXA nv 6.05% 5.19% 5.19% FPIM nv (Belfius Insurance) 9.76% 4.87% 4.87% Private Stichting Administratiekantoor Vleterinvest 4.42% 3.98% 3.98% BlackRock, Inc. 3.55% 4.52% 3.92% Degroof Petercam Asset Management 3.00% 2.87% 2.87% General public n/a 69.38% 69.98% 1 On the basis of the denominator at the time of registration. 2 On the basis of the number of voting rights, which appears from the information received from the company's shareholders, and taking into account the denominator applicable at 31.03.2025 (14,707,335 shares), this table shows, for information only, the (supposed) shareholding structure. It should be noted that this does not necessarily correspond with reality (not for all shareholders in any case), since the company is not necessarily aware of share transactions that did not result in the triggering of a notification threshold, and thus did not result in a transparency notification. 3 On the basis of the number of voting rights, which appears from the information received from the company's shareholders, and taking into account the denominator applicable at 06.06.2025 (14,707,335 shares), this table shows, for information only, the (supposed) shareholding structure. It should be noted that this does not necessarily correspond with reality (not for all shareholders in any case), since the company is not necessarily aware of share transactions that did not result in the triggering of a notification threshold, and thus did not result in a transparency notification. With the exception of the above-mentioned shareholders, no other shareholder has declared ownership of more than 3% of the issued shares of Retail Estates nv. The transparency declarations received are available for consultation on the company’s website www.retailestates.com/(under Investor Relations > The share > Shareholding structure). Voting right of the shareholders Each share carries one vote. The company's shareholders from whom transparency statements were received do not have preferential voting rights. Control over Retail Estates NV There is currently no control over Retail Estates NV within the meaning of article 1:14 of the Belgian Code of Companies and Associations. Change in control Retail Estates NV is not aware of any agreements that may lead to a change in control. 37 Internal control and risk management systems In accordance with the corporate governance rules and the relevant legislation, Retail Estates nv has developed an internal control and risk management system taking into account the nature, size and complexity of the company’s activities and its environment. Internal control is a process which aims to provide reasonable guarantees to ensure that the following objectives are met: –effectiveness and improvement of the operation of the company; –reliability and integrity of information; –compliance with policies, procedures, legislation and regulations. Retail Estates nv has taken the COSO framework (Committee of Sponsoring Organizations of the Treadway Commission) as its reference for implementing its internal control system. The components of this framework and their application at Retail Estates are discussed below. Internal control and risk management systems in general Sound internal control and balanced risk management are an inherent part of Retail Estates nv’s corporate culture and are disseminated throughout the organisation by means of: –corporate governance rules and the existence of a remuneration and nomination committee, an audit committee and an investment committee; –the existence of a dealing code, dealing in particular with such matters as conflicts of interest, confidentiality, buying and selling of shares, prevention of abuse of company property, and communication; –the existence of a code of conduct containing commitments in the field of responsible and ethical behaviour; –a human resources policy with rules for personnel recruitment, periodic performance evaluation and establishment of the annual objectives; –procedure monitoring and process formalisation. The board of directors regularly evaluates the company’s exposure to risks, the financial impact of these risks and the actions that must be taken to monitor these potential risks, to avoid the risks and/or (where relevant) to limit the impact of these risks. In particular, the company has developed internal control and risk management systems for the most important processes in the company, namely managing costs and expenses, repairs and maintenance, developments, and collecting rents. Internal control and risk management systems relating to financial reporting Control environment The control environment as regards financial reporting consists of the following components: –the accounting team led by the finance manager is responsible for preparing and reporting financial information; –the controller is responsible for reviewing the financial information and preparing the consolidated figures (in consultation with the CFO) as well as for the feedback of financial information to Retail Estates nv’s operational activities; –the CFO is responsible for the final review of the consolidated financial statements and for the correct application of the valuation rules, and reports back on these tasks to the CEO; –as part of his responsibility for the day-to-day management of the company, the CEO regularly discusses the financial reporting with the CFO; –the audit committee and the board of directors have detailed quarterly question and discussion sessions with the CEO and CFO with regard to the financial reporting and oversee the proper application of the valuation rules. Other actors also play a role in the company's control environment: –being a listed company (and a public BE-REIT), Retail Estates nv is subject to the prudential supervision of the FSMA; –the real estate expert also plays an important role: the entire real estate portfolio, which constitutes 95% of the balance sheet total, is valued by internationally recognised independent real estate experts (Cushman & Wakefield, Stadim, Colliers and CBRE), each evaluating one part of the real estate portfolio. Risk analysis Regular management and operational meetings serve to address issues that need to be followed up, thus ensuring balanced risk awareness and management: –the main events of the past period and their impact on the accounting figures; –recent and planned transactions; –the development of major key performance indicators; and –any operational, legal and fiscal risks. As a result of these meetings, the appropriate actions can be undertaken and measures can be adopted in order to implement the company’s policy. These actions aim to achieve a balanced risk policy in line with the strategic objectives and ‘risk appetite’ of the company put forward by the board of directors. 38 Control activities Control procedures are in effect with respect to the company’s key activities, such as collecting rents, repairs and maintenance, project development, site supervision, etc. These procedures are evaluated on a regular basis by the management team. Since April 2022, a new ERP system (SAP) has been implemented that tracks all aspects of the real estate business (both portfolio management and technical support for the buildings), all aspects relating to the non-current assets under construction, all financial aspects and all aspects relating to the storage and consulting of data. As this software is completely integrated and is applied by all divisions of the company, it will result in standardisation of the data and improved internal control. Information and communication A financial report containing the analyses of the figures, the key performance indicators, the impact of purchases and sales on budgets, the cash flow positions, etc. is drawn up every quarter. In addition, a quarterly operational report is prepared which includes the key performance indicators relating to the real estate department. In the first and third quarter of the financial year, an intermediary press release is published. Every six months, a more comprehensive half-yearly financial report is published in accordance with IFRS standards. At the end of the financial year, all relevant financial information is published in the annual financial report, which is also made available on the company’s website. The limited size of the Retail Estates team contributes significantly to the smooth flow of information. The considerable involvement of the board of directors and its chairperson promotes open communication and ensures that the management body is appropriately provided with information. Monitoring Every quarter, the financial team draws up the quarterly figures and balance sheets. These quarterly figures are always extensively analysed and checked. To limit the risk of errors in financial reporting, the figures are discussed with the management and their accuracy and completeness are verified by analysing rental income, vacancies, technical costs, rental activity, developments regarding the value of the buildings, outstanding debtors etc. in compliance with the four-eyes principle. Comparisons with forecasts and budgets are discussed. Every quarter, management provides the board of directors with a comprehensive report on the financial statements with a comparison of annual figures, budgets and explanations for any deviations. The statutory auditor also reports to the board of directors on the main findings of their audit activities. Appropriate risk management policy The main risks the company faces relate to (i) the market value of the properties, (ii) changes in the rental market, (iii) the structural condition of the buildings, (iv) financial risks, including liquidity risk, the use of financial instruments and banking counterparty and covenant risk, (v) technical permit-related risks, (vi) changes to the traffic infrastructure, (vii) soil contamination, (viii) risks associated with merger, demerger or acquisition transactions, (ix) regulatory risks and (x) risks relating to the tightening of the ESG regulations . Measures and procedures are in place to identify and monitor each of the listed risks, to avoid these risks and/or to minimize their impact, if any, and to assess, control and monitor their consequences as much as possible. This is the responsibility of the risk manager. Integrity policy The integrity policy, which is overseen by the person entrusted with the “compliance function”, covers various aspects, including the prevention of insider trading, conflicts of interest and incompatibility of mandates, non-corruption and professional secrecy. The effective management examines on a regular basis which other areas and activities should be included in the scope of the compliance function. The “independent compliance function” is treated as an independent function within an organisation that focuses on investigating and promoting compliance by the company with the laws, regulations and rules of conduct applicable to the company and, in particular, the rules relating to the integrity of the company’s activities. We discuss the most important of these below: Prevention of insider trading and market abuse In accordance with the principles and values of the company and within the framework of the implementation of the Corporate Governance Code , Retail Estates nv has included rules in its Dealing Code that must be observed by directors, members of the management committee, employees and appointed persons who want to trade in financial instruments issued by Retail Estates nv. The rules of the Dealing Code were drawn up in line with the applicable regulations and legislation, in particular Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (the Market Abuse Regulation), the Act of 2 August 2002 on the supervision of the financial sector and on financial services and the Corporate Governance Code. The company's Dealing Code constitutes an integral part of the Corporate Governance Charter and can be consulted (separately) on the company's website (www.retailestates.com). The Dealing Code covers for example the disclosure of information relevant to such transactions and stipulates: –restrictions on the execution of transactions in financial instruments of the company during specific periods prior to publication of the financial results (“closed periods”) or during any other period considered sensitive (“prohibited periods”); –the appointment of a compliance officer to oversee compliance with the Dealing Code by the directors and other designated persons; –prior notification to the compliance officer by the designated persons of all transactions in financial instruments of the Company; and –the disclosure of each transaction by the designated persons. Internal procedure for reporting infringements – Whistle-blower policy The Company has provided an internal procedure for reporting actual or potential wrongful acts or omissions concerning the policy areas within the scope of the policy, including financial services, products and markets, prevention of money laundering and terrorist financing, combating tax fraud, protection of the environment, protection of privacy and personal data, and security of network and information systems (the "Whistle-blower Policy"). The regulation aims to protect whistleblowers from retaliation and reprisal and to promote the integrity and transparency of the organization. The Whistle-blower Policy can be accessed on the Company's website. Conflicts of interest and incompatibility of mandates Reference is made to the passage under ‘Handling conflicts of interest’ in the management report and to title 2, item f) of the “Code of Conduct”. Non-corruption Retail Estates nv strongly emphasises the principles of honesty and integrity, and expects a similar attitude on the part of third parties with whom the company does business (see title 2, item g) of the Code of Conduct). Professional secrecy It is expressly forbidden for members of the bodies of the company and of the management committee and for personnel to use or reveal any confidential information they acquire during the course of their duties for improper purposes (see title 2, item d of the Code of Conduct). Political activities In pursing legitimate commercial objectives, Retail Estates nv acts in a socially responsible manner in accordance with the laws of the country in which the company is active. The Code of Conduct also contains a chapter relating to the political activities of employees, if any (see title 2, item h of the Code of Conduct). Independent supervisory functions Risk management function Measures and procedures are in place to identify and monitor the risks that the company faces, to avoid these risks and/or to minimize their impact, if any, and to assess, control and monitor their consequences as much as possible. This is the role of the risk manager. As a large number of risks are of a legal nature, Ms Runa Vander Eeckt, Chief Legal Officer and responsible for assistance in transactions in that capacity, was appointed risk manager. The Board of Directors feels that the main risks are linked to the acquisition activities rather than to the portfolio management. 39 40 The risk manager consults with the compliance officer on a regular basis, has the appropriate skills and displays the required professional reliability. The risk manager is under direct supervision of a member of the effective management, in this case Mr Jan De Nys, who bears final responsibility for the company's risk management systems. Independent compliance function The board of directors has appointed Ms Runa Vander Eeckt, Chief Legal Officer, as compliance officer for an indefinite period of time, to replace Mr Paul Borghgraef. She must monitor compliance with these rules in order to limit the risk of market abuse with insider knowledge and generally supervise compliance with the integrity policy. The compliance officer has the required professional reliability and appropriate expertise and, like the risk manager, is under the direct supervision of a member of the senior management, in this case Mr Jan De Nys. Independent internal audit function The person in charge of the internal audit is responsible for the independent and ongoing assessment of the activities of the company and furthermore analyses the quality and efficiency of existing procedures and methods of internal control. The internal statutory auditor will present his findings on a yearly basis. The internal audit function is performed by an external consultant, in this case Moore Belgium, represented by Mr Luc Martens. The internal audit function, which is thus outsourced to an external legal entity represented by a natural person, is performed under the supervision and responsibility of Mr Michiel Malengier, finance manager of the company. He has the appropriate skills and displays the required professional reliability. Internal audit functions within Retail Warehousing Invest Pursuant to article 17, §2 of the BE-REIT Act, the internal audit within the company also covers its subsidiary as it qualifies as an institutional BE-REIT (Retail Warehousing Invest NV). Composition of the administrative bodies and the committees On the date of this report, the board of directors of Retail Estates consists of 9 directors: 7 non-executive directors and 2 executive directors, i.e. the managing director (CEO) and the Chief Financial Officer (CFO). The Board of Directors set up four committees on the date of this Annual Financial Report: a remuneration and nomination committee, an audit committee, an investment committee and a management committee. Composition of the board of directors Gov-Board, Gov-Selec, Gov-Col The Board of Directors met 8 times in 2024-2025. A number of meetings were held by conference call or in the presence of Tim Carnewal. The remuneration and nomination committee met 4 and the audit committee met 5 times during the year. The investment committee met 2 times in the previous financial year. The management committee met once a week. The mandates of six directors of Retail Estates were renewed for a new four-year term (until the end of the 2025 shareholders' meeting) during the annual shareholders' meeting of 19 July 2021. One director was co-opted by the board of directors with effect on 7 June 2022; his co-optation was approved by the annual shareholders’ meeting of 18 July 2022. His term of office will also end after the 2025 shareholders’ meeting. One director was co-opted by the board of directors on 15 September 2023 with effect on 2 October 2023, replacing René Annaert, independent director, and his mandate was approved at the annual shareholders' meeting of 22 July 2024 for a term that ends at the annual general meeting of 2025. One director was appointed at the general shareholders' meeting of 2024 for a term of four years, which runs until the general shareholders' meeting of 2028. One director was co-opted by the board of directors in 2025 to replace Mr Paul Borghgraef, who resigned with effect from 1 April 2025. The composition of the Board of Directors reflects independence at a double level: –the Board of Directors consists of five independent directors; two independent directors were reappointed during the annual shareholders’ meeting of 19 July 2021, one director was co-opted with effect on 2 October 2023, one independent director was appointed at the general shareholders' meeting of 22 July 2025 and one director was designated as independent at that same annual meeting; and –the Board of Directors has a majority of non-executive directors. The directors can be re-elected. 41 The independent directors meet the criteria of independence set out in article 3.5 of the 2020 Corporate Governance Code (see article 7:87 of the Belgian Code of Companies and Associations). They strictly comply with the following criteria of independence: 1.not being a member of the executive management or holding a position as a person entrusted with the daily management of the company or a company or entity affiliated with the company, and not having been in such a position for the three years prior to their appointment. Alternatively, no longer enjoying share options of the company related to such position; 2.not having served for a total term of more than twelve years as a non-executive director; 1.not being part of the executive staff (as defined in article 19, 2° of the Belgian Act of 20 September 1948 regarding the organisation of business) of the company or a company or entity affiliated with the company, and not having been in such a position for the three years prior to their appointment; alternatively, no longer enjoying share options of the company related to such position; 2.not receiving or having received during their mandate or for a period of three years prior to their appointment, any significant remuneration or any other significant advantage of a proprietary nature from the company or from a company or entity affiliated with the company, other than any fee they receive or have received as non-executive director; 1.a. not holding, either director or indirectly, either alone of acting in concert, any shares representing in total one tenth or more of the company’s capital or one tenth of more of the voting rights in the company at the moment of the appointment; b. in no event having been nominated by a shareholder meeting the conditions described under (a); 2.not having, or having had in the year prior to their appointment, a significant business relationship with the company or with a company or entity affiliated with the company, either directly or as a partner, shareholder, member of the board of directors of member of the executive staff (as defined in article 19, 2° of the above-mentioned Belgian Act of 20 September 1948 regarding the organisation of business) of a company or entity who maintains such a relationship; Retailpark Schoten-Bredabaan BELGIUM 42 1.not being or having been within the last three years prior to their appointment, a partner or member of the audit team of the company or the entity who is, or has been within the last three years prior to the appointment the statutory auditor of the company or an affiliated company or person; 2.not being a member of the executive management of another company in which a member of the executive management of the company is a non-executive member of the board, and not having other significant links with executive directors of the company through involvement in other companies or bodies; 3.not having, in the company or in an affiliated company or entity, a spouse, legally cohabiting partner or relative by blood or marriage to the second degree, holding a position as director or member of the executive management or person entrusted with the daily management (as defined in article 19, 2° of the Act of 20 September 1948 relating to the organisation of business) or falling under one of the other circumstances referred to in 1. to 8. above and, as regards point 2., up to three years after the relative concerned terminated their last term of office. As article 13 of the REIT-Act refers to article 526ter of the (old) Belgian Companies Code, at least three directors of the Company must also be independent within the meaning of article 526ter of the (old) Belgian Companies Code, which is the case. The composition of the board of directors must ensure that the decisions taken are in the interest of the company. This composition is determined on the basis of diversity in general as well as complementarity with respect to skills, experience and knowledge. It is of particular importance to have a proportionate representation of directors who are well versed in the management of retail properties of the type in which Retail Estates invests and/or have experience in the financial aspects, in particular reporting and/or financing, of a company and/or have experience in the management of a real estate company and real estate investment trust in particular and/or in policy-making in listed companies. Consequently, it is pivotal that members of the board of directors are complementary in terms of knowledge and experience. In order to ensure the efficient operation of the board of directors, the aim is to limit the number of members of the board of directors. The current composition of the Board of Directors ensures compliance with the requirements in terms of gender diversity. The Board of Directors or Retail Estates currently consists of five women and five men, which is in line with article 7:86 of the Belgian Code of Companies and Associations. Departure of Paul Borghgraef as Chairman of the Board of Directors At the end of March 2025, Paul Borghgraef stepped down as Chairman of the Board of Directors of Retail Estates. Mr Borghgraef has actively supported the growth of the real estate company over the past 20 years. Retail Estates is therefore extremely grateful to him for his dedication. Mr Borghgraef's term of office expired on 31 March 2025. Victor Ragoen, whose term of office runs until the general meeting in July 2025, will also be stepping down from the Executive Board. Retail Estates would like to express its sincere thanks to Mr Ragoen for his long-standing commitment. T-FORUM Tongeren BELGIUM 43 On the date of this Annual Financial Report, the Board of Directors of Retail Estates NV is composed as follows: Name Position Date of commen-cement of current mandate Date of expiry of current mandate Professional address Dirk Vanderschrick Chairman of the Board of Directors Member of the investment committee Member of the audit committee 07.06.2022 2025 shareholders' meeting Waalborrelaan 22, 1730 Asse Jan De Nys Managing director Chairman of the management committee Chairman of the investment committee 19.07.2021 2025 shareholders' meeting Industrielaan 6, 1740 Ternat Kara De Smet Chief Financial Officer Member of the management committee 19.07.2021 2025 shareholders' meeting Industrielaan 6, 1740 Ternat Ann Gaeremynck Independent director Member of the remuneration and nomination committee Member of the audit committee 19.07.2021 2025 shareholders' meeting Naamsestraat 69, 3000 Leuven Léon Overhorst Independent director Member of the remuneration and nomination committee Member of the investment committee 01.08.2024 2028 shareholders' meeting Buntlaan 26, 3971 JD Driebergen-Rijsenburg (NL) Victor Ragoen Non-executive director Chairman of the remuneration and nomination committee Member of the investment committee 19.07.2021 2025 shareholders' meeting Tenboslaan 23, 1560 Hoeilaart Ann Schryvers Independent director Member of the investment committee 02.10.2023 2025 shareholders' meeting Baron Eduard Empainlaan 39, 2800 Mechelen Leen Van den Neste Independent director Member of the remuneration and nomination committee Chairwoman of the audit committee 19.07.2021 2025 shareholders' meeting Sint-Michielsplein 16, 9000 Gent Michel Van Geyte Non-executive director 19.07.2021 2025 shareholders' meeting Picardstraat 11/505, 1000 Brussel Marleen Willekens Independent director 2025 2025 shareholders' meeting One out of the ten directors represents a reference shareholder: Mr Van Geyte on behalf of Nextensa. Mr De Nys and Mr Ragoen have declared that they hold shares in the company for their personal account. In compliance with the 2020 Corporate Governance Code, non-executive directors need to be aware of the extent of their duties, especially with respect to the time commitment involved in carrying out those duties. Non-executive directors are not allowed to hold more than five mandates as directors in listed companies. None of the non-executive directors has more than five mandates in listed companies. The following is an overview of the mandates with a concise description of the professional career of the respective directors: 44 Mr Dirk Vanderschrick Mr Dirk Vanderschrick has been a director of Retail Estates since 2022. He has been Chairman of the Board of Directors since 1 April 2025. Until 2022, he was the CEO of Belfius Verzekeringen. Previously, he had been a member of the management committee of Belfius Bank for over 10 years, where he was responsible for Treasury & Financial Markets, COO, Retail/business and private banking. He obtained a Master’s degree in commercial and financial sciences (Vlekho) and a MBA degree at the KU Leuven / Vlerick. Mandates: –Director of Vastgoedgroep De Groote –Chairman of the board of directors of Zabrix –Chairman of The Belgian –Director of Quares Retail Fund –Chairman of CKV Bank –Director of Whitewhood AIFM –Director of Value Square –Director of Curalia Committees: –Investment committee –Audit committee Mr Jan De Nys Mr Jan De Nys has been the managing director of Retail Estates nv since 1998. He started his career with De Bandt, Van Hecke in 1982. From 1999 to 2002, he held several positions in the retail Industry at Mitiska NV, and he remained a director of this company until 2009. He earned a licentiate degree in Law at the KU Leuven in 1982, followed by a postgraduate degree in European Law at the College of Europe in Bruges. Mandates: –Director of Alides REIM NV –Director of First Retail International I en II NV –Director of Co.Br.Ha Committees: –Investment committee Ms Kara De Smet Ms Kara De Smet has been CFO of Retail Estates since 2006. She has been an executive director since January 2016. From 1999 to 2006, she worked for Deloitte as an audit manager. She has been lecturing at the Post University Centre of the KU Leuven (department of Real Estate Management) since 2015. She obtained a licentiate degree in Applied Economic Sciences at the KU Leuven in 1999. Mandates: –Director of Be-REIT Association, the industry association of BE-REITs –Independent director and chairman of the audit committee of Qrf Committees: / 45 Mr Michel Van Geyte Mr Michel Van Geyte has been a director of Retail Estates since 18 May 2019. Michel Van Geyte has over twenty years of experience in real estate. He has been active at Nextensa (formerly known as Leasinvest Real Estate) since 2004, first as COO and since 2018 as CEO. Michel Van Geyte has a master's degree in applied economics and a postgraduate degree in real estate from the KU Leuven and a master's degree in corporate finance from the Vlerick Business School. Mandates: –Several mandates of the subsidiaries or affiliated companies that are part of Nextensa –Director of Care Property Invest OGVV –Chairman of ULI Belux Committees: / Ms Ann Gaeremynck Ms Ann Gaeremynck has been an independent director of Retail Estates since 4 July 2017. Ann Gaeremynck is a doctor in Applied Economic Sciences. She obtained her degree at the KU Leuven where she is full professor at the Faculty of Business and Economics. Her main research interests lie in the field of governance, audit and financial reporting. Mandates: –Director and chairwoman of the audit committee of VGP –Director and chairwoman of the audit committee of VIVES university college Committees: –Audit committee –Remuneration and nomination committee Mr Léon Overhorst Mr Léon Overhorst has been an independent director of Retail Estates since August 2024. He has his own company, Miles Real Estate B.V., which advises on real estate investments. Until 2024, he was Senior Director Capital Markets Retail at CBRE, where he gained over 15 years of experience in advising on the purchase and sale of commercial real estate, particularly out-of-town retail real estate in the Netherlands. He previously supervised the expansion of various (inter)national retailers and was a consultant in real estate development and brokerage. Léon Overhorst studied real estate at the Hanze University of Applied Sciences and investment analysis at the Amsterdam School of Real Estate. Mandates: / Committees: –Remuneration and nomination committee –Investment committee 46 Mr Victor Ragoen Mr Victor Ragoen has been a director of Retail Estates since 5 November 2004. Early in his career he worked for Ogilvy & Mather, BBDO and American Express. From 1991 to 2007 he was managing partner and later managing director of Vanden Borre. Between 2007 and 2013 Victor Ragoen was vice-chairman of KESA Electricals. From May 2011 to February 2015, he was again managing director of Vanden Borre. Victor Ragoen has a degree in Commercial and Financial Sciences and a master's degree in marketing from the Vlerick Business School. Mandates: / Committees: –Remuneration and nomination committee –Investment committee Ms Leen Van den Neste Ms Leen Van den Neste has been an independent director of Retail Estates since 12 January 2016. She started her career at KMPG Bedrijfsrevisoren, followed by a position as senior internal auditor at VF dept. Internal Audit. In 1995 she started working for the Arco Group, where she held various positions before becoming director of administration and finance in 2005. She was a member of the Arco Group's executive committee from 2007 to 2011. In September 2011, Leen Van den Neste joined the management committee of VDK Bank, of which she became chair in April 2012. She obtained her law degree from the University of Ghent in 1988. In 1990, she obtained a special license in Accountancy from the Vlerick Business School. Mandates: –Managing director and president of VDK Bank NV –Director of FPIM (Federale Participatie en investeringsmaatschappij) Committees: –Remuneration and nomination committee –Audit committee Ms Ann Schryvers Ms Ann Schryvers has been an independent director of Retail Estates since 2 October 2023. She is a licensed real estate broker-mediator and has her own consulting firm S. Advice & Management bv. Since November 2023, she has been Real Estate Development Manager - Commercial Real Estate for Brussels Airport Company. She is also a director at Banimmo nv where she is a member of the investment committee. In her career, Ann Schryvers has gained extensive experience in real estate development and asset management, including at real estate broker and developer Ketteridge St Quintin and developers and investors Banimmo and DC Real Estate Development. From 2011 to 2022, she was active at AG Real Estate where she started as a developer but was in recent years responsible for leasing the retail portfolio as freelance Senior Letting Manager Retail. Mandates: –Director and member of the investment committee of Banimmo Committees: –Investment committee 47 Statements concerning the directors The board of directors of Retail Estates nv hereby confirms that none of the directors have in the course of the past five years been convicted of a crime of fraud, been the subject of any official and/or public accusation, had a sanction imposed by a judicial or supervisory body, been banned by a court of law from serving as a member of an administrative body, or ever appeared before a court of law in the capacity of a director, in connection with bankruptcy. There is no family relationship between the directors. Operation of the board of directors The board of directors of Retail Estates nv determines the company’s strategy, investments, budgets, disposals and acquisitions and funding. The board of directors prepares the annual accounts and interim financial statements and the annual report of the company for the shareholders’ meeting. The board of directors also approves merger and demerger reports. It decides on the use of the authorised capital and convenes the annual, extraordinary and special shareholders’ meeting. It supervises the accuracy and transparency of communications to shareholders, financial analysts and the general public as communicated through prospectuses, annual and interim reports and press releases. On 1 June 2022, the board of directors set up a management committee (replacing the former management board within the meaning of article 524bis of the (old) Companies Code), to which it has transferred specific, clearly specified managerial powers. The management committee is an informal committee and not a management board within the meaning of article 7:104 CCA. In accordance with the transfer of powers which the board of directors decided on 20 May 2022 and which became effective on 1 June 2022, the management has the following tasks and powers, which are explained in detail in the internal rules of the management committee that can be consulted on the website of the company: –analysing, preparing and proposing, under the direction of the CEO, the company’s policy and general strategy, in order to submit them to the board of directors (including the general lines of policy for financial management, risk management, budget preparation/forecast); –the operational management of the company; –developing, preparing and submitting proposals to the board of directors or to its specialised committees in any matter falling under their powers. In addition, the managing director, supported by the management committee, is responsible for the executive management. The board of directors can only deliberate and make decisions validly if at least half of its members are present or represented. If this condition is not met, a new meeting can be convened which will deliberate and decide validly on the agenda items of the previous meeting if at least two directors are present or represented. Each decision of the board of directors is taken by a simple majority of the votes cast by the directors present or represented, and in the event of abstention by one or several of them, by the majority of the votes cast by the other directors. In the event of a tie, the director chairing the meeting has the casting vote. Board decisions can be taken by unanimous written agreement between the directors. In addition to its legal mandate, the board of directors, bearing in mind the company’s interests, will also determine the strategy and outline the policy lines. More specifically, it makes all fundamental decisions concerning investments in and disposals of properties as well as those regarding their funding. Ms Marleen Willekens Ms Marleen Willekens has been co-opted as an independent director of Retail Estates replacing Mr Paul Borghgraef. She obtained a PhD in Industrial and Business Studies from the University of Warwick Business School (UK) and is a full professor of accounting and auditing at the KU Leuven and a part-time research professor at BI Norwegian Business School (Norway). Her expertise focuses mainly on auditing and corporate governance. Mandates: –Independent director and chairman of the audit committee at Aedifica –Academic director at the Foundation for Auditing Research (the Netherlands) –Independent director and chairman of the audit committee at Intervest from 2016 to June 2024 Committees: / 48 A clear distinction is made between the responsibilities of the managing director and those of the chairperson of the board of directors. The chairperson leads the board of directors and ensures that the agenda for the meetings of the board of directors is prepared and that the directors promptly receive the relevant information. The managing director is responsible for the operational tasks relating to the management of the real estate portfolio and the functioning of the company. The board of directors will ensure that sufficient powers are given to meet these responsibilities and duties. Evaluation of the performance of the directors In order to continually improve the effectiveness of the board of directors, the board of directors, under the leadership of the chairperson, systematically and regularly (at least every 2 to 3 years for example) evaluates its size and composition, its performance and that of its committees, as well as its interaction with the management committee. The evaluation is carried out through a formal process, whether or not externally facilitated, in accordance with a methodology approved by the board of directors. The non-executive directors regularly (preferably once a year) evaluate their interaction with the management committee, in the absence of the CEO and other executive director. The actual contribution of each director is evaluated periodically, and in any case at the end of the director’s term, in order to be able to adapt the composition of the board of directors to changing circumstances. An evaluation of the performance of the board of directors and its members was organised in September 2022 by the external party Deminor. The conclusions of the evaluation contain recommendations for the operations of the board of directors after its next re-election, which is scheduled to take place in July 2025. Operation of the committees The board of directors can set up various committees for specific matters. To date, the board of directors of Retail Estates has set up four committees: –a remuneration and nomination committee; –an audit committee; –a management committee since 1 June 2022 (replacing the former management board within the meaning of article 524bis of the (old) Companies Code); –an investment committee since 18 November 2022. Remuneration and nomination committee The remuneration and nomination committee consists of the following members: –Leen Van den Neste – independent director –Ann Gaeremynck – independent director –Victor Ragoen – non-executive director –Léon Overhorst - independent director The committee convened 4 times in 2024-2025 in the context of drawing up the 2025-2026 budget. The employee remuneration policy was discussed during these meetings and an inventory was made of the recurrent fees paid to external service providers. The role of the remuneration and nomination committee is to assist the board of directors by: –making recommendations to the board of directors regarding the appointment of the directors, the CEO and possibly other members of the management committee, and ensuring that the appointment and reappointment process is as objective and professional as possible; –assisting in determining the remuneration policy and the individual remuneration of the directors, the persons in charge of the day-to-day management and the members of the management committee; –preparing the remuneration report. Audit committee The audit committee consists of the following members: –Leen Van den Neste – chairwoman of the committee, independent director –Ann Gaeremynck – independent director –Dirk Vanderschrick – independent director The committee met 5 times in 2024-2025. The tasks of this audit committee mainly relate to the monitoring of the financial reporting process, the efficiency of the internal control and risk management systems, the monitoring of the internal audit and its efficiency and the monitoring of the statutory audit of the statutory and consolidated financial statements and external audit, including the assessment and monitoring of the independence of the statutory auditor. The audit committee is also responsible for monitoring the sustainability reporting process and the effectiveness of the internal control systems as they relate to sustainability, and for monitoring the performance of any internal or external audits of sustainability reporting. 1 Including people working on a self-employed basis. 49 Management committee The management committee consists of the following members since 1 April 2023: –Jan De Nys – Chairman of the committee, Chief Executive Officer, executive director –Kara De Smet – Chief Financial Officer, executive director –Koenraad Van Nieuwenburg – Chief Investment Officer –Runa Vander Eeckt – Chief Legal Officer –Koen Nevens – Chief Business Development Officer The duties of this management committee mainly relate to supporting the CEO with respect to the company’s executive management. The management committee discusses with the board of directors and the CEO, and advises them with respect to, the Company’s management in accordance with the values, the strategy, the general policy and the budget of the Company as determined by the board of directors. For that purpose, the board of directors transferred specific powers to the management committee on 20 May 2022, effective as of 1 June 2022. We refer to the internal rules of the management committee, which are available on the website, for the list of powers transferred to the management committee by the board of directors and for the other aspects of the operations of the management committee. Retail Estates has entrusted the following persons with the effective management of the company within the meaning of article 14 of the BE-REIT Act: Mr Jan De Nys, Chief Executive Officer of Retail Estates, and Ms Kara De Smet, Chief Financial Officer of Retail Estates. The effective managers participate in the management of Retail Estates in accordance with the Corporate Governance Charter. Mr Koen Nevens' mandate as member of the management committee ended on 31 March 2025. Investment committee The investment committee consists of the following members: –Jan De Nys – chairman of the committee, CEO –Victor Ragoen – non-executive director –Dirk Vanderschrick – independent director –Ann Schryvers – independent director –Léon Overhorst - independent director The investment committee is an advisory body of the board of directors and is responsible for providing advice with respect to property investment and divestment files presented to the board of directors by the management committee. The investment committee convened 2 times in the previous financial year. Statements relating to the members of the management committee The board of directors of Retail Estates nv hereby confirms that none of the members of the management committee have in the course of the past five years been convicted of a crime of fraud, been the subject of any official and/or public accusation, had a sanction imposed by a judicial or regulatory body, been banned by a court of law from serving as a member of the management committee, or ever appeared before a court of law in the capacity of a member of the management committee, in connection with bankruptcy. There is no family relationship between the members of the management committee. Power of representation In all legal and statutory transactions concerning acts of disposal relating to real estate, the company will be represented by at least two directors acting jointly. These two directors will in principle be the executive directors/effective managers, namely Mr De Nys and Ms De Smet. For transactions falling within the scope of the special mandate granted by the board of directors to the management committee, the company will be validly represented by two members of the management committee. For acts of disposal (including transfer of ownership, limited real rights of use and enjoyment and real security rights) relating to properties with a value less than € 2.5 million, the company will also be validly represented by the director in charge of the day-to-day management or by one of its special authorised agents by means of a special authentic power of attorney. For acts of disposal relating to properties with a value higher than 2.5 million euro but lower than 5 million euro, two authorised agents need to act jointly. Settlement of conflicts of interest Pursuant to article 7:96 of the Belgian Code of Companies and Associations, any member of the board of directors who, whether directly or indirectly, has a proprietary interest which conflicts with a decision or an operation that falls under the competence of the board of directors may not attend the deliberations of the board of directors nor participate in the vote. Reference is also made to articles 36 through 38 of the BE-REIT Act when one of the persons mentioned in this article (director, manager, promoter of the BE-REIT etc.) acts as a counterparty in an operation undertaken with the public BE-REIT or a company under its control. In addition, Retail Estates must also comply with the procedure referred to in article 7:97 of the Belgian Code of Companies and Associations if the company or one of its subsidiaries takes a decision or performs an operation with an affiliated party. Complementary rules relating to the settlement of conflicts of interests are included in the Corporate Governance Charter of Retail Estates. 50 In the past financial year, one conflict of interests within the meaning of article 7:96 of the Belgian Code of Companies and Associations occurred within the context of the agenda item relating to the variable remuneration and a discussion relating to the long-term bonus plan of the CEO, the CFO and the other members of the management committee at the meeting of the board of directors of 24 May 2024. At the start of the meeting the CEO, Jan De Nys, and the CFO, Kara De Smet, made a statement within the meaning of article 7:96 of the Belgian Code of Companies and Associations. They did not take part in the deliberation and the vote with respect to the relevant agenda items. Below are the relevant extracts from the minutes of the Board meeting of 24 May 2024: Each director individually states not to have any direct or indirect proprietary interest contrary to the Company’s interest within the context of decisions to be taken, with the exception of the following statements: Prior to the discussion of agenda item 9, Ms Kara De Smet makes the following statement to the members of the board of directors, in accordance with article 7:96 of the Belgian Code of Companies and Associations (“CCA”), as a result of the fact that she has a proprietary interest that is contrary to the company’s interests within the context of the decision that is the subject matter of this agenda item. The statement is the following: “Pursuant to article 7:96 CCA, I wish to report that with respect to agenda item 9 “remuneration”, I have a proprietary interest that may be contrary to the company’s interests, as this agenda item relates to a decision with respect to my remuneration as CFO. Within the context of this agenda item, a decision will be taken with respect to my variable remuneration for the 2023-2024 financial year on the basis of an assessment of my performance targets, and my remuneration and performance targets for the 2024-2025 financial year will be determined. The proprietary consequences of these decisions with regard to my variable remuneration are contrary to the potential proprietary consequences of this decision for myself. I will therefore not participate in the deliberation and the vote with respect to this agenda item.” Prior to the discussion of agenda item 9, b to d, Mr Jan De Nys makes the following statement to the members of the board of directors, in accordance with article 7:96 of the Belgian Code of Companies and Associations (“CCA”), as a result of the fact that he has a proprietary interest that is contrary to the company’s interests within the context of the decision that is the subject matter of this agenda item. The statement is the following: “Pursuant to article 7:96 CCA, I wish to report that with respect to agenda item 9 “remuneration”, b to d, I have a proprietary interest that may be contrary to the company’s interests, as this agenda item relates to a decision with respect to my remuneration as CEO. Within the context of this agenda item, a decision will be taken with respect to my variable remuneration for the 2023-2024 financial year on the basis of an assessment of my performance targets, and my remuneration and performance targets for the 2024-2025 financial year will be determined. The proprietary consequences of these decisions with regard to my variable remuneration are contrary to the potential proprietary consequences of this decision for myself. I will therefore not participate in the deliberation and the vote with respect to the elements of this agenda item that relate to my own remuneration as CEO.” The Board of Directors furthermore confirms that the resolutions to be accepted do not relate to decisions or transactions in connection with an affiliated party within the meaning of the international standards for financial statements approved in accordance with Regulation (EG) 1606/2002. (...) b) LT remuneration plan The long-term remuneration plan, which aims to reward value creation in projects for management and middle management, is coming to an end. Of the target of € 400,000 euros, € 200,000 has been achieved (Brico Planet Jambes and Brantano Halle). The financial consequences for the company amount to € 35,000 for the CEO, € 35,000 for the CFO and € 118,000 for the other members of the management committee. The other members of the board of directors consider the awarding in principle of this remuneration to be important in view of the expertise and competence of the members of the management committee and their achievements for the benefit of the company since they took up their respective positions. c) Variable remuneration for the 2024-2025 financial year for the CEO and the other members of the management committee based on the evaluation of performance targets by the remuneration and appointments committee Based on the individual evaluation of the four management members, it is judged that the established qualitative and quantitative criteria were achieved to justify the payment of the bonus, the criteria of which 51 were established by the remuneration and nomination committee. The bonus was incorporated into the annual accounts and explained in the remuneration report that forms part of the annual report. The financial consequences for the company amount to € 110,000 for the CEO, € 40,000 for the CFO and € 110,000 for the other members of the management committee. The other members of the board of directors believe that the awarding of variable remuneration in principle is important in view of the expertise and competence of the members of the management committee and their achievements for the benefit of the company since they took up their respective positions. d) Determination of remuneration and performance targets for variable remuneration of the CEO and the other members of the management committee for the 2024-2025 financial year (and for LT variable remuneration) The proposal for remuneration and performance targets for the variable remuneration of the CEO and the other members of the management committee for the 2024-2025 financial year, which was discussed at the remuneration committee meeting in January 2024, is approved. The quantitative and qualitative criteria amended as a result have been incorporated into the budget and will be explained in the annual report for the current financial year. If the criteria are met, which will be assessed by the board of directors next financial year at the proposal of the remuneration and appointment committee, the financial consequences for the company would amount to a maximum of € 110,000 for the CEO, € 40,000 for the CFO and € 120,000 for the other members of the management committee.” During the 2024-2025 financial year, no decision or operation gave rise to the application of article 7:97 of the Belgian Code of Companies and Associations. Day-to-day management The company is managed by a team of around 451 people under the leadership of Mr Jan De Nys, managing director (CEO) of the company. Operational real estate management The operational management of the buildings in the portfolio of Retail Estates is based on collaboration between the commercial real estate division and the technical division. This exchange of information between divisions is essential for preventive management, ad hoc issues and the identification of investment opportunities. The real estate division is led by the CEO and the team mainly consists of people who have previous experience in the retail trade sector. The technical division mainly consists of project managers under the supervision of the CIO. Retailpark BARCHON BELGIUM Woonboulevard Oostplein, Roosendaal THE NETHERLANDS Diversity policy At Retail Estates the equality principle is the basis for the selection of employees. This means that all employees are selected on the basis of their competencies and skills, independent from e.g. age, gender and cultural background. Diversity within the team is part of the corporate culture and Retail Estates feels that it is an added value for the company’s growth and an enrichment of the corporate culture. The composition of the group of employees reveals that this policy actually yields results. The infographic represents diversity on the basis of gender and age. Diversity is also taken into account for the composition of the management committee and the board of directors: the management committee has two female and two female members and the company has five female and five male directors. In addition, the composition of the management committee and the board of directors is determined on the basis of diversity in terms of age and background in terms of education and professional experience. It is of particular importance to have a strong representation of directors who are well versed in the management of retail properties of the type in which the company invests and/or have experience in the financial aspects, in particular reporting and/or financing, of a company and/or have experience in the management of a real estate company and real estate investment trust in particular and/or in policy-making in listed companies. Consequently, it is pivotal that members of the board of directors are complementary in terms of knowledge and experience and that a balanced mix of diversity is achieved in terms of skills, experience, age, and other relevant criteria.. For more information about diversity within Retail Estates, we refer to the Sustainability report. Board of Directors Management Comittee Team 40% 40% 60% 60% 60% 40% * excluding members of the management committee who are also part of the Board of Directors >50 year 35-50 year < 35 year 7 2 2 10 23 12 52 Remuneration report I. INTRODUCTION This remuneration report was drawn up by the remuneration and nomination committee and approved by the board of directors pursuant to article 3:6 §3 of the Belgian Code of Companies and Associations and the 2020 Corporate Governance Code and is part of the Corporate Governance Statement. The report gives an overview of the application of the remuneration policy during the 2024-2025 financial year (from 1 April 2024 to 31 March 2025) to the remuneration of the directors and the members of the management committee, including the executive directors (the CEO, Jan De Nys, and the CFO, Kara De Smet, who together assume the effective management of the company and its subsidiaries), the CIO, the CLO and the CBDO2. The current remuneration policy, drawn up in accordance with Article 7:89/1 of the Belgian Companies Code, was approved at the annual general meeting of Retail Estates on 19 July 2021. The current remuneration policy is available on the website. Retail Estates will submit a revised remuneration policy for approval at the annual general meeting on 22 July 2025. The same general meeting will decide on this remuneration report by separate advisory vote in accordance with Article 7:149 of the Belgian Companies Code. II. THE TOTAL REMUNERATION OF THE DIRECTORS AND THE EXECUTIVE MANAGEMENT (MEMBERS OF THE MANAGEMENT COMMITTEE) 1.Total remuneration of the non-executive directors 1.1Remuneration of the non-executive directors The non-executive directors (with the exception of the chair of the board of directors) receive a fixed annual director’s remuneration of € 16,000 and (ii) attendance fees of € 2,000 for each meeting of the board of directors and € 3,000 for each meeting of a committee set up within the board of directors. Neither the fixed remunerations nor the attendance fees are granted on the basis of the results of the company. They therefore qualify as fixed remunerations that are not performance-based. The fixed remuneration of Mr Paul Borghgraef, chairman of the board of directors until 31 March 2025, was set at € 72,000 in view of his regular presence and involvement and given the fact that he is the daily interlocutor and sounding board of the managing director between board meetings. Non-executive directors do not receive variable performance-related remunerations such as bonuses or stock-related long-term incentive schemes, nor any fringe benefits or benefits linked to pension schemes. No agreement was concluded with the non-executive directors, so that they can be dismissed at any time without any compensation. In certain cases the non-executive directors may be granted an expense allowance for expenses relating to on-site visits prior to a meeting of the board of directors during which decisions will be taken as to investments or divestments. The company has taken out an insurance policy to cover the liability of its directors. CRESCEND’EAU Verviers - BELGIUM 2 In order to enable the comparison with the remuneration that was the subject matter of the previous annual reports, this remuneration report describes the annual variable remuneration that relates to performances during the 2024-2025 financial year, even if this variable remuneration is only granted and only becomes due during the 2025-2026 financial year. The annual variable remuneration relating to the performance during the 2022-2023 financial year, which was granted or payable during the 2024-2025 financial year, was reported in the Annual Financial Report relating to the 2023-2024 financial year. 53 54 1.2Table total remuneration of the non-executive director The table below provides an overview of the total remuneration of the non-executive directors: Annual fixed remuneration (EUR) Attendance at board of directors’ meetings Attendance at remuneration and nomination committee meetings Attendance at audit committee meetings Attendance at investment committee meetings Fixed remuneration - according to attendance (EUR) TOTAL (EUR) Paul Borghgraef 72,000 7/81 2/2 72,000 Ann Gaeremynck 16,000 7/8 5/5 4/4 41,000 57,000 Léon Overhorst1 16,000 4/8² 2/4² 1/2² 22,000 38,000 Victor Ragoen 16,000 6/8 4/4 2/2 30,000 46,000 Ann Schryvers 16,000 7/8 2/2 20,000 36,000 Leen Van den Neste 16,000 8/8 5/5 4/4 43,000 59,000 Michel Van Geyte 16,000 4/8 8,000 24,000 Dirk Vanderschrick 16,000 7/8 5/5 2/2 50,000 66,000 TOTAL remuneration directors 184,000 214,000 398,000 1 Mr Overhorst was appointed as a director of Retail Estates starting in August 2024. 2 Mr Van Geyte receives, at his request, no remuneration in his capacity as director of Retail Estates 3 XXX 2.Total remuneration of the members of the management committee3 In the 2024-2025 financial year, the management committee consisted of the following members: •Jan De Nys – chairman of the committee, CEO, executive director •Kara De Smet – CFO, executive director •Koenraad Van Nieuwenburg - CIO •Runa Vander Eeckt – CLO •Koen Nevens - CBDO 2.1The remuneration of the CEO Mr Jan De Nys has held the position of CEO since the initial public offering of Retail Estates NV in March 1998. The remuneration of the CEO, who holds his office in a personal capacity as an independent manager, consists of the following components: –The amount of the fixed remuneration of the CEO takes into account his experience and track record in starting up and developing the company. It is also based on the experience he gained in the retail environment in Belgium and abroad as well as on his commercial, legal and financial knowledge, which is necessary for the development of a portfolio of out-of-town retail properties and the daily management of a listed company. The fixed remuneration is indexed annually on 1 April. 3 The executive directors do not receive a remuneration for the exercise of their mandate as directors, but only for the exercise of their mandate as members of the management committee. 55 –The variable remuneration of the managing director is determined annually by the board of directors based on a proposal put forward by the remuneration and nomination committee. This remuneration potentially equals 25% of the fixed remuneration (including the individual pension benefit scheme, type “defined contribution”). The variable remuneration is linked to the achievement of a number of annual targets, which may be both of a qualitative and of a quantitative nature. These components have been determined and subsequently assessed by the board of directors, based on the proposal of the remuneration and nomination committee. They are described below under section 2.4.2. The criteria include targets that have a positive impact on the company, in the short term as well as in the longer term. –Pension: An annual premium is paid for the individual pension benefit scheme. This amount is part of the fixed remuneration of the CEO. –Other components of the remuneration: A PC/laptop computer and a smartphone are put at the disposal of the CEO. In addition, the CEO benefits from an incapacity insurance or disability insurance. If the managing director is unable to perform his duties because of incapacity for work (illness or accident), Retail Estates nv shall continue to pay him the fixed portion of his remuneration for a period of two months from the first day of incapacity for work. Subsequently, he will receive a disability benefit from an insurance company, equalling 75% of the fixed remuneration. The CEO does not receive a remuneration related to shares (shares, share options or other rights to acquire shares). Except for the above-mentioned remuneration, Mr Jan De Nys does not receive a separate remuneration for the exercise of his mandate as executive director. II.1. The remuneration of the other members of the management committee The remuneration of the other members of the management committee consists of the following components: –A fixed remuneration. The fixed remuneration takes into account the responsibilities and individual competencies and skills, in addition to the experience of the members of the management committee. The remuneration is adjusted to the index on an annual basis. –A variable remuneration The variable remuneration of the other members of the management committee is linked to the achievement of a number of annual targets that are expressed by means of qualitative and quantitative criteria which are determined and assessed by the board of directors based on a proposal by the remuneration and nomination committee. The variable remuneration for the other members of the management committee equals potentially 15% of the fixed remuneration (consisting of the basic remuneration and the payments for the individual pension benefit scheme (type “defined contribution”)). –Pension: An annual premium is paid for the individual pension benefit scheme (type “fixed contribution”). This amount is part of the fixed remuneration. –The other components of the remuneration: premium for a hospitalisation insurance, an incapacity and invalidity insurance, and orphan’s pension, a laptop computer, a smartphone, fringe benefits linked to the use of a company car and representation expenses. 56 II.2. Table of the total remuneration of the members of the management committee The remuneration for the members of the management committee was determined as follows during the 2024-2025 financial year: (in € 000) Fixed fee - basis Variable cash compensation Pension cost Other components of the remuneration Exceptional items Fixed / variable remuneration ratio Jan De Nys - managing director 444 110 69 5 21.24% Other members of the management committee 1,324 120 136 92 8.22% TOTAL 1,768 230 205 97 0 11.11% II.3. Comments with respect to the performance of the members of the management committee II.3.1. Description of the performance criteria The variable remuneration of the CEO is linked to the achievement of a number of qualitative and quantitative criteria relating to the following aspects for the 2024-2025 financial year: –Earnings per share (weighting 25%): EPRA earnings per share excluding all changes in fair value of the assets and interest rate hedging instruments and the results achieved on the realisation of assets; –Collection management and occupancy level (weighing 25%); –Project development per year (weighting 5%): •completion (term, budget) •added value (investment value – cost) –Divestment targets and investment targets (weighting 10%): –ESG objectives (weighting 15%); –Management skills (weighting 20%): •Staff development, team activities, career development •Shareholders: communication •Directors: communication of relevant information / preparation of meetings (chairperson – board of directors) The weighting of the variable remuneration for the CLO is based on a number of qualitative criteria: –Management skills (50%); –ESG objectives (15%); –SAP implementation (15%) and other criteria (20%). The weighting of the variable remuneration for the CIO is based on quantitative and qualitative criteria: –Earnings per share (weighting 25%): EPRA earnings per share excluding all changes in fair value of the assets and interest rate hedging instruments and the results achieved on the realisation of assets; –Project development per year (completion (term, budget)) (25%); –Added value (investment value – cost) (15%); –Management skills (15%) •staff, team activities, career development, streamlining of project development reports, light and heavy maintenance; –ESG objectives (15%); –SAP implementation (5%). The variable remuneration of the CBDO is linked to the achievement of a number of qualitative and quantitative criteria relating to the following aspects for the 2024-2025 financial year: –Earnings per share (weighting 25%): EPRA earnings per share excluding all changes in fair value of the assets and interest rate hedging instruments and the results achieved on the realisation of assets; –Collection management and occupancy level (25%); –Project development per year (5%); •completion (term, budget) •added value (investment value - acquisition value); –Divestment targets and investment targets (10%): –The qualitative objectives related to business development (35%). 57 The weighting of the variable remuneration for the CLO is based on a number of quantitative and qualitative criteria: –Earnings per share (weighting 35%): EPRA earnings per share excluding all changes in fair value of the assets and interest rate hedging instruments and the results achieved on the realisation of assets; –Investment objectives (transaction management (with CEO) (assistance to internal and external participants, documentation of the transaction and transfer of information to property management and finance), corporate (with CFO) (corporate finance (capital/bonds), compliance, FSMA, company-related administrative tasks) (for a total of 25%); –Management skills (development and organisation of legal team in BE and NL (5%); –ESG objectives (15%); –SAP implementation (15%) and other quantitative criteria (5%). The maximum target amount of the annual variable remuneration for the 2024-2025 financial year was determined as follows: –For the CEO: € 110,000 –For the other members of the management committee: € 120,000 Variable remuneration is paid annually in July after approval of the financial statements and remuneration report by the annual general shareholders’ meeting.There are no special provisions for the recovery of the variable remuneration. The provisions of civil law relating to undue payments are in full force and effect. II.3.2. Table with comments with respect to the performance of the members of the management committee The fixed remuneration of the members of the management committee for 2024-2025, as stated in the remuneration table, equals the remuneration approved by the board of directors on the basis of the advice of the remuneration and nomination committee in January 2023. The maximum annual variable remuneration based on short-term quantitative performance targets equals 35% of the annual fixed remuneration, in accordance with the existing remuneration practices, always provided that 100% of the performance targets are achieved. The performance thresholds and limits used for these criteria vary between 0% and 100%. The quantitative performance targets are linked to the efforts made to achieve the financial performance of the company, in particular at least each of the following criteria: EPS, portfolio growth, occupancy rate. The market conditions and specific difficulties that occurred in the course of the financial year are taken into account. With respect to the qualitative performance targets, we refer to the table below: 58 Name Performance targets Relative weight Measured performance against target Jan De Nys Qualitative 65% 87% EPS 25% 100% Credit collection/occupancy rate 25% 67% Yearly project development 5% 100% Divestment and investment targets 10% 100% Quantitative 35% 100% Staff/shareholders communication and communication with board of directors/chairman 20% 100% ESG 15% 100% Other member of the management committee CFO CIO CBDO CLO CFO CIO CBDO CLO Qualitative —% 70% 65% 65% / 93% 87% 100% EPS —% 25% 25% 25% / 100% 100% 100% Occupancy rate —% 15% 25% —% / 67% 67% / Yearly project development —% 15% 5% —% / 100% 100% / Implementation of investment targets —% 15% 10% 20% / 100% 100% 100% Other —% —% —% 20% / / / 100% Qualitative 100% 30% 35% 35% 100% 100% 95% 93% Management skills 50% 15% —% 5% 100% 100% / 50% ESG 15% 15% —% 15% 100% 100% / 100% SAP implementation 15% —% —% 15% 100% / / 100% Other 20% —% 35% —% 100% / 95% / 59 III. SEVERANCE PAYMENTS The severance payments are described in the remuneration policy. In the course of the 2024-2025 financial year, two directors were appointed, one of whom had already been co-opted during the previous financial year. No director left the company. No members of the management committee left the company, but the management committee did welcome one new member on 1 April 2024. Therefore, no severance payments were made during the 2024-2025 financial year, neither to the directors nor to the members of the management committee. IV. RIGHT TO RECOVER REMUNERATIONS In the 2024-2025 financial year, no rights to recover remunerations were asserted. V. DEVIATIONS FROM THE REMUNERATION POLICY In the 2024-2025 financial year, no material deviations from the remuneration policy were detected. VI. EVOLUTION OF THE REMUNERATION AND THE PERFORMANCE OF THE COMPANY Financial year ended on 31.03.2025 31.03.2024 31.03.2023 31.03.2022 31.03.2021 31.03.2020 31.03.2019 Remuneration Chairman of the Board of Directors —% —% —% —% —% —% —% Total remuneration of directors - annual change in% 1 +5% -1% +31% n.v.t. n.v.t. n.v.t. n.v.t. Remuneration Jan De Nys – CEO – annual change in % +1% +12% +10% —% —% +21% +1% Total remuneration of other members Executive Committee (excl. CEO) - annual change in% 2 +8% +54% +8% +4% +13% n.v.t. n.v.t. Performance Retail Estates EPRA EPS – annual change in % +0.51% -2.51% +8.63% +17.41% -11.21% +3.51% +5.46% Portfolio Growth – annual Change in % +2.03% +7.40% +7.31% +2.48% +3.34% +8.64% +13.36% Occupancy rate – annual change in % -0.85% -0.30% +0.25% +0.79% -0.87% -0.37% +0.17% Average remuneration of employees (in FTE) - annual change in% 3 +0.87% +13.04% +7.16% +0.99% +4.85% +0.54% 0.00 31.03.2025 31.03.2024 Ratio of highest remuneration of Management Committee member/lowest remuneration of employees (in FTE) 4 7.82 7.88 1 The increase can be explained by one director who switched from an unpaid mandate to a paid mandate and one additional director compared to the previous financial year. 2 The executive committee (transformed into an informal management committee since 2022) was established on 1 April 2017. For that reason, there is no reporting for the financial years 2019-2018 and older. 3 Is calculated as the total personnel costs ("cost to the company") divided by the total number of employees in FTE. The comparison starts in 2017, the year Retail Estates Nederland NV was included in the consolidation scope 4 The highest remuneration is that of the CEO. The lowest remuneration is determined on the basis of the total personnel costs of the employee concerned. 60 In view of the growing complexity of the Company’s activities, including the international nature of its activities, the listing on a foreign stock market and the more extensive reporting obligations, the remunerations of the non-executive directors were adjusted in line with the decision of the general shareholders’ meeting of 18 July 2022. VII. VOTE AT THE GENERAL MEETING The remuneration report was approved with 77.66% of the votes cast at the previous annual general shareholders’ meeting. Other parties involved Certification of the accounts A statutory auditor appointed by the general shareholders’ meeting has to: –certify the annual accounts and proceed to the limited review as in any limited liability company (“naamloze vennootschap”/”société anonyme”); –prepare special reports resulting from the applicable legislation, as Retail Estates nv is a public BE-REIT and a listed company. The statutory auditor is PwC Bedrijfsrevisoren, represented by Mr Jeroen Bockaert, a company auditor certified by the FSMA, with registered office at 1831 Diegem, Culliganlaan 5. At the annual shareholders’ meeting of 22 July 2024, the statutory auditor was appointed for a three-year term. The statutory auditor’s fixed fee for reviewing and certifying the statutory and consolidated annual accounts of Retail Estates nv and its subsidiaries is € 0.14 million (exclusive of VAT). The fee of PwC Bedrijfsrevisoren for the other specific tasks assigned to the statutory auditor (by law) (e.g. reports when mergers occur) amounts to € 0.03 million (exclusive of VAT. No fees relating to studies and assistance (for example on taxation matters and due diligence assignments) were paid in the past financial year. Real estate experts In accordance with the BE-REIT legislation, Retail Estates calls upon experts for the regular valuations of its assets each time when it issues shares, lists securities on the stock market or purchases unlisted shares and when it purchases or sells real estate. These valuations are necessary to determine the inventory value and to prepare the annual accounts. The fees for the real estate experts depend on the surface area to be valuated and are in no way based on the results of the valuation. Belgium The valuation assignments for the Belgian portfolio were entrusted to Cushman & Wakefield (avenue des Arts 56, 1000 Brussels), represented by Mr Stan Deback, to CBRE nv (avenue Lloyd George 7, 1000 Brussels), represented by Mr Pieter Paepen, and to Stadim cvba (Mechelsesteenweg 180, 2018 Antwerpen), represented by Mr Dennis Weyts. In the past financial year, a fee of € 0.35 million inclusive of VAT was payable to Cushman & Wakefield for the periodic valuations of a part of the properties in the real estate portfolio. A fee of € 0.39 million inclusive of VAT was paid to CBRE for the periodic valuations of the real estate portfolio. The fee payable to Stadim in respect of the periodic valuations of a part of the properties in the real estate portfolio amounts to € 0.05 million on an annual basis (inclusive of VAT. The real estate of Immobilière Distri-Land nv is valued by Cushman & Wakefield on the basis of a joint instruction from Retail Estates nv and Immobilière Distri-Land nv, with the results published by the latter. The costs are shared 50/50 between Retail Estates nv and Immobilière Distri-Land nv. The Netherlands The valuation assignments for the Dutch portfolio are entrusted to Cushman & Wakefield (Gustav Mahlerlaan 362-364, 1082 ME Amsterdam), represented by Mr Bas Martens, to CBRE (Gustav Mahlerlaan 405, box 7971, 1008 AD Amsterdam), represented by Mr Roderick Smorenburg and for Alex Invest N.V. by Mr Geert Wesselinck, and to Colliers (Stadionplein 14, 1076 CM Amsterdam), represented by Mr Patrick Neefjes until 31 December 2024 and by Mr Marco van der Wal from 1 January 2025 onward. In the past financial year, a fee of € 0.21 million inclusive of VAT was payable to Cushman & Wakefield for the periodic valuations of a part of the properties in the real estate portfolio. A fee of € 0.03 million inclusive of VAT was paid to CBRE for the periodic valuations of part of the real estate portfolio. A fee of € 0.02 million inclusive of VAT was paid to Colliers for the periodic valuations of part of the real estate portfolio. Certification of the accounts, information about the market, market shares, classifications and other information Unless stated otherwise in this Annual Financial Report, all information about the market, market shares, classifications, sector data and all other information in this Annual Financial Report is based on reports drawn up by sector-related sources, published information, reports drawn up by the statutory auditor or the real estate experts, or on the estimates of the company, which considers this information to be reasonable. If information originates from independent sources, the Annual Financial Report refers to these independent sources. The information provided by third parties has been reproduced correctly and, to the best of the company’s knowledge or as far as the company could determine on the basis of the information published by the third party concerned, no facts have been omitted causing the information represented to be incorrect or misleading. The company did not check this information 61 independently. Furthermore, market information is subject to change and cannot always be verified with complete certainty due to limits on the availability and reliability of the data on which the information is based, due to the voluntary contribution to the collection of data and due to other limitations and uncertainties inherent in any statistical study of market information. One should therefore be aware that information relating to the market, market shares, classifications and sector data, as well as estimates and assumptions based on such information, may not be accurate. The other parties involved agreed that the information mentioned in this chapter will be incorporated into the Annual Financial Report. Acquisition and sale of Retail Estates nv shares - insider trading In accordance with the principles and values of the company, Retail Estates nv has included rules in its Dealing Code that must be observed by the directors and appointed persons who want to trade in financial instruments issued by Retail Estates nv. The Dealing Code is an integral part of the company's Corporate Governance Charter and was drawn up in line with the applicable regulations and legislation (in particular Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (the Market Abuse Regulation), the Act of 2 August 2002 on the supervision of the financial sector and on financial services) and the 2020 Corporate Governance Code. Information based on article 34 of the Belgian Royal Decree of 14 November 2007 concerning the obligations of issuers of financial instruments admitted to trading on a regulated market Capital structure (on 31 March 2025), transfer or voting restrictions, shareholder agreements The capital (after deduction of the costs of capital increase) amounts to € 330,920,767.36 and is divided into 14,707,335 fully paid-up shares, each representing an equal part of the capital. There is only one category of shares. There are no legal or statutory restrictions on voting rights or on the transferability of shares, and there are no holders of securities to which special control rights are attached or legal or statutory restrictions on the exercise of voting rights. Retail Estates is not aware of any shareholder agreements. Stock option plan Retail Estates nv has no stock option plan. Authorised capital The extraordinary shareholders’ meeting of 12 June 2024 expressly authorised the board of directors to increase the share capital in one or more instalments, during a period of five years from the publication of the decision in the Annexes to the Belgian Official Gazette, up to a maximum amount of: a)one hundred and sixty-one million seven hundred and twenty-eight thousand one hundred and fifty-four euros and ten euro cents (€ 161,728,154.10) for public capital increases by means of a monetary contribution, providing for the possibility to exercise the legal preferential subscription right or the irreducible allocation right by the shareholders of the Company; b)one hundred and sixty-one million seven hundred and twenty-eight thousand one hundred and fifty-four euros and ten euro cents (€161,728,154.10) for capital increases within the context of an optional stock dividend distribution; c)thirty-two million three hundred and forty-five thousand six hundred and thirty euros and eighty-one euro cents (€ 32,345,630.81) for capital increases through monetary contributions not providing for the possibility to exercise the legal preferential subscription right or the irreducible allocation right by the shareholders of the company, on the understanding that the board of directors will only be authorised to increase the capital in accordance with this item (c) if and to the extent that the aggregate amount of the capital increases that took place in accordance with this paragraph over a period of twelve months does not exceed 10% of the amount of the capital at the moment on which the decision to increase the capital was taken; 62 a)fifty-nine million five hundred and twenty thousand sixty-four euros and fifty-eight euro cents (€ 59,520,064.58) for all other forms of capital increase that the board of directors may decide on up to and including 6 July 2027, and thirty-two million three hundred and forty-five thousand six hundred and thirty euros and eighty-one euro cents (€ 32,345,630.81) for such capital increases as may be decided by the board of directors from 7 July 2027, on the understanding that the amount of any capital increase decided by the board of directors under this point d. from the date of publication in the Annexes to the Belgian Official Gazette of the amendment to the articles of association decided by the extraordinary general meeting of 12 June 2024 and up to and including 6 July 2027 will not be deducted from the maximum amount of thirty-two million three hundred and forty-five thousand six hundred and thirty euros and eighty-one euro cents (€ 32,345,630.81); on the understanding that within the context of the authorised share capital can never be increased to exceed the maximum amount of two hundred and ninety-seven million six hundred thousand three hundred and twenty-two euros and ninety-one cents (€ 297,600,322.91) during the period for which the authorisation was granted. This authorisation is conferred on the board of directors for a period of five years as from the publication in the Annexes to the Belgian Official Gazette of the amendment to the articles of association, adopted by the extraordinary shareholders’ meeting of 12 June 2024. Without prejudice to the authorisation granted to the board of directors as set out in the preceding paragraphs, the extraordinary general meeting of 12 June 2024 authorised the board of directors, for a period of three years from the aforementioned extraordinary general meeting, to proceed with one or more capital increases after the Company has received notification from the Financial Services and Markets Authority that it has been informed of a public takeover bid for the Company's securities, under the conditions provided for in the applicable legislation and respecting the irreducible allocation right provided for by the BE-REIT legislation, as the case may be. During the 2024-2025 financial year, the board of directors made use of the previous authorized capital (granted by the extraordinary general meeting of 1 June 2022) in connection with the issuance of the interim optional dividend relating to the results for the 2023-2024 financial year. As of the date of this annual report, no capital increase has yet been decided on the basis of the renewed authorization to increase the share capital granted on 12 June 2024, but the board of directors will make use of this authorization in connection with the interim optional dividend relating to the results for the 2024-2025 financial year. Purchase of own shares The company does not own any of its own shares. The extraordinary shareholders’ meeting of 12 June 2024 amended the articles of association to authorise the board of directors to acquire shares in Retail Estates nv under a number of specific conditions listed in the articles of association. The extraordinary shareholders’ meeting in particular decided to authorise the board of directors, during a period of five years from the publication of the decision in the Annexes to the Belgian Official Gazette, to acquire or take in pledge own shares or certificates relating thereto - without the total number of own shares or certificates relating thereto which the company owns or has in pledge pursuant to this authorisation exceeding ten per cent (10%) of the total number of shares - at a unit price that cannot be lower than 75% of the average share price during the last thirty days of the listing of the share prior BRICOPLANET Namur BELGIUM 63 to the date of the decision of the board of directors to acquire or take in pledge the shares, nor higher than 125% of the average share price during the last thirty days of the listing of the share prior to the date of the decision of the board of directors to acquire or take in pledge the shares. The same extraordinary shareholders’ meeting also decided to expressly authorise the board of directors, as may be required, to transfer own shares or certificates relating thereto to one or several persons, who may or may not be staff members. Both authorisations apply to the company’s board of directors, to the direct and, if so required, the indirect subsidiaries and, if so required, any third parties acting in their own name but for the account of those companies. Rules governing the appointment/replacement of administrative bodies and amendments to the articles of association The rules that govern the appointment or replacement of the members of the board of directors and the amendment procedure relating to the articles of association of Retail Estates nv are set out in the applicable legislation (especially the Belgian Code of Companies and Associations and the BE-REIT legislation) and in the articles of association of Retail Estates nv. Important agreements The conditions under which the financial institutions have provided Retail Estates nv with financing require retention of the public Belgian real estate investment trust status. The general terms and conditions under which this financing was granted give banks the option to demand early repayment in the event of change of control. The clauses relating to changes in control with regard to this financing shall be submitted to the annual general meeting for approval. In addition, the credit agreements with a number of financial institutions contain a covenant according to which Retail Estates nv undertakes to maintain a maximum debt level of 60% (lower than the legal threshold of 65%). Agreements between Retail Estates and its directors/employees The agreement concluded with the CFO includes a provision stating that if the management agreement with the CFO is terminated by the company within six months of the successful completion of a (hostile) takeover, the notice period will be extended from 12 months to 18 months. The agreements concluded with the other members of the management committee and with the employees do not contain such a clause. Articles of association of Retail Estates nv The articles of association of Retail Estates nv have been included in the Permanent Document chapter of this Annual Financial Report. Their most recent revision dates from 27 June 2024. WINKELSTAP Merksem BELGIUM SUSTAINABILITY REPORT Retail estates continues its MULTIANNUAL PLAN for esg initiatives. while 12.5 mio eur was already invested in fiscal year 2023-2024, total investment in the past fiscal year amounted to 11.41 mio eur, 12.5% of epra earnings. The main focus was again on investments in renewable energy and the energy optimization of the outer shell, in order to obtain more sustainable and climate-proof buildings. 64 1 MISSION STATEMENT The most important long-term goal of Retail Estates is to assemble, manage and expand a portfolio of out-of-town retail real estate which ensures steady, long-term growth due to its location and the quality and diversification of its tenants. Climate-resilient retail estate assets that respect the environment are essential to achieving our long-term growth. In the European Union, buildings account for more than a third of greenhouse gas emissions, making it one of the most significant contributors to global warming. Under the Paris Agreement, governments must take specific steps to limit global warming to 1.5°C. To promote this objective, the EU established the European Green Deal, which stipulates Member States to become carbon neutral by 2050. As a property investment company, Retail Estates is taking an active role in addressing the challenges of climate change, as demonstrated by our strategic investments and initiatives to reduce energy consumption and increase the share of renewable energy. Retail Estates developed its first strategic sustainability framework in 2021. This framework outlines how Retail Estates can integrate its sustainability ambition with its long-term goal of continuing to create value for all stakeholders. In preparation for the European Corporate Sustainability Reporting Directive (CSRD), Retail Estates has revised this framework and brought it into line with the outcome of the double materiality analysis. This report will explain not only the framework, but also the actions Retail Estates has taken and its ambitions under the respective strategic pillars. 65 66 1.2 Materiality analysis Between May and October 2024, Retail Estates performed a double materiality assessment (DMA) to identify which sustainability matters are the most relevant to the organization and its stakeholders. The DMA considers two dimensions: –Impact materiality with a focus on Retail Estates' impact on people and the environment. –Financial materiality with a focus on the financial impact that a sustainability topic may have on Retail Estates. The result of the assessment defined the basis for Retail Estates' sustainability strategy for the coming years. Methodology In line with the European Corporate Sustainability Reporting Directive (CSRD), the European Sustainability Reporting Standards (ESRS) and the EFRAG guidelines, Retail Estates took the following steps: –Understanding the business context and value chain –Identification of the impacts, risks and opportunities (IROs) –Assessment of material topics based on IRO analysis Understanding the business context and value chain First, Retail Estates analysed the business context in which it operates and its position in the value chain, including identifying the key stakeholders. This led to a better understanding of how Retail Estates generates value and which activities it undertakes to achieve that goal, and how these activities interact with stakeholders. As part of this mapping, Retail Estates identified which activities and services, such as investment or asset management, interact with which business relationships, such as investors, tenants or employees. Identification of the IROs Retail Estates then compiled a long list of potential material sustainability impacts, risks, and opportunities (IROs) that could arise throughout the value chain (upstream, own activities, and downstream). This list was drawn up based on the relevant ESRSs, legislation and regulations, sustainability assessment frameworks, voluntary reporting standards, and themes reported by peers. If a topic was mentioned in one regulation, or in more than 50% of the sustainability assessment frameworks, or by more than 50% of industry peers, it was considered potentially relevant and included in the shortlist. To ensure the completeness of the list, this result was checked against the previous materiality analysis and thoroughly and logically analyzed, validated, and finalized. For each potential material topic identified in the shortlist, one or more impacts and one or more risks or opportunities were described. 1.1 Impact Omnibus prosposal The "Omnibus" package, introduced in February 2025, proposed significant adjustments to the CSRD to alleviate administrative burdens on companies while maintaining the EU's sustainability objectives. One key adjustment is the “Stop the Clock” measure, which delays reporting obligations by two years for companies identified as Wave 2 and Wave 3 under the CSRD. The European Parliament and the Council have approved this adjustment, and Member States are required to transpose it into their national laws by the end of 2025. Indeed, these adjustments have created uncertainty in the real estate sector. However, Retail Estates will take this opportunity to actively apply certain aspects of the European Sustainability Reporting Standards (ESRS), using them as guidance and as framework to support the achievement of our ambitions. By following specific ESRS's disclosures and datapoints from next year onwards, Retail Estates aims to: –strengthen internal insights into sustainability related impacts, risks, and opportunities, and translate them into performance KPIs; –be prepared for future reporting obligations; –offer transparency to its stakeholders; and –accelerate the integration of sustainability into its business operations. Retail Estates has made a conscious decision to apply only those ESRS standards that are relevant to its sector and impact, and will implement them in a pragmatic and proportionate manner. This will enable the company to remain agile and proactive, while building the necessary transparency towards all stakeholders. Retail Estates will report on a selection of disclosures and datapoints following the ESRS framework for the first time in next year's report. Assessment of the materiality of the IROs In the next phase, each IRO was reviewed, rated and mapped on a double materiality matrix by the management committee during several workshops. The scoring for impact materiality was based on scale, scope, remediability (ranging from none to substantial) and likelihood (ranging from rare to certain). The scoring for financial materiality was based on financial magnitude (none to substantial) and likelihood (rare to certain). The financial parameters were turnover, cost, NAV (net asset value) and asset evaluation. These numbers were then combined in a formula that lead to a score on the materiality scale, ranging from low, moderate (both being not material) to high or substantial (both material). Stakeholder consultation Finally, the stakeholders were consulted for feedback regarding the sustainability impacts, risks and opportunities. Eight different types of stakeholders were identified based on the value chain analysis. Two types of consultations were organized: interviews and surveys. Interviews were conducted with suppliers (construction companies and service providers), tenants, employees, and members of the Board of Directors. Retail Estates conducted a total of 23 interviews. Input from investors, shareholders, local authorities, and communities was gathered through desk research. An independent marketing agency conducted surveys to gauge the opinions of retail park visitors. These visitor surveys took place at three locations (two in Belgium and one in the Netherlands) and yielded 187 responses. Each stakeholder group was assigned a weighting factor based on its influence and importance. Finally, Retail Estates adjusted the IRO materiality taking into account the different scoring that resulted from the stakeholder consultation. As a result, several IROs moved up or down the materiality matrix. Charging Station Sparki Kampenhout Frunpark, Wetteren BELGIUM Woonboulevard Oostplein Roosendaal, THE NETHERLANDS 67 68 Outcome The double materiality analysis resulted in the following material topics: Environmental1 –Energy efficiency of the portfolio –Carbon footprint of the portfolio –Tenants' sustainability impact –Mobility access to buildings –Soil sealing –Circular design construction of the portfolio –Construction resource use of the portfolio –Construction waste of the portfolio Social –Employee satisfaction –Sustainable supply chain –Tenant health and safety Governance –Business ethics Because they did not reach the materiality thresholds, the following topics were considered non-material: Environment –Climate adaptation - physical risks –Soil contamination –Carbon footprint of own offices –Water consumption –Ecosystems Social –Community engagement –Accessibility of buildings for people with disabilities Governance –Cybersecurity –Responsible tax behavior Although the above themes fall below the materiality threshold, this does not mean that no efforts are being made in relation to these themes. The core focus sustainbility matters identified by the 2021 materiality analysis are confirmed, along with the previously considered enabling themes. The latter include water consumption and waste production. As these are managed by the tenant and are rather limited in the retail sector, they are considered immaterial and are therefore no longer reported as KPIs. While the topic of 'Climate Adaptation – Physical Risks' did not exceed the defined materiality threshold in our assessment, we recognize its growing relevance to the real estate sector due to the accelerating impacts of climate change. As such, we will undertake a dedicated assessment to identify the physical climate risks that may affect our assets under various temperature scenarios. Based on the results, Retail Estates will evaluate appropriate adaptation measures to strengthen the resilience of its portfolio against future climate-related events. The process and outcome of this double materiality analysis were validated by the audit committee on 21 February 2025, approved by the board of directors on 23 May 2025 and reviewed by the independent auditor. MATERIALITY AnALYSIS 1 Applicable to the entire real estate portfolio 69 Green Retail Estates Partner of Choice 1.3 Strategic ESG framework Based on the findings of the above double materiality analysis, the ESG strategy was revised so that Retail Estates can focus on addressing the material themes. Although the broad outlines of the strategy remain unchanged, the double materiality analysis enables Retail Estates to sharpen its focus and respond more effectively to the most relevant themes. The above themes are incorporated into Retail Estates' ESG framework and form the strategic ESG framework. This is built around two strategic pillars: Green Retail Estates focuses on the environment (E in ESG) and contains two key programs: –Minimizing the ecological footprint: here we focus on reducing greenhouse gas emissions from the real estate portfolio, together with our tenants. –Our building of the future, where we are working on a sustainable construction and renovation standard. Partner of Choice focuses on social and governance (the S and G in ESG). It is divided into three key programs: –Employee satisfaction –Tenant health and safety –Sustainable supply chain Sustainable business operations with a focus on ethical business practices form the foundation of Retail Estates' ESG structure. The content and actions within this framework are explained in more detail in the following chapters. Minimizing the ecological footprint • Carbon footprint • Energy efficiency • Sustainable mobility • Tenant impact on sustainability Level up our building • Circular design • Sustainable use of materials • Construction waste management • Soil sealing For employees • Employee satisfaction For tenants • Tenant health and safety For suppliers • Sustainable supply chain 70 2 GREEN RETAIL ESTATES The Green Retail Estates pillar focuses on making our activities and properties more sustainable, with two programs at its core: Minimizing our ecological footprint The emphasis here is on operational greenhouse gas emissions, with dialogue and cooperation with tenants being essential to achieving our goals. This program addresses the following themes: –Carbon footprint of activities: monitoring and reducing greenhouse gas emissions in collaboration with tenants; –Energy efficiency of buildings: investing in improvements and insulation of properties to increase energy efficiency; –Impact of tenants: raising awareness and supporting tenants to keep the combined ecological footprint of Retail Estates and its tenants as low as possible; –Sustainable mobility: ensuring safe cycling and walking connections and providing charging points for electric vehicles. Our building of the future Within this program, Retail Estates is working on a sustainable construction and renovation standard that will enable it to reduce its embodied carbon and create more climate-proof buildings. The four themes below play an important role in this: –Circular design: designing with reuse and disassembly in mind. –Sustainable use of materials: choosing materials with a low environmental impact, long service life, and reusability. –Construction waste management: minimizing waste streams in collaboration with our partners. –Soil sealing: limiting paved surfaces, using permeable paving, and creating green zones and planting vegetation. Investment in sustainable initiatives In a world where sustainability is not an option but a necessity, Retail Estates wants to play an active role and take responsibility for building a more sustainable living environment and future. In order to take action, the company decided in 2022 to invest € 10 million in capital expenditure and € 1.2 million in operating expenditure in ESG projects each year over a period of three financial years (2022-2025). In the 2022-2023 financial year, it was decided to also invest additional non-recurring income in ESG initiatives, bringing the total amount to an exceptional € 12.95 million. This corresponded to 15% of the EPRA result. In the 2023-2024 financial year, the total investment amounted to € 12.5 million, or 14% of the EPRA result. In the past 2024-2025 financial year, the total investment amounted to € 11.41 million, or 12.5% of the EPRA result. The following chapters contain more information about the ESG initiatives that have been implemented. The following sections contain more information on the ESG initiatives realized. Green loan embeds sustainability in financing strategy Retail Estates secured its first green loan in 2024-2025. Retail Estates has been committed to improving the energy performance of its real estate portfolio for many years. With this green loan, the company is embedding sustainability in its financing strategy. This financing will be used to make properties more energy efficient through insulation and to generate local renewable energy with the installation of solar panels. 71 2.1 Minimizing the ecological footprint 2.1.1 Carbon footprint As the Paris Agreement and the latest Intergovernmental Panel on Climate Change (IPCC) report have underlined, the need to limit the global warming to well below 2°C - and preferably even 1.5°C - compared to pre-industrial levels, is becoming more and more urgent. To this end, Retail Estates is committed to reducing the environmental impact of its operations and the retail properties in its portfolio. As a shell owner, Retail Estates is responsible for the building envelope. It is therefore committed to increasing the energy efficiency of its properties and striving for sustainable mobility. The tenants are responsible for the technical implementation and operational use of the spaces. This means that Retail Estates is also largely dependent on their choices and behavior. To date, insight into the energy consumption and sustainability efforts of tenants has been limited. That is why Retail Estates opted last year for a systematic approach to mapping energy consumption and emissions. More information on these topics can be found in the chapters below. First, the current carbon footprint is mapped out. REALIZED IN 2024-2025 40,559 m² of roof covered with solar panels – 4,378 kWp additional production capacity 4,134 MWh produced (installations owned by RE) – equivalent to 1,181 households Development of a dashboard to monitor the performance, production, and consumption of the solar panel installations 23 additional locations equipped with charging points for electric cars 72 Greenhouse gas emissions Carbon footprint For the third year in a row, Retail Estates has conducted a calculation of its carbon footprint in accordance with the Greenhouse Gas (GHG) Protocol. The table below summarizes the contents of Retail Estates' carbon footprint. Retail Estates’ operations Portfolio Scope 1 Direct emissions from company cars (fuel), heating (natural gas) and coolant leaks for Retail Estates offices Retail Estates controlled direct emissions from heating (gas) and coolant leaks Scope 2 Emissions linked to the generation of purchased grey electricity for Retail Estates offices Retail Estates controlled emissions linked to purchased grey electricity Scope 3 Purchased goods and services Emissions from office purchasing. For instance, office furniture, supplies, IT support, etc Emissions from subcontractors for renovation and maintenance of properties Capital goods Emissions from capital goods. For instance, equipment, vehicles, etc. Emissions from capital goods. For instance, new buildings Fuel and energy related activities Upstream emissions from scope 1 & 2 energy Retail Estates controlled upstream emissions from scope 1 & 2 energy Waste Emissions from waste generated in Retail Estates offices Business travel Emissions from business travel Downstream leased assets Tenant controlled emissions from heating and electricity (direct and indirect) The current calculations only take into account emission sources over which the company has direct control. Therefore, emissions related to consumption by tenants are not included (scope 3). Only consumption linked to meters registered in the name of Retail Estates was taken into account. This corresponds to consumption for common areas and vacant properties. As Retail Estates is the owner of the shell properties, it generally has no insight into consumption in its properties. The company therefore relies on its tenants to report their energy consumption in order to calculate its full scope 3 emissions. Retail Estates currently has limited access to this information. Measures have been put in place to enable the company to obtain this information in the future. Greenhouse gas emission summary To ease the comprehension of its carbon footprint, Retail Estates divided its total greenhouse gas emissions in 2 parts: –Emissions from Retail Estates’ operations –Emissions from Retail Estates’ portfolio 73 Emissions in tCO2e Operations Real estate portfolio Total Scope 1 209 458 667 Scope 2 45 772 817 Scope 3 1,113 9,069 10,182 Total 1,367 10,299 11,666 The analysis covers the period from 1 April 2024 to 31 March 2025. Retail Estates aims to include (some of) the emissions controlled by tenants in its reporting from next year onwards. This will form part of the basis for setting concrete targets for 2030 and further refining the action plan. Scope 1 and 2 EPRA – GHG-Dir, GHG-Indir, GHG-Int Scope 1 emissions are directly emitted from resources owned or controlled by the company. Scope 2 are emissions from the purchased electricity. Together, they represent 13% of the total carbon footprint. The quality of the data for scope 1 & 2 is assessed as good. Most activity data points are provided by the suppliers (invoices with the physical quantity). For the emissions factors, Retail Estates used wide known databases1as sources (average-data method). Emissions from Retail Estates operations Scope 1 and 2 emissions of Retail Estates’ operations focus on the fuel consumption of the company cars and the natural gas and electricity consumption of the offices. Retail Estates’ operations emitted 254 ton of CO2 equivalent (tCO2e) in the financial year 2024-2025. The fuel consumption of the company car falls outside the scope of the reported EPRA indicators. Energy EPRA – Elec-Abs, Elec-LfL, Fuels-Abs, Fuels-LfL, Energy-Int In 2024-2025, the total energy consumption of Retail Estates offices was 218 MWh. In Belgium, the office uses 100% green energy. In addition, Retail Estates has installed solar panels on the roof. However, as we do not have exact information, the “location-based” emission factor was applied here. In the Netherlands, the leased office is currently still supplied with natural gas and electricity, but energy-saving measures and sustainability are on the agenda. Company cars Due to the importance of Retail Estates’ portfolio, employees need to travel regularly by car to visit its properties and clients. Therefore, the fuel consumption for the company cars represents an important part of the organization's scope 1 and 2 emissions (89%). To reduce the impact from its car fleet, Retail Estates requires employees who need to change company car to take either a hybrid or electric model. Emissions from the Retail Estates property portfolio The scope 1 and 2 emissions of Retail Estates’ portfolio pertain to the energy consumption of its retail properties. Retail Estates’ portfolio emitted 1,230 ton of CO2 equivalent (tCO2e) in the financial year 2024-2025. As explained earlier, this relates to a limited part of the real estate portfolio with regard to the consumption of common areas and vacant properties. Energy EPRA – Elec-Abs, Elec-LfL, Fuels-Abs, Fuels-LfL, DH&C-Abs, Energy-Int In 2024-2025, the total energy consumption of Retail Estates' real estate portfolio amounted to 6,527 MWh (48% electricity, 38% gas, and 14% heat and cold supply) compared to 5,485 MWh in 2023-20242. However, on a like-for-like basis, this is 5,159 MWh compared to 5,265 MWh in 2023-2024, representing a slight decrease of 2%. All properties in Belgium with electricity meters registered in the name of Retail Estates use renewable energy via green energy contracts. In the Netherlands, 74% of total electricity consumption for electricity meters registered in the name of Retail Estates was purchased via green energy contracts. 1 These databases were used: GHG Conversion Factors for Company Reporting V1.1 2024 (UK Government – Department for Business, Energy & Industrial Strategy and Department for Environment Food & Rural Affairs), European Residual Mixes 2023 (AIB) and the stated emission factor by the energy supplier for heat and cold supply. 2 The figure for 2023-2024 has been adjusted to provide a more accurate picture of consumption under Retail Estates' operational control. See also the explanation under point 6.1.5. OVERVIEW of greenhouse gas emissions. 74 Retail Estates is reporting on district heating and cooling for the first time, given its presence in the acquired properties in the Woonmall Alexandrium and the Alexandrium Megastores retail park in Rotterdam. Scope 3 Scope 3 emissions are the result of the company's activities but are caused by a source that is not owned or controlled by the company. These emissions represent 87% of our total carbon footprint. The quality of the data for scope 3 is assessed as moderate. For most categories of scope 3 (purchased goods and services and capital goods), no direct information on the quantities consumed was available. Consequently, the “spend-based method” was used, whereby data was collected on the value of the goods and services and capital goods consumed, which was then multiplied by the average (monetary) emission factors in order to estimate the scope 3 emissions. The emissions verified by the tenant were not included in the calculation as we currently have insufficient information about them. Our target is to include this information (in part) from next year onwards. Emissions from Retail Estates’ operations The scope 3 emissions from Retail Estates' activities mainly relate to purchases for the offices in Belgium and the Netherlands. In the 2024-2025 financial year, emissions from Retail Estates' activities amounted to 1,113 tons of CO2 equivalent. This is a 30% decrease compared to the total carbon footprint for 2023-2024, which can mainly be explained by higher investments in IT last year. Goods and services Goods and services account for the largest share, namely 69% of the emissions (compared to 45% last year) caused by Retail Estates' activities. They include emissions from the purchase of office supplies (e.g., office furniture, equipment, IT support, etc.). Capital goods These represent 12% (compared to 42% last year) of the emissions caused by Retail Estates' activities and mainly include investments in IT equipment and licenses. Water and waste Water consumption and waste production at Retail Estates' offices are relatively limited. Water is only used in the sanitary facilities and the kitchen. Waste consists mainly of paper and kitchen waste produced by employees in the course of their daily office activities. In 2024-2025, Retail Estates consumed 95 m³ of water and generated 2.80 tons of waste. The other reporting categories are not relevant as they represent less than 1% of the footprint generated by Retail Estates' activities. Emissions from Retail Estates portfolio The scope 3 emissions from Retail Estates' portfolio mainly relate to the purchase of new buildings and the renovation and maintenance of buildings. In the 2024-2025 financial year, emissions from Retail Estates' real estate portfolio amounted to 9,069 tons of CO2 equivalent (tCO2e). This represents a reduction of 70% compared to 2023-2024, which can mainly be explained by a decrease in acquisitions in the current financial year. Last financial year, Retail Estates acquired 20 new properties in the Netherlands, including 18 units in Alexandrium Megastores and 2 units in the Woonmall Alexandrium. Goods and services Goods and services account for 24% of the emissions caused by Retail Estates' real estate portfolio. These relate to emissions by subcontractors for the renovation and maintenance of buildings. Capital goods These account for the lion's share of the emissions caused by Retail Estates' real estate portfolio, namely 66%. These include emissions by subcontractors for the renovation and maintenance of buildings, as well as the purchase of new buildings. The purchase of new buildings accounts for 35% of total emissions from the real estate portfolio, while the renovation and maintenance of the portfolio accounts for 31%. Total emissions by subcontractors for the renovation and maintenance of buildings amount to 54%, which is a significant share. The section 'Sustainable supply chain' explains how Retail Estates intends to respond to this. 75 Water and waste EPRA – Water-Abs, Water-LfL, Water-Int, Waste-Abs, Waste-LfL The water consumption and waste production over which Retail Estates has direct control is very limited. This is usually managed by the tenants. The double materiality analysis has confirmed that these issues are considered immaterial, which means that Retail Estates no longer actively monitors these parameters and therefore no CO2 emissions can be reported. Retail Estates certainly takes these into account in its awareness-raising efforts towards tenants, but focuses its energy first on monitoring and adjusting the parameters relating to energy consumption, as the impact that can be achieved here is much greater. 2.1.2 Improvement of energy efficiency Buildings are currently responsible for 40% of energy consumption in the EU, making this an area where Retail Estates can make the most direct contribution. The double materiality analysis has once again confirmed that energy efficiency is one of the most important themes, both for the various stakeholders and for Retail Estates. An energy-efficient building is achieved through a combination of different parameters. The most important of these are a well-insulated building envelope, renewable energy, and energy-efficient installations. As of 31 March 2025, a total of € 11.41 million was spent on improving the energy efficiency of buildings. REALIZED IN 2024-2025 Preparation of 208 EPC labels for Belgian properties in Flanders. 78,801 m² of roof better insulated 1,500 m² of facade better insulated 1,659 m² of better insulating glazing installed 76 Improvement of the building envelope of the retail properties In 2024-2025, Retail Estates invested € 8.74 million in improving (insulating) the outer shell of its retail properties. This year, investments were mainly made in improving window, facade, and roof insulation. The roofs of 63 properties were renovated to reduce the U-value to 0.24W/m²K. The most important projects in Belgium were located in Wilrijk, Gilly, Wetteren, Lier, Jambes, Quaregnon, Roeselare, Marche-en-Famenne, Braine-l'Alleud, Tielt-Winge, Gembloux, Aiseau-Presles, Libramont, Schoten, Dendermonde, Mechelen, Gentbrugge, Sint-Stevens-Woluwe, and Aarschot. In the Netherlands, investments were made in our retail parks in Den Bosch, Cruquius, and Zaandam. A total of 1,659 m² of glazing was replaced with the aim of achieving a minimum U-value of 1W/m²K. The most important projects were located in Ruisbroek, Lier, Wilrijk, Aartselaar, Mechelen, Korbeek-Lo, Sint-Joris-Winge, La Louvière, and Venlo. Other sustainable renovations were also carried out throughout 2024-2025. The outdoor lighting in the Tielt-Winge, Breda, and Cruquius retail parks was replaced with LED lighting. In addition, the district heating system in the Alexandrium complex in Rotterdam was further insulated. Given the size of the portfolio, optimizing the outer shell of all properties will take several years, and Retail Estates will continue to focus on this in the coming years. Renewable energy In addition to insulating the outer shell, the company is also focusing on renewable energy. Roofs play a central role in this because they offer space for solar panels. In 2024-2025, € 2.67 million was invested in the installation of solar panels on the roofs of various retail properties. The solar panel installations in Arlon, Mons, Frameries, Jambes, Merksem, Sint-Martens-Latem, and Tongeren were commissioned in 2024-2025. As a result, 40,559 m² of roofs were covered with solar panels and a total capacity of 4,378 kWp was installed. At the end of the 2024-2025 financial year, 121 retail properties were equipped with operational solar panels. The solar panel installations on 77 properties are owned by Retail Estates. The rest are owned by a third party, to whom Retail Estates has made the roofs available. The total production capacity of all Retail Estates installations combined is 8,714 kWp and can supply 2,241 households with electricity3. Retail Estates sees renewable energy as a logical step in the energy transition and in making its buildings more sustainable. The aim is to create a simple model that can be applied everywhere, requires little monitoring or administration, and gives tenants as much opportunity as possible to consume locally produced renewable energy. In order to provide tenants with accurate insights, a dashboard is being developed that allows them to monitor production and consumption via the solar panel installations. However, installing solar panels is not always straightforward. Many different external factors must be taken into account during development and implementation, including: –roof stability –agreement and goodwill of tenants –economic feasibility and profitability in a volatile energy market –practical modalities such as grid connections, insurance, maintenance agreements, etc. These factors are often beyond Retail Estates' control, which can lead to delays or revisions of planned projects. Nevertheless, Retail Estates remains committed to renewable energy. It is therefore exploring alternative solutions tailored to each location and continuing to engage with tenants to evolve together towards a low-carbon real estate portfolio. Targeted approach to energy efficiency thanks to in-depth portfolio analysis In order to strategically continue its energy efficiency initiatives and further refine its priorities, Retail Estates started with a detailed inventory of its real estate portfolio. Energy audits were also carried out on a representative selection of buildings with the aim of obtaining a clear picture of both the technical condition of the building envelope and energy consumption in daily operations. These analyses also form the basis for identifying and implementing targeted improvement measures and for setting concrete and achievable goals. This applies both at a structural level (such as insulation and glazing) and in terms of operational energy management (such as the installation and control of HVAC systems). The latter is explained in more detail in the following chapter '2.1.3 Sustainability impact of tenants'. The information collected will also enable Retail Estates to carry out a CRREM (Carbon Risk Real Estate Monitor) analysis and monitor how we are following the European emission reduction path. 3 Based on an average consumption of 3.5 MWh/year (VREG). Energy screenings and measurement of sites EPRA Cert-Tot As the owner of shell retail properties, Retail Estates focuses primarily on the energy efficiency of the outer shell and the common areas of its buildings. This starts with an inventory of the energy-related elements of the real estate portfolio, such as the insulation used or the type of heating system. This provides a picture of the existing needs and priorities. Energy labels are an important source of information for this. In Flanders, an EPC will be mandatory for the sale or rental of a non-residential building from 1 January 2023, and from 1 January 2025, every property must have an EPC (even if it is not being sold or rented). The inventory that Retail Estates started for this purpose in 2022-2023 was virtually completed for Flanders by the end of 2024. In Wallonia, there is currently no such uniform, government-driven methodology for collecting energy information on non-residential buildings. Retail Estates expects this regulation to be introduced, but is waiting for more clarity in the EPC legislation before taking further action. Drawing up an energy performance certificate (EPC) requires significant input from tenants, as it assesses not only the building envelope, for which Retail Estates is responsible, but also the layout of the retail premises and actual energy consumption. This complicates the EPC application, as the reference period for energy consumption is at least one year and information is not always available for a full year. In this case, a temporary label (Label X) is assigned. The already final lower labels may be due to less energy-efficient installations by the tenants. As the shell owner, Retail Estates has little influence on this, but remains committed to dialogue and cooperation with tenants to find the most energy-efficient solutions. In Flanders, from 1 January 2030, every large non-residential building must at least comply with label requirement E. This means that the share of renewable energy must be at least 5%. To comply with this requirement, Retail Estates is working to further map the necessary consumption and the X labels will gradually be converted into final labels. BELGIUM Flanders Wallonia & Brussels Label X 342 0 Other label 6 0 To obtain 16 348 WoonBOULEVARD Heerlen, THE NETHERLANDS Renovation of roofs of properties to reduce U-value to 0,24W/m2K Solar panels on roof of Retail Park in Arlon BELGIUM 77 78 In the Netherlands, a new method for determining the energy label has been in use since 1 January 2021. The categories, ranging from A to G, have been revised. For non-residential buildings, category A has been expanded with five pluses (A+, A++, A+++, A++++, and A+++++). All labels issued after 1 January 2021, must follow this new method. Existing certificates remain valid. The use of this certificate has been expanded and is now mandatory for the delivery of new buildings and for the sale or rental of existing buildings. Whenever a document expires or a new analysis is required, Retail Estates therefore revises its energy certificates based on this new method. All retail properties eligible for an energy label were screened and these labels were shared with the tenants. In the Netherlands, it is mandatory to display the label on the building in a place visible to the public. THE NETHERLANDS Method before 01.01.2021 Method after 01.01.2021 A label 166 A 4 A+ 13 A++ 53 A+++ 36 A++++ 1 A+++++ 0 B label 18 1 C label 0 2 Other label 0 3 2.1.3 Tenants' sustainability impact Working together towards a lower carbon footprint As mentioned earlier, good dialogue with tenants is essential for Retail Estates to successfully implement and further develop its ESG strategy and initiatives. To move towards a carbon-neutral society, we need to look beyond the building envelope. Tenants are responsible for the technical design and operational use of the spaces, which means that Retail Estates is dependent on their choices and behavior. In order to be able to take concrete action and make progress in this area, Retail Estates has launched an energy monitoring project. The aim is to obtain information and insights into the energy consumption and sustainability efforts of its tenants. As a result, Retail Estates will be able to provide targeted support to its tenants. By focusing on collaboration, Retail Estates wants to activate and involve tenants in its sustainability strategy. Only by measuring, learning, and improving together can climate targets be achieved, to the benefit of all parties. Greenlease agreements To achieve the above, a standard green lease agreement has been drawn up. This agreement is used as much as possible as the basis for new leases or lease renewals. The purpose of the green lease agreement is to ensure that Retail Estates achieves its ESG objectives in collaboration with its tenants. Focus points of the green lease: –Exchange of information and data –Building certification cooperation –Improvement of the environmental performance of the property –Efficient energy and water consumption, and waste reduction –Human rights In order to discuss its ESG ambitions with its tenants, Retail Estates has developed a sustainability charter. This sets out its own sustainability intentions vis-à-vis the tenant and what is expected of the tenant in return. This document can then serve as a starting point for more formal agreements, such as the green lease agreement, to take concrete ESG actions and exchange relevant information. Retail Estates is working to conclude this charter with a number of key tenants. 23 additional locations equipped with charging stations for electric cars 2.1.4 Sustainable mobility Charging infrastructure and e-mobility E-mobility is considered a priority under EU policy guidelines. Retail Estates aims to facilitate this transition by installing charging infrastructure on its properties. This will enable customers and employees of tenants at the retail parks to charge their cars while shopping or working. Given the specific business model for such charging infrastructure, Retail Estates enters into partnerships with specialized parties based on an “as-a-service” model wherever possible. Under this model, the external party is responsible for the initial investment, installation, maintenance, and operational follow-up. In Belgium, charging stations have been installed at 23 locations in collaboration with an external partner, bringing the total number of locations already equipped to 47. The total Belgian portfolio comprises 202 charging points, which in 2024-2025 accounted for 58,373 charging sessions and 3,248 MWh of electricity consumed. With an average consumption of 20 kWh per 100 km for an electric car, this is equivalent to 4 times the circumference of the earth. In the Netherlands, Retail Estates has already signed an agreement with Shell for the installation of charging stations at all suitable locations by the end of the 2022-2023 financial year. Unfortunately, installation has been delayed due to problems with the energy grid being overloaded. As a result, a temporary solution has been found for most sites by installing one slow charger per site. However, two fast chargers and six slow chargers will be installed at the Spijkenisse site. The chargers are scheduled to come into service in the first half of the next financial year. In both Belgium and the Netherlands, the office building has also been fully equipped with charging stations, so that the company is prepared for the further electrification of its vehicle fleet. Accessible and safe retail parks Given the focus on peripheral locations, our sites are not always easily accessible on foot or by bicycle. Nevertheless, Retail Estates considers it its responsibility to ensure that its retail parks are easily and safely accessible to all visitors. In concrete terms, this means providing high-quality and safe infrastructure, such as footpaths and cycle paths, bicycle parking facilities, and clear signage. These efforts will be structurally embedded in the broader policy framework for sustainable mobility, ensuring that this is central to the development and management of our retail parks. 79 80 2.2 Our building of the future Responding to the increasing risks of global warming is a growing challenge for Retail Estates. Global surface temperature is expected to keep on growing – until at least 2050, according to all UN/IPCC1 emissions scenarios. This leads to inevitable climate changes: land & marine heatwaves, heavy precipitations and storms, droughts, etc. These climate changes will increase in frequency and intensity in the coming years. Retail Estates therefore wants to ensure that its real estate portfolio, activities, and business strategy are climate-proof by investigating how it can focus more on circularity and the use of more sustainable materials. This will further contribute to a lower carbon footprint. Within this program, Retail Estates focuses primarily on reducing embodied carbon and realizing climate-proof buildings. Four material themes are distinguished, which Retail Estates will further incorporate into a circular construction and renovation standard. Circular design Sustainable construction starts with the design. It is essential to make conscious choices at an early stage with a view to reuse, flexibility, and dismantling. This means that parts of a building are not discarded at the end of their life cycle, but can be reused. In this way, we reduce our dependence on new raw materials and extend the life cycle of materials. Construction resource use Retail Estates is investigating the possibility of choosing materials with a lower environmental impact, long service life, and high reusability, such as bio-based materials, recycled products, and local raw materials. At the same time, technical and safety requirements must be taken into account, as well as economic feasibility, which means that these choices are not always obvious. Construction waste of the portfolio Renovation goes hand in hand with demolition waste. Retail Estates wants to focus on maximum separation and reuse of construction and demolition waste, in collaboration with its partners. By reducing waste streams and keeping valuable materials out of the chain, Retail Estates can contribute to a circular construction economy. Soil sealing In redevelopment and renovation projects, Retail Estates will pay extra attention to soil sealing. The aim is to limit paved surfaces, use water-permeable paving, and create green areas and planting. Here too, technical requirements and economic feasibility mean that these choices are not always obvious. Retail Estates already applies the above themes as much as possible in practice (see the Ghent case study below). However, major steps still need to be taken to fully realize these ambitions. Retail Estates will therefore continue to invest in knowledge and targeted actions to evolve step by step towards a future-proof and sustainable real estate portfolio. REspect standard for buildings In 2023-2024, Retail Estates worked on the conceptualization of a 'REspect label'. The aim is to assign an internal sustainability score to the properties, which can serve as an internal benchmark and help to further prioritize and take targeted actions. Due to the multitude of themes and actions to be addressed, this process has been delayed, but it remains an agenda item for 2025-2026. The REspect label aims to convert all of the above themes into a single score and pays particular attention to the following elements: –Energy efficiency of the building –Circularity and sustainability of materials used –Use of renewable energy –Reuse of water –Collaboration with tenants to also strive for sustainable solutions in design, choice of installations and consumption –Circularity and sustainability of materials used Climate risks Sustainability risks are currently discussed in the “Risk factors” section of the Annual Financial Report. In order to map these in more detail, Retail Estates will carry out a climate change risk assessment that will clarify both the physical risks and the risks throughout the transition. Currently, this is considered immaterial based on the double materiality analysis, but the outcome of this assessment will determine whether and how this theme needs to be reevaluated. It will also help to further explore the above themes and better identify certain risks and opportunities. 1 More information on https://www.ipcc.ch/assessment-report/ar6/ Research into sustainable construction techniques In Ghent, Retail Estates demolished a retail property to build a completely new one using sustainable methods as much as possible. Various sustainable materials and special construction techniques were used with a view to further rollout across the real estate portfolio. For example, the retail unit has been built partly using circular construction methods. The materials were chosen with reusability in mind: the roof structure is largely mechanically fastened with the idea that the materials can be reused or recycled more effectively when the roof is next renovated or demolished. The exterior and interior walls are partly made of wood, solar panels provide renewable energy, rainwater is recovered as much as possible, and a green roof functions as a “green” integration into the environment and as a buffer against flooding. The conclusion was that some materials and techniques proved to be viable alternatives, while others proved less suitable for systematic application from a maintenance or cost perspective. These insights support Retail Estates in evaluating the maintenance plans for each property and determining the most suitable solution for further sustainability. The car park has been fitted with water-permeable paving that is both sustainable and suitable for heavy traffic. In addition, additional green areas have been incorporated into the car park and existing trees have been preserved. Retail Estates has installed solar panels that are leased to the customer for local consumption. The existing gas connection was removed (to reduce the use of fossil fuels) and replaced by a heat pump that provides both cooling and heating. Due to the atypical location in the city center, consultation with neighbors was crucial to limit short- and long-term nuisance. Although ‘community engagement’ was assessed as a non-material theme in the double materiality analysis, this social aspect naturally remains part of Retail Estates’ sustainability policy. 81 82 3 PARTNER OF CHOICE Social themes are central to the “Partner of choice” pillar. In this context, Retail Estates is committed to long-term cooperation and dialogue with its stakeholders. Within this pillar, we distinguish three programs in which the material themes from the double materiality analysis are addressed: Employee satisfaction Employees are one of the most important elements for sustainable success. That is why Retail Estates is committed to doing everything in its power to create a working environment that motivates, supports, and values its employees. A healthy and safe environment for our tenants The well-being of our tenants is central to our business. Retail Estates not only wants to offer high-quality, sustainable properties, but also a healthy and safe working environment in which tenants feel comfortable. A sustainable supply chain A sustainable supply chain will be fundamental to achieving our ambitions. An ethically responsible supply chain is essential not only to minimize the environmental impact of our projects, but also to increase the broader social and economic value of our real estate portfolio. 1 Including employees employed on an independent basis 2 Employees employed by Retail Estates on 30 September 2024 3.1 Employee satisfaction Retail Estates started out as a small organization and has in the meantime evolved into a company with a workforce of 451 people in Belgium and the Netherlands. Employee satisfaction is a key element in ensuring the profitability and sustainable success of the company. Retail Estates wants to make its people feel valued and involved. To do so, the company offers its employees the possibility to grow through training or project follow-up outside the scope of their usual job responsibilities. A lot of attention is paid to the personal development of each of its employees. In order to clearly map and monitor employee satisfaction, Retail Estates had an external party carry out a 'Human Capital Scan' for the first time. This identified, among other things, what causes employees energy and stress, what motivates them, what can make them physically and mentally stronger, and how to work on better self-development and growth. This enables Retail Estates to define and implement specific improvement measures. KEY NUMBERS 45 employees 38 training hours 100%2 of employees received a performance and career development review 83 3.1.1 Attracting talent EPRA – EMP-Turnover Retail Estates fosters an open corporate culture without barriers between staff and management. Every Monday morning, a “wake-up call” is organized with all Retail Estates employees (physically or digitally), during which management provides information about daily activities. Thanks to these weekly company meetings, all employees are aware of the projects the company is working on. They also have the opportunity to make work-related or non-work-related announcements to the entire team. In addition, weekly team meetings are organized in the various departments to discuss the status of the various projects in progress and to discuss more complex issues. The REconnect intranet contains further information on the topics discussed during the wake-up call, as well as an overview of news from both the retail and real estate sectors. This keeps employees even better informed about the ins and outs of the retail industry. Retail Estates strives to create the right work-life balance for its dynamic team, with attention to everyone's personal needs and personal and professional development. Thanks to the necessary IT solutions, Retail Estates can offer its employees the option of working from home two days a week. On the other days, all employees are expected to be in the office – unless they are attending meetings outside the company – so that informal communication channels and a sense of involvement are maintained. Retail Estates also offers its employees an attractive salary package. Employee remuneration is reviewed annually. Through a cafeteria plan, employees can choose to exchange part of their cash bonus for additional vacation days. In 2024-2025, the teams had a total of 453 members. Retail Estates hired 6 new employees, while 5 employees left the company. The percentage of new hires and staff turnover were therefore 13% and 11%, respectively. Although Retail Estates does not currently have a formal diversity policy due to its limited number of employees, diversity is actively practiced. Retail Estates strives to maintain an inclusive and diverse policy in various areas, such as gender, age, and background (including education and professional experience). Efforts are currently underway to formalize this policy. 3.1.2 Talent Development EPRA – EMP-Training, EMP-Dev Every single staff member is given the opportunity to follow training courses to deepen or broaden their skills. These training courses are not limited to professional skills only, but may also include personal development programs. This is a point of attention for the organization. In 2024-2025, Retail Estates employees followed 1,684 hours of training, an average of 38 hours per employee. Once a year, each employee is invited by their manager for an evaluation interview. The purpose of this interview is to assess the employee's professional performance over the past year. In addition, the objectives for the coming year are discussed based on the insights gained during the previous interview. These objectives relate to the employee's performance and development. During the meeting, the training courses that the employee can take in the coming year to continue to grow are discussed. Retail Estates wants to build a stable team that is committed to developing the talents of its employees and the team itself. In 2024-2025, 100%4 of its employees were evaluated. 3 Including employees employed on an independent basis 4 Employees employed by Retail Estates on 30 September 2024. 84 3.1.3 Team wellbeing EPRA – H&S-Emp Retail Estates' activities are largely carried out in an office environment. The risk of occupational accidents is relatively low. That is why Retail Estates is focusing more on the well-being of its team. Special efforts are made to make the office environment comfortable. In 2020, the Belgian team moved to a completely new building in Ternat. More recently, in December 2022, the Dutch team also moved to a renovated, spacious office in Houten near Utrecht. In addition, fruit and healthy snacks are available in the office. Employees are encouraged to participate in sports. At the office in Belgium, a fitness session with a professional coach is offered every two weeks. During their lunch break, employees can also play table tennis or use spinning bikes. In 2024-2025, 0 occupational accidents or work-related illnesses were reported at Retail Estates. The absenteeism rate5 is 0.02, which is the same as last fiscal year. To promote cohesion within the teams, regular events are organized, both per department and for the entire team. In addition to the formal end-of-year dinner, each team takes turns organizing an informal, often themed after-work drink. On the Mont Ventoux During the 2022-2023 financial year, a plan was hatched to climb or cycle Mont Ventoux together. In June 2024, the plan finally came to fruition: the entire team traveled to the south of France for a seminar that included both a study day and the climb. Both athletes and supporters enjoyed the team spirit. For every hour that employees exercise and register in the Strava club, Retail Estates donates an amount to charity. Thanks to the extensive preparations for the climb up Mont Ventoux, no less than €40,000 was raised last year. In March 2025, this amount was divided between Marc Herremans' Athletes for Hope foundation, MS-Liga Vlaanderen and KiKa, a Dutch foundation that focuses on children with cancer. 5 The absence rate is the number of days lost due to illness divided by the total number of days to be worked. 85 3.2 Health and safety of our tenants Retail Estates not only wants to offer high-quality, sustainable properties, but also a healthy and safe working environment where tenants feel comfortable. This is also essential for creating long-term, successful partnerships. The construction and renovation standard therefore also takes into account the necessary safety measures to ensure that the buildings comply with the relevant laws and regulations in the field of fire safety and risk management. The REspect label will also include a section on design and installations. By mapping out the natural light situation and a healthy indoor climate, the well-being of the tenants' employees in the buildings is taken into account. Health and safety elements During the construction or renovation work A safety coordinator is appointed whenever required by law and for all works which are above € 100,000. Furthermore, for all roof renovations and demolition works, as the safety risk are higher, we also work with a safety coordinator. During demolition works, asbestos is always removed if any is present, to obtain an asbestos safe building. Outside the retail buildings We focus on having a safe circulation plan at the sites and signage where necessary. Walking and cycling paths will be constructed separately from the roadways as much as possible and intersections with the roadway are accentuated with the use of a different material or color. Bump posts are also placed at unloading quays, delivery ports and collision sensitive areas. Inside the retail buildings We focus on the adequate lighting, allowing natural light to enter the building whenever possible (without blinding effect) or at least by providing the proper lux levels. Particular attention is paid to ensuring that the social areas of the rental units receive daylight (final fitting remains the tenant’s decision). In 2024-2025, 0 accidents were reported by Retail Estates’ health and safety coordinators on its work sites. 3.3 Sustainable supplier policy A sustainable supply chain will form the foundation for achieving sustainability goals. This ethically responsible supply chain is essential for minimizing the environmental impact of current projects, but also for enabling the company to take on a broader social role. Retail Estates has already taken the first steps in developing a 'supplier code of conduct', but needs to further develop this and integrate it into the practice of sustainable policy-making. Retail Estates will focus on responsible procurement of materials (origin and environmental impact), energy and emission restrictions (suppliers that prioritize energy efficiency and emission reduction), and local and ethical involvement (local suppliers that respect labor rights and support social initiatives). 86 4 SUSTAINABLE BUSINESS OPERATIONS Retail Estates strives for a corporate culture that is characterized by honesty and integrity, a sense of responsibility, strict ethics, and compliance with the laws applicable to Retail Estates and corporate governance standards. Business ethics is essential to create a relation of trust with all stakeholders and keep reputation high. All of this together forms the foundations of the Retail Estates ESG building. 4.1 Business conduct Retail Estates has established a set of policies to guarantee ethical standards at all levels of the company: –the Code of Conduct, which contains a comprehensive framework for ethical business practice for the directors, management, and employees to observe to create a context of responsible and ethical entrepreneurship. –the Corporate Governance Charter, which sets the governance approach of the company (including the settlement of conflicts of interests) in line with the corporate governance principles of the 2020 Belgian Code on Corporate Governance. –the Dealing Code for the prevention of misuse of inside information and market abuse –the Whistle-blower policy, the internal procedure for reporting infringements All the above-mentioned documents are available for public consultation on the Retail Estates’ website (www.retailestates.com). The code of conduct sets Retail Estates' commitments in the field of responsible and ethical behavior. The following topics are tackled in the document: –Human Rights – Human dignity –Mutual respect – Equal opportunities and diversity –Tenant satisfaction –Privacy – confidentiality –Inside information – market abuse – trade in financial instruments –Conflicts of interests –Anti-corruption/anti-bribery –Political activities This is explained annually to ensure that everyone is informed and aware. Retail Estates encourages its employees to report actual or suspected violations of the Dealing Code as well as, in general, any violation of the rules whose observance is supervised by the FSMA pursuant to Article 45 of the Law of 2 August 2022 or the policies to their managers or through the whistleblower procedure. In the latter case, a report may be made to Retail Estates' Complaints Officer. The internal whistle-blower procedure is in place to: –encourage employees to speak up and report irregularities –protect employees who report irregularities from retaliation and reprisals –handle all reports consistently, discreetly, and confidentially –guarantee a fair investigation for all parties involved –take all reasonable steps to address irregularities –take action against anyone who discriminates against an employee for making a report in good faith. In 2024-2025, no violations of the Code of Conduct have been reported. 4.2 Cybersecurity Cybersecurity is crucial to protect sensitive business and personal data and to guarantee business continuity. Poor cybersecurity can lead to financial and reputational damage. Retail Estates must therefore have well-secured IT systems in place to prevent cyberattacks and unauthorized access to the systems. It is also essential for protecting the privacy of employees and business activities. This prevents potential leaks. For IT-related services, Retail Estates is supported by an external partner with whom an SLA (Service Level Agreement) has been concluded. Its partner is certified “ISAE 3402”. The ISAE 3402 standard is a globally recognized standard for outsourcing projects and confirms that the service provider meets high quality standards in the field of information security, risk management and internal control of processes. Phishing exercises are organized to raise employee awareness. This paid off in 2024-2025, with no leaks, thefts or losses of customer data reported and no complaints received regarding breaches of customer or employee privacy. 87 4.3 Dialogue with stakeholders and community Retail Estates' real estate activities have an impact on various stakeholders: investors, public authorities, local communities, employees, suppliers, tenants/retailers, customers/consumers. Although community engagement was found to be immaterial by the double materiality analysis, Retail Estates' sustainability framework can only be successful in co-creation with all stakeholders and is an integral part of sustainable business operations. Retail Estates therefore remains committed to creating a stimulating environment in which it actively collaborates with various stakeholders, with open dialogue at its core. 4.3.1 Community actions Outside its own company, Retail Estates also focuses on the social integration of each retail park. Together with its tenants, Retail Estates looks at how to reach as many people as possible, with an extra touch of social and local relevance where possible. Contributing to the local community can take many forms: upgrading a place where people can meet, launching initiatives that add value, or supporting local heroes. The marketing team also regularly organizes themed events at the retail parks, such as the arrival of the Easter Bunny. Retail Estates reserves space in its retail parks for initiatives that are not purely commercial but offer support services to local communities. In the Crescend'eau retail park in Verviers, retail units have been let for (para)medical activities, including a pharmacy, and activities focused on the circular economy, such as a second-hand shop where consumers can both buy and sell items. In Flanders, Retail Estates works with local authorities and communities to make spaces available or repurpose them to meet local needs. All these initiatives are part of Retail Estates' objective to maintain a good dialogue with our stakeholders, in this case the local communities in which we operate. Retail Estates also encourages its employees to make a difference in their communities. 40,000 EUR was collected and distributed to the Athletes for Hope Foundation, MS League Flanders and KiKa During the 2024-2025 financial year, various activities were organized, such as: Exercising for a good cause A healthy mind in a healthy body. This initiative aims to promote sports while supporting a good cause. The idea was conceived by a few colleagues in 2018, and an active working group was set up to encourage the entire team. Every minute that employees spend exercising is converted into a monetary amount. The proceeds are donated annually to charities nominated by the employees. Retail Estates has chosen to focus primarily on charities that support children in one way or another. Often, it is a charity with which one of the employees has a special affinity because he or she is closely involved with it or has been committed to it for a long time. Each charity is given the opportunity to introduce itself to the team. In 2024-2025, the efforts of Retail Estates employees raised a total of € 40,000, which was donated to three charities: –In the Netherlands, Retail Estates supported Kika, a charity that funds scientific research into childhood cancer with the aim of achieving a 100% cure rate. –In Belgium, Retail Estates made donations to MS-Liga Vlaanderen and the Athletes for Hope rehabilitation field. MS-Liga is a patient organization that promotes the general well-being of people with multiple sclerosis, their families, and their environment. The Athletes for Hope rehabilitation field is a place where children with paralysis or physical or mental disabilities can rehabilitate in a peaceful, natural environment. Sinterklaas In keeping with annual tradition, Retail Estates invited its employees and their families to visit Sinterklaas at the office in early December. Everyone was welcomed with a food truck, freshly baked waffles, and a drink. Sinterklaas also brought a gift for all children up to the age of 12. December is the ideal month of the year to give something back to someone else, which is why Retail Estates ordered each gift twice. The second copy was donated to Pelicano, an organization that fights child poverty in Belgium. Charities we have supported in the past year 88 89 4.3.2 Memberships To further enable open dialogue with its stakeholders, Retail Estates has membership in various associations and professional societies. These support Retail Estates in its operations and can provide interesting and new insights through the networks built up. Retail Estates made no contributions to political parties or organizations. ASSOCIATION Contribution in 2024-2025 (in euros) BE-REIT association – professional association represented by 17 Belgian regulated real estate companies (GVV’s). Represents the interests of the Belgian REIT sector. 1,650 BLSC – Represents the interests of professional retail and retail real estate players 999 EPRA – Represents, promotes and develops the European public real estate sector 11,422 UPSI-BVS – Represents the interests of the real estate sector 5,825 UNIZO – Union of Independent Entrepreneurs, represents entrepreneurial interests 782 VFB - Flemish Federation of Investors – Represents and supports the interests of the investor 5,825 Project Pura (Hasselt University) – knowledge network for sustainability 5,000 VBFV - Association for the promotion of the identified interests of listed fiscal real estate investment institutions 2,900 VOKA - Flemish network of enterprises 4,162 90 5 ESG DECISION-MAKING PROCESS At Retail Estates, decisions regarding ESG are integrated into the decision-making process. Several management bodies, committees and positions within Retail Estates play a role in the development, roll-out and implementation of the ESG- strategy, at several levels. The interaction between all these bodies committees and positions guarantees a broad-based policy involving all divisions of the organization. META-STRATEGIC –The board of directors checks and validates the ESG strategy, the ESG commitments and the KPIs at the suggestion of the management committee. –The board of directors meets at least once every quarter; at this meeting the strategic ESG choices and the progress of the ESG policy are discussed. –The audit committee is responsible for the assessment of the sustainability risks included in the risk management systems (with respect to material areas, including climate change). –The investment committe is responsible for the assessment of the sustainability risks in link to real estate investment and disvestment decisions. STRATEGIC –The management committee supervises the ESG strategy and the underlying ESG programme and monitors the progress in practice; the committee submits strategic proposals concerning ESG to the board of directors. –The CIO and the CFO regularly consult with the ESG manager; together with the CEO, they are responsible for achieving the ESG targets. –The management committee reports to the board of directors; this report is incorporated into the annual financial report that is submitted for approval to the board of directors. –The management committee meets every week; ESG topics are discussed every month (e.g. progress on the implementation of the framework). TACTICAL –The ESG manager develops action plans to implement the ESG framework. He/she also collects and consolidates ESG data at group level. –The ESG manager supervises the non-financial reports and takes part in ESG benchmarks such as EPRA (European Real Estate Association) and S&P CSA (Standard & Poor Corporate sustainability analysis). COOPERATION –The project managers offer support for the technical rollout of the action plans. –The legal department checks the contractual aspects and offers an insight into the applicable legislation. –The financial department provides input for the development of the business cases and with respect to the financial impact of certain choices as regards to ESG. –The property managers maintain contact with the customers/tenants, strive for cooperation with the tenants as regards ESG and check the feasibility of certain ESG initiatives with the customers. –The service managers support the ESG manager for the collection of consumption and other data that may be relevant for the ESG report. BOARD OF DIRECTORS Management comitTEE ESG Manager InternAL stakeholders 91 6.1 Overarching recommendations 6.1.1 Organizational boundaries The sustainability report focuses on Retail Estates main activity: lease of out-of-town retail properties. Therefore, only the retail properties are considered in this report. These represent 99% of the Retail Estates total portfolio. Retail Estates uses the operational control approach for the preparation of the sustainability data. The surface areas directly managed by Retail Estates include its offices, shared areas and vacant retail units. For the consumption of common meters, the areas of the entire property were taken into account as no breakdown of private and common area is available. 6.1.2 Coverage of performance data Coverage is always expressed in m². The surface areas used match the surface area of the buildings as described in the Real Estate Annual Report. This included surface areas for storage areas. For each KPI, the surface area of the portfolio that is covered is indicated (gross m² covered/total gross m²). 6.1.3 Estimation of landlord-obtained utility consumption The table below provides the estimated environmental data for Retail Estates’ portfolio. To obtain an annual consumption corresponding to the reporting period, an extrapolation of the consumption is made, in some cases, based on the data available for the period. For instance, if the consumption of January to March 2025 is missing, the consumption of April 2024 to December 2024 will be used as a basis. 6 EPRA PERFORMANCE INDICATORS Retail Estates has chosen to disclose its sustainability metrics in accordance with the EPRA sBPR Guidelines, the purpose of which is to facilitate comparisons between different European real estate companies. These data are not required by the legislation on Belgian REITs and are provided by way of information only. Retailcluster Schoten T-Forum Tongeren BELGIUM 92 Estimated portfolio data 2024-2025 BELGIUM Electricity 21% Fuel 10% District heating & cooling —% GHG 17% Certification 0% m² 0% Estimated portfolio data 2024-2025 NETHERLANDS Electricity 18% Fuel 18% District heating & cooling 8% GHG 17% Certification 0% m² 0% 6.1.4 Third-party assurance PwC Réviseurs d’Entreprises SRL / Bedrijfsrevisoren BV has provided limited assurance on the financial year 2024-2025 total data of selected Environmental, Social and Governance Performance indicators listed in the tables below. This happened in accordance with EPRA’s “Best Practices Recommendations on Sustainability Reporting” published in April 2024 (EPRA sBPR – 4th version). PwC’s full limited assurance report is included in this Report. 6.1.5 Boundaries – reporting on landlord and tenant utility consumption The reported consumption only includes energy consumption linked to a meter registered in the name of Retail Estates. When properties become vacant, the associated energy consumption falls under the operational control of Retail Estates. Sometimes contracts are in the name of Retail Estates and the associated consumption is passed on to the tenant, which means that they still fall under the operational control of the tenant. In order to make a clearer distinction and provide a more accurate picture of the consumption that falls under the operational control of Retail Estates, it was decided to exclude this consumption this year, unlike last year. Last year's figures were adjusted according to the same definition to enable comparison. Retail Estates is once again reporting the like-for-like energy performance of its real estate portfolio this year, to the extent that this performance is under its operational control. This reflects the change in energy consumption of properties that were operational for two consecutive years and were not under development. Since energy consumption by tenants is not taken into account within the scope of the reporting, only the consumption of properties that have been vacant for two consecutive years is included. This is to provide a more accurate comparative picture. In addition, consumption within the common areas over which Retail Estates has operational control is also included, provided that the properties have been part of the portfolio for two consecutive years. 6.1.6 Normalization Intensity indicators are calculated based on floor areas (m²) of the properties over which the KPI refers to. Since there is no breakdown available of private and communal areas, the areas of the entire property are taken into account for the consumption of communal meters. 6.1.7 Segmental analysis For the environment indicators, a distinction is made between the portfolio in Belgium (BE) and in the Netherlands (NL) and the offices in Belgium (BE) and in the Netherlands (NL). With respect to the social indicators, the company is considered in its entirety. 6.1.8 Disclosure on own offices As mentioned above, the measurements for the offices are shown in a separate column for each indicator. The same estimation method was used for the offices as for the consumption of utilities in the retail properties. The social indicators related to the employees cover all employees (451 persons as at 31 March 2025). All the other indicators (energy, certificates, etc.) cover the surface areas of all the offices in Belgium (1,051 m²) and the Netherlands (396 m²). Including employees employed on an independent basis. Independent employees are not included in the training and development EPRA KPIs. 1 Including employees employed on an independent basis. Independent employees are not included in the training and development EPRA KPIs. 93 6.1.9 Narrative on performance A description of the sBPR performance indicators and their context is given in the previous sections Green Retail Estates and Partner of Choice. For further information regarding the calculation of the different performance indicators, Retail Estates refers to the summary table disclosed below. 6.1.10 Location of EPRA Sustainability Performance Measures The sustainability report is integrated in the Retail Estates financial report. The environmental and social indicators are published in full in the tables below. The information relating to the governance indicators is included in the management report. EPRA CODE DESCRIPTION SECTION Gov-Board Composition of the highest management body Management report – Composition of the board of directors Gov-Selec Process for appointment and selection of the highest management body Permanent document – "Articles of association" of the company, article 10 Management report – Composition of the board of directors Gov-Col Procedure for the settlement of conflicts of interest Management report – Composition of the board of directors 6.1.11 Reporting period The indicators cover the period from 1 April 2024 to 31 March 2025. In 2022-2023, Retail Estates adjusted the reporting period of the sustainability report to align it with the reporting period of the financial report, as a result of which no comparative figures were reported for the 'Like-for-Like' section. Comparative figures will be included in the current year. Due to the adjustment compared to last year (see explanation under 6.1.5), last year's figures have been restated in accordance with the adjusted definition and may differ from the figures reported in the 2023-2024 annual report. 6.1.12 Materiality A double materiality analysis was carried out in 2024 and is documented in the section 1.2 Materiality analysis. This exercise showed that the sBPR performance indicators relating to water, waste, and community engagement are not considered material for Retail Estates' business activities. More information on this can be found in the section on Materiality Analysis. In addition to the H&S-Asset and H&S-Comp indicators that were already excluded, Water-Abs, Water-LfL, Water-Int, Waste-abs, Waste-LfL, and Comty-Eng are therefore no longer reported. As in previous years, H&S-Asset and H&C-Comp are not relevant as Retail Estates leases shell buildings. Therefore, in most cases, the health and safety analysis of the buildings must be carried out by the tenants. As Retail Estates only has to carry out this analysis in very rare cases, such information is not provided. The DH&C-Abs indicator will be included from this year onwards, as it has become relevant due to the acquisition of the properties in the Woonmall Alexandrium and the Alexandrium Megastores retail park (both in Rotterdam), which use district heating and cooling. The DH&C-LfL indicator is not included as this is the first year of reporting. 94 6.2 Environmental sustainability performance measures For the environmental performance indicators published below, the reported consumption of the portfolio only relates to common areas and vacant retail properties where Retail Estates is responsible for monitoring consumption. Consumption by tenants is therefore not included in these tables. The information below was mainly derived from supplier invoices. For more information on the methodology, see the EPRA Performance Indicators section above. Real Estate portfolio Retail Estates offices Total EPRA Code Description Unit Belgium Netherlands Belgium Netherlands 2024/25 2023/24 Var 2024/25 2023/24 Var 2024/25 2023/24 2024/25 2023/24 2024/25 2023/24 Var ABS Total Surface area portfolio m² 764,474 768,338 -1% 466,730 460,240 1% 1,051 1,051 396 396 1,232,651 1,230,025 0% 95 Environment Energy - absolute figures Real Estate portfolio Retail Estates offices Total EPRA Code Description Unit Belgium Netherlands Belgium Netherlands 2024/25 2023/24 Var 2024/25 2023/24 Var 2024/25 2023/24 2024/25 2023/24 2024/25 2023/24 Var ABS Absolute scope of reporting m² 381,252 393,841 -3% 356,860 327,788 9% 1,051 1,051 396 396 739,559 723,076 2% Procentual scope of reporting % 50% 51% 76% 71% 100% 100% 100% 100% 60% 59% Elec-Abs Total electricity consumption MWh 658 583 13% 2,441 2,369 3% 152 137 11 11 3,262 3,100 5% Grey energy/unknown MWh 0 0 0% 632 376 68% 0 0 11 11 643 387 66% Green energy MWh 658 583 13% 1,809 1,993 -9% 152 137 0 0 2,619 2,713 -3% Renewable production: local consumption MWh 24 3 700% 27 41 -34% 13 14 0 0 64 58 10% Renewable production: local consumption % 4% 1% 1% 2% 9% 10% 0% 0% 2% 2% DH&C-Abs Total district heating & cooling consumptin MWh 0 0 0% 925 0 100% 0 0 0 0 925 0 100% Renewable % 0% 0% 37% 0% 0% 0% 0% 0% 0% 0% Fuels-Abs Total fuel consumption MWh 402 474 -15% 2,101 2,059 2% 0 0 55 41 2,558 2,574 -1% Non-renewable MWh 402 474 -15% 2,101 2,059 2% 0 0 55 41 2,558 2,574 -1% Renewable MWh 0 0 0% 0 0 0% 0 0 0 0 0 0 0% Renewable % 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Total energy-Abs Total energy consumption MWh 1,060 1,057 0% 5,467 4,428 23% 152 137 66 52 6,745 5,674 19% Energy-Int Building energy intensity KWh/m² 2.8 2.7 4% 15.3 13.5 13% 144.6 130.4 166.7 131.3 9.1 7.8 16% 96 Energy - like-for-like comparison Real Estate portfolio Retail Estates offices Total EPRA Code Description Unit Belgium Netherlands Belgium Netherlands 2024/25 2023/24 Var 2024/25 2023/24 Var 2024/25 2023/24 2024/25 2023/24 2024/25 2023/24 Var ABS Totaal Absolute scope of reporting m² 341,484 341,484 0% 312,806 312,806 0% 1,051 1,051 396 396 655,737 655,737 0% Elec-LfL Like-for-like total eletricity consumption MWh 536 525 2% 2,123 2,310 -8% 152 137 11 11 2,822 2,983 -5% Grey energy/unknown MWh 0 0 0% 372 372 0% 0 0 11 11 383 383 0% Green energy MWh 536 525 2% 1,750 1,938 -10% 152 137 0 0 2,438 2,600 -6% Renewable production: local consumption MWh 23 3 800% 27 41 -35% 13 14 0 0 62 58 8% Renewable production: local consumption % 4% 0% 1% 2% 9% 10% 0% 0% 2% 2% Fuels-LfL Like-for-like total fuel consumption MWh 400 370 8% 2,101 2,059 2% 0 0 55 41 2,555 2,471 3% Non-renewable MWh 400 370 8% 2,101 2,059 2% 0 0 55 41 2,555 2,471 3% Renewable MWh 0 0 0% 0 0 0% 0 0 0 0 0 0 0% Renewable % 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 97 Greenhouse gas emissions (GHG) Real Estate portfolio Retail Estates offices Total EPRA Code Description Unit Belgium Netherlands Belgium Netherlands 2024/25 2023/24 Var 2024/25 2023/24 Var 2024/25 2023/24 2024/25 2023/24 2024/25 2023/24 Var ABS Absolute scope of reporting m² 381,252 393,841 -3% 356,860 327,788 9% 1,051 1,051 396 396 739,559 723,076 2% Procentual scope of reporting % 50% 51% 76% 71% 100% 100% 100% 100% 60% 59% GHG Total ABS Total greenhouse gas emissions (GHG) KgCO2e 144,604 157,348 -8% 1,084,969 1,066,533 2% 15,583 14,978 12,717 10,760 1,257,873 1,249,619 1% GHG-Dir-Abs Total direct greenhouse gas emissions (GHG) KgCO2e 73,526 86,782 -15% 384,273 376,653 2% 0 0 10,060 7,500 467,859 470,935 -1% GHG-Indirect-Abs Total indirect greenhouse gas emissions (GHG) KgCO2e 71,078 70,566 1% 700,696 689,880 2% 15,583 14,978 2,657 3,260 790,014 778,684 1% GHG-Int Greenhouse gas (GHG) intensity from building energy consumption KgCO2e/m² 0.38 0.40 -5% 3.04 3.25 -7% 14.83 14.25 32.11 27.17 1.70 1.73 -2% 98 Certificates Real Estate portfolio Retail Estates offices Total EPRA Code Description Unit Belgium Netherlands Belgium Netherlands 2024/25 2023/24 Var 2024/25 2023/24 Var 2024/25 2023/24 2024/25 2023/24 2024/25 2023/24 Var ABS Absolute scope of reporting m² 394,174 148,465 165% 465,161 449,330 4% 1,051 1,051 0 0 860,387 598,846 44% Procentual scope of reporting % 52% 19% 100% 98% 100% 100% 0% 0% 70% 49% Cert-Tot Energy Index (EI) score: total before 01/01/2021 # labels 0 0 0% 184 209 -12% 1 1 0 0 185 210 -12% Label A # labels 0 0 0% 166 171 -3% 0 0 0 0 166 171 -3% Label B # labels 0 0 0% 18 19 -5% 0 0 0 0 18 19 -5% Label C # labels 0 0 0% 0 19 -100% 0 0 0 0 0 19 -100% Label D # labels 0 0 0% 0 0 0% 1 1 0 0 1 1 0% Label E # labels 0 0 0% 0 0 0% 0 0 0 0 0 0 0% Label F # labels 0 0 0% 0 0 0% 0 0 0 0 0 0 0% Label G # labels 0 0 0% 0 0 0% 0 0 0 0 0 0 0% Energy Index (EI) score: total after 01/01/2021 # labels 348 140 149% 113 80 41% 0 0 0 0 461 220 110% Label A # labels 0 0 0% 4 2 100% 0 0 0 0 4 2 100% Label A+ # labels 0 0 0% 13 8 63% 0 0 0 0 13 8 63% Label A++ # labels 0 0 0% 53 41 29% 0 0 0 0 53 41 29% Label A+++ # labels 0 0 0% 36 22 64% 0 0 0 0 36 22 64% Label A++++ # labels 0 0 0% 1 1 0% 0 0 0 0 1 1 0% Label B # labels 3 0 0% 1 1 0% 0 0 0 0 4 1 300% Label C # labels 2 1 100% 2 2 0% 0 0 0 0 4 3 33% Label D # labels 0 0 0% 1 1 0% 0 0 0 0 1 1 0% Label E # labels 0 0 0% 1 1 0% 0 0 0 0 1 1 0% Label F # labels 1 0 0% 0 0 0% 0 0 0 0 1 0 0% Label G # labels 0 0 0% 1 1 0% 0 0 0 0 1 1 0% Label X # labels 342 139 146% 0 0 0% 0 0 0 0 342 139 146% 99 6.3 Social performance measures The information below was mainly provided by our HR partner SD Worx. For the social KPIs, Retail Estates distinguishes between management, middle management, and employees. Retail Estates employs two types of employees: independent contractors and permanent employees. Independent contractors were included in the Diversity-Emp and Emp-Turnover KPIs. However, they were excluded from all other social KPIs. For the Diversity-Pay KPI, members of management are not included in order to avoid disclosing confidential information. Furthermore, a distinction was made between middle management and other functions for the calculation of this KPI. Our team in the Netherlands was also excluded. The tax system is not the same in Belgium and the Netherlands, so wages cannot be consolidated as they are not comparable. In addition, the team in the Netherlands is relatively small, which means that confidential information could be disclosed if this data were reported. Retail Estates has therefore decided not to provide any information on this KPI for the Dutch team. For the Emp-Training KPI, all employees who have followed training are taken into account this year, even if they no longer work for Retail Estates as of 31 March 2025. In the previous fiscal year, the number of training hours was divided by the number of people employed at the end of the fiscal year. For more information on the methodology, see the EPRA Performance Indicators section above. 2024/25 2023/24 EPRA Code Description Unit Male Female Male Female Diversity Employee gender diversity % diversity - employees (excl. management) 40% 60% 39% 61% # professionals - employees (excl. management) 18 27 17 27 % diversity - white collars 20% 80% 39% 61% # professionals - white collars 5 20 5 19 % diversity - mid-management 65% 35% 60% 40% # professionals - mid-management 13 7 12 8 % diversity - management 60% 40% 60% 40% # professionals - management 3 2 3 2 % diversity - board of directors 60% 40% 56% 44% # professionals - board of directors 6 4 5 4 Gender pay ratio (gross wage) % of employees 94% 96% % of mid-management 104% 112% % of board 100% 100% 100 2024/25 2023/24 EPRA Code Description Unit All employees All employees Training Emp-Training Employee training and development Average training hours 38.27 28.55 Development Emp-Dev Employee performance appraisals % of appraisals all employees1 100% 100% Staff turnover Emp-Turnover New hires and turnover New hires 6 12 Turnover 5 4 Emp-Turnover % new hires and turnover % new hires 13% 27% % staff turnover 11% 9% Health & safety H&S-Emp Employee health and safety/Work-related accidents The number of work related injuries per multiple of hours worked 2 0.00 0.00 H&S-Emp Employee health and safety/Disability The total lost days (due to work related injuries) per total days worked 2 0.00 0.00 H&S-Emp Employee health and safety/Absentee rate The total lost days per total days scheduled to be worked 2 0.02 0.02 H&S-Emp Employee health and safety/ Mortality Total number of fatalities 0.00 0.00 1 Employees employed by Retail Estates as at 30 September 2024 2 The total number of hours worked by our team in the Netherlands was calculated on the basis of the total number of working days between 1/04/2024 and 31/03/2025, from which the public holidays, the days of requested leave and the days of sick leave were deducted. 101 7 INDEPENDENT LIMITED ASSURANCE REPORT ON THE EPRA SUSTAINABILITY INDICATORS OF THE ANNUAL REPORT 2024/2025 OF RETAIL ESTATES NV Free translation To the Board of Directors of Retail Estates NV This report has been prepared in accordance with the terms of our engagement contract dated 20 March 2025 (the “Agreement”), whereby we have been engaged to issue an independent limited assurance report in connection with the FY2024-2025 EPRA sustainability indicators as set out under chapters 6.1.10, 6.2 and 6.3 of the Sustainability Report included in the Annual Report 2024-2025 (Section 4) as of and for the year ended 31 March 2025 (the “Report”). The Directors’ responsibility The Directors of Retail Estates NV (“the Company”) are responsible for the preparation and presentation of the information and data in the FY2024-2025 EPRA sustainability indicators as set out under chapters 6.1.10, 6.2 and 6.3 of the Sustainability Report included in the Annual Report (Section 4) (the “Subject Matter Information”), in accordance with the EPRA Sustainability Best Practices Recommendations Guidelines – Fourth version, April 2024 (the “Criteria”). This responsibility includes the selection and application of appropriate methods for the preparation of the Subject Matter Information, for ensuring the reliability of the underlying information and for the use of assumptions and estimates for individual sustainability disclosures which are reasonable in the circumstances. Furthermore, the responsibility of the Directors includes the design, implementation and maintenance of systems and processes relevant for the preparation of the Subject Matter Information that is free from material misstatement, whether due to fraud or error. Auditor’s responsibility Our responsibility is to express an independent conclusion about the Subject Matter Information based on the procedures we have performed and the evidence we have obtained. We conducted our work in accordance with the International Standard on Assurance Engagements 3000 (Revised) “Assurance Engagements other than Audits or Reviews of Historical Financial Information” (ISAE 3000), issued by the International Auditing and Assurance Standards Board. This standard requires that we comply with ethical requirements and that we plan and perform the engagement to obtain limited assurance as to whether any matters have come to our attention that cause us to believe that the Subject Matter Information has not been prepared, in all material respects, in accordance with the Criteria. The procedures performed in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable engagement been performed. The selection of such procedures depends on our professional judgement, including the assessment of the risks of material misstatement of the Subject Matter Information in accordance with the Criteria. The scope of our work comprised the following procedures: –assessing and testing the design and functioning of the systems and processes used for data-gathering, collation, consolidation and validation, including the methods used for calculating and estimating the Subject Matter Information as of and for the year ended 31 March 2025 presented in chapters 6.1.10, 6.2 and 6.3 of the Sustainability Report included in the Annual Report (Section 4); –conducting interviews with responsible officers; –reviewing, on a limited test basis, relevant internal and external documentation; –performing an analytical review of the data and trends in the information submitted for consolidation; –considering the disclosure and presentation of the Subject Matter Information. 102 The scope of our work is limited to assurance over the Subject Matter Information. Our assurance does not extend to information in respect of earlier periods or to any other information included in the Report. Our independence and quality management We have complied with the independence and other ethical requirements in the International Ethics Standards Board for Accountants’ (IESBA) International Code of Ethics for Professional Accountants (IESBA Code) together with the legal Belgian requirements in respect of the auditor independence, particularly in accordance with the rules set down in articles 12, 13, 14, 16, 20, 28 and 29 of the Belgian Act of 7 December 2016 organising the audit profession and its public oversight of registered auditors and with Art. 3:62, 3:63 and 3:64 and 3:65 of the Companies’ and Associations’ Code. Our firm applies International Standard on Quality Management n°1, Quality Management for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance Related Services Engagements, and accordingly, maintains a comprehensive system of quality management including documented policies and procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements. Our conclusion Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that the Subject Matter Information within your Annual Report as of and for the year ended 31 March 2025 has not been prepared, in all material respects, in accordance with the criteria. Other ESG related information The other information comprises all of the ESG related information in the Report other than the Subject Matter Information and our assurance report. The directors are responsible for the other ESG related information. As explained above, our assurance conclusion does not extend to the other ESG related information and, accordingly, we do not express any form of assurance thereon. In connection with our assurance of the Subject Matter Information, our responsibility is to read the other ESG related information and, in doing so, consider whether the other ESG related information is materially inconsistent with the Subject Matter Information or our knowledge obtained during the assurance engagement, or otherwise appears to contain a material misstatement of fact. If we identify an apparent material inconsistency or material misstatement of fact, we are required to perform procedures to conclude whether there is a material misstatement of the Subject Matter Information or a material misstatement of the other information, and to take appropriate actions in the circumstances. Other matter - restriction on use and distribution of our report Our report is intended solely for the use of the Company, to whom it is addressed, in connection with their Report as of and for the year ended 31 March 2025 and should not be used for any other purpose. We do not accept or assume and deny any liability or duty of care to any other party to whom this report may be shown or into whose hands it may come. Diegem, 13 June 2025 The statutory auditor PwC Bedrijfsrevisoren BV/PwC Reviseurs d’Entreprises SRL Represented by Jeroen Bockaert Bedrijfsrevisor/Réviseur d’entreprises Acting on behalf of Jeroen Bockaert BV Retail Estates nv on the stock exchange 886.85mio the market capitalization of Retail estates nv as of 31 March 2025 62.5 EUR The average stock price during fiscal year 2024-2025 91.25% Retail Estates shares rose 91.25% since its listing in 1998 compared with a 45.63% rise in the Bel20. 103 01.04.2024 01.04.2023 01.04.2022 01.04.2021 01.04.2020 31.03.2025 31.03.2024 31.03.2023 31.03.2022 31.03.2021 Highest share price (€) 71.90 67.50 75.60 75.80 66.40 Opening price at 1 April (€) 65.30 65.70 73.80 58.50 47.40 Closing price at 31 March (€) 60.30 65.00 65.10 73.90 58.40 Average share price (€) 62.50 60.95 65.02 68.84 57.26 Net asset value (NAV) (IFRS) (attributable to the shareholders of the parent company) (€) 83.02 81.20 77.90 69.63 63.81 EPRA NTA (€) 80.87 78.15 73.78 68.46 65.53 Premiums/(Discount) NAV relative to closing price -27.37% -19.95% -16.43% 6.13% -8.48% Premiums/(Discount) NTA relative to closing price -25.44% -16.83% -11.77% 7.95% -10.88% Gross dividend (€) 5.10 5.00 4.90 4.60 4.50 Net dividend (€) 3.57 3.50 3.43 3.22 3.15 Gross dividend yield 8.46% 7.69% 7.53% 6.22% 7.71% Return net result on shareholders' equity 8.82% 10.49% 16.43% 14.31% 7.60% Pay-out ratio (consolidated) 80.79% 80.12% 96.49% 79.93% 79.06% Number of shares 14,707,335 14,375,587 14,085,827 13,226,452 12,665,763 Market capitalisation (EUR million) 886.85 934.41 916.99 977.43 739.68 Average daily volume 11,067 9,448 9,903 10,746 11,578 Annual volume 2,833,141 2,390,376 2,554,865 2,783,267 2,963,893 EPRA NTA is calculated as follows: shareholders‘ equity (excluding the fair value of authorised hedging instruments, deferred taxes and intagible fixed assets and liabilities and exclusive minority interests related to the aforementioned elements) divided by the number of shares. Woonboulevard Breda XXL Breda THE NETHERLANDS 104 105 1. PERFORMANCES Market capitalisation Retail Estates nv is listed on the Euronext continuous market and is part of the BelMid index, which consists of some 30 companies. The market capitalisation of Retail Estates nv amounted to € 886.85 million on 31 March 2025. MARKET CAPITALISATION (IN € 000) 886.85mIO € The market capitalisation of Retail Estates nv amounted to € 886.85 million on 31 March 2025. 106 Share price The share reached its highest price of the year on 27 May 2024 (€ 71.90) and ended the financial year at € 60.30. The annual average share price was € 62.50. The chart below shows the stock market performance of the Retail Estates share relative to the Bel20 since the share’s introduction on the stock exchange. The Retail Estates share increased by 91.25% over this period compared with an increase by 45.63% for the Bel20. In the past financial year, the price of the Retail Estates share decreased by -7.23% compared to the start of the financial year. The Bel Mid index that includes Retail Estates decreased by -10.91%. The Bel Real Estate index with all Belgian listed real estate players decreased by -9.75%. The FTSE EPRA Nareit Europe Developed, with European listed real estate, decreased by -4.94%. The Retail Estates share increased by 91.25% relative to an increase in the Bel20 by 45.63% share price RETAIL ESTATES - BEL 20 Retail Estates nv Bel 20 Premiums and discounts The intrinsic value of the share in case of a real estate valuation at ‘fair value’ increased during the past year from € 81.20 as of 31 March 2024 to € 83.02 as of 31 March 2025 (including dividend). The EPRA NTA amounted to € 80.87 compared to € 78.15 in the previous year. This increase is mainly attributable to the addition to equity of the undistributed result of the previous financial year and the recognized impairment on financial instruments. On 31 March 2025 the stock market price of the share was € 60.30, representing a discount of -25.44% (compared to the EPRA NTA). Stock price of the share 60.30 EUR The intrinsic value at 31 March 2025 83.02 EUR De EPRA NTA on 31 March 2025 80.87 EUR RETAIL ESTATES - EPRA NTA - IFRS NAW 1/04/2015 1/04/2016 1/04/2017 1/04/2018 1/04/2019 1/04/2020 1/04/2021 1/04/2022 1/04/2023 1/04/2024 1/04/2025 EPRA NTA IFRS NAW Retail Estates nv 107 108 Dividend At its meeting of 23 May 2025 the Board of Directors of Retail Estates announced its intention to pay, in the form of an optional dividend, a gross interim dividend for financial year 2024-2025 (which started on 1 April 2024 and ended on 31 March 2025) amounting to € 5.10 (€ 3.57 net, i.e. the net dividend per share after deduction of withholding tax at a rate of 30%) per share. In this respect we refer to the chapter “Events after the balance sheet date” of the Management report. This is an increase by 2% compared to the previous year, when the gross dividend was € 5.00. Belgian Real Estate Investment Trust Within a specific category of investments, the risk profiles and returns can vary considerably depending on the focus, type of activities and specific characteristics of the company that issued the shares. The greater the risk profile, the higher the return an investor will demand. A number of important factors that determine the performance of the BE-REITs include the type and location of the real estate, the type of tenants, the extent of possible vacancies, the interest rate and the general stock market climate. Since its listing on the stock exchange, the performance of Retail Estates has always been in line with the market, in line with the expectations formulated by management at the start of the financial year. OLO (Belgian government bonds) Real estate is seen by some investors as a bridge between an investment in shares and an investment in bonds or government bonds. The dividend yield of Retail Estates nv (in the case of a gross dividend of € 5.10) in the past financial year was 8.46% compared to the closing price of the share (excluding dividend). The Belgian government linear bond (OLO) 10-year rate was 3.25% on 31 March 2025. Dividend growth 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Earnings per share (€) Gross dividend (€) The gross dividend in 2025 was 5.10 € 109 2. LIQUIDITY PROVIDER Since 1 April 2003, KBC Securities has been acting as a market animator promoting the marketability of the shares. Since 1 October 2016, Degroof Petercam has also been acting as market animator. In the past financial year, the fee for both market animators amounted to € 0.059 million exclusive of VAT for a period of 12 months. 3. SHAREHOLDER AGENDA The general shareholders’ meeting will take place on Tuesday 3 June 2025 at 10 am. Ex-dividend date Monday 2 June 2025 Record date dividend Tuesday 3 June 2025 Dividend made available for payment Not yet known at the time of publication of the annual report Publication Annual report Monday 16 June 2025 General Assembly Tuesday 22 July 2025 Announcement first quarter results 2025-2026 Monday 28 July 2025 Announcement half-yearly results 2025-2026 Monday 17 November 2025 4. MEETING SHAREHOLDERS In addition to regular meetings with institutional shareholders, Retail Estates' management makes time to speak with private shareholders. During the past fiscal year, the real estate company was present at the VFB Happening of the Vlaamse Federatie van Beleggers and at Finance Avenue, the money fair of De Tijd/L'Echo, where CEO and CFO gave presentations. Furthermore, Retail Estates welcomed private investors at its headquarters in Ternat (Belgium) in cooperation with the Vlaamse Federatie van Beleggers (VFB). Private investors reach Retail Estates on specialized FAIRS or through media interviews. 1. THE MARKET OF OUT-OF-TOWN RETAIL PROPERTIES The European out-of-town retail properties market - where Retail Estates is the market leader in the non-food segment with € 1.37 billion in retail properties in Belgium and € 695 million in the Netherlands - performed well last year. Property valuations held up thanks to the strong operational performance of the lessors and strict and complex legislation restricting the offer. In the meantime Retail Estates seeks to further consolidate the market in Belgium and the Netherlands. In 2024, the real estate market remained frozen, making it impossible to acquire retail parks. real estate report “Retail Estates is now the market leader in the non-food segment of out-of-town retail real estate not only in BELGIUM, but meanwhile also in THE NETHERLANDS, where it achieved that leadership position as the first consolidator in the market in less than seven years.” 110 All over Europe, retail parks have become an asset category in their own right, both in mature and growth markets. This manifests itself in stable valuations and increased investor interest. As a result, out-of-town retail properties can now easily compete with shopping centres and inner-city retail property, whereas they often used to be overlooked. This is reflected in the increased professionalism of lessors, including several strong listed players specialising in this segment, such as Immobilière Frey in France, Immofinanz in Germany or British Land in the UK. Like Retail Estates, these specialised retail park investors are internationally active. In addition, private players like Redevco and private investment funds like Mitiska REIM contribute to a healthy market dynamic. Value stability The value of retail parks and properties increased again in 2024. The historically high yields compared to other real estate are certainly a contributing factor in this respect. This product is highly valued by international investors as “low rents, low charges, low capex” compared to other types of real estate. The rents are adjusted to the health index on a yearly basis and vacancy rates in the portfolio remain at a very low level (approximately 2% for Retail Estates), making income very stable. Consequently, out-of-town retail property offer investors a high added value. Low rents and low vacancy rates are typical of this segment all over Europe. In Belgium and the Netherlands, out-of-town retail properties have been known to be one of the most stable segments for many years. In spite of several crises that affected the retail sector in recent years - temporary closures during the COVID-19 lockdowns, increased energy costs and a decline in consumers’ purchasing power due to high inflation - this segment has proven to be extremely resilient. In the past 25 years there have never been major depreciations, contrary to other segments such as office properties. This stability is partly due to strong regulations. The development of new retail parks and clusters has drastically declined in recent years. Whereas a lot of new constructions were still built in the period between 1995 to 2020, this is no longer the case due to rising land prices, construction costs and especially stricter permit policies. Moreover, it doesn’t look like the permit policy will be relaxed. On the contrary, a new environmental permit obligation for retail activities came into effect in Flanders in 2024. In Wallonia, the new SDT (Schéma de Développement du Territoire) was approved in 2024, which will result in further restrictions on new large- scale retail projects in out-of-town areas. The Dutch government determined as early as in 1987 how many new retail parks could be built. This number has almost been reached. And in France, the number of new developments has been strictly limited since the “Loi Climat” took effect in 2021. Investors benefit from this evolution of the applicable legislation. The restrictions keep offer and demand in balance. Obviously, this increases the value of the existing offer, while the new legislation sometimes makes it easier for lessors to change sectors or tenants. In addition, the limited offer ensures a high occupancy rate. In this context, tenants – almost exclusively retail chains - opt for stability and are more than ever likely to stick to their existing branches. After all, permits are granted to the property, not to the tenant. The fact that the properties are let in shell condition and tenants have to invest heavily in store design and decoration themselves enhances this loyalty. Customer service and “click & collect” It has in the meantime become clear that it is no longer only the traditional players who rent retail properties on the city outskirts, but also retail businesses that are basically more focused on the city centre or on online sales. The large retail areas, the easy accessibility by car, the spacious car parks and the low rents are all assets that have caught the attention of these retailers. An increasing number of them are retail chains, and they are more international than ever. 111 112 Even a retail business like Coolblue, which largely owes its growth to online sales, is opening retail units in out-of-town areas because they have realised that their presence in physical retail units enhances (online) sales and reduces delivery costs. Consumers rate service in a physical shop higher than the service offered online. Shop staff are a point of contact and may offer additional services, e.g. the installation of a product, which is not possible online, or recommend accessories. In addition, they often sell additional services such as maintenance, repair and warranty contracts. Not only do they bring online retailers closer to their customers, they also enable these retailers to reduce the high costs of (return) shipments. "Click & collect" enables retailers to make deliveries through their own shop network, allowing them to optimise the use of their own logistics system. This also means that large surfaces are needed in order to stock an extensive product range. Such surfaces are available in out-of-town areas, reducing the pressure to reduce the retail units of typically 1,000m² in Belgium and 1,500m² in the Netherlands in size. Click & collect also benefits consumers: they don’t need to be at home for deliveries and the risk of receiving damaged products is lower. And if they need to return a product, they can go to a shop, which is an advantage from a service point of view for both the consumer and the seller. One of the big believers in click & collect is Fnac Darty, the group to which electrical retail chain Vanden Borre belongs. In 2024, 52% of their online sales happened via click & collect, which is an integral part of their business strategy. At Ceconomy, the group to which electrical retail chain MediaMarkt belongs, the share of click & collect was 35% of online sales in the 2023-2024 financial year. This illustrates the rise in importance of the omnichannel approach, a combination of traditional retail trade and online sales. And it proves that online sales are not necessarily a threat to the traditional "brick & mortar" shops. Retail Estates in the real estate market It should therefore not come as a surprise that Retail Estates continues to focus on this segment of the real estate market. Although the company started out with individual out-of-town retail properties and retail clusters, over three quarters (77.00%) of its portfolio currently consists of retail parks. Individual out-of-town retail properties account for 4.26% . The remaining 18.51% consist of properties in retail strips (retain units that share infrastructure but are smaller than retail parks). Moreover, Retail Estates takes advantage of the increasingly strict and complex permit policy, as this policy makes it more difficult for new players to enter the market. At the same time, the real estate company strives for a further consolidation of the market. The combination of extensive retail market expertise and knowledge of the applicable local legislation enables Retail Estates to perfectly assess where to acquire additional properties in a manner that creates value for the shareholders. Retail Estates expands its portfolio in places where interesting properties become vacant as other, mostly small, players pull out. In 2024, retail park owners were reluctant to sell, making it impossible to acquire new parks. Many owners are holding on to their properties because of the high returns. As a result, Retail Estates has only engaged in arbitrage on its real estate portfolio. In the Netherlands, Retail Estates decided to only invest in retail parks rather than in individual retail properties, except in Utrecht and Duiven (Arnhem) where the acquisition of individual properties constituted the basis for further clustering. At these locations, the company often finds tenants who are already in its customer base. This generates a win-win situation for both parties: the lessor and the tenant know each other, they know who their respective points of contact are and are thus able to further develop a strong relationship. Retail Estates is now the market leader in the non-food segment of out-of-town retail properties not only in Belgium, but meanwhile also in the Netherlands, where it achieved the leadership position as the first consolidator in the market in less than seven years. N° 1 market leader in the non-food segment of out-of-town retail real estate 113 2. THE REAL ESTATE PORTFOLIO Investment strategy and profile Retail Estates nv has invested in out-of-town retail properties since 1998. Over a period of 27 years, the company has established a significant portfolio which consisted of 1,023 retail properties with a total built-up retail area of 1,231,205 m² as per 31 March 2025. The fair value of the real estate portfolio totals € 2,069.54 million. The investment value amounts to € 2,179.68 million. The value of the real estate portfolio of the public BE-REIT has increased by 2.03% compared to the value on 31 March 2024 (€ 2,028.32 million). This is mainly the result of the acquisition of new properties, investments in the existing portfolio and positive revaluations of the existing real estate portfolio. The occupancy rate is 97.26%. GROWTH OF THE PORTFOLIO OF RETAIL ESTATES NV BETWEEN 1998 AND 2025 fair value belgium fair value netherlands m² surface area belgium m² surface area the netherlands 114 Summary of key figures RETAIL ESTATES 31.03.2025 31.03.2024 31.03.2023 31.03.2022 31.03.2021 Estimated fair value1 (in €) 2,069,537,304 2,028,317,000 1,888,562,000 1,759,879,000 1,717,245,000 Yield (investment value)2 6.86% 6.76% 6.93% 6.57% 6.48% Contractual rents (in €) 148,867,966 143,274,831 136,389,788 119,343,175 113,968,503 Contractual rents incl. rental value of vacant buildings (in €) 152,694,056 145,855,978 139,144,702 121,869,650 117,125,716 Total m² in portfolio 1,231,205 1,228,576 1,211,004 1,177,577 1,153,448 Number of properties 1,023 1,020 1,013 987 992 Occupancy rate 97.26% 98.10% 98.47% 97.81% 97.35% 1 This fair value also contains the non-current assets under construction, which are not included in the fair value as mentioned in the real estate experts' conclusions on 31 March 2025 (see further in this chapter). 2 The current rental income (net, after deduction of canon) divided by the estimated investment value of the portfolio (without taking into account the non-current assets under construction included in the cost price). We refer to "Reconciliation tables" in the chapter "Miscellaneous" 115 Type of building1 Definitions Individual out-of-town retail properties are solitary retail properties adjacent to the public road. Every outlet has its own car park and entrance and exit roads, connecting it to the public road and making it easily recognisable. The retail properties situated in the immediate vicinity are not necessarily of the same type. Retail clusters are a collection of out-of-town retail properties located along the same traffic axis that, from the consumer’s point of view, form a self-contained whole even though they do not share infrastructure other than the traffic axis. This is the most typical concentration of out-of-town retail properties in Belgium. Retail parks consist of retail properties that are grouped together and form part of an integrated commercial complex. All properties use a central car park with a shared entrance and exit road. This enables consumers to visit several shops without having to move their car. Typically, at least five retail properties are present at these sites. Other real estate mainly consists of office buildings, residential real estate and hospitality establishments. Retail Estates nv only invests in real estate properties used for the aforementioned purposes if they are already embedded in a retail property or are part of a real estate portfolio that can only be acquired as a whole. Retail properties under development are properties that form part of a newly built or renovation project. . Geographical spread On 31 March 2025 the Dutch portfolio accounts for 37.91% of the total portfolio (in m²). 34.52% of the portfolio are located in the Flemish Region, 27.57% in the Walloon Region. Retail Estates nv furthermore only has one retail outlet in the Brussels-Capital Region. Out-of-town real estate is scarce in this region, which is why it is not actively monitored by Retail Estates nv. Commercial activities of the tenants The "Home Improvement" share (58.93%), expressed in square metres, is slightly higher compared to the previous financial year (58.76%). Taken together with the “Fashion” industry, these retail units account for 75% of the leased surface area. The share of the “Commodities + Food” sector has decreased slightly in the past year (14.56% on 31 March 2025 compared to 14.89% on 31 March 2024). The entire retail sector faces an increase in basic costs as a result of the indexation of wages and rents and the increased energy costs. Many retailers have been able to mitigate the effect by raising their prices and/or lowering their margins, but this was not an option for some segments. It is difficult for the food retail sector in particular (with a share of only 6.20%), which is faced with narrow profit margins in a highly competitive environment, to return to the pre-COVID-19 profitability level. A breakdown on the basis of contractual rents shows that the share of "Various" increases to 3.04%. The shares of “Home Improvement” (58.81%), “Food” (6.52%) and “Fashion” (18.29%) remain relatively stable. The share of ”Commodities” (15.28%) slightly decreases. Geographical spread commercial activities of the tenants 34,52% Flanders 37,91% The Netherlands 27,57% Wallonia 58.93% Home improvement 15.76% Fashion 14.56% Commodities + Food 2.31% Leisure 1.80% Horeca 6.57% Other Type of building 4.26% Individual peripheral retailproperties 18.51% Retail clusters 0.23% Other real estate 77.00% Retail parks 116 Tenants: chain stores versus SMEs Since its incorporation, Retail Estates nv has focused on mainly letting out its properties to chain stores and/or franchise issuers. For the purposes of this analysis, ‘chain store’ shall mean a large retail company with at least five sales outlets and central accounting. On 31 March 2025, the percentage of chain stores and/or franchise issuers amounts to 82%. These tenants are less sensitive to changing conditions in the local market than local independent SMEs. For example, a temporary local fall in turnover caused by e.g. road works will not cause chain stores any liquidity problems capable of jeopardising the payment of rent. As most chain stores are organised nationally, and often internationally as well, they can rely on a strong professional organisation and a marketing organisation that can promote the attractiveness of each individual outlet. Rent per m² The differences in rental prices are often not only due to the characteristics of the location, but are also linked to the term of the lease agreements. On the Belgian market, such agreements can, in the best-case scenario, be reviewed only every 9 years, or otherwise not until after 18 or 27 years. On the Dutch market, standard lease agreements are concluded for a five- of ten-year period. The demand for long-term lease agreements can in part be explained by the significant amounts tenants invest in furnishing the shops. In addition, long-term lease agreements ensure that the tenant is also bound by the rental price as the tenant risks losing the retail outlet if they want to renegotiate the rental price. The average annual contractual rent per m² amounts to € 123.83. Compared to 1998 (€ 61.15/ m²), this represents an increase by 103%. This increase is due partly to inflation and rent increases and partly to the increase in the number of recently established retail properties, which, due to the higher market prices, are typically rented out at higher prices than the average of the existing real estate portfolio. RENT per m2 23.44% <100 EUR 23.54% 120-140 EUR 28.53% >140 EUR 24.48% 100-120 EUR retailpark crescend’eau, Verviers - BELGIUM 117 Geographical spread per province The charts below illustrate the geographical spread of the buildings in the different Belgian and Dutch provinces based on the number of m². Chart: based on retail area as per 31 March 2025. Chart: based on retail area as per 31 March 2025. TOTAL M2 PER PROVINCE THE NETHERLANDS TOTAL M2 PER PROVINCE BELGIUM 14.71% Antwerp 11.59% Hainaut 10.31% Limbourg 13.18% Liège 6.41% Luxembourg 9.97% Namur 14.06% Eastern Flanders 9.55% Flemish-Brabant 3.13% Brabant Walloon 6.97% Western Flanders 0.11% Brussels 3.52% Gelderland 16.09% Limburg 16.86% Northern Brabant 7.36% Northern Holland 3.30% Utrecht 0.23% Zeeland 13.69% South Holland 118 M² AND WEIGHTED AVERAGE YEAR OF CONSTRUCTION BY PROVINCE - THE NETHERLANDS Antwerp Hainaut Limbourg Liège Luxembourg Namur Eastern Flanders Flemish-Brabant Brabant Walloon Western Flanders Brussels Gelderland Limburg Northern Brabant Northern Holland Utrecht Zeeland South Holland M² AND WEIGHTED AVERAGE YEAR OF CONSTRUCTION BY PROVINCE - BELGIUM Year of construction of portfolio The charts below show the age of the buildings in Belgium and the Netherlands based on the weighted average number of m². Chart: based on retail area as per 31 March 2025. Chart: based on retail area as per 31 March 2025. Expiry date of lease agreements The weighted average remaining term is 8.22 years for the Belgian portfolio and 4.14 years for the Dutch portfolio. The weighted average remaining term for the entire portfolio is 6.71 years. When calculating the weighted average term, Retail Estates assumes that the tenants do not make use of their legal option to terminate of the lease agreement before its expiry date. Standard lease agreements have a five- or ten-year term in the Netherlands and a nine-year term in Belgium. Belgian tenants have the legal option to terminate the agreement upon expiry of each period of three years. Taking into account these (legal) options and notice periods, the weighted average remaining term is 2.18 years for the Belgian portfolio and 3.69 years for the Dutch portfolio. Tenants: top 20 The top twenty tenants of Retail Estates nv based on gross rental income represent 42.29% of the gross rental income and 40.57% of the total surface area of the properties in the real estate portfolio. They represent 319 retail units. In absolute figures,Gilde Equity Management (Kwantum/Leen Bakker) accounts for 6.07% of the rental income and tops the list of the five most important tenants, followed by De Mandemakers Groep (4.61%), Maxeda (Brico / Praxis) (3.19%), Colruyt Group (2.80%) and Auchan Group (2.34%). Important note On 31 March 2025, the real estate portfolio of Retail Estates nv consists of real estate properties owned by Retail Estates nv and its perimeter companies. Real estate portfolio of Immobilière Distri-Land nv On 31 March 2025, the real estate portfolio of Immobilière Distri-Land nv consists of 12 retail properties that have been let completely. All of these retail properties were built before 1989 and are similar to those owned by Retail Estates nv in terms of location and rent. Woonboulevard Oostplein, Roosendaal THE NETHERLANDS 119 120 Overview of real estate portfolio Below is an overview of the real estate portfolio of Retail Estates nv and its subsidiaries as per 31 March 2025. Clusters of which the fair value represents more than 5% of the consolidated assets are briefly described below. The largest cluster in our portfolio concerns a retail parks in Heerlen, the Netherlands (with 47 different tenants). The fair value of this retail park represents 6.17% of the consolidated assets of the company. However, as it concerns two separate physical buildings separated by an Ikea outlet which is not part of our portfolio, they should in fact be considered separately in terms of risk assessment. For further details on the real estate portfolio, please refer to the list below. Belgium Antwerp Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) Antwerpen-Noord Bredabaan 809E, 2170 Merksem JOETRON BV Bredabaan 809C, 2170 Merksem DAMART TSD NV Bredabaan 809F, 2170 Merksem EPPLEJECK BRUSSEL BV Bredabaan 809D, 2170 Merksem COLIM CVBA Bredabaan 809A, 2170 Merksem ETHIAS NV Bredabaan 968, 2170 Merksem L&L RETAIL BELGIUM SA Bredabaan 976, 2170 Merksem TOYCHAMP BELGIUM NV Bredabaan 978, 2170 Merksem X²O ANTWERPEN EN LIMBURG NV Bredabaan 893M, 2170 Merksem ALDI TURNHOUT NV Bredabaan 893Q, 2170 Merksem AVEVE NV Bredabaan 893J, 2170 Merksem BEDDEN EN MATRASSEN BV Bredabaan 893G, 2170 Merksem FABRIMODE NV Bredabaan 893P, 2170 Merksem C&A BELGIË - CCRES3 - CV Bredabaan 893D, 2170 Merksem TEDI DISTRIBUTION SRL Bredabaan 893C, 2170 Merksem KRUIDVAT BVBA Bredabaan 891-893, 2170 Merksem VAN HAREN SCHOENEN BVBA Bredabaan 893A, 2170 Merksem MENATAM SA Bredabaan 893N, 2170 Merksem VANCHAUSS SRL 121 Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) Bredabaan 893H, 2170 Merksem MAXI ZOO BELGIUM BVBA Bredabaan 893E, 2170 Merksem FNAC VANDEN BORRE NV Bredabaan 893F, 2170 Merksem PRO-DUO NV Bredabaan 893K, 2170 Merksem ZEEMAN TEXTIELSUPERS NV Bredabaan 891-893, 2170 Merksem RES. Van Praetlei 260, 2170 Merksem RES. Bredabaan 1205, 2900 Schoten KREFEL NV Bredabaan 1213, 2900 Schoten LEEN BAKKER BELGIE Bredabaan 1207, 2900 Schoten MEDINA NV Bredabaan 1215, 2900 Schoten ZEB - ZEBULAH NV Bredabaan 1209, 2900 Schoten JBC NV Bredabaan 1203, 2900 Schoten JUNTOO ANTWERPEN EN LIMBURG NV 2006 - 2018 94,457,826 34,807,283 100% 35,901 6,376,164 79,237,043 Antwerpen-Zuid Koningin Astridlaan 85A b00.01, 2550 Kontich C&A BELGIË - CCRES3 - CV Koningin Astridlaan 85A b01.01, 2550 Kontich BASIC FIT BELGIË BVBA Koningin Astridlaan 83 b00.01, 2550 Kontich ZEB - ANTWERP FASHION OUTLET NV Koningin Astridlaan 83 b01.01, 2550 Kontich LIN'S Koningin Astridlaan 85 b00.01, 2550 Kontich VANCHAUSS SRL Boomsesteenweg 649, 2610 Wilrijk BETER MEUBEL BV Boomsesteenweg 651, 2610 Wilrijk KREFEL NV Boomsesteenweg 645, 2610 Wilrijk ADEBO NV Boomsesteenweg 651A, 2610 Wilrijk RUFFIN FRANKY Boomsesteenweg 945A/002, 2610 Wilrijk KEUKENONTWERPERS NV Boomsesteenweg 945, 2610 Wilrijk PRO-DUO NV Boomsesteenweg 945A/001, 2610 Wilrijk SCHRAUWEN SANITAIR EN VERWARMING NV Boomsesteenweg 941, 2610 Wilrijk G.V. BV Boomsesteenweg 941, 2610 Wilrijk HILTI BELGIUM NV Boomsesteenweg 943, 2610 Wilrijk STERLING GROUP NV Boomsesteenweg 947, 2610 Wilrijk VOS POORTEN BV Boomsesteenweg 947A, 2610 Wilrijk PPC BELGIUM BV 122 Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) Boomsesteenweg 947C, 2610 Wilrijk BLADI BV Boomsesteenweg 947D, 2610 Wilrijk Boomsesteenweg 800, 2610 Wilrijk ODYSSEUS BOUWMARKTEN NV Antwerpsesteenweg 65_1, 2630 Aartselaar BEDDEN EN MATRASSEN BV Antwerpsesteenweg 65, 2630 Aartselaar KEUKENS DE ABDIJ BV Boomsesteenweg 68, 2630 Aartselaar MAXI ZOO BELGIUM BVBA Boomsesteenweg 90, 2630 Aartselaar BMS NV Boomsesteenweg 90, 2630 Aartselaar BMS NV Boomsesteenweg 86, 2630 Aartselaar GOOS HORECA BELGIE BV Boomsesteenweg 88, 2630 Aartselaar VOS TOOLS BOOM BV Boomsesteenweg 66, 2630 Aartselaar CASA INTERNATIONAL NV Boomsesteenweg 79/2, 2630 Aartselaar GLAMM BV Boomsesteenweg 79/1, 2630 Aartselaar E5 FASHION NV Boomsesteenweg 652, 2610 Wilrijk JUNTOO ANTWERPEN EN LIMBURG NV 1973 - 2016 65,958,107 36,088,329 97% 38,946 4,413,252 51,824,712 Lier Donk 54/1, 2500 Lier BED-ART BV Donk 54/2, 2500 Lier HEUREKA BVBA Donk 54/3, 2500 Lier FNAC VANDEN BORRE NV Donk 54/4, 2500 Lier M.A.S. BV Antwerpsesteenweg 308, 2500 Lier GROEP BOSSUYT BELGIE NV Antwerpsesteenweg 366, 2500 Lier KREFEL NV Antwerpsesteenweg 368, 2500 Lier SLAAPADVIES BV Antwerpsesteenweg 366, 2500 Lier PROXIMUS NV Antwerpsesteenweg 364, 2500 Lier JYSK BVBA Antwerpsesteenweg 340, 2500 Lier GABOMA NV Antwerpsesteenweg 338, 2500 Lier E5 FASHION NV 2004 - 2016 17,741,006 9,028,566 100% 9,344 1,187,919 10,718,065 123 Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) Mechelen-Noord Liersesteenweg 432, 2800 Mechelen DREAMLAND NV Electriciteitsstraat 39, 2800 Mechelen VANDEPUTTE KATY Electriciteitsstraat 37, 2800 Mechelen E5 FASHION NV 1996 - 2017 12,376,881 3,863,036 100% 3,998 338,438 12,563,313 Mechelen-Zuid Brusselsesteenweg 447, 2800 Mechelen 2 B KITCHENS BV Brusselsesteenweg 443, 2800 Mechelen FABRIMODE NV Brusselsesteenweg 445, 2800 Mechelen Brusselsesteenweg 439, 2800 Mechelen VAN HAREN SCHOENEN BVBA Brusselsesteenweg 441 A, 2800 Mechelen FNAC VANDEN BORRE NV Brusselsesteenweg 441 B, 2800 Mechelen REDISCO BVBA Brusselsesteenweg 437, 2800 Mechelen L&L RETAIL BELGIUM SA Brusselsesteenweg 437, 2800 Mechelen RES. Geerdegemstraat 148, 2800 Mechelen JUNTOO ANTWERPEN EN LIMBURG NV 2005 - 2017 15,043,351 7,347,528 95% 7,535 1,082,639 9,435,849 Westerlo Hotelstraat 8A, 2260 Oevel FABRIMODE NV Hotelstraat 8, 2260 Oevel VANCHAUSS SRL Hotelstraat 11A, 2260 Oevel ASSA BV Hotelstraat 14, 2260 Oevel KWANTUM BELGIE BV Hotelstraat 1, 2260 Oevel M.A.S. BV Hotelstraat 10, 2260 Oevel ZEB - ZEBULAH NV Hotelstraat 10A, 2260 Oevel HEUREKA BVBA Hotelstraat 12, 2260 Oevel ZEEMAN TEXTIELSUPERS NV Hotelstraat 7, 2260 Oevel HUNKEMÖLLER BELGIUM NV Hotelstraat 9A, 2260 Oevel MERKKLEDING BVBA Hotelstraat 11C, 2260 Oevel EPPLEJECK BRUSSEL BV Bell Telephonelaan 2/2, 2260 Oevel BURGER BRANDS BELGIUM NV Bell-Telephonelaan 2/1, 2260 Oevel ACTION BELGIUM BV Hotelstraat 12A, 2260 Oevel C&A BELGIË - CCRES3 - CV 1988 - 2023 19,126,296 11,396,847 100% 11,795 1,385,931 18,142,818 124 Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) Ind. baanwinkels Slachthuislaan 27, 2000 Antwerpen ALDI TURNHOUT NV Frans Beirenslaan 51, 2150 Borsbeek (Antw.) POLTRONESOFA BELGIUM SA Geelsebaan 64, 2460 Kasterlee ALDI REAL ESTATE NV Antwerpsesteenweg 482-484, 2660 Hoboken SINT-NIKLAAS DOE HET ZELF NV 2001 - 2016 9,438,097 3,685,047 100% 4,938 697,344 6,916,898 Hainaut Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) Aiseau-Presles Rue du Campinaire 72, 6250 Aiseau-Presles OMEGA NV Rue du Campinaire 74, 6250 Aiseau-Presles RSDECO NV Rue du Campinaire 76, 6250 Aiseau-Presles DISTRILED SUD BV Rue du Campinaire 78, 6250 Aiseau-Presles WIBRA BELGIE BV Rue du Campinaire 80, 6250 Aiseau-Presles ALDI GEMBLOUX SA Rue du Campinaire 82, 6250 Aiseau-Presles DI CARLO LUIGI 2009 - 2011 12,674,341 8,128,029 100% 8,412 895,671 12,353,721 125 Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) Ath Chaussée de Bruxelles 60, 7800 Ath VANCHAUSS SRL Chaussée de Bruxelles 60, 7800 Ath CC ATH SRL Chaussée de Bruxelles 60, 7800 Ath KRUIDVAT BVBA Chaussée de Bruxelles 60, 7800 Ath COLRUYT FOOD RETAIL NV Chaussée de Bruxelles 60, 7800 Ath ZEEMAN TEXTIELSUPERS NV Chaussée de Bruxelles 60, 7800 Ath 2NISS SRL Chaussée de Bruxelles 60, 7800 Ath PP ATH Chaussée de Bruxelles 60, 7800 Ath ELECTRO AV NV Chaussée de Bruxelles 60, 7800 Ath ACTION BELGIUM BV Chaussée de Bruxelles 60, 7800 Ath ALKEN MAES NV Chaussée de Bruxelles 60, 7800 Ath RNA STORE SRL Chaussée de Bruxelles 60, 7800 Ath BENU NV Chaussée de Bruxelles 60, 7800 Ath SOCIETE DE COUVERTURE SRL 1994 -2017 13,013,096 7,131,785 100% 7,381 954,868 9,947,012 Basse Sambre Chaussée Impériale 55, 6060 Gilly WIBRA BELGIE BV Chaussée Impériale 55A, 6060 Gilly MEGA STORE SRL Chaussée Impériale 55, 6060 Gilly KRUIDVAT BVBA Rue de la Persévérance 7-9, 6061 Montignies-sur-Sambre BASIC FIT BELGIË BVBA Rue de la Persévérance 13, 6061 Montignies-sur-Sambre DO INVEST NV Rue de la Persévérance 11, 6061 Montignies-sur-Sambre FNAC VANDEN BORRE NV 1989 - 2022 8,063,771 3,625,651 100% 5,901 681,889 6,385,052 Binche Chaussée de Mons 322, 6150 Anderlues POINTFOSSES SRL Chaussée de Mons 324, 6150 Anderlues JBC NV 2009 3,284,968 2,018,480 100% 2,089 235,334 2,820,139 126 Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) Borinage route de Mons 0, 7390 Quaregnon KING JOUET BELGIQUE SRL Route de Mons 107, 7390 Quaregnon ANTHONY DELBECQ route de Mons 107, 7390 Quaregnon CHALET CENTER NV route de Mons 0, 7390 Quaregnon MC DONALD'S RESTAURANTS BELGIUM NV Route de Mons 124, 7390 Wasmuel rue du Grand Hornu 63, 7301 Hornu ANISERCO NV rue du Grand Hornu 77, 7301 Hornu BDO DISTRIBUTION SA 1983 - 2018 8,429,377 3,811,825 63% 5,545 563,699 7,277,706 Erquelinnes Route de Mons 276, 6560 Erquelinnes SND SA Route de Mons 260, 6560 Erquelinnes YMB SRL 2010 - 2019 2,479,888 2,156,652 100% 2,232 219,594 2,865,829 127 Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) Frameries Route Nationale 7, 7080 Frameries ACTION BELGIUM BV Route Nationale 13, 7080 Frameries FABRIMODE NV Route Nationale 545/3, 7080 Frameries TEDI DISTRIBUTION SRL Route Nationale 15, 7080 Frameries NIMA GESTION SRL Route Nationale 5, 7080 Frameries VANCHAUSS SRL Route Nationale 9, 7080 Frameries ANISERCO NV Route Nationale 11, 7080 Frameries WILLEMS NV Route Nationale 17, 7080 Frameries X²O WALLONIË NV Route Nationale 19, 7080 Frameries DISTRILED TOURNAI SPRL Route Nationale 0, 7080 Frameries SND SA Route Nationale 0, 7080 Frameries ZEEMAN TEXTIELSUPERS NV Route Nationale 0, 7080 Frameries KRUIDVAT BVBA Route Nationale 19, 7080 Frameries RUBEN.G SPRL Route Nationale 0, 7080 Frameries ITM ALIMENTAIRE BELGIUM SA 1993 - 2018 23,114,408 14,413,434 100% 14,917 1,661,451 22,301,996 Leuze-en-Hainaut Rue de l'Artisanat 3, 7900 Leuze-en-Hainaut ACTION BELGIUM BV Rue de l'Artisanat 5 bus A, 7900 Leuze-en-Hainaut JYSK BVBA Rue de l'Artisanat 5, 7900 Leuze-en-Hainaut JD OPTIMAL SRL 2012 3,421,406 2,947,038 100% 3,050 278,882 4,229,635 Louviere Avenue de la Wallonie 6, 7100 La Louvière CHAUSSEA BRT BV Avenue de la Wallonie 6, 7100 La Louvière ELECTRO DEPOT BELGIQUE SA 2008 3,758,964 2,862,009 100% 2,962 256,359 3,464,963 128 Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) Mons Place des Grands Pres 1, 7000 Mons KREFEL NV Place des Grands Pres 0, 7000 Mons MAISONS DU MONDE BELGIQUE SPRL Place des Grands Pres 0, 7000 Mons EVA AMEUBLEMENTS SPRL Place des Grands Pres 0, 7000 Mons BDO DISTRIBUTION SA Place des Grands Pres 1, 7000 Mons MONSPORTS SCRL Place des Grands Pres 1, 7000 Mons RETAIL CONCEPTS NV Place des Grands Pres 0, 7000 Mons M CREATION SRL 1999 - 2016 29,798,813 11,381,366 100% 11,779 2,064,900 28,708,365 Mouscron Rue de la Liesse 96, 7700 Mouscron/Moeskroen EXCEL-CASH SA Rue de la Liesse 92, 7700 Mouscron/Moeskroen LIDL BELGIUM Rue de la Liesse 94, 7700 Mouscron/Moeskroen MHB OPTIQUE SA 1980 - 2016 5,344,911 2,621,415 100% 2,713 426,240 5,274,046 Péruwelz rue Neuve Chaussée 0, 7600 Péruwelz FABRIMODE NV rue Neuve Chaussée 0, 7600 Péruwelz ACTION BELGIUM BV 2014-2016 2,580,653 1,681,261 100% 1,740 198,487 2,147,463 129 Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) Tournai rue des Roselières 10, 7503 Froyennes CHAUSSURES MANIET SA rue des Roselières 14, 7503 Froyennes LEEN BAKKER BELGIE Rue de Maire 13a, 7503 Froyennes ANISERCO NV Rue de Maire 18 E, 7503 Froyennes KING JOUET BELGIQUE SRL Rue de Maire 13 c, 7503 Froyennes CARGLASS NV Rue de Maire 13 D, 7503 Froyennes AU COIN DU FEU SPRL Rue de la Taverne du Maire 3, 7503 Froyennes DI SA Rue de la Taverne du Maire 3, 7503 Froyennes ORANGE BELGIUM NV Rue des Rosselières 13, 7503 Froyennes GRAND OPTICIENS BELGIUM SA Rue des Rosselières 14, 7503 Froyennes MENATAM SA Rue des Rosselières 15, 7503 Froyennes CAPRERA BV Rue des Rosselières 12, 7503 Froyennes VIDIEL SRL Rue des Rosselières 7, 7503 Froyennes DELCAMBE - CHAUSSURES SRL Rue des Rosselières 1, 7503 Froyennes BDO DISTRIBUTION SA 1987 - 2023 17,503,132 8,505,829 100% 10,488 1,433,230 13,243,249 Wilson Avenue Wilson 421, 7012 Jemappes NIKE RETAIL BV Avenue Wilson 421, 7012 Jemappes CHAUSSEA BRT BV Avenue Wilson 421, 7012 Jemappes BASIC FIT BELGIË BVBA 2012 5,857,732 2,863,942 100% 2,964 405,869 5,378,543 Ind. baanwinkels Route de Philippeville 402/422, 6010 Couillet MK MEUBLES Rue Dewiest 86, 6180 Courcelles DFA1 BVBA Rue Dewiest 0, 6180 Courcelles ORANGE BELGIUM NV Rue de Bertransart 0, 6280 Gerpinnes DISTRILED CENTRE BVBA Chaussee de Roeulx 353, 7060 Soignies DISTRIBOIS NV Chaussee de Roeulx 351, 7060 Soignies AVEVE NV 1999 - 2011 5,535,084 4,821,548 100% 4,990 493,989 6,570,969 130 Limburg Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) Beringen be-MINE 5, 3580 Beringen BRICO BELGIUM NV be-MINE 5, 3580 Beringen BRICO BELGIUM NV be-MINE 6, 3580 Beringen ALBERT HEIJN BELGIË NV be-MINE 7, 3580 Beringen MAXI ZOO BELGIUM BVBA be-MINE 8, 3580 Beringen CHAUSSEA BRT BV be-MINE 9, 3580 Beringen MEDINA NV be-MINE 10, 3580 Beringen L&L RETAIL BELGIUM SA be-MINE 11, 3580 Beringen ZEB - BELLACOOLA NV be-MINE 12, 3580 Beringen H&M HENNES & MAURITZ SA be-MINE 13, 3580 Beringen FABRIMODE NV be-MINE 14, 3580 Beringen C&A BELGIË - CCRES3 - CV be-MINE 15, 3580 Beringen AVA PAPIERWAREN NV be-MINE 16, 3580 Beringen FNAC VANDEN BORRE NV 2015 35,765,298 17,041,612 100% 17,637 2,325,318 31,238,041 Genk-Hasseltweg Hasseltweg 97, 3600 Genk GROEP BOSSUYT BELGIE NV Hasseltweg 99, 3600 Genk FABRIMODE NV Hasseltweg 101, 3600 Genk MEDINA NV Hasseltweg 103, 3600 Genk L&L RETAIL BELGIUM SA Hasseltweg 107, 3600 Genk SWISS SENSE BVBA Hasseltweg 105, 3600 Genk RSA WOONOPLOSSINGEN BV Hasseltweg 183, 3600 Genk CHALET CENTER NV Hasseltweg 111, 3600 Genk VAN BEUREN INTERIORS BVBA Hasseltweg 113, 3600 Genk KVIK Hasseltweg 115, 3600 Genk SLEEP DESIGN NV Hasseltweg 76 bus 1, 3600 Genk TOYCHAMP BELGIUM NV Hasseltweg 76 bus 2, 3600 Genk SEATS AND SOFAS NV 2005 - 2016 18,937,678 10,584,229 100% 10,954 1,322,383 15,035,439 131 Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) Hasselt Biezenstraat 53, 3500 Hasselt KWANTUM BELGIE BV Biezenstraat 51, 3500 Hasselt MEDIA MARKT TWEE TORENS HASSELT NV Biezenstraat 49, 3500 Hasselt MAISONS DU MONDE BELGIQUE SPRL Biezenstraat 47, 3500 Hasselt X²O ANTWERPEN EN LIMBURG NV Biezenstraat 51, 3500 Hasselt 2017 - 2019 16,766,164 5,567,487 97% 5,762 1,076,622 15,272,402 Lanaken Maaseikersteenweg 197 bus 5, 3620 Lanaken XMARKET BV Maaseikersteenweg 197 bus 6, 3620 Lanaken E5 FASHION NV Maaseikersteenweg 197 bus 1, 3620 Lanaken WIBRA BELGIE BV Maaseikersteenweg 197 bus 2, 3620 Lanaken TOYCHAMP BELGIUM NV 2005 - 2017 4,911,347 4,009,912 100% 4,150 366,140 5,409,339 Maasmechelen Koninginnelaan 125, 3630 Maasmechelen ALI BABA MAASLAND NV Koninginnelaan 125 bus 1, 3630 Maasmechelen JIMS EXPANSION NV Koninginnelaan 127, 3630 Maasmechelen JIMS EXPANSION NV 2012 - 2016 2,291,597 1,851,323 100% 1,916 195,064 2,449,868 Tongeren Luikersteenweg 151 bus 6, 3700 Tongeren JBC NV Luikersteenweg 151 bus 8, 3700 Tongeren L.TORFS NV Luikersteenweg 151 bus 10, 3700 Tongeren ALLWICO BV Luikersteenweg 151 bus 12, 3700 Tongeren PRO-DUO NV Luikersteenweg 151 bus 14, 3700 Tongeren VANCHAUSS SRL Luikersteenweg 151 bus 16, 3700 Tongeren KLEDING VOSSEN NV Luikersteenweg 151 bus 18, 3700 Tongeren FNAC VANDEN BORRE NV Luikersteenweg 151 bus 2, 3700 Tongeren ZEB - MONASHEE BV Luikersteenweg 151 bus 4, 3700 Tongeren TAKKO FASHION BELGIUM NV Luikersteenweg 151 bus 1, 3700 Tongeren COLIM CVBA Luikersteenweg 151 bus 3, 3700 Tongeren FABRIMODE NV Luikersteenweg 151 bus 5, 3700 Tongeren KRUIDVAT BVBA Luikersteenweg 151 bus 7, 3700 Tongeren E5 FASHION NV Luikersteenweg 151 bus 9, 3700 Tongeren TEDI DISTRIBUTION SRL Luikersteenweg 151 bus 11, 3700 Tongeren AUVA NV 132 Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) Luikersteenweg 151 bus 13, 3700 Tongeren DRINKS SUPPLY BV Luikersteenweg 151 bus 15, 3700 Tongeren Luikersteenweg 151 bus 17, 3700 Tongeren MEGA OUTLET BVBA Luikersteenweg 151 bus 19, 3700 Tongeren PETOR BV Luikersteenweg 151 bus 21, 3700 Tongeren ALBERT HEIJN BELGIË NV Luikersteenweg 151 bus 23, 3700 Tongeren ZOLI99 ONE BV Luikersteenweg 151 bus 25, 3700 Tongeren ACTION BELGIUM BV Luikersteenweg 151 bus 27, 3700 Tongeren MAXI ZOO BELGIUM BVBA Luikersteenweg 151 bus 29, 3700 Tongeren LIDL BELGIUM Luikersteenweg 151 bus 33, 3700 Tongeren Luikersteenweg 151 bus 35, 3700 Tongeren LYZ HOME BV Luikersteenweg 151 bus 37, 3700 Tongeren 2007 - 2012 39,417,954 30,055,017 84% 31,105 2,533,701 40,173,622 Ind. baanwinkels Vredelaan 34, 3530 Houthalen Meylandtlaan 171, 3550 Heusden-Zolder LIDL BELGIUM Wilde Kastanjelaan 1 bus 1, 3600 Genk MEVLANA SLAGERIJ BVBA Wilde Kastanjelaan 5, 3600 Genk ALDI REAL ESTATE NV 2008 - 2025 6,699,899 4,513,323 82% 5,703 357,168 7,147,678 133 Liège Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) Blegny-Barchon Champs de Tignée 14, 4671 Barchon LES PERES NOIRS SA Champs de Tignée 14, 4671 Barchon OPTIC BARCHON SCRL Champs de Tignée 14, 4671 Barchon CHAUD DIFFUSION SPRL Rue Champs de Tignée 26/04, 4671 Barchon MME SUZANNE SAKER Rue Champs de Tignée 22, 4671 Barchon BRICOBA SA Rue Champs de Tignée 26/1, 4671 Barchon MALIK COIFFURE SRL Rue Champs de Tignée 24, 4671 Barchon LES BOUCHERS DOUBLES SPRL Rue Champs de Tignée 24/11, 4671 Barchon YE ZHIYI Rue Champs de Tignée 20/01, 4671 Barchon L'ECONOMIE POPULAIRE SCA (E.P.C.) Rue Champs de Tignée 26/03, 4671 Barchon LA GLISSE SCRL Rue Champs de Tignée 20/02, 4671 Barchon 3D MANAGEMENT SPRL Rue Champs de Tignée 30, 4671 Barchon SOLISACO SRL Rue Champs de Tignée 32, 4671 Barchon DELHAIZE LE LION - DE LEEUW SA Rue Champs de Tignée 20, 4671 Barchon LIDL BELGIUM Rue Champs de Tignée 20-34, 4671 Barchon TOP TRADING BVBA Rue Champs de Tignée 34/2, 4671 Barchon T.C. BONCELLES SPRL Rue Champs de Tignée 20-34, 4671 Barchon T.C. BONCELLES SPRL Rue Champs de Tignée 20-34, 4671 Barchon PHILIPPE STEVENS SRL 2003 - 2012 20,209,855 11,695,395 100% 12,104 1,491,906 15,636,780 Boncelles Route du Condroz 221, 4120 Neupré KO AMUSEMENT 4120 SRL Route du Condroz 221, 4120 Neupré DELAIDENNE DOMINIQUE Route du Condroz 221, 4120 Neupré POINT CARRE SA Route du Condroz 221, 4120 Neupré BOUNCE WEAR BVBA 1993 - 2008 3,985,236 2,909,360 100% 3,011 309,342 4,366,799 134 Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) Edge of Town Boulevard Raymond Poincaré 26, 4000 Liège X²O WALLONIË NV Boulevard Raymond Pointcaré 20, 4000 Liège LAMBRECHTS NV Boulevard Raymond Pointcaré 22, 4000 Liège W4D NV Boulevard Raymond Poincaré 105, 4000 Liège KREFEL NV Boulevard Raymond Poincaré 103, 4000 Liège TERRE ASBL Boulevard Raymond Poincaré #, 4000 Liège BURGER BRANDS BELGIUM NV Boulevard Froidmont 21, 4000 Liège LEEN BAKKER BELGIE Boulevard Froidmont 13/15, 4000 Liège BURO MARKET NV Boulevard Cuivre et Zinc 21, 4000 Liège ANISERCO NV Boulevard Cuivre et Zinc 19, 4000 Liège DISCUS SPRL Boulevard Cuivre et Zinc 19, 4000 Liège ZANIMO SRL Boulevard Cuivre et Zinc 17, 4000 Liège ALDA CREATIONS SRL Boulevard Froidmont 23, 4000 Liège ALDI VAUX-SUR-SURE SA Boulevard Froidmont 17, 4000 Liège DISTRILED LIEGE SPRL 2001 - 2021 21,082,249 13,079,074 100% 13,536 1,634,633 16,797,817 Eupen Herbesthalerstraat 154, 4700 Eupen X²O WALLONIË NV Rue Mitoyenne 1, 4700 Eupen 3D MANAGEMENT SPRL Rue Mitoyenne 1, 4700 Eupen ANISERCO NV Rue Mitoyenne 11K, 4700 Eupen CHAUSSEA BRT BV Rue Mitoyenne 1, 4700 Eupen C&A BELGIË - CCRES3 - CV Rue Mitoyenne 1, 4700 Eupen CPBE SRL Rue Mitoyenne 1, 4700 Eupen TEDI DISTRIBUTION SRL Rue Mitoyenne 1, 4700 Eupen JBC NV Rue Mitoyenne 1, 4700 Eupen CASA INTERNATIONAL NV Rue Mitoyenne 1, 4700 Eupen PRO-DUO NV Rue Mitoyenne 1, 4700 Eupen VERITAS NV Rue Mitoyenne 1, 4700 Eupen CCB MODE SA 2003 - 2024 17,075,101 11,143,121 100% 9,513 1,156,109 16,350,322 135 Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) Grivegnee Nord Rue Servais Malaise 29, 4030 Grivegnée MAXI ZOO BELGIUM BVBA Rue Servais Malaise 29/31, 4030 Grivegnée KRUIDVAT BVBA Rue Servais Malaise 29/31, 4030 Grivegnée ZANIMO SRL 2017 - 2018 2,631,532 1,792,382 100% 1,855 188,512 2,314,220 Herstal rue des Naiveux 44, 4040 Herstal HOME KITCHENS SPRL rue des Naiveux 40, 4040 Herstal L&L RETAIL BELGIUM SA Rue des Naiveux 24B, 4040 Herstal KRUIDVAT BVBA Rue des Naiveux 24B, 4040 Herstal TAO BELGIQUE SA Rue des Naiveux 20, 4040 Herstal FNAC VANDEN BORRE NV rue Pierre Joseph Antoine 110, 4040 Herstal MIDYAT MARKET SRL rue Arnold Delsupexhe 66A, 4040 Herstal JCDECAUX BILLBOARD SA rue Pierre Joseph Antoine 116, 4040 Herstal AVA PAPIERWAREN NV rue Arnold Delsupexhe 66A, 4040 Herstal BELGIAN POSTERS NV Rue des Naiveux 7, 4040 Herstal ELECTRO SALLE SA 1987 - 2018 10,431,548 5,264,097 100% 6,198 915,479 6,722,397 Hognoul Porte de Liège 7, 4342 Hognoul JUNTOO WEST-VLAANDEREN EN WALLONIE NV Porte de Liège 7, 4342 Hognoul POLTRONESOFA BELGIUM SA Porte de Liège 7, 4342 Hognoul LEEN BAKKER BELGIE Porte de Liège 7, 4342 Hognoul X²O WALLONIË NV 2021 15,605,321 5,480,536 100% 5,672 1,027,062 9,814,620 136 Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) Rocourt Chaussée de Tongres 269, 4000 Rocourt AUTO 5 NV Chaussée de Tongres 269, 4000 Rocourt CLUB SA Chaussée de Tongres 269, 4000 Rocourt KREFEL NV Chaussée de Tongres 255, 4000 Rocourt MEDI-MARKET PARAPHARMACIES SA Chaussée de Tongres 269, 4000 Rocourt BDO DISTRIBUTION SA Chaussée de Tongres 269, 4000 Rocourt CHAUSSEA BRT BV Chaussée de Tongres 269, 4000 Rocourt C&A BELGIË - CCRES3 - CV Chaussée de Tongres 269, 4000 Rocourt DELCAMBE - CHAUSSURES SRL Chaussée de Tongres 269, 4000 Rocourt HEMA BELGIE BV Chaussée de Tongres 269, 4000 Rocourt ZEB - NATIONALE4 NV Chaussée de Tongres 269, 4000 Rocourt JBC NV Chaussée de Tongres 269, 4000 Rocourt BURGER BRANDS BELGIUM NV 2001 - 2012 31,781,037 10,365,865 100% 10,728 2,143,551 28,406,745 Verv-Gerard Boulevard des Gérardchamps 118, 4800 Verviers DELIMMO SA Boulevard des Gérardchamps 118, 4800 Verviers ANISERCO NV Boulevard des Gérardchamps 118, 4800 Verviers LEEN BAKKER BELGIE Rue Fernand Houget 6A, 4800 Verviers BDO DISTRIBUTION SA Rue Fernand Houget 2, 4800 Verviers LA TROUVAILLE SRL Rue Fernand Houget 3, 4800 Verviers Rue Fernand Houget 6, 4800 Verviers RÉGIE DES BÂTIMENTS Rue Fernand Houget 6A, 4800 Verviers 1998 - 2019 11,032,145 10,667,325 77% 10,530 932,951 11,288,966 137 Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) Verviers Rue de la Station 8, 4800 Verviers DECATHLON BELGIUM NV Rue de la Station 8, 4800 Verviers MC DONALD'S RESTAURANTS BELGIUM NV Rue de la Station 8, 4800 Verviers SECUREX INTERNATIONAL Rue de la Station 8, 4800 Verviers MIAMI SUN SPRL Rue de la Station 8, 4800 Verviers CHR VERVIERS EAST BELGIUM SC Rue de la Station 8, 4800 Verviers PHARMACIES POPULAIRES SCRL Rue de la Station 8, 4800 Verviers COLIM CVBA Rue de la Station 8, 4800 Verviers PRO-DUO NV Rue de la Station 8, 4800 Verviers ZANIMO SRL Rue de la Station 8, 4800 Verviers ELECTRO AV NV Rue de la Station 8, 4800 Verviers SND SA Rue de la Station 8, 4800 Verviers MENATAM SA Rue de la Station 8, 4800 Verviers MAISONS DU MONDE BELGIQUE SPRL Rue de la Station 8, 4800 Verviers PARFUMERIE ICI PARIS XL SA Rue de la Station 8, 4800 Verviers CHAUSSEA BRT BV Rue de la Station 8, 4800 Verviers L&L RETAIL BELGIUM SA Rue de la Station 8, 4800 Verviers 3D MANAGEMENT SPRL Rue de la Station 8, 4800 Verviers JBC NV Rue de la Station 8, 4800 Verviers DELIMMO SA Rue de la Station 8, 4800 Verviers CRESCEND HOME (IXINA VERVIERS) SA Rue de la Station 8, 4800 Verviers MAXI ZOO BELGIUM BVBA Rue de la Station 8, 4800 Verviers PAPETERIE.BE SPRL Rue de la Station 8, 4800 Verviers KRUIDVAT BVBA 1998 - 2015 50,870,233 21,040,907 100% 20,430 3,281,896 39,450,970 Waremme Chaussée Romaine 244, 4300 Waremme POIVRE ET SEL CONCEPT SPRL Chaussée Romaine 244, 4300 Waremme REVOLUTION FITNESS SPRL Chaussée Romaine 244, 4300 Waremme AL'BINETE WAREMME SPRL Chaussée Romaine 246, 4300 Waremme D.V.A.P. SA 1994 - 2017 3,157,475 1,817,505 100% 1,881 242,642 2,976,066 138 Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) Ind. baanwinkels Rue Joseph Demoulin 15, 4000 Liège ACTION BELGIUM BV rue de Sewage 1, 4100 Seraing BE MOBILITY SRL rue du Bay-Bonnet 8, 4620 Fléron LIDL BELGIUM Boulevard des Anglais 47, 4900 Spa Boulevard des Anglais 47, 4900 Spa ACTION BELGIUM BV 1994 -2019 4,862,471 4,217,655 83% 4,365 360,270 3,057,953 Luxembourg Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) Arlon Rue de Grass 0, 6700 Sterpenich MEDIA MARKT LIEGE MEDIACITE - ARLON NV Rue de Grass 0, 6700 Sterpenich MAISONS DU MONDE BELGIQUE SPRL Rue de Grass 0, 6700 Sterpenich IMPERMO - STULTJENS SA Rue de Grass 0, 6700 Sterpenich EXTERIOO WEST-VLAANDEREN EN WALLONIE NV Rue de Grass 0, 6700 Sterpenich ARLONSPORTS SCRL Rue de Grass 0, 6700 Sterpenich X²O WALLONIË NV 2018 25,070,784 10,747,511 100% 11,123 1,749,340 21,467,410 139 Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) Libramont Rue de l'Aliénau 0, 6800 Libramont BURGER BRANDS BELGIUM NV Rue de l'Aliénau 0, 6800 Libramont MONDIAL EXPRESS SCRL Rue de l'Aliénau 0, 6800 Libramont H&M HENNES & MAURITZ SA rue de Neufchâteau 5, 6800 Libramont-Chevigny Rue du Neufchâteau 8, 6800 Libramont POINT CARRE BELGIUM BV Rue de Libin 2a, 6800 Libramont BRICO ARDENNE SPRL Rue de Libin 2, 6800 Libramont KREFEL NV Rue de l'Aliénau 0, 6800 Libramont JBC NV Rue de l'Aliénau 0, 6800 Libramont APRIL BEAUTY BELGIUM SA Rue de l'Aliénau 0, 6800 Libramont VERITAS NV Rue de l'Aliénau 0, 6800 Libramont AVA PAPIERWAREN NV Avenue de Bouillon 139, 6800 Libramont DISTRILED MARCHE SPRL Avenue de Bouillon 139c, 6800 Libramont CASA INTERNATIONAL NV Avenue de Bouillon 139b, 6800 Libramont COMING MANAGEMENT SRL 1997 - 2020 24,430,010 15,211,550 94% 15,743 1,681,144 25,743,424 Marche-en-Famenne avenue de France 40, 6900 Marche-en-Famenne IMPERMO - STULTJENS SA avenue de France 44, 6900 Marche-en-Famenne I X I DISTRIBUTION SA avenue de France 38, 6900 Marche-en-Famenne C&A BELGIË - CCRES3 - CV avenue de France 42, 6900 Marche-en-Famenne Avenue de France 32, 6900 Marche-en-Famenne LEEN BAKKER BELGIE Avenue de France 34, 6900 Marche-en-Famenne JMBA SPRL Avenue de France 36, 6900 Marche-en-Famenne MAXI ZOO BELGIUM BVBA Rue du parc Industriel 5, 6900 Marche-en-Famenne H&M HENNES & MAURITZ SA Rue du parc Industriel 5, 6900 Marche-en-Famenne HEMA BELGIE BV Rue du parc Industriel 5, 6900 Marche-en-Famenne MT - MONDIAL TEXTILES SA Rue du parc Industriel 5, 6900 Marche-en-Famenne ELECTRO AV NV Rue du parc Industriel 5, 6900 Marche-en-Famenne I LOVE 2ND HAND SRL (IL2H) Rue du parc Industriel 5, 6900 Marche-en-Famenne CIVADIS SA Rue du Parc Industriel 13, 6900 Marche-en-Famenne HUBO BELGIE NV 1997 - 2016 24,576,383 14,090,709 93% 14,583 1,569,651 17,668,404 140 Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) Messancy rue de la Vallée 104, 6780 Messancy I.L.I.S. SA Rue de la Ferme 108, 6780 Messancy BDO DISTRIBUTION SA rue de la Vallée 100, 6780 Messancy MAKE SPRL Rue de la Vallée 100-108, 6780 Messancy BLUE VISION MESSANCY SRL rue de la Vallée 106, 6780 Messancy YASIM-NAZAR (MALINKA) Rue de la Vallée 106, 6780 Messancy QUALITY MEAT RENMANS SA 1995 - 2010 3,372,819 4,512,351 100% 4,670 374,859 5,589,976 Ind. baanwinkels Rue de la Girafe 21, 6830 Bouillon OMEGA NV Rue de la Girafe 25, 6830 Bouillon BPOST SA 2008 3,596,485 2,802,102 100% 2,900 256,415 3,206,077 Namur Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) Andenne Rue de la Papeterie 19, 5300 Andenne KING JOUET BELGIQUE SRL Avenue de la Belle Mine 24, 5300 Andenne FNAC VANDEN BORRE NV 2001 - 2015 3,701,233 2,178,876 100% 2,255 266,262 2,777,676 Dinant Tienne de l'Europe / Rue Saint Jacq 0, 5500 Dinant Tienne de l'Europe 12C, 5500 Dinant ELECTRO AV NV Tienne de l'Europe 5, 5500 Dinant Tienne de l'Europe 0, 5500 Dinant Tienne de l'Europe 0, 5500 Dinant PARÉE PIERRE Tienne de l'Europe 0, 5500 Dinant NMD SPRL Tienne De L'Europe 0, 5500 Dinant C&A BELGIË - CCRES3 - CV 1999 - 2017 4,235,729 5,150,065 51% 5,330 190,881 6,651,526 141 Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) Gembloux Campagne d'Enée 0, 5030 Gembloux MENATAM SA Campagne d'Enée 11, 5030 Gembloux KREFEL NV Campagne d'Enée 2, 5030 Gembloux AVA PAPIERWAREN NV Campagne d'Enée 10, 5030 Gembloux AUGEM SPRL Campagne d'Enée 8, 5030 Gembloux ELECTRO AV NV Campagne d'Enée 7, 5030 Gembloux KRUIDVAT BVBA Campagne d'Enée 1, 5030 Gembloux POINTFOSSES SRL Campagne d'Enée 0, 5030 Gembloux Campagne d'Enée 5, 5030 Gembloux DISTRILED CENTRE BVBA Chaussée de Wavre 42B, 5030 Gembloux CHALET CENTER NV 2009 - 2014 16,107,571 8,538,693 88% 8,837 1,026,257 13,749,295 Namen-Fosses-La-Ville Rue du Cimetière 0, 5070 Fosses-la-Ville PARFUMERIE ICI PARIS XL SA Rue du Cimetière 0, 5070 Fosses-la-Ville JBC NV Rue du Cimetière 0, 5070 Fosses-la-Ville POINT CARRE SA Rue du Cimetière 0, 5070 Fosses-la-Ville POINT CARRE SA Rue du Cimetière 0, 5070 Fosses-la-Ville CHAUSSURES MANIET SA Rue du Cimetière 0, 5070 Fosses-la-Ville VIDIEL SRL Rue du Cimetière 0, 5070 Fosses-la-Ville HELGA CHANTRAINE SPRL Rue du Cimetière 0, 5070 Fosses-la-Ville HUNKEMÖLLER BELGIUM NV Rue du Cimetière 0, 5070 Fosses-la-Ville ACTION BELGIUM BV Rue du Cimetière 0, 5070 Fosses-la-Ville HELGA CHANTRAINE SPRL Rue du Cimetière 0, 5070 Fosses-la-Ville ASSIST P.C. SA Rue du Cimetière 0, 5070 Fosses-la-Ville OKAIDI BELGIUM SA Rue du Cimetière 7, 5070 Fosses-la-Ville FASTORE OUTLET SRL Rue du Cimetière 0, 5070 Fosses-la-Ville PHARMACIE GRAF-LESOYE SPRL Rue du Cimetière 0, 5070 Fosses-la-Ville O Q.G SPRL Rue du Cimetière 0, 5070 Fosses-la-Ville DELHAIZE LE LION - DE LEEUW SA Rue du Cimetière 0, 5070 Fosses-la-Ville JOUETS BROZE SA Rue du Cimetière 0, 5070 Fosses-la-Ville STOCK FOSSES SA Rue du Cimetière 0, 5070 Fosses-la-Ville HELGA CHANTRAINE SPRL 142 Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) Rue du Cimetière 7, 5070 Fosses-la-Ville PRESS SHOP AND MORE SA Rue du Cimetière 0, 5070 Fosses-la-Ville ANISERCO NV Rue du Cimetière 3A, 5070 Fosses-la-Ville PROXI SHOP SRL Rue du Cimetière 0, 5070 Fosses-la-Ville JUST ET OLI SPRL Rue du Cimetière 0, 5070 Fosses-la-Ville IMPERIAL BIJOUX SPRL Rue du Cimetière 3F, 5070 Fosses-la-Ville CROQ'IN STOCK SCRL Rue du Cimetière 0, 5070 Fosses-la-Ville PREVITI M. & C. SCRL Rue du Cimetière 0, 5070 Fosses-la-Ville PROXI SHOP SRL Rue du Cimetière 0, 5070 Fosses-la-Ville FAVRESSE MARIE-HÉLÈNE Rue du Cimetière 5, 5070 Fosses-la-Ville VIAGOS SA Rue du Cimetière 5A, 5070 Fosses-la-Ville SERVAIS ALAIN 1993 - 2014 31,435,183 15,401,638 100% 15,940 2,117,850 29,540,722 143 Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) Namen-Noord rue de Sardanson 4, 5004 Bouge BE OTS BV rue de Sardanson 4, 5004 Bouge CCB CORPORATE SPRL rue de Sardanson 2, 5004 Bouge 2 HB ANS SPRL Chaussée de Louvain 261, 5004 Bouge C&A BELGIË - CCRES3 - CV Chaussée de Louvain 257, 5004 Bouge ITM ALIMENTAIRE BELGIUM SA rue Louis Albert 7, 5020 Champion GESTEC ORTHOPEDIE SRL rue Louis Albert 5, 5020 Champion JBC NV rue Louis Albert 3, 5020 Champion CHAUSSURES LACHAPELLE SA Rue Louis Albert 5-70, 5020 Champion ZEEMAN TEXTIELSUPERS NV Chaussée de Louvain 562, 5020 Champion ALDI GEMBLOUX SA Chaussée de Louvain 564, 5020 Champion MAISONS DU MONDE BELGIQUE SPRL Chaussée de Louvain 564B, 5020 Champion LE FU SPRL Rue Louis Albert 6A, 5020 Champion SND SA Rue Louis Albert 6, 5020 Champion GROUP THYS NV 2000 - 2024 26,669,927 14,363,216 100% 14,865 1,982,218 19,860,466 Namen-Zuid Avenue du Prince de Liege 115, 5100 Jambes FNAC VANDEN BORRE NV Avenue Prince de Liège 119, 5100 Jambes MAXI ZOO BELGIUM BVBA Chaussée de Liege 519, 5100 Jambes BURGER BRANDS BELGIUM NV Chaussée de Liège 539, 5100 Jambes BRICO PLAN-IT NV Avenue Prince de Liège 114/120, 5100 Jambes X²O WALLONIË NV Chaussée de Marche 570, 5101 Erpent KREFEL NV Chaussée de Marche 586, 5101 Erpent LOVIC SA 1997 - 2021 36,651,304 18,634,176 100% 19,285 2,300,073 34,097,244 Philippeville Zoning des Quatre Bras 5, 5600 Philippeville VANCHAUSS SRL Zoning des Quatre Bras 4, 5600 Philippeville C&A BELGIË - CCRES3 - CV Zoning des Quatre Bras 7, 5600 Philippeville ALDI GEMBLOUX SA 2004 - 2008 4,883,506 2,836,887 100% 2,936 366,455 349,751 144 Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) Sambreville Rue Baty des Puissances 6, 5190 Jemeppe-sur-Sambre ACTION BELGIUM BV Rue Baty des Puissances 6, 5190 Jemeppe-sur-Sambre ACTION BELGIUM BV rue Baty des Puissances 1, 5190 Jemeppe-sur-Sambre BRICO BELGIUM NV rue Baty des Puissances 1, 5190 Jemeppe-sur-Sambre BDO DISTRIBUTION SA Rue Baty des Puissances 12, 5190 Jemeppe-sur-Sambre KING JOUET BELGIQUE SRL Rue Baty des Puissances 0, 5190 Jemeppe-sur-Sambre PING AN 168 SPRL Rue Baty des Puissances 27, 5190 Jemeppe-sur-Sambre BAVAROIS CONCEPT SPRL Rue Baty des Puissances 10, 5190 Jemeppe-sur-Sambre TEDI DISTRIBUTION SRL 1997 - 2018 8,086,366 6,205,205 100% 6,422 628,257 6,102,015 East Flanders Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) Denderleeuw Steenweg 389, 9470 Denderleeuw E5 FASHION NV Steenweg 389, 9470 Denderleeuw ALDI ERPE MERE NV 1958 3,574,822 2,145,058 100% 2,220 254,404 3,560,181 Dendermonde Mechelsesteenweg 138 B, 9200 Dendermonde DV&CO BV Mechelsesteenweg 138A, 9200 Dendermonde LIFE OUTDOOR LIVING BELGIUM BV Mechelsesteenweg 138E, 9200 Dendermonde LEEN BAKKER BELGIE Mechelsesteenweg 138D, 9200 Dendermonde TOYCHAMP BELGIUM NV Mechelsesteenweg 138C, 9200 Dendermonde BASIC FIT BELGIË BVBA Mechelsesteenweg 51, 9200 Dendermonde KREFEL NV Mechelsesteenweg 35, 9200 Dendermonde DATOS NV Mechelsesteenweg 140A, 9200 Dendermonde MYCOR NV 1991 - 2023 19,601,569 12,741,410 100% 13,187 1,369,678 8,719,993 145 Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) Eeklo Stationstraat 82R, 9900 Eeklo DAMART TSD NV Stationstraat 82P, 9900 Eeklo HUNKEMÖLLER BELGIUM NV Stationstraat 82O, 9900 Eeklo HANS ANDERS BELGIE BVBA Stationstraat 82N - Krüg, 9900 Eeklo L&L RETAIL BELGIUM SA Stationstraat 82M - Krüg, 9900 Eeklo ZEB - SOMNIUM NV Stationstraat 82L - Krüg, 9900 Eeklo C&A BELGIË - CCRES3 - CV Stationstraat 82K - Krüg, 9900 Eeklo ZEB - SAVERMO NV Stationstraat 82J - Krüg, 9900 Eeklo L.TORFS NV Stationstraat 82H - Krüg, 9900 Eeklo HEMA BELGIE BV Stationstraat 82G - Krüg, 9900 Eeklo FNAC VANDEN BORRE NV Stationstraat 82F - Krüg, 9900 Eeklo JBC NV Stationstraat 82D - Krüg, 9900 Eeklo ALLWICO BV Stationstraat 82C - Krüg, 9900 Eeklo SPORTSCHOOL DE POORTER CVBA Stationstraat 82B - Krüg, 9900 Eeklo LIDL BELGIUM Stationstraat 82A - Krüg, 9900 Eeklo ELECTRO AV NV Stationstraat 80, 9900 Eeklo TIJDLOOS BVBA 1998 - 2005 25,976,807 11,514,707 100% 11,917 1,724,524 20,341,377 Gentsestwg Brusselsesteenweg 660, 9050 Gentbrugge Brusselsesteenweg 662, 9050 Gentbrugge L.TORFS NV Brusselsesteenweg 658, 9050 Gentbrugge ZEB - KAZO BV Brusselsesteenweg 75, 9090 Melle JBC NV 2004 - 2014 6,189,151 4,299,774 66% 4,450 390,747 6,352,099 146 Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) Gent-Zuid Kortrijksesteenweg 1178, 9051 Sint-Denijs-Westrem TOYCHAMP BELGIUM NV Wallenkensstraat 28, 9051 Sint-Denijs-Westrem MATOXI BV Wallenkensstraat 24, 9051 Sint-Denijs-Westrem L.TORFS NV Wallenkensstraat 26, 9051 Sint-Denijs-Westrem ZEB - KAZO BV Kortrijksesteenweg 1036A, 9051 Sint-Denijs-Westrem RETAIL CONCEPTS NV Kortrijksesteenweg 1036, 9051 Sint-Denijs-Westrem POLESTAR AUTOMOTIVE BELGIUM BV Kortrijksesteenweg 1038, 9051 Sint-Denijs-Westrem Kortrijksesteenweg 1038, 9051 Sint-Denijs-Westrem GDW-GENT BV Kortrijksesteenweg 1198-1200, 9051 Sint-Denijs-Westrem FNAC VANDEN BORRE NV Kortrijksesteenweg 1192C, 9051 Sint-Denijs-Westrem KREFEL NV Kortrijksesteenweg 1182, 9051 Sint-Denijs-Westrem SLAAPADVIES BV Kortrijksesteenweg 1206, 9051 Sint-Denijs-Westrem X²O WEST – EN OOST-VLAANDEREN NV Kortrijksesteenweg 1206, 9051 Sint-Denijs-Westrem MEDI-MARKET PARAPHARMACIES SA 1978 - 2018 33,353,127 12,238,423 100% 14,626 2,219,136 21,968,661 Lochristi Antwerpse Steenweg 71, 9080 Lochristi MODEMAKERS FASHION NV Antwerpse Steenweg 73, 9080 Lochristi L.TORFS NV Antwerpsesteenweg 84 A, 9080 Lochristi DAMART TSD NV Antwerpsesteenweg 84 B, 9080 Lochristi KEUKENS DE ABDIJ BV 2014 - 2018 9,077,163 3,348,029 100% 3,465 574,826 7,550,363 Lokeren Zelebaan 67, 9160 Lokeren VAN HAREN SCHOENEN BVBA Zelebaan 63A, 9160 Lokeren DAMART TSD NV Zelebaan 67, 9160 Lokeren L&L RETAIL BELGIUM SA Zelebaan 69, 9160 Lokeren E5 FASHION NV Zelebaan 65, 9160 Lokeren FABRIMODE NV Zelebaan 61, 9160 Lokeren LEEN BAKKER BELGIE Vellenstraat 7, 9160 Lokeren JBC NV 2002 - 2017 10,397,519 5,444,774 100% 5,635 660,835 8,674,152 Ninove Brakelsesteenweg 160A, 9400 Ninove L.TORFS NV Brakelsesteenweg 160, 9400 Ninove ELAUR BV 1997 3,987,614 2,337,341 100% 2,419 268,405 4,881,456 147 Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) Oudenaarde Gentstraat 63, 9700 Oudenaarde FRABERG RETAIL GROUPE BV Gentstraat 61, 9700 Oudenaarde C&A BELGIË - CCRES3 - CV Gentstraat 59, 9700 Oudenaarde JYSK BVBA Gentstraat 57, 9700 Oudenaarde ACTION BELGIUM BV Gentstraat 55B, 9700 Oudenaarde MAXI ZOO BELGIUM BVBA Gentstraat 55A, 9700 Oudenaarde ELECTRO AV NV Gentstraat 53, 9700 Oudenaarde LIDL BELGIUM Gentstraat 51, 9700 Oudenaarde LIDL BELGIUM Gentstraat 49, 9700 Oudenaarde KRUIDVAT BVBA Gentstraat 47-67, 9700 Oudenaarde BPOST SA Gentstraat 47-67, 9700 Oudenaarde GREENFRUN CVBA 2005 - 2014 9,415,565 7,240,052 100% 7,846 706,297 7,137,864 St-M-Latem Kortrijksesteenweg 18 bus 1, 9830 Sint-Martens-Latem AMICAU BV Kortrijksesteenweg 18, 9830 Sint-Martens-Latem 2005 - 2007 2,060,660 711,154 92% 986 115,100 2,439,127 Waasland Parklaan 87, 9100 Sint-Niklaas Puitvoetstr'aat 6b, 9100 Sint-Niklaas Puitvoetstr'aat 6b, 9100 Sint-Niklaas DECOR HEYTENS BELGIE NV 1980 - 2017 4,120,615 1,806,869 79% 2,870 61,645 2,991,393 148 Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) Wetteren Oude Heerbaan 5, 9230 Wetteren BEKINTEX NV Oude Heerbaan 5, 9230 Wetteren RS LOGISTICS BV Oude Heerbaan 5, 9230 Wetteren Oosterzelesteenweg 5 bus 13, 9230 Wetteren HEMA BELGIE BV Oosterzelesteenweg 5 bus 12 A, 9230 Wetteren ATITA NV Oosterzelesteenweg 5 bus 11, 9230 Wetteren JBC NV Oosterzelesteenweg 5 bus 10, 9230 Wetteren L.TORFS NV Oosterzelesteenweg 5 bus 9, 9230 Wetteren FNAC VANDEN BORRE NV Oosterzelesteenweg 5 bus 8, 9230 Wetteren SLAAPADVIES BV Oosterzelesteenweg 5 bus 7, 9230 Wetteren SPORTSDIRECT.COM BELGIUM Oosterzelesteenweg 5 bus 6 A, 9230 Wetteren VERITAS NV Oosterzelesteenweg 5 bus 6 B, 9230 Wetteren CAPRERA BV Oosterzelesteenweg 5 bus 5, 9230 Wetteren L&L RETAIL BELGIUM SA Oosterzelesteenweg 5 bus 4, 9230 Wetteren REDISCO BVBA Oosterzelesteenweg 5 bus 3, 9230 Wetteren PARFUMERIE ICI PARIS XL SA Oosterzelesteenweg 5 bus 2, 9230 Wetteren C&A BELGIË - CCRES3 - CV Oosterzelesteenweg 5 bus 1, 9230 Wetteren ZEB - KAZO BV Hoek Brusselsesteenweg-Oosterzelest 0, 9230 Wetteren GREENFRUN CVBA 1996 - 2016 38,231,761 17,862,918 62% 20,200 1,968,679 34,589,299 Ind. baanwinkels Fratersplein 11, 9000 Gent ERBA GROUP BV Plezantstraat 268, 9100 Sint-Niklaas ALDI REAL ESTATE NV Oude Vest 70, 9200 Dendermonde KRUIDVAT BVBA Oosterzelesteenweg 127, 9230 Wetteren KREFEL NV Oosterzelesteenweg 129, 9230 Wetteren EXTERIOO OOST-VLAANDEREN NV Grote Baan 154, 9250 Waasmunster LIFE OUTDOOR LIVING BELGIUM BV Brusselsesteenweg 120, 9300 Aalst VAN HAREN SCHOENEN BVBA Pieter Corneliskaai 16, 9300 Aalst BRICO BELGIUM NV Noordlaan 5, 9630 Munkzwalm JOETRON BV Noordlaan 5, 9630 Munkzwalm WOODPACK NV 1996 - 2019 20,940,063 15,194,470 100% 14,642 1,416,620 19,128,516 149 Flemish Brabant Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) Drogenbos Humaniteitslaan 10, 1601 Ruisbroek (Vl.Br.) ATLANTIS SRL Humaniteitslaan 12, 1601 Ruisbroek (Vl.Br.) Verlengde Stallestraat 200, 1620 Drogenbos RETAIL CONCEPTS NV Verlengde Stallestraat 219, 1620 Drogenbos FNAC VANDEN BORRE NV 1997 - 2000 11,992,101 4,810,917 79% 4,979 762,621 7,388,725 Halle Edingensesteenweg 75, 1500 Halle COLIM CVBA Edingensesteenweg 73, 1500 Halle ACTION BELGIUM BV Bergensesteenweg 162, 1500 Halle AVEVE NV Ziekenhuislaan 1, 1500 Halle MAXI ZOO BELGIUM BVBA Bergensesteenweg 460, 1600 Sint-Pieters-Leeuw CHALET CENTER NV 2007 - 2023 7,258,082 6,255,451 100% 6,474 550,986 4,768,015 Kampenhout Mechelsesteenweg 44, 1910 Kampenhout VAN HAREN SCHOENEN BVBA Mechelsesteenweg 46, 1910 Kampenhout FABRIMODE NV Mechelsesteenweg 93, 1910 Kampenhout NORDEX NV Mechelsesteenweg 93, 1910 Kampenhout STANDAARD BOEKHANDEL NV Mechelsesteenweg 89, 1910 Kampenhout ZEEMAN TEXTIELSUPERS NV Mechelsesteenweg 91, 1910 Kampenhout CASA INTERNATIONAL NV Mechelsesteenweg 89, 1910 Kampenhout SWISS SENSE BVBA Mechelsesteenweg 91, 1910 Kampenhout DRINKS SUPPLY BV Mechelsesteenweg 50, 1910 Kampenhout MODEMAKERS FASHION NV 2000 - 2019 12,653,053 5,449,606 100% 5,640 825,121 5,239,888 150 Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) Leuven-Oost Tiensesteenweg 410, 3360 Korbeek-Lo LOVANIX BVBA Tiensesteenweg 370, 3360 Korbeek-Lo TEGEL CONCEPT BVBA Tiensesteenweg 391-393, 3010 Kessel-Lo MEDIA MARKT WILRIJK - BOORTMEERBEEK Tiensesteenweg 1A, 3360 Korbeek-Lo MEDI-MARKET PARAPHARMACIES SA Ridderstraat 4, 3360 Bierbeek MODEMAKERS FASHION NV Ridderstraat 2, 3360 Bierbeek FABRIMODE NV Ridderstraat 10, 3360 Bierbeek LEEN BAKKER BELGIE Ridderstraat 12, 3360 Bierbeek JUNTOO OOST-VLAANDEREN EN BRABANT NV Ridderstraat 8, 3360 Bierbeek ACTION BELGIUM BV Ridderstraat 6, 3360 Bierbeek L.TORFS NV 2009 - 2019 25,580,538 10,629,630 100% 11,001 1,859,540 20,700,791 Overijse Brusselsesteenweg 496, 3090 Overijse ALDI CARGOVIL-ZEMST NV Brusselsesteenweg 490, 3090 Overijse AVA PAPIERWAREN NV Brusselsesteenweg 492, 3090 Overijse KREFEL NV Brusselsesteenweg 494, 3090 Overijse L.TORFS NV 2004 - 2009 11,931,150 4,226,074 100% 4,380 773,700 10,082,388 Sint-Joris-Winge Gouden Kruispunt 69, 3390 Tielt-Winge MODEMAKERS FASHION NV Gouden Kruispunt 98 bus B, 3390 Sint-Joris-Winge RETAIL CONCEPTS NV Gouden Kruispunt 98, 3390 Sint-Joris-Winge TOYCHAMP BELGIUM NV Gouden Kruispunt 44, 3390 Sint-Joris-Winge VAN HAREN SCHOENEN BVBA Gouden Kruispunt 36, 3390 Sint-Joris-Winge LEEN BAKKER BELGIE Gouden Kruispunt 49A, 3390 Tielt-Winge L&L RETAIL BELGIUM SA Gouden Kruispunt 49, 3390 Tielt-Winge DAMART TSD NV Gouden Kruispunt 49, 3390 Tielt-Winge DAMART TSD NV 1988 - 2017 25,238,055 9,529,947 100% 9,863 1,596,613 19,540,541 Tienen Leuvenselaan 497, 3300 Tienen ALDI HEUSDEN-ZOLDER NV Leuvenselaan 483, 3300 Tienen E5 FASHION NV 1992 - 2017 5,724,319 2,702,579 100% 2,797 418,601 4,771,816 151 Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) Zaventem Leuvensesteenweg 387, 1930 Zaventem VONIKA BVBA Leuvensesteenweg 375, 1930 Zaventem VONIKA BVBA Leuvensesteenweg 383, 1930 Zaventem QUESTO 1898 BV Leuvensesteenweg 381, 1930 Zaventem CARY AUTOGLASS NV Leuvensesteenweg 377, 1930 Zaventem A&CC CLEAN BV Leuvensesteenweg 389, 1930 Zaventem VONIKA BVBA Leuvensesteenweg 379, 1930 Zaventem WE GREEN ENERGY SRL Leuvensesteenweg 389, 1930 Zaventem POLTRONESOFA BELGIUM SA Leuvensesteenweg 413, 1930 Zaventem E5 FASHION NV Leuvensesteenweg 8, 1932 Sint-Stevens-Woluwe COOLBLUE BELGIË NV Leuvensesteenweg 10, 1932 Sint-Stevens-Woluwe BEDDEN EN MATRASSEN BV Jozef Van Damstraat 7, 1932 Sint-Stevens-Woluwe ANISERCO NV Jozef Van Damstraat 5B, 1932 Sint-Stevens-Woluwe COLIM CVBA Jozef Van Damstraat 5A, 1932 Sint-Stevens-Woluwe ZEEMAN TEXTIELSUPERS NV Jozef Van Damstraat 5, 1932 Sint-Stevens-Woluwe KRUIDVAT BVBA Leuvensesteenweg 350, + 350, 1932 Sint-Stevens-Woluwe HUBO BELGIE NV 1993 - 2017 23,871,983 16,025,147 100% 16,585 1,680,186 20,228,508 Ind. baanwinkels Ninoofsesteenweg 385, 1700 Dilbeek FABRIMODE NV Assesteenweg 66, 1740 Ternat LIFE OUTDOOR LIVING BELGIUM BV Schaarbeeklei 115, 1800 Vilvoorde ACTION BELGIUM BV Schaarbeeklei 115, 1800 Vilvoorde DEVOTEC BVBA Goudbloemstraat 2, 1800 Vilvoorde RES. Goudbloemstraat 4, 1800 Vilvoorde RES. Herseltsesteenweg 74, 3200 Aarschot E5 FASHION NV 2004 - 2016 9,850,251 5,518,507 100% 5,619 724,375 6,962,496 152 Walloon Brabant Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) Braine l'Alleud Avenue de la belle Province 37-39, 1420 Braine-l'Alleud AVA PAPIERWAREN NV Avenue de la belle Province 21, 1420 Braine-l'Alleud PROXIMUS NV Avenue de la belle Province 31, 1420 Braine-l'Alleud REDISCO BVBA Avenue de la belle Province 35, 1420 Braine-l'Alleud C&A BELGIË - CCRES3 - CV Avenue de la belle Province 27, 1420 Braine-l'Alleud ANISERCO NV Avenue de la belle Province 29, 1420 Braine-l'Alleud JUNTOO WEST-VLAANDEREN EN WALLONIE NV Avenue de la belle Province 39, 1420 Braine-l'Alleud KING JOUET BELGIQUE SRL Avenue de la belle Province 21, 1420 Braine-l'Alleud ORANGE BELGIUM NV Avenue de la belle Province 25, 1420 Braine-l'Alleud TERRE ASBL Avenue de la belle Province 21, 1420 Braine-l'Alleud CASA INTERNATIONAL NV 1995 - 2017 14,195,142 7,079,550 100% 7,298 918,221 13,868,888 Nivelles Avenue de Centenaire 40, 1400 Nivelles BRICO BELGIUM NV Rue du Tienne à deux vallées 3, 1400 Nivelles ALDI REAL ESTATE NV Chaussée de Namur 55C, 1400 Nivelles BASIC FIT BELGIË BVBA Chaussée de Namur 55D, 1400 Nivelles SND SA Chaussée de Namur 55A, 1400 Nivelles JOUETS BROZE SA Chaussée de Namur 55B, 1400 Nivelles MENATAM SA Chaussée de Namur 55, 1400 Nivelles FNAC VANDEN BORRE NV 2010 - 2015 18,445,127 9,396,712 100% 9,725 1,267,677 14,568,563 Waterloo Noord Brusselsesteenweg 551, 1410 Waterloo RMH POOL WATERLOO SRL Waterloose Steenweg 39, 1640 Rhode-Saint-Genèse CEMEPRO SRL 2000 - 2009 6,076,378 4,734,588 100% 4,900 492,152 5,917,544 153 Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) Ind. baanwinkels Rue Pont du Christ 32, 1300 Wavre BIBLIOPOLIS SPRL Rue Pont du Christ 32, 1300 Wavre BIBLIOPOLIS SPRL Rue des Carabiniers 0, 1300 Wavre Rue du Bosquet 10 en 10A, 1370 Jodoigne MD SPORT SA Rue Pierre Flamand 205, 1420 Braine-l'Alleud JOMA BV Grand Route 49, 1435 Corbais CHAUSSURES MANIET SA 1997 - 2013 5,280,280 4,700,770 98% 4,865 474,679 7,522,408 West Flanders Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) Brugge- Maalsestwg Maalsesteenweg 166, 8310 Sint-Kruis KEUKENS DE ABDIJ BV Maalsesteenweg 255, 8310 Sint-Kruis C&A BELGIË - CCRES3 - CV 2003 - 2015 3,855,516 2,081,286 100% 2,154 285,316 3,810,647 154 Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) Brugge-Noord Veemarktstraat 2, 8000 Brugge LIDL BELGIUM Veemarktstraat 3, 8000 Brugge VANCHAUSS SRL Veemarktstraat 4/0001, 8000 Brugge ALLWICO BV Veemarktstraat 4/0101, 8000 Brugge IDEWE VZW Veemarktstraat 5, 8000 Brugge COLIM CVBA Veemarktstraat 6, 8000 Brugge LEEN BAKKER BELGIE Veemarktstraat 7, 8000 Brugge ACTION BELGIUM BV Veemarktstraat 8-10, 8000 Brugge OMEGA NV Veemarktstraat 11, 8000 Brugge MAXI ZOO BELGIUM BVBA Veemarktstraat 12, 8000 Brugge KRUIDVAT BVBA Veemarktstraat 13, 8000 Brugge ZEEMAN TEXTIELSUPERS NV Sint-Pieterskaai 21, 8000 Brugge X²O WEST – EN OOST-VLAANDEREN NV Sint-Pieterskaai 20, 8000 Brugge HEMA BELGIE BV Sint-Pieterskaai 20B, 8000 Brugge DELIX 88 BVBA 1990 - 2012 26,208,504 14,433,725 100% 14,938 1,745,277 22,269,035 Kortrijk-Noord Ringlaan 32B, 8500 Kortrijk D. FASHION NV Ringlaan 32, 8500 Kortrijk IMETAM BVBA Ringlaan 32A, 8500 Kortrijk L.TORFS NV Heirweg 129, 8500 Kortrijk DE MAMBO BVBA Ringlaan 11 bus 4, 8520 Kuurne COLIM CVBA Ringlaan 11 bus 3, 8520 Kuurne FNAC VANDEN BORRE NV Ringlaan 11 bus 5, 8520 Kuurne Ter Ferrants 1, 8520 Kuurne DE FAILLISSEMENTSWINKEL BV Ter Ferrants 3, 8520 Kuurne AVA PAPIERWAREN NV Ter Ferrants 4, 8520 Kuurne Ter Ferrants 2, 8520 Kuurne LEEN BAKKER BELGIE 1985 -2017 15,093,131 12,284,799 89% 12,714 1,032,889 11,010,912 155 Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) Roeselare Brugsesteenweg 377, 8800 Roeselare BRICO BELGIUM NV Brugsesteenweg 508-510, 8800 Roeselare MAEBEROEK BV Mercury Centrum - Brugsesteenweg 363 A, 8800 Roeselare TEDI DISTRIBUTION SRL Brugsesteenweg 524, 8800 Roeselare IMETAM BVBA Brugsesteenweg 524, 8800 Roeselare BELGIAN POSTERS NV Brugsesteenweg 356 B, 8800 Roeselare SEATS AND SOFAS NV Brugsesteenweg 356 A, 8800 Roeselare OMEGA NV Brugsesteenweg 356 C, 8800 Roeselare FNAC VANDEN BORRE NV 1997 - 2019 22,892,737 12,427,806 100% 12,862 1,624,443 17,088,036 Sint-Eloois-Vijve Gentseweg 520, 8793 Sint-Eloois-Vijve AVA PAPIERWAREN NV Gentseweg 514, 8793 Sint-Eloois-Vijve MEKOWA BVBA Gentseweg 514, 8793 Sint-Eloois-Vijve MEKOWA BVBA Gentseweg 518, 8793 Sint-Eloois-Vijve BONCQUET ROBERT BVBA Gentseweg 516, 8793 Sint-Eloois-Vijve DE KLEINE BASSIN WAREGEM NV 2023 6,790,775 4,778,067 100% 4,945 481,402 6,710,587 Ind. baanwinkels Koninklijke Baan 228 bus 1, 8670 Koksijde Frankrijklaan 2-4, 8970 Poperinge OMEGA NV 1996 - 1998 4,464,825 3,505,524 67% 3,628 240,057 4,521,436 156 Nederland Gelderland Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) Apeldoorn Het Rietveld 10, 7321 CT Apeldoorn COLLINS FOODS NETHERLANDS OPERATIONS BV Het Rietveld 14, 7321 CT Apeldoorn WOONCENTRUM DE GROOT APELDOORN BV Het Rietveld 2, 7321 CT Apeldoorn KEUKEN & BAD APELDOORN BV Het Rietveld 22, 7321 CT Apeldoorn KVIK NL BV Het Rietveld 26 (Gelijk, 7321 CT Apeldoorn TOTAALBED BV Het Rietveld 28 (Gelijk, 7321 CT Apeldoorn LIFE OUTDOOR LIVING INTERNATIONAL BV Het Rietveld 32, 7321 CT Apeldoorn KEUKENCONCURRENT NEDERLAND BV Het Rietveld 28 + 32 (1, 7321 CT Apeldoorn WOONCENTRUM DE GROOT APELDOORN BV Het Rietveld 34, 7321 CT Apeldoorn BETER BED BV Het Rietveld 4, 7321 CT Apeldoorn CARPET-LAND BV Het Rietveld 40 (1e Ver, 7321 CT Apeldoorn MEUBELWINKEL APELDOORN BV Het Rietveld 38, 7321 CT Apeldoorn HET WOONCENTRUM BV Het Rietveld 6, 7321 CT Apeldoorn KLUSWIJS BV Het Rietveld 8, 7321 CT Apeldoorn HLC WERELD BV Het Rietveld 36, 7321 CT Apeldoorn SWISS SENSE BV Het Rietveld 42, 7321 CT Apeldoorn BETER BED BV Het Rietveld 44, 7321 CT Apeldoorn X2O BADKAMERS BV 2004 - 2020 23,985,761 36,472,000 100% 23,939 1,942,782 16,162,111 157 Limburg Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) Heerlen In de Cramer 146, 6412 PM Heerlen LIFE OUTDOOR LIVING INTERNATIONAL BV In de Cramer 146 A, 6412 PM Heerlen VAN DEN HEUVEL VERLICHTING / In de Cramer 146 B, 6412 PM Heerlen KEUKENKAMPIOEN BV In de Cramer 146 C, 6412 PM Heerlen BRUYNZEEL KEUKENS BV In de Cramer 148, 6412 PM Heerlen KUCHEN BOULEVARD BV In de Cramer 148 A-B, 6412 PM Heerlen NUVA KEUKENS BV In de Cramer 150, 6412 PM Heerlen TAPIJTCENTRUM NEDERLAND BV In de Cramer 152, 6412 PM Heerlen CARPET-LAND BV In de Cramer 154, 6412 PM Heerlen HACO HEERLEN BV In de Cramer 156-158, 6412 PM Heerlen LAMP EN LICHT RETAIL BV In de Cramer 160, 6412 PM Heerlen HORECA GROEP HEERLEN BV In de Cramer 162, 6412 PM Heerlen PRENATAL MOEDER EN KIND BV In de Cramer 164, 6412 PM Heerlen PRONTO WONEN HEERLEN BV In de Cramer 166, 6412 PM Heerlen BRUGMAN KEUKENS & BADKAMERS BV In de Cramer 168-176, 6412 PM Heerlen GOOSSENS MEUBELEN BV In de Cramer 178, 6412 PM Heerlen DMG MEUBELEN BV In de Cramer 180, 6412 PM Heerlen BUDGET HOME STORE HEERLEN BV In de Cramer 182, 6412 PM Heerlen TRENDHOPPER HEERLEN BV In de Cramer 184, 6412 PM Heerlen K&D BV In de Cramer 186-188, 6412 PM Heerlen SIJBEN WOONCENTER BV In de Cramer 190, 6412 PM Heerlen DMG MEUBELEN BV In de Cramer 168, 6412 PM Heerlen X2O BADKAMERS BV In de Cramer 64, 6412 PM Heerlen FAST FOOD BOER BIET HEERLEN VOF In de Cramer 66, 6412 PM Heerlen LEEN BAKKER NEDERLAND BV In de Cramer 68A, 6412 PM Heerlen WOONMEKKA BV In de Cramer 68, 6412 PM Heerlen KNIBBELER MEUBEL BV In de Cramer 70, 6412 PM Heerlen KWANTUM NEDERLAND BV In de Cramer 74, 6412 PM Heerlen SEATS AND SOFAS BV In de Cramer 76, 6412 PM Heerlen WOONSQUARE BV 158 Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) In de Cramer 78B, 6412 PM Heerlen TUINMEUBELSHOP BV In de Cramer 80, 6412 PM Heerlen JYSK BV In de Cramer 78, 6412 PM Heerlen PETS PLACE RETAIL BV In de Cramer 78C, 6412 PM Heerlen SANISALE.COM HEERLEN BV In de Cramer 82, 6412 PM Heerlen PRAXIS VASTGOED BV In de Cramer 84, 6412 PM Heerlen BUFKES NEDERLAND BV In de Cramer 86-88-90, 6412 PM Heerlen BABYPARK KESTEREN BV In de Cramer 92, 6412 PM Heerlen XENOS BV In de Cramer 94 - 96, 6412 PM Heerlen GORISSEN KEUKENS VOF In de Cramer 96A, 6412 PM Heerlen In de Cramer 98, 6412 PM Heerlen NEDERLANDS SLAAPCENTRUM BV In de Cramer 98 A + 100, 6412 PM Heerlen SANIDIRECT HOLDING BV In de Cramer 100, 6412 PM Heerlen SAWIDAY NETHERLANDS BV In de Cramer 102A, 6412 PM Heerlen BETER BED BV In de Cramer 104, 6412 PM Heerlen BETER BED BV In de Cramer 106, 6412 PM Heerlen SWISS SENSE BV In de Cramer 106A, 6412 PM Heerlen TEMPUR SEALY BENELUX BV In de Cramer 108, 6412 PM Heerlen In de Cramer 140, 6412 PM Heerlen TUINCENTRUM HEERLEN BV 1991 - 2004 127,846,658 93,356,000 98% 81,686 9,444,728 123,476,914 Maastricht Pontonniersweg 19, 6219 PK Maastricht BETER BED BV Belvédèrelaan 80, 6219 PK Maastricht BETER BED BV Pontonniersweg 17, 6219 PK Maastricht CARPET-LAND BV Belvédèrelaan 82, 6219 PK Maastricht JYSK BV Belvédèrelaan 86, 6219 PK Maastricht KWANTUM NEDERLAND BV Belvédèrelaan 84, 6219 PK Maastricht LEEN BAKKER NEDERLAND BV 2020 10,763,970 8,858,000 100% 7,878 772,352 10,068,763 159 Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) Venlo NIJMEEGSEWEG 2, 5916 PT VENLO COLLINS FOODS NETHERLANDS OPERATIONS BV NIJMEEGSEWEG 2A, 5916 PT VENLO NIJMEEGSEWEG 2B, 5916 PT VENLO NIJMEEGSEWEG 2C, 5916 PT VENLO TUMMERS HEYTHUYSEN NIJMEEGSEWEG 2D, 5916 PT VENLO FLOORINQ BV NIJMEEGSEWEG 4, 5916 PT VENLO DE MANDEMAKERS GROEP BV NIJMEEGSEWEG 4A, 5916 PT VENLO DE MANDEMAKERS GROEP BV NIJMEEGSEWEG 4B, 5916 PT VENLO BEVER BV NIJMEEGSEWEG 4D, 5916 PT VENLO HH VENLO BV NIJMEEGSEWEG 4C, 5916 PT VENLO TREVO BV NIJMEEGSEWEG 8, 5916 PT VENLO SWISS SENSE BV NIJMEEGSEWEG 8, 5916 PT VENLO BASIC FIT NEDERLAND BV NIJMEEGSEWEG 8A, 5916 PT VENLO TAPIJTCENTRUM NEDERLAND BV NIJMEEGSEWEG 10, 5916 PT VENLO JYSK BV NIJMEEGSEWEG 10A, 5916 PT VENLO NIJMEEGSEWEG 12, 5916 PT VENLO BETER BED BV NIJMEEGSEWEG 14, 5916 PT VENLO CARPET-LAND BV NIJMEEGSEWEG 24, 5916 PT VENLO LIDL NEDERLAND GmbH NIJMEEGSEWEG 26, 5916 PT VENLO LEEN BAKKER NEDERLAND BV NIJMEEGSEWEG 28A, 5916 PT VENLO PETS PLACE BOERENBOND RETAIL BV NIJMEEGSEWEG 28C, 5916 PT VENLO DE VERFZAAK VENLO BV NIJMEEGSEWEG #, 5916 PT Venlo KUWAIT PETROLEUM (NEDERLAND) BV NIJMEEGSEWEG 8A, 5916 PT VENLO NIJMEEGSEWEG 16, 5916 PT VENLO LIFE OUTDOOR LIVING INTERNATIONAL BV NIJMEEGSEWEG 18, 5916 PT VENLO LIDL NEDERLAND GmbH 1999 43,850,159 57,760,740 87% 33,439 3,097,605 42,837,075 160 North Brabant Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) Breda KRUISVOORT 30, 4814 RZ BREDA BETER BED BV KRUISVOORT 32, 4814 RZ BREDA BRUGMAN KEUKENS & BADKAMERS BV KRUISVOORT 34, 4814 RZ BREDA MAMEHO BV KRUISVOORT 38, 4814 RZ BREDA TRENDHOPPER BREDA BV KRUISVOORT 40, 4814 RZ BREDA KWANTUM NEDERLAND BV KRUISVOORT 42, 4814 RZ BREDA MAMEHO BV KRUISVOORT 48, 4814 RZ BREDA SANISALE BREDA TASK ENTERPRISE BV KRUISVOORT 50, 4814 RZ BREDA HOOGENBOEZEM MEUBELEN BV KRUISVOORT 52, 4814 RZ BREDA BRUYNZEEL KEUKENS BV KRUISVOORT 54B, 4814 RZ BREDA TEMPUR SEALY BENELUX BV KRUISVOORT 54A, 4814 RZ BREDA TULP VERKOOP BV KRUISVOORT 56, 4814 RZ BREDA SWISS SENSE BV KRUISVOORT 58, 4814 RZ BREDA DE MANDEMAKERS GROEP BV KRUISVOORT 60+62, 4814 RZ BREDA WOONEXPRESS BV KRUISVOORT 44, 4814 RZ BREDA LAMP EN LICHT RETAIL BV KRUISVOORT 46, 4814 RZ BREDA BRASSERIE KRUISVOORT 46 BV KRUISVOORT 86, 4814 RZ BREDA TOTAALBED BV KRUISVOORT 88-90, 4814 RZ BREDA LEEN BAKKER NEDERLAND BV KRUISVOORT 82, 4814 RZ BREDA CARPET-LAND BV KRUISVOORT 84, 4814 RZ BREDA HACO BREDA BV KRUISVOORT 80, 4814 RZ BREDA DMG MEUBELEN BV KRUISVOORT 78, 4814 RZ BREDA HOOGENBOEZEM MEUBELEN BV KRUISVOORT 76, 4814 RZ BREDA PLAZA BREDA BV KRUISVOORT 74, 4814 RZ BREDA HOOGENBOEZEM MEUBELEN BV KRUISVOORT 72, 4814 RZ BREDA SEDERE BV KRUISVOORT 70, 4814 RZ BREDA VLOER BREDA BV KRUISVOORT 0, 4814 RZ BREDA MCDONALD'S NEDERLAND BV KRUISVOORT 68, 4814 RZ BREDA GRANDO RETAIL BV 1996 - 2019 67,365,846 53,800,000 100% 40,090 5,350,879 62,933,690 161 Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) Den Bosch Goudsmidstraat 5-7, 5232 BT s Hertogenbosch HACO DEN BOSCH BV Balkweg 13, 5232 BT s Hertogenbosch PRAXIS VASTGOED BV Balkweg 21-23, 5232 BT s Hertogenbosch BETER BED BV Balkweg 25-27, 5232 BT s Hertogenbosch DMG MEUBELEN BV Balkweg 29, 5232 BT s Hertogenbosch BRUYNZEEL KEUKENS BV Balkweg 31, 5232 BT s Hertogenbosch VAN DER GARDE BUITENLEVEN BV Balkweg 33, 5232 BT s Hertogenbosch CARPET-LAND BV Balkweg 37, 5232 BT s Hertogenbosch KWANTUM NEDERLAND BV Balkweg 39, 5232 BT s Hertogenbosch Q1 SANITAIR DEN BOSCH BV Balkweg 41, 5232 BT s Hertogenbosch SUNFLOWER 2.0 BV Reitscheweg 2, 5232 BT s Hertogenbosch ERNES DEN BOSCH BV Reitscheweg 4, 5232 BT s Hertogenbosch JYSK BV 162 Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) Reitscheweg 6, 5232 BT s Hertogenbosch GOOSSENS MEUBELEN BV Reitscheweg 8, 5232 BT s Hertogenbosch HOOGENBOEZEM MEUBELEN BV Reitscheweg 10, 5232 BT s Hertogenbosch PRENATAL MOEDER EN KIND BV Reitscheweg 12, 5232 BT s Hertogenbosch PRONTO WONEN DEN BOSCH BV Reitscheweg 14, 5232 BT s Hertogenbosch BRUGMAN KEUKENS & BADKAMERS BV Reitscheweg 16, 5232 BT s Hertogenbosch LEEN BAKKER NEDERLAND BV Reitscheweg 20, 5232 BT s Hertogenbosch COLLINS FOODS NETHERLANDS OPERATIONS BV Tinnegieterstraat 29, 5232 BT s Hertogenbosch SWISS SENSE BV Tinnegieterstraat 25, 5232 BT s Hertogenbosch UITGERUST 'S-HERTOGENBOSCH BV Tinnegieterstraat 27, 5232 BT s Hertogenbosch KWIZZLER BV Tinnegieterstraat 2 + 12, 5232 BT s Hertogenbosch DE MANDEMAKERS GROEP BV Tinnegieterstraat 24, 5232 BT s Hertogenbosch EAT FRESH DEN BOSCH BV Tinnegieterstraat 22, 5232 BT s Hertogenbosch X2O BADKAMERS BV Tinnegieterstraat 28-32, 5232 BT s Hertogenbosch MEDIA MARKT SATURN HOLDING NEDERLAND BV Goudsmidstraat 23, 5232 BT s Hertogenbosch CL KEUKENS T.H.O.D.N. KEUKENSALE.COM Goudsmidstraat 11, 5232 BT s Hertogenbosch GRANDO RETAIL BV Goudsmidstraat 23, 5232 BT s Hertogenbosch HOEFNAGELS-DE WIT VOF 1977 - 2017 74,930,016 83,244,032 100% 52,992 5,702,054 70,285,757 Roosendaal Oostplein 11, 4706 NL Roosendaal CS KEUKENS h.o.d.n. KEUKENSALE.COM VOF Oostplein 13, 4706 NL Roosendaal CREEBSBURG KEUKENS BV Oostplein 15, 4706 NL Roosendaal BETER BED BV Oostplein 7, 4706 NL Roosendaal KWANTUM NEDERLAND BV Oostplein 9, 4706 NL Roosendaal JYSK BV Oostplein 1, 4706 NL Roosendaal OVS GARDEN BV Oostplein 15a, 4706 NL Roosendaal ROOBOL WOONTEXTIEL BV Oostplein 3, 4706 NL Roosendaal SANI4ALL ROOSENDAAL BV Oostplein 5, 4706 NL Roosendaal A-MEUBEL BV Oostplein 1A, 4706 NL Roosendaal SEP-ZIANI VOF 1993 - 2020 14,851,156 11,187,551 100% 11,229 1,163,252 13,466,306 163 North Holland Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) Cruquius Cruquiusplein 4, 2142 EV Cruquius LIFE OUTDOOR LIVING INTERNATIONAL BV Cruquiusplein 6, 2142 EV Cruquius JYSK BV Cruquiusplein 10, 2142 EV Cruquius MEDIA MARKT SATURN HOLDING NEDERLAND BV Cruquiusplein 12, 2142 EV Cruquius TWIN SPORT CRUQUIUS BV Cruquiusplein 16, 2142 EV Cruquius LA PLACE FOOD BV - ACCOUNTS PAYABLE Cruquiusplein 18-20, 2142 EV Cruquius VAN DEN HEUVEL VERLICHTING / Cruquiusplein 22, 2142 EV Cruquius DE BADENMAN BV Cruquiusplein 24, 2142 EV Cruquius DMG MEUBELEN BV Cruquiusplein 26, 2142 EV Cruquius ROOBOL WOONTEXTIEL BV Cruquiusplein 28-30, 2142 EV Cruquius BRUYNZEEL KEUKENS BV Cruquiusplein 32, 2142 EV Cruquius SWISS SENSE BV Cruquiusplein 34, 2142 EV Cruquius SWISS SENSE BV Cruquiusplein 36, 2142 EV Cruquius HACO CRUQUIUS BV Cruquiusplein 38, 2142 EV Cruquius DE MANDEMAKERSGROEP HOLDING BV Cruquiusplein 40, 2142 EV Cruquius DE BOMMEL GROEP BV Cruquiusplein 42, 2142 EV Cruquius KWANTUM NEDERLAND BV Cruquiusplein 44, 2142 EV Cruquius CARPET-LAND BV Cruquiusplein 46, 2142 EV Cruquius BETER BED BV Cruquiusplein 48, 2142 EV Cruquius KEUKENKAMPIOEN BV Cruquiusplein 50, 2142 EV Cruquius VAN BEMMEL EN KROON KEUKENS BV Cruquiusplein 52, 2142 EV Cruquius LEEN BAKKER NEDERLAND BV Cruquiusplein 54, 2142 EV Cruquius VAN 'T HOEFT VERLICHTING VOF Cruquiusplein 56, 2142 EV Cruquius MIRCK VERF- EN BEHANGHANDEL VOF Spaarneweg 44, 2142 EV Cruquius GOEDHART BOUWMARKT CRUQUIUS BV Spaarneweg 46, 2142 EV Cruquius PRAXIS CRUQUIUS BV Cruquiuszoom 13-15, 2142 EV Cruquius ACTION EVENTS BV Cruquiuszoom 13-15, 2142 EV Cruquius Cruquiuszoom 45, 2142 EV Cruquius 2006 - 2009 80,701,021 55,887,371 100% 41,734 6,090,474 74,934,509 164 Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) Zaandam Pieter Ghijsenlaan 22A, 1506 PV Zaandam DE BEDSTEE BV Pieter Ghijsenlaan 22B, 1506 PV Zaandam HOMESTORE ZAANDAM BV Pieter Ghijsenlaan 18A+18B, 1506 PV Zaandam KEUKENLOODS ZAANDAM BV Pieter Ghijsenlaan 22, 1506 PV Zaandam LICHT PLAZA BV Pieter Ghijsenlaan 20, 1506 PV Zaandam BRUGMAN KEUKENS & BADKAMERS BV Pieter Ghijsenlaan 16C, 1506 PV Zaandam HACO ZAANDAM BV Pieter Ghijsenlaan 16 A, 1506 PV Zaandam SWISS SENSE BV Pieter Ghijsenlaan 16 B, 1506 PV Zaandam LAMP EN LICHT ZAANDAM BV Pieter Ghijsenlaan 16 D, 1506 PV Zaandam SANI-DUMP BV Pieter Ghijsenlaan 0, 1506 PV Zaandam 2001 15,895,970 20,283,000 100% 14,532 1,268,664 14,264,139 Utrecht Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) Utrecht Hollantlaan 18, 3526 AR Utrecht LEEN BAKKER NEDERLAND BV Hollantlaan 26, 3526 AM Utrecht N.T.U. UTRECHT BV Hollantlaan 28, 3526 AM Utrecht SANI-DUMP BV Kaap de Goede Hooplaan 7 - 7a, 3526 AM Utrecht LAMP EN LICHT HEERLEN BV Kaap de Goede Hooplaan 7, 3526 AM Utrecht LEGIONELLADOSSIER TECH BV Kaap de Goede Hooplaan 7 - 7a, 3526 AM Utrecht BETER BED BV 1990 10,835 9,169 100% 7 901 10,654 Veenendaal Einsteinnlaan 1, 3902 HN Veenendaal WOONCENTRUM VEENENDAAL BV Einsteinlaan 1, 3902 HN Veenendaal DE DROMENMAKER VEENENDAAL BV Einstaanlaan 1, 3902 HN Veenendaal CIGNAL INFRASTRUCTURE NETHERLANDS BV Einsteinnlaan 1-3, 3902 HN Veenendaal VODAFONE ANTENNELOCATIES BV 2005 12,000 34,140 100% 19 1,476 12,770 165 Zeeland Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) Middelburg Mortiereboulevard 10, 4336 RA Middelburg KWANTUM NEDERLAND BV Mortiereboulevard 12, 4336 RA Middelburg GOOSSENS MEUBELEN BV Mortiereboulevard 14, 4336 RA Middelburg LEEN BAKKER NEDERLAND BV Mortiereboulevard 16, 4336 RA Middelburg PRONTO ZEELAND BV Mortiereboulevard 18, 4336 RA Middelburg SWISS SENSE BV Mortiereboulevard 20, 4336 RA Middelburg PROFIJT ZEELAND BV Mortiereboulevard 22, 4336 RA Middelburg TULP VERKOOP BV Mortiereboulevard 24, 4336 RA Middelburg DE BADENMAN BV Mortiereboulevard 26, 4336 RA Middelburg VAN BELLE KEUKENS BV Mortiereboulevard 28, 4336 RA Middelburg KEUKENCONCURRENT NEDERLAND BV Mortiereboulevard 30, 4336 RA Middelburg BRUYNZEEL KEUKENS BV Mortiereboulevard 32, 4336 RA Middelburg BETER BED BV Mortiereboulevard 36, 4336 RA Middelburg Mortiereboulevard 4, 4336 RA Middelburg MEDIA MARKT SATURN HOLDING NEDERLAND BV Mortiereboulevard 4-36, 4336 RA Middelburg PETS PLACE BOERENBOND RETAIL BV 2006 33,338,927 20,703,000 100% 26,342 2,898,681 33,407,872 166 South Holland Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) Naaldwijk Hovenierstraat 127, 2671 ZP Naaldwijk GRANDO KEUKENS NAALDWIJK VOF Gezelstraat 11, 2671 ZP Naaldwijk DE ZWART BV Hovenierstraat 131, 2671 ZP Naaldwijk BETER BED BV Warmoezenierstraat 1, 2671 ZP Naaldwijk DE MANDEMAKERS GROEP BV Hovenierstraat 129, 2671 ZP Naaldwijk WOONSTIJLGALERIE V.O.F. Warmoezenierstraat 19, 2671 ZP Naaldwijk THE FITNESS EXPERIENCE NAALDWIJK BV Warmoezenierstraat 17, 2671 ZP Naaldwijk MEUBELCENTRUM LISSABON BV Warmoezenierstraat 15, 2671 ZP Naaldwijk LEEN BAKKER NEDERLAND BV Warmoezenierstraat 13, 2671 ZP Naaldwijk MEUBELCENTRUM LISSABON BV Warmoezenierstraat 11, 2671 ZP Naaldwijk ROOBOL WOONTEXTIEL BV Gildestraat 104-106, 2671 ZP Naaldwijk KWANTUM NEDERLAND BV Gezelstraat 7b en 9, 2671 ZP Naaldwijk JYSK BV Gezelstraat 7, 2671 BW Naaldwijk QUARTERO INTERIOR AND KITCHEN Warmoezenierstraat 5+7, 2671 ZP Naaldwijk Warmoezenierstraat 3+5, 2671 ZP Naaldwijk PANORAMA STUDIOS VOF Gildestraat 109-110, 2671 ZP Naaldwijk GOOSSENS MEUBELEN BV Warmoezenierstraat 9, 2671 ZP Naaldwijk KEUKEN VISION NAALDWIJK BV Hovenierstraat 133, 2671 ZP Naaldwijk TSANG-CHEN VOF Warmoezenierstraat 108, 2671 ZP Naaldwijk VINK & VINK NAALDWIJK BV Warmoezenierstraat 7, 2671 ZP Naaldwijk IMPEGNO NEDERLAND BV 1998 - 2004 21,152,555 28,200,000 100% 20,932 2,045,301 20,550,798 167 Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) Rotterdam WATERMANWEG 5, 3067 GA ROTTERDAM DE BED-WETER BV WATERMANWEG 11, 3067 GA ROTTERDAM BRUYNZEEL KEUKENS BV WATERMANWEG 19 EN 115, 3067 GA ROTTERDAM HOOGENBOEZEM MEUBELEN BV WATERMANWEG 19A, 3067 GA ROTTERDAM DREAMBEDDEN VOF WATERMANWEG 33 EN 229, 3067 GA ROTTERDAM DMG MEUBELEN BV WATERMANWEG 45, 3067 GA ROTTERDAM BREEDHOEK HORECA BV WATERMANWEG 107, 3067 GA ROTTERDAM SWISS SENSE BV WATERMANWEG 115B, 3067 GA ROTTERDAM T&O LIVING BV WATERMANWEG 117, 3067 GA ROTTERDAM GOOSSENS MEUBELEN BV WATERMANWEG 119, 3067 GA ROTTERDAM GOOSSENS MEUBELEN BV WATERMANWEG 121, 3067 GA ROTTERDAM MESH INTERIEUR ROTTERDAM BV WATERMANWEG 123, 3067 GA ROTTERDAM MESH INTERIEUR ALEXANDRIUM BV WATERMANWEG 229A, 3067 GA ROTTERDAM D&E KEUKENS BV WATERMANWEG 203, 3067 GA ROTTERDAM MARQUARDT KEUKENS BV WATERMANWEG 201, 3067 GA ROTTERDAM DMG MEUBELEN BV WATERMANWEG 213, 3067 GA ROTTERDAM JRO RETAIL ROTTERDAM BV WATERMANWEG 67, 3067 GA ROTTERDAM RIVIERA MAISON BV WATERMANWEG 68, 3067 GA ROTTERDAM RIVIERA MAISON BV WATERMANWEG 69, 3067 GA ROTTERDAM RIVIERA MAISON BV WATERMANWEG 215, 3067 GA ROTTERDAM TABLE DU SUD BV WATERMANWEG 31, 3067 GA ROTTERDAM BETER BED BV WATERMANWEG 207, 3067 GA ROTTERDAM MOON ZORG & SLAPEN BV WATERMANWEG 301, 3067 GA ROTTERDAM KPN BV WATERMANWEG 303, 3067 GA ROTTERDAM KEUKENCONCURRENT NEDERLAND BV WATERMANWEG 305, 3067 GA ROTTERDAM PETS PLACE BOERENBOND RETAIL BV WATERMANWEG 307, 3067 GA ROTTERDAM SPORTS WORLD THE NETHERLANDS BV WATERMANWEG 309, 3067 GA ROTTERDAM SHABU SHABU MEGASTORE BV WATERMANWEG 311, 3067 GA ROTTERDAM BEVER BV WATERMANWEG 313, 3067 GA ROTTERDAM CASA NEDERLAND BV WATERMANWEG 315, 3067 GA ROTTERDAM TJX NEDERLAND BV 168 Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) WATERMANWEG 317, 3067 GA ROTTERDAM INTERTOYS BV WATERMANWEG 319, 3067 GA ROTTERDAM COOLBLUE BV WATERMANWEG 301 #, 3067 GA ROTTERDAM ENECO SOLAR BV WATERMANWEG 321A, 3067 GA ROTTERDAM 30ml ALEXANDRIUM BV WATERMANWEG 321, 3067 GA ROTTERDAM WATERMANWEG 323, 3067 GA ROTTERDAM DECATHLON NETHERLANDS BV WATERMANWEG 325, 3067 GA ROTTERDAM MEDIA MARKT ALEXANDRIUM BV WATERMANWEG 327, 3067 GA ROTTERDAM TOYCHAMP XL BV WATERMANWEG 331, 3067 GA ROTTERDAM WATERMANWEG 333, 3067 GA ROTTERDAM BURGER KING NEDERLAND BV WATERMANWEG #, 3067 GA ROTTERDAM Q-PARK EXPLOITATIE BV 1995 - 1997 116,155,652 70,695,889 95% 55,187 8,881,183 115,589,400 Spijkenisse Lucebertstraat 76, 3202 SW Spijkenisse Lucebertstraat 72, 3202 SW Spijkenisse KEUKENSTUDIO FAVORI BV Lucebertstraat 68, 3202 SW Spijkenisse BETER BED BV Lucebertstraat 64, 3202 SW Spijkenisse JYSK BV Lucebertstraat 60, 3202 SW Spijkenisse KWANTUM NEDERLAND BV Lucebertstraat 56, 3202 SW Spijkenisse LEEN BAKKER NEDERLAND BV Lucebertstraat 52, 3202 SW Spijkenisse MEUBELCENTRUM LISSABON BV Lucebertstraat 52, 3202 SW Spijkenisse MEUBELCENTRUM LISSABON BV Lucebertstraat 48, 3202 SW Spijkenisse X2O BADKAMERS BV Lucebertstraat 44, 3202 SW Spijkenisse DUDACO BV Lucebertstraat 38, 3202 SW Spijkenisse PROMINENT COMFORT PRODUCTEN BV Lucebertstraat 34, 3202 SW Spijkenisse APS BV Lucebertstraat 36, 3202 SW Spijkenisse LIFE OUTDOOR LIVING INTERNATIONAL BV Lucebertstraat 30, 3202 SW Spijkenisse CARPET-LAND BV Lucebertstraat 32, 3202 SW Spijkenisse SANI-DUMP BV Lucebertstraat 28, 3202 SW Spijkenisse DE WATERTUIN SPIJKENISSE BV Lucebertstraat 22, 3202 SW Spijkenisse ROOBOL WOONTEXTIEL BV Lucebertstraat 18, 3202 SW Spijkenisse LAMPIDEE BV 169 Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) Lucebertstraat 14, 3202 SW Spijkenisse G.S.H. KEUKENS Lucebertstraat 10, 3202 SW Spijkenisse BRUYNZEEL KEUKENS BV Lucebertstraat 6, 3202 SW Spijkenisse SWISS SENSE BV Lucebertstraat 2, 3202 SW Spijkenisse WOONING KEUKENS & SANITAIR BV Lucebertstraat 26, 3202 SW Spijkenisse KEUKENCONCURRENT NEDERLAND BV Lucebertstraat 42, 3202 SW Spijkenisse ZON EN SCHERM SPIJKENISSE BV Constantstraat 4, 3202 SW Spijkenisse KEUKENCONCURRENT NEDERLAND BV Constantstraat 2, 3202 SW Spijkenisse TULP VERKOOP BV Lucebertstraat #, 3202 SW Spijkenisse INFOZUIL NEDERLAND Lucebertstraat #, 3202 SW Spijkenisse 2009 46,871,293 26,922,772 100% 28,523 3,631,746 47,399,658 170 Other locations Province and country Cluster Address Tenant Construction Fair value (€) Insured value (€) Occupancy rate Gross m² Rental income (€) Acquisition value (€) Brussels (BE) Brussel Jerusalemstraat 48-50, 1030 Schaarbeek ALDI CARGOVIL-ZEMST NV Hainaut (BE) Gosselies Route Nationale 5, 6041 Gosselies ELECTRO DEPOT BELGIQUE SA Limburg (BE) Genkerstwg Genkersteenweg 160, 3500 Hasselt JUNTOO ANTWERPEN EN LIMBURG NV Liege (BE) Huy Avenue du Bosquet 33, 4500 Huy BLEU CITRON SPRL Namur (BE) Ind. baanwinkel Ancien Rivage 73, 5020 Malonne ANISERCO NV Oost-Vlaanderen (BE) Aalst-Gentsestwg Gentsesteenweg 442, 9300 Aalst MEDI-MARKET GROUP NV Oost-Vlaanderen (BE) Herzele Provincieweg 266, 9550 Herzele MODEMAKERS FASHION NV Oost-Vlaanderen (BE) Zelzate Maïsstraat 3, 9060 Zelzate JBC NV Flemish Brabant (BE) Brusselsestwg Brusselsesteenweg 4, 3020 Herent JBC NV Flemish Brabant (BE) Grimbergen Waardbeekdreef 6, 1850 Grimbergen VAN HAREN SCHOENEN BVBA Brabant (Walloon) (BE) Wavre Oost Avenue Reine Astrid 4/6, 1300 Wavre BDO DISTRIBUTION SA West-Vlaanderen (BE) Middelkerke Biezenstraat 16A, 8430 Middelkerke ACTION BELGIUM BV West-Vlaanderen (BE) Oostende Torhoutsesteenweg 610, 8400 Oostende IMETAM BVBA Gelderland (NL) Duiven Nieuwgraaf 6, 6921 RJ Duiven LEEN BAKKER NEDERLAND BV 1986 - 2017 28,574,446 15,927,966 100% 16,086 2,093,792 22,861,224 171 Number of properties per company 31.03.2025 Retail Estates 677 Retail Warehousing Invest 27 SVK 2 Distri-Land NV 12 Alexandrium Invest 20 Aquarius Invest 10 Breda I Invest 16 Breda II Invest 12 Cruquius Invest 28 Heerlen I Invest 22 Heerlen II Invest 26 Naaldwijk Invest 20 Osbroek Invest 28 Retail Estates Middelburg Invest 15 Retail Estates Nederland 36 Spijkenisse Invest 27 Venlo Invest 21 Waterman Invest 7 Zaandam Invest 17 Total number of properties 1,023 Retailpark La Galerie Bouverie, Frameries BELGIUM 172 3. REPORTS OF THE REAL ESTATE EXPERTS Belgium Report by Cushman & Wakefield This report covers 330 properties which are part of the real estate portfolio of Retail Estates nv and its subsidiaries. “We have the pleasure of providing you with our valuation as of 31 March 2025, which covers the portfolio of Retail Estates and Distri-Land. We confirm that we carried out this task as an independent expert. We also confirm that our valuation was carried out in accordance with national and international standards and their application procedures, including in the field of valuation of Belgian Real Estate Investment Trusts (BE-REITs). (According to the current conclusions. We reserve the right to review our valuation in case of modified conclusions). Fair value is defined as the estimated amount for which an asset could be exchanged between knowledgeable, willing parties in an arm’s length transaction. This definition corresponds to our definition of market value. The sale of a building is in theory subject to transfer duties collected by the government. The amount depends on the manner of transfer, the profile of the purchaser and the geographical location of the building. On the basis of a representative sample of the properties on the Belgian market, the average transaction cost has been found to equal 2.50% for buildings with a value higher than € 2,500,000 over the 2013, 2014, 2015 and Q1 2016 period. In case of buildings with a value higher than € 2,500,000, we determine the sales value, excluding costs corresponding to the fair value as set by the international accounting standard IAS 40, by subtracting 2.50% from the investment value for transaction costs. All properties are regarded as a portfolio rather than as individual units. This is the reason why the 2.5% transaction cost also applies to properties with a value of less than € 2,500,000. Our “investment value” is based on a capitalisation of the adjusted market rental value, taking into account possible corrections like vacancy, step-rents, rent-free periods, etc. If the market rent is higher than the current rent, this retailpark Schoten BELGIUM Retailpark Belvédère Maastricht - NEDRELAND adjusted market rent is determined by taking 60% of the gap between the market rent and the current rent. This amount is then added to the current rent. If the current rent is higher than the market rent, the adjusted market rent equals the market rent. The cap rate depends on current output on the investment market, taking into account the location, the suitability of the site, the quality of the tenant and the building at the moment of the valuation. The portfolio of Retail Estates NV (incl. RWI and INDUCOM) has an investment value of € 614.06 million (incl. corrections) and a fair value of € 599.08 million as per 31 March 2025. The fair value increased by 0.27% versus the previous quarter. This results in an initial yield of 6.81% for Retail Estates. The portfolio of Immobilière Distri-Land N.V. has an investment value of € 24.49 million (incl. corrections) and a fair value of € 23.89 million as per 31 March 2025. The fair value increased by 0.14% versus the previous quarter. This gives Immobilière Distri-Land N.V. a 6.47% yield." Report by CBRE The CBRE report was published on 31 March 2025 and covers 372 real estate properties belonging to Retail Estates nv and its subsidiaries. The investment value of these real estate properties is estimated at € 751.49 million and the fair value at € 733.16 million. These properties account for a rental income of € 49.84 million, which represents a gross yield of 6.63%. Report by Stadim The Stadim report was published on 31 March 2025 and covers a semi-logistics complex. The investment value of these real estate properties is estimated at € 5.16 million and the fair value at € 5.03 million. These properties account for a rental income of € 0.19 million, which represents a gross yield of 6.71%. retailpark bel’province Eigenbrakel BELGIUM 173 WOONBOULEVARD Spijkenisse THE NETHERLANDS 174 The Netherlands Report by Cushman & Wakefield The Cushman & Wakefield report was published on 31 March 2025 and covers 214 real estate properties belonging to Retail Estates nv and its subsidiaries. The investment value of these real estate properties is estimated at € 538.71 million and the fair value at € 487.54 million. These properties account for a rental income of € 37.75 million, which represents a gross yield of 7.01%. Report by CBRE The CBRE report was published on 31 March 2025 and covers 53 real estate properties belonging to Retail Estates nv and its subsidiaries. The investment value of these real estate properties is estimated at € 100.75 million and the fair value at € 90.50 million. These properties account for a rental income of € 8.51 million, which represents a gross yield of 8.45%. Report by Colliers The Colliers report was published on 31 March 2025 and covers 20 real estate properties belonging to Retail Estates nv and its subsidiaries. The investment value of these real estate properties is estimated at € 48.82 million and the fair value at € 44.17 million. These properties account for a rental income of € 3.82 million, which represents a gross yield of 7.82%. Report by Stadim The Stadim report was published on 31 March 2025 and covers 18 real estate properties belonging to Retail Estates nv and its subsidiaries. The investment value of these real estate properties is estimated at € 89.67 million and the fair value at € 80.50 million. These properties account for a rental income of € 5.29 million, which represents a gross yield of 5.90%. Solar panels Report by Stadim The Stadim report was published on 31 March 2025 and covers 14 solar panel installation belonging to Retail Estates nv and its subsidiaries. 11 of those are located in Belgium, 3 in the Netherlands. The installation cost is estimated at € 6.04 million and the fair value at € 9.40 million. FINANCIaL report Consolidated income statement 176 Consolidated balance sheet 179 Consolidated statement of changes in shareholders’ equity 181 Consolidated cash flow statement 185 Notes to the consolidated annual accounts 187 Other notes 199 Report of the statutory auditor 231 Statutory income statement 237 Statutory balance sheet 239 Statutory statement of changes in shareholders’ equity 241 Statutory appropriation of result 245 Statement on responsibilities 246 175 176 1. CONSOLIDATED INCOME STATEMENT INCOME STATEMENT (in € 000) Notes 31.03.2025 31.03.2024 Rental income 1 143,414 139,533 Rental related expenses 2 -1,238 -705 Net rental income 142,176 138,829 Recovery of property expenses Recovery of rental charges and taxes normally payable by tenants on let properties 3 15,531 14,609 Rental charges and taxes normally payable by tenants on let properties 4 -18,243 -16,905 Other rental related income and expenses -105 -101 Property result 139,359 136,431 Technical costs 5 -6,446 -7,932 Commercial costs 6 -981 -1,249 Charges and taxes on unlet properties 7 -860 -504 Property management costs 8 -7,261 -6,653 Other property costs 9 -2 -3 Property costs -15,551 -16,340 Operating property result 123,808 120,090 Operating corporate costs 10 -9,480 -8,473 Other current operating income and expenses 177 INCOME STATEMENT (in € 000) Notes 31.03.2025 31.03.2024 Operating result before result on portfolio 114,328 111,617 Result on disposals of investment properties 11 386 -399 Result on sales of other non-financial assets 0 0 Changes in fair value of investment properties 12 27,835 51,190 Other result on portfolio 12 1,566 -365 Operating result 144,115 162,043 Financial income 13 157 162 Net interest charges 14 -20,228 -21,671 Changes in the fair value of financial assets and liabilities 35 -13,072 -16,487 Other financial charges 15 -70 -63 Financial result -33,213 -38,059 Share in the result of associated companies and joint ventures -75 -92 Result before taxes 110,827 123,891 Taxes 16 -2,355 -734 Net result 108,472 123,157 Attributable to: Shareholders of the Group 106,696 122,967 Minority interests 1,776 190 Note: EPRA earnings (share Group)1 90,859 88,366 Result on portfolio 29,787 50,425 Changes in fair value of financial assets and liabilities -13,072 -16,487 178 INCOME STATEMENT (in € 000) Notes 31.03.2025 31.03.2024 EPRA result minorities 898 853 RESULT PER SHARE Notes 31.03.2025 31.03.2024 Number of ordinary shares in circulation 17 14,707,335 14,375,587 Weighted average number of shares 17 14,627,352 14,294,043 Net profit per ordinary share (in €) - share of the Group2 7.29 8.60 Diluted net profit per share (in €) - share of the Group 7.29 8.60 1 The EPRA earnings are calculated as following: net result excluding changes in fair value of investment properties, exclusive the result on disposal of investment properties, exclusive changes in fair value of financial assets and liabilities and exclusive minority interests related to the aforementioned elements. 2 The net profit per ordinary share is calculated as following: the net result divided by the weighted average number of shares. 2. CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME (Statement of other comprehensive income) Statement of the comprehensive result (in € 000) 31.03.2025 31.03.2024 Net result 108,472 123,157 Other components of the comprehensive result, recyclable in income statements: Impact on the fair value of estimated transaction rights and costs resulting from the hypothetical disposal of investment properties Changes in the fair value of authorised hedging instruments qualifying for hedge accounting as defined by IFRS -660 -549 COMPREHENSIVE RESULT 107,812 122,608 179 3. CONSOLIDATED BALANCE SHEET ASSETS (in € 000) Notes 31.03.2025 31.03.2024 Non-current assets 2,116,630 2,089,636 Goodwill Intangible non-current assets 20 8,697 8,874 Investment properties3 21 2,069,537 2,028,317 Other tangible non-current assets 20 6,163 6,450 Financial non-current assets 35 31,172 44,924 Financial instruments 24,597 38,275 Participations accounted for using the equity method 1,574 1,649 Receivables towards participations accounted for using the equity method 5,000 5,000 Finance lease receivables 35 1,030 1,030 Trade receivables and other non-current assets 32 40 Deferred taxes 0 8 Other 32 32 Current assets 42,455 41,306 Assets or groups of assets held for sale 22 18,457 8,552 Trade receivables 23 14,627 14,627 Tax receivables and other current assets 24 2,841 7,311 Cash and cash equivalents 25 2,917 7,089 Deferred charges and accrued income 26 3,614 3,727 TOTAL ASSETS 2,159,085 2,130,942 3 Including non-current assets under construction (IAS 40). 180 SHAREHOLDERS’ EQUITY AND LIABILITIES (in € 000) Notes 31.03.2025 31.03.2024 Shareholders’ equity 1,230,021 1,174,361 Shareholders’ equity attributable to the shareholders of the parent company 1,221,040 1,167,356 Capital 27 322,499 315,035 Issue premiums 28 396,559 384,498 Reserves 395,286 344,857 Net result of the financial year 106,696 122,967 Minority interests 8,982 7,005 Liabilities 929,064 956,581 Non-current liabilities 830,514 870,386 Provisions Non-current financial debts 34/35 828,954 867,186 Credit institutions 648,655 686,535 Long term financial lease 4,557 5,079 Bonds 175,743 175,572 Other non-current financial liabilities 29/35 0 0 Deferred taxes 29 1,560 3,200 181 SHAREHOLDERS’ EQUITY AND LIABILITIES (in € 000) Notes 31.03.2025 31.03.2024 Current liabilities 98,550 86,194 Current financial debts 34/35 61,484 46,682 Credit institutions 61,484 46,682 Bonds 0 0 Short term financial lease 0 0 Trade debts and other current debts 30 15,713 18,718 Exit tax 31 402 738 Other 30 15,311 17,979 Other current liabilities 32 1,524 1,153 Accrued charges and deferred income 33 19,829 19,642 TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 2,159,085 2,130,942 DEBT RATIO Notes 31.03.2025 31.03.2024 Debt ratio4 36 42.52% 44.62% 4 The debt ratio is calculated as follows: liabilities (excluding provisions, accrued charges and deferred income, financial instruments and deferred taxes), divided by the total assets (excluding hedging instruments). 182 4. CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (in € 000) Capital ordinary shares Unavailable issue premiums Available issue premiums Reserves Net result of the financial year Minority interests TOTAL Share-holders’ Equity Balance according to IFRS on 31 March 2023 308,515 315,410 58,899 233,805 180,621 6,815 1,104,065 Net appropriation of profits 2023-2024 0 Transfer of portfolio result to reserves 51,321 -51,321 0 Transfer changes in fair value of authorised hedging instruments 41,645 -41,645 0 Transfer of EPRA earnings to reserves 18,635 -18,635 0 Reclassification between reserves 0 Dividends of the financial year 2022-2023 -69,020 -69,020 Capital increase 6,520 10,376 16,896 Capital increase through contribution in kind 0 Costs of capital increase -187 -187 Increase in shareholders' equity as a result of mergers 0 Other 0 Comprehensive result 31 March 2024 0 -549 122,967 190 122,608 Balance according to IFRS on 31 March 2024 315,035 315,410 69,088 344,857 122,967 7,005 1,174,361 Net appropriation of profits 2024-2025 0 Transfer of portfolio result to reserves 50,825 -50,825 0 Transfer changes in fair value of authorised hedging instruments -16,487 16,487 0 Transfer of EPRA earnings to reserves 16,752 -16,752 0 Reclassification between reserves 0 Dividends of the financial year 2023-2024 -71,878 -200 -72,078 Capital increase 7,464 12,275 400 20,139 Capital increase through contribution in kind 0 Costs of capital increase -214 -214 Other 0 Minority interests 0 0 Comprehensive result 31 March 2025 0 0 -660 106,696 1,776 107,812 Balance according to IFRS on 31 March 2025 322,499 315,410 81,148 395,286 106,696 8,982 1,230,021 183 * Detail of the reserves (in € 000) Legal reserve Reserve for the positive/negative balance of changes in the fair value of real estate properties Available reserves Impact on the fair value of estimated transfer rights and costs resulting from the hypothetical disposal of investment properties Changes in the effective part of the fair value of authorised hedging instruments qualifying for hedge accounting as defined by IFRS Changes in the effective part of the fair value of authorised hedging instruments are not subjected to qualify for hedge accounting as defined by IFRS Results carried forward from previous financial years TOTAL Balance according to IFRS on 31 March 2023 87 189,872 6,557 -72,582 1,450 12,069 96,351 233,805 Net appropriation of profits 2023-2024 0 Transfer of portfolio result to reserves 73,595 -22,274 51,321 Transfer changes in fair value of authorised hedging instruments 41,645 41,645 Transfer of EPRA earnings to reserves 18,635 18,635 Reclassification between reserves -2,173 2,173 510 -510 0 Capital increase through contribution in kind 0 Costs of capital increase 0 Other 0 Comprehensive result 31 March 2024 0 0 0 -549 0 -549 Balance according to IFRS on 31 March 2024 87 261,294 8,731 -94,346 901 53,714 114,476 344,857 Net appropriation of profits 2024-2025 Transfer of portfolio result to reserves 62,906 -12,082 50,825 Transfer changes in fair value of authorised hedging instruments -16,487 -16,487 Transfer of EPRA earnings to reserves 16,752 16,752 Reclassification between reserves -842 842 314 -314 0 Capital increase through contribution in kind 0 Costs of capital increase 0 Other -1,833 1,809 25 0 Comprehensive result 31 March 2025 -660 -660 Balance according to IFRS on 31 March 2025 87 321,525 9,573 -104,304 241 37,227 130,938 395,286 184 5. CONSOLIDATED CASH FLOW STATEMENT CASH-FLOW STATEMENT (in € 000) Notes 31.03.2025 31.03.2024 CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE FINANCIAL YEAR 7,089 4,128 1. Cash-flow from operating activities 95,455 75,863 Operating result 144,115 162,043 Interest paid 14 -19,160 -22,221 Interest received 25 25 Corporate taxes paid 16 -2,452 -2,181 Corporate taxes received 16 0 596 Changes in the fair value of financial assets and liabilities 35 -13,072 -16,487 Other non-cash elements -2,760 1,192 Non-cash elements to be added to / deducted from the result: -12,141 -32,264 Depreciations and impairments Depreciations / Impairments (or write-backs) on tangible and intangible assets 20 1,579 1,244 Depreciations / Impairments (or write-backs) on trade receivables 2 1,238 705 Other non-cash elements Changes in the fair value of investment properties 12 -27,834 -51,367 Result on disposal of investment properties 11 -386 399 Other result on portfolio 0 0 Changes in the fair value of financial assets and liabilities 35 13,092 16,583 Costs of issuing bond loans 171 172 Other 185 CASH-FLOW STATEMENT (in € 000) Notes 31.03.2025 31.03.2024 Change in working capital requirements: 900 -14,840 Movement of assets Trade receivables and other receivables 23 -1,237 -3,884 Tax receivables and other current assets 24 4,470 -5,508 Deferred charges and accrued income 26 113 -642 Long-term assets Movement of liabilities Trade debts and other current debts 30/31 -3,005 -6,088 Other current liabilities 32 371 -458 Accrued charges and deferred income 33 188 1,741 2. Cash-flow from investment activities -24,011 -92,292 Purchase of intangible assets 20 -731 -3,334 Purchase of investment properties and assets held for sale 21 -30,635 -98,009 Disposal of investment properties and assets held for sale 21 7,731 12,253 Acquisition of shares of real estate companies 0 -2,626 Disposal of shares of real estate companies 0 0 Purchase of other tangible assets 20 -429 -705 Acquisition of financial fixed assets 0 0 Disposal of other tangible assets 20 46 2 Disposal of non-current financial assets 0 0 Income from trade receivables and other non-current assets 8 127 186 CASH-FLOW STATEMENT (in € 000) Notes 31.03.2025 31.03.2024 3. Cash-flow from financing activities -75,617 19,389 Change in financial liabilities and financial debts Increase in financial debts 34 142,350 223,250 Decrease in financial debts 34 -165,428 -151,464 Change in other liabilities Increase (+) / Decrease (-) in other liabilities -2,163 -276 Change in shareholders' equity Capital increase and issue premiums 27 19,739 16,896 Costs of capital increase 28 -214 -187 Investments in and financing provided to entities which are not fully under control of the Group 1,976 190 Dividend Dividend for the previous financial year 19 -71,878 -69,021 CASH AND CASH EQUIVALENTS AT THE END OF THE FINANCIAL YEAR 2,917 7,089 A total of € 142.35 million in credit lines was used or extended and € -165.43 million in credits was temporarily not used or repaid. 187 Key performance indicators EPRA earnings per share 31.03.2025 31.03.2024 EPRA earnings (attributable to the shareholders of the parent company) (in €) 90,859,382 88,365,995 Number of ordinary shares in circulation 14,707,335 14,375,587 Weighted average number of shares 14,627,352 14,294,043 EPRA earnings per share (in €)5 6.21 6.18 EPRA earnings per share (in €) - diluted 6.21 6.18 5 The EPRA earnings per share is calculated from the weighted average number of shares, counted from the time of issue (which does not necessarily coincide with first dividend entitlement date). Calculated on the number of dividend-entitled shares (14.707.335 shares), the EPRA earnings per share amounts to € 6.18 at 31.03.2025 versus € 6.15 at 31.03.2024. NET ASSET VALUE PER SHARE (in €) - SHARE GROUP 31.03.2025 31.03.2024 Net asset value per share IFRS6 83.02 81.20 EPRA NTA per share7 80.87 78.15 Net asset value per share (investment value) excl. dividend excl. the fair value of authorised hedging instruments and liabilities and exclusive minority interests related to the aforementioned elements8 83.61 80.94 6 The net asset value per share IFRS (fair value) is calculated as follows: shareholders’ equity (attributable to the shareholders of the parent company) divided by the number of shares. 7 EPRA NTA is calculated as follows: shareholders‘ equity (excluding the fair value of authorised hedging instruments, deferred taxes and intagible fixed assets and exclusive minority interests related to the aforementioned elements) divided by the number of shares. 8 For the definition and purpose of this alternative performance measure, we refer to the Lexicon in the chapter 'miscellanneous' of this annual report 6. NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS 188 General company information Retail Estates nv is a public Belgian Real Estate Investment Trust (BE-REIT) governed by and construed in accordance with Belgian law. Its registered office is located in Ternat. The consolidated annual accounts of the company for the financial year which ended on 31 March 2025 comprise Retail Estates nv and its subsidiaries (the “Group”). The consolidated annual accounts were approved by the board of directors on 24 May 2025 and will be submitted for approval to the annual general shareholders’ meeting on 22 July 2025. Significant accounting policies Statement of conformity The consolidated annual accounts are drawn up in accordance with accounting standards which are consistent with the International Financial Reporting Standards as implemented by the BE-REIT legislation. Application of IFRS 3 Business Combinations Corporate transactions of the past financial years were not processed as business combinations as defined by IFRS 3 based on the finding that this standard was not applicable given the nature and the scale of the acquired companies. The companies in question owned a limited number of properties. Their employees have not been retained and their activities have been discontinued. They were not intended to be kept on as independent businesses. The companies are fully consolidated. Please refer to note 41 for more information on this matter. Endorsement status of the new standards as at 31 December 2024 (EFRAG status report 23 December 2024) The following new standard and amendments to standards are mandatory for the first time for the financial year beginning 1 January 2023 and have been endorsed by the European Union: –Amendments to IAS 1 ‘Presentation of Financial Statements: Classification of Liabilities as current or non-current’ (effective 01/01/2024), affect only the presentation of liabilities in the statement of financial position — not the amount or timing of recognition of any asset, liability income or expenses, or the information that entities disclose about those items. They: •Clarify that the classification of liabilities as current or non-current should be based on rights that are in existence at the end of the reporting period and align the wording in all affected paragraphs to refer to the "right" to defer settlement by at least twelve months and make explicit that only rights in place "at the end of the reporting period" should affect the classification of a liability; •Clarify that classification is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability; and make clear that settlement refers to the transfer to the counterparty of cash, equity instruments, other assets or services. •Clarify how conditions with which an entity must comply within 12 months after the reporting period, such as covenants, affect the corresponding liability’s classification. –Amendments to IAS 7 ‘Statement of Cash Flows’ and IFRS 7 ‘Financial Instruments: Disclosures’: Supplier Finance Arrangements. The amendment describes the characteristics for which reporters will have to provide additional disclosures regarding the impact of supplier finance arrangements on liabilities, cash flows and exposure to liquidity risk. –Amendments to IFRS 16 ‘Leases’: Lease Liability in a Sale and Leaseback (effective 1 January 2024). The amendments explain how an entity accounts for a sale and leaseback after the date of the transaction, specifically where some or all the lease payments are variable lease payments that do not depend on an index or rate. They state that, in subsequently measuring the lease liability, the seller-lessee determines ‘lease payments’ and ‘revised lease payments’ in a way that does not result in the seller-lessee recognising any amount of the gain or loss that relates to the right of use it retains. Any gains and losses relating to the full or partial termination of a lease continue to be recognised when they occur as these relate to the right of use terminated and not the right of use retained. The following new standards and amendments have been issued, are mandatory for the first time for the financial year beginning 1 January 2024 but have not been endorsed by the European Union: –None 189 The following amendments have been issued, but are not mandatory for the first time for the financial year beginning 1 January 2024 and have been endorsed by the European Union: –Amendments to IAS 21 ‘The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability’ (effective 1 January 2025). IAS 21 previously did not cover how to determine exchange rates in case there is long-term lack of exchangeability and the spot rate to be applied by the company is not observable. The narrow scope amendments add specific requirements on: •Determining when a currency is exchangeable into another and when it is not; •Determining the exchange rate to apply in case a currency is not exchangeable; •Additional disclosures to provide when a currency is not exchangeable. The following standards and amendments have been issued, but are not mandatory for the first time for the financial year beginning 1 January 2024 and have not been endorsed by the European Union: –Amendments to IFRS 9 and to IFRS 7: the Classification and Measurement of Financial Instruments (effective on 1 January 2026). On 30 May 2024, the IASB issued amendments to IFRS 9 and IFRS 7 to: •Clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system; •Clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion; •Add new disclosures for certain instruments with contractual terms that can change cash flows (such as some instruments with features linked to the achievement environment, social and governance (ESG) targets); and •Update the disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI). –Amendments to IFRS 9 and to IFRS 7: Contracts Referencing Nature-dependent Electricity Amendments to IFRS 9 and IFRS 7 (effective on 1 January 2026). On 18 December 2024, the IASB issued amendments to IFRS 9 and IFRS 7: •clarify the application of the ‘own-use’ requirements; •permit hedge accounting if these contracts are used as hedging instruments; and •new disclosure requirements to enable investors to understand the effect of these contracts on a company’s financial performance and cash flows. –IFRS 18 Presentation and Disclosure in Financial Statements (effective on 1 January 2027). The IASB has issued IFRS 18, the new standard on presentation and disclosure in financial statements, with a focus on updates to the statement of profit or loss. The key new concepts introduced in IFRS 18 relate to: •the structure of the statement of profit or loss; •required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity’s financial statements (that is, management-defined performance measures); and •enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general. IFRS 18 will replace IAS 1; many of the other existing principles in IAS 1 are retained, with limited changes. IFRS 18 will not impact the recognition or measurement of items in the financial statements, but it might change what an entity reports as its ‘operating profit or loss’. IFRS 18 will apply for reporting periods beginning on or after 1 January 2027 and also applies to comparative information. The changes in presentation and disclosure required by IFRS 18 might require system and process changes. –IFRS 19 Subsidiaries without Public Accountability: Disclosures (effective on 1 January 2027). The International Accounting Standard Board (IASB) has issued a new IFRS Accounting Standard for subsidiaries. IFRS 19 ‘Subsidiaries without Public Accountability: Disclosures’ permits eligible subsidiaries to use IFRS Accounting Standards with reduced disclosures. Applying IFRS 19 will reduce the costs of preparing subsidiaries’ financial statements while maintaining the usefulness of the information for users of their financial statements. 190 –Annual improvements Volume 11 (effective 1 January 2026). The amended Standards are: •IFRS 1 First-time Adoption of International Financial Reporting Standards; •IFRS 7 Financial Instruments: Disclosures and its accompanying Guidance on implementing IFRS 7; •IFRS 9 Financial Instruments; •IFRS 10 Consolidated Financial Statements; and •IAS 7 Statement of Cash Flows. The following standard is mandatory since the financial year beginning 1 January 2016 (however not yet subjected to EU endorsement). The European Commission has decided not to launch the endorsement process of this interim standard but to wait for the final standard: –IFRS 14, ‘Regulatory deferral accounts’ (effective 1 January 2016). It concerns an interim standard on the accounting for certain balances that arise from rate–regulated activities. IFRS 14 is only applicable to entities that apply IFRS 1 as first-time adopters of IFRS. It permits such entities, on adoption of IFRS, to continue to apply their previous GAAP accounting policies for the recognition, measurement, impairment and derecognition of regulatory deferral accounts. The interim standard also provides guidance on selecting and changing accounting policies (on first–time adoption or subsequently) and on presentation and disclosure. Presentation principles Euro (€) is used as functional and presentation currency, and is rounded off to the nearest thousand. Below is a summary of the most important principles for financial reporting. The accounting principles were applied consistently throughout the relevant period. Consolidation principles Consolidation principles Subsidiaries Subsidiaries are legal entities controlled by the company. The companies controlled by the Group are consolidated through the application of the full consolidation method. Full consolidation consists in incorporating all the assets and liabilities of the consolidated companies as well as the costs and revenues, carrying out the necessary eliminations. Non-controlling interests are the interests in subsidiaries that are not held by the Group, neither directly nor indirectly. On 31 March 2024, only non-controlling interests were recognised for the company Alex Invest NV. The real estate owned by Alex Invest is recorded at 100% in the cluster report relating to the portfolio (like in the balance sheet). ‘Control’ is defined as Retail Estates nv's ability to directly or indirectly determine the financial and operational policy of the subsidiary, to benefit from the variable cash flows and the results of this subsidiary and to influence its variable cash flows by controlling the subsidiary. Joint ventures and associated companies Joint ventures are companies over which the Group exercised joint control, as determined by contract. This joint control applies when the strategic, financial and operational decisions relating to the activities require the unanimous consent of all parties sharing control (the participants in the joint venture). Associated companies are companies on which the Group is found to have a significant influence. As defined in IAS 28, the result and the balance sheet impact of the associated company Veilinghof ’t Sas (in which Retail Estates has a 26.19% participating interest) are processed in accordance with the change in equity method. Participating interests in companies to which the change in equity method is applied are recorded in the consolidated balance sheet under a separate item of the financial fixed assets (“Companies to which the change in equity method is applied”). If the change in equity method is applied to a participating interest, this interest is recorded in the consolidated balance sheet for the amount corresponding to the part of the shareholders’ equity of the company concerned, including the result of the financial year, that reflects this participating interest. The result of the associated companies and joint ventures is recognised in the result under “share in the result of associated companies and joint ventures”. The real estate relating to Veilinghof ’t Sas is not included in the cluster report relating to the portfolio. 191 Foreign currency conversion Foreign currency transactions are booked by applying the exchange rate valid on the transaction date. Monetary assets and liabilities in foreign currencies are valued by applying the closing rate on the balance sheet date. Exchange rate differences ensuing from foreign currency transactions and the conversion of monetary assets and liabilities into foreign currencies are booked in the income statement in the period in which they arise. Non-monetary assets and liabilities in foreign currencies are converted at the exchange rate applicable on the transaction date. Financial derivatives Fair value hedge accounting The Group uses financial derivatives (interest rate swaps) to hedge interest rate risks arising from operational, financial and investment activities. Derivative financial products are initially recognised at their fair value. After the initial recognition, financial derivatives are valued in the annual accounts at their fair value. Gains or losses resulting from changes in the fair value of the financial derivatives are immediately recognised in the income statement unless a derivative meets the conditions for cash flow hedge accounting. The fair value of the financial interest rate derivatives is the amount that the company expects to receive or pay if the financial interest rate derivative is terminated as of the balance sheet date, taking into account the prevailing interest rate. Cash flow hedge accounting If a financial derivative can be documented as an effective hedge against any cash flow fluctuations, attributable to a risk linked to an asset or liability, or a highly probable future transaction, the part of the result ensuing from the change in value of the financial interest rate derivative that has been recognised as an effective hedge shall be posted directly to equity under “Changes in the fair value of financial assets and liabilities”. The ineffective part of the financial interest rate derivative shall be recognised in the income statement. Investment properties Valuation at initial recognition Investment properties comprise all real estate properties that are ready to be let. Investment properties are initially valued at acquisition cost, including additional expenses and non-deductible VAT. The exit tax, owed by companies over which the public BE-REIT acquires direct or indirect control, is furthermore in principle deducted from the value of the underlying property as it concerns a tax on the latent capital gain existing in the acquired company prior to the acquisition unless these companies do not qualify for a merger with the public BE-REIT (as decided by the board of directors). The commissions related to the acquisition of buildings are regarded as additional costs of the acquisition and are added to the acquisition cost. If a property is acquired through non-monetary contributions, any third-party costs directly attributable to the issuance of new shares shall be deducted from equity. The contributed properties are valued at contribution value at initial recognition. The user rights recognised in the balance sheet for concessions, long leases or similar lease agreements (following the entry into force of IFRS 16) are also regarded as a real estate investment. Valuation after initial recognition At the end of each quarter, an independent real estate expert shall provide an exact assessment of the following elements: –the immovable properties, the properties that are immovable by their intended use, and the rights in rem on immovable properties held by Retail Estates nv or, where appropriate, by a subsidiary it controls; –the option rights on immovable properties held by Retail Estates nv or, where appropriate, by a subsidiary it controls, as well as the immovable properties to which these rights apply; –the contractual rights by which one or more immovable property assets are leased to Retail Estates nv or, where appropriate, to a subsidiary it controls, including the underlying immovable property. The experts perform their assessments in accordance with national and international standards and their application procedures, including those in the field of the valuation of Belgian regulated real estate companies (pursuant to the provisional decrees; the experts reserve the right to adapt the valuation in the event of any amendments to the decrees). Fair value is specifically defined as the price that would be received upon sale of an asset or that would have to be paid upon the transfer of an obligation in an arm’s length transaction between market parties on the valuation date. From the point of view of the seller, it must be construed minus the transaction taxes. The estimated amount of the transaction taxes is immediately deducted from the results at initial recognition. 192 Comments on the real estate transfer tax in Belgium The transfer of ownership of real estate is subject to transfer taxes in Belgium. The amount of these taxes depends on the manner of transfer, the capacity of the buyer and the geographical location of the property. The first two elements, and hence the full amount of the taxes due, are therefore only known when the transfer of ownership has been completed. The different transfer of ownership possibilities and the corresponding taxes are: –real estate sales agreements: 12.50% for properties located in Brussels-Capital Region and in the Walloon Region, 12% for properties located in the Flemish Region; –sale of real estate under the broker system: 4% to 8% depending on the Region; –long-term lease agreements for real estate (up to 50 years for the right of superficies and up to 99 years for the long-term lease right): 5% –real estate sales agreements where the purchaser is a public body (e.g. an entity of the European Union, the Federal Government, a regional government or a foreign government): exemption from duties; –non-monetary contribution of real estate in return for the issuance of new shares to the benefit of the contributor: exemption from duties; –sales agreement for shares of a real estate company: absence of duties; –merger, demerger and other company reorganisations: absence of duties; etc. As a result, the actual percentage of the transfer taxes varies from 0% to 12.50%; it is furthermore impossible to predict which percentage is applicable to the transfer of a given Belgian property before the actual transfer takes place. In January 2006, all experts involved in determining the value of Belgian BE-REITs were asked to determine a weighted average percentage of the actual taxes for the real estate portfolios of the BE-REITs. For transactions of properties with a value of over € 2.50 million, and in view of the range of methods for transferring ownership (see above), the experts calculated the weighted average taxes at 2.50% based on a representative sample of 220 market transactions with a total worth of € 6 billion that took place between 2003 and 2005. As regards transactions involving buildings of which the total value is lower than € 2.50 million, transfer duties are applied depending on the Region in which the premises are located. It was decided to adjust this percentage by multiples of 0.5% if necessary. In 2016, an update of this calculation was made according to the methodology used in 2006 based on a sample of 305 large or institutional transactions (threshold of € 2.5 million) that occurred between 2013 and the 1st quarter of 2016 (this is 70% or 8.18 billion of the estimated total number of investment transactions during this period). The experts came to the conclusion that the 0.5% threshold was not exceeded. Consequently, the weighted average of 2.5% was retained. Retail Estates nv considers its real estate portfolio as a whole which can be disposed of as a whole or as a limited number of larger parts. Retail Estates manages its real estate at portfolio level whenever possible (“retail cluster and retail parks”, see management report and chapter “overview of real estate portfolio” in the real estate report for an overview of the clusters). Consequently, the fair value is determined by deducting 2.5% from the value of the properties (in accordance with the valuation at “fair value” of its valuation appraisers Cushman & Wakefield, CBRE, Colliers and Stadim). In accordance with its strategy, Retail Estates does in principle not have the intention to sell individual properties within the clusters with an investment value below € 2.5 million. Comments on the real estate transfer tax in the Netherlands As from 1 January 2023, the Dutch real estate transfer tax is 10.4% (8% since 1 January 2021, previously 6%). For the other costs (e.g. notary fees) Retail Estates charges between 0.08% and 1% extra. Any gains or losses resulting from fluctuations in the fair value of an investment property are recognised in the income statement in the period in which they arise and assigned to the reserves for the balance of fluctuations in the fair value of real estate properties during the appropriation of profits. Expenditure for works on investment properties The expenditure for works on investment properties is charged to the operating property result if the expenditure does not have a positive effect on the expected future economic benefits, and is capitalised if it substantially increases the expected economic benefits it brings to the entity. There are two major types of expenditure: a)costs of maintenance and repairs to roof coverings and car parks: if this involves a complete roof renovation (including new insulation in line with the company's sustainability strategy), these costs are capitalised and therefore added to the fair value of the investment property. Pure maintenance and repair work is charged to the operating result; b)renewal of windows: investments made as part of the company's sustainability strategy (which significantly improve the existing level of comfort) are capitalised and added to the fair value of the investment property; 193 a)the costs of major transformation and renovation works: transformations are occasional projects that add an additional function to the building or considerably improve the existing comfort. These costs relate to materials, fees, contracting works and the like. Internal management and supervisory costs are not capitalised. As soon as they have commenced, such works are included in the assessed value of the building in question (initially on a provisional basis and then permanently following a visit by the real estate expert). Any works that remain to be done are deducted from the valuation. Once these works have been completed, the costs are capitalised and hence added to the fair value of the investment properties. Disposal of investment properties The gains or losses realised from the sale of an investment property are classified as “Result from sales of investment properties” in the income statement and are allocated to the result carried forward upon the appropriation of results. The commissions paid for sales and the liabilities resulting from transactions are deducted from the selling price in order to determine the gain or loss realised. Non-current assets under construction Under the adjusted IAS 40 standard, non-current assets under construction are included in the investment properties. If purchased, they are valued at the acquisition value, including incidental costs and non-deductible VAT. If the Group believes that the fair value of the investment properties under development cannot be determined in a reliable manner but assumes it will be possible to determine the fair value once the properties have been contracted, licensed and rented, the investment properties under development will be registered at cost price until the fair value can be determined (when they have been contracted, licensed and rented or until construction is completed (whichever happens first)) in accordance with IAS 40.53. This fair value is based on the valuation by the real estate expert after deducting the work that remains to be performed. A non-current asset under construction can relate to a plot of land, a building to be demolished or an existing building that needs to be given a new purpose, requiring considerable renovation work to realise the desired purpose. Other tangible non-current assets Tangible non-current assets other than land and buildings the use of which is limited in time are valued at acquisition cost and then depreciated over their expected useful life using the straight-line method. In the financial year of the investment, depreciation is recorded in proportion to the number of months that the asset was in use. The following annual depreciation and amortisation percentages apply: Facilities, machinery and equipment 6,66 - 20% Furniture 3,03 - 20% Vehicles 20 - 33,33% IT equipment 20 - 33,33% Standard software 33,33% Customised software 6,66 - 33,33% Own use properties 3,03% Technical equipment 6,66% Lease agreement In the limited cases where Retail Estates is the lessee in lease agreements (and these agreements are not among the exceptions referred to in IFRS 16), Retail Estates, in its capacity as lessee, will recognize a user right and corresponding liability in the consolidated annual accounts. Subsequently all user rights qualifying as real estate investments are valued at fair value in accordance with the valuation rules described in the section relating to real estate investments. The minimum lease payments are recorded partly as financing costs and partly as repayment of the outstanding liability. The financing cost is recognised in the item “Changes in fair value of financial assets and liabilities”. If there are indications that an asset may have suffered an impairment loss, the book value is compared with the realisable value. If the book value is higher than the realisable value, an impairment loss is recognised. When other tangible non-current assets are sold or retired, their acquisition value and any related depreciations cease to be recognised in the balance sheet and the realised gains or losses are recognised in the income statement. Trade receivables and other non-current assets Trade receivables and other non-current assets are valued at fair value at initial recognition and are subsequently valued at amortised cost on the basis of the effective interest rate method. A write-down is recorded if uncertainty exists concerning the collectability of the receivable at maturity. 194 Real estate certificates Valuation 1.General principle If the holder of the certificates does not have a material interest (more than 75%) in a real estate certificate, the certificates shall be booked on the closing date at the weighted average quoted price during the preceding 30 days and classified as “non-current financial assets”. The aforementioned rule does not apply if, on the basis of publicly available information and the issue conditions for the real estate certificate, a net asset value is noted that is substantially below the stock market price. The value is then limited to the net asset value. 2.Ownership of material interest (more than 75%) in certificates issued (as of 31 March 2025 only applicable to the “DistriLand” real estate certificates) The quoted price of these real estate certificates as listed on the Euronext – Second Market cannot be considered as a reliable reference given the limited liquidity of this real estate certificate. Retail Estates nv’s policy is to revalue its real estate certificates on every closing date in view of: a)the fair value of the immovable properties owned by the issuer by analogy with the valuation of the company’s own real properties. This is done on the basis of a periodic valuation by a real estate expert hired jointly by Retail Estates nv and Immobilière Distri-Land nv. Where one or more buildings are sold by the real estate certificate issuer, the sales price shall be used as valuation until the distribution of the sale’s proceeds; b)the contractual rights of the holder of the real estate certificate in compliance with the prospectus that was published at the time of issue of the real estate certificate. Retail Estates nv only invests in certificates issued for the financing of out-of-town retail real estate. The real estate owned by the issuer is the type of out-of-town retail real estate in which Retail Estates nv aims to invest. Although Retail Estates nv is not the legal owner of this real estate, it considers itself to be the economic beneficiary in proportion to its contractual rights in ownership. In addition, an investment in real estate certificates is regarded as an investment in real estate pursuant to Article 2, sub. 5°, x, of the BE-REIT Act. Taking these considerations into account, the certificates are classified as real estate investments at their acquisition value, including additional expenses. Any gains or losses resulting from fluctuations in the fair value of an investment property are recognised in the income statement in the period in which they arise and assigned to the unavailable reserves at the time of the appropriation of profits. On 31 March 2025, the value of the investment properties related to the Distri-Land certificates amounts to € 19.45 million (€ 17.35 million on 31 March 2024) compared to a total portfolio of Retail Estates of € 2,069.54 million. Processing of coupons 1.Processing of current operating result As a holder of real estate certificates, Retail Estates nv has a contractual right, in proportion to the number of real estate certificates in its possession, to a share of the operating result realised by the issuer. This result is calculated by deducting the operating and maintenance expenses from the total rental income collected. The entire decrease or increase in value is recognised by re-estimating the value of the real estate certificate. As a result, no part of the coupon relating to the operating result should be regarded as compensation for any reduction in value of the issuer’s buildings. The entire coupon is therefore treated as net rental income and is classified as turnover. 2.Processing of the liquidation balance in case of sale of real estate Whenever a particular property in the issuer’s portfolio is sold, the following applies: the net proceeds, after retention of any withholding tax liability, are only recognised as realised capital gains in Retail Estates nv’s accounts equal to the amount of the difference between the book value of the real estate certificate on the closing date increased by the net liquidation coupon on the one hand and the book value on the previous closing date on the other. The book value of the real estate certificate is calculated at each closing date by performing a valuation of the certificate holder’s contractual rights as they appear in the issue prospectus based on the fair value of the immovable property owned by the issuer as validated by the real estate expert of Retail Estates nv on the closing date. Any gains or losses resulting from fluctuations in the fair value of an investment property are recognised in the income statement and incorporated in the period in which they arise and are assigned to the reserves available for distribution at the time of the appropriation of profits. Non-current assets or groups of assets held for sale These assets concern real estate for which the book value will primarily be realised by the sale of the assets and not by further letting. Like the investment properties (see above), these assets are recognised at fair value, which is equal to investment value less transaction fees. A property is recorded as an asset held for sale if a declaration of intent to sell has been signed. 195 Current assets The receivables payable within one year are recognised at nominal value less write-downs for doubtful or bad debts. Bank deposits, sight or term deposits, are valued at amortised cost. Any supplementary costs are charged directly to the income statement. Listed securities are valued at their quoted price. Shareholders’ equity The capital includes the funds obtained when the company was incorporated and those received following mergers or capital increases. Any third-party costs directly attributable to the issuance of new shares shall be deducted from shareholders' equity. When share capital recognised as equity is repurchased by Retail Estates nv, the paid amount, including any directly attributable costs, shall be recognised as a change in shareholders’ equity. Purchased own shares are presented as a decrease in the total shareholders’ equity. Dividends are included in the result carried forward until they been approved by the shareholders' meeting. Liabilities A provision is taken if: –Retail Estates nv has an existing – legally enforceable or actual – commitment resulting from an event in the past; –an outflow of funds will probably be required to settle the commitment; and –the amount of the commitment can be estimated reliably. Trade debts are presented at nominal value on the balance sheet date. Interest-bearing borrowings are initially recognised at cost price less transaction costs. The interest-bearing borrowings are subsequently valued on the basis of the effective interest rate method, recognising each difference between the initial book value and the redemption value as an interest cost in the income statement over the term of the loan. Benefits for the staff and executive officers Retail Estates nv provides a defined contribution pension scheme for its employees and for the members of the management committee. For the members of the management committee this scheme has been entrusted to an insurance company that is independent of the company. The scheme for employees is largely handled via the fund of the joint committee. It is therefore a sector scheme, and it is the organiser of this pension scheme (Fonds Tweede Pijler PC 323) who is to assume the legal responsibilities and obligations. Contributions paid during the financial year are recognised as expenses. Property result The net rental result includes the rent, operating lease income and other revenues related to the aforementioned sources of income less rent-related expenses, i.e. the rent payable on leased assets, impairment losses on receivables and write-backs of impairment losses on receivables. The recovery of property expenses includes the revenue obtained from charging costs for major repairs and maintenance. The charges and taxes payable by tenants on let properties and the recovery of these expenses refer to costs that, under law or custom, are at the tenant’s expense. The owner will either charge or not charge these costs to the tenant depending on the contractual arrangements made with the tenant. Income is valued at fair value of the compensation received and is recognised in the income statement in the period to which it refers using the straight-line method. Property expenses The property expenses are valued at the fair value of the compensation that has been paid or is due and are recognised in the income statement in the period to which they refer using the straight-line method. The technical costs include, among other things, structural and occasional maintenance costs (including expenses made within the context of the sustainability strategy) and losses resulting from incidents partially covered by the insurance companies. The commercial costs include brokers’ commission fees. The property management costs mainly consist of the relevant personnel costs, the operating costs of the company’s registered office and fees paid to third parties. Management fees received from tenants or third parties which partially cover the management costs of the properties are deducted. Corporate operating costs and other current operating income and expenses The corporate operating costs include the fixed operating costs of the company, which operates as a legal entity that is listed on the stock market and benefits from the BE-REIT status. These costs are incurred in order to obtain transparent financial information, to be economically comparable with other types of investments and to offer investors the opportunity to participate directly in a diversified real estate investment in a liquid manner. Part of the costs incurred in the context of Retail Estates nv’s growth strategy are also included in this category. 196 Financial result The financial result consists of the borrowing costs and additional funding costs, such as the negative variations in hedging instruments where these are not effective within the meaning of IAS 39, less income from investments. Corporate income tax Corporate income tax comprises the current tax burden on the profit or loss for the year. Corporate income tax is recognised directly in the income statement, except when relating to items recognised directly in shareholders’ equity. In that case the tax is also recognised directly in shareholders’ equity. The current tax burden includes the expected tax payable on the taxable income for the year as well as any adjustment to the tax payable for previous years. Exit tax Exit tax is the corporate income tax on capital gains arising from the merger of a BE-REIT with a company that is not a BE-REIT. When this company first enters the consolidation scope of the Group, a provision for exit tax liabilities is recorded. In principle, intermediate revisions of this provision for exit tax only take place when the rise in value of this company’s property calls for an increase. Any overvaluation owing to reductions in value is only established at the time of the actual merger. Financial risk management Evolution of the interest rates Higher interest rates result in increased financial expenses and a decrease in the EPRA earnings. Retail Estates nv makes use of financial instruments of the IRS and CAP type to hedge the interest rate risk on non-current loans with variable interest rate. In case of an interest rate swap (IRS), the variable interest rate is exchanged for a fixed interest rate; in case of a CAP, the interest rate is capped. Due to this interest rate policy, 100.70% of the current loans are hedged with a fixed interest rate. An interest hedging has also been concluded for a large part of the still to be renewed credits. The weighted average interest rate of the public BE-REIT is 2.08%. Financing risk Long-term financing is concluded in the form of “bullet loans”, i.e. loans for which the principal must be paid back in full after a term of five to eight years. The diversification of financing over various banks limits the Group’s liquidity risk. In the financial year, the Group concluded 100.70% of its loans at a fixed interest rate or at a variable interest rate which is immediately converted to a fixed interest rate. The net result of the financial year was therefore only sensitive to interest rate fluctuations to a limited extent. Credit risk Before a new tenant is accepted, a credit risk analysis is carried out on the basis of the available information. Rental arrears are furthermore carefully monitored by Retail Estates nv. In case of non-payment, the company generally holds a bank guarantee. Please refer to notes 34 and 35 for more details. None of our customers account for 10% or more of the total rental income. Historic financial information The audited consolidated annual accounts for the financial years ending on 31 March 2023 (pages 172-239 of the Annual Financial Report 2022-2023) and 31 March 2024 (pages 166-233 of the Annual Financial Report 2023-2024) are incorporated in this annual report by reference. Copies of documents incorporated in this annual report by reference can be consulted on the company’s website (www.retailestates.com). 31/03/2025 31/03/2026 31/03/2027 31/03/2028 31/03/2029 Overview of fixed-rate debt, hedged variable-rate debt and unhedged variable-rate debt (in %) hedged variable rate debt fixed-rate debt unhedged variable rate debt 197 Note 2 Rental-related expenses (in € 000) 31.03.2025 31.03.2024 Rent payable for hired assets and lease costs 0 0 Impairments on trade receivables -1,238 -705 Total rental-related expenses -1,238 -705 7. OTHER NOTES Rounding off to the nearest thousand can bring about discrepancies between the balance sheet and the income statement and the details presented below. Note 1 The increase in rental income is mainly the result of the indexations and acquisitions during the past financial year. The rental income stated below does not take into account future indexations. As a theoretical exercise, the following table shows how much rental income Retail Estates nv is certain to receive based on the current lease agreements. Rental income (in € 000) 31.03.2025 31.03.2024 Within one year 145,285 142,241 Between one and five year(s) 458,847 440,050 Within more than five years 497,827 495,402 This does not alter the theoretical risk that all (Belgian) tenants may make use of their legal termination option at the end of the current three-year period. Without taking into account this legal option, the weighted average remaining term is 8.22 years for the Belgian portfolio and 4.14 for the Dutch portfolio. The weighted average remaining term for the entire portfolio is 6.71 years. Type of lease agreement The Group concludes commercial rental contracts for its buildings in Belgium for a minimum period of nine years, which, in most cases, can be terminated by the tenant after the expiry of the third and the sixth year, subject to six months’ notice prior to the expiry date. Standard lease agreements in the Netherlands have a five-year term. The rents are usually paid in advance on a monthly basis (sometimes quarterly). They are indexed annually on the anniversary of the lease agreement. Taxes and levies, including property tax, the insurance premium and common charges, are in principle borne by the tenant. To guarantee compliance with the obligations imposed on the tenant by virtue of the agreement, some tenants must provide a rental guarantee, usually in the form of a bank guarantee, corresponding to three months’ rent. At the start of the agreement, an inventory of fixtures is drawn up between the parties by an independent expert. Upon expiry of the agreement, the tenant must return the leased premises in the condition described in the inventory of fixtures that was drawn up when the tenant moved into the property, subject to normal wear and tear. The lessee is not entitled to transfer the lease nor to sublet all or part of the leased property without prior written consent of the lessor. The tenant must register the agreement at their own expense. Note 3 Recovery of charges and taxes normally payable by tenants on let properties (in € 000) 31.03.2025 31.03.2024 Recharging of rental charges borne by the owner 8,236 7,598 Recharging of real estate taxes and taxes on let properties 7,296 7,010 Total recovery of charges and taxes normally payable by tenants on let properties 15,531 14,609 198 Note 4 Charges normally payable by tenants on let properties (in € 000) 31.03.2025 31.03.2024 Rental charges borne by the owner -8,988 -8,247 Real estate taxes and taxes on let properties -9,255 -8,658 Total charges normally payable by tenants on let properties -18,243 -16,905 The standard lease agreements usually provide for these expenses and taxes to be charged by the owner to the tenants. A number of the Group’s lease agreements nevertheless state that some expenses and taxes remain payable by the owner. These expenses and taxes principally include the costs of property tax, insurance and utilities. The buildings (both existing buildings and those under construction) are covered by various insurance policies (providing cover for e.g. fire, storm and water damage) for a total value (new building value without land) of approximately € 1,343.02 million. This amount represents 65.09% of the fair value of the real estate on the same date (€ 2,063.29 million). The cover is limited to an amount determined by Retail Estates on the basis of the new building value. The value of the land must not be insured due to its nature. Non-current assets held for sale, on the other hand, are insured. Insurance 31.03.2025 31.03.2024 Insurance premiums (in € 000) 1,583 1,522 Percentage of fair value covered by insurance 65.09 69.03 Note 5 Technical costs (in € 000) 31.03.2025 31.03.2024 Recurrent technical costs -5,933 -6,163 Structural maintenance -5,933 -6,163 Non-recurrent technical costs -514 -1,769 Occasional maintenance -845 -935 Claim events covered by insurance companies 234 -1,336 Compensations received from insurance companies 97 502 Total technical costs -6,446 -7,932 Structural maintenance principally concerns expenses within the context of the sustainability strategy (making buildings more energy efficient) and the regular renovation of car parks and roofs. Occasional maintenance, on the other hand, mainly includes unforeseeable costs for the structure of the let premises that are attributable to wear and tear, uninsured accidents and acts of vandalism. Expenditure related to ESG initiatives was lower than in the previous financial year due to a saving of € 1 million on expenditure related to structural maintenance. The decrease in non-recurrent technical costs can be explained by a reversal of the provision for the damage to the facade panels of the Cruquius retail park. Moreover, there were additional costs in the previous financial year 2023-2024 as a result of damage claims that are not present in this financial year. In the previous financial year, there were costs related to a retail property in Soignies that suffered damage to the roof, resulting in significant costs for the restoration of the building. Note 6 Commercial costs (in € 000) 31.03.2025 31.03.2024 Brokers' commissions -237 -257 Publicity related to the properties -350 -580 Lawyers' fees and legal costs -123 -269 Other -271 -142 Total commercial costs -981 -1,249 Commercial costs mainly concern marketing events for the retail parks and fees for lease renewal negotiations and the preparation of permit applications. Other commercial costs mainly relate to the expenses incurred for potential projects and the renovation project in Utrecht (the Netherlands). 199 Note 7 Charges and taxes on unlet properties (in € 000) 31.03.2025 31.03.2024 Vacancy charges of the financial year -364 -197 Property tax on vacant buildings -497 -308 Total charges and taxes on unlet properties -860 -504 The costs and taxes relating to unlet buildings concern buildings that are vacant for a limited period of time in the context of a changeover between tenants and non-current assets under construction (mainly property tax). On 31 March 2025, the cost for vacant property was 0.60% of the rental income received, compared to 0.36% on 31 March 2024. Note 8 The management costs mainly consist of the relevant personnel costs, the operating cost of the ERP application attributable to management, the operating costs of the offices of Retail Estates in Belgium (Ternat) and the Netherlands (Houten) and fees paid to third parties. Management fees received from tenants which partially cover the management costs of the properties are deducted. Management property costs (in € 000) 31.03.2025 31.03.2024 Office charges -1,708 -1,362 IT -1,604 -1,296 Other -104 -66 Housing costs -358 -342 Fees to third parties -266 -347 Public relations, communication and advertising -78 -46 Personnel expenses -4,890 -4,595 Salaries -2,652 -2,647 Social security -588 -544 Pensions and collective insurances -12 -11 Other -1,638 -1,393 Management fees received from tenants 40 40 Total property management costs -7,261 -6,653 Personnel costs make up most of the management costs. The table below provides an overview of the employee count in FTE. The increased personnel costs can be explained by the newly filled positions in combination with indexation and higher recruitment and seminar costs. (in FTE) 31.03.2025 31.03.2024 Property department 26.04 26.81 Total 43.10 42.00 Average 41.70 41.10 For more information about the personnel cost and the employee count for the 2023-2024 financial year we refer to p. 190 et seq. of the 2023-2024 Annual Financial Report. Note 19 Calculation of pay-out ratio (in € 000) - statutory 31.03.2025 31.03.2024 Ordinary net earnings 106,494 122,908 Diluted net earnings 106,494 122,908 Distributable earnings 93,165 89,263 Minimum profit distribution 74,532 71,410 Proposed gross dividend 75,007 71,878 Pay-out ratio 80.51% 80.52% 200 Note 10 The corporate operating costs include the fixed operating costs of the company, which operates as a legal entity that is listed on the stock market and benefits from the BE-REIT status. These costs are incurred in order to obtain transparent financial information, to be economically comparable with other types of investments and to offer investors the opportunity to participate indirectly in a diversified real estate investment in a liquid manner. A part of the costs incurred in the context of the company's growth strategy are also included in this category. Corporate operating costs (in € 000) 31.03.2025 31.03.2024 Office and IT charges -1,654 -1,299 IT -1,575 -1,230 Other -79 -69 Housing costs -197 -185 Fees to third parties -960 -742 Recurrent -341 -356 - Lawyers - Auditors -301 -291 - Other -40 -66 Non-recurrent -619 -386 - Lawyers -25 -50 - Notary costs -6 -9 - Consultants -587 -327 Mergers and acquisitions (other than business combinations) 0 0 Public relations, communication and advertising -58 -123 Personnel expenses -1,892 -1,688 Salaries -948 -813 Social security -259 -218 Pensions and collective insurances -3 -3 Other -682 -653 Management fees -2,350 -2,173 Remuneration of board of directors -436 -352 Taxes and legal costs -1,933 -1,911 Total operating costs -9,480 -8,473 The increase in the corporate operating costs is mainly due to an increase in the office and IT costs, the fees to third parties, and personnel expenses. Office and IT costs rose as a result of the further expansion of the integrated IT system. The increase in fees paid to third parties is due to higher consultancy fees for temporarily filling staff shortages. The increase in personnel costs is due to the newly filled positions related to reporting and ESG. In addition, there were also higher recruitment costs due to filling the various positions. 201 Note 11 Result on disposals of investment properties (in € 000) 31.03.2025 31.03.2024 Book value of sold real estate properties 7,345 12,652 Net sales price of investment properties (sales price - transaction costs) 7,904 12,373 Other -174 -120 Total gain or loss on disposals of investment properties 386 -399 In the past financial year, properties were divested for a net sales price of € 7.90 million. A net capital gain of € 0.39 million was realised on these divestments. Overall, sales revenues represent a sales value that is in line with the investment value of the real estate expert. Please refer to the Management Report for more information. Note 12 Changes in fair value of investment properties (in € 000) 31.03.2025 31.03.2024 Change in investment properties due to value adjustments 32,932 63,315 Change in investment properties due to change in transaction costs -5,098 -12,125 Total changes in fair value of investment properties 27,835 51,190 During the 2022-2025 financial years, actual rents were indexed by an average of 14.60% and 11.61% in Belgium and the Netherlands, respectively. These indexations were included in the expected contractual rents by the real estate experts with a delayed effect. As in the 2023-2024 financial year, there is sufficient market evidence during the 2024-2025 financial year for the real estate experts to assume that the indexations for most properties are permanent in nature, and the expected contractual rents were further aligned with the current rents. The variation in the fair value of investment properties was significantly higher in the previous financial year due to the adjustments already made at that time to bring the expected contractual rents closer to the current rents. This trend continued this year, but to a lesser extent due to the adjustments already made in the previous financial year. In addition, this year we also had the impact of the write-down of the Wetteren site due to its rezoning as an SME park and its lower development value. 31.03.2025 31.03.2024 Other result on portfolio 1,566 -365 The other result on portfolio on 31 March 2024 mainly related to the reversal of deferred taxes on the Dutch properties. As of 1 January 2025, the Dutch companies no longer qualify for the FBI status and are subject to normal taxation. As a result, the provision for deferred taxes in the amount of € 2.32 million was reversed. Note 13 Financial result (in € 000) 31.03.2025 31.03.2024 Collected interests and dividends 105 105 Other 52 57 Total financial result 157 162 202 Note 14 Net interest charges (in € 000) 31.03.2025 31.03.2024 Nominal interest on loans1 -20,323 -21,722 Other interest costs2 95 101 Total net interest charges -20,228 -21,671 1 Also includes the interests on Interest Rate Swaps (financial instruments). 2 Capitalised interest costs on non-current assets under construction. The interest rate used is 2,30%. The weighted average interest rate amounts to 2.08% on 31 March 2025, compared to 2.30% on 31 March 2024 (including the interest costs of the hedging instruments concluded). The company has concluded almost all of its loans as fixed-rate investment loans or as long-term variable-rate loans, for which a fixed interest rate was negotiated via a swap agreement. The evolution of the interest cover ratio (the net rental income versus interest charges on loans) amounts to 7.03 on 31 March 2025 compared to 6.39 the year before. The company agreed on a minimum interest cover ratio of 2 with some of its bankers and bond holders. Please refer to note 35 for an overview of all swaps and caps. If the hedging instruments concluded are not taken into account, the weighted average interest rate amounts to 3.78%. This percentage is 1.70% higher than the current average interest rate. Please refer to note 35 for information about the hedging strategy of Retail Estates. Note 15 Other financial charges (in € 000) 31.03.2025 31.03.2024 Bank costs and other commissions -70 -63 Total other financial charges -70 -63 Note 16 Corporate income tax (in € 000) 31.03.2025 31.03.2024 Company -1,113 -865 1. Corporate income tax -1,113 -865 Current year taxes -1,118 -1,131 Previous year tax adjustment 5 266 2. Exit tax 0 Subsidiaries -1,242 131 1. Corporate income tax -1,233 131 Current year taxes -1,228 -474 Previous year tax adjustment -4 605 2. Exit tax -9 Total corporate income tax -2,355 -734 A BE-REIT is subject to corporate income tax solely in respect of non-tax deductible expenditure and abnormal benefits. Deferred taxes are recorded for the subsidiaries on the difference between the book value after depreciation in the statutory annual accounts of these subsidiaries and the fair value. These deferred taxes are recognized at a rate of 25% for Belgian companies and 8% for Dutch companies. Corporate income taxes increased this financial year compared to the previous financial year due to an increase in disallowed expenses and the discontinuation of the FBI regime for Dutch companies from 2025. FBI status of Dutch companies On 27 December 2023, the law amending the FBI regime was published, as a result of which an FBI can no longer invest in Dutch real estate, unless through a subsidiary that is subject to the regular Dutch corporate income tax rate. The amendment entered into force on 1 January 2025. For the financial year ending on 31 March 2025, the FBI regime will therefore apply to all Dutch companies (with the exception of Alex Invest nv, which is not eligible for this regime) until 31 December 2024. From 1 January 2025, the FBI regime will no longer apply to Dutch subsidiaries. The impact in the fourth quarter as a result of the discontinuation of the FBI regime amounts to € 0.83 million. A new tax treaty between Belgium and the Netherlands will also come into effect. Under this new treaty, profit distributions from the Dutch subsidiaries to Retail Estates nv will be subject to 0% dividend tax, as both Retail Estates nv and the Dutch subsidiaries will no longer qualify as FBI as of 1 January 2025. However, the joint explanatory notes and implementing decrees for this new tax treaty with the Netherlands have not yet been published. 203 Note 17 Number of shares 31.03.2025 31.03.2024 Movements of the number of shares Number of shares at the beginning of the financial year 14,375,587 14,085,827 Number of shares at the end of the financial year 14,707,335 14,375,587 Number of dividend bearing shares 14,707,335 14,375,587 Weighted average number of shares for diluted earnings per share 14,627,352 14,294,043 Note 18 Calculation of distributable earnings (in € 000) - statutory 31.03.2025 31.03.2024 Net result 106,494 122,908 + Depreciations 1,499 1,174 + Impairments 1,537 757 - Reversal of impairments -849 -665 - Reversal transferred and discounted rents 0 0 +/- Other non-monetary components 13,160 16,553 +/- Share in the non recurring result of holding incorporated using the equity method -24,790 -20,759 +/- Result on the disposal of investment properties -366 269 +/- Changes in fair value of investment properties and non-current assets under construction -3,886 -30,704 ADJUSTED RESULT (A) 92,799 89,532 - Capital gains and losses realized on real estate during the financial year 1 366 -269 - Capital gains realized on real estate during the financial year exempt from the mandatory payment subject to their reinvestment within a period of 4 years 1 0 + Realized capital gains on real estate previously exempt from the mandatory payment and which were not reinvested within a 4-year period 1 Net capital gains on realization of real estate not exempt from mandatory payment (B) 366 -269 Distributable result 93,165 89,263 Distributable result x 80% 74,532 71,410 Net reduction debt 0 0 Minimum profit distribution 74,532 71,410 1 relative to the acquisition cost plus capitalised investment costs 204 The other non-monetary elements, amounting to € -13.16 million, concern the variations in the fair value of the financial instruments. The variations in the fair value of investment properties and non-current assets under construction consist of the result on portfolio amounting to € 3.89 million on the one hand and the “other result on portfolio” on the other hand. The share in the non-distributable result of the subsidiaries relates to the variations in the fair value of the subsidiaries. In accordance with article 13 of the BE-REIT Belgian Royal Decree, the BE-REIT must (as imposed by its articles of association) at least pay out the positive difference between the following amounts by way of reimbursement of capital : 1.80% of the amount determined in accordance with the table incorporated into Chapter III of Annex C (BE-REIT Belgian Royal Decree); and 2.the net decrease over the financial year of the debt of the public BE-REIT. Note 19 Calculation of pay-out ratio (in € 000) - statutory 31.03.2025 31.03.2024 Ordinary net earnings 106,494 122,908 Diluted net earnings 106,494 122,908 Distributable earnings 93,165 89,263 Minimum profit distribution 74,532 71,410 Proposed gross dividend 75,007 71,878 Pay-out ratio 80.51% 80.52% Note 20 Investment and amortisation table (in € 000) Intangible non-current assets Other tangible non-current assets 31.03.2025 31.03.2024 31.03.2025 31.03.2024 Acquisition value Balance at the end of the previous financial year 10,253 6,919 8,446 7,855 Acquisitions 731 3,334 429 705 Transfers and disposals of assets -208 -115 Transfers to/from other accounts Balance at the end of the financial year 10,985 10,253 8,667 8,446 Amortisation and impairment losses Balance at the end of the previous financial year 1,379 727 1,995 1,516 Balance of acquired companies Amortisation3 909 651 670 593 Transfers and disposals of assets -161 -113 Transfers to/from other accounts Balance at the end of the financial year 2,288 1,379 2,504 1,995 Net book value 8,697 8,875 6,163 6,450 3 Amortisation of non-current intangible assets and other non-current tangible assets are recognised in the income statement under ‘property management costs’ and 'corporate operating costs'. The depreciation costs on cars are included in the personnel costs. 205 Note 21 Investment and revaluation table (in € 000) Investment properties1 Assets held for sale Total 31.03.2025 31.03.2024 31.03.2025 31.03.2024 31.03.2025 31.03.2024 Balance at the end of the previous financial year 2,028,317 1,888,562 8,552 8,561 2,036,870 1,897,123 Acquisition through purchase of real estate companies 0 3,200 0 0 3,200 Acquisition through contribution real estate companies 0 0 0 0 0 Capitalised interest cost 95 101 0 95 101 Acquisiton of investment properties 12,859 85,115 0 12,859 85,115 Investments that result from subsequent expenses included in the carrying amount of the asset 8,480 8,407 0 8,480 8,407 Contribution of investment properties 0 0 0 0 0 Disposal through sale of real estate companies 0 0 0 0 0 Disposal of investment properties -3,841 -8,442 -3,503 -4,210 -7,345 -12,652 Transfers to assets held for sale -13,408 -4,201 13,408 4,201 0 0 IFRS 16 -217 230 0 -217 230 Other transfers 0 0 0 0 0 Acquisiton of non-current assets under construction 9,418 4,156 0 9,418 4,156 Completion of non-current assets under construction to portfolio 11,207 3,914 0 11,207 3,914 Transfer of non-current assets under construction to portfolio -11,207 -3,914 0 -11,207 -3,914 Transfer of fixed assets under construction to investments in associated companies 0 0 0 0 0 Change in fair value (+/-) 27,834 51,190 0 27,834 51,190 At the end of the financial year 2,069,537 2,028,317 18,457 8,552 2,087,995 2,036,870 OTHER INFORMATIONS Investment value of the property 2,179,677 2,134,531 18,918 8,766 2,198,595 2,143,297 1 Including non-current assets under construction (IAS 40). 206 Investments resulting from subsequent expenditure included in the book value of the assets amounted to € 8.48 million in financial year 2024-2025. In addition, the company realised € 11.21 million from the development of property for its own account and invested € 9.42 million in the development of property for its own account. Where the evolutions in investment properties and the assets held for sale are concerned, please refer to the "Comments on the consolidated accounts for financial year 2024-2025". As mentioned in the valuation rules, non-current assets under construction are included in the investment properties, in accordance with the adjusted IAS 40 standard. If purchased, they are valued at the acquisition value, including incidental costs and non-deductible VAT. If the Group believes that the fair value of the investment properties under development cannot be determined in a reliable manner but assumes it will be possible to determine the fair value once the properties have been contracted, licensed and rented, the investment properties under development will be registered at cost price until the fair value can be determined (when they have been contracted, licensed and rented or until construction is completed, whichever happens first) in accordance with IAS 40.53. This fair value is based on the valuation by the real estate expert after deducting the work that remains to be performed. IFRS 13 IFRS 13 introduced a uniform framework for valuation at fair value and the provision of information on valuation at fair value, where this valuation principle is obligatory or permitted on the basis of other IFRS standards. In this context, fair value is specifically defined as the price that would be received upon sale of an asset or that would have to be paid upon the transfer of an obligation in an arm’s length transaction between market parties on the valuation date. Investment properties are recorded at fair value. Fair value is determined on the basis of one of the following levels of the IFRS 13 hierarchy: –Level 1: valuation based on quoted prices in active markets –Level 2: valuation based on directly or indirectly observable (external) inputs –Level 3: valuation entirely or partly based on unobservable (external) inputs Investment properties fall under level 3 according to the IFRS 13 classification. Valuation methodology investment properties Investment properties are recorded on the basis of appraisal reports drawn up by independent expert real estate appraisers. Investment properties are valued at fair value. This fair value is based on the market value (i.e. corrected for transfer tax as described in the “Accounting policies” described above in this Annual Financial Report). The methods used by the independent real estate appraisers are the following: The investment value is generally calculated on the basis of a GIY (Gross Initial Yield) capitalisation of the current contractual basic annual rent, taking into account possible corrections like estimated market rental value, vacancy, step-rents, rent-free periods etc. The GIY depends on current output on the investment market, taking into account the location, the suitability of the site, the quality of the tenant and the building at the moment of the valuation. In case of buildings where the property rights are divided in bare ownership on the one hand and rights of superficies or long lease rights on the other, the value of the superficies or long lease rights is determined by discounting (Discounted Cash Flow) the net rental income, i.e. after deduction of the superficies or ground rent, until the end of the long lease or superficies agreement. The value of the bare ownership is determined by updating (Discounted Cash Flow) the periodical superficies or leasehold rent until the expiry date of this agreement. 207 Unobservable inputs for the determination of the fair value: 31.03.2025 31.03.2024 Country Method Input Range Weighted average Range Weighted average Belgium Gross Initial Yield-capitalization Capitalisation rate (%) 5,25%-10% 6.77% 5,25% - 10 % 6.64% Annual rent (EUR/m²) 25 - 250 113.93 25 - 250 110.75 Remaining lease duration (expiry date) (in months) 0-540m 98m 0-552m 92m Remaining lease duration (first break option) (in months) 0-192m 24m 0-204m 19m Vacancy (in months) 0m - 12 m / 0m - 12m / DCF (Discounted Cashflow) Discount rate (%) 5,75%-10% 6.65% 5,7% - 10,00% 6.80% Annual rent (EUR/m²) 25 - 250 117.66 50-250 112.21 Remaining lease duration (expiry date) (in months) 0-456m 91m 0-468m 90m Remaining lease duration (first break option) (in months) 0-456m 32m 0-468m 38m Vacancy (in months) 0m-12m / 0m - 12 m / The Netherlands Gross Initial Yield-capitalization Capitalisation rate (%) 5,21%-10,51% 6.80% 5,58%-10,36% 8.27% Annual market rent (EUR/m²) 35 - 364 112.36 50 - 351 107.23 Remaining lease duration (expiry date) (in months) 0-156m 47m 0-168m 43m Remaining lease duration (first break option) (in months) 0-156m 44m 0-168m 43m Vacancy (in months) 0-12m / 0-12m / 208 Sensitivity of investment property valuations The sensitivity of the fair value in relation to changes in the significant unobservable inputs used to determine the fair value of the properties classified in level 3 (in accordance with the IFRS fair value hierarchy) is the following (ceteris paribus): –the effect of the increase (decrease) of the rental income by 1% leads to an increase (a decrease) in the portfolio’s fair value by € 20.70 million. –The effect of an increase (decrease) of the rental income by 2% or 5% is linear. The effect of an increase in the yield by 100 bps leads to a decrease in the portfolio’s fair value by € 263.64 million. –A decrease in the yield by 100 bps leads to an increase in the portfolio’s fair value by € 353.77 million. Valuation methodology solar panels Within the framework of ESG objectives, investments are being made in solar panels which, in accordance with GVV legislation, must be valued by a recognized real estate expert. The value of the solar panels is determined using a theoretical model based on the individual potential electricity production of each installation. They are then valued on the basis of the variable market price for electricity at the time of valuation. Hereby abstraction is made of the current operating conditions in order to arrive at a kind of estimated rental value for the installations. By applying a return that would be paid if the installation were taken over by third parties, the market value is determined. This is an overview of the solar panel investments: Country Year of construction Fair value (€) Rental income (€) Acquisition value (€) Belgium 2017-2024 6,987,365.46 463,280.00 4,916,467.48 The Netherlands 2017-2022 2,414,035.04 102,350.00 1,120,775.28 Non-observable inputs in determining fair value: Valuation methodology Discounted cash flow Implicit sunshine duration The valuation model takes into account 1,088 full-load hours on an annual basis and a yield of 85%, which corresponds to 925 hours per year. On 31 March 2025, the total valued installed capacity will be 8 MWp. Energy price The long-term energy price is determined based on an analysis of historical and expected long-term energy prices. In addition, 65% self-consumption and 35% injection into the grid are taken into account. The valuation on 31 March 2025 takes into account an energy tariff between EUR 270/MWh and EUR 290/MWh. A discount of 20% is applied to the market price. The applicable injection rates are between EUR 35/MWh and EUR 50/MWh. This results in an energy price between EUR 150/MWh and EUR 170/MWh. Any subsidies or green energy certificates are not taken into account. Inflation rate Long-term inflation is based on the percentages applied to the real estate investments by the appraiser, which fell within the range of 2% - 2.5% for both Belgium and the Netherlands. Discount rate The calculated annual net cash flows are discounted at a discount rate of 10%, which corresponds to the minimum return that investors expect for PV installations. This discount rate is derived from a market analysis by the appraiser of realized returns. Decline in yield The solar panel installation has a yield decline of 0.5% per year and will be decommissioned after 25 years. This does not take into account any residual value of the installation or the cost of removing the installation. Maintenance and capex Various operating costs related to the operation of the installation are taken into account. A fixed maintenance fee is charged for the maintenance of the roof and the installation. Insurance costs are also taken into account. If applicable, the right of superficies is included as a cost. 209 Sensitivity of solar panels valuations The sensitivity of fair value to changes in significant unobservable inputs used in determining the fair value of items classified in level 3 according to the IFRS fair value hierarchy is as follows (ceteris paribus): Impact on fair value at: Non-observable inputs decline increase Implicit sunshine duration negative positive Solar panel efficiency negative positive Energy price negative positive Discount rate positive negative Maintenance and capex positive negative The effect of a 10% increase (decrease) in energy prices results in an increase (decrease) in the fair value of the solar panels of € 1.09 million. The effect of a 50 bps increase in the discount rate results in a decrease in the fair value of the solar panels by € 0.36 million. A 50 bps decrease in the discount rate results in an increase in the fair value of the solar panels by € 0.38 million. Valuation process The valuation process for real estate is determined by the CEO and the CFO after approval by the audit committee. They also decide on the independent real estate expert who will be appointed for the different parts of the real estate portfolio. Typically, contracts are entered into for a renewable term of three years. The fees of the real estate experts are determined for the term of their mandate and are not connected to the value of the properties that are the subject of the valuation. An independent real estate expert is appointed for each country in order to ensure that the specific characteristics of each geographic region are reflected correctly. The real estate portfolio is valued on a quarterly basis. The valuation method (see above) is determined by the real estate expert. The valuation cycle in the course of a financial year consists of a visit to the property, after which a detailed report is drawn up, as well as three desktop reviews. The reports of the independent real estate experts are based on: –Information provided by the company, such as current rents, terms and conditions of lease agreements, possible rent reductions, investments etc. This information originates from the financial and management system of the public BE-REIT and is governed by the company's general monitoring system. –Assumptions and valuation models put forward by real estate experts. The assumptions mainly relate to the market situation and concern yields and discount rates. They are based on their professional assessment and perception of the market. The information provided to the real estate experts and the assumptions and valuation models used are checked by the company’s finance manager and the public BE-REIT’s management. All material differences (positive as well as negative) in absolute and relevant terms (versus the previous quarter and versus the previous year) are compared and analysed every quarter. On this basis, the management meets with the real estate experts with a view to accurately and fully reflecting all information regarding the various sites in the valuations. Finally, the final valuations are presented to the audit committee. Impact of the sale of investment properties Divestments during the financial year 2024-2025 resulted in a decrease in investment properties and non-current assets held for sale by € 12.65 million. 210 Note 22 Non-current assets or groups of assets held for sale (in € 000) 31.03.2025 31.03.2024 Assets held for sale 18,457 8,552 Total assets held for sale 18,457 8,552 Recorded under assets held for sale are those assets for which an intention to sell has been signed but the final deed of sale had not yet been executed. These assets are usually sold within a year. Properties are only transferred to the assets held for sale if a declaration of intent has been signed with the potential buyer. The sale is not expected to result in a decrease in value of these assets. On 31 March 2025, the fair value of these assets amounts to € 18.46 million, of which € 12.00 million relates to the sale of the properties at the Veenendaal site and € 5.60 million to the Keerdok retail cluster in Mechelen. The deed of sale of the Veenendaal site was executed on 1 April 2025. The site was sold because it is an atypical real estate site: it concerns a large area with only two tenants. Retail Estates' investment policy in the Netherlands focuses rather on standard properties with an area of 1,500 m². The proceeds from the sale of the Veenendaal site have already been reinvested in the purchase of the additional Venlo property (see management report, section ‘Significant events in the financial year 2024-2025’). The Keerdok site was rezoned by the local government for apartment construction following the approval of the RUP Rode Kruisplein. A number of tenants have moved to the new Malinas retail park, while others have closed their shops. One retail space was initially still leased. On 24 December 2021, Retail Estates entered into a framework agreement with the operating company of two real estate developers to sell its retail properties in phases. The total sale price amounts to € 11.18 million. On 29 March 2023, the first part of the framework agreement was already implemented and part of the retail properties were sold for € 3.75 million. On 29 February 2024, an addendum to the framework agreement was signed, postponing the deadline for the fulfilment of the last conditions precedent to 30 June 2024 and requiring the authentic deed of sale for phase 1 to be executed by 30 September 2024 at the latest. Subsequently, a number of addenda were signed to extend the term for fulfilment of the conditions precedent once again. Finally, on 11 October 2024, addendum V to the framework agreement was signed. Contrary to the original framework agreement, the parties agreed that the purchase/sale of the remaining immovable property would no longer be subject to the condition precedent of obtaining a final and enforceable permit, but: –that the buyer is willing to purchase the property unconditionally (by exercising an option by the buyer or the seller); and –that the seller is willing to postpone the execution of the authentic deeds of sale until 31 March 2025 respectively 31 March 2026 and to allow a partial deferral of payment of the price. In implementation of this latter agreement, the notarial deed relating to part of the remaining immovable property was executed no later than 31 March 2025, against payment of a price of € 1,83 million in total. In May 2025, the buyer exercised the option to purchase the last real estate properties. In principle, the authentic deed will be executed within four months of the option being exercised, and no later than 31 March 2026, against payment of a price of € 5.60 million, which corresponds to the book value as at 31 March 2025. Fifty percent of this price will be paid upon signing the deed, and 50% will be paid no later than 31 December 2026, provided that the buyer provides an irrevocable bank guarantee on first demand, on the basis of which the remaining purchase price will be paid if no payment has been made by the end of 2026. Note 23 Trade receivables and doubtful debtors Trade receivables (in € 000) 31.03.2025 31.03.2024 Trade receivables 16,745 16,846 Invoices to be issued 2,285 1,861 Doubtful debtors -4,859 -4,563 Income to be collected 0 0 Coupon real estate certificats Distri-Land 250 250 Other 206 233 Total trade receivables 14,627 14,627 Outstanding trade receivables, after deduction of doubtful debtors and advance payments, amount to € 12.09 million, of which € 0.20 million relate to the revolving fund and the reserve fund and of which € 11.32 million have not yet reached their maturity date. Taking into account the guarantees obtained – both rental guarantees and bank guarantees – the credit risk on trade receivables is very limited on 31 March 2025. 211 The total prebilling balance amounts to € 11.09 million on 31 March 2025 compared to € 11.86 million last year. The prebilling relates to unexpired rents billed for periods after 31 March 2025. For more details about the Distri-Land coupon, please refer to the chapter ‘Real estate certificates’ in the valuation rules mentioned earlier in this Annual Financial Report. Impairment on doubtful debtors - roll forward (in € 000) 31.03.2025 31.03.2024 At the end of the previous financial year -4,562 -4,025 From acquired companies 0 0 Provisions -2,029 -1,591 Recoveries 2,078 1,252 Write-offs -345 -199 At the end of the financial year -4,859 -4,562 The provision for doubtful debtors is established as follows: the rental arrears list is closely monitored internally. Based on a management assessment, or if obvious and demonstrable reasons exist to suggest that the claim cannot be recovered, a provision is created. Trade receivables are payable in cash. The table below shows an overview of the age structure of the trade receivables for which no value reduction was registered. Trade receivables - Ageing (in € 000) 31.03.2025 31.03.2024 Due < 30 days 234 469 Due 30-90 days 15 -5 Due > 90 days 317 292 Not due 11,319 11,528 Note 24 Tax receivables and other current assets (in € 000) 31.03.2025 31.03.2024 Taxes VAT receivable Witholding tax receivable 4 0 Property tax receivable 1,970 1,995 Salary and social security Other 866 5,316 Total tax receivables and other current assets 2,841 7,311 Other current assets for this financial year relate to an outstanding receivable from Veilinghof ‘t Sas nv. In the previous financial year, other current assets related to proceeds from deeds of sale that had been executed but not yet paid at the balance sheet date. This is not the case in this financial year, which explains the lower receivable. Note 25 Cash and cash equivalents (in € 000) 31.03.2025 31.03.2024 Bank balances 2,917 7,089 Total cash and cash equivalents 2,917 7,089 Note 26 Deferred charges and accrued income (in € 000) 31.03.2025 31.03.2024 Completed, property returns not due 17 139 Rental discounts and rental benefits to be appropriated Property costs paid in advance 2,751 2,309 Interest and other financial costs paid in advance 548 550 Other 298 729 Total deferred charges and accrued income 3,614 3,727 212 Note 27 Shareholders’ equity Capital Capital evolution Capital movement Total remaining capital after the transaction Number of shares created Total number of shares Date Transaction (in € 000) (in € 000) 12/07/1988 Incorporation - 74 3,000 3,000 27/03/1998 IPO and 1st listing on Euronext Brussels 20,563 20,637 1,173,212 1,176,212 30/04/1999 Capital decrease (incorporation of losses) -5,131 15,505 - 1,176,212 30/04/1999 Merger by acquisition 1,385 16,891 283,582 1,459,794 30/04/1999 Capital decrease (incorporation of losses) -2,267 14,624 - 1,459,794 30/04/1999 Incorporation of losses -174 14,451 - 1,459,794 30/04/1999 Incorporation of issue premium and revaluation gain 4,793 19,244 - 1,459,794 30/04/1999 Cash contribution 10,854 30,098 823,348 2,283,142 1/07/2003 Cash contribution 12,039 42,137 913,256 3,196,398 31/12/2003 Public bid on real estate certificates Distri-Land 4,907 47,043 372,216 3,568,614 5/11/2004 Partial incorporation of issue premium 33,250 80,294 - 3,568,614 5/11/2004 Annulment of 20 bearer shares -1 80,293 -20 3,568,594 10/08/2005 Merger by absorption 1 80,294 130 3,568,724 21/11/2006 Merger by absorption 10 80,303 228 3,568,952 30/11/2007 Contribution in kind in the context of a partial split 3,804 84,107 169,047 3,737,999 30/06/2008 Contribution in kind in the context of a partial split 1,882 85,989 83,632 3,821,631 5/09/2008 Contribution in kind 534 86,523 23,750 3,845,381 30/04/2009 Contribution in kind 5,625 92,148 250,000 4,095,381 24/11/2009 Contribution in kind in the context of a partial split 6,944 99,092 308,623 4,404,004 5/02/2010 Contribution in kind 4,380 103,472 194,664 4,598,668 31/03/2010 Contribution in kind in the context of a partial split 910 104,382 40,459 4,639,127 05/05/2010 Contribution in kind 3,288 107,671 146,135 4,785,262 21/06/2010 Contribution in kind 2,662 110,332 118,293 4,903,555 30/11/2010 Contribution in kind 2,212 112,544 98,301 5,001,856 30/11/2010 Contribution in kind 1,280 113,824 56,872 5,058,728 30/11/2010 Contribution in kind 66 113,890 2,935 5,061,663 16/06/2011 Contribution in kind 1,989 115,879 88,397 5,150,060 213 Capital evolution Capital movement Total remaining capital after the transaction Number of shares created Total number of shares Date Transaction (in € 000) (in € 000) 27/06/2011 Contribution in kind 5,520 121,399 245,348 5,395,408 30/03/2012 Contribution in kind in the context of a partial split 937 122,336 41,666 5,437,074 4/7/2012 Contribution in kind 4,694 127,030 208,607 5,645,681 27/7/2012 Contribution in kind - stock optional dividend 3,768 130,798 167,441 5,813,122 28/6/2013 Contribution in kind 540 131,338 24,009 5,837,131 28/6/2013 Capital increase in cash 32,699 164,037 1,453,280 7,290,411 28/11/2014 Contribution in kind 6,054 170,091 269,062 7,559,473 28/5/2015 Capital increase in cash 28,345 198,436 1,259,740 8,819,213 29/1/2016 Contribution in kind 1,060 199,496 47,107 8,866,320 14/12/2016 Contribution in kind 2,604 202,100 115,735 8,982,055 14/12/2016 Contribution in kind 588 202,688 26,153 9,008,208 5/4/2017 Contribution in kind 3,924 206,612 174,404 9,182,612 29/6/2017 Contribution in kind 4,500 211,112 200,000 9,382,612 29/3/2018 Contribution in kind 1,890 213,002 83,973 9,466,585 29/3/2018 Contribution in kind 519 213,521 23,076 9,489,661 27/4/2018 Capital increase in cash 42,704 256,225 1,897,932 11,387,593 26/9/2018 Contribution in kind 788 257,013 35,000 11,422,593 1/4/2019 Contribution in kind 900 257,913 40,000 11,462,593 1/4/2019 Contribution in kind 630 258,543 28,000 11,490,593 24/6/2019 Contribution in kind - stock optional dividend 7,584 266,127 337,063 11,827,656 26/6/2019 Contribution in kind 16,875 283,002 750,000 12,577,656 22/7/2019 Contribution in kind 1,187 284,189 52,758 12,630,414 20/8/2020 Contribution in kind - stock optional dividend 795 284,985 35,349 12,665,763 14/10/2021 Contribution in kind 12,616 297,600 560,689 13,226,452 14/6/2022 Capital increase in cash 19,336 316,936 859,375 14,085,827 12/7/2023 stock optional dividend 6,520 323,456 289,760 14,375,587 27/6/2024 stock optional dividend 7,464 330,921 331,748 14,707,335 214 Note 30 Trade debts and other current debts (in € 000) 31.03.2025 31.03.2024 Exit tax 402 738 Other 15,311 17,979 Trade debts 346 774 Invoices to be received 9,799 12,165 Taxes payable 4,146 4,039 Other current debts 1,020 1,002 Total trade debts and other current debts 15,713 18,718 The decrease in the invoices to be received can mainly be explained by the investments in ESG initiatives at the site in Heerlen that were still in progress as of 31 March 2024, but not invoiced. In addition the invoices to be received mainly concern work in progress relating to the real estate, property tax and common costs of the retail parks that can be charged. Note 29 Other non-current financial liabilities (in € 000) 31.03.2025 31.03.2024 Authorised hedging instruments (also refer to note 35) 0 Deferred taxes 1,560 3,200 Total other non-current financial liabilities 1,560 3,200 Deferred taxes relate to the difference between the fair value and the statutory value of investment property. A provision for taxes is calculated on the deferred capital gain. Under Dutch tax regulations, real estate owned by a company that is no longer classified as an investment institution must be valued at its economic value, in this case the fair value in accordance with IAS 40. As a result, the provision accumulated in the past was reversed. As per 31 March 2025, the capital amounts to € 330,920,767.36 and is represented by 14,707,335 shares. There are no preferred shares. Each of these shares represents one vote at the shareholders’ meeting, and these shares represent the denominator for the notification in the context of the transparency declarations. The difference between the capital as indicated above and the capital included in the consolidated balance sheet is explained by the capital increase costs, which were deducted in the consolidated balance sheet. The capital has been paid up in full. Please refer to article 6.1 of the articles of association of Retail Estates nv, as included in the chapter “Permanent document” of this report. Note 28 Issue premium evolution (in € 000) Issue premiums Date Transaction Previous financial year 384,498 27 June 2024 Capital increase through contribution in kind 12,061 Total issue premiums 31.03.2025 396,559 From the financial year commencing on 1 April 2020, the issuance premiums resulting from capital increases can be allocated to the available reserves. On the date of this report, € 81.15 million in share premium has been allocated to the available reserves, € 315.41 million is part of the unavailable reserves. Note 31 Exit tax (in € 000) 31.03.2025 Balance at the end of the previous financial year 738 Increase during the financial year 9 Advance payments -359 Assessments 13 At the end of the financial year 402 The exit tax refers to the taxes payable on the deferred capital gains of acquired real estate companies that will have to be paid at the time of merger of those companies with the public BE-REIT Retail Estates nv. The table above gives an overview of the evolution of the exit tax owed versus the previous financial year. 215 Note 34 Breakdown by due date of credit lines (in € 000) 31.03.2025 31.03.2024 Non-current Bilateral loans - variable or fixed rate 648,655 686,535 Bond loan 175,743 175,572 Subtotal 824,397 862,107 Current Bilateral loans - variable or fixed rate 21,384 4,182 Bond loan 0 Treasury certificates 40,100 42,500 Subtotal 61,484 46,682 Total 885,881 908,789 Breakdown by maturity of non-current financial debts - future interest burden not included (in € 000) 31.03.2025 31.03.2024 Between one and two year(s) 210,259 214,813 Between two and five years 378,464 495,981 More than five years 235,675 151,313 Breakdown by the variable or fixed-rate nature of the loans (in € 000)4 31.03.2025 31.03.2024 Variable rate loans 553,786 575,721 Fixed rate loans 332,095 333,068 4 Without taking into account hedging instruments Retail Estates nv has the following unused credit facilities (in € 000) 31.03.2025 31.03.2024 Expiring within one year 0 0 Expiring after one year 203,262 184,012 40.10 mio EUR of the unused credit lines is used as a backup line for the drawn amounts of the commercial paper program Estimate of the future interest burden Total future interest burden (in € 000) 31.03.2025 31.03.2024 Within one year 19,338 19,999 Between one and five year(s) 78,005 57,293 More than five years 11,597 7,946 Total 108,940 85,238 Note 32 Other current liabilities (in € 000) 31.03.2025 31.03.2024 Dividends payable 2 1 Other 1,522 1,152 Total other current liabilities 1,524 1,153 The other short-term liabilities mainly relate to guarantees received. Note 33 Accrued charges and deferred income (in € 000) 31.03.2025 31.03.2024 Upfront received property income 16,628 16,228 Completed, not due interests and other financial costs 3,151 3,390 Other 50 24 Total accrued charges and deferred income 19,829 19,642 Accrued charges and deferred income mainly comprise real estate income received in advance that is attributable to advance invoicing of contractual rents. 216 Reconciliation between changes in financial liabilities and consolidated cash flow statement (in € 000) 31.03.2024 + Cash flows + Non cash variations 31.03.2025 Financial debts 913,868 890,438 Bilateral loans - variable or fixed rate 733,217 -23,078 710,139 Bond loan 175,572 171 175,743 Financial lease 5,079 -522 4,557 * The non-cash movement for finance leases relates to the adoption of IFRS 16. ** The non-cash movement for the bonds refers to the spread of costs associated with the issuance of the bonds. Over the course of the financial year, financial liabilities decreased by a net amount of € -23.08 million. New loans were taken out or existing loans were extended for an amount of € 142.35 million while other loans expired and were repaid for an amount of € 165.35 million. In addition, there are costs linked to the issue of bonds that are incorporated into the result spread over time. Non-current and current financial liabilities Breakdown by due date of credit lines (in € 000) 31.03.2025 31.03.2024 Non-current Bilateral loans - variable or fixed rate 648,655 686,535 Financial leases 4,557 5,079 Bond loan 175,743 175,572 Subtotal 828,954 867,186 Current Bilateral loans - variable or fixed rate 21,384 4,182 Bond loan 0 Treasury certificates 40,100 42,500 Subtotal 61,484 46,682 Total 890,438 913,868 Structure of the financial debt: On 31 March 2025, total consolidated financial debt amounted to € 890.44 million. This amount is composed as follows: Non-current liabilities: –€ 648.65 million in traditional bilateral long-term bank loans, spread over several banks –€ 4.56 million in financial leases –€ 175.74 million in bond loans This is a decrease by € 38.23 million compared to last year as a result of the acquisitions of the current financial year. structuE of the financial debt 5% Commercial paper 22% Bond loans and alternative financing 74% Financing at major banks 217 Current liabilities: –€ 21.38 million in traditional bilateral short-term bank loans –€ 40.10 million in Commercial Papers This is an increase by € 13.77 million compared to last year. This can mainly be explained by the decrease in the commercial paper programme compared to last year (see above). 100.70% of the loans have a fixed interest rate or are hedged using an interest rate swap contract. The estimate of the future interest burden takes into account the debt position as of 31 March 2024 and interest covers according to the contracts currently in progress. The company has issued five bond loans: –€ 30 million, issued on 29 April 2016 with a maturity of 10 years, of which € 4 million at a fixed interest rate of 2.84% and € 26 million at a floating interest rate (Euribor 3 months + 2,25%) –€ 25 million, issued on 10 June 2016 with a maturity of 10 years and an interest rate of 2.84%. –€ 75 million, issued on 18 December 2019 with a maturity of 7 years and an interest rate of 2.15% –€ 30 million, issued on 9 December 2020 with a maturity of 5 years and an interest rate of 1.991%. –€ 16 million, issued on 26 March 2021 with a maturity of 8 years and an interest rate of 2.897%. €60 million of the above bond loans has already been extended with the underlying investor via a credit agreement. Interest charges analysis – interest sensitivity The degree to which Retail Estates nv can finance itself significantly impacts its profitability. Property investments generally entail a relatively high level of debt financing. To optimally limit this risk, Retail Estates nv applies a relatively cautious and conservative strategy (see above). This strategy ensures that a rise in the interest rate has no substantial impact on the total result of the current financial year. Interest rate increases or decreases nevertheless have an impact on the market value of the concluded IRS contracts and thus on shareholders’ equity and changes in the fair value of financial assets and liabilities. If the interest rate were to rise by 1%, this would have a positive impact of € 28.69 million on shareholders’ equity and changes in the fair value of financial assets and liabilities. € 28.37 million of this amount would be recorded via the income statement and € 0.32 million of this amount would be recorded directly under shareholders' equity. If interest rate were to decrease by 1%, this would have a negative impact of € -30.36 million on shareholders’ equity and changes in the fair value of financial assets and liabilities. € -30.16 million of this amount would be recorded via the income statement account and € -0.20 million would be recorded directly under shareholders' equity. In principle, Retail Estates nv concludes an agreement with its banks for a debt ratio covenant of 60%. Maturity dates The weighted average term of the outstanding financial debts of Retail Estates was 3.46 years on 31 March 2025 compared to 3.45 years for the previous year. On 31 March 2025, the total of unused and confirmed long-term credit lines amounted to € 203.26 million. This is including the backup lines for the Commercial Paper programme amounting to € 40.10 million. The net available credit lines therefore amount to € 163.16 million. First green loan secured Retail Estates has secured its first green loan in 2024-2025. Retail Estates has been committed to improving the energy performance of its real estate portfolio for many years. With this green loan, the company is embedding sustainability in its financing strategy. This financing will be used to make properties more energy efficient through insulation and to generate local renewable energy with the installation of solar panels. 218 Note 35 Financial instruments on 31 March 2024 Summary of financial instruments as at closing date 31.03.2025 31.03.2024 (in € 000) Categories Level Book value Fair value Book value Fair value I. Non-current assets Finance lease receivables A 2 1,030 1,030 1,030 1,030 Loans and receivables A 2 32 32 40 40 Financial non-current assets A/C 2 31,172 31,172 44,924 44,924 II. Current assets Trade receivables and other receivables A 2 17,467 17,467 21,938 21,938 Cash and cash equivalents B 2 2,917 2,917 7,089 7,089 Total financial instruments on the assets side of the balance sheet 52,617 52,617 75,021 75,021 I. Non-current liabilities Interest-bearing liabilities A 2 Credit institutions A 2 648,655 646,878 686,535 680,578 Long term financial lease A 2 4,557 4,557 5,079 5,079 Bond loan A 2 175,743 174,504 175,572 171,544 Other non-current liabilities A 2 Other financial liabilities C 2 0 0 0 0 II. Current liabilities Interest-bearing liabilities A 2 61,484 61,484 46,682 46,682 Current trade debts and other debts A 2 17,237 17,237 19,871 19,871 Total financial instruments on the liabilities side of the balance sheet 907,675 904,660 933,739 923,754 1 The table presents the gross amounts (excl. activated costs). 219 The categories correspond to the following financial instruments: A.Financial assets or liabilities (including receivables and loans) held to maturity at amortised cost. B.Investments held to maturity at amortised cost. C.Assets or liabilities held at fair value through profit and loss except for financial instruments designated as hedging instruments that are subject to hedge accounting. The majority of the financial instruments of the Group correspond to level 2 in the fair values hierarchy. Fair value valuation is carried out regularly. Level 2 in the fair value hierarchy includes other financial assets and liabilities of which the fair value can be determined by reference to other inputs which are directly or indirectly observable for the relevant assets or liabilities. The valuation techniques regarding the fair value of level 2 financial instruments are the following: –The item “other financial liabilities” refers to interest rate swaps of which the fair value can be determined by means of interest rates applicable on active markets; these rates are generally provided by financial institutions. –The fair value of the other level 2 financial assets and liabilities is virtually equal to their book value: •either because they have a short-term maturity (e.g. trade receivables and debts); •or because they have a variable interest rate. The fair value of debts with a fixed interest rate is estimated by discounting their future cash flows at a rate that reflects the Group’s credit risk. Financial instruments at amortised cost Since trade receivables and trade debts are short-term instruments, the fair value approximates the nominal value of these financial assets and liabilities. On 31 March 2025, Retail Estates nv had € 553.79 million of financial debts at a variable interest rate and € 332.10 million of financial debts at a fixed interest rate1. 100.70% of the loans have a fixed interest rate or are hedged using an interest rate swap contract. The fixed interest rates at which these long-term debts were originally concluded in most cases no longer correspond to prevailing money market rates, resulting in a difference between their book value and their fair value. The table below compares the total amount of fixed-rate debts at book value and at fair value at the end of the 2024-2025 financial year. The fair value of the fixed-rate debts is estimated by discounting their future cash flows at an interest rate that reflects the Group’s credit risk. The fair value of the fixed-rate debts is mentioned in the table below. The book value is equal to the amortised cost. 31.03.2025 31.03.2024 Financial debts at fixed interest rate Book value Fair value Book value Fair value Financial debts at fixed interest rate 332,095 329,080 333,068 323,083 Financial instruments at fair value Fair value of financial assets and liabilities (in € 000) 31.03.2025 31.03.2024 Fair value of financial derivatives - Liabilities 0 Fair value of financial derivatives - Assets 24,597 38,275 Total fair value of financial assets and liabilities 24,597 38,275 The Group makes use of financial derivatives (interest rate swaps, floors and caps) to hedge interest rate risks arising from operational, financial and investment activities. Financial derivatives are initially recognised at cost and revalued to their fair value on the next reporting date. The variation in instruments amounts to € -13.67 million in the current financial year. The derivatives currently used by Retail Estates nv qualify as cash flow hedges only to a limited extent. Changes in the fair value of the derivatives that do not qualify as cash flow hedges are recorded directly in the income statement. An amount of € -13.00 million was recorded in the income statement with respect to the financial instruments. Swaps qualifying as cash flow hedges are booked directly as shareholders’ equity and are not included in the income statement. This financial year, € -0.66 million was recorded directly in equity. The interest rate swaps are level 2 instruments. 220 Overview of financial instruments: Other non-current liabilities Starting date Ending date Interest rate Variable interest rate Notional amount (in € 000) Type of derivative Hedge accounting 1 July 2016 April 2026 1.26% Euribor 3 M + 26,000 IRS YES 2 March 2018 March 2026 1.10% Euribor 3 M + 20,000 IRS NO 3 December 2018 December 2026 1.06% Euribor 3 M + 25,000 IRS NO 4 January 2018 January 2026 0.74% Euribor 3 M + 25,000 IRS NO 5 July 2016 April 2026 -2.25% Euribor 3 M + 26,000 FLOOR YES 6 March 2018 March 2026 0.00% Euribor 3 M + 20,000 FLOOR NO 7 December 2018 December 2026 0.00% Euribor 3 M + 25,000 FLOOR NO 8 June 2023 June 2026 0.68% Euribor 3 M + 50,000 IRS NO 9 December 2024 December 2028 0.70% Euribor 3 M + 25,000 IRS NO 10 December 2024 December 2028 0.72% Euribor 3 M + 25,000 IRS NO 11 March 2024 March 2029 0.40% Euribor 3 M + 25,000 IRS NO 12 March 2024 March 2029 0.37% Euribor 3 M + 25,000 IRS NO 13 March 2024 March 2029 0.28% Euribor 3 M + 25,000 IRS NO 14 June 2024 March 2029 0.03% Euribor 3 M + 25,000 IRS NO 15 March 2024 June 2029 0.21% Euribor 3 M + 50,000 IRS NO 16 December 2026 December 2029 -0.06% Euribor 3 M + 25,000 IRS NO 17 June 2021 June 2027 0.85% Euribor 3 M + 60,000 IRS NO 18 June 2022 June 2026 0.63% Euribor 3 M + 25,000 IRS NO 19 June 2022 June 2026 0.83% Euribor 3 M + 14,000 IRS NO 20 June 2022 June 2026 0.62% Euribor 3 M + 10,000 IRS NO 21 July 2022 July 2027 1.44% Euribor 3 M + 15,000 IRS NO 22 June 2022 June 2026 1.21% Euribor 3 M + 30,000 IRS NO 23 December 2023 December 2029 0.89% Euribor 3 M + 35,000 IRS NO 24 March 2024 March 2027 0.49% Euribor 3 M + 25,000 IRS NO 221 Starting date Ending date Interest rate Variable interest rate Notional amount (in € 000) Type of derivative Hedge accounting 25 June 2026 December 2029 2.61% Euribor 3 M + 50,000 IRS NO 26 June 2026 December 2029 3.08% Euribor 3 M + 50,000 IRS NO 27 June 2026 December 2029 2.76% Euribor 3 M + 50,000 IRS NO 28 March 2027 March 2028 2.42% Euribor 3 M + 50,000 IRS NO 29 December 2025 December 2031 2.32% Euribor 3 M + 50,000 IRS NO 30 March 2028 March 2032 2.54% Euribor 3 M + 50,000 IRS NO 31 March 2025 March 2028 2.22% Euribor 3 M + 70,000 IRS NO 32 December 2029 March 2032 2.11% Euribor 3 M + 50,000 IRS NO 33 December 2026 March 2031 2.40% Euribor 3 M + 50,000 IRS NO Breakdown by maturity of liquidity obligation associated with the derivative products (in € 000) 31.03.2025 Between zero and two year(s) -9,651 Between two and five years -7,127 More than five years -1,611 Total -18,389 222 Note 36 Additional comments on the debt ratio development Calculation debt ratio (in € 000) 31.03.2025 31.03.2024 Liabilities 929,064 956,581 To be excluded: 21,389 22,841 I. Non-current liabilities 1,560 3,200 Provisions Authorised hedging instruments Deferred taxes 1,560 3,200 II. Current liabilities 19,829 19,642 Provisions Authorised hedging instruments Accrued charges and deferred income 19,829 19,642 Total debt 907,675 933,739 Total assets 2,159,085 2,130,942 Authorised hedging instruments - assets 24,597 38,275 Total assets taken into account for the calculation of the debt ratio 2,134,488 2,092,667 DEBT RATIO 42.52% 44.62% Principle Article 24 of the BE-REIT Belgian Royal Decree requires public BE-REITs to draw up a budget forecast with an implementation schedule when its consolidated debt ratio and that of its perimeter companies exceeds 50% of the consolidated assets. The budget forecast describes the measures that will be taken to prevent the consolidated debt ratio from exceeding 65% of consolidated assets. The debt ratio is lower than 50% on 31 March 2025. Note 37 Related parties The company’s related parties are its subsidiaries and its directors and members of the management committee. Transactions with subsidiaries are eliminated in the consolidation. The company has not concluded any transactions with related parties (as defined under IFRS) during the financial years 2023-2024 and 2024-2025, nor in the period between 1 April 2025 and the date of this report. Directors and members of the management committee The remuneration for directors and members of the management committee is recorded under "corporate operating costs" (see note 10). Management fees (in € 000) 31.03.2025 31.03.2024 Management fees 2,350 2,173 Remuneration of board of directors 436 352 Total 2,786 2,525 223 Note 39 Acquired real estate companies and investment properties As per 31.03.2025 Acquisitions and in-house developments in financial year 2024-2025 resulted in an increase of the real estate portfolio by € 24.07 million. As a result of these investments, total rental income increased by € 0.11 million in financial year 2024-2025. If the acquisitions had taken place on 1 April 2024, the rental income would have increased by € 0,81 million. The operating result increased by € 0.10 million as a result of these investments. Please refer to the management report for more information on the structuring and financing of these acquisitions. As per 31.03.2024 Acquisitions and in-house developments in financial year 2023-2024 resulted in an increase of the real estate portfolio by € 92.23 million. As a result of these investments, total rental income increased by € 13.67 million in financial year 2023-2024. If the acquisitions had taken place on 1 April 2023, the rental income would have increased by € 5.48 million. The operating result increased by € 4.38 million as a result of these investments. Please refer to the management report for more information on the structuring and financing of these acquisitions. Sold real estate companies and investment properties As per 31.03.2025 Divestments were made during the 2024-2025 financial year for a net sales price of € 7.90 million, which resulted in a decrease in investment properties by € 3.84 million and a decrease in assets held for sale by € 3.50. Rental income declined by € 0.13 million as a result of these divestments. If the divestments had taken place on 1 April 2024, the rental income would have decreased by € 0.38 million. As per 31.03.2024 Divestments were made during the 2023-2024 financial year for a net sales price of € 12.37 million, which resulted in a decrease in investment properties by € 8.44 million and a decrease in assets held for sale by € 4.21. Rental income declined by € 0.06 million as a result of these divestments. If the divestments had taken place on 1 April 2023, the rental income would have decreased by € 0.63 million. Note 38 Auditor’s fee (VAT excl.) 31.03.2025 31.03.2024 Remuneration of the auditor for the audit assignment 163 165 Remuneration for exceptional duties or special assignments Other assignments provided by the CCA 57 28 Other audit assignments 0 28 Tax consultancy assignments Other assignments outside the audit assignment 29 In compliance with article 3:64 of the Belgian Code of Companies and Associations, the 70% rule needs to be assessed at the level of the group. It was not exceeded. No assignments were carried out in addition to the audit assignments. 224 Note 40 Events after the balance sheet date Divestment of retail property in Veenendaal (the Netherlands) On 1 April 2025 Retail Estates sold a retail property in Veenendaal (the Netherlands) for € 12 million. The 18,576 m² property was leased to Eijerkamp, a well-known Dutch family business specializing in home furnishings and furniture. The total annual rent for this retail property amounts to € 1.48 million. The fair value of the property was € 12 million on 31 March 2025. The site was sold because it is an atypical real estate site: it concerns a large area with only two tenants. Retail Estates' investment policy in the Netherlands focuses rather on standard properties with an area of 1,500 m². Optional interim dividend On 28 May 2025, the Board of Directors of Retail Estates decided to distribute, in the form of an optional dividend, a gross interim dividend for financial year 2024-2025 (which started on 1 April 2024 and ended on 31 March 2025) amounting to €5.10 (€ 3.57 net, i.e. the net dividend per share after deduction of withholding tax at a rate of 30%) per share (participating in the profits of financial year 2024-2025). In the context of its decision to distribute an interim dividend to the shareholders, the Board of Directors offers the shareholders the possibility to contribute the amount of their claims arising from the distribution of the net amount of the interim dividend to the capital of the Company in return for the issue of new shares (in addition to the option to receive the interim dividend in cash and the option to opt for a combination of the two preceding options). The new shares issued within the context of this capital increase will participate in the profits as from 1 April 2025. Taking into account the obligation of Retail Estates as a public BE-REIT to pay out dividends pursuant to article 13 of the Royal Decree of 13 July 2014 on regulated real estate investment companies, the Board of Directors will propose to the annual general meeting of 22 July 2024 not to pay any additional dividend for the financial year 2024-2025. The contribution in kind of claims against Retail Estates in the context of the optional interim dividend and the associated capital increase improve the shareholders’ equity of the company and therefore reduce its (legally capped) debt ratio. This opens up the possibility for Retail Estates to perform additional debt-financed transactions in the future in order to further realise its growth strategy. The optional interim dividend also makes it possible to retain funds in the Company (in line with the net dividend rights contributed to the company's capital), which in turn reinforces the company's financial position. In addition, it strengthens the ties with the shareholders. The issue price of the new shares has been set by the board of directors at € 57.12. Taking into account the aforementioned issue price, each new share to be issued may be subscribed for and will be paid up by the contribution of net dividend rights attached to 16 existing shares of the same form (represented by coupon no. 33). The option period will run from 5 June 2025 to 19 June 2025, after which the capital increase and the issue of the new shares will be finalised on 26 June 2025. For more information, please see the press release of 28 May 2025. Retail Warehousing Invest - transaction equivalent to a merger The boards of directors of Retail Estates and Retail Warehousing Invest (a wholly owned subsidiary of Retail Estates) intend to decide on a transaction equivalent to a merger within the meaning of Section 12:7 of the Companies and Associations Act, as a result of which the entire assets of Retail Warehousing Invest will be transferred to Retail Estates following dissolution without liquidation. The transaction would take effect on 1 July 2025 and aims to achieve administrative simplification and cost savings within the Retail Estates group. 225 Note 41 List of consolidated companies and changes in the circle of consolidation As per 31 March 2025, the following subsidiaries are part of the consolidation perimeter of Retail Estates nv: Subsidiary External financial debts5 (in € 000) Investment properties5 (in € 000) Rental income6 (in € 000) Participation percentage Retail Warehousing Invest 51,363 3,173 100.00% Inducom 92,464 0 100.00% Finsbury Properties 0 17 100.00% Regreen 8,279 548 100.00% Veilinghof 't Sas 0 26.19% Retail Estates Nederland 54,268 5,608 100.00% Venlo Invest 34,057 2,540 100.00% Cruquius Invest 80,701 5,914 100.00% Spijkenisse Invest 10,250 46,871 3,227 100.00% Heerlen I Invest 68,285 4,910 100.00% Heerlen II Invest 59,562 4,441 100.00% Retail Estates Middelburg Invest 33,339 2,815 100.00% Breda I Invest 41,631 3,240 100.00% Breda II Invest 25,735 2,052 100.00% Naaldwijk Invest 21,153 1,976 100.00% Alex Invest 37,307 3,475 50.00% Zaandam Invest 36,453 2,081 100.00% Osbroek Invest 74,930 5,593 100.00% Aquarius Invest 41,284 2,502 100.00% Waterman Invest 39,214 2,730 100.00% SVK 3,268 221 100.00% 5 Value at closing date of the consolidated figures (31.03.2025) including non-current assets under construction (IAS 40). 6 For the period the companies are part of the Group in the current financial year. Aquarius Invest nv and Waterman Invest nv On 13 June 2023 the subsidiaries “Aquarius Invest N.V.” and "Waterman Invest N.V." were incorporated within the framework of the acquisition of retail park Alexandrium Megastores in Rotterdam (the Netherlands). The investment in the acquisition of the retail park amounts to € 81.5 million (including transfer tax, due diligence and transaction costs). Alexandrium Megastores is part of the largest out-of-town retail area in the Randstad region. The structural connection between Woonmall Alexandrium, the regional Shopping Center Alexandrium (Alexandrium I – owned by Klépierre) and the retail park Alexandrium II Megastores creates a very complementary mix and a retail offer that is exceptional for the Netherlands, with a total of 200 retail units over a surface area of 110,000 m². All shops are open 7 days a week and attract 15 million visitors each year. Inducom nv The statutory financial statements of Inducom have been prepared for the first time in accordance with accounting standards consistent with International Financial Reporting Standards as implemented by the FIIS legislation. This follows the registration of the company as a FIIS from 14 November 2023 on the list of specialized real estate investment funds in application of the Royal Decree of 9 November 2016 relating to specialized real estate investment funds. The company has applied all IFRS standards and interpretations applicable on the balance sheet date of 31 December 2023, for the figures as of the date of transition to IFRS (i.e. 1 January 2022). 226 On 29 March 2024, Retail Estates, as the sole shareholder of RWI, decided on the partial demerger of RWI, with the result that part of RWI's real estate portfolio was transferred to Inducom N.V. The acquired value of Retail Warehousing Invest N.V. includes a significant number of bare property rights (“tréfonds”) whose ground lease is held by Retail Estates N.V. with a current market value of approximately € 78.19 million. Retail Warehousing Invest nv Retail Estates has held a participating interest in Retail Warehousing Invest nv, an institutional Belgian real estate investment trust (BE-REIT) (“RWI”), since 2012. Originally, Retail Estates had a co-shareholder in RWI, holding a 37.5% minority interest. In 2016, this minority shareholder “swapped” the share participation interest in RWI for a share participation in Retail Estates by means of a contribution in kind within the context of the authorised capital. Retail Estates has been the sole shareholder of RWI ever since. On 29 March 2024, Retail Estates, being the sole shareholder of RWI, decided to proceed to a partial demerger of RWI. As a consequence, part of the real estate portfolio of RWI was transferred to Inducom nv, a specialised real estate investment fund under Belgian law and also a 100% subsidiary of Retail Estates. SVK nv During the past fiscal year, control was acquired of the company S.V.K. N.V. The acquisition provides for the expansion of the site in Sint-Joris-Winge. Other subsidiaries All subsidiaries are fully consolidated, with the exception of Veilinghof ’t Sas, to which the change in equity method is applied (please refer to “Significant accounting policies” under the heading “Consolidation principles” for more information about this consolidation method). Retail Estates has a 26.19% participating interest in Veilinghof ‘t Sas. Retail Estates funded the acquisition of this participating interest by an amount of € 5 million. The companies Retail Estates Nederland, Cuquius Invest, Spijkenisse Invest, Heerlen I Invest, Heerlen II Invest, Breda I Invest, Breda II Invest, Zaandam Invest, Naaldwijk Invest, Osbroek Invest, Alex Invest, Venlo Invest, Aquarius Invest, Waterman Invest and Retail Estates Middelburg were incorporated in the Netherlands. The other companies were incorporated in Belgium. 227 Note 42 Determination of the amount in accordance with Article 7:212 of the Belgian Code of Companies and Associations The amount of the paid-up capital as referred to in article 7:212 of the Belgian Code of Companies and Associations or, if higher, the amount of the called-up capital increased by all the reserves which cannot be distributed in accordance with the law or with the provisions of the articles of association, is determined in Article 13, §1, of the BE-REIT Belgian Royal Decree. This calculation is carried out on the basis of the statutory annual accounts of Retail Estates nv. Determination of the amount in accordance with Article 7:212 of the Belgian Code of Companies and Associations (in € 000) 31.03.2025 31.03.2024 Non-distributable elements of the shareholders' equity before distribution of results 884,078 843,904 Paid-up capital 322,533 315,069 Non-available issue premiums pursuant to the articles of association 315,410 315,410 Reserve for the positive balance of the variations of the fair value of real estate 238,939 188,313 Reserve for the impact on the fair value of estimated transfer rights and costs resulting from the hypothetical disposal of investment properties -30,218 -29,514 Reserve for the balance of the changes in fair value of authorised hedging instruments qualifying for hedge accounting 242 901 Reserve for the balance of the changes in fair value of authorised hedging instruments not qualifying for hedge accounting 37,167 53,720 Other reserves 5 5 Profit and loss of the financial year that must be allocated to the non-distributable reserves in accordance with Article 13, §1, of the RREC R.D. 15,516 34,374 Result on portfolio 3,886 30,168 Share in the non recurring result of holding incorporated using the equity method 24,790 20,759 Changes in the fair value of financial assets and liabilities -13,160 -16,553 Total shareholders' equity, statutory, non-distributable 899,594 878,277 Shareholders' equity, statutory 1,215,948 1,162,379 Planned dividend distribution 75,007 71,878 Shareholders' equity, statutory, after distribution of dividends 1,140,940 1,090,501 Remaining reserve after distribution 241,346 212,223 228 Retail Estates applies the look-through approach with respect to its distribution obligation. The look-through approach can be described as a consolidation approach in the statutory annual accounts at the level of the distribution obligation, the appropriation of results and the distribution restrictions. The share in the results of the shareholdings is incorporated into the unavailable and available reserves as if it concerned the results of the parent BE-REIT. On 31 March 2025, the share in the result of the shareholdings that was processed in accordance with the change in equity method amounted to € 51.99 million. Of this amount, € 24.79 million will be added to the reserves for the balance of the change in fair value of the real estate and € 27.20 million will be added to the result carried forward. Segmented information IFRS 8 defines an operating segment as follows: An operating segment is a component of the entity (IFRS 8.5): –that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of an same entity); –of which the operating results are reviewed regularly by the chief operating decision maker (CODM) in order to take decisions about resources to be allocated to the segment and assess its performance; and –for which separate financial information is available. Since the 2018-2019 financial year, Retail Estates has distinguished between two geographical segments: Belgium and the Netherlands. Within Retail Estates the management committee fulfils the role of CODM. 229 Note 43 Segmented information - Profit & Loss Segmented information – results by segment (in € 000) 31.03.2025 31.03.2024 Belgium The Netherlands Unallocated amounts TOTAL Belgium The Netherlands Unallocated amounts TOTAL Rental income 90,312 53,102 143,414 89,727 49,807 139,533 Rental related expenses -1,047 -191 -1,238 -258 -447 -705 Net rental income 89,265 52,911 142,176 89,469 49,359 138,829 Recovery of property expenses Recovery of rental charges and taxes normally payable by tenants on let properties 10,241 5,290 15,531 9,869 4,740 14,609 Rental charges and taxes normally payable by tenants on let properties -10,656 -7,587 -18,243 -10,271 -6,634 -16,905 Other rental related income and expenses -65 -40 -105 -37 -64 -101 Property result 88,785 50,574 139,359 89,030 47,401 136,430 Technical costs -4,402 -2,044 -6,446 -4,875 -3,057 -7,932 Commercial costs -883 -99 -981 -1,127 -122 -1,249 Charges and taxes on unlet properties -631 -230 -860 -414 -90 -504 Property management costs -5,544 -1,717 -7,261 -5,108 -1,544 -6,653 Other property costs -2 -1 -2 -2 -1 -3 Property costs -11,461 -4,090 -15,551 -11,527 -4,814 -16,341 Operating property result 77,324 46,484 123,808 77,503 42,587 120,090 Operating corporate costs -9,480 -9,480 -8,473 -8,473 Other current operating income and expenses 230 Segmented information – results by segment (in € 000) 31.03.2025 31.03.2024 Belgium The Netherlands Unallocated amounts TOTAL Belgium The Netherlands Unallocated amounts TOTAL Operating result before result on portfolio 114,328 111,617 Result on disposals of investment properties 386 0 386 -399 0 -399 Result on sales of other non-financial assets 0 0 Changes in fair value of investment properties 16,789 11,045 27,835 39,948 11,242 51,190 Other result on portfolio -649 2,216 1,566 12 -377 -365 Operating result 144,115 162,043 Financial income 157 157 162 162 Net interest charges -20,228 -20,228 -21,671 -21,671 Changes in the fair value of financial assets and liabilities -13,072 -13,072 -16,487 -16,487 Other financial charges -70 -70 -63 -63 Financial result -33,213 -33,213 -38,059 -38,059 Result in associated companies -75 -75 -92 -92 Result before taxes 110,827 123,891 Taxes -1,147 -1,208 -2,355 -879 145 -734 Net result 108,472 123,157 Attributable to: Shareholders of the Group 106,696 122,967 Minority interests 1,776 190 231 Segmented balance 31.03.2025 31.03.2024 Segmented information – assets by segment (in € 000) Belgium The Netherlands TOTAL Belgium The Netherlands TOTAL Investment properties7 1,374,749 694,788 2,069,537 1,348,893 679,424 2,028,317 Assets or groups of assets held for sale 6,457 12,000 18,457 8,552 0 8,552 7 Including non-current assets under construction (IAS 40). Note 44 Key sources of estimation uncertainty in accordance with IAS 1.125: The implementation of the Group's accounting policies includes important evaluations in the field of classification of lease contracts and acquisition of shares in regulated real estate companies. Accounting estimates are used when the Group determines the fair value of its investment properties and financial instruments. The most important principles for the performance of assessments are based on the Group's experience and the contribution of the real estate experts. The key sources of estimation uncertainty are discussed in notes 21 (investment properties), 35 (financial instruments) and 41 (list of consolidated companies). 232 8. REPORT OF THE STATUTORY AUDITOR TO THE GENERAL SHAREHOLDERS’ MEETING ON THE CONSOLIDATED ANNUAL ACCOUNTS FOR THE FINANCIAL YEAR THAT ENDED ON 31 MARCH 2025 We present to you our statutory auditor’s report in the context of our statutory audit of the consolidated accounts of Retail Estates NV (the “Company”) and its subsidiaries (jointly “the Group”). This report includes our report on the consolidated accounts, as well as the other legal and regulatory requirements. This forms part of an integrated whole and is indivisible. We have been appointed as statutory auditor by the general meeting d.d. 22July 2024, following the proposal formulated by the board of directors and following the recommendation by the audit committee. Our mandate will expire on the date of the general meeting which will deliberate on the annual accounts for the year ended 31 March 2027. We have performed the statutory audit of the Company’s consolidated accounts for 10 consecutive years. Report on the consolidated accounts Unqualified opinion We have performed the statutory audit of the Group’s consolidated accounts, which comprise the consolidated balance sheet as at 31 March 2025, and the consolidated profit and loss account for the year then ended, the consolidated income statement and consolidated statement of other comprehensive income, the consolidated statement of changes in shareholders’s equity, the consolidated cash flow statement for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies and other explanatory information, and which is characterised by a consolidated balance sheet total of EUR ‘000’ 2.159.085 and a consolidated net result for the year of EUR ‘000’ 108.472. In our opinion, the consolidated accounts give a true and fair view of the Group’s net equity and consolidated financial position as at 31 March 2025, and of its consolidated financial performance and its consolidated cash flows for the year then ended, in accordance with the IFRS Accounting Standards as adopted by the European Union and with the legal and regulatory requirements applicable in Belgium. Basis for unqualified opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) as applicable in Belgium. Furthermore, we have applied the International Standards on Auditing as approved by the IAASB which are applicable to the year-end and which are not yet approved at the national level. Our responsibilities under those standards are further described in the “Statutory auditor’s responsibilities for the audit of the consolidated accounts” section of our report. We have fulfilled our ethical responsibilities in accordance with the ethical requirements that are relevant to our audit of the consolidated accounts in Belgium, including the requirements related to independence. We have obtained from the board of directors and Company officials the explanations and information necessary for performing our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Retailpark Bel’Province Eigenbrakel BELGIUM 233 Key audit matter The key audit matter is a matter that, in our professional judgement, was of most significance in our audit of the consolidated accounts of the current period. This matter was addressed in the context of our audit of the consolidated accounts as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on this matter. Valuation of the investment properties Description of the Key Audit Matter The company recorded investment property on the assets side of the balance sheet at 31 March 2025 for a total sum of EUR‘000’ 2.069.537. The international financial reporting standards (IFRS) require investment property to be stated at fair value. The measurement of that fair value strongly depends on a number of selected parameters, the most important ones being the rental value of the property and the discount rate. As required by legislation applicable to regulated real estate companies, the investment properties are valued by an independent external appraiser. The valuation of the investment property is a key audit matter in our audit of the Consolidated Financial Statements due to their material significance relative to the financial statements on the one hand and the level of judgement inherent in the valuation process on the other. For additional information on the valuation of the investment property, please refer to Notes 21 of these Consolidated Financial Statements. How our Audit addressed the Key Audit Matter In assessing the reliability of the third-party valuation and the reasonableness of the parameters used, we performed the following procedures: –We have tested the design, implementation and effectiveness of key controls related to property valuation. –We have validated the internal controls related to the reconciliation of the report of the external appraisers with the value as included in the financial statements per 31 March 2025; –We assessed the objectivity, independence and competence of the external appraisers; –With our internal real estate valuation experts, we assessed the reasonability of the most important parameters used by the external appraisers, being the market rental values and the discount rate; –For a sample of buildings, we assessed whether the main parameters used for valuations, being the contractual rent; the surface and the start and end dates correspond to the contractual data; –Together with our internal valuation experts, we analysed the reasonability of the fair value fluctuations of the investment property portfolio between 31 March 2024 and 31 March 2025; –We also compared the recoverable amount of the investment properties that were sold in the course of the financial year with their respective fair values as reported in the latest financial statements before the time of disposal; –Finally we checked whether the disclosures in the notes to the Consolidated Financial Statements are in compliance with the international financial reporting standards (IFRS). Based on the aforementioned procedures we have been able to obtain sufficient evidence in providing an answer to the key audit matter related to the valuation of the investment property. Responsibilities of the board of directors for the preparation of the consolidated accounts The board of directors is responsible for the preparation of consolidated accounts that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the European Union and with the legal and regulatory requirements applicable in Belgium, and for such internal control as the board of directors determine is necessary to enable the preparation of consolidated accounts that are free from material misstatement, whether due to fraud or error. In preparing the consolidated accounts, the board of directors is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the board of directors either intend to liquidate the Group or to cease operations, or has no realistic alternative but to do so. Statutory auditor’s responsibilities for the audit of the consolidated accounts Our objectives are to obtain reasonable assurance about whether the consolidated accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated accounts. 234 In performing our audit, we comply with the legal, regulatory and normative framework applicable to the audit of the consolidated accounts in Belgium. A statutory audit does not provide any assurance as to the Group’s future viability nor as to the efficiency or effectiveness of the directors’ current or future business management at Group level. Our responsibilities in respect of the use of the going concern basis of accounting by the board of directors are described below. As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional skepticism throughout the audit. We also: –Identify and assess the risks of material misstatement of the consolidated accounts, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control; –Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control; –Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the board of directors; –Conclude on the appropriateness of the board of directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our statutory auditor’s report to the related disclosures in the consolidated accounts or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our statutory auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern; –Evaluate the overall presentation, structure and content of the consolidated accounts, including the disclosures, and whether the consolidated accounts represent the underlying transactions and events in a manner that achieves fair presentation; –Obtain sufficient and appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion. We communicate with the board of directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the audit committee with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with the audit committee, we determine those matters that were of most significance in the audit of the consolidated accounts of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter. Other legal and regulatory requirements Responsibilities of the board of directors The board of directors is responsible for the preparation and the content of the directors' report on the consolidated accounts including the sustainability information and all other information included in the annual report on the consolidated accounts. Statutory auditor’s responsibilities In the context of our engagement and in accordance with the Belgian standard which is complementary to the International Standards on Auditing (ISAs) as applicable in Belgium, our responsibility is to verify, in all material respects, the directors’ report on the consolidated accounts, and the other information included in the annual report on the consolidated accounts, and to report on these matters. 235 Aspects related to the directors’ report on the consolidated accounts In our opinion, after having performed specific procedures in relation to the directors’ report on the consolidated accounts, this directors’ report is consistent with the consolidated accounts for the year under audit and is prepared in accordance with article 3:32 of the Companies' and Associations' Code. In the context of our audit of the consolidated accounts, we are also responsible for considering, in particular based on the knowledge acquired resulting from the audit, whether the directors’ report on the consolidated accounts and the other information included in the annual report on the consolidated accounts, containing2024–2025 in brief; –Remarkable real estate facts; –Letter to the shareholders; –Management report; –Sustainability report; –Retail Estates on the stock exchange; –Real Estate report; –Risk factors; –Permanent document; –Miscellaneous. is materially misstated or contains information which is inadequately disclosed or otherwise misleading. In light of the procedures we have performed, there are no material misstatements we have to report to you. Statement related to independence –Our registered audit firm and our network did not provide services which are incompatible with the statutory audit of the consolidated accounts, and our registered audit firm remained independent of the Group in the course of our mandate; –The fees for additional services which are compatible with the statutory audit of the consolidated accounts referred to in article 3:65 of the Companies' and Associations' Code are correctly disclosed and itemized in the notes to the consolidated accounts. European Uniform Electronic Format (ESEF) We have also verified, in accordance with the draft standard on the verification of the compliance of the financial statements with the European Uniform Electronic Format (hereinafter “ESEF”), the compliance of the ESEF format with the regulatory technical standards established by the European Delegate Regulation No. 2019/815 of 17 December 2018 (hereinafter: “Delegated Regulation”). The board of directors is responsible for the preparation, in accordance with ESEF requirements, of the consolidated financial statements in the form of an electronic file in ESEF format (hereinafter “consolidated financial statements”) included in the annual financial report. Our responsibility is to obtain sufficient appropriate evidence to conclude that the format and marking language of the digital consolidated financial statements comply in all material respects with the ESEF requirements under the Delegated Regulation. Since this English version of the digital consolidated financial statements of Retail Estates NV is not the official version but a free translation of the official version in Dutch, we are unable to express an opinion on this English version. However, we refer to our report on the consolidated financial statements for the year ended 31 March 2025 in Dutch. This contains our opinion on the official Dutch version of the digital consolidated financial statements of Retail Estates NV which have been prepared in accordance with the ESEF requirements under the Delegated Regulation. Other statements This report is consistent with the additional report to the audit committee referred to in article 11 of the Regulation (EU) N° 537/2014. Diegem, 13 June 2025 The statutory auditor PwC Reviseurs d’Entreprises SRL / PwC Bedrijfsrevisoren BV Represented by Jeroen Bockaert Bedrijfsrevisor/Réviseur d’Entreprises Acting on behalf of Jeroen Bockaert BV We refer to p. 218 et seq. of the Annual Financial Report of 2023-2024 for the report of the Statutory Auditor to the General shareholders’ Meeting on the consolidated annual accounts for the financial year that ended on 31 March 2024. We refer to p. 223 et seq. of the Annual Financial Report of 2022-2023 for the report of the Statutory Auditor to the General shareholders’ Meeting on the consolidated annual accounts for the financial year that ended on 31 March 2023. STATUTORY ANNUAL ACCOUNTS 9. STATUTORY INCOME STATEMENT Chapters 9 to 12 contain an abridged version of the statutory annual accounts. The integral version of the statutory annual accounts as well as the related reports can be consulted on the website of Retail Estates (ww.retailestates.com) or can be obtained free of charge upon request. The auditor has delivered an unqualified statement for the statutory annual accounts. 236 237 9. STATUTORY INCOME STATEMENT INCOME STATEMENT (in € 000) 31.03.2025 31.03.2024 Rental income 86,515 86,172 Rental related expenses -983 -252 Net rental income 85,531 85,920 Recovery of property expenses Recovery of rental charges and taxes normally payable by tenants on let properties 9,910 9,457 Rental charges and taxes normally payable by tenants on let properties -10,263 -9,834 Other rental related income and expenses -59 -37 Property result 85,120 85,506 Technical costs -4,203 -4,172 Commercial costs -770 -932 Charges and taxes on unlet properties -524 -345 Property management costs 25 -762 Other property costs -2 -2 Property costs -5,474 -6,213 Operating property result 79,645 79,293 Operating corporate costs -7,310 -7,233 Other current operating income and expenses Operating result before result on portfolio 72,335 72,060 Result on disposals of investment properties 366 -269 Result on sales of other non-financial assets 0 0 Changes in fair value of investment properties 4,263 30,704 Other result on portfolio -377 -537 238 INCOME STATEMENT (in € 000) 31.03.2025 31.03.2024 Operating result 76,587 101,958 Financial income 13,795 12,130 Net interest charges -21,562 -21,923 Changes in the fair value of financial assets and liabilities -13,160 -16,553 Other financial charges -41 -47 Financial result -20,968 -26,394 Share in the result of holding incorporated using the equity method (1) 51,987 48,209 Result before taxes 107,606 123,773 Taxes -1,113 -865 Net result 106,494 122,908 Note: EPRA earnings 90,611 88,803 Result on portfolio 4,252 29,898 Changes in fair value of financial assets and liabilities -13,160 -16,553 Share in the non recurring result of holding incorporated using the equity method 24,790 20,759 (1) Until 31 March 2019, the holdings of the subsidiaries were valuated as financial instruments as per IFRS 9. Since 1 April 2019, the holdings have been valuated using the equity method as per IAS 28. Due to this change in the valuation rules, the dividend paid out from the holdings is recognised as a reduction in the book value of the holding, and the result of the affiliated companies is recognised under the section “Share in the result of holdings incorporated using the equity method”. The subsidiaries dividend of 14.70 million euros that was paid out to the parent company in 2021 is now incorporated in the section “Share in the result of holdings incorporated using the equity method”, instead of under section Financial income. 239 10. STATUTORY STATEMENT OF OTHER COMPREHENSIVE INCOME (Statement of other comprehensive income) Statement of the comprehensive result (in € 000) 31.03.2025 31.03.2024 Net result 106,494 122,908 Other components of the comprehensive result, recyclable in income statements: Impact on the fair value of estimated transaction rights and costs resulting from the hypothetical disposal of investment properties 0 Changes in the fair value of authorised hedging instruments qualifying for hedge accounting as defined by IFRS -660 -549 Variations in fair value of available-for-sale financial assets Conversion differences arising from the conversion of a foreign activity Actuarial gains and losses of defined benefit pension schemes Income tax on the “other elements of the comprehensive result” Other elements of the comprehensive result, after tax COMPREHENSIVE RESULT 105,834 122,359 240 11. STATUTORY BALANCE SHEET ASSETS (in € 000) 31.03.2025 31.03.2024 Non-current assets 2,124,163 2,105,075 Goodwill Intangible non-current assets 8,697 8,874 Investment properties 1,223,685 1,213,338 Other tangible non-current assets 5,930 6,153 Financial non-current assets 884,813 875,671 Finance lease receivables 1,030 1,030 Trade receivables and other non-current assets 8 8 Current assets 33,150 28,045 Assets or groups of assets held for sale 861 1,212 Trade receivables 8,000 8,305 Tax receivables and other current assets 20,744 12,059 Cash and cash equivalents 1,889 4,293 Deferred charges and accrued income 1,656 2,175 TOTAL ASSETS 2,157,314 2,133,119 SHAREHOLDERS’ EQUITY AND LIABILITIES (in € 000) 31.03.2025 31.03.2024 Shareholders’ equity 1,215,948 1,162,380 Capital 322,533 315,069 Issue premiums 396,729 384,580 Reserves 390,191 339,822 Net result of the financial year 106,494 122,908 Liabilities 941,366 970,739 Non-current liabilities 822,408 859,885 Provisions Non-current financial debts 822,249 859,722 Credit institutions 638,405 676,285 Long term financial lease 8,102 7,865 Other 175,743 175,572 Other non-current financial liabilities 159 164 Deferred taxes Current liabilities 118,958 110,854 Current financial debts 61,484 46,682 Credit institutions 61,484 46,682 Short term financial lease Trade debts and other current debts 44,079 50,592 Other current liabilities 401 453 Accrued charges and deferred income 12,993 13,127 TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 2,157,314 2,133,119 241 12. STATUTORY STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (in € 000) Capital ordinary shares Issue premiums non-distributable Issue premiums distributable Reserves Net result of the financial year Minority interests TOTAL Shareholders’ Equity Balance according to IFRS on 31 March 2023 308,549 315,410 58,898 228,535 180,843 1,092,236 Net appropriation of profits 2023-2024 Transfer of portfolio result to reserves 50,604 -50,604 0 Transfer changes in fair value of authorised hedging instruments 41,649 -41,649 0 Transfer of EPRA earnings to reserves 19,569 -19,569 0 Reclassification between reserves Dividends of the financial year 2022-2023 -69,021 -69,021 Capital increase 6,520 10,376 16,896 Capital increase through contribution in kind Costs of capital increase -104 13 -91 Increase in shareholders' equity as a result of mergers Other Comprehensive result 31 March 2024 -549 122,908 122,359 Balance according to IFRS on 31 March 2024 315,069 315,410 69,171 339,822 122,908 1,162,379 Net appropriation of profits 2024-2025 0 Transfer of portfolio result to reserves 50,927 -50,927 0 Transfer changes in fair value of authorised hedging instruments -16,553 16,553 0 Transfer of EPRA earnings to reserves 16,656 -16,656 0 Reclassification between reserves 0 Dividends of the financial year 2023-2024 -71,878 -71,878 Capital increase 7,464 12,275 19,739 Capital increase through contribution in kind 0 Increase in shareholders' equity as a result of mergers 0 Costs of capital increase -126 -126 Other 0 Comprehensive result 31 March 2025 0 0 -660 106,494 105,834 Balance according to IFRS on 31 March 2025 322,533 315,410 81,319 390,191 106,494 0 1,215,948 242 * Detail of the reserves (in € 000) Legal reserve Reserve for the positive/negative balance of changes in the fair value of real estate properties Available reserves Impact on the fair value of estimated transfer rights and costs resulting from the hypothetical disposal of investment properties Changes in the effective part of the fair value of authorised hedging instruments qualifying for hedge accounting as defined by IFRS Changes in the effective part of the fair value of authorised hedging instruments are not subjected to qualify for hedge accounting as defined by IFRS Results carried forward from previous financial years TOTAL Balance according to IFRS on 31 March 2023 5 137,994 4,846 -28,672 1,450 12,071 100,840 228,535 Net appropriation of profits 2023-2024 Transfer of portfolio result to reserves 51,574 -970 50,604 Transfer changes in fair value of authorised hedging instruments 41,649 41,649 Transfer of EPRA earnings to reserves 19,569 19,569 Reclassification between reserves -1,255 1,255 127 -127 0 Capital increase through contribution in kind Increase in shareholders' equity as a result of mergers Costs of capital increase 14 14 Other Comprehensive result 31 March 2024 0 -549 0 -549 Balance according to IFRS on 31 March 2024 5 188,312 6,101 -29,514 901 53,720 120,295 339,822 Net appropriation of profits 2024-2025 Transfer of portfolio result to reserves 51,929 -1,002 50,927 Transfer changes in fair value of authorised hedging instruments -16,553 0 -16,553 Transfer of EPRA earnings to reserves 16,656 16,656 Reclassification between reserves -1,302 1,302 298 -298 0 Capital increase through contribution in kind 0 Increase in shareholders' equity as a result of mergers 0 Costs of capital increase 0 Other 0 Comprehensive result 31 March 2025 -660 -660 Balance according to IFRS on 31 March 2025 5 238,939 7,404 -30,218 242 37,167 136,653 390,191 243 13. STATUTORY APPROPRIATION OF RESULT Statutory appropriation of result (in € 000) 31.03.2025 31.03.2024 A. Net result 106,494 122,908 B. Allocation to / transfer from reserves Allocation to / transfer from the reserves for the balance of changes in fair value of investment properties Financial year -4,321 -31,169 Previous financial years Realisation of properties Allocation to / transfer from the reserves of estimated transfer rights and costs resulting from the hypothetical disposal of investment properties 435 1,002 Allocation to / transfer from the reserves for the balance of changes in fair value of authorised hedging instruments not subject to hedge accounting Financial year -11,630 -4,206 Previous financial years Transfer of the reserve for the balance of the exchange rate differences on monetary assets and liabilities (- / +) Transfer of the tax deferred tax reserve with regard to real estate located abroad (- / +) Transfer of the reserve for the dividends received for the repayment of financial debts (- / +) Allocation to / transfer from other reserves -298 -127 Transfer of carried forward results from previous financial years (- / +) 0 0 C. Remuneration of capital, following article 13, § 1, first paragraph 75,007 71,878 D. Remuneration of capital - other than C Result to be carried forward 15,672 16,529 On 31 March 2024, the revaluation of the subsidiaries amounted to € 51.99 million. Of this amount, € 27.20 million will be added to the result carried forward (result of the subsidiaries that qualify for the look-through approach) and € 24.79 million will be added to the reserves for the balance of the change in fair value of the real estate. 244 14. STATEMENT ON RESPONSIBILITIES The board of directors of Retail Estates nv is responsible for the contents of this annual report, subject to information provided by third parties, including reports of the statutory auditor and the real estate experts. The board of directors, the composition of which can be found in the "Management Report" chapter, hereby declares that, to the best of their knowledge: –this annual report accurately presents important events and, where applicable, the most important transactions conducted with related parties in the course of the financial year, and the impact of those transactions on the abbreviated financial statements; –this report makes no omissions that significantly alter the scope of any statement made in the annual report; –the abbreviated financial statements, which were prepared in accordance with the applicable accounting standards and were thoroughly audited by the statutory auditor, accurately present the properties, the financial situation and the results of Retail Estates nv and the subsidiaries included in the consolidation. The management report furthermore contains the expectations concerning next year’s results as well as explanatory notes on the risks and the uncertainties facing the company. This statement was added to the annual report based on article 12, §2, 3° of the RD of 14 November 2007. In addition, the board of directors declares that, to the best of their knowledge, the company is not involved as a defendant in disputes that may have a material impact on the annual accounts. risK FACTORS The Company RENTALS to retailers who integrate an “OMNICHANNEL” concept into their business model, thus integrating e-commerce into existing stores. 245 246 RISK FACTORS The main risks facing the company are listed below. For each of the listed risks, measures and procedures are in place to assess, control and monitor the effects as much as possible. These measures and procedures are also discussed below. The board of directors regularly evaluates the company’s exposure to risks, the financial impact of these risks and the actions that must be taken to monitor these potential risks, to avoid the risks and/or (where relevant) to limit the impact of these risks. This list of risks is based on the information that was known at the time of preparation of this report. Other unknown and unlikely risks or risks that are not expected to have a significant adverse effect on the company, its activities and its financial situation may exist. The list of risks included in this chapter is therefore not exhaustive. WINKELSTAP Merksem BELGIUM Retail Cluster Aiseau-Presels BELGIUM 247 MARKET RISKS INVESTMENT MARKET FOR OUT-OF-TOWN RETAIL PROPERTIES AND RETAIL PARKS Description of the risk Potential impact Limiting factors and control The reduced demand from investors for out-of-town retail properties. The value of the portfolio is estimated each quarter by independent real estate experts. A decrease in valuation leads to a decrease in shareholder’s equity (“NAV”) and, consequently, an increase in the debt ratio of the company. The value of out-of-town retail property is mainly determined by the commercial value of the property’s location. Due to the scarcity of good locations, supply and demand tend to exert upward pressure in both the private and institutional investor markets. The values are generally inflation-proof due to indexation of the rent, but they are interest rate sensitive due to the high debt ratio of many investors. The willingness to invest on the part of institutional investors may temporarily decrease due to macroeconomic factors that affect the availability and cost of credit. Experience shows that the private investor market, which still represents a major part of investments, is less sensitive to this. The debt ratio amounts to 42.52% on 31 March 2025 (the BE-REIT legislation set the maximum debt ratio at 65%). INFLATION RISK Description of the risk Potential impact Limiting factors and control The Group’s lease agreements contain indexation clauses on the basis of the health index (Belgium) or the consumer price index (the Netherlands), so that annual rental income evolves with the (indexed) inflation rate. The Group’s exposure to inflation also concerns costs related to the lease, including those with respect to renovation and investment works, which may be linked to an index other than the health index, which could cause these costs to increase more quickly than the increase in rents. This may have an impact on the operational margin. Based on the data of 31 March 2025, the rental income variation can be estimated at € 1.47 million on an annual basis for each percentage point of variation of the (health) index. A continued high inflation may lead to the exhaustion of the possibilities for an upward revision of the rent upon renewal (in Belgium after 9 years, in the Netherlands after 10 years) of the lease. The company seeks to reduce the risk of cost increases by entering into contractual agreements with its suppliers. Belgium has a unique system of automatic indexation of wages and rents, limiting the impact on purchasing power. 248 DEFLATION RISK Description of the risk Potential impact Limiting factors and control Deflation leads to a reduction in economic activity, which in turn results in a general fall in prices. In the case of deflation, the health index will be negative, so rental income will fall. Based on the data of 31 March 2025, the rental income variation can be estimated at € 1.47 million on an annual basis for each percentage point of variation of the (health) index. The Group is partly protected against the risk of deflation (and a corresponding decrease in rental income). Virtually all of the Group’s lease agreements specify that the rent cannot fall below the level of the base rent (i.e. the base rent applicable when the lease agreement is concluded). But even in the case of these lease agreements, a decrease in the rent to a level that is lower than the current rent but higher than the base price cannot be ruled out. E-COMMERCE Description of the risk Potential impact Limiting factors and control Impact of the increasing importance of e-commerce on existing sales channels. Reduced demand for physical shops due to increased online shopping. Demand for smaller shops (fewer m²) due to less stock being present in the shops. Leasing to retailers that integrate the “multichannel” concept into their business model and thus integrate e-commerce into existing shops. Existing properties can be subdivided into smaller units. The effect of the impact is also influenced by the retail segment in which the tenant is active. A large part of the activities of the Retail Estates tenants is less susceptible to e-commerce (home decoration, large-scale retail activities, consumer goods,…). Within this scope we refer to the real estate report, which includes an overview of the commercial activities of the tenants. 249 EXTERNAL FACTORS - INCIDENTS Description of the risk Potential impact Limiting factors and control Impact of external factors and serious incidents (such as terror threat, vandalism, fire, explosion, storm and water damage, pandemics) that may occur in the buildings included in the real estate portfolio. Interrupted activity and consequentially loss of the tenant and reduced rental income. Decrease in rental income due to the closure of shops following the quarantine measures imposed by the government. Possible bankruptcies of tenants. Increased volatility and uncertainty in the international markets. Decline in consumer confidence, long-term unemployment, increased tax burden on work. Decrease in rents. Decrease in the fair value of real estate and consequently also in the Net Asset Value (NAV). The company is insured against lost rental income for a period of 18 to 36 months (depending on the type of permit to be obtained) due to external factors and serious incidents. Please refer to the management report, in which the incidents are explicitly discussed. The real estate report states the insured values for each cluster. Good liquidity position to tide over a temporary disruption of the cash flow. As of 31 March 2025, Retail Estates has a total of € 203.26 million in unused and confirmed credit lines. Usually a bank guarantee of 3 to 6 months is required. The company aims to build long-term relationships with financial partners and investors, and has unused credit facilities available to absorb liquidity shortages and finance investments for which firm commitments have already been made. Please refer to note 34 and seq. of this annual report for an overview of the outstanding credits and unused credit facilities. Sectoral diversification of customers and low average contractual rent. Value is determined by the commercial value of the property’s location. Retail Estates spreads its investments throughout all major shopping areas in Belgium and the Netherlands. These investments are concentrated in the subregions with strong purchasing power. 250 CHANGING ECONOMIC CLIMATE Description of the risk Potential impact Limiting factors and control Impact of falling consumption and a declining economy Decrease in demand for shops. Higher vacancy rates and/or lower rents when re-letting. Decrease in the fair value of real estate and consequently also in the Net Asset Value (NAV). Possible bankruptcies of tenants. Quality of the tenants with mainly retail chains. Please refer to note 23 of this annual report for the evolutions in terms of dubious debtors. Sectoral diversification of customers and low average contractual rent. Value is determined by the commercial value of the property’s location. Retail Estates spreads its investments throughout all major shopping areas in Belgium and the Netherlands. These investments are concentrated in the subregions with strong purchasing power. Usually a bank guarantee of 3 to 6 months is required. MACROECONOMIC FACTORS Description of the risk Potential impact Limiting factors and control Increased volatility and uncertainty in the international markets. May lead to greater difficulty in accessing the stock market to acquire new capital/shareholder’s equity or reduced availability of liquidity on debt capital markets with respect to the refinancing of outstanding bonds. The company aims to build long-term relationships with financial partners and investors, and has unused credit facilities available to absorb liquidity shortages and finance investments for which firm commitments have already been made. Please refer to note 34 et seq. of this annual report for an overview of the outstanding credits and unused credit facilities. 251 OPERATIONAL RISKS VACANCY AND LOSS OF RENTAL INCOME Description of the risk Potential impact Limiting factors and control Risk of increased vacancy and higher re-letting costs related to the evolution in supply and demand in the rental market. Rental income and cash flow affected by an increase in vacancy and the costs of re-letting. Decrease in the fair value of the real estate portfolio and consequently a decrease in the NAV and an increase in debt ratio. Diversified customer base with a good sectoral spread. Good market knowledge via in-house operational teams with strong know-how and knowledge of the retail business. Weekly follow-up and discussion of debt collection at the property meeting. The occupancy rate remains at a high level (97.26% on 31 March 2025). RENTABILITY Description of the risk Potential impact Limiting factors and control Risk of rentability and quality of the tenants. Decrease in the quality and solvency of tenants, resulting in an increase in doubtful debtors, thereby reducing the level of debt collection. Permanent follow-up by means of a weekly debt collection and property meeting ensures a proper flow of information and a swift approach. Good market knowledge via in-house operational teams with strong know-how and knowledge of the retail business. STRUCTURAL CONDITION OF THE BUILDINGS Description of the risk Potential impact Limiting factors and control Risk of structural and technical deterioration during the life cycle of buildings. Ageing of buildings, which affects commercial attractiveness. Loss of income and a long period in which the invested capital does not perform. Management makes every effort to anticipate these risks and, to this end, conducts a consistent policy with respect to maintenance and repairs. In practice, these interventions are limited mainly to the renovation of car parks and roofs. 252 ACQUISITIONS Description of the risk Potential impact Limiting factors and control A large number of buildings in the company’s real estate portfolio (and in that of its subsidiaries) were acquired in the context of the acquisition of shares in real estate companies or corporate restructuring such as mergers and (partial) demergers. Real estate companies over which control is acquired are typically absorbed by Retail Estates, which transfers all of the capital, assets as well as liabilities, of these companies to Retail Estates. There is a risk that hidden liabilities in these transactions will be transferred to Retail Estates, which would have a significant negative impact on the activities, results, profitability, financial position and outlook of the Group. Management takes the necessary precautions to identify possible risks prior to acquiring control (cf. due diligence with regard to technical, financial, fiscal and accounting as well as legal risks) and strives to obtain the necessary contractual guarantees from the seller/supplier. If necessary, this due diligence is supported by external advisers and a prior valuation by an independent real estate expert. SOIL CONTAMINATION Description of the risk Potential impact Limiting factors and control At a number of locations where the company has retail properties, activities were carried out in the past that were potentially polluting. Retail Estates is in principle not liable for such - by definition historical - contamination. The activities of the tenants of the company usually only result in a very limited risk of contamination and moreover are the responsibility of the tenant. However, the applicable legislation provides for complex, time-consuming procedures when transferring real estate, and this can result in research and study costs. The regulations relating to soil transport result in additional costs if contaminated soil must be manipulated during construction work at such contaminated sites. Retail Estates attempts to integrate environmental issues into the due diligence research that typically precedes the acquisition of real estate and, as far as possible, to place responsibility for any soil contamination (including a possible remediation obligation) with the transferor of the property or the real estate company. 253 TRAFFIC INFRASTRUCTURE Description of the risk Potential impact Limiting factors and control Out-of-town retail properties are by definition mainly accessible via regional roads. The road network is regularly refurbished with new roundabouts, cycle paths, tunnels etc. in the context of road safety. The result of such a refurbishment usually increases the commercial value of retail properties, since the traffic flow is often slowed and the environment around the shopping areas becomes safer. However, it cannot be ruled out that in exceptional cases access to some shopping areas may become more difficult or their visibility may decrease. Dialogue with the government to develop constructive solutions in the interest of all stakeholders. KEY PERSONNEL Description of the risk Potential impact Limiting factors and control The loss of key figures within the organisation. The loss of core competencies by the company could lead to a number of objectives being reached later than planned. Retail Estates pays appropriate attention to the well-being of its employees. The company’s remuneration policy is in line with the market. Great importance is attached to managing the competences of the team members. ICT & FRAUD Description of the risk Potential impact Limiting factors and control Risk of operational losses due to the failure of internal processes and systems, human errors or external events (fraud, natural disaster, cybercrime, etc.). Financial losses due to fraud, theft of sensitive data or interruption of activities. A disaster recovery plan was developed to ensure that the company’s activities can be continued in the event of a disaster or crisis. A backup of all data is also stored in the cloud). Appropriate measures have also been taken in terms of access, security, and cyber security. For IT-related services, Retail Estates is supported by an external partner with whom an SLA (Service Level Agreement) has been concluded. Retail Estates has taken out an insurance policy for financial and operational risks related to IT and fraud. 254 FINANCIAL RISKS LIQUIDITY RISK Description of the risk Potential impact Limiting factors and control Retail Estates is exposed to a liquidity risk that could result in a lack of cash in case of non-renewal or termination of its financing contracts. Impossibility to finance acquisitions or developments (via shareholder’s equity as well as via debt) or increased costs that reduce the expected profitability. The lack of financing to repay interest, capital or operating expenses. Increased cost of debt due to higher bank margins, with an impact on earnings and cash flows. A conservative and cautious financing strategy with a balanced spread of expiration dates, diversification of funding sources and an extensive group of bank partners. Please refer to note 34 et seq. of the annual report for an overview of the outstanding credits and unused credit facilities. INTEREST RATE VOLATILITY Description of the risk Potential impact Limiting factors and control The company risks an increase in its financial costs that may arise from the evolution of interest rates. Increased cost of debt, resulting in an impact on earnings and cash flows, and a decrease in profitability. Strong fluctuations in the value of financial instruments with potential impact on the net asset value (NAV). In the context of negative interest rates, the method used by some banks of demanding a floor for the Euribor rate (which is used as a reference in the financing contracts) of 0% has a negative effect on the financial costs. Indeed, an asymmetry is present since Retail Estates must pay a negative interest rate for its hedging instrument while the banks use a 0% floor. The company pursues a conservative policy, avoiding variable interest rates wherever possible. This contributes to the predictability of the results and the cash flows, which in turn facilitates a correct assessment of the risk. Retail Estates nv uses interest rate swaps to hedge the interest rate risk on long-term loans concluded at a floating interest rate. The maturity of these instruments is matched to the maturity of the underlying credits. If the Euribor rate (interest rate for short-term loans) falls sharply, the market value of these instruments will undergo a negative change. However, this is an unrealised and non-cash item. In an interest rate swap, the variable interest rate is exchanged for a fixed interest rate. In a context of negative interest rates, the company will limit the risk of “floors” as much as possible by allowing floors only for the portion of the credits that are not covered or by building in floors in the interest rate swaps. Please refer to note 34 et seq. of this annual report for more information about the hedges used by the company. 255 COUNTERPARTY RISK Description of the risk Potential impact Limiting factors and control Concluding bank loans and hedging instruments with financial institutions entails a counterparty risk for the company if these financial institutions fail. Termination of existing credit lines, which must then be refinanced with another bank/financial institution, which involves restructuring costs and the risk of higher interest costs for the new credits. This risk is limited by spreading the sources of financing across different instruments and counterparties. COVENANT RISK Description of the risk Potential impact Limiting factors and control Risk of non-compliance with the requirements to meet certain financial parameters under the credit agreements. Non-compliance with these covenants may result in early termination of these credits. The company generally has entered into the following covenants with its bankers and bondholders: •Retention of BE-REIT status •Minimum portfolio size •ICR (Interest Cover Ratio, calculated on net rental results) ≥ 2 •Maximum debt ratio The Belgian BE-REIT Act imposes a maximum debt ratio of 65%. On the date of this report, the company complies with all covenants required by the banks and bond holders. 256 REGULATORY RISKS RISK ASSOCIATED WITH REGULATORY CHANGE Description of the risk Potential impact Limiting factors and control Changes in regulations, including fiscal, environmental, urban planning, mobility policy and sustainable development as well as new provisions relating to the letting of real estate and the extension of permits with which the company, its real estate and/or the users to whom the real estate is made available must comply. Negative influence on business, profits, profitability, the financial situation and prospects. Constant monitoring of existing, potentially changing or future new laws and regulations and compliance with these laws and regulations, assisted by external specialist advisers. RISK ASSOCIATED WITH NON-COMPLIANCE WITH THE REGULATIONS Description of the risk Potential impact Limiting factors and control There is a risk that, possibly due to the (fast) evolution of the regulations applicable to the company (please refer in this context to "Risks associated with regulatory change"), the Company itself, its executives or its employees do not adequately comply with the relevant regulations or that these persons do not act with integrity. Failure to comply with the relevant legislation may have a financial or legal impact on the company; the nature and extent of this impact depends on the legislation that is not complied with. The company shall make every effort to ensure that its executives and employees have the required background and knowledge to adequately implement the relevant legislation. The company has a Corporate Governance Charter and a Dealing Code. Both documents have been published on the company's website and have been communicated to the team. The Dealing Code is an integral part of the Corporate Governance Charter of the Company. 257 PERMITS Description of the risk Potential impact Limiting factors and control The lack of proper urban planning permits and permits for specific properties. Impact on the value of the real estate, since this value is largely determined by the presence of all urban planning permits and permissions under the law on commercial establishments according to the desired use of the property. If a new use must be allocated to the property due to external circumstances, changes to the permits granted must be requested. Obtaining such changes is often time-consuming and the process lacks transparency, which may cause property to be temporarily vacated, even though tenants had been found for it. Management devotes due attention to reviewing the urban planning permits when acquiring and developing retail outlets. In addition, management continuously tries to evaluate changes in urban planning permits and permissions and compliance with these permits and permissions, and to anticipate such changes. URBAN PLANNING PRESCRIPTIONS Description of the risk Potential impact Limiting factors and control If the town planning regulations change, retail units for which an authorisation was received will no longer be allowed to undergo changes subject to authorisation that are contrary to the new purpose desired by the government. As the retail units cannot be given any other purpose than their original authorised purpose, the possible uses are more limited than usual. In addition, all transformations that may jeopardise the optimisation of the buildings are prohibited. However, the retail units can still be let within these limits. The management attempts to prevent this kind of situations by making use of all legal remedies available pursuant to the applicable laws within the context of the revision of town planning regulations in order to retain some flexibility. If this is not possible, a redevelopment of the site concerned will be considered, in line with the purpose desired by the government. RISKS ASSOCIATED WITH NON-COMPLIANCE WITH AND LOSS OF THE BE-REIT STATUS Description of the risk Potential impact Limiting factors and control Retail Estates has a BE-REIT status in Belgium. Risk of future changes to the legislation on BE-REITs, which would make it no longer possible for the company to enjoy the favourable fiscal transparency system for BE-REITs. The company is also subject to the risk of future adverse changes to this system. Risk of loss of recognition of the status of public BE-REIT. Loss of the favourable tax system of a BE-REIT and mandatory repayment of certain credits in case of non-compliance with the rules. Constant monitoring of legal requirements and compliance with these requirements, assisted by external specialist advisers. Intensive dialogue with the regulator in the context of prudential oversight of the BE-REITs. Representation of the company in organisations representing the BE-REIT sector. 258 TAX LAW Description of the risk Potential impact Limiting factors and control The exit tax owed by companies whose assets are taken over by a BE-REIT in case of e.g. a merger is calculated taking into account Circular Letter Ci.RH. 423/567.729 of the Belgian Tax Authorities of 23 December 2004, the interpretation or practical application of which may always change. The “actual value for tax purposes” referred to in this circular letter is calculated with a deduction of registration fees or VAT (which would apply in the event of a sale of the assets) and may differ from the fair value of the real estate as recorded in the balance sheet of the public BE-REIT in accordance with IFRS 13. Non-compliance with relevant tax legislation may have a financial or legal impact on the company. The company shall make every effort to ensure that its executives and employees have the required background and knowledge to adequately implement the relevant tax legislation. RISKS ASSOCIATED WITH THE STATUS OF INSTITUTIONAL BE-REITs AND GBVF/FIIS Description of the risk Potential impact Limiting factors and control The company has control over one institutional BE-REIT, Retail Warehousing Invest nv, and one GBVF/ FIIS (Specialised Real Estate Investment Fund), Inducom NV. Like Retail Estates nv, Retail Warehousing Invest nv is subject to the Belgian BE-REIT Act in its capacity as an institutional BE-REIT. Risk of loss of recognition of the status of institutional BE-REIT and the status of GBVF/FIIS. Loss of the favourable tax system of a BE-REIT and GBVF/FIIS and mandatory repayment of certain credits in case of non-compliance with the rules. Constant monitoring of legal requirements and compliance with these requirements, assisted by external specialist advisers. Intensive dialogue with the regulator in the context of prudential oversight of the BE-REITs. Representation of the company in organisations representing the BE-REIT sector. 259 RISKS WITHIN THE CONTEXT OF THE TIGHTENING OF ESG (ENVIRONMENTAL SOCIAL GOVERNANCE) RULES Description of the risk Potential impact Limiting factors and control Extreme weather conditions (storms, flooding, etc.) can make buildings vulnerable, which can lead to additional repair costs. Climate regulations are being tightened worldwide to mitigate the risks associated with global warming (extreme weather conditions). As a result, restrictions may be imposed with regard to the achievement of certain minimum standards for buildings. This not only results in administrative burdens for the company, but also in costs for adapting the buildings. The tightening of regulations towards green financing is causing the broader capital markets to look for green investments and green-financed assets. Risk of a negative perception of the company's future viability. Risk of additional costs and administrative burdens, and in the event of non-compliance with certain regulations, risk of fines and, as a result, damage to reputation. Impact on the fair value of real estate. A decline in valuation leads to a decline in equity (net asset value or NAV) and, consequently, to an increase in the company's debt ratio. Risk that financing (in the broad sense) will become more expensive. Retail Estates has developed a strategic ESG policy to which an ESG action plan is linked. We refer to the ESG report in this annual report. permanent document Retail estates has Good market knowledge through its own operational teams with strong know-how and knowledge of the retail business. 260 1. GENERAL INFORMATION Identification Name Retail estates nv - Public Belgian Real Estate Investment Trust organised and existing under the laws of Belgium. Registered office Industrielaan 6, 1740 Ternat. In accordance with article 2 of the articles of association, the company’s registered office can be relocated within Belgium following a decision by the board of directors provided that the relocation does not entail a change of language of the articles of association in accordance with the applicable language legislation. Such a decision does not require any amendment to the articles of association, unless the company’s registered office is relocated to another Region. Should this be the case the board of directors has the power to decide to amend the articles of association. If the language of the articles of association must be changed as a result of the relocation of the registered office, only the general shareholders’ meeting has the power to take this decision, in compliance with the requirements for an amendment to the articles of association. Company number, legal entity identifier The company is registered with the Belgian Crossroads Bank for Enterprises, district Brussels, Dutch-language division, under legal entity register number 0434.797.847. Its legal entity identifier (LEI) is 5493007CO5W5OBFG7L21. Website and email address of the company The company’s website is: www.retailestates.com and the company can be contacted at the following email address: investorrelations@retailestates.com. Legal form, incorporation The limited liability company (“naamloze vennootschap”) “Retail Estates – Vastgoedbevak naar Belgisch recht” (currently “Openbare GVV naar Belgisch recht” – “Public BE-REIT organised and existing under the laws of Belgium”) was incorporated pursuant to a deed executed in the presence of the notary public Urbain Drieskens at Houthalen on 12 July 1988 and subsequently published in the Annexes to the Belgian Official Gazette on 29 July 1988 under number 880729-313. The articles of association were most recently amended by minutes drawn up by Mr Tim Carnewal, associated notary public in Brussels, on 27 June 2024. Duration The company has been incorporated for an unlimited period of time. Corporate purpose Please refer to Article 3 of the articles of association as included under section “2. Articles of Association” in the Permanent Document of this Annual Financial Report. Permanent document 261 262 Financial year The financial year of the company starts on 1 April and ends on 31 March of each year. The first financial year as a real estate investment company (currently “Belgian Real Estate Investment Trust”) ran from 1 April 1998 to 31 March 1999. Inspection of documents The non-consolidated and consolidated annual accounts, articles of association, annual reports and other information disclosed publicly on behalf of the shareholders can be obtained free of charge at the registered office of the company. The non-consolidated and consolidated annual accounts and the supplementary reports shall be deposited with the National Bank of Belgium. The articles of association can be obtained from the Registry of the Brussels Enterprise Court at Brussels, or on the website www.retailestates.com. Notices convening general shareholders’ meetings shall be published in the Annexes to the Belgian Official Gazette and in the newspaper De Standaard. The convening notices and all relevant documents shall simultaneously be available on the company’s website at www.retailestates.com: Investor Relations > Shareholders’ agenda > (Extraordinary) shareholders’ meeting. All press releases and other financial information published by Retail Estates nv can be viewed on the website. The annual reports of the company shall be sent to holders of registered shares, to other holders of securities who have fulfilled the formalities prescribed by the Belgian Code of Companies and Associations and to any person who requests them. They can also be obtained at the registered office of the company. Description of the actions required to changes the rights of the shareholders The rights of the company’s shareholders can only be changed in accordance with the applicable provisions of the Belgian Code of Companies and Associations. Furthermore, any proposal to amend the articles of association must be approved in advance by the FSMA, in accordance with article 12 of the BE-REIT Act, and by the company’s general shareholders’ meeting (except in case of use of the authorised capital by the board of directors). Legal regime Belgian Real Estate Investment Trust The BE-REIT regime is governed by the Belgian Act of 12 May 2014, amended for the last time by the Belgian Royal Decree of 18 April 2022 and by the Belgian Royal Decree of 13 July 2014, amended for the last time on 23 April 2018. The concept of a Belgian Real Estate Investment Trust is based on Real Estate Investment Trusts (USA – “REITs”). The intention of lawmakers was for a BE-REIT to guarantee optimum transparency of real estate investments and to assure maximum disbursement of cash flow while allowing investors to enjoy numerous benefits. The BE-REIT is regulated by the FSMA and is subject to specific regulations, the most important of which are: –the legal status must be that of a limited liability company (“naamloze vennootschap”) or a partnership limited by shares (“commanditaire vennootschap op aandelen”) with a minimum capital of € 1,200,000; –indebtedness must be limited to 65%; –the portfolio must be stated at fair value without a possibility of write-downs; –independent experts must make an annual estimate of the real estate assets, which needs to be updated by the end of the first three quarters of each financial year; –at least 80 % of the current result must be paid out as dividends; –the risk must be spread, i.e. no more than 20% of the assets may be invested in one and the same real estate complex; –virtually complete exemption from corporation tax; –an advance levy (currently 30%) must be deducted from the –payable dividend. This is by way of discharge of obligations, insofar as it concerns individuals who acquired the shares as part of the management of their private property; –there must be a stock exchange listing; –the activity must be limited to real estate investments; additionally, the BE-REIT may place assets in securities; –possibility to request that branches of the BE-REIT be given the status of an institutional BEREIT. The objective of all these rules is to limit risks. Companies that merge with a BE-REIT are subject to a tax of 15%1 on the unrealised gains and tax-free reserves, i.e. the ‘exit tax’, plus a supertax at the prevailing rate. 1 This rate applies as from 1 January 2020; previously a rate of 12.50% applied 263 2. COORDINATED ARTICLES OF ASSOCIATION ON 27 JUNE 2024 TITLE I – CHARACTER OF THE COMPANY Article 1 – Form and name 1The Company has the form of a limited liability company (naamloze vennootschap/société anonyme) under the name: “Retail Estates”. 1The Company is a public regulated real estate company under Belgian law (abbreviated, « PRREC ») in the sense of the act of 12 May 2014 regarding the regulated real estate companies, as amended from time to time (hereafter the “RREC Act”) whose shares are admitted to trading on a regulated market and who raises its financials means in Belgium or abroad by means of a public offering of shares. The Company name is preceded or followed by the words “public regulated real estate company under Belgian law” or “public RREC under Belgian law” and all documents produced by the Company contain the same words. The Company is governed by the RREC Act and the royal decree of 13 July 2014 relating to the regulated real estate companies, as amended from time to time (hereafter the “RREC Royal Decree”) (this act and this royal decree are hereafter together referred to as the “RREC legislation”). Article 2 – Registered office, e-mail address and website The registered office of the Company is located in the Flemish Region. The board of directors has the power to transfer the registered office of the Company within Belgium provided that the transfer does not require a change in the language of the articles of association pursuant to the applicable language legislation. Such decision does not require the amendment of the articles of association, unless the Company’s registered office is transferred to another Region. In such case, the board of directors has the power to amend the articles of association. If as a result of the transfer of the registered office, the language of the articles of association must be changed, the general meeting of shareholders shall have the sole power to take such decision, taking into account the requirements applicable to the amendment of the articles of association. The Company may, by simple decision of the board of directors, establish administrative seats, branches or agencies in Belgium as well as abroad. The Company may, in application and within the limits of article 2:31 of the Companies and Associations Code, be contacted at the following e-mail address: investorrelations@retailestates. com. The website of the Company is: www.retailestates.com. The board of directors can change the Company’s e-mail address and website in accordance with the Companies and Associations Code. Article 3 – Object The sole exclusive object of the Company is: a)to make real estate available to users, directly or through a company in which it holds shares, in accordance with the provisions of the RREC Act and its implementing decrees and regulations; and b)to own real estate within the limits of the RREC legislation, as set out in article 2, 5°, i to xi of the RREC Act, as well as any other goods, shares or rights defined as real estate by the applicable regulations on regulated real estate companies; Real estate is understood to mean: i.immovable property as defined in Articles 3:47 and 3:49 and seq. of the Civil Code and rights in rem to said immovable property, to the exclusion of immovable property related to forestry, agriculture or mining; ii.voting shares issued by real estate companies of which the Company holds more than 25% of the share capital, either directly or indirectly; iii.option rights to real estate; iv.shares of public or institutional Belgian regulated real estate companies, provided, in the last case, that the Company holds more than 25% of the capital therein, either directly or indirectly; v.the rights resulting from contracts in which the Company was given one or more properties in lease or in which other analogous user rights were granted; vi.participation rights in public and institutional fixed-capital real estate investment funds (Bevak/Sicafi); 264 i.participation rights in foreign institutions for collective investment in real estate that are registered in the list referred to in Article 260 of the RREC Act; ii.participation rights in institutions for collective investment in real estate that are established in another Member State of the European Economic Area and that are not registered in the list referred to in Article 260 of the RREC Act, insofar as they are subject to supervision equivalent to that exercised over the public fixed-capital real estate investment funds; iii.shares or participation rights issued by companies (i) that are legal entities; (ii) governed by the laws of another Member State of the European Economic Area; (iii) whose shares have or have not been admitted to trading on a regulated market and/or are or are not subject to a regime of prudential supervision; (iv) whose principal activity is the acquisition or construction of immovable property in anticipation of making it available to users or direct or indirect ownership of shares in the capital of companies with a similar activity; and (v) that are exempted from the tax on income from profits originating from the activity referred to under (iv), subject to compliance with specific legal requirements, and that are at least compelled to distribute part of their income among their shareholders (called “Real Estate Investment Trusts” and abbreviated to “REITs”); iv.real estate certificates within the meaning of Article 4, 7° of the Belgian Act of 11 July 2018; v.participation rights in a specialised real estate investment fund; vi.all other goods, shares or rights defined as real estate by the regulations applicable to regulated real estate companies; cto enter into in the long-term, either directly or through a company in which it holds participating interests in accordance with the provisions of the RREC legislation, possibly in cooperation with third parties or with a public contracting authority or adhere to one or more: i.DBF agreements, the so-called “Design, Build, Finance” agreements; ii.DB(F)M agreements, the so-called “Design, Build, (Finance) and Maintain” agreements; iii.DBF(M)O agreements, the so-called “Design, Build, Finance, (Maintain) and Operate” agreements; and/or iv.agreements for public works concessions relating to buildings and/or other immovable infrastructure and corresponding services, and on the basis of which: (i)it is responsible for the provision, the maintenance and/or the operation on behalf of a public entity and/or the citizen as end user, with the purpose of meeting a social need and/or enable the provision of a public service; and (ii)the relevant financing, availability, demand and/or operating risk, in addition to the construction risk, if any, can be assumed by the Company in full or in part, without necessarily being granted rights in rem; or dto develop, have developed, construct, have constructed, manage, have managed, operate, have operated or make available, in the long-term, either directly or through a company in which it holds participating interests in accordance with the provisions of the RREC legislation: i.utilities and storage facilities for the transport, distribution or storage of electricity, gas, fossile or non-fossile fuels and energy in general, and related goods; ii.utilities for the transport, distribution, storage or purification of water, including assets related to these utilities; iii.installations for the generation, storage and transport of renewable or non-renewable energy and related goods; or iv.incinerators and landfills, including assets related to these installations. In the context of the provision of real estate, the Company may in particular carry out all activities related to the establishment, construction (without prejudice to the prohibition to act as a property developer, except in case of occasional transactions), remodelling, renovation, development, acquisition, disposal, furnishing, letting, sub-letting, exchange, contribution, transfer, sub-division, bringing of real estate assets into a system of co-ownership or joint ownership as described above, the granting or acquisition of right of superficies, the right to the usufruct, long-term lease or other in rem or personal rights on properties as described above, and the management and operation of real estate. The Company may, by means of contribution in cash or in kind, merger, demerger or other corporate restructuring, registration, participation, membership, financial support or in any other way, acquire a share (or be a member) of any existing or future companies, businesses or associations in Belgium or abroad with a corporate object that is similar or complementary to that of the Company (including participating interests in a perimeter company 265 that provides services to the tenants of the buildings of the Company and/or its perimeter companies) or that supports or facilitates the realisation of its object and, in general, execute all transactions connected directly or indirectly to its corporate object. The Company may grant mortgages or other forms of security as well as extend loans to, and serve as a guarantor for, a perimeter company within the limits of the RREC legislation. The Company may, on a temporary or subsidiary basis, also invest in securities that are not real estate within the meaning of the RREC legislation. Such investments shall be made in accordance with the risk management policy adopted by the Company, and shall be diversified to ensure an adequate risk diversification. The Company may hold unallocated liquid assets. The liquid assets can be held in all currencies, in the form of deposits on demand, term deposits, or any money market instrument that makes the money readily available. In addition, the Company may engage in transactions involving hedging instruments, provided the latter are carried out for the sole purpose of hedging the interest rate and exchange risk, expressly excluding any speculative transactions. The Company and its perimeter companies may lease out or take a lease on (under finance leases) one or more properties , with or without purchase option. Leasing out with a purchase option may only be carried out as an additional activity , unless the properties in question are intended to be used in the public interest, including social housing and education (in which case this activity may form part of the company’s main activities). In general, the Company is deemed to carry out all of its activities and transactions in accordance with the rules and within the limits provided for by the RREC legislation and any other applicable legislation. Article 4 – Prohibitory provision The Company cannot: –act as a property developer within the meaning of the RREC legislation, except for occasional transactions; –participate in an association for permanent inclusion or guarantee; –lend financial instruments, except for loans that are granted under the conditions and in accordance with the provisions of the royal decree of 7 March 2006; –acquire financial instruments issued by a company or a private association that was declared bankrupt, has concluded an amicable settlement with its creditors, is the object of judicial reorganisation proceedings, has been granted postponement of payment or in respect of which a similar measure has been taken abroad; and –make contractual arrangements or including stipulations in the articles of association with respect to perimeter companies that may affect the voting power to which these companies are entitled pursuant to the applicable legislation due to a participating interest of 25% plus one share. Article 5 - Duration The Company has been incorporated for an unlimited period of time. TITLE II – CAPITAL - SHARES Article 6 - Capital 6.1. Subscription and paying up of the capital The capital of the Company amounts to three hundred and thirty million nine hundred and twenty thousand seven hundred and sixty-seven euros and thirty-six cents (€ 330,920,767.36). It is represented by fourteen million seven hundred and seven thousand three hundred and thirty-five (14,707,335) shares, without a nominal value, each representing an equal part of the capital. The capital is fully paid up. 6.2. Authorised capital The board of directors is authorised to increase the capital on one or more occasions, on the dates and under the conditions determined by it, in accordance with the applicable legislation, up to a maximum amount of: a)one hundred and sixty-one million seven hundred and twenty-eight thousand one hundred and fifty-four euros and ten euro cents (€ 161,728,154.10) for public capital increases by means of a cash contribution, providing for the possibility for the shareholders of the Company to exercise their preferential subscription right or their irreducible allocation right, b)one hundred and sixty-one million seven hundred and twenty-eight thousand one hundred and fifty-four euros and ten euro cents (€ 161,728,154.10)) for capital increases within the context of an optional dividend, 266 a)thirty-two million three hundred and forty-five thousand six hundred and thirty euros and eighty-one euro cents (€ 32,345,630.81) for capital increases by contribution in cash not providing for the possibility for the shareholders of the Company to exercise the preferential subscription right or the irreducible allocation right, with the understanding that the board of directors will only be allowed to increase the capital in accordance with this item (c) if and to the extent that the aggregate amount of the capital increases performed over a period of 12 months in accordance with this paragraph does not exceed 10% of the amount of the capital at the moment on which the resolution for the capital increase is adopted; b)fifty-nine million five hundred and twenty thousand sixty-four euros and fifty-eight euro cents (€ 59,520,064.58) for all other forms of capital increase that the board of directors may decide on up to and including 6 July 2027, and thirty-two million three hundred and forty-five thousand six hundred and thirty euros and eighty-one euro cents (€ 32,345,630.81) for such capital increases as may be decided by the board of directors from 7 July 2027, on the understanding that the amount of any capital increase decided by the board of directors under this point d. from the date of publication in the Annexes to the Belgian Official Gazette of the amendment to the articles of association decided by the extraordinary general meeting of 12 June 2024 and up to and including 6 July 2027 will not be deducted from the maximum amount of thirty-two million three hundred and forty-five thousand six hundred and thirty euros and eighty-one euro cents (€ 32,345,630.81); under the understanding that the capital within the scope of the authorised capital may never be increased in total above the maximum amount of two hundred and ninety-seven million six hundred thousand three hundred and twenty-two euros and ninety-one cents (€ 297,600,322.91) during the period for which the authorisation was granted. In case of a capital increase accompanied by the payment or entry in the accounts of a share premium, only the amount assigned to the capital will be subtracted from the remaining available amount of the authorised capital. This authorisation is granted for a period of five years as from the publication in the Annexes to the Belgian Official Gazette of the amendment to the articles of association, adopted by the extraordinary shareholders’ meeting of 12 June 2024. This authorisation can be renewed. The capital increases decided upon by the board of directors may be effected by contributions in cash or in kind in accordance with the statutory provisions (or by a combination of contributions), or by conversion of reserves or share premiums (or retained earnings or other equity items under the single IFRS financial statements that are eligible for conversion into capital) with or without the creation of new securities (at, below or at the fractional value of the existing shares of the same class, with or without share premium). Capital increases may give rise to the issue of shares with voting rights. These capital increases may also be effected by the issue of convertible bonds (or bonds redeemable in shares) or subscription rights, whether or not attached to other movable assets, which may give rise to the creation of shares with voting rights or other securities. The board of directors can limit or cancel the preferential right, even if this is in favour of specific persons other than members of the staff, provided that, to the extent required by the legislation, an irreducible allocation right is granted to the existing shareholders upon the distribution of new securities. Capital increases by means of a contribution in kind shall be carried out in accordance with the requirements determined by the RREC legislation. Such contributions can include a right to a dividend in the context of an optional dividend distribution. Without prejudice to the authorisation granted to the board of directors in accordance with the preceding paragraphs, the extraordinary shareholders meeting of 12 June 2024 has authorised the board of directors for a period of three years as of such extraordinary shareholders’ meeting to proceed to one or more capital increases, after the Company has received notification from the Financial Services and Markets Authority that it has been informed of a public takeover bid for the Company's securities, under the conditions set forth in the applicable legal provisions and in compliance, as the case may be, of the irreducible allocation right provided for in the RREC legislation. Capital increases carried out by the board of directors pursuant to this authorisation will be deducted from the remaining authorised capital, mentioned in this Article. This authorisation does not limit the power of the board of directors to carry out other transactions making use of the authorised capital than those provided for in article 7:202 of the Companies and Associations Code. 267 6.3. Acquisition, pledge and resale of own shares and certificates that relate to these aAcquisition and pledge 1.The Company may acquire and accept as pledge own shares or certificates relating to these. 2.The board of directors is authorised to acquire and accept as pledge own shares and certificates relating to them, without the total amount of own shares or certificates relating to them acquired or accepted as pledge by the Company in application of this authorisation exceeding 10% of the total amount of shares, at a unit price not lower than 75% of the average stock price of the last thirty days of the listing of the share before the date of the decision of the board of directors to acquire, respectively accept as pledge, nor higher than 125% of the average stock price of the last thirty days of the listing of the share before the date of the decision of the board of directors to acquire, respectively accept as pledge. This authorisation is granted for a period of five years as of the publication of this authorisation granted on 12 June 2024 in the Annexes to the Belgian Official Gazette. 3.The authorisations in paragraph 2 are without prejudice to the possibilities provided for in the applicable legal provisions, for the board of directors to acquire or accept as pledge own shares or certificates relating to them in case no authorisation in the articles of association or no authorisation of the general meeting is required. 4.The authorisations mentioned under paragraph 2 and the content in paragraph 3 apply to the board of directors of the Company, for the direct and, as the case may be, the indirect subsidiaries of the Company, and, to the extent necessary, for every third party acting in its own name but for the account of such companies. bResale 1.The Company can resell own shares or certificates relating to them. 2.The board of directors is authorised to resell own shares or securities relating to them to one or more specific persons, employees or not. 3.The authorisations under paragraph 2 are without prejudice to the possibilities provided for in the applicable legal provisions, for the board of directors to resell own shares or certificates relating to them in case no authorisation in the articles of association or no authorisation of the general meeting is required. 4.The authorisations mentioned under paragraph 2 and the content in paragraph 3 apply to the board of directors of the Company, for the direct and, as the case may be, the indirect subsidiaries of the Company, and, to the extent necessary, for every third party acting in its own name but for the account of such companies. 6.4. Capital increase Every capital increase shall meet the requirements of the Companies and Associations Code and the RREC legislation. The Company cannot, directly or indirectly, subscribe to its own capital increase. At the occasion of any capital increase, the board of directors will decide upon the price, the issuance premium, if applicable, and the conditions for the issuance of new shares, unless the general shareholders meeting would determine these. If the general shareholders meeting would decide to require the payment of an issuance premium, such premium should be allocated to one or more separate equity accounts on the liabilities side of the balance sheet. Contributions in kind can also relate to the dividend right in the context of the distribution of an optional dividend, with or without a supplementary contribution in cash. In the event of a capital increase by means of a cash contribution, pursuant to a decision of the shareholders’ meeting or within the limits of the authorised capital, the shareholders’ preferential subscription right can only be restricted or cancelled if an irreducible allocation right is granted to the existing shareholders, to the extent required by the RREC legislation, at the time that the new securities are awarded. As the case may be, this irreducible allocation right shall meet the following requirements, determined by the RREC legislation: 1.it applies to all new issued securities; 2.it is granted to the shareholders in proportion to the percentage of the capital represented by their shares at the time of the transaction; 3.a maximum price per share is announced at the latest on the eve of the start of the public subscription period; the public subscription period lasts at least three stock exchange days. This irreducible allocation right applies to the issuance of shares, convertible bonds and subscription rights that can be exercised by way of a contribution in cash. 268 In accordance with the RREC legislation, this does not have to be granted in case of a capital increase by way of a contribution in cash taking into account the following conditions: 1.the capital increase is decided by means of the authorised capital; 2.the aggregate amount of the capital increases that are executed in accordance with this paragraph over a period of 12 months cannot exceed 10% of the amount of the capital at the moment of the decision to increase the capital. It has not to be granted in case of a contribution in cash with limitation or cancellation of the preferential subscription right, in addition to a contribution in kind within the context of the distribution of an optional dividend, to the extent the distribution of such dividend is effectively open to all shareholders. The capital increase by means of a contribution in kind are subject to the provisions of the Companies and Associations Code. Moreover, the following requirements must be met in the event of a contribution in kind, in accordance with the RREC legislation: 1.the contributor’s identity must be disclosed in the report relating to the contribution in kind, and also, if applicable, in the notice of the shareholders’ meeting called to vote on the capital increase; 1.the issue price may not be less than the lower value of the following: (a) a net value per share dated no more than four months before the date of the contribution agreement or, at the Company’s choosing, before the date of the document enacting the capital increase and (b) the average closing market (share) price over the thirty calendar days preceding this same date; In this respect it is permitted to deduct, from the amount indicated in point 2 (b) above, an amount corresponding to the portion of undistributed gross dividend of which the new shares could be deprived, provided that the board of directors specifically justifies, in its special report, the amount of accrued dividends to be deducted, and sets forth the financial conditions for the transaction in the annual financial report; 2.unless the issue price or, under the circumstances provided in Article 6.6 below, the share exchange ratio as well as the associated formalities, is determined and communicated to the public at the latest on the working day following the conclusion of the contribution agreement, with a mention of the time period within which the capital increase will effectively be carried out, the document enacting the capital increase shall be drawn up within a maximum period of four months; and 3.the report mentioned in point 1 above must also make clear the effect of the proposed contribution on the situation of the existing shareholders, in particular their share of the Company’s profit, the net value per share and the capital, as well as the impact on voting rights. In accordance with the RREC legislation, these additional conditions are not applicable in the event of the contribution of a right to a dividend in the context of an optional dividend distribution, provided the grant thereof is effectively open to all shareholders. 6.5. Capital decrease The Company can decrease its capital in accordance with the applicable legal provisions. 6.6. Mergers, demergers and similar operation In accordance with the RREC legislation, the additional conditions as set out in article 6.4 in case of a contribution in kind are applicable, mutatis mutandis, on mergers, demergers and similar operations, as set out in the RREC legislation. Article 7 – Nature of the shares The shares are without nominal value. The shares are registered or dematerialised, as chosen by their owner or holder (hereafter the “Holder”) and in accordance with the limitations set by law. The Holder can at any time and without cost submit a written request for the conversion of registered shares to dematerialised shares and vice versa. Every dematerialised share is represented by an entry on an account in the name of the Holder with an authorised account keeper or settlement institution. At the registered office of the Company a share register is held that can exist, as the case may be, in electronic form. The Holders of registered shares can look into the entire register of shares. 269 Article 8 – Other securities The Company may issue all securities that are not prohibited under the law, with the exception of profit sharing certificates and similar securities and provided that it takes account of the specific provisions of the RREC legislation and the articles of association. Such securities are registered or dematerialised. Article 9 – Stock exchange listing and disclosure of substantial shareholdings The Company’s shares must be admitted to trading on a regulated market in Belgium, in accordance with the RREC legislation. Pursuant to Article 18 of the Act of 2 May 2007 regarding the disclosure of major shareholdings in issuers of which the shares have been admitted for trading on a regulated market and for which certain provisions apply, in addition to the thresholds provided in law, the statutory threshold of 3% applies additionally. With the exception of the derogations provided for by law, no one is allowed more votes at a shareholders’ meeting of the Company than the number of votes attached to the securities which the person in question had declared to own at the latest twenty (20) days before the date of the shareholders’ meeting. The voting rights attached to these unreported shares are suspended. TITLE III – MANAGEMENT AND SUPERVISION Article 10 – Composition of the board of directors The Company is administered by a board of directors. The board shall be composed of a minimum of three and a maximum of twelve members, shareholders in the Company or not, who are appointed by the shareholders’ meeting for a maximum term of four years. The shareholders’ meeting may terminate the mandate of each director at any time, with immediate effect and without giving reasons. The members of the board are eligible for re-election. The board of directors includes at least three independent directors in accordance with the applicable legal provisions. Unless the general meeting’s decision to appoint determines otherwise, the mandate of the retiring and not re-elected directors shall end immediately after the general meeting which has provided for such new appointments. In the event that one or more directors’ mandates become vacant, the remaining directors have the right to provisionally provide for replacement until the next general meeting. The mandate of the co-opted director may or may not be confirmed at the very next general meeting. The possible renumeration may not be determined based on the activities and transactions carried out by the Company or its perimeter companies. The restrictions set out in article 7:91, section 2 of the Belgian Companies and Associations Code shall not apply. The directors are exclusively natural persons; they must meet the requirements regarding reliability and competence as provided for in the RREC legislation and may not fall under the scope of the prohibitory provisions contained in the RREC legislation. The appointment of directors is subject to the prior approval of the FSMA. Article 11– Chairmanship – Deliberations The board of directors shall meet when convened by the chairperson, by two directors or by one of the director(s), at the place indicated in this notice, whenever the interests of the Company so require. The board of directors elects its chairperson from its members. The meetings are chaired b the chairperson or, if the latter is absent, by a director appointed by the directors present. The person chairing the meeting may appoint a secretary, who may or may not be a director. Except in case of force majeure, the board of directors may validly deliberate and take decisions only if the majority of the members are present or represented. If this condition is not met, a new meeting may be convened which may validly deliberate and take decisions on the items on the agenda of the previous meeting if at least two directors are present or represented. The notices to convene shall be sent out by e-mail or, if no e-mail address has been communicated to the Company, by ordinary letter or any other means of communication, in accordance with the applicable legal provisions. The notices shall state the place, date, time and agenda of the meeting. 270 Any director who is unable to attend or is absent, can nominate another member of the board by letter, telegram, telex, fax, e-mail or any other means of communication to represent him or her at a specific meeting of the board and to legally vote on his or her behalf. The person giving proxy is considered to be present in that case. No member of the board may represent more than three directors. Each member of the board of directors may participate to meetings by means of any form of telecommunication, videography or any other means of communication that facilitates directors to communicate with each other. They shall be deemed to have attended the meeting. Unless otherwise stipulated, resolutions are deemed to have been passed at the Company’s registered office and on the date of the meeting. Board decisions shall be approved by a simple majority of votes cast; in the event of a tie, the director chairing the meeting shall cast the deciding vote. Decisions of the board of directors are recorded in minutes, kept in a special register at the Company’s registered office, signed by the chairperson of the board, and those members who so request. Proxies are attached to the minutes of the meeting. Copies of or extracts from these minutes, intended for third parties, shall be signed by the chairperson of the board of directors, two directors or a director entrusted with the daily management. This authority may be delegated to a representative. The decisions of the board of directors may be taken by unanimous written decision of all directors. Article 12 – Powers of the board 1The board of directors is vested with the powers to perform all acts necessary or useful for the realisation of the object, except those which are reserved by law, or these articles, to be executed by the shareholders’ meeting. The board of directors shall draw up the half-year report and the annual report. The board shall appoint one or more independent appraisal experts, in accordance with the RREC legislation, and if applicable, propose any modification to the list of experts, incorporated in the file added to the application to be approved as an RREC 1The board of directors can delegate the day-to-day management of the Company, as well as its representation with regard to such management, to one or more persons, who do not necessarily need to be directors. The person(s) entrusted with the day-to-day management must meet the requirements regarding reliability and competence as provided for in the RREC legislation and may not fall within the scope of the prohibitory provisions set out in the RREC legislation. The restrictions set out in article 7:121, section 4 juncto 7:91, section 2 of the Belgian Companies and Associations Code shall not apply to the members of the body of daily management, nor to the persons charged with the management as referred to in article 3:6, § 3, section 3 of the Belgian Companies and Associations Code. 1The board of directors may grant special powers to each authorised representative that are limited to certain acts or a certain series of acts, within the limits determined by the applicable legal provisions. The board of directors may, in accordance with the RREC legislation, determine the remuneration of each authorised representative to whom special powers have been granted. Article 13 – Effective management Without prejudice to the transitional provisions, the effective management of the Company is delegated to at least two natural persons. The persons entrusted with the effective management must meet the requirements regarding reliability and competence as provided for in the RREC legislation and may not fall within the scope of the prohibitory provisions set out in the RREC Legislation The appointment of the effective management is subject to the prior approval of the FSMA. Article 14 – Advisory and specialised committees The board of directors shall establish among its members an audit committee as well as a remuneration and a nomination committee and shall determine their composition, duties and powers. The board of directors may set up under its responsibility one or more advisory committees, for which it determines the composition and duties. 271 Article 15 – Representation of the Company and signing of deeds Subject to special delegation of powers by the board of directors, the Company is validly represented in all acts, including those in which a public or ministerial official provides its cooperation, as well as in all legal proceedings, whether as plaintiff or defendant, by two directors acting jointly or, within the limits of the daily management, by each delegated person acting alone. The Company shall moreover be validly represented by special proxyholders of the Company within the limits of the mandate granted to them by the board of directors, or within the limits of the daily management, by each delegated person acting alone. Article 16 – Supervision The Company appoints one or more statutory auditors who shall perform the functions they are charged with under the Belgian Companies and Associations Code and the RREC legislation The statutory auditor has to be approved by the FSMA. TITLE IV – GENERAL MEETING OF SHAREHOLDERS Article 17 – Meetings The annual general meeting of shareholders shall take place on the second last Monday of July at 10 am. If this day is a public holiday, the annual general meeting will be held on the next working day, at the same time. The ordinary or extraordinary general meetings shall be held at the location indicated in the convening notice. The threshold from which one or more shareholders may demand a convocation of a general meeting in order to submit one or more proposals, in accordance with the Belgian Companies and Associations Code, is set at ten percent (10%) of the capital. One or more shareholders collectively possessing at least three per cent (3%) of the capital of the Company may, in accordance with the provisions of the Belgian Companies Code and Associations, request the inclusion of items on the agenda of any shareholders’ meeting, and submit proposals for resolutions with respect to the items included or to be included in the agenda. Article 18 – Participation in the general meeting of shareholders The right to attend and vote at a shareholders’ meeting is subject to the recording of the shares in the shareholder’s name on the fourteenth day preceding the general meeting of shareholders, at twenty-four hours (Belgian time) (hereinafter the “registration date”), in either the register of the Company’s registered shares or in the accounts held by an authorised account holder or settlement institution, regardless of the number of shares actually held by the shareholder on the date of the shareholders’ meeting. The holders of dematerialised shares who wish to attend a shareholders’ meeting must submit a certificate issued by their authorised account holder or settlement institution, certifying, as the case may be, the number of dematerialised shares listed in the shareholder’s name on the registration date, for which the shareholder has declared his or her intention to participate in the general meeting of shareholders. The certificate must be submitted to the Company or to the person designated by the Company, as well as their wish to participate to the general meeting of shareholders, as the case may be, by sending a proxy, no later than the sixth day prior to the date of the general meeting of shareholders via the Company’s email address or via the specific email address mentioned in the convening notice. The holders of registered shares who wish to attend the general meeting of shareholders must notify the Company, or the designated person for that purpose, of their intention no later than the sixth day prior to the date of the meeting, via the Company’s email address or via the specific email address mentioned in the convening notice, or, as the case may be, by sending a proxy. Article 19 – Votes by proxy Each holder of securities, giving the right to participate in the meeting, may be represented by a proxy holder, whether or not shareholder. The shareholder may only appoint one person as proxy holder for a certain general meeting, subject to the deviations provided for in the Belgian Companies and Associations Code. 272 The proxy form must be signed by the shareholder and be submitted to the Company via the Company’s email address or via the specific email address mentioned in the convening notice no later than the sixth day prior to the date of the meeting. The board of directors may draw up a proxy form. If several persons have rights in rem in respect of the same share, the Company may suspend the exercise of the voting rights attached to such share until a single person has been appointed vis-à-vis the Company as the holder of the voting rights. Article 20 – Bureau Every general shareholders meeting is chaired by the chairperson of the board of directors or, in the chairperson’s absence, by a director appointed by the directors present or by a member of the meeting appointed by the latter. The chairperson shall appoint a secretary. If the number of persons present so allows, the meeting shall elect two vote-counters on the proposal of the chairperson. The other members of the board of directors shall complete the bureau. Article 21 – Number of votes The shares shall each give the right to one vote, subject to the cases of suspension of the voting rights provided for in the Belgian Companies and Associations Code or any other applicable law. The holders of convertible bonds and subscription rights may attend the shareholders’ meeting, but only have an advisory vote. Transitional provisions: the holders of non-convertible bonds issued before the date on which the Belgian Companies and Associations Code becomes applicable to the Company may attend the general meeting, but only with an advisory vote. Article 22 – Deliberations The general meeting of shareholders may validly deliberate and vote, regardless of the percentage of the capital present or represented, except in those cases where the Belgian Companies and Associations Code requires an attendance quorum. The general meeting of shareholders can only validly deliberate on amendments to the articles of association if at least half of the capital is present or represented. If the above quorum is not met, a new general meeting of shareholders must be convened; the second meeting shall deliberate validly irrespective of the portion of the capital represented by the shareholders present or represented. The board of directors is entitled to adjourn each ordinary, special or extraordinary meeting one single time for five weeks, unless the meeting is convened at the request of one or more shareholders who represent at least one-tenth (1/10th) of the capital or by a statutory auditor. Such adjournment shall not affect the other resolutions passed, unless the general meeting of shareholders decides otherwise. The general meeting of shareholders may not deliberate on items that do not appear on the agenda. Unless provided otherwise by legal provisions, all resolutions are adopted by the general meeting of shareholders by a simple majority of the votes cast, regardless of the numbers of shares represented. Blank or invalidly marked votes shall not be counted when calculating the votes cast. Any amendment of the articles of association is only accepted if it is approved by at least three-fourths of the votes cast or, if it concerns the amendment of the object or of the Company’s goals, by four-fifths of the votes cast, abstentions not being included in the numerator or the denominator. Voting shall be conducted by a show of hands or a roll call, unless the general meeting of shareholders decides otherwise by a simple majority of the votes cast. Any draft amendment of the articles of association must be submitted in advance to the FSMA. An attendance list containing the names of the shareholders and the number of shares they hold shall be signed by each of them or their proxyholder before the meeting begins. Any shareholder may have access to this list. Article 23 – Remote voting If the board of directors so authorises in the convening notice, the shareholders shall be authorised to vote remotely by letter or through the Company’s website, by means of a form prepared and provided by the Company. This form must mention the date and the place of the meeting, the name or corporate name of the shareholder and his residence address or registered office, the number of votes the shareholder wishes to cast at the meeting, the type of the shares held by him, the agenda of the meeting (including the proposals for resolution), a space allowing to vote for or against each decision or to abstain, as well as the deadline by which the voting form must reach the Company. The form shall expressly state that it must be signed by the shareholder and sent to the Company no later than the sixth day prior to the date of the meeting. 273 Article 24 – Minutes The minutes of the general meeting of shareholders are signed by the members of the office, as well as by the shareholders who ask to do so. Copies of the minutes of the general meeting of shareholders, for third parties, are signed by one or more directors with representation power. The proxies are being attached to the minutes of the meeting for which they were given. Article 25 – Bondholders’ meeting The board of directors and the statutory auditor(s) of the Company may call the general bondholders’ meeting. They must also convene the general meeting when bondholders representing one fifth of the amount of the bonds in circulation so request. The notice shall contain the agenda and shall be prepared in accordance with the provisions of the Belgian Companies and the Associations Code. To be admitted to the general bondholders’ meeting, the bondholders must comply with the formalities provided for in the Belgian Companies and the Associations Code, as well as with any formalities prescribed by the terms an conditions of issue of the bonds or in the convening notices. TITLE V – ANNUAL ACCOUNTS - DIVIDENDS Article 26 – Annual accounts The financial year starts on the first of April of each year and ends on the thirty-first of March of the following year. At the end of each financial year, the books and records are closed and the board of directors shall draw up on inventory, as well as the annual accounts. The board of directors shall draft a report (the “annual report”), in which it accounts for its management. The statutory auditor shall draft a detailed written report (the “audit report”) in preparation for the annual meeting of shareholders. Article 27 – Dividends The Company must distribute a dividend to its shareholders, within the limits of the Belgian Companies and the Associations Code and the RREC Legislation, of which the minimum amount is prescribed by the RREC legislation. Article 28 – Interim dividends The board of directors may decide, under its responsibility, on the distribution of interim dividends, in the cases and within the time limits permitted by law. Article 29 – Availability of annual and half-year reports The Company’s annual and half-year reports, containing the statutory and consolidated annual and half-year accounts of the Company and the statutory auditor’s report, shall be put at the disposal of the shareholders in accordance with the statutory provisions applicable to issuers of financial instruments admitted to trading on a regulated market and in accordance with the RREC Legislation. The Company’s annual and half-year reports shall be made available on its website. Shareholders have the right to obtain a copy of the annual and half-year reports free of charge at the Company’s registered office. TITLE VI – DISSOLUTION - LIQUIDATION Article 30 – Loss of capital In the event that the capital is reduced by one half or three quarters, the directors must submit the question of dissolution to the general meeting of shareholders pursuant to and in accordance with the conditions in the Belgian Companies and Associations Code. Article 31 – Appointment and powers of the liquidators In the event of dissolution of the Company, for whatever reason and at any time, the liquidation shall be performed by one or more liquidator(s) appointed by the general meeting of shareholders. If it appears from the statement of assets and liabilities, drawn up in accordance with the Belgian Companies and Associations Code, that not all creditors can be repaid in full, the nomination of the liquidator(s) in the articles of association or by the general meeting of shareholders must be submitted to the president of the court for confirmation. This confirmation however, shall not be required if such statement of assets and liabilities shows that the Company has liabilities only to its shareholders and all shareholders who are creditors of the Company confirm in writing their agreement to the appointment. If no liquidator(s) is/are appointed or designated, the members of the board of directors shall be considered liquidators vis-à-vis third parties, without, however, the powers which the law and the articles of association grant 274 to the liquidator appointed in the articles of association, by the general meeting of shareholders or by the court with regard to the liquidation activities. If applicable the general meeting of shareholders shall determine the fees of the liquidator(s). The liquidation of the Company shall be closed in accordance with the provisions of the Belgian Companies and Associations Code. Article 32 – Distribution Distribution to shareholders will only take place after the closing meeting regarding the liquidation. Except in case of a merger, the net assets of the Company will be, after settlement of all debts or consignment of the sums necessary for that purpose, allocated as a matter of priority to the reimbursement of the paid-up amount of the capital shares, and the remaining balance shall be distributed equally among all the shareholders of the Company, proportionally to the number of shares they hold. TITLE VII – GENERAL PROVISIONS Article 33 – Election of domicile For the performance of the articles of association, each shareholder domiciled abroad, each director, statutory auditor, manager and liquidator is deemed to have elected domicile in Belgium. In the absence thereof, he shall be deemed to have elected domicile at the registered office of the Company where all notices, default notices, writs of summons or notifications can be validly be served. The holders of registered shares must notify the Company of any change of address. In the absence thereof, all communications, notices, convocations or official announcements will be validly sent to their last known address. Article 34 – Jurisdiction For all lawsuits between the Company, its shareholders, bondholders, directors, statutory auditors and liquidators concerning the affairs of the Company and the execution of the present articles of association, only the Dutch-speaking enterprise courts of the registered office of the Company shall have jurisdiction, unless the Company expressly waives such jurisdiction Article 35 – Ordinary law The provisions of these articles of association that would conflict with the mandatory provisions of the RREC Legislation or any other applicable law, are deemed non-existent. The nullity of an article or part of an article of these articles of association does not affect the validity of the other (parts of) the clauses of the articles of association. For even coordination Tim CARNEWAL Notary GLOSSARY 276 ALTERNATIVE PERFORMANCE BENCHMARKS 279 Value is determined by the commercial value of the property’s location. Retail Estates spreads its investments across all major shopping axes in BELGIUM and THE NETHERLANDS. Investments are concentrated in sub-regions with strong purchasing power. MISCELLANEOUS 275 276 Diversen 1. GLOSSARY A Acquisition value This is the term to be used for the purchase of a building. Any transaction costs paid are included in the acquisition price. Average-data method The average-data method is a calculation method which estimates emissions for goods and services by collecting data on the mass (e.g., kilograms or pounds), or other relevant units of goods or services purchased and multiplying by the relevant secondary (e.g., industry average) emission factors (e.g., average emissions per unit of good or service). B BEL Mid-index Since 1 March 2005, this has been a weighted price index of shares quoted on Euronext that makes allowance for the stock market capitalisation, with the weightings determined by the free float percentage and the velocity of circulation of the shares in the basket. BE-REIT legislation The Belgian Act of 2014 relating to regulated real estate companies, amended for the last time by the Belgian Royal Decree of 18 April 2022 and the Belgian Royal Decree of 13 July 2014 relating to regulated real estate companies, amended for the last time on 23 April 2018. Bullet loan A loan repaid in its entirety at the end of the loan term. C CapEx CapEx is the abbreviation of van “capital expenditures” and relates to the expenses of new investments recognised in the balance sheet. Chain stores These are companies that have a central procurement department and operate at least five different retail outlets. Contractual rents The index-linked basic rents as contractually determined in the lease agreements as of 31 March 2024, before deduction of gratuities or other benefits granted to the tenants. Corporate Governance Code 2020 Belgian Code drawn up by the Corporate Governance Committee and containing recommendations and provisions relating to corporate governance to be observed by companies under Belgian law whose shares are traded on a regulated market. D Debt ratio The debt ratio is calculated as follows: liabilities (excluding provisions, accrued charges and deferred income, hedging instruments and deferred taxes) divided by the total assets (excluding hedging instruments). 277 Dividend yield The ratio of the most recently paid gross dividend to the last share price of the financial year over which the dividend is payable. E EPRA The European Public Real Estate Association was founded in 1999 to promote, develop and group European listed real estate companies. EPRA prepares codes of conduct with respect to accounting, reporting and corporate governance and harmonises these rules in different countries with the purpose of offering investors high-quality and comparable information. EPRA has also created indices that serve as a benchmark for the real estate sector. All this information is available at www.epra.com. Estimated investment value This is the value of the real estate portfolio, including costs, registration charges, fees and VAT, as estimated each quarter by an independent expert. Estimated liquidation value This is the value excluding costs, registration charges, fees and recoverable VAT, based on a scenario whereby the buildings are sold on a building-by-building basis. Exit tax The exit tax is a special corporate income tax rate applied to the difference between the fair value of the registered capital of companies and the book value of its capital at the time that a company is recognised as a Belgian real estate investment trust, or merges with a Belgian real estate investment trust. F Fair value This value is equal to the amount for which a building could be swapped between properly informed parties, consenting and acting under normal competitive conditions. From the point of view of the seller, it must be construed minus the registration charges. Free Float This is the percentage of listed shares available for trading held by the public. Euronext calculates the free float as the total number of shares in the capital, minus the shares held by companies that form part of the same group, state enterprises, founders, shareholders with a shareholder agreement, and shareholders with a controlling majority. G Gross built-up retail area The surface area in m² is the surface area in m² as stated in the lease agreements. Gross dividend The gross dividend per share is the operating profit that is distributed. I IFRS standards The International Financial Reporting Standards are a set of accounting principles and valuation rules prepared by the International Accounting Standards Board. The aim is to simplify international comparison between European listed companies. Listed companies are required to prepare their consolidated accounts according to these standards starting from the first financial year beginning after 1 January 2005. Institutional investor An enterprise that professionally invests funds entrusted to it by third parties for various reasons. Examples include pension funds, investment funds,… Interest Rate Swap (IRS) An “Interest Rate Swap” is an agreement between parties to exchange interest rate cash flows during a predetermined period of time on an amount agreed beforehand. This concerns only the interest rate cash flows. The amount itself is not swapped. IRS is often used to hedge interest rate increases. In this case a variable interest rate will be swapped for a fixed one. K KPI KPI is the abbreviation of Key Performance Indicator. It is an indicator of the performance of a specific activity of the organisation, benchmarked against a target. M Market capitalisation This is the total number of shares at the end of the financial year multiplied by the closing price at the end of the financial year. 278 N Net asset value NAV (Net Asset Value): this is the shareholders’ equity divided by the number of shares. Net cash flow Operating cash flow, EPRA earnings (share of the group) plus the additions to depreciation, impairments on trade receivables, and additions to, and withdrawals from, provisions, plus the achieved higher or lower value relative to the investment value at the end of the previous financial year, minus the exit tax. Net dividend The net dividend equals the gross dividend after retention of 30% withholding tax. O Occupancy rate The occupancy rate is calculated as the ratio of Estimated market Rental Value (ERV) of vacant surfaces to the ERV of the portfolio as a whole. OLO (Belgian government bonds) Government bond usually deemed equivalent to a virtually risk-free investment, and used as such to calculate the risk premium compared with listed securities. The risk premium is the additional return expected by the investor for the company’s risk profile. Out-of-town retail properties Retail properties grouped along roads leading into and out of cities and towns. Each outlet has its own car park and an entrance and exit road connecting it to the public road. P Pay-out ratio The pay-out ratio indicates the percentage of the net profit that will be paid out as a dividend to shareholders. This ratio is obtained by dividing the paid-out net profit by the total net profit. Price/earnings ratio (P/E ratio) This ratio is calculated by dividing the price of the share by the profit per share. The ratio indicates the number of years of earnings that would be required to pay back the purchase price. R Real estate certificate A real estate certificate is a security that entitles the holder to a proportionate part of the income obtained from a building. The holder also shares in the proceeds if the building is sold. Retail cluster A collection of out-of-town retail properties located along the same traffic axis that, from the consumer’s point of view, form a self-contained whole although they do not share infrastructure other than the traffic axis. Retail park Retail properties that form part of an integrated commercial complex and are grouped together with other retail properties. All properties use a central car park with a shared entrance and exit road. Return The total return achieved by the share in the past 12 months or (most recent price + gross dividend)/price in the previous year. S Securitised real estate This is an alternative way of investing in real estate, whereby the shareholder or certificate holder, instead of investing personally in the ownership of a property, acquires (listed) shares or share certificates of a company that has purchased a property. V Velocity of circulation Sum of the shares traded monthly, relative to the total number of shares over the past 12 months. 279 2.1. Terminology & reconciliation tables Operating margin (A/B) –Definition: The ‘Operating result before result of the portfolio’ divided by the ‘Net rental income’. –Purpose: Allows measuring the operational performance of the company. (in € 000) 31.03.2025 31.03.2024 Operating result before result on portfolio (A) 114,328 111,617 Net rental income (B) 142,176 138,829 Operating margin (A/B) 80.41% 80.40% Financial result (excluding changes in fair value of financial assets and liabilities) –Definition: The “Financial result” minus the “Changes in fair value of financial assets and liabilities". –Purpose: Allows to make a distinction between the realised and the unrealised financial result. (in € 000) 31.03.2025 31.03.2024 Financial result (A) -33,213 -38,059 Changes in fair value of financial assets and liabilities (B) -13,072 -16,487 Financial result (excluding changes in fair value of financial assets and liabilities) (A-B) -20,141 -21,572 2. ALTERNATIVE PERFORMANCE BENCHMARKS 280 Result on portfolio –Definition: The “Result on portfolio” consists of the following items: •“Result on disposals of investment properties”; •“Result on sales of other non-financial assets”; •“Changes in fair value of investment properties”; and •“Other result on portfolio”. –Purpose: Allows to measure realised and unrealised gains and losses related to the portfolio, compared to the last valuation by independent real estate experts. (in € 000) 31.03.2025 31.03.2024 Result on disposals of investment properties (A) 386 -399 Result on sales of other non-financial assets (B) 0 0 Changes in fair value of investment properties (C) 27,835 51,190 Other result on portfolio (D) 1,566 -365 Result on portfolio (A+B+C+D) 29,787 50,425 Weighted average interest rate –Definition: The interest charges (including the credit margin and the cost of the hedging instruments) divided by the weighted average financial debt of the current period. –Purpose: Allows to measure the average interest charges of the company. (in € 000) 31.03.2025 31.03.2024 Net interest charges (including the credit margin and the cost of the hedging instruments) (A) 20,228 21,671 Other charges of debt (B) 1,428 1,332 Weighted average financial debt of the period (C) 903,193 884,605 Weighted average interest rate (A-B)/C 2.08% 2.30% Other debt costs relate to reservation fees, up-front fees, etc. *Financial debt at the end of the period multiplied by factor 1,0229 281 Net asset value per share (investment value) excluding dividend excluding the fair value of authorised hedging instruments –Definition: Shareholders’ equity attributable to the shareholders of the Group (excluding the impact on the fair value of estimated transaction costs resulting from the hypothetical disposal of investment properties, excluding the fair value of authorised hedging instruments, excluding minority interests related to the aforementioned elements and excluding dividend) divided by the number of shares. –Purpose: Reflects the net asset value per share adjusting for some material IFRS adjustments to enable comparison with its stock market value. (in € 000) 31.03.2025 31.03.2024 Shareholders’ equity attributable to the shareholders of the parent company (A) 1,221,040 1,167,356 Impact on the fair value of estimated transaction rights and costs resulting from the hypothetical disposal of investment properties (B) -108,331 -106,427 Impact on the fair value of estimated transaction rights and costs resulting from the hypothetical disposal of investment properties - attributable to minority interests (B) 224 239 The fair value of authorised hedging instruments qualifying for hedge accounting (C) 24,396 38,128 Proposed gross dividend (D) 75,007 71,878 Number of ordinary shares in circulation (E) 14,707,335 14,375,587 Net asset value per share (investment value) excluding dividend excluding the fair value of authorised hedging instruments ((A-B-C-D)/E) 83.61 80.94 Gross yield –Definition: The gross yield represents the ratio of the current rental income (net and after deduction of taxes) to the estimated value of the portfolio (i.e. without non-current assets under construction). –Purpose: This key figure represents the relationship between two of the most important parameters of the company and makes it possible to make a comparison over the years and between different companies. (in € 000) 31.03.2025 31.03.2024 The current rental income (net, after deduction of canon) (A) 148,798 143,455 The estimated investment value of the portfolio (without taking into account the assets under construction) (B) 2,170,430 2,120,790 Gross yield (A/B) 6.86% 6.76% * Difference between the investment value included here and the investment value as stated previously in the balance sheet is explained by the real estate portfolio of "Distri-land". The yield is determined on the basis of real estate reports, whereby the "Distri-land" portfolio is included for 100%. Retail Estates only holds 87,00% of the issued real estate certificates and values the certificates to the underlying value of the property pro rata its contractual rights. 282 Interest Cover Ratio –Definition: The interest cover ratio is the financial measure representing the ratio of net rental income to Retail Estates' interest obligations. –Purpose: The purpose of this ratio is to provide insight into Retail Estates' ability to meet its interest payments. A higher ratio indicates that a company is generating sufficient profit to meet its interest obligations and thus has sufficient financial stability. Retail Estates has agreed with a number of its banks that the interest cover ratio should be a minimum of 2.. (in thousands €) 31.03.2025 31.03.2024 Net rental income 142,176 139,183 Net interest expense 20,228 21,772 Interest Cover Ratio 7.03 6.39 Net debt / EBITDA –Definition: The Net debt/EBITDA ratio is a financial measure that indicates how often a company could pay off its financial net debt with current earnings before interest, taxes, depreciation and amortization. –Purpose: This ratio shows a company's debt repayment capacity, in other words how long it would take the company to repay its debt if it were to use its entire operating income to do so. This helps investors and lenders assess debt repayment capacity and risk. Sectors with stable revenue streams can tolerate higher ratios. (in thousands €) 31.03.2025 31.03.2024 Bonds 175,743 175,572 Credit institutions 648,655 686,535 Credit institutions - long-term maturing within one year 1,384 1,432 Credit institutions - short term 20,000 Credit institutions - straight loans 0 2,750 Treasury certificates 40,100 42,500 Net debt 885,881 908,789 EPRA result 91,758 89,219 Taxes -2,355 -734 Finance costs -20,141 -21,572 Depreciation and amortization -1,539 -1,204 EBITDA 115,793 112,729 Pro rata EBITDA for the full year 115,793 112,729 Net debt / EBITDA 7.65 8.06 283 2.2. EPRA KPIs EPRA Key Performance Indicators These data are not required by the legislation on Belgian REITs and are provided by way of information only. The statutory auditor verified whether the EPRA ratios were calculated in accordance with the definitions included in the “EPRA Best Practices Recommendations” and whether the financial data used in the calculation of these ratios correspond with the accounting data included in the activated consolidated financial statements. The purpose of the “EPRA Best Practices Recommendations” is to publish a few key performance indicators in a transparent manner, making it possible for stakeholders to compare the different European listed real estate companies. Recognition by EPRA Retail Estates was again included in the EPRA annual report survey and received a gold award for its financial and sustainability reporting. 31.03.2025 31.03.2024 Definitions Purpose EUR/1000 EUR per share EUR/1000 EUR per share EPRA earnings Current result from adjusted core operational activities. A key measure of a company’s underlying operating results from its property rental business and an indicator of the extent to which current dividend payments are supported by core activity earnings. 90,859 6.21 88,366 6.18 EPRA NRV (Net Reinstatement Value) Assumes that entities never sell assets and aims to represent the value required to rebuild the entity. The EPRA NAV set of metrics make adjustments to the NAV per the IFRS financial statements to provide stakeholders with the most relevant information on the fair value of the assets and liabilities of a real estate investment company, under different scenarios. 1,306,192 88.81 1,238,330 86.14 EPRA NTA (Net Tangible Assets Value) Assumes that entities buy and sell assets, thereby crystallising certain levels of unavoidable deferred tax. 1,189,388 80.87 1,123,482 78.15 EPRA NDV (Net Disposal Value) Represents the shareholders’ value under a disposal scenario, where deferred tax, financial instruments and certain other adjustments are calculated to the full extent of their liability, net of any resulting tax. 1,224,055 83.23 1,177,341 81.90 284 31.03.2025 31.03.2024 Definitions Purpose % % EPRA Net Initial Yield (NIY) Annualised gross rental income based on current rents ('passing rents') at balance sheet closing dates, excluding property costs, divided by the market value of the portfolio, plus estimated transfer rights and costs resulting from the hypothetical disposal of investment properties. This measure makes it possible for investors to compare valuations of portfolios within Europe. 6.68% 6.61% EPRA topped-up Net Initial Yield (topped-up NIY) This measure incorporates an adjustment to the EPRA NIY in respect of the expiration of the rent-free periods or other unexpired lease incentives as step up rents. This measure, taken into account rent-free periods and tenant incentives, makes it possible for investors to compare valuations of portfolios within Europe. 6.68% 6.61% EPRA Vacancy Estimated market Rental Value (ERV) of vacant surfaces divided by the ERV of the portfolio as a whole. Shows the vacancy rate based on ERV in a clear way. 2.74% 1.80% EPRA Cost Ratio (incl. vacancy costs) EPRA costs (including vacancy costs) divided by the gross rental income less ground rent costs. A key measure to enable meaningful measurement of the changes in a company’s operating costs. 18.35% 18.32% EPRA Cost Ratio (excl. vacancy costs) EPRA Costs (excluding vacancy costs) divided by the gross rental income less ground rent costs. A key measure to enable meaningful measurement of the changes in a company’s operating costs. 18.09% 18.18% EPRA Loan-To-Value ratio Net debt divided by net property value A key measure which demonstrates the degree to which activities are funded by debt financing. 42.36% 44.46% 285 31.03.2025 31.03.2024 EPRA earnings EUR/1000 EUR/1000 IFRS Net Result 108,472 123,157 Adjustments to calculate EPRA earnings To exclude: Changes in fair value of investment properties 27,835 51,190 Other result on portfolio 1,566 -365 Result on disposal of investment properties 386 -399 Changes in the fair value of financial assets and liabilities -13,072 -16,487 Adjustments related to minority interests 898 853 EPRA earnings (attributable to the shareholders of the parent company) 90,859 88,366 Diluted EPRA earnings (in €) Weighted average number of shares 14,627,352 14,294,043 EPRA earnings (EUR/share) (attributable to the shareholders of the parent company) 6.21 6.18 Diluted EPRA earnings per share (in €) 286 31.03.2025 31.03.2024 EPRA NRV EPRA NTA EPRA NDV EPRA NRV EPRA NTA EPRA NDV EPRA Net Asset Value (NAV) EUR/1000 EUR/1000 EUR/1000 EUR/1000 EUR/1000 EUR/1000 Net Asset Value (attributable to the shareholders of the parent company) according to the annual accounts 1,221,040 1,221,040 1,221,040 1,167,356 1,167,356 1,167,356 Net Assets (EUR/share) (attributable to the shareholders of the parent company) 83.02 83.02 83.02 81.20 81.20 81.20 Effect of exercise of options, convertibles and other equity interests Diluted net asset value after effect of exercise of options, convertibles and other equity interests To exclude: Fair value of the financial instruments 24,396 24,396 38,128 38,128 Deferred taxes -1,560 -1,560 -3,192 -3,192 Deferred taxes - minority interests 118 118 64 64 Goodwill Intangible fixed assets 8,697 8,874 To include: Fair value of the financial instruments 3,015 9,985 Revaluation of intangible fixed assets to fair value Transfer taxes 108,331 106,214 Transfer taxes - minority interests -224 -239 EPRA NAV (attributable to the shareholders of the parent company) 1,306,192 1,189,388 1,224,055 1,238,330 1,123,482 1,177,341 EPRA NAV (EUR/share) (attributable to the shareholders of the parent company) 88.81 80.87 83.23 86.14 78.15 81.90 287 31.03.2025 31.03.2024 EPRA Net Initial Yield EUR/1000 EUR/1000 Investment properties (excluding assets held for sale) fair value 2,069,537 2,028,317 Transfer taxes 110,140 106,214 Investment value 2,179,677 2,134,531 Non-current assets under construction 9,247 13,741 Investment value of the properties, available for rent B 2,170,430 2,120,790 Annualised gross rental income 148,868 143,275 Property costs (EPRA) -3,823 -3,029 Rent payable for hired assets and lease costs -251 -228 Recovery of charges and taxes normally payable by tenants on let properties 15,531 14,609 Charges normally payable by tenants on let properties -18,243 -16,905 Charges and taxes on unlet properties -860 -504 Annualised net rental income A 145,045 140,246 Notional rent expiration of rent free period or other lease incentives Topped-up net annualised rent C 145,045 140,246 EPRA Net Initial Yield (NIY) A/B 6.68% 6.61% EPRA topped-up Net Initial Yield (topped-up NIY) C/B 6.68% 6.61% 31.03.2025 31.03.2024 EPRA Vacancy Rate EUR/1000 EUR/1000 Estimated rental value of vacant surfaces 3,826 2,581 Estimated rental value of total portfolio 139,893 135,897 EPRA Vacancy 2.74% 1.90% The amendment of the decrees in the Walloon Region governing the repurposing of vacant properties has resulted in a significantly longer procedure that must be followed when changing tenants. These procedures are being further delayed because various local authorities are not yet fully familiar with the new decree rules. In addition, we also note that in both the Flemish and Walloon regions, a large number of properties smaller than usual (<1000 m²), which are traditionally leased to SMEs, are taking longer to let. This explains the increase in EPRA rental vacancy rates from 1.90% to 2.74%. 288 31.03.2025 31.03.2024 EPRA Cost Ratio EUR/1000 EUR/1000 Operating corporate costs 9,480 8,473 Impairments on trade receivables 1,238 705 Rent costs on land 251 228 Property costs 15,551 16,340 Less: Rent costs on land -251 -228 EPRA costs (incl. vacancy costs) A 26,269 25,518 Vacancy costs B -364 -197 EPRA costs (excl. vacancy costs) C 25,905 25,322 Rental income less rent costs on land D 143,163 139,305 % % EPRA Cost Ratio (incl. vacancy costs) A/D 18.35% 18.32% EPRA Cost Ratio (excl. vacancy costs) C/D 18.09% 18.18% Retail Estates does not capitalize any general or operating costs. Property related capex (in 000 €) 31.03.2025 31.03.2024 Acquisitions 12,859 88,315 Developments 9,418 4,156 CapEx - incremental lettable area 0 CapEx - non-incremental lettable area 8,480 8,407 Activated intrest expenses 95 101 Total1 30,852 100,979 1 For more information on the acquisitions and developments, we refer to the detailed notes in the chapters "Investments" and "non-current assets under construction" of the management report. 289 The companies controlled by the Group are consolidated using the full consolidation method. As defined in IAS 28, the results and balance sheet impact of the associate Veilinghof 't Sas (in which Retail Estates holds a 26.19% interest) are accounted for using the equity method. Investments in companies to which the equity method is applied are included in the consolidated balance sheet under a separate item of non-current assets (“Companies to which the equity method is applied”). The company Alex Invest nv is consolidated using the full consolidation method with application of minority interests. As a result, the portfolio of Alex Invest nv is included in the balance sheet at 100%. For these ownership structures, no distinction needs to be made between real estate investments wholly owned and real estate investments in joint ventures. Evolution of rental income on a similar portfolio (excluding purchases/sales from past financial year) (in € 000) 31.03.2025 31.03.2024 Evolution Belgium The Netherlands Total Belgium The Netherlands Total Belgium The Netherlands Total % Rental income 90,312 53,102 143,414 89,727 49,807 139,533 585 3,296 3,881 2.78% Acquisitions and developments -869 -3,280 -4,149 -869 -3,280 -4,149 Disposals 795 0 795 795 0 795 Gross rental incomes at constant scope 90,237 49,822 140,060 89,727 49,807 139,533 511 16 527 0.38% Fair value at constant scope 1,387,519 694,961 2,082,480 1,366,897 594,310 1,961,207 Explained by Indexation 2,175 1,104 3,279 3,279 Renegotiated contract -543 -169 -712 -712 Vacancy -655 -510 -1,166 -1,166 Discounts -173 -364 -537 -537 Other -338 -338 Retail Estates distinguishes only geographical segments, namely Belgium and the Netherlands. No other significant segments or sectors can be distinguished. Gross rental income on a like-for-like basis was calculated by deducting rents from new acquisitions and development and adding rents linked to divestments. The fair value of the property portfolio on a like-for-like basis was adjusted for the purchase and sale of investment properties, the acquisition through purchase and sale of real estate companies, and the acquisition through contribution of real estate companies. The change in the absolute value of gross rental income at constant scope amounted to € +0.53 million, corresponding to +0.38%. This change is mainly due to indexation (€ +3.28 million), partially offset by (temporary) vacancy (€ -1.16 million), a limited negative impact of contract renewals (€ -0.71 million) and discounts (€ -0.54 million). Finally, there is also an impact from green energy contracts (€ +0.48 million). 290 EPRA Loan-to-value ratio 31.03.2025 31.03.2024 Credit institutions 648,655 686,535 Long term financial lease 4,557 5,079 Bonds 175,743 175,572 Credit institutions (short term) 61,484 46,682 Trade receivables 14,627 14,627 Tax receivables and other current assets 2,841 7,311 Trade debts and other current debts 15,713 18,718 Other current liabilities 1,524 1,153 Net debt 890,208 911,801 Investment property 2,069,537 2,028,317 Assets or groups of assets held for sale 18,457 8,552 Intangible non-current assets 8,697 8,874 Receivables towards participations accounted for using the equity method 5,000 5,000 Net property value 2,101,691 2,050,744 Loan-To-Value 42.36% 44.46% INFORMATION SHEET Name: Retail Estates nv Status: Public Belgian Real Estate Investment Trust (“Belgian REIT”) organised and existing under the laws of Belgium. Address: Industrielaan 6 – B-1740 Ternat Phone: +32 (0)2 568 10 20 Email: info@retailestates.com Website: www.retailestates.com RLE: Brussels VAT: BE 0434.797.847 Company number: 434,797,847 Date of incorporation: 12 July 1988 Status as fixed-capital real estate investment fund granted: 27 March 1998 (until 23 October 2014) Status as Belgian real estate investment trust (BE-REIT) granted: 24 October 2014 Duration: Unlimited Management: Internal Statutory auditor: PwC Bedrijfsrevisoren bv – Culliganlaan 5 at 1831 Diegem, represented by Mr Jeroen Bockaert Financial year closing: 31 March Capital on 31.03.2025: 322,499,288.09 EUR Number of shares on 31.03.2025: 14,707,335 Annual shareholders’ meeting: Penultimate Monday of July Share listing: Euronext – continuous market Financial services: KBC Bank Investment value of the real estate portfolio on 31.03.2025: € 2,179.68 million (incl. value of “Immobilière Distri-Land nv” real estate certificates) Fair value of the real estate portfolio on 31.03.2025: € 2,069.54 million (incl. value of “Immobilière Distri-Land nv” real estate certificates) Real estate experts: Cushman & Wakefield, CBRE, Colliers and Stadim Number of properties on 31.03.2025: 1,023 Type of properties: Out-of-town retail real estate Liquidity provider: KBC Securities and Degroof Petercam Availability of the annual report This annual report is available in Dutch, French and English. The Dutch version of the annual report is the original document. Retail Estates nv checked the translation of and the correspondence between the official Dutch version and the French and English versions and is responsible for the translations. The Annual Report was prepared in Dutch and English in accordance with the ESEF reporting requirements (European Single Electronic Format), the Dutch-language version being the official version of the Annual Report. In the event of contradictions between the Dutch and the French or English version, the Dutch version shall prevail. An electronic version of this annual report is available on the website of Retail Estates nv (www.retailestates.com). None of the other information published on the website of Retail Estates nv is part of this annual report. 292 Industrielaan 6 - B- 1740 Ternat T. +32 (0)2 568 10 20 F. +32 (0)2 581 09 42 info@retailestates.com www.retailestates.com Openbare GVV-SIR publique