Vastned Belgium NV

Investor Presentation • Mar 28, 2025

innercity value Creating

Portfolio value 1.2 Billion Occupancy rate 98.7% Average portfolio yield 5.8%

EPRA NTA/share 35.95

EPRA LTV 43.04%

Annual rental income (in Keuros) 68,559

EPRA earnings (in Keuros) 35,272

EPRA earnings/share 2.18

Key Figures: 31 December 2024.

Vastned owns a unique portfolio of high-quality retail properties in historic city centres across four European countries. Our unique positioning, combined with an efficient organization and a solid financing structure, is designed to create stable returns and long-term value for our shareholders.

Vastned is a Belgian REIT included in the EPRA index and the BelMid index.

Unique.

Vastned: a new profile from the powerful merger of local experts

Vastned has been active in the real estate sector for several decades, demonstrating a proven track record of successfully managing portfolios under all market conditions.

In 2025, Vastned's profile underwent a significant transformation following the completion of the reverse cross-border legal merger where Vastned Retail merged with and into Vastned (Belgium). This transformational transaction marked an important milestone, concluding a strategic reorientation initiated by Vastned Retail in 2023. The completion of the merger enables the Vastned group to pursue economies of scale with a simplified, more efficient organization, featuring one listed entity on Euronext Brussels and Euronext Amsterdam, a single management team, and optimized governance.

In addition to bringing significant operational cost synergies, amounting to approximately € 2.0 and € 2.5 million per year, and enhancing portfolio diversification, this new profile positions the group to pursue a prudent growth strategy at more favourable financing conditions.

Furthermore, Vastned obtained a new stock profile with a market capitalization above € 500 million, which resulted in the inclusion of Vastned in the BEL Mid index as of 24 March 2025. The merger also resulted in an increased free float and liquidity of the Vastned share. At this moment, Vastned is well-positioned to attract more interest from capital markets and institutional investors.

A TRANSFORMATIVE JOURNEY TO UNLOCK SHAREHOLDERS VALUE

(1) Dutch Financial Investment Institution.

• R A simplified organisation and optimized governance
• R Operational synergies of approximately € 2.0 - € 2.5 million per year
• R Increased portfolio diversification
• R Improved access to financing, supporting the future growth
• R Attractive investment profile with higher market capitalisation, enhanced free float and liquidity

AFTER THE MERGER

MESSAGE TO SHAREHOLDERS

SVEN BOSMAN, CHIEF EXECUTIVE OFFICER

LIEVEN CUVELIER, CHAIRMAN OF THE BOARD OF DIRECTORS

2025 marks the start of a new era for Vastned with the completion of a transformative transaction:

the reverse cross-border legal merger where Vastned Retail merged with and into Vastned (Belgium). This significant milestone positions the Vastned group well for the future, amidst volatile financial markets and the abolishment of the FII regime in the Netherlands.

Under this new structure, Vastned benefits from a simplified, lean, and efficient organization, with one listed entity, a single management team, and optimized governance. Additionally, operational synergies are expected to generate annual cost savings of approximately € 2.0 and € 2.5 million. The new group is also better positioned to attract debt at a consolidated level, leading to more favourable financing conditions. Vastned demonstraded this by securing credit facilities in the amount of € 345.0 million in december 2024. The credit contracts linked to the credit facilities were signed in the first quarter of 2025. At that same moment, we secured the interest rates with the signing

of Interest Rate Swaps in order to hedge the variable interest rates. The refinancing does not only offer a better spread in due dates but also provides headroom for the upcoming periods, with an average financing cost limited to 3.2% for 2025 and 3.9% for the following year. This easier access to debt and capital markets will enable us to establish a prudent growth strategy and pursue accretive investment opportunities in selected markets.

Our positioning remains unchanged, with our focus on high-quality retail properties continuing to prove its value. We observe a recovery in the retail landscape in attractive city centres as consumers increasingly seek to transform their shopping into a full inner-city leisure experience. Furthermore, we are also developing more mixed-use assets in city centres by adding offices, apartments or leisure concepts on empty floors above retail units. These redevelopments allow us to unlock the hidden value in the real estate portfolio and create shareholder value.

" 2025 marks the start of a new era for Vastned. "

Over the last years, we diversified the retailer profile in our portfolio but we always keep in mind that we attract the right brand for the right building in order to establish a long-term relationship with our tenants. This is not always easy given the unique portfolio of inner-city real estate and the fact that a large part of our buildings is classified and protected as cultural heritage. As a consequence, the retailer cannot always adjust the layout of the store, certainly when the interior of the store is classified as cultural heritage. This can result in a longer period of vacancy, however the quality and good location of our buildings allows us to keep attracting premium brands within a reasonable period of time. We are also satisfied to see that more and more brands that started their business online recognize the charm of a historical building and signed lease agreements with us.

Our excellent occupancy rate, consistently above 98%, clearly illustrates the attractiveness of our asset portfolio, valued at € 1.2 billion, and demonstrates our ability to manage the portfolio in a hands-on, proactive manner to continue optimizing it.

With our streamlined and optimized profile, we are confident in our ability to embark on a prudent growth path, offering attractive returns for shareholders and fostering longterm value creation."

Lieven Cuvelier, Chairman of the board of directors Sven Bosman, Chief Executive Officer

Board of Directors.

Lieven Cuvelier Chairman & Independent

Ludo Ruysen Independent

Désirée Theyse Independent

Ber Buschman Mariëtte Meulman

Executive Committee.

Sven Bosman - CEO

CEO of Vastned since the completion of the merger on the 1st of January 2025, Sven has over 15 years of experience in finance. He joined Vastned five years ago, initially as Financial Director and then as Operational Managing Director for the last three years. He holds a master's degree in applied economics and a master's degree in accountancy and auditing from the Catholic University of Leuven. Sven is also a Certified Public Accountant.

Barbara Gheysen - CFO

CFO of Vastned since September 2024, Barbara has over 15 years of experience in finance and listed real estate companies. She previously worked in audit, where she performed audits on other Belgian REITs, before serving as CFO for a family-owned project developer for two years. She holds a master's degree in financial economics from the Catholic University of Leuven and is also a Certified Public Accountant.

Solid financial base

FINANCING MATURING DATES(1)

OVERVIEW CREDITORS

ABN Amro	Rabobank	ING
21%	17%	15%
Belfius	KBC	USPP Pricoa
14%	9%	9%
PP AXA	BNPP
9%	5%

(1) Taking into account credit facilities in 2025.

EPRA LTV 43.04%

Long term target of 40%

3.5 Interest cover ratio

Expected average financing cost 3.2% in 2025 3.9% in 2026

Unsecured financing

Weighted average maturity of the credit facilities

3.1 YEARS

REFINANCING OF € 345 MILLION CREDIT FACILITITES COMPLETED IN 2025

R Early 2025, Vastned signed credit agreements worth € 345 million to refinance the existing short term credit facilities maturing in 2025 and replace them by long-term financing with a maturity date ranging between 3 and 5 years. As a result, the weighted average maturity of the credit facilities is 3.1 years.

FOCUS ON ATTRACTING ADDITIONAL FINANCING FOR THE FUTURE

R In the coming months, Vastned aims to refinance two more credit facilities worth € 50.0 million each maturing in September 2025 and January 2026 respectively. Furthermore, Vastned will look for additional financing (when needed) in order to execute the prudent growth strategy in the coming years.

SECURING FIXED INTEREST RATES VIA INTEREST RATE SWAPS

R In addition to the refinancing of the credit facilities, Vastned concluded Interest Rate Swaps (IRS) contracts to hedge the interest rate risk. An additional notional amount of € 180 million has been hedged through IRS contracts, which enables Vastned to operate under a stable expected interest rate of approximatively 3.2% in 2025 and 3.9% in 2026. With this operation, Vastned is able to stay below the target interest rate of 4.0%.

A unique positioning in order to create long-term value

Vastned manages a unique real estate portfolio consisting of prime assets in European historic city centres, including many historical buildings that have been carefully preserved. With its strategy to revitalize urban patrimony through redevelopments, Vastned is well-positioned to benefit from the strong recovery in visitors to historic city centres. Furthermore, Vastned owns a portfolio of out-of-town retail assets in high quality retail parks to diversify the risks.

MARKET TRANSFORMATION

Over the last years, the retail landscape has faced challenges due to the growth of e-commerce, the covid-pandemic, rising inflation, and an unstable geopolitical situation. However, we are now witnessing a recovery in attractive city centres, with a good balance between e-commerce and physical retail. Successful retail brands that began as purely digital are accelerating their growth and brand exposure through a physical presence in high street locations. Their stores are used as experience centres or marketing ensuring future growth of the brand. Vastned's closeness to the market and regular interactions with tenants allow our compact team of local experts to attract new upcoming brands. Due to the close collaboration between the different countries, we can share our experiences and anticipate on these trends. Additionally, Vastned is developing more mixed-use assets in city centres, by adding offices and apartments on empty floors above shopping areas.

UNIQUE POSITIONING

Vastned is convinced that the focus on high street within city centres is more relevant than ever and expects historic city centres to benefit from favourable long-term trends. Most economic and cultural activities remain concentrated in city centres, which continue to be the preferred destinations for shopping, living, working, and leisure activities. This unique portfolio approach is combined with a cost-efficient organization using digitized processes and a limited number of FTEs. The company also pursues a solid financing structure with a long-term internal target for the loan-to-value ratio at a maximum of 40%, well below the 65% maximum debt-toequity ratio allowed by the Belgian REIT regime. Over the last year, we refinanced € 470 million of credit facilities with maturing dates spread over a period of 3 to 5 years. Vastned also aims to have predictability in the interest rates and therefore also fixed the variable interest rate via interest rate swap. With the closure of interest rate swaps, we have been able to secure the all-in interest rate at 3.2% for 2025 and 3.9% for 2026, and this within turbulent times on the financial markets. With this refinancing operation, the financial institutions confirmed their confidence in our company and in the retail real estate sector. Furthermore, we optimised the debt financing of the group and ensured that there is still sufficient liquidity to carry out the activities in coming years. We remain in close contact with the financial institutions in order to attract new financing when needed.

Thanks to its unique model, Vastned is confident in its ability to deliver predictable and stable returns while creating long-term value for all stakeholders.

Solid financial basis

• R Strong balance sheet R Long-term target
• of 40% EPRA-LTV ratio R Ensure at least 80% of interest rates is fixed

Optimised high quality real estate portfolio

• R > 80% of the portfolio located in the historic centres of European cities
• R Portfolio spanning 4 countries
• R Active portfolio management combining redevelopment potential with selective investments and divestments

3 PILLARS STRATEGY

Efficient organisation

• R Cost effective organisation
• R Digitisation of processes
• R Limited number of FTEs
• R Local teams that share their expert knowledge cross-border

TO ACHIEVE PREDICTABLE AND STABLE RETURNS AND CREATE LONG-TERM VALUE FOR ALL STAKEHOLDERS

PORTFOLIO

VASTNED OWNS A UNIQUE PORTFOLIO OF HIGH-QUALITY RETAIL PROPERTIES IN HISTORIC CITY CENTRES ACROSS FOUR EUROPEAN COUNTRIES: THE NETHERLANDS, FRANCE, BELGIUM, AND SPAIN.

Breakdown of portfolio per country

NETHERLANDS 36.7%

FRANCE 29.6%

BELGIUM 26.8%

SPAIN 6.9%

31-12-2024	NETHERLANDS
Fair value	€ 454.1 million
Total surface	101,242 m2
Occupancy rate	97.6%

454.1 Total in € m 97.6% Occupancy

7.5% New rent vs ERV 1.7%

Like-for-like rental growth

(1) Based on the fair value of the properties

THE HAGUE #WAGENSTRAAT

3 DEN HAAG

TENANT JD SPORTS ACQUIRED IN 2012 COMMERCIAL SPACE 3,176 M2

Wagenstraat 3 in The Hague boasts a prime location where four bustling streets converge. This prominent corner building, surrounded by flagship stores, is conveniently located near the renowned department store The Bijenkorf. Since 2023, JD Sports has served as the anchor tenant, attracting numerous visitors. The property underwent a significant redevelopment in 2010, which included a meticulous renovation of the facades and an extension of the retail space at the rear. This transformation has enhanced the building's appeal, making it a standout location in The Hague's vibrant retail landscape.

The Oudegracht in Utrecht is one of the city's most iconic streets, renowned for its charming canal-side setting and unique blend of historical architecture with vibrant, modern retail spaces. As the medieval heart of Utrecht, the Oudegracht, meaning 'old canal,' seamlessly transitions into the Nieuwegracht, which primarily serves residential and office functions. Utrecht,

TENANT

AS WATSON (KRUIDVAT) | OFFICE SPACE | RESTAURANTS IN THE WHARF CELLAR + 10 APARTMENTS ON THE UPPER FLOORS ACQUIRED IN 1997 COMMERCIAL SPACE 1.854 M 2

Oudegracht 161 is a property built in 1918, a fine example of early 20th-century architecture influenced by the Viennese Secession and Expressionism. As a 'Rijksmonument' (national heritage site), this key heritage building in Utrecht has evolved into a prime example of mixed-use development, featuring restaurants in the wharf cellar, retail on the ground floor, an office (currently under redevelopment) on the first floor, and

centrally located in the Netherlands, experiences high traffic through its train station and thrives as a student city, evident in the bustling terraces and restaurants filled with a younger crowd. This mix of traditional buildings, trendy boutiques, and cozy cafes makes the Oudegracht an inviting destination. What truly sets the Oudegracht apart is its ability to seamlessly integrate

commerce, culture, and history. It's not just a shopping destination; it's an experience. The canal-side shops and cafes invite slow, thoughtful exploration, offering a chance to step off the beaten path and discover something new. The diverse mix of retail locations adds to the street's charm, making it one of the most memorable shopping experiences in Utrecht.

#OUDEGRACHT 134-136, VINKENBURGSTRAAT 2-14

TENANT

MCDONALD'S AND OTHER FOOD AND BEVERAGE ESTABLISHMENTS, A LINGERIE BOUTIQUE, AND A TOY STORE | 2 OFFICE FLOORS + 4 APARTMENTS ON THE UPPER FLOORS

ACQUIRED IN 1987 COMMERCIAL SPACE 2.595 M2

Oudegracht 134-136 stands as a testament to Utrecht's evolving architectural styles and commercial history, reflecting the city's dynamic growth from the medieval period through the 19th century and into the modern era. This historically significant building complex, located along the city's iconic canal, is notable for its eclectic architectural style and rich history. Despite its 19th-century facade, the building retains medieval structural components, such as cellars and upper wooden beams, showcasing its long-standing presence in the city's architectural landscape. Up until 1974, the building housed Peek & Cloppenburg. Today, it exemplifies mixed-use development, featuring an Italian restaurant in the wharf cellar, a McDonalds and various other food and beverage establishments and retail spaces on the ground floor, offices on the first and second floor, and apartments above the retail spaces on the adjacent Vinkenburgstraat.

AMSTERDAM

#FERDINAND BOLSTRAAT 120-126

TENANT SPECSAVERS, KPN, EYE WISH, HUNKEMOLLER AND 15 APARTMENTS ON THE UPPER FLOORS

ACQUIRED IN 1986-1989 COMMERCIAL SPACE

388 M2

Ferdinand Bolstraat is a prominent street located in Amsterdam's 'De Pijp' neighbourhood, a vibrant commercial hub. Well-connected via public transportation, Ferdinand Bolstraat is part of the 'Rode Loper' initiative, a pedestrian-friendly route marked by distinctive red paving, enhancing the experience for walkers and cyclists.

Vastned owns in total 12 stores and 58 apartments on the Ferdinand Bolstraat. In addition to being a solid retail location, it is a very popular area for residential living, offering a dynamic and convenient lifestyle.

#FERDINAND BOLSTRAAT 47-49

TENANT CIRCLE OF TRUST ACQUIRED IN 2017 COMMERCIAL SPACE 255 M2

#PC HOOFTSTRAAT 46-48-50

TENANT BURBERRY + MULBERRY + 4 APARTMENTS ON THE UPPER FLOORS ACQUIRED IN 2014 COMMERCIAL SPACE 874 M2

PC Hooftstraat in Amsterdam is the most famous luxury fashion street in the Netherlands. It features designer boutiques like Louis Vuitton, Chanel, Gucci, Prada and Dior. As the most expensive shopping street in the Netherlands, it attracts both affluent shoppers and tourists looking for a premium retail experience. Vastned showcases two luxury British fashion brands in this building. At number 46 is Mulberry, renowned for its high-quality handbags and wallets, and at numbers 48-50 is the iconic brand Burberry. Additionally, Vastned owns three other stores on PC Hooftstraat, including Stone Island, Ba&sh, and Zadig & Voltaire.

#LEIDSESTRAAT 5

TENANT ZADIG & VOLTAIRE ACQUIRED IN 1990 COMMERCIAL SPACE 394 M2

#LEIDSESTRAAT 2

TENANT AMSTERDAM CHEESE COMPANY AND 4 RESIDENTIAL UNITS ON THE UPPER FLOORS ACQUIRED IN 2016 COMMERCIAL SPACE 256 M2

Leidsestraat is known as the affordable luxury street of Amsterdam, seamlessly connecting the bustling Koningsplein and Leidseplein.

This wonderful corner building is monumental, adding charm and prestige to the area. Vastned has transformed the upper floors into residential spaces, offering residents a stunning view of the canal. The retail tenant, who operates four stores in Amsterdam of which two owned by Vastned, specializes in a wide selection of Dutch cheeses, adding a unique and local flavour to the retail mix. On the other side of the street, Vastned owns the building with Zadig & Voltaire as tenant.

31-12-2024	FRANCE
Fair value	€ 365.8 million
Total surface	21,325 m2
Occupancy rate	99.7%

365.8 Total in € m 99.7% Occupancy

7.7% New rent vs ERV

5.4% Like-for-like rental growth

PARIS

#118 RUE DE RIVOLI

TENANT JD SPORTS, 4 FLOORS OF OFFICES AND 9 RESIDENTIAL UNITS ACQUIRED IN 1998 COMMERCIAL SPACE 1,878 M 2

Nestled in the heart of Rue de Rivoli, Paris's second busiest street, this prime corner location is just steps away from the bustling Châtelet – Les Halles transport hub. Rue de Rivoli stretches alongside the iconic Louvre Palace and Tuileries Gardens, offering a blend of history and modernity.

Spanning 1,878 m 2 across four floors, our property is home to JD Sports, marking the brand's first large-format store in Paris.

Following a complete refurbishment in 1998, the building now boasts 3,490 m 2 of space, including retail areas, four floors of offices, and nine apartments. The transformation has elevated its appeal, making it a standout location in Paris.

#26 RUE VIEILLE DU TEMPLE

TENANT UGG ACQUIRED IN 2016 COMMERCIAL SPACE 213 M2

Situated in the best part of rue Vieille du Temple, one of the oldest streets in Paris dating back to 1250, this corner location is in the heart of Le Marais. The building housing UGG dates from the 19th century and is primarily developed along the famous rue du Trésor. The street gets its name from a discovery made in 1882, during the demolition of a former mansion house, when a copper vase containing gold coins from the 14th and 15th centuries was found.

Rue des Rosiers is a beautiful medieval street in the Marais district of Paris. You can access the Jardin des Rosiers through a doorway at 10 rue des Rosiers, where you can see an original part of the oldest city wall built in 1190.

The building, constructed in 1950, is home to Le Nom, an Italian brand famous for its unique bags with minute hand-painted customization. Despite its small size, the shop benefits from a nice linear layout and also enjoys the immediate proximity to a popular food store, ensuring a steady flow of customers.

PARIS - LE MARAIS

Le Marais is the oldest and trendiest district of Paris. Thanks to its aristocratic heritage, le Marais is home to many buildings of historic and architectural significance and has become one of the most fashionable areas of Paris, known for its art galleries, upscale restaurants, and museums.

#29 RUE DES FRANCS BOURGEOIS

TENANT NESPRESSO ACQUIRED IN 2017 COMMERCIAL SPACE 228 M2

Nestled in the heart of rue des Francs-Bourgeois, the Nespresso boutique is located on the most famous street of Le Marais. Initially launched as an e-commerce concept, Nespresso soon combined it with premium boutiques to enhance the customer experience. The building housing the Nespresso boutique has a rich history. Originally an old bakery from around 1950, its façade is listed as a historical monument. In 2017, Vastned acquired and unified the front of the shop, a backyard, and a showroom space. This transformation has preserved the building's historical charm while enhancing its modern appeal, making it a standout location in Le Marais.

LILLE

#15-23 PLACE LOUISE DE BETTIGNIES

TENANT SEZANE ACQUIRED IN 2007

COMMERCIAL SPACE 434 M2

Located in the heart of Lille's old town, the Sézane shop at Place Louise de Bettignies benefits from the complete refurbishment of the square in 2019. This area, now pedestrianized, is close to the main parking of Lille's old town, transforming into a bustling, pedestrian-friendly space.

Following its rapid success, the sustainability-focused fashion brand Sézane expanded from online sales to physical locations. The Sézane store has been operating in Lille since September 2020 and is designed to feel more like a Parisian apartment than a traditional clothing store.

The building itself is likely one of the oldest in Lille, with the first records of its construction dating back to the 17th century.

LILLE

#32 RUE FAIDHERBE

TENANT BOLIA ACQUIRED IN 2007 COMMERCIAL SPACE 517 M2

Located in the heart of Lille, Rue Faidherbe is a prominent street connecting Place du Théâtre to the Lille-Flandres railway station. This central location makes it a bustling hub of activity in the city. The store, spanning three floors, is home to Danish design company Bolia. This brand, which started as an online retailer, as illustrated by its name and logo 'Bolia.com', expanded its presence by opening physical concept stores.

The street itself has a unique history. Most of the buildings on Rue Faidherbe were destroyed during the First World War, and the reconstruction was carried out using modern construction methods with concrete while maintaining a Flemish architectural style. This blend of modern design and historical charm contributes to the distinctive character of the area.

BORDEAUX

#60 COURS DE L'INTENDANCE

TENANT LOUIS VUITTON ACQUIRED IN 2013 COMMERCIAL SPACE 501 M2

Widely regarded as the most beautiful shop in Bordeaux, the Louis Vuitton store is a standout feature of Cours de l'Intendance, the city's premier luxury street. Stunning example of Bordeaux's architectural splendor, Cours de l'Intendance embodies the elegance and sophistication of 18th-century France.

The Louis Vuitton shop exemplifies this grandeur, featuring a beautiful metallic window and an 18thcentury fountain inside the store. Louis Vuitton has been a tenant in our premises since 2000, showcasing a longstanding and successful partnership with the brand.

This section of Cours de l'Intendance is fully pedestrianized, enhancing the shopping experience, while the rest of the street accommodates a tramway line.

The building itself, constructed in 1865, is a historical monument with its facade and roof listed as cultural heritage. The most recent refurbishment was completed in 2012, preserving its historical charm while enhancing its modern appeal.

330.8 Total in € m 99.0% Occupancy

6.7% New rent vs ERV

0.1% Like-for-like rental growth

(1) Based on the fair value of the properties

31-12-2024 BELGIUM

Total surface 78,324 m2

Occupancy rate 99.0%

Fair value € 330.8 million

GHENT

This historic building in Ghent is the Belgian flagship store of AS Adventure, a retailer specializing in outdoor and fashion collections. The building has a rich history, having hosted a department store since the first half of the 20th century. In 2016, Vastned undertook a comprehensive restoration to unveil the building's splendor. A stunning atrium in the middle of the store brings in natural light, enhancing the building's appeal.

The restoration efforts were recognized with the Ghent Monument Award in 2018. Vastned meticulously restored the wooden floors and original details, preserving the building's historical integrity while revitalizing its aestheticallure.

#ZONNESTRAAT 6/8

TENANT AS ADVENTURE ACQUIRED IN 1998 COMMERCIAL SPACE 3,484 M2

BRUGES

Bruges is one of the commercial an cultural capitals of Europe. For its rich architectural heritage, Bruges was recognized as a UNESCO heritage and attracts around 7 million tourists every year. Located in the historical heart of Bruges, Vastned owns two buildings in the Steenstraat, the city's main shopping street.

#STEENSTRAAT 80

TENANT H&M ACQUIRED IN 1998 COMMERCIAL SPACE 2.698 M2

The large retail space, now let to H&M, has a unique history. In the beginning of the 20th century, the original building was completely demolished. In 1909, the building was rebuilt and was given the name 'De Gouden Wolf', a name that is still visible on the facade today. Initially, the building consisted of only three unequal bays, and it was not until the later part of the 1920s that a bay was added to the left side. Between 1973 and 1997, the building operated as a shopping gallery known as 'Alberthal'. Part of the gallery was dedicated to a projection room used for film screenings and leisure activities. Just before Vastned acquired the building, the shopping gallery was transformed into a one large retail space, let to H&M.

#STEENSTRAAT 38

TENANT MASSIMO DUTTI ACQUIRED IN 2013 COMMERCIAL SPACE 697 M2

This monumental Classicist building, home today to Massimo Dutti, has had many lives. Constructed in the 18th century, it originally served as the joint guild house of the carpenters and joiners. In 1859, the building was repurposed as the headquarters of the Catholic association La Concorde, a role still commemorated today by the natural stone cartouche on the façade's pediment.

During the 1980s, the property underwent careful renovation, preserving and rebuilding the original historic façades. The result is a beautifully restored building that reflects the craftsmanship, rich history, and urban elegance of its time.

After being converted into a bank office, it was transformed into a commercial property in 2013.

#LEYSSTRAAT 28

TENANT ARMANI EXCHANGE ACQUIRED IN 1997 COMMERCIAL SPACE 1.641 M2

This monumental building is located at the entrance of Leysstraat. The Leysstraat is the extension of the Meir the core shopping street of Antwerp. The recent redevelopment of the Antwerp Tower and the Opera square has a positive influence on the footfall in this area. Due to the pedestrianized character of the Opera square it is easy to cross the Leien towards the Keyserlei and the Central station.

The building spans 1,641 m², featuring two levels of retail for Armani Exchange and Hairdis, and three levels of residential units.Constructed in 1899, this building is in neo-baroque style with a monumental, elaborately ornamented façade. Along with its counterpart across the street, it was designed to give the entrance of Antwerp's shopping district the prestige it deserved. Initially, the building had a mixed-use designation, serving residential, office, and trade functions. The facade is considered one of Vastned's most beautiful assets in Belgium.

ANTWERP

Antwerp is the biggest city of Flanders with a population of 565,000. Its perfect mix of retail, culture and horeca and its status of international fashion capital, Antwerp attracts visitors of other Belgian cities as well as many international tourists. Popular shopping streets in Antwerp include the Meir, Leysstraat, Schuttershofstraat, Huidevettersstraat and Korte Gasthuisstraat, each attracting different types of customers. The most popular mass market street in Antwerp is the Meir, while the Schuttershofstraat attracts affordable luxury brands.

#MEIR 99

TENANT ETAM LINGERIE ACQUIRED IN 1996 COMMERCIAL SPACE 583 M2

This building is located in the heart of The Meir, the main shopping street of Antwerp. The Meir is a bustling pedestrian zone and is considered the second most important shopping street in Belgium.

Currently occupied by Etam Lingerie, the commercial property with 'maison de maître' was built in 1933 by renowned art deco architect Joseph Sélis, who designed both the exterior and the interior. The building is protected as historical heritage since 1983.

Total in € m

New rent vs ERV

-13.8%

Like-for-like rental growth(2)

100.0%

Occupancy

31-12-2024	SPAIN
Fair value	€ 85.2 million
Total surface	3,007 m2
Occupancy rate	100.00%

(1) Based on the fair value of the properties

(2) This development in like-for-like rental growth was due to a unit that was vacant in the course of 2024 and is now leased at ERV.

#ORTEGA Y GASSET 16

TENANT JIMMY CHOO ACQUIRED IN 2016 COMMERCIAL SPACE 402 M2

Located in the prestigious Barrio Salamanca, Ortega y Gasset is the most prestigious luxury fashion street in Madrid. This elegant street is home to renowned names such as Chanel, Hermès, Dolce & Gabbana, and Valentino.

The building, which is a prime corner unit between Ortega y Gasset and Claudio Coello, another prominent high street where the affordable luxury brands like to be found, enjoys outstanding visibility, further enhanced by its striking façade. This prominent location is occupied by British luxury fashion house Jimmy Choo.

MADRID

#SERRANO 36

TENANT SEPHORA ACQUIRED IN 1999 COMMERCIAL SPACE 763 M2

Serrano 36 is situated on one of Madrid's most premium high streets, located within the prestigious Salamanca Quarter. Known for being one of the most exclusive and prosperous areas of the city, this quarter is also a major tourist destination, boasting some of the best restaurants and hotels in Madrid.

Serrano Street is a highly successful retail destination, attracting a mix of luxury and affordable luxury brands such as Louis Vuitton, Salvatore Ferragamo, Cartier, Gucci, Loewe, and Prada. Serrano 36 is home to the French beauty products specialist Sephora, which enjoys excellent visibility and steadily growing sales.

Share data

Since 24 march 2025, Vastned NV is part of the BelMid index.

LISTED ON EURONEXT BRUSSELS AND AMSTERDAM ISIN BE0003754687 TICKER VASTB TOTAL NUMBER OF SHARES 19,469,032

NUMBER OF SHARES ENTITLED TO DIVIDENDS 16,143,072 MARKET CAPITALISATION AT 31/03/2025 € 572 MILLION INDICES EPRA, BEL MID

SHAREHOLDER STRUCTURE(1)

KEY 2024 FIGURES PER SHARE AT

Net Asset Value/share	€ 34.88
2024 EPRA NTA/share	€ 35.95
Share price per 31/12/2024	€ 27.60
Premium (+) / Discount (-) vs. Net Asset Value (%)	-20.88%

(1) Based on the last transparancy notices received until the 25th of April 2025.

Financial statements.

— 33

unaudited financial information

FINANCIAL STATEMENTS (UNAUDITED)

1. CONDENSED CONSOLIDATED PRO FORMA INCOME STATEMENT (UNAUDITED) for the year ended 31 December

(€ thousands)	2024	2023
Rental income	69,014	72,138
Rental-related expenses	-454	-118
NET RENTAL INCOME	68,560	72,020
Recovery of rental charges and taxes normally payable by tenants on let properties	2,498	2,253
Rental charges and taxes normally payable by tenants on let properties	-3,627	-3,451
Other rental-related income and expenses	341	383
PROPERTY RESULT	67,772	71,205
Technical costs	-2,105	-2,645
Commercial costs	-805	-675
Charges and taxes on unlet properties	-530	-362
Property management costs	-4,605	-3,435
Other property charges	-69	-82
Property charges	-8,114	-7,199
OPERATING PROPERTY RESULT	59,658	64,006
General expenses	-7,236	-6,551
Other operating income and expenses	109	18
OPERATING RESULT BEFORE RESULT ON PORTFOLIO	52,531	57,473
Result on disposal of investment properties	190	309
Changes in fair value of investment properties	-16,540	-49,126
Other result on portfolio	-7,339	509
OPERATING RESULT	28,842	9,165
Financial income	563	-5
Net interest charges	-17,631	-16,861
Other financial charges	-36	-95
Changes in fair value of financial instruments	-5,619	-7,544
Financial result	-22,723	-24,505
RESULT BEFORE TAX	6,119	-15,340
Taxes	-13,118	126
(of which deferred taxes)	(-12,963)	(1,484)
NET RESULT	-6,999	-15,214

(€ thousands)	2024	2023
NET RESULT	-6,999	-15,214
EPRA earnings corrections
Changes in the fair value of investment property	-16,540	-49,126
Result on the disposal in investment property	190	309
Changes in fair value of financial instruments	-5,619	-7,544
Result on portfolio	-7,339	509
Deferred taxes	-12,963	162
SUBTOTAL	-42,271	-55,690
TOTAL EPRA EARNINGS	35,272	40,476
Total shares	16,143,072	16,143,072
EPRA Earnings per share (in €)	2.18	2.51
Net result per share (in €)	-0.43	-0.94

2. CONDENSED CONSOLIDATED PRO FORMA COMPREHENSIVE INCOME (UNAUDITED) for the year ended 31 December

(€ thousands)	2024	2023
NET RESULT	-6,999	-15,214
Other components of comprehensive income (recyclable through income statement)	0	0
Changes in the reserve for actuarial gains and losses of defined benefit pension plans	303	-521
COMPREHENSIVE INCOME	-6,696	-15,735
Attributable to:
• Owners of the parent	-6,696	-15,735
• Non-controlling interest	0	0

3. CONDENSED CONSOLIDATED PRO FORMA BALANCE SHEET (UNAUDITED) for the year ended 31 December

Assets (€ thousands)	2024	2023
NON-CURRENT ASSETS	1,235,408	1,361,105
Intangible assets	2	343
Investment properties	1,233,000	1,351,805
Other tangible assets	1,820	1,247
Non-current financial assets	79	7,308
Trade receivables and other non-current assets	507	52
Deferred tax assets	0	350
CURRENT ASSETS	14,085	37,651
Assets held for sale	3,044	23,937
Current financial assets
	2,547	470
Trade receivables	1,103	8,776
Tax receivables and other current assets	3,407	1,292
Cash and cash equivalents	866	1,016
Deferred charges and accrued income	3,118	2,160

Shareholders' equity and liabilities (€ thousands)	2024	2023
EQUITY	679,015	744,882
Share capital	192,396	192,396
Share premium	472,738	472,738
Reserves	20,880	94,962
Net result of the financial year	-6,999	-15,214
LIABILITIES	570,478	653,872
Non-current liabilities	184,694	388,139
Provisions	3,909	4,081
Non-current financial debt	151,389	369,676
• Credit institutions	150,642	366,723
• Financial leasing	747	2,953
Other non-current financial liabilities	655	188
Other non-current liabilities	5,788	4,956
Deferred tax liabilities	22,953	9,238
Current liabilities	385,784	265,735
Provisions	379	310
Current financial debts	369,277	241,933
• Credit institutions	368,957	241,635
• Financial leasing	320	298
Trade debts and other current debts	3,347	6,322
Other current liabilities	630	545
Deferred income and accrued charges	12,151	16,625
TOTAL EQUITY AND LIABILITIES	1,249,493	1,398,756

4. CONDENSED CONSOLIDATED PRO FORMA CASH FLOW STATEMENT (UNAUDITED) for the year ended 31 December

(€ thousands)	2024
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE FINANCIAL YEAR	1,016
1. Cash flow from operating activities	23,630
Operating result	28,843
Interest paid	-16,221
Other non-operating elements(1)	-22,289
Adjustment of result for non-cash flow transactions	22,435
• Depreciations and amortisation on intangible and tangible fixed assets	466
• Result on the sale/tranfer of investment properties	-190
• Spread of rental discounts and benefits granted to tenants	-556
• Changes in fair value of investment properties	16,540
• Other result on portfolio	556
• Changes in the fair value of financial instruments	5,619
• Other non-cash movements
Change in working capital	10,862
Movement of assets	4,600
• Trade receivables	7,673
• Tax receivables and other non-current assets	-2,115
• Deferred charges and accrued income	-958
Movement of liabilities	6,262
• Deferred tax	13,626
• Trade debts and other current debts	-2,975
• Other current liabilities	85
• Deferred income and accrued charges	-4,474
2. Cash flow from investment activities	127,556
Acquisitions of intangible and other tangible fixed assets	-680
Purchase of real estate companies	-3,321
Investments in existing investment properties	-3,118
Proceed of investment property	132,069
3. Cash flow from financing activities	-151,336
Repayment of loans	-301,636
Drawdown of loans	209,411
Repayment of financial lease liabilities	-840
Receipts/payback from non-current liabilities as guarantee	904
Dividend payments	-59,175
CASH AND CASH EQUIVALENTS AT THE END OF THE FINANCIAL YEAR	866

(1) This amount consists the estimated income tax for the current financial year, the deferred tax and the changes in the fair value of financial instruments.

5. CONDENSED STATEMENT OF CHANGES IN THE CONSOLIDATED SHAREHOLDERS' EQUITY (UNAUDITED) for the year ended 31 December

(€ thousands)	Capital	Share premium	Total reserves	Net result of the financial year	Total shareholders' equity
BALANCE AT 31 DECEMBER 2023	192,396	472,738	94,962	-15,214	744,882
Result 2024			0	-6,999	-6,999
Transfer through result allocation 2023 of Vastned NV			0		0
Transfer of portfolio result to the reserves			-1,260	1,260	0
Transfer from changes in fair value of financial assets and liabilities			-1,890	1,890	0
Sales 2023: impact on the realised result			5	-5	0
Sales in 2024: impact on equity			-44		-44
Revaluation subsidiaries			152	-152	0
Allocation of carried over result			2,601	-2,601	0
OCI
Actuarial impact on the current plans			303		303
Dividends (third party only, excl. effect of intragroup dividend)
Dividends			-48,622	-10,505	-59,175
Transfer from result allocation to the reserves			-25,327	25,327	0
BALANCE AT 31 DECEMBER 2024	192,396	472,738	20,880	-6,999	679,015

NOTES

1. P&L SEGMENTATION (UNAUDITED)

The segmented information is presented taking into account the information used internally in order to make decisions. The 'Chief Operating Decision Makers' are the effective leaders of the Company. The operating segments have been determined as they demonstrate similar longer-term financial performance based on estimated rental value, investment potential and residual value where they exhibit similar economic characteristics.

Vastned uses the geographical region for segment reporting. This segmentation basis reflects the four (4) geographic markets in which the Group is active: Belgium, the Netherlands, France and Spain. The Company has chosen not to further split the geographical regions (e.g. split Belgium between Brussels, Flanders and the Wallonia). This is explained by the fact that the Chief Operating Decision Maker does not make decisions based on these individual regions.

	Belgium		Netherlands		France		Spain		Total
(€ thousands)	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023
I. Rental Income	18,967	19,078	30,315	33,068	16,341	16,058	3,391	3,934	69,014	72,138
III. Rental-related expenses	-215	-63	-191	-39	-48	-16	0	0	-454	-118
NET RENTAL INCOME	18,752	19,015	30,124	33,029	16,293	16,043	3,391	3,934	68,560	72,020
Other rental-related income and expenses	341	373	-1,058	-1,079	-27	-66	-44	-43	-788	-815
PROPERTY RESULT	19,093	19,388	29,066	31,949	16,266	15,977	3,347	3,891	67,772	71,205
OPERATING RESULT BEFORE RESULT ON PORTFOLIO	15,729	16,605	21,081	24,666	13,329	13,279	2,392	2,923	52,531	57,473
Result on disposals of investments properties	-1	5	353	304	-202	0	40	0	190	309
Changes in fair value of investment properties	935	-127	-9,726	-17,244	-13,491	-29,080	5,742	-2,675	-16,540	-49,126
Other result on portfolio	-2,014	87	-4,383	521	-888	-2	-54	-97	-7,339	509
OPERATING RESULT OF THE SEGMENT	14,649	16,570	7,325	8,247	-1,252	-15,803	8,120	151	28,842	9,165
Financial result	-4,605	-4,238	-16,447	-18,811	-269	-379	-1,402	-1,077	-22,723	-24,505
Taxes	-29	-94	-11,648	377	-186	-191	-1,255	34	-13,118	126
NET RESULT	10,015	12,238	-20,770	-10,187	-1,707	-16,373	5,463	-892	-6,999	-15,214

The key changes in the geographical income statement are explained as follows:

• Net rental income decreases in all segments except for France. The decrease is a consequence of the divestment program executed in 2024 and the increased financial vacancy rates over all countries (except for France). The divestment program mainly took place in the Netherlands and had an effect of € 3.4 million on the net rental income in the Netherlands and

€ 0.1 million in Belgium. During the year, Vastned reported increased financial vacancy over all countries, except for France. This resulted in a further decrease of the netrental income. Furthermore, we noted that the conclusion of lease renewals (against lower terms) in the previous financial year had a negative impact on this year's net rental income, especially in Belgium where some large contracts were renewed. These decreases were partially offset by indexation of the rental contracts as the rental income increased with 1.2% on a like-for-like basis in 2024.

• Other rental-related income was only recognized in Belgium and linked to the compensation received following the damages incurred due to stability issues for the retail property located in at Brull 42 - 44 in Mechelen. In the other countries other rental-related expenses were recognized. These expenses mainly relate to costs that could not be recharged towards the tenants (e.g. property taxes) and might in the future be reclassified towards the property charges.
• Result on disposal of investment properties was limited to € 0.2 million in 2024. This limited result is a consequence of the valuation method applied by the group in 2024, in which the valuation of the investment property was aligned with the selling price at the moment that an offer was received.
• Changes in the fair value of investment property were in 2024 negative in the Netherlands and France, whereas they became positive in Belgium and Spain. The negative valuations are a consequence of the limited capital market transactions in the Netherlands and France. As a result of the limited number of transactions, valuation experts became more prudent and applied a higher yield for the valuation. This effect was more limited in Belgium and Spain as the capital markets started to attract again. Note that valuation experts did not increase the ERV (Estimated Rental Value) in 2024, whereas Vastned has a track record of closing rental agreements above ERV.
• Taxes increased significantly as a result of the recognition of a deferred tax liability in the Netherlands, following the sale of Rokin Plaza.

2. RENTAL INCOME (UNAUDITED) for the year ended 31 December

(€ thousands)	2024	2023
Rents	70,615	74,174
Variable lease payments	266	123
Rent incentives	-1,886	-2,162
Compensation for early termination of lease agreements	19	3
TOTAL RENTAL INCOME	69,014	72,138

Rental income comprises rents and income directly related thereto, such as variable lease payments and compensations for early termination of lease agreements, less any rent incentives like rent reductions. Rent reductions are recognized in the income statement on a straight-line basis from the commencement of the lease agreement until the next possible termination date of the lease agreement.

In 2024, rental income amounted to € 69,0 million and decreased by € -3.1 million compared to the previous financial year (€ 72.1 million). The decrease is mainly explained by the divestments that took place in 2024 as they had a direct impact of € -4.0 million on the rents. This impact was offset by the indexation of the existing rental agreements (€ 0.8 million).

Vastned agreed with a very limited number of tenants a lease agreement with a variable rent. These agreements specify that the tenants pay a minimum nominal rent. In addition to this minimum nominal rent, tenants will pay a certain percentage of a predefined annual turnover (of the retailer). This variable lease payment only applies when the predefined thresholds are exceeded. In 2024, variable lease payments were invoiced for an amount of € 0.3 million.

3. FUTURE MINIMUM RENTAL INCOME (UNAUDITED)

The table below provides an overview of the undiscounted value of the future rental income up to the first expiry date of the lease agreement. Belgian and French retail rental agreements legislation provides for a statutory break option for the tenant 3 years after the start date of the agreement. While the contractual term is usually longer, tenants benefit from early break rights under statutory law (in Belgium and France) or negotiate early break rights in their contracts.

The undiscounted value of the future minimum rental income, taking into account the first option of termination, amounts to € 163.5 million and decreased by € 50.3 million compared to previous financial year. This decrease is the combined outcome of the divestments (€ -36.4 million) that took place in 2024, the cyclical effect of the termination option (€ -29.7 million), the renewal/closing of (existing and new) lease agreements (€ 13.1 million) and the decrease in lease-incentives (€ 2.7 million). The weighted average lease term is 2.4 years compared to 2.9 years previous financial year.

(€ thousands)	2024	2023
Receivables with a remaining duration of:
Less than one year	61,037	70,763
Between one and two years	44,018	56,909
Between two and three years	27,253	36,393
Between three and four years	13,596	22,654
Between four and five years	8,066	13,196
More than five years	9,480	13,820
TOTAL OF THE FUTURE MINIMUM RENTAL INCOME	163,450	213,735

If we assume that the tenants will not make use of the termination option, then the undiscounted value of the future rental income amounts to € 341.7 million which is a decrease of € 78.3 million compared to previous financial year. This decrease is the combined outcome of the divestments (€ -69.9 million) that took place in 2024, the cyclical effect of the termination option (€ -33.9 million), the renewal/closing of (existing and new) lease agreements (€ 23.3 million) and the decrease in lease-incentives granted (€ 2.2 million). The weighted average lease term is 5.2 years compared to 6.2 years previous financial year.

(€ thousands)	2024	2023
Receivables with a remaining duration of:
Less than one year	62,563	69,601
Between one and two years	58,386	63,820
Between two and three years	52,036	57,460
Between three and four years	46,468	51,822
Between four and five years	37,557	45,529
More than five years	84,833	131,946
TOTAL OF THE FUTURE MINIMUM RENTAL INCOME	341,843	420,178

4. EVOLUTION OF INVESTMENT PROPERTIES (UNAUDITED) for the year ended 31 December

(€ thousands)	2024	2023
BALANCE SHEET AS AT 1ST JANUARY	1,376,088	1,416,824
Capitalization expenditures in existing investment properties	3,118	6,193
Acquisition of new investment properties	10,328	0
Right-of-use assets according to IFRS 16	-1,739	2,196
Divestments of investment properties	-134,865	-345
Changes in fair value of investment properties	-16,540	-49,126
BALANCE SHEET AS AT 31 DECEMBER	1,236,044	1,375,742

At 31 December 2024, the fair value of investment properties (including IFRS 16 right-of-use assets and including the assets held for sale) amounts to € 1,236.0 million. The decrease € -139.7 million consists of:

• Divestments of investment properties for an amount of € -134.9 million;
• Acquisition of a building in Leuven and Namur for an amount of € 10.3 million;
• Capitalization expenditures in existing investment properties for an amount of € 3.1 million;
• Decrease in right-of -use assets according to IFRS 16 for an amount of -1.7 million; and
• Changes in the fair value of investment properties were negative for a total amount of € 16.5 million.

Investment properties are valued, by an independent valuation expert, at fair value in accordance with IAS 40 'Investment Property'. The fair value is determined on the basis of one of the following levels of the hierarchy:

• Level 1: Officially quoted (unadjusted) market prices for identical assets or liabilities in an active market.
• Level 2: The fair value of assets or liabilities that are not traded in an active market is determined using valuation techniques. These techniques make maximum use of observable market data, where available, and rely as little as possible on entity-specific estimates.
• Level 3: Assets and liabilities of which the fair value is determined using valuation techniques of which some parameters are based on non-observable market data.

Investment properties are valued at fair value according to level 3.

Conception and Graphic design by PricewaterhouseCoopers Advisory Contact: fr_content_and_design@pwc.com Photo credits: istock, Vastned