Lighthouse Properties (LTE) investor relations material

Executive summary

• Interim results for the six months ended June 30, 2026, show strong operational and financial performance, with a focus on dominant, defensive malls in Iberia, France, and Western Europe, and a portfolio valued at €1.5bn.

• Portfolio occupancy remains high, with vacancies at 1.1% and significant leasing activity, supported by 100% debt interest rate hedging.

• Asset management initiatives, refurbishments, and recent acquisitions are driving tenant sales and rental growth, especially in Spain and Portugal.

• Strategic focus remains on enhancing existing assets rather than new acquisitions due to yield compression and competitive acquisition markets.

• Distributable earnings per share rose 9.7% year-over-year to 1.4401 EUR cents, driven by acquisitions, rental indexation, and asset management.

Financial highlights

• Distribution per share increased by 9.7% for the period, with distributable income up 10.9% and interim distribution of 1.4401 EUR cents per share declared.

• Net asset value per share rose 4.9% year-over-year to 44.76 EUR cents, reflecting fair value gains from property revaluations.

• Like-for-like NPI growth at the portfolio level was 4.5%, with Spain at 5.6%, Portugal at 1.7%, and France at 6.6%.

• Tenant sales grew 7.9% across the portfolio, with Spain at 7.7%, Portugal at 9.5%, and France at 5.7%.

• LTV ratio improved to 35.9% from 36.1% at year-end 2025.

Outlook and guidance

• FY2026 distribution per share guidance upgraded to 3.00 EUR cents, representing 8.7% growth over FY2025.

• Expect continued strong sales and NPI growth into 2027 as major refurbishments and tenant openings complete.

• Acquisitions expected to moderate; focus remains on asset enhancement and capital deployment within existing portfolio.