KLÉPIERRE: 6.3% LFL NRI GROWTH OVER 9 million AND INCREASE IN GUIDANCE

PRESS RELEASE

6.3% LFL NRI GROWTH OVER 9M AND INCREASE IN GUIDANCE

Klépierre is ranked first in the world in terms of listed retail space by GRESB and first in Europe in terms of global listed real estate

Paris – October 23, 2024

Klépierre, the leading shopping center specialist with an exclusive focus on continental Europe, today revised upwards its expectations for 2024, after solid outperformance in the first nine months of 2024.⁽¹⁾

Net current cash flow for 2024 is now expected at €2.55 per share, driven by:
- Continued leasing demand and further improvements in operational KPIs:

1,280 leases signed, an increase of 7% year-on-year, with a positive rental increase of 4.0%
Financial occupancy rate at 96.5%, up 30 basis points over three months and 70 basis points year-on-year
Retail sales over a 9-month period⁽²⁾ an increase of 4.0% on a comparable basis, supported by a 2.4% increase in visitors
The occupancy expense ratio stands at 12.6%, down 20 basis points year-over-year

Solid rental growth: 9 months on a comparable basis⁽³⁾ net rental income increases by 6.3%

Industry Leading Credit Statistics:
- Net debt to EBITDA of 7.2x, debt costs 1.7%
- Net debt of €7,590 million, an increase of €241 million compared to December 2023, following the acquisitions completed this year

GAIN

In millions of euros, total share	9M 2024	Like-for-like change⁽³⁾
Gross rental income	902.0
Income	1,155.7

Net rental income	783.7	+6.3%

Klépierre’s total turnover⁽⁴⁾ for the first nine months of 2024 amounted to €1,155.7 million.

Accelerating rental growth, supported by positive operating momentum

For the first nine months of 2024, net rental income amounted to €783.7 million, an increase of 5.7% year-on-year or 6.3% on a comparable basis.⁽³⁾ basis, which amounts to a spread of 350 basis points compared to indexation as a result of higher collection and occupancy rates and a solid increase in additional income (turnover rents, parking income and retail income).
This solid performance was supported by continued strong rental demand with 1,280 leases signed (up 7% in volume year-on-year) and a positive 4.0% rental increase in renewals and re-lettings, highlighting the crucial role of the best shopping centers demonstrates. for retailers. Furthermore, the momentum was reinforced by Klépierre’s operational excellence, which translates into the continued improvement in occupancy rates, up 30 basis points compared to June 30, 2024, and 70 basis points year-on-year to 96.5%. At the same time, the occupancy cost ratio was 12.6%, indicating an affordable rental level with a like-for-like growth of 4.0%.⁽²⁾ increase in retailer turnover in the first nine months (peaking 6.2% and 6.1% in August and September respectively) and 2.4% growth in visitor numbers.

An industry-leading balance sheet that offers opportunities to create value

As of September 30, 2024, consolidated net debt amounted to €7,590 million, an increase of €241 million compared to December 31, 2023, mainly due to the €238 million invested in the acquisitions of O’Parinor (France) and RomaEst (Italy). The integration of these two super-regional shopping centers was an immediate success, with better than expected performance over the summer. Meanwhile, Klépierre continued to invest in its assets, delivering the Maremagnum extension (Barcelona, Spain) in July – which is already showing solid visitor numbers (+20% in August and +39% in September) – while the expansion work on Odysseum (Montpellier, France) is progressing on time and within budget. The return on costs of these projects is 13.5% and 9% respectively.
Finally, the Group continues to have leading credit metrics, with net debt/EBITDA at the historically low level of 7.2x, an average debt maturity of 6.0 years and debt costs of 1.7%.

Global leader in sustainable development

Klépierre has once again been recognized for its outstanding corporate social responsibility performance by the Global Real Estate Sustainability Benchmark (GRESB), which ranked the Group first globally in the Listed Retail category. In addition to this remarkable achievement, Klépierre is also number one in the European listed real estate category (all asset classes). The Group achieved an overall score of 95/100 (2 points higher than in 2023) and maintained its 5-star rating, awarded to the top 20% performers across all categories.

Outlook revised upwards

The current business momentum, combined with the performance in the first nine months, has led the Group to increase its expectations for 2024. As a result, Klépierre now expects EBITDA and net current cash flow to increase by 6% to €2.55 per share in 2024.

RETAILER SALE

Nine-month retail sales change, by geography, compared to a nine-month period in 2023⁽²⁾
Geography	Like-for-like change	Share of retailers’ total reported sales
France	+5.3%	40%
Italy	+3.5%	26%
Scandinavia	+0.1%	11%
Iberia	+3.9%	12%
Netherlands/Germany/Central Europe	+4.9%	11%
TOTAL	+4.0%	100%
Nine-month retail sales change by segment compared to nine months in 2023⁽²⁾
Segment	Like-for-like change	Share of retailers’ total reported sales
Fashion	+2.9%	38%
Culture, sports & leisure	+2.7%	19%
Health and beauty	+11.2%	15%
Food and drinks	+4.3%	12%
Household equipment	-0.1%	9%
Other	+5.5%	7%
TOTAL	+4.0%	100%

AGENDA
February 11, 2025	Annual profit 2024 (after market close)
CONTACTS FOR INVESTOR RELATIONSHIPS		MEDIA CONTACTS
Paul Logerot, Group Head of IR and Financial Communications +33 (0)7 50 66 05 63 — [email protected] Hugo Martins, IR manager +33 (0)7 72 11 63 24 — [email protected] Tanguy Phelippeau, IR manager +33 (0)7 72 09 29 57 —[email protected]		Hélène Salmon, group head of communications +33 (0)6 43 41 97 18 – [email protected] Wandrille Clermontel, Taddeo +33 (0)6 33 05 48 50 – [email protected]

ABOUT KLÉPIERRE

Klépierre is the leading shopping center specialist with an exclusive focus on continental Europe, combining real estate development and asset management skills. The company’s portfolio is valued at €19.9 billion as of June 30, 2024 and includes major shopping centers in more than 10 countries in continental Europe, which together receive hundreds of millions of visitors per year. Klépierre has a controlling interest in Steen & Strøm (56.1%), one of the largest shopping center operators in Scandinavia. Klépierre is a French REIT (SIIC) listed on Euronext Paris and included in the CAC Next 20 and EPRA Euro Zone Indices. It is also included in ethical indices, such as Euronext CAC 40 ESG, CAC SBT 1.5, MSCI Europe ESG Leaders, FTSE4Good, Euronext Vigeo Europe 120, and is included in CDP’s “A-list”. These awards underline the Group’s commitment to proactive sustainable development policies and its global leadership in the fight against climate change.
For more information, please visit the newsroom on our website: www.klepierre.com

This press release is available in the ‘Publications’ section of Klépierre’s financial page: www.klepierre.com/en/finance/publications

(1) The data in this press release has not been verified.
(2) Excluding the impact of asset sales, acquisitions and excluding Turkey.
(3) Like-for-like data excludes the contribution of new spaces (acquisitions, greenfield projects and expansions), spaces undergoing restructuring and divestments completed since January 2023.
(4) Total revenue is calculated as the sum of gross rental income, service costs and management and development costs.