2025 annual results Strong performance and strengthened financial capacity to support the acquisition momentum already underway

Portfolio and valuation

• Portfolio valuation: €577 million (vs €576 million at end-2024), +1.8% on a like-for-like basis
• EPRA NTA NAV: €90.80/share (compared to €88.88/share at 31 December 2024), +2.2%

Investments and disposals

• Acquisitions: €18.7 million for an average immediate yield of 6.5%
• Disposals: €12.4 million, generating a distributable capital gain of €6.9 million (€1.60/share)

IFRS 2025 results

• EPRA Earnings (Recurring net result) of €18.6 million, or €4.47/share
• Net recurring cash flow of €18.3 million, i.e. €4.41/share
• IFRS net result €26.9 million, or €6.47/share

Operating performance

• Rental income up +3.5% on a like-for-like basis (€30.0 million overall, i.e. +0.6% vs 2024)
• Average financial occupancy rate of 95.6% in 2025 (vs 94.1% in 2024)

Consolidated financial structure

• EPRA LTV debt ratio: 33.3% (vs 34.9% at end-December 2024)
• Average cost of debt in 2025: 2.47% (vs 1.75% in 2024)
• Average residual maturity of more than three years (excluding extension options)
• Share of fixed-rate and hedged floating-rate debt: 100%
• Cash and cash equivalents of €30.8 million at end-2025 and undrawn bank financing of €30 million

Dividend

• Proposed dividend: €4.20/share, +2.4% from the dividend paid in 2025, subject to approval by the General Meeting of Shareholders on 28 May 2026

Key financial indicators

2025 business review

For the French economy, 2025 was a relatively positive year, ranking it among the best economies in the OECD. Despite major geopolitical shocks and a gloomy outlook, France posted better-than-expected GDP growth⁽[2]⁾, rising employment (from 64% in 2017 to 69.4% at end-2025) and low inflation, which should boost French households' purchasing power.

A Knight Frank study reports an overall improvement in retail revenues in 2025 (+0.5%, after a decline of 1.2% in 2024), driven by the jewellery and watchmaking sectors (+7%), food (+5.1%), restaurants (+4.9%), and beauty and wellness (+4.8%).

Last year also saw a sharp increase in the number of shop openings in Paris (198, up +43% on 2024), boosting footfall and the capital's appeal, as evidenced by record levels of international tourism.

Investment in retail properties accounted for nearly a quarter of the total amount invested in commercial real estate in France in 2025, or €3 billion, up 12% year-on-year. Ground-floor assets remain the most popular asset type in France, with investments mainly located in Ile-de-France

In this environment, SELECTIRENTE continued to actively and rigorously manage its portfolio while relaunching its investment programme. The Company has thus confirmed the strength and consistency of its strategy focused on local shops in the heart of major French cities, whose structural fundamentals offer both stable revenues and a sustainable portfolio growth driver.

SELECTIRENTE also signed a new €25 million corporate credit line in the form of a Sustainability-Linked Loan in December 2025, marking a new stage in the real estate company's growth plan. The Company has thus consolidated its financial structure and has the financial resources (€60 million) to seize the many opportunities offered by the market.

SELECTIRENTE continues to pursue a strategy focused on local shops, for which the granularity and geographical and business diversification of its tenants/retailers remain particularly relevant. In addition, the strengthening of local consumption and changing urban mobility habits are sustainable levers that support the appeal and performance of this asset type.

With its strong financial structure, SELECTIRENTE has solid long-term fundamentals:

• quality locations: 64% of assets located in inner Paris, 9% in the Paris region and 18% in five of France's largest provincial cities (in value terms);
• reasonable rents compared to market rental values;
• strong portfolio granularity (399 assets) reflecting solid pooling of rental risk (518 leases);
• limited debt (EPRA LTV of 33.3%), at end-December 2025, available cash of nearly €31 million following the €25 million financing signed in December 2025, and an undrawn (to date) bank credit line of €30 million, representing a total investment capacity of €60 million;
• disciplined and nimble management by a recognised and experienced team.

A growing portfolio

Growth in independent appraisal values of +1.8% on a like-for-like basis

At 31 December 2025, SELECTIRENTE's revalued portfolio stood at €577 million^([3]) (excluding transfer taxes), compared to €576 million at 31 December 2024. This stability reflects, on the upside, €17 million (excluding transfer taxes) in acquisitions completed in 2025 and €10.1 million of growth in portfolio valuation on a like-for-like basis, and on the downside, targeted disposals of its direct (€12.4 million) and indirect (€13.9 million) real estate portfolio.

At 31 December 2025, given the quality of its locations, the Company recorded growth in the valuation of its directly held real estate assets despite an increasing interest rate environment. Accordingly, appraisal values posted year-on-year growth of +1.8% on a like-for-like basis.

Specifically, year-on-year, the value of city centre shops, which account for 86% of the Company's overall portfolio, rose by +1.8% on a like-for-like basis, while the value of the few office properties, also located in the heart of major French cities, rose by +1.6%. In geographical terms, appraisal values rose +2.7% in Paris, +1.7% in the Paris region and virtually unchanged at -0.3% in the regions, altogether accounting for over 99% of the real estate company's total portfolio. Appraisal values of assets located in Belgium (0.6% of the same total) were stable compared to 2024.

At end-December 2025, the average yield resulting from these independent appraisals (including transfer taxes) was 5.1% on the entire portfolio, virtually stable compared with end-2024. This yield was 5.2% for city-centre shops (including on average 4.8% for Paris assets, 5.9% in the Paris region and 5.7% in the major regional cities), 8.5% for medium-sized peripheral units (a single asset representing only 0.2% of the total portfolio value) and 4.8% for offices.

A directly-held real estate portfolio comprising 86% city-centre shops with 64% of assets located in inner Paris

The value of SELECTIRENTE's direct real estate assets alone, consisting of 399 assets covering a total surface area of over 96,000 m² and 518 leases, amounted to €568 million (excluding transfer taxes) at end-December 2025, mainly consisting of city-centre shops in Paris and the Paris region. This portfolio breaks down as follows:

Rigorous and selective operational activity in 2025

Investments resumed in 2025

With solid fundamentals and a strengthened financial position, SELECTIRENTE pursued a dynamic and selective investment strategy, initiating a sustainable renewal of its acquisition cycle, alongside a series of disposals aimed at optimising its assets.

Thus, while respecting its strict selectivity criteria, SELECTIRENTE concluded the financial year having completed €18.7 million in direct real estate investments on quality assets with reasonable rents compared to market rental values. The acquisitions involved a total of 16 ground-floor shops (either individually or in the form of two portfolios) located in city centres, mainly in Paris and the Paris region, as well as in the heart of Rouen (76) and Annecy (74). The initial yield on investments completed in 2025 averages 6.5%.

Strategic refocusing disposals generating significant distributable capital gains

During the 2025 financial year, SELECTIRENTE continued to refocus and strategically optimise its portfolio by selling assets that no longer correspond to its investment target. The Company thus sold 11 assets mainly located in medium-sized cities in regional regions, and one asset in Belgium, for a total net selling price of €12.4 million, generating a distributable capital gain of €6.9 million.

In addition, on its indirect real estate portfolio, SELECTIRENTE sold its entire stake (2.81%) in the Belgian listed company Vastned. The proceeds from the sale (€16.9 million) of this opportunistic investment held since 2020 will be reinvested in its investment target of city-centre shops, in line with the real estate company's active development strategy. This investment generated a five-year average annual IRR of more than 17%.

Rental activity: rising rents on a like-for-like basis and an already high and growing average financial occupancy rate

SELECTIRENTE's gross rental income came to €30.2 million in 2025, up by +1% on the previous financial year. On a like-for-like basis, rents alone rose by over +3.5%, boosted by rent indexation (+2.8%), re-lettings and lease renewals (+4.4%), business asset disposals (+0.5%) and offset by vacancies (-2.4%) and insolvency proceedings (judicial liquidations) (-1.8%).

The financial occupancy rate is still high and is growing at 95.6% on average over 2025 (compared to 94.1% in 2024).

In the 2025 financial year, all rental management actions (re-lettings, renewals and lease disposals with change of tenant activity) involved 41 commercial premises (out of a total of more than 550 rental units at end-2025) and secured €1.7 million in rents on an annual basis. The overall decrease in these rents in France (-4.3%) is mainly due to the impact of the rent revision concentrated on four shops located in Toulouse (31), Rouen (76) and Paris (1^st and 10^th arrondissements), representing 0.4% of the real estate company's total annual rental income. Restated for these four shops, new rents were up +3.5% in France.

In addition, the recovery rate for rent invoiced in 2025 was 93% at 31 December 2025, and 95.0% at 11 February 2026.

2025 financial performance

Growth in recurring net result and pro forma net recurring cash flow⁽⁴⁾, up +1% and +7%, respectively

Condensed statement of comprehensive income under IFRS

⁴Pro forma: excluding the change in dividends from the investment in the Belgian listed company Vastned (no dividend paid in 2025 vs €1.9 million in 2024), investment sold in 2025.

IFRS net result decreased to €26.9 million, due to the combined effect of:

• The +3% increase in net rental income: increase in rents and decrease in non-rebillable real estate expenses as a result of the reletting of vacant assets;
• The impact of acquisition costs (-€2.2 million) on the increase in appraisal values of the direct real estate portfolio (+€8.6 million);
• Improvement in net financial income of €0.2 million: stable cost of debt (increase in average financing cost offset by decrease in average outstanding debt over 2025), capital gain on the sale of Vastned investment securities (€2.9 million) partially offset by the lack of a dividend from Vastned in 2025 (compared with the payment of an increased dividend of €1.9 million in 2024) and a decrease in income from financial investments.

EPRA Earnings, also known as IFRS recurring net result, restated for changes in the value of investment properties and financial assets as well as gains and losses on asset disposals, amounted to €18.6 million in 2025 versus €20.4 million in 2024 (€4.5/share compared to €4.9/share in 2024).

Pro forma EPRA Earnings, i.e. restated for dividends from the Vastned investment (€1.9 million in 2024 and €0 in 2025), increased by +1% between 2024 and 2025, and stood at €18.6 million, compared with €18.4 million in 2024.

Similarly, net recurring cash flow in 2025 was €18.3 million, down -4%; on a pro forma basis, it grew +7% between 2024 and 2025 (from €4.1 to €4.4/share).

Summary of EPRA performance indicators

EPRA NDV NAV per share increased by +1.4% and stood at €92.60 at 31 December 2025, compared to €91.30 at end-2024. EPRA NTA NAV per share also increased (+2.2%), to €90.80 at 31 December 2025 compared to €88.88 at end-2024.

Strengthened financial structure

During 2025, SELECTIRENTE continued to optimise its bank borrowings by repaying the full amount drawn from its RCF.

In order to support its renewed investment momentum since early 2025, SELECTIRENTE signed a new €25 million corporate credit line with Crédit Agricole Ile-de-France (CADIF), the Company's new banking partner, in the form of a Sustainability-Linked Loan (SLL) based on non-financial performance criteria similar to the two previous SLLs signed in 2024, thereby affirming its commitment to sustainable development. This financing, for a term of five years, is intended to support its continued growth.

SELECTIRENTE has thus consolidated its financial structure, with available liquidity now standing at nearly €31 million and no significant debt maturities before 2027. At end-2025, the Company had €30 million of additional drawdown capacity (thanks to its undrawn RCF), giving the real estate company a total investment capacity of more than €60 million.

As a result, at end-2025 SELECTIRENTE's gross bank debt amounted to €223 million (versus €204 million at end-2024), and €192 million of net cash and cash equivalents characterised by:

• a debt ratio of 33.3% (EPRA LTV) versus 34.9% at end-2024;
• 21% of fixed-rate mortgage debt and 79% fully hedged floating-rate corporate debt;
• an average annual cost for 2025 of 2.47% (1.75% in 2024);
• average residual maturity of more than 3.1 years (excluding extension options).

Increase (+2.4%) in dividend per share

Given the results for the financial year, a dividend for the 2025 financial year of €4.20/share will be proposed at the next General Meeting of the Shareholders on 28 May 2026, up +2.4% on last year (€4.10 per share).

Post balance sheet events

Since 1 January 2026, SELECTIRENTE has acquired a store located in Paris (6^th arrondissement). To date, it is also committed to 1) the acquisition of several assets in the centre of Paris and in the heart of major French cities for a total cost price of nearly €3.8 million, and 2) disposals for a net selling price of €2.1 million.

Outlook for 2026

In a context still marked by macroeconomic and geopolitical uncertainty, which could weigh on the economy and financial markets, and expecting a sharp rebound in European economies, SELECTIRENTE is approaching the 2026 financial year with a clear strategy.

The Company intends to prioritise the use of its €60 million investment capacity to seize acquisition opportunities during a favourable momentum at the bottom of the cycle, while pursuing a strategy of targeted disposals aimed at further optimising its portfolio and improving its rental income. The overall objective is to continuously improve its recurring net result and net recurring cash flow to support sustainable dividend growth.

At the same time, SELECTIRENTE aims to increase its visibility among a broader base of investors, both in France and internationally, and to continue to roll out its environmental, social and governance commitments.

Building on its strong presence in major French cities, particularly Paris and the Paris region, the Company will maintain dynamic and sustainable rental management of its portfolio, actively identifying opportunities to create value across its portfolio.

2026 financial calendar:

• 05/05/2026 (after close of trading): Q1 business and revenue
• 28/05/2026: Annual General Meeting of the Shareholders
• 23/07/2026 (after close of trading): H1 business and results

Contacts

Dany Abi Azar – Chief Financial Officer, Selectirente Gestion – +33 (0)1 69 87 02 00 – dany.abiazar@selectirente.com

Aliénor Kuentz – SHAN communications agency – +33 (0)6 28 81 30 83 - alienor.kuentz@shan.fr

Appendices to the 2025 business and results press release

• IFRS financial statements at 31 December 2025 (under audit)

• Statement of financial position (simplified)

• IFRS statement of cash flows

GLOSSARY:

NAV (Net asset value)

NAV is an indicator that measures the net asset value of a real estate company. It schematically represents the difference between the value of the Company's assets (as estimated by independent appraisers) and total liabilities. The calculation methods are further described in Chapter 5, Section 5.1.2.4 of the 2024 Universal Registration Document.

Net recurring cash flow

This indicator corresponds schematically to the cash generated by the Company's regular business after taking into account financial expenses and taxes.

Cost of debt

The cost of debt corresponds to SELECTIRENTE's average cost of debt. It includes all short- and long-term financing instruments.

EBITDA

Earnings Before Interest, Taxes, Depreciation and Amortisation. The French accounting equivalent is the gross operating margin.

EPRA (European Public Real Estate Association)

EPRA is the spokesperson of the listed European real estate sector. With more than 290 members, EPRA works to promote, develop and represent European real estate, through the improvement of the information communicated to investors and stakeholders, its active engagement in public and political debate, improvement of the transactional environment in general, the promotion of best practices (financial and non-financial), as well as the cohesion and strengthening of the sector. The recommendations in terms of financial and non-financial best practice aim to increase transparency, comparability and relevance of reporting throughout the sector.

EPRA NDV (Net Disposal Value)

EPRA NDV is intended to represent shareholder value in the context of an orderly sale of a business, where all liabilities for transfer taxes, deferred taxes, financial instruments and certain other adjustments are calculated excluding any tax optimisation. Intangible assets are also excluded from this methodology.

EPRA NRV (Net Reinvestment Value)

The EPRA NRV aims to highlight the value of long-term net assets and to represent the value necessary to reconstitute the entity, assuming no asset sale.

EPRA NTA (Net Tangible Assets Value)

The EPRA NTA reflects only the tangible assets of the Company and considers that companies buy and sell part of their assets, thus crystallising certain levels of unavoidable deferred tax and transfer tax liabilities.

Corporate governance

It is the system formed by all laws, practices and processes by which the members of the Management, the Board of Directors and the Supervisory Board direct and control a company in the interest of its shareholders and other stakeholders. Corporate governance also provides the framework within which the Company's objectives are set, the means of achieving them are defined and the criteria for assessing their achievement are established.

ICR (Interest Coverage Ratio)

Financial expense coverage ratio: ratio of EBITDA to the cost of net financial debt.

ICC (Construction cost index)

This index is one of the two benchmark indices used to index retail rents. It is published each quarter by INSEE and calculated based on data from the quarterly survey on the cost of new housing (PRLN). This survey collects, for a sample of building permits, information on market trends, construction characteristics, as well as information to estimate the land cost (land price, any demolitions, taxes, etc.). To date, it is also the reference index used to index office rent.

ILC (Commercial rent index)

The ILC is published every quarter by INSEE and comprises the ICC (25%), the ICAV (retail revenue index in value terms, 25%) and the CPI (consumer price index, 50%). The ICAV, published monthly by INSEE, is calculated on the basis