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"value": "1. General Reporting entityEurocommercial Properties N.V. (the Company) domiciled at De Boelelaan 7, 1083 HJ Amsterdam, The Netherlands, is a closed end property investment company. The Company is registered with the Commercial Register under number 33230134 since 18 June 1991. The consolidated financial statements of the Company for the financial year starting 1 January 2025 and ending 31 December 2025 will comprise the Company and its subsidiaries (together referred to as the \u201cGroup\u201d). Financial reporting periodThe consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as endorsed by the European Union (EU-IFRS) as per 1 January 2025 and Part 9 of Book 2, section 2:362(9) of the Netherlands Civil Code.Going concernThe financial statements are prepared on a going concern basis and have been authorised for issue on 17 April 2026. In this respect, the Group has considered that the loans with a maturity date within 18 months after year-end have been replaced by the (new) loans agreed in December 2025. In December 2025, the Company secured approximately \u20ac525 million of new long-term financing across three assets which have been drawn down in January 2026. A \u20ac200 million seven-year loan agreement was signed with Intesa Sanpaolo for Carosello in Milan, replacing the existing \u20ac186 million facility. In addition, a \u20ac270 million five-year loan agreement was concluded with Unicredit and BayernLB for I Gigli in Florence, refinancing the previous \u20ac213 million debt and providing additional financial flexibility to support ongoing asset management initiatives. In Sweden, a SEK600 million (\u20ac55 million circa) five-year facility was agreed with Postbank for C4 in Kristianstad, increasing the loan amount and extending the maturity profile. Based on this, our current knowledge and available information, we do consider the preparation of the financial statements based on the going concern assumption appropriate. Furthermore, the Company has access to existing loan facilities and generates sufficient operational cash flow.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
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"value": "Eurocommercial Properties N.V. (the Company) domiciled at De Boelelaan 7, 1083 HJ Amsterdam, The Netherlands, is a closed end property investment company.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
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"value": "2. Basis of preparationStatement of complianceCertain new standards, amendments and interpretations to existing standards have been published that are mandatory for the Group\u2019s accounting periods beginning on or after 1 January 2026. The Group has decided not to immediately adopt such standards, amendments and interpretations. Standards that are mandatory for the Group\u2019s accounting periods beginning on 1 January 2025 are adopted as such by the Group. Additional information on new standards, amendments, interpretations and the relating effect on the financial statements, if material and applicable to the Company, has been disclosed below.Functional and presentation currencyThe financial statements are presented in euros, rounded to the nearest thousand euros unless stated otherwise. They are prepared on the historical cost basis except for the following assets and liabilities which are stated at fair value: property investments, property investments under development, property investments held for sale and derivative financial instruments. Borrowings and non-current creditors are stated at amortised costs.Standards Issued but not yet effectiveA number of new standards are effective for annual reporting periods beginning after 1 January 2025 and earlier application is permitted; however, the Group has not early adopted the new or amended standards in preparing these consolidated financial statements.IFRS 18 Presentation and Disclosure in Financial StatementsIFRS 18 will replace IAS 1 Presentation of Financial Statements and applies for annual reporting periods beginning on or after 1 January 2027. The new standard introduces the following key new requirements.\u2022 Entities are required to classify all income and expenses into five categories in the statement of profit or loss, namely the operating, investing, financing, discontinued operations and income tax categories. Entities are also required to present a newly defined operating profit subtotal. Entities\u2019 net profit will not change.\u2022 Management-defined performance measures are disclosed in a single note in the financial statements.\u2022 Enhanced guidance is provided on how to group information in the financial statements.\u2022 In addition, all entities are required to use the operating profit subtotal as the starting point for the statement of cash flows when presenting operating cash flows under the indirect method. The Group is still in the process of assessing the impact of the new standard, particularly with respect to the structure of the Group\u2019s statement of profit or loss, the statement of cash flows and the additional disclosures required for management-defined performance measures. The Group is also assessing the impact on how information is grouped in the financial statements, including for items currently labelled as \u201cother\u201d.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
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"value": "Change in accounting policies and reclassifications The Group adopted the amendments to IAS 21 Lack of Exchangeability with effect from 1 January 2025. The amendments clarify how an entity should assess whether a currency is exchangeable and how to determine the exchange rate when exchangeability is lacking. The Group\u2019s foreign currency exposure primarily relates to Swedish krona (SEK), which is a freely exchangeable currency. As a result, the adoption of these amendments did not have a material impact on the Group\u2019s consolidated financial statements. Critical accounting estimates and assumptions The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimates are revised if the revisions affect only that period or in the year of the revisions and future periods if the revisions affect both current and future periods. Critical accounting judgements in applying the Group\u2019s accounting policies The critical accounting judgements in applying the Group\u2019s accounting policies have been described in the property investment and financial instruments (accounting policy) notes. Most important is that all property investments and property investments under development are revalued every six months by qualified independent valuation experts. The Group uses a rotation scheme when instructing valuers. The fair value of the property portfolio is based upon the opinions of the external experts and not internal valuations made by the Company. The fair value of the derivative financial instruments is determined using a valuation model.",
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"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
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"value": "3. Basis of consolidation (i) Subsidiaries Subsidiaries are those entities controlled by the Company. Control exists when the Company has the power, directly or indirectly, the exposure, or rights, to variable returns from its involvement and the ability to use its power to affect the amount of the returns of the entities. In assessing control, potential voting rights that are presently exercisable are taken into account. Some entities are classified as joint venture when there is joint control in these entities and whereby the Group has rights to the net assets, rather than rights to its assets and obligations for its liabilities. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date when control ceases. The consolidated financial statements include those of the holding company and its owned subsidiaries: Holgura B.V., Amsterdam AB Sk\u00f6vde K-mannen 2, Stockholm Sentinel Holdings B.V., Amsterdam Bergvik K\u00f6pet 3 KB, Stockholm Eurocommercial Properties Belgium S.A., Brussels C4 Shopping Fastighet 1 AB, Stockholm Eurocommercial Properties Ltd., London C4 Shopping Fastighet 2 AB, Stockholm ECP Collestrada S.r.l., Milan ECP Fastighet K\u00f6pet 1 KB, Stockholm ECP CremonaPo S.r.l., Milan ECP Kristianstad AB, Stockholm ECP Curno 2022 S.r.l., Milan ECP Moraberg Holding AB, Stockholm ECP I Portali S.r.l., Milan ECP Valbo Centrum AB, Stockholm ECP Il Castello S.r.l., Milan ECP Valbo Holding AB, Stockholm ECP Service S.r.l., Milan ECP Valbo\u00f6n-Fastigheten KB, Stockholm Eurocommercial Management Italia S.r.l., Milan Silvret Nio AB, Stockholm Eurocommercial Properties Italia S.r.l., Milan Eurocommercial Properties Sweden AB, Stockholm Immobiliare 2011 S.r.l., Milan Fastighetsbolaget ES \u00d6rebro AB, Stockholm Eurocommercial Properties Caumartin S.N.C., Paris Lagergatan i V\u00e4xj\u00f6 AB, Stockholm Eurocommercial Properties France S.A.S., Paris Premi Fastighets AB, Stockholm Eurocommercial Properties Taverny S.N.C., Paris Samarkandfastigheter AB, Stockholm S.N.C. Val Commerces, Paris SAR Degeln AB, Stockholm S.N.C. Winter, Paris Ugglum Fastigheter AB, Stockholm AB Norrk\u00f6ping Silvret 1, Stockholm Fastighets AB Juveleraren 11, Stockholm is now excluded from the list due to the sale of Eko Stormarknad at Grand Samarkand, V\u00e4xj\u00f6, Sweden. Unless otherwise stated, these subsidiaries are wholly owned. Furthermore, the consolidated financial statements include the joint venture Galleria Verde S.r.l. in Milan, Italy, reported as equity-accounted investee.(ii) Transactions eliminated on consolidationIntragroup balances and any (un)realised gains and losses arising from intragroup transactions are eliminated when preparing the consolidated financial statements. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.Foreign currency translationsThe consolidated financial statements are presented in euros, which is the Company\u2019s functional and presentation currency. Assets and liabilities denominated in foreign currencies are translated into euros at the rate of exchange ruling at the balance sheet date. Transactions denominated in foreign currencies are translated at the average monthly exchange rate. Foreign exchange differences arising on translation are recognised in the statement of profit or loss.The functional currency of the Swedish and UK subsidiaries are SEK and GBP, respectively. As at the reporting date, the assets and liabilities of these Swedish and UK subsidiaries are translated into the presentation currency of the Company at the rate of exchange ruling at the balance sheet date and their profit or loss accounts are translated at the average monthly exchange rates for the period. The exchange differences arising on the translation are taken through the other comprehensive income to equity (currency translation reserve). On disposal of a foreign entity, the deferred cumulative amount recognised in other comprehensive income relating to that particular foreign operation will be recognised in the statement of profit or loss.Property investments and property investments under developmentProperty investments and property investments under development are stated at fair value. Property investments and property investments under development are held to earn rental income or for capital appreciation or both, rather than for sale in the ordinary course of business or for use in production or administrative functions. It is the Company\u2019s policy that all property investments and property investments under development be valued semi-annually by qualified independent experts. These experts are instructed to appraise in accordance with the Appraisal and Valuation Standards published by the Royal Institute of Chartered Surveyors (RICS) and the International Valuation Standards published by the International Valuation Standards Committee (IVSC). Both documents contain mandatory rules, best practice guidance and related commentary for all RICS members and appraisers undertaking property valuations. These revaluations represent the price, net of normal purchaser\u2019s costs, at which the property could be sold in the open market on the date of revaluation. At the balance sheet date, the fair value of each property investment is based on comprehensive valuation reports from the independent experts. Valuations are prepared based on current prices for comparable investment properties in an active market. If, however, such information is not available, property valuations are prepared based on standard valuation techniques such as the capitalisation method and discounted cash flow method.Movements in the fair value of property investments and property investments under development are recognised in the statement of profit or loss in the period in which they occur.The carrying amount of accrued income from spreading of the lease incentives is reduced from the fair value of property investments or property investments under development.Any realised gains or losses from the sale of a property investment or a property investment under development are recognised at closing date as the balance between the net sale proceeds and the latest published fair value in the statement of profit or loss. Depreciation is not provided on property investments and property investments under development since these are stated at fair value in accordance with IAS 40.Property investments and property investments under development are initially brought to account at their full acquisition cost, including registration duties, legal and other consultants\u2019 fees until the first reporting date, when the fair value is presented. Any subsequent capital expenditure, including the aforesaid duties and fees and any directly attributable costs to bring the asset to working order for its intended use, is added to the cost of the property investment or the cost of the property investment under development respectively. The cost of financing the renovation or extension of property investments or the building of property investments under development is capitalised as part of the cost of the investment, the cost amount of which will be published in the notes in addition to the fair value.Where property is acquired, via corporate acquisitions or otherwise, management considers the substance of the assets and activities of the acquired entity in determining whether the acquisition represents the acquisition of a business. Where such acquisitions are not judged to be an acquisition of a business, they are not treated as business combinations. Rather, the cost to acquire the corporate entity is allocated between the identifiable assets and liabilities of the entity based on their relative fair values at the acquisition date. Accordingly, no goodwill or additional deferred taxation arises. Otherwise, acquisitions are accounted for as business combinations.A sensitivity analysis is carried out by the valuer with particular focus on the most important drivers, which are changes in the rental value and net initial yield, and their effect on the property investment valuation.Property investments held for saleInvestment property is transferred to property investments held for sale when it is expected that the carrying amount will be recovered principally through sale rather than from continuing use. For this to be the case, the property must be available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such property and its sale must be highly probable. On re-classification, investment property continues to be measured at fair value, less cost to sell and any movements in the fair value are recognised in the statement of profit or loss.Investments in joint venture The Group\u2019s investments in joint venture are accounted for using the equity method. Under the equity method, the investments in joint venture are initially recognised at cost. The carrying amount of the investment is adjusted to recognise changes in the Group\u2019s share of net assets of the joint venture since the acquisition date, measured in accordance with the Group\u2019s accounting policies. Goodwill relating to the joint venture is included in the carrying amount of the investment and is not tested for impairment individually. After application of the equity method, the Group determines whether it is necessary to recognise an impairment loss on its investment in its joint venture. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the joint venture and its carrying value and then recognises the difference in the statement of profit or loss account. Upon loss of joint control over the joint venture, the Group measures and recognises any retained investment at its fair value. Any difference between the carrying amount of the joint venture upon loss of joint control and the fair value of the retained investment and proceeds from disposal is recognised in the statement of profit or loss. In case of a purchase of the remaining 50% of the shares of the joint venture during the financial year, the balance sheet items will be reported as a 100% subsidiary. With regard to the items in the statement of income and expense, the result up to and including the date of purchase of the remaining 50% of the shares will be reported as income joint venture. The result after the date of purchase of the remaining 50% of the shares will be reported as a 100% shareholding. Tangible fixed assets Tangible fixed assets are stated at cost less accumulated depreciation and impairment losses. They are depreciated over the expected useful lives of the assets concerned varying from two to five years using the straight-line method taking into account the residual value of the respective assets. The carrying value of tangible fixed assets is reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. Receivables Receivables are recognised initially at fair value and subsequently at amortised cost, less allowance for expected credit losses. Non-current tax receivables are subsequently at amortised cost basis using the effective interest method. Cash and deposits Cash and short-term deposits in the statement of financial position comprise cash at banks and on hand and short-term highly liquid deposits with an original maturity of three months or less, that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. Issued share capital The shares in the capital of the Company, are classified as equity. External costs directly attributable to the issue of new shares are shown as a deduction, net of tax, in equity from the proceeds. When shares recognised as equity are repurchased, the amount of the consideration paid, including directly attributable costs, is recognised as a change in equity. Repurchased shares are classified as treasury shares and presented as a deduction from equity. Dividends are recognised as a liability in the period in which they are declared. Borrowings Borrowings are recognised initially at fair value, less attributable transaction costs. After initial recognition, borrowings are subsequently measured at amortised cost using the effective interest rate (EIR) method. Gains and losses are recognised in profit or loss when the borrowings are derecognised, as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as net financing costs in the statement of profit or loss. Creditors Creditors are recognised initially at fair value and, for non-current creditors, subsequently at amortised cost basis using the effective interest method. Derivative financial instruments The Company and its subsidiaries use derivative financial instruments to hedge (part of) their exposure to foreign exchange (if any instruments at year end date) and interest rate risks arising from operational, financing and investment activities. Derivative financial instruments will not be held or issued for trading purposes. However, derivatives that do not qualify for hedge accounting are accounted for as trading instruments. Derivatives are on the balance sheet at their fair value and the value changes are recognised immediately in the statement of profit or loss. The Company does not apply hedge accounting. Derivative financial instruments are recognised initially at trade date at fair value (cost price). Subsequent to initial recognition, derivative financial instruments are stated at their fair value. The gain or loss on measurement to fair value is recognised in the statement of profit or loss. The fair value of interest rate swaps is the estimated amount that the Group would receive or pay to terminate the swap at the balance sheet date, taking into account current interest rates, the current creditworthiness of the swap counterparties and the Group\u2019s own creditworthiness. Derivative financial instruments concern only derivative interest rate swap contracts. The fair value of the derivatives is estimated using a valuation technique and discounting expected future cash flows using current market interest rates and the yield curve over the remaining term of the instrument that are directly or indirectly observable market data. In connection with the non-current borrowings the derivative financial instruments are presented as non-current assets and non-current liabilities. Leases(i) Leases as a lesseeThe Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term.The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased. The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group\u2019s estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in the statement of profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.The Group presents right-of-use assets that do not meet the definition of investment property in tangible fixed assets and lease liabilities in creditors in the statement of financial position. The Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value assets and short-term leases, including office accommodation, office and IT equipment. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term.(ii) Leases as a lessorThe Group has entered into commercial leases on its investment property portfolio and therefore refers to the accounting policy for the rental income.ProvisionsA provision is recognised in the consolidated statement of financial position when a legal or constructive obligation would exist, as a result of a past event and when it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Other assets and liabilitiesUnless stated otherwise, assets and liabilities are shown at the amounts at which they were acquired or incurred. Bad debts (expected credit losses) for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets, if appropriate.Rental income Rental income from property investments leased under operational leases is recognised in the profit or loss account on a straight-line basis over the term of the lease. Lease incentives, like rent-free periods, rent discounts and other rent concessions are recognised over the term of the lease, or over the period until the first break option if shorter, on a straight-line basis as a reduction of rental income. This applies mutatis mutandis for entry fees as an increase of rental income. Service charge income and service charge expenses Service charge is an integral, but separately identifiable, part of rental contracts. The Group has identified that the service charge is distinct from rentals and are therefore accounted separately. The service charge is priced and contracted based on market prices relevant for the region of operation. The service charge income is recognised evenly over time of the service rendered as the customer simultaneously receives and consumes the benefits from the provided service. Service charges for which the Company acts as a principal are presented in the profit or loss account. Therefore, for those property investments for which the Company is in full control of the service charges, the service charges invoiced to tenants and the corresponding expenses are shown separately on an accrual basis. In addition, service charge expenses also include charges related to vacant units and/or other irrecoverable service charges due to contractual limits or insolvent tenants. Property expenses (direct and indirect) These expenses include non-rechargeable costs directly related to the leasing of investment property, such as maintenance, insurance, management, property tax etc. and are expensed as incurred. These expenses at a property level are referred to as direct property expenses. Letting fees, relocation expenses, certain dispossession indemnities and other outgoings when a lease is concluded are recognised over the term of the lease on a straight-line basis as indirect property expenses. Property expenses also include expenses associated with non-Netherlands property-holding companies and their staff and offices and some local taxes, accounting, audit and advisory fees, which are charged to the relevant buildings rather than the general expense pool. These expenses at a Group level are referred to as indirect property expenses. Part of the IT costs have been reclassified from Company expenses to Property expenses to better reflect those IT expenses that are specifically incurred for the properties, rather than traditionally absorbing these costs as Company expenses. The comparative figures have also been amended to ensure consistent comparison of the numbers. Result in joint venture Result in joint venture reflects the Group\u2019s share of the results of operations of the joint venture. Any change in other comprehensive income (OCI) of those investees is presented as part of the Group\u2019s OCI. In addition, when there has been a change recognised directly in the equity of the joint venture, the Group recognises its share of any changes, when applicable, in the statement of changes in equity. Unrealised gains and losses resulting from transactions between the Group and the joint venture are eliminated to the extent of the interest in the joint venture. The aggregate of the Group\u2019s share of the result of a joint venture is shown in the profit or loss account and represents the result after tax and non-controlling interests in the subsidiaries of the joint venture. The financial statements of the joint venture are prepared for the same reporting period as the Group. Financing income/cost Financing income/cost comprises interest payable on borrowings calculated using the effective interest rate method net of interest capitalised, interest income, debt extinguishment and fair value movements of derivative financial instruments that are recognised in the profit or loss account. Interest income is recognised in the profit or loss account as it accrues. Company expenses and investment expenses Company expenses comprise general overheads such as advisory fees, office expenses, personnel costs and Directors\u2019 fees. Expenses relating to the investigation of potential property investments and the valuation of property investments, including the part of staff incentives linked to ESG and partially linked to the total shareholders return, are recognised as investment expenses. Part of the IT costs have been reclassified from Company expenses to Property expenses to better reflect those IT expenses that are specifically incurred for the properties, rather than traditionally absorbing these costs as company expenses. The comparative figures have also been amended to ensure consistent comparison of the numbers. Performance shares granted to employees Since the financial year 2011/2012 a Performance Share Plan (PSP) has been in place for Managing Directors and all employees of the Company. The cost of performance shares granted under these plans is measured by reference to the fair value at the date on which they are granted. The fair value is determined by an external valuer using a binomial model. The cost is recognised, together with a corresponding increase in shareholders\u2019 equity, over the period in which the performance and service conditions are fulfilled ending on the vesting date. Current tax and deferred taxAs an Investment Institution under Dutch tax law (\u201cfiscale beleggingsinstelling\u201d (FBI)) the Company is subject to a nil rate of Netherlands corporate income tax, provided it meets certain conditions, notably the distribution of all taxable income (after permitted deductions) to shareholders within eight months of the end of each financial year. During the year 2025, amendments to the FBI regime were enacted, including changes to the conditions applicable to real estate entities. As the Group does not directly or indirectly hold investment property located in the Netherlands, these legislative changes do not affect the Group\u2019s qualification for the FBI regime and have no impact on the Group\u2019s current or deferred tax position.As of 1 July 2005, the Company has opted for the French tax regime applicable to \u201cSoci\u00e9t\u00e9s d\u2019investissements immobiliers cot\u00e9es\u201d (SIIC). As from that date the revenues and capital gains from the French portfolio of the Company are tax-exempt, provided it meets certain conditions, notably a listing at a stock exchange in an EU country and the distribution of at least 85% of French tax-exempt income and of at least 50% of tax-exempt capital gains to shareholders. In Belgium, the Company incorporated a wholly owned FIIS/GVBF (\u201cFonds d\u2019investissement immobilier sp\u00e9cialis\u00e9\u201d/\u201cgespecialiseerd vastgoedbeleggingsfonds\u201d). The FIIS/GVBF will be subject to corporate income tax, but its taxable basis will be limited to disallowed expenses and abnormal or gratuitous advantages received. Rental income, capital gains on real estate assets, and dividend and interest income will remain untaxed as a matter of principle, provided that the fiscal result is distributed by way of a dividend. However, corporate income tax may be payable on the fiscal results of Netherlands and foreign subsidiaries which do not have the aforesaid special tax status. This tax on taxable income for the year is recognised in the profit or loss account.Tax on profit or loss for a year comprises current tax and deferred tax.Current tax is the expected tax payable or receivable on the taxable income or loss for the period using tax rates prevailing at the balance sheet date and any adjustment to taxation in respect of previous years. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. It is measured using tax rates enacted or substantively enacted at the reporting date. Current tax also includes any tax arising from dividends. Current tax assets and liabilities are offset only if certain criteria are met.Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the book value of assets and liabilities and their fiscal book value for tax purposes, taking into account the applicable taxation rate, any fiscal facilities available and recoverable tax losses which can probably be utilised. Deferred tax recognised in the profit or loss account is the movement in deferred tax assets and deferred tax liabilities, if any, during the period. Deferred tax assets and liabilities are netted if there is a legal enforceable right to offset, settlement dates are similar and tax is levied by the same tax authority on the same taxable entity.Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are re-assessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.In determining the amount of current and deferred tax, the Group takes into account the impact of uncertain tax positions and whether additional taxes and interest may be due. This assessment relies on estimates and assumptions and may involve a series of judgements about future events. New information may become available that causes the Group to change its judgement regarding the adequacy of existing tax liabilities; such changes to tax liabilities will impact tax expense in the period that such a determination is made.Cash flow statementThe cash flow statement is prepared according to the indirect method. Cash flows in foreign currencies are translated at average exchange rates. Exchange rate differences affecting cash items are shown separately in the cash flow statement. Cash and deposits include bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management.Segment informationSegment information is presented by country (Belgium, France, Italy, Sweden and The Netherlands). The segment information in the financial statements is in line with the segments used for internal reporting; however, the joint venture is presented in the internal reporting using proportional consolidation. The Netherlands represents assets and liabilities of Eurocommercial Properties N.V. and its office in Amsterdam. ESEF Company informationName of reporting entity or other means of identificationEurocommercial Properties N.V.Domicile of entityThe NetherlandsLegal form of entityPublic Limited Liability CompanyCountry of incorporationThe NetherlandsAddress of entity\u2019s registered officeDe Boelelaan 7, 1083 HJ AmsterdamPrincipal place of businessAmsterdamDescription of nature of entity\u2019s operations The Company is a closed end propertyand principal activitiesinvestment company",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__16": {
"value": "3. Basis of consolidation (i) Subsidiaries Subsidiaries are those entities controlled by the Company. Control exists when the Company has the power, directly or indirectly, the exposure, or rights, to variable returns from its involvement and the ability to use its power to affect the amount of the returns of the entities. In assessing control, potential voting rights that are presently exercisable are taken into account. Some entities are classified as joint venture when there is joint control in these entities and whereby the Group has rights to the net assets, rather than rights to its assets and obligations for its liabilities. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date when control ceases. The consolidated financial statements include those of the holding company and its owned subsidiaries: Holgura B.V., Amsterdam AB Sk\u00f6vde K-mannen 2, Stockholm Sentinel Holdings B.V., Amsterdam Bergvik K\u00f6pet 3 KB, Stockholm Eurocommercial Properties Belgium S.A., Brussels C4 Shopping Fastighet 1 AB, Stockholm Eurocommercial Properties Ltd., London C4 Shopping Fastighet 2 AB, Stockholm ECP Collestrada S.r.l., Milan ECP Fastighet K\u00f6pet 1 KB, Stockholm ECP CremonaPo S.r.l., Milan ECP Kristianstad AB, Stockholm ECP Curno 2022 S.r.l., Milan ECP Moraberg Holding AB, Stockholm ECP I Portali S.r.l., Milan ECP Valbo Centrum AB, Stockholm ECP Il Castello S.r.l., Milan ECP Valbo Holding AB, Stockholm ECP Service S.r.l., Milan ECP Valbo\u00f6n-Fastigheten KB, Stockholm Eurocommercial Management Italia S.r.l., Milan Silvret Nio AB, Stockholm Eurocommercial Properties Italia S.r.l., Milan Eurocommercial Properties Sweden AB, Stockholm Immobiliare 2011 S.r.l., Milan Fastighetsbolaget ES \u00d6rebro AB, Stockholm Eurocommercial Properties Caumartin S.N.C., Paris Lagergatan i V\u00e4xj\u00f6 AB, Stockholm Eurocommercial Properties France S.A.S., Paris Premi Fastighets AB, Stockholm Eurocommercial Properties Taverny S.N.C., Paris Samarkandfastigheter AB, Stockholm S.N.C. Val Commerces, Paris SAR Degeln AB, Stockholm S.N.C. Winter, Paris Ugglum Fastigheter AB, Stockholm AB Norrk\u00f6ping Silvret 1, Stockholm Fastighets AB Juveleraren 11, Stockholm is now excluded from the list due to the sale of Eko Stormarknad at Grand Samarkand, V\u00e4xj\u00f6, Sweden. Unless otherwise stated, these subsidiaries are wholly owned. Furthermore, the consolidated financial statements include the joint venture Galleria Verde S.r.l. in Milan, Italy, reported as equity-accounted investee.(ii) Transactions eliminated on consolidationIntragroup balances and any (un)realised gains and losses arising from intragroup transactions are eliminated when preparing the consolidated financial statements. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__18": {
"value": "Foreign currency translationsThe consolidated financial statements are presented in euros, which is the Company\u2019s functional and presentation currency. Assets and liabilities denominated in foreign currencies are translated into euros at the rate of exchange ruling at the balance sheet date. Transactions denominated in foreign currencies are translated at the average monthly exchange rate. Foreign exchange differences arising on translation are recognised in the statement of profit or loss.The functional currency of the Swedish and UK subsidiaries are SEK and GBP, respectively. As at the reporting date, the assets and liabilities of these Swedish and UK subsidiaries are translated into the presentation currency of the Company at the rate of exchange ruling at the balance sheet date and their profit or loss accounts are translated at the average monthly exchange rates for the period. The exchange differences arising on the translation are taken through the other comprehensive income to equity (currency translation reserve). On disposal of a foreign entity, the deferred cumulative amount recognised in other comprehensive income relating to that particular foreign operation will be recognised in the statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__19": {
"value": "Property investments and property investments under developmentProperty investments and property investments under development are stated at fair value. Property investments and property investments under development are held to earn rental income or for capital appreciation or both, rather than for sale in the ordinary course of business or for use in production or administrative functions. It is the Company\u2019s policy that all property investments and property investments under development be valued semi-annually by qualified independent experts. These experts are instructed to appraise in accordance with the Appraisal and Valuation Standards published by the Royal Institute of Chartered Surveyors (RICS) and the International Valuation Standards published by the International Valuation Standards Committee (IVSC). Both documents contain mandatory rules, best practice guidance and related commentary for all RICS members and appraisers undertaking property valuations. These revaluations represent the price, net of normal purchaser\u2019s costs, at which the property could be sold in the open market on the date of revaluation. At the balance sheet date, the fair value of each property investment is based on comprehensive valuation reports from the independent experts. Valuations are prepared based on current prices for comparable investment properties in an active market. If, however, such information is not available, property valuations are prepared based on standard valuation techniques such as the capitalisation method and discounted cash flow method.Movements in the fair value of property investments and property investments under development are recognised in the statement of profit or loss in the period in which they occur.The carrying amount of accrued income from spreading of the lease incentives is reduced from the fair value of property investments or property investments under development.Any realised gains or losses from the sale of a property investment or a property investment under development are recognised at closing date as the balance between the net sale proceeds and the latest published fair value in the statement of profit or loss. Depreciation is not provided on property investments and property investments under development since these are stated at fair value in accordance with IAS 40.Property investments and property investments under development are initially brought to account at their full acquisition cost, including registration duties, legal and other consultants\u2019 fees until the first reporting date, when the fair value is presented. Any subsequent capital expenditure, including the aforesaid duties and fees and any directly attributable costs to bring the asset to working order for its intended use, is added to the cost of the property investment or the cost of the property investment under development respectively. The cost of financing the renovation or extension of property investments or the building of property investments under development is capitalised as part of the cost of the investment, the cost amount of which will be published in the notes in addition to the fair value.Where property is acquired, via corporate acquisitions or otherwise, management considers the substance of the assets and activities of the acquired entity in determining whether the acquisition represents the acquisition of a business. Where such acquisitions are not judged to be an acquisition of a business, they are not treated as business combinations. Rather, the cost to acquire the corporate entity is allocated between the identifiable assets and liabilities of the entity based on their relative fair values at the acquisition date. Accordingly, no goodwill or additional deferred taxation arises. Otherwise, acquisitions are accounted for as business combinations.A sensitivity analysis is carried out by the valuer with particular focus on the most important drivers, which are changes in the rental value and net initial yield, and their effect on the property investment valuation.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__21": {
"value": "Property investments held for saleInvestment property is transferred to property investments held for sale when it is expected that the carrying amount will be recovered principally through sale rather than from continuing use. For this to be the case, the property must be available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such property and its sale must be highly probable. On re-classification, investment property continues to be measured at fair value, less cost to sell and any movements in the fair value are recognised in the statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__20": {
"value": "Property investments held for saleInvestment property is transferred to property investments held for sale when it is expected that the carrying amount will be recovered principally through sale rather than from continuing use. For this to be the case, the property must be available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such property and its sale must be highly probable. On re-classification, investment property continues to be measured at fair value, less cost to sell and any movements in the fair value are recognised in the statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__23-1": {
"value": "Investments in joint venture The Group\u2019s investments in joint venture are accounted for using the equity method. Under the equity method, the investments in joint venture are initially recognised at cost. The carrying amount of the investment is adjusted to recognise changes in the Group\u2019s share of net assets of the joint venture since the acquisition date, measured in accordance with the Group\u2019s accounting policies. Goodwill relating to the joint venture is included in the carrying amount of the investment and is not tested for impairment individually. After application of the equity method, the Group determines whether it is necessary to recognise an impairment loss on its investment in its joint venture. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the joint venture and its carrying value and then recognises the difference in the statement of profit or loss account. Upon loss of joint control over the joint venture, the Group measures and recognises any retained investment at its fair value. Any difference between the carrying amount of the joint venture upon loss of joint control and the fair value of the retained investment and proceeds from disposal is recognised in the statement of profit or loss. In case of a purchase of the remaining 50% of the shares of the joint venture during the financial year, the balance sheet items will be reported as a 100% subsidiary. With regard to the items in the statement of income and expense, the result up to and including the date of purchase of the remaining 50% of the shares will be reported as income joint venture. The result after the date of purchase of the remaining 50% of the shares will be reported as a 100% shareholding.Result in joint venture Result in joint venture reflects the Group\u2019s share of the results of operations of the joint venture. Any change in other comprehensive income (OCI) of those investees is presented as part of the Group\u2019s OCI. In addition, when there has been a change recognised directly in the equity of the joint venture, the Group recognises its share of any changes, when applicable, in the statement of changes in equity. Unrealised gains and losses resulting from transactions between the Group and the joint venture are eliminated to the extent of the interest in the joint venture. The aggregate of the Group\u2019s share of the result of a joint venture is shown in the profit or loss account and represents the result after tax and non-controlling interests in the subsidiaries of the joint venture. The financial statements of the joint venture are prepared for the same reporting period as the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__22-1": {
"value": "Investments in joint venture The Group\u2019s investments in joint venture are accounted for using the equity method. Under the equity method, the investments in joint venture are initially recognised at cost. The carrying amount of the investment is adjusted to recognise changes in the Group\u2019s share of net assets of the joint venture since the acquisition date, measured in accordance with the Group\u2019s accounting policies. Goodwill relating to the joint venture is included in the carrying amount of the investment and is not tested for impairment individually. After application of the equity method, the Group determines whether it is necessary to recognise an impairment loss on its investment in its joint venture. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the joint venture and its carrying value and then recognises the difference in the statement of profit or loss account. Upon loss of joint control over the joint venture, the Group measures and recognises any retained investment at its fair value. Any difference between the carrying amount of the joint venture upon loss of joint control and the fair value of the retained investment and proceeds from disposal is recognised in the statement of profit or loss. In case of a purchase of the remaining 50% of the shares of the joint venture during the financial year, the balance sheet items will be reported as a 100% subsidiary. With regard to the items in the statement of income and expense, the result up to and including the date of purchase of the remaining 50% of the shares will be reported as income joint venture. The result after the date of purchase of the remaining 50% of the shares will be reported as a 100% shareholding.Result in joint venture Result in joint venture reflects the Group\u2019s share of the results of operations of the joint venture. Any change in other comprehensive income (OCI) of those investees is presented as part of the Group\u2019s OCI. In addition, when there has been a change recognised directly in the equity of the joint venture, the Group recognises its share of any changes, when applicable, in the statement of changes in equity. Unrealised gains and losses resulting from transactions between the Group and the joint venture are eliminated to the extent of the interest in the joint venture. The aggregate of the Group\u2019s share of the result of a joint venture is shown in the profit or loss account and represents the result after tax and non-controlling interests in the subsidiaries of the joint venture. The financial statements of the joint venture are prepared for the same reporting period as the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__24": {
"value": "Tangible fixed assets Tangible fixed assets are stated at cost less accumulated depreciation and impairment losses. They are depreciated over the expected useful lives of the assets concerned varying from two to five years using the straight-line method taking into account the residual value of the respective assets. The carrying value of tangible fixed assets is reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__25-1": {
"value": "Receivables Receivables are recognised initially at fair value and subsequently at amortised cost, less allowance for expected credit losses. Non-current tax receivables are subsequently at amortised cost basis using the effective interest method. Other assets and liabilitiesUnless stated otherwise, assets and liabilities are shown at the amounts at which they were acquired or incurred. Bad debts (expected credit losses) for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets, if appropriate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__26": {
"value": "Cash and deposits Cash and short-term deposits in the statement of financial position comprise cash at banks and on hand and short-term highly liquid deposits with an original maturity of three months or less, that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__27": {
"value": "Issued share capital The shares in the capital of the Company, are classified as equity. External costs directly attributable to the issue of new shares are shown as a deduction, net of tax, in equity from the proceeds. When shares recognised as equity are repurchased, the amount of the consideration paid, including directly attributable costs, is recognised as a change in equity. Repurchased shares are classified as treasury shares and presented as a deduction from equity. Dividends are recognised as a liability in the period in which they are declared.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__28": {
"value": "Borrowings Borrowings are recognised initially at fair value, less attributable transaction costs. After initial recognition, borrowings are subsequently measured at amortised cost using the effective interest rate (EIR) method. Gains and losses are recognised in profit or loss when the borrowings are derecognised, as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as net financing costs in the statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__29-1": {
"value": "Creditors Creditors are recognised initially at fair value and, for non-current creditors, subsequently at amortised cost basis using the effective interest method.Other assets and liabilitiesUnless stated otherwise, assets and liabilities are shown at the amounts at which they were acquired or incurred. Bad debts (expected credit losses) for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets, if appropriate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__31": {
"value": "Derivative financial instruments The Company and its subsidiaries use derivative financial instruments to hedge (part of) their exposure to foreign exchange (if any instruments at year end date) and interest rate risks arising from operational, financing and investment activities. Derivative financial instruments will not be held or issued for trading purposes. However, derivatives that do not qualify for hedge accounting are accounted for as trading instruments. Derivatives are on the balance sheet at their fair value and the value changes are recognised immediately in the statement of profit or loss. The Company does not apply hedge accounting. Derivative financial instruments are recognised initially at trade date at fair value (cost price). Subsequent to initial recognition, derivative financial instruments are stated at their fair value. The gain or loss on measurement to fair value is recognised in the statement of profit or loss. The fair value of interest rate swaps is the estimated amount that the Group would receive or pay to terminate the swap at the balance sheet date, taking into account current interest rates, the current creditworthiness of the swap counterparties and the Group\u2019s own creditworthiness. Derivative financial instruments concern only derivative interest rate swap contracts. The fair value of the derivatives is estimated using a valuation technique and discounting expected future cash flows using current market interest rates and the yield curve over the remaining term of the instrument that are directly or indirectly observable market data. In connection with the non-current borrowings the derivative financial instruments are presented as non-current assets and non-current liabilities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__30": {
"value": "Derivative financial instruments The Company and its subsidiaries use derivative financial instruments to hedge (part of) their exposure to foreign exchange (if any instruments at year end date) and interest rate risks arising from operational, financing and investment activities. Derivative financial instruments will not be held or issued for trading purposes. However, derivatives that do not qualify for hedge accounting are accounted for as trading instruments. Derivatives are on the balance sheet at their fair value and the value changes are recognised immediately in the statement of profit or loss. The Company does not apply hedge accounting. Derivative financial instruments are recognised initially at trade date at fair value (cost price). Subsequent to initial recognition, derivative financial instruments are stated at their fair value. The gain or loss on measurement to fair value is recognised in the statement of profit or loss. The fair value of interest rate swaps is the estimated amount that the Group would receive or pay to terminate the swap at the balance sheet date, taking into account current interest rates, the current creditworthiness of the swap counterparties and the Group\u2019s own creditworthiness. Derivative financial instruments concern only derivative interest rate swap contracts. The fair value of the derivatives is estimated using a valuation technique and discounting expected future cash flows using current market interest rates and the yield curve over the remaining term of the instrument that are directly or indirectly observable market data. In connection with the non-current borrowings the derivative financial instruments are presented as non-current assets and non-current liabilities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__32": {
"value": "Leases(i) Leases as a lesseeThe Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term.The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased. The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group\u2019s estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in the statement of profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.The Group presents right-of-use assets that do not meet the definition of investment property in tangible fixed assets and lease liabilities in creditors in the statement of financial position. The Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value assets and short-term leases, including office accommodation, office and IT equipment. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term.(ii) Leases as a lessorThe Group has entered into commercial leases on its investment property portfolio and therefore refers to the accounting policy for the rental income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__33": {
"value": "ProvisionsA provision is recognised in the consolidated statement of financial position when a legal or constructive obligation would exist, as a result of a past event and when it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__36": {
"value": "Rental income Rental income from property investments leased under operational leases is recognised in the profit or loss account on a straight-line basis over the term of the lease. Lease incentives, like rent-free periods, rent discounts and other rent concessions are recognised over the term of the lease, or over the period until the first break option if shorter, on a straight-line basis as a reduction of rental income. This applies mutatis mutandis for entry fees as an increase of rental income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__37-1": {
"value": "Service charge income and service charge expenses Service charge is an integral, but separately identifiable, part of rental contracts. The Group has identified that the service charge is distinct from rentals and are therefore accounted separately. The service charge is priced and contracted based on market prices relevant for the region of operation. The service charge income is recognised evenly over time of the service rendered as the customer simultaneously receives and consumes the benefits from the provided service. Service charges for which the Company acts as a principal are presented in the profit or loss account. Therefore, for those property investments for which the Company is in full control of the service charges, the service charges invoiced to tenants and the corresponding expenses are shown separately on an accrual basis. In addition, service charge expenses also include charges related to vacant units and/or other irrecoverable service charges due to contractual limits or insolvent tenants.Property expenses (direct and indirect) These expenses include non-rechargeable costs directly related to the leasing of investment property, such as maintenance, insurance, management, property tax etc. and are expensed as incurred. These expenses at a property level are referred to as direct property expenses. Letting fees, relocation expenses, certain dispossession indemnities and other outgoings when a lease is concluded are recognised over the term of the lease on a straight-line basis as indirect property expenses. Property expenses also include expenses associated with non-Netherlands property-holding companies and their staff and offices and some local taxes, accounting, audit and advisory fees, which are charged to the relevant buildings rather than the general expense pool. These expenses at a Group level are referred to as indirect property expenses. Part of the IT costs have been reclassified from Company expenses to Property expenses to better reflect those IT expenses that are specifically incurred for the properties, rather than traditionally absorbing these costs as Company expenses. The comparative figures have also been amended to ensure consistent comparison of the numbers.Company expenses and investment expenses Company expenses comprise general overheads such as advisory fees, office expenses, personnel costs and Directors\u2019 fees. Expenses relating to the investigation of potential property investments and the valuation of property investments, including the part of staff incentives linked to ESG and partially linked to the total shareholders return, are recognised as investment expenses. Part of the IT costs have been reclassified from Company expenses to Property expenses to better reflect those IT expenses that are specifically incurred for the properties, rather than traditionally absorbing these costs as company expenses. The comparative figures have also been amended to ensure consistent comparison of the numbers.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__41": {
"value": "Financing income/cost Financing income/cost comprises interest payable on borrowings calculated using the effective interest rate method net of interest capitalised, interest income, debt extinguishment and fair value movements of derivative financial instruments that are recognised in the profit or loss account. Interest income is recognised in the profit or loss account as it accrues.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__43": {
"value": "Performance shares granted to employees Since the financial year 2011/2012 a Performance Share Plan (PSP) has been in place for Managing Directors and all employees of the Company. The cost of performance shares granted under these plans is measured by reference to the fair value at the date on which they are granted. The fair value is determined by an external valuer using a binomial model. The cost is recognised, together with a corresponding increase in shareholders\u2019 equity, over the period in which the performance and service conditions are fulfilled ending on the vesting date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__44": {
"value": "Current tax and deferred taxAs an Investment Institution under Dutch tax law (\u201cfiscale beleggingsinstelling\u201d (FBI)) the Company is subject to a nil rate of Netherlands corporate income tax, provided it meets certain conditions, notably the distribution of all taxable income (after permitted deductions) to shareholders within eight months of the end of each financial year. During the year 2025, amendments to the FBI regime were enacted, including changes to the conditions applicable to real estate entities. As the Group does not directly or indirectly hold investment property located in the Netherlands, these legislative changes do not affect the Group\u2019s qualification for the FBI regime and have no impact on the Group\u2019s current or deferred tax position.As of 1 July 2005, the Company has opted for the French tax regime applicable to \u201cSoci\u00e9t\u00e9s d\u2019investissements immobiliers cot\u00e9es\u201d (SIIC). As from that date the revenues and capital gains from the French portfolio of the Company are tax-exempt, provided it meets certain conditions, notably a listing at a stock exchange in an EU country and the distribution of at least 85% of French tax-exempt income and of at least 50% of tax-exempt capital gains to shareholders. In Belgium, the Company incorporated a wholly owned FIIS/GVBF (\u201cFonds d\u2019investissement immobilier sp\u00e9cialis\u00e9\u201d/\u201cgespecialiseerd vastgoedbeleggingsfonds\u201d). The FIIS/GVBF will be subject to corporate income tax, but its taxable basis will be limited to disallowed expenses and abnormal or gratuitous advantages received. Rental income, capital gains on real estate assets, and dividend and interest income will remain untaxed as a matter of principle, provided that the fiscal result is distributed by way of a dividend. However, corporate income tax may be payable on the fiscal results of Netherlands and foreign subsidiaries which do not have the aforesaid special tax status. This tax on taxable income for the year is recognised in the profit or loss account.Tax on profit or loss for a year comprises current tax and deferred tax.Current tax is the expected tax payable or receivable on the taxable income or loss for the period using tax rates prevailing at the balance sheet date and any adjustment to taxation in respect of previous years. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. It is measured using tax rates enacted or substantively enacted at the reporting date. Current tax also includes any tax arising from dividends. Current tax assets and liabilities are offset only if certain criteria are met.Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the book value of assets and liabilities and their fiscal book value for tax purposes, taking into account the applicable taxation rate, any fiscal facilities available and recoverable tax losses which can probably be utilised. Deferred tax recognised in the profit or loss account is the movement in deferred tax assets and deferred tax liabilities, if any, during the period. Deferred tax assets and liabilities are netted if there is a legal enforceable right to offset, settlement dates are similar and tax is levied by the same tax authority on the same taxable entity.Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are re-assessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.In determining the amount of current and deferred tax, the Group takes into account the impact of uncertain tax positions and whether additional taxes and interest may be due. This assessment relies on estimates and assumptions and may involve a series of judgements about future events. New information may become available that causes the Group to change its judgement regarding the adequacy of existing tax liabilities; such changes to tax liabilities will impact tax expense in the period that such a determination is made.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__45": {
"value": "Cash flow statementThe cash flow statement is prepared according to the indirect method. Cash flows in foreign currencies are translated at average exchange rates. Exchange rate differences affecting cash items are shown separately in the cash flow statement. Cash and deposits include bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__46": {
"value": "Segment informationSegment information is presented by country (Belgium, France, Italy, Sweden and The Netherlands). The segment information in the financial statements is in line with the segments used for internal reporting; however, the joint venture is presented in the internal reporting using proportional consolidation. The Netherlands represents assets and liabilities of Eurocommercial Properties N.V. and its office in Amsterdam.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__5": {
"value": "ESEF Company informationName of reporting entity or other means of identificationEurocommercial Properties N.V.Domicile of entityThe NetherlandsLegal form of entityPublic Limited Liability CompanyCountry of incorporationThe NetherlandsAddress of entity\u2019s registered officeDe Boelelaan 7, 1083 HJ AmsterdamPrincipal place of businessAmsterdamDescription of nature of entity\u2019s operations The Company is a closed end propertyand principal activitiesinvestment company",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__6": {
"value": "Eurocommercial Properties N.V.",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__7": {
"value": "The Netherlands",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__8": {
"value": "Public Limited Liability Company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__9": {
"value": "The Netherlands",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__10": {
"value": "De Boelelaan 7, 1083 HJ Amsterdam",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__11": {
"value": "Amsterdam",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__47": {
"value": "2. Segment information For the consolidated statement of financial position all items are allocated to the respective segments, whereas for the consolidated statement of profit or loss the items net financing result, company expenses, investment expenses, other income and taxation are not allocated to the respective segments. 2025 For the twelve month Total period ended 31-12-25 The proportional Adjustments \u20ac\u2019000 Belgium France Italy Sweden Netherlands* consolidation joint venture Total IFRS Rental income 28,385 49,862 112,643 50,974 0 241,864 (13,006) 228,858 Service charge income 7,676 6,365 18,727 15,984 0 48,752 (3,391) 45,361 Service charge expenses (8,471) (6,089) (20,394) (18,678) 0 (53,632) 3,393 (50,239) Property expenses (2,047) (13,468) (12,470) (7,083) 0 (35,068) 177 (34,891) Net property income 25,543 36,670 98,506 41,197 0 201,916 (12,827) 189,089 Share of result of joint venture 0 0 0 0 0 0 9,779 9,779 Revaluation property investments 6,971 10,747 54,880 8,371 (358) 80,611 (10,235) 70,376 Segment result 32,514 47,417 153,386 49,568 (358) 282,527 (13,283) 269,244 Fair value movement derivative 7,179 105 7,284 financial instruments** Net Interest expenses** (55,256) 3,383 (51,873) Company expenses (11,444) 0 (11,444) Investment expenses (4,825) 21 (4,804) Other income 973 815 1,788 Result before taxation 219,154 (8,959) 210,195 Current tax (4,556) 702 (3,854) Deferred tax (90,229) 8,257 (81,972) Result after taxation 124,369 0 124,369 Total As per 31-12-25 The proportional Adjustments \u20ac\u2019000 Belgium France Italy Sweden Netherlands* consolidation joint venture Total IFRS Property investments 550,750 836,090 1,817,660 848,289 0 4,052,789 (215,770) 3,837,019 Investments in joint venture 0 0 0 0 0 0 113,144 113,144 Tangible fixed assets 60 1,430 3,023 926 1,289 6,728 0 6,728 Receivables 7,250 29,926 17,562 2,346 431 57,515 (1,048) 56,467 Derivative financial instruments 767 0 20,071 1,496 0 22,334 (7,092) 15,242 Cash and deposits 1,468 3,738 6,700 57,050 1,754 70,710 (3,132) 67,578 Total assets 560,295 871,184 1,865,016 910,107 3,474 4,210,076 (113,898) 4,096,178 Creditors 10,054 29,163 51,695 25,495 2,289 118,696 (3,909) 114,787 Non-current creditors 1,476 9,152 30,437 716 351 42,132 (2,831) 39,301 Borrowings 269,508 206,971 825,830 380,217 0 1,682,526 (97,803) 1,584,723 Derivative financial instruments 1,409 0 6,359 1,250 0 9,018 (471) 8,547 Deferred tax liabilities 0 0 104,990 90,245 0 195,235 (8,884) 186,351 Total liabilities 282,447 245,286 1,019,311 497,923 2,640 2,047,607 (113,898) 1,933,709 * The Netherlands represents assets and liabilities of Eurocommercial Properties N.V. ** \u2018Fair value movement on derivative financial instruments\u2019 and \u2018Net interest expenses\u2019, previously included within \u2018Net financing result\u2019, are now presented separately to provide a clearer classification to the users of the financial statements. 2. Segment information continued2024For the twelve monthTotal period ended 31-12-24The proportional Adjustments \u20ac\u2019000BelgiumFranceItalySwedenNetherlands*consolidationjoint venture Total IFRSRental income27,45647,890108,40148,5820232,329(12,596)219,733Service charge income7,1856,70417,12015,779046,788(3,410)43,378Service charge expenses(7,222)(4,855)(18,829)(18,187)0(49,093)3,390(45,703)Property expenses**(2,013)(10,929)(12,367)(7,229)0(32,538)262(32,276)Net property income25,40638,81094,32538,9450197,486(12,354)185,132Share of result of joint venture00000010,86210,862Revaluation property investments16,93011,75171,26715,66950115,667(7,997)107,670Segment result42,33650,561165,59254,61450313,153(9,489)303,664Fair value movement derivative financial instruments***(22,000)2,039(19,961)Net Interest expenses***(55,452)3,203(52,249)Company expenses**(12,317)0(12,317)Investment expenses(5,618)18(5,600)Other income8837611,644Result before taxation218,649(3,468)215,181Current tax(2,890)391(2,499)Deferred tax(38,934)3,077(35,857)Result after taxation176,8250176,825Total As per 31-12-24The proportional Adjustments \u20ac\u2019000BelgiumFranceItalySwedenNetherlands*consolidationjoint ventureTotal IFRSProperty investments541,540822,0101,742,170797,58603,903,306(204,780)3,698,526Investment in joint venture000000112,004112,004Tangible fixed assets01,5142,8802891,6706,35306,353Receivables5,90332,03215,1782,31882656,257(1,265)54,992Derivative financial instruments392025,8841,431027,707(7,609)20,098Cash and deposits1,6473,33117,22215,6722,38040,252(4,288)35,964Total assets549,482858,8871,803,334817,2964,8764,033,875(105,938)3,927,937Creditors11,90628,23732,14924,6003,666100,558(2,909)97,649Non-current creditors1,5429,2025,08527061816,717(423)16,294Borrowings264,148203,493846,098312,10125,0001,650,840(96,092)1,554,748Derivative financial instruments3,207018,7382,227024,172(886)23,286Deferred tax liabilities0075,89480,0880155,982(5,628)150,354Total liabilities280,803240,932977,964419,28629,2841,948,269(105,938)1,842,331* The Netherlands represents assets and liabilities of Eurocommercial Properties N.V. ** The figures for \u2018Property expenses\u2019 and \u2018Company expenses\u2019 have been adjusted to better reflect the marketing expenses.*** \u2018Fair value movement on derivative financial instruments\u2019 and \u2018Net interest expenses\u2019, previously included within \u2018Net financing result\u2019, are now presented separately to provide a clearer classification to the users of the financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__48": {
"value": "3. Exchange rates It is generally the Company\u2019s policy for non-euro investments to use debt denominated in the currency of investment to provide a (partial) hedge against currency movements. Exceptionally, forward contracts may be entered into from time to time when debt instruments are inappropriate for cost or other reasons. The only non-euro investment assets and liabilities of the Company are in Sweden. As at 31 December 2025, \u20ac1 was SEK 10.8215 (31 December 2024: SEK 11.4590). The average \u20ac/SEK exchange rate during 2025 was SEK 11.0701 (2024: SEK 11.4295). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__51": {
"value": "4. Rental income and service charge income and expenses Rental income Rental income in the current financial year comprised: \u20ac\u20190002025 2024 Net lease payments collected/accrued 236,298 226,471Amortisation of rent discount due to reletting and fit out-costs for new tenants (7,713) (7,024) Entry fees received/accrued 273 286 228,858 219,733The Group leases out its property investments under operating leases of various expiry terms. The leases specify the space, the rent, the other rights and obligations of the landlord and the tenant, including notice periods, renewal options and service charge arrangements. In general, the rent is indexed annually over the term of the lease. Entry fees are defined as non-recurring amounts received from a new or existing tenant in connection with a new or renewed lease. Such proceeds must be straight-lined over the term of the lease. This term is defined as the period to the first possible date the tenant can terminate the lease. The future aggregated minimum guaranteed rent (turnover rent not included) receivable under non-cancellable operating leases and to the first possible tenant break option amounts approximately to: \u20ac\u20190002025 2024 \u2013 less than one year 204,344207,873\u2013 between one and five years 390,089 390,742 \u2013 more than five years 93,853 85,199 688,286683,814Approximately 2.42% of the rental income for the financial year ended 31 December 2025 is turnover rent (2024: 2.05%).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__50": {
"value": "4. Rental income and service charge income and expenses Rental income Rental income in the current financial year comprised: \u20ac\u20190002025 2024 Net lease payments collected/accrued 236,298 226,471Amortisation of rent discount due to reletting and fit out-costs for new tenants (7,713) (7,024) Entry fees received/accrued 273 286 228,858 219,733The Group leases out its property investments under operating leases of various expiry terms. The leases specify the space, the rent, the other rights and obligations of the landlord and the tenant, including notice periods, renewal options and service charge arrangements. In general, the rent is indexed annually over the term of the lease. Entry fees are defined as non-recurring amounts received from a new or existing tenant in connection with a new or renewed lease. Such proceeds must be straight-lined over the term of the lease. This term is defined as the period to the first possible date the tenant can terminate the lease. The future aggregated minimum guaranteed rent (turnover rent not included) receivable under non-cancellable operating leases and to the first possible tenant break option amounts approximately to: \u20ac\u20190002025 2024 \u2013 less than one year 204,344207,873\u2013 between one and five years 390,089 390,742 \u2013 more than five years 93,853 85,199 688,286683,814Approximately 2.42% of the rental income for the financial year ended 31 December 2025 is turnover rent (2024: 2.05%).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__49": {
"value": "4. Rental income and service charge income and expenses Rental income Rental income in the current financial year comprised: \u20ac\u20190002025 2024 Net lease payments collected/accrued 236,298 226,471Amortisation of rent discount due to reletting and fit out-costs for new tenants (7,713) (7,024) Entry fees received/accrued 273 286 228,858 219,733The Group leases out its property investments under operating leases of various expiry terms. The leases specify the space, the rent, the other rights and obligations of the landlord and the tenant, including notice periods, renewal options and service charge arrangements. In general, the rent is indexed annually over the term of the lease. Entry fees are defined as non-recurring amounts received from a new or existing tenant in connection with a new or renewed lease. Such proceeds must be straight-lined over the term of the lease. This term is defined as the period to the first possible date the tenant can terminate the lease. The future aggregated minimum guaranteed rent (turnover rent not included) receivable under non-cancellable operating leases and to the first possible tenant break option amounts approximately to: \u20ac\u20190002025 2024 \u2013 less than one year 204,344207,873\u2013 between one and five years 390,089 390,742 \u2013 more than five years 93,853 85,199 688,286683,814Approximately 2.42% of the rental income for the financial year ended 31 December 2025 is turnover rent (2024: 2.05%).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__52-1": {
"value": "Service charge income and expenses Service charge income of \u20ac45.4 million (2024: \u20ac43.4 million) represents income from recharged service costs to tenants for the services of utilities, caretakers etc. when the Group acts as principal. Service charge expenses of \u20ac50.2 million (2024: \u20ac45.7 million) represent costs related to the services of utilities, caretakers etc. which are rendered to tenants. The service charge expenses can be higher than the service charge income as costs are not always fully recoverable from tenants. 5. Property expensesProperty expenses in the current financial year were:\u20ac\u201900020252024Direct property expensesBad debts (expected credit loss) 1,412 740Centre marketing expenses* 3,402 2,929Insurance premiums 1,028 1,007Managing agent fees2,199 2,031Property taxes 21 20Repair and maintenance 1,712 824Shortfall service charges 799 82210,573 8,373Indirect property expensesAccounting fees 446 589Audit fees 669 648IT expenses2,722 2,883Depreciation fixed assets 474 362Depreciation right-of-use assets 1,107 1,083Legal and other advisory fees 2,986 2,657Letting fees and relocation expenses908 705Local office and accommodation expenses 1,343 1,360Pension contributions 228 216Salaries, wages and variable pay 7,904 8,279Employer\u2019s tax and social security charges3,712 3,688Performance shares granted (IFRS 2) 401 246Travelling expenses 742 714Other local taxes 543 452Other expenses133 21 24,318 23,903 34,891 32,276* The comparative figure for \u2018Centre marketing expenses\u2019 has been adjusted to reflect the reclassification of marketing expenses from \u2018Company expenses\u2019 to \u2018Property expenses\u2019.Indirect property expenses include the expenses of the Brussels, Milan, Paris and Stockholm offices. Depreciation right-of-use assets includes the depreciation of right-of-use assets related to operating leases for the Company\u2019s Group offices in Milan for \u20ac547K (2024: \u20ac533K), in Paris for \u20ac343K (2024: \u20ac343K) and Stockholm for \u20ac217K (2024: \u20ac207K). These leases are standard lease contracts with no contingent rents and sublease payments and expire in February 2033, September 2028 and September 2028 respectively.The depreciation of fixed assets for the financial year is \u20ac104K for the Paris office (2024: \u20ac182K), \u20ac323K for the Milan office (2024: \u20ac136K) and \u20ac47Kfor the Stockholm office (2024: \u20ac44K). No depreciation is recorded for Brussels.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__55-1": {
"value": "6. Revaluation of property investments Realised and unrealised value movements on investments in the current financial year were: \u20ac\u20190002025 2024 Property investments valuation adjustment 67,959 109,905Divestment result property sold 532 (761) Elimination of accrued entry fees(136) (183) Elimination of capitalised letting fees (14) (1,564) Fair value movement long-term debtors 164 0Fair value movement long-term creditors 2,250 198Foreign currency results(379) 75 70,376 107,670The sum of the Property investments valuation adjustment and the Property investments valuation adjustment property sold of \u20ac67,959K (2024: positive \u20ac109,905K) relates to Belgium for an amount of positive \u20ac6,112K (2024: positive \u20ac17,320K), Sweden for an amount of positive \u20ac8,823K (2024: positive \u20ac15,974K), France for an amount of positive \u20ac10,492K (2024: positive \u20ac13,085K), and Italy for an amount of positive \u20ac42,532K (2024: positive \u20ac63,526K). The movement of foreign currency results includes a realised amount of \u20ac314K negative (2024: \u20ac76K positive) and an unrealised amount of \u20ac65K negative (2024: \u20ac1K negative). During the financial year, the Company completed the sale of a newly built standalone retail unit adjacent to its Grand Samarkand shopping centre in V\u00e4xj\u00f6, Sweden. The property was sold for a consideration of SEK 158 million (\u20ac14.1 million). The divestment result amounted to \u20ac532K. 7. Company expenses Company expenses in the current financial year comprised: \u20ac\u20190002025 2024 Audit fees579 588 Depreciation fixed assets 290 246 Depreciation right-of-use assets* 278275Directors\u2019 fees1,800 2,035 IT expenses511 834 Legal and other advisory fees 1,294 1,740 Marketing expenses**138226 Office and accommodation expenses661 589 Pension contributions 712 541 Salaries, wages and variable pay 2,8122,787Employer\u2019s tax and social security charges403 462 Statutory costs 592 769 Performance shares granted (IFRS 2) 230166Travelling expenses334 347 Other expenses810 712 11,44412,317* Depreciation right-of-use assets includes the lease for the Company\u2019s head office at De Boelelaan 7, Amsterdam for the financial year. This lease is a standard lease contract with no contingent rents and sublease payments and expires in June 2028. The depreciation of fixed assets for this financial year is \u20ac290K (2024: \u20ac246K). ** The comparative figure for \u2018Marketing expenses\u2019 has been adjusted to reflect the reclassification of marketing expenses from \u2018Company expenses\u2019 to \u2018Property expenses\u2019. 9. Investment expensesInvestment expenses in the current financial year comprised:\u20ac\u201900020252024Aborted acquisition costs877 800Variable pay(included in the amounts as part of Note 8 Personnel costs)1,6592,768Employer\u2019s tax and social security charges related to variable pay439 733(included in the amounts as part of Note 8. Personnel costs)Performance shares granted (IFRS 2)(included in the amounts as part of Note 8. Personnel costs) 1,459 880Property valuation fees370 4194,8045,600",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__54-1": {
"value": "6. Revaluation of property investments Realised and unrealised value movements on investments in the current financial year were: \u20ac\u20190002025 2024 Property investments valuation adjustment 67,959 109,905Divestment result property sold 532 (761) Elimination of accrued entry fees(136) (183) Elimination of capitalised letting fees (14) (1,564) Fair value movement long-term debtors 164 0Fair value movement long-term creditors 2,250 198Foreign currency results(379) 75 70,376 107,670The sum of the Property investments valuation adjustment and the Property investments valuation adjustment property sold of \u20ac67,959K (2024: positive \u20ac109,905K) relates to Belgium for an amount of positive \u20ac6,112K (2024: positive \u20ac17,320K), Sweden for an amount of positive \u20ac8,823K (2024: positive \u20ac15,974K), France for an amount of positive \u20ac10,492K (2024: positive \u20ac13,085K), and Italy for an amount of positive \u20ac42,532K (2024: positive \u20ac63,526K). The movement of foreign currency results includes a realised amount of \u20ac314K negative (2024: \u20ac76K positive) and an unrealised amount of \u20ac65K negative (2024: \u20ac1K negative). During the financial year, the Company completed the sale of a newly built standalone retail unit adjacent to its Grand Samarkand shopping centre in V\u00e4xj\u00f6, Sweden. The property was sold for a consideration of SEK 158 million (\u20ac14.1 million). The divestment result amounted to \u20ac532K. 7. Company expenses Company expenses in the current financial year comprised: \u20ac\u20190002025 2024 Audit fees579 588 Depreciation fixed assets 290 246 Depreciation right-of-use assets* 278275Directors\u2019 fees1,800 2,035 IT expenses511 834 Legal and other advisory fees 1,294 1,740 Marketing expenses**138226 Office and accommodation expenses661 589 Pension contributions 712 541 Salaries, wages and variable pay 2,8122,787Employer\u2019s tax and social security charges403 462 Statutory costs 592 769 Performance shares granted (IFRS 2) 230166Travelling expenses334 347 Other expenses810 712 11,44412,317* Depreciation right-of-use assets includes the lease for the Company\u2019s head office at De Boelelaan 7, Amsterdam for the financial year. This lease is a standard lease contract with no contingent rents and sublease payments and expires in June 2028. The depreciation of fixed assets for this financial year is \u20ac290K (2024: \u20ac246K). ** The comparative figure for \u2018Marketing expenses\u2019 has been adjusted to reflect the reclassification of marketing expenses from \u2018Company expenses\u2019 to \u2018Property expenses\u2019. 9. Investment expensesInvestment expenses in the current financial year comprised:\u20ac\u201900020252024Aborted acquisition costs877 800Variable pay(included in the amounts as part of Note 8 Personnel costs)1,6592,768Employer\u2019s tax and social security charges related to variable pay439 733(included in the amounts as part of Note 8. Personnel costs)Performance shares granted (IFRS 2)(included in the amounts as part of Note 8. Personnel costs) 1,459 880Property valuation fees370 4194,8045,600",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__59": {
"value": "8. Personnel costsTotal personnel costs in the current financial year comprised:\u20ac\u201900020252024Salaries and wages10,888 11,029Employer\u2019s tax and social security charges4,6164,949Pension costs1,2141,094Variable pay2,734 4,256Performance shares granted (IFRS 2)2,090 1,29221,54222,620Total personnel costs are partly presented under (indirect) property expenses \u20ac12,245K (2024: \u20ac12,429K), partly under company expenses (remuneration of the members of the Board of Management inclusive) \u20ac5,740K (2024: \u20ac5,810K) and partly under investment expenses \u20ac3,557K(2024: \u20ac4,381K). These expenses do not include the remuneration of the members of the Supervisory Board. The pension costs consist of \u20ac712K of pension contributions (2024: \u20ac757K). In addition to base salary, members of the Board of Management and senior employees may receive an annual Short-Term Incentive (STI) based on a combination of financial (75%) and non-financial (25%) performance measures. A performance incentive framework has been introduced for financial metrics, with threshold, target and maximum levels, while non-financial (ESG) targets are assessed based on whether predefined objectives have been achieved. The STI structure has been refined to better align with market practice and to differentiate it from long-term incentives, including updated performance measures such as like-for-like rental growth and direct investment result per share. The Group employed an average of 97 full-time equivalent persons during the financial year (2024: 97). The Group staff (members of the Board of Management excluded) holds 103,223 shares, representing 0.19% of the issued share capital of the Company.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__58": {
"value": "8. Personnel costsTotal personnel costs in the current financial year comprised:\u20ac\u201900020252024Salaries and wages10,888 11,029Employer\u2019s tax and social security charges4,6164,949Pension costs1,2141,094Variable pay2,734 4,256Performance shares granted (IFRS 2)2,090 1,29221,54222,620Total personnel costs are partly presented under (indirect) property expenses \u20ac12,245K (2024: \u20ac12,429K), partly under company expenses (remuneration of the members of the Board of Management inclusive) \u20ac5,740K (2024: \u20ac5,810K) and partly under investment expenses \u20ac3,557K(2024: \u20ac4,381K). These expenses do not include the remuneration of the members of the Supervisory Board. The pension costs consist of \u20ac712K of pension contributions (2024: \u20ac757K). In addition to base salary, members of the Board of Management and senior employees may receive an annual Short-Term Incentive (STI) based on a combination of financial (75%) and non-financial (25%) performance measures. A performance incentive framework has been introduced for financial metrics, with threshold, target and maximum levels, while non-financial (ESG) targets are assessed based on whether predefined objectives have been achieved. The STI structure has been refined to better align with market practice and to differentiate it from long-term incentives, including updated performance measures such as like-for-like rental growth and direct investment result per share. The Group employed an average of 97 full-time equivalent persons during the financial year (2024: 97). The Group staff (members of the Board of Management excluded) holds 103,223 shares, representing 0.19% of the issued share capital of the Company.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__62": {
"value": "10. Other income Other income of \u20ac1,788K for the year ended 31 December 2025 (\u20ac1,644K for the year ended 31 December 2024) is related to advisory andmanagement fees from joint venture.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__63": {
"value": "11. Net financing results Net financing costs in the current financial year comprised:\u20ac\u201900020252024Interest income697 966Interest Income697966Gross interest expenses (excluding interest expenses related to lease liabilities)(52,433) (53,246)Interest expenses on lease liabilities(137)(151)Capitalised interest0182Interest Expenses(52,570) (53,215)Unrealised fair value movement derivative financial instruments*9,981 (13,931)Realised fair value movement derivative financial instruments*(2,697) (6,030)Gain / (Loss) Derivative Financial Instruments7,284(19,961)Net financing results(44,589) (72,210)* The fair value movement of derivative financial instruments is based on the fair value of the underlying financial instruments, which consists mainly of interest rate swaps.11. Net financing results continued Gross interest expense comprises interest paid or payable on loans, calculated using the effective interest rate method, as well as interest on derivative financial instruments and amortised borrowing costs. Interest incurred to finance the extension or acquisition of an asset is capitalised until the completion or acquisition date and recognised as capitalised interest. No interest was capitalised during the current financial year (2024: 3.2%). The fair value movement of derivative financial instruments is positive \u20ac7,284K (2024: negative \u20ac19,961K). The movement is due to the change in the Euribor and Stibor curves.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__64": {
"value": "12. Taxation Total tax in the current financial year comprised: \u20ac\u20190002025 2024 Current tax Italy 2,250 2,071 Current tax Belgium 159 177Current tax Sweden 1,429 244 Current tax United Kingdom 16 7Current tax 3,854 2,499 Deferred tax on unrealised value movements investment property Italy and Sweden 28,262 36,661Deferred tax on unrealised value movements derivative financial instruments Italy and Sweden 631 (4,186) Movement tax losses recognised Italy and Sweden 3,079 3,382 Substitute tax 50,000 0 Deferred tax 81,972 35,857 Total tax 85,826 38,356Tax reconciliation Tax-exempt income (including effect of FBI, FIIS and SIIC) 55,489 57,263Result before tax attributable to Swedish tax rate of 20.6% 31,327 33,676Result before tax attributable to Italian tax rate of 24.0% 113,673 113,232 Result before tax attributable to UK tax rate of 25.0% (73) 148 Result before taxation* 200,416 204,319Tax on result before tax attributable to Swedish taxable subsidiaries at a tax rate of 20.6% 6,453 6,937Tax on result before tax attributable to Italian taxable subsidiaries at a tax rate of 24.0% 27,282 27,176 Tax on result before tax attributable to UK taxable subsidiary at a tax rate of 25.0% (18) 23Correction prior years 7 12Substitute tax50,000 0 Non-taxable income/expense Belgium, Italy, Sweden and UK 2,102 4,208 Total tax85,826 38,356 * The result before taxation does not include the share of the result from joint venture. As an Investment Institution under Dutch tax law (\u201cfiscale beleggingsinstelling\u201d (FBI)), the Company is subject to a nil rate of Dutch corporate income tax. In Belgium the revenues and capital gains are tax-exempt as a \u201cFonds d\u2019investissement immobilier sp\u00e9cialis\u00e9\u201d (FIIS) and the revenues and capital gains from the French portfolio of the Company are tax-exempt as a \u201cSoci\u00e9t\u00e9 d\u2019investissements immobiliers cot\u00e9e\u201d (SIIC). In Italy and Sweden, the properties are held by taxable entities. In Italy, the nominal tax rate applied for deferred tax and corporate income tax is 24.0%. In Sweden the nominal tax rate of 20.6% has been applied for deferred tax. The nominal tax rate for the subsidiary in the United Kingdom is 25%. The substitute tax for an amount of \u20ac50 million relates to the tax paid and to be paid, at a reduced rate of 10%, for the conversion of part of the reserves within the Italian subsidiaries into tax freely distributable reserves. During previous years, the Italian Tax Authorities issued two notices of assessment relating to the deductibility of depreciation on real estate and the subsequent use of tax loss carry forwards for the fiscal years 2014/2015 and 2015/2016 of the Italian subsidiary Eurocommercial Properties Italia S.r.l. In October 2020 and April 2021 respectively, the Italian tax court ruled in second instance in favour of the Company, confirming the earlier first-instance decisions. The Italian Tax Authorities subsequently appealed against these rulings before the Supreme Court (Corte di Cassazione). On 17 July 2025, the Supreme Court issued its judgments in both cases, ruling in favour of the Company. Following these positive rulings, the litigation has been definitively resolved in favour of the Company. No provisions had previously been recognised in the financial statements in respect of these matters. The effective tax rate stands at 17.0% (2024: 17.8%). This rate is below the average due to the tax-exempt status of entities in certain countries, which results in a portion of earnings remaining untaxed.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__66": {
"value": "13. Property investments and property investments under development Property investments and property investments under development are stated at fair value. It is the Company\u2019s policy that all property investments and property investments under development be revalued semi-annually by qualified independent experts. The independent valuation figures for the Company\u2019s properties represent the net price expected to be received by the Company from a notional purchaser who would deduct any purchaser\u2019s costs including registration tax. All properties in the Group are freehold. The qualified independent valuers have prepared their appraisals in accordance with the Appraisal and Valuation Standards published by the Royal Institute of Chartered Surveyors (RICS) and the International Valuation Standards published by the International Valuation Standards Committee (IVSC). These standards require that valuers, among other activities, collect a variety of data, including general economic data, property-specific data and market supply and demand data. Property-specific data includes passing rent and future rent, expenses, lease terms, lease incentives, vacancies, rent concessions, etc. The Board of Management reviewed the valuation reports and determined that the source data provided by the Company is processed correctly. The data and valuation methodologies used are set out in the independent valuation reports which is in compliance with IFRS. All properties were revalued at 31 December 2025.Purchasers\u2019 costsThe total purchasers\u2019 costs including registration tax, which are excluded from the fair value of the property investments, property investments under development and property investments held for sale, for the financial year ended 31 December 2025 were as follows:31-12-202531-12-2024BelgiumFranceItalySwedenTotalBelgium France Italy Sweden Total6.9%-6.9%-2.5%1.0% 1.0% 2.6% 2.5%1.0% 1.0% 2.5%Purchasers\u2019 costs (%) 8.0%7.5%Purchasers\u2019 costs (\u20ac\u2019000)13,76961,89115,9248,484100,06813,54057,39315,2867,97694,195In France the purchasers\u2019 costs vary mainly from 6.9% to 8.0%. A percentage of 1.8%-1.9% is applied as purchaser\u2019s costs on lands and the restaurant units of Shopping Etrembi\u00e8res in France.Fair value hierarchyProperty investments, including property investments under development are at level 3.Property portfolioThe current property portfolio is:31-12-2531-12-2431-12-2531-12-24Net value Net value Costs to date Costs to date \u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000Belgium550,750541,540670,642668,413France836,090822,010616,220612,881Italy1,601,890 1,537,390 1,094,917 1,072,799Sweden848,289 797,586 786,355 787,691Property investments3,837,0193,698,5263,168,1343,141,784Assumptions and sensitivity analysisThe assumptions and sensitivity analysis of the valuations are made by the valuers and represent the property investments, excluding land. The following assumptions were applied as per 31 December 2025:31-12-2531-12-24Belgium France Italy Sweden Belgium France Italy Sweden Passing rent per m\u00b2 (\u20ac; average)602415348246592406346223Estimated rent value per m\u00b2 (\u20ac; average)594434379252594430376231Net initial yield (%; average)5.1 5.3 5.8 5.7 5.0 5.4 5.9 5.8Reversionary yield (%; average)5.05.96.06.15.15.96.06.2Inflation rate (%; min/max)*2.0n.a.2.02.02.1n.a.1.91.9Long-term growth in rental value (%; min/max)*2.0n.a.2.02.02.0n.a.2.02.0* When DCF method is used.The DCF valuation method is used by all valuers, except in France, where, on some assets, the capitalisation method is applied. There were no changes in the valuation methodology compared to previous valuations. The new valuer (JLL) for Belgium adopts a discounted cash flow analysis instead of net initial yield.A sensitivity analysis of the valuations is based on the assumptions of 1) the increase/decrease in net initial yield (NIY) and 2) the increase/decrease of the estimated rental value (ERV). The amounts reflect the increase or decrease of the net value of the respective property portfolio.31-12-25 31-12-24Belgium France Italy Sweden Total Belgium France* Italy Sweden Total \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 Increase average NIY by 25 bps (26,260) (35,605) (66,410) (32,842) (161,117) (26,446) (33,816) (63,200) (31,323) (154,785)Increase average NIY by 50 bps (50,150) (68,236) (135,520) (63,451) (317,357) (50,447) (64,415) (121,430) (58,160) (294,452)Decrease average NIY by 25 bps 29,000 39,032 71,670 36,030 175,732 29,279 35,809 67,810 31,335 164,233Decrease average NIY by 50 bps 61,190 81,870 142,290 75,229 360,579 61,881 75,636 141,060 66,520 345,097 Increase ERV of 5% 23,820 22,985 47,110 36,155 130,070 22,100 26,784 35,520 28,656 113,060 Increase ERV of 10% 47,600 46,574 94,360 73,327 261,861 44,210 54,052 74,030 54,363 226,655 Decrease ERV of 5% (23,810) (24,558) (46,790) (35,693) (130,851) (22,110) (29,102) (29,840) (30,518) (111,570)Decrease ERV of 10% (47,600) (48,596) (92,400) (72,126) (260,722) (44,200) (57,124) (70,850) (59,541) (231,715)* Comparative figures for France have been restated to ensure consistency in applied methodology. Changes in property investments for the financial year ended 31 December 2025 were as follows: Property investments Property investments 31-12-25 31-12-24\u20ac\u2019000 \u20ac\u2019000Book value at beginning of year3,698,526 3,575,898 Capital expenditure \u2013 general 11,2454,662Capital expenditure \u2013 extensions and refurbishments 26,39533,045Capitalised interest0 182 Capitalised letting fees/lease incentives/fit out costs 8,6349,383Amortisation capitalised letting fees/lease incentives/fit out costs(8,620) (7,819) Elimination of net capitalised letting fees (14)(1,564)Property investments valuation adjustment 67,959109,905Book value property sold (13,922) 0 Exchange rate movement 46,816(25,166)Book value at end of year 3,837,0193,698,526During the financial year, the Company completed the sale of a newly built standalone retail unit adjacent to its Grand Samarkand shopping centre in V\u00e4xj\u00f6, Sweden. The property was sold for a consideration of SEK158 million (\u20ac13.9 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__65": {
"value": "13. Property investments and property investments under development Property investments and property investments under development are stated at fair value. It is the Company\u2019s policy that all property investments and property investments under development be revalued semi-annually by qualified independent experts. The independent valuation figures for the Company\u2019s properties represent the net price expected to be received by the Company from a notional purchaser who would deduct any purchaser\u2019s costs including registration tax. All properties in the Group are freehold. The qualified independent valuers have prepared their appraisals in accordance with the Appraisal and Valuation Standards published by the Royal Institute of Chartered Surveyors (RICS) and the International Valuation Standards published by the International Valuation Standards Committee (IVSC). These standards require that valuers, among other activities, collect a variety of data, including general economic data, property-specific data and market supply and demand data. Property-specific data includes passing rent and future rent, expenses, lease terms, lease incentives, vacancies, rent concessions, etc. The Board of Management reviewed the valuation reports and determined that the source data provided by the Company is processed correctly. The data and valuation methodologies used are set out in the independent valuation reports which is in compliance with IFRS. All properties were revalued at 31 December 2025.Purchasers\u2019 costsThe total purchasers\u2019 costs including registration tax, which are excluded from the fair value of the property investments, property investments under development and property investments held for sale, for the financial year ended 31 December 2025 were as follows:31-12-202531-12-2024BelgiumFranceItalySwedenTotalBelgium France Italy Sweden Total6.9%-6.9%-2.5%1.0% 1.0% 2.6% 2.5%1.0% 1.0% 2.5%Purchasers\u2019 costs (%) 8.0%7.5%Purchasers\u2019 costs (\u20ac\u2019000)13,76961,89115,9248,484100,06813,54057,39315,2867,97694,195In France the purchasers\u2019 costs vary mainly from 6.9% to 8.0%. A percentage of 1.8%-1.9% is applied as purchaser\u2019s costs on lands and the restaurant units of Shopping Etrembi\u00e8res in France.Fair value hierarchyProperty investments, including property investments under development are at level 3.Property portfolioThe current property portfolio is:31-12-2531-12-2431-12-2531-12-24Net value Net value Costs to date Costs to date \u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000Belgium550,750541,540670,642668,413France836,090822,010616,220612,881Italy1,601,890 1,537,390 1,094,917 1,072,799Sweden848,289 797,586 786,355 787,691Property investments3,837,0193,698,5263,168,1343,141,784Assumptions and sensitivity analysisThe assumptions and sensitivity analysis of the valuations are made by the valuers and represent the property investments, excluding land. The following assumptions were applied as per 31 December 2025:31-12-2531-12-24Belgium France Italy Sweden Belgium France Italy Sweden Passing rent per m\u00b2 (\u20ac; average)602415348246592406346223Estimated rent value per m\u00b2 (\u20ac; average)594434379252594430376231Net initial yield (%; average)5.1 5.3 5.8 5.7 5.0 5.4 5.9 5.8Reversionary yield (%; average)5.05.96.06.15.15.96.06.2Inflation rate (%; min/max)*2.0n.a.2.02.02.1n.a.1.91.9Long-term growth in rental value (%; min/max)*2.0n.a.2.02.02.0n.a.2.02.0* When DCF method is used.The DCF valuation method is used by all valuers, except in France, where, on some assets, the capitalisation method is applied. There were no changes in the valuation methodology compared to previous valuations. The new valuer (JLL) for Belgium adopts a discounted cash flow analysis instead of net initial yield.A sensitivity analysis of the valuations is based on the assumptions of 1) the increase/decrease in net initial yield (NIY) and 2) the increase/decrease of the estimated rental value (ERV). The amounts reflect the increase or decrease of the net value of the respective property portfolio.31-12-25 31-12-24Belgium France Italy Sweden Total Belgium France* Italy Sweden Total \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 Increase average NIY by 25 bps (26,260) (35,605) (66,410) (32,842) (161,117) (26,446) (33,816) (63,200) (31,323) (154,785)Increase average NIY by 50 bps (50,150) (68,236) (135,520) (63,451) (317,357) (50,447) (64,415) (121,430) (58,160) (294,452)Decrease average NIY by 25 bps 29,000 39,032 71,670 36,030 175,732 29,279 35,809 67,810 31,335 164,233Decrease average NIY by 50 bps 61,190 81,870 142,290 75,229 360,579 61,881 75,636 141,060 66,520 345,097 Increase ERV of 5% 23,820 22,985 47,110 36,155 130,070 22,100 26,784 35,520 28,656 113,060 Increase ERV of 10% 47,600 46,574 94,360 73,327 261,861 44,210 54,052 74,030 54,363 226,655 Decrease ERV of 5% (23,810) (24,558) (46,790) (35,693) (130,851) (22,110) (29,102) (29,840) (30,518) (111,570)Decrease ERV of 10% (47,600) (48,596) (92,400) (72,126) (260,722) (44,200) (57,124) (70,850) (59,541) (231,715)* Comparative figures for France have been restated to ensure consistency in applied methodology. Changes in property investments for the financial year ended 31 December 2025 were as follows: Property investments Property investments 31-12-25 31-12-24\u20ac\u2019000 \u20ac\u2019000Book value at beginning of year3,698,526 3,575,898 Capital expenditure \u2013 general 11,2454,662Capital expenditure \u2013 extensions and refurbishments 26,39533,045Capitalised interest0 182 Capitalised letting fees/lease incentives/fit out costs 8,6349,383Amortisation capitalised letting fees/lease incentives/fit out costs(8,620) (7,819) Elimination of net capitalised letting fees (14)(1,564)Property investments valuation adjustment 67,959109,905Book value property sold (13,922) 0 Exchange rate movement 46,816(25,166)Book value at end of year 3,837,0193,698,526During the financial year, the Company completed the sale of a newly built standalone retail unit adjacent to its Grand Samarkand shopping centre in V\u00e4xj\u00f6, Sweden. The property was sold for a consideration of SEK158 million (\u20ac13.9 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__67": {
"value": "14. Investment in joint venture Investments in joint venture amounted to \u20ac113.1 million (\u20ac112.0 million at 31 December 2024) and refers to the Company\u2019s 50% stake in the Italian company Galleria Verde S.r.l. which owns the shopping centre Fiordaliso and the adjacent retail park in Milan. Galleria Verde S.r.l. has the same calendar year end as the Group. There are no contingent liabilities or other post balance sheet events in the joint venture other than mentioned below and no unrecognised losses. The payment of cash dividends and the repayment of intercompany loans and advances are allowed, subject to the conditions provided in the loans with the financing banks. During this financial year \u20ac9 million dividend was paid by the joint venture (2024: \u20ac0). In June 2025, the Company entered into a new \u20ac200 million five-year loan agreement (\u20ac100 million Group share) relating to the Fiordaliso shopping centre in Milan, which is held in a joint venture. The facility was arranged with ING Bank N.V., Milan Branch, and BNP Paribas \u2013 Succursale Italiana (acting as lenders, Joint Bookrunners, Mandated Lead Arrangers and Sustainability Coordinators), together with Banco BPM S.p.A. (acting as lender). The new loan replaces the previous facilities, which was due to expire in the first half of 2026. The facility qualifies as both a green loan and a sustainability-linked loan, in line with the Company\u2019s Green Finance Framework. The loan became effective on 17 July 2025. At 31 December 2025, the loans of the joint venture were hedged with interest rate swaps for a notional amount of \u20ac190 million (\u20ac95 million Group share). PropertyFiordalisoFiordalisoCountryItalyItalyECP ownership50%50%Company nameGalleria Verde S.r.l.Galleria Verde S.r.l.Twelve months Twelve monthsended 31-12-24ended 31-12-25Summarised profit or loss account\u20ac\u2019000\u20ac\u2019000Rental income26,011 25,192Property expenses(354)(524)Service charge income6,7826,820Service charge expenses(6,786) (6,780)Investment revaluation20,470 15,994Net interest expenses(6,766)(6,406)Net derivatives movements(210)(4,078)Other expenses to Group companies(1,628) (1,522)Financial and investment expenses(43) (36)Deferred tax(16,514)(6,154)Corporate income tax(1,404)(782)Result after taxation 19,55821,724Total comprehensive income19,55821,724ECP share of total comprehensive income9,779 10,862PropertyFiordalisoFiordalisoCountryItalyItalyECP ownership50%50%Company nameGalleria Verde S.r.l.Galleria Verde S.r.l.31-12-2431-12-25Summarised statement of financial position\u20ac\u2019000\u20ac\u2019000Property investments (non-current) 431,540 409,560Cash and deposits (current)6,264 8,576Debtors (current)2,0962,530Derivative financial instruments (non-current)14,18415,218Total assets454,084435,884Creditors (current)7,818 5,818Borrowings (current)3,0003,304Loan from Group companies (current)00Creditors (non-current)5,662846Borrowings (non-current) 192,605 188,880Deferred tax liabilities (non-current) 17,768 11,256Derivative financial instruments (non-current)9421,772Total liabilities227,795 211,876Net assets226,289224,008ECP share of net assets in joint venture113,144 112,004",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__68": {
"value": "15. Tangible fixed assets Tangible fixed assets represent office equipment and inventory for the Company\u2019s head office at De Boelelaan 7, Amsterdam and the Group offices at 200, rue Saint-Lambert, Brussels; Via della Moscova 3, Milan; 107, rue Saint Lazare, Paris and Kungsgatan 48, Stockholm as well as the right-of-use assets related to the lease of these offices. The costs for office equipment and inventory are depreciated over the expected useful lives of the assets concerned varying from two to five years. The movements in the current financial year and the previous financial year were: Right-of-use assets Office equipment Total \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000Book value at 1 January 2024 3,4631,386 4,849Additions2,666 821 3,487 Disposals 0(4) (4)Depreciation(1,358) (608) (1,966) Exchange rate movement(10) (3) (13) Book value at 31 December 2024 4,7611,592 6,353Additions721 1,783 2,504 Disposals (1)0 (1)Depreciation(1,385) (764) (2,149) Exchange rate movement8 13 21 Book value at 31 December 2025 4,1042,624 6,728Right-of-use assets Office equipment Total \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 Cost at 31 December 2025 10,3127,611 17,923Accumulated depreciation(6,174) (5,016) (11,190) Accumulated exchange rate movement(34) 29 (5) Book value at 31 December 2025 4,1042,624 6,728During the financial year ended 31 December 2025, tangible fixed assets with a total cost price of \u20ac2,401K (31 December 2024: \u20ac825K) and right-of-use assets with a total cost price of \u20ac0 (31 December 2024: \u20ac1,551K) were disposed of or out of use. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__73": {
"value": "16. Receivables 31-12-25 31-12-24 \u20ac\u2019000 \u20ac\u2019000 Receivables* Rents receivable41,509 34,369 Provisions for bad debts (expected credit losses)(12,132) (11,500) 29,37722,869Trade and other receivables* Funds held by managing agents 10,46813,860Prepaid acquisition costs1,969 1,486 Deposit gift cards977 1,299 Loans and swaps interest receivable 1,153 2,482 Other receivables and prepayments 3,7163,78918,283 22,916 Total trade and other receivables 47,66045,785Tax receivable* Other tax receivable3,588 4,588 VAT receivable 5,2194,6198,807 9,207 * The comparative figures for \u2018Receivables\u2019 and \u2018Trade and other receivables\u2019 have been restated to separately reflect the classification of \u2018Tax receivables\u2019. Under IFRS 9, the lease receivables are subject to impairment testing. When the landlord has invoiced the rent as defined according to the existing contract and the tenant does not pay, the (expected) risk related losses are fully recognised in property expenses.The funds held by managing agents mainly relate to prepayments associated with service charges and precarious rental income.The other tax receivable is mainly related to tax incentives granted by the Italian government on specific ESG investments.Receivables and tax receivables at 31 December 2025 include an amount of \u20ac4,479K (31 December 2024: \u20ac4,126K) which is due after one year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__72": {
"value": "16. Receivables 31-12-25 31-12-24 \u20ac\u2019000 \u20ac\u2019000 Receivables* Rents receivable41,509 34,369 Provisions for bad debts (expected credit losses)(12,132) (11,500) 29,37722,869Trade and other receivables* Funds held by managing agents 10,46813,860Prepaid acquisition costs1,969 1,486 Deposit gift cards977 1,299 Loans and swaps interest receivable 1,153 2,482 Other receivables and prepayments 3,7163,78918,283 22,916 Total trade and other receivables 47,66045,785Tax receivable* Other tax receivable3,588 4,588 VAT receivable 5,2194,6198,807 9,207 * The comparative figures for \u2018Receivables\u2019 and \u2018Trade and other receivables\u2019 have been restated to separately reflect the classification of \u2018Tax receivables\u2019. Under IFRS 9, the lease receivables are subject to impairment testing. When the landlord has invoiced the rent as defined according to the existing contract and the tenant does not pay, the (expected) risk related losses are fully recognised in property expenses.The funds held by managing agents mainly relate to prepayments associated with service charges and precarious rental income.The other tax receivable is mainly related to tax incentives granted by the Italian government on specific ESG investments.Receivables and tax receivables at 31 December 2025 include an amount of \u20ac4,479K (31 December 2024: \u20ac4,126K) which is due after one year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__71": {
"value": "16. Receivables 31-12-25 31-12-24 \u20ac\u2019000 \u20ac\u2019000 Receivables* Rents receivable41,509 34,369 Provisions for bad debts (expected credit losses)(12,132) (11,500) 29,37722,869Trade and other receivables* Funds held by managing agents 10,46813,860Prepaid acquisition costs1,969 1,486 Deposit gift cards977 1,299 Loans and swaps interest receivable 1,153 2,482 Other receivables and prepayments 3,7163,78918,283 22,916 Total trade and other receivables 47,66045,785Tax receivable* Other tax receivable3,588 4,588 VAT receivable 5,2194,6198,807 9,207 * The comparative figures for \u2018Receivables\u2019 and \u2018Trade and other receivables\u2019 have been restated to separately reflect the classification of \u2018Tax receivables\u2019. Under IFRS 9, the lease receivables are subject to impairment testing. When the landlord has invoiced the rent as defined according to the existing contract and the tenant does not pay, the (expected) risk related losses are fully recognised in property expenses.The funds held by managing agents mainly relate to prepayments associated with service charges and precarious rental income.The other tax receivable is mainly related to tax incentives granted by the Italian government on specific ESG investments.Receivables and tax receivables at 31 December 2025 include an amount of \u20ac4,479K (31 December 2024: \u20ac4,126K) which is due after one year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__70-1": {
"value": "16. Receivables 31-12-25 31-12-24 \u20ac\u2019000 \u20ac\u2019000 Receivables* Rents receivable41,509 34,369 Provisions for bad debts (expected credit losses)(12,132) (11,500) 29,37722,869Trade and other receivables* Funds held by managing agents 10,46813,860Prepaid acquisition costs1,969 1,486 Deposit gift cards977 1,299 Loans and swaps interest receivable 1,153 2,482 Other receivables and prepayments 3,7163,78918,283 22,916 Total trade and other receivables 47,66045,785Tax receivable* Other tax receivable3,588 4,588 VAT receivable 5,2194,6198,807 9,207 * The comparative figures for \u2018Receivables\u2019 and \u2018Trade and other receivables\u2019 have been restated to separately reflect the classification of \u2018Tax receivables\u2019. Under IFRS 9, the lease receivables are subject to impairment testing. When the landlord has invoiced the rent as defined according to the existing contract and the tenant does not pay, the (expected) risk related losses are fully recognised in property expenses.The funds held by managing agents mainly relate to prepayments associated with service charges and precarious rental income.The other tax receivable is mainly related to tax incentives granted by the Italian government on specific ESG investments.Receivables and tax receivables at 31 December 2025 include an amount of \u20ac4,479K (31 December 2024: \u20ac4,126K) which is due after one year.18. Trade and other payables and tax payable31-12-2531-12-24\u20ac\u2019000\u20ac\u2019000Current trade and other payables*Interest payable11,87012,835Lease liabilities 1,3881,405Payable on remerchandising and extensions15,2908,477Rent received/invoiced in advance33,51534,851Service charge accruals3,9895,567Gift card debts1,2351,481Amounts payable related to personnel8,89110,109Trade payables and other creditors21,18817,64797,36692,372Non-current trade and other payablesLease liabilities 3,0413,633Tenant rental deposits13,41412,66116,45516,294Current tax payable*Corporate tax payable1,7171,354Substitute tax12,5000Local and property tax payable6031,369VAT payable2,1301,998Employee income tax accrual47155617,4215,277Non-current tax payable*Substitute tax22,846022,8460* The comparative figures \u2018Trade and other payables\u2019 have been restated to separately reflect the classification of \u2018Current tax payable\u2019 and \u2018Non-current tax payable\u2019.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__69": {
"value": "16. Receivables 31-12-25 31-12-24 \u20ac\u2019000 \u20ac\u2019000 Receivables* Rents receivable41,509 34,369 Provisions for bad debts (expected credit losses)(12,132) (11,500) 29,37722,869Trade and other receivables* Funds held by managing agents 10,46813,860Prepaid acquisition costs1,969 1,486 Deposit gift cards977 1,299 Loans and swaps interest receivable 1,153 2,482 Other receivables and prepayments 3,7163,78918,283 22,916 Total trade and other receivables 47,66045,785Tax receivable* Other tax receivable3,588 4,588 VAT receivable 5,2194,6198,807 9,207 * The comparative figures for \u2018Receivables\u2019 and \u2018Trade and other receivables\u2019 have been restated to separately reflect the classification of \u2018Tax receivables\u2019. Under IFRS 9, the lease receivables are subject to impairment testing. When the landlord has invoiced the rent as defined according to the existing contract and the tenant does not pay, the (expected) risk related losses are fully recognised in property expenses.The funds held by managing agents mainly relate to prepayments associated with service charges and precarious rental income.The other tax receivable is mainly related to tax incentives granted by the Italian government on specific ESG investments.Receivables and tax receivables at 31 December 2025 include an amount of \u20ac4,479K (31 December 2024: \u20ac4,126K) which is due after one year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__74": {
"value": "17. Cash and depositsCash and deposits consist of amounts held as bank balances and other liquid assets. All bank balances and deposits are freely available.31-12-2531-12-24\u20ac\u2019000\u20ac\u2019000Bank balances67,51335,782Deposits6518267,57835,964",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__78": {
"value": "18. Trade and other payables and tax payable31-12-2531-12-24\u20ac\u2019000\u20ac\u2019000Current trade and other payables*Interest payable11,87012,835Lease liabilities 1,3881,405Payable on remerchandising and extensions15,2908,477Rent received/invoiced in advance33,51534,851Service charge accruals3,9895,567Gift card debts1,2351,481Amounts payable related to personnel8,89110,109Trade payables and other creditors21,18817,64797,36692,372Non-current trade and other payablesLease liabilities 3,0413,633Tenant rental deposits13,41412,66116,45516,294Current tax payable*Corporate tax payable1,7171,354Substitute tax12,5000Local and property tax payable6031,369VAT payable2,1301,998Employee income tax accrual47155617,4215,277Non-current tax payable*Substitute tax22,846022,8460* The comparative figures \u2018Trade and other payables\u2019 have been restated to separately reflect the classification of \u2018Current tax payable\u2019 and \u2018Non-current tax payable\u2019.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__77": {
"value": "18. Trade and other payables and tax payable31-12-2531-12-24\u20ac\u2019000\u20ac\u2019000Current trade and other payables*Interest payable11,87012,835Lease liabilities 1,3881,405Payable on remerchandising and extensions15,2908,477Rent received/invoiced in advance33,51534,851Service charge accruals3,9895,567Gift card debts1,2351,481Amounts payable related to personnel8,89110,109Trade payables and other creditors21,18817,64797,36692,372Non-current trade and other payablesLease liabilities 3,0413,633Tenant rental deposits13,41412,66116,45516,294Current tax payable*Corporate tax payable1,7171,354Substitute tax12,5000Local and property tax payable6031,369VAT payable2,1301,998Employee income tax accrual47155617,4215,277Non-current tax payable*Substitute tax22,846022,8460* The comparative figures \u2018Trade and other payables\u2019 have been restated to separately reflect the classification of \u2018Current tax payable\u2019 and \u2018Non-current tax payable\u2019.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__75": {
"value": "18. Trade and other payables and tax payable31-12-2531-12-24\u20ac\u2019000\u20ac\u2019000Current trade and other payables*Interest payable11,87012,835Lease liabilities 1,3881,405Payable on remerchandising and extensions15,2908,477Rent received/invoiced in advance33,51534,851Service charge accruals3,9895,567Gift card debts1,2351,481Amounts payable related to personnel8,89110,109Trade payables and other creditors21,18817,64797,36692,372Non-current trade and other payablesLease liabilities 3,0413,633Tenant rental deposits13,41412,66116,45516,294Current tax payable*Corporate tax payable1,7171,354Substitute tax12,5000Local and property tax payable6031,369VAT payable2,1301,998Employee income tax accrual47155617,4215,277Non-current tax payable*Substitute tax22,846022,8460* The comparative figures \u2018Trade and other payables\u2019 have been restated to separately reflect the classification of \u2018Current tax payable\u2019 and \u2018Non-current tax payable\u2019.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__79": {
"value": "19. Borrowings 31-12-25 31-12-24 \u20ac\u2019000 \u20ac\u2019000 Book value at beginning of year 1,554,748 1,553,148 Drawdown of funds 421,659 338,175 Repayments (413,850) (326,211) Exchange rate movement 19,592 (10,085) Movement prepaid borrowing costs 2,574 (279) Book value at end of year 1,584,723 1,554,748 85% of the borrowings are at a floating interest rate (31 December 2024: 84%), rolled over for a period of generally three months. The interest rate risk is managed by using interest rate swaps and other derivatives. 15% of the borrowings are at a fixed interest rate and the interest rate risk is managed by fixing the interest to maturity at the drawdown date (31 December 2024: 16%). Borrowings Borrowing cost 31-12-25 Fair value 31-12-25 31-12-24 Fair value 31-12-24 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 % \u20ac\u2019000 \u20ac\u2019000 % Borrowings with floating interest rate** 1,344,804 (3,139) 1,341,665 1,412,463 85 1,300,797 1,300,797 84 Borrowings with fixed interest rate* 244,229 (1,171) 243,058 220,187 15 253,951 251,666 16 Total borrowings 1,589,033 (4,310) 1,584,723 1,632,650 100 1,554,748 1,552,463 100 * Fixed rate borrowings consist of 8 fixed rate loans and external floating interest rate financing for which fixed interest rate swaps are in place with a remaining term of more than one year. ** Floating rate borrowings consist of all external financing with a remaining interest period of less than one year taking into account the effect of interest rate swaps. The fair value of the borrowings with a fixed interest rate from drawdown date to maturity is based on a model taking into account the appropriate interest rate curve of the underlying loan. The fair value of the floating interest rate loans is considered equal to the relevant carrying value, as the impact of the margin of the loans is not material.The borrowings are all directly from major banks, with an average committed unexpired term of more than three years. Investment property amounting to \u20ac3,706 million (2024: \u20ac3,571 million) have been pledged as security of borrowings of \u20ac1,518 million (2024: \u20ac1,489 million). 31-12-25 31-12-24 Total Average interest rate Total Secured Unsecured borrowings during the financial year* borrowings Borrowings maturity profile \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 in % \u20ac\u2019000 Current borrowings 414,000 70,928 484,928 2.5 128,738 Non-current borrowings: One to two years 82,596 0 82,596 490,364 Two to five years 594,267 0 594,267 523,309 Five to ten years 427,242 0 427,242 419,130 More than ten years 0 0 0 0 Non-current borrowings 1,104,105 0 1,104,105 3.2 1,432,803 Borrowing costs (4,310) 0 (4,310) (6,793) Total non-current borrowings 1,099,795 0 1,099,795 1,426,010 Total borrowings 1,513,795 70,928 1,584,723 2.9 1,554,748 * Margin and base rate, excluding swaps. Fixed rate Floating rate Total Average interest rate Average interestAverage maturity of borrowings*borrowings**borrowings at 31 December***maturity borrowings Currency and interest rate profile\u20ac\u2019000\u20ac\u2019000 \u20ac\u2019000%in yearsin years2025Euro197,1971,009,8811,207,0783.14.52.8Swedish krona47,032334,923381,9553.53.94.0Borrowing costs(1,171) (3,139) (4,310) n.a. n.a. n.a.243,0581,341,6651,584,7233.24.33.12024Euro204,9041,043,5841,248,4884.05.63.7Swedish krona50,484262,569313,0534.54.62.3Borrowing costs(1,437)(5,356)(6,793)n.a.n.a.n.a.253,951 1,300,797 1,554,748 4.1 5.4 3.4* Fixed rate borrowings consist of eight fixed rate loans and external floating interest rate financing for which fixed interest rate swaps are in place with a remaining term of more than one year.** Floating rate borrowings consist of all external financing with a remaining interest period of less than one year taking into account the effect of interest rate swaps.*** Margin and base rate, excluding swaps.The table above presents the Group\u2019s average interest rate as at 31 December 2025. At 31 December 2025 the Group had in total green and sustainability linked loans for a nominal amount of \u20ac1,022 million (\u20ac922 million Group share). There are three green loans for a total amount of \u20ac555 million, four sustainability linked loans for a total amount of \u20ac151 million and three green and sustainability linked loans for a total amount of \u20ac316 million (\u20ac216 million Group share). The Group aims to further increase the number of its green and sustainability linked loans by upgrading the loans expiring at maturity.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__80-1": {
"value": "Financial risksIn the normal course of business, the Group is exposed to credit risks, liquidity risks, interest rate risks and foreign currency risks. The overall risk management policy focuses on the unpredictable nature of the financial markets with emphasis on minimising any negative impact on the financial performance of the business. The Group closely monitors its financial risks linked to its activities and the financial instruments it uses. However, as the Group is a long-term property investor, it believes that the funding of its investments should also be planned on a long-term basis, reflecting the overall risk profile of the business.Foreign currency riskForeign exchange risk is the risk that the profitability and shareholders\u2019 equity of the Group might be affected by currency fluctuations. Individual subsidiaries primarily execute their operating activities in their respective functional currencies which primarily comprise the euro and the Swedish krona. As a result, the Company has only a rather limited foreign currency exposure related to its day-to-day operations in the various countries. Since the financial reporting currency of the Company is the euro, the financial statements of those non-euro operating subsidiaries are translated so that the financial results can be presented in the Company\u2019s consolidated financial statements.Due to Swedish property investments, the Group is exposed to the Swedish krona, the only material foreign currency exposure for the Group. However, due to SEK loan facilities, this exposure is partly hedged. SEK borrowings amount to \u20ac382 million (31 December 2024: \u20ac312 million). The total property investments in Sweden are \u20ac848 million (31 December 2024: \u20ac798 million). Therefore, about 45% of this SEK exposure is hedged through these borrowings at 31 December 2025 (31 December 2024: 39%). The remaining exposure is relatively limited compared with the total size of the portfolio and will, in principle, not be hedged. A weakening of this currency by 5% would result, for example, in a decrease of shareholders\u2019 equity of only 1% and in a decrease of only 1% of direct investment result.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__81": {
"value": "Credit riskThe credit risk is defined as the unforeseen losses on assets if counterparties should default. The Group defines default for tenant receivables as amounts that are more than 120 days past due, unless there is reasonable and supportable information indicating that a different default criterion is more appropriate. In addition, qualitative factors such as significant financial difficulty of the tenant, insolvency indicators, or the granting of concessions due to financial distress are considered indicators of default. This definition is aligned with the Group\u2019s internal credit risk management and monitoring processes and reflects historical loss experience across its portfolio of retail tenants. The inclusion of qualitative indicators ensures that default is identified on a timely basis, particularly in cases where financial difficulty arises before payments become significantly overdue.The credit risk associated with lease debtors is determined through a detailed analysis of the outstanding debt and mitigated by requiring deposits, upfront payments or bank guarantees from tenants to cover rents for a limited period. The risk is further reduced by investing in mature markets and by choosing major tenants also on the basis of their financial strength. Derivative financial instruments are considered to have low credit risk because all contracts are done with top tier counterparties, the risk is spread due to diversification in counterparties and the counterparties at which the financial instruments are held are also providing underlying financing.The carrying amounts of the financial assets represent the maximum credit risk and were made up as follows: 31-12-2531-12-24Carrying amounts of financial assetsNote\u20ac\u2019000\u20ac\u2019000Short term receivables16 51,988 50,866Long term receivables164,4794,126Total receivables56,467 54,992Derivative financial instruments15,242 20,098Cash and deposits1767,57835,964Total financial assets139,287 111,054* The comparative figures in this table have been slightly changed due to the addition of the amounts related to tax receivable.The ageing analysis of the receivables on the balance sheet date was as follows: 31-12-25 31-12-24 Provision for bad Provision for bad Rents debts (expected Other Total Rents debts (expected Other* Total receivable credit loss) receivables Receivables receivable credit loss) receivables Receivables* \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 Not due 22,519 (45) 4,479 26,953 20,809 (5) 4,133 24,937 Overdue by 0\u201390 days 4,740(1,538) 22,611 25,813 1,876(173) 27,77729,480 Overdue by 90\u2013120 days 1,666(729) 0 937 1,202(627) 0575 Overdue by more than 120 days 12,584 (9,820) 0 2,764 10,482 (10,482) 0 0 41,509(12,132) 27,090 56,467 34,369(11,287) 31,91054,992 * The comparative figures in this table have been slightly changed due to the addition of the amounts related to tax receivable. With respect to the rents receivable, the Group holds rental deposits from its tenants totalling \u20ac16.2 million (31 December 2024: \u20ac15.3 million) in addition to bank guarantees. The Company has a Group policy to closely monitor the collectability of rents receivable; based on assessments of uncollectibility, a provision is recorded. Upon formal confirmation of uncollectibility, the rents receivable are written off against the recorded bad debt provision, and any remaining amounts are written off. The amounts listed under other receivables are expected to be received within the next 12 months, except for the long term receivables, for which no specific term is specified. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__82": {
"value": "Refinancing and liquidity risk Refinancing and liquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with its financial liabilities that are settled by delivering cash or other financial assets at a reasonable price. To reduce liquidity risk, the repayment dates of borrowings are well spread over time and 70% of borrowings are long term, with 27.4% of borrowings with a remaining term of over five years. The Group aims to enter into long-term loans, preferably five to ten years or longer. At the balance sheet date, the average maturity of the borrowings was 3.1 years (2024: 3.4 years). Group net borrowings on a proportional consolidated basis will not exceed 60% of the fair value of the property portfolio on a proportional consolidated basis, which further mitigates risk. The ratios to which the Group has committed itself are monitored at regular intervals. The loan to value ratio at 31 December 2025 was 39.5% on IFRS basis and 39.8% on a proportional consolidated basis (31 December 2024: 41.1% and 41.3% respectively). Apart from these obligations and commitments, the Dutch Fiscal Investment Institution status of the Company imposes borrowing limits and requires the Company to distribute its fiscal income as a dividend to the shareholders. The risk related to the possible defaults of the Group\u2019s counterparties is minimised by dealing directly with a number of reputable banks for all its borrowings, interest rate swaps, foreign exchange contracts and deposits. These banks in their position as lenders have a credit rating AA- (15%), A+ (35%), A (21%), A- (17%), BBB+(7%), BBB (2%), BBB- (3%) and 0% have no rating according to Fitch; and Aa2 (29%), Aa3 (25%), A1 (12%), A3 (12%), Baa1 (15%), Baa2 (5%) and 3% have no rating according to Moody\u2019s. The Group monitors the level of expected cash inflows on trade and other receivables together with expected cash outflows on trade and other payables and monitors rent collection and possible arrears. For further disclosures on the liquidity risk, we refer to the going concern paragraph in note 1b. Basis of preparation of the consolidated financial statements. The following table shows the undiscounted contractual flows required to pay the Company\u2019s financial liabilities: 31-12-25 31-12-24 Total Less than More than Total Less than More than cash flows 1 year 1\u20135 years 5 years cash flows 1 year 1\u20135 years 5 years Undiscounted cash flows\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 Non-current borrowings 1,104,105 0 676,863 427,242 1,432,803 0 1,013,673 419,130 Current borrowings 484,928484,9280 0 128,738 128,738 00Interest derivative financial instruments6,6951,0678,953 (3,325) (3,187) 532 12,897(16,616)Interest on borrowings178,827 40,843 131,921 6,063 185,605 53,146 113,599 18,860 Non-current creditors 16,119 971 13,770 1,378 15,269 2,096 8,770 4,403 Non-current tax payable 25,000025,000 0 0 0 00Current creditors* ** 84,10884,1080 0 78,132 78,132 00Current tax payable* 17,421 17,421 0 0 5,277 5,277 0 0 1,917,203629,338856,507 431,358 1,842,637 267,921 1,148,939425,777* The comparative figures \u2018Current creditors\u2019 have been restated to separately reflect the classification of \u2018Current tax payable\u2019. * The comparative figures have been adjusted, as \u2018Interest on borrowings\u2019 includes a portion of interest payable recorded within current creditors. 20. Financial instruments continued",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__84-1": {
"value": "Interest rate riskThe Company operates a defensive interest rate hedging policy by using derivatives to protect the Company against increases in interest rates. The Company intends to hedge at least 80% of its net loans outstanding for the medium to long term (three to 15 years). The fair value (mark to market) of the current interest rate hedge instruments as at 31 December 2025 is a positive value of \u20ac6.7 million (31 December 2024: negative \u20ac3.2 million).The interest rate hedge instruments as at 31 December 2025 have a weighted average maturity of 4.3 years, and the Company is hedged at an average interest rate of 2.2% (31 December 2024: 2.3%). Only 14% (31 December 2024: 20%) of the net total borrowings is at a floating rate without interest hedge. An increase in interest rates of 1% would therefore only have a limited negative impact of an additional annual interest expense of \u20ac3.2 million (31 December 2024: \u20ac2.4 million) or 2.4% (31 December 2024: 1.9%) of reported direct investment result.If at 31 December 2025, the euro interest curve and the Swedish krona interest curve were 50 basis points higher, the fair value movement for derivative financial instruments would have increased the shareholders\u2019 equity by \u20ac18.0 million. If the interest curves were 50 basis points lower, the fair value movement for derivative financial instruments would have decreased the shareholders\u2019 equity by \u20ac18.7 million. Both calculations assume that all other variables were held constant and do not consider the impact of deferred taxes.31-12-2531-12-2531-12-2431-12-24Notional amount* Fair value** Notional amount*Fair value** Maturity profile derivative financial instruments\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000Up to one year121,800 1,067 80,000 533From one year to two years45,000195103,0003,169From two years to five years733,0758,758485,1669,728From five years to ten years135,000728210,000(3,331)Over ten years35,000 (4,053) 75,000 (13,286)1,069,8756,695953,166(3,187)* Not including forward starter derivatives.** Including forward starter derivatives.Derivative financial instruments comprise the fair value of interest rate swap contracts entered into to hedge the Group\u2019s interest rate exposure.The financial instruments portfolio as at the balance sheet date does not include forward-starting interest rate swaps. As at 31 December 2024 the Group had forward starting interest rate swaps in its portfolio with a notional amount of \u20ac190 million. Moreover, the IFRS reporting does not include the additional interest rate swaps of the 50% owned Italian joint venture company Galleria Verde for a total notional amount of \u20ac95 million (Group share). The Company accounts for the purchase/sale of an interest rate swap at its transaction date.Effective interest rate and ageing analysis The following table shows the effective interest rate (variable rate is based on Euribor/Stibor as at 31 December 2025) on financial assets on which interest is receivable and liabilities on which interest is payable as at the balance sheet date. This table also includes an ageing analysis according to interest rate revision dates of these assets and liabilities. 31-12-25 31-12-24 Borrowings Borrowings Swaps fixed Swaps floating Borrowings Borrowings Swaps fixed Swaps floating floating rate fixed rate rate paid rate received floating rate fixed rate rate paid rate received Effective interest rate (%) 3.45 1.87 1.80 1.99 4.58 1.87 1.553.10Up to one year (\u20ac\u2019000)467,6808,793121,800 121,800119,897 8,841 80,00080,000From one year to two years (\u20ac\u2019000) 73,6558,94145,000 45,000433,162 57,202 103,000 103,000 From two years to five years (\u20ac\u2019000)475,355 118,913 733,075 733,075 437,594 85,715 485,166485,166From five years to ten years (\u20ac\u2019000) 328,114 107,582 135,000 135,000 315,500 103,630 210,000210,000Over ten years (\u20ac\u2019000) 0035,000 35,0000 0 75,000 75,000 1,344,804244,2291,069,875 1,069,8751,306,153 255,388 953,166 953,166 The following table shows the periods in which the interest cash flows (variable interest is based on Euribor/Stibor as at 31 December 2025) on both borrowings and derivatives are expected to occur based on the loan and interest rate swap agreements entered into by the Group, as per the balance sheet date: Interest cash flows Borrowings floating rate Borrowings fixed rate Swaps fixed rate Swaps floating rate Total 31-12-25 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 Up to one year 35,955 4,888 19,239(20,863) 39,219From one year to two years 32,206 5,311 18,668(20,063) 36,122From two years to five years80,623 13,753 41,874 (48,036) 88,214 From five years to ten years 3,606 2,457 7,844 (6,823) 7,084 Over ten years 0 0 11,730(10,724) 1,006152,390 26,409 99,355(106,509) 171,645",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s8__6__85": {
"value": "Changes in net derivative financial instruments for the financial year ended 31 December 2025 were as follows:31-12-2531-12-24Net derivative financial instruments\u20ac\u2019000\u20ac\u2019000Book value at beginning of year(3,187)10,715Fair value movement derivative financial instruments7,284(19,961)Interest rate swaps settlement2,697 6,029Exchange rate movement(99) 30Book value at end of year6,695(3,187)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s8__6__87": {
"value": "Fair value of financial instruments The financial statements have been prepared on an historical cost basis, except for property investments, property investments under development, property investments held for sale and some of the financial instruments, which are carried at fair value. IFRS 9 contains the following principal classification categories for financial assets and liabilities: A. Financial assets and liabilities measured at amortised cost; and C. Financial assets at fair value through P&L. The carrying amounts of the financial instruments and their fair values were as follows: 31-12-25 \u20ac\u2019000 31-12-24 \u20ac\u2019000 Categories Carrying Carrying* Note in accordance with IFRS 9 amount Fair value amount Fair valueReceivables 16A/C 57,217 56,46755,412 54,992Derivative financial instrumentsC 15,242 15,24220,098 20,098Cash and deposits17 A 67,578 67,578 35,964 35,964 140,037 139,287111,474 111,054Creditors18 A/C 158,947 154,088 116,551 113,943Borrowings19 A 1,584,723 1,632,650 1,554,748 1,552,463 Derivative financial instruments C 8,547 8,54723,286 23,286 1,752,217 1,795,285 1,694,585 1,689,692* The comparative figures of the carrying amounts for Receivables and Creditors have been adjusted to reflect the correct application of the accounting policies. The fair values of the financial instruments were determined as explained in the principal accounting policies (note 1) to the extent that for those borrowings with a fixed interest rate (carrying amount of \u20ac244,229K), the fair value was based upon the relevant yield curves. For the borrowings with a floating interest rate (carrying amount of \u20ac1,344,804K), the carrying amount is deemed to approximate the fair value because the floating interest rate approximates the market interest rate and own credit risk is not deemed material. Due to their short-term nature the carrying amount approximates to fair value for the other balance sheet items.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__88": {
"value": "21. Deferred tax liabilitiesDeferred tax liabilities are attributable to the following items in the current financial year:Recognised in profit or Reallocation to tax Exchange rate31-12-24loss payablemovement 31-12-25\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000Investment property(146,522)(28,262)0(4,046)(178,830)Derivative financial instruments (11,084)(631)021(11,694)Substitute tax0 (50,000) 50,000 0 0Tax value of loss carry-forwards recognised7,249(3,083)004,166Deferred tax properties IFRS 934007Total deferred tax liabilities(150,354)(81,972)50,000 (4,025)(186,351)As at 31 December 2025, the total amount of deferred tax liabilities of \u20ac186.4 million is for an amount of \u20ac90.3 million related to Sweden and for an amount of \u20ac96.1 million to Italy.The reallocation to tax payable of \u20ac50 million is a substitute tax which relates to the tax paid and to be paid, at a reduced rate of 10% for the conversion of part of the reserves within the Italian subsidiaries into distributable reserves. This amount will be settled in four annual instalments, the first of which was paid in June 2025. As of 31 December 2025, \u20ac12.5 million is reported under short-term creditors, with the remaining balance recognised as a long-term liability. The accruals for tax liabilities are assessed to be adequate for all open tax years based on the consideration of many factors including applicable tax law and its interpretation.Deferred tax liabilities were attributable to the following items in the previous reporting period:31-12-23Recognised in profit or loss Exchange rate movement 31-12-24\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000Investment property(112,240) (36,661) 2,379 (146,522)Derivative financial instruments (15,246)4,186(24)(11,084)Tax value of loss carry-forwards recognised10,634(3,385)07,249Deferred tax properties IFRS 90303Total deferred tax liabilities(116,852)(35,857)2,355(150,354)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s8__6__89": {
"value": "22. Provision for pensionsThe provision for pensions is related to one defined benefit plan in the United Kingdom. The plan had no active members, neither for the comparative figures and no new members had entered the scheme since 2001. The scheme was based on a final salary plan with a pensionable salary cap.In November 2023 the Trustee of the Scheme entered into a contract with Aviva Life & Pensions UK Limited for the purchase of a bulk annuity insurance policy to secure the benefits of all members of the Scheme with the insurance company. The defined benefit obligation has been recorded at \u20ac0 since 31 December 2023 as the insurance company has been engaged to assume any future liabilities associated with the obligations. The buyout by this insurance company was successfully completed in March 2025 and the winding up of the pension scheme was completed in June 2025.The major categories of plan assets are as follows:31-12-2531-12-24\u20ac\u2019000\u20ac\u2019000Insured annuity policy07,575Cash and cash equivalents042808,003Changes in the defined benefit obligation and fair value of plan assets in the current and previous financial reporting year/period: Fair value of Defined benefit Benefit Fair value of Defined benefit Benefit plan assets obligationliability plan assets obligationliability 31-12-25 31-12-2531-12-25 31-12-24 31-12-2431-12-24 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 Book value at beginning of year 8,055 (8,055) 0 8,737 (8,737) 0 Interest income/(expenses)0 0 0 399 (399) 0 Pension cost charged to profit or loss account 000399(399)0Return on plan assets 0 0 0 (1,000) 0 (1,000) Actuarial changes arising from changes in assumptions 0000933933Experience adjustments 0000106106Actuarial result on pension scheme charged to OCI 0 0 0 (1,000) 1,039 39 Buy-out (8,055) 8,055 0 0 0 0 Benefits paid 000(81) 81 0 Effects of asset ceiling0 0 0 0 (39) (39) Book value at end of year 0008,055(8,055)0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__90": {
"value": "23. Leases Amounts recognised in profit or loss Twelve months Twelve months ended 31-12-25 ended 31-12-24 \u20ac\u2019000 \u20ac\u2019000 Interest from lease liabilities 137151Depreciation right-of-use assets 1,385 1,358 Expenses related to short-term and/or low-value leases 83 248 Total 1,6051,757Amounts recognised in statement of cash flows Twelve months Twelve months ended 31-12-25 ended 31-12-24 \u20ac\u2019000 \u20ac\u2019000 Lease payments of lease liabilities 1,4671,309Interest expenses on lease liabilities137 151 Total cash outflow for leases 1,6041,460A. Leases as lessor (IFRS 16) The Group leases out its investment properties. The Group has classified these leases as operating leases, because they do not transfer substantially all of the risks and rewards incidental to the ownership of the assets. For the recognised rental income and the maturity analysis of lease payments, showing the undiscounted lease payments to be received after the reporting date, reference is made to note 4 of these statements. B. Leases as lessee (IFRS 16) The Group leases office space and company cars.i. Right-of-use assetsRight\u2011of\u2011use assets related to leased properties that do not meet the definition of investment property are presented as tangible fixed assets (see Note 15).20252024\u20ac\u2019000\u20ac\u2019000Balance at the beginning of year4,7613,463Additions to right-of-use assets 721 2,666Disposal of right-of-use assets (1) 0Depreciation for the period(1,385)(1,358)Exchange rate movement8 (10)Balance as at the end of year4,1044,761ii. Lease liabilitiesThe current and non-current portions of the Company\u2019s lease liabilities are presented as current liabilities and non-current liabilities respectively (see Note 18).20252024\u20ac\u2019000\u20ac\u2019000Balance at the beginning of the financial year5,0383,541Lease payments for the period(1,467) (1,309)Additions to lease liabilities712 2,666Disposal of lease liabilities(1)0Interest expenses137151Exchange rate movement9 (11)Balance as at the end of the financial year 4,4285,038During the financial year 2025, several additions or renewals of lease contracts have been taken up by the Company to align with the prevailing market conditions. The incremental borrowing rate (IBR), which is the interest rate that the Company would have to pay to borrow funds over a similar term and with similar security to obtain an asset of comparable value, was updated using the Country Risk Premium and an average company Credit Spread of 0.66%. The adjusted IBR percentage was implemented for leases which commenced in 2025. For leases that were previously recorded, the initial interest rate percentage remained at 2% as there were no substantial changes to the lease amounts or modifications to the lease terms. The Company uses a discount rate of 3.86% in France, 3.7% in Italy, 3.3% in Netherlands and 3.1% in Sweden.The following table sets out a maturity analysis of lease liabilities, showing the undiscounted lease payments to be paid after the reporting date.31-12-202531-12-2024*\u20ac\u2019000\u20ac\u2019000Less than one year1,4641,405One to two years1,423 1,244Two to three years1,089 1,184Three to four years513901Four to five years84498More than five years0 84Total undiscounted lease payments 4,5735,316* The comparative figures have been restated to correct the foreign exchange treatment of SEK-denominated balances in the prior year.",
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"language": "en",
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"f1__s8__6__92": {
"value": "24. Issued share capitalShare capital comprises of 100,000,000 authorised shares with a nominal value of \u20ac10, of which 54,887,520 shares are issued and fully paid as at 31 December 2025 and of which 468,004 were bought back as at 31 December 2025.The weighted average number of shares in issue in the current financial year is 54,064,614. The number of shares in issue (after deduction of shares bought back) as per 31 December 2025 is 54,419,516. The Company\u2019s shares are listed on Euronext Amsterdam, Brussels and Milan. The shareholders are entitled to receive dividends as declared from time to time and are entitled to one vote per share at shareholders\u2019 meetings of the Company.2025 2024 \u20ac\u2019000 \u20ac\u2019000 Book value at beginning of year545,791 537,817 Dividend paid in shares 9,495 7,974 Cancellation of shares (6,411)0Book value at end of year548,875 545,791 On 30 January 2025, the Company issued an interim cash dividend of \u20ac0.68 per share, offering shareholders the choice of receiving a stock dividend that provided one new share per every 36 existing shares. This resulted in the issuance of 332,949 shares, each with a nominal value of \u20ac10, thereby increasing the Company's nominal share capital by \u20ac3,329,490. On 3 July 2025, a final cash dividend of \u20ac1.12 per share was paid, with an option for a stock dividend that provided one new share for every 25 existing shares. This resulted in the issuance of 616,608 shares with a nominal value of \u20ac10 each, raising the nominal share capital by \u20ac6,166,080. In total, 949,557 shares were issued during the year, increasing the Company's share capital by \u20ac9,495,570. 2025 2024 No. of shares No. of shares Number of shares on issue at beginning of year 54,579,114 53,781,691Shares issued for dividend paid in shares949,557 797,423 Shares cancelled (641,151) 0 Number of shares on issue at end of year 54,887,520 54,579,114Number of shares bought back at beginning of year (1,148,075) (506,924)Shares bought back during the year 0 (641,151) Shares bought back cancelled during the year 641,151 0Shares bought back cancelled under Performance Share Plan during the year 38,920 0 Number of shares bought back at end of year (468,004) (1,148,075)Number of shares at end of year after deduction of shares bought back 54,419,516 53,431,039Net asset value per share The net asset value per share is \u20ac39.74 at 31 December 2025 (31 December 2024: \u20ac39.03). Shares bought back In September 2025, the Group legally cancelled 641,151 ordinary shares that had been bought back in 2024 as part of the share buyback programme announced in June 2024. The buyback programme, completed in September 2024 for a total consideration of \u20ac15 million, was implemented to mitigate dilution arising from stock dividends and to enhance earnings and net asset value per share. The cancelled shares had a nominal value of \u20ac10 per share, resulting in a total nominal share capital reduction of approximately \u20ac6.4 million. In accordance with IAS 32, the cancellation of treasury shares is recognised as a movement within equity, with no gain or loss recognised in profit or loss, as no consideration is exchanged at the time of cancellation. The cancellation represents a reversal of the earlier issuance of shares under the stock dividend programme, whereby share capital had increased with a corresponding decrease of the share premium reserve. Consequently, the cancellation has been accounted for as a reclassification within equity, reducing issued share capital and increasing the share premium reserve. This transaction has no impact on the Group\u2019s total equity or financial performance. During the current financial year, the Group used 38,920 ordinary shares bought back for distribution under its Performance Share Plan. The shares bought back constitute 0.85% of the Company\u2019s issued share capital. As per 31 December 2025 the number of shares bought back is 468,004 (31 December 2024: 1,148,075). Performance shares The Performance Share Plan (PSP) provides for an annual grant of free long-term performance shares for all employees and members of the Board of Management and is conditional upon the meeting of Company performance targets and that the employee remains with the Company for more than three years from the grant date of the performance shares and holds them from that vesting date for a further two years. The calculation is based on a Black, Scholes and Merton option valuation model. The fair value of the performance shares is based on the share price at grant date and a number of assumptions to be made relating to the expected volatility, risk free interest rate, dividend yield and the remaining life of the instruments. Performance Share Plan (PSP)PSP 2025PSP 2024PSP 2023PSP 2022TotalGrant date05-06-202513-06-202415-06-202301-07-2022Vesting date05-06-202813-06-202715-06-202601-07-2025Share price at grant date\u20ac25.80\u20ac21.95\u20ac21.06\u20ac20.22Dividend yield4.25% 7.46% 7.32% 7.07%Fair value per performance share\u20ac21.49\u20ac16.06\u20ac15.38\u20ac16.36Performance shares granted198,24289,841173,75245,860507,695Performance shares forfeited(1,977)(6,272)(15,845)(6,940)(31,034)Performance shares vested0 0 0 (38,920) (38,920)Outstanding performance shares at end of the year196,26583,569157,9070437,741Movements in the number of performance shares during the yearPSP 2025 PSP 2024 PSP 2023 PSP 2022 TotalPerformance shares at beginning of year089,841166,88840,952297,681Performance shares granted198,242000198,242Performance shares forfeited(1,977) (6,272) (8,981) (2,032) (19,262)Performance shares vested000(38,920)(38,920)Outstanding performance shares at end of year196,26583,569157,9070437,741The expenses for the performance shares granted (IFRS 2) are \u20ac2,090K (2024: \u20ac1,292K). The outstanding performance shares as per 31 December 2025: 437,741 (31 December 2024: 297,681). As at 31 December 2025, the outstanding performance shares represent 0.80% of the issued share capital (31 December 2024: 0.55%).",
"dimensions": {
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"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s8__6__91": {
"value": "24. Issued share capitalShare capital comprises of 100,000,000 authorised shares with a nominal value of \u20ac10, of which 54,887,520 shares are issued and fully paid as at 31 December 2025 and of which 468,004 were bought back as at 31 December 2025.The weighted average number of shares in issue in the current financial year is 54,064,614. The number of shares in issue (after deduction of shares bought back) as per 31 December 2025 is 54,419,516. The Company\u2019s shares are listed on Euronext Amsterdam, Brussels and Milan. The shareholders are entitled to receive dividends as declared from time to time and are entitled to one vote per share at shareholders\u2019 meetings of the Company.2025 2024 \u20ac\u2019000 \u20ac\u2019000 Book value at beginning of year545,791 537,817 Dividend paid in shares 9,495 7,974 Cancellation of shares (6,411)0Book value at end of year548,875 545,791 On 30 January 2025, the Company issued an interim cash dividend of \u20ac0.68 per share, offering shareholders the choice of receiving a stock dividend that provided one new share per every 36 existing shares. This resulted in the issuance of 332,949 shares, each with a nominal value of \u20ac10, thereby increasing the Company's nominal share capital by \u20ac3,329,490. On 3 July 2025, a final cash dividend of \u20ac1.12 per share was paid, with an option for a stock dividend that provided one new share for every 25 existing shares. This resulted in the issuance of 616,608 shares with a nominal value of \u20ac10 each, raising the nominal share capital by \u20ac6,166,080. In total, 949,557 shares were issued during the year, increasing the Company's share capital by \u20ac9,495,570. 2025 2024 No. of shares No. of shares Number of shares on issue at beginning of year 54,579,114 53,781,691Shares issued for dividend paid in shares949,557 797,423 Shares cancelled (641,151) 0 Number of shares on issue at end of year 54,887,520 54,579,114Number of shares bought back at beginning of year (1,148,075) (506,924)Shares bought back during the year 0 (641,151) Shares bought back cancelled during the year 641,151 0Shares bought back cancelled under Performance Share Plan during the year 38,920 0 Number of shares bought back at end of year (468,004) (1,148,075)Number of shares at end of year after deduction of shares bought back 54,419,516 53,431,039Net asset value per share The net asset value per share is \u20ac39.74 at 31 December 2025 (31 December 2024: \u20ac39.03). Shares bought back In September 2025, the Group legally cancelled 641,151 ordinary shares that had been bought back in 2024 as part of the share buyback programme announced in June 2024. The buyback programme, completed in September 2024 for a total consideration of \u20ac15 million, was implemented to mitigate dilution arising from stock dividends and to enhance earnings and net asset value per share. The cancelled shares had a nominal value of \u20ac10 per share, resulting in a total nominal share capital reduction of approximately \u20ac6.4 million. In accordance with IAS 32, the cancellation of treasury shares is recognised as a movement within equity, with no gain or loss recognised in profit or loss, as no consideration is exchanged at the time of cancellation. The cancellation represents a reversal of the earlier issuance of shares under the stock dividend programme, whereby share capital had increased with a corresponding decrease of the share premium reserve. Consequently, the cancellation has been accounted for as a reclassification within equity, reducing issued share capital and increasing the share premium reserve. This transaction has no impact on the Group\u2019s total equity or financial performance. During the current financial year, the Group used 38,920 ordinary shares bought back for distribution under its Performance Share Plan. The shares bought back constitute 0.85% of the Company\u2019s issued share capital. As per 31 December 2025 the number of shares bought back is 468,004 (31 December 2024: 1,148,075). Performance shares The Performance Share Plan (PSP) provides for an annual grant of free long-term performance shares for all employees and members of the Board of Management and is conditional upon the meeting of Company performance targets and that the employee remains with the Company for more than three years from the grant date of the performance shares and holds them from that vesting date for a further two years. The calculation is based on a Black, Scholes and Merton option valuation model. The fair value of the performance shares is based on the share price at grant date and a number of assumptions to be made relating to the expected volatility, risk free interest rate, dividend yield and the remaining life of the instruments. Performance Share Plan (PSP)PSP 2025PSP 2024PSP 2023PSP 2022TotalGrant date05-06-202513-06-202415-06-202301-07-2022Vesting date05-06-202813-06-202715-06-202601-07-2025Share price at grant date\u20ac25.80\u20ac21.95\u20ac21.06\u20ac20.22Dividend yield4.25% 7.46% 7.32% 7.07%Fair value per performance share\u20ac21.49\u20ac16.06\u20ac15.38\u20ac16.36Performance shares granted198,24289,841173,75245,860507,695Performance shares forfeited(1,977)(6,272)(15,845)(6,940)(31,034)Performance shares vested0 0 0 (38,920) (38,920)Outstanding performance shares at end of the year196,26583,569157,9070437,741Movements in the number of performance shares during the yearPSP 2025 PSP 2024 PSP 2023 PSP 2022 TotalPerformance shares at beginning of year089,841166,88840,952297,681Performance shares granted198,242000198,242Performance shares forfeited(1,977) (6,272) (8,981) (2,032) (19,262)Performance shares vested000(38,920)(38,920)Outstanding performance shares at end of year196,26583,569157,9070437,741The expenses for the performance shares granted (IFRS 2) are \u20ac2,090K (2024: \u20ac1,292K). The outstanding performance shares as per 31 December 2025: 437,741 (31 December 2024: 297,681). As at 31 December 2025, the outstanding performance shares represent 0.80% of the issued share capital (31 December 2024: 0.55%).",
"dimensions": {
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"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s8__6__93": {
"value": "Performance shares The Performance Share Plan (PSP) provides for an annual grant of free long-term performance shares for all employees and members of the Board of Management and is conditional upon the meeting of Company performance targets and that the employee remains with the Company for more than three years from the grant date of the performance shares and holds them from that vesting date for a further two years. The calculation is based on a Black, Scholes and Merton option valuation model. The fair value of the performance shares is based on the share price at grant date and a number of assumptions to be made relating to the expected volatility, risk free interest rate, dividend yield and the remaining life of the instruments. Performance Share Plan (PSP)PSP 2025PSP 2024PSP 2023PSP 2022TotalGrant date05-06-202513-06-202415-06-202301-07-2022Vesting date05-06-202813-06-202715-06-202601-07-2025Share price at grant date\u20ac25.80\u20ac21.95\u20ac21.06\u20ac20.22Dividend yield4.25% 7.46% 7.32% 7.07%Fair value per performance share\u20ac21.49\u20ac16.06\u20ac15.38\u20ac16.36Performance shares granted198,24289,841173,75245,860507,695Performance shares forfeited(1,977)(6,272)(15,845)(6,940)(31,034)Performance shares vested0 0 0 (38,920) (38,920)Outstanding performance shares at end of the year196,26583,569157,9070437,741Movements in the number of performance shares during the yearPSP 2025 PSP 2024 PSP 2023 PSP 2022 TotalPerformance shares at beginning of year089,841166,88840,952297,681Performance shares granted198,242000198,242Performance shares forfeited(1,977) (6,272) (8,981) (2,032) (19,262)Performance shares vested000(38,920)(38,920)Outstanding performance shares at end of year196,26583,569157,9070437,741The expenses for the performance shares granted (IFRS 2) are \u20ac2,090K (2024: \u20ac1,292K). The outstanding performance shares as per 31 December 2025: 437,741 (31 December 2024: 297,681). As at 31 December 2025, the outstanding performance shares represent 0.80% of the issued share capital (31 December 2024: 0.55%).",
"dimensions": {
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"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s8__6__94-1": {
"value": "25. Share premium reserve20252024\u20ac\u2019000\u20ac\u2019000Book value at beginning of year253,435 260,117Performance shares granted (IFRS 2)2,0901,292Performance shares vested(637)0Cancellation of shares bought back 6,411 0Dividend paid in shares(9,495) (7,974)Book value at end of year251,804253,43526. Other reserves and currency translation reserve20252024Other reserves\u20ac\u2019000\u20ac\u2019000Book value at beginning of year1,206,354 1,320,242Result previous financial year80,275 (117,722)Shares bought back0(15,981)Dividend paid in shares25,41619,815Performance shares settled(485) 0Performance sharesvested 637 0Book value at end of year1,312,1971,206,35420252024Currency translation reserve\u20ac\u2019000\u20ac\u2019000Book value at beginning of year(96,799)(84,124)Foreign currency translation differences22,023(12,675)Book value at end of year(74,776) (96,799)",
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"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s8__6__96": {
"value": "27. Earnings per share Basic earnings per share The Company\u2019s shares are listed on Euronext Amsterdam, Brussels and Milan. The calculation of basic earnings per share of positive \u20ac2.30 at 31 December 2025 (2024: positive \u20ac3.30) was based on the result attributable to shareholders of positive \u20ac124.4 million (2024: positive \u20ac176.8 million) and the average number of shares on issue (after deduction of shares bought back) during the financial year was 54,064,614 as calculated below. Result attributable to shareholders: 31-12-25 \u20ac\u2019000 Result for the year 124,369 In UnitsAverage issued shares (after deduction of shares bought back) at beginning of the year 53,431,039 Effect of number of shares issued (dividend in shares) 613,955 Effect of number of shares issued (performance share plan) 19,620Average number of shares on issue (after deduction of shares bought back) over the year 54,064,614 Diluted earnings per share The calculation of diluted earnings per share of positive \u20ac2.28 at 31 December 2025 (2024: positive \u20ac3.29) was based on the result attributable to holders of shares of positive \u20ac124.4 million (2024: positive \u20ac176.8 million) and the diluted average number of outstanding shares was 54,455,096 as calculated below. Result attributable to shareholders (diluted): 31-12-25 \u20ac\u2019000 Result for the year 124,396 In UnitsAverage number of shares on issue (after deduction of shares bought back) over the year 54,064,614Effect of issued and forfeited performance shares390,482 Average number of shares (diluted) over the year 54,455,096",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__98": {
"value": "28. Commitments not included in the balance sheet The Company is committed to contribute to its Italian joint venture company Galleria Verde S.r.l. a residual amount of \u20ac1.6 million for the refurbishment of shopping centre Fiordaliso. In addition, the Company is committed to complete activities linked to the Curno extension project agreed with the Municipality of Curno for an estimated residual amount of \u20ac1.2 million. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s8__6__97": {
"value": "28. Commitments not included in the balance sheet The Company is committed to contribute to its Italian joint venture company Galleria Verde S.r.l. a residual amount of \u20ac1.6 million for the refurbishment of shopping centre Fiordaliso. In addition, the Company is committed to complete activities linked to the Curno extension project agreed with the Municipality of Curno for an estimated residual amount of \u20ac1.2 million. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__6__99": {
"value": "29. Capital management The primary objective of the Company\u2019s capital management is to ensure that capital is available for the long term. No changes have been made to these objectives, policies or processes during the financial year ended 31 December 2025. The Company monitors capital primarily using a loan to value ratio. The net loan to value (LTV) ratio is defined as the net borrowings expressed as a percentage of the total value of property investments, property investments under development, property investments in joint venture and property investments held for sale, calculated on a proportionally consolidated basis. The total values are net of any (estimated) purchasers\u2019 costs. The net loan to value ratio will not exceed 60 percent, which is also a covenant agreed with a number of banks financing the Group. The calculation of the net LTV ratio is as follows: 31-12-25 31-12-24Net loan to value ratio (on a proportional consolidated basis) \u20ac\u2019000 \u20ac\u2019000Net borrowings (total borrowings less cash and deposits)1,611,816 1,610,588 Property investments 3,837,019 3,698,526 Property investments held by joint venture 215,770 204,780Total property investments4,052,789 3,903,306 Net LTV ratio (%) 39.8% 41.3%All bank covenants are monitored at regular intervals. During the year the Company complied with its banking covenants. The most frequently agreed covenants in the loan agreements are a loan to value ratio on a proportional consolidated basis and an interest cover ratio.The Company\u2019s secured bank loans are subject to various covenants which are reviewed quarterly. Under the current circumstances, we expect the Company to comply with the quarterly covenants within 12 months after the reporting date.In the case of the net LTV ratio for each individual property, the Company cannot foresee the market condition in the duration specified as it might adversely affect the value of the property.",
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"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s8__6__101": {
"value": "30. Related partiesIntroductionSubsidiaries, minority shareholders and joint venture of the Company, members of its Supervisory Board and Board of Management are related parties. No transactions have been entered into with them other than those disclosed in this report.Intragroup transactionsDuring 2025, ECP Italia S.r.l. distributed dividends amounting to \u20ac280 million to its shareholders, being Sentinel Holdings B.V. (75%) and Holgura B.V. (25%). Holgura B.V. subsequently distributed the dividend received to its parent company, Sentinel Holdings B.V. Furthermore, Sentinel Holdings B.V. reduced its share capital for an amount of \u20ac130 million.Moreover, Sentinel Holdings B.V. acquired shares in its group company, Eurocommercial Properties Belgium S.A. for a consideration of \u20ac109 million. The remaining amount of approximately \u20ac41 million was contributed to Eurocommercial Properties Sweden AB as conditional sharepremium. These transactions are intragroup equity transactions and, as such, have no impact on the consolidated statement of comprehensive income.Directors' fees The Directors\u2019 fees recognised in the company expenses for the current financial year include an amount of \u20ac217K (2024: \u20ac179K) in respect of gross remuneration paid to the members of the Supervisory Board to be specified as follows:31-12-2531-12-24\u20ac\u2019000\u20ac\u2019000B.T.M. Steins Bisschop0 30E. Attout6947K. Laglas6947B.W. Roelvink7955The Directors\u2019 fees also include salaries, variable pay, pension premiums and social security charges for the members of the Board of Management. The total remuneration for the members of the Board of Management for the current financial year can be specified as follows:E.J. van GarderenR. FraticelliJ.P.C. Mills31-12-2531-12-2431-12-2531-12-2431-12-2531-12-24\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000Salary538 475 531 508 0 207Housing allowance0 0 0 0 0 7Variable pay2713332683550149Pension premiums (defined contribution plan)7576199215046Employers tax and social security charges 12 12 96 107 0 62Performance shares granted (IFRS 2)156 109 167 117 0 441,0521,0051,2611,3020515",
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"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s8__6__100": {
"value": "30. Related partiesIntroductionSubsidiaries, minority shareholders and joint venture of the Company, members of its Supervisory Board and Board of Management are related parties. No transactions have been entered into with them other than those disclosed in this report.Intragroup transactionsDuring 2025, ECP Italia S.r.l. distributed dividends amounting to \u20ac280 million to its shareholders, being Sentinel Holdings B.V. (75%) and Holgura B.V. (25%). Holgura B.V. subsequently distributed the dividend received to its parent company, Sentinel Holdings B.V. Furthermore, Sentinel Holdings B.V. reduced its share capital for an amount of \u20ac130 million.Moreover, Sentinel Holdings B.V. acquired shares in its group company, Eurocommercial Properties Belgium S.A. for a consideration of \u20ac109 million. The remaining amount of approximately \u20ac41 million was contributed to Eurocommercial Properties Sweden AB as conditional sharepremium. These transactions are intragroup equity transactions and, as such, have no impact on the consolidated statement of comprehensive income.Directors' fees The Directors\u2019 fees recognised in the company expenses for the current financial year include an amount of \u20ac217K (2024: \u20ac179K) in respect of gross remuneration paid to the members of the Supervisory Board to be specified as follows:31-12-2531-12-24\u20ac\u2019000\u20ac\u2019000B.T.M. Steins Bisschop0 30E. Attout6947K. Laglas6947B.W. Roelvink7955The Directors\u2019 fees also include salaries, variable pay, pension premiums and social security charges for the members of the Board of Management. The total remuneration for the members of the Board of Management for the current financial year can be specified as follows:E.J. van GarderenR. FraticelliJ.P.C. Mills31-12-2531-12-2431-12-2531-12-2431-12-2531-12-24\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000Salary538 475 531 508 0 207Housing allowance0 0 0 0 0 7Variable pay2713332683550149Pension premiums (defined contribution plan)7576199215046Employers tax and social security charges 12 12 96 107 0 62Performance shares granted (IFRS 2)156 109 167 117 0 441,0521,0051,2611,3020515In accordance with the Company\u2019s remuneration policy the variable pay paid to members of the Board of Management. A performance incentive framework has been introduced for financial metrics, with threshold, target and maximum levels, while non-financial (ESG) targets are assessed based on whether predefined objectives have been achieved. The STI structure has been refined to better align with market practice and to differentiate it from long-term incentives, including updated performance measures such as like-for-like rental growth and direct investment result per share. The total remuneration for the members of the Supervisory Board and the Board of Management for the financial year is \u20ac2,530K (2024: \u20ac3,001K). The members of the Board of Supervisory Directors and the members of the Board of Management of the Company have no personal interest in investments made by the Company now nor at any time in the past year. The Company has no knowledge of property transactions taking place in the financial year under review with persons or institutions which can be considered to stand in a direct relationship to the Company. Performance shares In 2025, 20,074 performance shares have been granted to the Board of Management under the Performance Share Plan. At 31 December 2025, the outstanding performance shares held by the Board of Management represent 0.11% of the issued share capital. For more information about the Performance Share Plan, reference is made to note 25. 15.46% (\u20ac323K) of the amount included in the consolidated statement of profit or loss (\u20ac2,090K) as performance shares granted (IFRS 2) is related to the performance shares granted to the members of the Board of Management. Shareholdings As per 31 December 2025, E.J. van Garderen holds 37,349 shares, which includes 14,055 vested performance shares, in total representing 0.07% of the issued share capital of the Company. R. Fraticelli holds 40,094 shares, which includes 11,355 vested performance shares, in total representing 0.07% of the issued share capital of the Company. None of the members of the Board of Supervisory Directors has any holdings in the Company except for B.W. Roelvink, who holds 2,006 shares in the capital of the Company. Loans There are no loans granted to members of the Supervisory Board or members of the Board of Management. All outstanding balances and transactions during the year with related parties are priced on an arm\u2019s length basis.",
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"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s8__6__102": {
"value": "31. Auditor\u2019s feeThe following fees were charged by KPMG Accountants N.V. to the Company, its subsidiaries and other consolidated companies, as referred to in section 2:382a(1) and (2) of the Netherlands Civil Code. KPMG Accountants N.V.Other KPMG Total KPMG KPMG Accountants N.V.Other KPMG Total KPMG 2025 Network 2025 2025 2024 Network 2024 2024 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 Audit of the financial statements 475 636 1,111 409 593 1,002 Other audit engagements 144357 912 21Total audit fees489 679 1,168 418 605 1,023",
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"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s8__6__103": {
"value": "32. Post balance sheet eventsIn December 2025, the Company secured approximately \u20ac525 million of new long-term financing across three assets which have been drawn down in January 2026. A \u20ac200 million seven-year loan agreement was signed with Intesa Sanpaolo for Carosello in Milan, replacing the existing \u20ac186 million facility. In addition, a \u20ac270 million five-year loan agreement was concluded with Unicredit and BayernLB for I Gigli in Florence, refinancing the previous \u20ac213 million debt and providing additional financial flexibility to support ongoing asset management initiatives. In Sweden, a SEK600 million (\u20ac55 million circa) five-year facility was agreed with Postbank for C4 in Kristianstad, increasing the loan amount and extending the maturity profile. In January 2026, a further \u20ac4.5 million was drawn down under the \u20ac275 million six-year green loan facility with ABN AMRO Bank and ING. This followed an additional \u20ac5 million drawdown in January 2025. The facility was originally signed in October 2024 for the refinancing of Woluwe Shopping in Belgium. On 30 January 2026, the Company paid an interim dividend of \u20ac0.72 per share for the financial year ended 31 December 2025. On 4 March 2026, the Company announced the acquisition of Avion Shopping Centre in Ume\u00e5, Sweden, for approximately \u20ac110 million. The transaction was closed on 16 April 2026 and was funded from available cash and existing credit facilities. ",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s8__6__104": {
"value": "33. Dividend distributionThe Board of Management and the Board of Supervisory Directors propose to the Annual General Meeting of Shareholders, to be held on 2 June 2026 at 13.30 hours (CET), to declare a total dividend of \u20ac1.83 per share for the financial year ended 31 December 2025 (31 December 2024: \u20ac1.80 total dividend per share). A cash interim dividend of \u20ac0.72 per share was already paid on 30 January 2026. The distribution date of the final dividend of \u20ac1.11 per share will be 2 July 2026. Holders of shares will also be offered the option of taking new shares from the Company\u2019s fiscal share premium reserve, instead of the final cash dividend payable. The price of these new shares will be announced on 29 May 2026. ",
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"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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}