Long-Term sustainability

The United Nations Brundtland Commission defines sustainability as meeting the needs of the present without limiting the ability of future generations to meet their own needs. Sustainability is based on three interconnected pillars: environmental, social and economic, commonly described as planet, people and profit. Lighthouse’s long-term sustainability framework is structured around these pillars and guided by defined commitments and measurable targets.

Our approach aligns with the UN SDGs and the reporting expectations of the TCFD. These frameworks support responsible decision-making, effective risk management and long-term value creation.

Alignment with the UN SDGs

Lighthouse supports the United Nations 2030 Agenda for Sustainable Development and applies the SDGs when assessing the broader impact of our operations on society and the environment.

The 17 SDGs aim to address global challenges, including climate change, poverty, inequality and human rights, by balancing economic, social and environmental needs. They provide a practical framework for leaders to drive long-term socio-economic progress.

In 2022, Lighthouse completed a materiality assessment through engagement with employees, management, the Board, service providers, financiers and investors. This assessment identified and prioritised 11 SDGs that form the foundation of our ESG strategy and guide our focus areas.

Portfolio consumption data

Portfolio consumption data relates to common area consumption data across all 12 malls for 2024 and 2025. We will not be reporting for the periods prior to 2024 due to the unavailability of historical information prior to the purchase of some of the malls.

Improving our energy efficiency

Lighthouse continues to implement energy efficiency measures across the portfolio to reduce consumption and lower our carbon footprint. These initiatives reflect our commitment to responsible resource management and long-term environmental stewardship.

Sourcing clean energy:

Actively identifying and adopting clean energy solutions that support the transition to lower-carbon operations.

BREEAM in-use assessments:

Conducting independent BREEAM In-Use assessments for each asset to identify opportunities for improved energy performance and operational efficiency.

Investment in solar PV:

Expanding the use of solar PV systems across our malls to reduce electricity consumption and support self-generation.
In 2025, installed solar PV capacity reached 2 988kWp across six malls, generating kWh of green energy and avoiding 121 244 metric tons of carbon dioxide emissions (2024: 100 731).
We are currently reviewing the expansion of our PV capacity by an additional 2 600kWp over the next two years which will contribute towards additional energy savings of approximately 10%.
Smart Building Management Systems: Using intelligent technology to capture real-time energy consumption patterns and optimise operational efficiency through automated controls.

LED lighting:

Replacing lighting with high-efficiency LED options and integrating remote-controlled and motion-censored lighting systems to minimise electricity usage.

Energy-efficient cooling fans:

Replacing lighting with high-efficiency LED options and integrating remote-controlled and motion-censored lighting systems to minimise electricity usage.

Total electricity consumption in the common areas: 2025: 27 292 762kWh, 2024: 26 752 546kWh
Total volume of electricity self-generated: Entire portfolio: 2025: 3 524 244kWh, 2024: 1 832 467kWh
Total GHG emissions: Entire portfolio 2025: 985 183tCO2e, 2024: 1 774 534tCO2e

Improving our energy efficiency

As part of its environmental sustainability strategy, Lighthouse will continue improving its consumption performance at each property by monitoring existing tenants’ performance and extending our green lease programme, thereby strengthening cooperation with tenants to address Scope 3 emissions.

Reducing our water consumption

Lighthouse is committed to improving water efficiency across its portfolio and continues to implement initiatives that support responsible consumption. Our efforts focus on reducing wastage, improving measurement accuracy and increasing water re-use where possible.

Smart meter installation:

Using smart meters to measure consumption accurately, detect leaks and improve overall water management.

Tap sensors:

Installing tap sensors to reduce unnecessary usage and encourage responsible consumption.

Grey water reuse:

Introducing systems that enable the re-use of grey water for non-potable purposes.

Controlled water pressure:

Implementing controlled water pressure mechanisms to limit excessive consumption.

Native planting:

Using indigenous and drought-resistant plants that require less water and support biodiversity.

Total water consumption was 370 062m³ in 2025 (2024: 311 203m³) at 12 malls . The increase in water consumption in 2025 mainly relates to the once-off impact of filling the H2O lake, following a project to reduce its size. The lake area has now been reduced by approximately 50% and was refilled in 4Q2025.

We will continue to establish asset-specific water efficiency targets informed by baseline consumption data. These targets support ongoing tracking of performance improvements across all malls.

Waste management

Our aim is to improve waste management practices by reducing waste generation, promoting responsible disposal and expanding recycling initiatives. These efforts help minimise air, water and soil pollution and support broader environmental goals.

Waste segregation:

Separating waste into recyclable and non-recyclable streams across all malls.

Recycling promotion:

Introducing dedicated recycling points throughout our malls to encourage responsible disposal among tenants, employees and patrons.

Paperless initiatives:

Promoting a paperless working environment to reduce paper consumption and associated waste.

In 2025, Lighthouse generated 9 011 tonnes of waste (2024: 8 509 tonnes). Approximately 52% of waste was recycled in 2025, compared to 45 % in 2024. Additionally, 10.5% of waste was diverted for energy creation, an improvement from 9.8% in 2024.

Independent Certifications

BREEAM is a recognised environmental sustainability assessment method for existing buildings. It evaluates asset performance and building management across several categories, including energy consumption, water efficiency, waste management, transportation, materials and overall environmental impact.

As at 31 December 2025, nine of our assets hold valid BREEAM certifications. Alcalá Magna and Forum Montijo have expired and are in the process of being renewed. Salera’s certification was issued on 13 February 2026. Renewals for the expired certifications are expected during 1Q2026.

A summary of the building certifications BREEAM in-use and energy rating of each property:

Environmental initiatives at our malls

As part of our sustainability strategy, Lighthouse has developed long-term plans to reduce environmental impacts across all malls. The following initiatives highlight the actions being implemented at each location.

Below are the initiatives being implemented at each location:

Green energy:

Energy supplied from renewable sources to reduce environmental impact.

BREEAM certification:

BREEAM certificate issued on 23 February 2024 (expiry February 2027).

Condensation water project:

Project initiated to recirculate condensation water from air heaters; targeting a 50% reduction in overall water consumption.

LED lighting:

LED lighting installed throughout the property, supported by a remote lighting control system.

Biodiversity:

The creation of insect hotels and bird nests around the mall.

Solar PV expansion:

Existing solar PV installation increased by 500kWh; completed in October 2025 for self-consumption.

Solar energy production:

Generated 559 638kWh from the solar PV installation (2024: 112 924kWh).

Green energy:

Electricity sourced from renewable suppliers to reduce carbon emissions.

Water management:

Recycled water used for the mall’s cooling and heating systems and for garden irrigation.
Water temperature control systems in place to improve heating and cooling efficiency.

BREEAM certification:

Certification completed in October 2025 (expiry October 2028).

Energy efficiency:

Highest energy efficiency rating of A. LED lighting installed across common areas and required for all tenants.

Electric vehicle (“EV”) charging stations:

Completion of the 40 Tesla charging stations, 16 supercharges and 24 standard chargers.

Waste management:

Recycling points available for visitors, with bulk recycling facilities for tenants. Waste is managed by an independent operator, with reports released monthly.

Building management system:

Upgraded building management system implemented.

External gardens:

A total makeover of the external gardens with new local plants and landscaping products and water distribution pipes.

Green energy:

Energy sourced from renewable suppliers to reduce the mall’s carbon footprint.

Solar PV installation:

Installation of 352kWp plant in 2023; expected energy savings of approximately 20%. Generated 473 929kWh (2024: 514 124 kWh) from the solar PV installation.

BREEAM certification:

Certification renewed on 26 January 2026 (expiry 26 January 2029).

Energy certification:

LED lighting installed across all common areas. Motion detectors installed in the basement parking.

Water management:

Flow restrictors installed on all bathroom water points.

High-volume, low speed (“HVLS”) fans:

Installation of HVLS industrial ceiling fans in the food court and Carrefour mall areas.

Pipe insulation:

Insulation installed on water distribution pipes from the chillers.

Green energy:

Sourced from renewable sources to reduce carbon footprint.

Solar PV installation:

Under consideration for 450 to 500kWp implementation.

BREEAM Certification:

Completed January 2024.

Energy efficiency:

Solar protection installed in skylights.

Waste management:

New organic waste initiatives introduced and a new distribution and visual project created for better project understanding of waste management regulations for tenants.

HVLS fans:

Four efficient fans for better air distribution in food court.

Pipe insulation:

Insulation for water distribution pipes from chillers.

Green energy:

Energy sourced from renewable suppliers to reduce the mall’s carbon footprint.

Solar PV installation:

Solar installation of 324kWp; expected energy savings of approximately 20%. 446 659kWh of energy, (2024: 168 013 kWh), generated in 2025.

EV charging stations:

Currently busy with the addition of 14 EV charging stations.

BREEAM Certification:

Certification completed in January 2024 (expiry May 2025); renewal process has commenced. Delay in the renewal relates to various upgrades being implemented to maintain the current ratings of very good.

Waste management:

Recycling points available for visitors, with bulk recycling facilities for tenants.

Building management systems:

Upgrading of the building management systems currently underway.

Green energy:

All energy used at the mall is sourced from renewable suppliers to reduce environmental impact and lower the carbon footprint.

BREEAM certification:

Certification completed in February 2026 (expiry February 2029).

ISO 14001 certification:

ISO 14001 environmental management system in place.

LED lighting:

All common areas equipped with LED lighting and controlled through a centralised lighting system.

Solar energy production:

Completed the installation of a 969kWh/880kWh PV plant for self-consumption in April 2025; expected energy savings of approximately 30%. Generated 902 811kWh from the solar PV installation.

EV charging stations:

Contract signed to install 49 EV charging stations; installation to commence in 2026.

Water management:

Flow restrictors installed on all bathroom taps.

Energy efficiency:

Centralised system used to control temperature settings and equipment start-up times.
Replacement of all cooling towers with more efficient units, reducing our power consumption and improving efficiency.

Green energy:

All energy sourced from renewable suppliers to reduce emissions.

LED lighting:

LED lighting installations ongoing in common areas.

Solar PV installation:

Completed the installation of a 390kWh PV plant for self-consumption in April 2025; expected energy savings of 30%. Generated 355 061kWh from the new solar PV installation.

EV charging stations:

Eight stations available on-site; operated through a partnership with an industry leader, providing approximately 550kWh of capacity (2024: 550kWh).

BREEAM certification:

Certification completed in December 2024 (expiry December 2027).

Energy efficiency:

Ongoing investments in energy-saving measures, including replacement of cooling fans with more efficient models.

Flood risk mitigation:

Environmental study completed to identify flood risk areas and implementing protective measures.

Water management:

Flow reducers installed on basin taps across all bathrooms.

Green energy:

All energy consumption sourced from renewable suppliers.

Sustainability and environmental commitment:

Lease agreements include a sustainability clause and supporting annex to increase tenant awareness of environmental best practices and compliance requirements.

Solar PV:

Solar installation generated 786 155kWh (2024: 737 443kWh).

BREEAM certification:

Certification renewed on 18 March 2026 (expiry 18 March 2029).

Energy efficiency:

Two new chillers installed to improve cooling efficiency and reduce energy use.

Playground:

Accessible playground equipment installed to allow children in wheelchairs to play alongside other children.

Water:

Free water dispensers installed for customers.

Waste:

A waste press installed to reduce the number of transport trips, lowering the mall’s carbon footprint.

Food waste reduction:

Partnership with the “Too Good To Go” programme to minimise food waste from restaurants.

Energy efficiency investments:

Energy-efficient air-handling units installed at Saint Sever and a new high-efficiency boiler burner installed at Docks 76.

Specialist recycling:

Recycling spaces introduced for coffee capsules and cups, along with recycling containers for restaurant biowaste.

BREEAM certification:

Certification renewed in November 2025 (expiry November 2028).

LED lighting:

LED lighting installed across all common and parking areas.

Recycling initiatives:

Collection point maintained for items such as light bulbs and batteries.

Voltage regulation:

Voltage regulators installed to protect equipment and optimise energy usage.

BREEAM certification:

Certification approved in October 2025 (expiry October 2028).

Biodiversity support:

Indigenous and water-wise rooftop gardens introduced to enhance biodiversity and reduce irrigation requirements.

Emergency lighting:

LED emergency lighting installed at all exits.

Quality monitoring:

Air and water quality audits conducted to ensure safe and efficient operations.

Led lighting:

Replacement of all internal lighting with LED lighting.

Waste management:

Presence sensors installed in waste rooms and recycling points made available throughout the mall.

BREEAM certification:

Certification renewed in November 2025 (expiry November 2028).

Food waste reduction:

Partnership with the “Too Good To Go” programme to minimise food waste from restaurants.

Energy efficiency investments:

A new high-efficiency boiler burner installed at Docks 76.

Specialist recycling:

Recycling spaces introduced for coffee capsules and cups, along with recycling containers for restaurant biowaste.

BREEAM certification:

Certification renewed on 3 February 2026 (expiry October 2029).

LED lighting:

LED lighting installed across all common and parking areas.