In the context of the war in Ukraine and the international sanctions against Russia, Klépierre regularly monitors the impact of the situation on its business and the broader economy. The Group operates neither in Ukraine nor in Russia and does not expect that inflationary pressures created by the situation will have a material impact on its cost structure or on the costs of its committed development projects. Long-lasting inflation could potentially affect consumer spending for certain goods or services provided by tenants.

Based on the current macroeconomic projections, the Group has however not identified the need to revise its financial forecasts for 2022.