Ramada Investimentos e Indústria, S.A.

Interim / Quarterly Report • Sep 30, 2024

RAMADA INVESTIMENTOS E INDÚSTRIA, S.A.

Public Company

Report and Accounts 1 st Half of 2024 (unaudited)

This document is a translation of a document originally issued in Portuguese, prepared using accounting policies consistent with the International Financial Reporting Standards and in accordance with the International Accounting Standard 34 – Interim Financial Reporting, some of which may not conform or be required by generally accepted accounting principles in other countries. In the event of discrepancies, the Portuguese language version prevails.

Head Office: Rua Manuel Pinto de Azevedo, 818 4100-320 Oporto Share capital: 25,641,459 Euro

INTRODUCTION 3
STOCK EXCHANGE EVOLUTION4
GROUP'S ACTIVITY 6
FINANCIAL REVIEW6
INDEBTEDNESS9
FUTURE PERSPECTIVES9
CORPORATE GOVERNANCE10
LEGAL MATTERS11
CLOSING REMARKS13
ANNEXES TO THE MANAGEMENT REPORT14

RELATÓRIO DO CONSELHO DE ADMINIST To the Shareholders,

Pursuant to the legal requirements, the Board of Directors of Ramada Investimentos e Indústria, S.A. ("Ramada Investimentos", "Company" or "Ramada Group") hereby presents its Report and Accounts for the first half of 2024.

INTRODUCTION

During the first half of 2024, as announced by the Ramada Group, the sale of the subsidiary Ramada Aços, S.A., and its subsidiaries was completed. The Special Steels activity was developed by the referred entities, which are dedicated to the distribution of special steels, steel for molds, the production of drawn steel, and to the rendering of services, namely, Machining and Heat Treatment, for two main application areas, namely, metalworking and molds and tools. As a result of the transaction, the group relationship that had existed between Ramada Investimentos and Ramada Aços has ended.

With the completion of the transaction of the sale of Ramada Aços and its subsidiaries, and with reference to 30 June 2024, the Board of Directors believes that, in view of the plan developed, the criteria for the presentation of the Wire Drawing activity, whose main business is the manufacture and commercialization of steel wires, capable of being used in a wide variety of fields, including industry, agriculture and construction, developed by Socitrel, as a discontinued operation, have been met.

As a result of the completion of the sale of Ramada Aços and its subsidiaries, and the presentation of Socitrel and its subsidiaries in this consolidated financial information as a discontinued operation, as explained above, the Board of Directors believes that, according to the way the information is monitored by it, there is only one segment that can be reported that, essentially, incorporates the following activities:

• the real estate asset management activity (composed, essentially, by the forest assets and other real estate), developed by the company F. Ramada ll - Imobiliária, S.A.; and
• the financial investments management activity, relating to minority shareholdings, namely, the participations held in CEV, S.A. and Fisio Share – Gestão de Clínicas, S.A..

STOCK EXCHANGE EVOLUTION

RELATÓRIO DO CONSELHO DE ADMINIST

(Note: The PSI was considered as an index with initial value identical to that of the security under analysis, in order to allow a better comparison of the changes in the share price).

The market price of Ramada Investimentos shares at the end of the first half of 2024 was EUR 6.46 per share. This is equivalent to a market capitalisation of around EUR 166 million.

In the first half of 2024, Ramada Investimentos' shares were traded at a maximum price of EUR 7.30 per share and a minimum of EUR 6.28 per share. In total, around 740 thousand shares of Ramada Investimentos were traded in the first half of 2024.

RELATÓRIO DO CONSELHO DE ADMINIST Performance of Ramada Investimentos share price

The main events that marked how the Ramada Investimentos share price performed in the first half of 2024 can be described as follows:

• ➢ The Group announced its financial performance for 2023 through a press release released on March 21, 2024, with a consolidated net profit of EUR 10.4 million. On the other hand, total revenue amounted to EUR 141.2 million and consolidated EBITDA reached EUR 17.8 million;
• ➢ In the announcement made on May 7, 2024, Ramada Group informed the market that the dividends for 2023, corresponding to EUR 0.58 per share, would be paid from May 23;
• ➢ On May 23, 2024, Ramada Group's results for the first quarter of 2024 were announced, with a consolidated net profit of EUR 1.9 million. Consolidated EBITDA recorded EUR 4.1 million and total revenue reached EUR 36.1 million;
• ➢ On June 21, 2024, the market was informed of the completion of the sale of all the shares representing the share capital and voting rights of Ramada Aços, S.A. and its subsidiaries to 1 Thing Investments, S.A.. This transaction represented a cash inflow of approximately 71 million Euros (including a distribution to be made before completion of the transaction). Finally, as already mentioned, as a result of the completion of the transaction, the group relationship that had existed between Ramada Investimentos and Ramada Aços ceased.

GROUP'S ACTIVITY

The structure of Ramada Group, as of June 30, 2024, can be present as follows:

RELATÓRIO DO CONSELHO DE ADMINIST

(a) Socitrel and its subsidiaries were classified as assets classified as held for sale as of June 30, 2024.

FINANCIAL REVIEW

The consolidated financial information of Ramada Investimentos was prepared in accordance with the recognition and measurement principles of the International Financial Reporting Standards, as adopted by the European Union (IFRS – EU).

During the first half of 2024, and as disclosed by the Ramada Group to the market, the sale transaction of the subsidiary Ramada Aços and its subsidiaries was completed. The key information and indicators of Ramada Group's consolidated activity can be presented as follows:

Amounts in thousands of Euros	1H 2024	1H 2023 (Restated IFRS 5)	Var. %
Total revenues	5 095	4 852	5.0%
Total costs	(938)	(1 226)	-23.5%
EBITDA	4 157	3 626	14.6%
EBITDA margin	81.6%	74.7%	+6.9 p. p.
Amortization and depreciation	(278)	(240)	15.8%
EBIT	3 879	3 386	14,6%
EBIT margin	76.1%	69.8%	-6.3 p. p.
Results related to investments	387	187	107.0%
Financial expenses	(1 019)	(773)	31.8%
Financial income	10	60	-83.3

RELATÓRIO DO CONSELHO DE ADMINIST
Profit before income tax from continuing operations	3 257	2 860	13.9%
Income tax	(630)	(602)	4.7%
Consolidated net profit from continuing operations	2 627	2 258	16.3%
Profit after tax from discontinued operations	22 192	3 141	606.5%
Consolidated net profit	24 819	5 399	359.7%
Net profit attributable to shareholders of the parent company	24 819	5 399	359.7%

• Completion of the sale transaction of the subsidiary Ramada Aços and its subsidiaries

On 21 June 2024, Ramada Group informed the market about the completion of the sale to 1 Thing Investments, S.A. of all the shares representing the share capital and voting rights of Ramada Aços, S.A., and its subsidiaries, namely, Universal – Afir, S.A., Planfuro Global, S.A., Ramada Solar, Unipessoal, Lda., owned directly by Ramada Aços, and also Blau Stahl, Unipessoal Lda, owned by Planfuro Global, S.A., everything in accordance with the terms contracted on 10 May 2024 and in due course announced to the market, on 12 and 14 May 2024. The Special Steels activity was developed by the referred entities, which are dedicated to the distribution of special steels, steel for molds, the production of drawn steel, and to the rendering of services, namely, Machining and Heat Treatment, for two main application areas, namely, metalworking and molds and tools.

This transaction represented a cash inflow of 70.5 million Euro, of which 59.6 million Euro was in the form of a fixed price and ticking fee, the amount paid by 1 Thing, and 10.9 million euros was in the form of a dividend distribution, made by Ramada Aços to Ramada Investimentos, before the transaction took place, under the terms contractually agreed between the parties.

As a result of the completion of the sale transaction, a capital gain was calculated as at 30 June 2024 in the consolidated financial statements of Ramada, taking into account the price, the costs associated with the transaction and the net assets of the aforementioned subsidiaries, in the amount of 21.1 million Euro, which is presented under the caption " Profit after tax from discontinued operations ".

In accordance with IFRS 5, all the operations of Ramada Aços and its subsidiaries up to the date of the transaction were presented under the caption "Profit after tax from discontinued operations" in the consolidated income statement. In this way, the results of discontinued operations for 2024, up to the date of the transaction, amounted to 0.7 million Euro, and the information for the year ended 30 June 2023 was also restated.

It is the Group's understanding that transactions between continued operations and discontinued operations, namely industrial asset leasing contracts, will continue after the sale transaction, which is why the income and expenses have been eliminated in the discontinued operations, with this disclosure being the one that best represents the activity of continued operations after the sale transaction.

By means of completion of the transaction, the previously existing group relationship between Ramada Investimentos and Ramada Aços has been terminated.

RELATÓRIO DO CONSELHO DE ADMINIST • Presentation of Socitrel and its subsidiaries as a discontinued operation

With the completion of the transaction of the sale of Ramada Aços and its subsidiaries, and with reference to 30 June 2024, the Board of Directors believes that, in view of the plan developed, the criteria for the presentation of the Wire Drawing activity, whose main business is the manufacture and commercialization of steel wires, capable of being used in a wide variety of fields, including industry, agriculture and construction, developed by Socitrel, as a discontinued operation, have been met.

In the first semester of 2024, the Wire Drawing activity has registered a decrease in turnover. Although sales have grown in quantity, the average price was, approximately, 14% lower than in the first semester of 2023. The Wire Drawing activity operates essentially for the foreign market, which, in the first semester of 2024, represented 65% of turnover, with emphasis on Spain and the United States of America. In the first semester of 2023, exports represented 63% of turnover.

In accordance with IFRS 5, all the operations of Socitrel and its subsidiaries were presented under the caption "Profit after tax from discontinued operations" in the consolidated income statement. In this way, the results of discontinued operations for 2024, amounted to 0.4 million Euro, and the information for the year ended 30 June 2023 was also restated.

It is the Group's understanding that transactions between continued operations and discontinued operations, namely industrial asset leasing contracts, will continue after a possible sale transaction, which is why the income and expenses have been eliminated in the discontinued operations, with this disclosure being the one that best represents the activity of continued operations after a possible sale transaction.

• Continued operations

As a result of the completion of the sale of Ramada Aços and its subsidiaries, and the presentation of Socitrel and its subsidiaries in this consolidated financial information as a discontinued operation, as explained above, the Board of Directors believes that, according to the way the information is monitored by it, there is only one segment that can be reported that, essentially, incorporates the following activities:

• the real estate asset management activity (composed, essentially, by the forest assets and other real estate); and
• the financial investments management activity, relating to minority shareholdings, namely, the participations held in CEV, S.A. and Fisio Share – Gestão de Clínicas, S.A.

Total revenues of Ramada Group in the first semester of 2024 amounted to 5,095 thousand Euro, representing a increase of 5% over the total revenues recorded in the same period of 2023.

Total costs amounted to 938 thousand Euro, recording a reduction of 23.5% over the same period of the previous year.

EBITDA amounted to 4,157 thousand Euro, an increase of 14.6% over the amount recorded in the first semester of 2023. EBITDA margin reached 81.6%, representing an increase of 6.9 percentage points when compared to the same period of the previous year.

EBIT, in the amount of 3,879 thousand Euro, recorded an increase of 14.6% when compared to 3,386 thousand Euro recorded in the first six months of 2023.

RELATÓRIO DO CONSELHO DE ADMINIST The Financial results, in the amount of negative 1,009 thousand Euro, recorded a 41.5% variation over the same period of the previous year.

The consolidated net profit from continued operations recorded in the first semester of 2024 in the amount of 2,627 thousand Euro, presented an increase of 16.3% compared to the net profit of the same period of the previous year.

INDEBTEDNESS

As of 30 June 2024, the amount of cash and cash equivalents exceeds the amount of bank loans and other loans by approximately 17 million Euro. Ramada Group's net nominal indebtedness on 31 December 2023 amounted to, approximately, 30 million Euro.

FUTURE PERSPECTIVES

The second quarter of 2024 was marked by the completion of the sale of Ramada Aços and its subsidiaries.

Taking into account the current context of the European economy, we continue on our path of continuous improvement in the search for greater efficiency, the profitability of operations and the maximization of free cash flow.

CORPORATE GOVERNANCE

RELATÓRIO DO CONSELHO DE ADMINIST

In accordance with the current legislation, the Group is not required to provide information regarding corporate governance, since this information is only compulsory together with the annual management report. The detailed annual report of corporate governance is included in the Annual Report of 2023 and it is available in our site (www.ramadainvestimentos.pt).

RELATÓRIO DO CONSELHO DE ADMINIST LEGAL MATTERS

Treasury shares

Under the terms and for the purposes of the provisions of Article 66, paragraph 5, d) of the Portuguese Companies Act, it is reported that as of June 30, 2024 Ramada Investimentos did not hold any of its own shares, nor did it acquire or sell any of its own shares during the year.

Shares held by Ramada's corporate board members

It is hereby stated, pursuant to and for the purposes of Article 447 of the Portuguese Companies Act, that the following directors of Ramada Investimentos e Indústria, S.A., as of June 30, 2024, held shares as follows:

5,300,000
4,845,383
4,009,402
3,118,408

(a) – the 5,300,000 shares correspond to the total number of shares of Ramada Investimentos e Indústria, S.A. held by CADERNO AZUL, S.A., of which the director João Manuel Matos Borges de Oliveira is a director and dominant shareholder.

(b) – the 4,845,383 shares correspond to the total number of shares of Ramada Investimentos e Indústria, S.A. held by PROMENDO INVESTIMENTOS, S.A., of which the director Ana Rebelo de Carvalho Menéres de Mendonça is a director and dominant shareholder.

(c) – the 4,009,402 shares correspond to the total number of shares of Ramada Investimentos e Indústria, S.A. held by ACTIUM CAPITAL, S.A., of which the director Paulo Jorge dos Santos Fernandes is a director and dominant shareholder.

(d) – the 3,118,408 shares correspond to the total number of shares of Ramada Investimentos e Indústria, S.A. held by VIEIRA DE MATOS – VDM CAPITAL, S.A. (previously known as LIVREFLUXO, S.A.), of which the director Domingos José Vieira de Matos is a director and dominant shareholder.

The Statutory Auditor, the members of the Statutory Audit Board and the Board of the Shareholders' General Meeting did not, at June 30, 2024, hold shares representing the share capital of Ramada Investimentos.

Interests in the share capital of the Company

On June 30, 2024 and according to the notifications received by the Company, under the terms and for the purposes of Articles 16, 20 and 29-R of the Portuguese Securities Code, it is reported that the companies and/or individuals who have a qualified social participation exceeding 5%, 10%, 15%, 20%, 25%, 33%, 50%, 66% and 90% of the voting rights, are as follows:

	No. of shares held on	% Share capital with
1 Thing, Investments,SA	30-Jun-2024	voting rights
Directly (a)	2,565,293	10.004%
Total attributable	2,565,293	10.004%

(a) - the 2,565,293 Ramada Investimentos e Indústria, S.A. shares are directly held by the company 1 Thing, Investments, S.A. whose board of directors includes Ramada's director Pedro Miguel Matos Borges de Oliveira

RELATÓRIO DO CONSELHO DE ADMINIST

	No. of shares held on	% Share capital with
Domingos José Vieira de Matos	30-Jun-2024	voting rights
Through VIEIRA DE MATOS - VDM CAPITAL, S.A. (of which he is dominant shareholder and director)	3,118,408	12.16%
Total attributable	3,118,408	12.16%

	No. of shares held on	% Share capital with
Paulo Jorge dos Santos Fernandes	30-Jun-2024	voting rights
Through Actium Capital, S.A. (of which he is dominant shareholder and director)	4,009,402	15.64%
Total attributable	4,009,402	15.64%

	No. of shares held on	% Share capital with
Ana Rebelo Carvalho Menéres de Mendonça	30-Jun-2024	voting rights
Through PROMENDO INVESTIMENTOS, S.A. (of which she is dominant shareholder and director)	4,845,383	18.90%
Total attributable	4,845,383	18.90%

	No. of shares held on	% Share capital with
João Manuel Matos Borges de Oliveira	30-Jun-2024	voting rights
Through Caderno Azul, S.A. (of which he is dominant shareholder and director)	5,300,000	20.67%
Total attributable	5,300,000	20.67%

Ramada Investimentos has not been advised of any holdings with over 25% of the voting rights.

CLOSING REMARKS

We don't want to conclude without thanking the several partners of the Group for their trust in our organization. We would also like to express our gratitude to all our employees for their dedication and commitment.

RELATÓRIO DO CONSELHO DE ADMINIST

Oporto, July 25, 2024

Board of Directors

João Manuel Matos Borges de Oliveira

____________________________________

____________________________________

____________________________________

____________________________________ Paulo Jorge dos Santos Fernandes

Domingos José Vieira de Matos

Pedro Miguel Matos Borges de Oliveira

____________________________________ Ana Rebelo de Carvalho Menéres de Mendonça

____________________________________

Laurentina da Silva Martins

ANNEXES TO THE MANAGEMENT REPORT

RELATÓRIO DO CONSELHO DE ADMINIST

Glossary

EBIT: EBITDA + Amortization and depreciation

EBIT margin: EBIT / Total revenues

EBITDA: Profit before income tax from continuing operations, Financial results, Amortization and depreciation and Results related to investments

EBITDA margin: EBITDA / Total revenues

Financial results: Financial income - Financial expenses

Net nominal indebtedness: Bank loans (nominal values) + Other loans (nominal values) – Cash and cash equivalents

Total costs: Cost of sales and production variation + External supplies and services + Payroll expenses + Other expenses + Provisions and impairment losses

Total revenues: Sales and services rendered + Other income

RELATÓRIO DO CONSELHO DE ADMINIST STATEMENT PURSUANT TO ARTICLE 29 G(1) (C) OF THE PORTUGUESE SECURITIES CODE

The signatories individually declare that, to their knowledge, the Consolidated Condensed Financial Statements were prepared in accordance with the International Financial Reporting Standards as adopted by the European Union ("IFRS-EU"), for the purpose of interim reporting, and the other accounting documents required by law or regulation, give a truthful and appropriate image, in all material respects, of the assets and liabilities, financial position and the consolidated results of Ramada Investimentos e Indústria, S.A. and of the companies included in the consolidation perimeter, and that the Interim Director's Report accurately explains the activity evolution, performance and financial position of Ramada Investimentos e Indústria, S.A. and the companies included in the consolidation perimeter, and contains a description of the major risks and uncertainties that they face.

DECLARATION OF RESPONSABILITY

The members of the Board of Directors of Ramada Investimentos e Indústria, S.A. declare that they assume responsibility for this information and assure that the items included herein are true and that, to the best of their knowledge, there are no omissions.

Pursuant to article 210 of the Social Security Code (approved by Law no. 110/2009, of 16 September) the Board of Directors informs that there are no overdue debts to the State, namely with respect to Social Security.

Article 447 of the Portuguese Companies Act and Article 19 of the Regulation (EU) no. 596/2014 of the European Parliament and of the Council, of 16 April

RELATÓRIO DO CONSELHO DE ADMINIST

Disclosure of shares and other securities held by members of the Board of Directors and Managers, as well as by persons closely related thereto, pursuant to Article 29-R of the Portuguese Securities Code, and transactions involving these carried out during the semester under analysis:

Board of Directors	No shares held at 31-Dec-2023	Acquisitions	Disposals	No shares held at 30-Jun-2024
João Manuel Matos Borges de Oliveira (imputation through CADERNO AZUL, S.A.)	5,300,000	-	-	5,300,000
Ana Rebelo de Carvalho Menéres de Mendonça (imputation through PROMENDO INVESTIMENTOS, S.A.)	4,845,383	-	-	4,845,383
Paulo Jorge dos Santos Fernandes (imputation through ACTIUM CAPITAL, S.A.)	4,009,402	-	-	4,009,402
Domingos José Vieira de Matos (imputation through VIEIRA DE MATOS - VDM CAPITAL, S.A.)	3,118,408	-	-	3,118,408
Pedro Miguel Matos Borges de Oliveira (imputation through 1 THING, INVESTMENTS, S.A.)	2,565,293	-	-	2,565,293

RAMADA INVESTIMENTOS E INDÚSTRIA, S.A.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS AT 30 JUNE 2024 AND 31 DECEMBER 2023 (Amounts expressed in Euros) (Translation of financial statements originally issued in Portuguese - Note 20)

	ASSETS	Notes	30.06.2024	31.12.2023
NON-CURRENT ASSETS:
Investment properties		8	91,888,301	88,725,246
Property, plant and equipment			3,972,440	25,342,887
Intangible assets			-	18,199
Right-of-use assets			4,609	1,215,493
Goodwill			-	11,257
Investments in associated companies		4.2	6,176,068	5,788,779
Other investments		4.3	-	-
Other financial assets			-	28,815
Deferred tax assets			197,618	1,716,774
	Total non-current assets		102,239,036	122,847,450
CURRENT ASSETS:
Inventories			-	24,305,290
Trade receivables			3,715,552	36,225,831
Other debts from third parties			277,154	2,912,551
Income tax			2,606,712	2,946,721
Other current assets			-	130,844
Cash and cash equivalents		10	60,223,969	16,162,326
	Total current assets		66,823,387	82,683,563
Non-current assets related to discontinued operations		7	31,682,174	-
Total assets			200,744,597	205,531,013
	EQUITY AND LIABILITIES
EQUITY:
Share capital		11	25,641,459	25,641,459
Legal reserve			7,193,058	7,193,058
Other reserves			76,078,515	80,537,220
Consolidated net profit/(loss) for the period			24,818,631	10,413,341
	Total equity attributable to shareholders of the Parent Company		133,731,663	123,785,078
Non-controlling interests			-	-
	Total equity		133,731,663	123,785,078
LIABILITIES:
NON-CURRENT LIABILITIES:
Bank loans		12	15,000,000	19,500,000
Other loans		12	-	357,224
Lease Liabilities Provisions		14	- 1,500,000	849,575 2,185,467
Deferred tax liabilities			4,633	912,916
	Total non-current liabilities		16,504,633	23,805,182
CURRENT LIABILITIES:
Bank loans		12	5,500,000	5,987,401
Other loans		12	20,580,001	20,358,932
Lease liabilities			5,776	371,614
Trade payables			1,121,705	23,364,025
Other debts to third parties			144,225	3,214,353
Other current liabilities		13	1,227,555	4,644,428
	Total current liabilities		28,579,262	57,940,753
Non-current liabilities related to discontinued operations		7	21,929,039	-
Total liabilities			67,012,934	81,745,935
Total liabilities and equity			200,744,597	205,531,013

The accompanying notes are an integral part of the condensed consolidated financial statements.

RAMADA INVESTIMENTOS E INDÚSTRIA, S.A.

(Translation of financial statements originally issued in Portuguese - Note 20) CONDENSED CONSOLIDATED INCOME STATEMENTS FOR THE SIX MONTHS PERIODS ENDED 30 JUNE 2024 AND 2023

(Amounts expressed in Euros)

		Notes	30.06.2024	30.06.2023 (Restated Note 5)
Sales and services rendered			5,049,018	4,824,152
Other income			46,291	28,043
Cost of sales and variation in production			-	-
External supplies and services			(430,066)	(634,285)
Payroll expenses			(373,053)	(453,241)
Amortisation and depreciation			(278,034)	(240,420)
Provisions and impairment losses		14	-	-
Other expenses Results related to investments		4.2	(135,903) 387,289	(139,304) 187,495
Financial expenses			(1,018,652)	(773,412)
Financial income			9,554	59,751
	Profit/(Loss) before income tax from continuing operations		3,256,444	2,858,779
Income tax			(630,209)	(601,511)
	Profit/(Loss) after income tax from continuing operations		2,626,235	2,257,268
Profit after tax from discontinued operations		6	22,192,396	3,141,407
	Consolidated net profit/(loss) for the period		24,818,631	5,398,675
Attributable to:
Holders of equity in the parent company
	Continuing Operations	15	2,626,235	2,257,268
	Discontinued Operations	15	22,192,396	3,141,407
Non-controlling interests
	Continuing Operations		-	-
	Discontinued Operations		-	-
Earnings per share:
Continuing Operations
	Basic	15	0.10	0.09
	Diluted	15	0.10	0.09
Discontinued Operations
	Basic	15	0.87	0.12
	Diluted	15	0.87	0.12

The accompanying notes are an integral part of the condensed consolidated financial statements.

CONDENSED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME FOR THE

SIX MONTHS PERIODS ENDED 30 JUNE 2024 AND 2023

(Translation of financial statements originally issued in Portuguese - Note 20)

(Amounts expressed in Euros)

	Notes	30.06.2024	30.06.2023 (Restated Note 5)
Consolidated net income for the period		24,818,631	5,398,675
Other comprehensive income:
Items that will not be reclassified to profit or loss:
Changes in pension liabilities - gross amount		-	-
Changes in pension liabilities - deferred tax		-	-
Items that may be reclassified to profit or loss in the future		-	-
Other comprehensive income for the period		-	-
Total consolidated comprehensive income for the period		24,818,631	5,398,675
Attributable to:
Shareholders in the Parent Company
Continuing Operations		2,626,235	2,257,268
Discontinued Operations		22,192,396	3,141,407
Non-controlling interests
Continuing Operations		-	-
Discontinued Operations		-	-
		24,818,631	5,398,675

The accompanying notes are an integral part of the condensed consolidated financial statements.

RAMADA INVESTIMENTOS E INDUSTRIA, S.A.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE SIX MONTHS PERIODS ENDED 30 JUNE 2024 AND 2023 (Amounts expressed in Euros) (Translation of financial statements originally issued in Portuguese - Note 20)

		Attributable to shareholders in the Parent Company
	Notes	Share capital	Legal reserve	Other reserves	Consolidated net profit/(loss) for the period	Total equity attributable to shareholders of parent company	Non-controlling interests	Total equity
Balance as at 1 January 2023	1 1	25,641,459	7,193,058	81,252,383	20,033,547	134,120,447	-	134,120,447
Total consolidated comprehensive income for the period		-	-	-	5,398,675	5,398,675	-	5,398,675
Appropriation of consolidated result from 2022: Transfer to other reserves Distribution of dividends		- -	- -	20,033,547 (21,025,996)	- (20,033,547) -	- (21,025,996)	- -	- (21,025,996)
Balance as at 30 June 2023		25,641,459	7,193,058	80,259,934	5,398,675	118,493,126	-	118,493,126
Balance as at 1 January 2024	1 1	25,641,459	7,193,058	80,537,220	10,413,341	123,785,078	-	123,785,078
Total consolidated comprehensive income for the period Appropriation of consolidated result from 2023: Transfer to other reserves Distribution of dividends		- - -	- - -	- 10,413,341 (14,872,046)	24,818,631 (10,413,341) -	24,818,631 - (14,872,046)	- - -	24,818,631 - (14,872,046)
Balance as at 30 June 2024		25,641,459	7,193,058	76,078,515	24,818,631	133,731,663	-	133,731,663
				The accompanying notes are an integral part of the condensed consolidated financial statements.

The accompanying notes are an integral part of the condensed consolidated financial statements.

(Translation of financial statements originally issued in Portuguese - Note 20) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS PERIODS ENDED 30 JUNE 2024 AND 2023

(Amounts expressed in Euros)

	Notes	30.06.2024		30.06.2023
Operational activities:
Receipts from customers		81,723,296		98,926,141
Payments to suppliers		(53,918,289)		(61,489,504)
Payments to personnel		(4,785,814)	23,019,193	(4,105,067)	33,331,570
Paid/Received corporate income tax		(549,360)		(1,424,044)
Other receipts/payments relating to operating activities		(8,179,500)	(8,728,860)	(9,663,212)	(11,087,256)
Cash flows generated by operating activities (1)			14,290,333		22,244,314
Investment activities:
Receipts arising from:
Property, plant and equipment		41,513		-
Investments	6	55,277,213		-
Interest and similar income		46,846	55,365,572	79,827	79,827
Payments relating to:
Investments in subsidiaries net of cash and cash equivalents acquired		-		(2,135,311)
Property, plant and equipment		(1,492,422)		(2,998,674)
Investment properties		-	(1,492,422)	-	(5,133,985)
Loans granted		-		-
Cash flows generated from investments activities (2)			53,873,150		(5,054,158)
Financing activities:
Receipts arising from:
Loans obtained		49,910,637	49,910,637	99,907,675	99,907,675
Payments relating to:
Interest and similar expenses		(1,173,279)		(647,730)
Dividends		(14,873,138)		(21,025,996)
Lease liabilities		(214,245)		(152,449)
Other financing transaction		(101,372)		-
Loans obtained		(50,910,637)	(67,272,671)	(98,189,606)	(120,015,781)
Cash flows generated from financing activities (3)			(17,362,034)		(20,108,106)
Cash and cash equivalents at the beginning of the period	10		11,058,821		24,802,654
Cash and cash equivalents variation: (1)+(2)+(3)			50,801,449		(2,917,950)
Cash and cash equivalents at the end of the period	10		61,860,270		21,884,704

The accompanying notes are an integral part of the condensed consolidated financial statements.

1. INTRODUCTORY NOTE

RAMADA INVESTIMENTOS E INDÚSTRIA, S.A. ("Ramada Investimentos", "Ramada Group" or "Group") is a company incorporated as of June 1, 2008, with its head-office located at Rua Manuel Pinto de Azevedo, 818, Oporto, Portugal, and whose main activity is the management of financial investments, being its shares listed in the Euronext Lisbon Stock Exchange, since 2008. Ramada Investimentos is the parent company of the group of companies listed in Note 4 (Ramada Group).

During the first half of 2024, as announced by the Ramada Group, the sale of the subsidiary Ramada Aços, S.A., and its subsidiaries was completed. As a result of the transaction, the group relationship that had existed between Ramada Investimentos and Ramada Aços and its subsidiaries has ended (Note 6).

With the completion of the sale transaction of Ramada Aços and its subsidiaries, and with reference to 30 June 2024, the Board of Directors believes that, in view of the plan developed, the criteria for the presentation of the Wire Drawing activity, whose main business is the manufacture and commercialization of steel wires, capable of being used in a wide variety of fields, including industry, agriculture and construction, developed by Socitrel, as a discontinued operation, have been met (Note 7).

As explained above, the Board of Directors believes that, according to the way the information is monitored by it, there is only one segment that can be reported that, essentially, incorporates the activities of real estate asset management activity, developed by the company F. Ramada ll - Imobiliária, S.A., and the financial investments management activity, relating to minority shareholdings, namely, the participations held in CEV, S.A. and Fisio Share – Gestão de Clínicas, S.A. (Note 17).

The consolidated financial statements of Ramada Group are presented in Euro (rounded to units), which is the currency used by the Group in its operations and, therefore, is its functional currency.

2. MATERIAL ACCOUNTING POLICES AND BASIS OF PRESENTATION

The condensed consolidated financial statements, for the six months period ended on 30 June 2024, were prepared in accordance with IAS 34 – Interim Financial Reporting and include the condensed consolidated statement of financial position, the condensed consolidated income statement, the condensed consolidated statement of comprehensive income, the condensed consolidated statement of changes in equity and the condensed consolidated statement of cash flows, as well as the selected explanatory notes. These condensed consolidated financial statements do not include all the information required to be published on the annual financial statements, and should, therefore, be read together with the consolidated financial statements of the Ramada Group for the financial year ended 31 December 2023.

The accounting policies adopted for preparation of the attached condensed consolidated financial statements were consistently applied during the periods being compared.

The Board of Directors assessed the capacity of the Company, its subsidiaries and associates to operate on a going concern basis, based on the entire relevant information, facts and circumstances, of financial, commercial or other nature, including events subsequent to the condensed consolidated financial statements' reference date, as available regarding the future. As a result of the assessment conducted, the Board of Directors concluded that it has adequate resources to keep up its operations, which it does not intend to cease in the short term. Therefore, it was considered appropriate to use the going concern basis in preparing the condensed consolidated financial statements.

The attached condensed consolidated financial statements were prepared based on the accounting books and records of the company, its subsidiaries, and associates, adjusted in the consolidation process, in the assumption of going concern basis. When preparing the condensed consolidated financial statements, the Group used historical cost as its basis, modified, where applicable, by fair value measurement.

The preparation of condensed consolidated financial statements requires the use of estimates, assumptions and critical judgements in the process of determining accounting policies to be adopted by the Group, with significant impact on the book value of assets and liabilities, as well as on income and expenses for the period. Although these estimates are based on the best experience of the Board of Directors and on its best expectations regarding current and future events and actions, current and future results may differ from these estimates. Areas involving a higher degree of judgement or complexity, or areas with significant assumptions and estimates are disclosed in Note 3 of the

1

accompanying notes to the consolidated financial statements of the Group for the financial year ended 31 December 2023.

3. CHANGES IN ACCOUNTING POLICES AND CORRECTION OF ERRORS

During the reporting period there were no changes in the accounting policies and no material mistakes related with previous periods were identified.

New accounting standards and their impact in these condensed consolidated financial statements:

Up to the date of approval of these condensed consolidated financial statements, the European Union endorsed the following accounting standards, interpretations, amendments and revisions, mandatorily applied to the financial year beginning on 1 January 2024:

	Effective date (financial years begun on or after)
Amendments to IAS 1 – Presentation of financial statements – Classification of current and non-current liabilities	01 Jan 2024
Amendments to IFRS 16 – Lease liabilities in sale and leaseback transactions	01 Jan 2024
Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements	01 Jan 2024

The adoption of these standards and interpretations had no relevant impact on the Ramada Group's condensed consolidated financial statements.

No new accounting standards or interpretations, with mandatory application in future economic years, have been endorsed by the European Union until the date of approval of these condensed consolidated financial statements.

The following standards, interpretations, amendments and revisions were not endorsed by the European Union at the date of the approval of the condensed consolidated financial statements:

	Effective date (financial years begun on or after)
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability	01 Jan 2025
Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7)	01 Jan 2026
Cycle of Annual Improvements to IFRS standards – Volume 11	01 Jan 2026
IFRS 18 Presentation and Disclosure in Financial Statements	01 Jan 2027

IFRS 19 Subsidiaries without Public Accountability: Disclosures 01 Jan 2027

These standards have not yet been endorsed by the European Union and, as such, the Group did not proceed with the early adoption of any of these standards in the condensed consolidated financial statements for the period ended 30 June 2024, as their application is not mandatory, and is in the process of examining the expected effects of these standards.

4. COMPANIES INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS AND OTHER INVESTMENTS

4.1 Subsidiaries included in the consolidation

The companies included in the consolidated financial statements by the full consolidation method, its headquarters, percentage of participation held and main activity as of 30 June 2024 and 31 December 2023, are as follows:

		Effective held percentage
Company	Registered office	30.06.2024	31.12.2023	Activity
Parent company
Ramada Investimentos e Indústria S.A.	Porto	-	-	Management consulting services and shareholding management
Ramada Group
Ramada Aços, S.A. (a)	Ovar	-	100%	Steel trade
Planfuro Global, S.A. (a)	Leiria	-	100%	Metal mould manufacturing
Universal Afir, S.A. (a)	Ovar	-	100%	Steel trade
F. Ramada II, Imobiliária, S.A.	Ovar	100%	100%	Real estate
Socitrel - Sociedade Industrial de Trefilaria, S.A. (b)	Trofa	100%	100%	Steel wire manufacturing and trade
Socitrel España, S.A. (b)	Spain	100%	100%	Steel wire manufacturing and trade
Expeliarmus - Consultoria, Unipessoal, Lda.	Trofa	100%	100%	Shareholding management
Ramada Solar, Unipessoal, Lda. (a)	Ovar	-	100%	Management of energy production and sale facilities
Socitrel Solar, Unipessoal, Lda. (b)	Trofa	100%	100%	Management of energy production and sale facilities
Blau Stahl, Unipessoal, Lda. (a)	Estarreja	-	100%	Steel trade

(a) Entities sold in the second quarter of 2024 (Note 6).

(b) Entities classified as discontinued activities as of 30 June 2024 (Note 7).

These subsidiaries were included in the consolidated financial statements of Ramada Group in accordance with the full consolidation method.

4.2 Investments in associated companies

As at 30 June 2024 and 31 December 2023, the caption "Investments in associated companies" can be detailed as follows:

		30 June 2024
Company	% Held	Opening balance	Transfers	Additions	Reductions	Closing balance
Fisio Share – Gestão de Clínicas, S.A	39.71%	5,788,779 5,788,779	- -	387,289 387,289	- -	6,176,068 6,176,068

(Amounts expressed in Euro)

	31 December 2023
Company	% Held	Opening balance	Transfers	Additions	Reductions	Closing balance
Fisio Share – Gestão de Clínicas, S.A	39.71%	5,231,294	-	557,485	-	5,788,779
		5,231,294	-	557,485	-	5,788,779

As at 30 June 2024 and 31 December 2023, the movement in this caption relates to the application of the equity method to the Group's investment in Fisio Share Gestão de Clínicas, S.A.. This subsidiary is engaged in providing technical and consulting services in the areas of health management and administration.

The application of the equity method relatively to the six months period ended as at 30 June 2024 was made based on the provisional and unaudited consolidated financial statements of the entity above mentioned, with the impact on net income for the current period being recorded under the caption "Results related to investments". As at 30 June 2024, the financial participation value amounted to 6,176,068 Euro (5,788,779 Euro as at 31 December 2023). The Board of Directors believes that there will be no materially significant differences between the financial statements used for the purposes of applying this method and the final consolidated financial statements of that entity.

4.3 Other investments

As of 30 June 2024, and 31 December 2023, the caption 'Other investments' and respective impairment losses can be detailed as follows:

	30.06.2024	31.12.2023
Gross value
Opening value	5,749,445	5,749,445
Additions	-	-
Closing balance	5,749,445	5,749,445
Accumulated impairment losses (Note 14)
Opening value	(5,749,445)	(5,749,445)
Additions	-	-
Closing balance	(5,749,445)	(5,749,445)
Net value	-	-

As at 30 June 2024 and 31 December 2023, the Group held 22.52% of the company CEV, S.A. This participated company is engaged in the developments and intellectual protection, production and trade of organic fungicides for agriculture. This investee is not listed and the Group does not have significant influence over this holding, namely due to:

• • Has no representation on the Executive Committee of the Subsidiary;
• • Has no power to participate in defining operational and financial policies;
• • Does not present any material transactions with the Subsidiary;
• • Does not contribute to the Subsidiary with technical information.

In view of the above, the Group believes that, having no influence on the company's governance bodies, it should consider this holding as other investment and not as an associate.

The measurement of evidence of investment impairments in other investments takes into consideration, among others, the Companies' financial indicators, its Operating Profit, and the shareholders' return, namely considering its ability to distribute dividends.

5. RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENTS

The condensed consolidated income statement for the period ended 30 June 2023 was restated, in accordance with IFRS 5, as a result of the completion of the sale transaction of the subsidiary Ramada Aços and its subsidiaries (Note 6) and of the classification of Socitrel and its subsidiaries as discontinued operations (Note 7). Thus, the impacts on the consolidated income statement for the period ended 30 June 2023 are related to the reclassification of its transactions to the caption "Profit after tax from discontinued operations".

As of 30 June 2023, the impacts of the restatement of the condensed consolidated income statement are as follows:

	30.06.2023 (Before Restatement)	Discontinued operations	30.06.2023 (After Restatement)
Sales and services rendered	78,900,981	(74,076,829)	4,824,152
Other income	145,747	(117,704)	28,043
Cost of sales and variation in production	(51,453,978)	51,453,978	-
External supplies and services	(8,825,194)	8,190,909	(634,285)
Payroll expenses	(8,062,159)	7,608,918	(453,241)
Amortisation and depreciation	(2,379,586)	2,139,166	(240,420)
Provisions and impairment losses	(91,001)	91,001	-
Other expenses	(333,007)	193,703	(139,304)
Results related to investments	187,495	-	187,495
Financial expenses	(1,404,253)	630,841	(773,412)
Financial income	115,044	(55,293)	59,751
Earnings before taxes from continued operations	6,800,089	(3,941,310)	2,858,779
Income tax	(1,401,414)	799,903	(601,511)
Earnings after taxes from continued operations	5,398,675	(3,141,407)	2,257,268
Profit after tax from discontinued operations	-	3,141,407	3,141,407
Consolidated net profit/(loss) for the period	5,398,675	-	5,398,675
Attributable to: Holders of equity in the parent company Continuing Operations Discontinued Operations	5,398,675 -	(3,141,407) 3,141,407	2,257,268 3,141,407
Non-controlling interests Continuing Operations Discontinued Operations	- -	- -	- -

6. CHANGES IN THE CONSOLIDATION PERIMETER

During the six-month period ended 30 June 2024, the following change occurred in the consolidation perimeter:

• Completion of the sale transaction of the subsidiary Ramada Aços and its subsidiaries

On 21 June 2024, Ramada Group informed the market about the completion of the sale to 1 Thing Investments, S.A. of all the shares representing the share capital and voting rights of Ramada Aços, S.A., and its subsidiaries, namely, Universal – Afir, S.A., Planfuro Global, S.A., Ramada Solar, Unipessoal, Lda., owned directly by Ramada Aços, and also Blau Stahl, Unipessoal Lda, owned by Planfuro Global, S.A., everything in accordance with the terms contracted on 10 May 2024 and in due course announced to the market, on 12 and 14 May 2024. The Special Steels activity was developed by the referred entities, which are dedicated to the distribution of special steels, steel for molds, the production of drawn steel, and to the rendering of services, namely, Machining and Heat Treatment, for two main application areas, namely, metalworking and molds and tools.

By means of completion of the transaction, the previously existing group relationship between Ramada Investimentos and Ramada Aços and its subsidiaries has been terminated.

As of 30 June 2024, the amount included in the caption "Profit after tax from discontinued operations" is detailed as follows:

	30.06.2024
a) Profit from discontinued operations
Profit after tax from Ramada Aços and its subsidiaries until the date of the sale transaction	669,923
Profit after tax from Socitrel and its subsidiaries until 30 June 2024 (Note 7)	406,399
b) Gain from the completion of the sale transaction of Ramada Aços and its subsidiaries	21,116,074
Profit after tax from discontinued operations	22,192,396

a) Profit from discontinued operations

Profit after tax from Ramada Aços and its subsidiaries until the date of the sale transaction

In accordance with IFRS 5, all the operations of Ramada Aços and its subsidiaries up to the date of the transaction were presented under the caption "Profit after tax from discontinued operations" in the condensed consolidated income statement. In this way, the results of discontinued operations associated with Ramada Aços and its subsidiaries up to the date of the transaction, amounted to 0.7 million Euro, and the information for the year ended 30 June 2023 was restated (Note 5).

Thus, the results from discontinued operations associated with Ramada Aços and its subsidiaries until the date of the sale transaction were as follows:

	Until the date of sale
	transaction
Sales and services rendered	41,513,679
Other income	204,022
Cost of sales and variation in production	(29,068,877)
External supplies and services	(4,887,490)
Payroll expenses	(5,205,533)
Amortisation and depreciation	(1,630,984)
Provisions and impairment losses	100,000
Other expenses	(147,831)
Results related to investments	-
Financial expenses	(281,482)
Financial income	47,607
Profit before tax from discontinued operations	643,111
Income tax	26,812
Profit after tax from discontinued operations	669,923

It is the Group's understanding that transactions between continued operations and discontinued operations, namely industrial real estate leasing contracts, will continue after the sale transaction, which is why the income and expenses have been eliminated in the discontinued operations, with this disclosure being the one that best represents the activity of continued operations after the sale transaction.

Profit after tax from Socitrel and its subsidiaries until 30 June 2024

The operations of Socitrel and its subsidiaries, also presented under the caption "Profit after tax from discontinued operations", are detailed in Note 7.

b) Gain from the completion of the sale transaction of Ramada Aços and its subsidiaries

As referred above, on 21 June 2024, Ramada Group completed the sale to 1 Thing Investments, S.A. of all the shares representing the share capital and voting rights of Ramada Aços, S.A., and its subsidiaries. The effects of these disposals on the condensed consolidated financial statements at 30 June 2024 can be detailed as follows:

	At the date of sale
	transaction
Net assets
Property, plant and equipment	5,587,904
Right-of-use assets	850,602
Inventories	16,405,052
Trade receivables	24,354,077
Cash and cash equivalents	4,273,957
Trade payables	(9,646,833)
Other net assets and liabilities	(5,322,900)
Total net assets disposed	36,501,859
Gain/(Loss) on disposal	23,049,311
Costs associated with the transaction	(1,933,237)
Gain/(Loss) on disposal after deduction of costs associated with the transaction	21,116,074
Disposal price	59,551,170
Amounts received	59,551,170
Net cash flow from disposal
Amounts received	59,551,170
Cash and cash equivalents disposed	(4,273,957)
	55,277,213

As a result of the completion of the sale transaction, a capital gain was calculated as at 30 June 2024 in the consolidated financial statements of Ramada, taking into account the price, the costs associated with the transaction and the net assets of the aforementioned subsidiaries, in the amount of 21.1 million Euro, which is presented under the caption "Profit after tax from discontinued operations".

Until the date of the sale transaction, the cash flows from discontinued operations related to Ramada Aços and subsidiaries are as follows:

	Until the date of sale
	transaction
Cash flows generated by operating activities	5,098,153
Cash flows generated from investments activities	54,498,878
Cash flows generated from financing activities	(286,674)

Cash flows generated from investment activities from discontinued operations related to Ramada Aços and subsidiaries, until the date of the sale transaction, include the net cash flow from the disposal.

7. DISCONTINUED ACTIVITIES

With the completion of the transaction of the sale of Ramada Aços and its subsidiaries, and with reference to 30 June 2024, the Board of Directors believes that, in view of the plan developed, the criteria for the presentation of the Wire Drawing activity, whose main business is the manufacture and commercialization of steel wires, capable of being used in a wide variety of fields, including industry, agriculture and construction, developed by Socitrel, as a discontinued operation, have been met.

In accordance with IFRS 5, all the operations of Socitrel and its subsidiaries were presented under the caption "Profit after tax from discontinued operations" in the condensed consolidated income statement. In this way, the results of discontinued operations related to Socitrel and its subsidiaries until 30 June 2024, amounted to 0.4 million Euro, and the information for the year ended 30 June 2023 was restated (Note 5).

The results from discontinued operations associated with Socitrel and its subsidiaries, until 30 June 2024, were as follows:

	30.06.2024
Sales and services rendered	24,392,882
Other income	455
Cost of sales and variation in production	(17,733,658)
External supplies and services	(2,835,809)
Payroll expenses	(2,683,421)
Amortisation and depreciation	(462,136)
Provisions and impairment losses	-
Other expenses	(22,613)
Results related to investments	-
Financial expenses	(30,588)
Financial income	29,359
Profit before tax from discontinued operations	654,471
Income tax	(248,072)
Profit after tax from discontinued operations	406,399

It is the Group's understanding that transactions between continued operations and discontinued operations, namely industrial real estate leasing contracts, will continue after a possible sale transaction, which is why the income and expenses have been eliminated in the discontinued operations, with this disclosure being the one that best represents the activity of continued operations after a possible sale transaction.

On 30 June 2024, the main assets and liabilities of discontinued operations were as follows:

	30.06.2024
Net assets
Property, plant and equipment	11,403,874
Right-of-use assets	243,968
Inventories	6,433,912
Trade receivables	8,864,581
Cash and cash equivalents (Nota 10)	3,216,302
Trade payables	(18,627,654)
Other net assets and liabilities	(1,781,848)
Total net assets	9,753,135
Non-current assets related to discontinued operations	31,682,174
Non-current liabilities related to discontinued operations	(21,929,039)
Total recognised in the statement of financial position	9,753,135

As of 30 June 2024, the cash flows from discontinued operations, related to Socitrel and its subsidiaries, are as follows:

	30.06.2024
Cash flows generated by operating activities	2,295,294
Cash flows generated from investments activities	(636,848)
Cash flows generated from financing activities	(43,310)

8. INVESTMENT PROPERTIES

The movement in this caption in the six months period ended 30 June 2024 and in the year ended 31 December 2023 is as follows:

	30.06.2024	31.12.2023
Gross opening balance	89,825,246	89,918,380
Acquisitions	-	-
Disposals	-	(93,134)
Transfer from Property, plant and equipment	3,163,055	-
Gross closing balance	92,988,301	89,825,246
Impairment Losses (Note 14)	(1,100,000)	(1,100,000)
Closing balance	91,888,301	88,725,246

The lease land generated, during the six months ended as of 30 June 2024, income for rents amounting to, approximately, 4,000,000 Euro (approximately 7,600,000 Euro in 31 December 2023).

Investment properties held by Ramada Group essentially correspond to land leased under lease, through contracts signed in 2007 and 2008 with an average duration of twenty years (with the possibility of extending for an additional period of four to six years, depending on the contracts, in case the lessee needs this period to make the number of cuts defined under usual conditions), and the cost method is being used as the valuation method.

The minimum future receipts for leases of forest land amounting, to approximately, 7.6 million Euro in each of the following 5 years. After this period and until the end of the contracts, the minimum future receipts total, approximately 39 million Euro. The rents provided for in each lease agreement are updated at the end of each two-year period, counting from the beginning of the calendar year immediately following the signing of the contract, based on the consumer price index.

Part of the land amounting to, approximately, 74 million Euros is given as collateral for the Group's bank loans.

As at 31 December 2023, the Group consulted an independent external appraiser to support the Board of Directors in determining the fair value of the land recorded as investment property for the purpose of disclosure on this matter and also to assess the existence of any evidence of impairment. Considering the information available to date, the conclusions regarding this matter remain unchanged.

As a result of completion of the sale transaction of the subsidiary Ramada Aços and its subsidiaries the amount allocated to the industrial real estate leased to Ramada Aços and its subsidiaries was reclassified to "Investment properties".

9. DEFERRED INCOME TAXES

In accordance with current legislation, the tax returns are subject to review and correction by the tax authorities over a period of four years (five years for Social Security), except when tax losses have occurred, tax benefits have been granted, or inspections, complaints or disputes are on-going. In these cases, depending on the circumstances, the above referred period deadlines can be extended or suspended. Therefore, the tax returns of Ramada and its subsidiaries for the years 2020 to 2023 may still be subject to review.

The Board of Directors of Ramada believes that any potential corrections arising from reviews/inspections of these tax returns by the tax authorities will not have a significant effect on the condensed consolidated financial statements as of 30 June 2024.

10. CASH AND CASH EQUIVALENTS

As of 30 June 2024, and 31 December 2023, the caption 'Cash and cash equivalents' included in the condensed consolidated statement of financial position can be detailed as follows:

	30.06.2024	31.12.2022
Cash	-	14,368
Bank deposits	60,223,969	16,147,958
Cash and cash equivalents on the statement of financial position	60,223,969	16,162,326
Bank overdrafts (Note 12)	(1,580,001)	(5,103,505)
Cash and cash equivalents from discontinued activities (Note 7)	3,216,302	-
Cash and cash equivalents on the statement of cash flows	61,860,270	11,058,821

11. SHARE CAPITAL

As of 30 June 2024, Ramada's fully subscribed and paid-up capital consisted of 25,641,459 shares with a nominal value of 1 Euro each.

Regarding the year 2023, the Board of Directors proposed in its Annual Report, which was approved in the General Meeting held on 3 May 2024, that the individual net profit of Ramada Investimentos e Indústria, S.A. in the amount of 36,757,110 Euro be distributed as dividends in the amount of 14,872,046 Euro, with the remaining amount of 21,885,064 Euro being transferred to free reserves.

12. BANK LOANS AND OTHER LOANS

As of 30 June 2024, and 31 December 2023, the captions "Bank loans" and "Other loans" can be detailed as follows:

	30.06.2024		31.12.2023
	Current	Non-current	Current	Non-current
Bank loans	5,500,000	15,000,000	5,987,401	19,500,000
Bank loans	5,500,000	15,000,000	5,987,401	19,500,000
Commercial paper Escrow accounts	15,000,000 4,000,000	- -	15,000,000 -	- -
Bank overdrafts (Note 10) Investment grants	1,580,001 -	- -	5,103,505 255,427	- 357,224
Other loans	20,580,001 26,080,001	- 15,000,000	20,358,932 26,346,333	357,224 19,857,224

It is the Board of Directors understanding that as of 30 June 2024 and 31 December 2023 the loans' book value does not differ significantly from its fair value.

12.1 Bank loans:

The nominal amount of bank loans as of 30 June 2024, and 31 December 2023, will be reimbursed as follows:

	30.06.2024			31.12.2023
Repayment year	Amount	Estimated interest 1	Repayment year	Amount	Estimated interest 1
Current Current
1H 2025	26,080,001	1,304,000	2024	26,346,333	1,317,317
Non-current 2H 2025	1,000,000	140,000	Non-current 2025	5,857,224	789,308
2026 2027	5,500,000 3,500,000	506,280 256,000	2026 2027	5,500,000 3,500,000	500,280 253,000
2028	5,000,000 15,000,000	180,000 1,082,279	2028	5,000,000 19,857,224	175,000 1,717,588
	41,080,001	2,386,279		46,203,557	3,034,905

¹Interest estimated according to the defined contractual conditions, assuming the market conditions verified in 2024 and 2023, respectively.

During the period of six months ended as of 30 June 2024, these loans bear interest at normal market rates depending on the nature and term of the credit obtained.

During the period of six months ended as of 30 June 2024, and the year ended as of 31 December 2023, the Group did not enter into any loan default.

Additionally, as of 30 June 2024, there are no covenants associated with the loans obtained.

13. OTHER CURRENT LIABILITIES

As of 30 June 2024, and 31 December 2023, the caption "Other current liabilities" can be detailed as follows:

	30.06.2024	31.12.2023
Accrued expenses: Wages and salaries payable, bonuses and other payroll expenses	615,921	2,553,395
Other accrued expenses Deferred income	611,634 -	1,920,960 170,073
	1,227,555	4,644,428

14. PROVISIONS AND IMPAIRMENT LOSSES

The movements that occurred in provisions and impairment losses for the six months periods ended as of 30 June 2024 and 2023, can be detailed as follows:

			30.06.2024
	Provisions	Impairment losses in debts from third parties	Impairment losses in inventories	Impairment losses in investments	Impairment losses in investment properties	Total
				(Note 4)	(Note 8)
Opening balance	2,185,467	7,146,583	2,844,463	5,749,445	1,100,000	19,025,958
Changes in perimeter of consolidation (Note 6)	(685,467)	(7,146,583)	(2,844,463)	-	-	(10,676,513)
Increases	-	-	-	-	-	-
Reversals	-	-	-	-	-	-
Utilizations	-	-	-	-	-	-
Closing balance	1,500,000	-	-	5,749,445	1,100,000	8,349,445
	30.06.2023
	Provisions	Impairment losses in debts	Impairment losses in	Impairment losses in	Impairment losses in	Total

	Provisions	losses in debts from third parties	losses in inventories	losses in investments	investment properties	Total
				(Note 4)	(Note 8)
Opening balance	2,160,000	7,980,350	3,856,229	5,749,445	1,100,000	20,846,024
Changes in perimeter of consolidation	499,500	-	-	-	-	499,500
Increases	-	91,001	-	-	-	91,001
Reversals	-	-	-	-	-	-
Utilizations	-	-	-	-	-	-
Closing balance	2,659,500	8,071,351	3,856,229	5,749,445	1,100,000	21,436,525

The increases and reversals of provisions and impairment losses recorded in the six months periods ended 30 June 2024 and 2023 were recorded against the income statement caption "Provisions and impairment losses".

The amount recorded under "Provisions" at 30 June 2024 corresponds to the best estimate by the Board of Directors of the Group Companies to cover losses to be incurred with lawsuits currently in progress and other liabilities.

It is the opinion of the Board of Directors, based on its legal and tax advisors, that as of 30 June 2024, there are no material assets or liabilities associated with probable or possible tax contingencies that should be recognized or disclosed in the condensed consolidated financial statements on 30 June 2024.

15. EARNINGS PER SHARE

Earnings per share for the six months periods ended as of 30 June 2024 and 2023 were determined taking into consideration the following amounts:

	30.06.2024	30.06.2023 (Restated)
Profit from continuing operations for calculating basic and diluted earnings per share	2,626,235	2,257,268
Profit from discontinued operations for calculating basic and diluted earnings per share	22,192,396	3,141,407
Weighted average number of shares for calculating net income per share	25,641,459	25,641,459
Earnings per share
For continued operations
Basic	0.10	0.09
Diluted	0.10	0.09
For discontinued operations
Basic	0.87	0.12
Diluted	0.87	0.12

There are no situations in the Group that might represent a reduction on earnings per share, arising from stock options, warrants, convertible bonds or other rights embedded in ordinary shares.

16. RELATED PARTIES

The Group's subsidiaries have relations with each other that qualify as related party transactions. All these transactions are carried out at market prices.

In the consolidation procedures, transactions between companies included in the consolidation by the full consolidation method (Note 4.1) are eliminated, since the condensed consolidated financial statements present information from the holding company and its subsidiaries as if they were a single company.

17. SEGMENT INFORMATION

As a result of the completion of the sale of Ramada Aços and its subsidiaries, and the presentation of Socitrel and its subsidiaries in this consolidated financial information as a discontinued operation, as explained above, the Board of Directors believes that, according to the way the information is monitored by it, there is only one segment that can be reported that, essentially, incorporates the following activities:

• the real estate asset management activity (composed, essentially, by the forest assets and other real estate); and
• the financial investments management activity, relating to minority shareholdings, namely, the participations held in CEV, S.A. and Fisio Share – Gestão de Clínicas, S.A..

This individual segment was identified taking into account that the management financial information is also prepared and analyzed on this basis.

18. SUBSEQUENT EVENTS

From 30 June 2024 to the date of issue of this report, there were no other relevant facts that could materially affect the financial position and future results of the Ramada Group and all the subsidiaries and associates included in the consolidation.

19. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS APPROVAL

The condensed consolidated financial statements were approved by the Board of Directors and authorized for issuance in 25 July 2024.

20. TRANSLATION NOTE

These consolidated financial statements are a translation of the financial statements originally issued in Portuguese in accordance with IAS 34 – Interim Financial Reporting and with the International Financial Reporting Standards as adopted by the European Union, some of which may not conform or be required by generally accepted accounting principles in other countries. In the event of discrepancies, the Portuguese language version prevails.

The Chartered Account The Board of Directors

João Manuel Matos Borges de Oliveira – Chairman

Paulo Jorge dos Santos Fernandes

Domingos José Vieira de Matos

Pedro Miguel Matos Borges de Oliveira

Ana Rebelo de Carvalho Menéres de Mendonça

Laurentina da Silva Martins