CTP N.V.

Annual Report (ESEF) • Mar 27, 2025

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Annual Report 2024 CTP N.V. Annual Report 2024 2 Mission CTP’s mission is to build long-term value—for the Company, its shareholders, clients, and the communities where it operates. CTP pursues its mission through the creation of business parks with economic ecosystems in strategic locations across Europe, from the North Sea to the Black Sea. CTP is entrepreneurial, full-speed and forward-leaning, with over 25 years of on-the-ground experience as a trusted partner to global business. Today, as Europe’s largest listed owner, developer, and operator of industrial & logistics (“I&L”) properties and the long-term leader in the business-smart markets of Central and Eastern Europe (“CEE”), CTP's ambition, innovation, and profitibility will continue to drive the company’s rapid and consistent growth. CTP N.V. Annual Report 2024 3 Contents CTP N.V. Annual Report 2024 4 Contents 1 Company Introduction 1.1 Business Model and Strategy 7 1.2 Big Numbers 8 1.3 History 10 1.4 Quarterly Highlights 2024 12 1.5 Letter from the CEO 13 1.6 Letter from the CFO 15 1.7 Chairwoman’s Letter 17 1.8 IR Q&A 19 2 Strategy & Outlook 2.1 CTP’s Business Model: “Wheel of Growth” 25 2.2 Growth Plan and €1 Billion Annualised Rental Income by 2027 28 2.2.1 Capital Allocation 28 2.2.2 Capitalising on Market Opportunities 29 2.3 Outlook for 2025 30 3 Business Environment & 2024 Performance 3.1 Overview of Business Environment & Trends 33 3.1.1 Economic Situation and Outlook in CEE 33 3.1.2 Main Trends in Europe’s I&L Sector 34 3.1.3 Real Estate Market Outlook 36 3.2 Operational Performance 40 3.2.1 Leasing Demand 40 3.2.2 Standing Portfolio 41 3.2.3 Development 45 3.2.4 Energy 48 3.3 Financial Performance 49 3.3.1 Revenues 49 3.3.2 Net Other Income and Expenses 50 3.3.3 EBITDA 50 3.3.4 Foreign Currency 50 3.3.5 Taxation 50 3.3.6 Profit 50 3.3.7 Dividend 50 3.3.8 Investment Portfolio 50 3.3.9 EPRA NTA 51 3.3.10 Capital raise 51 3.3.11 Overview of Cash Flow 51 3.3.12 Post-period Events 52 3.4 Funding and Hedging 53 3.4.1 Funding 53 3.4.2 Hedging 55 3.4.3 Covenants 55 3.4.4 EMTN Programme 55 3.5 Group-level Insights 60 3.6 Clients 65 3.7 Country Review 69 4 Sustainability 4.1 Highlights 2024 94 4.2 Scope and Basis for Preparation 95 4.2.1 Basis for Preparation 95 4.2.2 Additional Notifications 96 4.3 ESG Oversight 98 4.3.1 Risk Management and Internal Controls Over Sustainability Reporting 99 4.4 CTP’s Strategy, Business Model and Value Chain 100 4.5 Stakeholder Engagement 102 4.6 Materiality 104 4.6.1 Impact of Material IROs on Business Strategy 104 4.6.2 The Process of Identifying IROs 104 4.7 ESG: Material Disclosures and Strategy 106 4.7.1 Pillar 1: Striving to Be Climate Positive 109 4.7.2 Pillar 2: Stimulating Social Impact & Well-being 128 4.7.3 Pillar 3: Conducting Business with Integrity 141 4.7.4 Pillar 4: Embedding Parks in Communities 149 4.8 EU Taxonomy 151 4.8.1 KPIs (methodology of calculation) 151 4.8.2 Eligibility 152 4.8.3 Alignment 153 CTP N.V. Annual Report 2024 5 Contents 5 Governance 5.1 Governance Structure 163 5.1.1 Board of Directors 164 5.1.2 Appointment and Composition of the Board of Directors 171 5.1.3 General Meetings of Shareholders 172 5.2 CTP Board and Committees 173 5.2.1 The Board and its Meetings in 2023 173 5.2.2 Board Committees and their Meetings in 2024 175 5.3 2024 Remuneration Report 179 5.3.1 Overview of CTP’s Remuneration Policy 179 5.3.2 Remuneration of the Executive Directors 182 5.3.3 Remuneration of the Non-Executive Directors 185 5.3.4 2024 Remuneration Outcomes 186 5.4 Post-2024 Events 194 5.5 Diversity, Code of Conduct and Compliance 195 5.5.1 Diversity and Inclusion 195 5.5.2 Compliance Function 196 5.5.3 Code of Conduct 196 5.6 Governance Declarations 198 5.6.1 Compliance with the Dutch Corporate Governance Code 2022 198 5.6.2 Decree on the Directive on Takeover Bids 199 5.6.3 Corporate Governance Statement 201 5.6.4 Responsibility Statement 202 5.7 Risk Management 203 5.7.1 CTP Group Approach to Risk Management 203 5.7.2 Risk Management Policy 203 5.7.3 ERM framework 203 5.7.4 Implementation of the Risk Management Process 207 5.7.5 Risk Management System 207 5.7.6 Internal Controls 207 5.7.7 Responsibilities 207 5.7.8 Risk Appetite 207 5.7.9 Risk Control Framework 208 5.7.10 Update on CTP’s Principal Risks in 2023 and 2024 209 5.8 Risk Management 210 6 Financial Statements Consolidated Financial Statements 213 Company Financial Statements 295 Other Information 317 Independent Auditor’s Report & Limited Assurance Report of the Independent Auditor on the Sustainability Statement 319 7 Appendices 7.1 Group Structure 346 7.2 EPRA Appendices 352 7.2.1 EPRA Financial Performance Metrics 352 7.2.2 EPRA Earnings 353 7.2.3 EPRA Net Asset Value Metrics 354 7.2.4 EPRA NIY and ‘topped-up’ NIY 355 7.3 Materiality Appendices 356 7.3.1 Material Topics 356 7.3.2 Climate 366 7.3.3 Water 368 7.3.4 Waste 369 7.3.5 New BREEAM Certifications 369 7.3.6 New EPC certifications 370 7.3.7 New hires and new hire rate 370 7.3.8 Taxes 370 7.3.9 Absentee rate 370 7.4 ESRS Index 371 7.5 TCFD Index 375 7.6 EPRA sBPR Index 376 7.7 GRI INDEX 377 7.8 Property List 380 7.9 Glossary 385 7.10 Disclaimer 388 CTP N.V. Annual Report 2024 6 1 Company Introduction CTP N.V. Annual Report 2024 7 Company Introduction “THE ’WHEEL OF GROWTH’ DEMONSTRATES HOW THE ACTIVITIES OF CTP’S TWO CORE BUSINESS UNITS WORK TOGETHER TO DRIVE SUSTAINABLE GROWTH.” 1.1 Business Model and Strategy CTP, as a long-term owner, implements its strategy via its unique, vertically integrated “Wheel of Growth” busi - ness model, which consists of two interconnected core business units—the “operator” and the “developer”— that encompass the Group's activities. The business units each have their own roles and objectives, leveraging the Group’s capital sources and unique in-house capabilities while positively impacting each other: the operator, by owning and operating a prop - erty portfolio to enhance its value, generate cash flow, and maintain client relations; the developer, by generat - ing industry-leading yield on cost (“YoC”) of above 10% and by mobilising its landbank. The driving force behind CTP’s Wheel of Growth busi - ness model is the Company’s unique Parkmaker strategy. CTP’s focus is the development of sustainable, full-ser - vice business parks with onsite amenities and infrastruc- ture that support the growth of dynamic business eco- systems. CTP’s in-house teams manage each stage of the client relationship throughout the “Wheel of Growth” cycle, which enables clients to stay focused on their core business activities. The Group’s strategy is based on growing with its existing clients across the CTPark Network whilst also attracting new high-quality tenants. This is illustrated by the high level of repeat business—around two-thirds of new leases each year are signed with existing clients. CTP’s disciplined capital allocation, unique business model, and the expertise of its in-house teams position the Company to provide best-in-class service to clients and be a long-term partner. This has made CTP the mar - ket leader it is today and enabled the Group to provide shareholders with superior and long-term, sustainable returns. See Section 2 for more details. CTP’s Parkmaker strategy has been consistent since the Company’s start in 1998: to develop, own, and operate state- of-the-art, full-service business parks in strategic, business-smart locations, leveraging strong client relationships to deliver long-term value creation. Maximising value by providing the complete package of Parkmaking services. PARKMAKER STRATEGY Mobilising the landbank with in-house teams helps maintain industry-leading YoC. OPERATOR DEVELOPER CTP N.V. Annual Report 2024 Company Introduction 8 1.2 Big Numbers LANDBANK 26.4 million sqm LEASES SIGNED, 2024 2.1 million sqm AVERAGE RENT OF LEASES SIGNED €5.68 per sqm per month ESTIMATED YOC OF PROJECTS UNDER CONSTRUCTION 10.3% ANNUALISED RENTAL INCOME €743 million GLA 13.3 million sqm CLIENT RETENTION 87% OCUPANCY 93% REVERSIONARY POTENTIAL 14.5% UNDER CONSTRUCTION 1.8 million sqm LIKE-FOR-LIKE RENTAL GROWTH 4.0% PRE-LET 2025 DELIVERIES 35% COLLECTION RATE 99.8% WAULT 6.4 years as at 31 December 2024 CTP N.V. Annual Report 2024 Company Introduction 9 EPRA NTA PER SHARE €18.08 LIQUIDITY €2.2 per sqm per month GAV €16.0 billion AVERAGE DEBT MATURITY 5.0 years COMPANY SPECIFIC ADJUSTED EPRA EPS €0.80 PORTFOLIO YIELD 6.6% INTEREST COVER RATIO 2.6x AVERAGE COST OF DEBT 3.09% NORMALISED NET DEBT TO EBIDTA 9.1x CTP N.V. Annual Report 2024 10 Company Introduction 1.3 History 2013 CTP enters the Prague market. CTP’s portfolio reaches 2 million sqm of GLA. CTP delivers its first BREEAM Outstanding building—Tower I at Spielberk in Brno. 2014 CTP launches operations in Romania. 2015 CTP announces growth target of 3 million sqm of GLA by 2020. CTP acquires 380,000 sqm of GLA in Romania, becoming the market leader in the country. 2016 CTP launches operations in Hungary. 2018 CTP’s portfolio reaches 5 million sqm of GLA across CEE. CTP sells a portfolio of three parks in the Czech Republic to DEKA for €410 million. CTP sets new target of 10 million sqm of GLA by 2023. 2019 Remon Vos consolidates 100% ownership of CTP. CTP secures €1.9 billion in financing, the largest in CEE. 2020 CTP B.V. bonds rated Baa3 (Stable) by Moody’s and BBB- (Stable) by S&P. CTP issues its inaugural green bond. CTP’s entire portfolio in Hungary is BREEAM certified. CTP becomes market leader in Serbia. 2021 CTP launches its IPO on Euronext Amsterdam, the largest real estate IPO in Europe since 2014, and is included in the Euronext AScX index. CTP launches in Western Europe, opens an office in the Netherlands. CTP BREEAM certifies 100% of its standing portfolio. CTP receives a Low-Risk rating in Sustainalytics ESG Risk Ranking. CTP is Europe’s largest real estate issuer of green bonds for the year, with a total of €2.5 billion issued. CTP becomes market leader in Hungary. 1998 CTP is established by Remon Vos. Construction begins at CTP’s first business park in the Czech Republic— CTPark Humpolec. 2000 CTP completes its first building. 2007 CTP becomes the largest industrial developer in the Czech Republic, focusing on Plzeň, Brno and Ostrava. 2008 CTP installs its first solar plant at CTPark Humpolec. 2010 CTP completes the installation of 6 MWp of solar capacity at various parks in the Czech Republic. 2011 CTP’s annual rental income exceeds €100 million. CTP averages nearly 8% growth per year in 2008–2011, during the financial crisis. CTP N.V. Annual Report 2024 11 Company Introduction 2022 CTP launches operations in Germany with its acquisition of the 1.6 million sqm GLA portfolio of Deutsche Industrie REIT; the CTPark Network now connects the North Sea to the Black Sea. CTP included in the Euronext AMX index and the AEX® ESG Index. CTP expands in Poland with a land acquisition that offers the potential for 1.2 million sqm of GLA. CTP expands in Western Europe by delivering its first development in Rotterdam in the Netherlands and launching its first project in Austria. CTP exceeds its 10 million sqm of GLA target with 10.5 million sqm of GLA at year-end and reaches 38 MWp of installed solar power capacity. 2023 CTP opens Hong Kong office amid growing demand from Asian clients for European industrial & logistics warehouse space. CTP starts its first development projects in Germany. CTP’s installed solar power capacity reaches 100 MWp. CTP’s net rental income exceeds €500 million, with a record 2.0 million sqm of leases signed. 2024 CTP doubles the size of its portfolio since its IPO in March 2021. CTP expands in Romania with the acquisition of a 30 hectare landbank and six industrial parks with a total GLA of 270,000 sqm. CTP acquires an 830,000 sqm brownfield site in Düsseldorf, for €155 million, with plans to transform the inner-city site into multi-user business park. CTP raises €300 million of equity in September, providing increased financial flexibly to pursue additional development-led growth opportunities and to take advantage of attractive investment opportunities. CTP raises €2.4 billion in new debt across multiple markets and increases its RCF to €1.3 billion. CTP posts record profit of €1.1 billion. CTP N.V. Annual Report 2024 Company Introduction 12 1.4 Quarterly Highlights 2024 Q1 CTP announces the successful placement of a €750 million green bond and completes a €250 million bond tender offer. CTPark Weiden in Germany is fully let, ahead of its redevelopment completion in Q3 2024. Vitesco Technologies leases 40,000 sqm in Czech Republic for a €190 million EV parts factory. Q2 Taiwan-based Quanta Computer signs for a 22,500 sqm high-tech, built-to-suit microchip production facility at CTPark Jülich in Germany. CTP expands in Romania with a 270,000 sqm warehouse and 30 hectare landbank acquisition. CTP announces the signing of a €500 million unsecured syndicated sustainability-linked loan facility and €500 million bond tender offer. CTP continues expansion in Poland with 500,000 sqm land acquisition. Q3 CTP leases over 100,000 sqm of industrial and logistics space across Hungary to an automotive industry logis - tics specialist. Leading fashion brand LPP signs deal for an additional 65,000 sqm new e-commerce facility at CTPark Bucharest West in Romania. CTP raises €300 million in new equity through an accelerated bookbuilding offering. Chinese automotive supplier Jiangsu Xinquan Automotive Trim signs for 18,000 sqm at CTPark Prešov South in Slovakia as nearshoring gathers pace. Q4 Construction launches on 30,000 sqm of distribution space at CTPark Blatnice in the Czech Republic for Redcare Pharmacy, Europe’s leading online pharmacy. CTP delivers Tesco’s new 100,000 sqm logistics centre at CTPark Szigetszentmiklós in Hungary. CTP places a €500 million green bond and completes a €200 million tender offer. Raben Group opens its latest warehouse at CTPark Warsaw West in Poland, expanding the park’s footprint to 160,000 sqm. CTP announced as Czech national partner at EXPO 2025. CTP announces the signing of a €1.3 billion Revolving Credit Facility. CTP N.V. Annual Report 2024 Company Introduction 13 I’m pleased to report that 2024 was another record year for CTP, both operationally and financially. We leased a record 2.1 million sqm of gross leasable area (“GLA”) during 2024, showcasing the demand for our full-service business parks. Two-thirds of new leases were signed with existing clients expanding with us during the year. We delivered a record 1.3 million sqm of GLA in 2024, consistent with our 10%–15% new growth target, and ended the year with a standing portfolio of 13.3 million sqm. Our annualised gross rental income now stands at €743 million—well on the path to our 2027 target of €1 billion—thanks to the deliveries coming online and like-for-like rental growth. Our strong income-producing portfolio, with our di - verse international client base and 99.8% collection rate, ensures that CTP remains highly profitable, cash-gen - erating, and that we can continue to invest in our next developments. CTP has a proven track record built over the course of more than 25 years. Our success is anchored by several key factors: our large strategic landbank, primarily at ex - isting locations; our Parkmaker strategy; and our “Wheel of Growth” business model, which includes our integrated development capabilities. Our full-service model includes in-house design and construction teams, which help us build on-time and on-budget, as well as our property man - agement team that looks after the client following move- in, which fosters deep client relationships. Our unique mix of strengths, together with our first-mover advantage in CEE, gives us a robust financial position, with a mar - ket-leading yield on cost (“YoC”) of above 10% for new de- 1.5 Letter from the CEO velopments which we have achieved over the last 25 years. We are well placed to further build on our strong position and exploit opportunities as they emerge. Secular growth drivers in a region with huge potential We have targeted to reach €1 billion annualised rent - al income by 2027 and have a clear roadmap in place to achieve this. The conversations with our clients, together with the strength of our business model, give us full con - fidence in our ability to reach this milestone. The outlook for our markets in CEE is favourable, with secular growth drivers that remain entrenched across the region, which continues to be undersupplied and is the largest growth market in Europe, with rising barriers to entry for new developers. Changes to the global geopolitical landscape, whether these are tariffs, regulation, or other supply chain shocks, continue to benefit the relative positioning of CEE. As the importance and value of the CEE region’s underlying busi - ness-smart proposition—strategic location, educated workforce, and lower labour costs—becomes increasingly apparent and critical for the resiliency of European supply chains. We continue to see the rise of nearshoring/friend - shoring to the CEE region in response to global uncertain- ties and the need to reduce the fragility and carbon foot- print of extended global supply lines. Asian clients represent over 10% of our portfolio but made up 20% of the leasing activity in 2024, showcasing the incremental demand created by nearshoring. The development of the middle class in CEE and the rapid increase in purchasing power drives ongoing de - mand for e-commerce warehousing and logistics facili- ties, particularly in CEE, where the growth in online re- tailing is more robust than in Western European markets, as it comes from a lower base, but catching up rapidly. CEE growth dynamics mean that our markets’ historic and projected GDP growth outperform the EU-27 and West - ern Europe on average, with lower debt-to-GDP ratios. The region remains a generally low-tax, business-friendly environment, with strong government support for infra - structure development and foreign direct investments. Further expansion in Germany We also see opportunities in Western European markets, as we believe our integrated business model and full-ser - vice business parks can also generate superior returns in those markets. As the German economy is going through a transfor - mation, with more labour and energy intensive sectors moving out, we see new high value-add industries emerg - ing, including semiconductor, clean-tech, and defence- related businesses. These all come with new A-class industrial and logistics space requirements. We have acquired—in addition to the former Deutsche Industrie REIT portfolio—several brownfield redevelop - ment plots in Germany, among others in Mulheim, Krefeld, Wuppertal, and Aachen. In Q4 2024 we also acquired an 830,000 sqm plot in Dusseldorf—the largest single land plot acquisition we have made. The site has a fantastic location midway between the city centre and airport. These plots also allow us to develop our business park model in Germany, with different building types, includ - ing introducing our small business unit, ctBox, with 500 sqm–1,000 sqm of space. We are well underway with our plans for these brown - field sites, also working closely together with the munici- palities, which allows us to ramp up our development ac- tivities in Germany over 2025 and the years to come. CTP N.V. Annual Report 2024 Company Introduction 14 Pan-European player The CTPark Network provides unique and seamless, A-class industrial and logistics property solutions to lo - cal and global businesses across ten countries, from the North Sea to the Black Sea. In 2024 we continued to grow our market share. In our Core Markets, we grew from 23.9% just before our IPO in March 2021, to 28.8% as at year-end 2024, despite increasing competition. This illustrates the strength of our business model—expanding with exist - ing clients in existing locations. We also further strengthened our position in Poland, where we signed over 300,000 sqm of new leases and now have a portfolio of nearly 800,000 sqm. Polish market conditions, where the prevailing trader-developer model is under pressure due to the higher interest-rate environment, has led to a reduction of overall supply and has allowed us to rapidly expand our presence in the country. Talented team CTP has a team of over 900 Parkmarkers, with an aver - age age of just over 39 years. As a dynamic and entre- preneurial organisation, we give young talented people the opportunity to grow with our business. This is also anchored in our five deeply rooted values, which inspire our teams to do what they do best: be close to our ten - ants and develop sustainable, innovative and high-quality industrial & logistics parks. Their hands-on, can-do atti - tude has made CTP what it is today, and I’m proud to see a new generation of young talent grow within the Company. They are Parkmakers at heart, on the ground, engaging with local communities, connecting our clients to local universities, schools, businesses and charities—the key to our ESG pillar of embedding parks in local communities and furthering our clients’ ESG goals at the same time. None of our successes would have been possible with - out our team of dedicated professionals, and I would like to thank them for the successes that we have achieved together. Outlook Current geopolitical and macroeconomic trends benefit our core CEE markets, and this is just the beginning for this business-smart region. The continuation of structur - al market trends favours CTP’s owner-operator business model, as we take a long-term, sustainable approach to our activities. We continue to grow with our clients in ex - isting locations and can expand with them quickly to new locations as required. We are confident that we can achieve our ambi - tious goals and €1 billion rental income target by 2027, and that is just the next step. We have the land, we have the clients, we have the capital, and we have the teams. Full speed! “WE ARE CONFIDENT THAT WE CAN ACHIEVE OUR AMBITIOUS GOAL OF €1 BILLION RENTAL INCOME BY 2027, AND THAT IS JUST THE NEXT STEP.” Remon Vos CEO Amsterdam, 7 March 2025 CTP N.V. Annual Report 2024 Company Introduction 15 1.6 Letter from the CFO GRI 2-22 Strong like-for-like portfolio revaluation On the back of a record leasing year, with 2.1 million sqm of new leases signed, we delivered a total of 1.3 million sqm of new GLA during 2024. This brings the portfolio to 13.3 million sqm of GLA at year-end. The Group’s gross asset value (“GAV”) increased 17.2% year-on-year to €16.0 billion, mainly driven by de - liveries of development projects, positive revaluations on the standing portfolio, as well as acquisitions. During 2024, we booked a net positive revaluation re - sult of €941.5 million, of which €499.9 million was driven by the income producing portfolio, where we saw a pos - itive like-for-like revaluation of 5.9%, thanks mainly to the growth of the estimated rental value (“ERV”) across the portfolio. Investment projects under development (“IPUD”) contributed €380.4 million to the revaluation results, thanks to our industry leading YoC of above 10%. Strong credit profile We ended 2024 with a solid liquidity position of €2.2 billion. Our strong cash position and undrawn revolving credit facility, combined with our access to debt and eq - uity capital markets, as well as unsecured and secured bank lending, puts us in a prime position to act quickly and seize growth opportunities as they appear. Given the current market conditions and the strength of CTP’s build-to-own business model, we anticipate significant investment opportunities in the coming years. In 2024 we pivoted back to the bond market for our fi - nancing, as it had become more attractive again than bank lending. In total we raised €2.4 billion in 2024—€1.3 billion in the bond market, €0.5 billion in the unsecured bank lending market, €0.5 billion in the secured bank lending market—and we placed our first €50 million pri - vate placement. We also bought back €950 million of short-maturity bonds and prepaid €379 million of se - cured bank loans to reduce finance costs. CTP’s financial position is further bolstered by strong underlying fundamentals: our average cost of debt of 3.09%, which is fully fixed or hedged until matu - rity, and our average debt maturity of 5.0 years. CTP’s next upcoming maturities are a bond in June 2025 (€272 million outstanding) and a bond in October 2025 (€185 million outstanding), which can be fully repaid from our cash position. The Company’s Loan-to-Value (“LTV”) ratio stood at 45.3% at year-end 2024, slightly above our 40%–45% target range, as we used the proceeds from the accel - erated bookbuilding to do highly attractive landbank ac- quisitions in the fourth quarter. We deem the 40%–45% target range appropriate, as this reflects our above-mar - ket average portfolio yield. Our normalised Net Debt to EBITDA of 9.1x reflects a healthy cash-flow leverage, and we have a robust interest coverage ratio of 2.6x, despite seeing a material increase in average funding cost in the last years. In Q3 2024, both S&P and Moody’s confirmed our BBB- and Baa3 credit rating, respectively, both with a stable outlook. While in Q1 2025, we obtained a A- rating with stable outlook from JCR, the Japan Credit Rating Agency, which will allow us to raise debt in the Japanese market, further increasing our funding diversification. In 2024, we continued our strong track record, delivering on our guidance. We grew our Company-specific adjust - ed EPRA earnings per share (“EPS”) by 9.9% to €0.80 and our EPRA Net Tangible Asset (“NTA”) by 13.6% to €18.08. Record profit In 2024 we realised a record profit of €1.1 billion, driven by our strong recurring earnings growth as well as the significant positive valuation result from our record de - liveries and increasing rent levels. The annualised Gross rental income came to €743 million at the end of 2024, an increase of 15.3% year-on- year. Gross rental income (“GRI”) increased year-on-year by 16.1% to €664.1 million and 4.0% on a like-for-like basis. Net rental income (“NRI”) grew year-on-year by 19.0% to €646.8 million, as we improved the NRI to GRI ratio by reducing service-charge leakage across the port - folio. We also realised a profit of €25.5 million on the build - ing improvements we sold to our clients, reflecting the importance of manufacturing in our portfolio. Net other income/expenses, which includes all over - head costs, remained flat for the year, illustrating our efforts to remain a lean and mean entrepreneurial or - ganisation. CTP N.V. Annual Report 2024 Company Introduction 16 Equity raise In 2024, we placed our first equity raise since the IPO in March 2021 through an accelerated bookbuilding. In total we raised €300 million in a six-times oversub- scribed issue. This illustrates our strong access to equi- ty capital markets, as well as giving us the firepower to do bolt-on acquisitions for either standing properties or large landbank plots. ESG In line with CTP’s long-term business principles and strategy going forward, sustainability and the principles of ESG are integral to our operations at all levels. This year we are again publishing our Annual Report in line with the CSRD requirements. CTP’s growing energy business provides a new rev - enue stream for the Company while enhancing our ESG credentials and offer for clients, who increasingly require high levels of ESG compliance for their leased premises. Solar income in 2024 came to €7.6 million, and by year- end we had 138 MWp of installed solar capacity. During the year we continued our long-standing com - mitment to deliver state-of-the-art, energy efficient buildings that meet high BREEAM and EPC standards across the portfolio. Dividend We propose a final 2024 dividend of €0.30 per ordinary share, which will be paid, subject to approval by the Annu - al General Meeting, in May 2025. This will bring the total 2024 dividend to €0.59 per ordinary share, which repre - sents a pay-out ratio of 74% of our Company-specific adjusted EPS, an increase of 12.4% compared to 2023. Outlook We expect Company specific adjusted EPS of €0.86– €0.88 for 2025, representing an increase of 8%-10%. This is driven by our strong underlying growth, partly offset by a higher average cost of debt due to the (re)-fi - nancing done in 2024 and 2025. Our integrated business model sets us apart and has delivered over 25 years of superior returns, which gives us confidence for 2025 and beyond. CTP is well po - sitioned thanks to our robust balance sheet and strong liquidity position; our disciplined capital allocation and industry-leading YoC; our conservative debt repayment profile and good access to credit and equity markets; our well-diversified client base with blue-chip multinationals, who continue to expand with us; our team; and the strong cash-flow generation of our standing portfolio, which is supported by an increasing number of leases linked to in - flation and continued rental growth driven by the secu- lar growth drivers in the CEE region and the industrial & logistics property sector. “IN 2024 WE REALISED A RECORD PROFIT OF €1.1 BILLION, DRIVEN BY OUR STRONG RECURRING EARNINGS GROWTH AS WELL AS FROM RECORD DELIVERIES AND INCREASING RENT LEVELS.” “ OUR STRONG CASH POSITION PUTS US IN A PRIME POSITION TO ACT QUICKLY AND SEIZE GROWTH OPPORTUNITIES AS THEY APPEAR.” Richard Wilkinson CFO Amsterdam, 7 March 2025 CTP N.V. Annual Report 2024 Company Introduction 17 1.7 Chairwoman’s Letter Dear Shareholders, In 2024 we experienced another year of substantial eco - nomic and geopolitical uncertainty. The market started the year with high expectations for interest rates cuts, which were delayed as inflation was more persistent than expected. While inflation is coming down, it remains above central bank targets. This has led to long-term rates re - maining relatively stable during the last two years. With more protectionist economic policies rippling out from the United States, the ongoing trend of nearshoring is ex - pected to accelerate, as global supply chains are being re- designed and production is being nearshored to be closer to end consumers. I am proud of the resilience that CTP’s business mod - el and teams have demonstrated in these volatile times. We stay true to our commitments to be a long-term part - ner for our clients and deliver superior long-term value creation for our shareholders. During 2024 we delivered another record year in terms of growth, and our financial performance remained strong, delivering a record profit for our shareholders. Entrepreneurial and agile company CTP is an entrepreneurial and agile company. This mind - set has been integral to our company culture and values from the start and has been a key success factor in our industry-leading growth track record. Our ability to adapt quickly to changing environments is a clear competitive edge that has allowed us to take many opportunities and grow our market share in the CEE region, despite the in - creasing strength of the competition. At the heart of our achievements is our dedicated team. Their expertise and commitment to excellence drive our continued success. As we grow, we remain fo - cused on fostering our unique culture, ensuring that we not only meet today’s challenges but anticipate tomor - row’s opportunities. Our focus on building long-term partnerships with our clients positions us for sustained success. This model is very attractive, also for Asian clients, which are mostly manufacturing companies looking for long-term part - nerships. This has allowed us to take a disproportionate share of the nearshoring activity in the business-smart region of CEE. Sustainability and governance As the long-term owner and operator of our properties, sustainability is an essential part of our business model and is embedded in our values. We build energy-efficient buildings, lowering the occupancy cost for our clients. In 2024, we further rolled out our solar power business and continue to look for new innovations and technolog - ical solutions that make our buildings smarter and more sustainable. We strive to make each new building better than the last one. “AS THE LONG-TERM OWNER AND OPERATOR OF OUR PROPERTIES, SUSTAINABILTY IS AN ESSENTIAL PART OF OUR BUSINESS MODEL AND IS EMBEDDED IN OUR VALUES.” CTP N.V. Annual Report 2024 Company Introduction 18 Barbara Knoflach Chairwoman Amsterdam, 7 March 2025 CTP’s sustainability efforts in 2024 were recognised by Sustainalytics with an ESG Risk Rating of 9.3 with a Negligible Risk assessment. During the year we also re - ceived 25 new BREEAM certificates, 23 of which were rated “Excellent” or “Outstanding”, as we continue to step up our ESG efforts. Embedding CTP’s parks into the communities where they are located has always been part of the Company's strategy as long-term owner and operator. At the 2024 AGM, Mr. Gerard Van Kesteren and Mr. Pavel Trenka did not stand for re-election after their term expired. Two new Board members were appointed, Ms. Kari Pitkin and Mr. Rodolphe Schoettel. Ms. Susanne Eickermann-Riepe and I were reappointed, ensuring con - tinuity. Looking ahead to the 2025 AGM, we are pleased to propose the renewal of the mandate of one of our Execu - tive Directors and CFO, Mr. Richard Wilkinson. We are also proposing to re-appoint our current ex - ternal auditor, KPMG, for CTP’s financial statements and the assurance for our sustainability reporting for the 2025 financial year. For 2026–2028 we are pleased to propose PwC as the external auditor for CTP’s financial statements and sustainability reporting. Looking ahead We are confident of our strategic direction and see many opportunities ahead. We are the market leader in the fastest-growing region in Europe, where demand for I&L continues to rise, driven by long-term structural demand drivers. Our teams, with over 900 fellow Parkmakers, are well positioned to capitalise on these opportunities and continue to deliver strong shareholder returns. On behalf of all Non-Executive Directors, I would like to thank our clients, shareholders, partners, and other valued stakeholders for their trust and support. We look forward to seeing you at the AGM! On behalf of the Board, CTP N.V. Annual Report 2024 Company Introduction 19 2024 was another excellent year for CTP. By year-end, we more than doubled the size of our business—both in terms of GLA and rental income—since the IPO March 2021. We hosted our third Capital Market Day, welcoming over 50 investors and sell-side analysts in Bucharest, followed by a property tour of our Romanian and Serbian assets. In 2024 we delivered 13.6% NTA growth, or a Total Accounting Return of 17.1% including dividends. The Total Accounting Return CAGR since the IPO stands at 24.0%, showcasing our consistent track record and positioning CTP as a growth stock with attractive features also for generalist investors— setting us apart from many peers in the real estate sector, which is typically seen as a low-growth sector. What will be your like-for-like rental growth in 2025? We expect like-for-like rental growth in 2025 to be around 4%, driven by indexation and reversion. As at year-end 2024, 71% of our contracts had a double in - dexation clause, with indexation being the higher of (i) a fixed escalator of between 1.5%–2.5% or (ii) the local or European Consumer Price Index (“CPI”). The remaining 30% of the contracts have only a fixed escalator. Based on this mix and the levels of the local and European CPI, we expect indexation to contribute around 2.5% to like- for-like rental growth, on top of which we will have the reversion of expiring leases. The reversionary potential of our portfolio at year-end 2024 stood at 14.5%. What are your market rent growth expectations? Market rent growth is ultimately driven by the supply/ demand balance. In 2024 we had another record year in terms of leasing, with 2.1 million sqm of new leases—7% more than last year. We also signed these leases—adjust - ed for the country mix—at 3% higher rents than in 2023. Both leasing and rental growth illustrate the strong on - going demand for I&L space in CEE. With moderate sup- ply, we see in general a healthy supply/demand balance across our markets. After strong market rental growth in 2022 and 2023, we saw it moderate during 2024, and for 2025 we expect moderate market rental growth in line with inflation or inflation plus. CTP’s markets, subject to their maturity, are in different stages of rental growth, with the Czech Republic—where we signed new leases in 2024 for on average €7.23 per sqm per month—already having seen substantial growth, while markets like Poland, Romania and Serbia are still at the beginning of the market rental growth process. How do you see demand and pre-letting to evolve going forward? Based on the continued strong demand and record leas - ing year in 2024, we expect to be able—in line with our track record—to deliver projects 80%–90% pre-let at completion. The 1.3 million sqm we delivered in 2024 were 92% pre-let at delivery. In 2025, we expect to deliv - er between 1.2 and 1.7 million sqm, in line with our usual 10%–15% delivery growth rate per year. Most of CTP’s projects currently under construction are within an exist - ing park—80% as at 31 December 2024. In some cases, we begin construction without having a pre-let secured. In existing parks, CTP has clear visibil - ity on future client demand, as around two-thirds of new leases are signed with existing clients. During the course of construction, the pre-letting ticks up to 80%–90% at completion. Starting construction in advance gives CTP a competitive advantage when existing tenants want to expand at their existing locations—showcased by CTP’s high tenant retention rate—or when clients need space available within a short timeframe. 1.8 IR Q&A CTP N.V. Annual Report 2024 Company Introduction 20 Why is the CEE region outperforming? The CEE region is “business-smart” due to its competi - tive total labour costs that are one-third of what they are in Western Europe and comparable with China; its strong work ethic; and high infrastructure investments that are constantly improving transport links. There are several secular demand drivers: (i) nearshoring, as companies look to de-risk and shorten their supply chains, with CEE countries ranked high as likely destinations—for example, currently over 10% of CTP’s portfolio is leased to Asian tenants producing in Europe for Europe, representing 20% of our 2024 leasing, which shows the incremental demand; (ii) continued e-commerce growth, which comes from a low base with above-average GDP growth fore - casts for the CEE region and the rise of the middle class supporting consumption; and (iii) professionalisation of supply chains, as 3PLs continue to densify their networks in CEE. As CEE markets are still undersupplied in terms of GLA per capita and new supply barriers are rising, CTP is uniquely positioned, thanks to its first-mover advantage and strategically positioned landbank, to further bolster its leading market position. Have valuations bottomed out? Yes, in 2024 we saw a like-for-like valuation increase of 5.9%. This was largely driven by ERV growth of 4.9%; however, we also saw some initial yield compression in the second half of 2024. Looking forward, we expect further yield compression over the course of 2025 as well as ERV growth, supporting valuations. The Reversionary Yield came down from 7.2% in 2023 to 7.1% in 2024, while the portfolio yield increased from 6.5% in 2023 to 6.6% in 2024, showcasing our ability to drive the in-place rent and capture reversion potential. The yield differential between CEE and Western Europe - an logistics is back to the long-term average and we ex- pect it to come down further, driven by the higher growth prospects for the CEE region. With more players enter - ing the CEE market—for example Blackstone, through a €470 million acquisition in Czech Republic and Slovakia— the liquidity premium embedded in CEE valuation yields should come down. How is your credit profile evolving? We were very active on the capital markets in 2024. We raised €2.4 billion of gross debt and increased our RCF from €550 million to €1.3 billion. We also demonstrat - ed our good access to equity capital markets with the €300 million equity raise we did through an accelerated bookbuild, the first since the IPO, which was nearly six times oversubscribed. We also bought back €950 million of short-dated bonds in order to extend our credit curve. While this is a slight headwind for our Company Specif - ic Adjusted EPRA EPS, as we replaced low coupon bonds with higher coupon bonds, it allowed us to book a capital gain of €37.1 million, as they were bought back below their nominal value. The bond market became competitive again over the course of 2024. The latest issuances we made in 2024 were a €500 million eight-year bond with a 3.875% coupon (MS+173 bps) and a €50 million five-year pri - vate placement with a 3.427% coupon (MS+125bps). For 2025, we expect marginal cost of debt to be around 3.5%–4.0%. As spreads came down, we also negotiated a margin reduction on €570 million of secured bank loans and re - paid €379 million of secured bank loans, which had on av- erage an all-in cost of 5.1%. CTP N.V. Annual Report 2024 Company Introduction 21 What sets CTP apart from peers in the sector is the high spread between, on one hand a development YoC of over 10%, and on the other hand a standing portfolio yield of 6.6% and marginal cost of debt of 3.5%–4.0%. This allows CTP to improve its credit metrics—in - cluding ICR, Net Debt to EBITDA and LTV—while devel- oping and developing our portfolio. This unique feature is key to CTP’s growth track record and is also reflected in the bond pricing, with those trading in line with one- notch-better BBB flat names. Is CTP’s YoC of above 10% sustainable? Our construction costs were around €500/sqm in 2024, and we expect them to stay at around this level through - out 2025. Market rents continue to tick up, allowing CTP to maintain its 10% YoC, despite moving more into West - ern European markets, where we target 9% YoC. CTP’s in-house general contractor department, as well as its business model of building for existing tenants in existing parks, are key ingredients for this industry-leading YoC level which we have been able to maintain for 25 years. What are your capital allocation priorities? Investing in our development pipeline is the priority. For this we plan to mobilise our existing landbank, which is already paid for and was valued at €1,292 million as at 31 December 2024, as this gives us the highest incre - mental return. New landbank acquisitions are focused in markets where we are under-represented in terms of landbank and are preferably executed through options— limiting capital outflows while giving CTP maximum flex - ibility. The €300 million capital raise in September 2024 also gives us the firepower to do larger acquisitions, both in terms of landbank (like the 830,000 sqm land plot we bought in Dusseldorf in Q4-2024 for €155 million) as well as income-producing assets in either our current mar - kets or other European markets. Maarten Otte Head of Investor Relations Amsterdam, 7 March 2025 CTP N.V. Annual Report 2024 22 2 Strategy & Outlook CTP N.V. Annual Report 2024 Strategy & Outlook 23 2.1 CTP’s Business Model: “Wheel of Growth” 25 2.2 Growth Plan and €1 Billion Annualised Rental Income by 2027 28 2.2.1 Capital allocation 28 2.2.2 Capitalising on market opportunities 29 2.3 Outlook for 2025 30 Section 2 CTP N.V. Annual Report 2024 Strategy & Outlook 24 CTP’s strategy has been consistent since the Company’s start in 1998: to develop, own, and operate state-of-the-art business parks in strategic locations, leveraging strong client relationships to drive sustainable, long-term value creation. CTP’s unprecedented success stems from its entrepreneurial spirit, market insight, and first-mover advantages in business-smart Central and Eastern Europe (“CEE”). The drivers that have led the growth of CEE markets over the past decade—EU and NATO membership, strategic location, a constantly improving transport infrastructure, lower labour costs, and a well-educated workforce—are even more relevant today, as companies worldwide are rethinking their supply chains to make them more resilient. Tariffs and regulations drive the trend of production for the European market in Europe. CTP’s successful expansion into Western Europe and the strengthening of its position as market leader in CEE enables it to provide seamless, value-driven property solutions across ten European markets. CTP forecasts sustainable growth for 2025 and the medium term on the back of continued strong client demand, increased rental levels, and CTP’s strategic landbank of over 26 million sqm—mostly located in existing parks—which it can mobilise quickly to meet growing demand. CTP is confident that the secular growth drivers for its markets and sector will allow it to continue to deliver developments at a Yield on Cost (“YoC”) above 10%. CTP N.V. Annual Report 2024 Strategy & Outlook 25 2.1 CTP’s Business Model: “Wheel of Growth” CTP’s “Wheel of Growth” business model consists of two interconnected core business units that encompass the Group’s property activities: Developer where CTP invests in developing cost-efficient, future-proof buildings, leveraging its strategically located landbank; and Operator where CTP manages and operates its properties to service its international client base while maximising value. The “Wheel of Growth” demonstrates how the activities of CTP’s two core business units work together to drive sustainable value creation. The majority of CTP’s growth comes from delivering a new building at an existing park to an existing tenant, resulting in a derisked business model. CTP’s focus on long-term property ownership and management, its strategic landbank, and its proac - tive Parkmaker strategy enable the Company to devel- op strong and lasting client relationships, with a mar- ket-leading client retention rate consistently around 90%. Delivering sustainable growth via the “Wheel of Growth” model and Parkmaker strategy The driving force behind CTP’s Wheel of Growth busi - ness model is the Company’s unique Parkmaker strategy. CTP’s focus is the development of sustainable, full-ser - vice business parks with onsite amenities and infrastruc- ture that support the growth of dynamic business eco- systems. CTP’s in-house teams manage each stage of the client relationship throughout the “Wheel of Growth” cycle, which enables clients to stay focused on their core business activities. The success of CTP’s “Wheel of Growth” model drives Company expansion, as approximately two-thirds of new leases each year are signed with existing clients—the vast majority of which are large multinationals—both at their current location and at new locations within the Group’s portfolio of properties. CTP’s Parkmaker strategy—which is based on scal - ing up its parks by adding onsite services, improving in- frastructure for its clients and enabling them to expand in existing locations, together with the strategic use of its landbank and in-house capabilities—enables the Group to realise industry-leading development returns. As at year-end 2024, approximately 57% of CTP’s 26.4 million sqm landbank is located within existing parks and around 33% is for new parks with over 100,000 sqm of GLA. CTP’s “Wheel of Growth” business model has allowed the Group to grow the business by generating indus - try-leading development profits and reinvesting cash- flows generated by the long-term leases of its standing assets in new developments without the need for exter - nal equity. CTP’s business model has proven to be resil- ient—also in a higher interest-rate environment. Energy as a service for the Group’s clients The generation of renewable energy at CTP’s parks pro - vides an additional source of income for the Group. The Company’s properties offer significant space for the in - stallation of rooftop solar panels. The Group also sup- ports its clients with the procurement of green energy and energy management and is working on opportunities in the field of electric vehicle charging stations and ener - gy storage. CTP N.V. Annual Report 2024 Strategy & Outlook 26 As at year-end 2024, CTP had 138 MWp of installed pho- tovoltaic (“PV”) generating capacity. CTP monetises its PV installations by selling the green energy produced onsite to its clients. Offering integrated energy solutions lowers clients’ total cost of occupancy and helps them to meet their Environmental, Social and Governance (“ESG”) objectives and comply with increased regulation, while also improving their energy security. CTP plans to install additional PV capacity, matching the energy usage in the building or in the park, thereby moving the Company further towards meeting its ESG aspirations as well as growing additional income streams. ESG CTP enhances its offer to clients by having ESG as an in - tegral part of its Parkmaker strategy to ensure that the Group’s parks maintain their relevancy over the long term for all stakeholders. Inputs are gathered from industry reports, market analysis, and relations with stakehold - ers, including clients and suppliers. CTP’s overall ESG strategy is based on four guiding principles: (i) Striving to Be Climate Positive; (ii) Conduct - ing Business with Integrity; (iii) Stimulating Social Impact & Well-being; and (iv) Embedding Parks in Communities. These principles support 10 of the 17 United Nations Sus - tainability Development Goals. Focus areas have been ad- justed based on the outcome of materiality assessments. CTP has also carried out a full analysis of its physical and climate-transition risks. The Group’s ESG targets have been set in accordance with materiality assessments and risk analyses. CTP’s long-term ambition is to become carbon neutral in line with the Paris Agreement. To minimise its carbon footprint, CTP focuses on the full value chain, from de - sign and construction to operations and maintenance. The Group has a long history of developing indus - try-leading sustainable buildings. As the long-term owner of its business parks, CTP makes significant in- vestments to ensure that its buildings are built fu- ture-proof in terms of energy efficiency—which reduces the overall occupancy cost for clients—and that they are constructed and operated in line with circular economy principles of waste management, recycling, and resource usage. Culture and organisation The team at CTP is integral to the achievement of the Company's ambitious goals and targets. At year-end 2024, the team consisted of 889 employees (headcount). CTP’s organisation is comprised of a corporate interna - tional team and country teams. Where possible, decision making is delegated to the country management teams, whose detailed local knowledge plays a pivotal role in se - curing operational results. Local knowledge helps CTP’s country teams accelerate development and proactively secure land positions at strategic locations to meet cli - ent requirements. CTP’s international team provides a strategic outline and funding, allocates capital, and provides central sup - port by way of scalable systems and processes. CTP continues to have a healthy gender diversity ra - tio of 55% men and 45% women, while at the Board level three of the six Board members are women. The Group has five deeply rooted values (commitment, entrepreneurial, accountability, sustainability and com - munity) that inspire its teams to do what they do best: develop sustainable, innovative and high-quality I&L buildings. As a long-term owner, CTP’s responsibility to - wards its partners, clients, communities, employees, and other stakeholders is safeguarded by its values. The expertise of the Group’s professionals and their responsiveness to market trends, new technologies, and client needs—which often change during their tenancy— have made CTP the market leader it is today and allowed the Group to provide shareholders with superior and long-term sustainable returns. CTP’s employees have a real “can-do” mentality, with a clear sense of commitment to deliver the best possi - ble product for the Group’s clients and the communities where it operates. Engagement CTP’s stakeholder relationships provide a significant competitive advantage, as the Group leverages these relationships as a strategic value driver. CTP maintains an ongoing dialogue with all of the Group’s stakeholders, including clients, their workforce, sub-contractors, au - thorities, CTP’s workforce, shareholders, debt providers, and the local communities where it operates. The Group is aware that its activities impact the en - vironment where it co-exists with surrounding communi- ties. The Company’s long-term partnership approach and proactive engagement with communities, local authori - ties and municipalities add value to the wider socio-eco- nomic ecosystem. CTP N.V. Annual Report 2024 Strategy & Outlook 27 CTP’s Business Model: “Wheel of Growth” CTP PARKMAKERS DEVELOPER OPERATOR STRENGTHENING RELATIONSHIPS LANDBANK UTILISATION 33% in new parks with potential over 100,000 sqm of GLA 57% in existing parks and 87% client retention and 2/3 of new leases signed with existing clients 10-15% new space developed per year 13.3 million sqm GLA in existing parks with more than 1,000 clients 26.4 million sqm landbank Strategy & Outlook 28 CTP N.V. Annual Report 2024 2.2 Growth Plan and €1 Billion Annualised Rental Income by 2027 CTP targets to own and operate a pan-European network of business parks generating annualised rental income of €1 billion by 2027 and with total gross leasable area (“GLA”) of 20 million sqm before the end of the decade, an over 50% increase from its portfolio of 13.3 million sqm as at year-end 2024. These targets go hand in hand with the Group’s robust financial framework, with: 1. a loan-to-value (“LTV”) target between 40%-45%; 2. a target YoC of over 10% for the Group; 3. a WAULT above six years; 4. an occupancy level of around 95%. CTP expects that the scale of its business, its flexibility in offering its clients scalable solutions, and its commit - ment to long-term, sustainable development will contin- ue to position the Company ahead of its competitors. The Group’s strong liquidity position and capital structure enable it to act quickly to capitalise on opportunities. Key factors of CTP’s continued market leadership in - clude its strong, long-term client relationships and busi- ness ecosystem combined with its strategic landbank, the vast majority of which is located in or adjacent to its existing parks. This enables the Company’s clients to expand at their existing locations, while CTP’s in-house capabilities allow for shorter construction times. In ad - dition, the photovoltaic rooftop capacity of CTP’s build- ings offer a unique opportunity for the Group to develop a sizeable renewable energy business delivering attractive returns, with a YoC on renewable energy-related invest - ments around 15%. 2.2.1 Capital allocation CTP’s in-house construction teams and centralised pro - curement capabilities, together with increasing market rents, enable the Company to continue to deliver at an industry-leading double-digit YoC. Since its start in 1998, CTP has assembled one of Europe’s largest industrial & logistics (“I&L”) real estate portfolios by focusing on high development returns and reinvesting cash flows from its standing assets. To keep leverage metrics in line with the Group’s financial frame - work, CTP focuses on developing in countries with higher revaluation potential at delivery—subject to the availa - bility of landbank and client demand. The Group’s priority is to mobilise its existing land - bank, which is already paid for, as this results in the high- est incremental return. CTP’s preference is to secure additional land plots through options in order to limit the amount of capital allocated to non-income generating assets. €1 BILLION RENTAL INCOME Strategy & Outlook 29 2.2.2 Capitalising on market opportunities The I&L sector is transitioning from being seen by cli - ents as a pure cost centre to a driver of performance (see Section 3.1 for more details). This transition results in a holistic view of real estate in a client’s total operations, including labour, total supply-chain costs, and ESG in order to optimise their total cost of occupancy. CTP ac - commodates this by: • improving efficiency in I&L networks, thanks to its strategically located parks and flexible building lay - outs, which also allow clients to expand at their exist- ing locations; • supporting increased ESG requirements focused on sustainable supply chains and providing amenities/ services to attract and retain local workers; • developing properties with renewable energy sources that also bolster energy security, which is especially important when client operations are highly automat - ed; and • guaranteeing flexibility and speed through estab - lished in-house teams and scale to expand throughout the CTPark Network. With its business model and strategy, CTP is well posi - tioned to capitalise on market opportunities and accom- modate changing client requirements. This is reflected in the Company’s high repeat business, as approximately two-thirds of all new leases signed each year are with ex - isting clients. The CTPark Network—where most of the Group’s construction takes place—supports positive net - work effects for all stakeholders: Clients by providing the opportunity to expand at the same location or elsewhere with - in the CTPark Network, improved in- frastructure, the exchange of expertise and services between clients, and scale to have access to services and amen - ities for their employees that are not feasible for stand-alone units; Communities by providing access to services offered at parks and investments in public transport and green areas; and CTP by enabling market leadership, efficien- cy, and growth with existing clients, allowing for industry-leading returns. CTP N.V. Annual Report 2024 CTP N.V. Annual Report 2024 Strategy & Outlook 30 2.3 Outlook for 2025 Leasing dynamics remain strong, with robust occupier demand, and decreasing new supply leading to continued rental growth. CTP is well positioned to benefit from these trends. The Group’s pipeline is highly profitable, and tenant led. The YoC for CTP’s pipeline increased to 10.3%, thanks to decreasing construction costs and rental growth. The next stage of growth is built in and financed, with 1.8 million sqm under construction as at 31 December 2024, with a target to deliver between 1.2 million sqm–1.7 million sqm in 2025. CTP’s robust capital structure, disciplined financial policy, strong credit market access, industry-leading landbank, in-house construction expertise, and deep tenant relations allow the Company to deliver on its targets. CTP expects to reach €1.0 billion rental income in 2027, driven by development completions, indexation and reversion, and is on track to reach 20 million sqm of GLA and €1.2 billion rental income before the end of the decade. The Group sets a guidance of €0.86–€0.88 Compa - ny-specific adjusted EPRA EPS for 2025. This is driven by strong underlying growth, with around 4% like-for- like growth, partly offset by a higher average cost of debt due to the (re)-financing in 2024 and 2025. CTP N.V. Annual Report 2024 31 3 Business Environment & 2024 Performance CTP N.V. Annual Report 2024 Business Environment & 2024 Performance 32 3.1 Overview of Business Environment & Trends 33 3.1.1 Economic situation and outlook in CEE 33 3.1.2 Main trends in Europe’s I&L Sector 34 3.1.3 Real estate market outlook 36 3.2 Operational Performance 40 3.2.1 Leasing demand 40 3.2.2 Standing portfolio 41 3.2.3 Development 45 3.2.4 Energy 48 3.3 Financial Performance 49 3.3.1 Revenues 49 3.3.2 Net other income and expenses 50 3.3.3 EBITDA 50 3.3.4 Foreign currency 50 3.3.5 Taxation 50 3.3.6 Profit 50 3.3.7 Dividend 50 3.3.8 Investment portfolio 50 3.3.9 EPRA NTA 51 3.3.10 Capital raise 51 3.3.11 Overview of cash flow 51 3.3.12 Post-period events 52 Section 3 3.4 Funding and Hedging 53 3.4.1 Funding 53 3.4.2 Hedging 55 3.4.3 Covenants 55 3.4.4 EMTN Programme 55 3.5 Group-level Insights 60 3.6 Clients 65 3.7 Country Review 69 CTP N.V. Annual Report 2024 Business Environment & 2024 Performance 33 3.1 Overview of Business Environment & Trends CTP operates in ten European countries, from the North Sea to the Black Sea. The Group’s core business, the CTPark Network, services companies active in the industrial & logistics (“I&L”) sector. CTP is also focused on developing and operating advanced high-tech parks in conjunction with local universities and municipalities. The majority of CTP’s standing portfolio is in Central and Eastern Europe (“CEE”), with the remainder in Germany, the Netherlands, and Austria. In general, CEE markets remain undersupplied and are growing faster than Western European markets. The major trends driving the development and growth of the I&L sector across Europe relate to recent and ongo - ing changes to the international geopolitical landscape, with companies focusing on supply chain resiliency and energy security, among others. This has led the emer - gence of nearshoring strategies, particularly in the high- tech manufacturing and ICT sectors, with a “made in Europe, for Europe” focus. The push toward ESG compli - ance and the need to decarbonise supply chains are also driving change. Western Europe remains a highly attractive destina - tion for foreign investors due to its mature and estab- lished markets, which offer stability and reliability. While the region boasts a long history of excellence in manu - facturing and technology, and world-renowned academ- ic institutions, Western European economies are in the midst of re-invention. They are are being transformed by emerging new industries, and previous more energy- and labour-intensive industries are being displaced or disap - pearing. CEE remains the business-smart choice for a wide range of activities, from high-tech manufacturing and R&D to logistics and e-commerce. With its mix of strate - gic location, developed infrastructure, skilled workforce, and overall lower operational costs, CEE is emerging as a “hotspot” for the deployment of European nearshoring strategies. Market maturity varies from country to coun - try, but CEE overall offers more opportunity for green- field investments than Western European markets. The European Union (“EU”) continues to make largescale investments to further develop transport infrastructure, with a focus on CEE. Investment incentives from the Member States are available for qualifying projects, par - ticularly in high-tech. 3.1.1 Economic situation and outlook in CEE Since 2008, CEE economies have consistently outper - formed other European regions and are expected to maintain this trend in the near term (Fig. 3.1). The mac - roeconomic outlook for CEE economies remains strong. After hitting a low point in 2023, economic growth has rebounded, driven by domestic demand fuelled by disin - flation, wage increases, and relaxed fiscal policies. On average, the GDP of CEE economies are expected to have a compounded annual growth (“CAGR”) of 2.2% between 2024–2029 (Fig. 3.1). S&P Global Ratings an - ticipates that CEE GDP growth will also benefit from robust foreign direct investment and substantial EU fund inflows. These factors are expected to more than cover any modest current account deficits, following the region’s significant external adjustment after the 2022 energy price shock. Germany, the largest economy in Europe with a real GDP of €3.617 billion in 2023, is projected to maintain its leading position in the next few decades, although its share of the EU’s total real GDP is expected to decrease slightly, from 21% to 20%. In terms of private consump - tion and total real household disposable income, Germany significantly outpaces the rest of Europe. CTP N.V. Annual Report 2024 Business Environment & 2024 Performance 34 3.1.2 Main trends in Europe’s I&L Sector The resiliency of Europe’s industrial & logistics sector is supported by multiple demand drivers and elevated bar - riers to new supply, which include land scarcity and in- creased regulations. Drivers of demand are diverse and include the ongoing trend of nearshoring and the contin - ued growth of e-commerce, where CEE markets in gen- eral offer lower costs and larger growth opportunities. Diverse demand and undersupplied markets in CEE help isolate market volatility. Nearshoring is the sustainable solution for clients to mitigate market volatility The ongoing trend of companies nearshoring manufac - turing and supply chains to be closer to final customers continued at pace in 2024, driving growth in Europe’s I&L sector and for CTP. Companies doing business in Europe are increasing - ly deploying “made in Europe, for Europe” nearshoring strategies to mitigate the risk of disruptions to global supply chains, with a large number of these companies choosing CEE to set up shop. Another reason to prioritise nearshoring is the ac - celerated wage growth in traditionally low-cost Asian manufacturing markets. Nearshoring can also reduce the carbon footprint of supply chains. CEE is the “business-smart” location for European nearshoring strategies The deployment of European nearshoring, near-sourcing, and friendshoring strategies to CEE is on the rise, thanks to the region’s strategic geographic position, which offers cost-effective access to the entire European market. CEE’s business-smart benefits include modern logis - tics infrastructure and connectivity, with major trans- portation hubs close to Europe’s largest markets with high purchasing power. The region also boasts high-tech manufacturing capabilities in locations close to univer - sity cities with access to a highly skilled and motivated workforce. Favourable labour costs further contribute to cost-effective operations. On average, net labour costs (including taxes minus subsidies) in the I&L sector in CEE are more than one-third of those incurred in Western Eu - rope (Fig. 3.3). In general, CEE markets offer business-friendly en - vironments, along with favourable personal tax regimes supporting rising consumer incomes and spending. (Fig. 3.4). CEE’s favourability is reflected in multiple surveys, including the 2023 sourcing strategy report by Maersk. For European companies, three of the top ten countries across the globe for nearshoring are in CEE. In addition to Poland, which heads the list, the ranking includes Ro - mania and the Czech Republic. Stable business environments in Western Europe While CEE countries like Hungary, Poland, the Czech Republic, Slovakia, Bulgaria, Serbia, and Romania offer competitive labour costs and growing markets—mature and established Western European markets, such as Germany, offer unparalleled advantages in terms of sta - bility and highly-skilled talent. Growth of high-tech in CEE CEE has emerged in recent years as a vibrant tech hot - spot, particularly in software development, ICT, and data management. Countries like Poland, the Czech Republic, and Romania are at the forefront, with a high number of startups and established enterprises driving the region’s tech growth. As part of the ongoing nearshoring trend, several big-ticket investments in advanced tech are heading to the CEE region. TSMC, the world’s largest chipmaker, recently announced plans to build its first European chip fabrication plant (or “fab”) in Dresden via a joint venture with German tech majors Infineon, Bosch, and NXP. Total investment is expected to reach €10 billion. US chip giant Intel has also announced plans to invest over $20 billion to build its first fabs in Europe—one in Saxony Germany, and the other across the border in Wrocław, Poland. CTP N.V. Annual Report 2024 Business Environment & 2024 Performance 35 E-commerce in CEE is maturing, resulting in diverse demand and continued long-term growth E-commerce revenue across CEE has grown consistently over the last few years. In general, the CEE region com - pares favourably with Western Europe in terms of the cumulative percentage growth of e-commerce revenue. Cumulative and projected e-commerce revenue growth from 2018–2029 indicates that CEE continues to outpace the EU-27, with a compound annual growth rate (“CAGR”) of 10%, compared to Western Europe’s CAGR of 8% (Fig. 3.2). Professionalisation of CEE supply chains The CEE region’s integration into global supply chains has positioned it as a hub for manufacturing, logistics, and high-value-added industries, reinforcing its signifi - cance to the European and global economies. Combined with the growth of CEE consumer markets, this has led to the professionalisation of supply chains across the region and across industries, with third-party logistics providers (3PLs) handling the full range of supply-chain management and deliveries. Infrastructure investments in Europe Europe is receiving substantial infrastructure invest - ments from both public and private sectors, targeting areas such as transport, energy, and digital services. The EU has allocated approximately €392 billion to its Cohe - sion Policy during the 2021–2027 period. In July 2024, the European Commission selected 134 transport projects to receive over €7 billion in EU grants from the Connecting Europe Facility. The Three Seas Initiative addresses the infrastructure gap between CEE and Western Europe by driving investments in energy, digital technology, and transport. Long-term trend of diverse demand and undersupplied markets isolates market volatility CTP’s client base is diverse, particularly in CEE markets, given the higher share of final assembly and manufactur - ing services. This diverse demand is taking place in a market that is tight, as vacancy across Europe is below long-term av - erages. I&L in CEE is undersupplied, as the sector is a relatively young asset class compared to other commer - cial real estate. Undersupplied markets create struc- tural demand, as clients continue to upgrade to modern grade-A stock. Growth markets in CEE, such as Bulgaria and Serbia, have less than 0.25 sqm of grade-A stock per capita, which places them among the most under - supplied markets in Europe. These undersupplied mar- kets are catching up, fuelling demand as they move clos- er to European averages. Elevated supply barriers due to land scarcity and rising regulatory requirements create structural constraints Barriers to new supply are expected to rise in years to come. This mitigates the risk of potential oversupply and is expected to keep market vacancy rates at low levels. Land is scarce in more mature markets such as Germany, the Netherlands and the Czech Republic. Supply barriers are rising in other CEE markets as well, particularly at sites close to key economic clusters. The second driver of constraints are rising regulatory requirements. Ob - taining permits to (re)develop requires more time, de- laying future new supply. Long and expanding regulatory requirements is a trend seen across Europe but is most visible in markets with the tightest supply, such as the Czech Republic. Permitting timelines are expanding for multiple reasons, including lack of staff at public author - ities and/or stricter requirements. As supply barriers are rising, today’s infill markets are expected to become ultra-infill in the future. Therefore, supply barriers are also expected to be a driver of future rent growth per - formance. CTP N.V. Annual Report 2024 Business Environment & 2024 Performance 36 Resiliency supported by sector drivers and barriers The European I&L sector has historically performed bet - ter than the overall economy. This perspective is support- ed by an analysis comparing GDP growth to the growth of occupied logistics stock. Between 2009–2024, total GDP growth in the EU was 23.2%, while occupied grade-A I&L more than doubled. This growth can be attributed to various demand drivers, among them the expansion of e-commerce, and a persistent undersupply in the mar - kets. An analysis of office space growth in Europe reveals that the office sector is more aligned with the GDP trend and can therefore be considered as more mature. The resiliency of I&L supports a positive outlook, despite the current turbulent macro-economic conditions, especially in the undersupplied CEE markets. I&L real estate has transitioned from being purely a cost centre to a catalyst of operational excellence. Com - panies now emphasise the efficiency, reliability, flexibil- ity, and agility of their supply-chain networks. Grade-A real estate can support these priorities. This transition to a driver of performance makes sense from a core sup - ply-chain cost perspective as well. According to CBRE Supply Chain Advisory, the majority of expenditures in logistics are allocated to transportation costs (45%– 70%). The share of fixed facility costs (including real estate) is relatively small, accounting for only 5%–10%. CBRE estimates that it takes roughly an 8% increase in fixed facility costs to equal the impact of just a 1% in - crease in transportation costs. This is particularly im- portant in an environment of high transportation costs and the greening of supply chains. 3.1.3 Real estate market outlook The I&L sector in Europe has undergone maturation and institutionalisation since the 2007–2009 global financial crisis. This has led to more disciplined supply and struc - turally lower vacancy levels compared to 2007. CEE in general offers better opportunities for green - field developments than Western Europe, with per cap- ita industrial building rates currently still lower than in Western Europe. In terms of the number of non-residential building permits issued (for millions of sqm of useful floor area), the CEE average lies below the EU-27 average. More spe - cifically, Slovakia, Romania, the Czech Republic, Serbia, and Bulgaria have a lower than EU-27 average of building permits issued (for millions of sqm of useful floor area). Building permitting time is slightly higher in CEE compared to the EU (Fig. 3.5), illustrating barriers to entry. Occupi - er demand remained robust in the CEE region throughout 2024, primarily fuelled by factors like nearshoring, e-com - merce, and the growth of domestic consumption. Over- all, demand continues to surpass the supply of industrial stock, serving as a driver for rental growth. In the early months of 2024, numerous projects were completed in Europe that were initiated in 2021/2022, during a phase of advantageous interest rates and robust demand. In Q4 2024, I&L YTD completions decreased compared to Q4 2023 in Czech Republic, Germany, Hun - gary, Netherlands, Poland and increased in Romania, Slovakia, Austria, and Serbia. More new supply is built- to-suit rather than speculative. Supply is expected to re - main moderate in 2025. However, the industrial market supply is acknowledged for its quick adaptation to chang - es in economic conditions due to shorter construction times compared to other types of real estate. Despite slight increases seen in CEE, vacancy rates re - mained below 5% in the Czech Republic, Romania, Bul- garia, Netherlands, and Germany. Projections indicate an expected decrease in vacancy rates and an increase in net absorption from 2025 to 2029 across Europe. 1 The combination of moderate vacancy rates, ongo- ing strong demand, controlled new supply, and increasing replacement costs led to stable or slightly rising rents in most markets in 2024. European average prime rent growth is projected to be 2.4% in 2025 and is expected to average around 2.2% annually from 2025 to 2029. 2 The Group’s Western European markets including Germany and the Netherlands benefit from multiple de - mand drivers including being entry points to Europe and economic engines of the EU with a large concentration of affluent consumption centres. At same time, these markets are facing high regulatory barriers and low land supply, leading to a structural demand and supply imbal - ance. These factors currently drive rental growth today and will continue to do so in the future. 1 Information is solely accessible for Belgium, France, Germany, the UK, Italy, and Spain (representing Western and Southern Europe), as well as for the Czech Republic and Poland in the CEE region. 2 Countries included are: Belgium, Czech Republic, France, Germany, Italy, Netherlands, Poland, Spain, United Kingdom. CTP N.V. Annual Report 2024 Business Environment & 2024 Performance 37 FIG. 3.3 COMPETITIVE LABOUR RATES Labour costs, Industrial & Logistics, €/hr, 2023 (in %) Source: Statista FIG. 3.2 RISING E-COMMERCE REVENUES Cumulative % growth in revenues since 2018 CEE avg. Western Europe avg. EU-27 avg. 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 300% 250% 200% 150% 100% CAGR 18-29 = 7.8% CAGR 18-29 = 10.0% FIG. 3.1 ECONOMIC OUTPERFORMANCE Real GDP growth comparison, historic and outlook, CAGR% SK PL RO RS HU CZ 0 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0 BG CAGR 2024-2029 Forecast CAGR 2008-2023 Transport/Storage Manufacturing BG RS RO PL HU SK CZ EU-27 avg. Western EU 0 5 10 15 20 25 30 35 40 45 EU-27 W. Europe Eurozone CTP N.V. Annual Report 2024 Business Environment & 2024 Performance 38 FIG. 3.4 PERSONAL INCOME TAX RATES 2024 (in %) Denmark Finland Lithuania Bulgaria Serbia Estonia Sweden Germany Poland Croatia Spain Luxembourg Portugal Netherlands Ireland Malta EU-27 Greece CTP Portfolio Italy CEE Latvia Belgium France Austria Czech Republic Slovenia Romania Slovakia Cyprus 0 100 200 300 400 500 600 FIG. 3.5 RESIDENTIAL BUILDING PERMIT TIME (DAYS), 2020 180 184 190 Source: World Bank 0 10 20 30 40 50 60 Source: Trading Economics Bulgaria Romania Serbia Hungary CEE avg. Estonia Czech Republic Slovakia Croatia Lithuania Poland Latvia Cyprus Malta European Union Ireland Euro area Luxembourg Italy Greece France Germany Spain Netherlands Belgium Slovenia Sweden Austria Denmark Finland CTP N.V. Annual Report 2024 Business Environment & 2024 Performance 39 FIG. 3.6 EUROPEAN MARKET FUNDAMENTALS 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Net Absorption (mil. of sqm) Net Completions (mil. of sqm) Vacancy Rate (in %) (mil. of sqm vs %) 30.0 25.0 20.0 15.0 10.0 5.0 0 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0 Source: CBRE CTP N.V. Annual Report 2024 Business Environment & 2024 Performance 40 3.2 Operational Performance While keeping its market-leading YoC above 10%, CTP was able to deliver yet another record year in 2024, with 1.3 million gross leasable area (“GLA”) delivered. LEASES SIGNED BY SQM Q1 Q2 Q3 Q4 FY 2022 441,000 452,000 505,000 485,000 1,883,000 2023 297,000 552,000 585,000 542,000 1,976,000 2024 336,000 582,000 577,000 618,000 2,113,000 Increase +13% +5% -1% +14% +7% AVERAGE MONTHLY RENT LEASES SIGNED PER SQM (€) Q1 Q2 Q3 Q4 FY 2022 4.87 4.89 4.75 4.80 4.82 2023 5.31 5.56 5.77 5.81 5.69 2024 5.65 5.55 5.69 5.79 5.68 3.2.1 Leasing demand In line with its well-established model of growing main - ly with existing tenants in existing parks, in 2024 CTP signed around two-thirds of leases with existing clients totalling 2,113,000 sqm (2023: 1,976,000 sqm), with con - tracted annual rental income of €144 million and an aver- age monthly rent per sqm of €5.68 (2023: €5.69). CTP’s four Core markets—the Czech Republic, Romania, Hungary, and Slovakia—represent almost 73% of the Group’s total owned GLA. CTP’s average market share in those markets stood at 28.8% as at 31 Decem - ber 2024, and the Group remains the largest owner and developer of industrial and logistics real estate assets in each Core market. The Group is also the market leader in Serbia and Bulgaria. With over 1,000 clients, CTP has a wide and diversified international client base, consisting of blue-chip compa - nies with strong credit ratings. CTP’s clients represent a broad range of industries, including manufacturing, high- tech/IT, automotive, and e-commerce, retail, wholesale, and third-party logistics. This client base is highly di - versified, with no single client accounting for more than 2.5% of its annual rent roll, which leads to a stable income stream. CTP’s top 50 clients only account for 35.2% of its rent roll and most are in multiple CTPark locations. CTP N.V. Annual Report 2024 Business Environment & 2024 Performance 41 3.2.2 Standing portfolio CTP develops, owns and manages a high-quality portfo - lio of assets in over 250 locations. The Group increased its investment portfolio from 11.8 million sqm of owned GLA in 2023 to 13.3 million sqm at end-2024. Growth was mainly organic, with deliveries of 1.3 million sqm and the acquisition of 0.3 million sqm of value-add and in - come-producing assets. With its market-leading portfo- lio throughout continental Europe, the Group’s business generates strong cash flows. CTP can realise the highest incremental return with the development of new properties in our CTPark Network, as these are developed in-house, on land that it has already paid for and mostly for existing clients, which is why such deliveries are the main driver of the Company’s growth. The Group’s annualised income increased to €743 million (31 December 2023: €644 million), an increase year-on-year of 15%. An increasing proportion of the rental income gener - ated by CTP’s investment portfolio benefits from infla- tion protection. Since end-2019, all the Group’s new lease agreements include a double indexation clause, which cal - culates annual rental increases as the higher of: • a fixed increase of 1.5%–2.5% a year; or • the Consumer Price Index. As at 31 December 2024, 71% (31 December 2023: 66%) of income generated by the Group’s portfolio includes this double indexation clause, and the Group aims to in - crease this further. The remaining 29% of the portfolio has only a fixed increase of 1.5%–2.5% a year, and there - fore more reversionary potential built-in. The indexation takes place on 1 January of each year in the majority of the lease agreements. Therefore, the growth in rental in - come relating to 2024 inflation will only be recorded in the 2025. The Company’s occupancy stood at 93% at year-end (31 December 2023: 94%). CTP targets an occupancy rate around 95% with a few percentage points of va - cancy, as this flexibility is key to optimise client relation- ships and drive rental growth. CTP’s business model and strategy are focused on being a long-term business part - ner, to support existing clients to grow in their existing location or at another park within the CTPark Network. Some of CTP’s clients have already extended more than five times in their existing location. CTP therefore starts some developments before having secured pre-letting; however, this is concentrated in existing parks, where the Company has good visibility on future demand and deep market knowledge. This allows CTP to maintain a mar - ket-leading client retention rate of 87% (31 December 2023: 90%), which demonstrates CTP’s ability to lever - age long-standing client relationships. The rent collection level stabilised at 99.8% (31 De - cember 2023: 99.9%), with no deterioration in the pay- ment profile. In 2024, CTP realised a like-for-like growth of 4.0%, mainly driven by reversion and indexation. Countries with the highest like-for-like rental growth were Slovakia and Poland. The weighted average unexpired lease term (“WAULT”) of CTP’s investment portfolio stood at 6.4 years at the period end (31 December 2023: 6.6 years), in line with the Company’s target of >6 years. The reversionary potential stands at 14.5% as at 31 December 2024 (31 December 2023: 14.5%), illustrat - ing the future rental growth potential. The Group has the highest reversionary potential in the Germany with 25.9%. Based on the expiry schedule, the Group is expected to be able to capture more than 28% of the reversionary potential in the coming five years. During 2024, leases, on average, were signed above their estimated rental val - ue (“ERV”), supporting both the Group’s reversionary po- tential and valuations. CTP N.V. Annual Report 2024 Business Environment & 2024 Performance 42 FIG. 3.7 GLA (‘000s sqm) 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 2018 2019 2020 2021 2022 2023 2024 7,617 10,467 5,882 5,100 4,600 11,790 13,330 2019 2020 2021 2022 2023 2024 29% 28% 27% 26% 25% 24% 23% 22% 27.5% 23.9% 24.2% 27.8% 27.4% 28.8% FIG. 3.8 CTP MARKET SHARE EVOLUTION OF IN-PLACE GLA, (CORE MARKETS ) (in %) * CZ, RO, HU, SK Source: CBRE 14,000 13,000 12,000 11,000 10,000 9,000 8,000 7,000 6,000 FIG. 3.9 GROWTH OF GLA 2021 – 2024 700 846 357 1,647 10,467 13,330 11,790 7,617 19573 948 226 397 2021 YE Core market Expansion Western 2022 YE Core market Expansion Western 2023 YE Core market Expansion Western 2024 YE (‘000 sqm) CTP N.V. Annual Report 2024 Business Environment & 2024 Performance 43 FIG. 3.11 OCCUPANCY (in %) 2018 2019 2020 2021 2022 2023 2024 95% 100% 90% 80% 70% 60% 50% 94%94% 95%95% 94% 93% FIG. 3.10 CTP MARKET SHARE OF TAKE-UP (LAST FOUR QUARTERS, CORE MARKETS) (in %) * CZ, RO, HU, SK Source: CBRE Q1 Q2 Q3 Q4 2024 50% 40% 30% 20% 10% 0 32.1% 38.0% 30.3% 27.6% FIG. 3.12 CLIENT RETENTION (in %) 2018 2019 2020 2021 2022 2023 2024 100% 90% 80% 70% 60% 50% 90% 92% 83% 86% 90% 87% 92% (€ million) 1 No ERV growth assumed, only reversion to current ERVs. Figures may not add up due to rounding. FIG. 3.14 COLLECTION RATE (in %) 2018 2019 2020 2021 2022 2023 2024 100% 90% 80% 70% 60% 50% 99.7% 98.5%99.2% 99.8% 99.9% 99.8% 99.4% FIG. 3.13 ANNUALIZED RENT POTENTIAL Annualized rent 31/12/2024 Reversion 2025-2027 (14.5%) 1 Future deliveries Annualized rent short-term Reversion (14.5%) 1 20 million GLA in 202X Potential long-term annualized rent 0 743 142 21 53 15 >1,000 >1,200 96 Medium short-term Short-term Full landbank development Completions of existing pipeline Indexation 2025-2027 Filling up vacancy to 95% CTP N.V. Annual Report 2024 Business Environment & 2024 Performance 44 1,976 2,113 1,704 1,883 1,143 2,500 2,000 1,500 1,000 500 0 1,175 727 FIG. 3.15 LEASING ACTIVITY (‘000s sqm) 2018 2019 2020 2021 2022 2023 2024 8% 7% 6% 5% 4% 3% 2% 1% 0 2021 2022 2023 2024 4.5% 3.8% 7.4% 4.0% FIG. 3.16 LIKE-FOR-LIKE RENTAL GROWTH (in %) FIG. 3.17 WAULT TO EXPIRY (years) 8 7 6 5 4 2 1 0 6.5 6.0 5.45.4 6.6 6.4 6.7 2018 2019 2020 2021 2022 2023 2024 25% 20% 15% 10% 5% 0 Growth markets Core markets Western markets Group 21.0% 14.5% FIG. 3.18 REVERSIONARY POTENTIAL BY MARKET (in %) 2.3% 15.4% FIG. 3.19 ERV VS. EXPIRING IN-PLACE RENT 2025 2026 2027 2028 2029 100 80 70 60 50 40 30 20 20% 16% 12% 8% 4% 0% 25.4 27.5 46.2 40.7 48.4 62.8 79.1 88.1 51.3 11.2% 18.9% 12.2% 11.5% 8.3% 56.0 Annualised Rent ERV Reversion (%) CTP N.V. Annual Report 2024 Business Environment & 2024 Performance 45 3.2.3 Development After completing 1.2 million sqm of GLA in 2023, CTP continued its disciplined investment in its highly profita - ble pipeline and set a new record of 1.3 million sqm deliv- ered in 2024. The developments were approximately 92% let at delivery and will generate an annualised contracted rental income of €83.4 million, with another €7.3 million when these reach full occupancy. Some of the main deliveries during 2024 were: 169,000 sqm at CTPark Warsaw West (Poland); 120,000 sqm at CTPark Budapest Szigetszentmiklós (Hungary); 87,000 sqm at CTPark Ploiesti (Romania); 67,000 sqm at CTPark Bucharest West (Romania); 57,000 sqm at CTPark Warsaw South (Poland); 52,000 sqm at CTPark Novi Sad East (Serbia); 48,000 sqm at CTPark Zabrze (Poland); 44,000 sqm at CTPark Weiden (Germany); 37,000 sqm at CTPark Budapest Ecser (Hungary); and 37,000 sqm at CTPark Žilina Airport (Slovakia). While average construction costs in 2022 totalled around €550 per sqm, in 2023 and 2024 they lowered to €500 per sqm. CTP expects construction costs to stay roughly at this level through 2025. This allows the Group to continue to deliver its industry-leading YoC above 10%, which is also supported by CTP’s unique Parkmak - er strategy and in-house construction and procurement expertise. CTP was able to deliver its projects in 2024 with a YoC of 10.1% (2023: 10.8%). The Group targets a YoC of 11% for new construction across its core CEE markets, with lower targets of 10% for Poland and 9% in Nether - lands, Germany and Austria. This industry-leading level is supported by the Company’s unique park model and in- house expertise. At the end of 2024, the Group had 1.8 million sqm of pro - jects under construction with a potential rental income of €142 million and an expected YoC of 10.3%. The largest expansion markets are Czech Republic and Poland, with 482,000 sqm and 283,000 sqm under construction, re - spectively. CTP has a long track record of delivering sustainable growth through its client-led development in its existing parks. 80% of the Group’s projects under construction are in existing parks, while 7% are in new parks that have the potential to be developed to more than 100,000 sqm of GLA. The Group is targeting the delivery of 1.2 million sqm–1.7 million sqm in 2025, subject to client demand. The 80,000 sqm of leases that are currently signed for future projects that have not yet started are an illustra - tion of continued occupier demand. Planned 2025 deliveries are 35% pre-let (planned 2024 deliveries were 38% pre-let at YE-2023) and CTP expects to reach 80%–90% pre-letting at delivery, in line with historical performance. As CTP acts in most markets as general contractor, it is fully in control of the process and timing of deliveries, allowing the Company to speed up or slow down depending on client demand, while also offering clients flexibility in terms of building requirements. The Group replenishes its landbank on a continuous ba - sis. CTP focuses on acquiring development sites that are adjacent to existing parks or in sought-after locations with proximity to strong logistics hubs and transport corridors and large, densely populated cities. In 2024, the Group invested €386 million (2023: €224 million) to ex - pand its landbank (excluding options), focusing particu- larly on acquiring sites within its Growth and Western European Markets. In the higher interest rate environ - ment, the Group prefers to secure land through options where possible. CTP’s landbank amounted to 26.4 million sqm at year-end 2024 (2023: 23.4 million sqm), which allows the Company to reach exceed its target of 20 million sqm. GLA before the end of the decade. 18% of the landbank was secured by options (2023: 24%), while the remaining 82% was owned and accordingly reflected in the balance sheet (2023: 76%). 57% of the landbank is located within CTP’s existing parks, while 33% is in or is adjacent to new parks that have the potential to grow to more than 100,000 sqm. The total landbank, which is part of the Group’s In - vestment Properties, was valued at €1,292 million (2023: €920 million). The revaluation in 2024 amounted to €61 million (2023: €104 million). CTP N.V. Annual Report 2024 Business Environment & 2024 Performance 46 (‘000s sqm) FIG. 3.20 DELIVERIES PER QUARTER, 2024 Q1‘24 Q2‘24 Q3‘24 Q4‘24 217 159 169 741 800 700 600 500 400 300 200 100 0 (in %) FIG. 3.21 ESTIMATED YoC, PROJECTS UNDER CONSTRUCTION 14% 12% 10% 8% 6% 4% 2% 0% 2018 2019 2020 2021 2022 2023 2024 13.5% 10.8% 11.6% 11.0% 10.1% 10.2% 10.3% (‘000s sqm) FIG. 3.23 GLA UNDER CONSTRUCTION BY COUNTRY 1.8 million sqm RS 114 SK 160 RO 164 DE 171 AT 116 HU 128 PL 284 CZ 482 BG 135 (‘000s sqm) FIG. 3.22 UNDER CONSTRUCTION 2024 1,7531,067 2,500 2,000 1,500 1,000 500 0 -1,204 -82 1,972 YE 2023 YE 2024 Deliveries New projects Deliveries started in 2024 FIG. 3.24 PROJECTED ANNUALISED RENTAL INCOME OF GLA UNDER CONSTRUCTION PER COUNTRY SK 9% BG 7% HU 6% RO 6% PL 11% AT 6% RS 6% €142 million DE 12% CZ 37% CTP N.V. Annual Report 2024 Business Environment & 2024 Performance 47 Owned Under Option FIG. 3.26 OWNED LANDBANK ACQUISITIONS BY QUARTER 5,371 3,050 655 1,495 Q1 Q2 Q3 Q4 YE 2024 YE 2023 New Acquisitions Transfer from/to land under option to land owned Transfer from/to IP/IPuD Disposal (incl. option expiries) YE 2024 6,000 5,000 4,000 3,000 2,000 1,000 0 171 (‘000s sqm) FIG. 3.25 LANDBANK DEVELOPMENT FIG. 3.27 LAND BANK BY COUNTRY (sqm) SK 8% HU 11% NL 6% RS 8% DE 5% PL 12% AT 1% BG 1% RO 16% CZ 32% 26.4 million sqm (‘000s sqm) 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 23,359 8,473 -2,189 -1,293 -1,936 26,411 CTP N.V. Annual Report 2024 Business Environment & 2024 Performance 48 3.2.4 Energy As part of its long-term commitment to sustainable de - velopment, CTP installs rooftop photovoltaic (“PV”) sys- tems at its parks, which generates a growing revenue stream for the Company. By year-end 2024, CTP had in - stalled PV generating capacity of 138 MWp, of which 66 MWp is operational. CTP’s sustainability ambition goes hand in hand with more and more clients requesting PV systems, as these provide them with: 1 improved energy security; 2 lower cost of occupancy; 3 compliance with increased regulations; 4 compliance with their clients’ requirements; and 5 the ability to fulfil their own ESG ambitions. The Group’s largest PV systems are installed at CTPark Amsterdam City, CTPark Bor, CTPark Belgrade West and CTPark Bucharest North. Income from the in 2024 amounted to €7.6 million, up 22% compared 2023, on the back of the increased capac - ity. With an average installation cost of ~€750,000 per MWp, the Group targets a YoC of 15% for these invest - ments. To get a better understanding of client energy com - pensation on a real-time basis and help clients to improve their energy efficiency and implement energy savings, in 2022 the Group launched the roll-out of smart metres at its properties, which is ongoing. FIG. 3.28 TOTAL INSTALLED CAPACITY (in MWp) 25.8 16.8 8.0 7.3 0 0 45.4CZ RO HU SK PL RS BG DE AT NL 28.8 3.1 2.9 0 5 10 15 20 25 30 35 40 45 FIG. 3.29 INCOME FROM THE SALE OF SOLAR ELECTRICITY 2018 2019 2020 2021 2022 2023 2024 3,236 3,326 3,254 3,185 6,274 7,641 (€ ‘000s) 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 4,301 CTP N.V. Annual Report 2024 Business Environment & 2024 Performance 49 3.3 Financial Performance 2024 was another record year for CTP in terms of GLA delivery and strong financial performance. CTP continued to deliver on its promises in the higher interest-rate environment and delivered a record 1.3 million sqm of GLA (excluding acquisitions), which brought the total GLA of its investment portfolio at the end of the year to 13.3 million sqm. CTP further continued delivering double-digit 13.6% NTA growth, while improving its balance sheet. (€ million) 2018 2019 2020 2021 2022 restated 2023 restated 2024 Rental income 242.0 258.0 291.9 334.7 485.0 571.9 664.1 Net rental income 232.2 239.8 280.7 326.9 452.1 543.4 646.8 Operating profit (excl. valuation result) 243.0 211.1 239.7 276.3 350.1 445.1 569.7 Net valuation result on investment property 239.4 406.8 152.2 1,100.6 697.3 878.7 941.5 Profit/loss before finance costs 482.4 617.9 391.9 1,376.8 1,047.4 1,323.8 1,511.2 Profit for the period 361.5 392.2 252.5 1,025.9 764.2 922.6 1,081.4 FINANCIAL HIGHLIGHTS 3.3.1 Revenues Rental income amounted to €664.1 million in 2024, up 16.1% year-on-year on an absolute basis. On a like-for- like basis, rental income grew 4.0%, mainly driven by indexation and reversion on renegotiations and expiring leases. The Group has measures in place to limit service charge leakage, which resulted in the improvement of the Net rental income (“NRI”) to rental income ratio from 95.0% in 2023 to 97.4% in 2024, with the margin in core markets reaching 99.5%. Consequently, NRI increased 19.0% year-on-year. The Group’s NRI came to €646.8 million at end-year. In CTP’s Core markets, NRI grew 14.0% year-on-year to €510.2 million; in Growth markets by 79.6% year-on-year to €56.4 million; while the cumulative NRI in its Western European markets grew year-on-year by 24.5% to €80.2 million. Net operating income from hotel operations increased to €6.1 million from €5.4 million in 2024. The Group’s net income from development activities within its industri - al and logistics portfolio increased from €5.4 million in 2023 to €25.5 million in 2024 due to more building and tenant improvements. Total revenues for 2024 came to €870.8 million, up 28.0% year-on-year, while the total attributable external expense came to €189.0 million, up 54.4% year-on-year, resulting in gross profit of €681.8 million, up 22.2% year- on-year. CTP N.V. Annual Report 2024 Business Environment & 2024 Performance 50 3.3.2 Net other income and expenses The Group’s employee benefits increased from €50.4 mil - lion in 2023 to €52.8 million in 2024, driven primarily by the increase of full-time equivalent employees (“FTEs”) from 732 to 874. Other expenses decreased from €57.3 million in 2023 to €55.3 million in 2024. Other expens - es in 2024, including a number of non-recurring items, amounted to €12.8 million. Amortisation and depreciation amounted to €11.0 million in 2024 from €11.3 in 2023. 3.3.3 EBITDA EBITDA for 2024 came to €1,550.4 million, up 15.8% year-on-year. The increase reflects the 22.2% increase in gross profit and the 7.1% increase in the net valua - tion result on investment property, while the Net other income / expense (excl. D&A) decreased with 0.3%. Ad - justed EBITDA excluding net revaluation results stood at €604.0 million, up 27.8% year-on-year. 3.3.4 Foreign currency CTP has minimal exposure to currency risk, as all of the portfolio’s lease agreements are denominated in euros. Net currency conversion risks noted on the balance sheet are also limited, as the valuations of the Group’s proper - ties together with all interest-bearing debt are denomi- nated in euros. In terms of transactional currency, a small amount of construction costs is denominated in local cur - rencies. However, this brings limited exposure, as rents related to developments are set at levels that take such risks into account at the time of procurement. 3.3.5 Taxation The Group’s effective tax rate decreased from 23.9% in 2023 to 18.7% in 2024. Of the overall tax expense, 73.6% is a deferred tax expense connected to the net valuation result on investment property. The Group’s current tax expense increased from €54.2 million in 2023 to €65.6 million in 2024. 3.3.6 Profit Profit for the period increased by 17.2% to €1,081.4 mil - lion compared to €922.6 million in 2023. This increase is mainly driven by Net valuation results on investment property, due to completed developments, and improved operating profit by organic growth of the portfolio. Company specific adjusted EPRA earnings increased from €323.5 million in 2023 to €364.0 million in 2024. The difference between EPRA earnings and IFRS profit is attributable to several non-recurring items. The Compa - ny specific adjusted EPRA earnings per share increased to €0.80 from €0.73 in 2023, which represents a 9.9% increase and is in line with the guidance that the Group gave despite the increased number of shares connected to a capital raise undertaken in October 2024 (see Sec - tion 3.3.9 for details). 3.3.7 Dividend CTP’s dividend policy is to pay out 70%–80% of its Com - pany specific adjusted EPRA earnings. On 20 May 2024, CTP paid out its 2023 final dividend of €0.275 per ordinary share. Shareholders were given the choice to receive the 2023 final dividend in either cash or shares. The number of dividend rights that equates to one new ordinary share was set at 60.48. A total of 66.4% of shareholders opted for payment of the interim dividend in stock. On 3 October 2024, CTP paid out its 2024 interim divi - dend of €0.29 per ordinary share, which represents 73% of H1 2024 Company specific adjusted EPRA earnings. Shareholders were given the choice to receive the 2024 interim dividend in either cash or in shares. The number of dividend rights that equates to one new ordinary share was set at 56.57. A total of 16.3% of shareholders opted for payment of the interim dividend in stock. 66% of the free-float investors elected shares, while Remon Vos, the CEO and founder, elected cash to finance his participation in the capital raise. CTP will propose a final 2024 dividend of €0.30 per ordinary share to the Annual General Meeting (“AGM”) on 22 April 2025. Subject to approval by the AGM, the total 2024 dividend will amount to €0.59 per ordinary share, representing a pay-out of 74% and an increase of 12.4% compared to 2023. 3.3.8 Investment portfolio Investment property (“IP”) increased from €12.0 billion as at 31 December 2023 to €14.7 billion as at 31 December 2024, driven by, among other factors, the €1,211.3 million transfer of completed projects from Investment property under development (“IPuD”) to IP, a €561.1 million net re - valuation result, €196.2 million of standing assets acqui- sitions, and €386.1 million of landbank acquisitions. The value of the Group’s landbank, which is part of its IP, increased from €919.8 million at year-end 2023 to €1,292.4 million at year-end 2024. IPuD decreased by 20.8% to €1,076.8 billion as at 31 December 2024, mainly driven by deliveries of develop - ments in Q4, with start of construction generally in Q1. Projects under construction decreased to 1.8 million sqm at year-end 2024. CTP N.V. Annual Report 2024 Business Environment & 2024 Performance 51 Gross Asset Value (“GAV”) increased to €16.0 billion as at 31 December 2024, up 17.2% compared to 31 December 2023. The Net valuation results on investment property in 2024 came to €941.5 million and was mainly driven by a revaluation of IPuD (€380.4 million), standing assets in - cluding the stabilisation of 2024 deliveries (€499.9 mil- lion), and landbank (€61.2 million). On a like-for-like basis, CTP saw a positive revalua - tion of 5.9% in 2024 compared to 2% in 2023. The like- for-like estimated rental value (“ERV”) growth amounted to 4.9% compared to 10% in 2023. The reversionary yield widened by 80bps from H1 2022 to H1 2024 and decreased by 0.1% in H2 2024, bringing it to 7.1%. With the larger yield movements in Western Euro - pean markets, the yield differential between CEE and Western European logistics is back to the long-term average. CTP expects the yield differential to decrease further, driven by the higher growth expectations for the CEE region. CTP expects further positive ERV growth on the back of continued client demand, which is positively impacted by the secular growth drivers in the CEE region—espe - cially since CEE rental levels remain affordable, as—de- spite the strong growth seen in CEE—they have started from significantly lower absolute levels than in Western European countries. In real terms, rents in many CEE markets are still below 2010 levels. 3.3.9 EPRA NTA EPRA NTA per share increased from €15.92 as at 31 December 2023 to €18.08 as at 31 December 2024, rep- resenting an increase of 13.6%. The increase is mainly driven by the revaluation (+€1.98) and Company specific adjusted EPRA EPS (+€0.80), but was partly offset by the dividend (-€0.57) and others (-€0.03). 3.3.10 Capital raise CTP successfully raised €300 million gross proceeds through the issuance of new ordinary shares, which were placed on 19 September 2024 and 4 October 2024. The Capital Raise comprised of i) the issuance of new shares in the approximate amount of €227 million, offered through an accelerated bookbuilding process to institutional in - vestors, and ii) the issuance of new shares in the approx- imate amount of €73 million to Mr. Remon Vos, the CEO, founder, and controlling shareholder of CTP. The issue price of the new shares was set at €16 per share. The new shares represent approximately 4% of CTP’s issued share capital and were issued under the existing share - holder authorisation granted at the 2024 AGM. The capital raise provides CTP with increased fi - nancial flexibility to pursue additional development-led growth opportunities and to take advantage of attrac - tive investment opportunities, while maintaining a strong balance sheet and Investment Grade credit rating, with a Normalised Net Debt to EBITDA below 10x. CTP expects the capital raise to be earnings accretive once the capital is fully deployed, which is expected to be within 12 months from the issuance. 3.3.11 Overview of cash flow Cash flows from operating activities increased in 2024, mainly due to increasing rental income despite increased finance costs. The portfolio’s attractive WAULT of 6.4 years provides comfort and income security. Adjust - ed EBITDA (excluding net valuation result) grew from €472.6 million to €604.0 million. The Group’s cash flows used for investment activities increased in 2024 to €1,327.1 million. The increase was mainly driven by more acquisitions of investment property. The cash flows from/used in financing activities amounted to €1,153.8 million in 2024, an increase driv - en by CTP’s proactive funding strategy. This enabled the Group to fund both its development activities during 2024 as well as to pre-fund the pipeline of developments for 2025 and part of the maturities in 2025 and 2026. The Group paid out €151.4 million in cash dividends during 2024 and repaid €950 million of bonds and €379 million of loan facilities. CTP N.V. Annual Report 2024 Business Environment & 2024 Performance 52 3.3.12 Post-period events On 27 January 2025, the Group entered into a conditional purchase agreement in relation to a 100% share into 6 Romanian companies, owners of investment properties in Bucharest. In March 2025, the Group issued a dual tranche of green bonds: i. bonds of €500.0 million with 6-year maturity and 3.625% fixed coupon and ii. bonds of €500.0 million with 10-year maturity and 4.25% fixed coupon. (€ million) 2024 2023 2022 2021 Cash at beginning of the year 690.6 660.6 892.8 419.1 Cash flows from operational activities 340.0 318.4 300.3 139.1 Cash flows used for investing activities -1,327.1 -1,176.7 -1,364.8 -1,435.2 Cash flows from/used in financing activities 1,153.8 886.1 837.2 1,768.7 Cash at the end of the period 855.4 690.6 660.6 892.8 CASH FLOW OVERVIEW NL 9.1 FIG. 3.30 GROSS RENTAL INCOME BY COUNTRY (€ million) (€ million) FIG. 3.31 NET RENTAL INCOME BY COUNTRY AT 1.7 BG 14.2 PL 11.6 CZ 273.3 CZ 274.5 RO 121.7 RO 122.7 HU 61.8 SK 53.7 RS 31.1 PL 19.0 BG 14.3 AT 2.0 DE 76.0 HU 61.8 SK 53.5 DE 70.7 NL 7.7 RS 30.6 CTP N.V. Annual Report 2024 Business Environment & 2024 Performance 53 3.4 Funding and Hedging CTP continued to take a prudent approach to financial policy and credit metrics in 2024. The Group ended the year with a solid liquidity position and a conservative repayment profile, with only €562 million of debt expiring in 2025. In 2024, the Group signed €2.4 billion in funding, of which €1.9 million was unsecured funding; repaid €1.3 billion; and maintained significant headroom to all of its covenants. 3.4.1 Funding In line with its proactive and prudent approach, the Group benefits from a solid liquidity position to fund its growth ambitions, with a low fixed cost of debt and conservative repayment profile. The Group demonstrated its continued good access to—and the depth of—the bank lending market, signing four loan facilities during 2024, as described below: Loan facilities signed in 2024 January a €100 million secured loan facility with an all-in fixed in - terest rate of 4.9% and a maturity of six years; February a €90 million secured loan facility with an all-in fixed in - terest rate of 4.9% and a maturity of seven years; May a €168 million secured loan facility with an all-in fixed in - terest rate of 5.1% and a maturity of seven years; June a €500 million unsecured loan facility with an all-in fixed interest rate of 4.7% and a maturity of five years; July a €150 million secured loan facility with an all-in fixed in - terest rate of 4.35% and a maturity of seven years. The bond market became again more attractive than the bank loan market in 2024, and the Group benefitted from pricing reflecting CTP’s long-term reliable and growing cash flows. The Group issued two new bonds and made one private placement, as described below: Bonds issued in 2024 February a €750 million green bond at MS+220bps, at a coupon of 4.75% and a maturity of six years; June a €75 million tap of the six-year green bond issued in February 2024 at MS +171bps; November a €500 million green bond at MS+173bps, at a coupon of 3.875% and a maturity of eight years; November a €50 million green private placement at MS +125bps, at a coupon of 3.427% and a maturity of five years. CTP N.V. Annual Report 2024 Business Environment & 2024 Performance 54 CTP continued to actively work with its debt maturity profile and completed three tender offers, buying back €950 million of short-dated bonds, realising a capital gain of €37.1 million, reducing 2025 and 2026 debt maturities, and proactively extending its maturity profile. The next bond repayment of €272 million is in June 2025 and is more than covered by CTP’s €855.4 million cash position. As the spreads came down in 2024, CTP negotiated margin reduction on €569.9 million and repaid another €378.8 million of its secured bank loans in Q4. In total, the Group raised €2,383 million in 2024, of which €1,875 million is unsecured and €508 million se - cured. In addition, in November, CTP’s Revolving Credit Facility (“RCF”) was refinanced with a new five-year fa - cility, increasing the limit from €550 million to €1.3 bil- lion. The RCF is sustainability-linked, with the margin adjusted subject to CTP achieving cerain defined sus - tainability KPIs, including the percentage of Energy Per- formance Certificates (“EPCs”) with grade “A” or better, the roll-out of PV installations, and the percentage of leasable area covered by Green Leases. The Group’s li - quidity position at year-end 2024 stood at €2.2 billion, comprised of €0.9 billion of cash and cash equivalents and an undrawn RCF of €1.3 billion. The Group had 64% unsecured debt and 36% secured debt as at 31 December 2024, with ample headroom un - der its covenants. The average debt maturity came to 5.0 years (31 De - cember 2023: 5.3 years). CTP’s average cost of debt in- creased from 1.95% (31 December 2023) to 3.09%, with 99.9% of the debt fixed or hedged till maturity. GREEN BONDS OUTSTANDING Date Series Maturity Date Coupon Outstanding Balance October 2020 €650 million October 2025 2.125% €185 million February 2021 €500 million February 2027 0.750% €500 million June 2021 €500 million June 2025 0.500% €272 million June 2021 €500 million June 2029 1.250% €500 million September 2021 €500 million September 2026 0.625% €275 million September 2021 €500 million September 2031 1.500% €500 million July 2022 €50 million September 2031 1.500% €50 million January 2022 €700 million January 2026 0.875% €350 million February 2024 €750 million February 2030 4.750% €750 million June 2024 €75 million February 2030 4.750% €75 million November 2024 €500 million November 2032 3.875% €500 million December 2024 €50 million December 2029 3.427% €50 million CTP N.V. Annual Report 2024 Business Environment & 2024 Performance 55 CTP’s Loan-to-Value (“LTV”) decreased from 46.0% as at 31 December 2023 to 45.3% as at 31 December 2024 and is just above the Company’s target range of between 40%-45%. The Group deems this to be an appropriate level, given its higher gross portfolio yield, which stands at 6.6%. Higher-yielding assets lead to a healthy level of cash-flow leverage that is also reflected in the normalised Net Debt to EBITDA of 9.1x (31 December 2023: 9.2x). 3.4.4 EMTN Programme The Euro Medium Term Note (“EMTN”) Programme en - ables the Group to issue green bonds on the Dublin Eu- ronext Exchange. As at 31 December 2024, the Group has the bonds outstanding as shown above in the table in Section 3.4.1. In November 2024, CTP published its third Green Bond Report. This report includes an overview of the use of proceeds and features a second-party opinion by Sus - tainalytics, Inc. In September 2020, the Company received a long- term issuer rating of BBB- (stable outlook) from S&P and a long-term issuer rating of Baa3 (stable outlook) from Moody’s. Moody’s confirmed CTP’s rating and outlook on 5 July 2024, and S&P confirmed CTP’s rating and out - look on 13 September 2024. In January 2025, CTP was assigned A- credit rating with a stable outlook from JCR. 3.4.2 Hedging CTP targets to have close to 100% of its debt either fixed or hedged until maturity. However, the Group also con - stantly monitors the financial markets to identify opti- mum timing and relative value-hedging opportunities, as CTP pre-hedges certain upcoming and future funding requirements using forward starting swaps to lock in ad - vantageous interest rates. 3.4.3 Covenants As at 31 December 2024, the Group is in compliance with all of its covenants, with significant headroom in all of them. The interest coverage ratio (“ICR”) stood at 2.6x, well above the minimum covenant threshold of 1.5x. The ICR decreased in 2024 due to new financing at higher cost of debt as well as the refinancing of maturing cheaper debt and a higher cash balance (as interest income is not included in the calculation). With industry leading YoC of over 10%, each euro invested in the pipeline will improve the ICR. The Secured Debt Test stood at 16.9% compared to 18.5% in 2023 with a maximum covenant level of 40%, while the Unencumbered Assets Test came to 193.2% compared to 189.1% in 2023 with a minimum covenant level of 125%. CTP N.V. Annual Report 2024 Business Environment & 2024 Performance 56 FIG. 3.32 LEASES LINKED TO CPI CZ 35% PL 23% SK 13% DE 8% AT 7% BG 6% RO 3% HU 3% RS 2% €1.1 billion PL 15% RO 10% SK 9% HU 9% NL 4% RS 4% AT 3% BG 1% CZ 26% DE 19% €1.3 billion FIG. 3.35 VALUE OF INVESTMENT PROPERTY UNDER DEVELOPMENT FIG. 3.36 VALUE OF OWNED LANDBANK (in %) (in %) CZ 43% RO 16% HU 9% SK 7% PL 6% NL 3% BG 1% RS 4% AT 1% €14.7 billion FIG. 3.34 VALUE OF STANDING ASSETS (in %) DE 10% YE 2023 Transfer from/ to investment property under development Transfer from/ to buildings and related land Transfer from/to PPE Acquisitions Additions / disposals Net valuation result YE 2024 FIG. 3.33 INVESTMENT PROPERTY, 2024 (€ million) 16,000 15,000 14,000 13,000 12,000 11,000 10,000 9,000 8,000 12,039 1,211 0 2 582 260 561 14,655 Q2‘22 Q3‘22 YE2022 YE2023 YE2024 80% 70% 60% 50% 40% 30% 20% 10% 0 38% 45% 49% 66% 71% (in %) CTP N.V. Annual Report 2024 Business Environment & 2024 Performance 57 (€) FIG. 3.39 COMPANY SPECIFIC ADJUSTED EPS 2018 2019 2020 2021 2022 2023 2024 0.61 0.73 0.80 0.44 0.80 0.70 0.60 0.50 0.40 0.30 0.20 0.10 0 0.32 0.38 0.49 FIG. 3.40 LTV (in %) 2018 2019 2020 2021 2022 2023 2024 43% 70% 60% 50% 40% 30% 20% 10% 0 45% 51%50% 47% 46% 45% 2018 2019 2020 2021 2022 2023 2024 FIG. 3.41 AVAILABLE LIQUIDITY (€ billion) 1.1 2.5 2.0 1.5 1.0 0.5 0 1.1 0.10.1 1.2 2.2 0.5 2018 2019 2020 2021 2022 2023 2024 (€) 8.32 4.07 7.57 12.06 19.00 18.00 16.00 14.00 12.00 10.00 8.00 6.00 4.00 2.00 0 13.81 15.92 18.08 FIG. 3.38 EPRA NTA PER SHAREFIG. 3.37 NET VALUATION RESULT ON INVESTMENT PROPERTY (€ million) AT BG CZ DE HU NL PL RO RS SK Total 1,000,000 800,000 600,000 400,000 200,000 0 -200,000 -50 20 341 122 70 -4 57 208 60 117 941 CTP N.V. Annual Report 2024 Business Environment & 2024 Performance 58 FIG. 3.42 UNSECURED DEBT (in % of total debt) 75% 80% 70% 60% 50% 40% 30% 20% 10% 0 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 68% 60% 64% 2018 2019 2020 2021 2022 2023 2024 31%31% 4% FIG. 3.43 INTEREST COVER RATIO (x) 5.0 10 8 6 4 2 0 4.6 3.8 4.2 4.0 3.8 2.6 2018 2019 2020 2021 2022 2023 2024 FIG. 3.44 DEBT MATURITY PROFILE 698 647 1,497 1,484 1,656 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034+ 562 533 407 34 582 (€ million) Bonds Unsecured loans Secured loans CTP N.V. Annual Report 2024 Business Environment & 2024 Performance 59 FIG. 3.46 COVENANTS Year Secured Debt Test Interest Cover Ratio Unecumbered Assets Test 2018 n.a. 4.0 n.a. 2019 n.a. 4.2 n.a. 2020 73% 3.8 139% 2021 12% 5.0 194% 2022 15% 4.6 185% 2023 19% 3.8 189% 2024 17% 2.6 193% Covenant level max 40% min 1.5 min 125% FIG. 3.45 COST OF DEBT 1.48% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0 1.56% 1.95% 3.09% (in %) 2021 2022 2023 2024 60 Business Environment & 2024 Performance CTP N.V. Annual Report 2024 P O L A N D C Z E C H I A S L O V A K I A H U N G A R Y S E R B I A B U L G A R I A R O M A N I A G E R M A N Y A U S T R I A N E T H E R L A N D S F R A N C E S P A I N M O L D O V A PORTUGAL I T A L Y UK T U R K E Y G R E E C E ALBANIA NORTH MACEDONIA MONTENEGRO C R O A T I A S L O V E N I A BOSNIA AND HERZEGOVINA S W I T Z E R L A N D B E L G I U M D E N M A R K U K R A I N E L I T H U A N I A BERN BASEL ZÜRICH SARAJEVO PODGORICA DURRËS TIRANA SKOPJE COPENHAGEN BRUSSELS LUXEMBOURG AMIENS ANKARA ISTANBUL PARIS DIJON LILLE CALAIS DOVER SOUTHAMPTON HARWICH HULL LE HAVRE ANTWERP LIÈGE METZ REIMS CHARLEROI STRASBOURG KAUNAS KLAIPĖDA VILNIUS KIEV ZEEBRUGGE EDIRNE MALMÖ LVIV LONDON ŁÓDŹ CZĘSTOCHOWA BYDGOSZCZ RZESZÓW KRAKÓW BIELSKO-BIAŁA LUBLIN ROTTERDAM KOŠICE PREŠOV KATOWICE WROCŁAW POZNAŃ OSTRAVA BRNO TIMIŞOARA ARAD DEBRECEN MISKOLC KECSKEMÉT ORADEA TRNAVA BANSKÁ BYSTRICA ŽILINA GYŐR SZEGED PÉCS GRAZ LINZ SALZBURG INNSBRUCK CLUJ BRAŞOV PLIOEŞTI SIBIU NOVI SAD NIŠ PRISTINA ČAČAK PLOVDIV VARNA BURGAS CONSTANȚA GDAŃSK CRAIOVA MUNICH STUTTGART NÜRNBERG MANNHEIM MAINZ SAARBRÜCKEN WÜRZBURG DRESDEN LEIPZIG FRANKFURT DÜSSELDORF DORTMUND BREMEN HAMBURG SZCZECIN UTRECHT ARNHEM GRONINGEN PLZEŇ ČESKÉ BUDĚJOVICE LIBEREC HRADEC KRÁLOVÉ ÚSTÍ N. LABEM OLOMOUC HANNOVER WOLFSBURG MAGDEBERG ROSTOCK KIEL LÜBECK EINDHOVEN AACHEN BONN KOBLENZ KASEL CHEMNITZ OSNABRÜCK MÜNSTER REGENSBURG ULM COLOGNE BERLIN AMSTERDAM SOFIA BRATISLAVA VIENNA BUDAPEST BELGRADE BUCHAREST WARSAW PRAGUE ADRIATIC SEA BLACK SEA AEGEAN SEA BALTIC SEA NORTH SEA 3.5 Group-level Insights KEY CTPARKS >100,000 sqm GLA CTP LOCATIONS <100,000 sqm GLA CORE MARKETS GROWTH MARKETS W. EUROPEAN MARKETS CTPark Network CTP’s unmatched industrial and logistics portfolio—the CTPark Network—is the cornerstone of a resilient European supply chain. The CTPark Network is the largest integrated system of premium business parks in continental Europe. With over 250 locations and a strategic landbank, the CTPark Network provides seamless property solutions for companies to grow, from the North Sea to the Black Sea. 61 Business Environment & 2024 Performance CTP N.V. Annual Report 2024 TOP 20 PARKS CORE MARKETS CTP is the leading logistics player as measured by owned industrial GLA in each of its most established Core Markets: the Czech Republic, Romania, Hungary, and Slovakia. In these four markets combined, CTP further increased its market share to 28.8% as at end-2024. As of 31 December 2024, the Group owned the four-largest industrial parks in the CEE region, including CTPark Bu- charest West and CTPark Bu- charest in Romania and CTPark Brno and CTPark Bor in the Czech Republic. GROWTH MARKETS In recent years CTP has di- versified its portfolio and suc- cessfully executed its client-led expansion into the three new key markets of Serbia, Bulgaria, and Poland. They are referred to as “Growth Markets”, where CTP aims to become a promi- nent player in the medium term. Since its launch of operations, CTP has become market leader in both Bulgaria and Serbia. WESTERN EUROPEAN MARKETS CTP’s access to international capital markets has facilitated its market entry in Austria and the Netherlands, as well its strategic acquisition to enter Germany. These Western Eu- ropean Markets now enable the Company to service its clients from the North Sea to the Black Sea, along all main European transit routes, and to grow with them. The top 20 parks represent the core of the CTPark Network. They are thriving business communities, with a dynamic mix of clients from a broad range of industries. The top 20 parks make up 42% of the GLA in CTP’s portfolio. The top 20 parks are home to roughly 40% of CTP’s nearly 1,500 clients; and have a development opportunity of more than 2.6 million sqm GLA. KEY DATA: TOP 20 PARKS Category Top 20 Total portfolio Top 20 as % of total portfolio GLA (‘000s sqm) 5,657 13,330 42% Under construction (‘000s sqm) 362 1,753 21% Landbank (‘000s sqm) 5,179 26,411 20% Tenants (#) 572 ~1,500 n/a WAULT (years) 6.7 6.4 n/a Occupancy (%) 95% 93% n/a 62 CTP N.V. Annual Report 2024 Business Environment & 2024 Performance TOP 20 PARKS Rank Park Country GLA2023 GLA 2024 Share of GLA Total land Under construction Total properties Occupancy WAULT Tenants Year start 1 CTPark Bucharest West Romania 833,000 902,000 7% 1,881,000 89,000 18 98% 5.3 25 2015 2 CTPark Bor Czech 642,000 641,000 5% 271,000 - 15 100% 7.7 26 2006 3 CTPark Bucharest Romania 571,000 572,000 4% 371,000 - 40 94% 3.7 108 2015 4 CTPark Brno Czech 540,000 540,000 4% 287,000 85,000 28 93% 6.8 58 2005 5 CTPark Ostrava Czech 390,000 390,000 3% 6,000 - 28 97% 9.2 81 2006 6 CTPark Budapest West Hungary 303,000 313,000 2% 117,000 28,000 17 92% 5.1 45 2016 7 CTPark Bucharest North Romania 210,000 229,000 2% - - 8 73% 5.7 31 2020 8 CTPark Budapest East Hungary 212,000 212,000 2% 3,000 - 7 93% 4.9 17 2015 9 CTPark Modřice Czech 205,000 205,000 2% 28,000 - 19 96% 4.2 28 2002 10 CTPark Trnava Slovakia 177,000 183,000 1% 945,000 46,000 11 92% 7.2 18 2015 11 CTPark Warsaw West Poland 8,000 177,000 1% 285,000 - 3 100% 10.3 2 2024 12 CTPark Brno Líšeň Czech 175,000 175,000 1% 49,000 - 13 95% 10.9 29 2020 13 CTPark Hranice Czech 152,000 160,000 1% 42,000 - 9 97% 5.3 21 2002 14 CTPark Námestovo Slovakia 144,000 148,000 1% 17,000 4,000 11 99% 0.9 23 2021 15 CTPark Timisoara Romania 144,000 145,000 1% 387,000 - 9 93% 5.0 20 2015 16 CTPark Timisoara North Romania - 141,000 1% 260,000 - 6 88% 4.5 10 2024 17 CTPark Warsaw South Poland 79,000 135,000 1% 107,000 12,000 3 79% 4.8 5 2022 18 CTPark Belgrade City Serbia 104,000 132,000 1% 22,000 - 2 100% 12.3 5 2023 19 CTPark Pohořelice Czech 131,000 132,000 1% 20,000 - 6 100% 6.6 12 2007 20 CTPark Žatec Czech 120,000 125,000 1% 81,000 98,000 4 100% 8.1 8 2007 ~50% OF OUR OVER 1,000 CLIENTS GLA OF PORTFOLIO 42% DEVELOPMENT OPPORTUNITY 2.6 million sqm 63 Business Environment & 2024 Performance CTP N.V. Annual Report 2024 TOP 20 PARKS 1. CTPark Bucharest West, RO GLA 902,000sqm 2. CTPark Bor, CZ GLA641,000sqm 3. CTPark Bucharest, RO GLA572,000sqm 4. CTPark Brno, CZ GLA540,000 sqm 5. CTPark Ostrava, CZ GLA390,000sqm >500,000 6. CTPark Budapest West, HU GLA 313,000sqm 7. CTPark Bucharest North, RO GLA 229,000sqm 8. CTPark Budapest East, HU GLA212,000sqm >300,000>200,000 13. CTPark Hranice, CZ GLA 160,000 sqm 9. CTPark Modřice, CZ GLA 205,000sqm 12. CTPark Brno Líšeň, CZ GLA 175,000 sqm >150,000 17. CTPark CTPark Warsaw South, PL GLA 135,000 sqm 14. CTPark Námestovo, SK GLA 148,000 sqm 10. CTPark Trnava, SK GLA183,000sqm 18. CTPark Belgrade City, RS GLA 132,000 sqm 15. CTPark Timișoara, RO GLA 145,000 sqm 19. CTPark Pohořelice, CZ GLA 132,000 sqm 11. CTPark Warsaw West, PL GLA177,000 sqm >100,000 16. CTPark Timișoara North, RO GLA 141,000 sqm 20. CTPark Žatec, CZ GLA 125,000 sqm 64 Business Environment & 2024 Performance CTP N.V. Annual Report 2024 TOP 10 DEALS IN 2024 Rank Tenant Reported period Sqm signed Park Country Industry Existing client 1 LPP Q4'24 65,000 CTPark Bucharest West RO Retail Trade Y 2 H & M Q3'24 63,000 CTPark Warsaw West PL Retail Trade Y 3 NXT Logis Kft. Q2'24 57,000 CTPark Erd HU 3PL Y 4 Hitachi Energy Q4'24 52,000 CTPark Brno CZ Manufacturing Y 5 Douglas Q4'24 46,000 CTPark Warsaw South PL Retail Trade N 6 Aldi Q4'24 43,000 CTPark Emilianów PL Retail Trade Y 7 LPP Q2'24 43,000 CTPark Bucharest West RO Retail Trade Y 8 Gestamp Q3'24 39,000 CTPark Žatec CZ Automotive N 9 Milšped Q4'24 39,000 CTPark Belgrade West RS 3PL Y 10 Dogmates Q2'24 39,000 CTPark Zabrze PL Manufacturing N 65 Business Environment & 2024 Performance CTP N.V. Annual Report 2024 3.6 Clients FIG. 3.50 CLIENT OCCUPIED GLA BY INDUSTRY (in %) (in %) FIG. 3.51 BUILDINGS BY TOTAL SIZE SHARE OF BUILDING'S GLA FIG. 3.52 LEASES SIGNED IN LAST 24 MONTHS GLA SPLIT BY INDUSTRY (% of GLA) Services 4% Other 2% <10k 12% Whosale Trade 7% 3PL 28% 40k+ 32% Retail Trade 12% Automotive 21% Automotive 16% Manufacturing 26% 10k–40k 56% CTP has a wide and diversified international client base of blue-chip companies with good credit ratings from a broad range of industries. These include manufacturing (high-tech/IT, automotive) and e-commerce, retail, wholesale, and third-party logis - tics. CTP’s client roster of over 1,000 companies repre- sents a solid balance between diversification and con- centration for the Group, with no single client accounting for more than 2.5% of its annual rent roll. A diversity of clients and industries are critical to build a resilient, fu - ture-proof portfolio. Warehousing & logistics is a key sector for CTP, and 3PLs, who may serve one or more clients at a specific location. They are in particular focused on strategic lo - cations to optimise their operations. Many clients in this category are international players, which provide oppor - tunities to cross-sell across markets and countries. Retail is a growing segment for CTP, as retailers have started looking more to CEE markets, driven by an emerg - ing middle class, higher growth of disposable income and faster pace of e-commerce growth in the region. Manufacturing is strongly represented in CTP’s port - folio, particularly high-tech activities, with clients gener- ally signing longer leases as relocating is costly and cap- ital intensive. CTP expects strong demand as a result of the ongoing nearshoring trend. Automotive is also strongly represented in CTP’s portfolio due to the large clusters of manufacturers mov - ing to the lower-cost but educated workforce that CEE offers. The growing trend to develop new electric vehicle ("EV") innovations is expected to generate more demand in markets offering significant available workforce and technical education, government incentives, and proxim - ity to suppliers. Whosale Trade 10% Manufacturing 21% 3PL 30% Retail Trade 13% Services 5% Other 5% 66 Business Environment & 2024 Performance CTP N.V. Annual Report 2024 TOP 50 CLIENTS (RENTAL INCOME, BY INDUSTRY, %) 3PL 14% E-commerce, Retail, Wholesale and Distribution 10% Automotive 7% High Tech 4% Manufacturing 3% TOP 50 AS A % OF PORTFOLIO GLA 38.4% TOP 50 AS A % OF RENTAL INCOME 35.2% 67 Business Environment & 2024 Performance CTP N.V. Annual Report 2024 TOP 50 CLIENTS IN 2024 1/2 Credit Ratings Rank Clients SQM Of Total rented GLA Buildings Parks Countries Industry Moodys S&P Fitch 1 Raben 261,000 2.2% 18 15 6 3PL - - - 2 DSV 231,000 2.0% 17 11 4 3PL A3 A- - 3 LPP 196,000 1.7% 2 1 1 E-commerce, Retail, Wholesale and Distribution - - - 4 DHL 188,000 1.6% 21 15 5 3PL A2 - A- 5 Yanfeng 184,000 1.6% 9 3 3 Automotive Baa3 BBB- - 6 Quehenberger 173,000 1.5% 11 7 4 3PL - - - 7 H&M 146,000 1.2% 2 2 2 E-commerce, Retail, Wholesale and Distribution BBB - - 8 Schwarz Group 140,000 1.2% 9 7 5 E-commerce, Retail, Wholesale and Distribution - - - 9 Loxxess 119,000 1.0% 3 1 1 3PL - - - 10 FM Logistic 106,000 0.9% 3 3 1 3PL - - - 11 Deli Home 104,000 0.9% 1 1 1 Manufacturing - - - 12 Kühne Nagel 103,000 0.9% 5 4 3 3PL - - - 13 Tesco 99,000 0.8% 1 1 1 E-commerce, Retail, Wholesale and Distribution Baa3 BBB- BBB- 14 Milšped Group 99,000 0.8% 5 4 1 3PL - - - 15 NXT Logis 98,000 0.8% 3 3 1 3PL - - - 16 Primark 94,000 0.8% 1 1 1 E-commerce, Retail, Wholesale and Distribution - - - 17 JV Europe 92,000 0.8% 5 4 1 Manufacturing - - - 18 Forvia 91,000 0.8% 5 5 3 Automotive Ba3 BB BB+ 19 Maersk 84,000 0.7% 2 1 1 3PL Baa1 BBB+ - 20 Grammer 80,000 0.7% 4 3 1 Automotive - - - 21 Inventec 78,000 0.7% 3 3 1 High Tech - - - 22 Hitachi 77,000 0.7% 4 2 2 High Tech A3 A - 23 ZETOR Tractors 76,000 0.7% 6 2 1 Manufacturing - - - 24 Ahold 74,000 0.6% 4 3 2 E-commerce, Retail, Wholesale and Distribution Baa1 BBB+ - 25 Honeywell 74,000 0.6% 6 2 1 High Tech A2 A A 68 Business Environment & 2024 Performance CTP N.V. Annual Report 2024 TOP 50 CLIENTS IN 2024 2/2 Credit Ratings Rank Clients SQM Of Total rented GLA Buildings Parks Countries Industry Moodys S&P Fitch 26 GXO 72,000 0.6% 3 1 1 3PL Ba1 BBB- BBB 27 Brembo 69,000 0.6% 3 1 1 Automotive - - - 28 Renault 68,000 0.6% 1 1 1 Automotive Ba1 BB+ - 29 Valeo 68,000 0.6% 4 3 2 Automotive Ba1 BB+ - 30 Kompan Czech Republic 68,000 0.6% 5 1 1 Manufacturing - - - 31 Mercator 67,000 0.6% 1 1 1 E-commerce, Retail, Wholesale and Distribution - - - 32 Network One Distribution 65,000 0.6% 4 1 1 E-commerce, Retail, Wholesale and Distribution - - - 33 Wistron InfoComm 65,000 0.6% 2 1 1 High Tech - - - 34 Bosch 65,000 0.5% 5 5 4 High Tech A A - 35 METRO CASH AND CARRY 63,000 0.5% 3 3 2 E-commerce, Retail, Wholesale and Distribution - - - 36 Continental 60,000 0.5% 3 3 3 Automotive Baa2 BBB BBB 37 Thermo Fisher Scientific 60,000 0.5% 1 1 1 High Tech A3 A - A - 38 International Automotive Components 57,000 0.5% 4 2 2 Automotive - - - 39 TD Synnex 54,000 0.5% 1 1 1 E-commerce, Retail, Wholesale and Distribution Baa3 BBB- BBB- 40 Geis 54,000 0.5% 5 5 3 3PL - - - 41 Fiege 53,000 0.5% 2 2 2 3PL - - - 42 Hyundai 52,000 0.4% 4 3 2 Automotive A3 A- A- 43 Orbico 51,000 0.4% 3 2 2 E-commerce, Retail, Wholesale and Distribution - - - 44 Lenovo 50,000 0.4% 2 1 1 High Tech Baa2 BBB BBB 45 IMI 50,000 0.4% 7 3 1 Automotive - - - 46 Rohlík 49,000 0.4% 6 4 3 E-commerce, Retail, Wholesale and Distribution - - - 47 Adient 49,000 0.4% 2 2 1 Automotive BB - - 48 Dr. Max 48,000 0.4% 3 3 1 E-commerce, Retail, Wholesale and Distribution - - - 49 Mobexpert 47,000 0.4% 2 2 1 Manufacturing - - - 50 Douglas 47,000 0.4% 2 2 2 E-commerce, Retail, Wholesale and Distribution - - - 69 Business Environment & 2024 Performance CTP N.V. Annual Report 2024 3.7 Country Review 70 CTP N.V. Annual Report 2024 Business Environment & 2024 Performance E65 E50 E55 E55 D6 D6 D7 D8 D10 D11 D35 D5 D5 E48 E55 E67 E67 E50 E442 E461 E442 E442 E442 D3 D4 E49 E49 E49 E59 D52 D2 D1 D1 E50 E65 D48 E462 E75 E65 D1 PLZEŇ BRNO OSTRAVA OLOMOUC CHEB TEPLICE TÁBOR ZLÍN PÍSEK JIHLAVA ÚSTÍ N.LAB LIBEREC PARDUBICE HRADEC KRÁLOVÉ KARLOVY VARY ČESKÉ BUDĚJOVICE OPAVA PRAGUE PL DE DE AT SK LINZ SALZBURG VIENNA BRATISLAVA BUDAPEST BELGRADE ŽILINA KATOWICE WARSAW KRAKÓW WROCŁAW WARSAW DRESDEN BERLIN NÜRNBERG MUNICH MACROECONOMIC INDICATORS Population (in mil., 2024) 1 10.9 Credit rating 2 Aa3 Hourly compensation in manufacturing (net labour costs including taxes minus subsidies, €/hr, as of 2023) 3 €18.5 €30.5 GDP per capita growth, 2024–2029 (CAGR) 4 2.7% 1.8% E-commerce revenue growth forecast, 2018-2029 (CAGR) 7.9% MARKET INDICATORS Total stock (in mil. sqm) 5 12.3 Annual growth rate of stock (y/y) 6 4.7% CTP market share 7 27.9% Net take-up (in mil. sqm 8 0.9 CTP share net take-up 9 33.9% Market vacancy rate 10 3.1% Prime rent (sqm/yr) 11 €88.8 Prime yield 12 5.2% CTP INDICATORS Locations with standing portfolio 13 59 GLA (in thousand sqm) 4,362 Projects under construction (in thousand sqm) 482 Landbank (in thousand sqm) 8,583 GAV (in mil. EUR) 6,119 LFL rental growth 3.30% Client retention rate 84% Annualised rent (in mil. EUR) 294 WAULT 6.8 Notes 1, 3 Eurostat 2 Moody’s 4 IMF 5–7, 11–12 CBRE 8–10 CBRE 13 Locations with at least one standing property. Locations are indicative only, as they represent IP, IPuD and selected landbank locations. Notes 3–4 CTP countries EU-27 (avg. comparation) COUNTRY DATA CZ CORE MARKET CTParks >100,000 sqm GLA CTP locations <100,000 sqm GLA Planned KEY 71 CTP N.V. Annual Report 2024 Business Environment & 2024 Performance Vitesco Technologies launches new plant for EV automotive components CTPark Ostrava Hrušov Vitesco Technologies—a leading producer of drivetrains and powertrains for the automotive in- dustry—expanded its presence within the CTPark Network in 2024 with the launch of its new, €190 million electric vehicle (“EV”) parts factory at CTPark Ostrava Hrušov. At completion, the new, 40,000 sqm facility will feature advanced automated assembly lines and fully automated logistics. In line with the company’s ESG goals, the new building will also be equipped with rooftop solar panels and EV charging stations. Vitesco Technologies expects the new manufactur- ing site, which includes 1,500 sqm of office space, to employ over 1,000 people by 2027. CASE STUDY CZ 72 CTP N.V. Annual Report 2024 Business Environment & 2024 Performance COUNTRY DATA RO E70 E70 E79 E79 E68 E60 E81 E58 E81 E81 E85 E85 E68 A1 A2 E79 E60 E87 E81 A1 A3 A3 A10 A6 E68 ARAD DE VA SIBIU PLOIEȘTI TÂRGU MUREȘ ORADEA CLUJ BRAȘOV CONSȚANTA BUCHAREST RUSE CRAIOVA TIMIȘOARA BLAC K SEA BG UA RS HU MD LVIV BELGRADE BUDAPEST VIENNA DEBRECEN UZHOROD ODESA SOFIA BULGARIA VARNA KYIV R O M A N I A Notes 1, 3 Eurostat 2 Moody’s 4 IMF 5–7, 11–12 CBRE 8–10 CBRE 13 Locations with at least one standing property. Locations are indicative only, as they represent IP, IPuD and selected landbank locations. Notes 3–4 CTP countries EU-27 (avg. comparation) MACROECONOMIC INDICATORS Population (in mil., 2024) 1 19.1 Credit rating 2 Baa3 Hourly compensation in manufacturing (net labour costs including taxes minus subsidies, €/hr, as of 2023) 3 €9.7 €30.5 GDP per capita growth, 2024-2029 (CAGR) 4 2.9% 1.8% E-commerce revenue growth forecast, 2018-2029 (CAGR) 16.1% MARKET INDICATORS Total stock (in mil. sqm) 5 7.9 Annual growth rate of stock (y/y) 6 9.3% CTP market share 7 39.7% Net take-up (in mil. sqm 8 0.7 CTP share net take-up 9 42.3% Market vacancy rate 10 4.0% Prime rent (sqm/yr) 11 €57.0 Prime yield 12 7.5% CTP INDICATORS Locations with standing portfolio 13 35 GLA (in thousand sqm) 3,119 Projects under construction (in thousand sqm) 99 Landbank (in thousand sqm) 4,188 GAV (in mil. EUR) 1,949 LFL rental growth 4.3% Client retention rate 88% Annualised rent (in mil. EUR) 146 WAULT 5.9 CORE MARKET CTParks >100,000 sqm GLA CTP locations <100,000 sqm GLA Planned KEY 73 CTP N.V. Annual Report 2024 Business Environment & 2024 Performance LPP expands at CTPark Bucharest West Polish-based fashion group LPP expanded at CTPark Bucharest West in 2024 not once, but twice—bringing its total footprint at the park to 131,000 sqm at the end of the year. The com- pany signed its initial lease at CTPark Bucha- rest West in 2023 for 65,000 sqm to establish its first distribution hub outside of Poland, which was delivered in January 2024, less than a year after signing. Soon after, LPP increased its lease to 90,000 sqm to bolster its e-commerce opera- tions, followed by a 42,000 sqm expansion signed in December. LPP is one of the fastest-growing fashion retailers in CEE, with nearly 2,500 stores in 40 countries worldwide. LPP’s combined distribu- tion, e-commerce and office facility at CTPark Bucharest West includes state-of-the-art con- veyor systems and workstations with the capac- ity to store up to 25 million items—enabling the company to support 450 stores and ship up to six million items per week to the Romanian, Bul- garian, Hungarian, Croatian, Macedonian, Serbi- an, and Greek markets. Sustainability features include rooftop photovoltaic panels, a rainwater recovery system, and electric car charging sta- tions. RO CASE STUDY 74 CTP N.V. Annual Report 2024 Business Environment & 2024 Performance COUNTRY DATA HU E75 E71 E60 M15 M1 E79 M3 M3 M30 E71 E71 M4 M5 E68 M43 E73 E77 M6 M7 E73 E661 E653 E65 E66 E60 E60 GYŐR SZEGED PÉCS DEBRECEN SZOMBATHELY KOMÁROM SZEKÉSFEHÉRVÁR NYÍREGYHÁZA MISKOLC KECSKEMÉT BUDAPEST VIENNA MARIBOR GRAZ ZAGREB OSIJEK BELGRADE BUCHAREST ORADEA CLUJ BRATISLAVA BRNO PRAGUE KOŠICE PREŠOV LVIV AT HR RS SK RO UA Notes 1, 3 Eurostat 2 Moody’s 4 IMF 5–7, 11–12 CBRE 8–10 CBRE 13 Locations with at least one standing property. Locations are indicative only, as they represent IP, IPuD and selected landbank locations. Notes 3–4 CTP countries EU-27 (avg. comparation) MACROECONOMIC INDICATORS Population (in mil., 2024) 1 9.6 Credit rating 2 Baa2 Hourly compensation in manufacturing (net labour costs including taxes minus subsidies, €/hr, as of 2023) 3 €13.6 €30.5 GDP per capita growth, 2024-2029 (CAGR) 4 2.6% 1.8% E-commerce revenue growth forecast, 2018-2029 (CAGR) 12.8% MARKET INDICATORS Total stock (in mil. sqm) 5 5.6 Annual growth rate of stock (y/y) 6 9.1% CTP market share 7 21.4% Net take-up (in mil. sqm 8 0.6 CTP share net take-up 9 43.6% Market vacancy rate 10 7.6% Prime rent (sqm/yr) 11 €68.4 Prime yield 12 7.0% CTP INDICATORS Locations with standing portfolio 13 16 GLA (in thousand sqm) 1,230 Projects under construction (in thousand sqm) 127 Landbank (in thousand sqm) 2,809 GAV (in mil. EUR) 1,115 LFL rental growth 1.0% Client retention rate 80% Annualised rent (in mil. EUR) 73 WAULT 6.0 CORE MARKET CTParks >100,000 sqm GLA CTP locations <100,000 sqm GLA Planned KEY 75 CTP N.V. Annual Report 2024 Business Environment & 2024 Performance Tesco launches new 100,000 sqm logistics centre at CTPark Budapest Szigetszentmiklós Retail major Tesco launched a new, 100,000 sqm state-of-the-art logisitics centre outside the Hungarian capital, Budapest, to support its net- work of stores and customers nationwide. The new facility enhances efficiency, optimises trans- portation logistics, and significantly reduces Tes- co’s carbon dioxide emissions and environmental impact. The nearly one-kilometer-long logistics complex is powered by renewable energy, with 8,620 solar panels installed, providing a total ca- pacity of 3.75 MW. The facility includes two cold storage halls with variable temperature settings, a dry goods hall, a truck wash equipped with a water recycling system, vehicle repair and fork- lift service facilities, a gas station, and electric vehicle chargers. HU CASE STUDY 76 CTP N.V. Annual Report 2024 Business Environment & 2024 Performance COUNTRY DATA SK E60 D1 R1 R1 E75 D1 E50 E50 D1 D2 E65 R7 D2 D4 E75 16 E77 E77 E77 E371 TRNAVA NITRA KOMÁRNO BRATISL AVA BANSKÁ BYSTRICA ŽILINA TRENČIN POPRAD PREŠOV KOŠICE CZ PL AT HU UA GRAZ VIENNA PRAGUE BRNO BUDAPEST BELGRADE BUCHAREST BUDAPEST OSTRAVA ZLÍN KATOWICE KRAKÓW DEBRECEN UZHHOROD Notes 1, 3 Eurostat 2 Moody’s 4 IMF 5–7, 11–12 CBRE 8–10 CBRE 13 Locations with at least one standing property. Locations are indicative only, as they represent IP, IPuD and selected landbank locations. Notes 3–4 CTP countries EU-27 (avg. comparation) MACROECONOMIC INDICATORS Population (in mil., 2024) 1 5.4 Credit rating 2 A3 Hourly compensation in manufacturing (net labour costs including taxes minus subsidies, €/hr, as of 2023) 3 €16.8 €30.5 GDP per capita growth, 2024-2029 (CAGR) 4 2.2% 1.8% E-commerce revenue growth forecast, 2018-2029 (CAGR) 9.0% MARKET INDICATORS Total stock (in mil. sqm) 5 4.5 Annual growth rate of stock (y/y) 6 13.4% CTP market share 7 21.2% Net take-up (in mil. sqm 8 0.4 CTP share net take-up 9 33.7% Market vacancy rate 10 5.2% Prime rent (sqm/yr) 11 €69.6 Prime yield 12 6.3% CTP INDICATORS Locations with standing portfolio 13 12 GLA (in thousand sqm) 936 Projects under construction (in thousand sqm) 160 Landbank (in thousand sqm) 2,016 GAV (in mil. EUR) 923 LFL rental growth 13.7% Client retention rate 100% Annualised rent (in mil. EUR) 58 WAULT 6.3 CORE MARKET CTParks >100,000 sqm GLA CTP locations <100,000 sqm GLA Planned KEY 77 CTP N.V. Annual Report 2024 Business Environment & 2024 Performance Chinese automotive components producer to launch first European plant at CTPark Prešov South As part of the ongoing nearshoring trend, Jiangsu Xinquan Automotive Trim—a Chinese company pro- ducing exterior and interior trim systems for the au- tomotive sector—decided to launch its first Europe- an manufacturing plant at CTPark Prešov South, in Slovakia’s third-largest city. At completion the com- pany’s European base will include nearly 18,000 sqm of manufacturing, warehousing, and office space, with handover on schedule for 2025. CTPark Prešov South is strategically located in Slo- vakia’s third-largest city, with excellent motorway connection to Košice (40km) and the automotive cluster in Žilina /Martin (200km), and easy access to Poland (70km). The Prešov region benefits from a highly skilled workforce, competitive labour costs, a diversified local economy with a strong industrial heritage, and the highest available level of state aid. The region of Eastern Slovakia has witnessed sub- stantial foreign direct investment, highlighting the area’s economic potential. SK CASE STUDY 78 CTP N.V. Annual Report 2024 Business Environment & 2024 Performance COUNTRY DATA RS E75 E75 E70 A1 A2 A1 A1 A3 E80 E80 E65 E851 E75 PRISTINA NIŠ ČAČAK NOVI SAD SOMBOR JAGODINA BELGRADE KRAGUJEVAC KRUŠEVAC ŠABAC BG RO MK HR BA ME AL HU ZAGREB SARAJEVO PODGORICA BUDAPEST BRATISLAVA VIENNA TIMIȘOARA TIRANA SKOPJE THESSALONIKI ATHENS SOFIA ISTANBUL BUCHAREST Notes 1, 3 Eurostat 2 Moody’s 4 IMF 5–7, 9, 11–12 CBRE 8, 10 IO Partners 13 Locations with at least one standing property. Locations are indicative only, as they represent IP, IPuD and selected landbank locations. Notes 3–4 CTP countries EU-27 (avg. comparation) MACROECONOMIC INDICATORS Population (in mil., 2024) 1 6.6 Credit rating 2 Ba2 Hourly compensation in manufacturing (net labour costs including taxes minus subsidies, €/hr, as of 2023) 3 €9.1 €30.5 GDP per capita growth, 2024-2029 (CAGR) 4 2.9% 1.8% E-commerce revenue growth forecast, 2018-2029 (CAGR) 8.9% MARKET INDICATORS Total stock (in mil. sqm) 5 1.2 Annual growth rate of stock (y/y) 6 45.8% CTP market share 7 45.0% Net take-up (in mil. sqm) 8 N/A CTP share net take-up 9 70.0% Market vacancy rate 10 6.5% Prime rent (sqm/yr) 11 €57.0 Prime yield 12 8.5% CTP INDICATORS Locations with standing portfolio 13 8 GLA (in thousand sqm) 596 Projects under construction (in thousand sqm) 114 Landbank (in thousand sqm) 1,993 GAV (in mil. EUR) 458 LFL rental growth 1.8% Client retention rate 92% Annualised rent (in mil. EUR) 35 WAULT 10.5 GROWTH MARKET CTParks >100,000 sqm GLA CTP locations <100,000 sqm GLA Planned KEY 79 CTP N.V. Annual Report 2024 Business Environment & 2024 Performance Mercata VT expands with new distribu- tion centre at CTPark Belgrade City Mercata VT, the leading tobacco and FMCG distrib- utor in Serbia, consolidated and expanded its opera- tions in 2024 with the launch of its new, 20,000 sqm distribution centre at CTPark Belgrade City, in the New Belgrade district of the Serbian capital. Previously occupying 14,000 sqm at CTPark Bel- grade North, Mercata VT signed a new ten-year lease to relocate and expand at CTPark Belgrade City with nearly 18,000 sqm of warehousing and around 1,600 sqm of office space. The new facility greatly enhances the efficiency of Mercata VT’s dis- tribution network. Located less than 10 km from the city centre and Belgrade Airport, CTPark Belgrade City is ideally located for last-mile and city logistics. CASE STUDY RS 80 CTP N.V. Annual Report 2024 Business Environment & 2024 Performance E67 E77 E75 E261 E30 E28 E30 E65 E28 E40 A4 E36 E67 E75 E65 E77 WARSAW ŁÓDŹ CZĘSTOCHOWA SZCZECIN GDAŃSK KATOWICE POZNAN WROCŁAW IŁOWA LEGNICA ZABRZE GORZYCE RZESZÓW LUBLIN OLSZTYN KRAKÓW BYDGOSZCZ GORZÓW BA LTIC SEA CZ DE SK UA BY LT OSTRAVA OLOMOUC BRNO PREŠOV LVIV MINSK VILNIUS MINSK BERLIN HAMBURG KALININGRAD KLAIPÉDA KAUNAS DRESDEN PRAGUE Notes 1, 3 Eurostat 2 Moody’s 4 IMF 5–7, 11–12 CBRE 8–10 CBRE 13 Locations with at least one standing property. Locations are indicative only, as they represent IP, IPuD and selected landbank locations. Notes 3–4 CTP countries EU-27 (avg. comparation) COUNTRY DATA PL MACROECONOMIC INDICATORS Population (in mil., 2024) 1 36.6 Credit rating 2 A2 Hourly compensation in manufacturing (net labour costs including taxes minus subsidies, €/hr, as of 2023) 3 €13.2 €30.5 GDP per capita growth, 2024-2029 (CAGR) 4 2.7% 1.8% E-commerce revenue growth forecast, 2018-2029 (CAGR) 9.2% MARKET INDICATORS Total stock (in mil. sqm) 5 33.8 Annual growth rate of stock (y/y) 6 8.9% CTP market share 7 2.9% Net take-up (in mil. sqm 8 3.6 CTP share net take-up 9 8.0% Market vacancy rate 10 7.1% Prime rent (sqm/yr) 11 €66.0 Prime yield 12 6.3% CTP INDICATORS Locations with standing portfolio 13 11 GLA (in thousand sqm) 780 Projects under construction (in thousand sqm) 283 Landbank (in thousand sqm) 3,183 GAV (in mil. EUR) 908 LFL rental growth 12.7% Client retention rate 100% Annualised rent (in mil. EUR) 37 WAULT 7.0 GROWTH MARKET CTParks >100,000 sqm GLA CTP locations <100,000 sqm GLA Planned KEY 81 CTP N.V. Annual Report 2024 Business Environment & 2024 Performance Raben Group launches 110,000 sqm distribution hub at CTPark Warsaw West with Europe’s largest heat pump installation Netherlands-based Raben Group—one of the world’s largest logistics operators—launched activities at its new distribution hub at CTPark Warsaw West with the lease of two buildings totalling 110,000 sqm. In- tegral to the project was the installation of Europe’s largest (and the world’s second largest) integrated heat pump system, with 87 Mitsubishi Electric units producing a total capacity of 12.4 MW, which will heat and cool the company’s two leased buildings. Warsaw West is one of CTP’s zero-emission indus- trial and logistics parks, with no fossil fuels used to heat the buildings and rooftop photovoltaic in- stallations powering the Mitsubishi Electric heat pumps, in addition to the park’s existing extensive sustainability features. In 2023 Raben Group signed an agreement with CTP to lease 110,000 sqm at CT- Park Warsaw West, comprising two of the five build- ings being built, in Poland’s largest logistics deal of that year. The buildings feature automated climate control through the heat pump system and sophisti- cated underfloor heating that reduce carbon dioxide emissions by 700–750 MgCO 2 e/year compared to an equivalent warehouse space heated with gas. PL CASE STUDY 82 CTP N.V. Annual Report 2024 Business Environment & 2024 Performance A6 E80 E80 E80 E85 A1 A1 A2 E70 E772 E70 E83 A4 A2 A3 E79 E87 E871 PLOVDIV EDIRNE BURGAS VARNA SOFIA PLEVEN RUSE BLACK SEA NIŠ BELGRADE BUDAPEST BUCHAREST THESSALONIKI ATHENS SKOPJE TIRANA ISTANBUL ANKARA CONSTANŢA RS RO RO TR GR MK Notes 1, 3 Eurostat 2 Moody’s 4 IMF 5–7, 11–12 CBRE 8–10 CBRE/Cushman & Wakefield 13 Locations with at least one standing property. Locations are indicative only, as they represent IP, IPuD and selected landbank locations. Notes 3–4 CTP countries EU-27 (avg. comparation) COUNTRY DATA BG MACROECONOMIC INDICATORS Population (in mil., 2024) 1 6.4 Credit rating 2 Baa1 Hourly compensation in manufacturing (net labour costs including taxes minus subsidies, €/hr, as of 2023) 3 €8.0 €30.5 GDP per capita growth, 2024-2029(CAGR) 4 2.6% 1.8% E-commerce revenue growth forecast, 2018-2029 (CAGR) 11.7% MARKET INDICATORS Total stock (in mil. sqm) 5 0.8 Annual growth rate of stock (y/y) 6 8.2% CTP market share 7 28.3% Net take-up (in mil. sqm 8 0.2 CTP share net take-up 9 6.7% Market vacancy rate 10 1.6% Prime rent (sqm/yr) 11 €69.0 Prime yield 12 8.0% CTP INDICATORS Locations with standing portfolio 13 7 GLA (in thousand sqm) 240 Projects under construction (in thousand sqm) 135 Landbank (in thousand sqm) 230 GAV (in mil. EUR) 241 LFL rental growth 5.9% Client retention rate 96.0% Annualised rent (in mil. EUR) 16 WAULT 6.9 GROWTH MARKET CTParks >100,000 sqm GLA CTP locations <100,000 sqm GLA Planned KEY 83 CTP N.V. Annual Report 2024 Business Environment & 2024 Performance Regional courier service Sameday expands at CTPark Sofia East Sameday is a courier service active in the SEE re- gion that is growing fast. The company was look- ing to expand its operational capacity in Bulgaria, and CTP Sofia East provided an ideal solution due to its proximity to the capital and major high- ways—and CTP’s flexible solutions and ability to work fast. In October 2023, the company started leasing a 4,000 sqm facility and in April expanded with an additional 4,000 sqm of space. CTP cus- tomised the space, which includes a warehouse, offices and mezzanine, to meet Sameday's needs. An addoitoinal benefit is the park's strategic lo- cation near Bucharest and motorway connections to Serbia and Romania. BG CASE STUDY 84 CTP N.V. Annual Report 2024 Business Environment & 2024 Performance E45 E45 E22 E26 A24 E22 E28 E30 E55 E40 E40 A44 A40 E34 E30 A30 A31 A20 A1 A11 A12 A13 A2 A14 A14 A4 A4 A38 A4 E35 E40 A7 A2 E34 A7 E45 E43 E43 E45 E48 E50 E50 E45 A7 A5 A5 A5 E35 A81 E41 A6 A6 A7 A9 A9 A9 A8 A8 A8 A60 A1 A1 E52 A3 A3 A3 A3 A1 A1 E37 A7 OSNABRÜCK WÜRZBURG SAARBRÜ CKEN STUTTGART ULM MANNHEIM MAINZ BONN COLOGNE AACHEN FRANKFURT REGENSBURG MUNICH NÜRNBURG DÜSSELDORF DORTMUND MÜNSTER KASSEL ERFURT MAGDEBURG DRESDEN LEIPZIG CHEMNITZ HANNOVER LÜBECK BERLIN ROSTOCK BREMEN EMDEN WIHELMSHAVEN HAMBURG KIEL NORTH SEA BALTIC SEA PL CZ AT CH FR BE NL DK MULHOUSE DIJON STRASBOURG METZ LUXEMBOURG LIÈGE BRUSSELS MAASTRICHT ANTWERP EINDHOVEN ARNHEM ROTTERDAM AMSTERDAM BASEL MILAN VADUZ INNSBRUCK SALZBURG VIENNA PLZEŇ PRAGUE PRAGUE WROCŁAW KATOWICE POZNAŃ WARSAW SZCZECIN GDAŃSK Notes 1, 3 Eurostat 2 Moody’s 4 IMF 5–7, 11–12 CBRE 8–10 CBRE 13 Locations with at least one standing property. Locations are indicative only, as they represent IP, IPuD and selected landbank locations. Notes 3–4 CTP countries EU-27 (avg. comparation) COUNTRY DATA DE MACROECONOMIC INDICATORS Population (in mil., 2024) 1 83.4 Credit rating 2 Aaa Hourly compensation in manufacturing (net labour costs including taxes minus subsidies, €/hr, as of 2023) 3 €46.0 €30.5 GDP per capita growth, 2024-2029 (CAGR) 4 1.0% 1.8% E-commerce revenue growth forecast, 2018-2029 (CAGR) 8.6% MARKET INDICATORS Total stock (in mil. sqm) 5 105.7 Annual growth rate of stock (y/y) 6 3.6% CTP market share 7 1.6% Net take-up (in mil. sqm 8 4.9 CTP share net take-up 9 3.0% Market vacancy rate 10 3.2% Prime rent (sqm/yr) 11 €122.4 Prime yield 12 4.4% CTP INDICATORS Locations with standing portfolio 13 103 GLA (in thousand sqm) 1,674 Projects under construction (in thousand sqm) 171 Landbank (in thousand sqm) 1,452 GAV (in mil. EUR) 1,220 LFL rental growth 2.3% Client retention rate 100% Annualised rent (in mil. EUR) 68 WAULT 3.9 WESTERN EUROPEAN MARKET CTParks >100,000 sqm GLA CTP locations <100,000 sqm GLA Planned KEY 85 CTP N.V. Annual Report 2024 Business Environment & 2024 Performance CTP acquires 830,000 sqm brownfield site in Düsseldorf In December, CTP agreed a €155 million deal to ac- quire an 830,000 sqm brownfield industrial site in Düsseldorf, North Rhine-Westphalia—CTP’s larg- est single-plot land acquisition to date—with plans to invest €700 million to transform the inner-city location into a best-in-class business park servicing diverse industries, including manufacturing, R&D, and logistics. The project is aligned with CTP’s strategy to develop as sustainably and resource-efficiently as possible by prioritising brownfield areas for redevelopment. The German market is experiencing strong demand for high quality, sustainable, and amenity-rich in- dustrial and logistics parks. CTPark Düsseldorf will offer a range of building types and sizes, from 1,000 sqm–to 30,000 sqm, and will be developed to at- tract the next-generation businesses that are pow- ering the transformation of the German economy, including semiconductors and clean-tech. DE CASE STUDY 86 CTP N.V. Annual Report 2024 Business Environment & 2024 Performance A4 A4 A16 E19 E34 A59 A58 E31 A15 A27 A2 A2 A2 A12 A50 A28 A1 A6 E22 A7 A7 A32 E30 E35 A37 ROTTERDAM AMSTERDAM DEN HAAG MIDDELBURG UTRECHT ARNHEM ZWOLLE GRONINGEN EINDHOVEN MAASTRICHT ENSCHEDE NORTH SE A DE BE ANTWERP BRUSSELS LIÈGE AACHEN KÖLN DUISBURG DÜSSELDORF OSNABRÜCK BREMEN HAMBURG Notes 1, 3 Eurostat 2 Moody’s 4 IMF 5–7, 11–12 CBRE 8–10 CBRE 13 Locations with at least one standing property. Locations are indicative only, as they represent IP, IPuD and selected landbank locations. Notes 3–4 CTP countries EU-27 (avg. comparation) COUNTRY DATA NL MACROECONOMIC INDICATORS Population (in mil., 2024) 1 17.9 Credit rating 2 Aaa Hourly compensation in manufacturing (net labour costs including taxes minus subsidies, €/hr, as of 2023) 3 €40.9 €30.5 GDP per capita growth, 2024-2029(CAGR) 4 1.0% 1.8% E-commerce revenue growth forecast, 2018-2029 (CAGR) 9.2% MARKET INDICATORS Total stock (in mil. sqm) 5 52.0 Annual growth rate of stock (y/y) 6 2.7% CTP market share 7 1.0% Net take-up (in mil. sqm 8 1.2 CTP share net take-up 9 1.8% Market vacancy rate 10 4.3% Prime rent (sqm/yr) 11 €110.0 Prime yield 12 4.8% CTP INDICATORS Locations with standing portfolio 13 3 GLA (in thousand sqm) 247 Projects under construction (in thousand sqm) - Landbank (in thousand sqm) 1,618 GAV (in mil. EUR) 488 LFL rental growth 0.2% Client retention rate 100% Annualised rent (in mil. EUR) 10 WAULT 9.0 WESTERN EUROPEAN MARKET CTParks >100,000 sqm GLA CTP locations <100,000 sqm GLA Planned KEY 87 CTP N.V. Annual Report 2024 Business Environment & 2024 Performance Vertical farm innovator Growy launches HQ at CTPark Amsterdam City CTPark Amsterdam City is now home to Dutch ver- tical farming innovator Growy. The company’s 4,750 sqm custom-built, multi-story space includes a full- scale vertical urban farm and offices for Growy’s international headquarters. The company chose to locate its HQ at CTPark Amsterdam City for several reasons, including support for its last-mile distribu- tion to urban customers, multimodal emission-free transport (by water and road), and proximity to Schiphol Airport for international operations. CTPark Amsterdam City—a pioneering, multimod- al 120,000 sqm distribution hub located in the Port of Amsterdam—is CTP’s flagship development for sustainable, energy self-sufficient parks. Certified BREEAM Excellent, the multi-story XXL facility supports zero-emission last-mile logistics and aligns with Amsterdam’s future emission-free zones. CASE STUDY NL 88 CTP N.V. Annual Report 2024 Business Environment & 2024 Performance E57 E56 E55 E57 A2 A5 A9 A1 A8 A7 A2 A10 A12 A12 E60 E45 E60 E55 E61 E55 E59 E59 E60 E60 LINZ INNSBRUCK SALZBURG GRAZ KLAGENFURT VIENNA DE CH IT SI CZ HU SK BUDAPEST BELGRADE BUCHAREST PRAGUE BRNO OSTRAVA PRAGUE MUNICH FRANKFURT BRATISLAVA MARIBOR LJUBLJANA ZAGREB UDINE VENICE NUREMBERG VERONA MILAN ZÜRICH FRANKFURT Notes 1, 3 Eurostat 2 Moody’s 4 IMF 5–7, 11–12 CBRE 8–10 CBRE 13 Locations with at least one standing property. Locations are indicative only, as they represent IP, IPuD and selected landbank locations. Notes 3–4 CTP countries EU-27 (avg. comparation) COUNTRY DATA AT MACROECONOMIC INDICATORS Population (in mil., 2024) 1 9.2 Credit rating 2 Aa1 Hourly compensation in manufacturing (net labour costs including taxes minus subsidies, €/hr, as of 2023) 3 €46.1 €30.5 GDP per capita growth, 2024-2029 (CAGR) 4 1.0% 1.8% E-commerce revenue growth forecast, 2018-2029 (CAGR) 9.3% MARKET INDICATORS Total stock (in mil. sqm) 5 4.0 Annual growth rate of stock (y/y) 6 23.0% CTP market share 7 2.0% Net take-up (in mil. sqm 8 0.0 CTP share net take-up 9 0.0% Market vacancy rate 10 6.9% Prime rent (sqm/yr) 11 €80.6 Prime yield 12 5.0% CTP INDICATORS Locations with standing portfolio 13 3 GLA (in thousand sqm) 77 Projects under construction (in thousand sqm) 116 Landbank (in thousand sqm) 339 GAV (in mil. EUR) 211 LFL rental growth 1.0% Client retention rate 100% Annualised rent (in mil. EUR) 6 WAULT 8.5 WESTERN EUROPEAN MARKET CTParks >100,000 sqm GLA CTP locations <100,000 sqm GLA Planned KEY 89 CTP N.V. Annual Report 2024 Business Environment & 2024 Performance Quick Service Logistics expands with new headquarters at CTPark Vienna East German-based Quick Service Logistics (“QSL”)—a leading provider to the system-catering industry— expanded its operations within the CTPark Network with the launch of its new Austrian headquarters at CTPark Vienna East. The 8,000 sqm of state-of- the-art warehouse is divided into three temperature zones, enabling the company to store fresh, dry, or frozen goods, depending on their customers’ needs. QSL has been operating in Austria since 2011 and supplies fast-food brands such as Burger King, KFC, and Subway, among others. By consolidating and modernising their operations at CTPark Vienna East, the company benefits from strategic location directly on the A4 motorway, close to Vienna Air- port. Proximity to the border with both Hungary and Slovakia was an advantage in attracting employees. QSL is a long-term client and also leases space with- in the CTPark Network in Prague and Budapest. CASE STUDY AT CTP N.V. Annual Report 2024 90 4 Sustainability CTP N.V. Annual Report 2024 Sustainability 91 4.1 Highlights 2024 94 4.2 Scope and Basis for Preparation 95 4.2.1 Basis for preparation 95 4.2.2 Additional notifications 96 4.2.2.1 Specific circumstances 96 4.2.2.2 Assumptions and estimates 96 4.2.2.3 Changes compared to 2023 96 4.2.2.4 Restatements 96 4.2.2.5 Other applicable legislation 97 4.2.2.6 Incorporation by reference 97 4.3 ESG Oversight 98 4.3.1 Risk management and internal controls over sustainability reporting 99 4.4 CTP’s Strategy, Business Model and Value Chain 100 4.5 Stakeholder Engagement 102 4.6 Materiality 104 4.6.1 Impact of material IROs on business strategy 104 4.6.2 The Process of Identifying IROs 104 4.7 ESG: Material Disclosures and Strategy 106 4.7.1 Pillar 1: Striving to Be Climate Positive 109 4.7.1.1 ESRS E1 – Climate change 109 4.7.1.2 ESRS E5 – Material Resource Use and Circular Economy 124 4.7.2 Pillar 2: Stimulating Social Impact & Well-being 128 4.7.2.1 ESRS S1 – Own workforce 128 4.7.2.2 ESRS S2 – Workers in the value chain 137 4.7.3 Pillar 3: Conducting Business with Integrity 141 4.7.3.1 ESRS G1 – Business conduct 141 4.7.4 Pillar 4: Embedding Parks in Communities 149 4.7.4.1 Providing community space 149 4.7.4.2 Accessibility and clean mobility 150 4.7.4.3 Green spaces and biodiversity 150 4.8 EU Taxonomy 151 4.8.1 KPIs (methodology of calculation) 151 4.8.2 Eligibility 152 4.8.3 Alignment 153 Section 4 CTP N.V. Annual Report 2024 92 Sustainability The accounting and reporting of sustainability impacts is the new business paradigm for companies in the European Union. As part of the European Green Deal—which targets net-zero greenhouse gas emissions throughout the EU by 2050—the European Commission has adopted the Corporate Sustainability Reporting Directive 1 (“CSRD”) as the legislation governing non-financial accounting and reporting requirements for companies subject to disclosure. CTP is reporting in line with sustainability reporting requirements under the CSRD and presents its 2024 audited sustainability reporting as part of this Annual Report. 1 Delegated regulation - EU - 2023/2772 - EN - EUR-Lex (europa.eu) CTP N.V. Annual Report 2024 Sustainability 93 The Corporate Sustainability Reporting Directive (“CSRD”) requires large and publicly listed companies in the European Union to publish regular reports on the environmental and social risks that they face and how their business activities impact people and the natural environ- ment. To this end, the CSRD has introduced a new matrix of sustainability related, non-financial accounting and reporting requirements. This includes detailed compliance guidance for data collection, reporting, and impact assessment as well as newly defined terms in the legislation, which are outlined below. ESRS Companies subject to the CSRD must report according to the European Sustainability Reporting Standards (“ESRS”). The ESRS contains a detailed list of statutory non-financial disclosure requirements covering the full range of sustainability topics relating to the business activity of the reporting entity and their govern- ance within the organisation. The standards provide information for investors to understand the sustaina- bility impact of the companies in which they invest. Double materiality The double materiality assessment (“DMA”) process is a major component of CSRD reporting and is the primary tool used to determine the scope and boundaries of reporting. The DMA process requires reporting entities to identify 1) their impacts on people and the environment (impact materiality), and 2) sustainability matters that financially impact the undertaking. See Section 4.6. Introduction of IROs The CSRD introduces the term “IROs”—impacts, risks and opportunities—and requires organisations to report on the issues defined as material in their DMA. Target setting Reporting entities must disclose targets for mitigating negative impacts and report progress toward meet- ing these targets, in addition to disclosing information on the relevant policies and initiatives. Mandatory assurance Reporting entities must engage limited third-party assurance for all non-financial disclosures. EU taxonomy The CSRD requires reporting entities to align their sustainability reporting with the EU taxonomy—a clas- sification system that defines criteria for economic activities that are aligned with the EU’s 2050 net-zero target and other environmental goals. See Section 4.8. Compliance with the CSRD and ESRS is multifaceted and involves adherence to other global sustainability frameworks to ensure a high level of interoperability between EU and global standards and prevent double reporting. Besides the CSRD, CTP reports according to the frameworks mentioned below. GHG Protocol The ESRS requires reporting entities to categorise their emissions inventory in line with the Greenhouse Gas Protocol (“GHG Protocol”). See page 123. TCFD The Taskforce on Climate-related Financial Disclosures (“TCFD”) is a framework used to inform investors about a company’s efforts to mitigate climate-related risks. GRI The Global Reporting Initiative (“GRI”) Standards are the world’s most widely used sustainability reporting framework. EPRA sBPR The European Public Real Estate Sustainability Best Practice Recommendations (“EPRA sBPR”) provide a consistent method for measuring the sustainability performance of real estate companies in Europe. IIRC The International Integrated Reporting Council (“IIRC”) is a multistakeholder global coalition that develops recommendations to help companies meet the reporting requirements of the International Sustainability Standards Board. Sustainability Reporting: Overview of compliance CTP N.V. Annual Report 2024 Sustainability 94 4.1 Highlights 2024 Based on the results of CTP’s 2024 double materiality process, which was carried out in accordance with the Corporate Sustainability Reporting Directive, the Company has identified as material and discloses information on the following ESRS categories: E1 Climate change E5 Resource use and circular economy S1 Own workforce S2 Workers in the value chain G1 Business conduct CTP installs 38MWp of PV capacity, reaching 138MWp installed CTP added 38MWp of photovoltaic capacity to its exist - ing 100MWp installed. CTP’s solar systems can reduce CO 2 emissions by 18 tonnes annually. CTP receives EPRA sBPR most improved award In September, CTP received a silver medal from the Euro - pean Real Estate Association (“EPRA”) for its improved disclosure quality in line with EPRA’s sustainability Best Practice Recommendations. Sustainalytics names CTP “Top-Rated” CTP has been recognised by Sustainalytics to be Regional Top-Rated and Industry Top-Rated for its low ESG risk profile. CTP continuously works to improve the manage - ment of ESG risks, decreasing its risk profile. First CSRD report CTP’s 2024 Annual Report is prepared in compliance with CSRD requirements, prior to its promulgation into Dutch law. Negligible Risk 9.3 CTP N.V. Annual Report 2024 Sustainability 95 4.2 Scope and Basis for Preparation CTP discloses its sustainability impacts in this Annual Report as mandated by the CSRD and in accordance with ESRS reporting requirements. As required by the CSRD, the scope of reporting is based on the boundaries and definitions established by the Greenhouse Gas Protocol (“GHG Protocol”). As part of sustainability reporting, the CSRD intro - duces the term impact, risk and opportunities (“IROs”) and requires companies to report on both positive and negative impacts of sustainability-related matters, as well as the opportunities that such impacts may bring, as identified in the Company’s double materiality assess - ment. See Section 4.6 for an overview of CTP’s 2024 material disclosures. See Section 4.7 for details of CTP’s 2024 material dis- closures. 4.2.1 Basis for preparation ESRS 2 BP-1-5 GRI 2-5 Although the CSRD has not been officially transposed into Dutch law at the time of publication of this Annual Report, CTP has elected to comply with the CSRD vol - untarily. CTP is aware that the presentation of its sus- tainability statements is subject to Company-specific and temporary interpretations associated with this early compliance. These sustainability statements fall under KPMG’s limited assurance. Disclosures are presented more granularly, for example by country, where required by other related sustainability frameworks, i.e., the International Integrated Reporting Council (“IIRC”), European Public Real Estate Sustainability Best Prac- tice Recommendations (“EPRA sBPR”), the Task Force on Climate-related Financial Disclosures (“TCFD”), and Global Reporting Initiative (“GRI”). No separation was prepared based on different entities within the Group, which is in line with the Group’s consolidated financial statements. In doing so, CTP fulfils the applicable re - quirements of the CSRD. CTP’s non-financial disclosure boundaries relate to the Group and its value chain and are based on the fi - nancial control consolidation approach. As the Company does not own any properties in joint ventures, the finan - cial control approach provides a comprehensive view of impacts and aligns with the consolidated financial state - ments. Depending on the topic, CTP’s sustainability disclo - sures also cover its value chain. ESRS E1 For greenhouse gas (“GHG”) emissions, reporting also includes upstream pur - chased goods and services for CTP’s construction activities, business travel, and downstream leased assets. While disclosing GHG emissions, CTP presents the financial and operational control ap - proaches. ESRS E5 For waste management, CTP reports on its own operations, including its corporate offices, common areas at its parks, and corporate transportation, as well as on its clients’ operations at the buildings in CTP’s portfolio. ESRS S1 For the workforce, CTP discloses data on employees on the payroll and non-employees (self-employed workers). ESRS S2 For workers in the value chain, CTP re- ports on the employees of contractors and subcontractors, primarily in the construction industry. ESRS G1 For topics related to business conduct, CTP reports on its activities and the value chain where data is available. Environmental data, including relating to energy, water, waste, carbon emissions, photovoltaic (“PV”) capacity, and green lease coverage have been verified and con - firmed by an independent third party (Arcadis) in accord- ance with ISO 14064-3 (guidance for the verification and validation of greenhouse gas statements). CTP N.V. Annual Report 2024 Sustainability 96 4.2.2 Additional notifications 4.2.2.1 Specific circumstances ESRS 2 BP-2-9 CTP deviates from the time horizons suggested within the ESRS, as the dynamics of its business horizon require a different view. A one-year, short-term horizon, which is aligned with the suggested timeline, leads to difficulties in verifications of consistency and comparability of per - formance. However, due to the sector in which CTP oper- ates, the execution of measures requires consideration over a longer period. Therefore, medium-term goals are set for 2030 instead of within five years, and long-term goals for 2050, which is aligned. 4.2.2.2 Assumptions and estimates ESRS 2 BP-2-10, ESRS 2 BP-2-11 For the preparation of its 2024 sustainability disclosures, CTP has calculated estimates for the following metrics: • Energy consumption and refrigerant losses (Q4 2024, and unreported floor area in the portfolio) and the re - lated GHG emissions • Embodied carbon emissions (Scope 3 category 1) • Resource inflows • Resource outflows CTP did not collect energy data for Q4 for its buildings, parks, and corporate offices for its 2024 reporting. The size of the portfolio and the time of receiving invoices causes difficulty in calculating Q4 data based on actual data. To complete 2024 reporting, CTP estimates the en - ergy cosnumption, and therefore GHG emissions, for Q4 based on collected data from the first three quarters of the year. The calculation of total energy consumption in 2024, which includes actual and estimated values, was com - pared to 2023 results. CTP expects limited discprepan- cies. If the final 2024 results materially differ from the estimates, corrected 2024 figures will be presented in the 2025 Annual Report. In addition, using collected data, CTP estimates en - ergy consumption for part of its portfolio as a basis for its Scope 3 category 13 emissions. For estimated embodied carbon emissions (Scope 3, category 1), CTP uses Life Cycle Assessments (“LCAs”) conducted in 2023 and before. The emission intensity (kg of CO2 equivalent) was calculated using these LCAs, and this figure was extrapolated to estimate emissions from buildings completed in 2024. CTP intends to conduct more LCAs for newly constructed buildings. For estimated resource inflows and outflows in its construction activities, CTP used available data for 2024 for a select number of buildings completed in 2024. Av - erages per sqm were calculated and extrapolated to es- timate inflows and outflows for all buildings completed in 2024. 4.2.2.3 Changes compared to 2023 ESRS 2 BP-2-13 The latest DMA, which was conducted in line with CSRD requirements—whereas the first materiality assessment was done in line with the GRI 1 —identified resource use and circular economy (ESRS E5) as material in the cur - rent reporting period for construction activities. Newly identified entity-specific disclosures are relat - ed to ESRS S1 Own workforce (recruitment) and ESRS G1 Business conduct (sustainable design and green cer - tification). Two sub-topics of CTP’s own workforce (employees with disabilities, and political influence and lobbying activities) were not found to be material in the 2024 DMA. 4.2.2.4 Restatements ESRS 2 BP-2-14 After the publication of its 2023 Annual Report, CTP iden- tified inaccuracies in its reported market-based emis- sions: energy consumption related to outdoor spaces was inadvertently omitted from the calculations. In its 2023 Annual Report, CTP disclosed total energy consumption of 3,461.36 tCO 2 e. The corrected figure, which can also be found in Section 4.7.1.1.7 of this report, is 3,934.92 tCO 2 e. 2 1 The first materiality assessment conducted in 2022 was not assured by KPMG. 2 2023 data was not assured by KPMG. Therefore, restatements are not assured. CTP N.V. Annual Report 2024 Sustainability 97 4.2.2.5 Other applicable legislation ESRS 2 BP-2-15 Beyond the CSRD, on which CTP’s 2024 sustainability disclosures are based, CTP discloses information in com - pliance with the following legislation: • the relevant provisions of the Dutch Civil Code (Burgerlijk Wetboek) and the Dutch Financial Markets Supervision Act; • the Dutch Corporate Governance Code; • the Implementation Decree for the CSRD; • the EU Women on Boards Directive 2022/2381; • the EU taxonomy, Regulation (EU) 2020/852, Articles 1, 2. 4.2.2.6 Incorporation by reference ESRS 2 BP-2-16 Disclosure Section/Page GOV-1-21 4.7.2.1.11, 5.1.1, 5.1.2.1, 5.5.1/ 135, 164, 172, 195 GOV-1-22 5.2.2.1/175, 176 GOV-2-26 4.3, 5.2.1/98, 173, 174 GOV-3-29 5.2.2.2/177 ESRS 2 GOV-5-36 5.7/203-209 ESRS 2 IRO-2-56 7.4/371-374 ESRS E1-GOV-3-13 5.2.2.2/177 CTP N.V. Annual Report 2024 Sustainability 98 4.3 ESG Oversight ESRS 2 GOV-1-23, ESRS 2 GOV-2-26 GRI 2-5, GRI 2-12, GRI 2-13, GRI 2-14 CTP’s Board of Directors established the Sustainability Committee in 2022 to strengthen and formalise ESG oversight at the Group level. The committee meets at least quarterly and prepares the Board for decision making on sustainability-related issues, including the skills required in the Company. The topics identified by CTP’s 2024 DMA provide input for the committee’s agenda. Through the Group Head of ESG Management, the Group Head of Risk Management and Modelling, the Group AML Compliance Officer, and the Group HR Director, CTP possesses the sustainability-related expertise required to oversee its material ESG-related IROs and inform the senior management as part of their decision-making process. Through the Sustainability Committee Chair, CTP can leverage sustainability-related expertise at the Non-Executive level. See Section 5.1.1 for Ms. Eicker - mann-Riepe’s biography. The Group Heads of the ESG Management and Risk Management and Modelling departments meet with the Group CFO and COO weekly to inform them of sustaina - bility matters and concerns that require the Board’s at- tention. The Group Head of ESG is also a regular guest of the Sustainability Committee to inform them on ESG- related issues, including physical and transition climate risks. For all major transactions—including acquisitions, land purchases, financing, and lease agreements—CTP ensures that ESG-related considerations are assessed as part of the approval process. In their decision making, the senior management consider, among others, the legal, technical, and environmental matters included in sustain - ability-related due diligence processes. During the year, the Group Head of ESG reports period - ically on the findings of ESG-related risk assessments and internal controls to CTP’s Board of Directors via the Sustainability Committee. Based on this reporting, the Sustainability Committee advises and recommends actions and targets, which the Board approves. Climate- related considerations are factored into the remunera- tion of the Executive Directors. See Section 5.3.2.2 for more information. The identified material IROs addressed by the board during the reporting period, are presented in Section 7.3.1. Since 2023, CTP publishes the results of its risk assessments and internal controls in an integrated report, as in this Annual Report. CTP N.V. Annual Report 2024 Sustainability 99 4.3.1 Risk management and internal controls over sustainability reporting ESRS 2 GOV-5-36 CTP deploys a multi-layered structure for identifying and managing risks throughout the Group’s activities, includ - ing ESG-related risks. CTP’s ESG department supports the Risk Manage - ment department in identifying and managing ESG- related risks facing the Group, including those related to the construction of new buildings, acquisitions, and prop - erty management. The ESG department also interacts with other de - partments as well as external stakeholders, coordinates the collection and management of internal, property- level data (e.g., relating to emissions, energy consumption, HR statistics, etc.) and prepares reporting in accordance with multiple standards, often using external partners for certification. As part of the data collected is done manually, human error is possible. The delivered data is reviewed and ap - proved on the country level. These roles are segregated within CTP’s data collection system, where reporters and approvers do not have overlapping rights. CTP has inter - nal controls in place. During these controls, approved data is randomly checked against evidence. These controls are executed at the Group level. Additional internal control processes require that the collected data is compared against different periods and that outliers are verified. Where errors or inconsistencies are identified, correc - tions are mandated. Lastly, once a year, as part of report- ing preparation, CTP invites an external party, different from the statutory assurer, to review the collected data as described in Section 4.2.1. Within the taxonomy of risks established by CTP’s Risk Management department, which can be found in Section 5.7 of this Annual Report, 49 unique risks, actual and po - tential (Level 3), were identified and organised into 19 Risk Groups (Level 2) based on their similarity and ownership by different functions, and ultimately into four risk areas (Level 1). See Section 5.7 for a detailed description of CTP’s Group- wide approach to risk management. See Section 5.2.2 for details on CTP’s Sustainability Committee and its activities in 2024. CTP N.V. Annual Report 2024 Sustainability 100 4.4 CTP’s Strategy, Business Model and Value Chain ESRS 2 SBM-1-40, ESRS 2 SBM-1-41, ESRS 2 SBM-1-42 GRI 2-GRI 2-6, GRI 204-1, GRI 308-1, GRI 308-2, GRI 412-3, GRI 414-1, GRI 414-2 CTP’s business strategy is based on the development and long-term ownership and operation of sustainable properties. CTP pursues its strategy with a business model consisting of two interconnected core units that encompass the Group’s main activities: Developer where CTP invests in developing cost-efficient, future-proof buildings, leveraging its strategically located landbank; and Operator where CTP manages and operates its properties to service its international client base while maximising value. CTP is the developer, long-term owner, and operator of a network of business parks and premium office and mixed- use projects at over 250 locations in ten European coun - tries, from the North Sea to the Black Sea. The Group’s diverse client roster is comprised of leading international and domestic companies active across a broad range of industries and sectors, including e-commerce and logis - tics, high-tech manufacturing, and advanced R&D. CTP’s unique business model is supported by in- house teams that manage each stage of the Company’s activities. This includes land acquisition, permitting, legal support, business development, design and construction, park and property management, and client aftercare. At each phase of operations, CTP’s in-house teams implement the Group’s ESG strategy, which is set to achieve its sustainability-related targets independent of specific products, customer groups, or geographical areas. The Group’s sustainability-related ambitions in - clude decarbonising construction activities and the oper- ations of its standing portfolio. Initiatives in these areas include reducing the energy consumption of its buildings; increasing the supply of renewable energy for client and park operations; procuring construction materials with low amounts of embedded GHG emissions; following cir - cular economy principles, including the use of recyclable construction materials, recycling onsite, and water reuse and retention; and providing onsite public transportation where possible and charging stations for electric vehicles and bicycles at select park locations. Client benefits include the ability to lease energy-effi - cient space with low-carbon intensity, which helps sup- port their ESG agendas while driving the growth of their businesses. Investors and other stakeholders benefit from CTP’s stable, long-term and sustainability-driven approach to property development, which is focused on limiting negative impacts while enhancing the positive impacts of economic and community growth. The current volatility of EU legislation and inter - pretations thereof, together with different paces of in- troducing sustainability targets by stakeholders are the main challenges in implementing actions. CTP’s upstream value chain consists of multiple sup - pliers, providers, and contractors that supply the con- struction materials required in construction and the con- tractors who provide construction services. The main players in CTP’s downstream value chain are the companies that lease the space that CTP devel - ops, owns and operates. At end-2024, CTP employed 889 people, with the ma - jority working in the Czech Republic. See Section 4.7.2.1.8 for an overview per country. For a breakdown of revenue per country, please re - fer to the consolidated financial statements (Section 6). The Group has applied IFRS 8 “Operating Segments” to determine the number and type of operating segments. CTP derives no revenue from activities related to fossil fuels, chemical production, controversial weapons, or to - bacco cultivation. CTP N.V. Annual Report 2024 Sustainability 101 Processes Stakeholders involved Processes All activities Stakeholders involved Primary activities Banks, investment funds, financial authorities, shareholders CTP employees Land acquisition Design and permitting Construction Leasing Asset/ Property/ Community management Building improvements/ refurbishment Landowners (private, compa- nies, public) Designers/Local authorities General contractors/ Subcotractors/ Building materials suppliers Clients, agents Clients, facility management, technical companies, local communities Clients, construction companies, designers, consultants, solutions providers Financing Secondary activities Value Value Chain CTP N.V. Annual Report 2024 Sustainability 102 4.5 Stakeholder Engagement ESRS 2 SBM-2-45 Stakeholder engagement is important for CTP, not solely as part of the DMA process but as an integral part of the Company’s business strategy. During an internal workshop as part of its 2024 DMA, the Company reassessed its relevant stakeholders and established different engagement methods for each type to ensure efficient and appropriate engagement management. This process provided input to CTP’s Sustainability Stakeholder Engagement and Materiality Assessment Policy, which is available on CTP’s website. The table on the following page provides an overview of the stakeholder groups that CTP has identified as part of the DMA, the purpose of the engagement with each group, and the methods and frequency of engagement. Stakeholder feedback is critical to CTP’s DMA pro - cess, as the perspectives of the different groups on envi- ronmental, social, and governance issues help inform the topics that are material to CTP. In addition to the DMA, stakeholder feedback is reviewed during strategic plan - ning sessions to ensure that their views are reflected in policies on material topics. The 2024 DMA shows that stakeholder views are generally in line with the Company’s strategy and busi - ness model. Therefore, no short-term changes are ex- pected as a result of stakeholder feedback. CTP’s Board of Directors is informed of stakehold - er feedback. The Board is responsible for approving the material topics informed by stakeholder feedback and the aforementioned strategic planning sessions, during which this feedback is discussed. CTP N.V. Annual Report 2024 Sustainability 103 STAKEHOLDER GROUPS Stakeholder groups Group interest and purpose of engagement Method of engagement Frequency of engagement Shareholders, Bondholders Interest in current performance and outlook. Inform. Reporting (in-person) meetings and asset visits. Quarterly/annually. Banks, Other Financing Institutions Interest in risk related to CTP’s operations and per- formance. Inform. Meetings, reporting. On demand. Rating Agencies Interest in performance metrics. Inform. Reporting and (in-person) meetings. Regular disclosure and on-demand meetings. Clients and their employees Leasing space, reliability of lesser. Safe working conditions, career development opportunities, and fair labour practices. Inform, offer, and manage cooper- ation. Direct meetings. On demand, at least annually. Suppliers and Vendors Stable cooperation. Manage cooperation. Contractual agreements and in-person meetings. Continuous, depending on needs. Local Authorities Sustainable development and economic growth of governed areas. Manage cooperation. In-person meetings. Continuous, depending on needs. Local Communities Ensuring that development projects benefit the community, addressing potential disruptions. Inform, engage. In-person meetings. Continuous, depending on needs. Construction-site Neighbours Interest in potential impacts and inconveniences related to construction sites. Inform and address concerns. Information boards at sites, in-person meetings. Depending on needs. Employees and Contractors Safe working conditions, career development opportu- nities, and fair labour practices. Manage cooperation. Inform. In-person group meetings, country team meetings, one-on-one meetings. At least annually. NGOs, Industry Bodies Best-practice sharing, agenda support. Inform. Membership, financial support, in-kind support, meet- ings, and event participation. Continuous, depending on needs. Regulators Compliance with laws and regulations and contribu- tion to public policy objectives. Annual reporting, on demand meetings. Depending on regulatory timelines. CTP N.V. Annual Report 2024 Sustainability 104 4.6 Materiality CTP first carried out a double materiality assessment of its sustainability impacts, risks, and opportunities in 2022. In 2024, CTP updated its material topics through a new DMA process, integrating CSRD requirements. As with the 2022 DMA process, it was led by a third party. Potential material topics were identified through desktop research, consisting of ESRS material topic screening and reviews of peers and validated through interviews and surveys with selected CTP stakeholders. The results were gathered to confirm, and where needed, adjust the Company’s ESG strategy. See Section 4.5 for a description of the stakeholder en- gagement process and a complete list of CTP’s stake- holders. 4.6.1 Impact of material IROs on business strategy ESRS 2 SBM-3-48 Material impacts, risks, and opportunities are related to CTP’s own operations, the construction of its buildings, including suppliers and providers (upstream), and the use of buildings by its clients (downstream). Beyond that, the material IROs have been identified independent of the location, types of assets, inputs, outputs, or distribution channels. Material impacts identified in the 2024 DMA Based on the results of the 2024 DMA, the following ESRS topics are material for CTP, either through im - pacts, risks, or opportunities (“IRO”), or a combination thereof: E1 Climate change E5 Resource use and circular economy S1 Own workforce S2 Workers in the value chain G1 Business conduct CTP’s strategy and business model are frequently re- viewed and material topics are discussed and addressed to ensure that operations and Company growth are sup - ported through incorporation into decision-making pro- cesses. Currently, CTP does not foresee material effects on its value chain. See Section 7.3.1 for a complete overview of the ma - terial IROs, including whether they are positive or nega- tive, actual or potential, and their time horizon. For more information on how CTP manages its mate - rial IROs, see Section 4.7. For financial information relat- ed to financial effects of the undertaking’s material risks and opportunities, see Section 4.7.1.1.8. See Section 7.4 for the full ESRS content index. The outcome of the 2024 DMA is an important input for CTP’s strategy and informs its implementation. The 2024 DMA identified material topics, including environ - ment, social, and governance-related matters, which are reflected in CTP’s strategy and business model. 4.6.2 The Process of Identifying IROs ESRS 2 IRO-1-51, ESRS 2 IRO-1-53, ESRS 2 IRO-2-56, ESRS 2 IRO-2-59 The method applied for the identification of impacts, risks, and opportunities (“IROs”) during the 2024 DMA is based on the principles in the ESRS and the availa - ble implementation guideline on materiality assessment published by the European Financial Advisory Reporting Group (“EFRAG”) in May 2024. 1 1 https://www.efrag.org/Assets/Download?assetUrl=/sites/ webpublishing/SiteAssets/IG+1+Materiality+Assessment_ final.pdf CTP N.V. Annual Report 2024 Sustainability 105 THE DOUBLE MATERIALITY ASSESSMENT WAS CONDUCTED IN THREE STEPS: Step 1 Understanding of the business context • mapping business activities, value chain, and stakeholders • prioritising stakeholders and developing engagement plans Step 2 Identification of potential and actual IROs and assessment of the impact and financial materiality (long list) • defining assessment criteria and thresholds • reviewing existing process for IROs; • identifying actual and potential IROs by dedicated workgroups • conducting impact and financial assessment for identified IROs by dedicated workgroups Step 3 Determination of material sustainability matters and IROs (short-list) • conducting stakeholder engagement • analysing stakeholder engagement results and prioritising material topics • validating results by dedicated workgroup • aggregating the outcome of the impact and financial materiality During the DMA process, no focus was placed on any spe- cific activities, geographies, etc., that give rise to height- ened risk of adverse impacts. For individual ESRS topics, working groups were formed to identify and assess IROs. These groups consist of individuals with roles and expertise within the business units relevant to the topic. Internal and external stake - holders were engaged to provide insights into the IRO identification and assessment outcome, including, among others, employees, clients, investors, and suppliers. This process was led by external experts. The working groups validated the long list of IROs af - ter considering the views of the different stakeholders. This validation led to a scoring mechanism for the follow - ing criteria for impacts: scale, scope, irremediable char- acter (for negative impacts), and likelihood of occurrence; and for risks and opportunities: likelihood of occurrence, and potential magnitude of financial effects. The scores assisted in the creation of the overview of topics mate - rial for CTP (the short-list). The classification proposed in the Materiality Assessment Implementation Guidance (MAIG) published by EFRAG was used to determine mate - rial IROs. The material topics were verified and approved by the Board of Directors, according to CTP procedure. SCORING OF IROs Impacts A score from 1 to 4 was applied for each impact, where 1 indicates “insignificant impact”, and 4 indicates “extreme impact”. 1 Insignificant impact 2 Mild impact 3 Significant impact 4 Extreme impact For actual and potential positive impacts, the materiality assess- ment was based on its severity, consisting of its scale and scope multiplied by the likelihood. For actual and potential negative impacts, the materiality assessment was based on its severity, including scale, scope and irremediable character multiplied by the likelihood. All impacts have been analysed for potential conversion into risks and opportunities, and vice versa. Risks and opportunities Criteria for risks and opportunities were scored from 1 to 5 based on likelihood of occurrence and potential financial impact.. Likelihood of occurrence Potential financial magnitude 1 “not applicable” impact below €1 million 5 “occurred/may oc- cur within one year” (reporting period applicable for actu- al impacts). impact above €40 million Financial thresholds, as stated above, are consist- ent with thresholds used in CTP’s risk management. See Section 5.7 for more information about CTP's risk management. CTP N.V. Annual Report 2024 Sustainability 106 4.7 ESG: Material Disclosures and Strategy CTP structures its material ESRS disclosures—including impacts, risks, opportunities and targets—in line with its ESG strategy, which systemises the Company’s approach towards sustainability-related topics within four conceptual pillars. CTP’s ESG strategy informs and aligns with the Group’s overall long-term business strategy. It includes areas identified in the 2024 DMA as material and non-material under the ESRS. The 2024 DMA identified material topics that are part of and disclosed under ESG strategy pillars 1, 2 and 3 and presented as material in Section 4.6. Pillar 4, while not containing material ESRS topics in 2024, is presented as an integral part CTP’s ESG strate - gy and overall long-term business strategy. See Section 7.3.1 for the list of other non-material disclosures. CTP N.V. Annual Report 2024 Sustainability 107 ERS MATERIALITY CTP’S ESG STRATEGY Pillar 1: Striving to Be Climate Positive E1, E5 Pillar 2: Stimulating Social Impact & Well-being S1, S2 Pillar 3: Conducting Business with Integrity G1 Pillar 4: Embedding Parks in Communities ESG: Material Disclosures and Strategy Voluntary CTP N.V. Annual Report 2024 Sustainability 108 Pillar 1: Striving to Be Climate Positive CTP N.V. Annual Report 2024 Sustainability 109 4.7.1 Pillar 1: Striving to Be Climate Positive CTP’s ESG strategy pillar “Striving to Be Climate Posi - tive” contains all environmentally related ESRS material disclosures identified in the Group’s 2024 DMA process— including positive and negative impacts, risks, opportuni - ties, targets, related Group policies and potential financial impacts of environmental risks. CTP discloses material impacts in 2024 under the following ESRS categories: E1 Climate change E5 Resource use and circular economy These categories include areas such as energy efficiency, renewable energy, the reduction of operational and em - bedded GHG emissions, and climate adaptation and re- silience. 4.7.1.1 ESRS E1 – Climate change CTP’s ESG-related ambition is to become climate-posi - tive in all its activities, including development, property management, and corporate operations by 2050. CTP is committed to having a positive, long-term impact on the environment, including the climate. 4.7.1.1.1 Transition plan for climate change mitigation E1-1-14, E1-1-16 In its climate change mitigation targets, CTP shares the ambition to be compatible with the Paris Agreement. The degree to which the Group is successful in realising this ambition is dependent on developments related to the decarbonisation of construction materials, country ener - gy mix, and developments in the renewable energy space. CTP’s decarbonisation levers include decarbonising the energy mix by producing solar energy and purchasing re - newable energy, green leases, and decarbonising build- ings by using greener materials in construction and in- creasing building energy efficiency (EPC levels). For more information, refer to Section 4.7.1.1.4 of this report. CTP develops photovoltaic systems on its build - ings. On average, CTP spends €750,000 to develop one MWp of photovoltaic energy. Each MWp is expected to produce 1,000MWh of energy, leading to a reduction of 473kgCO2e1 for each MWh.2 The development of pho - tovoltaic systems is subject to a business-case analysis and required CapEx is considered investment CapEx. CTP is using a dedicated loan from the European Investment Bank to support the development of renewable energy systems. 1 Emission calculation specific to CTP 2 re.jrc.ec.europa.eu/pvg_tools/en/ Improvements to existing buildings are based on business needs and current EPC levels. CTP aims to maintain an EPC C rating or higher for at least 90% of buildings kept in the portfolio by 2030. As at end-2024, an analysis of CTP’s portfolio indicated 13 buildings (approximately 170,000 sqm) requiring ESG CapEx to improve energy performance. Current required CapEx is estimated, based on several representative case studies, to be approxi - mately €7 million. The German portfolio was not covered by a performance analysis, which will occur in 2025, due to its structure. CTP monitors the EPC expiry schedule in its portfolio and analyses case by case for investment needs. CTP’s business strategy is to maintain a high-quality, energy-efficient portfolio, and capital is allocated to en- sure a positive outcome. Locked-in emissions are related emissions embodied in building materials. CTP intends to reduce these emis - sions through the procurement of low-carbon materials and design optimisation. Locked-in emissions are vital to the transition plan, and a target is set to reduce these emissions. CTP’s ambition is to develop new buildings in align - ment with EU taxonomy activity 7.1 Construction of New Buildings, and through this increase the share of CapEx. At the same time, CTP improves its standing portfolio to align these buildings with EU taxonomy activity 7.7 Ac - quisition and ownership of buildings, thereby increasing the aligned revenue and OpEx related to these properties. See Section 4.8 for more details on the EU taxonomy. CTP N.V. Annual Report 2024 Sustainability 110 CTP is not excluded from EU Paris-aligned Benchmarks in accordance with the criteria stated in Articles 12.1 (d) to (g) and 12.2 of the Climate Benchmark Standards Reg - ulation. CTP is a long-term owner. Buildings developed by CTP are designed to serve the current needs of its clients, provide them opportunities to grow, and where needed can also be adjusted to adapt if clients’ needs change. It is in CTP’s interest to develop high-quality and ener - gy-efficient buildings that will require limited capital ex- penditure during their lifetime. That implies the use of high-quality materials and solutions. Improvement of the standing portfolio is also part of day-to-day business to ensure offering attractive spaces for clients. In addition to these activities, CTP develops rooftop photovoltaic systems to provide renewable energy to its clients as a source of revenue. CTP’s Transition Plan for Climate Change Mitigation is approved by the Board of Directors. The Sustainability Committee monitors progress on its execution, while GHG emissions, EPCs, and other targets are reported annually through the Annual Report. 4.7.1.1.2 Material IROs relating to climate and their impact on strategy and business model E1-SBM-3-18, E1-SBM-3-19, E1-IRO-1-20, E1-IRO-1-21 GRI 3-3, GRI 201-2 CTP’s 2024 DMA process identified three climate- related ESRS sub-topics as material for CTP’s business strategy and business model: E1 – Climate change Climate change adaption Climate change mitigation Energy As part of its 2024 DMA process, CTP identified physi- cal and transition risks relating to the above-mentioned sub-topics of climate change. Physical risk is the poten - tial for climate-related negative impacts to people, prop- erty and productivity. Transition risk is the potential for negative impacts for businesses arising from the transi - tion from carbon-based fuels to renewable energy. While analysing risks, different climate change scenarios were taken into account. The focus of the analysis was on the aspects that can affect CTP’s business operations, such as extreme weather conditions, chronic climate change, upcoming legal requirements, etc. As input, CTP used MCSI climate models and the European legal landscape. CTP N.V. Annual Report 2024 Sustainability 111 The EU’s Corporate Sustainability Reporting Directive (“CSRD”) introduces the term impacts, risks and opportunities (“IROs”) and requires companies to report on both positive and negative impacts of climate-related risks, as well as the opportunities that such impacts may bring, as identified in the company’s double materiality assessment. In general, climate change includes a range of threats, from extreme weather events to long-term changes to climate patterns. For compa- nies, climate risk is the potential negative influence of climate change on financial performance. This can materialise in numerous ways and affect supply chains and infrastructure as well as an organisation’s own assets. As defined by the Taskforce on Climate-related Financial Disclosures (“TCFD”), for reporting purposes there are two types of climate risk: physical and transition. Physical risk Physical risk is the potential for climate-related negative impacts to people, property and productivity. Risks are acute (extreme weather events) or chronic (long-term changes to climate patterns). Negative impacts include direct costs for repair/replacement of damaged assets and indirect costs related to supply chain disruptions and other business interruptions. Transition risk Transition risk is the potential for negative impacts for businesses arising from the transition from car- bon-based fuels to renewable energy. In addition to costs related to decarbonisation, there are several types of transition risk, including changes to regulatory rules, carbon pricing and litigation. Physical and transition risks are closely linked: an increase in a physical risk implies an increase transition risk, whether or not the reporting entity mitigates physical risks by decarbonising its operations. Considering both physical and transition climate risks across different time periods and scenarios enables companies to make informed decisions to mitigate negative climate-related impacts, identify opportunities, and strengthen resiliency. Opportunity Efforts by organisations to mitigate and adapt to negative climate-related impacts create new business opportunities, including through the increase of resource efficiency, the procurement and use of renewable sources of energy and low-emission supplies, the development of new products or services, access to new markets, and the strengthening of supply chains. Resiliency The concept of climate resilience involves an organisation’s adaptive capacity to respond to climate change to better manage the associated risks and seize opportunities. Resilience is especially relevant for entities with long-lived fixed assets or extensive supply or distribution networks; those that depend critically on utility and infrastructure networks or natural resources; and those that may require longer-term financing and investment. Climate Change: Impacts, risks, and opportunities (“IROs”) CTP N.V. Annual Report 2024 Sustainability 112 Physical risks relating to climate CTP’s 2024 DMA identified physical climate risks relating to an increase in frequency and intensity of extreme weather events, such as flooding, high temperatures, or inclement weather, impacting CTP’s owned and managed buildings, as such events could lead to a potential increase of costs relating to physical damage to the Group’s assets and the surrounding infrastructure. To evaluate the likelihood and severity of such events, CTP uses third-party platforms to analyse its entire portfolio, including all locations in the countries where CTP operates. This platform uses different Representative Concentration Pathway (“RCP”) models made available by the Intergovernmental Panel on Climate Change (“IPCC”). In its analysis, CTP con- sidered the results of the least and most extreme scenarios (RCP 2.6 with a 1.5°C limit and RCP 8.5 with a 4.3°C limit) with a time span up to the year 2050. See Section 4.7.1.1.1 for more informa- tion related to CTP’s Transition Plan for Climate Change Mitigation. See Section 4.7.1.1.5 for more information related to CTP’s targets. Transition risks relating to climate The 2024 DMA identified two transition climate risks: new taxation on GHG emis- sions, and market pressure for low-emis- sion buildings. See Section 4.7.1.1.1 for more informa- tion related to CTP’s Transition Plan for Climate Change Mitigation. 1) New taxation on GHG emissions The first potential material transition risk relates to the introduction of new taxes on GHG emissions through the Eu- ropean Union Emissions Trading System 2 (“EU ETS2”) and the Cross-Border Adjustment Mechanism (“CBAM”). EU ETS2 expands the European emis- sions trading system to purchased fuels used in buildings, road transport, and other sectors. The added cost of emission rights is expected to increase fuel costs, affecting heating and construction mate- rial costs. CBAM, which will go into full effect in 2026, introduces a carbon tax on car- bon-intensive materials imported into the EU based on their embodied carbon footprint. This is expected to affect the construction industry in Europe. There is uncertainty whether and how the mentioned legislation will be implemented by the European Union. CTP is monitoring the status. No material impacts on the strategy and business model are expected. 2) Market pressure increasing for low-emission buildings The second potential material transi- tion risk relates to growing regulatory pressure and requirements from clients and financial institutions for buildings to be less emission intense. This can lead to increased upfront investments to ensure that CTP continues to meet the requirements of its clients and financial institutions. See Section 7.3.1 for a complete overview of CTP’s mate- rial IROs, including physical and transition risks. CTP assess impacts related to direct and indirect GHG emissions throughout its value chain in accordance with the GHG Protocol (Scopes 1, 2 and 3). The resilience of CTP’s business model and strategy is assessed through the monitoring of climate risks and ongoing conversations with clients, which leads to the identification of new business opportunities with existing clients that affects the short-, medium- and long-term strategy. CTP serves a group of nearly 1,500 clients oper - ating in different industries, with a portfolio of over 250 parks in 10 countries across Europe. This diversification makes CTP resilient, and therefore the Company sees no major risks that could affect its value or profitability. The assumption for CTP’s strategy is that the trend of transitioning towards a low-carbon economy by increas - ing renewable energy in the energy mix will remain. CTP deploys existing technologies to execute its strategy, as - sumes gradual improvements in efficiency, and does not consider unproven technologies. This applies to the ex - isting portfolio through continuous improvement and new developments through the incorporation of requirements that go beyond legal requirements. CTP primarily uses green and sustainable financ - ing through green bonds and sustainability-linked loans, which incorporate multiple sustainability-related re - quirements, to finance its existing portfolio and new de- velopments. CTP N.V. Annual Report 2024 Sustainability 113 4.7.1.1.3 Policies related to climate E1-2-22, E1-2-24, E1-2-25 CTP’s Environmental Policy objective is to create a sys- temised approach towards environmental matters and propose relevant actions. The policy covers the mate - rial topics related to climate change mitigation, climate change adaptation, energy efficiency, and renewable energy. The policy, which was updated in 2024, covers all op - erations and activities of the Group and environmental aspects in its value chain, including materials and build - ings in the portfolio, thereby addressing suppliers, inde- pendent of the geographical area. CTP’s clients are also addressed through cooperation on the improvement of energy efficiency. The Board of Directors is responsible and accountable for implementing the policy. Through the implementation of ESG project require - ments as well as collecting feedback from clients, CTP monitors the progress of its actions. The ISO 14001 and 50001 management systems are part of the policy, and key stakeholders are considered in the policy. CTP’s Environmental Policy can be found on the Com - pany’s website. 4.7.1.1.4 Actions taken by CTP related to climate E1-3-26, E1-3-28, E1-3-29 GRI 3-3 As part of its long-term business strategy, in 2024 CTP continued and strengthened its commitment to the fol - lowing decarbonisation levers as part of its ESG strategy to reduce its climate impact. Due to the nature of CTP’s climate impacts through CO 2 emissions, the ability to re- mediate these impacts is limited. Therefore, CTP focus- es on the reduction of emissions to reduce the impact of these emissions. The following table describes the decar - bonisation levers identified, and the actions taken in 2024 and to be taken in the future, with a detailed description of remedies for these impacts. For time horizons related to these actions, see Section 4.7.1.1.5. CTP considers the financial resources required for the execution of the actions described in the following table as part of its business-as-usual expenses, unless specified in the table. CTP N.V. Annual Report 2024 Sustainability 114 Increasing the volume of renewable energy consumed within its portfolio is an important decarbonisation lever for CTP. This is sup- ported by client demand through increasing requests for 1) rooftop solar power installations on leased buildings, and 2) the procure- ment of renewable energy. Solar energy installation CTP continued expanding its existing rooftop photovoltaic (“PV”) installations on its buildings in 2024 to deliver renewable energy to its clients and the grid, with 38 MWp of new PV generating capacity installed during the year, for a total of 138 MWp installed. The expansion of CTP’s PV installations, which remains ongoing until its targets are met, takes place across the Group’s portfolio independent of geographical location. Depending on the applicable local regulations, clients can be directly supplied with the solar en- ergy produced onsite, leading to lower emissions in their operations, or the produced solar energy is fed into the grid, which reduces the emission factor. The operation of all installed solar sys- tems is expected to bring an annual reduction of 65,253 tCO 2 e. 1 CTP spends €750,000 to develop one MWp of photovoltaic energy. The pace of new instal- lations depends on the positive evaluation of individual business cases. To finance these ac- tions, CTP secured a €200 million loan from the European Investment Bank. The OpEx related to solar systems is incorporated into the calcula- tion of each individual business case. 1 Based on the average emission of CTP buildings. 2 Contracts controlled by CTP 3 Calculations based on emissions intensities at CTP buildings. Renewable energy procurement As part of its business, CTP is responsible for maintaining a portion of the energy contracts for its clients, in addition to its energy needs for corporate operations. Where electricity energy needs are not met with production by its onsite PV installations, CTP increases the volume of purchased renewable energy. The efforts taken in 2024 enabled CTP to achieve 62% renewable electricity consumption2 at year end. These efforts will continue over the coming years until CTP’s targets are met. Renewable energy procurement occurs across CTP’s portfolio inde- pendent of geographical location. The expected outcome is a reduction of the Group’s Scope 2 and Scope 3 category 13 emissions, thereby positively impacting CTP’s own operations as well as those of its clients. The procurement of renewable energy is expected to bring an annual reduction of 147,722 tCO 2 e 3 This action does not require any CapEx. CTP does not see an impact on OpEx. The volatility in energy prices is not dependant on whether energy is renewable or not, rather it is affected by other aspects. Another critical lever for CTP in its efforts to reduce the energy consumption and GHG emissions relating to its standing portfo- lio is increasing the Energy Performance Certificates (“EPCs”) of its buildings. The importance of EPCs increased in 2024, as CTP expanded its GHG emission reduction targets to cover Scopes 1 and 2 and Scope 3 category 1 (see Section 4.7.1.1.4). As at end-2024, 72% of CTP’s GLA was covered by EPCs with a level C rating or higher. This includes standing buildings that are certifiable and not earmarked for demolition or major refurbishments. Estimation of annual GHG emission reductions stemming from this lever would be highly inaccurate due to the nature of the certification and the type of buildings in CTP’s portfolio. CapEx related to EPC improvement is considered, to a great extent, as business as usual through the continuous technical improvement of the portfolio. The dedicated CapEx and more details can be found in Section 4.7.1.1.1. CTP also considers green leases to be an effective lever, as these lead to collaboration with clients and, among others, enables CTP to create a better overview of its Scope 3 category 13 emissions, based on which it can make improvements to its portfolio. It is considered to be an enabler of emissions reductions; CTP does not see direct GHG emissions reductions stemming from green lease clauses. No CapEx or OpEx is required. See Section 4.7.3.1.10 for details relating to green leases. CTP works on an ongoing basis with its suppliers to increase the amount of construction materials procured with low embedded GHG emissions as another important decarbonisation lever. Ad- vancement of calculations and data collection will give insight into emission reductions in the coming years. CTP’s developments are to a great extend financed by green bonds and sustainability-linked loans. The introduction of green materials is priced into new devel- opment CapEx. Therefore, CTP does not foresee CapEx dedicated to this action. CTP N.V. Annual Report 2024 Sustainability 115 4.7.1.1.5 Climate targets E1-4-30, E1-4-33, E1-4-34 The table on this page shows the climate-related tar- gets defined by CTP for 2030, considered its critical in- terim targets. In 2024, CTP adjusted its GHG emission reduction targets to cover emissions that the Company has direct control over as well as to emissions where the Company can influence outcomes, i.e., Scopes 1 and 2 and Scope 3 categories 1 and 13. Levels set for GHG reduction targets are based on the estimated capacity to progress in these areas and are designed to meet CTP’s ESG ambi - tion of achieving carbon neutrality by 2050 in line with the Paris Agreement. To achieve these targets, CTP makes limited use of new technologies, and the focus lies with existing technologies. Emission reduction requires close, long-term cooperation with the value chain, subject to economic volatility. This involves cooperation with con - struction material suppliers, the evolution of client expec- tations, and the impact of the energy production mix in each country. Compared to its 2023 report, CTP has changed sev - eral targets. The emissions targets are set to support the reduction of CO 2 emissions from CTP’s operations, supply chain (e.g., building materials), and client operations (e.g., energy-efficient buildings). Input for setting the targets was collected from ex - ternal stakeholders. In setting its targets, CTP involved internal and external stakeholders. CTP has set its tar - gets based on current technology available and an ap- proach based on current trends and possibilities. CTP tracks the effectiveness of policies through year- on-year comparisons of emission data for the Group. CLIMATE TARGETS Base Year (2023) 2024 2030 Target Scope 1&2 emissions revenue intensity reduction [kgCO 2 e/EUR] (market-based intensity by gross rental income) 0.000014 -30% Embodied carbon intensity (kgCO₂e/m2) 476 476 -20% % of renewable electric energy of CTP’s and tenants’ electric energy mix 64 62 90 Installed Capacity PV (MWp) 100 138 400 Share of GLA covered by EPC C or higher 51% 72% 90% CTP’s combined Scope 1 and 2 emissions targets are ex- pressed in intensity (kgCO 2 e/EUR), where Scope 2 is mar- ket-based. For targets related to Scope 3, CTP limits it- self to embodied emissions in category 1, applicable to the upstream value chain (building material suppliers), and in category 13, applicable to the downstream value chain (clients), through EPC energy efficiency levels, to the ex - tent that CTP can influence them. Current cover is 100% of Scope 1 and 2 emissions, and all embodied emissions in Scope 3 category 1. The targets are formulated in a way that they directly or indirectly impact all of CTP’s emis - sions. These targets are a result of all decarbonisation le- vers mentioned in Section 4.7.1.1.4. The results for 2024 can be found in Section 4.7.1.1.6 of this report. CTP chose 2023 as the base year for its 2024–2030 emission reduction targets due to significant changes and improvements made that year in data collection. For emissions in Scope 3 category 1, data was available for the first time in 2023. The figures for the baseline are shown in the table above. Lever-related targets, i.e., decarbonisation through re - newables, installed PV capacity, and EPCs, are absolute and not relative to a starting point. The progress on these targets can be found in Section 4.7.1.1.6 and 4.7.1.1.7 of this report. CTP tracks the effectiveness of policies through year-on-year comparisons of emission data for the Group. CTP N.V. Annual Report 2024 Sustainability 116 ENERGY CONSUMPTION Energy consumption and mix (operational control) Comparative (2023) 2024 (1) Fuel consumption from coal and coal products (MWh) - - (2) Fuel consumption from crude oil and petroleum products (MWh) 15,819 13,589 (3) Fuel consumption from natural gas (MWh) 727 2,033 (4) Fuel consumption from other fossil sources (MWh) - - (5) Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources (MWh) 8,072 9,402 (6) Total fossil energy consumption (MWh) (Calculated as the sum of lines 1-5) 24,618 25,024 Share of fossil sources in total energy consumption (%) 89% 83% (7) Consumption from nuclear sources (MWh) - - Share of consumption from nuclear sources in total energy consumption (%) 0% 0% (8) Fuel consumption from renewable sources, including biomass (also comprising industrial and municipal waste of biologic origin, biogas, renewable hydrogen, etc.) (MWh) - - (9) Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable energy (MWh) 2,909 5,271 (10) The consumption of self-generated non-fuel energy (MWh) 60 29 (11) Total renewable energy consumption (MWh) (calculated as the sum of lines 8-10) 2,969 5,300 Share of renewable sources in total energy consumption (%) 11% 17% Total energy consumption (MWh) (Calculated as the sum of lines 6, and 11) 27,587 30,323 4.7.1.1.6 Energy consumption E1-5-35, E1-5-37, E1-5-38, E1-5-39, E1-5-40, E1-5-41, E1-5-42, E1-5-43 CTP’s energy consumption reported in this section relates to: • corporate offices; • common areas at parks; • buildings in the portfolio, limited to the areas under CTP’s control; • corporate vehicles; • corporate airplanes. Fuel consumption data for CTP’s vehicles and airplanes was collected in litres and kilograms, respectively. For each, the caloric value is recalculated into kWh. In some countries, fuels other than for cars and airplanes are col - lected in GJ and cubic metres, which are also converted into MWh. Data for Q4 2024 was estimated by extrapolating actual data for the first three quarters of the year. In addition, CTP collects consumption data during the year from across its portfolio as a source for the calculation of GHG emissions. By end-2024, approximately 80% of the consumption data from the portfolio was delivered, requiring extrapolation to cover the floor area for which no data was made available. In 2024, CTP produced 36,785 MWh 1 of renewable energy through the PV panels installed on its buildings. CTP presents energy consumption as per operational control. Q1-Q3.1 CTP N.V. Annual Report 2024 Sustainability 117 CTP derives more than 99% of its revenue from sections F (construction) and L (real estate activities) as men - tioned in Regulation (EC) No 1893/2006. 1 These sections are considered high climate impact sectors. As the remaining part of the revenue is statis - tically negligible, it has been included in the Company’s energy intensity calculations. The denominator for energy intensity is total revenue. In addition to the assurance provider, reported data in this section (energy consumption, refrigerant losses, and respective GHG emissions excluding intensities) is vali - dated by Arcadis in accordance with ISO 14064-3:2019. The process includes review of a sample and review against underlying evidence, verifying the correctness of the calculations and results. The 16% reduction from 2023 to 2024 is driven most - ly by an increase in net revenue. ENERGY INTENSITY Energy intensity per net revenue (operational control) 2023 2024 % N / N-1 Total energy consumption from activities in high climate impact sectors per net revenue from activities in high climate impact sectors (MWh/€) 0.000041 0.000035 −16% NET REVENUE Net revenue from activities in high climate impact sectors used to calculate energy intensity €870,800,000.00 Net revenue (other) €- Total net revenue (Financial statements) €870,800,000.00 1 eur-lex.europa.eu/legal-content/EN/TXT/ PDF/?uri=CELEX:32006R1893 CTP N.V. Annual Report 2024 Sustainability 118 The CSRD requires companies to report on greenhouse gas emissions using data points established by the Greenhouse Gas Protocol (“GHG Protocol”)—a multi-stakeholder initiative to assist countries and companies to account for, report and mitigate greenhouse gas emissions with a set of global standards. The GHG Protocol “Corporate Accounting and Reporting Standard” provides a step-by-step guide to quantify and report GHG emissions across a company’s value chain and classifies emissions under three distinct categories, or Scopes, which define the boundaries for the accounting of inventories of GHG emissions. Scope inventory and boundaries Overview of CTP reporting Direct Emissions Scope 1 Direct emissions from owned or controlled sources. These relate mainly to the energy consumed at the reporting entity’s build- ings and fuel use for company vehicles. • energy consumption at CTP’s corporate offices • energy consumption at buildings leased to clients • fuel consumption of CTP’s corporate vehicles and aircraft Indirect Emissions Scope 2 Indirect emissions related to purchased energy for buildings and vehicles. Emissions are accounted for in the reporting entity’s Scope 2 inventory as they result from the organisa- tion’s energy use. • emissions relating to energy for corporate offices • emissions relating to energy for buildings leased to clients • emissions relating to fuel consumption of CTP’s vehicles and aircraft Scope 3 Value chain emissions. These are indirect emissions (not covered in Scope 2) that occur in the val- ue chain of the reporting compa- ny, including both upstream and downstream emissions. Scope 3 is broad but in general includes emissions relating to purchased goods and services, transpor- tation costs, and related waste disposal. • emissions relating to the production of materials procured for construction activities • emissions relating to transportation costs of materials • emissions relating to waste disposal in connection with the production of construction materials The Greenhouse Gas Protocol and the three Scopes CTP N.V. Annual Report 2024 Sustainability 119 What is a value chain? For sustainability reporting, a company’s value chain includes all goods and services in its upstream (suppli- er) and downstream (customer) activities. Under the GHG Protocol, Scope 3 value chain emissions encom- pass the product lifecycle emissions associated with the production and use of a specific product from cradle to grave, including emissions from raw materials, manufacturing, transport, storage, sale, use and disposal. Upstream Downstream Indirect GHG emissions relating mainly to interactions with suppliers Indirect GHG emissions relating mainly to interactions with customers. • Purchased goods and services • Transportation and distribution of products/materials • Capital goods • Processing of sold products/materials • Fuel and energy-related activities • Use of sold products/materials • Transportation and distribution • End-of-life treatment of sold products/materials • Waste generated in operations • Leased assets • Business travel • Franchises • Employee commuting • Investments • Leased assets Main impact areas of CTP’s value chain • Production, waste disposal, and transport of construction materials • Energy consumption at buildings leased to clients See Section 4.4 for more information on CTP’s value chain. See Section 4.7.1.1.3 for more information on CTP’s Environmental Policy. CTP N.V. Annual Report 2024 Sustainability 120 4.7.1.1.7 Greenhouse gases E1-6-44, E1-6-46, E1-6-47, E1-6-48, E1-6-49, E1-6-50, E1-6-51, E1-6-52, E1-6-53, E1-6-54, E1-6-55 CTP’s GHG emissions have been calculated in accordance with the GHG Protocol. CTP presents GHG emission data using the financial control approach as required by the ESRS and the operational control approach commonly used in the real estate industry. The GHG emissions disclosed in this Annual Re - port relate to the Group and its value chain in relation to purchased goods and services, which are focused on the materials CTP uses for construction activities; and to downstream leased assets, which focus on emissions as a result of client operations. See Section 4.4 for more information on CTP’s structure. Using publicly available emission factors, CTP converted all energy consumption to tCO 2 e. Emission factors were obtained from carbonfootprint.com (for electricity) and the United Kingdom Department for Environment, Food & Rural Affairs (“DEFRA”) (for fuels). For district heat - ing, CTP uses data from relevant ministries of the Czech Republic, Germany, and Poland. For refrigerant losses, the Company uses the GHG Protocol list. These sources were applied across Scopes 1, 2, and 3 and were chosen as they are reputable and publicly available. Data for Q4 2024 was estimated by extrapolating actual data for the first three quarters of the year. Q4 was calculated as the mathematical average of Q1–Q3 and added to Q1–Q3 to calculate full-year data. CTP obtained energy consumption data from 80% of its portfolio. Therefore, estimates have been made to ensure 100% portfolio representation. Data was extrapolated by calculating the energy intensity for each country using obtained data and multiplying this with the floor area for which no data was obtained. The extrapola - tion together with an increase in emission factors are the main drivers of the increase in reported emissions. GHG EMISSIONS FINANCIAL CONTROL (CSRD/ESRS) Retrospective Base year (2023) N (2024) % 2024 / 2023 Scope 1 GHG emissions Gross Scope 1 GHG emissions (tCO ₂ e) 101,075 95,686 −5% Percentage of scope 1 GHG emissions from regulated emission trading schemes (%) 0% 0% - Scope 2 GHG emissions Gross location-based Scope 2 emissions (tCO₂e) 277,434 507,702 83% Gross market-based Scope 2 GHG emissions (tCO₂e) 217,617 299,575 38% Significant Scope 3 GHG emissions Total Gross indirect (Scope 3) GHG emissions (tCO₂e) 213,492 371,550 74% 1 Purchased goods and services 213,308 370,525 74% 6 Business travel 184 1,024 455% 13 Downstream leased assets N/A N/A Total GHG Emissions Total GHG emissions (location- based) (tCO₂eq) 592,002 974,938 65% Total GHG emissions (market- based) (tCO₂eq) 532,184 766,811 44% CTP N.V. Annual Report 2024 Sustainability 121 GHG EMISSIONS OPERATIONAL CONTROL Retrospective Base year (2023) N (2024) % 2024 / 2023 Scope 1 GHG emissions Gross Scope 1 GHG emissions (tCO 2 e) 6,782 6,488 −4% Percentage of scope 1 GHG emissions from regulated emission trading schemes (%) - - - Scope 2 GHG emissions Gross location-based Scope 2 emissions (tCO 2 e) 4,218 5,216 24% Gross market-based Scope 2 GHG emissions (tCO 2 e) 3,935 2,889 −27% Significant Scope 3 GHG emissions Total Gross indirect (Scope 3) GHG emissions (tCO 2 e) 581,002 963,234 66% 1 Purchased goods and services 213,308 370,525 74% 6 Business travel 184 1,024 455% 13 Downstream leased assets 367,510 591,684 61% Total GHG Emissions Total GHG emissions (location- based) (tCO 2 eq) 592,002 974,938 65% Total GHG emissions (market- based) (tCO 2 eq) 591,718 972,610 64% CTP N.V. Annual Report 2024 Sustainability 122 GHG INTENSITY GHG intensity per net revenue (Financial control) Base year (2023) N (2024) % 2024 / 2023 Total GHG emissions (location-based) per net revenue (tCO₂e/e) 0.000879 0.001120 27% Total GHG emissions (Market-based) per net revenue (tCO₂e/€) 0.000790 0.000881 11% GHG intensity per net revenue (Operational control) Base year (2023) N (2024) % 2024 / 2023 Total GHG emissions (location-based) per net revenue (tCO₂e/e) 0.000879 0.001120 27% Total GHG emissions (Market-based) per net revenue (tCO₂e/€) 0.000878 0.001117 27% Categories 1 and 13 have significant impact on CTP, as the emissions in each category are more than 20% of to - tal emissions. For category 6 data is available within the organisation, and therefore it is reported. Scope 3 categories 2, 3, 4, 5, 7, 8, 9, 10, 11, 12, 14, and 15, are not significant to CTP’s business operations based on the size of the emission. CTP’s GHG intensity is calculated using the emis - sions of Scope 1 and 2, divided by the net revenue of 2024. A negligible percentage of net revenue was obtained from non-high-climate impact sectors; therefore, this revenue is included in the calculation. The denominator for GHG intensity is total revenue. In addition to the assurance provider, reported data in this section (energy consumption, refrigerant losses, and respective GHG emissions excluding intensities) is vali - dated by Arcadis in accordance with ISO 14064-3:2019. The process includes review of a sample and review against underlying evidence, verifying the correctness of the calculations and results. The GHG intensity reduction from 2023 to 2024 is driven mostly by an increase in net revenue Scope 3 category 1 was calculated using available data for completed buildings. The emission intensities have been determined on the country level. These intensities were used as the basis on which to calculate the reported figures for 2024 multiplying the intensities by the GLA (sqm) of completed buildings in each country in 2024. CTP’s emissions are not regulated under the Europe - an Union Emissions Trading System. There were no significant changes in 2024 to the definition of what constitutes CTP and its upstream and downstream value chain. Within its Scope 3 emissions, CTP has included the following categories: Category 1 Purchased goods and services Category 6 Business travel Category 13 Downstream leased assets CTP N.V. Annual Report 2024 Sustainability 123 4.7.1.1.8 Financial effects of climate IROs E1-9-66, E1-9-67, E1-9-68, E1-9-69, SBM-3-48, E1-IRO-1-20 In 2022, as a part of overall risk management, CTP con- ducted its first physical climate risk assessment to evalu- ate the exposure of its properties to acute and chronic cli- mate-related risks using a third-party climate modelling tool. The assessment was expanded in 2023 and 2024 to cover properties acquired and developed since 2022. In this assessment, the Company used different RCP models made available by the IPCC, considering items such as, but not limited to, coastal flooding, extreme heat, and water stress. See Section 4.7.1.1.2 for more information related to CTP’s climate risk modelling. The climate-related risks identified as potentially the most impactful to CTP are coastal flooding and rising sea levels. These have been categorised into short-, mid-, and long-term risks. Even in the least severe scenarios (SSP2, medium challenges to mitigation and adaptation), projections indicate that sea levels will rise significantly enough that, in the long term, the Company’s portfolio in the Netherlands could be affected, with some assets po - tentially falling below sea level. This is similarly true for a limited number of properties along the German Wadden Sea coast. However, CTP regards these risks as policy risks, given that both Dutch and German governments are implementing measures to mitigate them. Based on its analysis, CTP concludes that five of its properties1 are at risk, representing, at most, 1.2% of the portfolio’s value. As part of the climate risk assessment mentioned above, transition climate risks were also examined. CTP utilised the CRREM tool developed by the Carbon Risk Real Es - tate Monitor to evaluate which buildings might need ad- ditional investment to increase energy efficiency in order to meet anticipated regulatory requirements. However, given that CTP buildings support a variety of uses, even within a CRREM category, the Company ac - knowledges limitations to the applicability of the CRREM tool on its portfolio. Client energy consumption is includ - ed in the analysis and can vary significantly depending on the client’s industry. For instance, the size of the cold storage area within a warehouse is not considered as an input, although it significantly influences the building’s energy consumption and thus affects the outcome of the assessment. With the expected impacts of the EU’s En - ergy Performance Buildings Directive (“EPBD”), which was revised in 2024, CTP considers other aspects such as the Energy Performance Certificate (“EPC”) to be more accurate indicators of the energy efficiency of its buildings. CRREM was used as a testing and indication tool, while EPCs were used for a more precise assessment of transition climate risks. CTP continuously upgrades its portfolio to ensure that it retains its high energy clas - sifications. Construction of new buildings follows up-to- date requirements and CTP’s internal ESG requirements, which in many cases go beyond local building code re - quirements. Expected costs related to material and tran- sition climate risks have been calculated for a sample of properties, the outcome of which is presented in Section 4.7.1.1.1. The impact of the both physical and transition related cli - mate risks is expressed in the property values, as these go through a bi-annual evaluation process. CTP uses re - nowned valuators to ensure all climate-related aspects are taking into account. Additionally, properties are in - sured. Therefore, CTP considers expected costs as part of business as usual. CTP has not identified transition risks that are financially material to the portfolio over the short and medium term. Additionally, the long-term impact of physical cli - mate risks is presented in the paragraphs above, while the long-term impact of transition risks is considered as too volatile to be reliable. The volatility of energy prices in Europe in recent years have made CTP’s clients more aware of the short- and long-term costs of energy. There was a visible increase in client demand for energy from renewable sources during 2024. CTP expects its abili - ty to provide clients with renewable energy generated onsite at its parks, as well as other energy-efficiency measures that the Company takes, to attract more com - panies that consider total cost of occupancy as a main driver. See Section 4.7.1.1.2 for more information related to CTP’s climate risk modelling. CTP is a dynamic company with continuous growth through construction and acquisitions. The consistent arrival of new clients and ongoing changes to their oper - ations affect the consumption of utilities within the port- folio. This makes the creation of metrics difficult and re- quires more detailed analysis. Despite these limitations, CTP carried out an analysis of its clients, which confirms that none of its clients operate in the coal, oil, or gas- related sectors. 1 Properties located in NUTS Code areas NL3, DE8, and DE9. CTP N.V. Annual Report 2024 Sustainability 124 4.7.1.2 ESRS E5 – Material Resource Use and Circular Economy 4.7.1.2.1 Material IROs relating to material resource use and circular economy E5-IRO-1-11 As part of the 2024 DMA, material resource use and cir- cular economy (ESRS E5) was identified as a material top- ic, applicable to all business units and assets considering the development, construction, and operational phases of these assets. The IROs mentioned in this section of the report are based on a business-as-usual scenario. If CTP does not act on these IROs, there is a potential increase in construction cost. CTP’s 2024 DMA process identified the following cir - cular economy ESRS sub-topics as material: E5 – Resource use and circular economy Waste Resource inflows, including resource use Summary • Only actual negative impacts, and no risks or oppor- tunities, have been identified. Resource inflows and outflows are resources related to CTP’s construction activities. • No related risks and opportunities were identified. • The following materials are used by CTP as part of its business activities and prioritised in this order: 1) steel/iron; 2) concrete and related products; and 3) asphalt. • Affected communities were not identified for this topic. • CTP has not identified any operations or geographies at significant risk of incidents of forced, child, or compulsory labour. • No types of employees who could be negatively af - fected by the Group’s strategy or business model have been identified. See Section 7.3.1 for a complete overview of material top- ics, including impacts of doing business as usual. 4.7.1.2.2 Policies related to resource use and circular economy E5-1-12, E5-1-14, E5-ESRS-2-62 Waste management is part of CTP’s Environmental Pol- icy. The policy’s objective is to create a systemised ap- proach towards environmental matters and propose rel- evant actions. The policy applies to CTP’s own operations and activities, including incorporating waste manage - ment practices into its construction activities, and cli- ents are not required to comply. The waste hierarchy is not addressed in the current version of the policy, nor are other material matters such as transitioning away from use of virgin resources or sustainable sourcing. CTP plans to revise Environmental Policy in 2025 to develop section concerning waste and materials inflow. The Board of Di - rectors is responsible and accountable for implementing the policy. The ISO 14001 and 50001 management systems are part of the policy, and key stakeholders are considered in the policy. CTP’s Environmental Policy can be found on the Com - pany’s website. CTP also has internal waste management require - ments, which include requirements for new construction and refurbishments. CTP has yet to develop policies related to resource inflows. CTP N.V. Annual Report 2024 Sustainability 125 4.7.1.2.4 Targets related to resource use and circular economy E5-3-21, E5-3-23, E5-ESRS-2-72 CTP generates a significant amount of waste during its construction activities. The Company has set a voluntary target related to waste management: increase the im - plementation of selective waste collection to 95% of all its construction activities by 2030, compared to 45% in 2023. This target applies to its own projects, independ - ent of location, size, or building type. The progress on this target is measured on an annual basis, through external reporting. This target promotes the reduction of the amount of waste going to landfill and has been formu - lated this way taking into account the maturity of waste handling systems in different countries and locations where CTP operates (stakeholders, such as suppliers and local teams, have been taken into account). For this reason, bearing in mind the limitations stem - ming from it, CTP decided to first focus on the promo- tion of waste-handling practices that allow for the re- use and recycling of materials. It is expected to support progress in waste management, allowing CTP to set up further targets in the future. CTP indirectly addresses the increase of circular materi- al use rate and the minimisation of primary raw materi- als. This is done through the embodied emissions reduc- tion target. CTP has not yet developed targets related to re - source inflows and circular economy. CTP is considering the development of targets, but has set no timeline. CTP tracks the effectiveness of its policies through internal processes, in which management and senior manage - ment are involved. 4.7.1.2.3 Actions and recourses E5-2-17, E5-2-19, E5-ESRS-2-62 Selective waste collection, which includes recycling, is an integral part of the BREEAM New Construction certi - fication process for CTP’s buildings. These actions are ongoing. Through their implementation, CTP expects to increase waste diverted from landfills, i.e., increasing re - cycling and reuse rates. This action is planned to assist CTP in achieving its 2030 target, as explained in Section 4.7.1.2.4. Actions will be further developed in the future. Additionally, CTP implements requirements for its con - struction and refurbishment activities to obtain EU tax- onomy alignment that include waste management. CTP considers CapEx and OpEx related to these ac - tions as part of business as usual. The resources allocated to managing material im - pacts are considered part of normal business operations. CTP is currently collecting data on the inflow of ma - terials, which will enable the creation of informed actions. CIRCULAR ECONOMY TARGETS Base Year (2023) 2024 2030 Target Selective waste collection construction activities (share of projects) 21% 56% 95% CTP N.V. Annual Report 2024 Sustainability 126 MATERIAL INFLOWS Material Material inflow (t) Material inflow (t) (%) Steel/iron 433,914 10% Concrete and related products 3,547,333 86% Asphalt 153,878 4% Total 4,135,125 100% Biological materials N/A MATERIAL OUTFLOWS Total Amount of Waste generated during construction/sqm Waste diverted from landfill (recycled) Percenage of waste diverted from landfill (recycled) 8,416.97 3,103.19 37% 4.7.1.2.5 Resource inflows and outflows E5-4-28, E5-4-30, E5-4-31, E5-4-32, E5-5-33, E5-5-35, E5-5-36, E5-5-37, E5-5-38, E5-5-39, E5-5-40 The data in the table “Material Inflows” is based on es- timates obtained from data that CTP collected from completed buildings and extrapolated to cover 100% of the gross floor area (“GFA”) completed in 2024. The base sample includes GFA of 485,277 sqm, whereas CTP com - pleted 1,283,570 sqm of GFA in 2024. As part of the BREEAM certification process, CTP received data on materials used in its buildings. As data is delivered in different metrics (cubic metre, sqm, or kg), CTP has made use of the information received in kg to cal - culate the reported numbers. CTP’s material inflow is related to building materials used in the construction process. Among others, impor - tant materials are steel, concrete, asphalt, and the water used in the process. CTP uses these materials as provid - ed by suppliers to construct its buildings. Some materi- als, such as steel and concrete, include recycled content. After completing the building lifecycle, a share of materi- als used in buildings can be reused or recycled. CTP has no available data related to biological materi - als or the weight in both absolute value and percentage of secondary reused or recycled components, secondary intermediary products, and secondary materials used to manufacture the undertaking’s products and services (in - cluding packaging). The data in the table “Material Outflows” is based on estimates obtained from data that CTP collected on pre - viously completed buildings and extrapolated to cover the GFA completed in 2024. For these estimates, CTP cre - ated a sample of reports related to waste-related data under BREEAM certification. The base sample includes GFA of 489,291 sqm, where - as CTP completed 1,283,570 sqm of GFA in 2024. The sample data does not include a breakdown of hazardous and non-hazardous waste, and only information on waste diverted from landfills can be shared. Due to the limit - ed data availability, extrapolation of the sample leads to inaccuracies in the reported figures. Considering the na - ture of CTP’s buildings, no radioactive waste can be ex- pected. The waste streams relevant to the sector in which CTP operates is related to construction materials, such as gypsum, plastics, packaging, and insulation. The na - ture of waste in the construction sector makes it recy- clable to a great extent. The 37% of waste diverted from landfill is underestimated due to limited data availability; improvement of this numbers is possible through better onsite waste management and improved data quality. Currently, the available data informs the percentage of waste diverted from landfill. Due to the nature of the waste, this can be considered as recycled, with the rest being non-recycled. The available data does not inform on whether waste is hazardous or non-hazardous. The type of buildings CTP constructs, mostly light indus - trial and logistics buildings, have an expected average du- rability of 50–60 years, in line with the industry average. Beyond CTP’s assurance provider, no other validation took place. 4.7.1.2.6 Financial effects of IROs relating to resource use and circular economy E5-6-41, E5-6-43 CTP’s 2024 DMA process did not identify any risks or op- portunities related to circular economy; therefore, CTP does not foresee a financial impact. See Section 7.3.1 for a complete overview of material topics, including impacts of doing business as usual. CTP N.V. Annual Report 2024 Sustainability 127 Pillar 2: Stimulating Social Impact & Well-being CTP N.V. Annual Report 2024 Sustainability 128 4.7.2 Pillar 2: Stimulating Social Impact & Well-being CTP’s ESG strategy pillar “Stimulating Social Impact & Well-being” contains all social-related material disclo - sures as identified in the Group’s 2024 DMA process, which indicate the following ESRS categories as material for the Company: S1 Own workforce S2 Workers in the value chain As confirmed by the 2024 DMA, CTP’s impact goes be- yond the parks and buildings that it develops, owns and operates. For more information on the results of the DMA, please refer to Section 4.7.4. CTP employs close to 900 of its own employees, with nearly 1,500 clients. Both within the Company and in the communities where it operates, CTP, in collaboration with its clients, local municipalities and NGOs, introduces and/ or supports activities that promote well-being, includ - ing charity donations targeting disadvantaged youth and other vulnerable members of society, support for educa - tion, and job retraining programs. See Section 4.7.2.1.13 for more details. 4.7.2.1 ESRS S1 – Own workforce 4.7.2.1.1 Interests and views of own employees S1 SBM-2-12 Employees were included as a main stakeholder group in CTP’s 2024 DMA, and their views and feedback were taken into consideration in the process of identifying ma - terial topics. CTP’s Employee Engagement Survey, which was launched in 2024 as a yearly process, is another mechanism for Group leadership to gain insight into the interests and views of its employees. Through these two processes, information that informs CTP’s strategy and business model is collected. CTP’s strategy and goal are to increase the GLA and thereby the business. This increases opportunities for and expansion of the workforce, strengthening the identi - fied positive impacts. See Section 7.3.1 for the complete overview of mate - rial ESRS S1 topics. 4.7.2.1.2 Impact of material IROs on strategy and business model S1 SBM-3-13, S1 SBM-3-14, S1 SBM-3-15, S1 SBM-3-16 The Company’s IROs relating to its workforce are con- sidered in strategic decisions and ideas related to CTP’s business model. The identified positive impacts are based on the current strategy of growth within the existing business model. The employee-related IROs described in Section 7.3.1 include all types of employees at CTP. The DMA did not identify negative impacts, risks, or opportunities. The majority of CTP employees are white collar em - ployees, working in project management, business devel- opment, permitting, and different support functions such as finance, HR, legal, and others. While analysing IROs for employees and non-employees are taken into account, these employees are considered to be impacted similarly. Employee recruitment and development risks and opportunities, secure employment, adequate wag - es, social dialogue, work-life balance, training and de- velopment, gender equality and equal pay for work of equal value, diversity, and measures against violence and harassment apply to all CTP employees, includ - ing non-employees, independent of position, age, or gender. More details about employee demographics can be found in Section 4.7.2.1.8. Health and safety aspects apply mainly to employees working on construction sites. At CTP, non-employees are self-employed people. Self-employed is defined as someone pursuing a gainful activity for their own account, under the conditions laid down by national law. This excludes those employees of other companies providing services to CTP. CTP N.V. Annual Report 2024 Sustainability 129 Summary • CTP’s 2024 DMA identified positive impacts on CTP’s own workforce. CTP’s focus on personal health and well-being is demonstrated by providing regular Group-wide events and managing health and safety at the workplace. • For actions leading to positive impacts, see Section 4.7.2.1.6. • No risks or opportunities were identified in relation to dependencies on the workforce. • The growth of CTP’s business creates employment opportunities for new candidates and offers opportu - nities for existing staff. • CTP has not identified any operations or geographies at significant risk of incidents of forced, child, or com - pulsory labour. • No types of employees who could be negatively af - fected by the Group’s strategy or business model have been identified. • CTP does not see impacts on its employees stemming from material topics E1, E5, S2, and G1. CTP does not see any impact on the IROs arising from the execution of its Transition Plan for Climate Change Mit - igation. 4.7.2.1.3 Policies related to CTP’s workforce S1-1-17, S1-1-19, S1-1-20, S1-1-21, S1-1-22, S1-1-23, S1-1-24, S1-ESRS-2-62 GRI 3-3, GRI 403-1 Multiple CTP policies cover workforce-related material topics. CTP respects human rights and embraces major human rights-related documents and conventions, such as the UN Guiding Principles on Business and Human Rights, the ILO Declaration on Fundamental Principles and Rights at Work, and the OECD Guidelines for Multi - national Enterprises, through its policies. These are out- lined below. Code of Conduct CTP’s Code of Conduct covers IROs related to health and safety. This code sets out the expected behaviour of, and therefore applying to, CTP’s Execu- tive Directors and Company staff. The specific topics mentioned in the Code of Conduct are working relationships and workplace safety. CTP’s Executive Direc- tors are accountable for the implementa- tion of the code. CTP’s Code of Conduct has been established in accordance with the Dutch Corporate Governance Code and references multiple internation- al conventions as applicable, including the OECD Guidelines for Multinational Enterprises, the UN Guiding Principles on Business and Human Rights, the ILO core conventions, and the International Bill of Human Rights. The Code of Conduct explicitly prohibits human trafficking, forced labour, and child labour. CTP’s Code of Conduct describes the process in detail and is available on the Company’s website. Diversity and Inclusion Policy CTP’s Diversity and Inclusion Policy cov- ers IROs related to diversity and inclusion within the Company. This policy sets out the rules for diversity and inclusion regarding the composition of the Board and senior management, policy imple- mentation, and annual reporting on its implementation during the year. CTP’s Executive Directors are accountable for implementing the policy. The policy was developed in line with provision 2.1.5 of the Dutch Corporate Governance Code. The policy applies to the Board of Direc- tors and senior management. See Section 5.5 for more details on CTP’s Diversity and Inclusion Policy. Anti-discrimination and Harassment Policy The goal of CTP’s Anti-discrimination and Harassment Policy is to foster safe, equal and inclusive working environments for CTP’s own employees as well as for workers in CTP’s value chain. CTP’s Anti-discrimination and Harassment Pol- icy covers the topic of measures against violence and harassment, including known grounds of discrimination, at the work- place and applies to all CTP employees with an employment contract and to individuals associated with CTP, e.g., agents, guests, customers, vendors, and other third parties. In this way, the policy covers material impacts related to “equal treatment and opportunities for all”. The policy is structured in such a manner that it prevents discrimination and harass- ment, mitigates the risk of occurrence, and has methods of remediation in place. The Executive Directors are accountable for the implementation of the policy. The policy is implemented in accordance with local labour and anti-discrimination leg- islation and other respective regulations, including but not limited to International Labour Organisation (“ILO”) conventions. CTP N.V. Annual Report 2024 Sustainability 130 All above-mentioned policies are available on CTP’s web- site and cover all employees without being directed at specific groups; there are no specific policy commitments directed towards positive action or for people from groups at risk of vulnarability. Policy commitments relat - ed to inclusion are part of CTP’s Diverstity and Inclusion Policy. Internal and external stakeholders were involved in the setting of these policies. CTP has yet to develop policies that cover social dia - logue, work-life balance, training and development skills, recruitment, and workplace accident prevention. 4.7.2.1.4 Employee engagement S1-2-25, S1-2-27, S1-2-28 To gain better insight into actual or potential impacts, both positive and negative, that may affect CTP’s work - force, the Company includes its own employees as a stakeholder group in the DMA process, which takes place every two years. The Group Head of ESG Management is responsible for this process. Additionally, CTP launched an annual Employee En - gagement Survey in 2024 to gain further understanding of and insights into the level of engagement and satis - faction of its employees. See Section 4.7.2.1.6 for further details. 4.7.2.1.5 Remediation of negative impacts and channels to raise concerns S1-3-30, S1-3-32, S1-3-33, S1-3-34 GRI-2-26 CTP offers its employees multiple, layered channels that enable them to raise concerns about negative impacts. The access to these channels is communicated and made available through CTP’s policies. See Section 4.7.2.1.3 for more information on these policies. These include: • the appropriate supervisor; • a designated Company contact; • the Group AML Compliance Officer (compliance@ctp.eu); • an anonymous grievance channel. Both the reporter and the receiver of the report must fol- low the procedures set out in the Group Grievance Inves- tigation Procedure and the Group Anti-discrimination and Harassment Policy. At CTP, the tracking and monitoring of issues raised through the Company’s grievance channels are managed using the FaceUp website application, which provides re - al-time oversight and detailed reporting capabilities. This system, overseen by the Group AML Compliance Officer, ensures that all concerns are promptly addressed and al - lows for the active involvement of stakeholders in verifying the effectiveness of the grievance mechanisms. Further - more, to ensure continuous improvement and accountabil- ity, a comprehensive report on the handling and resolution of these issues is regularly presented to the Audit Com - mittee/Board, demonstrating the Company’s commit- ment to transparency and effective issue resolution. The grievance channel can be used for all non-compli - ance concerns, including ESG matters. Currently, CTP assess the effectiveness of remediation of negative impacts on a case-by-case basis. An external provider manages the grievance channel to ensure anonymity. CTP’s Whistleblower Policy ensures non-retaliation. The mechanisms CTP uses to ensure familiarity with these channels are described in Section 4.7.3.1.4 as part of CTP’s governance policies. The fact that cases stem from internal reporters shows that em - ployees are aware of and trust the process. 4.7.2.1.6 Actions and resources S1-4-35, S1-4-37, S1-4-38, S1-4-39, S1-4-40, S1-4-41, S1-4-42, S1-4-43 As CTP’s 2024 DMA did not identify negative impacts, no mitigating actions were taken and no actions are planned. The resources allocated to managing material impacts are considered part of normal business operations. The employee Engagement Survey and Employee Share Pur - chase Plan are managed and financed at the Group level. Other actions have budgets available; these are managed locally as part of the business process. The actions executed in 2024 address selected topics and are directed towards collecting data to develop tar - gets, and with those, actions. CTP has also developed the HR function to plan actions to address other IROs. In 2024, CTP initiated two new actions to strengthen employee engagement, and bolster all positive impacts: CTP N.V. Annual Report 2024 Sustainability 131 Employee Engagement Survey In addition to the inclusion of its own employees as stakeholders in its 2024 DMA process, CTP launched an Employee Engagement Survey in 2024 to better understand the overall engagement levels of employees and gather valuable insights into their experiences, attitudes, and satisfaction with various aspects of their roles and with the organisation. All CTP full-time employees were asked to complete the survey, which will be con- ducted each year. Through its Employee Engagement Survey, CTP takes steps to mitigate the risk of causing material neg- ative impacts. The Group HR Director is responsible for executing the survey and communicating its results. As the survey was conducted for the first time, no pro- cedure exists to assess the engagement’s effectiveness. The Employee Engage- ment Survey does not currently enable the Company to gain insight into the perspectives of its particularly vulnerable employees. The results are reported at the country level and communicated to representa- tives in each country. These representa- tives are responsible for the implementa- tion of needs as communicated. CTP has undertaken this action to im- prove insight into the needs for training and skill development within the Com- pany. Employee Share Purchase Plan CTP introduced its Employee Share Pur- chase Plan (“ESPP”) in 2024 to enable its own employees to purchase CTP shares effortlessly and free of commission. CTP launched the ESPP by granting shares to employees in an amount equal to one monthly salary at the date of issue. The ESPP is designed to motivate perfor- mance and to strengthen long-term employee engagement by facilitating equity ownership for employees. CTP has undertaking this action to strenghten positive impacts on secure employment, adequate wages, and recruitment. SOCIAL TARGETS Category Outcome 2024 Target 2030 Framework for employee satisfaction monitoring in place In place In Place Framework for client satisfaction monitoring in place In place In place Gender split 55%/45% No larger than 45-55% 4.7.2.1.7 Targets S1-5-44, S1-5-45, S1-ESRS-2-72 To define the targets, no specific methodologies or as- sumptions were used. CTP’s gender-split target is aligned with the intention of the Diversity and Inclusion Policy. Progress on the targets is reported annually; for 2024, the results are visualised in the table below. The 2024 DMA did not identify any negative impacts relating to own employees. A positive impact for which CTP has developed a target is diversity. Targets are in place to have a framework for employee satisfaction and to keep the gender split at CTP between 45%–55%, with each gender represented by at least 45% of employees. As part of stakeholder engagement CTP engages with its workforce in setting and tracking performance against these targets through senior management. In the 2024 DMA, no related risks or opportunities were identified, and therefore no risk-related targets have been created. CTP has not yet developed targets for the following topics: secure employment; adequate wages; social dia - logue / the existence of works councils and the informa- tion, consultation, and participation rights of workers; work-life balance; health and safety; gender equality and equal pay for work of equal value; training and skills development; entity-specific recruitment; measures against violence and harassment in the workplace. CTP is currently collecting data to enable the devel - opment of targets that will positively affect the business. CTP considers the development of targets, but has set no timeline. CTP tracks the effectiveness of its policies through internal processes, in which management and senior management are involved. CTP tracks the effectiveness of the policies related to topics for which no targets have been set through the employee engagement survey. Additionally, training for selected policies is standard for those joining CTP and continuous training takes place. CTP expects improvements to come once the above-mentioned targets have been developed. CTP N.V. Annual Report 2024 Sustainability 132 4.7.2.1.8 CTP people S1-6-48, S1-6-50, EPRA-Diversity-Emp, EPRA-Emp-Turnover As in previous years, the number of CTP’s own employees grew significantly in 2024. Germany experienced consid - erable growth due to increased construction activities. As of 31 December 2024, CTP had 889 1 persons employed, totalling 873.6 Full-Time Equivalents. 2 Please refer to the tables below for a complete breakdown of these numbers by gender, country, contract type, etc. EMPLOYEES BY HEADCOUNT Gender Number of employees (headcount) Male 485 Female 404 Total 889 HEADCOUNT IN COUNTRIES WITH MORE THAN 50 EMPLOYEES 3 Country Number of employees (headcount) Czechia 359 Romania 101 Poland 95 Germany 92 Hungary 83 Slovakia 83 1 Note 12 of the Financial Statements. 2 CTP defines full-time as a 40-hour workweek. 3 No CTP employee identified as a gender other than male or female. FTE Female Male Other Not reported Total Number of employees 394.1 479.5 0.0 0.0 873.6 Number of permanent employees 325.0 414.5 0.0 0.0 739.5 Number of temporary employees 69.1 65.0 0.0 0.0 134.1 Number of non-guaranteed hour employees 22 12 0 0 34 Number of full-time employees 375.0 476.0 0.0 0.0 851.0 Number of part-time employees 19.1 3.5 0.0 0.0 22.6 FTE PER CONTRACT TYPE CTP N.V. Annual Report 2024 Sustainability 133 2024 FTE AT BG CZ DE HK HU NL PL RO RS SK UK Total Number of employees 11.5 21.0 351.5 86.2 1.0 82.4 10.7 94.4 101.0 30.0 83.0 1.0 873.6 Number of permanent employees 11.5 21.0 271.4 85.2 1.0 82.4 8.7 85.4 93.0 23.0 56.0 1.0 739.5 Number of temporary employees 0.0 0.0 80.1 1.0 0.0 0.0 2.0 9.0 8.0 7.0 27.0 0.0 134.1 Number of non-guaranteed hour employees (headcount) 0.0 0.0 28.0 2.0 0.0 0.0 0.0 0.0 0.0 0.0 4.0 34.0 Number of full-time employees 11.0 21.0 340.0 82.0 1.0 79.0 9.0 93.0 101.0 30.0 83.0 1.0 851.0 Number of part-time employees 0.5 0.0 11.5 4.2 0.0 3.4 1.7 1.4 0.0 0.0 0.0 0.0 22.6 CONTRACT TYPE PER COUNTRY CTP N.V. Annual Report 2024 Sustainability 134 Data is collected and calculated through internal HR Workday, with calculations based on formulas given in the ESRS. For temporary 1 and part-time employees 2 CTP follows local definitions. During the year, 174 own employees left the organ - isation, either through voluntary leave, dismissal, or re- tirement, which brought CTP’s turnover rate 3 to 21.2% at end-2024, compared to 33% at end-2023. This signif - icant decrease is a result of CTP’s approach to HR and the following factors: Talent acquisition CTP made considerable effort during 2024 to further develop and profession- alise its recruitment process and hiring practices, to ensure that the Company attracts the right people who not only possess the skills and competencies needed for their roles but also fit CTP’s organisational culture. By continuing to develop recruitment strategies, CTP has successfully reduced mismatches between job expectations and employee experience, which has had a direct impact on employee satisfaction and retention. Team stability CTP fosters more informed decision making by ensuring that managers are more actively engaged in the recruitment process and have a deeper understand- ing of the needs of their teams. This has not only helped attract better-suited can- didates but has also ensured that those who join are set up for success from day one. Market positioning CTP’s strong position in the market plays a pivotal role in reducing turnover. While some peers struggled to maintain growth, CTP continued to expand in 2024, offering employees the stability and opportunity for advancement that comes with working for a growing, successful company. CTP uses the Workday software platform for HR-related calculations, making estimates unnecessary. The figures mentioned above only include people with a direct em - ployment contract with CTP. Beyond CTP’s assurance provider, no other validation took place. 4.7.2.1.9 Non-employee workers S1-7-53, S1-7-55 On 31 December 2024, a total of 51 people were active as non-employee workers at CTP. These only include self-em - ployed people, defined as an individual pursuing a gainful activity for their own account, under the conditions laid down by national law. This is an increase from 46 in 2023. There are no specific metrics related to non-employee workers. Neither were any estimates made. Data on non-employee workers is centrally main - tained through software. Limitations are related to hu- man error. CTP reports non-employee numbers in headcount, as it is not possible to calculate full time equivalents (“FTEs”) due to the nature of their relationship with CTP. Beyond CTP’s assurance provider, no other validation took place. 4.7.2.1.10 Collective bargaining and social dialogue S1-8-58, S1-8-60, S1-8-63 CTP allows the appointment of employee representatives and their participation in social dialogue between the Company and employees in accordance with local legisla - tion. However, CTP does not have employee representa- tives operating within the Company, therefore no employ- ees are covered by worker representatives. No collective bargaining process or collective agreement has been im - plemented, so no employees are covered by this process or agreement. CTP follows local legislation. There are no specific metrics related to collective bargaining and social dialogue against which CTP meas - ures its performance. 1 CTP defines a temporary employee as a person with a contract of employment due to end when a specified date is reached. 2 CTP defines a part-time employee as someone scheduled to work fewer weekly hours than the default in his / her work location. 3 Calculated as number of leavers during the reported period divided by the headcount as per the last day of the reporting year. CTP N.V. Annual Report 2024 Sustainability 135 4.7.2.1.11 Diversity and inclusion S1-9-64, S1-9-66, ESRS 2 GOV-1-21 For diversity and inclusion, CTP measures the percent- age of men and women among the Board of Directors, senior management, and staff. For CTP, senior management includes: • the Executive Director positions–CEO, CFO; • COO; and • Country MDs and CFOs of CTP’s 10 countries. TOP-LEVEL MANAGEMENT GENDER DISTRIBUTION 1 Male (abs/%) Female (abs/%) Other (abs/%) Not recorded (abs/%) 13 5 0 0 72.2% 27.8% 0.0% 0.0% EMPLOYEE AGE DISTRIBUTION (FTE) Category Average hours of training Under 30 years old 117.3 30-50 years old 645.2 Over 50 years old 111.2 The reported figures are extracted from CTP’s HR soft- ware. No assumptions have been made. Beyond CTP’s assurance provider, no other validation has taken place. See Section 5.5 for details on diversity and inclusion. 4.7.2.1.12 Adequate wages, Social protection S1-10-67, S1-10-69, S1-11-72, S1-11-74 As CTP operates in a highly competitive environment, it provides an attractive compensation package to current and new employees. The wages included in this package are competitive and adequate to market standards. Addi - tionally, CTP is active in countries where there is a mini- mum salary indication. Due to this, all salaries paid by CTP are adequate, independent of country. Additionally, due to operating in countries with minimum salary requirements, use of the adequate wages benchmark was not required. All CTP employees’ social protections are covered by local regulations, including but not limited to injury, ac - quired disability, unemployment, parental leave, and re- tirement. The Company offers no additional protections beyond the local legal requirements. There are no specific metrics related to social protection that CTP measures its performance against. Beyond CTP’s assurance provider, no other validation has taken place. 4.7.2.1.13 Training and development S1-13-81, S1-13-83, EPRA EMP-TRAINING EPRA-EMP-DEV GRI 3-3, GRI 404-1, GRI 404-2, GRI 404-3 CTP enabled employees to participate in a total of 9,310 hours of training in 2024, which leads to the following averages: AVERAGE TRAINING HOURS Male (Hours) Female (Hours) Under 30 8 13 30-50 9 12 Over 50 5 23 Total 8 13 Figures are reported internally based on hours of training reported; no assumptions were made. The reported data is collected internally through HR-related software for one country and information collected by HR representa - tives in other countries. There is no formalised system in place at CTP. CTP collected data on performance reviews based on local processes. 16% of CTP employees have participated in career performance reviews. The metric CTP follows is the average hours of train - ing received annually by its employees. No targets have been set; however, training and developing staff is im - proving the Company’s structure and performance over the long term. Beyond CTP’s assurance provider, no other validation took place. 4.7.2.1.14 Keeping CTP people healthy and safe S1-14-86, S1-14-88, EPRA H&S-EMP, EPRA-H&S-COMP GRI 403-3, GRI 403-6, GRI 403-7, GRI 403-8, GRI 403-9, GRI 403-10 No Group health and safety management systems are in place. Health and safety are managed based on local reg - ulations covering all employees. In 2024, CTP had one fatality within its operations. Two cases of a work-related accident were recorded and one cases of work-related ill-health, with an accident rate of 1.4. This led to 28 days lost. Figures are collected based on reported incidents within the organisation; no assumptions have been made. 1 Several local positions were covered by group CEO or COO. CTP N.V. Annual Report 2024 Sustainability 136 These numbers cover only current CTP employees. No additional metrics were prepared. These figures are tak - en from internal data based on definitions used locally and have not been externally verified. Beyond CTP’s assurance provider, no other validation took place. 4.7.2.1.15 Work-life balance S1-15-91, S1-15-93 GRI 401-3 These numbers cover only current CTP employees. No additional metrics were prepared. These figures are tak - en from internal data based on definitions used locally and have not been externally verified. Beyond CTP’s assurance provider, no other validation took place. WORK-LIFE BALANCE Percentage of entitled employees that took family-related leave (male/female) 5%/6% Percentage of employees entitled to family- related leave (all) 35% CTP does not measure specific metrics related to work- life balance. These figures are taken from internal data based on local definitions and have not been externally verified. 4.7.2.1.16 Remuneration (pay gap and total remuneration) S1-16-95, S1-16-97, EPRA DIVERSITY-PAY GRI 2-21, GRI 405-2 CTP provides appropriate compensation without discrim- ination. For jobs at the lower end of the pay scale, the Company uses fixed-salary structures. More senior posi - tions consist of fixed and variable compensation compo- nents. This ensures people are paid fairly and equally. Despite differences, CTP ensures that men and women are compensated equally for the same job. The pay gap calculation has been made using the methodology pro - vided by the ESRS, including all CTP employees and their total compensation, including base salary and cash allow - ances, bonuses, commissions, cash profit-sharing, and other forms of variable cash payments. CTP has identi - fied seven employee categories, considering seniority and job position. The gap is calculated for each category, af - ter which the number of employees weighs the difference. Additionally, as CTP operates in ten countries with widely different purchase-power levels, adjustments for Pur - chase Power Parity (“PPP”) have also been made. Based on these factors, the pay gap at CTP is 3.35%. 1 This is a decrease from 4.2% in 2023. The pay gap not taking into account the above-mentioned variables is 31.8% For the calculation of these figures, no assumptions were made, and CTP used the requirements set by the ESRS. The table below shows the compensation ratio for the highest-paid individual at CTP. The compensation calcu - lations include base salaries, cash benefits, and long-term incentive plans. PAY RATIO HIGHEST-PAID INDIVIDUAL Position Times the median compensation Highest Paid Individual 19 To report on the above-mentioned metric, CTP collects data from its payroll systems. Beyond CTP’s assurance provider, no other validation took place. 4.7.2.1.17 Incidents, complaints, and severe human rights impacts S1-17-100, S1-17-102, S1-17-103, S1-17-104 INCIDENTS, COMPLAINTS, AND FINES Number of incidents of discrimination, including harassment 10 Number of complaints filed by own workforce 11 Total amount of fines, penalties, and compensa- tion for damages, in € 0 GRIEVANCE CHANNEL CASES Country Grievances Whistle- blowing Total Cases Czech Republic 9 4 13 Hungary 3 1 4 Netherlands 0 2 2 Poland 0 1 1 Country Unknown 0 1 1 Totals 12 9 21 In 2024, ten work-related or non-work-related incidents of discrimination were reported. 21 complaints in total were filed through CTP’s internal channels to raise con - cerns, none of which were submitted through National Contact Points for OECD Multinational Enterprises or other relevant bodies. Five of these concerns were raised by third parties. CTP incurred no fines or penalties and was not required to compensate for damages resulting from any of these incidents or complaints. CTP identified no cases of severe human rights incidents. 1 The pay gap, unadjusted for PPP, is 6.0%, a decrease from 6.3% in 2023. The paygap, not taking into account the mentioned variables, is 36.8% CTP N.V. Annual Report 2024 Sustainability 137 CTP’s first line of defense against such issues is the Anti-Discrimination and Harassment Policy, the Whis - tleblower Policy, the Group Anti-Bribery and Corruption Policy, and the Group Anti-Fraud Policy. In terms of remedial actions taken in 2024, decisive measures were implemented, including the dismissal of an individual. The grievances were addressed through guidance provided to employees, responses delivered to complainants, discussions with the respective employees or individuals involved, corrective measures submitted to top management, or personal and organisational restruc - turing facilitated by the Group AML Compliance Officer. No incidents involving severe or other breaches of human rights were identified during the year. CTP tracks the metrics outlined in this section in re - lation to existing legislation and the material topic of eth- ical business conduct. Beyond CTP’s Assurance Provider, no additional ex - ternal validation of these metrics has been conducted. 4.7.2.1.18 CTP as a corporate citizen CTP has a long-standing commitment to good corporate citizenship. The Company’s ESG strategy and targets embrace UN Sustainable Development Goals and pro - mote socially responsible behaviour where CTP operates. Initiatives include charitable support for a wide range of community-based organisations and institutions in - cluding children’s homes, universities, sport clubs, and NGOs focused mainly on the development of children and adolescents (e.g., training for professional skills, study grants, and equipment support), social well-being, and local infrastructure development. Most support is for ongoing or long-running initiatives in areas where the Group’s parks are located, as these are considered more impactful. All activities of CTP as a corporate citizen (e.g., charitable donations, educational, and infrastructure support) must follow CTP’s Code of Conduct and Group Anti-Bribery and Corruption Policy. CTP staff are pro - hibited from making any political contributions on behalf of a CTP Group entity. 4.7.2.2 ESRS S2 – Workers in the value chain 4.7.2.2.1 Interests and views workers in the value chain S2 SBM-2-9 Due to its extensive construction activities, CTP con- tracts many workers in the construction industry. Though the health and safety of these workers can be influenced, CTP does not have direct control over the health and safety of working conditions at many of its construction sites, and therefore the Company’s impact is limited. Interests and views are taken into account through the DMA process, where workers in the value chain are represented. CTP procures services and services mostly from and within the European Union. 4.7.2.2.2 Material IROs and their impact S2 SBM-3-10, S2 SBM-3-11, S2 SBM-3-12, S2 SBM-3-13 Material IROs related to workers in the value chain have been identified on the basis of the 2024 DMA. The ma - jority of workers in the value chain work for general con- tractors, subcontractors, and construction companies. As these stakeholders took part in the DMA, their views are part of the results of the DMA. The IROs have not led to changes in CTP’s strategy or business model. As the DMA processes become more common, CTP expects to have more information sources available that can be taken into account in the continued development of its strategy and business model. CTP N.V. Annual Report 2024 Sustainability 138 Summary • The workers in CTP’s value chain that are materi- ally impacted by the Company are limited. The most significant category of upstream workers is involved in the construction phase, considering the inherent health and safety risks involved. • Most upstream value-chain workers involved in the production of construction materials procured by CTP are located in the EU. Within the value chain, no geographies or commodities with a significant risk of child, forced, or compulsory labour have been identi - fied among workers in the value chain, nor have neg- ative impacts been identified. • With regards to downstream workers, the people working at the buildings owned and operated by CTP are the most significant group. Protection of their health and safety is a key material impact, where only positive impacts have been identified. • Positive impacts are established through standard agreements with suppliers including high Operation - al Health and Safety standards and regular audits. Similarly, the availability of channels for reporting violations, which are open to all in the value chain, contribute to positive impacts on workers in the value chain. • In the 2024 DMA, no negative impacts were identi - fied related to value chain workers. • Secure employment for value chain workers has been identified as an opportunity for all tier-1 suppliers. 4.7.2.2.3 Policies related to workers in the value chain S2-1-14, S2-1-16, S2-1-17, S2-1-18, S2-1-19, S1-ESRS-2-62 All IROs identified during the DMA, as mentioned in Sec- tion 7.3, are covered through the policies mentioned be- low. The policies are monitored by the Group AML Com- pliance Officer. In 2024, no cases of non-respect of the UN Guiding Principles on Business and Human Rights, the ILO Decla - ration on Fundamental Principles and Rights at Work, or the OECD Guidelines for Multinational Enterprises that involve value chain workers were reported in its upstream and downstream value chain. Stakeholders in the value chain were involved in set - ting policies through interviews with supplier and client representatives. The following CTP policies relate to workers in the value chain: Suppliers’ Code of Conduct CTP covers the human rights and health and safety of the workers in its value chain via its Suppliers’ Code of Con- duct (“SCOC”). The SCOC addresses, in particular, the impacts and opportunities related to “working conditions” including precarious work and “equal treatment and opportunities for all” and covers all suppliers within the Company’s supply chain. The purpose of the SCOC is to define a minimum standard of conduct for all CTP Group suppliers with respect to ESG. The Group AML Compliance Officer is ultimately responsible for en- suring compliance with the SCOC by CTP suppliers. CTP’s SCOC is related to con- ventions such as the OECD Guidelines for Multinational Enterprises, the UN Guiding Principles on Business and Human Rights, ILO core conventions, and the Interna- tional Bill of Human Rights. The SCOC explicitly prohibits human trafficking, forced labour, and child labour. The SCOC is available on CTP’s website. Anti-discrimination and Harassment Policy The goal of CTP’s Anti-discrimination and Harassment Policy is to foster safe, equal and inclusive working environments for workers in CTP’s value chain as well as for CTP’s own employees. The Executive Directors are accountable the implemen- tation of the policy. See Section 4.7.2.1.3 for more details about CTP’s Anti-discrimination and Harassment Policy. CTP N.V. Annual Report 2024 Sustainability 139 4.7.2.2.4 Engagement with value-chain workers S2-2-20, S2-2-22, S2-2-23 Human rights are addressed in key Company policies and codes that relate to the value chain. Together with the process of due diligence of business partners, it consti - tutes CTP’s mechanism to ensure that human rights are respected in the value chain. CTP engages with representatives of workers in its value chain through the DMA. The Group Head of ESG is responsible for the DMA, and therefore also for engage - ment with workers in the value chain. CTP has no specific agreements that enable the Com - pany to gain insight into the perspectives of the workers in its value chain (including vulnerable to impacts and/or marginalised). The effectiveness of the engagement is as - sessed through the results of the DMA. CTP has no agreements with global union federa - tions; however, CTP’s Supplier Code of Conduct and var- ious other policies mentioned in Section 4.7.2.2.3 expect suppliers to comply with standards involving, among oth - er issues, the freedom of collective bargaining. 4.7.2.2.5 Impact remediation and raising concerns S2-3-25, S2-3-27, S2-3-28 CTP acknowledges its responsibility towards the welfare of workers in its value chain. CTP is committed to identi - fying, preventing, and remediating any negative impacts its operations may cause or contribute to. The Compa - ny’s approach is built on effective communication, trans- parent processes, and a strong emphasis on corrective actions. CTP has multiple channels (including a dedicat - ed email, third-party managed hotline, and third-party managed web app) for workers in its value chain to raise concerns anonymously. These mechanisms are designed to be accessible, confidential, and effective, ensuring that each concern is heard and addressed. Channels are publicly available through CTP’s website, and channels are communicated through the Supplier Code of Con - duct. The fact that CTP is receiving complaints through its channels, shows that workers in the value chain are aware of and struct the structure in place. Upon receiving a complaint, CTP ensures a thorough investigation and follow-up. The Company maintains transparency in its processes while respecting the confi - dentiality of the individuals involved. Regular updates are provided to the concerned stakeholders, and outcomes of the investigations are shared to the extent possible while maintaining confidentiality. 4.7.2.2.6 Actions and resources relating to workers in the value chain S2-4-30, S2-4-31, S2-4-32, S2-4-33, S2-4-34, S2-4-35, S2-4-36, S2-4-37, S2-4-38 The main initiative through which CTP prevents and re- mediates negative impacts on value-chain workers is the SCOC, which includes an explanation of the Company’s grievance channels. CTP reacts to reports communicat - ed through grievance channels. As part of new legal re- quirements under the EU’s Corporate Sustainability Due Diligence Directive, CTP will develop further actions. CTP ensures that all suppliers sign the Supplier Code of Conduct as part of their engagement. In its SCOC, CTP’s process for the identification of the required or appropriate responses to negative im - pacts is explained. For more information, please refer to Section 4.7.2.2.3. No severe human rights issues or incidents were re - ported in 2024. As CTP has not set any targets, the effectiveness of actions cannot be tracked; this will be developed. Allocat - ed resources are related to the management of grievance channels and the SCOC. 4.7.2.2.7 Targets S2-ESRS-2-72 CTP considers the development of targets but has set no timeline. CTP tracks the effectiveness of its policies through internal processes, in which management and senior management are involved. CTP N.V. Annual Report 2024 Sustainability 140 Pillar 3: Conducting Business with Integrity CTP N.V. Annual Report 2024 Sustainability 141 4.7.3 Pillar 3: Conducting Business with Integrity CTP’s ESG strategy pillar “Conducting Business with Integrity” contains all governance-related material dis - closures as identified in the Group’s 2024 DMA process, which indicate the following ESRS Category as material for the Company: G1 Business conduct See Section 5 for a detailed description of CTP’s Group- wide corporate governance. 4.7.3.1 ESRS G1 – Business conduct 4.7.3.1.1 General disclosures relating to due diligence ESRS 2 GOV-4-32 CTP takes a comprehensive approach to due diligence with respect to vendor selection. Potential suppliers are evaluated based on a set of sustainability-related cri - teria, including their market reputation, past collabora- tions, and contractual reliability. Suppliers are expected to have a robust operational history and the capability to manage projects sustainably. The selection process fa - cilitates an understanding of how well aligned potential suppliers are with CTP’s sustainability objectives. After supplier selection, CTP’s commitment to sus - tainability extends to routine monitoring. This involves ensuring adherence to occupational health and safety standards and other ESG requirements. The Compliance department’s role in assessing various factors, from me - dia perception to human rights, is pivotal to ensure that CTP’s partners remain in alignment with the Company’s sustainability goals. The Group AML Compliance Officer is central to the due diligence process. This officer ensures that suppli - ers comply with the suppliers Code of Conduct (“SCOC”) standards and that they adhere to the Company’s core values of sustainability and ethics. The involvement of suppliers is essential to maintain integrity throughout the Company’s value chain. Tools used in the due diligence are described below. Overall, CTP’s sustainability due diligence processes aim to provide transparency and facilitate an understand - ing among all stakeholders of the Company’s commit- ment to and practices in sustainable business operations. These processes are integral to maintaining the integrity and ethical standards that CTP upholds in its industry. CTP N.V. Annual Report 2024 Sustainability 142 CTP’s sustainability due diligence CTP’s sustainability due diligence is a systematic process designed to ensure responsible corporate behaviour and adherence to ESG standards. Integration of sustain- ability in corporate policies The Company’s commitment to sus- tainability is embedded within its Code of Conduct, Supplier Code of Conduct, and Anti-Bribery and Corruption Policy, ensuring a foundational adherence to sustainable practices. Vendor selection and risk assessment CTP employs a detailed vendor selection process that evaluates suppliers against sustainability criteria, addressing the ESRS requirement for risk identification and mitigation in the supply chain. Compliance monitoring and enforcement Continuous oversight of ESG require- ments and partner alignment with all requirements reflects CTP’s commitment to monitor and enforce sustainability practices. Transparency and whis- tleblowing mechanisms The establishment of an anonymous whistleblowing channel meets the ESRS’s emphasis on transparency and provides a means for stakeholders to report non-compliance. Role of compliance officers The Group AML Compliance Officer’s role in maintaining ethical standards and conducting due diligence aligns with the ESRS’s focus on accountability and governance. Use of external re- sources Leveraging external tools for suppli- er vetting corresponds to the ESRS’s requirement for due diligence in external validation and compliance checks. Continuous improve- ment and innovation The implementation of fraud detection analytics and the commitment to con- tinual process refinement align with the ESRS’s principle of continuous improve- ment in due diligence practices. Technological integra- tion Utilising automated tools for compre- hensive screening processes reflects the efficient and systematic approach to due diligence advocated by the ESRS. ESG requirements Environmental due diligence is a part of CTP’s new acquisition process. Utilisation of external tools To support sustainability due diligence, CTP uses external tools and databases for solvency checks and customer identity validation, which are part of ensuring that partners are compliant with legal frameworks against money laundering or terrorist financing. Voluntary compliance checks and innovations CTP’s proactive stance includes voluntary compliance checks and the introduction of innovations such as fraud detection analytics. These measures exemplify the Company’s ongoing commitment to refine its sustainability due diligence processes. Automated tools for thorough screening The Company leverages the relevant technologies to facilitate thorough screening processes that assess vendor risk factors and analyse counterparty indicators. This technological integration contributes to the efficiency and compre- hensiveness of the due diligence process. 4.7.3.1.2 The role of the administrative, management and supervisory bodies G1 GOV-1-5 CTP’s Board and senior management play a pivotal role in ensuring responsible business conduct, as they oversee the implementation of and adherence to all protocols and guidelines related to business ethics, compliance, and oth - er matters. These bodies establish the strategic frame- work for business conduct, ensuring that it aligns with the Company’s vision, mission, and long-term objectives. See Section 4.3 for more information on ESG oversight. Members of the Board and senior management are experts with relevant academic qualifications and years of experience overseeing ethical and compliant business operations. Regular training sessions, workshops, and seminars are organised to help keep them updated on the latest trends, challenges, and best practices in business conduct. This continuous learning approach ensures that they remain equipped to guide the Company. CTP N.V. Annual Report 2024 Sustainability 143 4.7.3.1.3 Material IROs and their impact relating to business conduct G1-IRO-1-6 Material impacts, risks, and opportunities relating to business conduct were identified during the 2024 DMA, which is further explained in Section 4.6. This process in - cludes all areas of operation and all business activities. During the 2024 DMA, CTP identified the following sub-topics relating to business conduct as material: G1 – Business conduct Corporate culture Whistleblower Corruption and bribery Sustainable design See Section 7.3.1 for an overview of CTP’s material IROs. 4.7.3.1.4 Policies and corporate culture G1-1-7, G1-1-9, G1-1-10 At the heart of CTP’s identity lies an embedded corporate culture based on core values that encompass sustaina - bility, environmental protection, and ethical practices. Open communication, continuous learning, team-building activities, and celebrating employee achievements form the foundation of CTP’s strategy to promote its entre - preneurial corporate culture. Through these initiatives, the Company helps to ensure that its workforce is unified in its values and goals. The Executive Directors oversee the formulation of strategies and policies, such as the Group Code of Con - duct, and ensure their implementation. This includes reg- ular monitoring and assessment of results through peri- odic reviews and evaluations. CTP’s policies related to governance and corporate culture, which are publicly available on CTP’s website, are set out below: Code of Conduct & Suppliers’ Code of Conduct CTP’s Group Code of Conduct and Supplier Code of Conduct provide clear guidelines for the Company’s senior management and staff and companies in CTP’s value chain. They cover the identified IROs related to ethical business conduct and supply chain management and detail the values and principles that should guide all profession- al interactions and decisions. The Code of Conduct applies to CTP’s Executive Officers and staff, while the value chain is covered by the Supplier Code of Conduct. The Group AML Compliance Officer is accountable for the implementation. CTP has comprehensive mechanisms in place for identifying, reporting, and investigating concerns about unlawful behaviour or behaviour contradictory to the Company’s Code of Conduct. These are available to both internal and external stakeholders. Concerns can be reported anonymously through a secure reporting system, ensuring confidentiality and pro- tection. CTP’s dedicated team promptly investigates all reported concerns to ensure compliance and integrity. CTP N.V. Annual Report 2024 Sustainability 144 Whistleblower policy The Whistleblower Policy is intended to encourage everyone within the Company to report any suspected misconduct or irregularity and covers the opportunities and risks identified for whistleblow- er protection. The policy applies to all employees of CTP, and the Group AML Compliance Officer is accountable for the implementation. The policy is prepared with due observance of the Dutch “House for Whistleblowers Act” and best-practice provision 2.6.1 of the Dutch Corporate Governance Code. CTP maintains solid safeguards to protect those who report irregularities, including whistleblowing protection. This policy en- sures 1) protection of Company employees who refuse to act unethically, even if such refusal may result in a loss of business; and 2) non-retaliation against workers who have been granted whistleblower status in accordance with applicable law, and those who report any non-ethical behaviour incidents. Training on this policy is mandatory annual training for all CTP employees. For information on how reports are man- aged, please refer to the CTP Whistle- blower Policy, which is available on CTP’s website. Anti-Corruption and Bribery policy The Anti-Corruption and Bribery Policy applies to CTP’s executives and staff, as well as to CTP N.V. and its subsidiar- ies. The policy covers all identified IROs related to corruption and bribery, i.e., pre- vention and detection, including training and incidents. CTP’s executives and staff are also required to confirm compliance on a yearly basis and to follow training. The Group AML Compliance Officer is account- able for the implementation. The Company’s policies on anti-corruption and anti-bribery are consistent with the United Nations Convention against Cor- ruption. CTP has a zero-tolerance policy towards any form of corruption or bribery. These policies are regularly reviewed and updated to align with international stand- ards and best practices. CTP promptly, independently, and objectively investigates any incidents related to business conduct, including cor - ruption or bribery. Investigative processes are designed to ensure a thorough and unbiased examination of all cases. CTP recognises its construction department to be most at risk in respect of corruption and bribery. To cov - er this risk, CTP has a dedicated anti-fraud policy for the construction department. Training on business conduct is comprehensive and targets all employees. Training is conducted annually and covers various aspects of business conduct, includ - ing ethical decision-making, compliance with laws, and reporting mechanisms. CTP continually assesses the ef - fectiveness of training programs to ensure they meet the standards for integrity and compliance. The Company is firmly committed to upholding and continually improving its policies on business conduct matters. CTP strives to foster a culture of integri - ty, transparency, and ethical behaviour throughout the Company. CTP has no policies related to animal welfare. CTP has set targets for Pillar 3, which can be found in the following table. CTP N.V. Annual Report 2024 Sustainability 145 BUSINESS INTEGRITY TARGETS 2024 2030 Green leases 45% 70% Rate of people trained in Code of Conduct 70% 100% 4.7.3.1.5 Relationships with suppliers G1-2-12, G1-2-14, G1-2-15 As a general business practice, CTP has weekly payment runs for each country. CTP does not distinguish between SMEs and other companies. There are no internal policies governing late payments, including SMEs. CTP’s approach to supplier relationships and pro - curement is focused on two priorities: mitigating supply chain risks and promoting sustainability. The Group’s comprehensive verification process for potential suppli - ers extends beyond financial metrics to assess ethical practices, environmental impacts, adherence to labour rights, and overall business conduct. This approach en - sures alignment with CTP’s values. To streamline procurement and enhance communi - cation, CTP is working on the introduction of a two-way platform. This platform will facilitate open dialogue and feedback with suppliers, promoting transparency, under - standing and cooperation. The Company’s commitment extends to ensuring clear, equitable contracts and timely payments to suppliers, emphasising mutual benefit and trust. The rigorous standards, especially for high-risk areas like solar system components procurement or engage - ment in the arms industry, reflect CTP’s dedication to responsible and ethical procurement. The Company man - dates that suppliers adhere to guidelines ensuring ethi- cal sourcing, sustainable production processes, and fair labour practices. 4.7.3.1.6 Prevention and detection of corruption and bribery G1-3-16, G1-3-18, G1-3-20, G1-3-21 GRI 205-1, GRI 205-2, GRI 205-3 To prevent and detect allegations or incidents of corrup- tion and bribery, CTP has implemented specific grievance procedures. Investigations into allegations are conducted by the Group AML Compliance Officer to ensure impar - tiality in addressing these issues and that they are han- dled by a designated, neutral entity, separate from the management chain. Outcomes are systematically report - ed. This structured approach ensures that CTP’s senior management and Non-Executive Directors are kept in - formed and can act decisively based on the findings. Policies are communicated by e-mail, through the Com - pany’s intranet, and on CTP’s website. The Suppliers’ Code of Conduct is included in all Purchase Orders and in agreements where applicable. CTP requires all its employees, including all functions- at-risk, to participate in an annual Ethics and Compliance training session, which is designed to explain CTP’s ethi - cal corporate environment and the key values and internal rules and procedures covering Group policies. The Non-Executive Directors receive additional and specific training from the Group AML Compliance Officer. 4.7.3.1.7 Incidents of corruption and bribery G1-4-22, G1-4-24, G1-4-26 During the 2024 reporting period there were no con- firmed cases of corruption and/or bribery at CTP and therefore no convictions of CTP employees, nor were any fines imposed on the Company. As a result, no actions were required. No incidents in the value chain involving CTP employees took place. All local entities report filed cases and updates on pending cases to the Group AML and Compliance Officer through internal channels. The Group AML and Compliance Officer reports all cases to the Audit Committee. Annually, a Compliance Report Is filed with the board of Directors. No assumptions are made. Data is collected through CTP’s official channels with the Group AML and Compliance Officer. Beyond CTP’s assurance provider, no other validation took place. CTP N.V. Annual Report 2024 Sustainability 146 4.7.3.1.8 Payment practices G1-6-31, G1-6-33 On average, CTP requires 22.2 days to pay an invoice from when the contractual or statutory term of payment starts. This is based on the process described below: 1. All invoices received by CTP in its countries have been collected and entered in CTP’s financial reporting system. 2. Payment time (time from the date an invoice was re - ceived until paid) was calculated for all invoices. 3. Invoices related to inter-Company transfers and re - tentions have been filtered out. 4. Average time of payment has been calculated by di - viding the total number of days until payment for all invoices by the number of invoices. Numbers have been calculated for each country as well as consoli - dated at the Group level. CTP’s standard payment terms are 30 days for most countries. Standard terms apply in the same manner to all its suppliers and vendors, independent of company size. Currently, CTP has one1 outstanding proceeding for late payments. Next to CTP’s assurance provider, no other validation took place. 4.7.3.1.9 Sustainable design and green certification ESRS 2-75, ESRS 2-76, ESRS 2-77 CTP’s 2024 DMA identified sustainable design and green certification as entity-specific material topics. Sustainable design The impact of sustainable design is in- terconnected with energy efficiency and GHG emissions, as it helps CTP meet its sustainability-related targets. Certification CTP certifies its standing portfolio according to the Buildings Research Establishment Environmental Assessment Method (“BREEAM”). To meet the increas- ing client demand for sustainably designed newly built facilities, CTP builds all newly developed projects to the BREEAM New Construction level “Very Good” or higher (except in Germany, where the DGNB rat- ing system is used), with regular upgrades to ensure energy efficiency. CTP considers green building certification as an effective tool to increase the sustainability of its buildings and attract new clients. As at end-2024, CTP obtained 25 first- time BREEAM certificates, 23 of which are “Excellent” or “Outstanding”. See Sec- tion 7.3.5 for more details on the number of new BREEAM certifications received in 2024. Buildings without BREEAM or DGNB certification are either recently complet- ed and thus are not yet certified or are earmarked for redevelopment or major upgrade. Energy Performance Certificates (“EPCs”) CTP targets having 70% of its GLA covered by EPCs with a level C rating or higher by 2030. As at end-2024, 72% of CTP’s GLA was covered by EPCs with a level C rating or higher. This includes standing buildings that are certifiable and not earmarked for demolition or major refurbishments. See Section 4.7.1.1.4 for more information on CTP’s use of EPCs as a decarbonisation lever. 1 Less than 1000 EUR. CTP N.V. Annual Report 2024 Sustainability 147 GREEN BUILDING BREEAM CERTIFICATIONS EPRA-Cert-Total, E1-9-67 BREEAM Certificate Type & Level [EPRA Cert-Tot] Number % Sqm In Use Outstanding 6 1% Excellent 106 14% Very Good 299 37% Good 31 3% Pass 1 0% Total In use 443 55% New Construction Outstanding 4 0% Excellent 31 11% Very Good 18 4% LEED/Building Design and Construc- tion (BD+C) | Silver 1 0% Total New Construction 54 16% Uncertified 221 29% GREEN BUILDING CERTIFICATIONS EPC EPC Level Number % Sqm % Value EU EPC - A+ (or higher) 16 5% 6% EU EPC - A 148 22% 19% EU EPC - B 204 25% 29% EU EPC - C 146 20% 24% EU EPC - D 3 0% 1% EU EPC - E 2 0% 0% EU EPC - F 6 0% 0% EU EPC - G 4 0% 0% EU EPC - Poland 20 6% 6% EU EPC - Germany (Non-residential) 38 5% 4% Total Certified 587 84% 88% Uncertified Buildings 131 16% 12% Information on BREEAM certification and EPCs is kept in a database developed by CTP. The reported data is ex - tracted from this database at the end of the year and prepared for reporting. No assumptions are made. Cer - tification levels are set by accredited certifiers. BREEAM certifications are voluntary, while EPCs are mandatory under European legislation. In addition to the assurance provider, reported data in this section is validated by Arcadis. The process in - cludes review of a sample and review against underlying evidence, verifying the correctness of the calculations and results. 4.7.3.1.10 Green lease clauses ESRS 2-75, ESRS 2-76,ESRS 2-77 CTP is working to increase the green lease coverage of its standing portfolio, as this is an effective decarbonisation lever for the Group. All newly signed agreements contain green lease clauses, and the Company amends existing contracts to contain green lease clauses where possible to expedite this process. Green leases are applied across the portfolio, independent of geographical location, al - ways in agreement with clients. At the end of 2024, 45% of the Group’s GLA was covered with green lease clauses, up from 37% in 2023. Expanding its green lease coverage enables the CTP to increase insight into energy consumption within its port - folio and the related Scope 3 emissions, which leads to higher reporting accuracy and forms a better basis for the creation and monitoring of the Group’s Transition Plan for Climate Change Mitigation. By 2030, CTP targets to have 90% of its GLA covered with green leases. The achievement of this target sup - ports the achievement of other Company targets, includ- ing the reduction of its operational carbon footprint and increase of renewable energy consumption. This green lease target is also intended to reduce CTP’s carbon emissions and is therefore a critical lever for the Compa - ny. See Section 4.7.1.1.5 for more details on CTP’s green leases. Data is reported through internal software, which in - cludes information on green leases. No assumptions are made due to clarity of lease contracts. In addition to the assurance provider, reported data in this section is validated by Arcadis. The process in - cludes review of a sample and review against underlying evidence, verifying the correctness of the calculations and results. CTP N.V. Annual Report 2024 Sustainability 148 Pillar 4: Embedding Parks in Communities CTP N.V. Annual Report 2024 Sustainability 149 CTP’s 4 th ESG Pillar, Embedding Parks in Communities, is an integral part of the Company’s ESG strategy and business model and is included voluntarily to inform on CTP’s overall approach, although it is not considered ESRS material. 4.7.4 Pillar 4: Embedding Parks in Communities Nurturing positive engagement with the communities where CTP operates is an integral part of the Company’s ESG strategy and long-term business strategy. Although CTP’s 2024 DMA did not identify any material IROs that would fall under this pillar, CTP reports on its activities in this area as part of its commitment to ESG. This section is therefore not assured under the Limited Assurance by KPMG. Among its benefits, cooperation with local municipalities helps facilitate long-term sustainable growth possibili - ties for CTP and its clients. As a part of its owner-oper- ator business strategy since its inception, CTP strives to be a good corporate neighbour through various ongoing initiatives, including investments in public infrastructure, collaboration with local universities and schools, and support for local charities. In recent years, the Company has made significant investments to develop and oper - ate community spaces at its parks, most notably its mul- ti-use Clubhaus community centres at select park loca- tions. See Section 4.7.4.1. 4.7.4.1 Providing community space EPRA-Compty-Eng EPRA COMTY-ENG The most significant way to embed parks in communities is by creating space for the community and to organise activities. In 2024, CTP organised activities at its parks in nine out of ten countries where it operates. One of CTP’s main efforts in this area is its commu - nity Clubhaus concept, which functions as the focal point of a CTPark, fostering deeper community relations. Each Clubhaus is a distinct, modern multi-functional centre that offers space to the park community for meetings, educational activities, and social gatherings. Depending on location, they include restaurants, cafés, minimarkets, and medical facilities. The buildings are surrounded by natural landscaping and are adjacent to outdoor sports facilities that are accessible for the surrounding commu - nity. First developed as a stand-alone facility at CTPark Bor in the Czech Republic, CTP formalised the Clubhaus brand in 2020. As at end-2024, CTP owns and operates Clubhaus community centres in four countries. To ensure that CTP activities are not affecting com - munities through its environmental impacts, CTP con- ducts Environmental Impact Assessments (“EIAs”) where required. Similarly, these EIAs are public where required by local law. TARGETS EMBEDDING PARKS IN COMMUNITIES Category Baseline 2023 Performance 2024 Targets 2030 Community-engaging activities 30 101 50/ year Water intensity (use, utilisation) reduction (m³/m2) 0.19 0.20 20% % of parks with biodiversity in line with BREEAM guidance on biodiversity 38% 32% 90% CTP N.V. Annual Report 2024 Sustainability 150 4.7.4.2 Accessibility and clean mobility The accessibility of CTP’s parks is vital to its business. The Company develops its parks in strategic locations with an available local workforce that positively impact transportation flows—both long-distance transport and short-distance commuting, thereby indirectly reducing emissions related to transportation. CTP works actively with local and regional govern - mental agencies to create public bus lines with access to its parks and other related infrastructure where feasible. One example is Brno, in the Czech Republic, where CTP operates bus lines to enable client employees to get to work without using personal cars. CTP has also started installing electric vehicle (“EV”) chargers at its parks. As of 2024, 52% of the Group’s parks have charging facilities installed. CTP values the bicycle as a mode of transport and in - vests in two areas to promote bicycling to work: parking facilities for bikes and bike lanes. At the end of 2024, 39% of CTP’s parks are connected to nearby cities and towns by public bike lanes. 4.7.4.3 Green spaces and biodiversity As part of its long-term business strategy, CTP con - siders green spaces and nature-based solutions to be a complementary component of its parks. CTP’s biodiver - sity projects focus on local solutions (e.g., native trees and shrubbery, insect hotels, apiaries), as the Company considers that needs are best understood and addressed at the park level. 32% of CTP’s parks are in line with the BREEAM guidance on biodiversity. Beyond these ongoing actions, in 2019 CTP invest - ed in around 560 hectares of partially degraded forests near Zlín and Mladá Boleslav in the Czech Republic. Over the last few years, CTP has been working to restore these forests and to expand biodiversity, in part through the planting of different kinds of native saplings. CTP N.V. Annual Report 2024 Sustainability 151 4.8.1 KPIs (methodology of calculation) Turnover Turnover KPI is calculated based on the Group’s 2024 consolidated financial statements and on the notes to the financial statements. • Eligible turnover (numerator) = rental income (Note 8) + service charge income (Note 8) + income from re - newable energy (Note 9) + income from development activities (Note 9) + hotel operating revenues (Note 9). • Total turnover (denominator) = total revenues (con - solidated profit and loss statement). • Aligned turnover (numerator) = eligible turnover from economic activities attributed to assets (properties) that meet technical screening criteria, including Sub - stantial Contribution Criteria, Do Not Significantly Harm Criteria, and Minimum Social Safeguards. To avoid double counting in the numerator, economic activities are attributed to the Company’s business ac - tivities that are presented separately in the financial statements. Eligible turnover from economic activities that contribute to specific environmental objectives is presented separately. Economic activities are verified against their contribution to Climate Change Adaptation (“CCA”), Climate Change Mitigation (“CCM”) and Circular Economy (“CE”). CapEx Capital expenditure (“CapEx”) KPI is calculated based on the notes to the financial statements. • Eligible CapEx (numerator) = land acquisition (Note 18 Acquisition – Landbank) + costs related to de - sign and project preparation and construction (Note 19 Additions IPUD, Rights of use assets) + restruc - turing and major renovations of standing buildings (Note 18 Additions – Buildings and related land, Right of use assets-building related land, Right of use as - sets landbank) + investment in all renewable energy sources including photovoltaic systems on facades and roofs (Note 21 Solar plants + solar plants under construction) + acquisition of existing buildings (Note 18 Acquisitions – Buildings and related land, Note 19 Acquisitions – IPUD). • Total CapEx (denominator) = total of additions and acquisitions in Notes 18, 19, 21 (consolidated financial statements). • Aligned CapEx (numerator) = eligible CapEx from eco - nomic activities attributed to assets (properties and photovoltaic systems) that meet technical screening criteria, including Substantial Contribution Criteria, Do Not Significantly Harm Criteria, and Minimum So - cial Safeguards. 4.8 EU Taxonomy The EU taxonomy aims to direct capital towards a sustainable economy. Article 8(2) of the Taxonomy Regulation mandates non- financial firms to disclose the proportion of their turnover, capital, and operating expenditures related to environmentally sustainable activities. CTP complies with these requirements. In 2024, CTP assessed the eligibility and alignment of its economic activities based on all six environmental objectives. TAXONOMY Category Turnover CapEx OpEx Taxonomy eligible and aligned activities 58.1% 21.1% 23.9% CTP N.V. Annual Report 2024 Sustainability 152 To prevent double counting in the numerator, economic activities are allocated to the Company’s business oper - ations as distinctively presented in the financial state- ments. Eligible CapEx from economic activities contrib- uting to specific environmental objectives are reported separately. OpEx Operational expenditure (“OpEx”): the EU Delegated Act lists items to be considered as OpEx as research and de - velopment, building renovation measures, short-term lease, maintenance and repair, and any other direct ex - penditures relating to the day-to-day servicing of assets of property, plant, and equipment by the undertaking or a third party to whom activities are outsourced that are necessary to ensure the continued and effective func - tioning of such assets. Due to this, the calculation is not based on the consolidated financial statements. Instead, a bottom-up approach has been used. OpEx has been ex - tracted from the breakdown of annual internal spendings. • Eligible OpEx = maintenance, repair, and manage - ment of parks; • Total OpEx = total property operating expenses (Note 10) + short-term rent; • Aligned OpEx = eligible OpEx from economic activi - ties attributed to assets (properties) that meet tech- nical screening criteria including Substantial Contri- bution Criteria, Do Not Significantly Harm Criteria, and Minimum Social Safeguards. To prevent double counting in the numerator, economic activities are assigned to the Company’s business ac - tivities that are individually presented in the financial statements. Eligible OpEx from economic activities con - tributing to specific environmental objectives is shown separately. 4.8.2 Eligibility CTP’s business activities were screened based on EU taxonomy definitions, and five eligible economic activities were identified: • Construction of new buildings: CCA 7.1, CCM 7.1, CE 3.1; • Renovation of existing buildings: CCA 7.2, CCM 7.2, CE 3.2; • Electricity generation using solar photovoltaic tech - nology: CCA 4.1, CCM 4.1; • Installation, maintenance and repair of renewable energy technologies: CCA 7.6, CCM 7.6; • Acquisition and ownership of buildings: CCA 7.7, CCM 7.7. The EU Delegated Regulation defines Construction of new buildings as: Development of building projects for residential and non-residential buildings by bringing to - gether financial, technical and physical means to realise the building projects for later sale as well as the construc - tion of complete residential or non-residential buildings, on own account for sale or on a fee or contract basis. As CTP’s development activities are directly related to the above definition, the following tasks are considered relevant: 1. land acquisition (CapEx); 2. costs related to design and project preparation (CapEx); 3. construction of new buildings (CapEx); 4. extension of existing buildings (CapEx); 5. income from development activity (Revenue). The EU Delegated Regulation defines Renovation of ex - isting buildings as: Construction and civil engineering works or preparation thereof. As CTP’s renovation activities are directly related to EU taxonomy definitions, the following tasks are considered relevant: 1. Restructuring and major renovations of standing buildings (CapEx). The EU Delegated Regulation defines Installation, main - tenance, and repair of renewable energy technologies as: Installation, maintenance, and repair of renewable energy technologies, on-site. As CTP invests in the development of photovoltaic ca - pacity, the following tasks are considered relevant: 1. investment in all renewable energy sources, including photovoltaic systems on facades and roofs (CapEx); 2. maintenance of existing renewable energy systems (OpEx). CTP N.V. Annual Report 2024 Sustainability 153 As photovoltaic systems owned by CTP generate energy that is sold, CTP is also active in electricity generation using solar photovoltaic technology (Turnover). CTP has not followed FAQ #62 of the draft Commission Notice in the 2024 and 2023 KPIs but will consider this draft FAQ in future disclosures. The EU Delegated Regulation defines Acquisition and ownership of buildings as: Buying real estate and exercis - ing ownership of that real estate. As CTP’s acquisition activities directly relate to the above definition, the following tasks are considered relevant: 1. acquisition of existing buildings (CapEx); 2. costs related to buildings maintenance and opera - tions (OpEx); 3. rental income (turnover); 4. service charge income (turnover); 5. hotel rental income (turnover). 4.8.3 Alignment EU taxonomy disclosure also requires reporting on the alignment of eligible activities with the Technical Screen - ing criteria set out in Commission Delegated Regulation (EU) 2021/2139 and amended by Commission Delegated Regulation (EU) 2023/2485. Determination of taxonomy alignment requires that the eligible economic activity concerned makes a significant contribution to the attainment of one or more environ - mental objectives, does not significantly harm any other environmental objective, and that the company complies with the minimum social safeguards in relation, to among others, occupational health and safety, corruption, tax, fair competition, and human rights. With respect to the verification of contributions to environmental objectives and Do Not Significantly Harm Criteria, the technical screening criteria for the individual climate objectives are defined in the relevant annexes to the Delegated Acts. The six taxonomy environmental objectives are: 1. climate change mitigation; 2. climate change adaptation; 3. the sustainable use and protection of water and ma - rine resources; 4. the transition to a circular economy; 5. pollution prevention and control; and 6. the protection and restoration of biodiversity and ecosystems. Climate change mitigation and climate change adapta - tion are verified on an economic activity basis and doc- umented in checklists. Circular economy requirements have been screened and found not to be met by CTP. Verification of the Minimum Social Safeguard require - ment has been done at the Company level. It consists of embracing international conventions and regulations on health and safety, corruption, tax, fair competition and human rights, such as OECD Guidelines for Multinational Enterprises, UN Guiding Principles on Business and Hu - man Rights (“UNGPs”), ILO core conventions, and the International Bill of Human Rights. CTP has concluded that appropriate due diligence and remedy procedures are in place and continues monitoring and acting on risk changes. Additionally, CTP is not involved in any relevant legal proceedings, the OECD National Contact Point has not accepted a case on CTP, and the Business and Human Rights Resource Centre has not taken up any allegation against CTP. The gender pay gap is presented in Section 4.7.3.16; board gender diversity is presented in Section 4.7.2.1.16. CTP is not exposed to controversial weapons. All Group assets that are under management and under construction are screened based on technical screening criteria for specific activities (including Substantial Con - tribution Criteria and Do Not Significantly Harm Crite- ria). Each asset is tested using appropriate checklists. A set of aligned and non-aligned assets is developed and used to report KPIs on alignment. All properties consid - ered aligned have climate adaptation solutions that sub- stantially reduce most important physical climate risks from the list in Appendix A of the Climate Delegated Act. Eligible turnover, CapEx, and OpEx attributed to ac - tivities related to assets that are aligned are recognised as aligned. Attribution to activities secures avoidance of double counting. CTP N.V. Annual Report 2024 Sustainability 154 CTP conducted an analysis of its eligibility and alignment with EU taxonomy for the first time in 2022, and this was internally reviewed in 2023 and in 2024. CTP’s core business operations are focused on the construction of buildings and management of existing properties. Core operations are focused on economic ac - tivities that are considered eligible. These consolidated eligibility results are for all KPIs (turnover: 100%, CapEx 100%, OpEx 71.9%). High values of eligibility are typical for real estate management and development companies. Alignment with EU taxonomy means meeting mul - tiple requirements that apply to company governance, processes, specific project requirements, and detailed reporting. In 2022, CTP analysed economic activities against respective technical screening criteria. In 2023 and 2024 analyses were conducted again, as there were updates in relevant criteria. Alignment levels of 58.1% for Turnover, 21.1% for CapEx, and 23.9% for OpEx have been achieved. CTP’s turnover comes mostly from managed prop - erties. The share of properties that can ensure aligned turnover is a result of the quality of managed properties and the age and share of acquired buildings vs. self-de - veloped. CTP-developed buildings are of high quality and ensure high energy efficiency. To increase the share of aligned properties, among others, the further develop - ment of energy performance certificates and further renovation activities are required. CTP improves the energy efficiency of its portfolio on an ongoing basis. In - crease of aligned turnover from 53.8% to 58.2% is the result of changes in internal reporting methods allowing for the recognition of OpEx and matching it with aligned activities, and the quality of the standing, revenue-gen - erating portfolio. CTP CapEx is mostly spent on the construction of new buildings and the acquisition of existing properties. To increase the share of aligned CapEx, detailed require - ments for the construction of new buildings required some adjustments to CTP’s building and construction process specification. Implementation of these adjust - ments are ongoing. As CTP already certifies buildings in the BREEAM scheme, required adjustments are small. For building acquisitions, technical due diligence will be developed to cover EU taxonomy aspects to ensure that informed decisions in this field are made. A decrease of aligned CapEx from 51.3% to 21.1% results from the fact that more investment has been made in areas where CTP has not yet introduced processes to ensure alignment. Aligned OpEx relates to aligned properties under management. These aligned properties, however, have a relatively low share of operation and maintenance costs, and therefore the reported aligned OpEx deviates from the aligned turnover. Aligned OpEx has increased from 20.7% to 23.9%. CTP issued green bonds that are not directly relat - ed to the EU taxonomy. Presented KPIs are not adjust- ed. Adjusted KPIs, based on the assumption that a share of CTP’s assets is financed with proceeds from green bonds, can be found below. The adjustment was calculated based on the assump - tion that the fair value of the portfolio financed by green bonds (Note 18) is €14.6 billion (Note 29 – €4.0 billion ex - cluded €20.0 million of non-green bonds). Non-adjusted KPIs have been multiplied by the share of the portfolio that is not financed by green bonds (72.5%). Adjusted KPIs are 42.1% for Turnover, 15.3% for CapEx. CTP N.V. Annual Report 2024 Sustainability 155 EU TAXONOMY ELIGIBILITY AND ALIGNMENT: PROPORTION OF TURNOVER Financial year 2024 Year Substantial contribution criteria DSNH criteria (Do Not Significantly Harm) Economic activities Code(s) Turnover Propor- tion of turnover 2024 Climate change mitiga- tion Climate change adapta- tion Water Pollution Circular economy Biodi- versity Climate change mitiga- tion Climate change adapta- tion Water Pollution Circular economy Biodi- versity Mini- mum safe- guards Propor- tion of Tax- onomy aligned (A.1.) or -eligible (A.2.) turn- over, 2023 Cate- gory (en- abling activity) Catego- ry (tran- sitional activity kEUR % Y;N;N/ EL Y;N;N/ EL Y;N;N/ EL Y;N;N/ EL Y;N;N/ EL Y;N;N/ EL Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T A. Taxonomy eligible activities A.1 Environmentally sustainable activities (Taxonomy-aligned) Installation, maintenance and repair of renewable energy technologies CCA 4.1 CCM 4.1 7,600 0.9% N Y N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.00% Acquisition and ownership of buildings1 CCA 7.7 CCM 7.7 498,225 57.2% N Y N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 53.80% Turnover of environmentally sustaina- ble activities (Taxonomy aligned) (A.1) CCM 7.7 58.1% 0% 58.1% 0% 0% 0% 0% Y Y Y Y Y Y Y 53.80% Of which enabling - 0% 0% 0.00% 0% 0% 0% 0% Y Y Y Y Y Y Y 0% E Of which transitional - 0% 0% Y Y Y Y Y Y Y 0% T A.2 Taxonomy eligible but not environmentally sustainable activities (not Taxonomy aligned activities) EL;N/ EL EL;N/ EL EL;N/ EL EL;N/ EL EL;N/ EL EL;N/ EL Construction of new buildings1 CCA 7.1 CCM 7.1 CE 3.1 100,700 11.6% EL EL N/EL N/EL EL N/EL Acquisition and ownership of buildings1 CCA 7.7 CCM 7.7 264,175 30.3% EL EL N/EL N/EL N/EL N/EL Turnover of Taxonomy eligible but not environmentally sustainable activities (not Taxonomy aligned activities (A.2) 364,875 41.9% 100.0% 41.9% 0% 0% 11.6% 0% A. Turnover of Taxonomy-eligible activities (A.1 + A.2) 870,700 100.0% 100.0% 100.0% 0% 0% 11.6% 0% B. Taxonomy-non eligible activities (B) Turnover of Taxonomy non-eligible activities (B) - 0.0% Total (A+B) 870,700 100% 1 CTP does not follow FAQ#8 and #19 of Commission Notice C/2023/305 dated 20 October 2023, and considers the turnover of this activity fitting into the text of the EU Taxonomy Regulation and the Disclosure Delegated Act in line with FAQ #5 of Commission Notice C 385/01 dated 6 October 2022. CTP N.V. Annual Report 2024 Sustainability 156 EU TAXONOMY ELIGIBILITY AND ALIGNMENT: PROPORTION OF CAPEX Financial year 2024 Year Substantial contribution criteria DSNH criteria (Do Not Significantly Harm) Economic activities Code(s) CapEx Propor- tion of CapEx 2024 Climate change mitiga- tion Climate change adapta- tion Water Pollution Circular economy Biodi- versity Climate change mitiga- tion Climate change adapta- tion Water Pollution Circular economy Biodi- versity Mini- mum safe- guards Propor- tion of Tax- onomy aligned (A.1.) or -eligible (A.2.) turn- over, 2023 Cate- gory (en- abling activity) Catego- ry (tran- sitional activity kEUR % Y;N;N/ EL Y;N;N/ EL Y;N;N/ EL Y;N;N/ EL Y;N;N/ EL Y;N;N/ EL Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T A. Taxonomy eligible activities A.1 Environmentally sustainable activities (Taxonomy-aligned) Construction of new buildings 1 CCA 7.1 CCM 7.1 CE 3.1 273,221 19.3% N Y N/EL N/EL N N/EL Y Y Y Y Y Y Y 47.1% Installation, maintenance, and repair of renewable energy technologies 1 CCA 7.6 CCM 7.6 26,000 1.8% N Y N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 4.2% CapEx of environmentally sustainable activities (Taxonomy aligned) (A.1) 299,221 21.1% 0% 21.1% 0% 0% 0% 0% Y Y Y Y Y Y Y 51.3% Of which enabling - 0% 0% 0% 0% 0% 0% 0% Y Y Y Y Y Y Y 0% E Of which transitional - 0% 0% Y Y Y Y Y Y Y 0% T A.2 Taxonomy eligible but not environmentally sustainable activities (not Taxonomy aligned activities) EL;N/EL EL;N/EL EL;N/EL EL;N/EL EL;N/EL EL;N/EL Construction of new buildings CCA 7.1 CCM 7.1 CE 3.1 646,079 45.6% EL EL N/EL N/EL EL N/EL Renovation of existing buildings CCA 7.2 CCM 7.2 CE 3.2 261,900 18.5% EL EL N/EL N/EL EL N/EL Acquisition and ownership of buildings CCA 7.7 CCM 7.7 211,100 14.9% EL EL N/EL N/EL N/EL N/EL CapEx of Taxonomy eligible but not environmentally sustainable activities (not Taxonomy aligned activities (A.2) 1,119,079 78.9% 0.0% 78.9% 0.0% 0.0% 64.0% 0.0% A. CapEx of Taxonomy-eligible activities (A.1 + A.2) 1,418,300 100.0% 100.0% 100.0% 0.0% 0.0% 64.0% 0.0% B. Taxonomy-non eligible activities (B) CapEx of Taxonomy non-eligible activities (B) - 0.0% Total (A+B) 1,418,300 100% 1 The construction of new buildings and renovation of existing buildings have DNSH criteria regarding pollution. CTP has assessed these criteria on a best effort basis, but highlights the complexity of the requirements of appendix C to the Climate Delegated Act and the limitations to collect data on all substances in all materials, products and equipment that the company makes use of. CTP N.V. Annual Report 2024 Sustainability 157 EU TAXONOMY ELIGIBILITY AND ALIGNMENT: PROPORTION OF OPEX Financial year 2024 Year Substantial contribution criteria DSNH criteria (Do Not Significantly Harm) Economic activities Code(s) OpEx Propor- tion of OpEx 2024 Climate change mitiga- tion Climate change adapta- tion Water Pollution Circular economy Biodi- versity Climate change mitiga- tion Climate change adapta- tion Water Pollution Circular economy Biodi- versity Mini- mum safe- guards Propor- tion of Tax- onomy aligned (A.1.) or -eligible (A.2.) turn- over, 2023 Cate- gory (en- abling activity) Catego- ry (tran- sitional activity kEUR % Y;N;N/ EL Y;N;N/ EL Y;N;N/ EL Y;N;N/ EL Y;N;N/ EL Y;N;N/ EL Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T A. Taxonomy eligible activities A.1 Environmentally sustainable activities (Taxonomy-aligned) Acquisition and ownership of buildings CCA 7.7 CCM 7.7 22,833 23.9% N Y N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 20.7% OpEx of environmentally sustainable activities (Taxonomy aligned) (A.1) 22,833 23.9% 0% 23.9% 0% 0% 0% 0% Y Y Y Y Y Y Y 20.7% Of which enabling - 0% 0% 0% 0% 0% 0% 0% Y Y Y Y Y Y Y 0% E Of which transitional - 0% 0% Y Y Y Y Y Y Y 0% T A.2 Taxonomy eligible but not environmentally sustainable activities (not Taxonomy aligned activities) EL;N/EL EL;N/EL EL;N/EL EL;N/EL EL;N/EL EL;N/EL Acquisition and ownership of buildings CCA 7.7 CCM 7.7 45,867 48.0% EL EL N/EL N/EL N/EL N/EL OpEx of Taxonomy eligible but not envi- ronmentally sustainable activities (not Taxonomy aligned activities (A.2) 45,867 48.0% 48.0% 48.0% 0.0% 0.0% 0.0% 0.0% A. OpEx of Taxonomy-eligible activities (A.1 + A.2) 68,700 71.9% 71.9% 71.9% 0.0% 0.0% 0.0% 0.0% B. Taxonomy-non eligible activities (B) OpEx of Taxonomy non-eligible activi- ties (B) 26,900 28.1% Total (A+B) 95,600 100% CTP N.V. Annual Report 2024 Sustainability 158 KPI ADJUSTMENTs Green Bonds €4.0 billion Note 30, excluding 20MEUR non-green bonds Investment property €14.7 billion Note 18 Investment property Investment property funded by Green Bonds 27.5% Aligned Turnover, non-adjusted 58.1% KPI in Table EU Taxonomy eligi- bility and alignment Turnover Estimated to be funded with Green Bonds (based on 29.7%) 15.9% Aligned Turnover, adjusted 42.1% Aligned CapEx, non-adjusted 21.1% KPI in Table EU Taxonomy eligi- bility and alignment CapEx Estimated to be funded with Green Bonds (based on 39.1%) 5.8% Aligned CapEx, adjusted 15.3% QUANTITATIVE BREAKDOWN OF ALIGNED CAPEX Activity Category € million Activity CCA 7.1 Construction activities 273,221 Activity CCA 7.6 Installation of photovoltaics 26,000 Total aligned CAPEX 299,221 QUANTITATIVE BREAKDOWN OF ALIGNED OPEX Activity Category € million Activity CCA 7.7 Maintenance and operations of existing building 22,833 Total aligned OpEx 22,833 PROPORTION OF TURNOVER: TOTAL TURNOVER Aligned per objective Eligible per objective CCM 0% 100% CCA 58.1% 100% WTR 0% 0% CE 0% 11.6% PPC 0% 0% BIO 0% 0% PROPORTION OF CAPEX: TOTAL CAPEX Aligned per objective Eligible per objective CCM 0% 100% CCA 21.1% 100% WTR 0% 0% CE 0% 64% PPC 0% 0% BIO 0% 0% PROPORTION OF OPEX TOTAL OPEX Aligned per objective Eligible per objective CCM 0% 71.9% CCA 23.9% 71.9% WTR 0% 0% CE 0% 0% PPC 0% 0% BIO 0% 0% CTP N.V. Annual Report 2024 Sustainability 159 NUCLEAR AND FOSSIL GAS-RELATED ACTIVITIES Row Nuclear energy related activities 1 The undertaking carries out, funds or has exposures to research, development, demonstration and de- ployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle. NO 2 The undertaking carries out, funds or has exposures to construction and safe operation of new nucle- ar installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies. NO 3 The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades. NO Fossil gas related activities 4 The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels. NO 5 The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels. NO 6 The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels. NO CTP N.V. Annual Report 2024 Governance 160 CTP N.V. Annual Report 2024 160 5 CTP N.V. Annual Report 2024 Governance 161 5.1 Governance Structure 163 5.1.1 Board of Directors 164 5.1.2 Appointment and Composition of the Board of Directors 171 5.1.2.1 Independence of Non-Executive Directors 172 5.1.2.2 Introduction program for Non-Executive Directors 172 5.1.2.3 Permanent education and evaluation 172 5.1.3 General Meetings of shareholders 172 5.2 CTP Board and Committees 173 5.2.1 The Board and its meetings in 2023 173 5.2.2 Board Committees and their Meetings in 2024 175 5.2.2.1 Audit Committee 175 5.2.2.2 Nomination and Remuneration Committee 177 5.2.2.3 Sustainability Committee 178 5.3 2024 Remuneration Report 179 5.3.1 Overview of CTP’s Remuneration Policy 179 5.3.1.1 Philosophy and principles 179 5.3.1.2 Benchmarking and peer group 180 5.3.1.3 Looking back 180 5.3.1.4 Looking ahead 181 5.3.1.5 Engaging with stakeholders 181 5.3.2 Remuneration of the Executive Directors 182 5.3.2.1 Fixed annual base salary 182 5.3.2.2 Annual cash incentive 183 5.3.2.3 Long-term incentive plan 183 5.3.2.4 Benefits 184 5.3.2.5 Deferred incentive plan 184 5.3.2.6 Minimum shareholding requirements 185 5.3.2.7 Adjustments to variable remuneration 185 5.3.2.8 Executive agreements 185 5.3.2.9 Severance provisions 185 5.3.2.10 Loans 185 5.3.3 Remuneration of the Non-Executive Directors 185 5.3.3.1 Fee structure of the Non-Executive Directors 185 5.3.3.2 Reimbursements 185 5.3.3.3 Tenure 186 5.3.3.4 Loans 186 5.3.4 2024 remuneration outcomes 186 5.3.4.1 Base salary 186 5.3.4.2 Annual cash incentive 186 5.3.4.3 Long-term incentive plan 188 5.3.4.4 Vesting 2021 LTI award 188 5.3.4.5 Benefits 191 5.3.4.6 Adjustments to remuneration 191 5.3.4.7 Minimum shareholding requirements 191 5.3.4.8 Pay ratio 191 5.3.4.9 Non-Executive Directors’ remuneration 191 5.3.4.10 Compliance 191 5.3.4.11 Total remuneration of the Executive Directors 191 5.4 Post-2024 Events 194 5.5 Diversity, Code of Conduct and Compliance 195 5.5.1 Diversity and inclusion 195 5.5.2 Compliance function 196 5.5.3 Code of Conduct 196 5.5.3.1 Commitment to continuous improvement 197 5.6 Governance Declarations 198 5.6.1 Compliance with the Dutch Corporate Governance Code 2022 198 5.6.1.1 Deviations from best-practice provisions of the Code 198 5.6.2 Decree on the Directive on Takeover Bids 199 5.6.3 Corporate governance statement 201 5.6.4 Responsibility statement 202 5.7 Risk Management 203 5.7.1 CTP Group approach to risk management 203 5.7.2 Risk Management Policy 203 5.7.3 ERM framework 203 5.7.4 Implementation of the risk management process 207 5.7.5 Risk management system 207 5.7.6 Internal controls 207 5.7.7 Responsibilities 207 5.7.8 Risk appetite 207 5.7.9 Risk control framework 208 5.7.10 Update on CTP’s principal risks in 2023 and 2024 209 5.8 Risk Management 210 Section 5 CTP N.V. Annual Report 2024 Governance 162 CTP is a public limited liability company listed on Euronext Amsterdam and governed by Dutch law. This section of the Annual Report describes CTP’s corporate governance and legal structure. CTP has designed its corporate governance structure to best support its business, to meet the needs of its (Non-) Executive Directors and stakeholders, and to comply with applicable laws and regulations. Certain sub-sections relate to disclosure requirements mandated by the Corporate Sustainability Reporting Directive (“CSRD”) and the European Sustainability Reporting Standards (“ESRS”) and, where applicable, are indicated as such in the sub-section heading. CTP N.V. Annual Report 2024 Governance 163 CTP has a one-tier board structure consisting of one or more executive directors (“the Executive Directors”) and independent non-executive directors (“the Non-Executive Directors”), who together constitute the Board of Direc - tors (“the Board”). The Board currently consists of six Directors, of whom two are Executive Directors and four are Non-Ex - ecutive Directors. The Board serves both as the executive and as the supervisory body of the Company. Under CTP’s articles of association (“the Articles”) and Dutch law, the Board is collectively responsible for the Company’s man - agement, general and financial affairs, policies, and for its operations, taking into consideration the interests of the Group’s stakeholders. The Board determines how sus - tainable long-term value creation is relevant for the Com- pany and its business, maintains awareness of the impact that the actions of the Company and the business have on the value chain, and considers relevant stakeholder inter - ests in this context. Within the Board, the Non-Executive Directors super - vise and provide advice on the performance of the duties of the Executive Directors, the Company and its business. Furthermore, the Non-Executive Directors supervise the Executive Directors’ implementation of the Company’s strategy. The Non-Executive Directors also determine the targets and remuneration of the Executive Directors in accordance with the Group’s Remuneration Policy and any arrangements for remuneration in the form of Com - pany shares or rights to subscribe for shares (as approved by the General Meeting). CTP’s CEO is primarily respon - sible for strategic, risk and control issues, among oth- ers. The CFO is primarily responsible for, among others, treasury, funding and tax matters, the financial strategy, and management accounting. The Board has adopted written rules of procedure gov - erning the internal proceedings of the Board (“the Board Rules”) applicable to its performance, decision making, composition, the tasks and working procedures of the committees established by the Board and other matters relating to the Board, the CEO, CFO, and the Non-Exec - utive Directors of the Company. In accordance with the Board Rules, resolutions of the Board are adopted by a simple majority of the votes cast at a meeting at which at least the majority of its members are present or rep - resented. Each Director has the right to cast one vote. In case of a tied vote, the proposal will be rejected unless the CEO uses his right to exercise a casting vote. The Board Rules are available on CTP’s website. In addition to the Board Rules, the Board has adopt - ed charters for its committees, to which committees the Board, while retaining overall responsibility, has assigned certain tasks: the audit committee (“the Audit Commit - tee”), the nomination and remuneration committee (“the Nomination and Remuneration Committee”), and the sus - tainability committee (“the Sustainability Committee”). Each committee reports to the Board. More on govern - ance processes, controls and procedures put in place to monitor and manage accounting, risk management, com - pliance and sustainability matters can be found in Section 5.2.2. 5.1 Governance Structure CTP N.V. Annual Report 2024 Governance 164 Remon L. Vos Executive Director & CEO Born in the Netherlands in 1970, Mr. Vos founded CTP in 1998 with two investors to develop A-class industrial properties in the Czech Republic. Under his leadership, CTP has grown to become Europe’s largest listed de - veloper, owner, and operator of industrial and logistics properties. In July 2019, Mr Vos acquired full control of the CTP Group and continues to lead the Company. He is personally involved at both the executive and operational levels in all markets, growing the portfolio and strength - ening relationships with long-term business partners. Richard Wilkinson Executive Director & CFO Mr. Wilkinson joined CTP in 2018 as CFO and is respon - sible for the financing of the entire Group portfolio throughout Western Europe and Central and Eastern Eu - rope (“CEE”). After studying law at the London School of Economics, Mr. Wilkinson moved to a career in finance. For nearly 30 years he has held various senior manage - ment positions in treasury, balance-sheet management, corporate banking and real estate. 5.1.1 Board of Directors ESRS 2 GOV-1-21, EPRA GOV-BOARD CTP N.V. Annual Report 2024 Governance 165 Susanne Eickermann-Riepe Non-Executive Director Barbara Knoflach Non-Executive Director & Chair of the Board Barbara Knoflach’s career has taken her to banking and finance, real estate, and most recently to innovation and sustain - ability. Her career highlights include posi- tions as CEO of SEB Asset Management and Managing Director of SEB Investment from 2005 to 2015 and Deputy Chief Ex - ecutive and Global Head of Investment Management of BNP Paribas Real Estate from 2015 to 2019. Ms. Knoflach hones her ability to look at the bigger picture and shares her dynamic experience sitting on several committees and boards through - out her career, such as AFIRE, BVI, ULI, ZIA, and the Real Estate Academic Initi - ative at Harvard University. She created LifeWorkSpace, a consulting and private investment company focused on spurring innovation and sustainability strategies in the real estate sector and is a co-founder of TinyBE, a non-profit organisation en - gaged in innovative art projects. In October 2023, Ms Knoflach joined the board of the publicly listed Australian company Lendlease Corporation, a global company engaged in real estate develop - ments in large cities throughout Australia and internationally. In her role as Chair of the Board and Chair of the Nomination and Remuneration Committee, Ms. Knoflach brings both deep executive experience and the relevant sector insight to CTP, with skills in core segments of investment, de - velopment and construction. Her interest in the HR area complements the skills of the other Board members. Susanne Eickermann-Riepe joined the Board following the end of her tenure as an active partner at PwC Germany, where she served as Head of Real Estate. With 30 years of experience in strategic and operational consulting in financial servic - es, real estate services, funds and compa- nies, Susanne knows that the future of the industry will not happen without sustaina - bility. Due to her professional background and leadership in innovation, Susanne was appointed as the chair of the European World Regional Board and is a member of the World Regional Board of the Royal Institution of Chartered Surveyors (RICS) Europe, where she drives several work - ing groups on the implementation of the EU Green Deal. Susanne’s professional expertise paired with her future-leaning environmental concerns have placed her in several real estate advisory positions. Her activities are spurred by her belief that the real estate sector must take more re - sponsibility and action for an equitable fu- ture. With her different roles, Susanne has gained extensive sustainability expertise, which she brings to CTP in her capacity as Chair of the Sustainability Committee and member of the Board. She also has access to the knowledge needed within CTP to advance the business and the processes and controls needed to align with ESG de - mands. Finally, as a member of the Audit Committee, she ensures that the connec - tion between reporting requirements and business is being made. CTP N.V. Annual Report 2024 166 Governance Rodolphe Schoettel Non - Executive Director Kari Pitkin Non-Executive Director Kari Pitkin’s career has taken her to bank- ing and finance, and most recently to real estate investment with sustainability and innovation as a key avenue. Her career highlights include positions on the Europe - an Senior Leadership Committee for PIM- CO Prime Real Estate, where she focused on pan-European investment partnerships and client solutions from 2019–2024. Pri - or to that, she was the head of Real Estate and Lodging Investment Banking for Bank of America Merrill Lynch for the EMEA region. In May 2024, Ms. Pitkin joined the board of the publicly listed Belgian compa - ny Aedifica, a company focused on health- care, particularly the senior living sector. In her roles as Vice-Chair of the Board, Chair of the Audit Committee and mem - ber of the Nomination and Remuneration Committee, Ms. Pitkin brings her An - glo-American background and extensive capital market experience to the areas of governance, ESG and HR-related topics. She was appointed as a Non-Executive Director of the Company for a period of three years on 23 April 2024. Since 2009, Rodolphe Schoettel has been active as CFO and founding partner of the Quehenberger Group GmbH, a large transport and logistics company active throughout Europe and based in Austria. After his studies at the University of St. Gallen and several years as an investment banker, Mr. Schoettel became a turna - round manager at Treuhandanstalt Berlin in Germany. In 1997, he assumed the posi - tion of executive director at Delacher+ Co Transport AG and a few years later was appointed CFO in the board of directors at Thiel Logistik AG, a publicly listed German company. In 2003, Mr Schoettel accepted a position in the executive board at TNT Logistics CEE. Later on, he became CFO and member of the Board of directors at Pin Group AG. Mr Schoettel brings to the table extensive knowledge in financing, IT, accounting, auditing and the transport- and logistics sector in general. He was appointed as a Non-Executive Director of the Company for a period of three years on 23 April 2024. Mr. Schoettel is Vice-Chair and member of the Audit Committee. CTP N.V. Annual Report 2024 Governance 167 None of the members of the Board held (or hold) positions in public administration or lobby organisations (including regulators) in the two years preceding their appointment in April 2024 to their current position. Gerard van Kesteren Former Non-Executive Director Gerard van Kesteren retired as Non-Executive Director on 23 April 2024. His contribution was much valued and related, among others, to (financial) reporting, (inter - nal) audit, accountancy and planning and control. Gerard was Chair of the Audit Committee and Vice-Chair of the Board. Pavel Trenka Former Non-Executive Director Pavel Trenka retired as Non-Executive Director on 23 April 2024. His contribution was much valued and related mainly to revenue growth strategies, organ - isation transformation, and HR related matters. Mr. Trenka was Chair of the Nomination and Remuneration Committee. CTP N.V. Annual Report 2024 Governance 168 BIOGRAPHIES OF DIRECTORS OF CTP’S BOARD Remon Vos Richard Wilkinson Barbara Knoflach Susanne Eickermann-Riepe Kari Pitkin Rodolphe Schoettel Position CEO CFO Chairwoman, Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director Nationality, year of birth Dutch, 1970 British, 1964 Austrian, 1965 German, 1960 American and British, 1969 French and Swiss, 1962 First appointed on 1 July 2020 28 December 2020 29 March 2021 29 March 2021 23 April 2024 23 April 2024 End of current term of appointment Indefinite 2025 2028 2028 2027 2027 Previous significant positions CEO of CTP Erste Group • Head of Commercial Real Estate • Head of Corporate Banking • Head of Balance Sheet Management BNP Paribas Real Estate • Deputy CEO and Global Head of Investment Management SEB Asset Management • CEO PwC • Partner, Head of German Real Estate Business Pimco Prime Real Estate GmbH • Head of Client Solutions Bank of America Merrill Lynch • Head of EMEA Real Estate & Lodging Investment Banking Current position: Augustin Quehenberger Group GmbH • CFO and Managing Director Additional positions None None Swiss Prime Site (Switzerland) • Board Member Aareal Bank AG • Deputy Chairperson of the Supervisory Board Lendlease Corporation (Australia) • Non-Executive Board Member ARE Austrian Real Estate GmbH Real Estate company • Member of the Supervisory Board RICS Royal Institute of Chartered Surveyors • Chair of the European World Regional Board • Member of the World Regional Board Europe ICG Institute Association representing the general interests of the German real estate industry • Chair of the Board Aedifica (Belgium) Real Estate company • Non-Executive director of the Board CR Asset Management GmbH Holding company • Board Member ROS Capital AG Holding company • Board Member Independence Not applicable (ED) Not applicable (ED) Yes Yes Yes Yes Shareholding 345,622,431 (held via CTP Holding B.V.) 31,545 (not including LTIP conditional shares) 9,119 14,400 4,300 none CTP N.V. Annual Report 2024 Governance 169 BIOGRAPHIES OF FORMER DIRECTORS OF CTP’S BOARD Gerard van Kesteren Pavel Trenka Position Non-Executive Director Non-Executive Director Nationality, year of birth Dutch, 1949 Slovak, 1973 First appointed on 29 March 2021 29 March 2021 End of current term of appointment 2024 2024 Previous significant positions Kuehne + Nagel International AG • CFO HB Reavis Group • CEO Additional positions (on 23 April 2024) Deufol SE (Germany) Packaging services and associated services • Member of the Board De Well (Hong Kong) Global logistics and forwarding enterprise founded in Shanghai • Member of the Board Raben Group (Netherlands) Logistics company • Member of the Board Planzer Holding AG (Switzerland) Logistics/transportation company • Member of the Supervisory Board Janel Corporation (USA) Logistics company • Chair of the Audit Committee and Member of the Nomination and Compensation Committee Leaf Academy Non-profit organisation • Board Member Duke of Edinburgh International Award Non-profit organisation • Board Member Independence Yes Yes Shareholding (on 23 April 2024) 34,000 136,315 CTP N.V. Annual Report 2024 Governance 170 Years in board Year of birth Gender General business management strategy Finance (balance & reporting Financial markets/ disclosure, communi- cation Audit, risk, compliance, legal & governance Real estate M&A IT/Digital & Innovation Social employment ESG Remon Vos 5 1970 M x x x x x x x x Richard Wilkinson 5 1964 M x x x x x x x x x Barbara Knoflach 4 1965 F x x x x x x x x x Susanne Eickermann-Riepe 4 1960 F x x x x x x x x x Kari Pitkin 1 1969 F x x x x x x x x Rodolphe Schoettel 1 1962 M x x x x x x x x x Gerard Van Kesteren 1 4 1949 M x x x x x Pavel Trenka 1 4 1973 M x x x x x x 1 Messrs Van Kesteren and Trenka stepped down as Non-Executive Directors at the AGM 2024. DIRECTOR’S COMPETENCY TABLE CTP N.V. Annual Report 2024 Governance 171 5.1.2 Appointment and Composition of the Board of Directors EPRA GOV-SELECT The Board is authorised to determine the number of Executive Directors and Non-Executive Directors. A Di - rector is appointed by the General Meeting on a binding nomination of the Non-Executive Directors on behalf of the Board. The General Meeting may overrule a binding nomination for the appointment of a Director with an absolute majority of votes cast in a meeting where more than one-third of the issued share capital is represent - ed. The majority of the Directors must be Non-Executive Directors, and one-third of the Non-Executive Directors must be female. The Board may grant titles to Directors as the Board deems appropriate, including the title of Chief Executive Officer (“CEO”), Chief Financial Officer (“CFO”) and "Senior Independent Director". The CEO acts as the Board’s spokesperson and is pri - marily responsible for the Group’s strategic, risk and con- trol issues. He is also responsible for convening General Meetings and calling Board meetings. The responsibili - ties of the Senior Independent Director include ensuring that the Board and its committees are composed in a bal - anced way and function properly. The Senior Independent Director chairs General Meetings of shareholders and Board meetings, ensures that Board decisions are made in accordance with the Articles and the Board Rules, and supervises the implementation of adopted resolutions by the Board. The Senior Independent Director also acts on behalf of the Board as the main contact for shareholders and for General Meetings. A Director is appointed for a term lapsing ultimately at the end of the Annual General Meeting (“AGM”) held in the fourth year after the year of his/her appointment or reappointment, unless specified otherwise in the nomi - nation for appointment or re-appointment. The General Meeting may at any time suspend or dismiss a Director. CTP’s majority shareholder, Mr. Vos, was appointed CEO and Executive Director after the Company’s IPO in March 2021 and is unlimitedly re-appointed as a Direc - tor. The reason for this is that Mr. Vos has been instru- mental to the growth of the Group since its foundation in 1998 and has been its Chief Executive Officer since 1999. He is personally involved in many aspects of the Group’s business, including formulation and implementation of its business strategy and relationships with key clients. In addition to Mr. Vos, Mr. Wilkinson is an Executive Director and CFO. He is appointed for a term ending at the end of the AGM to be held in 2025. The Non-Executive Directors are Ms. Barbara Knoflach (Senior Independent Director and Chair of the Board); Ms. Kari Pitkin (Vice-Chair of the Board, Chair of the Audit Committee and member of the Nomination and Remuneration); Ms. Susanne Eickermann-Riepe (Chair of the Sustainability Committee and member of the Au - dit Committee); and Mr Rodolphe Schoettel (Vice-Chair of the Audit Committee). The Non-Executive Directors were (re-)appointed on 23 April 2024 for a term ending at the end of the AGM to be held in 2027 for Ms. Pitkin and Mr. Schoettel and in 2028 for Ms. Knoflach and Ms. Eickermann-Riepe. All members are independent in con - formity with the provisions of the Dutch Corporate Gov- ernance Code (“the Code”). The retirement schedule of the Non-Executive Directors provides for them to retire in pairs. After the AGM on 23 April 2024, CTP’s retire - ment schedule was amended to reflect the option to (re-) appoint for terms ranging from one to four years. While there is no written succession plan in place, with the availability of dedicated senior management placed below the Executive Directors, CTP is confident that the Group’s short- and medium-term succession is assured. In addition to the Executive Directors, CTP’s senior management includes the Group Chief Operating Officer (“COO”) and the country MD’s and CFO’s in the ten countries where the Company is active. CTP N.V. Annual Report 2024 Governance 172 5.1.2.1 Independence of Non-Executive Directors ESRS 2 GOV-1-21, EPRA GOV-COL The Board Rules contain provisions on how to deal with (potential) conflict-of-interest situations of Directors. The provisions are such that the Non-Executive Directors decide whether a Director has a conflict of interest with - out this Director being present. Upon this being the case, a decision can only be made if the proposed transaction is customary in the market and in compliance with the laws of the relevant jurisdiction and requires the consent of at least the majority of the Non-Executive Directors if the conflict of interest is of material significance to CTP or to the relevant Director. No loans or guarantees are given to a Director unless in the normal course of business and on terms applicable to CTP’s personnel. In the opinion of the Non-Executive Directors, in 2024 the independence requirements referred to in the Code were fulfilled. Dutch law independence requirements do not require Executive Directors of a (one-tier) board to be independent, but only Non-Executive Directors. Consid - ering Dutch legal requirements, all CTP’s Non-Executive Directors are independent. Except for Mr. Schoettel, the Non-Executive Direc - tors own CTP shares. 5.1.2.2 Introduction program for Non-Executive Directors Two Non-Executive Directors were appointed in April 2024. An introduction program was organised consisting of the Audit Committee onboarding by PwC and a general onboarding covering, among other areas, the handling of price-sensitive information, governance, compliance, in - ternal audit, risk management, and IT. 5.1.2.3 Permanent education and evaluation Education sessions are offered to the Non-Executive Di - rectors throughout the year: in March, external experts discussed the growing impact of sustainability on real es - tate development and operations; in May, all Non-Execu- tive Directors attended an ESG workshop given by exter- nal expert and CTP’s Group Head of ESG Management; in August, all Non-Executive Directors attended a real estate valuation workshop; and in November, a presenta - tion on market trends by an external expert was given. In addition, various members of the Board attended CTP’s Capital Market Day in September. Evaluation of the functioning of the Executive Directors and the Non-Executive Directors and of the committees of the Board takes place once a year, either with or with - out an external expert. The self-evaluation for the year 2024 was carried out by completing a questionnaire on an anonymous ba - sis by nearly all the Board members. See Section 5.2.1 for further information. 5.1.3 General Meetings of shareholders The Annual General Meeting (“AGM”) is held at least once a year, no later than 30 June. The agenda for the AGM includes, among others, the adoption of the Group’s an - nual accounts, the appointment of the external auditor, the allocation of profits insofar as this is at the dispos - al of the AGM, and any other matters proposed by the Board or by the shareholders in accordance with the Company’s Articles and Dutch law. The Articles outline the procedures for convening and holding the AGM and the decision-making process. The draft minutes of the AGM must be published on CTP’s website no later than three months following the AGM. Shareholders are given three months to respond to the draft minutes. The minutes of the AGM are subsequently adopted and signed by the chair of the AGM and the Company Secre - tary. Contacts with shareholders are conducted in line with the Bilateral Contacts Policy, published on CTP’s website. General Meetings held in 2024 CTP’s 2024 AGM was held in hybrid form in Amsterdam on 23 April 2024. Meeting topics included, among others, the 2023 Annual Report, the authorisation to issue shares, amendments to the remuneration policy, the presentation of the remuneration report, and the 2023 final dividend. All members of the Board of attended the AGM except for Mr. Trenka, who was excused. No responses to the draft minutes were received. The minutes of the 2024 AGM were adopted and signed on 12 December 2024. No Extraordinary General Meeting took place in 2024. The next AGM will be held on 22 April 2025. Dividend An interim dividend of €0.29 per share was made availa - ble in shares or in cash and paid out on 3 October 2024. A final dividend for the 2024 financial year of €0.30 per ordinary share will be paid subject to AGM’s adoption of the 2024 annual accounts and approval of the payment of the dividend on 22 April 2025, bringing the total dividend over the 2024 financial year to €0.59 per ordinary share. CTP N.V. Annual Report 2024 Governance 173 5.2 CTP Board and Committees 5.2.1 The Board and its meetings in 2023 ESRS GOV-2-26 The Board meets at least once every quarter, at CTP’s offices in Amsterdam, the Netherlands or in one of the other countries where CTP operates. The Board physi - cally met six times in 2024; all Board members attended all meetings. Recurring topics of discussion were, among others, acquisition projects and the development pipe - line, leasing activities, and financial performance. Man- agement reporting and financial reporting versus the budget were discussed, cash-flow forecasts and investor relations updates were provided, and risk management reports containing information about material impacts, risks, and opportunities (“IROs”) and compliance reports were discussed (including sustainability-related con - cerns that may arise and would require attention). These reports reach the Board via the Internal Audit Director, Group Head of Risk Management and Modelling, Group AML Compliance Officer, Group Head of ESG Manage - ment, and the CFO. The results and effectiveness of policies, actions, metrics and targets to address these material IROs are addressed in the Audit Committee, the Sustainability Committee, and at Board meetings. Oversight of CTP’s strategy and decisions to enter major transactions is done at meetings of the Board upon the initiative of the Executive Directors. In its decision, the Board considers sensitivity to uncertainty highlighted also by legal, technical, and environmental due diligence reporting that has taken place in the early stages of a potential transaction. CTP’s strategy is discussed during Board meetings at least once a year, whereby the CEO and CFO present an update on the five-year strategy and indicate risks on the implementation of the then-current strategy plan. At each meeting of the Board a list of opportunities is ta - bled, including an update on the risks that go with the op- portunity. See Section 5.5 for the list of risks. When deemed necessary, the Board consults outside experts for advice and training purposes. The Executive Directors meet each week together with the COO, whereby they discuss strategic, operation - al and financial topics, including assessing and managing IROs. Oversight over this position is exercised by contact every other week, contact with the Chair of the Board, monthly Board update calls (including relevant documen - tation on the day-to-day business, update on the status of key performance indicators), and other ad hoc con - tacts. Dedicated controls and procedures are applied to the extent that approval for transactions above a certain (deal or monetary) size, services from the external audi - tor that have not been pre-approved, and other business matters need to be approved by the Non-Executive Direc - tors before they take place. Discussions on deficiencies (both signalled by CTP’s internal auditor as well as its ex - ternal auditor) take place on a regular basis, and the an- nual audit leading to the approval of the annual accounts ensures that the risks and impacts are properly managed. The Board evaluated its own functioning and that of its committees by completing a questionnaire on an anon - ymous basis. The outcome of the questionnaire was dis- cussed, leading to findings and conclusions of which the most important were that CTP’s Board is small and di - verse with the ability to act quickly in case of important opportunities for the Company. Areas of improvement are related, among others, to continuous improvement on transparency and sharing of information. In addition, op - erational, HR and strategic short-term and medium-term targets were discussed. CTP N.V. Annual Report 2024 Governance 174 The CFO and the Non-Executive Directors had six Board update calls, the purpose of which were to inform the Non-Executive Directors of the business, status of the key performance indicators and financial position of the Group. The main risks (interest rate risk, liquidity risk, funding and credit risk, capital risk, property market risks, credit risk clients) were discussed. The Non-Executive Directors had three meetings among themselves and two with the external auditor present. Board Meetings in 2024 6 March The Board discussed operator, developer, and ener - gy business topics. The 2023 Annual Report containing, among others, the annual accounts were approved, as was the 2023 final dividend distribution, the agenda for the 23 April 2024 AGM of shareholders, a new remunera - tion policy and the remuneration for 2024 for the Execu- tive Directors, including the setting of their 2024 targets and the fulfilment of the 2023 targets. The proposal to the shareholders for (re-)appointment of Non-Executive Directors and committee composition was discussed and approved. 11 April The Board took the decision to introduce an employ - ee share purchase plan for eligible CTP employees (see Section 4.7.2.1.6). 23 April The Board discussed amendments to certain Board Rules, an M&A transaction, and meeting locations. 8 May The Board discussed operator, developer, and energy business topics. The Q1 2024 financial statements were approved, and the Executive Directors’ share award re - lating to the 2021–2023 long-term targets, the award setting for the 2024–2026 long-term targets, and the actual long-term incentive targets for 2024 were dis - cussed. An HR update was tabled. 7 August The Board discussed operator, developer, and energy business topics. The H1 2024 financial statements were approved, as were the 2024 interim dividend amount and payment date, the audit plan, and engagement letters of the external auditor. The Group Environmental Policy, the Stakeholder and Materiality Assessment Policy and the Diversity and Inclusion Policy were discussed. The ESG double materiality assessment was discussed, and an HR update was given. 5 November The Board discussed operator, developer, and energy business topics. The 2024 third-quarter results were approved, the Risk Management Policy and the effec - tiveness of the internal risk management and systems risk was discussed, a status update of deviations from the Code was provided, and the annual evaluation of the Board Rules was discussed, leading to a minor amend - ment to the Audit Committee charter. The new Valuation Policy, the profile of the Non-Executive Directors, train - ing and education sessions for 2025, and the group envi- ronmental policy were approved. 13 December The Board discussed the assessment of the effectiveness of the internal control systems as well as the impact of misconduct and irregularities on the 2024 financial and sustainability reporting. The 2025 internal audit plan was approved as well as amendments to the Risk Management Policy. CTP’s 2025–2030 strategy was discussed, as was the 2025 budget and the 2025 base fee and target ele - ments of remuneration. HR topics, including the outcome of the employee engagement survey, were discussed. The assessment of the functioning of the internal and exter - nal auditor and the additional positions of the Non-Exec- utive Directors were discussed. CTP N.V. Annual Report 2024 Governance 175 5.2.2 Board Committees and their Meetings in 2024 5.2.2.1 Audit Committee ESRS 2 GOV-1-22 The duties of the Audit Committee include supervising and monitoring as well as advising the Board and each Director regarding the integrity and quality of the Com - pany’s financial and sustainability reporting and the ef- fectiveness of the Company’s internal risk management and control systems. The Audit Committee is advised by the Sustainability Committee on the integrity and qual - ity of the sustainability reporting. The Audit Committee advises the Board on the exercise of certain of its duties. It also supervises the submission of financial information by the Company, compliance with the recommendations of internal and external auditors on, among others, inte - gral reporting, the Company’s policy on tax planning, and the Company’s financing arrangements. It assists the Board with the Company’s information and communica - tions technology and maintains regular contact with and supervises the external auditor, and it prepares the nomi - nation of an external auditor for appointment by the Gen- eral Meeting. The Audit Committee issues preliminary ad- vice to the Board regarding the approval of the financial statements and the annual accounts, the annual budget and major capital expenditures. The charter of the Audit Committee is published on CTP’s website. The Audit Committee members are Ms Pitkin (Chair), Mr Schoettel (Vice-Chair) and Ms Eicker - mann-Riepe (member). The information referred to in the Code is included in Section 5.6.1. The Audit Committee is responsible for oversight of the process to manage material impacts, risks and opportu - nities, including the role of the Executive Directors in the process to assess and manage impacts, risks and oppor - tunities. These responsibilities are reflected in the Board Rules and in the charter of the Audit Committee. The Executive Directors, together with the Group COO and some of the senior managers, have meetings in which impacts, risks and opportunities relating to the business are assessed. No delegation of these activities has taken place within CTP. The reporting line to the su - pervisory bodies—the Audit Committee and the Board—is directly from the Executive Directors to the Board. Ded - icated controls and procedures are applied to the man- agement of impacts, risks and opportunities to the extent that the internal audit function together with the internal risk management function monitor and report on impacts and risks at each meeting of the Audit Committee. Tar - gets for senior management relating to material impacts, risks and opportunities on CTP’s business are set by the Executive Directors. Targets for Executive Directors are set by the Non-Executive Directors. Progress relating to the targets of the former group is monitored throughout the year by the CEO and by the Group COO and discussed with the senior management of each separate country. Progress relating to the Executive Directors is monitored twice per year by the Non-Executive Directors. Meetings of the Audit Committee in 2024 The Audit Committee met nine times in 2024; all members attended all meetings, except for Ms Eickermann-Riepe who was not able to attend the (ad-hoc) 30 September meeting. Standard on the agenda of the Committee are the financial accounts of the period, the outlook and liquid - ity forecast (including funding and cash-flow forecast) and a review of the Company’s key performance indica - tors. The Internal Audit Director updates the Audit Com- mittee on his observations and on the status of control issues based on deficiencies identified by the external au - ditor in the relevant yearly audit, presents the internal au- dit plan, and gives regular updates on the status thereof. The Group AML Compliance Officer and the Head of Risk Management and Modelling provided updates (including a whistleblower analysis). In the event that there are ser - vices performed by the external auditor that are outside of the scope of the statutory audit, the Audit Committee approved these services on a separate note. The external auditor attended (part of) the meetings, among others, to present its 2024 audit plan and findings. In addition to the above recurring items, other items discussed during the meetings are mentioned below. CTP N.V. Annual Report 2024 Governance 176 20 February Planning and timing relating to the progress of the 2023 external audit were discussed with the external auditor. 6 March The 2023 Annual Report was discussed (including annual accounts), as well as the draft letter of representation, the management letter and audit report by the external auditor. ESG reporting and EU taxonomy, an update on the ERP conversion, and reports from the Compliance and Risk Management departments and the internal auditor were also discussed. The Committee evaluated the func - tioning of the internal auditor and of KPMG as external auditor and advised the Board of the outcome thereof at the Board meeting on 6 March 2024. 23 April A handover session took place following the 23 April AGM from the outgoing Chair Gerard van Kesteren to the new Chair Kari Pitkin and the new Vice-Chair Rodol - phe Schoettel in the presence of the remaining member Susanne Eickermann-Riepe, the external auditor, and the CFO. 8 May Q1 2024 results were discussed and updates were given on the application of ERP as the new ICT system, the risks related to cybersecurity, and the requirement of NIS2. The status of the internal audit plan was also discussed. 10 June The Audit Committee met with the Group’s Tax Director to discuss the yearly update of the tax situation within the Group. 7 August H1 2024 results were discussed and an update on the ap - plication of ERP was provided. The external auditor pre- sented its 2024 (non-) financial audit plan, and the 2024 interim dividend was discussed. The Audit Committee dis - cussed to start a tender for the external audit position for financial year 2025 and for the financial years 2026, 2027 and 2028. 30 September In early September, the Audit Committee put out a re - quest for a proposal for the external audit position for fi- nancial year 2025 and for the financial years 2026, 2027 and 2028. The audit firms that were invited attended an in-person meeting at the offices of CTP in Prague (Czech Republic) on 18 September. On 30 September, the Audit Committee met to discuss the outcome of the requests for proposals that were received and the presentations given by the audit firms for the external audit of CTP for the financial year starting 1 January 2025 and for the financial years 2026, 2027 and 2028. 5 November Q3 2024 results were discussed, as were amendments to the audit charter forming part of the Board Rules. The Code of Conduct (including suppliers) 2024 assessment took place, and an update on compliance issues was pro - vided. The findings relating to the assessment of the ef- fectiveness of the internal risk management and control systems were discussed and approved. Outside of the presence of the external auditor, the progress on the re - quests for proposals from the major audit firms was dis- cussed. A new valuation policy was also discussed. 13 December The 2025 budget was discussed and recommended for approval to the Board. The status of the 2024 (non-) fi - nancial audit performed by the external auditor was dis- cussed, and the Risk Management Policy was evaluated and amendments approved and recommended for ap - proval to the Board. The 2025 internal audit plan was ap- proved as well as working arrangements with the external auditor, and both were recommended for approval to the Board. An update of the implementation of ERP as the new ICT system was provided. The findings relating to the assessment of the effectiveness of the internal control systems were discussed as well as the impact of miscon - duct and irregularities on the 2024 financial and sustain- ability reporting, and all were recommended for approval to the Board. In a separate meeting, the assessment of the functioning of the internal and external auditor and the progress relating to requests for proposals from the audit firms were discussed. In addition to the above meetings, the Audit Committee met with the CFO, the internal audit function, the AML compliance function and the risk management function separately six times during the year. At these meetings, inter alia, the progress of the internal audit plan was dis - cussed. ESG issues and an update on outstanding com- pliance issues were discussed. The Audit Committee (and the other Non-Executive Directors) met with KPMG out - side of the presence of the Executive Directors twice in 2024. CTP N.V. Annual Report 2024 Governance 177 5.2.2.2 Nomination and Remuneration Committee ESRS 2 GOV-3-29, ESRS E1-GOV-3-13 The duties of the Nomination and Remuneration Commit- tee include proposing appointments and re-appointments of Directors, preparing selection criteria and appointment procedures for Directors, and proposing and updating the composition profile for the Non-Executive Directors. The Nomination and Remuneration Committee also period - ically assesses the scope and composition of the Board and the functioning of the individual Directors. It super - vises the Board’s policy on selection criteria and appoint- ment procedures for Directors and senior management. Furthermore, the duties of the Nomination and Re - muneration Committee include the preparation of pro- posals by the Board on the Remuneration Policy for the Executive Directors to be adopted by the AGM and on the remuneration of the individual Executive Directors to be determined by the Non-Executive Directors. The Nomina - tion and Remuneration Committee prepares a remuner- ation report on the execution of the remuneration policy for the Board during the respective year. The AGM has an advisory vote on the remuneration report. The charter for the Nomination and Remuneration Committee is pub - lished on CTP’s website. The Nomination and Remuneration Committee mem - bers are Ms. Knoflach and Ms. Pitkin. Meetings of the Nomination and Remuneration Committee in 2024 The Nomination and Remuneration Committee met six times during 2024. All meetings were attended by both members. 7 February A new remuneration policy was discussed and a summa - ry sounding with proxy advisors and investors was given, the long-term incentive (“LTI”) award and total share - holder return (“TSR”) performance update for 2023 was provided, approval of measures LTI 2024-2026 and the final (re-)appointment of Non-Executive Directors were discussed. 6 March The fulfilment of the final 2023 short-term incentive (“STI”) targets and the 2024 STI targets were discussed. 8 May The periodic assessment of the composition of the Non-Executive Directors was discussed as well as the method for self-evaluation of the Board. The 2021–2023 LTI award was confirmed. 6 August The Diversity and Inclusion Policy was evaluated and the diversity targets discussed. A mid-year update on the ful - filment of the 2024 short-term incentives was provided. 4 November An inventory of training sessions for 2025 was made. The charter of the Nominations and Remuneration Commit - tee was evaluated, and the committee concluded that no changes to its charter were needed. The outcome of the self-assessment of the Board and the profile of the Non-Executive Directors was discussed. 12 December Benchmark and market trends relating to CTP’s remu - neration were discussed. Remuneration of the Executive Directors and Non-Executive Directors was discussed. A proposal to the Board for an increase in the 2025 base salary of the Executive Directors, the possible outcome of the 2024 incentives based on preliminary numbers and data, and a proposal for an increase in the base fee of the Chair were discussed. The outcome of the employee en - gagement survey was discussed. CTP N.V. Annual Report 2024 Governance 178 5.2.2.3 Sustainability Committee The duties of the Sustainability Committee include, among others, advising the Board on a sustainable long- term vision, strategy and targets for the Group, monitor - ing of the sustainability initiatives and targets, oversee- ing of the overall climate risks and their consideration in the internal risk management and control systems, and all matters of corporate responsibility. The Sustainabil - ity Committee ensures that sustainability matters that are important for CTP in general are tabled in the Board. In this process, the Group Head of ESG Management is important, as he provides bottom-up information on the topics to be tabled and that the appropriate risk assess - ments are made. The accessibility of sustainability-relat- ed expertise and know-how is ensured by the presence of Susanne Eickermann-Riepe. The Sustainability Committee advises the Audit Com - mittee on sustainability reporting. The members are Ms Eickermann-Riepe (Chair) and Ms Knoflach (member). CTP is in the process of gathering more knowledge on ESG-related risks and opportunities. In weighing business risks, the ESG component is valued, and the expectation is that this process will mature over time. See Section 4.3 for details on ESG oversight at CTP. Meetings of the Sustainability Committee in 2024 The Sustainability Committee met five times in 2024, and both members attended all meetings. 6 March The stakeholder management policy was discussed. The draft sustainability report was discussed, and an update on policies, ratings and certificates–BREEAM, GRESB and EPC–was provided. A draft transition plan for cli - mate mitigation was discussed. 8 May An update on policies, ratings and certificates was pro - vided relating to sustainability reporting, and an update on the non-financial audit status was provided. An action plan on property improvements (including CapEx) was presented, and a tenant and employee engagement sur - vey was discussed. 7 August An overview of the regulatory environment relating to the energy business in the different CTP countries was pro - vided. Policies, ratings and certificates were discussed, as was the stakeholder and materiality assessment policy. Data gathering and ESRS requirements, the draft tran - sition plan for climate change mitigation, the Group En- vironmental Policy, and the tenant and employee engage- ment surveys were also discussed. 8 November The committee discussed its charter and decided that no changes were needed. Updates on ratings and poli - cies were given. CapEx and budget needed for the climate transition plan were discussed. An update of the ESG strategy was provided, and the status of the client satis - faction survey was discussed. 12 December The status at year-end of smart metering was discussed, as was the status of client engagement, and new 2025 ESG and energy targets were approved and recommended to the Board for approval. A final climate transition plan was approved and recommend to the Board for approval. The Chair of the Sustainability Committee and the Chair of the Board together formulate targets for the Exec - utive Directors that relate to ESG before they are dis- cussed and adopted in the Board. In November and De- cember 2023, the Chair of the Board organised sounding meetings with external stakeholders in relation to CTP’s new remuneration policy. In these meetings, CTP’s ESG targets were also discussed, leading to (i) positioning ESG as a separate short-term target instead of a malus, and (ii) for long-term incentive targets, ESG has been included as one of the new performance measures. The weights of the ESG targets, both short-term and long-term, are dis - closed in Section 5.3.1.4 – Looking ahead, Section 5.3.2.2 – Annual Cash incentive and Section 5.3.2.3 – Long-term incentive plan. CTP does not disclose the actual 2025 targets upfront; consequently, whether greenhouse gas emission targets are included in the performance meas - ures is not disclosed. CTP N.V. Annual Report 2024 Governance 179 5.3 2024 Remuneration Report In compliance with Article 2:135b of the Dutch Civil Code, the European Shareholder Rights Directive (SRD II) and the Code, CTP’s 2024 Remuneration Report is split into two separate sections, containing: • the Remuneration Policy section, which describes the overall approach to remuneration and sets out the fixed and variable pay components of the Executive Di - rectors and the fixed pay components of the Non-Ex- ecutive Directors, including the background reflecting on the internal and external context surrounding re - muneration outcomes for the reporting year; and • a section on the implementation of the Remunera - tion Policy during the reporting year. A copy of the 2024 Remuneration Report is published on CTP’s corporate website. 5.3.1 Overview of CTP’s Remuneration Policy The Remuneration Policy for the Executive Directors and the Non-Executive Directors of CTP was adopted by the AGM on 25 March 2021 and it was last amended by the AGM on 23 April 2024 (the “Remuneration Policy”). Re - muneration reports are drafted annually since 29 March 2021, when CTP became a listed company. Consequently, this report provides comparable figures available as from 29 March 2021. The design and implementation of CTP’s Remunera - tion Policy have been drafted to follow all applicable laws and corporate governance requirements. Decisions re - lated to remuneration are made in the context of CTP’s values, purpose and strategy. Remuneration Policy changes are subject to sharehold - er approval. During 2023, the Remuneration Policy was evaluated, and the proposed changes were included in an updated Remuneration Policy. At the AGM on 23 April 2024, 98.80% of the shareholders voted in favour of the amended Remuneration Policy, which is effective as of 1 January 2024. Furthermore, for voting rights exercised on remuner - ation-related items, CTP undertakes to actively engage with dissenting shareholders to address all legitimate and reasonable objections and/or concerns. CTP invites its shareholders to engage with it regarding its Remuner - ation Policy and reporting. Feedback was received on the draft remuneration report for 2023 in a sounding round with proxy advisors and investors. During the AGM on 23 April 2024, there were no further questions regard - ing the remuneration report for 2023, and 93.47% of the shareholders voted in favour of the report. 5.3.1.1 Philosophy and principles CTP’s Remuneration Policy is designed to motivate, re - ward, retain, and attract high-calibre senior talent with the required background, skills, and experience and seeks to provide fair, competitive, and balanced remuneration in sync with the role and responsibility. The Remunera - tion Policy provides that the remuneration CTP provides should be fair and competitive against companies of a similar size, scope, and complexity, with a strong em - phasis on variable remuneration to reflect CTP’s highly performance-oriented and entrepreneurial culture, its growth ambitions, and to ensure outcomes align with the expectations of shareholders. The six remuneration prin - ciples that underpin the Remuneration Policy for Execu- tive Directors are: CTP N.V. Annual Report 2024 Governance 180 1. remuneration should ensure that short-term opera- tional results and long-term sustainable value crea- tion are balanced for the Company and its affiliated enterprise and be clearly linked to the delivery of su - perior and sustainable corporate results in line with CTP’s strategy; 2. remuneration outcomes should mirror the sharehold - er and wider stakeholder experience over the long term and be aligned with CTP’s long-term strategy, focus on sustainability principles, and established risk appetite; 3. remuneration should be fair and competitive against companies of a similar size, scope and complexity; 4. remuneration should be simple and transparent in terms of its design and communication to internal and external stakeholders; 5. remuneration should adhere to the principles of good corporate governance practice in line with the Code and Dutch law; and 6. remuneration frameworks should be sufficiently flex - ible to take into account changing business priorities over time. In line with CTP’s remuneration philosophy and principles, its Remuneration Policy sets base salary levels between the lower quartile and median levels of the peer group and total direct compensation levels (the sum of base salary, annual bonus, and long-term incentive) between the me - dian and upper quartile levels of the peer group. Again, this positioning policy reflects CTP’s performance-based culture, with highly competitive levels of reward earned only if outstanding performance is delivered. 5.3.1.2 Benchmarking and peer group CTP’s remuneration should be fair and competitive against companies of a similar size, scope, and complex - ity. CTP develops and operates business parks and is ac- tive in various Western European and CEE markets. The reference points used to define the market in terms of remuneration are sector comparisons, i.e., real estate and logistics businesses. To ensure a balanced approach to benchmarking, remuneration levels of real estate logistics industry-sector companies of a relatively similar size to CTP’s market capitalisation operating in Western Europe and CEE are considered. Segro plc Deutsche Wohnen SE CPI Property Group SA Unibail Rodamco Westfield Swiss Prime Site AG Klepierre Warehouse de Pauw Covivio PSP Swiss Property AG Fastighets AB Balder LEG Immobilien SE Castellum AB Kojamo Oyj Aroundtown SA Icade SA Granite Real Estate Investment Trust Big Yellow Group plc CA Immobilien Anlagen AG Safestore Holdings plc Grainger plc Dream Industrial Real Estate Investment Trust In addition, CTP uses as a reference both Euronext AEX and AMX companies within a reasonable range of CTP’s market capitalisation. The Non-Executive Directors will continue to review the Dutch market and industry refer - ence points used for remuneration benchmarking as CTP grows and will communicate to shareholders if changes are necessary. 5.3.1.3 Looking back Starting in September 2023, the Nomination and Remu - neration Committee carried out a review of the Remu- neration Policy. The Nomination and Remuneration Com- mittee engaged with stakeholders through a dedicated number of sounding meetings, to solicit their feedback on, and support for, the proposals. This process resulted in the proposal to adopt an amended Remuneration Poli - cy for the Executive Directors and Non-Executive Direc- tors respectively, which is effective as of 1 January 2024 following the shareholder’s adoption of the proposal at the AGM on 23 April 2024. The four main changes compared to the previous Re - muneration Policy are: CTP N.V. Annual Report 2024 Governance 181 Peer group The Company's previous remuneration peer group consisted solely of Euronext AEX and AMX listed companies. The current peer group has been constructed with a narrow- er sector focus, to only include real estate logistics companies with European opera- tions. Please refer to paragraph “Bench- marking and peer group” above. Changes to the short-term incentive (“STI”) and the long- term incentive (“LTI”) The maximum payout when the STI targets are met has been amended downwards from 300% to 200%. Further, ESG is positioned as a separate target instead of a malus. For the LTI, ESG will also be included as one of the new performance measures. For an overview of the performance measures that apply for the 2024 LTI award, see Section 5.3.2.3. Option to remuner- ate the Company's Non-Executive Directors (partly) in shares With effect from 2025, the Company's Non-Executive Directors may receive part of their fixed annual fees in the form of shares in the Company instead of a cash payment. A Non-Executive Director may only elect to receive shares in accordance with and subject to the restrictions of the Remunera- tion Policy, the restrictions of which include a lock-up period for the shares received. For 2024, the Non-Executive Directors will re- ceive the total fixed annual fees in the form of cash payments. Sustainability Committee Given the introduction of the Company's Sustainability Committee in 2022, the amended Remuneration Policy includes fixed annual fees for the members of the Compa- ny's sustainability committee of EUR 10,000 for a member and EUR 15,000 for the Chair as of 1 January 2023. 5.3.1.4 Looking ahead In a sounding round with proxy advisors and investors on the draft remuneration report for 2023, additional dis - closures were requested regarding the short-term incen- tive performance measures and targets. For an overview of the applicable performance measures and the actual targets for financial year 2024, see Section 5.3.4.2. For the financial year 2025, the annual cash incentive pay- out for the Executive Directors will be dependent on the performance against the following pre-determined per - formance measures: FINANCIAL AND BUSINESS TARGETS 10% New GLA YoY in million sqm 30% Company specific adjusted EPRA earnings per share 10% Yield on Cost (“YoC”) of deliveries 10% Occupancy rate 10% Rental income in million EUR 10% Overhead costs 80% TOTAL NON-FINANCIAL TARGET 20% ESG target (GRESB score) There will be the possibility to apply a malus based on the Loan-to-Value ratio. The performance levels under the short-term incentive for the financial and business targets and the non-finan - cial KPIs for 2025 have been set by the Non-Executive Directors. In accordance with the Remuneration Policy, these were set as indicated in the framework above. In line with market practice and taking into account the commercial sensitivity of disclosing financial targets prospectively, CTP discloses the specific performance levels on a retrospective basis only. For 2025, some of the performance measures have been slightly amended in re - lation to weighting and some of the performance meas- ures have been newly formulated to create more align- ment with the business strategy relating to occupancy, rental collection and overhead, all in conformity with the Remuneration Policy. In addition, the AGM will be requested to approve a 10% increase of the base salary level of the CFO to EUR 418,000 and a EUR 50,000 increase of the annual base fee of the Chair of the Board to EUR 200,000. Both amendments will, once approved by the AGM, enter into force with retroactive effect from 1 January 2025. 5.3.1.5 Engaging with stakeholders CTP engages openly with its shareholders and institu - tional investors on their input regarding CTP’s Remu- neration Policy and the implementation thereof. Taking this input into account together with the input from CTP’s other stakeholders allows the Company to make informed decisions going forward and to remain impact - ful on all fronts. CTP N.V. Annual Report 2024 Governance 182 5.3.2 Remuneration of the Executive Directors The total direct remuneration of the Executive Directors consists of four fixed and variable components: • fixed annual base salary; • variable short-term incentive plan (“STI”) – annual cash bonus plan • variable long-term incentive plan (“LTI”) – perfor - mance share units; and • benefits. The total direct remuneration mix at target and maxi - mum performance for the CEO and CFO are illustrated in Fig. 5.1, Fig. 5.2, and Fig. 5.3. In these charts, fixed remu - neration refers to the fixed annual base salary, and vari- able remuneration consists of the annual STI bonus plan and the LTI plan. The charts do not reflect the impact of any share price movements. CTP’s CEO, Mr. Vos, has a substantial shareholding in the Company, meaning there is already a clear and direct link between his reward and the Company’s performance. Therefore, there are elements of the Remuneration Pol - icy in which Mr. Vos does not participate in and conse- quently will not be entitled to receive a pay-out in relation to such elements. These elements relate to the annual cash bonus plan and the LTI. The remuneration elements of Mr. Vos are under regular review by the Non-Executive Directors to ensure an appropriate balance is struck be - tween his role as a CEO and as a founder and shareholder. Scenario analyses under different performance out - comes are carried out annually. 5.3.2.1 Fixed annual base salary The fixed annual base salary is based on seniority and ex - perience, reflecting the nature of the role and responsi- bilities, while considering relevant benchmarks. The base salary of the Executive Directors is currently set between the lower quartile and median of remuneration levels pay - able within the real estate logistics industry sector peer group. Salaries are reviewed and approved by the Board on an annual basis, or when there is a change in position or responsibility. FIG. 5.3 CFO: MAXIMUM PERFORMANCEFIG. 5.1 CEO: AT TARGET AND MAXIMUM PERFORMANCE FIG. 5.2 CFO: AT TARGET PERFORMANCE Variable Long-Term Remuneration 33% Variable Long-Term Remuneration 33% Fixed Remuneration 22% Fixed Remuneration 33% Variable Short-Term Remuneration 44% Variable Short-Term Remuneration 33% Fixed Remuneration 100% (in %) (in %) (in %) * Numbers in Fig 5.2 and 5.3 do not add up to 100% due to rounding. CTP N.V. Annual Report 2024 Governance 183 5.3.2.2 Annual cash incentive The purpose of the annual cash incentive is to drive the achievement of annual performance targets supporting CTP’s shorter-term strategic goals. The Executive Di - rectors are eligible for an “at target” annual bonus of 100% of the base salary, and the maximum bonus for outstanding performance is capped at two times the tar - get amount, equal to 200% of base salary. Performance measures are based on key perfor - mance indicators that relate to CTP’s strategy and busi- ness priorities for the year ahead, the execution of the strategy and the creation of long-term value for share - holders: • Financial measures are based on key performance indicators that relate to the execution of CTP’s strategy and are denominated in absolute or growth targets as appropriate. Financial and business meas - ures may relate to adjusted EPRA EPS, gross leas- able area (“GLA”), gross rental income, occupancy rate, rental collection, weighted average unexpired lease term (“WAULT”), Yield on Cost (“YoC”) and other similar financial measures linked to cashflow, earnings profit. • Non-financial measures may relate to ESG targets, sustainability targets, corporate social responsibility targets, and specific strategic milestones as consid - ered appropriate by the Non-Executive Directors. The Non-Executive Directors may select other financial and/or non-financial performance measures, as appro - priate, taking into account the business priorities for the relevant year. As a general principle, the majority of the bonus scorecard will be based on financial measures. Loan to value (“LTV”) targets may be set as a modifier by means of a downward adjustment of the overall perfor - mance measure outcome in a range up to 20%. The chosen performance measures have challeng - ing but realistic targets to focus the Executive Directors on the execution of the Group’s strategy in a sustaina - ble manner. At the Non-Executive Directors’ discretion, a portion of the annual cash incentive could be deferred into shares using the deferred incentive plan. See Section 5.3.2.5 for further information. 5.3.2.3 Long-term incentive plan The purpose of the long-term incentive plan (“LTI”) is to incentivise the achievement of long-term sustainable shareholder returns and the delivery of CTP’s long-term strategy. Under the LTI, the Executive Directors may receive an annual award for shares, which shall normally vest after a three-year performance period, subject to the achievement of certain pre-determined corporate per - formance conditions, including financial and shareholder return-based measures set by the Non-Executive Direc - tors and remaining in service. LTI awards may be granted as nil cost awards and may take the form of options to acquire shares, conditional rights to acquire shares, or an immediate award of shares subject to restrictions. No payment is required for the grant of an LTI award (unless the Non-Executive Directors determine otherwise). The LTI award opportunity is set at 100% of the base salary for delivering “at target” performance. The max - imum number of shares that can be delivered under the LTI award for delivering outstanding performance is 1.5 times the number of shares granted (i.e., 150% of the LTI award shares granted). Therefore, the maximum LTI award opportunity is equal to 150% of the base salary at granting, and no vesting will occur for below-thresh - old performance. The LTI award level reflects CTP’s high-performance culture and is in line with the princi - ple that a greater portion of total remuneration should be based on variable remuneration. In line with the Code and unless the Non-Executive Directors determine oth - erwise, LTI awards granted to Executive Directors will be subject to a holding period of at least two years following vesting. During this period, sale of the shares is restrict - ed, although shares may be sold to cover taxes due be- cause of vesting. Each financial year the Non-Executive Directors will determine the most appropriate performance conditions for the LTI award. Performance measures will be selected considering CTP’s long-term business strategy and will relate to pre-determined corporate performance condi - tions, including financial and shareholder return-based measures. CTP N.V. Annual Report 2024 Governance 184 The performance measures and targets for the LTI award will be approved by the Non-Executive Directors and contain financial and non-financial measures that capture long-term value creation for shareholders and are linked to a mix of absolute or relative total sharehold - er return (“TSR”), EBITDA growth, EPS growth, or ESG measures. A core performance measure assessed under the LTI is TSR, which reflects the return received by a shareholder and captures both the change in the share price and the value of dividend income, assuming divi - dends are reinvested. TSR is an appropriate measure, as it objectively measures CTP’s financial performance and assesses long-term value creation for shareholders and may be linked to: • a relative measure allows an assessment of the out - performance delivered by CTP compared to other companies. For this purpose, relative performance is measured against an appropriate European real es - tate index; and/or • an absolute TSR to ensure that Executive Directors remain focused on CTP’s own performance by requir - ing growth in TSR over the measurement period, ir- respective of market performance. Additionally, financial performance measures will be based on key performance indicators that relate to the long-term execution of CTP’s strategy. LTI awards will be subject to an EBITDA growth and/or an EPS growth measure. Further, LTI awards will, to a maximum of 20%, be subject to non-financial measures relating to relative ESG targets. During the period of the Remuneration Policy and in the context of CTP’s long-term business strategy, the Non-Executive Directors will review performance condi - tions for each grant under the LTI in terms of the meas- ures themselves, the ranges of targets, and weightings applied to each element of the LTI. 5.3.2.4 Benefits Executive Directors are entitled to receive market-stand - ard benefits. Such benefits may include health insurance; life insurance; car allowance; use of a company car; travel allowance; laptop, tablet and mobile phone devices; and workers’ compensation for illness. CTP also pays addi - tional benefits when specific business circumstances require it, for example, expatriate benefits (housing and travel allowance), relocation allowances, and where appli - cable, reasonable tax advice and support and tax equali- sation to offset double taxation. The Executive Directors do not participate in any CTP pension plans or receive any pension contributions. 5.3.2.5 Deferred incentive plan The deferred incentive plan (“DIP”) is a discretionary plan that may operate with one or more incentive plans oper - ated by CTP and provides a mechanism for the deferral of part of a participant’s incentive into a deferred award of cash and/or a deferred award of shares (“DIP award”). The Non-Executive Directors, in circumstances they con - sider appropriate, may determine that Executive Direc- tors are eligible for selection to participate in the DIP. The Non-Executive Directors reserve the right to defer a part of the annual cash bonus into shares in circumstanc - es they consider appropriate. Deferral of shares would be under the terms of the DIP, and therefore Executive Di - rectors may receive DIP awards, which are granted over shares. DIP awards that are granted over shares may be granted as nil-cost awards and may take the form of options to acquire shares, conditional rights to acquire shares, or an immediate award of shares subject to re - strictions. In line with the Code, and unless the Non-Ex- ecutive Directors determine otherwise, DIP awards over shares will be subject to a five-year holding period fol - lowing the award date. During this period, the sale of the shares is restricted, although shares may be sold to cover taxes due because of vesting. DIP awards are forfeited by Executive Directors who leave CTP unless and to the extent the Non-Executive Di - rectors otherwise determine. DIP awards may vest early on certain corporate events and may be varied on varia - tions of the Company’s share capital and certain corpo- rate events. DIP awards may also entitle participants to dividend equivalents paid in cash or shares. The total number of shares that may be newly issued or transferred from treasury in satisfaction of awards under the LTI and the DIP may in aggregate not exceed 5% of the Company’s issued and outstanding share cap - ital from time to time. To mitigate dilution, the Company may repurchase shares to cover DIP Awards granted in the form of shares. CTP N.V. Annual Report 2024 Governance 185 5.3.2.6 Minimum shareholding requirements Share ownership requirements apply that require Ex - ecutive Directors to build or maintain (as appropriate) a minimum shareholding equivalent to 250% of a one- year base salary over five years. Shares included in this calculation are any shares beneficially owned and any vested shares under the LTI. Given Mr. Vos’ substantial shareholding in the Company, he already exceeds this re - quirement. The Non-Executive Directors may use their discretionary judgement to allow for a temporary devia - tion of this guideline in circumstances they consider to be appropriate, for example, in the case of new joiners. For the avoidance of doubt, in case of any shortfall under the share ownership requirement, Executive Directors will not be required to purchase shares from their own funds to satisfy the requirement. 5.3.2.7 Adjustments to variable remuneration Following the occurrence of certain events, variable re - muneration may be reduced (malus) and claw back pro- visions may be applied to paid-out annual cash incentives as well as long-term share-based incentives. Malus The Non-Executive Directors, acting fairly and responsibly, may determine that the val- ue of variable remuneration as granted would produce an unfair result due to extraordinary circumstances during the period in which the predetermined performance criteria have been or should have been applied. In such circumstances, and prior to vesting, variable remuneration can be cancelled or reduced. Claw back Upon discovery that variable remunera- tion has been awarded based on incorrect financial or other data, the Non-Executive Directors, acting fairly and responsibly, may recover such variable remuneration in part or in full. 5.3.2.8 Executive agreements Agreements with the Executive Directors are either for an indefinite term (Mr. Vos) or a fixed-term period (Mr. Wilkinson). A three-month notice period applies to the agreement with Mr. Vos and a six-month period ap - plies to the agreement with Mr. Wilkinson. 5.3.2.9 Severance provisions In the event of termination of employment, compensa - tion is provided for the loss of income of up to six months of gross base salary in addition to a six-month notice period for Mr. Wilkinson and three-month notice for Mr. Vos. 5.3.2.10 Loans At the end of 2024, no loans, advances, or guarantees were outstanding with the Executive Directors. 5.3.3 Remuneration of the Non-Executive Directors Non-Executive Directors receive an annual fixed base fee independent of the share price and performance of the Company and it is delivered in cash and an immediate award of shares subject to restrictions. 5.3.3.1 Fee structure of the Non-Executive Directors The base fee is based on the ongoing nature of the re - sponsibilities of the Non-Executive Directors as an inde- pendent body for effective control of the Company. In deviation of the best practice provisions of the Dutch Corporate Governance Code, Non-Executive Directors are eligible to receive part of their fixed compensation in shares. Shares awarded will be subject to a holding peri - od of at least five years in line with the Dutch Corporate Governance Code. During this period, sale of the shares is restricted, although shares may be sold to cover taxes due as a result of vesting. After the holding period, the shares are retained until two years following the date the appointment is terminated. This to promote the in - terests of CTP and its shareholders by strengthening the ability to attract and retain highly competent Non-Ex - ecutive Directors, and to encourage share ownership in CTP which will support accomplishment of the Compa - ny's strategy and long-term interests. In addition to a base fee, the Non-Executive Direc - tors also receive committee fees (see Table 1). All remu- neration is denominated and delivered in euros. Currency conversion risks are not covered by the Company. Table 7 shows the actual remuneration received by the Non-Ex - ecutive Directors in 2024. Non-Executive Directors are not entitled to any oth - er compensation in relation to their duties. Accordingly, the Non-Executive Directors do not qualify for or receive any equity in terms of the Company’s variable pay incen - tive schemes, and they do not qualify to participate in any benefit program, e.g., pension benefits or arrangements, loan programs, etc. 5.3.3.2 Reimbursements Non-Executive Directors are eligible to receive reim - bursement of reasonable expenses incurred undertaking their duties. CTP N.V. Annual Report 2024 Governance 186 5.3.3.3 Tenure The current Non-Executive Directors are appointed for a term of three or four years. When the term ends, all Non-Executive Directors are subject to retirement and re-election by the shareholders, and the re-appoint - ment of Non-Executive Directors is not automatic. Dur- ing the tenure, annual self-evaluations of the Board and its sub-committees are done by the Non-Executive Di - rectors. 5.3.3.4 Loans At the end of 2024, no loans, advances, or guarantees were outstanding with the Non-Executive Directors. TABLE 1 COMPENSATION OF NON-EXECUTIVE DIRECTORS Role Fee (€) Annual fixed base fees Senior Independent Director 150,000 Member of the non-excecutive directors 75,000 Committee fees Chair of the Audit Committee 20,000 Member of the Audit Committee 15,000 Chair of the Nomination and Remuneration Committee 15,000 Member of the Nomination and Remuneration Committee 10,000 Chair of the Sustainability Committee 15,000 Member of the Sustainability Committee 10,000 5.3.4 2024 remuneration outcomes The remuneration of the Executive Directors is deter - mined by the Board, following a recommendation from the Nomination and Remuneration Committee with due observance of the Remuneration Policy. It comprises the following elements: • fixed annual base salary; • annual cash incentive; • Long-term share-based incentives; and • benefits. The implementation of the Remuneration Policy provides for a structure that aligns the compensation of the Ex - ecutive Directors with the successful delivery of CTP’s long-term strategy and shareholder value growth. When designing the Remuneration Policy, the Board consid - ered, among others, the pay ratio between the Execu- tive Directors pay and average employee pay. When im- plementing the Remuneration Policy, and, in particular, when assessing the outcomes of variable remuneration components, scenario analyses were taken into consid - eration by the Non-Executive Directors. Market develop- ments, benchmarked against the new peer group, were taken into account. 5.3.4.1 Base salary In 2024, consistent with 2023, the annual base salary of Mr. Vos and Mr. Wilkinson was as shown in Table 2. TABLE 2 BASE SALARY Name Board Role Annual Fixed Fees Remon Vos Chief Executive Officer 500,000 Richard Wilkinson Chief Financial Officer 380,000 5.3.4.2 Annual cash incentive In 2024, the annual cash incentive pay-out for the Execu - tive Directors was dependent on the performance against the following pre-determined performance measures: • growth in completed new GLA (25%); • Company specific adjusted EPRA earnings per share (30%); • Yield on Cost (“YoC”) of projects under construction (25%); and • ESG targets consisting of six underlying/sub targets (20%). The Non-Executive Directors have reviewed the actu - al performance of the Executive Directors against the set of performance targets to determine the extent to which the targets have been achieved. The annual cash incentive pay-out is 100% of the base salary based on an “at target” achievement of the performance conditions, and the maximum bonus for outstanding performance on the financial and business related performance meas - ures is capped at two times the target amount. For below threshold performance, the annual cash incentive pay- out is 0%. CTP N.V. Annual Report 2024 Governance 187 The actual STI performance was assessed by the Nom- ination and Remuneration Committee in good faith in a reasonable manner. [In this assessment, the underlying performance of the Company that was achieved over the year 2024 was satisfactory, also compared to its peers.] The threshold GLA growth performance was achieved (+ 1.3 million sqm) which resulted in a weighted-adjusted vesting of 15% of base salary for this STI target with a corresponding bonus of EUR 57,000. The EPRA EPS per - formance threshold target level was also achieved (EUR 0.80), resulting in a weighted-adjusted vesting of 18% (EUR 68,400). The YoC performance achieved (10.1%) was between threshold and target performance, which re- sults in a weighted-adjusted vesting of 17% (EUR 64,600). Based on the review of the achievement of the ESG tar - gets that may result in a vesting ranging between 0% (targets not met) and 20% (targets met) of base salary, this resulted in an overall weighted-adjusted vesting of 11% (EUR 41,800). This results in an overall 2024 STI bonus of EUR 231,800 based on a weighted-adj usted vesting of 61% of base salary, prior to assessing the achievement on the loan to value (“LTV”) target set as a modifier for the 2024 STI. The modifier may result in a downward adjustment of the overall performance measure outcome in a range up to 10% for actual LTV performance between 45% and 48%. The actual LTV achieved (45.33%) results in an overall downward adjustment of 1.1% of the total STI 2024 (EUR 2,550) and a pay-out of EUR 229,250 based on a corresponding weighted-adjusted vesting of 60% of base salary. TABLE 3 STI PERFORMANCE MEASURE 2024 Weight Vesting ranges (% of base salary) Above threshold performance (minimum performance levels 60% vesting) Maximum performance (200% vesting) Actual performance Vested (% of base salary) Payout amounts Mr. Vos, CEO Mr. Wilkinson, CFO Company Specific Adjusted EPRA EPS 30% 0% - 60% €0.80 €0.83 €0.80 18% - 68,400 Growth in completed new GLA (million sqm) 1 25% 0% - 50% 1.3 2.1 1.3 15% - 57,000 Yield on Cost 25% 0% - 50% 10.0% 11.0% 10.1% 17% - 64,600 ESG targets 1 20% 0% - 20% 11% - 41,800 Total 100% 0% - 180% 61% - 231,800 Loan to value target 2 -1% - -2,550 Bonus payable 60% - 229,250 1 The ESG targets consist of six underlying/sub-targets, which are either met (at-target vesting) or not met (no vesting). Based on the achievement on these ESG targets, overall weighted-adjusted vesting is 11% of base salary, which is 55% of the vesting opportunity. 2 This modifier results in a downward adjustment of the overall STI performance measure outcome in a range up to 10% for actual LTV performance between 45% and 48%. The actual LTV achieved (45.33%) results in an overall downward adjustment of 1.1%. CTP N.V. Annual Report 2024 Governance 188 5.3.4.3 Long-term incentive plan The 2024 conditional share award made under the LTI to Mr. Wilkinson with an award date of 10 May 2024 may vest on the third anniversary of the award date, subject to continuous services and meeting the predetermined performance targets. Outstanding conditional share awards will automatically lapse upon termination of ser - vices before the end of the vesting period. The shares must be held for a minimum of two years after vesting. Mr. Vos was not entitled to receive an LTI award during 2024. The following three performance measures apply for the 2024 LTI award: • 40% of the award may vest depending on the Com - pany’s EBITDA growth performance; • 40% of the award may vest depending on the Com - pany’s relative TSR performance versus the FTSE EPRA/NAREIT Developed Europe Index; and • 20% of the award may vest depending on the ranking of the Company in the index operated by Morningstar Sustainalytics on ESG Risk Rating (see Table 3). The actual performance targets for the 2024 condition - al share award will be reported and disclosed retrospec- tively after vesting in the 2027 remuneration report, once the actual achievements on the performance tar - gets have been determined. 5.3.4.4 Vesting 2021 LTI award The following two performance measures applied for the 2021 LTI award with a vesting date on 30 April 2024: • 50% of the award may vest depending on the Compa - ny’s absolute total shareholder return (TSR) perfor- mance; and • 50% of the award may vest depending on the Com - pany’s relative TSR performance versus the FTSE EPRA/NAREIT Developed Europe Index (“TSR Index”). The performance period for the 2021 LTI award was the three-year period commencing on the award date, 30 April 2021, which means that the performance period ended on 30 April 2024. The LTI award opportunity was set at 100% of the base salary for delivering “at target” performance. The maximum number of shares that can be delivered under the LTI award for delivering outstand - ing performance was 150% of the number of LTI award shares granted. The threshold opportunity level for the 2021 LTI was set at 75% of the at target number of awards. No vesting will occur for below-threshold per - formance. The Non-Executive Directors have reviewed the ac - tual performance against the set of performance targets to determine the extent to which the performance tar - gets have been achieved. Table 4 provides an overview of the applicable performance measures for the 2021 LTI award, the targets for each performance measure, the actual performance over the three-year performance pe - riod, and the resulting vesting percentages. The Company’s absolute TSR performance for the 2021– 2023 performance period of 7.0% per annum as calculat - ed based on the compound annual growth rate was below the threshold performance level of 8% per annum, which resulted in a 0% vesting for this element of the 2021 LTI award. The performance of the TSR Index for the same period was -6.6% per annum. As the Company’s TSR per - formance relative to the TSR Index was above the target for maximum vesting, this resulted in vesting of 150% of the target number of share awards subject the relative TSR performance condition (i.e., 20,357 shares). As the Executive Director is entitled to 2,022 additional shares as compensation for dividends paid during the vesting period (i.e., dividend equivalents of 9.93% per vested award), in total 22,379 shares vested on 30 April 2024 (see Table 4 and Table 5). CTP N.V. Annual Report 2024 Governance 189 TABLE 4 LTI PERFORMANCE MEASURE 2021–2023 AWARD Weight Vesting levels (% of target number) Threshold performance Target performance Maximum performance Actual performance Vested (% of target number) Absolute TSR 50% 37.5% - 75% 8% p.a. 12% p.a. 15% p.a. 7.0% 0% Relative TSR 50% 37.5% - 75% Equal to TSR Index Equal to TSR Index + 5% Equal to TSR Index + 7.5% Equal to TSR Index +13.6% 75% Total 100% 75% - 150% 100% TABLE 5 SHARE AWARDS The main conditions of share award plans 2024 based on at target award levels (100%) Opening balance During the year Closing balance Name of Director, position Performance period Award date Vesting Date End of holding period Shares outstanding 1 January 2024 Number of shares awarded Shares vested / forfeited ¹ Unvested shares subject to performance condition Vested shares subject to holding period Remon Vos, CEO N/A - - - - - - - - Richard Wilkinson, CFO 2021 -2023 30 April 2021 30 April 2024 30 April 2026 27,142 - 27,142 - 22,379 Richard Wilkinson, CFO 2022 -2024 29 April 2022 29 April 2025 29 April 2027 27,130 - - 27,130 - Richard Wilkinson, CFO 2023 -2025 11 May 2023 11 May 2026 11 May 2028 32,442 - - 32,442 - Richard Wilkinson, CFO 2024 -2026 10 May 2024 10 May 2027 10 May 2029 22,691 - 22,691 - 86,714 22,691 27,142 82,263 22,379 1 Of the total 27,142 at target number of awards granted in 2021, 13,571 awards subject to the absolute TSR condition forfeited (0% vesting) and 13,571 awards subject the relative TSR condition vested (i.e., 20,357 shares based on 150% vesting). As the CFO is entitled to 2,022 additional shares to reflect the value of dividends paid during the vesting period, in total 22,379 shares vested with a value of EUR 357,169, based on the share price of EUR 15.96 on 30 April 2024. CTP N.V. Annual Report 2024 Governance 190 TABLE 6 REMUNERATION 1 AND COMPANY PERFORMANCE 2024 % change 2023 % change 2022 % change 2021 Name of Executive Director, position Remon Vos, CEO 599,615 1% 595,405 -1% 599,041 1% 591,132 Richard Wilkinson, CFO 1,003,317 -5% 1,051,701 −11% 1,187,427 5% 1,134,708 Annual remuneration of all employees (excluding CEO and CFO) 50,565,908 11% 45,758,894 22% 37,529,532 36% 27,617,160 Average FTEs of employees (excluding CEO and CFO) 804.2 14% 709 23% 577 32% 438 Average total annual remuneration 62,721 -3% 2 64,504 −1% 65,043 3% 63,053 Pay ratio CEO 9.6 4% 9.2 - 9.2 −2.0% 9.4 Pay ratio CFO [16.0] -2% 16.3 −11% 18.3 1% 18.0 Company specific adjusted EPRA EPS (€) 0.80 10% 0.73 19% 0.61 26% 0.49 GLA in million sqm 13.3 12.7% 11.8 12% 10.5 38% 7.6 1 The calculation method for the pay ratio is aligned with the guidance in the Code. The remuneration of workers who are self-employed are not included when calculating the average total annual remuneration of employees. 2 See explanation of this decrease in 5.3.4.8 CTP N.V. Annual Report 2024 Governance 191 5.3.4.5 Benefits Executive Directors receive market-standard benefits and additional benefits may be considered as required, subject to business needs. Mr. Wilkinson receives a hous - ing allowance of (the local currency equivalent of) €1,500 per month. The details of the benefits provided to Exec - utive Directors accrued for or paid in the 2024 reporting year are set out in Tables 8 and 9 below. For the avoidance of doubt, no allowances for pension were paid to the Executive Directors. 5.3.4.6 Adjustments to remuneration In 2024, no application of the right to reclaim variable remuneration by means of either a claw back or malus within the meaning of Article 2:135 (8) of the Dutch Civil Code was applied on any kind of variable payments for any Executive Director. 5.3.4.7 Minimum shareholding requirements The minimum shareholding requirements amounts to 250% of a one-year base salary over five years. Given Mr. Vos’ substantial shareholding in the Company, he al - ready exceeds the minimum shareholding requirement. Mr. Wilkinson did not meet the minimum shareholding re - quirement in 2024. 5.3.4.8 Pay ratio As Mr. Vos only receives a fixed annual base salary, the pay ratio is disclosed both for Mr. Vos and Mr. Wilkinson. The average total annual remuneration for the reference group does not include the total annual remuneration of either Mr. Vos or Mr. Wilkinson. In 2024 the internal pay ratio was 9.6 (9.2 for 2023, 9.2 for 2022 and 9.4 for 2021) for Mr. Vos and 16 (16.3 for 2023, 18.3 for 2022 and 18.0 for 2021) for Mr. Wilkinson as shown in Table 6. The in - crease of the internal pay ratio for Mr. Vos in 2024 com- pared to 2023 is mainly explained by a 3% decrease in the average total annual remuneration of all employees (excluding CEO and CFO) due to the comparatively low - er seniority of the new hires and a one-off bonus paid in 2023. The decrease of the internal pay ratio for Mr. Wilkinson both in 2024 and in 2023 is mainly explained by lower expenses recognized under IFRS for the annual bonus plan compared to the prior year. 5.3.4.9 Non-Executive Directors’ remuneration The Non-Executive Directors’ remuneration for the fi - nancial years ending after 29 March 2021, when CTP be- came a listed company, is presented in Table 7. 5.3.4.10 Compliance CTP did not deviate from the Remuneration Policy for ei - ther the Executive or Non-Executive Directors. The Company has not granted any loans, advance pay - ments or guarantees to the Executive Directors or Non-Executive Directors. 5.3.4.11 Total remuneration of the Executive Directors The total remuneration awarded or due to the Executive Directors for the financial year ending on 31 December 2024 is presented in Table 8. Table 9 presents the total remuneration of the Exec - utive Directors as recognised by the Company under IFRS for the financial year ending on 31 December 2024. CTP N.V. Annual Report 2024 Governance 192 TABLE 7 REMUNERATION OF NON-EXECUTIVE DIRECTORS Name of Non-Executive Director Annual fixed fees received (€) Annual fixed fees received (€) Total 2024 2023 Committee role 2024 2023 2024 2023 2022 2021 1 Barbara Knoflach, Senior Independent Director 150,000 150,000 Chair Nomination and Remuneration Committee 2 , member Sustainability Committee 25,000 23,333 175,000 173,333 160,000 121,863 Susanne Eickermann-Riepe 75,000 75,000 Chair Sustainability Committee, member Audit Committee 30,000 30,000 105,000 105,000 90,000 68,548 Kari Pitkin 3 50,000 - Chair Audit Committee, member Nomi- nation and Remuneration committee 20,000 - 70,000 - - - Rodolphe Schoettel 3 50,000 - Vice-Chair Audit Committee 10,000 - 60,000 - - - Gerard van Kesteren 4 75,000 75,000 Chair Audit Committee 6,667 20,000 31,667 95,000 95,000 72,356 Pavel Trenka 4, 5 37,500 75,000 Chair Nomination and Remuneration Committee until 25 April 2023, thereafter member of same Committee 0 6,667 0 44,167 90,000 68,548 Total 350,000 337,500 91,667 80,000 441,667 417,500 435,000 331,315 1 Recognised by the Company for remuneration to Non-Executive Directors as from 29 March 2021. 2 Ms. Knoflach became chair of the Nomination and Remuneration Committee as of 23 April 2024. 3 Ms. Pitkin and Mr. Schoettel were appointed as new board members for a term of three years at the AGM on 23 April 2024. 4 Mr. van Kesteren and Mr. Trenka did not stand for re-election after their term expired as of the AGM 2024 held on 23 April 2024. 5 Mr. Trenka waived his remuneration as of 1 July 2023. CTP N.V. Annual Report 2024 Governance 193 TABLE 8 REMUNERATION OF EXECUTIVE DIRECTORS – AWARDED OR DUE Name of Executive Director, position Fixed remuneration Variable remuneration Extraordinary items Total remuneration Proportion of fixed and variable remuneration Base salary Other benefits STI 1 LTI 2 Fixed Variable Remon Vos, CEO 500,000 - - - - 500,000 100% 0% Richard Wilkinson, CFO 380,000 26,703 229,250 357,169 - 993,122 41% 59% 1 The STI amount for Mr. Wilkinson includes the amount payable related to the annual cash incentive for 2024 paid in 2025. 2 The LTI amount for Mr. Wilkinson includes the fair value of the awards granted under the LTI in 2021 that vested on 30 April 2024 (22,379 shares multiplied with the closing share price on the vesting date of EUR 15.96). Please also refer to Table 4 Share Awards. TABLE 9 REMUNERATION OF EXECUTIVE DIRECTORS – IFRS Name of Executive Director, position Base salary Social security contributions STI 1 LTI Other benefits Total Remon Vos, CEO 500,000 99,615 - - 599,615 Richard Wilkinson, CFO 380,000 101,363 229,250 266,000 26,703 1,003,317 Total 2024 880,000 200,978 229,250 266,000 26,703 1,602,931 Remon Vos, CEO 500,000 85,331 - - 10,074 595,405 Richard Wilkinson, CFO 380,000 76,441 364,586 204,000 26,703 1,051,730 Total 2023 880,000 161,772 364,586 204,000 36,777 1,647,135 1 The STI amount recognised for Mr. Wilkinson in 2023 includes expenses recognised by the Company under IFRS for the annual cash incentive for 2023 (€215,536) and the deferred part of the STI for 2021 (€149,050). CTP N.V. Annual Report 2024 Governance 194 5.4 Post-2024 Events The Executive Directors submitted the 2024 annual ac- counts, the Letter of the CEO and the Letter of the CFO, and the responsibility statement to the Non-Executive Directors with the recommendation to CTP’s sharehold - ers to adopt the 2024 annual accounts on 22 April 2025. The annual accounts were audited by KPMG, which issued an unqualified auditor’s opinion. The Board approved the accounts and signed the 2024 annual accounts on 7 March 2025. CTP N.V. Annual Report 2024 Governance 195 5.5 Diversity, Code of Conduct and Compliance 5.5.1 Diversity and inclusion ESRS 2 GOV-1-21 CTP is committed to an inclusive culture and aims for an increase of diversity in nationality and age as well as creating and maintaining a variation in education and ex - perience. CTP continues to strive for an adequate and balanced composition of the Board in its future appoint - ments by considering relevant selection criteria, such as executive and industry experience, skills and knowledge, personal capabilities, age, gender identity, nationality, cultural and other background qualities. As of 1 January 2022, Dutch companies listed at Eu - ronext Amsterdam must comply with quotas for supervi- sory boards, and “large” companies (in accordance with Section 2:166 of the Dutch Civil Code) must formulate targets to achieve gender-balanced boards and senior management. A company’s gender-balance targets must be reported to the Dutch Social and Economic Council an - nually and will be included in the management report for transparency purposes. CTP is listed at Euronext Amsterdam and qualifies as a large company in accordance with the Dutch Civil Code. In its Diversity and Inclusion Policy, CTP has included gen - der-balance targets for the Non-Executive Directors, the Executive Directors and the senior management and na - tionality and cultural- balance targets for the full Board. The targets are ambitious but also realistic, given the en - vironment CTP operates in. The targets are formulated as follows: at least 30% of the Non-Executive Directors jointly consists of men and at least 30% of the Non-Exec - utive Directors jointly consists of women, at least 25% of the Executive Directors jointly consist of men and at least 25% of the Executive Directors jointly consist of women. 1 The employees of CTP in a managerial position are the Executive Director positions CEO and CFO, the COO and the country MD’s and CFO’s of the 10 countries CTP is active in. For purposes of the target referred to here, the CEO, CFO and COO are not taken into account. Targets were also set for CTP’s senior management: at least 30% of the senior management jointly consist of men and at least 30% jointly consist of women. With re - spect to nationality, cultural and other background, the target is that a maximum of 50% of one nationality and/ or cultural background will be represented in the Board. For the organisation in its entirety, CTP aspires to have a gender mix of at least 45% of either gender. The current composition of the Executive Director seats is not evenly distributed among males and females, as the current two Executive Directors are male. This can be explained by the fact that no vacancy in the Executive Director group occurred in 2024 (see also CTP’s diversi - ty report submitted to the Dutch Social- and Economic Council on 16 October 2024). Of the current four Non-Executive Directors, three are female and one is male. This distribution of seats is not balanced, and CTP is focused on restoring the bal - ance. The Non-Executive Directors are aware that a new appointment of a non-executive director is not valid if the quorum is not being met Of the total number of 15 senior management em - ployees at year-end 2024, five are female. 1 The target of 30% has therefore been achieved. CTP N.V. Annual Report 2024 Governance 196 Measures are being taken to address the divergence from CTP’s objectives relating to senior management. CTP as a whole had a ratio of female to male employees of rough - ly 45:55 at year end. CTP’s employees come, among others, from the Czech Republic, Greece, Germany, Hungary, the UK, Ro - mania, Slovakia, Poland, Serbia, Bulgaria, Austria, the US, and the Netherlands. CTP employs close to 900 of its own employees. More extensive information on the num - ber of female and male employees throughout the year and within all functions in the Company, the age differ - ences and other relevant information on gender can be found in Section 4.7.2.1.8. There was no written plan to achieve the diversity targets for financial year 2024. Insight into the inflow, progression, and retention of employees and the gender composition of the various target groups at year-end is given in Section 4.7.2.1.8. Within the Company there is no representation of employees or other workers. 5.5.2 Compliance function As part of ongoing efforts to build a comprehensive com - pliance management system, in 2024, CTP elevated its approach to business integrity by transitioning from a traditional compliance program to a robust compliance management system (CMS). This shift reflects CTP’s commitment to embedding compliance into all facets of the Company’s operations, reinforcing ethical governance and addressing regulatory requirements with precision. KEY HIGHLIGHTS OF THE CMS TRANSITION Integrated govern- ance The CMS aligns compliance processes across all jurisdictions and departments, ensuring uniformity, accountability, and seamless ad- herence to applicable laws and regulations. Strengthened risk management Enhanced mechanisms, including automat- ed vendor risk assessments and rigorous conflict-of-interest checks, strengthen operational transparency and integrity. Strengthened risk management Enhanced mechanisms, including automat- ed vendor risk assessments and rigorous conflict-of-interest checks, strengthen operational transparency and integrity. Education and awareness Advanced training programs incorporating real-life scenarios equip employees with the tools to navigate complex compliance chal- lenges effectively. Expanded whistle- blowing mechanisms Improved reporting channels, now fully aligned with the EU Whistleblowing Direc- tive, promote transparency and foster a culture of accountability. Focus on data protection and cybersecurity A coordinated effort with the IT department ensures compliance with the NIS2 Directive, safeguarding personal and sensitive informa- tion against evolving cyber threats. CTP’s CMS serves as the cornerstone of its ethical busi- ness practices, enabling proactive risk management and reinforcing the company’s reputation as a trusted indus - try leader. The Group AML Compliance Officer, with direct ac - cess to the Board and to the CEO and CFO, plays a crucial role in maintaining this standard of integrity. 5.5.3 Code of Conduct The CTP Code of Conduct fosters an ethical corporate culture remains central to the company’s mission of op - erating with integrity, transparency, and professional- ism. Reviewed and refined annually, the Code reflects the evolving business environment, guiding ethical conduct across all operations. 2024 ASSESSMENT HIGHLIGHTS Ethical leadership and “tone at the top” Senior management continues to champion ethical practices, setting a strong example for professionalism and integrity. This leadership fosters a culture where ethical behaviour is actively encouraged and expected at all levels. Procurement and conflict of interest Stricter vendor evaluation protocols and enhanced conflict-of-interest declarations have improved transparency. Efforts to ensure the consistent adoption of the Procurement Policy across all regions are ongoing. Anti-bribery and corruption Comprehensive training programs and rein- forced controls on gifts and business courte- sies uphold CTP’s zero-tolerance approach. Human rights and social responsibility Initiatives aligned with international stand- ards advance the Company’s sustainability goals, including carbon neutrality by 2025. Additional awareness campaigns aim to in- tegrate ESG principles into daily operations, with a focus on strengthening human rights enforcement and enhancing supply chain due diligence. Confidentiality and data protection Continuous improvements in GDPR com- pliance and data security mitigate risks, complemented by new training modules set for launch. CTP N.V. Annual Report 2024 197 Governance 5.5.3.1 Commitment to continuous improvement The Code of Conduct is not static; it evolves to address emerging challenges and opportunities. In 2024, key are - as of focus included: Enhanced training Comprehensive programs to understand the Group's ethical corporate environment, key values, internal rules, and procedures. The training covers compliance policies and includes practical case studies drawn from CTP's experience. Enhanced ESG integration Strengthening supplier due diligence to en- sure an ethical and resilient supply chain. The Group AML Compliance Officer provides regular up- dates on compliance activities and risk assessments, en- suring that ethical considerations remain at the heart of CTP’s long-term strategy. Through these initiatives, the Code of Conduct con - tinues to act as a guiding light for CTP’s operations, rein- forcing the company’s commitment to ethical excellence and long-term value creation. CTP N.V. Annual Report 2024 Governance 198 5.6 Governance Declarations 5.6.1 Compliance with the Dutch Corporate Governance Code 2022 CTP is subject to the Code. In 2024, due to the appoint - ment of two new Non-Executive Directors, the rotation schedule was successfully implemented by the end of April, ensuring a staggered approach to (re-)appointments. Considering the Company’s specific shareholder structure, the Board remains committed to and continues to endeavour to comply with more best-practice provi - sions than it complies with today, but it also acknowledges that some best-practice provisions will not be complied with within the current shareholder structure. Deviations from the best-practice provisions are explained in Sec - tion 5.4.1.1. The headings refer to the Code; the explana- tion relates to the CTP-specific situation. As a stakeholder engagement and materiality as - sessment policy was approved in August, CTP no longer deviates from best practice provision 1.1.5 (dialogue with stakeholders). Best practice provision 2.3.4 and 5.1.4 are the same but differ in the sense that provision 2.3.4 re - lates to a two-tier situation and provision 5.1.4 to a one- tier situation (applicable for CTP). CTP does no longer re - port deviating from both best practice provision 2.3.4 and 5.1.4 at the same time but only reports non-compliance with provision 5.1.4. 5.6.1.1 Deviations from best-practice provisions of the Code Best-practice provision of the Code CTP-specific situation 2.2.1 – Appointment and re-appointment periods–manage- ment board members This provision prescribes that a managing director is appointed for a maximum period of four years. The CEO has been appointed as Executive Director and may be unlimit- edly re-appointed considering his desire to continue an active role on the Board as long as possible in order to safeguard CTP’s long- term value creation strategy. The CFO has been appointed as Executive Director for a period of [four] years. 2.2.2 – Appointment and re-appointment periods - supervisory board members Half of the four Non-Executive Directors have been appointed for three years, which is formally not in conformity with the four years stipulated by this provision. The Board feels it is important to relate the period for re-appointment to international standards and to be able to get new views and ideas on a more regular basis. On the other hand, the Board realises that staggered terms are helpful to safeguard specific knowledge, skills, and expertise within CTP. The Board is therefore pleased that after the sharehold- ers approved to appoint two new non-ex- ecutive directors at the AGM on 23 April 2024, the two new non-executive directors were appointed for three years and the two current non-executive directors for a period of four years (including different third terms of office for possible re-appointment of Non-Executive Directors currently in office). 2.2.4 – Succession The Non-Executive Directors discussed the succession of Executive Directors and Non-Executive Directors extensively in 2024, thereby taking into account the profile of the Non-Executive Directors. There is, however, no written plan for succession of members of the Board. CTP N.V. Annual Report 2024 Governance 199 2.2.5 – Duties of the selection and ap- pointment committee The Nomination and Remuneration Commit- tee has not drawn up a written plan for the succession of members of the Board. How- ever, the succession of Executive Directors and Non-Executive Directors was discussed numerous times by the Committee as well as by the Board during the year, whereby diver- sity requirements, expertise and expansion of resources due to the increasing complexity and growth of the business, were tabled. The policy of the Executive Directors on the se- lection criteria and appointment procedures for senior management was not discussed by the Non-Executive Directors. Such a policy has yet to be formulated in writing within CTP. 4.3.3 – Cancelling the binding nature of a nomination or dismissal The general meeting of a company not having the large company regime (in Dutch: struc- tuurregime) may pass a resolution to nom- inate or dismiss a member of its managing board or its supervisory board by an absolute majority of the votes cast. It may be provided that this majority should represent a given proportion of the issued capital, the propor- tion of which may not exceed one-third. CTP deviates from this provision to the extent that in the Articles and Board Rules it is stated that if a dismissal was not pro- posed by the Non-Executive Directors, the General Meeting can only dismiss a Director with a two-thirds majority of the votes cast, representing more than half of the issued share capital. 5.1.4 – Composition of committees Neither the Audit Committee nor the Remu- neration Committee can be chaired by the Chairman of the Board. After the resignation of Mr. Trenka as Chair of the Nomination and Remuneration Committee in April 2023, Ms. Knoflach took over the position of Chair of the Nomination and Remuneration Commit- tee. 5.6.2 Decree on the Directive on Takeover Bids Further to the Decree on the Directive on Takeover Bids (in Dutch: Besluit artikel 10 overnamerichtlijn), CTP is required to report on, among others: the Company’s capital structure; restrictions on voting rights and the transfer of securities; significant shareholding in CTP; the rules governing the appointment and dismissal of Di - rectors and amendments to the Company’s Articles; the powers of the Executive Directors (in particular the pow - er to issue shares or to repurchase shares, together with the Non-Executive Directors); significant agreements to which CTP is a party and which are put into effect, changed, or dissolved upon a change of control of CTP following a takeover bid; and any agreements between CTP and the Executive Directors or associates providing for compensation if their employment agreement ceases because of a takeover bid. The information required by the Decree on the Directive on Takeover Bids is includ - ed in this section of the Annual Report as well as in the notes to the consolidated 2024 financial statements. Capital structure CTP has one class of shares: ordinary shares with a nominal value of €0.16 each. The shares are listed on Euronext Amsterdam, and the issued share capital consists of 473,285,561 shares on 31 December 2024. The rights attached to the shares into which CTP’s capital is divided follow from the Arti- cles and the Dutch Civil Code. Limits on the transfer of shares There are no limits on the transfer of CTP’s shares. Substantial interests Pursuant to the Dutch Financial Markets Supervision Act (“FMSA”) and the Decree on Disclosure of Holdings in Issuing Institutions (in Dutch: Besluit melding zeggenschap en kapitaalbelang in uitgevende instellingen Wft), the Dutch Authority for the Finan- cial Markets (“AFM”) must be notified of substantial shareholdings (i.e., a threshold of 3% or more). On 31 December 2024, CTP Holding B.V. held [73.03]% of the shares in CTP, Multivest B.V. held 100% of the shares in CTP Holding B.V., and Stichting Administratiekantoor Multivest held 100% of the shares in Multivest BV. In Stichting Administratiekantoor Multivest, the person with controlling interest is Mr. Vos. Based on the information in the AFM register on 31 December 2024, Capital Research and Management Company has a shareholding of at least 3% of the shares in CTP. Special control rights The shares into which CTP’s equity is divided are not subject to any special control rights. Share plans CTP has a long-term incentive plan and a de- ferred incentive plan for Executive Directors. Voting limitations There are no voting limitations on CTP’s shares. Agreements with shareholders that can limit the transfer of shares or voting rights There are no agreements with sharehold- ers that can limit the transfer of shares or voting rights. CTP N.V. Annual Report 2024 Governance 200 Appointment and dis- missal of directors, amendments to the Articles The provisions regarding the appointment and dismissal of Directors are available on CTP’s website. The General Meeting may resolve to amend the Articles with an abso- lute majority of the votes cast, further to a proposal of the Board approved by a majority of the Non-Executive Directors. A proposal to amend the Articles must be stated in the notice of the AGM. A copy of the proposal containing the verbatim text of the proposed amendment must be made available to all shareholders. Acquisition of own shares The General Meeting may authorise the Board (i) to purchase shares in CTP’s own capital, and (ii) to issue and grant rights to subscribe for shares and to limit or exclude pre-emptive rights of shareholders in the event of issuing and granting rights to sub- scribe for shares. Further information can be found in the Articles. Issue of shares At the AGM on 23 April 2024, the Gen- eral Meeting authorised the Board, until 23 October 2025, (i) to issue shares or to grant rights to acquire those shares up to a maximum of 10% for general purposes and 10% in combination with or on the occasion of mergers, acquisitions, and/or (strategic) alliances of the Company’s share capital as per 23 April 2024; (ii) to issue shares up to the amount of shares reflected on by shareholders pursuant to an interim scrip dividend regarding the 2024 finan- cial year; (iii) to exclude pre-emptive rights accruing to shareholders in connection with the aforementioned issuances; and (iv) to cause the Company to acquire shares in its share capital at a price of up to 110% of the opening price of the shares on the Euronext Amsterdam stock exchange during five trad- ing days prior to the date of the acquisition, provided that the Company and its subsidi- aries will not at any time hold more than 10% of the issued capital of the Company as per 23 April 2024. Change of control arrangements The Company is not a party to material agreements that are in any way subject to or affected by a change of control over the Company following a public offer as referred to in section 5:70 of the FMSA. There are no agreements under which CTP is liable to make any payment to Directors on resigna- tion following a public offer as referred to in Section 5:70 of the FMSA. Special rights of control CTP does not have any potential or existing takeover measures. Agreements with Executive Directors or employees A three-month notice period applies to the agreement with Mr. Vos and a six-month period applies to the agreement with Mr. Wilkinson. In the event of termination of em- ployment, compensation is provided for the loss of income of up to six months of gross base salary in addition to a six-month notice period for Mr. Wilkinson and three-month notice period for Mr. Vos Conflict of interest and related- party transactions Under the Board Rules and the Related-Par- ty Transactions Policy, conflicts of interest must be reported to the Senior Independent Director. The Senior Independent Director must report any (potential) related-party transaction related to him/her to the vice- chair. In addition, a Director must report any related-party transaction to the (other) Directors and the Company Secretary. In 2024, no such related-party transactions were reported to the Board. The Non-Executive Directors shall determine the consequences of a (potential) conflict of interest, if any. In case of a conflict of inter- est, the Director concerned is not allowed to participate in discussions or vote on such matter. If one or more Directors have a con- flict of interest, the resolution concerned will be voted on if (i) the transaction is entered into on terms that are customary in the mar- ket and in compliance with the laws of the relevant jurisdiction, and (ii) the resolution is taken with the consent of at least the ma- jority of the Non-Executive Directors, if the conflict of interest is of material significance to the Company or the relevant Director. Mr. Vos serves as CEO and Executive Director, while he is also an (indirect) majority shareholder. Accordingly, Mr. Vos may through his (indirect) vote at General Meetings of shareholders support strategies and directions that are in his best interests, which may conflict with the interests of the Company and the other shareholders. Mr. Vos uses means of transportation pro- vided by the Company for private purposes for which he pays a user fee. The Group is carefully monitoring and as- sessing related-party transactions that are disclosed in detail in note [36] of the notes to the 2024 annual accounts. Personal loans Personal loans, guarantees or the like may not be granted to the Executive Directors or to the Non-Executive Directors unless they are provided (i) as part of the normal course of the Company’s business (i.e., if CTP would qualify as a financial institution), (ii) on terms applicable to all Company personnel as a whole, and (iii) after approval of the Non-Executive Directors. No personal loans, guarantees or the like were granted by the Company in 2024. CTP N.V. Annual Report 2024 Governance 201 5.6.3 Corporate governance statement The Code requires Dutch companies to publish a state - ment concerning their approach to corporate governance and compliance with the Code. CTP adheres to the Code. The information required to be included in this corporate governance statement as described in Section 3 of the Decree on the Management Report, which is incorporat - ed and repeated here by reference, can be found in the following sections of CTP’s Annual Report: Section 5.6.1 Information on how CTP deviates from some of the principles and best practice provisions of the Code, the reasons for the deviations, whether the deviations are of a temporary nature and when CTP intends to comply with these principles and best practice provisions. Section 5.7 Information regarding CTP’s risk manage- ment and control framework relating to the financial and sustainability reporting pro- cess, as required by Section 3a sub a of the Decree on the Management Report. Section 5.1.2 Information regarding the functioning of CTP’s General Meeting and the authority and rights of its shareholders, as required by Section 3a sub b of the Decree on the Management Report. Section 5.1.2 Information regarding the composition and functioning of a (two-tier) management board, supervisory board and its committees, as required by Section 3a sub c of the Decree on the Management Report, which has been rephrased to fit a one-tier governance structure. Section 5.5.1 Information regarding CTP’s diversity & inclusion policy, as required by Section 3a sub d of the Decree on the Management Report and best-practice provision 2.1.6 of the Code. Section 5.5.1 Information regarding the number of men and women on the Board and in the manage- ment positions below the Board, goals and plan to achieve these goals, as required by Section 3d of the Decree on the Management Report and best-practice provision 2.1.6 of the Code. Section 5.6.2 Information concerning the inclusion of the information required by the Decree on the Directive on Takeover Bids, as required by Section 3b of the Decree on the Management Report. The Board discusses annually with the Audit Commit- tee the effectiveness of the design and operation of the internal risk management and control systems, the ef - fectiveness of internal and external audit processes, and the way material risks and uncertainties referred to in best-practice provision 1.4.3 of the Code are analysed. The Group Head of Internal Risk and Modelling and the Internal Audit Director carried out an assessment of the design and effectiveness of the internal risk manage - ment and control systems covering strategic, operation- al, financial and sustainability reporting and compliance risks. The result was presented to the Audit Committee and to the Board, and the outcome of this assessment was that no major failings were observed in the internal risk management and control systems in the year under review, that ongoing improvements are needed, and that these will be implemented going forward. CTP N.V. Annual Report 2024 Governance 202 5.6.4 Responsibility statement In line with the Code and the FMSA, CTP has identified the main risks it faces, including financial and sustaina - bility reporting risks. These risks can be found in Section 5.6. CTP has documented these risks and put in place a system to identify new risks as they emerge. CTP has not provided an exhaustive list of all possible risks. Fur - thermore, developments that are currently unknown to the Executive Directors or considered to be unlikely may change the future risk profile of CTP. The design of CTP’s internal risk management and control systems is described in Section 5.5. The objective of these systems is to manage, rather than eliminate, the risk of failure to achieve business objectives and the risk of material errors to the financial and sustainability reporting. Accordingly, these systems can only provide reasonable, but not absolute, assurance against material losses or material errors. CTP’s Executive Directors reviewed and analysed the main strategic, operational, financial and sustainability reporting and compliance risks to which CTP is exposed and assessed the design and operating effectiveness of CTP’s risk management and internal control systems in 2024. The outcome of this review and analysis was that no major failings in the internal risk management and control systems were observed during the reporting year. This assessment was shared with the Audit Committee and the Non-Executive Directors and was discussed with CTP’s internal and external auditors. As required by best-practice provision 1.4.3 of the Code and Section 5:25c(2)(c) of the FMSA, and based on the foregoing and explanations contained in Section 5.5, the Executive Directors confirm that to the best of their knowledge: • The Annual Report provides sufficient insights into any failings in the effectiveness of the internal risk management and control systems with regard to the risks as referred to in Section 5.6, [second para - graph]; • These systems provide reasonable assurance that the financial and sustainability reporting does not contain any material inaccuracies; • Based on the current situation, it is justified that the financial and sustainability reporting is prepared on a going-concern basis; • The Annual Report states those material risks and uncertainties that are relevant to the expectation of CTP’s continuity for the period of twelve months af - ter the preparation of the Annual Report; • The 2024 annual accounts provide, in accordance with IFRS as adopted by the European Union, a true and fair view of the consolidated assets, liabilities, the financial position and the profit or loss of the Company and its consolidated assets/companies as at 31 December 2024, and of the 2024 consolidated income statement and cash flows of CTP; • The Annual Report presents a true and fair view of the situation as at 31 December 2024, the state of affairs during the 2024 financial year and the relat - ed entities included in its consolidated 2024 financial statements, together with a description of the main risks faced by the Group Remon L. Vos (CEO) Richard J. Wilkinson (CFO) Amsterdam, 7 March 2025 CTP N.V. Annual Report 2024 Governance 203 5.7 Risk Management ESRS 2 GOV-5-36 5.7.1 CTP Group approach to risk management Exposure to risk arises in the normal course of the Com - pany’s business. CTP’s approach to risk management fo- cuses on the principles of identification, understanding, quantification and control of the relevant sources of risk and on supporting senior management in the steering of the business and the investment portfolio. The Group’s enterprise risk management (“ERM”) framework was de - signed to reflect these principles. For CTP’s exposure to credit risk, market risk, capital risk, and liquidity risk, together with the possible impact on the Group’s result and/or financial position in case of changes in assumptions, please refer to the sensitivity analysis in note 36 of the financial statements. Addressing climate risks is an important part of CTP’s ESG strategy. It concerns physical and transitional climate risks. See Section 4.7.1.1.2 for details. 5.7.2 Risk Management Policy CTP Group’s ERM framework is documented in the Group’s Risk Management Policy. This document evolves continuously and is reviewed annually by CTP’s Audit Committee, in line with the Dutch Corporate Govern - ance Code. The policy is mandatory and applies to all CTP Group entities. The approach and principles described must be followed with respect to all approvals and con - trols by the Executive Directors and their delegated risk owners. 5.7.3 ERM framework CTP Group’s ERM framework is an integrated, risk-based system of functions, processes and methodologies and is constructed based on three pillars: PILLAR 1 THREE LINES OF DEFENCE PILLAR 2 LIFECYCLE OF RISK FUNCTIONS PILLAR 3 TAXONOMY OF RISKS CTP N.V. Annual Report 2024 204 Governance PILLAR 1 THREE LINES OF DEFENCE To achieve clarity of responsibilities and accountabilities, the Group has adopted the “three lines of defence” mod - el, considered regulatory best practice. The three lines are business, risk management, and internal audit (with the supervisory functions of the Audit Committee and the Board). They work independently and sequentially to provide assurance that activities take place in line with business objectives and procedures. Business and operating units are accountable for all risk-taking decisions within the Group. They manage and mitigate risks in compliance with CTP’s risk policy requirements while operating within the risk appetite boundaries set and approved by CTP’s Board. The Risk Management department (together with Com- pliance) provides oversight of the risk management pro- cess and supports the Board to implement and operate the risk management process. Its role is not to manage risk, but to act as an enabler to the first line so that they can effectively manage risk. The Internal Audit department supports the Board by providing independent, objective assurance and advice about the quality, completeness, and effectiveness of the Group’s risk management framework. Board Executive Directors Board Audit Committee SECOND LINE OF DEFENCE RISK MANAGEMENT THIRD LINE OF DEFENCE INTERNAL AUDIT THE “THREE LINES OF DEFENCE” MODEL FIRST LINE OF DEFENCE BUSINESS AND OPERATING UNITS CTP N.V. Annual Report 2024 Governance 205 PILLAR 2 LIFECYCLE OF RISK FUNCTIONS The Group has formulated a seven-step process that defines what actions need to be performed and when to ensure effectiveness and completeness in managing risks. 1. Risk identification – a systematic process to identify and document the Group’s principal risks. 2. Risk analysis – identified risks are analysed, and an assessment is formed regarding their nature, im - pact, and frequency of occurrence. 3. Risk appetite – the amount of risk the Group is will - ing to accept in pursuit of its strategic objectives. 4. Risk mitigation – the Group may choose to avoid, limit, transfer, hedge, or insure its risk. 5. Risk control – the design, implementation, and main - tenance of a risk control framework. 6. Risk reporting and monitoring – the Board monitors the Group’s exposures as part of the reporting pro - cess. 7. Assessment of effectiveness – the lifecycle that is formed will be repeated as new risks emerge, and the effectiveness of the existing controls may require improvement. 6. RISK REPORTING AND MONITORING 3. RISK APPETITE 5. RISK CONTROL 2. RISK ANALYSIS 7. ASSESSMENT OF EFFECTIVENESS 4. RISK MITIGATION 1. RISK IDENTIFICATION LIFECYCLE OF RISK FUNCTIONS CTP N.V. Annual Report 2024 Governance 206 PILLAR 3 TAXONOMY OF RISKS The risk universe was scanned to identify the unique risks that could materially impact the Group’s business strat - egy and objectives. The various risks that the Group has identified and analysed have been organised in three lay - ers: risk areas, risk groups, and unique risks. The 49 unique risks (Level 3) have been organised into 19 risk groups (Level 2) based on their similarity and ownership by differ - ent functions, and ultimately into four risk areas (Level 1). • Strategic risks are often risks that the Group may have to take to expand and thrive in the long term. • Investment risks are the Group’s main business risks, which are related to the management of the portfolio of the Group’s assets. • Financial risks capture the risk of having inadequate access to capital, funding and liquidity along with market, credit and tax risks. • Operational risks are the risks that actual losses, incurred for inadequate or failed internal processes, people and systems, or from external events, differ from expected losses. Each risk area has been allocated to a different Execu - tive Director (or to both Executive Directors) who is (are) the owner(s) of that risk and responsible for managing it. The responsibility for the management of each risk group has been allocated downstream to a different head of de - partment. The reason for overlaying the risk taxonomy across the Company management structure is to ensure that integration and control happens naturally. INVESTMENT RISKS Risk Areas Level 1 Risk Groups Level 2 Property Sector Portfolio Single Properties STRATEGIC RISKS Business Model Organisation Macroeconomic Geopolitical ESG FINANCIAL RISKS Capital, Funding, Liquidity Market Credit Tax OPERATIONAL RISKS HR IT Legal Compliance Insurance Climate Change Model TAXONOMY OF RISKS CTP N.V. Annual Report 2024 Governance 207 5.7.4 Implementation of the risk management process CTP has established a Group-wide risk management sys - tem, following the identification, quantification, monitor- ing, and reporting of Group risks based on the Group’s Risk Policy and Inventory. CTP’s risk management system combines data from various sources on a single platform that enables mon - itoring and reporting of risks and identification of early warning signals. During 2024, CTP’s Risk Management department remained integrated within the Company, with participa - tion in CFO meetings, country visits and regular meetings with the Executive Directors and Non-Executive Direc - tors creating opportunities to discuss risks in depth. 5.7.5 Risk management system CTP’s risk management system is a single platform that enables monitoring of the Group’s risk exposure and pro - vides early warning signals through online dashboards. The use of the same financial data that is used for re - porting provides an additional layer of control. The main components of CTP’s risk management system are: • financial and non-financial data; • risk sensitivities; • expected losses; and • comprehensive stress testing. 5.7.6 Internal controls The Company has created a controlled environment with: • centralised approvals by the Executive Directors of investments, budgets and payments, which then flow into systems with controlled access rights; • a risk management system that is integrated into the Company’s reporting ecosystem and uses the same financial data; • consolidated Financial Statements that go through three levels of review; • integration of the Risk Management department within the Company, with active participation in hedging, modelling, funding, and liquidity manage - ment, and climate risk; • regular risk monitoring meetings with various risk owners; and • major ongoing digitisation and automation projects. 5.7.7 Responsibilities • The Executive Directors, as a general principle, de - termine the Company’s risk appetite. They approve and verify the design of the controls, approve and re - view the implementation of the controls as well as the maintenance thereof, and manage and mitigate the risks. • The Risk Management department identifies the risks, assesses the risk analysis and quantification, advises on the risk appetite, implements the controls, and monitors and reports on the risks. • Country Managing Directors, the business and oper - ating unit leaders, and all other risk owners manage, mitigate, and inform about the relevant risks. • Internal Audit reviews each step of the process to provide independent assurance. They report to the Chair of the Audit Committee and the CFO. • The Audit Committee reviews the risk identification, provides input about the design of the control mech - anisms and supervision of their maintenance, and judges and advises the Board thereof. • The Board reviews the risk identification, approves the risk appetite, supervises the implementation and maintenance of the controls, and approves the man - agement and mitigation of the risks as well as risk reporting. 5.7.8 Risk appetite Risk appetite is the amount of risk that the Group is will - ing to accept in pursuit of its strategic objectives. The three levels of risk appetite currently used are: • Manage – these are risks that the Group is taking to meet its investment objectives. They are mainly strategic and investment/property risks as appro - priate for a real estate investment company. In this category, valuation risk, capital risk and funding risk are also included as being integral to the investment process and the property market itself. The Group has the expertise to manage these risks to maximise its profit potential. • Avoid – these are risks that the Group tries to avoid. • Minimise – The Group’s tolerance for these risks is zero, but some minimal risk is unavoidable. All opera - tional risks are included in this category. CTP N.V. Annual Report 2024 Governance 208 5.7.9 Risk control framework The Group’s risk control function is based on a central - ised framework of approvals, systems and data. It starts with central approvals of investments and budgets by the Executive Directors, which then flow into systems, and then again with the central approval of payments by the Executive Directors, creating a closed “sandbox” envi - ronment outside of which no investment or payment can be approved. The control workflow has two components: ex-ante controls are incorporated in periodic reporting and approval documentation for the risk owners to in - form the Risk Management department and the Audit Committee/Board of the risks that are perceived to be most significant and the mitigation strategies that are used against them; and ex-post control, Risk Manage - ment independently aggregates all data to calculate risk measures from internal systems. This data is sourced from the same internal controlling and accounting sys - tems that are used for financial reporting. The Risk Management department is responsible for periodic risk reporting to the Audit Committee and the Board, thereby incorporating information from the risk owners. An online dashboard is delivered monthly for all the risks, with ad hoc updates in cases of larger perceived macroeconomic risks. CTP N.V. Annual Report 2024 Governance 209 5.7.10 Update on CTP’s principal risks in 2023 and 2024 Wars in Ukraine and Gaza The war in Ukraine has reached a stalemate, with ongoing drone and missile attacks. While this conflict may have weakened the European economy, CTP has remained unaf- fected, as it does not have assets or tenants directly exposed to Ukraine or Russia. Meanwhile, the conflict in Gaza has spilled over to Lebanon and now includes involve- ment from Iran and Yemen, but it remains confined to the Middle East. The initial disruption in shipping caused by the closure of the Red Sea temporarily increased freight rates, which are now normalising. CTP has not been impacted by the conflict and the likelihood of escalation beyond the region is considered low. Inflation The European Central Bank (“ECB”) and the US Federal Reserve successfully brought inflation back to their 2% targets with- out causing a recession, although there is a possibility that inflation may persist longer than market expectations. Acting as a general contractor and procuring con- struction materials centrally and directly from multiple sources is for CTP a major mitigation factor against construction cost increases. The price of construction materials remained stable at 2023 levels of €500 per sqm, ensuring the Group's Yield on Costs stays above 10%. Additionally, CTP has managed the risk of high inflation by CPI linkage for 70% of its portfolio. In 2024, the Group achieved a like-for-like rental growth of 4.0%, driven by indexation and strong rent reversion. Interest rates All debt is fixed or hedged until maturity, so financing cost increases are to a certain extent limited to the Company’s debt matur- ities, as well as the new debt that the Group brings online for new developments. Until summer 2024, central banks maintained high interest rates. However, in the third quarter, the ECB followed most Central and Eastern European (“CEE”) central banks by starting to cut rates. Consequently, swap rates also declined, and the EUR swap curve has now become flat. It is anticipated that ECB rates will drop below 2% by the end of 2025. As the hiking cycle has reversed, credit spreads have significantly compressed and are now back to normal levels. CTP’s average cost of debt stood at 3.09% at end-2024, and this is expected to continue to increase slightly going forward, as new funding is brought on to finance the Compa- ny’s development-led growth. Macroeconomic slowdown The feared recessions did not materialise in 2024. The US economy remained strong, while the EU economy remained weak. For 2025, a more supportive ECB and stabili- sation and improvement in EU growth are expected, with the possibility of a recession being low. CEE GDP forecasts for 2024 and 2025 consistently outperform forecasts for the EU by a multiple of 2.4 times for both years. Valuations The yield expansion cycle in Europe con- cluded in 2024, with a slight compression anticipated in 2025. CTP maintained a conservative reversionary valuation yield of 7.2% as of the first half of 2024, having increased by 80 basis points over the past 24 months. Yields in the Industrial & Logistics sector in the CEE region have reached their peak. The yield differential between the CEE and Western European logistics sectors is expected to revert to the long-term average, further decreasing in the medium term due to higher growth expectations for the CEE region. Positive estimated rental value (“ERV”) growth is anticipated for 2025, based on strong tenant demand and limited supply in CEE. Funding CTP has demonstrated strong access to credit markets, successfully raising €1.8 billion in the first nine months of 2024. A new five-year, sustainability-linked revolving credit facility (“RCF”) was signed for €1.3 billion. CTP’s ability to access multiple pools of capital across various markets in 2024 is evident, with a capital increase of €300 million completed in September, confirming the Group’s capacity to access equity mar- kets. Both S&P and Moody's have affirmed CTP’s investment-grade ratings with a stable outlook. . The average cost of debt for CTP stands at 3.09%, though this figure is expected to rise as new funding is secured to support the company's development-led growth. Currently, the Group’s average debt maturity is 5.0 years. CTP N.V. Annual Report 2024 210 Governance 5.8 Risk Management #1 #2 #3 #4 #5 Level 3 Valuation Risks Level 3 Environmental Risks (Transition Risk) Level 3 Macroeconomic Environment Risks Level 3 Interest Rate Risks Level 3 Inflation Risks Level 2 Market Risks Level 2 ESG Level 2 Macroeconomic Environment Risks Level 2 Market Risks Level 2 Market Risks Level 1 Financial Risks Level 1 Strategic Risks Level 1 Strategic Risks Level 1 Financial Risks Level 1 Financial Risks Description: The Group’s Financial Statements may be affected by fluctuation in the fair market value of its property portfolio as a result of re- valuations, or the Group may be unable to dispose of its properties profitably. The Group may hold excess land for future development, which may not ultimately be beneficial to the Group. Description: Transition Risk (Policy and legal risk, Carbon market risk, reputation Risk). Description: The Group is exposed to macroeco- nomic conditions and business-cycle risks that affect the markets in which the Group operates. Description: The Group is exposed to interest rate fluctuations. Description: The Group’s business could be negatively affected by rising inflation, as some of the lease agreements the Group has entered into with its clients still contain a fixed adjustment of rent clause. Risk Owner: CFO Risk Owner: Executive Directors Risk Owner: CFO Risk Owner: CFO Risk Owner: CFO Estimated Impact: Material Estimated Impact: Moderate Estimated Impact: Material Estimated Impact: Moderate Estimated Impact: Moderate Estimated Probability: Possible Estimated Probability: Likely Estimated Probability: Unlikely Estimated Probability: Possible Estimated Probability: Possible Risk Appetite: Manage Risk Appetite: Manage Risk Appetite: Manage Risk Appetite: Avoid Risk Appetite: Minimise Management & Mitigation Strategies: Management & Mitigation Strategies: Management & Mitigation Strategies: Management & Mitigation Strategies: Management & Mitigation Strategies: • Appointment of leading international valuation experts (Cushman & Wakefield) using standardised valuation methods (RICS Red Book); • Use of market studies, analyses and forecasts; • Geographical diversification of the portfolio across all major CEE markets, with close ties to Western European markets; • Significant landbank at strategic locations in proximity to the Group’s investment properties complementing the existing network and supporting client demand; • Investment strategy oriented to high-quality properties that generate stable, long-term income located at strategic locations with growth potential; • Continuous maintenance and improvement of properties; • Quality of the client portfolio, compromising mainly large national and international compa- nies with low annual credit provisions. • Frequently updated building specification: o increased energy efficiency; o renewable energy production; o nature-based solutions for drought and flooding; • In-house property management of standing assets; • Systemised awareness training among employees; • Physical climate risk analysis on existing portfolio and at acquisition stage; • External disclosure; • BREEAM certification. • The Group negotiates long lease terms; • Portfolio diversification across industries and single names; • Contracts with parent company guarantees; • Portfolio consists of high credit quality clients, mainly large national and international companies; • Excellent location of properties, near major cities and transport arteries; • Constant monitoring of macro-economic trends and developments in major industries across the Group’s countries of operation; • Implemented financial hedging program; • Experienced in-house research department supported by independent research; • The Group receives market intelligence from investment banks; • Experienced local presence and an extensive network of market contacts, advisors and consultants; • New projects start as a response to demand from existing clients with whom CTP does almost two-thirds of new projects; • If demand drops because of a slowdown, the Company can balance or adjust the completion schedule. • All interest rate debt is fixed or hedged till maturity; • High degree of pre-hedging future funding requirements; • Constant monitoring of interest rate market movements. • The Group’s largest cost is financing, which is fixed; • Operational costs constitute less than 20% of cash income and are thus considered manage- able even in times of prolonged high inflation; • Increased construction costs are covered by the double indexation clauses (inflation adjustment with a minimum 1.5% in 36%of contracts by year-end 2024) as well as the higher rents of the new properties. 211 CTP N.V. Annual Report 2024 Financial Statements 6 CTP N.V. Annual Report 2024 212 Financial Statements Consolidated Financial Statement 213 Consolidated Statement of Profit or Loss and Other Comprehensive Income 214 Consolidated Statement of Financial Position 216 Consolidated Statement of Changes In Equity 217 Consolidated Statement of Cash Flows 219 Notes to the Consolidated Financial Statements 221 1. General information 221 2. Going concern 221 3. Basis of preparation of consolidated financial statements 222 4. Changes in the financial statement presentation 224 5. Material accounting policies 224 6. Segment reporting 233 7. Changes in group structure 240 8. Rental income and service charge income 242 9. Revenues from contracts with customers 243 10. Property operating expenses 244 11. Other income 244 12. Employee benefits 244 13. Other expenses 245 14. Net interest expenses 245 15. Other financial expenses 245 16. Other financial gains/losses (-) 245 17. Income tax expenses 246 18. Investment property 247 19. Investment property under development 252 20. Net valuation result 254 21. Property, plant and equipment 255 22. Goodwill and intangible assets 257 23. Trade and other receivables 258 24. Cash and cash equivalents 259 25. Equity 259 26. Share-based payments 262 27. Earnings per share 262 28. Interest-bearing loans and borrowings from financial institutions 264 29. Bonds issued 267 30. Trade and other payables 271 31. Leases 271 32. Derivative financial instruments 274 33. Income taxes 276 34. Subsidiaries 278 35. Related parties 283 36. Financial instruments risk management objectives and policies 284 37. Contingent liabilities 292 38. Pledges 293 39. Subsequent events 294 Company Financial Statement 295 Company Profit and Loss Account 296 Company Balance Sheet 297 Notes to the Company Financial Statements 298 1. General information 298 2. Basis of preparation of company financial statements 298 3. Participating interests in group companies 299 4. Equity 300 5. Interest-bearing loans and borrowings from financial institutions 303 6. Bonds issued 304 7. Financial instruments 306 8. Off-balance sheet assets and liabilities 308 9. Trade and other payables 309 10. Cash and cash equivalents 309 11. Other income 309 12. Administration costs 309 13. Net finance income/expense(-) 310 14. Income tax expense 310 15. Related parties 310 16. Personnel 315 17. Emoluments of directors 315 18. Subsequent events 315 19. Subsidiaries 316 Other Information 317 Independent Auditor’s Report & Limited Assurance Report of the Independent Auditor on the Sustainability Statement 319 Section 6 Financial Statements 213 CTP N.V. Annual Report 2024 Consolidated Financial Statements Consolidated Financial Statements Financial Statements 214 CTP N.V. Annual Report 2024 1.1.2024 - 31.12.2024 1.1.2023 - 31.12.2023 In EUR million Note Restated Attributable external Attributable external Revenues expenses Revenues expenses Rental income 8 664. 1 571. 9 Service charge income 8 7 5 .9 60.7 Property operating expenses 10 -93.2 -89 .2 Net rental income 646.8 543.4 Income from renewable energy 9 7. 6 6.3 Expenses from renewable energy 9 -4.2 -2.8 Net income from renewable energy 3.4 3.5 Hotel operating revenue 9 22.4 21. 1 Hotel operating expenses 9 -16.3 -15.7 Net operating income from hotel operations 6 .1 5.4 Income from development activities 9 100.7 20. 1 Expenses from development activities 9 -75.2 -14.7 Net income from development activities 25.5 5.4 Total revenues 870 .8 680. 1 Total attributable external expenses -189 .0 -122.4 Gross profit 681.8 557 .7 Net valuation result on investment property 20 941.5 878.7 Other income 11 10.7 7. 8 Amortisation, depreciation and impairment 21,22 -11.0 -11.3 Employee benefits 12 -52.8 -50.4 Impairment of financial assets -3.7 -1.4 Other expenses 13 -55.3 -57 .3 Net other income/expenses(-) -112. 1 -112.6 Profit before finance costs 1,511.2 1,323.8 1/2 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the year Financial Statements 215 CTP N.V. Annual Report 2024 1.1.2024 - 31.12.2024 1.1.2023 - 31.12.2023 In EUR million Note Restated Attributable external Attributable external Revenues expenses Revenues expenses Interest income 14 36.7 17 .2 Interest expense 14 -241. 7 -129 .0 Other financial expenses 15 -17 .3 -8.5 Other financial gains/losses(-) 16 41.2 8.6 Net finance costs -181. 1 -111.7 Profit before income tax 1,330. 1 1,212. 1 Income tax expense 17 -248.7 -289 .5 Profit for the period 1,081.4 922.6 Other comprehensive income Items that will never be reclassified to profit or loss Revaluation of PPE net of tax -4. 1 10.6 Items that are or may be reclassified to profit or loss Cash flow hedge - effective portion of changes in fair value 25 -31.8 -23.6 net of tax Foreign currency translation differences net of tax -5.2 -2.4 Total other comprehensive income net of tax -41.0 -15.4 Total comprehensive income for the year 1,040.4 907 .2 Profit attributable to: Equity holders of the Company 1,081.4 922.6 Total comprehensive income attributable to: Equity holders of the Company 1,040.4 907 .2 Earnings per share (EUR) Basic earnings per share 27 2.37 2.07 Diluted earnings per share 27 2.37 2.07 * The comparative information has been restated as a result of the changes in presentation as disclosed in Note 4. The notes herein are an integral part of these consolidated financial statements. CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the year 2/2 Financial Statements 216 CTP N.V. Annual Report 2024 CONSOLIDATED STATEMENT OF FINANCIAL POSITION In EUR million Note 31 December 2024 31 December 2023 In EUR million Note 31 December 2024 31 December 2023 Assets Issued capital 25 75.7 71.7 Investment property 18 14,655.3 12,039 .2 Share premium 25 3, 180. 1 3,037 . 9 Investment property under development 19 1,07 6.8 1,359 .6 Translation reserve 25 -3. 1 2 .1 Property, plant and equipment 21 248.4 233.8 Cash flow hedge reserve 25 -31.7 0 .1 Goodwill and intangible assets 22 179 .6 176.5 Revaluation reserve 25 2 4 .9 29.0 Trade and other receivables 23 21.0 2 4 .1 Retained earnings 4, 105.2 3,026. 1 Derivative financial instruments 32 19 .3 10.6 Total equity attributable to owners of the 7 ,35 1.2 6, 166.9 Financial investments 0.3 0.4 Company Long-term receivables from related parties 35 - 0.6 Total equity 7 ,35 1.2 6, 166.9 Deferred tax assets 33 28.7 14.3 Liabilities Total non-current assets 16,229 .5 13,859 . 1 Interest-bearing loans and borrowings from 28 3, 947 .7 3,328.2 Trade and other receivables 23 2 6 9 .1 266.6 financial institutions Short-term receivables from related parties 35 0.3 0 .9 Bonds issued 29 3,536.3 3,571.3 Derivative financial instruments 32 11.4 38. 1 Trade and other payables 30 150.3 147 .5 Contract assets 8 .1 8.5 Derivative financial instruments 32 36.0 10.6 Current tax assets 33 7. 5 9. 4 Deferred tax liabilities 33 1,34 9 .0 1, 16 7 .4 Cash and cash equivalents 24 855.4 690.6 Total non-current liabilities 9 ,019 .3 8,225.0 Interest-bearing loans and borrowings from 28 108.7 50.0 Total current assets 1, 151.7 1,014. 1 financial institutions Total assets 17 ,381.2 14,873.2 Bonds issued 29 506.8 18.7 Trade and other payables 30 323.7 366. 9 Short-term payables to related parties 35 - 0.3 Derivative financial instruments 32 24.2 17 .0 Current tax liabilities 33 4 7. 3 28.4 Total current liabilities 1,010.8 481.3 Total liabilities 10,030.0 8, 706.3 Total equity and liabilities 17 ,381.2 14,873.2 The notes herein are an integral part of these consolidated financial statements. Financial Statements 217 CTP N.V. Annual Report 2024 In EUR million Total equity Share Translation Cash flow Revaluation Retained attributable 1.1.2024 - 31.12.2024 Note Issued capital premium reserve hedge reserve reserve earnings to parent Total equity Balance at 1 January 2024 71.7 3,037 . 9 2 .1 0 .1 29 .0 3,026. 1 6, 166. 9 6, 166. 9 Comprehensive income for the period Profit for the period - - - - - 1,081.4 1,081.4 1,081.4 Other comprehensive income Revaluation of property, plant and equipment - - - - -4. 1 - -4. 1 -4. 1 Cash-flow hedge 25 - - - -31.8 - - -31.8 -31.8 Foreign currency translation differences - - -5.2 - - - -5.2 -5.2 Comprehensive income for the period - - -5.2 -31.8 -4. 1 1,081.4 1,040.4 1,040.4 Other movements Share issuance 25 3.0 294. 1 - - - -2.5 294.6 294.6 Treasury shares 25 - 0.4 - - - -0.4 - - Dividends 25 1.0 -152.3 - - - - -15 1.4 -151.4 Share based payment - - - - - 0.6 0.6 0.6 Total other movements 4.0 142.2 - - - -2.4 143. 9 143. 9 Balance at 31 December 2024 75.7 3, 180. 1 -3. 1 -31.7 2 4 .9 4, 105.2 7 ,351.2 7 ,351.2 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the year 1/2 Financial Statements 218 CTP N.V. Annual Report 2024 In EUR million Total equity Share Translation Cash flow Revaluation Retained attributable 1.1.2023 - 31.12.2023 Note Issued capital premium reserve hedge reserve reserve earnings to parent Total equity Balance at 1 January 2023 Restated 71. 1 3,202.5 4.5 23.7 18.4 2, 100.8 5,421.0 5,421.0 Comprehensive income for the period Profit for the period - - - - - 922.6 922.6 922.6 Other comprehensive income Revaluation of property, plant and equipment - - - - 10.6 - 10.6 10.6 Cash-flow hedge 25 - - - -23.6 - - -23.6 -23.6 Foreign currency translation differences - - -2.4 - - - -2.4 -2.4 Comprehensive income for the period - - -2.4 -23.6 10.6 922.6 907 .2 907 .2 Other movements Dividends 25 0.6 -164.6 - - - - -164.0 -164.0 Share based payment - - - - - 2.7 2 .7 2.7 Total other movements 0.6 -164.6 - - - 2.7 -161.3 -16 1.3 Balance at 31 December 2023 71.7 3,037 . 9 2 .1 0 .1 29 .0 3,026. 1 6, 166. 9 6, 166. 9 * Refer to Note 4 in Consolidated financial statements of the Group as at 31 December 2023. The notes herein are an integral part of these consolidated financial statements. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the year 2/2 Financial Statements 219 CTP N.V. Annual Report 2024 In EUR million Note 1.1.2024 - 31.12.2024 1.1.2023 - 31.12.2023 Operating activities Profit for the period 1,081.4 922.6 Adjustments for: Net valuation result on investment property 20 -94 1.5 -878. 7 Amortisation and depreciation (incl. hotels and solars) 21, 22 15.3 14.4 Net interest expense 14 205.0 111.8 Change in FMV of derivatives and hedge 1 .9 1.7 Other changes -5.3 12.5 Gain from repayment of bonds 16 -3 7.1 - Change in foreign currency rates 5.8 -24.7 Income tax expense 17 248.7 289 .5 57 4.2 4 4 9 .1 Decrease/increase(-) in trade and other receivables and other items 0 .7 -34. 9 Increase/decrease(-) in trade and other payables and other items -34.2 50.4 Decrease/increase(-) in contract assets 0.5 -5. 1 Cash generated from operations -33.0 10.4 Interest paid -207 .0 -116.5 Interest received 50.7 20.4 Income taxes paid -44.9 -45.0 Cash flows from operating activities 340.0 318.4 CONSOLIDATED STATEMENT OF CASH FLOWS Over the year 1/2 Financial Statements 220 CTP N.V. Annual Report 2024 In EUR million Note 1.1.2024 - 31.12.2024 1.1.2023 - 31.12.2023 Investing activities Acquisition of investment property -326.2 -246.8 Acquisition of PPE and intangible assets -33.4 -61. 9 Advances paid for investment property and PPE -1.0 -8.8 Acquisition of subsidiaries, net of cash acquired 7 -147 .4 -58.5 Pre-acquisition loans and borrowings provided to acquired subsidiaries 7 -26.6 -39.5 Loans and borrowings provided to related parties - -0.2 Proceeds from loans and borrowings provided to related parties 0.6 44.0 Proceeds from loans and borrowings provided to third parties - 4 .1 Proceeds from disposal of subsidiaries, net of cash disposed 7 - 3.7 Development of investment property -793.1 -812.8 Cash flows used in investing activities -1,327 . 1 -1, 176. 7 Financing activities Bonds issued 28 1,369 .3 - Repayment of interest-bearing loans and borrowings/bonds 28 -1,350.3 -427 .9 Proceeds from interest-bearing loans and borrowings 28 1,035.4 1,492.8 Transaction costs related to loans and borrowings/bonds 28 -39.6 -11.2 Proceeds from the issue of share capital 25 29 4.6 - Dividends paid 28 -151.4 -164.0 Payment of lease liabilities 28 -4.2 -3.6 Cash flows from/used in(-) financing activities 1, 153.8 886. 1 Cash and cash equivalents at 1 January 6 90.6 660.6 Net increase in cash and cash equivalents 166.7 27 .8 Change in foreign currency rates -1 .9 2.2 Cash and cash equivalents at 31 December 24 855.4 690.6 The notes herein are an integral part of these consolidated financial statements. CONSOLIDATED STATEMENT OF CASH FLOWS Over the year 2/2 Financial Statements 221 CTP N.V. Annual Report 2024 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 1. GENERAL INFORMATION Company CTP N.V. (“the Company”) is a Dutch-based real estate investor and developer that develops and leases a portfolio of properties in Western Europe and Central and Eastern Europe (“CEE”). Reporting entity These consolidated financial statements comprise the financial results of the Company and its subsidiaries (collectively referred to as the “Group” or “CTP Group” or “CTP” and individually as “Group companies”). Refer to Notes 7 and 34 of these consolidated financial statements for a list of Group entities and changes to the Group in 2024 and in 2023. Principal activities CTP is a full-service commercial real estate developer managing and delivering custom-built, high-tech business parks mainly in CEE, the Netherlands, Austria and Germany. Registered office The visiting address of CTP N.V. is Apollolaan 151, 1077 AR Amsterdam, the Netherlands. RSIN number: 860528091 Registration number: 76158233 CTP N.V. was incorporated on 21 October 2019 for an unlimited period. In March 2021, the Company’s shares were issued on the Amsterdam Stock Exchange (EURONEXT) and CTP has changed its legal form from B.V. to N.V. Owners of the Company at 31 December 2024 Share in Share in Number registered voting Shareholders of shares capital rights CTP Holding B.V. 345,622,431 73.03% 73.03% Individual shareholders 127,663,130 26.97% 26.97% 473,285,561 100.00% 100.00% The ultimate controlling party of the Group is Mr. Remon Vos via the parent company Multivest B.V. Board of Directors at 31 December 2024 Executive Directors: Remon L. Vos Richard J. Wilkinson Non-Executive Directors: Barbara A. Knoflach Susanne Eickermann-Riepe Rodolphe R. F. Schoettel Kari E. Pitkin 2. GOING CONCERN CTP’s properties are leased to a wide range of tenants and there is no significant focus on a group or com- pany. CTP closely monitors the financial stability of its tenants and believes that, in light of the current economic climate, its rental projections for the coming 12 months are realistic. CTP expects to settle its current liabilities as at 31 December 2024, during the financial year 2025, as follows: In EUR million 2024 Current liabilities as at 31 December 2024 1,010.8 Current assets excluding cash and cash equivalents as at 31 December 2024 296.4 Funds required in 2024 to cover the short-term liquidity need 714.4 Available cash as at 31 December 2024 855.4 Expected net rental income available for repayment current Interest-bearing loans 717.5 and borrowings to be received in 2025 Drawdowns of loans and issuance of new bonds in 2025 1,000.0 Revolving facility * - Expected funds to be received in 2025 to cover the short-term liquidity need 2,572.9 * The Company has a EUR 1,300.0 million revolving credit facility (2023: EUR 500.0 million) for a five- year period. The Company does not expect a partial or full drawdown under this facility in 2025. Based on cash-flow projections prepared for 2025, other development up to the date of approval of these consolidated financial statements, and the management assessment results (described above), the Direc- tors and management of the Group have not identified going concern risks. They believe it is appropriate to prepare the consolidated financial statements on a going concern basis as at 31 December 2024, and no material uncertainty exists with respect to the going concern of the Group as at 31 December 2024. Financial Statements 222 CTP N.V. Annual Report 2024 3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS Due to rounding, numbers presented throughout this document may not add up precisely to the totals pro- vided and percentages may not precisely reflect the absolute figures. a) Statement of compliance These consolidated financial statements were prepared in accordance with IFRS Accounting Standards (IFRS) as adopted by the European Union (EU-IFRSs) and with Section 2:362(9) of the Dutch Civil Code. The consolidated financial statements were authorised for issue by the Board on 7 March 2025. b) Financial reporting and comparative period CTP N.V. has a 12-month financial year ended on the balance sheet date of 31 December 2024 and 31 De- cember 2023, respectively. c) Common control transactions There were no significant common control transactions in 2024 or in 2023. Please, refer to Note 7. d) CTP considered the following new and amended standards in 2024 For the preparation of the consolidated financial statements of the Group, the following new or amended standards and interpretations were considered for the first time for the financial year beginning 1 January 2024. The nature and the effect of these changes are disclosed below, however the impact on Consolidated financial statements is immaterial: • Non-current liabilities with Covenants (Amendment to IAS 1): According the Amendment, a liability will be classified as non-current if the Company has a right to defer settlement for at least 12 months after the reporting date. This right may be subject to complying with conditions (covenants) specified in a loan arrangement. Only covenants with which a Company must comply on or before the reporting date affect the classification of a liability as current or non-current. • Lease liability in a Sale and Leaseback (Amendments to IFRS 16): Amendments to IFRS 16 impact how a seller-lessee accounts for variable lease payments that arise in a sale-and-leaseback transaction. The amendments introduce a new accounting model for variable payments. • Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7): The amendments introduce new disclosure objectives – in IAS 7 and in IFRS 7 – for a company to provide information about its supplier finance arrangements that would enable users (investors) to assess the effects of these arrangements on the company’s liabilities and cash flows, and the company’s exposure to liquidity risk. e) Standards issued but not yet effective A number of new standards took effect from the financial years beginning after 1 January 2025, although earlier application was permitted. The Group did not adopt the new or amended standards in preparing these consolidated financial statements. IFRS 18 Presentation and Disclosure in Financial Statements IFRS 18 will replace IAS 1 and applies for annual reporting periods beginning on or after 1 January 2027. The new standard introduces the following key new requirements: - to present ‘operating profit’ subtotal, - to classify all income and expenses into five distinct categories in the statement of profit or loss, namely the operating, investing, financing, discontinued operations and income tax categories, - to disclose management performance measures (MPMs), currently commonly known e.g. as key performance indicators (KPIs) in one single note in the financial statements, - enhanced guidance is provided on how to group information in the financial statements. In addition, all entities are required to use the operating profit subtotal as the starting point for the state- ment 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. Other accounting standards The following new and amended standards are not expected to have a significant impact on the Group’s consolidated financial statements: • Lack of Exchangeability (Amendments to IAS 21) • Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7) • Annual Improvements to IFRS Accounting Standards (Volume 11) • IFRS 19 Subsidiaries without Public Accountability: Disclosures f) Functional and presentation currency The presentation currency of the Group is euro (EUR), as the owners of the Company base their economic decisions on information expressed in this currency. All financial information presented in EUR is rounded to the nearest hundred thousand, unless otherwise indicated. The Group analysed each entity level based on primary, secondary and other indicators, and concluded: - Group entities focused on investing and development activities in specific countries (“development companies”) have a functional currency in the local currency: o where competitive forces and regulations mainly determine the sales prices of its goods and ser- vices rendered to other companies operating in the same country; o that primarily influences labour, material and other costs of providing goods and services; o in which receipts from operating activities are usually retained; - other Group entities that operate industrial parks or dormant entities with future industrial parks development potential have EUR functional currency, as: o sales prices of services rendered to the tenants are in EUR; o funds from financing activities are generated in EUR; o activities of these companies are conducted as an extension of the reporting entity, with no sig- nificant degree of autonomy . Financial Statements 223 CTP N.V. Annual Report 2024 CTP Group’s development companies are: - CTP Invest, spol. s r.o. – functional currency Czech koruna (CZK) - CTP Invest Poland Sp. z o.o. – functional currency Polish zloty (PLN) - CTP Invest d.o.o. Beograd-Novi Beograd – functional currency Serbian dinar (RSD) - CTP Management Hungary Kft. – functional currency Hungarian forint (HUF) - CTP Invest Bucharest SRL – functional currency Romanian leu (RON) - CTP Invest SK, spol. s r.o. – functional currency euro (EUR) - CTP Invest EOOD – functional currency Bulgarian lev (BGN) - CTP Invest Immobilien GmbH – functional currency euro (EUR) - CTP Invest B.V. – functional currency euro (EUR) - CTP Invest Germany GmbH – functional currency euro (EUR) All other Group companies have EUR as their functional currency. g) Basis of measurement The Group’s consolidated financial statements are prepared on a historical cost basis, except for the follow- ing items, which are measured on an alternative basis on each reporting date: • derivative financial instruments are measured at fair value; • investment property and investment property under development is measured at fair value; • solar plants within property, plant and equipment are measured at fair value; • hotels within property, plant and equipment are measured at fair value. h) Use of estimates and judgments The preparation of the consolidated financial statements requires management to make judgments, esti- mates and assumptions that affect the application of policies and the reported amounts of assets and lia- bilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that the management believes reasonable under the circumstances. The results of these form the basis of judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. The actual results may differ from these estimates. The estimates and assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. Information about significant areas of estimates, uncertainty and critical judgments in applying accounting policies that have the most significant effect on the amount recognised in the financial statements, are described in the following Notes: - 5a) Business combination - 5b) Investment property - 5c) Investment property under development - 5d) Property, plant and equipment - 5g) Financial instruments - 5h) Impairment i) Measurement of fair values Some of the Group’s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. When measuring the fair value of an asset or a liability, the Group uses market data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the following valuation tech- niques: • Level 1: quoted prices (unadjusted) in active markets for identical assets and liabilities; • Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); • Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). If the inputs used to measure the fair value of an asset or a liability might be categorised in different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. Further information about the assumption made in measuring fair values is included in the following Notes: - Note 18. Investment property - Note 19. Investment property under development - Note 21. Property, plant and equipment - Note 22. Goodwill and intangible assets - Note 32. Derivative financial instruments Financial Statements 224 CTP N.V. Annual Report 2024 4. CHANGES IN THE FINANCIAL STATEMENT PRESENTATION Separate presentation of result from renewable energy In 2024, Group decided to separately present result from renewable energy in the statement of profit or loss and other comprehensive income to enhance its significance for the Group and also due to increasing importance of renewable energy to users of financial statements. Change will result in more reliable and more relevant information about CTP performance. The following table summarises the impacts on the Group’s consolidated financial statements: Consolidated statement of profit or loss and OCI 31 December 2023 31 December as previously 2023 Note In EUR million reported Adjustment Restated reference Property operating expense -89.4 0.2 -89.2 Note 10 Net rental income 543.2 0.2 543.4 Income from renewable energy 1 6.3 6.3 Note 9 Expenses from renewable energy 1 -2.8 -2.8 Note 9 Net income from renewable energy 1 3.5 3.5 Note 9 Total revenues 673.8 6.3 680.1 Total attributable external expenses -119.8 -2.6 -122.4 Gross profit 554.0 3.7 557.7 Other income 14.1 -6.3 7.8 Note 11 Amortization, depreciation and impairment -12.7 1.4 -11.3 Other expenses -58.5 1.2 -57.3 Note 13 Net other income/expenses -108.9 -3.7 -112.6 Profit before finance costs 1,323.8 - 1,323.8 1) newly introduced captions in statement of profit or loss and OCI 5. MATERIAL ACCOUNTING POLICIES The Group has consistently applied the following accounting policies to all periods presented in these con- solidated financial statements. In addition, the Group adopted Disclosure of accounting policies (amendments to IAS 1 and IFRS Practice statement 2) from 1 January 2023. The amendments require the disclosure of material rather than signifi- cant, accounting policies. Although the amendments did not result in any changes to the accounting policies themselves. The material accounting policy information is disclosed in the respective notes to the financial statements where relevant. a) Basis of consolidation i. Subsidiaries Subsidiaries are entities controlled by the Group. Control exists when the Group has the power, directly or indirectly, to govern the financial and operating policies of an entity to obtain benefits from its activities. In assessing control, potential voting rights that are exercisable or convertible are considered. The financial statements of subsidiaries are included in these consolidated financial statements from the date that con- trol commences until the date that control ceases. If necessary, subsidiary accounting policies are changed to align with policies adopted by the Group. The Group acquires subsidiaries that own real estate. At the time of acquisition, the Group considers whether each acquisition represents the acquisition of a business or the acquisition of an asset. The Group accounts for an acquisition as a business combination under IFRS 3, when an integrated set of activities is acquired in addition to the property. More specifically, consideration is made to the extent to which signifi- cant processes are acquired and the extent of services provided by the subsidiary. When the acquisition of subsidiaries does not represent a business, it is accounted for as an acquisition of a group of assets and liabilities. The cost of the acquisition is allocated to the assets and liabilities acquired based upon their relative fair values, and no goodwill and deferred tax is recognised. ii. Acquisition of business from companies under common control A business combination involving entities or businesses under common control is when all combining entities or businesses are ultimately controlled by the same party or parties both before and after the business combination, and that control is not transitory. The assets and liabilities acquired under common control are recognized at the carrying amounts in the financial statements of the entities acquired. Any difference between consideration paid and the net book value of assets and liabilities acquired is recognised directly in the equity. In the absence of more specific guidance, the Group consistently applies the book value method to account for all common control trans- actions. Financial Statements 225 CTP N.V. Annual Report 2024 The assets and liabilities of the entities, and their income and expenses, for the period in which the com- mon control transaction has occurred and for the comparative period disclosed, are included in the Group’s financial statements as if the common control transaction took place at the beginning of the comparative period. iii. Business combinations The Group acquires subsidiaries that own real estate. At the time of acquisition, the Group considers whether each acquisition represents the acquisition of a business or the acquisition of an asset. The Group accounts for an acquisition as a business combination where an integrated set of activities and assets, including property, is acquired. More specifically, consideration is given to the extent to which substantive processes are acquired and, in particular, the extent of services provided by the subsidiary (e.g., mainte- nance, cleaning, security, bookkeeping, hotel services, etc.). When the acquisition of subsidiaries does not represent a business combination, it is accounted for as an acquisition of a group of assets and liabilities. The cost of the acquisition is allocated to the assets and liabilities acquired based upon their relative fair values, and no goodwill or deferred tax is recognised. Business combinations, excluding those commenced between parties under common control, are accounted for by applying the acquisition method as at the acquisition date, which is the date on which control is trans- ferred to the Group. As a result, a goodwill is recognised. The Group measures goodwill at the acquisition date as: • the fair value of the consideration transferred; plus • the recognised amount of any non-controlling interests in the acquiree; plus • if the business combination is achieved in stages, the fair value of the pre-existing equity interest in the acquiree; less • the net amount of the identifiable assets acquired, and liabilities stated at fair value. The Group’s policy for goodwill is described below in Note 5e). Acquisition-related costs incurred in process of business combinations are expensed in the periods in which the costs are incurred and the services are received. The Group applies recognition exemption of deferred tax that arises from the initial recognition of an asset or liability in a transaction that is not a business combination. Deferred tax from subsequent asset revaluation is recognised in the consolidated financial statements. iv. Acquisition of assets via share-based payment Transaction, where the Group acquires assets in exchange for its shares, is in scope of standard IFRS 2 Share-based payments. Assets received, and the corresponding increase in equity, are measured at the fair value of assets received. That fair value is measured at the date the entity obtains the assets. v. Non-controlling interest Non-controlling interests are measured initially at their proportionate share of the acquiree’s identifiable net assets at the date of acquisition. Changes in the Group’s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. vi. Loss of control When the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, any non-controlling interests and the other components of equity related to the subsidiary. Any resulting gain or loss is recognised in profit or loss. If the Group retains any interest in the former subsidiary, such interest is measured at fair value at the date that control is lost. vii. Changes in the ownership interests in existing subsidiaries Changes in the Company’s ownership interests in subsidiaries that do not result in the Company losing con- trol over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Company’s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. viii. Asset acquisition Asset acquisitions are the acquisitions of an asset or a group of assets (and liabilities) that do not consti- tute a business. The Group identifies and recognises individual identifiable assets acquired and liabilities assumed and allocates the cost of the group of the individual identifiable assets and liabilities, based on their relative fair values at the date of the acquisition. ix. Transactions eliminated on consolidation level Intra-Group balances, and any gains and losses or income and expenses arising from intra-Group transac- tions, are eliminated in preparing the consolidated financial statements of the Group. b) Investment property Investment properties are those held to earn rental income, capital appreciation, or both. Investment prop- erty is initially measured at cost and subsequently at fair value, with any change recognised in profit or loss. Any gain or loss on disposal of an investment property (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in profit or loss. An external, independent professional valuer values the investment property portfolio at least annually. The independent valuation report was obtained as at 31 December 2024 and was incorporated into the Group’s IFRS consol- idated financial statements. Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. The agent fees are capitalized to the value of investment properties and affect the net valuation result. The fair value measurement for all the Group’s investment properties is categorised as Level 3 fair value. Investment properties comprise of buildings and related land and landbank for future development. Financial Statements 226 CTP N.V. Annual Report 2024 c) Investment property under development Property being constructed or developed for future use as investment property is classified as investment property under development. This is initially measured at cost and subsequently at fair value, with any change recognised in profit or loss. When construction or development is completed, property is reclassified and subsequently accounted for as investment property. The independent valuation report was obtained as at 31 December 2024. The value of investment property under development was determined by an external, independent professional property valuer. Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market par- ticipants at the measurement date. Borrowing costs are not capitalised to the value of investment property under development, as almost all development projects are finished within 12-15 months. The agent fees are capitalized to the value of investment properties under development and affect the net valuation result. The fair value measurement for all investment properties under development is categorised as Level 3 fair value. d) Property, plant and equipment (i) Revaluation model Solar plants, which are completed solar plants that are generating income, and hotels, which represent a minority of the Group’s property portfolio, are classified under property, plant and equipment at revalued amounts, being the fair value at the reporting date. Any gain or loss arising on re-measurement of the Group’s solar plants and hotels is treated as a revaluation, with any gain recorded as part of other compre- hensive income, except to the extent that it reverses a previous impairment on the same property, in which case it is recorded in profit or loss. A loss is an expense in profit or loss to the extent to which it is higher than previously recognised revaluation surplus. An external, independent valuer with appropriately recognised professional qualifications and recent ex- perience in the location and category of the solar plant and hotel being valued, values the portfolio of solar plants and hotels at least annually. Depreciation of the solar plants is recognised into profit or loss on a straight-line basis over the estimated useful life of 25-30 years. Depreciation of the hotels is recognised into profit or loss on a straight-line basis over the estimated useful life of 40 years. (ii) Cost model All other buildings, property, plant and equipment are measured at cost less accumulated depreciation and impairment losses (refer to Note 5h). Cost includes expenditure that is directly attributable to the acquisi- tion of the asset. The cost of self-constructed assets includes the cost of materials, direct labour, any other costs directly attributable to bringing the assets to a working condition for their intended use, the initial estimate, where relevant, of the costs of dismantling and removing building items and restoring the building site at which they are located, and an appropriate proportion of production overheads. Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as ap- propriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. All other repairs and maintenance expenses are charged to the statement of profit or loss during the financial period in which they are incurred. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment. The Group recognises in the carrying amount of an item of property, plant and equipment, the cost of re- placing part of such an item when that cost is incurred, and it is probable that the future economic benefits embodied with the item will flow to the Group and the cost of the item can be measured reliably. The car- rying amount of the replaced item is derecognised. All other costs are in the statement of comprehensive income as incurred. Depreciation is recognised into profit or loss on a straight-line basis over the estimated useful life of the equipment. The estimated useful life for equipment varies from 3 years to 8 years, and for property and plant between 10 years and 20 years. The Group recognises as part of Property, plant and equipment acquired forests. Forests are considered as bearing plant and are initially measured at cost. Subsequently they are measured at cost less impairment losses. (iii) Reclassification to Investment property When the use of a property changes from owner-occupied to investment property, the property is remeas- ured to fair value and reclassified accordingly. Any gain arising from this remeasurement is recognised in profit or loss to the extent that it reverses a previous impairment loss on the specific property, with any remaining gain recognised in Other Comprehensive Income (“OCI”) and presented in the revaluation reserve. A loss is an expense in profit or loss to the extent to which it is higher than previously recognised revaluation surplus. e) Goodwill Goodwill arising on the acquisition of subsidiaries is initially measured at cost (being the excess of the ag- gregate of the consideration transferred and the amount recognised for non-controlling interests and any previous interest held over the net identifiable assets acquired and liabilities assumed). After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Financial Statements 227 CTP N.V. Annual Report 2024 For the purpose of impairment testing, goodwill is allocated to each of the Group’s cash-generating units expected to benefit from the synergies of the combination. Goodwill is tested for impairment annually as at 31 December and if events or changes in circumstanc- es indicate that it might be impaired. Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognised. Impairment losses relating to good- will cannot be reversed in future periods. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. When the excess is negative (bargain purchase), it is recognised immediately in the consolidated statement of profit or loss and other comprehensive income. On disposal of cash-generating unit, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Goodwill is not amortised. The Group’s policy for goodwill arising on the acquisition of subsidiary is described above in 5a) iii. Business combinations. f) Leases At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a defined period, in exchange for consideration. • As a lessee At the start of a contract, or when a contract change contains a lease component, the Group allocates the consideration in the contract to each lease component based on its relative stand-alone prices. However, for property leases, the Group has elected not to separate non-lease components and accounts for the lease and non-lease components as a single lease component. The 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 commence- ment date to the end of lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term, or the cost of the right-of-use asset reflects that the Group will exer- cise a purchase option. In such a case, the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by the impairment losses, if any. 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’s incremental borrowing 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 an asset leased. Lease payments included in the measurement of the lease liability comprise the following: • fixed payments, including in-substance fixed payments; • variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; • the exercise price under a purchase option that the Group is reasonably certain to exercise; • lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and • penalties for early termination of a lease unless the Group is reasonably certain not to terminate early. Subsequently, the lease liability is measured at amortised cost using an effective interest method. It is remeasured when there is a change in any of above-mentioned lease liability components. In such case, the corresponding adjustment is made to the carrying amount of the right-of-use asset or is posted in profit or loss, if the carrying amount of the right-of-use asset is reduced to zero. The Group presents right-of-use assets that do not meet the definition of investment property in the prop- erty, plant and equipment and lease liabilities in trade and other payables 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 as- sets and short-term leases. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. • As a lessor At inception or on modification of a contract that contains a lease component, the Group allocates the con- sideration in the contract to each lease component on the basis of their relative stand-alone prices. When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease. To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Group considers certain indicators, such as whether the lease is for a major part of the economic life of the asset. The Group recognises lease payments received under operating leases as income on a straight-line basis over the lease term as part of rental income. Financial Statements 228 CTP N.V. Annual Report 2024 Property held under finance leases and leased out under operating leases was classified as investment property and stated at fair value (as described in Note 5b). g) Financial instruments (i) Financial assets Initial recognition and measurement The financial assets are classified at initial recognition at amortised cost, fair value through other compre- hensive income, or fair value through profit or loss. The Group measures financial assets at amortised cost if both conditions below are met, and the financial asset is not designated at fair value through profit or loss: • the financial asset is held within a business model with the objective to hold it to collect contractual cash flows; and • the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. All financial assets not classified as measured at amortised cost as described above are measured at fair value through profit or loss. On initial recognition, the Group may irrevocably designate a financial asset, that otherwise meets the requirements to be classified and measured at amortised cost or at fair value through other comprehensive income, to be classified and measured at fair value through profit or loss if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Subsequent measurement For purpose of subsequent measurement, the Group’s financial assets are classified in two categories: • Financial assets at amortised cost (debt instruments) This category is most relevant to the Group and includes trade receivables and loans provided that are subsequently measured at amortised cost using the effective interest method, less any credit losses. • Financial assets at fair value through profit and loss This category includes derivatives. Financial assets are classified as held for trading if they are ac- quired for the purposes of selling or repurchasing in the future. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value being recognised in the statement of profit or loss . (ii) Non-derivative financial assets The Group initially recognises loans and receivables when they are originated. All other financial assets are recognised initially on the trade date upon which the Group becomes a party to the contractual provisions of the instrument. The Group derecognises a financial asset when the contractual rights to the cash flows from the asset ex- pire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Any interest in transferred financial assets that is created or retained by the Group is recognised as a separate asset. Financial assets and liabilities are offset, and the net amount presented in the statement of financial position, when the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. Loans provided Loans are financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are recognised initially at fair value plus any directly attributable transaction costs. Loans provided are subsequently measured at amortised cost using the effective interest method, less any impairment losses. The Group classifies as a current portion any part of long-term loans due within one year from the reporting date. Trade and other receivables Trade and other receivables and receivables due from related parties are financial assets with fixed or deter- minable payments that are not quoted in an active market. Such assets are recognised initially at fair value, plus any directly attributable transaction costs. Receivables are subsequently measured at amortised cost using the effective interest method, less any impairment losses. Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insig- nificant risk of changes in value. Bank accounts and call deposits that are repayable on demand and form an integral part of the Group’s cash management are included as a component of cash and cash equivalents for the purpose of the cash-flow statement. The Group treats cash deposited as a security in accordance with bank loan covenants as cash and cash equiv- alents for cash flow purposes. The Group’s cash flow statement is prepared based on the indirect method from the statement of financial position and statement of comprehensive income. (iii) Financial liabilities Financial liabilities are classified as measured at amortised cost or fair value through profit or loss. A financial liability is classified as at fair value through profit or loss if it is classified as held-for trading, it is a derivative, or it is designed as such on initial recognition. Financial liabilities at fair value through profit or loss are meas- ured at fair value, and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. (iv) Non-derivative financial liabilities The Group initially recognises debt securities issued and subordinated liabilities on the date they originated. All other financial liabilities (including liabilities designated at fair value through profit or loss) are recognised initially on the trade date at which the Group becomes party to the contractual provisions of the instrument. The Group derecognises financial liability when its contractual obligations are discharged, cancelled, or expire. Financial Statements 229 CTP N.V. Annual Report 2024 Non-derivative financial liabilities comprise loans and borrowings, bonds, bank overdrafts, and trade and other payables. Such financial liabilities are recognised initially at fair value less any directly attributable transaction costs. After initial recognition, these financial liabilities are measured at amortised cost using the effective interest method. Financial assets and liabilities are offset, and the net amount presented in the statement of financial position when the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. The Group classifies as a current portion any part of long-term loans that is due within one year from the reporting date. (v) Derivative financial instruments A derivative is a financial instrument or other contract that fulfils the following conditions: a) its value changes in response to a change in a specified interest rate, financial instrument price, com- modity price, foreign exchange rate, index of prices or rates, credit rating or credit index, or other variable, provided in the case of a non-financial variable that the variable is not specific to a party to the contract; b) it requires no initial net investment or an initial net investment that is smaller than would be required for other types of contracts that would be expected to have a similar response to changes in market factors; and c) it is settled at a future date. Derivative financial instruments are initially recognised at fair value; attributable transaction costs are recognised in profit or loss as incurred. Following initial recognition, derivatives are measured at fair value, and changes therein are generally recognised in profit or loss. Fair values are obtained from quoted market prices or discounted cash flow models, as appropriate. The de- rivatives are carried as current (those that are expected to be settled in less than 12 months) or non-current assets when their fair value is positive, and as current (those that are expected to be settled in less than 12 months) or non-current liabilities when their fair value is negative. The principal types of derivative instruments used by the Group are interest rate swaps. Swaps are agree- ments between the Group and other parties to exchange future cashflows, based upon agreed notional amounts. Under interest rate swaps, the Group agrees with other parties to exchange, at specific intervals, the dif- ference between fixed-rate and floating-rate interest amounts calculated by reference to an agreed no- tional amount. (vi) Cash flow hedge The Group designates certain derivatives as hedging instruments to hedge variability in cash flows associ- ated with highly probable forecast transaction arising from changes in interest rates. At inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship between the hedged item and hedging instruments, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other. When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognised in Other comprehensive income accumulated in the Cash flow hedge reserve. The effective portion of changes in the fair value of the derivative that is recognised in Other comprehensive income is limited to the cumulative change in fair value of the hedged item, determined on a present values basis, from inception of the hedge. Any ineffective portion of changes in the fair values of the derivative is recognised immediately in profit or loss. If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated, or is exercised, hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the Cash flow hedge reserve remains in equity until, for a hedge of a transaction resulting in the recognition of a non-financial item, it is included in the non-financial item’s cost on its initial recognition or, for the cash flow hedges, it is reclassi- fied to profit or loss in the same period or periods as the hedged expected future cash flows affects profit or loss. If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumu- lated in the Cash flow hedge reserve are immediately reclassified to profit or loss. h) Impairment (i) Non-financial assets The carrying amounts of the Group’s assets, other than investment property, investment property under development and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amount is estimated. In respect of goodwill, the recoverable amount is estimated at each reporting date. An impairment loss is recognised whenever the carrying amount of an asset or its cash-generating unit ex- ceeds its recoverable amount. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. Impairment losses are recognised in profit or loss. An impairment loss in respect of a property, plant and equipment measured at fair value is reversed through profit or loss to the extent that it reverses an impairment loss on the same asset that was previously rec- ognised in profit or loss. Financial Statements 230 CTP N.V. Annual Report 2024 Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to cash-generating units (groups of units) and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro-rata basis. An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. (ii) Financial assets A financial asset not carried at fair value through profit or loss, including an interest in an equity account- ed investee, is assessed at each reporting date to determine whether there is objective evidence that it is credit impaired. Objective evidence that financial assets are impaired can include default or delinquency by a debtor; re- structuring of an amount due to the Group on terms that the Group would not consider otherwise; in- dications that a debtor will enter bankruptcy; the disappearance of an active market for a security; and observable data indicating that there is a measurable decrease in the expected cash flows from a group of financial assets. The Group considers evidence of impairment for financial assets at both the specific asset and collective level. All individually significant financial assets are assessed for specific impairment. Those found not to be impaired are then collectively assessed for any impairment incurred but not yet identified. Assets that are not individually significant are collectively assessed for impairment, by grouping together receivables with similar risk characteristics. All impairment losses in respect of financial assets are recognised in profit or loss and are only reversed if a subsequent increase in a recoverable amount can be related objectively to an event occurring after the impairment loss was recognised. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount of the asset that would have been determined, net of amorti- sation, if no impairment loss was recognised. The write-off policy of the Group requires that the outstand- ing amount of a loan shall be written off if there is any instalment overdue for 730 or more days. However, the loan shall remain in the Group’s statement of financial position even after 730 days of non-payment if it is probable that the loan will be sold in the near future, or significant recoveries are expected. In such case, the outstanding loan amount shall be derecognised at sale, or later, as soon as no significant recoveries are expected. The Group allocates each financial asset’s exposure to a credit risk stage based on data that is determined to be predictive of the risk of loss (including but not limited to external ratings, audited financial state- ments, management accounts and cash flow projections and available press information about customers) and by applying experienced credit judgement. i) Equity Issued capital Issued capital represents the amount of capital registered in the Shareholders Register and is classified as equity. External costs directly attributable to the issuance of share capital, other than upon a business combination, are shown as a deduction from the proceeds, net of tax, in equity. Share premium The share premium concerns income from the issuing of shares in so far as it exceeds the nominal value of the shares (above par income). Share premium is presented net of IPO costs incurred in the process of shares emission. Translation reserve The translation reserve comprises all foreign exchange differences arising from the translation of the fi- nancial statements from the functional to the presentation currency (refer to Note 3f). Revaluation reserve Revaluation reserve comprise revaluation of solar plants and hotels, which are classified under property, plant and equipment at revaluated amounts, being the fair value at the reporting date (refer to Note 5d). Cash flow hedge reserve The Group has designated certain derivatives as hedging instruments in cash flow hedge relationships. These derivatives are recognised initially at fair value and reported subsequently at fair value in the consol- idated statement of financial position. To the extent that the hedge is effective, changes in the fair value of derivatives designated as hedging instruments in cash flow hedges are recognised in other comprehensive income net of tax and included within the cash flow hedge reserve in equity. Retained earnings Consolidated retained earnings arise from accumulation of profits and losses of the consolidated activities. Treasury shares Treasury shares are deducted from Equity. Gains or losses from purchase, sale, issue or cancellation are recognised in Equity and do not affect profit or loss. The par value of treasury shares purchases is debited to Share capital. When treasury shares are sold or reissued, the par value of instruments is credited to Share capital. Any premium or discount to par value is shown as an adjustment to Share premium. j) Earnings per share Earnings per share (EPS) is an important financial indicator that measures the Group’s profitability. Basic EPS is calculated by dividing the net profit for the period attributable to equity holders of the Group by the weighted average number of ordinary shares outstanding during the year. Diluted EPS is calculated by dividing the net profit for the period attributable to equity holders of the Group by the weighted average number of ordinary shares outstanding during the period, plus the weighted av- erage number of shares that would be issued if all dilutive potential ordinary shares were converted into ordinary shares. Financial Statements 231 CTP N.V. Annual Report 2024 The denominator in the calculation of basic EPS for each period presented is the weighted average number of shares as at 31 December of the respective year. k) Share-based payment The Group provides share-based benefits to Company employees in the form of conditional share awards over the Company’s ordinary shares. The fair value of the awards granted under the scheme is recognised as an employee benefits expense, with a corresponding increase in equity (retained earnings). The total amount to be expensed is determined by reference to the fair value of the awards granted, including the impact of any market performance condi- tions and non-vesting conditions. Service conditions and any non-market performance vesting conditions are considered when estimating the number of awards expected to vest. The total expense is recognised over the vesting period, which is the period over which all specified vesting conditions are to be satisfied. At the end of each period, the Group revises its estimates of the number of awards that are expected to vest, based on the service conditions and the non-market vesting conditions. It recognises the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity. l) Government Grants The Group recognises government grants related to acquisition of solar plants. Grants are presented in the statement of financial position by deducting the grant in arriving at the carrying amount of the asset. The grant is recognised in profit or loss over the life of a depreciable assets as a reduced depreciation expense. m) Rental income and service charge income Rental income from leases is recognised as income in the statement of comprehensive income on a straight- line basis over the term of the lease. Lease incentives granted are recognised as an integral part of the total rental income. Park management income (service charge) is an integral, but separately identifiable, part of rental con- tracts. The Group has identified that park management services are 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 and management charges are included in net rental income gross of the related costs. The Group determined that it controls the services before they are transferred to tenants and therefore that the Group acts as a principal in these arrangements. n) Income from development activities Revenues from customer specific fit-outs of rented facilities (development extras) are presented separate- ly in the Statement of profit or loss and other comprehensive income. Income from development activities includes the initial amount agreed in the contract plus any variations in contract work, claims and incentive payments to the extent that it is probable that they will result in revenue and can be measured reliably. Income from development activities is recognised at point in time. o) Hotel revenues Revenues from hotel operations represent room rental and sale of food and beverages. Hotel revenues are recognised in profit or loss at the moment, when the customer obtains control over the services provided. p) Expenses (i) Attributable external expenses Attributable external expenses consist of property operating expenses (including service expenses), hotel operating expenses and expenses from development activities. (ii) Property operating expenses Property operating expenses (including service expenses) are expensed as incurred. (iii) Finance income / finance expenses The Group’s finance income and finance costs include: • interest income; • interest expense; • dividend income; • the net gain or loss on financial assets at fair value through profit or loss (other than investment prop- erty and investment property under development); • the foreign currency gain or loss on financial assets and financial liabilities; • the fair value loss on contingent consideration classified as a financial liability; • impairment losses recognised on financial assets (other than trade receivables); • the net gain or loss on hedging instruments that are recognised in profit or loss; and • the reclassification of net gains previously recognised in Other Comprehensive Income. Interest income or expense is recognised using the effective interest method. Financial Statements 232 CTP N.V. Annual Report 2024 q) Income tax Income tax comprises current and deferred tax. Income tax is recognised in profit or loss, except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity or other comprehensive income. Current tax Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantially enacted by the end of the reporting period, and any adjustment to tax payable in respect of previous years. Deferred tax Deferred tax is provided using the liability method on temporary differences arising between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rate enacted or substantially enacted at the reporting date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Corporate income tax rates for 2024 and 2023 were as follows: Country 2024 2023 Austria 23.00% 24.00% Czech Republic 21.00% 19.00% Germany 15.83%; 29.48% 15.83%; 29.48% Hungary 9.00% 9.00% Netherlands 25.80% 25.80% Poland 9.00%; 19.00% 9.00%; 19.00% Romania 16.00% 16.00% Serbia 15.00% 15.00% Slovakia 15.00%; 21.00% 15.00%; 21.00% Bulgaria 10.00% 10.00% In 2024, a tax rate of 24% was used for the purposes of deferred tax calculation in Slovakia for entities with an income turnover exceeding EUR 5.0 million. This change reflects an increase in the corporate income tax rate for these entities from 21% to 24%, effective from 2025. In 2023, a tax rate of 21% was used for the purposes of deferred tax calculation in the Czech Republic due to change in the corporate income tax rate from 19% to 21% starting in 2024. Deferred tax is not recognised from temporary differences on the initial recognition of assets and/or liabil- ities in a transaction that is not a business combination under IFRS 3 (asset deal). Deferred tax assets and liabilities are offset only if certain criteria are met. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset cur- rent tax assets against current tax liabilities and when the deferred income taxes of one entity relate to the same fiscal authority . r) Foreign currency transactions Foreign currency transactions Transactions in foreign currencies are translated to the respective functional currencies of Group entities at exchange rates at the dates of the transactions. Financial Statements 233 CTP N.V. Annual Report 2024 Monetary assets and liabilities denominated in foreign currencies are translated into the functional curren- cy at the exchange rate of local national banks at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated into the functional cur- rency at the exchange rate when the fair value was determined. Foreign currency differences are generally recognised in profit or loss. Non-monetary items that are measured based on historical cost in a foreign currency are not translated. Foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated into euro at exchange rates at the reporting date. The income and expenses of foreign operations are translated into euros at the exchange rates at the dates of the transactions. Foreign currency differences are recognised in Other Comprehensive Income and accumulated in the translation reserve, except to the extent that the translation difference is allocated to non-controlling interest (“NCI”). When a foreign operation is disposed of in its entirety or partially such that control, significant influence or joint control is lost, the cumulative amount in the translation reserve related to that foreign operation is re- classified to profit or loss as part of the gain or loss on disposal. If the Group disposes of part of its interest in a subsidiary but retains control, then the relevant proportion of the cumulative amount is reattributed to NCI. When the Group disposes of only part of an associate or joint venture, while retaining significant influence or joint control, the relevant proportion of the cumulative amount is reclassified to profit or loss. s) Segment reporting The Group has applied IFRS 8, “Operating Segments” to determine the number and type of operating seg- ments. According to this standard, an operating segment is a component carrying out business operations whose operating income is evaluated regularly by the Group’s highest executive decision maker, and about which separate financial information is available. The results of the Group are reviewed by the CEO regularly on a weekly basis, by analysing KPIs of geo- graphical segments where the Group operates. The Group’s operating segments were determined in connection with the nature of the business and how the operations are managed by the Group’s operating decision maker. The Group reports operating segments based on geographical segmentation: the Czech Republic, Romania, Hungary, Slovakia, the Netherlands, Germany, Poland and other areas. Segment results reported to the Board include items directly attributable to a segment. The operating segments are determined based on the Group’s management and internal reporting struc- ture. As required by IFRS 8, the Group provides information on the business activities in which it engages, including revenue and investment property split. 6. SEGMENT REPORTING The principal activity of the Group is the lease of investment property in Western, Central and Eastern Europe and development in these countries. The Group manages its activities based on geographical seg- mentation, as business activities are the same in each region where the Group operates. The Group’s principal activities are in the following operating segments: the Czech Republic, Romania, Hun- gary, Slovakia, the Netherlands, Germany, Poland and Other geographical segments. Segment Segment description Czech Republic Industrial property, offices, retail, hotels, solar, other Romania Industrial property, solar Hungary Industrial property, offices, solar Slovakia Industrial property, offices, solar Netherlands Industrial property, headquarter, solar Germany Industrial property, offices, solar Poland Industrial property, solar Other Geographical segments which do not meet criteria for separate segment reporting recognition Financial Statements 234 CTP N.V. Annual Report 2024 Segment results for the 12-month period ended 31 December 2024 are as follows: Inter- Czech Total segment In EUR million Republic Hungary Romania Slovakia Netherlands Germany Poland Other Segments eliminations Total Rental income 274.5 61.8 122.7 53.7 9.1 76.0 19.0 47.3 664.1 - 664.1 Service charge income 23.2 9.2 13.8 6.6 0.4 15.5 4.9 2.3 75.9 - 75.9 Property operating expenses -24.5 -9.2 -14.8 -6.8 -1.7 -20.8 -12.2 -3.1 -93.2 - -93.2 Net rental income 273.3 61.8 121.7 53.5 7.7 70.7 11.6 46.6 646.8 - 646.8 Income from renewable energy 3.8 0.3 1.8 0.9 0.9 - - - 7.6 - 7.6 Expenses from renewable energy -2.3 -0.1 -0.5 -0.3 -1.0 -0.1 - - -4.2 - -4.2 Net income/expenses(-) from renewable energy 1.5 0.2 1.3 0.6 - -0.1 - - 3.4 - 3.4 Hotel operating revenue 22.4 - - - - - - - 22.4 - 22.4 Hotel operating expenses -16.3 - - - - - - - -16.3 - -16.3 Net operating income from hotel operations 6.1 - - - - - - - 6.1 - 6.1 Income from development activities 79.1 0.6 1.6 - - - 15.7 3.7 100.7 - 100.7 Expenses from development activities -59.1 -0.4 -1.0 - - - -11.5 -3.1 -75.2 - -75.2 Net income from development activities 19.9 0.2 0.6 - - - 4.2 0.6 25.5 - 25.5 Total revenues 403.0 71.9 139.9 61.2 10.4 91.5 39.5 53.3 870.8 - 870.8 Total attributable external expenses -102.3 -9.7 -16.3 -7.1 -2.7 -20.9 -23.8 -6.2 -189.0 - -189.0 Gross profit/loss(-) 300.8 62.2 123.6 54.1 7.7 70.7 15.7 47.1 681.8 - 681.8 Net valuation result on investment property 340.7 69.9 207.8 116.8 -4.0 121.8 57.3 31.2 941.5 - 941.5 Other income 27.1 0.2 0.2 1.5 0.8 5.9 0.6 0.2 36.5 -25.9 10.7 Amortisation, depreciation and impairment -8.0 -0.3 -0.6 -0.2 -0.2 -0.8 -0.6 -0.3 -11.0 - -11.0 Employee benefits -22.7 -3.6 -5.8 -3.6 1.1 -7.7 -6.5 -4.0 -52.8 - -52.8 Impairment of financial assets -0.5 - -1.6 - - -1.4 -0.3 - -3.7 - -3.7 Other expenses -25.9 -4.5 -7.1 -4.5 -16.5 -9.0 -7.9 -5.7 -81.1 25.9 -55.3 Net other income/expenses(-) -29.9 -8.1 -14.9 -6.8 -14.8 -13.0 -14.7 -9.7 -112.1 - -112.1 Net profit/loss(-) before finance costs 611.5 123.9 316.5 164.1 -11.1 179.4 58.3 68.6 1,511.2 - 1,511.2 Net finance costs -181.1 Profit/loss(-) before income tax 1,330.1 Income tax expense -248.7 Profit/loss(-) for the period 1,081.4 Profit/loss(-) attributable to: Equity holders of the Company 1,081.4 Financial Statements 235 CTP N.V. Annual Report 2024 Segment assets and liabilities as at 31 December 2024 are as follows: 1/2 Inter- Czech Total segment In EUR million Republic Hungary Romania Slovakia Netherlands Germany Poland Other Segments eliminations Total Assets Investment property 6,228.2 1,259.2 2,395.5 1,021.0 481.8 1,521.2 882.6 865.8 14,655.3 - 14,655.3 Investment property under development 374.8 29.2 30.0 147.1 0.1 84.9 247.2 163.5 1,076.8 - 1,076.8 Property, plant and equipment 156.0 12.7 23.4 4.5 5.3 9.3 4.7 32.7 248.4 - 248.4 Goodwill and intangible assets 8.1 - - 0.1 0.2 171.2 - - 179.6 - 179.6 Trade and other receivables 9.6 3.4 1.3 0.4 - 5.9 0.1 0.3 21.0 - 21.0 Derivative financial instruments - - - - 17.5 1.8 - - 19.3 - 19.3 Financial investments 905.8 - - - 3,594.9 - - - 4,500.7 -4,500.3 0.3 Long-term receivables from related parties - - - - 3,631.0 - - - 3,631.0 -3,631.0 - Deferred tax assets 1.1 1.0 0.2 1.3 16.5 2.7 1.5 4.6 28.7 - 28.7 Total non-current assets 7,683.5 1,305.5 2,450.2 1,174.3 7,747.4 1,796.8 1,136.2 1,066.8 24,360.8 -8,131.3 16,229.5 Trade and other receivables 109.9 25.5 23.6 9.7 17.1 20.4 31.2 31.8 269.1 - 269.1 Short-term receivables from related parties 53.9 - - 18.4 44.0 - - - 116.3 -116.0 0.3 Derivative financial instruments - 1.1 - - 10.2 0.1 - - 11.4 - 11.4 Contract assets 6.8 - 0.4 - - - 0.9 - 8.1 - 8.1 Current tax assets 1.7 1.0 0.3 0.4 1.5 0.1 0.2 2.3 7.5 - 7.5 Cash and cash equivalents 50.6 31.3 39.6 22.6 662.6 22.9 14.4 11.3 855.4 - 855.4 Total current assets 223.0 58.9 63.8 51.2 735.4 43.5 46.7 45.4 1,267.7 -116.0 1,151.7 Total assets 7,906.5 1,364.4 2,514.0 1,225.5 8,482.8 1,840.3 1,182.9 1,112.2 25,628.5 -8,247.3 17,381.2 Financial Statements 236 CTP N.V. Annual Report 2024 Inter- Czech Total segment In EUR million Republic Hungary Romania Slovakia Netherlands Germany Poland Other Segments eliminations Total Total equity 4,974.3 652.6 1,076.6 675.6 2,643.7 1,130.3 344.3 354.1 11,851.5 -4,500.3 7,351.2 Liabilities Interest-bearing loans and borrowings from financial 1,476.7 94.8 186.9 352.5 1,705.6 131.2 - - 3,947.7 - 3,947.7 institutions Bond issued - - - - 3,516.5 19.8 - - 3,536.3 - 3,536.3 Trade and other payables 57.1 13.6 10.7 7.0 16.4 32.4 8.3 5.0 150.3 - 150.3 Long-term payables to related parties 371.5 474.5 1,058.0 0.6 - 352.6 716.0 657.9 3,631.0 -3,631.0 - Derivative financial instruments - - 3.7 - 32.4 - - - 36.0 - 36.0 Deferred tax liabilities 885.0 43.1 130.7 118.4 7.9 89.2 56.9 17.7 1,349.0 - 1,349.0 Total non-current liabilities 2,790.3 625.9 1,390.0 478.5 5,278.7 625.2 781.2 680.6 12,650.3 -3,631.0 9,019.3 Interest-bearing loans and borrowings from financial 18.6 45.9 6.2 15.6 3.4 18.9 - - 108.7 - 108.7 institutions Bonds issued - - - - 506.4 0.4 - - 506.8 - 506.8 Trade and other payables 112.5 31.8 25.7 51.3 7.9 40.2 33.0 21.3 323.7 - 323.7 Short-term payables to related parties - 7.9 13.9 - 17.6 7.2 24.3 45.1 116.0 -116.0 - Derivative financial instruments - - - - 24.2 - - - 24.2 - 24.2 Current tax liabilities 10.7 0.3 1.6 4.4 0.7 18.1 0.1 11.2 47.3 - 47.3 Total current liabilities 141.9 85.9 47.5 71.4 560.4 84.8 57.3 77.6 1,126.8 -116.0 1,010.8 Total liabilities 2,932.2 711.8 1,437.4 549.8 5,839.1 710.0 838.6 758.1 13,777.1 -3,747.0 10,030.0 Total equity and liabilities 7,906.5 1,364.4 2,514.0 1,225.5 8,482.8 1,840.3 1,182.9 1,112.2 25,628.5 -8,247.3 17,381.2 Segment assets and liabilities as at 31 December 2024 are as follows: 2/2 Financial Statements 237 CTP N.V. Annual Report 2024 Segment results for the 12-month period ended 31 December 2023 are as follows: Inter- Restated Czech Total segment In EUR million Republic Hungary Romania Slovakia Netherlands Germany Poland Other Segments eliminations Total Rental income 255.2 57.6 101.7 43.5 7.2 69.2 7.2 30.3 571.9 - 571.9 Service charge income 20.8 7.7 12.0 5.3 0.8 12.3 1.3 1.3 61.5 -0.8 60.7 Property operating expenses -28.7 -8.6 -12.6 -6.2 -1.5 -23.6 -5.5 -2.5 -89.2 - -89.2 Net rental income 247.3 56.7 101.1 42.6 6.5 57.9 3.0 29.1 544.2 -0.8 543.4 Income from renewable energy 4.6 0.2 1.1 - 0.4 - - - 6.3 - 6.3 Expenses from renewable energy -2.1 -0.1 -0.2 -0.1 -0.3 - - - -2.8 - -2.8 Net income/expenses(-) from renewable energy 2.5 0.1 0.9 -0.1 0.1 - - - 3.5 - 3.5 Hotel operating revenue 21.1 - - - - - - - 21.1 - 21.1 Hotel operating expenses -15.7 - - - - - - - -15.7 - -15.7 Net operating income from hotel operations 5.4 - - - - - - - 5.4 - 5.4 Income from development activities 11.7 1.1 1.3 - - - 3.3 2.7 20.1 - 20.1 Expenses from development activities -8.7 -0.8 -1.0 - - - -2.0 -2.2 -14.7 - -14.7 Net income from development activities 3.0 0.3 0.3 - - - 1.3 0.5 5.4 - 5.4 Total revenues 313.4 66.6 116.1 48.8 8.4 81.5 11.8 34.3 680.9 -0.8 680.1 Total attributable external expenses -55.2 -9.5 -13.8 -6.3 -1.8 -23.6 -7.5 -4.7 -122.4 - -122.4 Gross profit/loss(-) 258.2 57.1 102.3 42.5 6.6 57.9 4.3 29.6 558.5 -0.8 557.7 Net valuation result on investment property 260.2 3.4 149.6 105.3 17.8 123.4 109.6 109.4 878.7 - 878.7 Other income 24.6 - 0.3 0.7 0.8 0.6 0.4 - 27.4 -19.6 7.8 Amortisation, depreciation and impairment -8.8 -0.2 -0.6 -0.2 -0.1 -0.6 -0.5 -0.3 -11.3 - -11.3 Employee benefits -23.4 -4.1 -4.7 -3.2 -2.0 -4.8 -5.2 -3.0 -50.4 - -50.4 Impairment of financial assets 0.9 - -0.1 -0.1 - -2.1 - - -1.4 - -1.4 Other expenses -27.9 -6.8 -7.0 -4.9 -11.0 -6.7 -7.9 -5.5 -77.7 20.4 -57.3 Net other income/expenses(-) -34.6 -11.1 -12.1 -7.7 -12.3 -13.6 -13.2 -8.8 -113.4 0.8 -112.6 Net profit/loss(-) before finance costs 483.8 49.4 239.8 140.1 12.1 167.7 100.7 130.2 1,323.8 - 1,323.8 Net finance costs -111.7 Profit/loss(-) before income tax 1,212.1 Income tax expense -289.5 Profit/loss(-) for the period 922.6 Profit/loss(-) attributable to: Equity holders of the Company 922.6 * The comparative information has been restated as a result of the changes in presentation as disclosed in Note 4. Financial Statements 238 CTP N.V. Annual Report 2024 Segment assets and liabilities as at 31 December 2023 are as follows:: 1/2 Interseg- Czech Total ment elimi- In EUR million Republic Hungary Romania Slovakia Netherlands Germany Poland Other Segments nations Total Assets Investment property 5,689.1 982.6 1,827.5 789.1 482.5 1,188.7 420.1 659.6 12,039.2 - 12,039.2 Investment property under development 279.5 123.6 98.6 130.5 0.1 26.8 483.0 217.5 1,359.6 - 1,359.6 Property, plant and equipment 150.8 9.0 22.6 3.8 5.2 4.3 4.5 33.6 233.8 - 233.8 Goodwill and intangible assets 5.0 - - - 0.3 171.2 - 176.5 - 176.5 Trade and other receivables 17.2 2.1 1.2 1.0 0.1 - 1.3 1.2 24.1 - 24.1 Derivative financial instruments - 1.3 - - 7.2 2.1 - - 10.6 - 10.6 Financial investments 658.9 - - - 3,260.1 - - - 3,919.0 -3,918.6 0.4 Long-term receivables from related parties - - - - 3,111.7 - - - 3,111.7 -3,111.1 0.6 Deferred tax assets 1.0 1.8 0.1 2.1 7.2 0.6 0.6 0.9 14.3 - 14.3 Total non-current assets 6,801.5 1,120.4 1,950.0 926.5 6,874.4 1,393.7 909.5 912.8 20,888.8 -7,029.7 13,859.1 Trade and other receivables 63.3 18.0 59.1 13.7 7.0 17.3 47.6 40.6 266.6 - 266.6 Short-term receivables from related parties 160.8 - - - 32.9 - - - 193.7 -192.8 0.9 Derivative financial instruments - 1.7 - - 35.8 0.6 - - 38.1 - 38.1 Contract assets 8.2 0.3 - - - - - - 8.5 - 8.5 Current tax assets 2.8 0.6 0.5 0.4 3.5 - - 1.6 9.4 - 9.4 Cash and cash equivalents 52.5 43.1 28.1 4.8 517.4 10.9 7.3 26.5 690.6 - 690.6 Total current assets 287.6 63.7 87.7 18.9 596.6 28.8 54.9 68.7 1,206.9 -192.8 1,014.1 Total assets 7,089.1 1,184.1 2,037.7 945.4 7,471.0 1,422.5 964.4 981.5 22,095.7 -7,222.5 14,873.2 Financial Statements 239 CTP N.V. Annual Report 2024 Interseg- Czech Total ment elimi- In EUR million Republic Hungary Romania Slovakia Netherlands Germany Poland Other Segments nations Total Total equity 4,235.3 545.0 761.5 480.0 2,515.1 978.9 271.9 297.8 10,085.5 -3,918.6 6,166.9 Liabilities Interest-bearing loans and borrowings from financial 1,394.1 52.8 215.2 209.2 1,210.6 145.5 100.8 - 3,328.2 - 3,328.2 institutions Bond issued - - - - 3,551.6 19.7 - - 3,571.3 - 3,571.3 Trade and other payables 51.4 10.9 10.3 2.9 22.2 31.7 5.9 12.2 147.5 - 147.5 Long-term payables to related parties 431.8 504.6 898.1 136.0 - 103.0 482.9 554.7 3,111.1 -3,111.1 - Derivative financial instruments - - - - 10.6 - - - 10.6 - 10.6 Deferred tax liabilities 800.9 38.4 92.6 82.7 6.5 68.2 49.1 29.0 1,167.4 - 1,167.4 Total non-current liabilities 2,678.2 606.7 1,216.2 430.8 4,801.5 368.1 638.7 595.9 11,336.1 -3,111.1 8,225.0 Interest-bearing loans and borrowings from financial 15.1 2.8 7.6 2.6 3.3 18.0 0.6 - 50.0 - 50.0 institutions Bonds issued - - - - 18.3 0.4 - - 18.7 - 18.7 Trade and other payables 150.5 22.3 31.9 28.5 9.6 42.0 40.1 42.0 366.9 - 366.9 Short-term payables to related parties 0.3 6.2 19.0 2.3 105.8 5.0 12.3 42.2 193.1 -192.8 0.3 Derivative financial instruments - - - - 17.0 - - - 17.0 - 17.0 Current tax liabilities 9.7 1.1 1.5 1.2 0.4 10.1 0.8 3.6 28.4 - 28.4 Total current liabilities 175.6 32.4 60.0 34.6 154.4 75.5 53.8 87.8 674.1 -192.8 481.3 Total liabilities 2,853.8 639.1 1,276.2 465.4 4,955.9 443.6 692.5 683.7 12,010.2 -3,303.9 8,706.3 Total equity and liabilities 7,089.1 1,184.1 2,037.7 945.4 7,471.0 1,422.5 964.4 981.5 22,095.7 -7,222.5 14,873.2 Segment assets and liabilities as at 31 December 2023 are as follows:: 2/2 Financial Statements 240 CTP N.V. Annual Report 2024 7. CHANGES IN GROUP STRUCTURE Current financial year Acquisitions In 2024, the Group acquired the below-mentioned subsidiaries: Acquisition Subsidiary Country date CTPark Konik sp. z o.o. Poland 3 April 2024 (formerly White Star Logistics Park Konik sp. z o.o.) CTPark Natolin sp. z o.o. Poland 3 April 2024 (formerly White Star Logistics Park Lodz sp. z o.o.) CTPark Raszyn sp. z o.o. Poland 3 April 2024 (formerly White Star Logistics Park Raszyn sp. z o.o.) CTPark Toruń sp. z o.o. Poland 3 April 2024 (formerly White Star Logistics Park Torun sp. z o.o.) CTPark Trnava III, spol. s r.o. Slovakia 9 May 2024 (formerly Logistické centrum Trnava s.r.o.) RTC Real a.s. Czech Republic 16 May 2024 Logistics Hub Chitila SRL Romania 27 May 2024 North Logistics Hub SRL Romania 27 May 2024 Elgan Automotive SRL Romania 27 May 2024 Industrial Park West SRL Romania 27 May 2024 See Exclusive Development SRL Romania 27 May 2024 CTPark Ostrava Radvanice, spol. s r.o. Czech Republic 26 June 2024 (formerly RK2 Real, s.r.o.) * CTPark Ostrava Radvanice, spol. s r.o. ceased to exist, all its assets and liabilities were transferred to CTPark Ostrava Radvanice, spol. s r.o. (formerly named CTPark Ostrava Radvanice II, spol. s r.o). These acquisitions impacted the Group’s financial statements as at date of acquisition, as follows: Czech In EUR million Republic Poland Romania Slovakia Total Investment property 37.2 26.0 165.2 27.0 255.4 Investment property under develop- ment - 5.9 - - 6.0 Cash and cash equivalents - 2.9 19.4 0.1 22.4 Trade and other receivables 1.6 0.6 6.7 0.1 9.0 Total assets 38.8 35.5 191.3 27.1 292.8 Interest-bearing loans and borrowings - - -92.7 - -92.7 from financial institutions Trade and other liabilities -0.3 -0.8 -1.1 -0.1 -2.2 Total liabilities -0.3 -0.8 -93.8 -0.1 -94.9 Net assets acquired 38.6 34.7 97.5 27.1 197.9 Consideration paid in cash -38.6 -34.7 -96.0 -27.1 -196.4 Consideration not settled till period end - - -1.5 - -1.5 Net cash inflow/outflow -38.6 -31.7 -76.6 -27.0 -174.0 * Consideration paid includes pre-acquisition loans and borrowings provided to acquired subsidiaries of EUR 26.6 million. Total impact on consolidated cash flow is EUR 147.4 million. All acquisitions above were assessed based on the requirements of IFRS 3. No critical processes were iden- tified, and acquisitions were considered as asset acquisitions. Financial Statements 241 CTP N.V. Annual Report 2024 Changes within the Group in 2024 As at 31 December 2024, there were no significant changes within the Group. Prior financial year Acquisitions In 2023, the Group acquired the following subsidiaries: Acquisition Subsidiary Country date CTPark Ostrava Hrušov, spol. s r.o. (formerly H-Zone, s.r.o.) Czech Republic 31 January 2023 BIMS PROPERTIES 2018 DOO DEČ Serbia 21 February 2023 CTPark Pitesti East SRL (formerly Seebuca Immo SRL) Romania 29 March 2023 CTPark Timisoara North SRL (formerly Seetimi SRL) Romania 29 March 2023 CTPark Dragomiresti SRL (formerly Bati Carpath SRL) Romania 29 March 2023 CTP Germany X GmbH Germany 30 March 2023 (formerly Projektgesellschaft Rauentaler Strasse mbH) CTPark Nýřany II, spol. s r.o. (formerly Limmo beta s.r.o.) Czech Republic 30 November 2023 CTP Nová Zvonařka, spol. s r.o. (formerly Nová Zvonařka s.r.o.) Czech Republic 30 November 2023 CTPark Tošanovice a.s. (formerly Tosan Park a.s.) Czech Republic 6 December 2023 These acquisitions impacted the Group’s financial statements as at date of acquisition as follows: Czech In EUR million Germany Republic Romania Serbia Total Investment property 9.1 65.5 57.1 4.4 136.1 Investment property under development - 12.4 0.4 3.1 15.9 Cash and cash equivalents 0.1 0.5 2.3 - 2.9 Trade and other receivables - 1.0 0.1 - 1.1 Total assets 9.2 79.4 59.9 7.5 156.0 Interest-bearing loans and borrowings from financial - - -27.1 - -27.1 institutions Trade and other liabilities -0.4 -2.7 -10.4 -0.1 -13.6 Total liabilities -0.4 -2.7 -37.5 -0.1 -40.7 Net assets acquired 8.8 76.7 22.4 7.4 115.3 Consideration paid in cash -8.8 -65.2 -19.5 -7.4 -100.9 Consideration not settled till - -11.5 -2.9 - -14.4 period end Net cash inflow/outflow -8.7 -64.7 -17.2 -7.4 -98.0 * Consideration paid includes pre-acquisition loans and borrowings provided to acquired subsidiaries of EUR 39.5 million. Total impact on consolidated cash flow is of EUR 58.5 million. All acquisitions above were assessed based on the requirements of IFRS 3. No critical processes were iden- tified, and acquisitions were considered as asset acquisitions. In 2023, the Group disposed subsidiary CTPark Alpha, d.o.o. in Slovenia outside of the Group, with an impact on consolidated cash flow of EUR 3.7 million. Changes within the Group in 2023 As at 31 December 2023, there were no significant changes within the Group. Financial Statements 242 CTP N.V. Annual Report 2024 8. RENTAL INCOME AND SERVICE CHARGE INCOME In EUR million 2024 2023 Industrial 590.3 504.6 Office and Retail 30.3 31.9 Other rental income 43.5 35.4 Total rental income 664.1 571.9 Service charge income 75.9 60.7 Total rental income including service charge 740.0 632.6 CTP leases its investment property under operating leases. The operating leases are generally for five to fifteen years. Other rental income represents termination fees, rental income from the rent of parking spaces, garages, yards, porches and cloakrooms. Service charge income represents fixed contractual income receivable from tenants for maintenance, cleaning, security, garbage management and usage of infrastructure. The following revenues were generated in the countries where CTP operates: In EUR million 2024 2023 Czech Republic 297.8 276.0 Romania 136.5 113.7 Germany 91.5 81.5 Hungary 71.0 65.3 Slovakia 60.3 48.8 Serbia 31.6 18.5 Poland 23.8 8.4 Bulgaria 15.4 12.2 Netherlands 9.4 7.2 Austria 2.7 1.0 Total rental income including service charge 740.0 632.6 Financial Statements 243 CTP N.V. Annual Report 2024 9. REVENUES FROM CONTRACTS WITH CUSTOMERS According to IFRS 15 requirements, revenues related to contracts with customers are as follows: In EUR million 2024 2023 Restated Attributable Attributable external external Revenues expenses Revenues expenses Income from renewable energy 7.6 6.3 Expenses from renewable energy -4.2 -2.8 Net income from renewable energy 3.4 3.5 Hotel operating revenue 22.4 21.1 Hotel operating expenses -16.3 -15.7 Net operating income from hotel operations 6.1 5.4 Income from development activities 100.7 20.1 Expenses from development activities -75.2 -14.7 Net income from development activities 25.5 5.4 Total revenues from contracts with customers 130.8 47.5 Total external expenses related to contracts with customers -95.8 -33.2 Net income from contracts with customers 35.0 14.3 * The comparative information has been restated as a result of the changes in presentation as disclosed in Note 4. Net income from renewable energy The renewable energy income comes from sells electricity generated from renewable sources to end cus- tomer. Income is primarily consisting of sales to the GRID, followed by tenants, and via a trader, listed in order of significance. Related expenses include depreciation of solar panels, purchase of electricity, repair and maintenance and insurance. Net operating income from hotel operations Net operating income from hotel operations is represented by revenues and expenses from the operation of three hotels in the Czech Republic. All hotels are operated under the “Courtyard by Marriott” brand. Revenues from hotel operations are represented by very short-term contacts with customers. The hospital- ity services are invoiced nearly at the same time as the respective service is provided. Net income from development activities Net income from development activities represents income from construction projects provided by CTP to third-party companies; the main part of construction represents extras and fit-outs for tenants. The Group completed in 2024 several high value projects in the Czech Republic. Financial Statements 244 CTP N.V. Annual Report 2024 10. PROPERTY OPERATING EXPENSES In EUR million 2024 2023 Restated Park Management expenses -33.9 -29.7 Maintenance and repairs -32.4 -39.6 Real estate tax -21.6 -12.8 Insurance -4.9 -6.7 Other -0.3 -0.4 Total property operating expenses -93.2 -89.2 * The comparative information has been restated as a result of the changes in presentation as disclosed in Note 4. Park management expenses represent expenses for utilities, park maintenance, cleaning, security and gar- bage management provided by external suppliers. These expenses are covered by service charges charged to the tenants. Increase in real estate tax in 2024 is due to changes in tax rates and increasing number of buildings in investment property . 11. OTHER INCOME In EUR million 2024 2023 Restated Gains from sale of assets 0.3 3.7 Release of accrual related to transfer tax 5.0 - Other income 5.3 4.1 Total other income 10.7 7.8 * The comparative information has been restated as a result of the changes in presentation as disclosed in Note 4. Other income consists primarily of reverse charge from property insurance, accrual reversals and income from assigned receivables. During the year 2023, gain from sale of assets of EUR 3.1 million, represents the sale of subsidiary CTPark Alpha, d.o.o. in Slovenia outside of the Group. 12. EMPLOYEE BENEFITS In EUR million 2024 2023 Wages and salaries -43.2 -40.5 Social security contributions -8.0 -8.0 Other personnel expenses -1.6 -1.9 Total employee benefits -52.8 -50.4 The average full-time equivalent of employees in 2024 was 806 (2023: 711); all except 10 (2023: 9) are work- ing outside the Netherlands. Weighted average number of employees per segments 2024 2023 Czech Republic 335 318 Romania 95 94 Poland 89 72 Slovakia 75 62 Hungary 73 67 Germany 70 39 Netherlands 10 9 Other 60 50 Total employee number 806 711 The number of full-time equivalent employees as at 31 December 2024 was 874 (2023: 732). Financial Statements 245 CTP N.V. Annual Report 2024 13. OTHER EXPENSES In EUR million 2024 2023 Restated Legal, tax and audit -11.7 -9.7 Travel expenses -7.5 -7.4 Advertising and promotion expenses -5.5 -5.4 IT and telecommunication expenses -5.3 -4.7 Energy and material consumption -3.1 -3.5 Donations -2.6 -5.7 Loss from sale of Investment Property -2.6 - Rent -2.4 -1.8 Taxes and other charges -2.2 -3.4 Fee for real estate consultants and brokers -1.9 -5.7 Recruitment and related fees -1.8 -1.9 Receivables written off -1.6 -2.8 Penalties -1.5 -0.3 Other -5.6 -5.0 Total other expenses -55.3 -57.3 * The comparative information is restated on account of correction of errors, refer to Note 4. In 2023, the Group donated a land plot to a municipality in the Czech Republic with a value of EUR 4.0 million. 14. NET INTEREST EXPENSES In EUR million 2024 2023 Financial liabilities not measured at FVTPL – interest expense -170.3 -81.9 Impact of financial derivative instruments 12.1 5.7 Arrangement fees -6.4 -4.0 Interest expense from bonds issued -77.1 -48.8 Interest expense -241.7 -129.0 Interest income 36.7 17.2 Net interest expenses -205.0 -111.8 The increase of interest expense in 2024 relates to the increase in financing of the Group and higher inter- est rates. Please, refer to Note 28 and 29. In 2024, arrangement fees include one off release of arrangement fee related to early repayment of bank loan facility of EUR 1.2 million. In 2023, arrangement fees include one off release of arrangement fee related to early termination of revolv- ing credit facility of EUR 0.9 million. Interest income includes interest from deposits and current bank accounts. 15. OTHER FINANCIAL EXPENSES In EUR million 2024 2023 Bank fees -0.7 -0.7 Financing fees -16.5 -7.4 Other financial expenses -0.1 -0.4 Other financial expenses -17.3 -8.5 In 2024, financing fees include fees related to early repayment of bank loan facility of EUR 15.6 million. Please, refer to Note 28. 16. OTHER FINANCIAL GAINS/LOSSES (-) In EUR million 2024 2023 Change in FMV of derivatives and hedge -1.9 -1.7 Foreign exchange gains/losses(-) 5.9 9.2 Other financial gains/losses(-) 37.2 1.1 Other financial gains/losses(-) 41.2 8.6 Other financial gains/losses for the year 2024 comprise gain of EUR 37.1 million, realised due to early repay- ment of bonds in nominal value of EUR 950 million. For details refer to Note 29 . Financial Statements 246 CTP N.V. Annual Report 2024 17. INCOME TAX EXPENSES Amounts recognized in profit or loss In EUR million 2024 2023 Current tax income/expense(-) related to Current year -68.4 -48.0 Prior period 2.8 -6.2 Total -65.6 -54.2 Deferred tax expense Deferred tax expense -183.1 -235.3 Total -183.1 -235.3 Total income tax expense in statement of profit or loss and other comprehensive income -248.7 -289.5 Applied income tax rates are valid for 2024 and for future periods when the Group expects to utilise the tax impacts from previous years. In 2023, current tax expenses from prior periods include additional tax of EUR 3.6 million related to pre-ac- quisition period of CTP Deutschland B.V. Reconciliation of effective tax rate In EUR million 2024 2023 Tax Tax base Tax base Tax Profit before income tax 1,330.1 343.2 1,212.1 312.7 Company's domestic tax rate 25.8% 25.8% Tax non-deductible expenses 12.1 3.1 21.2 5.5 Tax exempt income -1.8 -0.5 -6.7 -1.7 Income tax adjustment for prior years 9.5 2.4 24.1 6.2 Effect of unrecognised deferred tax asset related to tax losses (including current year losses) 12.1 3.1 -4.6 -1.2 Effect of tax rates in foreign jurisdictions - -93.6 - -81.6 Effect of change of tax rate - 7.6 - 54.0 Other items -64.8 -16.7 -17.0 -4.4 Tax base 1,297.2 248.7 1,229.1 289.5 Effective income tax rate 18.7% 23.9% Tax non-deductible expenses represent mainly financial expenses, reversal of items which were treated permanently non-taxable in previous periods, non-deductible representation expenses and gifts. In 2024, a tax rate of 24% was used for the purposes of deferred tax calculation in Slovakia for entities with an income turnover exceeding EUR 5.0 million. This change reflects an increase in the corporate income tax rate for these entities from 21% to 24%, effective from 2025. In 2023, a tax rate of 21% was used for the purposes of deferred tax calculation in the Czech Republic due to change in the corporate income tax rate from 19% to 21% starting in 2024. Other items result mainly from the translation of transactions in foreign currencies to the functional cur- rency of the Group’s entities. Financial Statements 247 CTP N.V. Annual Report 2024 18. INVESTMENT PROPERTY In EUR million 2024 2023 Buildings and related land and Right-of-use assets 13,362.9 11,119.4 Industrial 12,531.0 10,434.1 Office 760.4 620.8 Retail and other 71.5 64.5 Landbank and related Right-of-use assets 1,292.4 919.8 Total 14,655.3 12,039.2 Buildings Right-of-use and assets - Right-of-use Total related buildings and assets - Investment In EUR million land Landbank related land landbank Property Balance at 1 January 2023 9,333.2 758.2 28.1 4.7 10,124.2 Transfer from/to investment property under development 1,209.4 -152.2 17.0 - 1,074.2 Transfer from/to buildings and related land 11.8 -11.8 - - - Transfer from/to PPE -2.3 - - - -2.3 Acquisitions 161.7 224.3 - - 386.0 Additions/disposals 144.9 -7.6 2.2 0.3 139.8 Net valuation result 213.4 103.9 - - 317.3 Balance at 31 December 2023 11,072.1 914.8 47.3 5.0 12,039.2 Balance at 1 January 2024 11,072.1 914.8 47.3 5.0 12,039.2 Transfer from/to investment property under development 1,271.4 -59.6 4.5 -5.0 1,211.3 Transfer from/to buildings and related land 7.4 -7.4 - - - Transfer from/to PPE 1.6 - - - 1.6 Acquisitions 196.2 386.1 - - 582.3 Additions/disposals 261.9 -2.8 0.7 - 259.8 Net valuation result 499.9 61.2 - - 561.1 Balance at 31 December 2024 13,310.5 1,292.4 52.5 - 14,655.3 Financial Statements 248 CTP N.V. Annual Report 2024 Buildings and related land represent assets in CTP’s legal ownership. The landbank comprises the plots of land in CTP’s ownership available for development of new projects. Right-of-use assets comprise leased land in Germany of EUR 28.5 million (2023 – EUR 27.8 million), land in the Netherlands of EUR 17.0 million (2023 – EUR 17.0 million) and land in the Czech Republic of EUR 7.0 million (2023 – EUR 2.0 million). Right-of-use assets – buildings and related land in Romania of EUR 0.5 million was transferred to buildings and related land through the exercise of the purchase option. Right-of-use assets – landbank in the Czech Republic of EUR 5.0 million was transferred to right-of-use assets – buildings and related land. Investment property comprises mainly commercial properties that are leased to third parties. A portion of owned buildings and land are subject to bank collateral (refer to Note 28). Acquisitions represent asset deals under the acquisition of subsidiaries (refer to Note 7) and acquisitions of properties under asset deal agreements. Current financial year The most significant completed construction of industrial properties in 2024 were in Warsaw, Zabrze and Katowice in Poland; in Brno, Blatnice, Prague and Cheb in the Czech Republic; in Novi Sad and Belgrade in Serbia; in Budapest and Tatabanya in Hungary and in Bucharest, Arad and Ploiesti in Romania. In 2024, the Group made landbank acquisitions, primarily in Germany, Poland, the Czech Republic, Slovakia, Serbia and Austria. Prior financial year The most significant completed construction of industrial properties in 2023 were in Mszczonów and in Opole in Poland; in Sofia in Bulgaria; in Belgrade and in Kragujevac in Serbia; in Budapest in Hungary; in Vienna and in Getzersdorf in Austria; in Amsterdam in the Netherlands; in Brno, in Kozomín, in Cerhovice, in Hrušov, in Blučina, in Žatec and in Ostrava in the Czech Republic; in Prešov and in Trnava in Slovakia; and in Bucharest in Romania. In 2023, the Group also made landbank acquisitions, mainly in Hungary, Romania, Germany, Serbia, Poland, Bulgaria, Austria, Czech Republic and Slovakia. During the year 2023, disposals in landbank of EUR 6.2 million, represents the sale of subsidiary CTPark Alpha in Slovenia outside of the Group. In 2023, the Group donated a land plot to a municipality in the Czech Republic with a value of EUR 4.0 million. Fair value hierarchy The fair value measurement for investment property has been categorised as Level 3 recurring fair value based on the inputs to the valuation technique used in accordance with IFRS 13. There were no transfers between Levels during the period. Management’s adjustments made in respect of valuations appraisals CTP management did not make any adjustments to valuation prepared by an independent external valuer as at 31 December 2024 and 31 December 2023. The table below presents the portion of the investment property portfolio as at 31 December 2024 and 2023, valued by an independent external valuer: In EUR million 2024 2023 Investment property portfolio valued by external valuer 14,402.2 11,836.6 Investment property portfolio at acquisition value 253.2 202.6 Total 14,655.3 12,039.2 Valuation Building valuation To value investment property, with the exception of the German market, external valuers have adopted a traditional capitalization approach. The capitalisation rates applied within this method are implicit in terms of rental growth and most other risks, although external valuers are explicit in their calculations in terms of voids and costs. For German investment properties, according to local practice, the external valuers have adopted an explicit discounted cashflow approach. Valuations reflect, where appropriate: the tenants in current occupation; the rental potential after letting vacant accommodation, and the remaining economic life of the property. It is assumed that whenever rent reviews or lease renewals are pending with anticipated reversionary increases, all notices and, where appro- priate, counter notices, have been served validly and within the appropriate time. Financial Statements 249 CTP N.V. Annual Report 2024 Assumptions by the independent valuer for the year ended 31 December 2024 and 31 December 2023 were as follows: Core yield 2024 2023 Country Average Lower Upper Average Lower Upper Czech Republic 5.71% 4.50% 9.30% 5.84% 4.60% 9.00% Hungary 6.89% 6.05% 9.00% 6.92% 6.15% 8.80% Romania 7.56% 7.35% 8.40% 7.53% 7.35% 8.40% Slovakia 6.60% 6.00% 9.50% 6.77% 6.25% 9.50% Germany 5.91% 4.38% 8.88% 6.23% 3.11% 15.61% Poland 5.89% 5.50% 6.50% 6.17% 5.90% 6.50% Netherlands 4.77% 3.60% 6.30% 4.70% 3.65% 7.75% Other 7.86% 5.40% 9.25% 7.83% 5.50% 9.50% All 6.31% 3.60% 9.50% 6.36% 3.11% 15.61% Core yield 2024 2023 Sector Average Lower Upper Average Lower Upper Offices 7.03% 4.50% 8.75% 7.13% 5.79% 8.60% Industrial/other 6.28% 3.60% 9.50% 6.32% 3.11% 15.61% Average ERV per sqm and month (EUR) Country 2024 2023 Netherlands 7.9 7.9 Czech Republic 7.4 7.2 Slovakia 5.8 5.5 Hungary 5.7 5.4 Poland 5.0 5.0 Romania 4.9 4.4 Germany 4.7 4.3 Other 5.8 5.6 All 5.9 5.7 Average ERV per sqm and month (EUR) Sector 2024 2023 Offices 14.6 13.7 Industrial/other 5.8 5.5 Structural vacancy was applied in few cases, mainly to office and ancillary areas. Landbank valuation The landbank comprises the plots of land in CTP’s ownership, on which development projects are to be carried out. The landbank was valued by a registered independent valuer with an appropriately recognised professional qualification and with up–to–date knowledge and understanding of the location and category of the property. For land assets, the valuer applied the residual or the market comparison method or both, as appropriate. The residual method assumes the property’s value equates to the end value of the property once devel- oped, less the costs of realisation, demolition, build costs, professional fees, planning, finance and market- ing costs and developer’s profit. The land value shall be the residual amount. The market comparison uses sales information from sites of a similar type, size and in a similar location, where a similar development is possible. Sale prices of the properties that are judged to be most comparable tend to indicate a range in which the value indication for the subject property will fall. The valuer estimated the degree of similarity or difference between the subject property and the comparable sales by considering various elements of comparison. Financial Statements 250 CTP N.V. Annual Report 2024 Independent valuer assumptions for the year ended 31 December were based on analysis of comparable evidence and adopted the following average market values per square meter: In EUR 2024 2023 Czech Republic 65 64 Slovakia 62 60 Hungary 42 48 Serbia 28 26 Romania 34 33 Poland 63 63 Bulgaria 57 55 Germany 131 123 Netherlands 36 32 Austria 136 102 Total average for the Group 54 50 Investment property is in the following countries where CTP operates: In EUR million 2024 2023 Czech Republic 6,228.2 5,689.1 Romania 2,395.5 1,827.5 Germany 1,521.2 1,188.7 Hungary 1,259.2 982.6 Slovakia 1,021.0 789.1 Poland 882.6 420.1 Netherlands 481.8 482.5 Serbia 530.2 368.7 Bulgaria 209.6 177.7 Austria 126.0 113.2 Total 14,655.3 12,039.2 Sensitivity analysis on changes in external valuer’s assumptions of investment property valuation CTP performed a sensitivity analysis on changes in investment property valuations, except for landbank in- vestment property as it is valued by a comparable method. The table below presents the sensitivity of profit or loss before tax as at 31 December 2024 and 31 December 2023 due to changes in assumptions: Financial Statements 251 CTP N.V. Annual Report 2024 Completed investment properties as at 31 December 2024 in EUR million FMV based Current Current Increased upon increased Effect of increase average property yield market value yield by 25bp yield in yield by 25bp Increase of 25bp in yield 6.64% 13,311.9 6.89% 12,828.6 -483.3 Current Current Decreased FMV based upon Effect of decrease average property yield market value yield by 25bp decreased yield in yield by 25bp Decrease of 25bp in yield 6.64% 13,311.9 6.39% 13,833.1 521.2 Current rental income including ERV Changed FMV based upon Change from vacant space rental income changed rental income in FMV Increase of 500bp in estimated rental income 883.4 927.5 13,977.5 665.6 Decrease of 500bp in estimated rental income 883.4 839.2 12,646.3 -665.6 Completed investment properties as at 31 December 2023 in EUR million Current Current Increased FMV based upon Effect of increase average property yield market value yield by 25bp increased yield in yield by 25bp Increase of 25bp in yield 6.66% 11,028.7 6.91% 10,629.6 -399.1 Current Current Decreased FMV based upon Effect of decrease average property yield market value yield by 25bp decreased yield in yield by 25bp Decrease of 25bp in yield 6.66% 11,028.7 6.41% 11,459.0 430.3 Current rental income including ERV Changed FMV based upon Change from vacant space rental income changed rental income in FMV Increase of 500bp in estimated rental income 734.3 771.0 11,580.2 551.4 Decrease of 500bp in estimated rental income 734.3 697.6 10,477.3 -551.4 Financial Statements 252 CTP N.V. Annual Report 2024 19. INVESTMENT PROPERTY UNDER DEVELOPMENT Right-of-use In EUR million IPUD assets Total Balance at 1 January 2023 1,175.6 17.7 1,193.3 Transfer from/to Investment property -1,057.2 -17.0 -1,074.2 Transfer from/to PPE -4.2 - -4.2 Acquisitions 16.5 - 16.5 Additions/disposals 666.7 0.1 666.8 Net valuation result 561.4 - 561.4 Balance at 31 December 2023 1,358.8 0.8 1,359.6 Balance at 1 January 2024 1,358.8 0.8 1,359.6 Transfer from/to Investment property -1,210.5 -0.8 -1,211.3 Acquisitions 14.9 - 14.9 Additions/disposals 533.2 - 533.2 Net valuation result 380.4 - 380.4 Balance at 31 December 2024 1,076.8 - 1,076.8 Investment property under development (“IPUD”) comprises pipeline projects in several stages of comple- tion and of land with planning permits in place that are still to be developed but where pre-agreements with future tenants are available. CTP management estimates that a significant majority of the pipeline projects will be completed within 12-15 months. In 2023, right-of-use assets in investment property under development comprised leased land in Romania of EUR 0.8 million to CTPARK IOTA SRL. In 2024, the land was transferred to buildings and related land through the exercise of the purchase option. Investment property under development is located in the following countries where CTP operates: In EUR million 2024 2023 Czech Republic 374.8 279.5 Poland 247.2 483.0 Slovakia 147.1 130.5 Germany 84.9 26.8 Austria 73.0 95.1 Bulgaria 64.2 63.4 Romania 30.0 98.6 Hungary 29.2 123.6 Serbia 26.3 59.0 Netherlands 0.1 0.1 Total 1,076.8 1,359.6 Fair value hierarchy The fair value measurement for investment property under development is categorised as Level 3 recurring fair value based on the inputs to the valuation technique used in accordance with IFRS 13. There were no transfers between Levels during the period. Valuation Development assets are valued through a combination of traditional and residual methods. The tradition- al method is applied to determine a gross development value (GDV), which is a component of the residu- al method that is ultimately applied to determine fair value. This approach assumes the property’s value equates to the end value of the property once developed, less the costs of realisation, demolition, build costs, professional fees, planning, finance and marketing costs and developer’s profit. The land value shall be the residual amount. In assessing the GDV, the independent valuer adopted a market approach by estimating the market rental values for the accommodation to be developed and the appropriate capitalisation rate which a potential investor would require to arrive at the fair value of the completed and leased building. For those assets nearing completion, the valuer has explicitly considered the likely leasing status of the property as at prac- tical completion. Financial Statements 253 CTP N.V. Annual Report 2024 The assumptions used by the independent valuer for the year ended 31 December were as follows: 2024 2023 Average Lower Upper Average Lower Upper Capitalisation rates 6.06% 4.60% 8.75% 6.39% 4.40% 9.00% Monthly ERV per vacant sqm (EUR) Industrial premises 5.87 3.75 8.67 5.22 2.67 9.11 Office properties 15.21 13.00 18.50 15.65 14.68 17.17 Soft costs 0.61% 0.00% 6.00% 5.69% 0.00% 15.00% Finance costs 5.46% 5.00% 6.00% 5.50% 0.00% 6.00% Profit allowance 15.82% 5.00% 25.00% 10.73% 0.00% 18.50% Structural vacancy was applied in a very few cases, mainly to office and ancillary areas. Sensitivity analysis on changes in external valuer’s assumptions of investment property under development valuation CTP performed a sensitivity analysis on changes in investment property under development valuation. The table below presents the sensitivity of profit or loss before tax as at 31 December 2024 and 31 December 2023: Investment properties under development as at 31 December 2024 in EUR million Current FMV based Current average market value Increased upon increased Effect of increase property yield at completion yield by 25bp yield in yield by 25bp Increase of 25bp in yield 6.42% 1,889.7 6.67% 1,818.9 -70.9 Current Current average market value Decreased FMV based Effect of decrease property yield at completion yield by 25bp upon decreased yield in yield by 25bp Decrease of 25bp in yield 6.42% 1,889.7 6.17% 1,966.3 76.6 Current rental FMV based income including ERV Changed upon changed rental Effect of change from vacant space rental income income in rental income Increase of 500bp in estimated rental income 121.2 127.3 1,984.2 94.5 Decrease of 500bp in estimated rental income 121.2 115.2 1,795.2 -94.5 Financial Statements 254 CTP N.V. Annual Report 2024 Investment properties under development as at 31 December 2023 in EUR million Current FMV based Current average market value Increased upon increased Effect of increase property yield at completion yield by 25bp yield in yield by 25bp Increase of 25bp in yield 6.87% 2,209.3 7.12% 2,131.8 -77.6 Current Current average market value Decreased FMV based Effect of decrease property yield at completion yield by 25bp upon decreased yield in yield by 25bp Decrease of 25bp in yield 6.87% 2,209.3 6.62% 2,292.7 83.4 Current rental FMV based income including ERV Changed upon changed Effect of change from vacant space rental income rental income in rental income Increase of 500bp in estimated rental income 151.8 159.4 2,319.8 110.5 Decrease of 500bp in estimated rental income 151.8 144.2 2,098.9 -110.5 An increase of developers’ profit mark-up by 2% in valuers’ assumptions will increase the developers’ profit and as a consequence will decrease the valuation as at 31 December 2024 by EUR 13.1 million (2023 – EUR 13.7 million) provided all other variables remain constant. 20. NET VALUATION RESULT Reconciliation of valuation gains/losses recognised in statement of comprehensive income: In EUR million 2024 2023 Valuation gains 1,121.3 1,102.0 out of which: Investment Property 688.1 505.8 Investment Property under development 433.1 596.2 Valuation losses -179.8 -223.3 out of which: Investment Property -127.1 -188.5 Investment Property under development -52.7 -34.8 Net valuation gains/losses(-) on investment property 941.5 878.7 Financial Statements 255 CTP N.V. Annual Report 2024 21. PROPERTY, PLANT AND EQUIPMENT Solar plants Owner-occupied under buildings and In EUR million Hotels Leased Property Solar Plants construction Forests equipment Total Balance at 1 January 2023 55.5 8.8 24.9 13.8 4.3 61.6 168.9 Acquisitions - - - - - 0.1 0.1 Additions/disposals(-) - 0.2 8.5 45.3 - 4.4 58.4 Transfers - - 11.0 -11.0 - - - Transfer from/to IP and IPuD - - 4.2 - - 2.3 6.5 Valuation gain/loss(-) on solar plants and hotels 0.4 - -5.7 17.5 - - 12.2 Depreciation -1.6 -1.2 -1.4 - - -8.7 -12.9 Reversal of impairment loss 0.6 - - - - - 0.6 Balance at 31 December 2023 54.9 7.8 41.5 65.6 4.3 59.7 233.8 Balance at 1 January 2024 54.9 7.8 41.5 65.6 4.3 59.7 233.8 Additions/disposals(-) 5.7 2.6 0.6 24.0 - 2.2 35.1 Transfers - - 14.8 -14.8 - - - Transfer from/to IP and IPuD -1.0 - - - - -0.6 -1.6 Valuation gain/loss(-) on solar plants and hotels 1.1 - -1.6 -4.5 - - -5.0 Depreciation -1.8 -1.4 -2.5 - - -8.6 -14.3 Reversal of impairment loss 0.5 - - - - - 0.5 Balance at 31 December 2024 59.4 9.0 52.7 70.3 4.3 52.7 248.4 * amount recognized as part of Hotel operating expenses in the consolidated statement of profit or loss ** amount recognized as part of Expenses from renewable energy in the consolidated statement of profit or loss Financial Statements 256 CTP N.V. Annual Report 2024 The value of Solar plants of EUR 52.7 million (2023 – EUR 41.5 million) represents revalued amount in ac- cordance with IAS 16 based upon the independent valuation report. The value of Solar plant under construction of EUR 70.3 million (2023 – EUR 65.6 million) represents the fair value of the solar panels based upon the independent valuation report. In 2024, the Group recognised government grants related to acquisition of solar plants of EUR 7.1 million (2023 – EUR 4.2 million). The value of hotels EUR 59.4 million (2023 – EUR 54.9 million) represents revalued amount in accordance with IAS 16 based upon the independent valuation report. The valuation is prepared on the basis of fair val- ue in accordance with IFRS 13 and is primarily derived using the discounted cashflow methodology, as well as an income capitalisation approach, and comparable recent market transactions on arm’s length terms. Forests are considered as bearing plant and are included in Property, plant and equipment of EUR 4.3 million (2023 – EUR 4.3 million). Owner-occupied buildings and equipment of EUR 52.7 million (2023 – EUR 59.7 million) consists primarily of real estate infrastructure (such as roads, greenery and energy transformers) including related equipment, means of transport and two owner-occupied buildings in the Czech Republic. Property, plant and equipment include also right-of-use assets of EUR 9.0 million (2023 – EUR 7.8 million) relating to leased properties that do not meet CTP’s definition of investment property (refer to Note 31). Valuation Considering the nature of the solar plants and the basis of valuation, the valuer used the income approach under the Discounted Cash Flow (“DCF”) method, in a DCF Entity modification, as a valuation method. The cash flows are based on business plans that account for the general and specific characteristics of individu- al solar plant portfolios and typically cover a period of 25-30 years, reflecting the net useful life of the solar plants. To compute fair value of the solar plants, the valuer employed the WACC in the range from 6.6% to 8.5% as the discount rate, which was calculated with reference to the locations of the solar plants. Key assumptions used in solar valuation: • Business plans and financial models covering estimated useful life of solars. • Annual production of electricity in MWh based on installed capacity and corresponding production co- efficient. This production coefficient depends on the geographical location. • Electricity price forecast for periods without fixed contractual agreements, with the following as- sumptions: – Covered period from 2024 to 2040. – Forecast based on modelling inputs: fuel, CO2 allowance prices, installed capacities, required ca- pacity ranges of ancillary services and other (non-fuel) variable costs of generation source. In view of the nature of the hotels and the bases of valuation, the valuer adopted the discounted cash flow method. Under this method the projected adjusted net operating income for the hotel over 10 years is dis- counted back to present day using an appropriate discount rate. The value of the hotel derived from the capitalised earnings in the 11th year is also brought back to present values. Capital expenditure is built into the cash flow if appropriate. Capitalisation rates used in hotel valuations range from 8.0% to 9.25% (2023 – from 8.0% to 9.25%). Sensitivity analysis on changes in assumptions of solars CTP performed a sensitivity analysis on changes in fair value to changes in price of electricity and to chang- es in WACC. The table below presents the sensitivity of fair value as at 31 December 2024, due to changes in assumptions: Effect of decrease Effect of increase In EUR million Current FV in price in price 10% Change in price 123.0 -2.2 2.2 Effect of increase Effect of decrease In EUR million Current FV in WACC in WACC 0.5% Change in WACC 123.0 -5.8 6.4 CTP performed a sensitivity analysis on changes in fair value to changes in price of electricity and to chang- es in WACC. The table below presents the sensitivity of fair value as at 31 December 2023, due to changes in assumptions: Effect of decrease Effect of increase In EUR million Current FV in price in price 10% Change in price 107.1 -1.2 1.2 Effect of increase Effect of decrease In EUR million Current FV in WACC in WACC 0.5% Change in WACC 107.1 -4.1 4.4 Financial Statements 257 CTP N.V. Annual Report 2024 Sensitivity analysis on changes in assumptions of hotel valuation CTP performed a sensitivity analysis on changes in fair value to changes in revenues per available room. The table below presents the sensitivity of fair value as at 31 December 2024, due to changes in assumptions: Effect of decrease Effect of increase In EUR million Current FV in RevPAR in RevPAR 5% Change in RevPAR 59.4 -9.1 9.1 CTP performed a sensitivity analysis on changes in fair value to changes in revenues per available room. The table below presents the sensitivity of fair value as at 31 December 2023, due to changes in assumptions: Effect of decrease Effect of increase In EUR million Current FV in RevPAR in RevPAR 5% Change in RevPAR 54.9 -7.7 7.7 22. GOODWILL AND INTANGIBLE ASSETS Other intangible In EUR million Goodwill assets Total Balance at 1 January 2023 171.1 3.5 174.6 Additions/disposals - 3.4 3.4 Amortisation - -1.5 -1.5 Balance at 31 December 2023 171.1 5.4 176.5 Balance at 1 January 2024 171.1 5.4 176.5 Additions/disposals - 4.1 4.1 Amortisation - -1.0 -1.0 Balance at 31 December 2024 171.1 8.5 179.6 The Group acquired under Business Combination the subsidiary CTP Deutschland B.V. in Germany in 2022. As at date of acquisition, goodwill of EUR 171.1 million was recognised. Impairment testing for cash generating unit containing Goodwill The Goodwill has been allocated to a group of cash-generating units (“CGU”) that comprised a German geographical segment (based on internal reporting) limited to assets (incl. surplus land) acquired during the business combination. Goodwill consists of two main building blocks—Deferred tax liability recognised in the financial statements (EUR 34.7 million) and goodwill related to additional lease up/costs potential (EUR 136.5 million). The recoverable amount of CGU was based on a value in use calculation, determined by discounting the future cash flows (“DCF”) to be generated from the continuing use of the CGU. The recoverable amount of the CGU was determined to exceed the carrying amount, so no impairment loss was recognised in 2024, nor in 2023. Financial Statements 258 CTP N.V. Annual Report 2024 The key assumptions used in the estimation of the recoverable amount are discount rate and terminal value growth rate. The values assigned to the key assumption represent management’s assessment of future trends in real estate and have been based on historical data from both external and internal sources. In percent 2024 2023 Discount rate 5.30 5.89 Terminal value growth rate 2.00 2.00 The discount rate was a post-tax measure estimated based on industry average weighted-average cost of capital. The relative increase in discount rate by 5% would result in decreased headroom by EUR 118 million (relative decrease by 5% would result in increased headroom by EUR 138 million). The terminal growth rate was determined based on management’s estimates of the long-term compound annual EBITDA growth rate, consistent with the assumption that a market participant would make. The rel- ative increase in growth rate by 5% would result in increased headroom by EUR 43 million (relative decrease by 5% would result in decreased headroom by EUR 40 million). Free cash flows used in the DCF calculation are based on the Group segment’s KPIs approved by the Board of Directors, adjusted by: • changes in working capital including cash; • rental income and CAPEX related to future development projects. To estimate the value in use of the CGU, a two-phased DCF method was used. The first phase covers the years 2025–2030 (2024 impairment test) and 2024–2030 (2023 impairment test) followed by a terminal value calculation via the Gordon formula. CTP budgets for period used in the impairment tests are based on the assumption that the management is able to assess the budgets reasonably for this period. 23. TRADE AND OTHER RECEIVABLES Non-current In EUR million 2024 2023 Long term advances paid 14.9 21.4 Restricted cash 5.7 1.3 Other assets 0.3 1.4 Total trade and other receivables 21.0 24.1 Non-current trade and other receivables consist primarily of long-term advances paid for land and tangible assets. Current In EUR million 2024 2023 Trade receivables 131.4 64.7 Other assets 88.9 126.7 Other tax receivables 48.9 75.2 Total trade and other receivables 269.1 266.6 Trade receivables consist primarily of receivables from rent and from development projects ordered by tenants. Increase since 2023 is caused by larger value of development projects in 2024. Other assets consist primarily of deferrals of EUR 19.4 million (2023 – EUR 14.4 million), advance payments and accrued income of EUR 48.3 million (2023 – EUR 68.7 million) and prepayments of EUR 21.2 million (2023 – EUR 43.6 million). Short-term receivables overdue more than six months total EUR 6.7 million (2023 –EUR 4.4 million). Total expected credit losses are EUR 9.9 million (2023 – EUR 5.2 million). Other tax receivables consist primarily of value added tax receivables of EUR 45.4 million (2023 – EUR 74.1 million). Trade receivables can be analysed as follows, whereas the weighted average loss rate is determined as ac- tual credit losses over the past two years. Financial Statements 259 CTP N.V. Annual Report 2024 as at 31 December 2024 Weighted Gross Net average carrying Loss carrying Credit- In EUR million loss rate amount allowance amount impaired Current (not past due) 0.93% 106.7 -1.0 105.7 No 1 - 30 days past due 1.29% 16.6 -0.2 16.4 No 31 - 60 days past due 5.65% 3.7 -0.2 3.5 No 61 - 90 days past due 19.45% 2.2 -0.4 1.8 No 91 - 183 days past due 31.96% 5.3 -1.7 3.6 No 184 - 365 days past due 86.58% 2.6 -2.3 0.4 Yes Paid in more than 365 days 100.00% 4.1 -4.1 - Yes past due Balance at 31 December 2024 141.3 -9.9 131.4 as at 31 December 2023 Weighted Gross Net average carrying Loss carrying Credit- In EUR million loss rate amount allowance amount impaired Current (not past due) 0.69% 42.7 -0.3 42.4 No 1 -30 days past due 1.74% 17.8 -0.3 17.5 No 31 - 60 days past due 6.36% 3.1 -0.2 2.9 No 61 - 90 days past due 11.04% 1.3 -0.1 1.2 No 91 - 183 days past due 28.41% 0.6 -0.2 0.4 No 184 - 365 days past due 86.15% 2.3 -2.0 0.3 Yes Paid in more than 365 days 100.00% 2.1 -2.1 - Yes past due Balance at 31 December 2023 69.9 -5.2 64.7 24. CASH AND CASH EQUIVALENTS Cash and cash equivalents of EUR 855.4 million (2023 – EUR 690.6 million) consist of short-term deposits of EUR 511.7 million (2023 – EUR 467.2 million) and cash at bank accounts of EUR 343.7 million (2023 – EUR 223.4 million). Restricted cash amounts to EUR 5.7 million (2023 – EUR 1.3 million) and is presented under non-current trade and other receivables. Restricted cash represents balances on debt service reserve accounts. 25. EQUITY Issued capital and Share premium Current financial year As at 31 December 2024, the issued capital and share premium were comprised of the following: Number Nominal value of Issued capital Share premium Type of shares of shares share In EUR million In EUR million Ordinary shares 473,285,561 EUR 0.16 75.7 3,180.2 Treasury shares -6,562 EUR 0.16 - -0.1 Total 473,278,999 EUR 0.16 75.7 3,180.1 Ordinary shares Holders of these shares are entitled to dividends as declared from time to time and are entitled to one vote per share at general meetings of the Company. All rights attached to the Company’s shares held by the Group are suspended until those shares are reissued. Treasury shares The Company acquired during the merger transaction in 2022 the ordinary shares in total of 27,976 pcs for a total consideration of EUR 545,858 at an average cost of EUR 19.51 per share. On 7 May 2024, treasury shares increased by 965 shares due to return of bonus shares of leaving employees. On 13 May 2024, treasury shares decreased by 22,379, which represents conditional share award under the LTIP to a Director . Financial Statements 260 CTP N.V. Annual Report 2024 MOVEMENTS IN ISSUED CAPITAL AND SHARE PREMIUM Number Issued capital Share premium of shares In EUR million In EUR million Balance at 1 January 2024 448,182,458 71.7 3,038.4 Treasury shares -27,976 - -0.5 Total balance at 1 January 2024 448,154,482 71.7 3,037.9 15 April 2024 Share issuance 120,843 - 1.8 20 May 2024 Dividend paid 4,923,602 0.8 -42.2 19 September 2024 Share issuance 14,187,500 2.3 220.6 3 October 2024 Share issuance 4,562,500 0.7 71.7 3 October 2024 Dividend paid 1,308,658 0.2 -110.2 Change in treasury 21,414 - 0.4 shares Total balance at 31 December 2024 473,278,999 75.7 3,180.1 On 11 April 2024, the Board of Directors of the Company resolved to, inter alia, grant the Bonus Payment to the Eligible Employees, up to the amount equal to a one-month salary and to be paid in shares in the Company. As a result, on 15 April 2024, CTP N.V. issued 120,843 ordinary shares, which were distributed to employees. On 16 May 2024, CTP N.V. announced a final 2023 dividend of EUR 0.275 per ordinary share. Shareholders were given the choice to receive the final dividend either in cash or in shares, with the stock fraction for the dividend based on the volume-weighted average price (VWAP) of the Company’s shares on Euronext Amsterdam on the last three trading days of the election period, ending on 15 May 2024. The number of dividend rights that entitles to one new ordinary share has been set at 60.48. Shareholders representing approximately 34% of the total number of outstanding ordinary shares chose to receive the dividend in cash, while shareholders representing 66% of the total number of outstanding ordinary shares opted for payment in stock. Based on the conversion ratio and after delivery of the ordinary shares due to the conversion of dividend rights, the total number of issued and outstanding ordinary shares increased by 4,923,602 to a total of 453,226,903 ordinary shares. The payment date for the dividend payment in cash and delivery of the ordi- nary shares was 20 May 2024. Change in treasury shares represents mainly a conditional share award under the LTIP to a Director pro- vided in May 2024. On 17 September 2024, CTP N.V. launched capital raise of EUR 300.0 million through an equity issuance of new ordinary shares in the share capital at a price of EUR 16.00 per ordinary share. The first tranche of EUR 227.0 million was offered to institutional investors via an accelerated bookbuild offering and the second tranche of EUR 73.0 million to Mr. Remon Vos, CTP’s Founder and CEO, who has committed to subscribe at the issue price. On 19 September 2024, CTP N.V. issued 14,187,500 new ordinary shares related to first tranche. On 1 October, an interim dividend of EUR 0.29 per ordinary share for the first half of 2024 was announced. Shareholders were given the choice to receive the dividend either in shares (default) or in cash, with the share fraction for the dividend based on the volume-weighted average price (VWAP) of the Company’s shares on Euronext Amsterdam of the last three trading days of the election period, ending on 27 Septem- ber 2024 (including). The number of dividend rights that entitles to 1 new ordinary share has been set at 56.57. Shareholders representing 83.7% of the total number of outstanding ordinary shares have chosen to re- ceive the dividend in cash, while shareholders representing 16.3% of the total number of outstanding ordi- nary shares opted for payment in shares. Based on the conversion ratio and after delivery of the ordinary shares due to the conversion of dividend rights, the total number of issued and outstanding ordinary shares increased by 1,308,658 to a total of 468,723,061 ordinary shares. The payment date for the dividend payment in cash and delivery of the ordi- nary shares was 3 October 2024. On 3 October 2024 CTP N.V. issued additional 4,562,500 new ordinary shares related to second tranche of capital raise described above. Prior financial year As at 31 December 2023, the issued capital and share premium were comprised of the following: Number Nominal value of Issued capital Share premium Type of shares of shares share In EUR million In EUR million Ordinary shares 448,182,458 EUR 0.16 71.7 3,038.4 Treasury shares -27,976 EUR 0.16 - -0.5 Total 448,154,482 EUR 0.16 71.7 3,037.9 Financial Statements 261 CTP N.V. Annual Report 2024 MOVEMENTS IN ISSUED CAPITAL AND SHARE PREMIUM Number Issued capital Share premium of shares In EUR million In EUR million Balance at 1 January 2023 444,100,549 71.1 3,203.0 18 May 2023 Dividend paid 2,221,102 0.3 -76.2 4 September 2023 Dividend paid 1,860,807 0.3 -88.4 Balance at 31 December 2023 448,182,458 71.7 3,038.4 Treasury shares -27,976 - -0.5 Total balance at 31 December 2023 448,154,482 71.7 3,037.9 On 16 May 2023, CTP N.V. announced a final 2022 dividend of EUR 0.23 per ordinary share. Shareholders were given the choice to receive the final dividend either in cash or in shares, with the stock fraction for the dividend based on the volume-weighted average price (VWAP) of the Company’s shares on Euronext Amsterdam on the last three trading days of the election period, ending on 15 May 2023. The number of dividend rights that entitles to one new ordinary share was set at 51.42. Shareholders representing approximately 74% of the total number of outstanding ordinary shares chose to receive the dividend in cash, while shareholders representing 26% of the total number of outstanding ordinary shares opted for payment in stock. Based on the conversion ratio and after delivery of the ordinary shares due to the conversion of dividend rights, the total number of issued and outstanding ordinary shares increased by 2,221,102 to a total of 446,321,651 ordinary shares. The payment date for the dividend payment in cash and delivery of the ordi- nary shares was 18 May 2023. On 30 August 2023, an interim dividend of EUR 0.25 per share for the first half of 2023 was announced. Shareholders were given the choice to receive the dividend either in cash or in shares, with the stock fraction for the dividend based on the volume-weighted average price (VWAP) of the Company’s shares on Euronext Amsterdam on the last three trading days of the election period, ending on 29 August 2023. The number of dividend rights that entitles to one new ordinary share was set at 50.53. Shareholders representing approximately 79% of the total number of outstanding ordinary shares chose to receive the interim dividend in cash, while shareholders representing approximately 21% of the total number of outstanding ordinary shares opted for payment in stock. Based on the conversion ratio and after delivery of the ordinary shares due to the conversion of dividend rights, the total number of issued and outstanding ordinary shares increased by 1,860,807 to a total of 448,182,458 ordinary shares. The payment date for the dividend payment in cash and delivery of the ordi- nary shares was 4 September 2023. Translation reserve The translation reserve of EUR -3.1 million (2023 – EUR 2.1 million) comprises all foreign exchange dif- ferences arising from the translation of the financial statements from the functional to the presentation currency (refer to Note 3f). Cash flow hedge reserve Changes in the fair value of derivatives designated as hedging instruments and recognised in the cash flow hedge reserve in equity reached EUR -31.8 million net of tax as at 31 December 2024 (2023 – EUR 0.1 mil- lion). Revaluation reserve Changes in the fair value of Property, plant and equipment valued under the revaluation model recognised in the revaluation reserve in equity reached EUR 24.9 million (net of tax) as at 31 December 2024 (2023 – EUR 29.0 million). Dividends Current financial year In May 2024, the Group paid a final dividend for the year 2023 of EUR 123.3 million, out of which EUR 41.4 million was paid in cash, with the rest of dividends paid in the form of new shares. In October 2024, the Group paid an interim dividend for the year 2024 of EUR 131.4 million, out of which EUR 110.0 million was paid in cash, with the rest of dividends paid in the form of new shares. Prior financial year In May 2023, the Group paid a final dividend for the year 2022 of EUR 102.1 million, out of which EUR 75.9 million was paid in cash, with the rest of dividends paid in the form of new shares. In September 2023, the Group paid an interim dividend for the year 2023 of EUR 111.6 million, out of which EUR 88.1 million was paid in cash, with the rest of dividends paid in the form of new shares. Financial Statements 262 CTP N.V. Annual Report 2024 26. SHARE-BASED PAYMENTS LTIP to eligible employees Since 2024, the Company implemented a Long-Term Incentive Program (“LTIP”). Under this LTIP, selected and eligible employees are entitled to a performance bonus that is awarded annually based on CTP Group performance. The LTIP is accounted for as an equity-settled share-based payment plan since the perfor- mance bonuses will be settled in CTP shares. Key performance indicators (KPIs”) for the LTIP are set only on Group performance level (Group KPIs). To achieve a balanced assessment of measures important to CTP business objectives, the selected KPIs and weights for each year are defined, such as: Yield on Cost, Occupancy, Development (sqm completed), Rental Income, Solar Capacity (MWp) - addition in the year, Like for Like Rental Growth, Value Added/sqm, and Overhead Costs. The total fair value for the LTIP is recognised as an expense with a corresponding entry in equity over the three-year vesting period, which starts on 1 January of the performance year and ends when the share awards vest two years after completion of the performance year. The total share-based payment expense recognised in 2024 related to the equity-settled awards made under this LTIP amounts to EUR 0.5 million (2023: EUR 0). LTIP to a Director In 2021,2022, 2023 and 2024, the Company granted a conditional share award under the LTIP to a Director. This award has a vesting period of three years, and vesting is subject to continued services up to vesting and depends mainly on the Company’s total shareholder return (“TSR”). Vesting is subject to an Absolute TSR condition and Relative TSR condition. The number of awards that will vest is between 0% and 150% of the target number of awards granted. The vesting percentage is allocated linearly between the threshold level and the maximum level. The fair value of the awards is expensed on a straight-line basis over the three-year vesting period. In 2024, the total share-based payment expense recognised for the equity-settled awards was EUR 0.3 million (2023: EUR 0.2 million). Bonus paid in shares In 2023, expected bonus for employees of EUR 2.5 million was recognised in equity of the Group. Bonus was paid in form of CTP shares in 2024. 27. EARNINGS PER SHARE Basic earnings per share (“EPS”) Basic EPS calculations are based on the following profit attributable to ordinary shareholders and weighted-average number of ordinary shares outstanding. Financial Statements 263 CTP N.V. Annual Report 2024 In EUR million 1.1.2024 - 31.12.2024 1.1.2023 - 31.12.2023 Profit attributable to Equity holders of the Company 1,081.4 922.6 Profit attributable to ordinary shareholders 1,081.4 922.6 1.1.2024 - 31.12.2024 1.1.2023 - 31.12.2023 Issued ordinary shares at 1 January 448,182,458 444,072,573 Treasury shares held at 1 January -27,976 -27,976 Effects of shares issued in 2024/2023 8,613,828 2,022,078 Weighted-average number of ordinary shares at 31 December 456,768,310 446,066,675 Earnings per share (basic) 2.37 2.07 The denominator in the calculation of basic EPS for the years 2024 and 2023 is the weighted average num- ber of ordinary shares less treasury shares as at 31 December 2024 and 31 December 2023, respectively. Diluted earnings per share The calculation of diluted EPS is based on the following profit attributable to ordinary shareholders and the weighted-average number of ordinary shares outstanding after adjustment for the effects of all dilutive potential ordinary shares. In EUR million 1.1.2024 - 31.12.2024 1.1.2023 - 31.12.2023 Profit attributable to Equity holders of the Company (basic) 1,081.4 922.6 Profit attributable to ordinary shareholders 1,081.4 922.6 1.1.2024 - 31.12.2024 1.1.2023 - 31.12.2023 Weighted-average number of ordinary shares (basic) 456,768,310 446,066,675 Long-term incentive plans 46,179 42,841 Weighted-average number of ordinary shares (diluted) at 31 December 456,814,489 446,109,516 Earnings per share (diluted) 2.37 2.07 Financial Statements 264 CTP N.V. Annual Report 2024 28. INTEREST-BEARING LOANS AND BORROWINGS FROM FINANCIAL INSTITUTIONS In EUR million 2024 2023 Non-current liabilities Interest-bearing loans and borrowings from financial institutions 3,969.4 3,343.1 Accrued arrangement fees -21.7 -14.9 Balance at 31 December 3,947.7 3,328.2 Current liabilities Interest-bearing loans and borrowings from financial institutions 105.5 45.7 Accrued interest 3.8 4.8 Accrued arrangement fees -0.6 -0.5 Balance at 31 December 108.7 50.0 Total balance at 31 December 4,056.5 3,378.2 Nominal values In EUR million 2024 2023 Non-current interest-bearing loans and borrowings from financial 3,969.4 3,343.1 institutions Current interest-bearing loans and borrowings from financial institutions 105.5 45.7 Total balance at 31 December 4,075.0 3,388.8 In EUR million 2024 2023 Nominal Fair Nominal Fair value value value value Interest-bearing loans and borrowings from financial institutions 4,075.0 4,000.0 3,388.8 3,112.3 The valuation model of fair value of bank loans considers the present value of expected payments, discount- ed using risk adjusted discount rate. The Group has determined that all of its interest-bearing loans and borrowings from financial institutions are classified within Level 2 of the fair value hierarchy. To determine the fair value of such instruments, management used a valuation technique in which all signif- icant inputs were based on observable market data. The Group’s interest-bearing loans and borrowings from financial institutions typically have financial cov- enants like loan-to-value and debt service coverage ratio. As at 31 December 2024, there was no breach of covenant conditions. Bank loans are secured over investment property with a carrying amount of EUR 6,860.5 million (2023 – EUR 6,361.5 million). Bank loans are secured also by pledges of shares, receivables, future receivables and other assets in some of the Group’s subsidiaries. Share pledges related to interest-bearing loans are described in Note 38. The residual maturity of loans and borrowings from financial institutions as at 31 December 2024 and 31 December 2023 was as follows: Balance as at 31 December 2024 Due Due in within follow. In EUR million 1 year 2 years Total 3-5 years years Interest-bearing loans and borrowings 105.5 73.2 4,075.0 1,676.3 2,219.9 from financial institutions Balance as at 31 December 2023 Due Due in within follow. In EUR million 1 year 2 years Total 3-5 years years Interest-bearing loans and borrowings 45.7 90.0 3,388.8 655.2 2,597.9 from financial institutions Current financial year In the first half of 2024, the Group drew down bank loans with a total nominal value of EUR 821.8 million, which comprises of EUR 500.0 million of unsecured loans and EUR 321.8 million of secured loans. The drawn bank loans have an average fixed all-in interest rate costs of 4.8% and an average maturity of 5.2 years. In addition, in May 2024, as part of the Romanian portfolio acquisition, the Group took over bank loans with a total nominal value of EUR 91.9 million. The bank loans were repaid in October 2024. In the third quarter of 2024, the Group drew down bank loans with a total nominal value of EUR 211.7 million. The drawn bank loans have an average fixed all-in interest rate costs of 4.37% and an average maturity of 5.5 years. In the fourth quarter of 2024, the Group repaid bank loans in a total amount of EUR 378.8 million. The repaid bank loans had an average fixed all-in interest costs of 5.10% and an average maturity of 4.8 years. Financial Statements 265 CTP N.V. Annual Report 2024 Prior financial year In 2023, the Group received bank loans with a total nominal value of EUR 1,557.0 million, out of which EUR 1,491.9 million was draw-down. Bank loans have fixed all-in interest rate costs in the range from 4.45% to 5.47% due in 2028, 2029, 2030 and 2033, respectively. Fixed all-in cost includes effect of hedging. Reconciliation of movements of assets, liabilities and equity to cash flows arising from financing activities Derivative Cash flow Related Lease financial Issued Share Retained hedge In EUR million Bank loans party loans Bonds liabilities instruments capital premium earnings reserve Total Balance as at 1 January 2024 3,378.2 0.3 3,590.0 49.7 -21.1 71.7 3,037.9 3,026.1 0.1 13,132.9 Changes from financing cash flows Proceeds from bonds - - 1,369.3 - - - - - - 1,369.3 Proceeds from loans and borrowings 1,035.4 - - - - - - - - 1,035.4 Transaction costs related to loans and borrowings, bonds and issue of share capital -29.5 - -10.1 - - - - - - -39.6 Repayment of the loans and borrowings and bonds -439.9 - -910.4 - - - - - - -1,350.3 Proceeds from the issue of share capital - - - - - 3.0 294.1 -2.5 - 294.6 Dividend in cash - - - - - 1.0 -152.4 - - -151.4 Payment of lease liabilities - - - -4.2 - - - - - -4.2 Total changes in financing cash flows 566.0 - 448.8 -4.2 - 4.0 141.7 -2.5 - 1,153.8 Change in fair value - - - - 50.0 - - - -42.4 7.6 Other adjustment 12.9 -0.3 1.3 4.5 -1.3 - 0.5 0.2 10.6 28.4 Gain from bond repayment - - -37.1 - - - - - - -37.1 Acquisition of subsidiaries 92.7 - - - - - - - - 92.7 Profit for the period - - - - - - - 1,081.4 - 1,081.4 Interest expense incl. arrangement fee 176.7 - 77.1 - -15.5 - - - - 238.3 Interest received/paid(-) -170.1 - -36.9 - 17.4 - - - - -189.6 Other liability related changes 112.2 -0.3 4.3 4.5 0.6 - 0.5 1,081.6 10.6 1,214.0 Balance at 31 December 2024 4,056.4 - 4,043.1 50.0 29.5 75.7 3,180.1 4,105.2 -31.7 15,508.3 Financial Statements 266 CTP N.V. Annual Report 2024 Derivative Cash flow Related Lease financial Issued Share Retained hedge In EUR million Bank loans party loans Bonds liabilities instruments capital premium earnings reserve Total Balance as at 1 January 2023 1,892.8 - 3,981.4 48.5 -36.4 71.1 3,202.5 2,100.8 23.7 11,284.4 Changes from financing cash flows Proceeds from bonds - - - - - - - - - - Proceeds from loans and borrowings 1,492.8 - - - - - - - - 1,492.8 Transaction costs related to loans and borrowings, bonds and issue of shar capital -11.2 - - - - - - - - -11.2 Repayment of the loans and borrowings and bonds -27.9 - -400.0 - - - - - - -427.9 Dividend in cash - - - - - 0.6 -164.6 - - -164.0 Payment of lease liabilities - - - -3.6 - - - - - -3.6 Total changes in financing cash flows 1,453.7 - -400.0 -3.6 - 0.6 -164.6 - - 886.1 Change in fair value - - - - 18.6 - - - -31.8 -13.2 Other adjustment -4.3 0.3 -0.8 4.8 -0.2 - - 2.7 8.2 10.7 Acquisition of subsidiaries 27.1 - - - - - - - - 27.1 Profit for the period - - - - - - - 922.6 - 922.6 Interest expense incl. arrangement fee 85.8 - 48.9 - -8.7 - - - - 126.0 Interest received/paid(-) -76.9 - -39.5 - 5.6 - - - - -110.8 Other liability related changes 31.7 0.3 8.6 4.8 -3.3 - - 925.3 8.2 975.6 Balance at 31 December 2023 3,378.2 0.3 3,590.0 49.7 -21.1 71.7 3,037.9 3,026.1 0.1 13,132.9 Financial Statements 267 CTP N.V. Annual Report 2024 29. BONDS ISSUED In EUR million 2024 2023 Non-current bonds 3,536.3 3,571.3 Current bonds 506.8 18.7 Total Bonds 4,043.1 3,590.0 Reconciliation of movements In EUR million 31 December 2024 31 December 2023 Bonds issued - nominal value 5,674.3 4,299.5 Repayment of bonds - nominal value -1,668.2 -718.2 Bonds acquired 140.0 140.0 Repayment of bonds acquired -120.0 -120.0 Nominal value of bonds 4,026.1 3,601.3 Interest liability 50.5 18.7 Discount applied -41.0 -43.1 Amortisation of applied discount 18.5 17.2 Bond issuance costs -16.9 -8.9 Amortisation of bond issuance costs 5.9 4.8 Total carrying value of bonds 4,043.1 3,590.0 Financial covenants related to bonds consist of leverage ratio tests, secured debt tests, interest cover ratio and unencumbered assets tests. During the current financial year, the Group did not breach any of its cov- enants, nor did it default on any of its obligations under its agreements. Financial Statements 268 CTP N.V. Annual Report 2024 Current financial year BONDS ISSUED BY CTP N.V. Nominal value Nominal Fair of total bonds value of Fix interest value of issued each bond rate per Maturity bonds Bond Issuance Date ISIN in EUR million in EUR Currency Type annum (“p.a”) date in EUR million 3 Dec 2024 XS2948774109 50.0 100,000 EUR senior unsecured 3.427% 3 Dec 2029 49.5 21 Nov 2024 XS2919892179 500.0 100,000 EUR senior unsecured 3.875% 21 Nov 2032 494.8 4 June 2024 XS2759989234 74.8 100,000 EUR senior unsecured 4.750% 5 Feb 2030 78.2 5 Feb 2024 XS2759989234 750.0 100,000 EUR senior unsecured 4.750% 5 Feb 2030 783.9 1 July 2022 XS2390546849 49.5 100,000 EUR senior unsecured 1.500% 27 Sept 2031 43.0 20 Jan 2022 XS2434791690 350.0 100,000 EUR senior unsecured 0.875% 20 Jan 2026 343.3 27 Sept 2021 XS2390546849 500.0 100,000 EUR senior unsecured 1.500% 27 Sept 2031 434.3 27 Sept 2021 XS2390530330 275.0 100,000 EUR senior unsecured 0.625% 27 Sept 2026 265.3 21 June 2021 XS2356030556 500.0 100,000 EUR senior unsecured 1.250% 21 June 2029 456.4 21 June 2021 XS2356029541 272.3 100,000 EUR senior unsecured 0.500% 21 June 2025 269.0 18 Feb 2021 XS2303052695 500.0 100,000 EUR senior unsecured 0.750% 18 Feb 2027 476.3 1 Oct 2020 XS2238342484 184.5 100,000 EUR senior unsecured 2.125% 1 Oct 2025 183.4 Total 4,006.1 3,877.3 BONDS ACQUIRED 9 June 2021 DE000A3E5L07 20.0 100,000 EUR senior unsecured 3.300% 9 June 2031 19.8 Total bonds 4,026.1 3,897.2 In EUR million 31 December 2024 31 December 2023 Nominal value Fair value Nominal value Fair value Bonds 4,026.1 3,897.2 3,601.3 3,194.1 Financial Statements 269 CTP N.V. Annual Report 2024 In February 2024, the Group issued EUR 750.0 million of Green bonds with a six-year maturity and 4.75% fixed coupon. In June 2024, the Group issued a second tranche of the same bonds with a nominal value of EUR 74.8 million. In February 2024, the Group repaid short dated bonds, namely ISIN XS2238342484 with a nominal value of EUR 50.0 million, ISIN XS2356029541 with a nominal value of EUR 75.0 million and ISIN XS2434791690 with a nominal value of EUR 125.0 million. In June 2024, the Group repaid short dated bonds, namely ISIN XS2238342484 with a nominal value of EUR 97.3 million, ISIN XS2356029541 with a nominal value of EUR 152.7 million, ISIN XS2390530330 with a nominal value of EUR 150.0 million, ISIN XS2434791690 with a nominal value of EUR 100.0 million. In November 2024, the Group issued EUR 500.0 million of Green bonds with an eight-year maturity and 3.88% fixed coupon. In addition, the Group repaid bonds, namely ISIN XS2434791690 with a nominal value of EUR 125.0 million and ISIN XS2390530330 with a nominal value of EUR 75.0 million. In December 2024, the Group issued EUR 50.0 million of Green bonds with a five-year maturity and 3.43% fixed coupon. For related financial gain refer to Note 16. Financial Statements 270 CTP N.V. Annual Report 2024 Prior financial year BONDS ISSUED BY CTP N.V. Nominal value Nominal Fair of total bonds value of Fix interest value of issued each bond rate per Maturity bonds Bond Issuance Date ISIN in EUR million in EUR Currency Type annum (“p.a”) date in EUR million 1 July 2022 XS2390546849 49.5 100,000 EUR senior unsecured 1.500% 27 Sept 2031 38.5 20 Jan 2022 XS2434791690 700.0 100,000 EUR senior unsecured 0.875% 20 Jan 2026 650.0 27 Sept 2021 XS2390530330 500.0 100,000 EUR senior unsecured 0.625% 27 Sept 2026 449.8 27 Sept 2021 XS2390546849 500.0 100,000 EUR senior unsecured 1.500% 27 Sept 2031 389.0 21 June 2021 XS2356029541 500.0 100,000 EUR senior unsecured 0.500% 21 June 2025 470.8 21 June 2021 XS2356030556 500.0 100,000 EUR senior unsecured 1.250% 21 June 2029 412.9 18 Feb 2021 XS2303052695 500.0 100,000 EUR senior unsecured 0.750% 18 Feb 2027 446.6 1 Oct 2020 XS2238342484 331.8 100,000 EUR senior unsecured 2.125% 1 Oct 2025 318.7 Total 3,581.3 3,176.3 BONDS ACQUIRED 9 June 2021 DE000A3E5L07 20.0 100,000 EUR senior unsecured 3.300% 9 June 2031 17.8 Total Bonds 3,601.3 3,194.1 On 27 November 2023, the Group repaid bonds namely ISIN XS2264194205 with a nominal value of EUR 400.0 million. Financial Statements 271 CTP N.V. Annual Report 2024 30. TRADE AND OTHER PAYABLES Non-current In EUR million 2024 2023 Non-current trade payables and other liabilities 102.2 100.4 Lease liability 48.1 47.1 Balance at 31 December 150.3 147.5 Non-current trade and other payables consist primarily of construction retention and tenant deposits. Current In EUR million 2024 2023 Trade payables and other liabilities 291.8 344.9 Tax liabilities 29.9 19.4 Liabilities from operating leases 1.9 2.6 Balance at 31 December 323.7 366.9 In 2024 and 2023, trade payables and other liabilities consist primarily of liabilities for constructions works. 31. LEASES Leases as lessee The Group leases various types of assets: offices, parking places, plots of land and other small assets. For short-term leases and leases of low-value items, the Group has elected not to recognise right-of-use assets and related lease liabilities. The leasing period of the offices varies significantly, from one to 17 years. Some leases provide for addition- al rent payments that are based on changes in local price indices, with an option to terminate the contract within less than twelve months. Parking places are leased for a period of several months up to an indefinite period, with an option to termi- nate the leasing within several days up to three months. Plots of land to operate Group premises are leased from a nineteen-year period to indefinitely. Information about leases for which the Group is a lessee is presented below. Right-of-use assets related to leased assets that do not meet the definition of investment property are presented as property, plant and equipment (refer to Note 21). Financial Statements 272 CTP N.V. Annual Report 2024 Investment Property, plant Buildings and property under In EUR million and equipment related land Landbank development Total Balance at 1 January 2023 8.8 28.1 4.7 17.7 59.3 Transfer from/to RoU investment property under development - 17.0 - -17.0 - Additions/disposals 0.2 2.2 0.3 0.1 2.8 Depreciation -1.2 - - - -1.2 Balance at 31 December 2023 7.8 47.3 5.0 0.8 60.9 Balance at 1 January 2024 7.8 47.3 5.0 0.8 60.9 Transfer from/to RoU investment property - 5.0 -5.0 - - Transfer from/to buildings and related land - -0.5 - -0.8 -1.3 Additions/disposals 2.6 0.7 - - 3.2 Depreciation -1.4 - - - -1.4 Balance at 31 December 2024 9.0 52.5 - - 61.4 Financial Statements 273 CTP N.V. Annual Report 2024 AMOUNTS RECOGNISED IN PROFIT OR LOSS In EUR million 2024 2023 Interest on lease liabilities 2.4 2.3 Expenses relating to short-term leases 0.2 0.2 Expenses relating to leases of low-value assets - 0.1 Balance at 31 December 2.6 2.6 AMOUNTS RECOGNISED IN STATEMENT OF CASH FLOWS In EUR million 2024 2023 Total cash outflows for leases 4.2 3.6 The remaining performance obligations as at 31 December 2024 are as follows: < 1 1-2 2-3 3-4 4-5 > 5 In EUR million year years years years years years Total Lease payments 2.0 1.9 1.9 1.1 0.5 42.7 50.0 The remaining performance obligations as at 31 December 2023 are as follows: < 1 1-2 2-3 3-4 4-5 > 5 In EUR million year years years years years years Total Lease payments 2.6 1.4 1.3 1.2 1.0 42.2 49.7 Financial Statements 274 CTP N.V. Annual Report 2024 Leases as lessor The Group leases out its own investment property. All leases are classified as operating leases from a lessor perspective because they do not transfer substantially all the risks and rewards incidental to the ownership of the assets. Rental income recognised by the Group during 2024 was EUR 664.1 million (2023 – EUR 571.9 million). The following table sets out a maturity analysis of lease payments, showing the undiscounted lease pay- ments to be received after the reporting period 2024. In EUR million < 1 year 2-5 years > 5 years Total Lease payments 789.5 2,778.9 2,845.6 6,414.0 The following table sets out a maturity analysis of lease payments, showing the undiscounted lease pay- ments to be received after the reporting period 2023. In EUR million < 1 year 2-5 years > 5 years Total Lease payments 718.8 2,406.1 2,603.8 5,728.7 32. DERIVATIVE FINANCIAL INSTRUMENTS In EUR million 2024 2023 Fair value of derivatives - non-current asset 19.3 10.6 Fair value of derivatives - current asset 11.4 38.1 Fair value of derivatives - assets 30.6 48.7 Fair value of derivatives - non-current liability -36.0 -10.6 Fair value of derivatives - current liability -24.2 -17.0 Fair value of derivatives - liabilities -60.3 -27.6 Total -29.6 21.1 All financial derivatives were stated at fair value as at 31 December 2024 and 31 December 2023, respec- tively, and classified to Level 2 in the fair value hierarchy. A market comparison technique was used to determine fair value. Derivatives are considered to be short-term or long-term based on their settlement dates or mandatory breaks. The Group has designated certain derivatives as hedging instruments in cash flow hedge relationships. These derivatives are recognised initially at fair value and reported subsequently at fair value in the consol- idated statement of financial position. To the extent that the hedge is effective, changes in the fair value of derivatives designated as hedging instruments in cash flow hedges are recognised in other comprehensive income and included within the cash flow hedge reserve in equity (refer to Note 25). 275 CTP N.V. Annual Report 2024 Financial Statements As at 31 December 2024 CTP held the following derivative financial instruments: Due within Mandatory Nominal amount Fair value Derivative financial instruments - assets maturity date break Receiving leg Paying leg Currency (in EUR million) (in EUR million) Interest rate swaps - cash flow hedge 2028 - 2053 2025-2026 6M Euribor From 2.1265% to 3.293% EUR 788.0 27.6 Interest rate swaps 2025-2030 - 3M Euribor From -0.295% to 0.21% EUR 83.6 3.0 Total receivables from derivatives 30.6 * Cash flow hedge derivatives of EUR 24.5 million (2023 – EUR 35.8 million) are presented as short-term. Due within maturity Mandatory Nominal amount Fair value Derivative financial instruments - liabilities date break Receiving leg Paying leg Currency (in EUR million) (in EUR million) Interest rate swaps – cash flow hedge 2028-2053 2025-2026 3M Euribor, 6M Euribor From 2.049% to 3.508% EUR 1,867.6 -60.3 Total liabilities from derivatives -60.3 As at 31 December 2023 CTP held the following derivative financial instruments: Due within Mandatory Nominal amount Fair value Derivative financial instruments - assets maturity date break Receiving leg Paying leg Currency (in EUR million) (in EUR million) Interest rate swaps – cash flow hedge 2028 –2053 2025 6M Euribor, Fixed 2.918% From 2.1265% to 3.293%, EUR 1,258.0 43.0 6M Euribor Interest rate swaps 2025 –2030 - 3M Euribor From -0.295% to 0.21% EUR 88.8 5.7 Total receivables from derivatives 48.7 * Cash flow hedge derivatives of EUR 35.8 million are presented as short-term. Due within Mandatory Nominal amount Fair value Derivative financial instruments - liabilities maturity date break Receiving leg Paying leg Currency (in EUR million) (in EUR million) Interest rate swaps – cash flow hedge 2028 –2053 2024 3M Euribor, 6M Euribor From 2.5975% to 3.508% EUR 703.5 -27.6 Total liabilities from derivatives -27.6 Financial Statements 276 CTP N.V. Annual Report 2024 33. INCOME TAXES Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current income tax assets against current income tax liabilities and when the deferred income taxes relate to the same fiscal authority. Deferred tax assets and liabilities The recognised deferred tax assets and liabilities are attributable to the following: In EUR million 2024 2023 Asset Liability Net Asset Liability Net Investment property 7.8 -1,373.6 -1,365.9 7.6 -1,169.9 -1,162.3 Tax losses 35.8 - 35.8 19.4 - 19.4 Property, plant and equipment - -3.2 -3.2 - -2.3 -2.3 Other (receivables, hedge accounting etc.) 21.1 -8.1 13.0 14.6 -22.5 -7.9 Tax assets/liabilities(-) 64.7 -1,384.9 -1,320.2 41.6 -1,194.7 -1,153.1 Set-off of tax -35.9 35.9 - -27.3 27.3 - Net tax assets/liabilities(-) 28.7 -1,349.0 -1,320.2 14.3 -1,167.4 -1,153.1 Movement in Deferred tax during the year recognised in profit or loss, in equity and in OCI Change in Balance as at Balance as at temporary Deferred tax Effect of changes 31 December In EUR million 1 January 2024 differences recognised in OCI in FX rates 2024 Investment property -1,162.3 -208.2 - 4.7 -1,365.9 Tax losses 19.4 16.4 - -0.1 35.8 Property, plant and equipment -2.3 -1.7 0.8 - -3.2 Other (receivables, hedge accounting etc.) -7.9 10.4 10.6 - 13.0 Total -1,153.1 -183.1 11.3 4.6 -1,320.2 Change in Balance as at Balance as at temporary Deferred tax Effect of changes 31 December In EUR million 1 January 2023 differences recognised in OCI in FX rates 2023 Investment property -915.5 -252.7 - 5.9 -1,162.3 Tax losses 11.0 8.5 - -0.1 19.4 Property, plant and equipment - -0.9 -1.4 - -2.3 Other (receivables, hedge accounting etc.) -26.1 9.8 8.2 0.2 -7.9 Total -930.6 -235.3 6.8 6.0 -1,153.1 Financial Statements 277 CTP N.V. Annual Report 2024 Unrecognised deferred tax assets Deferred tax assets were not recognised in respect of the following items, as it is improbable that future taxable profit will be available against which the Group can use the benefits. In EUR million 2024 2023 Gross Tax Gross Tax amount effect amount effect Tax losses 31.8 6.0 19.7 3.8 Total 31.8 6.0 19.7 3.8 Tax losses carried forward Tax losses for which no deferred tax asset was recognised expire as follows. In EUR million 2024 Expiry date 2023 Expiry date Expire 31.8 2025-2030 19.7 2024-2029 Never expire - - Total 31.8 19.7 Amounts recognised in OCI In EUR million 2024 2023 Items that will not be reclassified to profit Gross Tax Net of Gross Tax Net of or loss amount effect tax amount effect tax Revaluation of PPE -4.8 0.8 -4.1 12.1 -1.5 10.6 Items that are or may be reclassified to profit or loss Change in Cash flow hedge reserve -42.3 10.6 -31.8 -31.8 8.2 -23.6 Change in Translation reserve -6.4 1.2 -5.2 -3.0 0.6 -2.4 Current income tax assets and payables The current income tax asset of EUR 7.5 million (2023 – EUR 9.4 million) represents the amount of income tax recoverable in respect of current and prior periods (i.e., the amount by which the advance payments made exceed income tax payable). The current income tax liabilities of EUR 47.3 million (2023 – EUR 28.4 million) represent payables in re- spect of current or prior periods (i.e., the amount by which the income tax payable exceeds advance pay- ments made). The Group believes that accrued current income tax liabilities are adequate for all open tax years based on its assessment of many factors, including interpretations of tax law and prior experience. Financial Statements 278 CTP N.V. Annual Report 2024 34. SUBSIDIARIES The Company had the following investments in subsidiaries as at 31 December 2024 and 31 December 2023 respectively: Subsidiaries Country 2024 2023 Note CTP Alpha GmbH Austria 100% 100% CTP Beta GmbH Austria 100% 100% CTP Delta GmbH Austria 100% 100% CTP Energy GmbH Austria 100% 100% CTP Epsilon GmbH Austria 100% 100% CTP Eta GmbH Austria 100% 100% CTP Gamma GmbH Austria 100% 100% CTP Invest Immobilien GmbH Austria 100% 100% CTP Iota GmbH Austria 100% 100% CTP Kappa GmbH Austria 100% 100% CTP Lambda GmbH Austria 100% 100% CTP Mu GmbH Austria 100% 100% CTP Nu GmbH Austria 100% 100% CTP Omicron GmbH Austria 100% 100% CTP Pi GmbH Austria 100% 100% CTP Theta GmbH Austria 100% 100% CTP Xi GmbH Austria 100% 100% CTP Zeta GmbH Austria 100% 100% CTP Energy Bulgaria EOOD Bulgaria 100% 100% CTP Invest EOOD Bulgaria 100% 100% CTPark Beta EOOD Bulgaria 100% 100% CTPark Delta EOOD Bulgaria 100% 100% CTPark Epsilon EOOD Bulgaria 100% 100% CTPark Eta EOOD Bulgaria 100% 100% CTPark Gamma EOOD Bulgaria 100% 100% CTPark Iota EOOD Bulgaria 100% 100% CTPark Kappa EOOD Bulgaria 100% 100% CTPark Lambda EOOD Bulgaria 100% 100% CTPark Mu EOOD Bulgaria 100% 100% CTPark Sofia EOOD Bulgaria 100% 100% CTPark Sofia Ring Road EOOD Bulgaria 100% 100% Subsidiaries Country 2024 2023 Note CTPark Theta EOOD Bulgaria 100% 100% CTPark Zeta EOOD Bulgaria 100% 100% Project Vrajdebna EOOD Bulgaria 100% 100% Clubco Nupaky, spol. s r.o. Czech Republic 100% 100% Clubco Ostrava,spol. s r.o. Czech Republic 100% 100% Clubco Vlněna, spol. s r.o. Czech Republic 100% 100% CTP Alpha, spol. s r.o. Czech Republic 100% 100% CTP Barrandov, spol. s r.o. Czech Republic 100% 100% CTP Bohemia North, spol. s r.o Czech Republic 100% 100% CTP Bohemia South, spol. s r.o. Czech Republic 100% 100% CTP Bohemia West, spol. s r.o. Czech Republic 100% 100% CTP Borská Pole, spol. s r.o. Czech Republic 100% 100% CTP CEE Properties, spol. s r.o. Czech Republic 100% 100% CTP CEE Sub Holding II, spol. s r.o. Czech Republic 100% 100% (former CTP XVIII, spol. s r.o.) CTP CEE Sub Holding, spol. s r.o. Czech Republic 100% 100% CTP Domeq Brno, spol. s r.o. Czech Republic 100% 100% CTP Energy CZ, spol. s r.o. Czech Republic 100% 100% CTP Equestrian Club, spol. s r.o. Czech Republic 100% 100% (former CTPark Prague North II, spol. s r.o.) CTP Forest, spol. s r.o. Czech Republic 100% 100% CTP Hotel Operations Brno, spol. s r.o. Czech Republic 100% 100% CTP Hotel Operations Pilsen, spol. s r.o. Czech Republic 100% 100% CTP Hotel Operations Prague spol. s r.o. Czech Republic 100% 100% CTP Hotel Pilsen, spol. s r.o. Czech Republic 100% 100% CTP Hotel Prague, spol. s r.o. Czech Republic 100% 100% CTP II, spol. s r.o. Czech Republic 100% 100% CTP III, spol. s r.o. Czech Republic 100% 100% CTP Invest, spol. s r.o. Czech Republic 100% 100% CTP IQ Ostrava, spol. s r.o. Czech Republic 100% 100% CTP IV, spol. s r.o. Czech Republic 100% 100% CTP Moravia North, spol. s r.o. Czech Republic 100% 100% CTP Moravia South, spol. s r.o. Czech Republic 100% 100% CTP Nová Zvonařka, spol. s r.o. Czech Republic 100% 100% CTP Pilsen Region, spol. s r.o. Czech Republic 100% 100% CTP Ponávka Business Park, spol. s r.o. Czech Republic 100% 100% CTP Property Czech, spol. s r.o Czech Republic 100% 100% Financial Statements 279 CTP N.V. Annual Report 2024 Subsidiaries Country 2024 2023 Note CTP Solar I, a. s. Czech Republic 100% 100% CTP Solar II, a. s. Czech Republic 100% 100% CTP Solar III, spol. s r.o. Czech Republic 100% 100% CTP V, spol. s r.o. Czech Republic 100% 100% CTP VI, spol. s r.o. Czech Republic 100% 100% CTP VIII, spol. s r.o. Czech Republic 100% 100% CTP Vlněna Business Park, spol. s r.o. Czech Republic 100% 100% CTP Vysočina, spol. s r.o. Czech Republic 100% 100% CTP X, spol. s r.o. Czech Republic 100% 100% CTP XI, spol. s r.o. Czech Republic 100% 100% CTP XII, spol. s r.o. Czech Republic 100% 100% CTP XIV, spol. s r.o. Czech Republic 100% 100% CTP XV, spol. s r.o. Czech Republic 100% 100% CTP XVI, spol. s r.o. Czech Republic 100% 100% CTP XVII, spol. s r.o. Czech Republic 100% 100% CTP XXII, spol. s r.o. Czech Republic 100% 100% CTP XXIII, spol. s r.o. Czech Republic 100% 100% CTP XXIV, spol. s r.o. Czech Republic 100% 100% CTP XXV, spol. s r.o. Czech Republic 100% 0% 2/ CTP XXVI, spol. s r.o. Czech Republic 100% 0% 2/ CTP XXVII, spol. s r.o. Czech Republic 100% 0% 2/ CTP XXVIII, spol. s r.o. Czech Republic 100% 0% 2/ CTP XXX spol. s r.o. Czech Republic 100% 0% 2/ CTP XXXI spol. s r.o. Czech Republic 100% 0% 2/ CTP XXXII spol. s r.o. Czech Republic 100% 0% 2/ CTPark Aš II, spol. s r.o. Czech Republic 100% 100% CTPark Blučina, spol. s r.o. Czech Republic 100% 100% CTPark Bor, spol. s r.o. Czech Republic 100% 100% CTPark Brno III, spol. s r.o. Czech Republic 100% 100% CTPark Brno Líšeň East, spol. s r.o. Czech Republic 100% 100% CTPark Brno Líšeň II, spol. s r.o. Czech Republic 100% 100% CTPark Brno Líšeň West, spol. s r.o. Czech Republic 100% 100% CTPark Brno Retail, spol. s r.o. Czech Republic 100% 100% CTPark Brno, spol. s r.o. Czech Republic 100% 100% CTPark Cerhovice, spol. s r.o. Czech Republic 100% 100% CTPark České Velenice, spol. s r.o. Czech Republic 100% 100% Subsidiaries Country 2024 2023 Note CTPark Hranice, spol. s r.o. Czech Republic 100% 100% CTPark Chrastava a.s. Czech Republic 100% 100% CTPark Lysá nad Labem, spol. s r.o. Czech Republic 100% 100% CTPark Mladá Boleslav, spol. s r.o. Czech Republic 100% 100% CTPark Modřice, spol. s r.o. Czech Republic 100% 100% CTPark Nýřany II, spol. s r.o. Czech Republic 0% 100% 5/ CTPark Nýřany, spol. s r.o. Czech Republic 100% 100% CTPark Ostrava Hrušov, spol. s r.o. Czech Republic 100% 100% CTPark Ostrava Poruba, spol. s r.o. Czech Republic 100% 100% CTPark Ostrava Radvanice, spol. s r.o. Czech Republic 100% 0% 2/ (former CTPark Ostrava Radvanice II, spol. s r.o.) CTPark Ostrava Radvanice, spol. s r.o. Czech Republic 0% 0% 4/ (former RK2 Real, s.r.o.) CTPark Ostrava, spol. s r.o. Czech Republic 100% 100% CTPark Plzeň, spol. s r.o. Czech Republic 100% 100% CTPark Prague Airport, spol. s r.o. Czech Republic 100% 100% CTPark Prague East, spol. s r.o. Czech Republic 100% 100% CTPark Prague North III, spol. s r.o. Czech Republic 100% 100% CTPark Prague West, spol. s r.o. Czech Republic 100% 100% CTPark Stříbro, spol. s r. o. Czech Republic 100% 100% CTPark Tošanovice a.s. Czech Republic 100% 100% CTZone Ostrava, spol. s r.o. Czech Republic 100% 100% RTC Real a.s. Czech Republic 100% 0% 1/ Spielberk Business Park II, spol. s r.o. Czech Republic 100% 100% Spielberk Business Park, spol. s r.o. Czech Republic 100% 100% CTP Alpha Denmark ApS Denmark 100% 0% 2/ CTP Beta Denmark ApS Denmark 100% 0% 2/ CTP Invest Denmark ApS Denmark 100% 0% 2/ CTP Invest Egypt 100% 100% CTP Real Estate Egypt 100% 100% CTP Real Estate Development Egypt 100% 100% Samesova OÜ Estonia 100% 100% Vojtova OÜ Estonia 100% 100% Zemankova OÜ Estonia 100% 100% CTP Alpha France France 100% 100% CTP Beta France France 100% 100% CTP France France 100% 100% Financial Statements 280 CTP N.V. Annual Report 2024 Subsidiaries Country 2024 2023 Note CTP Energy Germany GmbH Germany 100% 100% CTP Germany GmbH Germany 100% 100% CTP Germany II GmbH Germany 100% 100% CTP Germany III GmbH Germany 100% 0% 2/ CTP Germany IV GmbH Germany 100% 0% 2/ CTP Germany IX GmbH Germany 100% 100% CTP Germany V GmbH Germany 100% 100% CTP Germany VI GmbH Germany 100% 100% CTP Germany VII GmbH Germany 100% 100% CTP Germany VIII GmbH Germany 100% 100% CTP Germany X GmbH Germany 100% 100% CTP Germany XI GmbH Germany 100% 0% 2/ CTP Germany XII GmbH Germany 100% 0% 2/ CTP Germany XIII GmbH Germany 100% 0% 2/ CTP Invest Germany GmbH Germany 100% 100% CTP Invest Hong Kong Limited Hong Kong 100% 100% CTP Energy Hungary Kft Hungary 100% 100% CTP Management Hungary Kft. Hungary 100% 100% CTPark Alpha Kft. Hungary 100% 100% CTPark Arrabona Kft. Hungary 100% 100% CTPark Beta Kft. Hungary 100% 100% CTPark Biatorbágy Kft. Hungary 100% 100% CTPark Delta Kft. Hungary 100% 100% CTPark Eight Kft. Hungary 100% 100% CTPark Eighteen Kft. Hungary 100% 100% CTPark Eleven Kft. Hungary 100% 100% CTPark Fifteen Kft. Hungary 100% 100% CTPark Fourteen Kft Hungary 100% 100% CTPark Gamma Kft. Hungary 100% 100% CTPark Nine Kft. Hungary 100% 100% CTPark Nineteen Kft. Hungary 100% 100% CTPark Seven Kft. Hungary 100% 100% CTPark Seventeen kft. Hungary 100% 100% CTPark Sixteen Kft. Hungary 100% 100% CTPark Ten Kft. Hungary 100% 100% CTPark Thirteen Kft Hungary 100% 100% Subsidiaries Country 2024 2023 Note CTPark Thirty Kft. Hungary 100% 100% CTPark Thirty One Kft. Hungary 100% 100% CTPark Twelve Kft. Hungary 100% 100% CTPark Twenty Eight Kft. Hungary 100% 100% CTPark Twenty Five Kft. Hungary 100% 100% CTPark Twenty Four Kft. Hungary 100% 100% CTPark Twenty Kft. Hungary 100% 100% CTPark Twenty Nine Kft. Hungary 100% 100% CTPark Twenty One Kft. Hungary 100% 100% CTPark Twenty Seven Kft. Hungary 100% 100% CTPark Twenty Six Kft. Hungary 100% 100% CTPark Twenty Three Kft. Hungary 100% 100% CTPark Twenty Two Kft. Hungary 100% 100% Office Campus Real Estate Kft. Hungary 100% 100% CTP Consulting (Shenzhen) Co., Ltd. China 100% 0% 2/ CTP Alpha S.r.l. Italy 100% 100% CTP Beta S.r.l. Italy 100% 100% CTP Italy S.r.l. Italy 100% 100% Samesova SIA Latvia 100% 100% Vojtova SIA Latvia 100% 100% Zemankova SIA Latvia 100% 100% UAB Samesova Lithuania 100% 100% UAB Vojtova Lithuania 100% 100% UAB Zemankova Lithuania 100% 100% CTP ALC B.V. Netherlands 100% 100% CTP Alpha B.V. Netherlands 100% 100% CTP Baltic Holding B.V. Netherlands 100% 100% CTP Beta B.V. Netherlands 100% 100% CTP Deutschland B.V. Netherlands 100% 100% CTP Energy B.V. Netherlands 100% 100% CTP Epsilon B.V. Netherlands 100% 100% CTP Eta B.V. Netherlands 100% 100% CTP Gamma B.V. Netherlands 100% 100% CTP Invest B.V. Netherlands 100% 100% CTP Kappa B.V. Netherlands 100% 100% CTP Lambda B.V. Netherlands 100% 100% Financial Statements 281 CTP N.V. Annual Report 2024 Subsidiaries Country 2024 2023 Note CTP Mediterranean Holding B.V. Netherlands 100% 100% CTP Mu B.V. Netherlands 100% 100% CTP Nu B.V. Netherlands 100% 100% CTP Omicron B.V. Netherlands 100% 100% CTP Pi B.V. Netherlands 100% 100% CTP Portfolio Finance Czech B.V. Netherlands 100% 100% CTP Property B.V. Netherlands 100% 100% CTP Rho B.V. Netherlands 100% 100% CTP Theta B.V. Netherlands 100% 100% CTP Turkish Holding B.V. Netherlands 100% 100% CTP Xi B.V. Netherlands 100% 100% CTP Zeta B.V. Netherlands 100% 100% CTPark Bremen B.V. Netherlands 100% 100% Multifin B.V. Netherlands 100% 100% CTP Beta Poland sp. z o.o. Poland 100% 100% CTP Delta Poland sp. z o.o. Poland 100% 100% CTP Dystrybucja sp. z o.o. Poland 100% 100% CTP Energy Poland sp. z o.o. Poland 100% 100% CTP Epsilon Poland sp. z o.o. Poland 100% 100% CTP Eta Poland sp. z o.o. Poland 100% 100% CTP Gamma Poland sp. z o.o. Poland 100% 100% CTP Chi Poland sp. z o.o. Poland 100% 100% CTP Invest Poland sp. z o.o. Poland 100% 100% CTP Iota Poland sp. z o.o. Poland 100% 100% CTP Lambda Poland sp. z o.o. Poland 100% 100% CTP Mu Poland sp. z o.o. Poland 100% 100% CTP Nu Poland sp. z o.o. Poland 100% 100% CTP Omega Poland sp. z o.o. Poland 100% 100% CTP Pi Poland sp. z o.o. Poland 100% 100% CTP Property Alpha Poland sp. z o.o. Poland 100% 100% CTP Property Beta Poland sp. z o.o. Poland 100% 100% CTP Property Delta Poland sp. z o.o. Poland 100% 100% CTP Property Epsilon Poland sp. z o.o. Poland 100% 100% CTP Property Eta Poland sp. z o.o. Poland 100% 100% CTP Property Gamma Poland sp. z o.o. Poland 100% 100% CTP Property Iota Poland sp. z o.o. Poland 100% 100% Subsidiaries Country 2024 2023 Note CTP Property Kappa Poland sp. z o.o. Poland 100% 100% CTP Property Lambda Poland sp. z o.o. Poland 100% 100% CTP Property Mu Poland sp. z o.o. Poland 100% 100% CTP Property Nu Poland sp. z o.o. Poland 100% 100% CTP Property Theta sp. z o.o. Poland 100% 100% CTP Property Zeta Poland sp. z o.o. Poland 100% 100% CTP Rho Poland sp. z o.o. Poland 100% 100% CTP Sigma Poland sp. z o.o. Poland 100% 100% CTP Tau Poland sp. z o.o. Poland 100% 100% CTP Xi Poland sp. z o.o. Poland 100% 100% CTP Zeta Poland sp. z o.o. Poland 100% 100% CTPark Iłowa sp. z o.o. Poland 100% 100% CTPark Konik sp. z o.o. Poland 100% 0% 1/ (former White Star Logistics Park Konik sp. z o.o.) CTPark Natolin sp. z o.o. Poland 100% 0% 1/ (former White Star Logistics Park Lodz sp. z o.o.) CTPark Opole sp. z o.o. Poland 100% 100% CTPark Raszyn sp. z o.o. Poland 100% 0% 1/ (former White Star Logistics Park Raszyn sp.z o.o.) CTPark Toruń sp. z o.o. Poland 100% 0% 1/ (former White Star Logistics Park Torun sp. z o.o.) CTPark Zabrze sp. z o.o. Poland 100% 100% Wiskitki Project sp. z o.o. Poland 100% 100% CTP Contractors SRL Romania 100% 100% CTP Invest Bucharest SRL Romania 100% 100% CTP Solar SRL Romania 100% 100% CTPark Alpha SRL Romania 100% 100% CTPark Arad North SRL Romania 100% 100% CTPark Beta SRL Romania 100% 100% CTPark Brasov SRL Romania 100% 100% CTPark Brasov West SRL Romania 100% 100% CTPark Bucharest A1 SRL Romania 100% 100% CTPark Bucharest II SRL Romania 100% 100% CTPark Bucharest South II SRL Romania 100% 100% CTPark Bucharest SRL Romania 100% 100% CTPark Bucharest Upsilon SRL Romania 100% 100% CTPark Bucharest West I SRL Romania 100% 100% Financial Statements 282 CTP N.V. Annual Report 2024 Subsidiaries Country 2024 2023 Note CTPark Bucharest West II SRL Romania 100% 100% CTPark Craiova East SRL Romania 100% 100% CTPark Delta SRL Romania 100% 100% CTPark Deva II SRL Romania 100% 100% CTPark Dragomiresti SRL Romania 100% 100% CTPark Epsilon SRL Romania 100% 100% CTPark Eta SRL Romania 100% 100% CTPark Gamma SRL Romania 100% 100% CTPark Chitila SRL Romania 100% 100% CTPark Iota SRL Romania 100% 100% CTPark Kappa SRL Romania 100% 100% CTPark KM23 North SRL Romania 100% 100% CTPark Lambda SRL Romania 100% 100% CTPark Management Afumati SRL Romania 100% 100% CTPark Management Turda SRL Romania 100% 100% CTPark Miu SRL Romania 100% 100% CTPark Omega SRL Romania 100% 100% CTPark Omicron SRL Romania 100% 100% CTPark Oradea North SRL Romania 100% 100% CTPark Oradea South SRL Romania 100% 0% 2/ CTPark Phi SRL Romania 100% 100% CTPark Pitesti East SRL Romania 100% 100% CTPark Pitesti SRL Romania 100% 100% CTPark Psi SRL Romania 100% 100% CTPark Rho SRL Romania 100% 100% CTPark Sibiu East SRL Romania 100% 100% CTPark Sigma SRL Romania 100% 100% CTPark Tau SRL Romania 100% 100% CTPark Theta SRL Romania 100% 100% CTPark Timisoara East SRL Romania 100% 100% CTPark Timisoara North SRL Romania 100% 100% CTPark Zeta SRL Romania 100% 100% Elgan Automotive SRL Romania 100% 0% 1/ Forest Property Invest SRL Romania 100% 100% Industrial Park West SRL Romania 100% 0% 1/ Logistics Hub Chitila SRL Romania 100% 0% 1/ Subsidiaries Country 2024 2023 Note North Logistics Hub SRL Romania 100% 0% 1/ See Exclusive Development SRL Romania 100% 0% 1/ Universal Management SRL Romania 100% 100% CTP Alpha doo Beograd-Novi Beograd Serbia 100% 100% CTP Beta doo Beograd-Novi Beograd Serbia 100% 100% CTP Delta doo Beograd-Novi Beograd Serbia 100% 100% CTP Energy doo Beograd-Novi Beograd Serbia 100% 100% CTP Epsilon doo Beograd-Novi Beograd Serbia 100% 100% CTP Gamma doo Beograd-Novi Beograd Serbia 100% 100% CTP Invest doo Beograd-Novi Beograd Serbia 100% 100% CTP Kappa doo Beograd-Novi Beograd Serbia 100% 100% CTP Lambda doo Beograd Serbia 100% 100% CTP Omicron doo Beograd- Novi Beograd Serbia 100% 100% CTP Phi doo Beograd- Novi Beograd Serbia 100% 100% CTP Property Alpha doo Beograd-Novi Beograd Serbia 100% 100% CTP Property Beta doo Beograd-Novi Beograd Serbia 100% 100% CTP Property Delta doo Beograd-Novi Beograd Serbia 100% 100% CTP Property Gamma doo Beograd-Novi Beograd Serbia 100% 100% CTP Property Kappa doo Beograd – Novi Beograd Serbia 100% 0% 2/ CTP Property Lambda doo Beograd – Novi Beograd Serbia 100% 0% 2/ CTP Rho doo Beograd- Novi Beograd Serbia 100% 100% CTP Sigma doo Beograd- Novi Beograd Serbia 100% 100% CTP Tau doo Beograd- Novi Beograd Serbia 100% 100% CTPark Trnava III, spol. s r.o. Slovakia 100% 0% 1/ (former Logistické centrum Trnava s.r.o.) CTP Alpha SK, spol. s r.o. Slovakia 100% 100% CTP Dunaj, spol. s r.o. Slovakia 100% 100% (former CTPark Bratislava East, spol. s r.o.) CTP Energy SK, spol. s r.o. Slovakia 100% 100% CTP Invest SK, spol. s r.o. Slovakia 100% 100% CTP Omega SK, spol. s r.o (former CTP Dunaj s.r.o.) Slovakia 100% 100% CTP Slovakia, s.r.o. Slovakia 100% 100% CTP Solar SK, spol. s r.o. Slovakia 100% 100% CTPark Banská Bystrica, spol. s r.o. Slovakia 100% 100% CTPark Bratislava, spol. s r.o. Slovakia 100% 100% CTPark Čierny Les, spol. s r.o. Slovakia 100% 100% CTPark Hlohovec, spol. s r.o. Slovakia 100% 100% Financial Statements 283 CTP N.V. Annual Report 2024 Subsidiaries Country 2024 2023 Note CTPark Košice II, spol. s r.o. Slovakia 100% 100% (former CTPark Žilina Airport II, spol. s r.o.) CTPark Košice, spol. s r. o. Slovakia 100% 100% CTPark Krásno nad Kysucou, spol. s r.o. Slovakia 100% 100% CTPark Land SK 1, spol. s r.o. Slovakia 100% 100% CTPark Námestovo, spol. s r.o. Slovakia 100% 100% CTPark Nitra, spol. s r. o. Slovakia 100% 100% CTPark Nove Mesto, spol. s.r.o. Slovakia 100% 100% CTPark Prešov North, spol. s r.o. Slovakia 100% 100% CTPark Prešov s. r. o. Slovakia 100% 100% CTPark Trnava II, spol. s r.o. Slovakia 100% 100% CTPark Žilina Airport, spol. s r. o. Slovakia 100% 100% CTPark Alpha, d.o.o. Slovenia 0% 100% 3/ Global Guanaco, S.L.U. Spain 100% 100% CTP ALPHA GAYRİMENKUL VE İNŞAAT LİMİTED ŞİRKETİ Turkey 100% 100% CTP BETA GAYRİMENKUL VE İNŞAAT LİMİTED ŞİRKETİ Turkey 100% 100% CTP GAMMA GAYRİMENKUL VE İNŞAAT LİMİTED ŞİRKETİ Turkey 100% 100% CTP Alpha Ltd United Kingdom 0% 100% 3/ CTP Beta Ltd United Kingdom 0% 100% 3/ CTP Invest Ltd United Kingdom 100% 100% 1/ Newly acquired subsidiaries in 2024 2/ Newly established subsidiaries in 2024 3/ Disposed subsidiaries in 2024 4/ Newly acquired/established subsidiaries, subsequently merged with existing company in the Group during 2024 5/ Subsidiaries merged with existing subsidiary in 2024 35. RELATED PARTIES CTP has a related party relationship with its key management personnel and other entities of which Mul- tivest B.V. is an equity holder (immediate parent company). In 2024 and 2023, CTP had the following income and expense with related parties: 2024 2023 In EUR million Revenues Expenses Revenues Expenses Multivest B.V. 0.6 - 0.6 - CTP Holding B.V. - - 1.1 - Other - - - -0.5 Total 0.6 - 1.7 -0.5 As at 31 December 2024 and 2023, CTP had the following short-term receivables/payables from/to related parties: 2024 2023 In EUR million Receivables Payables Receivables Payables Remon Vos 0.3 - 0.3 - Multivest B.V. - - 0.6 - Other - - - -0.3 Total 0.3 - 0.9 -0.3 Financial Statements 284 CTP N.V. Annual Report 2024 As at 31 December 2024 and 2023, CTP had the following long-term receivables/payables from/to related parties: 2024 2023 In EUR million Receivables Payables Receivables Payables CTP Holding B.V. - - - - Other - - 0.6 - Total - - 0.6 - In 2023, the loan provided to CTP Holding B.V. was fully repaid. Key management personnel compensation Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Group, directly or indirectly, including any director. Average headcount per year of key management is 7 for 2024 (2023 – 7). Key management personnel compensation comprises the following (current year amount includes a release of prior year accruals): In EUR million 2024 2023 Short-term employee benefits 1.5 2.3 Total 1.5 2.3 In addition, the Group granted a conditional share award under LTIP to a Director (refer to Note 26). As at 31 December, Board Directors held shares in CTP N.V. as follows (directly or through other entities): Number of Price Value shares per 1 share in EUR million 2024 345,681,795 14.88 5,143.7 2023 337,487,293 15.28 5,156.8 In the Number of shares held by Board of Directors are included also shares held by CTP Holding B.V. 36. FINANCIAL INSTRUMENTS RISK MANAGEMENT OBJECTIVES AND POLICIES Exposure to various risks arises in the normal course of CTP’s business. These risks include credit risk, capital risk, operational risk, market risk including foreign currency risk, interest rate and liquidity risk. Credit risk Credit risk refers to the risk that the counterparty will default on its contractual obligations resulting in a financial loss to CTP. The Group has a credit policy in place and the exposure to credit risk is monitored on an on-going basis. Credit evaluations are performed for all customers requiring credit over a certain amount. CTP usually does not require collateral from its tenants. For most of the tenants, a parent company guar- antee, or a solvent tenant group company guarantee is in place. Investments can be made only in liquid securities and only with counterparties that have a credit rating equal to or better than CTP. Given their high credit ratings, the management does not expect any counter- party to fail to meet its obligations. As at the reporting date there were no significant concentrations of credit risk towards third parties. The maximum exposure to credit risk is represented by the carrying amount of each financial asset in the state- ment of financial position. CTP has bank accounts with prestigious banking institutions, where no risk is expected. CTP monitors regularly the financial position of the related parties and the related credit risk. Credit risk concentration: In EUR million 2024 2023 Amounts due from banks 861.1 691.9 Amounts due from financial derivatives 30.6 48.7 Amounts due from related parties 0.3 1.5 Amounts due from third parties 131.4 64.7 Amounts due from tax institutions 56.4 84.6 Total 1,079.8 891.4 Amounts due from banks include cash and cash equivalents, including restricted cash reported under non-current trade and other receivables, as at 31 December of the respective year. Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Group’s receivables from customers. The carrying amounts of financial assets and contract assets represent the maximum credit exposure. Financial Statements 285 CTP N.V. Annual Report 2024 Impairment losses on financial assets recognised in profit or loss were as follows: In EUR million 2024 2023 Impairment to trade receivables 9.9 5.2 Total 9.9 5.2 The movement in the allowance for impairment in respect of trade receivables during the year was as follows: In EUR million 2024 2023 Balance as at 1 January 5.2 5.6 Net remeasurement of loss allowance 4.7 -0.4 Balance at 31 December 9.9 5.2 The following table provides information about the exposure to credit risk and ECLs for financial assets as at 31 December 2024 and 2023 respectively: Weighted Impairment In EUR million average Gross loss for the year 2024 Stage loss rate amount allowance Net amount Cash and cash equivalents Low risk 0% 855.4 0.0 855.4 Restricted cash Low risk 0% 5.7 0.0 5.7 Receivables due from related Low risk 0% 0.3 0.0 0.3 parties Trade receivables Low to Fair 7% 141.3 -9.9 131.4 risk Total 1,002.7 -9.9 992.8 Weighted Impairment In EUR million average Gross loss for the year 2023 Stage loss rate amount allowance Net amount Cash and cash equivalents Low risk 0% 690.6 - 690.6 Restricted cash Low risk 0% 1.3 - 1.3 Receivables due from related Low risk 0% 1.5 - 1.5 parties Trade receivables Low to Fair 7% 69.9 -5.2 64.7 risk Total 763.3 -5.2 758.1 * Weighted average loss rate related to Trade receivables is calculated in Note 23. Capital risk CTP’s policy is to maintain a strong capital base, to maintain creditor and market confidence and to sustain future development of the business. CTP manages its capital to ensure that entities in CTP will be able to continue as a going concern while maximising the return to shareholders through the optimisation of the debt and equity balance. CTP’s overall strategy remains unchanged compared to 2023. CTP as property investor is mainly influenced by the fact that it leverages its project financing by using bank debts or bonds. There is no real seasonality impact on its financial position, but the volatility of financial markets might positively or negatively influence CTP’s financial position. The capital structure of CTP consists of a debt, which includes the borrowings disclosed in Note 28 and bonds disclosed in Note 29. The Group has secured bank loans that contain loan covenants. Under the agreements, the covenants are monitored on a regular basis to ensure compliance with these agreements. Leverage ratio test The leverage ratio calculated below compares debt to assets, where a debt is defined to be the sum of in- terest-bearing loans and borrowings and bonds, and assets includes total consolidated assets of the Group. In EUR million 2024 2023 Debt 8,099.6 6,968.2 Total assets 17,381.2 14,873.2 Leverage ratio 46.6% 46.9% The net loan to value (value is the fair value of the properties) ratio of CTP properties (calculated as a share of interest-bearing loans from financial institutions and bonds issued adjusted for cash and cash equiva- lents available as at 31 December of the respective year on investment property, investment property under construction and plant and equipment) is approximately 45.3% at 31 December 2024 (2023 – 46.0%), which is seen as appropriate within CTP’s financial markets. As the properties are leased for a long period and CTP agrees long-term financing with its financial institu- tions. CTP expects to fulfill financial covenants in the future. Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates, will affect CTP’s income or the value of its holding of financial instruments. The objective of market risk management is to manage and control market risk exposure within acceptable parameters, while optimising returns. Financial Statements 286 CTP N.V. Annual Report 2024 Foreign currency risk Currency risk is managed mainly by making, when possible, investments in the same currency as the financ- ing sources used. The currency risk during the period of repayment of liabilities to third parties is usually offset by generating revenues denominated in the same underlying currency. CTP pays for construction of buildings in local currency and therefore has foreign currency risk during the construction period. As at 31 December 2024, CTP analysed the impact of the foreign exchange rate variances on its assets and liabilities and on its statement of comprehensive income. The impact was judged insignificant, as most financial instruments are denominated in EUR. Foreign currency exchange risk is limited and arises from recognised monetary assets and liabilities. Cur- rency risk disclosed is based on the functional currency (EUR) of the Group’s operating subsidiaries. 2024 In EUR million CZK RON PLN HUF RSD BGN Total Trade and other receivables 70.2 11.5 9.4 1.0 2.5 0.9 95.5 Cash and cash equivalents 10.9 33.1 6.3 1.9 4.2 3.5 59.9 Trade and other receivables from related parties 0.3 - - - - - 0.3 Total financial assets 81.4 44.6 15.7 2.9 6.7 4.4 155.7 Trade and other payables -79.4 -25.4 -24.4 -21.9 -15.1 -4.0 -170.2 Total financial liabilities -79.4 -25.4 -24.4 -21.9 -15.1 -4.0 -170.2 Net position 2.0 19.2 -8.7 -19.0 -8.4 0.4 -14.5 FX hedge - - - - - - - Net position after FX hedge 2.0 19.2 -8.7 -19.0 -8.4 0.4 -14.5 2023 In EUR million CZK RON PLN HUF RSD BGN Total Trade and other receivables 52.4 59.6 45.7 13.8 20.0 7.7 199.2 Cash and cash equivalents 14.6 23.0 1.6 8.3 2.7 3.6 53.8 Loans provided to third parties - 0.1 - - - - 0.1 Trade and other receivables from related parties 0.3 - - - - - 0.3 Total financial assets 67.3 82.7 47.3 22.1 22.7 11.3 253.4 Trade and other payables -129.6 -41.7 -32.1 -15.4 -32.4 -13.4 -264.6 Total financial liabilities -129.6 -41.7 -32.1 -15.4 -32.4 -13.4 -264.6 Net position -62.3 41.0 15.2 6.7 -9.7 -2.1 -11.2 FX hedge - - - - - - - Net position after FX hedge -62.3 41.0 15.2 6.7 -9.7 -2.1 -11.2 Financial Statements 287 CTP N.V. Annual Report 2024 Sensitivity analysis A strengthening/(weakening) of EUR, as indicated below, against other currencies at the reporting date would have increased/(decreased) the equity by the amounts shown in the following table. This analysis is based on foreign currency exchange rate variances that the Group considers reasonably likely at the end of the reporting period. The analysis assumes that all other variables remain constant, including interest rates. 2024 2023 Net position on financial assets and liabilities denominated in EUR -14.5 -11.2 Effect on profit or loss and on equity of: CZK weakening by 5% 0.1 -3.1 CZK strengthening by 5% -0.1 3.1 RON weakening by 5% 1.0 2.1 RON strengthening by 5% -1.0 -2.1 PLN weakening by 5% -0.4 0.8 PLN strengthening by 5% 0.4 -0.8 HUF weakening by 5% -0.9 0.3 HUF strengthening by 5% 0.9 -0.3 RSD weakening by 5% -0.4 -0.5 RSD strengthening by 5% 0.4 0.5 BGN weakening by 5% - -0.1 BGN strengthening by 5% - 0.1 Interest rate risk The interest rate risk arises mainly from the floating interest rates applicable to debt financing. Bank loans usually have flexible interest rates based on EURIBOR rates for the reference period from one month to six months increased by a fixed margin. In 2024 and 2023, CTP entered transactions with financial institutions to hedge the interest rate risk (refer to Note 32). CTP mitigated the interest rate risk by holding interest rate swaps in 2024 and 2023. The interest rate profile of the Group’s interest-bearing financial instruments is as follows. Fixed-rate instruments 2024 2023 Receivables due from related parties 0.3 1.5 Loans owed to related parties 0.0 -0.3 Bonds issued -4,043.1 -3,590.0 Bank loans with fixed interest rate -2,753.1 -2,533.6 Bank loans covered by IRS -1,313.2 -821.2 Variable-rate instruments 2024 2023 Loans not covered by IRS -8.7 -34.0 Sensitivity analysis A reasonably possible change of 0.25% in the interest rates at the reporting date would have increased (decreased) profit by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency exchange rates, remain constant. Financial Statements 288 CTP N.V. Annual Report 2024 1.1.2024 - 31.12.2024 Interest rate sensitivity analysis of bank loans and borrowings Covered Effect on result Effect on result by interest Loans in case of in case of Bank rate swaps % with variable interest rate interest rate In EUR million loans and fixed rate hedge interest increase by 25bp decrease by 25bp Interest-bearing loans and borrowings 4,075.0 4,066.3 99,8% 8.7 0 0 Total 4,075.0 4,066.3 99,8% 8.7 0 0 1.1.2023 - 31.12.2023 Interest rate sensitivity analysis of bank loans and borrowings Covered Effect on result Effect on result by interest Loans in case of in case of Bank rate swaps % with variable interest rate interest rate In EUR million loans and fixed rate hedge interest increase by 25bp decrease by 25bp Interest-bearing loans and borrowings 3,388.8 3,354.8 99.0% 34.0 -0.1 0.1 Total 3,388.8 3,354.8 99.0% 34.0 -0.1 0.1 Cash flow hedges Current financial year At 31 December 2024, the Group held the following instruments to hedge exposures to changes in interest rates. Interest rate swaps Exposure Exposure paid Average fixed received Average fixed Net exposure 2024 (in EUR million) interest rate (in EUR million) interest rate (in EUR million) 0 - 12 months 550.0 2.38% 308.0 2.67% 242.0 More than one year 1,403.5 2.76% 400.0 2.90% 1,003.5 Total 1,953.5 708.0 1,245.5 Of which prehedges 750.0 2.33% 708.0 2.80% 42.0 Financial Statements 289 CTP N.V. Annual Report 2024 The amounts at the reporting date relating to items designated as hedged items were as follows. 31 December 2024 Balances remaining in the cash flow hedge reserve Change in from hedging value used for relationships calculating Costs of for which hedge hedge Cash flow hedging accounting is no In EUR million ineffectiveness hedge reserve hedge reserve longer applied Interest rate risk Variable-rate instruments - -31.7 - - The amounts relating to items designated as hedging instruments and hedge ineffectiveness were as follows. 2024 Carrying amount Change in the value of Amount Amount the hedging Hedge reclassified reclassified instrument ineffectiveness from hedging from costs of Nominal recognised recognised in Cost of hedging reserve to hedging reserve In EUR million amount Assets Liabilities in OCI profit or loss recognised in OCI profit or loss to profit or loss Interest rate risk Interest rate swaps 2,655.6 27.6 -60.3 -42.4 - - - - The following table provides the reconciliation by risk category of components of equity and analysis of OCI items, net of tax, resulting from cash flow hedge accounting. 2024 Hedging Cost of hedging In EUR million reserve reserve Cash flow hedges – interest rate risk Balance at 1 January 2024 0.1 - Changes in fair value -42.4 - Tax on movements on reserves during the year 10.6 - Balance at 31 December 2024 -31.7 - Financial Statements 290 CTP N.V. Annual Report 2024 Prior financial year At 31 December 2023, the Group held the following instruments to hedge exposures to changes in interest rates. 2023 Interest rate swaps Exposure Exposure paid Average fixed received Average fixed Net exposure (in EUR million) interest rate (in EUR million) interest rate (in EUR million) 0 - 12 months 200.0 2.66% - - 200.0 More than one year 1,053.0 2.55% 708.0 2.95% 345.0 Total 1,253.0 708.0 545.0 Of which prehedges at 2.33% 750.0 The amounts at the reporting date relating to items designated as hedged items were as follows. 31 December 2023 Balances remaining in the cash flow hedge reserve from hedging Change in value relationships used for Costs of for which hedge calculating hedge Cash flow hedging accounting is no In EUR million ineffectiveness hedge reserve hedge reserve longer applied Interest rate risk Variable-rate instruments - 0.1 - - The amounts relating to items designated as hedging instruments and hedge ineffectiveness were as follows. 2023 Carrying amount Change in the value of Amount Amount the hedging Hedge reclassified reclassified instrument ineffectiveness Cost of from from costs of recognised recognised in hedging hedging reserve hedging reserve In EUR million Nominal amount Assets Liabilities in OCI profit or loss recognised in OCI to profit or loss to profit or loss Interest rate risk Interest rate swaps 1,961.5 43.0 -27.6 -31.8 - - - - Financial Statements 291 CTP N.V. Annual Report 2024 The following table provides the reconciliation by risk category of components of equity and analysis of OCI items, net of tax, resulting from cash flow hedge accounting. 2023 Cost of Hedging hedging In EUR million reserve reserve Cash flow hedges – interest rate risk Balance at 1 January 2023 23.7 - Changes in fair value -31.8 - Tax on movements on reserves during the year 8.2 - Balance at 31 December 2023 0.1 - Hedged risk The Company’s risk management strategy is to hedge variability in interest payments due to changes in EURIBOR resulting from future issuance of series of consecutive bonds/loans expected to be issued in the period defined per individual hedging relationship. Credit margin on the bonds is not subject to this hedge. Hedge effectiveness measurement Cumulative change in fair value of the hedged item will be measured by a so-called hypothetical derivative. This hypothetical derivative has a zero fair value at the hedge inception and represents hedged risk with- in the hedged item. In case of a perfect hedge when all parameters of the hedging instrument match the parameters of the hedged item and the hedging instrument’s fair value is zero at the hedge inception, the hypothetical derivative is a mirror to the hedging instrument. At the hedge inception, a hypothetical derivative is a forward starting swap with start date equal to the first expected issuance date and maturity date 5-30 years later. This hypothetical derivative will be adjusted at any time the hedged cash flows change. Potential sources of ineffectiveness • Difference in timing of hedged cash flows compared to timing of payments on the swaps’ floating leg. • The hedged interest expenses are no more highly probable. Liquidity risk Liquidity risk is the risk that CTP will not be able to meet its financial obligations as they fall due. With re- spect to the nature of its business and its assets, CTP is naturally exposed to a certain amount of liquidity risk. CTP manages liquidity risk by constantly monitoring forecast and actual cash flow, financing its in- vestment property portfolio by long-term financing, refinancing where appropriate, and using rent income to settle short-term liabilities. The table below shows liabilities at 31 December 2024 and 31 December 2023 by their remaining contrac- tual maturity. The amounts are gross and undiscounted and include contractual interest payments and exclude the impact of netting agreements. 2024 Contractual cash flows Between Until 3 - 12 1 -5 Over In EUR million 3 months Months years 5 years Total Interest-bearing loans and borrowings 53.0 202.5 2,180.5 2,411.8 4,847.8 Bonds issued 44.8 500.5 1,898.6 1,971.0 4,415.0 Derivative financial liabilities 24.5 1.2 33.4 5.0 64.1 Lease liabilities 3.1 4.9 21.8 37.9 67.7 Trade and other payables incl. 320.8 48.3 55.9 37.1 462.1 corporate income tax liability Total 446.2 757.5 4,190.1 4,462.9 9,856.7 2023 Contractual cash flows Between Until 3 - 12 1 -5 Over In EUR million 3 months Months years 5 years Total Interest-bearing loans and borrowings 43.7 134.9 1,200.7 2,899.6 4,278.9 Bonds issued 9.9 27.2 2,616.4 1,092.6 3,746.1 Loans to related parties 0.3 - - - 0.3 Derivative financial liabilities 15.3 2.4 9.6 1.9 29.2 Lease liabilities 1.8 3.9 21.3 41.7 68.7 Trade and other payables incl. 347.7 44.9 55.1 30.3 478.0 corporate income tax liability Total 418.7 213.3 3,903.1 4,066.1 8,601.2 292 CTP N.V. Annual Report 2024 Financial Statements Fair value Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair values are obtained, as appropriate, from quoted market prices, discounted cash-flow projections and other valuation models. To estimate the fair value of individual classes of financial instruments, the following methods and assump- tions are used: Cash and cash equivalents, short-term investments The book value of cash and other short-term investments approximates their fair value, as these financial instruments have a relatively short maturity. Receivables and payables The book value of short-term receivables and payables approximates their fair value, as these financial instruments have a short maturity. Short-term loans The book value approximates their fair value, as these instruments have a floating interest rate and a short maturity. Long-term loans The fair value of long-term loans as at 31 December 2024 is EUR 4,000.0 million (2023 – EUR 3,112.3 mil- lion). For details refer to Note 28. Bonds The fair value of bonds issued as at 31 December 2024 is EUR 3,949.6 million (2023 – EUR 3,194.1 million). For details refer to Note 29. Derivatives The fair value of derivatives is based on fair value quotes from counterparties which are compared to the results of the internal valuation model using market data from an independent recognized market data agency. Investment property and investment property under development Investment property and investment property under development are stated at fair value (refer to Note 18 and Note 19). 37. CONTINGENT LIABILITIES Contracted work As at 31 December 2024, the Group had contracted work with external suppliers relating to realising a construction project, which was not performed as at the year end, with a value of EUR 303.0 million (2023 – EUR 381.2 million). Guarantee provided Under guarantee agreements concluded following the sale of a portfolio A, CTP Invest, spol. s r.o. and CTP CEE Properties, spol. s r.o. provided specific guarantees to the buyer of the entities being the companies established by Deka Immobilien Investment GmbH and WestInvest Gesellschaft für Investmentfonds GmbH. The specific guarantees include (i) Rental Guarantee (Vacant Premises, Rent Shortfall, Outstanding Tenant Incentives) and (ii) Tenant Guarantees (Default, Break Options, Non-Solicitation). The duration of the guar- antees is until 15 November 2028, unless they terminate earlier pursuant to the agreement. In 2022, CTP N.V. issued a guarantee in favour of Coöperatieve Rabobank U.A. connected with the financing of development activities of CTP ALC B.V. The guaranteed obligations represent: • any amount due by CTP ALC B.V. under and in connection with the Finance Documents for a maximum amount of the Commitment minus the Reserve Amount, • any interest, fees (including for the avoidance of doubt any default interest) and any amount payable under any Hedging Agreement due by CTP ALC B.V. under and in connection with the Facility Agree- ment. The Facility agreement is agreed of EUR 175.0 million between ABN AMRO Bank N.V., Coöperatieve Rabo- bank U.A. and CTP ALC B.V. In 2023, CTP N.V. issued a guarantee in favour of Coöperatieve Rabobank U.A. connected with financing of CTP Beta B.V. Guaranteed obligations represents any amount due by the CTP Beta B.V. under and in connection with the Finance Documents. Facility agreement is agreed of EUR 33.5 million between Coöper- atieve Rabobank U.A. and CTP Beta B.V. In 2024, CTP N.V. issued: • a guarantee in favour of Tatra banka, a.s. up to the maximum amount of EUR 25.0 million. Guaranteed obligations represent any amount due by the CTP Invest SK, spol. s r.o. under and in connection with the Framework Agreement on Issuance of Bank Guarantees. • a guarantee in favour of ING Bank N.V. up to the maximum amount of EUR 25.0 million. Guaranteed obligations represent any amount due by CTP N.V. under and in connection with the EUR 25.0 million Uncommitted Guarantee Facility Agreement. In 2024, CTP Invest, spol. s r.o. issued: • a guarantee to the tenant EuroService Pilsen s.r.o. to secure the obligations of the landlord, CTP Pilsen Region, spol. s r.o., under the lease agreement in the amount of EUR 3.1 million. • a guarantee to the tenant Hitachi Energy Czech Republic s.r.o. to secure the obligations of the landlord, CTPark Brno III, spol. s r.o., under the lease agreement in the amount of EUR 11.5 million. Financial Statements 293 CTP N.V. Annual Report 2024 38. PLEDGES Shares, receivables, future receivables and other assets in some of the subsidiaries are pledged in favour of the financing institutions for securing the bank loans received by them (refer to Note 28). As at the date of these financial statements, the assets in the following companies are pledged: Company Pledge in favour of CTP ALC B.V. COOPERATIEVE RABOBANK U.A. (as agent) + others CTP Alpha SK, spol. s r.o. Tatra banka, a.s. (as agent) + others CTP Beta B.V. COOPERATIEVE RABOBANK U.A. CTP Bohemia North, spol. s r.o Komerční banka, a.s. (as agent) + others CTP Bohemia South, spol. s r.o. Landesbank Hessen - Thuringen Girozentrale CTP Bohemia West, spol. s r.o. Komerční banka, a.s. (as agent) + others CTP Borská Pole, spol. s r.o. Landesbank Hessen - Thuringen Girozentrale CTP Deutschland B.V. Sparkasse UnnaKamen CTP Deutschland B.V. Berliner Sparkasse CTP Deutschland B.V. Volksbank Thüringen Mitte eG CTP Deutschland B.V. Stadtsparkasse Düsseldorf CTP Deutschland B.V. VR Bank Mecklenburg / Volks- und Raiffeisenbank eG CTP Deutschland B.V. Kreissparkasse Ostalb CTP Deutschland B.V. Sparkasse Düren CTP Deutschland B.V. Berliner Volksbank CTP Deutschland B.V. Kreissparkasse St. Wendel CTP Deutschland B.V. Landessparkasse zu Oldenburg CTP Deutschland B.V. VerbundVolksbank OWL eG CTP Deutschland B.V. Volksbank Main-Tauber CTP Deutschland B.V. Hypo Vorarlberg Bank AG CTP Deutschland B.V. VR Bank eG Rosenheim CTP Deutschland B.V. Sparkasse Ingolstadt Eichstätt CTP Deutschland B.V. Sparkasse Esslingen-Nürtingen CTP Deutschland B.V. Austrian Anadi Bank AG CTP Deutschland B.V. Volksbank Mittweida eG CTP Germany II GmbH Volksbank Jever eG CTP Moravia South, spol. s r.o. Komerční banka, a.s. (as agent) + others CTP Portfolio Finance Czech B.V. Aareal Bank AG CTP Slovakia, s. r. o. Tatra banka, a.s. (as agent) + others CTP Vlněna Business Park, spol. s r.o. Komerční banka, a.s. (as agent) + others CTP Vysočina, spol. s r.o. Komerční banka, a.s. (as agent) + others CTP XXIII, spol. s r.o. Landesbank Hessen - Thuringen Girozentrale CTPark Alpha Kft. Unicredit Bank Hungary Zrt. CTPark Arrabona Kft. Unicredit Bank Hungary Zrt. CTPark Bor, spol. s.r.o. Aareal Bank AG CTPark Bratislava, spol. s r.o. Erste Group Bank AG Financial Statements 294 CTP N.V. Annual Report 2024 Company Pledge in favour of CTPark Brno, spol. s r.o. Komerční banka, a.s. (as agent) + others CTPark Bucharest A1 S.R.L Alpha Bank Romania S.A. (as agent) + others CTPark Bucharest II S.R.L. Alpha Bank Romania S.A. (as agent) + others CTPark Bucharest S.R.L. Alpha Bank Romania S.A. (as agent) + others CTPark Bucharest Upsilon S.R.L. Alpha Bank Romania S.A. (as agent) + others CTPark Cerhovice, spol. s r.o. Deutsche Pfandbriefbank AG CTPark Eleven Kft. Erste Bank Hungary Zrt. CTPark Gamma S.R.L. Alpha Bank Romania S.A. (as agent) + others CTPark Chrastava, a.s. Landesbank Hessen - Thuringen Girozentrale CTPark Kappa S.R.L. Alpha Bank Romania S.A. (as agent) + others CTPark Košice, spol. s r.o. Erste Group Bank AG CTPark Mladá Boleslav, spol. s r.o. Československa obchodní banka, a.s. CTPark Modřice, spol. s.r.o. Aareal Bank AG CTPark Námestovo, spol. s r.o. Tatra banka, a.s. (as agent) + others CTPark Nine Kft. Erste Bank Hungary Zrt. CTPark Nitra, spol. s r.o. Tatra banka, a.s. (as agent) + others CTPark Nove Město, spol. s r.o. Tatra banka, a.s. (as agent) + others CTPARK OSTRAVA PORUBA Deutsche Pfandbriefbank AG CTPark Ostrava, spol. s r.o. Komerční banka, a.s. (as agent) + others CTPark Plzeň, spol. s r.o. Landesbank Hessen - Thuringen Girozentrale CTPark Prague East, spol. s r.o. Komerční banka, a.s. (as agent) + others CTPark Prague West, spol. s r.o. Landesbank Hessen - Thuringen Girozentrale CTPark Prešov s.r.o. Tatra banka, a.s. (as agent) + others CTPark Seven Kft. Unicredit Bank Hungary Zrt. 39. SUBSEQUENT EVENTS On 27 January 2025, the Group entered into a conditional purchase agreement in relation to a 100% share into 6 Romanian companies, owners of investment properties in Bucharest. In March 2025, the Group issued a dual tranche of green bonds: i) bonds of EUR 500.0 million with 6-year maturity and 3.625% fixed coupon and ii) bonds of EUR 500.0 million with 10-year maturity and 4.25% fixed coupon. CTP is not aware of any other events that have occurred since the statement of financial position date that would have a material impact on these financial statements as at 31 December 2024. Amsterdam, 7 March 2025 Remon L. Vos Richard J. Wilkinson Barbara A. Knoflach Rodolphe R. F. Schoettel Susanne Eickermann-Riepe Kari E. Pitkin Financial Statements 295 CTP N.V. Annual Report 2024 Company Financial Statements Company Financial Statements Financial Statements 296 CTP N.V. Annual Report 2024 COMPANY PROFIT AND LOSS ACCOUNT For the year In EUR million Note 2024 2023 Net turnover Other income 11 0.9 1.5 Sum of the operating income 0.9 1.5 Administration costs 12 -12.6 -10.1 Sum of the operating expenses -12.6 -10.1 Interest income 13 77.5 133.8 Interest expense 13 -146.6 -91.4 Other financial income 13 45.7 15.8 Other financial expense 13 -5.5 -9.0 Result before taxes -40.4 40.6 Income tax expense 14 -5.2 -10.1 Share of result from participating interest 3 1,127.0 892.1 Result after taxes 1,081.4 922.6 Financial Statements 297 CTP N.V. Annual Report 2024 In EUR million Note 31-Dec-24 31-Dec-23 ASSETS Fixed assets Financial fixed assets Participating interests in Group companies 3 10,779.7 6,443.8 Derivative financial instruments 7 17.5 7.2 Long-term receivables from related parties 15 296.4 3,966.9 Deferred tax assets 9.2 4.2 11,102.8 10,422.1 Current assets Receivables Trade and other receivables 12.3 4.9 Derivative financial instruments 7 10.1 35.8 Trade and other receivables from related parties 15 1,958.3 74.8 Current tax assets 1.4 3.4 1,982.1 118.9 Cash and cash equivalents 10 193.7 480.9 2,175.8 599.8 Total 13,278.6 11,021.9 COMPANY BALANCE SHEET (Before profit appropriation) In EUR million Note 31-Dec-24 31-Dec-23 EQUITY AND LIABILITIES Equity Issued share capital 4 75.7 71.7 Share premium 4 3,180.1 3,037.9 Cash flow hedge reserve 4 -24.7 3.2 Legal reserve on participating interest 4 4,507.4 3,775.8 Translation reserve 4 -3.1 2.1 Other reserves 4 -1,465.6 -1,646.4 Unappropriated profits 4 1,081.4 922.6 7,351.2 6,166.9 Non-current liabilities Interest-bearing loans and borrowings from financial institutions 5 1,106.6 611.9 Long-term payables due from related parties 15 724.3 607.4 Long-term payables 9.2 15.0 Bonds issued 6 3,516.5 3,551.5 Derivative financial instruments 7 27.2 7.1 5,383.9 4,792.9 Current liabilities  Interest-bearing loans and borrowings from financial institutions 5 3.3 3.2 Bonds issued 6 506.4 18.4 Derivative financial instruments 7 24.2 16.2 Trade and other payables to related parties 15 7.6 21.5 Trade and other payables 9 2.0 2.8 543.5 62.1 Total 13,278.6 11,021.9 Financial Statements 298 CTP N.V. Annual Report 2024 NOTES TO THE COMPANY FINANCIAL STATEMENTS 1. GENERAL INFORMATION Due to rounding, numbers presented throughout this document may not add up precisely to the totals pro- vided and percentages may not precisely reflect the absolute figures. The Company financial statements are part of the 2024 financial statements of CTP N.V. (“the Company”). CTP N.V. is a Dutch-based real estate investor and developer that develops and leases a portfolio of prop- erties in Western Europe and Central and Eastern Europe (“CEE”). CTP N.V. was incorporated on 21 October 2019 for an unlimited period. CTP N.V. has a 12-month financial year ended on the balance sheet date of 31 December 2024 and 31 De- cember 2023, respectively. 2. BASIS OF PREPARATION OF COMPANY FINANCIAL STATEMENTS The Company financial statements are prepared in accordance with Title 9, Book 2 of the Dutch Civil Code. For setting the principles for the recognition and measurement of assets and liabilities and determination of results for the Company financial statements, the Company makes use of the option provided in section 2:362(8) of the Dutch Civil Code. This means that the principles for the recognition and measurement of assets and liabilities and determination of the result (hereinafter referred to as principles for recognition and measurement) of the Company financial statements are the same as those applied for the consolidated EU-IFRS financial statements. These principles also include the classification and presentation of financial instruments, being equity instruments or financial liabilities. In case no other principles are mentioned, refer to the accounting principles as described in the consolidated financial statements. For an appropriate in- terpretation of these financial statements, the separate financial statements should be read in conjunction with the consolidated financial statements. All amounts in the Company financial statements are presented in EUR million, unless stated otherwise. Participating interests in Group companies Group companies are all entities in which the Company has directly or indirectly control. The Company con- trols an entity when it is exposed, or has rights, to variable returns from its involvement with the group company and has the ability to affect those returns through its power over the group company. Group com- panies are recognised from the date on which control is obtained by the Company and derecognised from the date that control by the Company over the group company ceases. Participating interests in Group companies are accounted for in the Company financial statements accord- ing to the equity method, with the principles for the recognition and measurement of assets and liabilities and determination of results as set out in the notes to the consolidated financial statements. Share of result from participating interest The share of the result from participating interest consists of the share of the Company in the result from these participating interest. Results from transactions, where the transfer of assets and liabilities between the Company and its participating interest and mutually between participating interest themselves, are not incorporated insofar as they can be deemed to be unrealised. Impairment The Company applies an ECL (expected credit loss) model. Under this approach, all financial assets in the scope of the impairment model of the Company generally carry a loss allowance – even those that are newly originated or acquired. Under the general approach, the measurement basis of Company’s assets, other than investment property, investment property under development and deferred tax assets, depends on whether is a significant in- crease in credit risk since initial recognition exists. The Company bases the impairment calculation on its historical, observed default rates, and considers ad- justments of forward-looking estimates that include the probability of a worsening economic environment within the next years. At each reporting date, the Company updates the observed default history and for- ward-looking estimates. Loans provided Loans are financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are recognised initially at fair value plus any directly attributable transaction costs. Loans provided are subsequently measured at amortised cost using the effective interest method, less any im- pairment losses. The Company classifies as a current portion any part of long-term loans that is due within one year from the reporting date. Derivative financial instruments The Company designates certain derivatives as hedging instrument to hedge variability in cash flows asso- ciated with highly probable forecast transaction arising from changes interest rates. At inception of designated hedging relationships, the Company documents the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship between the hedged item and hedging instruments, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other. Financial Statements 299 CTP N.V. Annual Report 2024 When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognised in Other comprehensive income accumulated in the Cash flow hedge reserve. The effective portion of changes in the fair value of the derivative that is recognised in Other comprehensive income is limited to the cumulative change in fair value of the hedged item, determined on a present values basis, from inception of the hedge. Any ineffective portion of changes in the fair values of the derivative is recognised immediately in profit or loss. If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the Cash flow hedge reserve re- mains in equity until, for a hedge of a transaction resulting in the recognition of a non-financial item, it is in- cluded in the non-financial item’s cost on its initial recognition or, for the cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedge expected future cash flows affects profit or loss. If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumu- lated in the Cash flow hedge reserve are immediately reclassified to profit or loss. 3. PARTICIPATING INTERESTS IN GROUP COMPANIES As at 31 December 2024, the Company has the following participating interests in Group companies: In EUR million Share in issued capital in % Amount 31 December 2024 31 December 2023 31 December 2024 31 December 2023 Participating interests in Group companies 100.0% 100.0% 10,779.7 6,443.8 The Company holds 100% ownership interests in the following subsidiaries: CTP Invest spol. s r.o., with statutory seat in the Czech Republic, CTP Property B.V. and CTP Deutschland B.V., with their statutory seats in the Netherlands. The movements of the investment in Group companies are as follows: In EUR million Participating interests in Group companies 2024 Participating interests in Group companies 2023 Balance at 1 January 6,443.8 5,256.0 Increase in investment - capital contribution 3,221.9 294.5 Share of result from participating interest - OCI -13.0 1.2 Share of result from participating interest 1,127.0 892.1 Balance at 31 December 10,779.7 6,443.8 Increase in investment - capital contribution is affected mainly by Companys intercompany receivables in the amount of EUR 3,198.2 million (2023: EUR 294.5 million) contributed as share premium to Company’s subsidiaries share capital. Financial Statements 300 CTP N.V. Annual Report 2024 4. EQUITY In EUR million Issued share capital Share premium Cash flow hedge reserve Legal reserve on participating interest Translation reserve Other reserves Unappropriated profits Total equity Balance at 1 January 2024 71.7 3,037.9 3.2 3,775.8 2.1 -1,646.4 922.6 6,166.9 Issue of shares / acquisition 3.0 294.1 - - - -2.5 - 294.6 Dividends 1.0 -152.3 - - - - - -151.4 Increase of other legal reserve - - - 731.6 - -735.7 - -4.1 Cash-flow hedge - - -27.9 - - - - -27.9 Other - - - - - -3.2 - -3.2 Treasury shares - 0.4 - - - -0.4 - - Translation reserve - - - - -5.2 - - -5.2 Appropriation of profit - - - - - 922.6 -922.6 - Result after taxes - - - - - - 1,081.4 1,081.4 Balance at 31 December 2024 75.7 3,180.1 -24.7 4,507.4 -3.1 -1,465.6 1,081.4 7,351.2 In EUR million Issued share capital Share premium Cash flow hedge reserve Legal reserve on participating interest Translation reserve Other reserves Unappropriated profits Total equity Balance at 1 January 2023 71.1 3,202.5 20.0 3,166.4 4.5 -1,810.1 766.6 5,421.0 Dividends 0.6 -164.6 - - - - - -164.0 Increase of other legal reserve - - - 609.4 - -598.8 - 10.6 Cash-flow hedge - - -16.8 - - - - -16.8 Other - - - - - -4.1 - -4.1 Translation reserve - - - - -2.4 - - -2.4 Appropriation of profit - - - - - 766.6 -766.6 - Result after taxes - - - - - - 922.6 922.6 Balance at 31 December 2023 71.7 3,037.9 3.2 3,775.8 2.1 -1,646.4 922.6 6,166.9 Financial Statements 301 CTP N.V. Annual Report 2024 Issued share capital ISSUED SHARE CAPITAL AND SHARE PREMIUM Current financial year As at 31 December 2024, the issued share capital and share premium were comprised of the following: Type of shares Number of shares Nominal value of share Issued share capital In EUR million Share premium In EUR million Ordinary shares 473,285,561 EUR 0.16 75.7 3,180.2 Treasury shares -6,562 EUR 0.16 - -0.1 Total 473,278,999 EUR 0.16 75.7 3,180.1 MOVEMENTS IN ISSUED SHARE CAPITAL AND SHARE PREMIUM Number of shares Issued capital In EUR million Share premium In EUR million Balance at 1 January 2024 448,182,458 71.7 3,038.4 Treasury shares -27,976 - -0.5 Total balance at 1 January 2024 448,154,482 71.7 3,037.9 15 April 2024 Share issuance 120,843 - 1.8 20 May 2024 Dividend paid 4,923,602 0.8 -42.2 19 September 2024 Share issuance 14,187,500 2.3 220.6 3 October 2024 Share issuance 4,562,500 0.7 71.7 3 October 2024 Dividend paid 1,308,658 0.2 -110.2 Balance at 31 December 2024 473,285,561 75.7 3,180.2 Change in treasury shares 21,414 - 0.4 Total balance at 31 December 2024 473,278,999 75.7 3,180.1 On 11 April 2024, the Board of Directors of the Company resolved to, inter alia, grant the Bonus Payment to the Eligible Employees, up to the amount equal to a one-month salary and to be paid in shares in the Company. As a result, on 15 April 2024, CTP N.V. issued 120,843 ordinary shares, which were distributed to employees. On 16 May 2024, CTP N.V. announced a final 2023 dividend of EUR 0.275 per ordinary share. Shareholders were given the choice to receive the final dividend either in cash or in shares, with the stock fraction for the dividend based on the volume-weighted average price (VWAP) of the Company’s shares on Euronext Amsterdam on the last three trading days of the election period, ending on 15 May 2024. The number of dividend rights that entitles to one new ordinary share has been set at 60.48. Shareholders representing approximately 34% of the total number of outstanding ordinary shares chose to receive the dividend in cash, while shareholders representing 66% of the total number of outstanding ordinary shares opted for payment in stock. Based on the conversion ratio and after delivery of the ordinary shares due to the conversion of dividend rights, the total number of issued and outstanding ordinary shares increased by 4,923,602 to a total of 453,226,903 ordinary shares. The payment date for the dividend payment in cash and delivery of the ordi- nary shares was 20 May 2024. Change in treasury shares represents mainly a conditional share award under the LTIP to a Director pro- vided in May 2024. On 17 September 2024, CTP N.V. launched capital raise of EUR 300.0 million through an equity issuance of new ordinary shares in the share capital at a price of EUR 16.00 per ordinary share. The first tranche of EUR 227.0 million was offered to institutional investors via an accelerated bookbuild offering and the second tranche of EUR 73.0 million to Mr. Remon Vos, CTP’s Founder and CEO, who has committed to subscribe at the issue price. On 19 September 2024, CTP N.V. issued 14,187,500 new ordinary shares related to first tranche and on 3 October 2024 additional 4,562,500 new ordinary shares related to second tranche of capital raise. On 1 October, an interim dividend of EUR 0.29 per ordinary share for the first half of 2024 was announced. Shareholders were given the choice to receive the dividend either in shares (default) or in cash, with the share fraction for the dividend based on the volume-weighted average price (VWAP) of the Company’s shares on Euronext Amsterdam of the last three trading days of the election period, ending on 27 Septem- ber 2024 (including). The number of dividend rights that entitles to 1 new ordinary share has been set at 56.57. Shareholders representing 83.7% of the total number of outstanding ordinary shares have chosen to re- ceive the dividend in cash, while shareholders representing 16.3% of the total number of outstanding ordi- nary shares opted for payment in shares. Based on the conversion ratio and after delivery of the ordinary shares due to the conversion of dividend rights, the total number of issued and outstanding ordinary shares will increase by 1,308,658 to a total of 468,723,061 ordinary shares. The payment date for the dividend payment in cash and delivery of the ordi- nary shares was 3 October 2024. Financial Statements 302 CTP N.V. Annual Report 2024 Prior financial year As at 31 December 2023, the issued share capital and share premium comprised of the following: Type of shares Number of shares Nominal value of share Issued share capital In EUR million Share premium In EUR million Ordinary shares 448,182,458 EUR 0.16 71.7 3,038.4 Treasury shares -27,976 EUR 0.16 - -0.5 Total 448,154,482 EUR 0.16 71.7 3,037.9 MOVEMENTS IN ISSUED SHARE CAPITAL AND SHARE PREMIUM Number of shares Issued share capital In EUR million Share premium In EUR million Balance at 1 January 2023 444,100,549 71.1 3,203.0 18 May 2023 Dividend paid 2,221,102 0.3 -76.2 4 September 2023 Dividend paid 1,860,807 0.3 -88.4 Balance at 31 December 2023 448,182,458 71.7 3,038.4 Treasury shares -27,976 - -0.5 Total balance at 31 December 2023 448,154,482 71.7 3,037.9 On 16 May 2023, CTP N.V. announced a final 2022 dividend of EUR 0.23 per ordinary share. Shareholders were given the choice to receive the final dividend either in cash or in shares, with the stock fraction for the dividend based on the volume-weighted average price (VWAP) of the Company’s shares on Euronext Amsterdam on the last three trading days of the election period, ending on 15 May 2023. The number of dividend rights that entitles to one new ordinary share was set at 51.42. Shareholders representing approximately 74% of the total number of outstanding ordinary shares chose to receive the dividend in cash, while shareholders representing 26% of the total number of outstanding ordinary shares opted for payment in stock. Based on the conversion ratio and after delivery of the ordinary shares due to the conversion of dividend rights, the total number of issued and outstanding ordinary shares increased by 2,221,102 to a total of 446,321,651 ordinary shares. The payment date for the dividend payment in cash and delivery of the ordi- nary shares was 18 May 2023. On 30 August 2023, an interim dividend of EUR 0.25 per share for the first half of 2023 was announced. Shareholders were given the choice to receive the dividend either in cash or in shares, with the stock fraction for the dividend based on the volume-weighted average price (VWAP) of the Company’s shares on Euronext Amsterdam on the last three trading days of the election period, ending on 29 August 2023. The number of dividend rights that entitles to one new ordinary share was set at 50.53. Shareholders representing approximately 79% of the total number of outstanding ordinary shares chose to receive the interim dividend in cash, while shareholders representing approximately 21% of the total number of outstanding ordinary shares opted for payment in stock. Based on the conversion ratio and after delivery of the ordinary shares due to the conversion of dividend rights, the total number of issued and outstanding ordinary shares increased by 1,860,807 to a total of 448,182,458 ordinary shares. The payment date for the dividend payment in cash and delivery of the ordi- nary shares was 4 September 2023. Legal reserves on participating interest Legal reserves on participating interest of EUR 4,507.4 million (2023 – EUR 3,775.8 million) existed at 31 December 2024, accounted for according to the equity accounting method. The reserves represented the difference between the participating interests’ retained profit and direct changes in equity, as determined on the basis of the Company’s accounting policies, and the share thereof that the Company may distribute. The shares the Company may distribute take into account any profits that may not be distributable by participating interests of Dutch limited companies based on the distribution tests to be performed by the management of those companies. The legal reserves are determined on an individual basis. Treasury shares The Company acquired during the merger transaction in 2022 the ordinary shares in total of 27,976 pcs for a total consideration of EUR 545,858 at an average cost of EUR 19.51 per share. On 7 May 2024, treasury shares increased by 965 shares due to return of bonus shares of leaving employ- ees. The total amount was EUR 14,379 at an average cost of EUR 14.9 per share. On 13 May 2024, treasury shares decreased by 22,379, which represents conditional share award under the LTIP to a Director. The total amount was EUR 429,749 at an average cost of EUR 19.2 per share. Cash flow hedge reserve Changes in the fair value of derivatives designated as hedging instruments and recognised in the cash flow hedge reserve in equity reached EUR -24.7 million net of tax as at 31 December 2024 (2023 – EUR 3.2 mil- lion). Decrease of EUR 27.9 million (2023 – EUR 16.8 million) was caused mainly due to a decrease in market rates. The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to hedged transactions that have not yet occurred. Unappropriated profits Unappropriated profits consist of share as a result of participating interest, administration cost and net finance expense. Proposal for profit appropriation 2024 At the 2025 Annual General Meeting, the following appropriation of the 2024 result will be proposed: EUR 1,081.4 million addition to Other reserves. Financial Statements 303 CTP N.V. Annual Report 2024 5. INTEREST-BEARING LOANS AND BORROWINGS FROM FINANCIAL INSTITUTIONS In EUR million 2024 2023 Non-current liabilities Interest-bearing loans and borrowings from financial institutions 1,121.0 621.0 Accrued arrangement fees -14.4 -9.1 Balance at 31 December 1,106.6 611.9 Current liabilities Accrued interest 3.3 3.2 Balance at 31 December 3.3 3.2 Total balance at 31 December 1,109.9 615.1 Nominal values In EUR million 2024 2023 Non-current interest-bearing loans and borrowings from financial institutions 1,121.0 621.0 Total balance 1,121.0 621.0 In EUR million 2024 2023 Nominal value Fair value Nominal value Fair value Interest-bearing loans and borrowings from financial institutions 1,121.0 1,164.7 621.0 623.1 The valuation model of fair value of bank loans considers the present value of expected payments, dis- counted using risk adjusted discount rate. The Company has determined that all of its interest-bearing loans and borrowings from financial institu- tions are classified within Level 2 of the fair value hierarchy. To determine the fair value of such instruments, management used a valuation technique in which all signif- icant inputs were based on observable market data. Company’s interest-bearing loans and borrowings from financial institutions typically have financial cove- nants like loan-to-value and debt service coverage ratio. As at 31 December 2024, there was no breach of covenant conditions. The residual maturity of interest-bearing loans and borrowings from financial institutions as at 31 Decem- ber 2024 and 31 December 2023 was as follows: In EUR million Balance as at 31 December 2024 Due within Due in Total 1 year 2 years 3-5 years follow. years Interest-bearing loans and borrowings from financial institutions - - 740.4 380.6 1,121.0 In EUR million Balance as at 31 December 2023 Due within Due in Total 1 year 2 years 3-5 years follow. years Interest-bearing loans and borrowings from financial institutions - - 215.9 405.1 621.0 As at 31 December 2024, the Company had bank loans with a total nominal value of EUR 1,121.0 million. Bank loans have fixed all-in costs interest rates in range from 4.68% to 5.26% due in 2028, 2029, 2030 and 2033, respectively. In 2023, the Company received bank loans with a total nominal value of EUR 621.0 million. Bank loans have fixed all-in costs interest rates in range from 4.68% to 5.26% due in 2028, 2029, 2030 and 2033, respec- tively. Revolving Credit facility In 2024, the Company replaced a revolving credit facility from the year 2023, with a new revolving credit facility of EUR 1,300.0 million (2023 – EUR 550.0 million) for a five-year period. The Company does not expect a drawdown either partial or for the full amount under this facility in 2025. Financial Statements 304 CTP N.V. Annual Report 2024 6. BONDS ISSUED Current financial year Bonds issued by CTP N.V. Bond Issuance Date ISIN Nominal value of total bonds issued In EUR million Nominal value of each bond In EUR Currency Type Fixed interest rate per annum (“p.a”) Maturity date Fair value of bonds In EUR million 3 Dec 2024 XS2948774109 50.0 100,000 EUR senior unsecured 3.427% 3 Dec 2029 49.5 21 Nov 2024 XS2919892179 500.0 100,000 EUR senior unsecured 3.875% 21 Nov 2032 494.8 4 June 2024 XS2759989234 74.8 100,000 EUR senior unsecured 4.750% 5 Feb 2030 78.2 5 Feb 2024 XS2759989234 750.0 100,000 EUR senior unsecured 4.750% 5 Feb 2030 783.9 1 July 2022 XS2390546849 49.5 100,000 EUR senior unsecured 1.500% 27 Sept 2031 43.0 20 Jan 2022 XS2434791690 350.0 100,000 EUR senior unsecured 0.875% 20 Jan 2026 343.3 27 Sept 2021 XS2390546849 500.0 100,000 EUR senior unsecured 1.500% 27 Sept 2031 434.3 27 Sept 2021 XS2390530330 275.0 100,000 EUR senior unsecured 0.625% 27 Sept 2026 265.3 21 June 2021 XS2356030556 500.0 100,000 EUR senior unsecured 1.250% 21 June 2029 456.4 21 June 2021 XS2356029541 272.3 100,000 EUR senior unsecured 0.500% 21 June 2025 269.0 18 Feb 2021 XS2303052695 500.0 100,000 EUR senior unsecured 0.750% 18 Feb 2027 476.3 1 Oct 2020 XS2238342484 184.5 100,000 EUR senior unsecured 2.125% 1 Oct 2025 183.4 Total 4,006.1 3,877.3 Financial covenants related to bonds consist of leverage ratio tests, secured debt tests, interest cover ratio and unencumbered assets tests. During the current financial year, the Company did not breach any of its covenants, nor did it default on any of its obligations under its agreements. In February 2024, the Company issued EUR 750.0 million of Green bonds with a six-year maturity and 4.75% fixed coupon. In June 2024, the Group issued a second tranche of the same bonds with a nominal value of EUR 74.8 million. In February 2024, the Company repaid short dated bonds, namely ISIN XS2238342484 with a nominal value of EUR 50.0 million, ISIN XS2356029541 with a nominal value of EUR 75.0 million and ISIN XS2434791690 with a nominal value of EUR 125.0 million. In June 2024, the Company repaid short dated bonds, namely ISIN XS2238342484 with a nominal value of EUR 97.3 million, ISIN XS2356029541 with a nominal value of EUR 152.7 million, ISIN XS2390530330 with a nominal value of EUR 150.0 million, ISIN XS2434791690 with a nominal value of EUR 100.0 million. In November 2024, the Group issued EUR 500.0 million of Green bonds with an eight-year maturity and 3.88% fixed coupon. In addition, the Group repaid bonds, namely ISIN XS2434791690 with a nominal value of EUR 125.0 million and ISIN XS2390530330 with a nominal value of EUR 75.0 million. In December 2024, the Group issued EUR 50.0 million of Green bonds with a five-year maturity and 3.43% fixed coupon. For related financial gain refer to Note 13. Financial Statements 305 CTP N.V. Annual Report 2024 Prior financial year Bond Issuance Date ISIN Nominal value of total bonds issued In EUR million Nominal value of each bond In EUR Currency Type Fixed interest rate per annum (“p.a”) Maturity date Fair value of bonds In EUR million 1 July 2022 XS2390546849 49.5 100,000 EUR senior unsecured 1.500% 27 Sept 2031 38.5 20 Jan 2022 XS2434791690 700.0 100,000 EUR senior unsecured 0.875% 20 Jan 2026 650.0 27 Sept 2021 XS2390530330 500.0 100,000 EUR senior unsecured 0.625% 27 Sept 2026 449.8 27 Sept 2021 XS2390546849 500.0 100,000 EUR senior unsecured 1.500% 27 Sept 2031 389.0 21 June 2021 XS2356029541 500.0 100,000 EUR senior unsecured 0.500% 21 June 2025 470.8 21 June 2021 XS2356030556 500.0 100,000 EUR senior unsecured 1.250% 21 June 2029 412.9 18 Feb 2021 XS2303052695 500.0 100,000 EUR senior unsecured 0.750% 18 Feb 2027 446.6 1 Oct 2020 XS2238342484 331.8 100,000 EUR senior unsecured 2.125% 1 Oct 2025 318.7 Total 3,581.3 3,176.3 Financial Statements 306 CTP N.V. Annual Report 2024 On 27 November 2023, the Company repaid bonds from the emission with ISIN XS2264194205 in a nominal value of EUR 400.0 million. Reconciliation of movements In EUR million 31 December 2024 31 December 2023 Non-current and current liabilities Bonds issued - nominal value 5,674.3 4,299.5 Repayment of bonds - nominal value -1,668.2 -718.2 Nominal value after payment 4,006.1 3,581.3 Impact of merger of DIR 19.9 19.9 Impact of demerger of DIR -19.9 -19.9 Interest expense 50.2 18.4 Discount applied -40.7 -42.8 Amortisation of applied discount 18.4 17.1 Bond issuance costs -16.9 -8.9 Amortisation of bond issuance costs 5.9 4.8 Balance at 31 December 4,023.0 3,569.9 7. FINANCIAL INSTRUMENTS Derivative financial instruments In EUR million 2024 2023 Fair value of derivatives - non-current asset 17.5 7.2 Fair value of derivatives - current asset 10.1 35.8 Fair value of derivatives – assets 27.6 43.0 Fair value of derivatives - non-current liability -27.2 -7.1 Fair value of derivatives - current liability -24.2 -16.2 Fair value of derivatives - liabilities -51.4 -23.3 Total -23.8 19.7 The Group has designated certain derivatives as hedging instruments in cash flow hedge relationships. These derivatives are recognised initially at fair value and reported subsequently at fair value in the consol- idated statement of financial position. To the extent that the hedge is effective, changes in the fair value of derivatives designated as hedging instruments in cash flow hedges are recognised in other comprehensive income and included within the cash flow hedge reserve in equity. Financial Statements 307 CTP N.V. Annual Report 2024 As at 31 December 2024, the Company held the following derivative financial instruments: Derivate financial instruments Due within maturity date Mandatory break Receiving leg Paying leg Currency Nominal value in EUR million Fair Value in EUR million Interest rate swaps – cash flow hedge 2028 - 2053 2025-2026 6M Euribor From 2.1265% to 3.293% EUR 788.0 27.6 Total assets from derivates 27.6 Derivate financial instruments Due within maturity date Mandatory break Receiving leg Paying leg Currency Nominal value in EUR million Fair Value in EUR million Interest rate swaps – cash flow hedge 2028 - 2053 2025 - 2026 3M Euribor, 6M Euribor from 2.049% to 3.508%, 3M Euribor EUR 1,465.0 -51.4 Total liabilities from derivates -51.4 As at 31 December 2023, the Company held the following derivative financial instruments: Derivate financial instruments Due within maturity date Mandatory break Receiving leg Paying leg Currency Nominal value in EUR million Fair Value in EUR million Interest rate swaps – cash flow hedge 2028 –2053 2025 6M Euribor, Fixed 2.918% From 2.1265% to 3.293%, 6M Euribor EUR 1,258.0 43.0 Total assets from derivates 43.0 Derivate financial instruments Due within maturity date Mandatory break Receiving leg Paying leg Currency Nominal value in EUR million Fair Value in EUR million Interest rate swaps – cash flow hedge 2028 –2053 2024 6M Euribor From 2.6555% to 3.508% EUR 495.0 -23.3 Total liabilities from derivates -23.3 Financial Statements 308 CTP N.V. Annual Report 2024 General The Group has exposure to the following risks from its use of financial instruments: Credit risk Credit risk refers to the risk that the counterparty will default on its contractual obligations, resulting in a financial loss to CTP. Credit risk concentration: In EUR million 2024 2023 Amounts due from banks 193.7 480.9 Amounts due from related parties 2,254.7 4,041.7 Amounts due from third parties 12.3 4.9 Total 2,460.7 4,527.5 Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. With respect to the nature of its business and its assets, the Company is naturally exposed to a certain amount of liquidity risk. 2024 Contractual cash flows In EUR million Until 3 months 3 - 12 Months Between 1 -5 years Over 5 years Total Bonds issued 44.8 500.5 1,896.3 1,950.2 4,391.8 Bank loan 13.3 39.9 865.2 406.7 1,325.1 Derivative financial instru- ments 24.4 1.0 24.1 5.0 54.6 Trade and other payables incl. corporate income tax liability - 2.0 - - 2.0 Total 82.5 543.5 2,785.7 2,361.9 5,773.6 2023 Contractual cash flows In EUR million Until 3 months 3 - 12 Months Between 1 -5 years Over 5 years Total Bonds issued 9.9 27.2 2,615.5 1,072.6 3,725.2 Bank loan 8.4 25.3 321.6 706.8 1,062.1 Derivative financial i nstruments 15.1 1.7 6.4 1.2 24.4 Trade and other payables incl. corporate income tax liability 1.1 - 16.7 - 17.8 Total 34.5 54.2 2,960.2 1,780.6 4,829.5 Market risk Market risk is the risk that changes in market prices such as foreign exchange rates and interest rates will affect CTP’s income or the value of its holding of financial instruments. Market risk management aims to manage and control market risk exposure within acceptable parameters, while optimising the return. CTP N.V. is not subject to interest rate risk, nor foreign currency risks, as all loans provided are with fixed inter- est rate and in functional currency of the Group – EUR. In the Notes to the consolidated financial statements information is included about the Group’s exposure to the above risks, the Group’s objectives, policies and processes for measuring and managing risk, and the Group’s management of capital 8. OFF-BALANCE SHEET ASSETS AND LIABILITIES In 2022, CTP N.V. issued a guarantee in favour of Coöperatieve Rabobank U.A. connected with the financing of development activities of CTP ALC B.V. The guaranteed obligations represent: • any amount due by CTP ALC B.V. under and in connection with the Finance Documents for a maximum amount of the Commitment minus the Reserve Amount, • any interest, fees (including for the avoidance of doubt any default interest) and any amount payable under any Hedging Agreement due by CTP ALC B.V. under and in connection with the Facility Agree- ment. The Facility agreement is agreed of EUR 175.0 million between ABN AMRO Bank N.V., Coöperatieve Rabo- bank U.A. and CTP ALC B.V. Financial Statements 309 CTP N.V. Annual Report 2024 In 2023, CTP N.V. issued a guarantee in favour of Coöperatieve Rabobank U.A. connected with financing of CTP Beta B.V. Guaranteed obligations represents any amount due by the CTP Beta B.V. under and in connection with the Finance Documents. Facility agreement is agreed of EUR 33.5 million between Coöper- atieve Rabobank U.A. and CTP Beta B.V. In 2024, CTP N.V. issued: • a guarantee in favour of Tatra banka, a.s. up to the maximum amount of EUR 25.0 million. Guaranteed obligations represent any amount due by the CTP Invest SK, spol. s r.o. under and in connection with the Framework Agreement on Issuance of Bank Guarantees. • a guarantee in favour of ING Bank N.V. up to the maximum amount of EUR 25.0 million. Guaranteed obligations represent any amount due by CTP N.V. under and in connection with the EUR 25.0 million Uncommitted Guarantee Facility Agreement. 9. TRADE AND OTHER PAYABLES As at 31 December 2024, trade and other payables amounted to EUR 2.0 million (31 December 2023 – EUR 2.8 million). These primarily include accruals for legal, tax, and audit services. 10. CASH AND CASH EQUIVALENTS Cash and cash equivalents of EUR 193.7 million (2023 – EUR 480.9 million) consist of short-term deposits, cash at bank accounts and petty cash. Cash and cash equivalents are readily available to the Company within twelve months. 11. OTHER INCOME In 2024 other income in amount of EUR 0.9 million represents the license fee invoiced to the companies in the Group. In 2023 other income in amount of EUR 1.5 million represents the management fee and license fee invoiced to the companies in the Group.. 12. ADMINISTRATION COSTS In EUR million 31 December 2024 31 December 2023 Management fee -10.0 -5.0 Consultancy fee -1.9 -2.2 Wages 1.4 -1.3 Other -2.1 -1.6 Total -12.6 -10.1 For details related to audit fees, refer to the audit fee table below. The Company reversed accrued share bonus in amount of EUR 2.5 million in April 2024. Please refer to the Note 26 for the details. Audit fees The following fees were charged by KPMG Accountants N.V. to the Company, its subsidiaries and other con- solidated companies, as referred to in Section 2:382a of (1) and (2) of the Dutch Civil Code: In EUR million for 2024 KPMG Accountants N.V. Other KPMG Network Total KPMG Statutory audit of financial statements -0.5 -0.8 -1.3 Other assurance services -0.2 - -0.2 Non-audit services -0.1 - -0.1 Total -0.7 -0.8 -1.5 In EUR million for 2023 KPMG Accountants N.V. Other KPMG Network Total KPMG Statutory audit of financial statements -0.4 -0.8 -1.2 Total -0.4 -0.8 -1.2 Financial Statements 310 CTP N.V. Annual Report 2024 13. NET FINANCE INCOME/EXPENSE(-) In EUR million 31 December 2024 31 December 2023 Interest income from related parties 53.9 121.2 Interest income from financial institutions 23.6 12.6 Change in fair value of derivatives - gain 8.6 - Other financial income 37.1 15.8 Finance income 123.2 149.6 Bond interest expenses -68.7 -39.3 Bond discount and issuance costs amortization -7.8 -8.9 Interest expense from related parties -25.0 -31.8 Interest income/expense(-) from derivatives 7.7 4.5 Interest expense from financial institutions -49.2 -13.1 Arrangement fee -3.6 -2.8 Other financial expense -5.5 -9.0 Finance costs -152.0 -100.4 Net finance income/expense(-) -28.8 49.2 In 2024, other financial income consists of gain of EUR 37.1 million, realized due to early repayment of bonds. In 2023, other financial income consists of exchange rate gains of EUR 15.8 million. Other financial expense consists of bank fees of EUR 2.8 million (2023 – EUR 4.7 million), financing fees of EUR 1.5 million (2023 – EUR 1.6 million), change in fair value of derivatives of EUR 0 million (2023 – loss of EUR 2.7 million) and exchange rate losses of EUR 1.3 million (2023 – EUR 0 million). 14. INCOME TAX EXPENSE Income tax expense In EUR million 2024 2023 Current tax income/expense(-) related to Current year -0.4 -1.1 Prior period - -5.0 Total -0.4 -6.1 Deferred tax expense Deferred tax expense -4.8 -4.0 Total -4.8 -4.0 Total income tax expense in Company profit and loss account -5.2 -10.1 The Company, along with CTP Property B.V., are part of the fiscal unity, wholly and severally liable for taxation payable by the fiscal unity. The Company is the head of the fiscal unity which recognizes and pays the corporate income tax for the whole fiscal unity. In 2023, the Company recognized income tax expense from prior periods of EUR 5.0 million, arisen primar- ily from DIR acquisition in 2022. Withholding tax The Company paid withholding dividend tax of EUR 3.4 million (2023 – EUR 2.4 million) in respect of final dividend 2023 and interim dividend 2024. Impact is reflected in Share premium, please refer to Note 4. 15. RELATED PARTIES All transactions with related parties are on arms length basis (interest rate on long term receivables ranging from 2.3% to 3.3%, on long term payables from to 2.0% - 5.4%, depending on purpose and coun- try specific conditions) except for those between entities within fiscal unity. As at 31 December 2024 and 31 December 2023, the Company had the following interest income and inter- est expense with related parties: Financial Statements 311 CTP N.V. Annual Report 2024 2024 2023 In EUR million Revenues Expenses Revenues Expenses CTP Property B.V. 36.4 - 11.9 - CTP Property Alpha d.o.o. Beograd-Novi Beograd 2.7 - 1.3 - CTP Property Beta d.o.o. Beograd-Novi Beograd 1.4 - 0.6 - CTP Sigma d.o.o. Beograd-Novi Beograd 1.0 - 0.7 - CTP Invest, spol. s r.o. 0.9 - 7.5 -0.8 CTP Rho d.o.o. Beograd-Novi Beograd 0.8 - 0.7 - CTP PHI DOO Beograd-Novi Beograd 0.7 - - - CTPark Eleven Kft. 0.6 - 1.6 - CTP Property Gamma d.o.o. Beograd-Novi Beograd 0.4 - - - CTPARK ETA SRL 0.4 - 4.3 - CTPark Miu SRL 0.3 - 4.0 - CTPark Nine Kft. 0.3 - 0.9 - CTP Delta doo Beograd-Novi Beograd 0.3 - - - CTP Invest d.o.o. Beograd-Novi Beograd 0.3 - - - CTPARK ZETA SRL 0.3 - 3.1 - CTP Lambda Poland Sp. z o.o. 0.2 - 1.6 - CTP Eta B.V. 0.2 - - - CTPark Bor, spol. s r.o. 0.2 -0.1 1.7 - Spielberk Business Park, spol. s r.o. 0.2 - 2.6 - CTP Kappa B.V. 0.2 - - - CTPARK PSI SRL 0.2 - 2.2 - CTP Gamma d.o.o Beograd-Novi Beograd 0.2 - - - CTP Property Delta Poland Sp. z o.o. 0.2 - 1.1 - CTPARK BETA SRL 0.2 - 1.9 - CTPark Twelve Kft. 0.2 - 2.1 - CTP Epsilon d.o.o. Beograd-Novi Beograd 0.2 - - - CTPARK BUCHAREST WEST I SRL 0.2 - 1.9 - CTPark Nineteen Kft. 0.1 - 1.2 - CTP Vlněna Business Park, spol. s r.o. 0.1 - 4.0 - CTPark Km23 North SRL 0.1 - 1.0 - CTP Omega Poland Sp. z o.o. 0.1 - - - CTP OMICRON DOO Beograd-Novi Beograd 0.1 - - - CTPark Iota SRL 0.1 - 1.3 - CTP IQ Ostrava, spol. s r.o. 0.1 - 1.1 - CTPARK THETA SRL 0.1 - 1.3 - 2024 2023 In EUR million Revenues Expenses Revenues Expenses CTP CONTRACTORS SRL 0.1 - 1.2 - CTPark Sixteen Kft. 0.1 - 1.2 - CTPARK BUCHAREST WEST II SRL 0.1 - 1.1 - CTP Alpha d.o.o. Beograd-Novi Beograd 0.1 - - - CTPARK TAU SRL 0.1 - 1.1 - CTP Germany VII GmbH 0.1 - 0.5 - CTP Alpha GMBH 0.1 - 0.8 - CTPARK OMEGA SRL 0.1 - 1.0 - CTP Alpha SK, spol. s r.o. 0.1 - 0.8 - CTPARK PHI SRL 0.1 - 1.0 - CTPark Gamma EOOD 0.1 - 0.7 - CTP Rho Poland Sp. z o.o. 0.1 - 0.5 - CTP Invest Poland sp. z o.o. 0.1 - 1.5 - CTP Tau Poland sp. z o.o. 0.1 - 0.9 - CTP Alpha B.V. 0.1 - 0.8 - CTP Property Delta d.o.o. Beograd-Novi Beograd 0.1 - - - CTPark Brno Líšeň East, spol. s r.o. 0.1 - 0.9 - CTP Mu Poland Sp. z o.o. 0.1 - 0.6 - CTPARK ALPHA SRL 0.1 - 0.9 - Spielberk Business Park II, spol. s r.o. 0.1 - 0.9 - CTP Moravia North, spol. s r.o. 0.1 - 0.8 - CTPark Ostrava Hrušov, spol. s r.o. 0.1 - 0.8 - CTP Zeta GmbH 0.1 - 0.5 - CTP Beta doo Beograd-Novi Beograd 0.1 - - - CTP Beta Poland Sp. z o.o. 0.1 - - - CTP Slovakia, s. r. o. 0.1 - 0.6 - CTPark Biatorbágy Kft. 0.1 - 0.7 - CTPark Twenty Four Kft. 0.1 - 0.7 - CTPark Craiova East SRL 0.1 - 0.6 - CTPark Delta EOOD 0.1 - 0.7 - CTPark Bucharest South II SRL 0.1 - 0.7 - CTP Pilsen Region, spol. s r.o. 0.1 - 0.8 - CTPark Delta Kft. 0.1 - 0.6 - CTPark Seventeen kft. 0.1 - 0.6 - CTPark Prešov s.r.o. 0.1 - 0.5 - Financial Statements 312 CTP N.V. Annual Report 2024 2024 2023 In EUR million Revenues Expenses Revenues Expenses CTPark Bremen B.V. 0.1 - - - CTPark Ostrava, spol. s r.o. - -4.1 - -3.2 CTPark Brno, spol. s r.o. - -3.8 - -3.0 CTPark Mladá Boleslav, spol. s r.o. - -2.6 0.1 -2.2 CTP Moravia South, spol. s r.o. - -2.3 - -2.0 CTP Deutschland B.V. - -1.6 - -0.8 CTPark Hranice, spol. s r.o. - -1.3 0.1 -2.2 CTP Vysočina, spol. s r.o. - -1.3 - -4.2 CTPark Prague East, spol. s r.o. - -1.2 - -1.4 CTPark Prague Airport, spol. s r.o. - -1.2 0.1 -1.7 CTPark Námestovo, spol. s r.o. - -0.8 - -0.8 CTP Bohemia North, spol. s r.o. - -0.8 - -4.3 CTPark Cerhovice, spol. s r.o. - -0.8 - - CTP Bohemia South, spol. s r.o. - -0.7 - - CTPark Chrastava a.s. - -0.5 - - CTPark Plzeň, spol. s r.o. - -0.4 - - CTP Borská Pole, spol. s r.o. - -0.3 - - CTP Bohemia West, spol. s r.o. - -0.3 - -1.0 CTPark Bratislava, spol. s r.o. - -0.3 0.9 - CTP XXIII, spol. s r.o. - -0.2 - - CTPark Modřice, spol. s r.o. - -0.1 - - CTPark Prague West, spol. s r.o. - -0.1 - - CTPark Zabrze sp. z o.o. - - 0.5 - CTPark Rho SRL - - 0.6 - CTP Management Hungary Kft. - - 0.5 - CTPark Sibiu East SRL - - 0.5 - CTPark Epsilon SRL - - 0.5 - CTPark Žilina Airport, spol. s r. o. - - 0.1 - CTPark Prague North III, spol. s r.o. - - 0.2 - CTPark Eighteen Kft. - - 2.3 -0.1 CTP Mu BV. - - - -0.1 CTP ALC B.V. - - -3.4 CTPARK GAMMA SRL - - 2.4 - CTPark Bucharest A1 SRL - - 1.7 - CTPark Opole Sp. z o.o. - - 0.1 - 2024 2023 In EUR million Revenues Expenses Revenues Expenses CTP Property Beta Poland Sp. z o.o. - - 1.7 - CTPark Iłowa Sp. z o.o. - - 1.6 - CTPARK BUCHAREST SRL - - 1.3 - CTP Holding B.V. - - 1.1 - CTPark Košice, spol. s r. o. - - 0.6 - CTPARK BUCHAREST UPSILON SRL - - 0.6 - CTP Zeta d.o.o. Beograd-Novi Beograd - - 0.6 - CTPARK KAPPA SRL - - 0.6 - CTP Ponávka Business Park, spol. s r.o. - - 0.6 - CTP Beta B.V. - - 0.5 - CTPark Fourteen Kft. - - 0.5 - CTP Gamma Poland Sp. z o.o. - - 0.5 - CTPark Eta EOOD - - 0.2 - Other 0.3 -0.2 13.6 -0.6 Total 53.9 -25.0 121.2 -31.8 The revenues comprise interest from loans and borrowings provided to the subsidiaries. Long-term receivables & payables - related parties As at 31 December 2024 and 31 December 2023, the Company had the following long-term receivables from related parties: Financial Statements 313 CTP N.V. Annual Report 2024 In EUR million 2024 2023 CTP Property Alpha d.o.o. Beograd-Novi Beograd 94.8 64.1 CTP Property Beta d.o.o. Beograd-Novi Beograd 50.2 31.4 CTP Sigma doo Beograd-Novi Beograd 37.0 31.4 CTP Phi doo Beograd-Novi Beograd 30.1 21.8 CTP Rho doo Beograd-Novi Beograd 25.5 22.8 CTP Property Gamma d.o.o. Beograd-Novi Beograd 17.0 - CTP Property Delta d.o.o. Beograd-Novi Beograd 12.1 - CTP Delta doo Beograd-Novi Beograd 9.9 10.6 CTP Gamma d.o.o. 6.7 - CTP Epsilon d.o.o. Beograd 4.7 - CTP Omicron doo Beograd-Novi Beograd 3.8 - CTP ALPHA DOO BEOGRAD-NOVI BEOGRAD 2.7 - CTP Beta doo Beograd-Novi Beograd 1.6 - CTP Property B.V. - 636.1 CTP Invest, spol. s r.o. - 294.0 CTPARK ETA SRL - 86.7 CTP Vlněna Business Park, spol. s r.o. - 85.4 Spielberk Business Park, spol. s.r.o. - 78.8 CTPARK KM23 NORTH SRL - 73.9 CTPark Miu SRL - 71.2 CTPark Twelve Kft. - 64.7 CTP Moravia North, spol. s r.o. - 64.3 CTPARK BUCHAREST WEST I SRL - 62.9 CTPARK THETA SRL - 62.5 CTPARK ZETA SRL - 54.1 CTP Property Delta Poland Sp. z o.o. - 53.2 CTPark Nineteen Kft. - 52.0 CTPark Eleven Kft. - 51.8 CTP LAMBDA POLAND SP Z O.O. - 51.6 CTP Alpha GmbH - 50.9 CTPark Gamma EOOD - 49.8 CTP Alpha SK, spol. s r.o. - 49.8 CTP Pilsen Region, spol. s r.o. - 49.5 CTP CONTRACTORS SRL - 48.3 CTP Invest Poland sp. Z o.o. - 47.7 CTP Alpha B.V. - 45.5 In EUR million 2024 2023 CTP Mu Poland Sp. z o.o. - 44.1 CTPark Sixteen Kft. - 43.0 CTPARK PSI SRL - 41.7 CTPARK PHI SRL - 40.3 CTP Eta B.V. - 39.7 CTPark Brno Líšeň East, spol. s r.o. - 39.5 CTP Zeta GmbH - 38.8 CTPARK BETA SRL - 36.9 CTPark Bor, spol. s r.o. - 36.3 CTPARK ALPHA SRL - 35.3 CTP Tau Poland sp. z o.o. - 31.6 CTPARK IOTA SRL - 31.1 CTP Kappa B.V. - 31.0 CTPark Prešov s.r.o. - 29.7 CTPark Nine Kft. - 29.6 CTPARK ZABRZE SPÓŁKA Z OGRANICZONA ODPOWIEDZIALNOSCIA - 29.4 CTPark Bremen B.V. - 26.9 CTPark Craiova East SRL - 26.6 CTP Omega Poland Sp. z o.o. - 26.6 Spielberk Business Park II, spol. s r.o. - 26.3 CTPark Bucharest South II SRL - 26 CTPark Twenty Four Kft. - 24.9 CTPark Biatorbágy Kft. - 24.8 CTP Slovakia, s.r.o. - 24.7 CTPark Beta EOOD - 24.0 CTPark Delta Kft. - 23.2 CTPARK BUCHAREST WEST II SRL - 22.6 CTPark Seventeen kft. - 22.1 CTP Zeta doo Beograd-Novi Beograd - 21.7 CTPark Sibiu East SRL - 21.1 CTP Management Hungary Kft. - 21.1 CTP IQ Ostrava, spol. s r.o. - 20.3 CTPARK OMEGA SRL - 19.8 CTP Delta Poland Sp. z o.o. - 19.3 CTP Germany VII GmbH - 18.6 CTP Solar SRL - 18.3 Financial Statements 314 CTP N.V. Annual Report 2024 In EUR million 2024 2023 CTPARK TAU SRL - 17.9 CTP RHO Poland Sp. z o.o. - 16.9 CTPARK DELTA SRL - 16.9 CTPark Delta EOOD - 16.6 CTP Beta Poland Sp. z o.o. - 16.1 CTP Gamma GmbH - 15.8 CTPark Ostrava Hrušov, spol. s r.o. - 15.7 CTPark Thirteen Kft - 15.5 CTPark Brno Líšeň West, spol. s r.o. - 15.2 CTPark Brno III, spol. s r.o. - 15.2 CTPark Bratislava East, spol. s r.o. - 15.0 CTP Epsilon B.V. - 14.2 CTPark Eight Kft. - 13.1 CTP Invest SK, spol. s r.o. - 12.8 CTP Property Alpha Poland Sp. z o.o. - 12.7 CTPARK SIGMA SRL - 12.0 CTPark Timisoara East SRL - 11.7 CTP Invest Immobilien GmbH - 11.0 CTPark Žilina Airport, spol. s r. o. - 10.4 CTP Invest doo Beograd-Novi Beograd - 10.4 CTPark Brasov SRL - 10.2 CTPARK RHO SRL - 9.9 CTPark Hlohovec, spol. s r.o. - 9.7 CTPark Čierny Les, spol. s r.o. - 7.6 CTPark Prague North III, spol. s r.o. - 0.2 Other 0.3 240.5 Total 296.4 3,966.9 Movement schedule of the long-term loans provided to related parties: In EUR million 2024 2023 Balance as at 1 January 3,966.9 3,949.1 Transfer to current receivables -636.1 - Loans granted to the related parties 176.1 1,925.2 Repayment of loans -221.0 -1,908.8 Loans capitalisation -2,984.9 - Interest accrued 18.9 121.2 Interest received -25.4 -119.2 Other 1.9 -0.6 Balance as at 31 December 296.4 3,966.9 As at 31 December 2024 and 31 December 2023, the Company had the following long-term payables due from related parties: In EUR million 2024 2023 CTPark Ostrava, spol. s r.o. -159.4 -118.1 CTPark Brno, spol. s r.o. (formerly CTP Industrial Property CZ, spol. s r.o.) -118.9 -64.3 CTP Moravia South, spol. s r.o. -77.5 -63.8 CTP Deutchland B.V. (formerly CTP Germany GmbH B.V.) -70.8 -65.9 CTPark Mladá Boleslav, spol. s r.o. -53.5 -50.8 CTP Bohemia North, spol. s r.o. -49.4 - CTPark Námestovo, spol. s r.o. -43.7 -40.3 CTP Vysočina, spol. s r.o. -42.7 -20.7 CTPark Prague East, spol. s r.o. -26.5 -25.3 CTPark Cerhovice, spol. s r.o. (formerly CTP XIII, spol. s r.o.) -22.5 -11.6 CTP Bohemia South, spol. s r.o. -14.0 -13.3 CTPark Chrastava a.s. -11.4 -10.9 CTPark Hranice, spol. s r.o. - -26.2 CTPark Prague Airport, spol. s r.o. - -24.1 CTPark Bor, spol. s r.o. - -16.9 CTPark Modřice, spol. s r.o. - -11.2 Other -34.0 -44.0 Total -724.3 -607.4 Financial Statements 315 CTP N.V. Annual Report 2024 Movement schedule of the long-term loans received from related parties: In EUR million 2024 2023 Balance as at 1 January -607.4 -228.1 Loans received from the related parties -201.2 -382.8 Repayment of loans 101.3 20.2 Interest accrued -25.0 -17.6 Interest paid 8.0 1.3 Other - -0.4 Balance as at 31 December -724.3 -607.4 Current receivables & payables - related parties As at 31 December 2024 and 31 December 2023, the Company had the following trade and other receivables from related parties, and trade and other payables to related parties: 2024 2023 In EUR million Receivables Payables Receivables Payables CTP Property B.V. 1,929.1 - 33.6 - CTP Invest, spol. s r.o. 21.4 -3.9 26.1 -6.9 CTP Property Czech, spol. s r.o. 2.6 - 2.6 - CTP Invest d.o.o. Beograd-Novi Beograd 1.6 - 1.5 - CTP CEE Sub Holding, spol. s r.o. 1.6 - 1.6 - CTP INVEST BUCHAREST SRL - - 8.0 - CTP Forest, spol. s r.o. - - - -1.0 CTPark Prague Airport, spol. s r.o. - -1.1 - -1.1 CTPark Hranice, spol. s r.o. - -1.7 - -1.7 CTP Bohemia North, spol. s r.o - - - -4.3 CTP Vysočina, spol. s r.o. - - - -4.6 Other 2.0 -0.9 1.4 -1.9 Total 1,958.3 -7.6 74.8 -21.5 16. PERSONNEL The average full-time equivalent of employees in 2024 was 9 (2023: 8). The number of full-time equivalent employees as at 31 December 2024 was 9 (2023: 8). 17. EMOLUMENTS OF DIRECTORS In 2024, the emoluments, incl. the LTIP disclosed below, as defined in Section 2:383(1) of the Dutch Civ- il Code, charged in the financial year to the Company, its subsidiaries and consolidated other companies amounted to EUR 1.4 million (2023 – EUR 2.2 million), out of which EUR 1.0 million (2023 – EUR 1.7 million) relates to emolument of Executive Directors and EUR 0.4 million (2023 – EUR 0.4 million) to Non-Executive Directors. Current year emolument amount includes a release of prior year accruals. LTIP to a Director In 2021, 2022, 2023 and 2024, the Company granted a conditional share award under the LTIP to a Director. This award has a vesting period of three years, and vesting is subject to continued services up to vesting and depends mainly on the Company’s total shareholder return (“TSR”). Vesting is subject to an Absolute TSR condition and Relative TSR condition. The number of awards that will vest is between 0% and 150% of the target number of awards granted. The vesting percentage is allocated linearly between the threshold level and the maximum level. The fair value of the awards is expensed on a straight-line basis over the three-year vesting period. In 2024, the total share-based payment expense recognised for the equity-settled awards was EUR 0.3 million (2023 – EUR 0.2 million). 18. SUBSEQUENT EVENTS In March 2025, the Company issued a dual tranche of green bonds: i) bonds of EUR 500.0 million with 6-year maturity and 3.625% fixed coupon and ii) bonds of EUR 500.0 million with 10-year maturity and 4.25% fixed coupon. CTP is not aware of any other events that have occurred since the balance sheet date that would have a material impact on these financial statements as at 31 December 2024. Financial Statements 316 CTP N.V. Annual Report 2024 19. SUBSIDIARIES The Company has 100% ownership interest in CTP Property B.V., CTP Invest, spol. s r.o. and CTP Deutschland B.V., which owns subsidiaries with operational activities in the Czech Republic, Hungary, Romania, Poland, Slovakia, Austria, Germany, Serbia, the Netherlands and Bulgaria. For the structure of the Group as at 31 December 2024, refer to Appendix 1 – Group Structure. Amsterdam, 7 March 2025 Remon L. Vos Richard J. Wilkinson Barbara A. Knoflach Rodolphe R. F. Schoettel Susanne Eickermann-Riepe Kari E. Pitkin Financial Statements 317 CTP N.V. Annual Report 2024 Other Information Other Information Financial Statements 318 CTP N.V. Annual Report 2024 PROVISIONS IN THE ARTICLES OF ASSOCIATION GOVERNING THE APPROPRIATION OF PROFIT: According to Article 22 of the Company’s Articles of Association, the profit is at the disposal of the General Meeting of Shareholders, which can allocate the profit wholly or partly to the general or specific reserve funds. The Board must approve the appropriation of profit before the decision of the General Meeting takes effect. The Company can only make payments to shareholders and other parties entitled to the distributable profit if the amount the shareholders’ equity is greater than the paid-up and called-up part of the capital plus the legally required reserves. Financial Statements 319 CTP N.V. Annual Report 2024 Independent Auditor’s Report & Limited Assurance Report of the Independent Auditor on the Sustainability Statement Independent Auditor’s Report & Limited Assurance Report of the Independent Auditor on the Sustainability Statement CTP N.V. Annual Report 2024 320 Financial Statements KPMG Accountants N.V., a Dutch limited liability company registered with the trade register in the Netherlands under number 33263683, is a member firm of the global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. Independent auditor's report To: the General Meeting of Shareholders of CTP N.V. Report on the audit of the financial statements 2024 included in the annual report Our opinion In our opinion: • The accompanying consolidated financial statements give a true and fair view of the financial position of CTP N.V. as at 31 December 2024 and of its result and its cash flows for the year then ended, in accordance with IFRS Accounting Standards as endorsed by the European Union (EU-IFRS) and with Part 9 of Book 2 of the Dutch Civil Code. • The accompanying company financial statements give a true and fair view of the financial position of CTP N.V. as at 31 December 2024 and of its result for the year then ended in accordance with Part 9 of Book 2 of the Dutch Civil Code. What we have audited We have audited the financial statements 2024 of CTP N.V. (‘the company’) based in Amsterdam. The financial statements include the consolidated financial statements and the company financial statements. The consolidated financial statements comprise: 1 the consolidated statement of financial position as at 31 December 2024; 2 the following consolidated statements for the year 2024: the statements of profit or loss and comprehensive income, changes in equity and cash flows; and 3 the notes comprising material accounting policy information and other explanatory information. CTP N.V. Annual Report 2024 321 Financial Statements 2 The company financial statements comprise: 1 the company profit and loss account for the year 2024; 2 the company balance sheet as at 31 December 2024; and 3 the notes comprising a summary of the accounting policies and other explanatory information. Basis for our opinion We conducted our audit in accordance with Dutch law, including the Dutch Standards on Auditing. Our responsibilities under those standards are further described in the ‘Our responsibilities for the audit of the financial statements’ section of our report. We are independent of CTP N.V. in accordance with the ‘Verordening inzake de onafhankelijkheid van accountants bij assurance-opdrachten’ (ViO, Code of Ethics for Professional Accountants, a regulation with respect to independence) and other relevant independence regulations in the Netherlands. Furthermore, we have complied with the ‘Verordening gedrags- en beroepsregels accountants’ (VGBA, Dutch Code of Ethics). We designed our audit procedures in the context of our audit of the financial statements as a whole and in forming our opinion thereon. The information in respect of going concern, fraud and non-compliance with laws and regulations, climate and the key audit matters was addressed in this context, and we do not provide a separate opinion or conclusion on these matters. We believe the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Information in support of our opinion Summary Materiality • Materiality of EUR 120 million • 0.76% of total assets CTP N.V. Annual Report 2024 322 Financial Statements 3 Group audit • Performed substantive procedures for 96% of total assets • Performed substantive procedures for 62 % of rental income Risk of material misstatements related to Fraud, NOCLAR, Going concern and Climate risks • Fraud risks: presumed risk of management override of controls, presumed fraud risk of revenue recognition and a fraud risk related to possible conflict of interest in real estate transactions identified • Non-compliance with laws and regulations (NOCLAR) risks: no reportable risk of material misstatements related to NOCLAR risks identified • Going concern risks: no going concern risks identified • Climate risks: We have considered the impact of climate-related risks on the financial statements and described our approach and observations in the section ‘Audit response to climate-related risks’. Please refer to Chapter 4 Sustainability in the Annual Report 2024. Key audit matters • Valuation of investment property and investment property under development • Real estate transaction Materiality Based on our professional judgment, we determined the materiality for the financial statements as a whole at EUR 120 million (2023: EUR 100 million). The materiality is determined with reference to total assets 0.76% (2023: 0.77%). We consider total assets as the most appropriate benchmark because the nature of the business, the level of activities and asset value is likely the primary focus of the users of the financial statements evaluating CTP N.V.’s financial performance. Materiality significantly changed compared to last year due to increase of total assets. We have also taken into account misstatements and/or possible misstatements that in our opinion are material for the users of the financial statements for qualitative reasons. CTP N.V. Annual Report 2024 323 Financial Statements 4 We agreed with the Board of Directors that misstatements identified during our audit in excess of EUR 6 million would be reported to them, as well as smaller misstatements that in our view must be reported on qualitative grounds. Scope of the group audit CTP N.V. is at the head of a group of components (hereinafter ‘Group’). The financial information of this group is included in the financial statements of CTP N.V. This year, we applied the revised group auditing standard in our audit of the financial statements. The revised standard emphasizes the role and responsibilities of the group auditor. The revised standard contains new requirements for the identification and classification of components, scoping, and the design and performance of audit procedures across the group. As a result, we determine coverage differently and comparisons to prior period coverage figures are not meaningful. We performed risk assessment procedures throughout our audit to determine which of the Group’s components are likely to include risks of material misstatement to the Group financial statements. To appropriately respond to those assessed risks, we planned and performed further audit procedures, either at component level or centrally. We identified 45 components associated with a risk of material misstatement. For 43 out of these 45 components, we involved component auditors. We as group auditor audited the remaining components. We set component performance materiality levels considering the component’s size and risk profile. We have performed fully substantive procedures for 62% of Group revenue and 96% of Group total assets. At group level, we assessed the aggregation risk in the remaining financial information and concluded that there is less than reasonable possibility of a material misstatement. In supervising and directing our component auditors, we: • Held risk assessment discussions with the component auditors to obtain their input to identify matters relevant to the group audit. • Issued group audit instructions to component auditors on the scope, nature and timing of their work, and received written communication about the results of the work they performed. • Held meetings with all in-scope component auditors in person and/or virtually to discuss relevant developments, and to understand and evaluate their work. CTP N.V. Annual Report 2024 324 Financial Statements 5 • Inspected the work performed by a majority of component auditors and evaluated the appropriateness of audit procedures performed and conclusions drawn from the audit evidence obtained, and the relation between communicated findings and work performed. In our inspection, we mainly focused on key audit matters, significant risks, and key judgment areas. We consider that the scope of our group audit forms an appropriate basis for our audit opinion. Through performing the procedures mentioned above, we obtained sufficient and appropriate audit evidence about the Group’s financial information to provide an opinion on the financial statements as a whole. Audit response to the risk of fraud and non-compliance with laws and regulations In chapter ‘Risk management’, the Board of Directors describes its procedures in respect of the risk of fraud and non-compliance with laws and regulations. As part of our audit, we have gained insights into the company and its business environment and the company’s risk management in relation to fraud and non-compliance. Our procedures included, among other things, assessing the company’s code of conduct, whistleblowing policy, anti-money laundering policy, anti-bribery and corruption policy, anti-fraud policy, incidents register and its procedures to investigate indications of possible fraud and non-compliance. Furthermore, we performed relevant inquiries with the Board of Directors and other relevant functions, such as Internal Audit and Compliance. We have also incorporated elements of unpredictability in our audit such as additional selection of valuation reports with lower values of not in-scope components, and involved forensic specialists in our audit procedures. As part of our audit procedures, we: — assessed other positions held by the Board of Directors and other employees, and paid special attention to procedures and compliance in view of possible conflicts of interest; — evaluated correspondence with regulators (e.g., the AFM) as well as legal confirmation letters. In addition, we performed procedures to obtain an understanding of the legal and regulatory frameworks that are applicable to the company, and identified the following laws and regulations as those most likely to have a material effect on the financial statements in case of non-compliance: — anti-money laundering laws and regulations; — anti-bribery and corruption laws and regulations; — data privacy; CTP N.V. Annual Report 2024 325 Financial Statements 6 — labor and human rights laws and regulations; and — environmental laws. We evaluated the fraud and non-compliance risk factors to consider whether those factors indicate a risk of material misstatement in the financial statements. Based on the above and on the auditing standards, we identified the following fraud risks that are relevant to our audit, including the relevant presumed risks laid down in the auditing standards, and responded as follows: Management override of controls (a presumed risk) Risk: — Management is in a unique position to manipulate accounting records and prepare fraudulent financial statements by overriding controls that otherwise appear to be operating effectively. Responses: — We evaluated the design and the implementation of internal controls that mitigate fraud risks, such as processes related to journal entries and estimates. — We performed a data analysis of high-risk journal entries related to adjustments to initially recorded changes in fair value of investment property and investment property under development above a threshold that were subject of the examination and evaluated key estimates and judgments of valuation of investment property and investment property under development for bias by the Board of Directors, including retrospective reviews of prior years’ estimates. Where we identified instances of unexpected journal entries or other risks through our data analytics, we performed additional audit procedures to address each identified risk, including testing of transactions back to source information. Revenue recognition (a presumed risk) Risk: — We identified a fraud risk in relation to the recognition of rental income. This risk inherently includes the fraud risk that management deliberately overstates rental income, throughout the period, as management may feel pressure to achieve the communicated expectations for revenue-related metrics for the current year. CTP N.V. Annual Report 2024 326 Financial Statements 7 Responses: — We evaluated the design and the implementation of internal controls related to the rental income process. — We performed substantive audit procedures throughout the period of rental income by determining the accuracy of rental income by assessing the terms and conditions in the lease agreement and vouching rental income recorded to the invoices, underlying lease agreements and supporting documentation such as indexation letters. — We performed journal entry testing, considering the high-risk criteria in relation to rental income. — We assessed the adequacy of the Company’s disclosure with respect to rental income. Fraud risk related to conflict of interest in real estate transactions — With respect to the risk of fraud in relation to conflict of interest in the real estate transactions, we refer to the key audit matter ‘Real estate transactions’. We communicated our risk assessment, audit responses and results to the Board of Directors. Our evaluation of procedures performed related to fraud and non-compliance with laws and regulations did not result in an additional key audit matter. Our audit procedures did not reveal indications and/or reasonable suspicion of fraud and non-compliance that are considered material for our audit. Audit response to going concern As explained in note 2 of the financial statements, the management board has performed its going concern assessment and has not identified any going concern risks. To assess the management board’s assessment, we have performed, inter alia, the following procedures: — We considered whether the management board’s assessment of the going concern risks includes all relevant information of which we are aware as a result of our audit. — We considered whether the developments in share prices indicate a going concern risk. — We analyzed the company’s financial position as at year-end and compared it to the previous financial year in terms of indicators that could identify going concern risks. CTP N.V. Annual Report 2024 327 Financial Statements 8 The outcome of our risk assessment procedures did not give reason to perform additional audit procedures on management’s going concern assessment. Audit response to climate-related risks The company has set out its ambitions relating to climate change in Chapter 4.7.1. ‘Striving to be Climate Positive’ of the annual report 2024. The company’s ambition is in line with the Paris Agreement to become carbon neutral by 2050 in all its activities, including development, property management, and corporate operations by 2050. CTP is committed to having a positive, long-term impact on the environment, including the climate. The Board of Directors has assessed, against the background of the company’s business and operations, how climate-related risks and the company’s own ambitions could have a significant impact on its business or could impose the need to adapt its strategy and operations. The Board of Directors has considered the impact of physical risks extensively and transition risks high-level on the financial statements in accordance with the applicable financial reporting framework, more specifically the valuation of investment property. The Board of Directors prepared the financial statements, including considering whether the implications from climate-related risks have been appropriately accounted for and disclosed. As part of our audit, we performed a risk assessment of the impact of climate-related risk on the financial statements and our audit approach. In doing this, we performed the following: - Understanding the company’s processes. We held inquiries with the Board of Directors, the Group Head of ESG and other relevant employees for Environmental, Social, and Governance who are responsible for climate risk assessment within the company. The purpose is to understand the client’s risk assessment and the climate roadmap to become carbon neutral in all scopes by 2050. The company has performed a physical climate risk assessment including scenario analysis, but a climate roadmap is still in progress. Further, we inquired how this ambition was translated into investment decisions and the related potential impact of climate-related risks and ambitions on the company’s annual report and financial statements. - The Company has disclosed in Chapter 4.2 of the annual report that it has prepared its sustainability statements in accordance with the European Sustainability Reporting Standards (ESRS). We have read, and considered as part of our risk assessment, these sustainability statements, which include information over material sustainability matters relating to material impacts, risks and opportunities related to climate change. As part of this, we have read and considered the information reported over the connectivity of the CTP N.V. Annual Report 2024 328 Financial Statements 9 sustainability statements with the financial statements, more specifically relating to the following current and anticipated financial effects related to sustainability matters: o Current financial effects: 4.7.1.1.8 Financial effects of climate IROs and o Anticipated financial effects: 4.7.1.1.8 Financial effects of climate IROs - We evaluated climate risk-related fraud risk factors such as pressure from remuneration and expectations from external stakeholders to meet ESG/climate risk-related targets. We concluded that the factors do not result in an event or condition that would indicate a risk of material misstatement in the financial statements. - We have inquired with the external appraiser on how climate risk factors are considered in the external appraisal process and inspected the external valuation reports on potential climate-related impact on fair value of investment property. - We used KPMG climate change subject matter experts, to support in understanding how climate-related risks and opportunities may affect the entity, in order to understand the (potential) implications on its accounting in the current year’s financial statements. Based on the procedures performed above, we found that climate-related risks have no material impact on the current financial statements under the requirements of EU-IFRS and no material impact on our key audit matters. Furthermore, we have read the ‘Other information’ with respect to climate-related risks as included in the annual report and considered whether such information contains material inconsistencies with the financial statements or our knowledge obtained through the audit, in particular as described above, and our knowledge obtained otherwise. Our key audit matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements. We have communicated the key audit matters to the Board of Directors. The key audit matters are not a comprehensive reflection of all matters discussed. Compared to last year, the key audit matters with respect to goodwill and correction of errors have been removed. CTP N.V. Annual Report 2024 329 Financial Statements 10 Valuation of investment property and investment property under development Description Investment property and investment property under development (hereinafter ‘investment property’) amount to EUR 15.7 billion and represent 91% of the Group’s total assets as at 31 December 2024. Investment property is valued at fair value; therefore, the Group has to make estimates and use assumptions to determine those fair values. The fair value is, as explained in notes 18 and 19 to the financial statements, determined by the Board of Directors based on appraisal reports by an independent appraiser (98%) or on the acquisition price of investment property as a proxy for the fair value when acquired close to the reporting date (2%). Because the valuation of investment property and investment properties under development is complex and highly dependent on estimates and significant assumptions (such as estimated rental value and yield/discount rate, and specifically for investment property under development the development margin) and the availability of comparable transactions, we consider the valuation of investment property as a key audit matter in our audit. Our response With involvement of KPMG auditors in the Netherlands, Czech Republic, Slovakia, Hungary and Germany, our procedures for the valuation of investment property included: — Assessment of the valuation process with respect to the investment property as at 31 December 2024, including an evaluation of the design and implementation of related internal controls and test of details. — Verification whether lease data provided to the appraisers is consistent with the property management systems, and whether any significant changes have occurred since providing the data to the appraisers. — Evaluation of the competence, capabilities and objectivity of the external appraisal firms. — Involvement of property valuation experts to verify the appropriateness of the valuation methodology, determine the mathematical accuracy of the valuation model and verification of the appropriateness of key assumptions in the valuation process, which consists of estimated rental values and yields/discount rates. This included assessing the historical accuracy of the assumptions in prior periods, our understanding of the market and market developments, and a comparison of assumptions and movements therein with publicly available data. — Discussion of the results of the valuation process and our findings and observations with management and the appraisal firms. CTP N.V. Annual Report 2024 330 Financial Statements 11 — Evaluation of the adequacy of the disclosures in notes 18 and 19 in respect of investment property in conformity with EU-IFRS. Our observation Overall, we assess that the assumptions and methodologies used, and related estimates resulted in a valuation of investment property that is deemed reasonable and concurs with the related disclosures in the financial statements. Real estate transactions Description As part of the normal course of business, real estate transactions take place. Acquisitions of investment property and investment property under development are significant transactions that are prone to fraud due to the nature of these transactions. Transactions often involve a variable consideration (earnouts, rental guarantees, etc.) and are structured as asset deals or share deals. We have identified fraud risk in relation to corruption in the context of the use of agents and/or business partners as part of the acquisition of investment property and investment property under development and related potential conflicts of interest. The fraud risk has been allocated to specific transactions/properties (i.e., entities within the group that are involved in acquisition of real estate) mainly to screen whether fraud risk factors in transactions are present. Our response In respect of fraud risks related to transactions with investment property and investment property under development, we obtained an understanding of management’s anti-fraud controls (for example, counterparty due diligence, four-eyes principle, procurement procedures for development/construction contracts). Further, we selected specific transactions to verify whether any fraud risk factors are present, especially in the view of a possible conflict of interest. CTP N.V. Annual Report 2024 331 Financial Statements 12 At group level, we also inspected minutes of Board meetings in which these transactions are discussed to verify that the governance around the transactions is appropriate, and the required approvals are obtained. Our observation Based on our procedures on specific real estate transactions, we have not found any fraud risk factors that would lead to a potential fraud risk and/or conflict of interest. Report on the other information included in the annual report In addition to the financial statements and our auditor’s report thereon, the annual report contains other information. Based on the following procedures performed, we conclude that the other information: • is consistent with the financial statements and does not contain material misstatements; and • contains the information as required by Part 9 of Book 2 of the Dutch Civil Code for the management report and other information. We have read the other information. Based on our knowledge and understanding obtained through our audit of the financial statements or otherwise, we have considered whether the other information contains material misstatements. By performing these procedures, we comply with the requirements of Part 9 of Book 2 of the Dutch Civil Code and the Dutch Standard 720. The scope of the procedures performed is less than the scope of those performed in our audit of the financial statements. The Board of Directors is responsible for the preparation of the other information, including the information as required by Part 9 of Book 2 of the Dutch Civil Code. Report on other legal and regulatory requirements and ESEF Engagement We were initially appointed by the General Meeting of Shareholders as auditor of CTP N.V. on 16 March 2021, as of the audit for the year 2021 and have operated as statutory auditor ever since that financial year. CTP N.V. Annual Report 2024 332 Financial Statements 13 No prohibited non-audit services We have not provided prohibited non-audit services as referred to in Article 5(1) of the EU Regulation on specific requirements regarding statutory audits of public-interest entities. European Single Electronic Format (ESEF) CTP N.V. has prepared its annual report in ESEF. The requirements for this are set out in the Delegated Regulation (EU) 2019/815 with regard to regulatory technical standards on the specification of a single electronic reporting format (hereinafter: the RTS on ESEF). In our opinion, the annual report prepared in XHTML format, including the (partly) marked-up consolidated financial statements as included in the reporting package by CTP N.V., complies in all material respects with the RTS on ESEF. The Board of Directors is responsible for preparing the annual report including the financial statements in accordance with the RTS on ESEF, whereby the Board of Directors combines the various components into one single reporting package. Our responsibility is to obtain reasonable assurance for our opinion whether the annual report in this reporting package complies with the RTS on ESEF. We performed our examination in accordance with Dutch law, including Dutch Standard 3950N ’Assurance-opdrachten inzake het voldoen aan de criteria voor het opstellen van een digitaal verantwoordingsdocument’ (assurance engagements relating to compliance with criteria for digital reporting). Our examination included, among others: • obtaining an understanding of the entity's financial reporting process, including the preparation of the reporting package; • identifying and assessing the risks that the annual report does not comply in all material respects with the RTS on ESEF and designing and performing further assurance procedures responsive to those risks to provide a basis for our opinion, including: CTP N.V. Annual Report 2024 333 Financial Statements 14 - obtaining the reporting package and performing validations to determine whether the reporting package containing the Inline XBRL instance document and the XBRL extension taxonomy files has been prepared in accordance with the technical specifications as included in the RTS on ESEF; - examining the information related to the consolidated financial statements in the reporting package to determine whether all required mark-ups have been applied and whether these are in accordance with the RTS on ESEF. Description of responsibilities regarding the financial statements Responsibilities of the Board of Directors for the financial statements The Board of Directors is responsible for the preparation and fair presentation of the financial statements in accordance with EU-IFRS and Part 9 of Book 2 of the Dutch Civil Code. Furthermore, the Board of Directors is responsible for such internal control as management determines is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error. In that respect the Board of Directors is responsible for the prevention and detection of fraud and non-compliance with laws and regulations, including determining measures to resolve the consequences of it and to prevent recurrence. As part of the preparation of the financial statements, the Board of Directors is responsible for assessing the company’s ability to continue as a going concern. Based on the financial reporting frameworks mentioned, the Board of Directors should prepare the financial statements using the going concern basis of accounting unless the Board of Directors either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. The Board of Directors should disclose events and circumstances that may cast significant doubt on the company’s ability to continue as a going concern in the financial statements. Our responsibilities for the audit of the financial statements Our objective is to plan and perform the audit engagement in a manner that allows us to obtain sufficient and appropriate audit evidence for our opinion. Our audit has been performed with a high, but not absolute, level of assurance, which means we may not detect all material errors and fraud during our audit. CTP N.V. Annual Report 2024 334 Financial Statements 15 Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The materiality affects the nature, timing and extent of our audit procedures and the evaluation of the effect of identified misstatements on our opinion. A further description of our responsibilities for the audit of the financial statements is included in the appendix of this auditor’s report. This description forms part of our auditor’s report. Amstelveen, 7 March 2025 KPMG Accountants N.V. H.D. Grönloh RA Appendix: Description of our responsibilities for the audit of the financial statements CTP N.V. Annual Report 2024 335 Financial Statements 16 Appendix Description of our responsibilities for the audit of the financial statements We have exercised professional judgment and have maintained professional scepticism throughout the audit, in accordance with Dutch Standards on Auditing, ethical requirements and independence requirements. Our audit included, among others: • Identifying and assessing the risks of material misstatement of the financial statements, whether due to fraud or error, designing and performing audit procedures responsive to those risks, and obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than the risk resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtaining an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control. • Evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors. • Concluding on the appropriateness of the Board of Directors’ use of the going concern basis of accounting, and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause a company to cease to continue as a going concern. • Evaluating the overall presentation, structure and content of the financial statements, including the disclosures. • Evaluating whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We are responsible for planning and performing the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an CTP N.V. Annual Report 2024 336 Financial Statements 17 opinion on the financial statements. We are also responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We bear the full responsibility for the auditor’s report. We communicate with the Board of Directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant findings in internal control that we identify during our audit. In this respect, we also submit an additional report to the audit committee in accordance with Article 11 of the EU Regulation on specific requirements regarding statutory audits of public-interest entities. The information included in this additional report is consistent with our audit opinion in this auditor’s report. We provide the Board of Directors with a statement that we have complied with relevant ethical requirements regarding independence, and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and, where applicable, related safeguards. From the matters communicated with the Board of Directors, we determine the key audit matters: those matters that were of most significance in the audit of the financial statements. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, not communicating the matter is in the public interest. CTP N.V. Annual Report 2024 337 Financial Statements KPMG Accountants N.V., a Dutch limited liability company registered with the trade register in the Netherlands under number 33263683, is a member firm of the global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. Limited assurance report of the independent auditor on the sustainability statement To: the General Meeting of Shareholders of CTP N.V. Our conclusion We have performed a limited assurance engagement on the consolidated sustainability statement for 2024 of CTP N.V. based in Amsterdam (hereinafter: the company) in section ‘ESG’ of the accompanying Annual Report, including the information incorporated in the sustainability statement by reference (hereinafter: the sustainability statement). Based on the procedures performed and the assurance evidence obtained, nothing has come to our attention that causes us to believe that the sustainability statement is not, in all material respects: • prepared in accordance with the European Sustainability Reporting Standards (ESRS) as adopted by the European Commission and in accordance with the double materiality assessment process carried out by the company to identify the information reported pursuant to the ESRS; and • compliant with the reporting requirements provided for in Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation). CTP N.V. Annual Report 2024 338 Financial Statements 2 Basis for our conclusion We performed our limited assurance engagement on the sustainability information in accordance with Dutch law, including Dutch Standard 3810N ‘Assurance-opdrachten inzake duurzaamheidsverslaggeving’ (Assurance engagements relating to sustainability reporting) which is a specified Dutch standard that is based on the International Standard on Assurance Engagements (ISAE) 3000 (Revised) ’Assurance engagements other than audits or reviews of historical financial information’. Our responsibilities under this standard are further described in the section ‘Our responsibilities for the assurance engagement on the sustainability statement’ section of our report. We are independent of the company in accordance with the ‘Verordening inzake de onafhankelijkheid van accountants bij assurance-opdrachten’ (ViO, Code of Ethics for Professional Accountants, a regulation with respect to independence). Furthermore, we have complied with the ‘Verordening gedrags- en beroepsregels accountants’ (VGBA, Dutch Code of Ethics for Professional Accountants). We believe the assurance evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Emphasis of matters Emphasis on the context of the new sustainability reporting standards We draw attention to section ‘Scope and Basis of Preparation’ of the sustainability statement. This disclosure sets out that the sustainability statement has been prepared in a context of new sustainability reporting standards requiring entity-specific and temporary interpretations and addressing inherent measurement or evaluation uncertainties. Emphasis on the most significant uncertainties affecting the quantitative metrics and monetary amounts We draw attention to section ‘Scope and Basis of Preparation’ in the sustainability statement that identifies the quantitative metrics and monetary amounts that are subject to a high level of measurement uncertainty and discloses information about the sources of measurement uncertainty and the assumptions, approximations and judgements the company has made in measuring these in compliance with the ESRS. CTP N.V. Annual Report 2024 339 Financial Statements 3 The comparability of sustainability information between entities and over time may be affected by the lack of historical sustainability information in accordance with the ESRS and by the absence of a uniform practice on which to draw, to evaluate and measure this information. This allows for the application of different, but acceptable, measurement techniques. Emphasis on the double materiality assessment process We draw attention to the Materiality’ sections of the material topics as a result of the double materiality assessment in the sustainability statement. This section explains future improvements in the ongoing due diligence and double materiality assessment process, including robust engagement with affected stakeholders. Due diligence is an on-going practice that responds to and may trigger changes in the company’s strategy, business model, activities, business relationships, operating, sourcing and selling contexts. The double materiality assessment process may also be impacted in time by sector-specific standards to be adopted. The sustainability statement may not include every impact, risk and opportunity or additional entity-specific disclosure that each individual stakeholder (group) may consider important in its own particular assessment. Our conclusion is not modified in respect to these matters. Corresponding information not subject to assurance procedures No reasonable or limited assurance procedures have been performed on the sustainability statement of prior year. Consequently, the corresponding sustainability information and thereto related disclosures for the period up to 2024 have not been subject to reasonable or limited assurance procedures. Our conclusion is not modified in respect to this matter. Limitations to the scope of our assurance engagement In reporting forward-looking information in accordance with the ESRS, the Board of Management of the company is required to prepare the forward-looking information on the basis of disclosed assumptions about events that may occur in the future and possible future actions by the company. The actual outcome is likely to be different since anticipated events frequently do not occur as expected. Forward-looking information relates to events and actions that have not yet occurred and may never occur. We do not provide assurance on the achievability of this forward-looking information. CTP N.V. Annual Report 2024 340 Financial Statements 4 The references to external sources or websites in the sustainability information are not part of the sustainability information as included in the scope of our assurance engagement. We therefore do not provide assurance on this information. Our conclusion is not modified in respect to these matters. Responsibilities of the Board of Management and the Supervisory Board on the sustainability statement The Board of Management is responsible for the preparation of the sustainability statement in accordance with the ESRS, including the double materiality assessment process carried out by the company as the basis for the sustainability statement and disclosure of material impacts, risks and opportunities in accordance with the ESRS. As part of the preparation of the sustainability statement, management is responsible for compliance with the reporting requirements provided for in Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation The Board of Management is also responsible for selecting and applying additional entity-specific disclosures to enable users to understand the company’s sustainability-related impacts, risks or opportunities and for determining that these additional entity-specific disclosures are suitable in the circumstances and in accordance with the ESRS Furthermore, the Board of Management is responsible for such internal control as it determines is necessary to enable the preparation of the sustainability statement that is free from material misstatement, whether due to fraud or error. The Supervisory Board is responsible for overseeing the sustainability reporting process including the double materiality assessment process carried out by the company Our responsibilities for the assurance engagement on the sustainability statement Our responsibility is to plan and perform the assurance engagement in a manner that allows us to obtain sufficient and appropriate assurance evidence for our conclusion. Our assurance engagement is aimed to obtain a limited level of assurance to determine the plausibility of sustainability information. The procedures vary in nature and timing from, and are less in extent, than for a reasonable assurance engagement. The level of assurance obtained in a limited assurance engagement is CTP N.V. Annual Report 2024 341 Financial Statements 5 therefore substantially less than the assurance that is obtained when a reasonable assurance engagement is performed. We apply the quality management requirements pursuant to the Nadere voorschriften kwaliteitsmanagement (NV KM, regulations for quality management) and accordingly maintain a comprehensive system of quality management including documented policies and procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements. Our limited assurance engagement included among others: — Performing inquiries and an analysis of the external environment and obtaining an understanding of relevant sustainability themes and issues, the characteristics of the company), its activities and the value chain and its key intangible resources in order to assess the double materiality assessment process carried out by the company as the basis for the sustainability statement and disclosure of all material sustainability-related impacts, risks and opportunities in accordance with the ESRS. — Obtaining through inquiries a general understanding of the internal control environment, the company’s processes for gathering and reporting entity-related and value chain information, the information systems and the company’s risk assessment process relevant to the preparation of the sustainability statement and for identifying the company’s activities, determining eligible and aligned economic activities and prepare the disclosures provided for in Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation), without obtaining assurance evidence about the implementation, or testing the operating effectiveness, of controls. — Assessing the double materiality assessment process carried out by the company and identifying and assessing areas of the sustainability statement, including the disclosures provided for in Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation) where misleading or unbalanced information or material misstatements, whether due to fraud or error, are likely to arise (‘selected disclosures’). We designed and performed further assurance procedures aimed at assessing that the sustainability statement is free from material misstatements responsive to this risk analysis. — Considering whether the description of the double materiality assessment process in the sustainability statement made by Board of Management appears consistent with the process carried out by the company; CTP N.V. Annual Report 2024 342 Financial Statements 6 — Performing analytical review procedures on quantitative information in the sustainability statement, including consideration of data and trends; — Assessing whether the company’s methods for developing estimates are appropriate and have been consistently applied for selected disclosures. We considered data and trends, however, our procedures did not include testing the data on which the estimates are based or separately developing our own estimates against which to evaluate management’s estimates; — Analysing, on a limited sample basis, relevant internal and external documentation available to the company (including publicly available information or information from actors throughout its value chain) for selected disclosures; — Reading the other information in the annual report to identify material inconsistencies, if any, with the sustainability statement; — Considering whether: — the disclosures provided to address the reporting requirements provided for in Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation) for each of the environmental objectives, reconcile with the underlying records of the company and are consistent or coherent with the sustainability statement; — the disclosures provided to address the reporting requirements provided for in Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation) appear reasonable, in particular whether the eligible economic activities meet the cumulative conditions to qualify as aligned and whether the technical screening criteria are met; and — the key performance indicators disclosures have been defined and calculated in accordance with the Taxonomy reference framework as defined in Appendix 1 Glossary of Terms of the CEAOB Guidelines on limited assurance on sustainability reporting adopted on 30 September 2024 , and in compliance with the reporting requirements provided for in Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation), including the format in which the activities are presented; — Considering the overall presentation, structure and the fundamental qualitative characteristics of information (relevance and faithful representation: complete, neutral and accurate) reported in the sustainability statement, including the reporting requirements provided for in Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation); and CTP N.V. Annual Report 2024 343 Financial Statements 7 — Considering, based on our limited assurance procedures and evaluation of the assurance evidence obtained, whether the sustainability statement as a whole, is free from material misstatements and prepared in accordance with the ESRS. Amstelveen, 7 March 2025 KPMG Accountants N.V H.D. Grönloh R A 344 CTP N.V. Annual Report 2024 Appendices 7 345 Appendices CTP N.V. Annual Report 2024 7.1 Group Structure 346 7.2 EPRA Appendices 352 7.2.1 EPRA Financial Performance Metrics 352 7.2.2 EPRA Earnings 353 7.2.3 EPRA Net Asset Value Metrics 354 7.2.4 EPRA NIY and ‘topped-up’ NIY 355 7.3 Materiality Appendices 356 7.3.1 Material Topics 356 7.3.2 Climate 366 7.3.2.1 Energy 366 7.3.2.2 Emissions 367 7.3.2.3 Intensities 367 7.3.3 Water 368 7.3.4 Waste 369 7.3.5 New BREEAM Certifications 369 7.3.6 New EPC certifications 370 7.3.7 New hires and new hire rate 370 7.3.8 Taxes 370 7.3.9 Absentee rate 370 7.4 ESRS Index 371 7.5 TCFD Index 375 7.6 EPRA sBPR Index 376 7.7 GRI INDEX 377 7.8 Property List 380 7.9 Glossary 385 7.10 Disclaimer 388 Section 7 346 Appendices CTP N.V. Annual Report 2024 7.1 Group Structure CTP GROUP STRUCTURE CHART AS AT 31 DECEMBER 2024 2 CTP N.V. Annual Report 2024 ctp.eu 7.1 Group Structure CTP GROUP STRUCTURE CHART AS AT 31 DECEMBER 2024 Continues on the pages 6-7 Continues on the pages 2-5 Remon Leonard Vos Person with significant control 100% 100% >73% 100% 100%100% Stichting Administratiekantoor Multivest Multivest B.V. CTP Holding B.V. CTP N.V. CTP Invest, spol. s r.o. CTP Property B.V.CTP Deutschland B.V. Continues on the pages 347-349 Continues on the pages 350-351 347 Appendices CTP N.V. Annual Report 2024 3 CTP N.V. Annual Report 2024 ctp.eu Czech Republic CTP Property Czech, spol. s r.o. 100% CTP X, spol. s r.o. 100% CTPark Brno Retail, spol. s r.o. 100% CTPark Brno III, spol. s r.o. 100% CTP Equestrian Club Club, spol. s r.o. 100% CTP XIV, spol. s r.o. 100% CTP II, spol. s r.o. 100% CTPark Prague North III, spol. s r.o. 100% CTP III, spol. s r.o. 100% CTP V, spol. s r.o. 100% CTPark Stříbro, spol. s r.o. 100% CTP XV, spol. s r.o. 100% CTP XVI, spol. s r.o. 100% CTP Forest, spol. s r.o. 100% Clubco Vlněna, spol. s r.o. 100% CTPark Blučina, spol. s r.o. 100% CTP Barrandov, spol. s r.o. 100% CTP XXII, spol. s r.o. 100% CTPark Lysá nad Labem, spol. s r.o. 100% CTP IQ Ostrava, spol. s r.o. 100% CTP XII, spol. s r.o. 100% CTP XI, spol. s r.o. 100% CTP IV, spol. s r.o. 100% CTP VI, spol. s r.o. 100% Spielberk Business Park, spol. s r.o. 100% CTZone Ostrava, spol. s r.o. 100% CTP Energy CZ, spol. s r.o. 100% CTP VIII, spol. s r.o. 100% CTP XXIV, spol. s r.o. 100% CTPark Ostrava Hrušov, spol. s r.o. 100% CTPark Nýřany, spol. s r.o. 100% CTP Nová Zvonařka, spol. s r.o. 100% Clubco Nupaky, spol. s r.o. 100% Clubco Ostrava, spol. s r.o. 100% CTPark Tošanovice a.s. 100% CTP XXV, spol. s r.o. 100% CTP XXVI, spol. s r.o. 100% CTP XXVII, spol. s r.o. 100% CTP XXVIII, spol. s r.o. 100% RTC Real a.s. 100% CTP XXX, spol. s r.o. 100% CTP XXXI, spol. s r.o. 100% CTP XXXII, spol. s r.o. 100% CTP Hotel Pilsen, spol. s r.o. 100% L CTP Hotel Operations Pilsen, spol. s r.o. 90% 10% CTP Invest, spol. s r.o. CTP Hotel Prague, spol. s r.o. 100% L CTP Hotel Operations Prague, spol. s r.o. 90% 10% CTP Invest spol. s.r.o. Spielberk Business Park II, spol. s r.o. 100% L CTP Hotel Operations Brno, spol. s r.o. 100% CTP CEE Properties, spol. s r.o. 100% Romania CTP Invest Bucharest SRL 100% L Universal Management SRL 100% L CTPark Management Turda SRL 100% L CTPark Management Afumati SRL 100% CTPark Theta SRL 100% CTPark Psi SRL 100% CTPark Zeta SRL 100% CTPark Epsilon SRL 100% CTPark Iota SRL 100% CTPark Miu SRL 100% CTPark Omicron SRL 100% CTPark Rho SRL 100% CTPark KM23 North SRL 100% Forest Property Invest SRL 100% CTP Solar SRL 100% CTPark Arad North SRL 100% CTPark Sibiu East SRL 100% CTPark Craiova East SRL 100% CTPark Oradea North SRL 100% CTPark Timisoara East SRL 100% CTPark Brasov SRL 100% CTPark Brasov West SRL 100% CTPark Bucharest South II SRL 100% CTPark Chitila SRL 100% CTPark Pitesti SRL 100% CTPark Pitesti East SRL 100% CTPark Timisoara North SRL 100% CTPark Dragomiresti SRL 100% CTPark Oradea South SRL 100% Logistics Hub Chitila SRL 100% North Logistics Hub SRL 100% Elgan Automotive SRL 100% Industrial Park West SRL 100% See Exclusive Development SRL 100% Hungary CTP Management Hungary Kft. 100% CTPark Twelve Kft. 100% CTPark Thirteen Kft. 100% CTPark Fourteen Kft. 100% CTPark Fifteen Kft. 100% CTPark Sixteen Kft. 100% CTPark Seventeen Kft. 100% Office Campus Real Estate Kft. 100% CTP Energy Hungary Kft. 100% CTPark Eighteen Kft. 100% CTPark Nineteen Kft. 100% CTPark Twenty Kft. 100% CTPark Twenty One Kft. 100% CTPark Twenty Two Kft. 100% CTPark Twenty Three Kft. 100% CTPark Twenty Four Kft. 100% CTPark Twenty Five Kft. 100% CTPark Twenty Six Kft. 100% CTPark Twenty Seven Kft. 100% CTPark Twenty Eight Kft. 100% CTPark Twenty Nine Kft. 100% CTPark Thirty Kft. 100% CTPark Thirty One Kft. 100% CTP Invest, spol. s r.o. 348 Appendices CTP N.V. Annual Report 2024 4 CTP N.V. Annual Report 2024 ctp.eu CTP Invest, spol. s r.o. Poland CTP Invest Poland sp. z o.o. 100% CTPark Zabrze sp. z o.o. 100% CTP Beta Poland sp. z o.o. 100% CTP Delta Poland sp. z o.o. 100% CTP Zeta Poland sp. z o.o. 100% CTP Epsilon Poland sp. z o.o. 100% CTP Iota Poland sp. z o.o. 100% CTP Dystrybucja sp. z o.o. 100% CTP Lambda Poland sp. z o.o. 100% CTP Mu Poland sp. z o.o. 100% CTP Xi Poland sp. z o.o. 100% CTP Tau Poland sp. z o.o. 100% CTP Energy Poland sp. z o.o. 100% CTP Pi Poland sp. z o.o. 100% CTP Rho Poland sp. z o.o. 100% CTP Chi Poland sp. z o.o. 100% CTP Omega Poland sp. z o.o. 100% CTP Property Alpha Poland sp. z o.o. 100% CTP Property Gamma Poland sp. z o.o. 100% CTP Property Delta Poland sp. z o.o. 100% CTP Property Epsilon Poland sp. z o.o. 100% CTP Property Eta Poland sp. z o.o. 100% CTP Property Zeta Poland sp. z o.o. 100% CTP Property Theta Poland sp. z o.o. 100% CTP Property Iota Poland sp. z o.o. 100% CTP Property Kappa Poland sp. z o.o. 100% CTP Property Lambda Poland sp. z o.o. 100% CTP Property Mu Poland sp. z o.o. 100% CTP Property Nu Poland sp. z o.o. 100% Wiskitki Project sp. z o.o. 100% Slovakia CTP Invest SK, spol. s r.o. 90% L 10% CTP Property Czech, spol. s r.o. CTPark Čierny Les, spol. s r.o. 90% L 10% CTP Property Czech, spol. s r.o. CTPark Prešov North, spol. s r.o. 90% L 10% CTP Property Czech, spol. s r.o. CTPark Trnava II, spol. s r.o. 90% L 10% CTP Property Czech, spol. s r.o. SK24 CTP Omega SK, spol. s r.o. 90% L 10% CTP Property Czech, spol. s r.o CTPark Košice II, spol. s r.o. 90% L 10% CTP Property Czech, spol. s r.o CTP Dunaj s.r.o. 90% L 10% CTP Property Czech, spol. s r.o. CTP Solar SK, spol. s r.o. 90% L 10% CTP Property Czech, spol. s r.o. CTPark Banská Bystrica, spol. s r.o. 90% L 10% CTP Property Czech, spol. s r.o. CTPark Land SK 1, spol. s r.o. 90% L 10% CTP Property Czech, spol. s r.o. CTP Energy SK, spol. s r.o. 90% L 10% CTP Property Czech, spol. s r.o. CTPark Trnava III, spol. s r.o. 90% L 10% CTP Property Czech, spol. s r.o. Netherlands CTP Invest B.V. 100% CTP Alpha B.V. 100% CTP Beta B.V. 100% CTP Gamma B.V. 100% CTPark Bremen B.V. 100% CTP Zeta B.V. 100% CTP Energy B.V. 100% CTP Lambda B.V. 100% CTP ALC B.V. 100% CTP Mu B.V. 100% Multifin B.V. 100% Germany L CTP Germany II GmbH 100% CTP Baltic Holding B.V. 100% Latvia L Samesova SIA 100% L Vojtova SIA 100% L Zemankova SIA 100% Lithuania L UAB Samesova 100% L UAB Vojtova 100% L UAB Zemankova 100% Estonia L Samesova OÜ 100% L Vojtova OÜ 100% L Zemankova OÜ 100% CTP Turkish Holding B.V. 100% Turkey L CTP ALPHA GAYRİMENKUL VE İNŞAAT LİMİTED ŞİRKETİ 100% L CTP BETA GAYRİMENKUL VE İNŞAAT LİMİTED ŞİRKETİ 100% L CTP GAMMA GAYRİMENKUL VE İNŞAAT LİMİTED ŞİRKETİ 100% CTP Mediterranean Holding B.V. 100% Egypt L CTP Real Estate 90% 10% CTP Baltic Holding B.V. L CTP Real Estate Development 90% 10% CTP Baltic Holding B.V. L CTP Invest 90% 10% CTP Baltic Holding B.V. 349 Appendices CTP N.V. Annual Report 2024 5 CTP N.V. Annual Report 2024 ctp.eu Spain Global Guanaco, S.L.U. 100% France CTP France 100% CTP Alpha France 100% CTP Beta France 100% Italy CTP Italy S.r.l. 100% CTP Alpha S.r.l. 100% CTP Beta S.r.l. 100% United Kingdom CTP Invest Ltd 100% Denmark CTP Invest Denmark ApS 100% CTP Invest doo Beograd-Novi Beograd 100% CTP Energy doo Beograd-Novi Beograd 100% CTP Sigma doo Beograd-Novi Beograd 100% CTP Omicron doo Beograd-Novi Beograd 100% CTP Phi doo Beograd-Novi Beograd 100% CTP Rho doo Beograd-Novi Beograd 100% CTP Tau doo Beograd-Novi Beograd 100% CTP Property Alpha doo Beograd-Novi Beograd 100% CTP Property Beta doo Beograd-Novi Beograd 100% CTP Property Gamma doo Beograd-Novi Beograd 100% CTP Property Delta doo Beograd-Novi Beograd 100% CTP Property Kappa doo Beograd-Novi Beograd 100% CTP Property Lambda doo Beograd-Novi Beograd 100% Serbia Bulgaria CTP Invest EOOD 100% CTPark Beta EOOD 100% CTPark Gamma EOOD 100% CTPark Delta EOOD 100% CTPark Epsilon EOOD 100% L Project Vrajdebna EOOD 100% CTPark Zeta EOOD 100% L CTPark Kappa EOOD 100% CTPark Eta EOOD 100% L CTPark Lambda EOOD 100% CTPark Theta EOOD 100% CTPark Iota EOOD 100% CTPark Sofia Ring Road EOOD 100% CTPark Sofia EOOD 100% CTP Energy Bulgaria EOOD 100% CTPark Mu EOOD 100% Austria CTP Beta GmbH 100% CTP Invest Immobilien GmbH 100% CTP Alpha GmbH 100% CTP Gamma GmbH 100% CTP Delta GmbH 100% CTP Epsilon GmbH 100% CTP Zeta GmbH 100% CTP Eta GmbH 100% CTP Theta GmbH 100% CTP Iota GmbH 100% CTP Kappa GmbH 100% CTP Energy GmbH 100% CTP Lambda GmbH 100% CTP Mu GmbH 100% CTP Nu GmbH 100% CTP Xi GmbH 100% CTP Omicron GmbH 100% CTP Pi GmbH 100% Germany CTP Invest Germany GmbH 100% CTP Energy Germany GmbH 100% CTP Invest, spol. s r.o. 350 Appendices CTP N.V. Annual Report 2024 6 CTP N.V. Annual Report 2024 ctp.eu Czech Republic CTPark Brno, spol. s r.o. 100% CTPark Prague West, spol. s r.o. 100% CTPark Cerhovice, spol. s r.o. 100% CTP Vlněna Business Park, spol. s r.o. 100% CTPark Plzeň, spol. s r.o. 100% CTPark Brno Líšeň East, spol. s r.o. 100% CTP XVII, spol. s r.o. 100% CTP CEE Sub Holding II, spol. s r.o. 100% Poland L CTPark Konik sp. z o.o. 100% L CTPark Natolin sp. z o.o. 100% L CTPark Raszyn sp. z o.o. 100% L CTPark Toruń sp. z o.o. 100% CTPark Brno Líšeň II, spol. s r.o. 100% CTPark Aš II, spol. s r.o. 100% CTP CEE Sub Holding, spol. s r.o. 100% Poland L CTPark Iłowa sp. z o.o. 100% L CTP Gamma Poland sp. z o.o. 100% L CTP Property Beta Poland sp. z o.o. 100% CTP Borská Pole, spol. s r.o. 100% CTP Vysočina, spol. s r.o. 100% CTPark Ostrava, spol. s r.o. 100% CTP Moravia South, spol. s r.o. 100% CTPark Mladá Boleslav, spol. s r.o. 100% CTP Bohemia North, spol. s r.o.. 100% CTPark Brno Líšeň West, spol. s r.o. 100% CTP Moravia North, spol. s r.o. 100% CTP Pilsen Region, spol. s r.o. 100% CTP Bohemia West, spol. s r.o. 100% CTPark Ostrava Poruba, spol. s r.o. 100% CTPark České Velenice, spol. s r.o. 100% CTPark Hranice, spol. s r.o. 100% CTP XXIII, spol. s r.o. 100% CTPark Prague Airport, spol. s r.o. 100% CTPark Prague East, spol. s r.o. 100% CTP Domeq Brno, spol. s r.o. 100% CTP Ponávka Business Park, spol. s r.o. 100% CTP Solar I, a.s. 100% CTP Bohemia South, spol. s r.o. 100% CTP Alpha, spol. s r.o. 100% CTPark Chrastava a.s. 100% CTPark Ostrava Radvanice, spol. s r.o. 100% CTP Solar II, a.s. 100% CTP Solar III, spol. s r.o. 100% Romania CTP Contractors SRL 100% CTPark Alpha SRL 100% CTPark Beta SRL 100% CTPark Gamma SRL 100% CTPark Delta SRL 100% CTPark Bucharest SRL 100% CTPark Bucharest West I SRL 100% CTPark Deva II SRL 100% CTPark Bucharest West II SRL 100% CTPark Kappa SRL 100% CTPark Bucharest II SRL 100% CTPark Lambda SRL 100% CTPark Omega SRL 100% CTPark Phi SRL 100% CTPark Sigma SRL 100% CTPark Tau SRL 100% CTPark Eta SRL 100% CTPark Bucharest A1 SRL 100% CTPark Bucharest Upsilon SRL 100% Hungary CTPark Alpha Kft. 100% CTPark Beta Kft. 100% CTPark Gamma Kft. 100% CTPark Delta Kft. 100% CTPark Biatorbágy Kft. 100% CTPark Arrabona Kft. 100% CTPark Seven Kft. 100% CTPark Eight Kft. 100% CTPark Ten Kft. 100% CTPark Nine Kft. 100% CTPark Eleven Kft. 100% Germany CTP Germany GmbH 100% L CTP Germany V GmbH 90% 10% CTP Invest, spol. s r.o CTP Germany VI GmbH 100% CTP Germany VII GmbH 100% CTP Germany VIII GmbH 100% CTP Germany IX GmbH 100% CTP Germany X GmbH 100% CTP Germany III GmbH 100% CTP Germany IV GmbH 100% CTP Germany XI GmbH 100% CTP Germany XII GmbH 100% CTP Germany XIII GmbH 100% CTP Property B.V. 351 Appendices CTP N.V. Annual Report 2024 7 CTP N.V. Annual Report 2024 ctp.eu Hong Kong CTP Invest Hong Kong Limited 100% China CTP Consulting (Shenzhen) Co., Ltd. 100% Denmark CTP Alpha Denmark ApS 100% CTP Beta Denmark ApS 100% Slovakia CTP Alpha SK, spol. s r.o. 90% L 10% CTP CEE Sub Holding, spol. s r.o. CTPark Krásno nad Kysucou, spol. s r.o. 90% L 10% CTP CEE Sub Holding, spol. s r.o. CTP Slovakia, s. r. o. 90% L 10% CTP CEE Sub Holding, spol. s r.o. CTPark Bratislava, spol. s r.o. 90% L 10% CTP CEE Sub Holding, spol. s r.o. CTPark Hlohovec, spol. s r.o. 90% L 10% CTP CEE Sub Holding, spol. s r.o. CTPark Nitra, spol. s r.o. 90% L 10% CTP CEE Sub Holding, spol. s r.o. CTPark Nove Mesto, spol. s.r.o. 90% L 10% CTP CEE Sub Holding, spol. s r.o. CTPark Košice, spol. s r.o. 90% L 10% CTP CEE Sub Holding, spol. s r.o. CTPark Prešov s.r.o. 90% L 10% CTP CEE Sub Holding, spol. s r.o. CTPark Žilina Airport, spol. s r.o. 90% L 10% CTP CEE Sub Holding, spol. s r.o. CTPark Námestovo, spol. s r.o. 90% L 10% CTP CEE Sub Holding, spol. s r.o. Serbia CTP Alpha doo Beograd-Novi Beograd 100% CTP Beta doo Beograd-Novi Beograd 100% CTP Gamma doo Beograd-Novi Beograd 100% CTP Delta doo Beograd-Novi Beograd 100% CTP Epsilon doo Beograd-Novi Beograd 100% CTP Kappa doo Beograd-Novi Beograd 100% CTP Lambda doo Beograd 100% Poland CTPark Opole sp. z o.o. 100% CTP Eta Poland sp. z o.o. 100% CTP Nu Poland sp. z o.o. 100% CTP Sigma Poland sp. z o.o. 100% Netherlands CTP Portfolio Finance Czech B.V. 100% Czech Republic L CTPark Modřice, spol. s r.o. 100% L CTPark Bor, spol. s r.o. 100% CTP Epsilon B.V. 100% CTP Theta B.V. 100% CTP Eta B.V. 100% CTP Kappa B.V. 100% CTP Nu B.V. 100% CTP Xi B.V. 100% CTP Omicron B.V. 100% CTP Pi B.V. 100% CTP Rho B.V. 100% CTP Property B.V. 352 Appendices CTP N.V. Annual Report 2024 7.2 EPRA Appendices 7.2.1 EPRA Financial Performance Metrics Indicator 2024 2023 1. EPRA EARNINGS a. EPRA EPS 0.80 0.69 b. Company Specific Adjusted EPRA EPS 0.80 0.73 2. EPRA NAV METRICS a. EPRA Net Reinstatement Value 18.54 16.36 b. EPRA Net Tangible Assets 18.08 15.92 c. EPRA Net Disposal Value 15.58 14.90 3. EPRA YIELD METRICS a. EPRA Net Initial Yield (NIY) 5.45% 5.56% b. EPRA ‘Topped-up’ NIY 5.62% 5.78% 353 Appendices CTP N.V. Annual Report 2024 7.2.2 EPRA Earnings (€million) 2024 2023 Earnings per IFRS income statement 1,081.4 922.6 Adjustments to calculate EPRA Earnings, exclude: Changes in value of investment properties, development properties held for investment and other interests 941.5 878.7 Profits or losses on disposal of investment properties, development properties held for investment and other interests -2.3 3.7 Profits or losses on sales of trading properties including impairment charges in respect of trading properties. Tax on profits or losses on disposals 0.4 -0.1 Negative goodwill / goodwill impairment Changes in fair value of financial instruments and associated close-out costs -1.9 -1.7 Acquisition costs on share deals and non-controlling joint venture interests Tax in respect of EPRA adjustments -219.7 -265.6 Adjustments above in respect of joint ventures (unless already included under proportional consolidation) Non-controlling interests in respect of the above EPRA Earnings 363.4 307.7 Average number of shares (in million) 456.8 446.1 EPRA Earnings per Share (EPS) 0.80 0.69 (€million) 2024 2023 Adjustments to calculate Company specific adjusted EPRA Earnings, exclude: Impairment/depreciation on property , plant and equipment FX related to company restructuring, intra-group transfer of SPV's 5.9 9.2 Non-recurring financing cost (i.e., pre-payment fees, impairment arrangement fees, etc.) 20.3 -6.6 Non-recurring items unrelated to operational performance (i.e., donations, transaction advisory, write-offs, etc.) -23.5 -22.9 Tax in respect of Company specific adjustments -3.3 4.5 Company specific adjusted EPRA Earnings 364.0 323.5 Company specific adjusted EPRA EPS 0.80 0.73 354 Appendices CTP N.V. Annual Report 2024 7.2.3 EPRA Net Asset Value Metrics (€million) EPRA NRV EPRA NTA EPRA NDV 31 December 2024 31 December 2023 31 December 2024 31 December 2023 31 December 2024 31 December 2023 IFRS Equity attributable to shareholders 7,351.2 6,166.9 7,351.2 6,166.9 7,351.2 6,166.9 Include / Exclude: i) Hybrid instruments Diluted NAV 7,351.2 6,166.9 7,351.2 6,166.9 7,351.2 6,166.9 Include: ii.a) Revaluation of IP (if IAS 40 cost option is used) ii.b) Revaluation of IPUC (if IAS 40 cost option is used) ii.c) Revaluation of other non-current investments iii) Revaluation of tenant leases held as finance leases iv) Revaluation of trading properties Diluted NAV at Fair Value 7,351.2 6,166.9 7,351.2 6,166.9 7,351.2 6,166.9 Exclude: v) Deferred tax in relation to fair value gains of IP -1,365.9 -1,162.3 -1,365.9 -1,162.3 vi) Fair value of financial instruments -22.0 16.1 -22.0 16.1 vii) Goodwill as a result of deferred tax 38.8 38.8 38.8 38.8 38.8 38.8 viii.a) Goodwill as per the IFRS balance sheet (net of vii)) 132.3 132.3 132.3 132.3 viii.b) Intangibles as per the IFRS balance sheet 8.4 5.4 Include: ix) Fair value of fixed interest rate debt 195.4 683.7 x) Revaluation of intangibles to fair value xi) Real estate transfer tax 73.4 59.4 NAV 8,773.6 7,333.7 8,559.4 7,136.6 7,375.4 6,679.5 Fully diluted number of shares (in million) 473 448 473 448 473 448 NAV per share 18.54 16.36 18.08 15.92 15.58 14.90 355 Appendices CTP N.V. Annual Report 2024 7.2.4 EPRA NIY and ‘topped-up’ NIY (€million) 31 December 2024 31 December 2023 Investment property – wholly owned 15,732.1 12,478.9 Investment property – share of JVs/Funds 0.0 0.0 Trading property (including share of JVs) 0.0 0.0 Less: developments 1,076.8 1,359.6 Less: landbank 1,292.4 919.8 Completed property portfolio 13,362.9 11,119.4 Allowance for estimated purchasers’ costs 0.0 0.0 Gross up completed property portfolio valuation 13,362.9 11,119.4 Annualised cash passing rental income 745.4 637.7 Property outgoings 17.3 20.0 Annualised net rents 728.1 617.7 Add: notional rent expiration of rent free periods or other lease incentives 23.1 25.1 Topped-up net annualised rent 751.2 642.8 EPRA NIY 5.45% 5.6% EPRA “topped-up” NIY 5.62% 5.8% 356 Appendices CTP N.V. Annual Report 2024 7.3 Materiality Appendices 7.3.1 Material Topics ESRS 2 SBM-3-48 Topic Sub-topic Sub- sub-topic IROs Driver of IRO Effects of IRO Positive / Negative (only for impact) Actual / Potential Time horizon Impact ma- teriality Financial materiality Addressed by the ad- ministrative, manage- ment, and supervisory bodies Climate change Climate change ad- aptation N/A Impact Corporate activities with no consid- eration of climate change Generation of GHG emissions (Scope 1,2) leading to the negative impact on the environment and society (cor- porate offices, vehicles, CTP parks, portfolio) Negative Actual Short-term Material N/A Yes N/A Impact Activities in the value chain with no consideration of climate change Generation of GHG emissions (Scope 3) leading to the negative impact on the environment and society (use of construction materials, operation of downstream leased assets, use of sold products). Negative Actual Short-term Material N/A Yes N/A Impact Corporate activities with a consid- eration of climate change Generation of GHG emissions (Scope 1,2) leading to the negative impact on the environment and society (cor- porate offices, vehicles, CTP parks, portfolio) Positive Actual Short-term Material N/A Yes N/A Impact Activities in the value chain with a consideration of climate change Generation of GHG emissions (Scope 3) leading to the negative impact on the environment and society (use of construction materials, operation of downstream leased assets, use of sold products). Positive Actual Short-term Material N/A Yes N/A Risk Increased frequency and intensity of extreme weather events (i.e., flood, high temperatures, inclement weather in coastal regions) -ex- pected to increase depending on the scenario (physical risk of climate change) Direct exposure of owned or con- trolled assets and operations to actual or potential physical impacts of climate change. Risk of increased costs of operations, affected physical assets and surrounding infrastructure N/A Potential Short-term N/A Material Yes 357 Appendices CTP N.V. Annual Report 2024 Topic Sub-topic Sub- sub-topic IROs Driver of IRO Effects of IRO Positive / Negative (only for impact) Actual / Potential Time horizon Impact ma- teriality Financial materiality Addressed by the ad- ministrative, manage- ment, and supervisory bodies N/A Risk Increased pricing of GHG emissions (transitional risk) The risk is related with the indirect effect of carbon pricing for the con- struction cost (e.g., higher carbon prices for construction materials manufacturers, higher prices of energy resources and transportation services). Inclusion of buildings and transport into ETS II will further increase the level of risk. N/A Potential Short-term N/A Material Yes N/A Risk Growing regulatory pressure, tenant, and investors requirements regarding the emission intensity of buildings (transitional risk) Risk of increased capital expend- iture. Risk of decreased market demand as more stringent require- ments within the EU pose an addi- tional risk associated with interna- tional competition. N/A Actual Short-term N/A Material Yes N/A Oppor- tunity Assessment of climate change risks and adaptation to such risks for existing and new developments Help preserve physical assets value over the long-term and maintain stable insurance rates. Removes risk from tenants to drive tenant demand. Implementation of new technologies lead to operational cost reductions N/A Actual Short-term N/A Material Yes Climate change miti- gation N/A Impact Implementation of actions to reduce GHG emissions in Scope 1 and 2 and reach carbon neutrality by 2050. Reduction of greenhouse gas emis- sions in Scope 1 and 2 contributing the positive impact on the environ- ment and society Positive Actual Medi- um-term Material N/A Yes N/A Impact Implementation of actions to reduce GHG emissions in Scope 3 and reach carbon neutrality by 2050. Reduction of greenhouse gas emis- sions in Scope 3 contributing the positive impact on the environment and society Positive Actual Medi- um-term Material N/A Yes N/A Risk Generation of the GHG emissions in the construction process and the requirement to reduce it (embodied and operational emissions) Increased operating costs (i.e., higher compliance costs), reduced demand for goods and services due to shift in consumer preferences ç N/A Actual Short-term N/A Material Yes 358 Appendices CTP N.V. Annual Report 2024 Topic Sub-topic Sub- sub-topic IROs Driver of IRO Effects of IRO Positive / Negative (only for impact) Actual / Potential Time horizon Impact ma- teriality Financial materiality Addressed by the ad- ministrative, manage- ment, and supervisory bodies N/A Oppor- tunity Provision of products that follow sustainable design rules (managing the lifecycle impacts and reducing embodied carbon footprint) Increased revenue thanks to ad- dressing customer demand for more sustainable products and services as well as by meeting evolving environ- mental and social regulation N/A Actual Short-term N/A Material Yes N/A Oppor- tunity Management of tenant sustaina- bility impacts through green lease agreements Increase tenant demand, satisfac- tion, and retention, decrease direct operating costs (thanks to estab- lishing systematic measurement and communication of resource consumption data, creating shared performance goals, and mandating minimum sustainability perfor- mance), design requirements that impact asset value appreciation N/A Actual Short-term N/A Material Yes Energy N/A Impact Electricity consumption in the CTP Group from corporate offices, CTP parks and any areas included in the Scope 1 and 2. GHG emissions related to the production and consumption of electricity Negative Actual Short-term Material N/A Yes N/A Impact Electricity consumption from the downstream leased assets GHG emissions related to the production and consumption of electricity Negative Actual Short-term Material N/A Yes N/A Impact Electricity consumption resulting from the construction processes GHG emissions related to the production and consumption of electricity Negative Actual Short-term Material N/A Yes N/A Risk High reliance on energy utility providers (not owned or controlled by the company) in the use stage of CTP products. Provision of products (new developments) not equipped with solutions enabling reduced reliance on grid energy and effective energy management Increased costs related to transi- tioning to low-energy use build- ings. All new buildings are built as solar-ready (i.e., the roof could bare the additional load from the PV systems). N/A Actual Short-term N/A Material Yes 359 Appendices CTP N.V. Annual Report 2024 Topic Sub-topic Sub- sub-topic IROs Driver of IRO Effects of IRO Positive / Negative (only for impact) Actual / Potential Time horizon Impact ma- teriality Financial materiality Addressed by the ad- ministrative, manage- ment, and supervisory bodies N/A Risk High reliance on energy utility providers (not owned or controlled by the company) in the use stage of CTP products. Provision of products (existing portfolio) not equipped with solutions enabling reduced reliance on grid energy and effective energy management Increased costs related to transi- tioning to low-energy use buildings. For the existing portfolio of build- ings, the reconstruction of the roofs could involve high cost. N/A Actual Short-term N/A Material Yes N/A Risk Increased production costs due to shifts in energy costs Decreased revenue due to higher costs of construction materials N/A Actual Short-term N/A Material Yes N/A Risk Pressure from regulators and tenants to improve asset energy efficiency in new developments Increased construction costs in the design of buildings to meet EPC requirements and zero-energy build- ings from 2030. N/A Actual Short-term N/A Material Yes N/A Risk Pressure from regulators and tenants to improve asset energy efficiency in existing assets. Increased large-scale refurbishment costs to meet EPC requirements. N/A Actual Short-term N/A Material Yes N/A Oppor- tunity Reduction of energy demand resulting from the installation of renewable energy sources in CTP asset portfolio (i.e., photovoltaic installations, wind turbines, energy storage) Opportunity directly through monetizing solar capacity as a new revenue stream. Opportunity indirectly through premium rent thanks to reduction of the operating cost, improved energy security, and compliance to tenants’ client’s ESG requirements. N/A Actual Short-term N/A Material Yes N/A Oppor- tunity Reducing the reliance on fossil fuel by converting existing buildings and new developments to all-electric Enhance asset value N/A Potential Short-term N/A Material Yes N/A Oppor- tunity Improving building energy per- formance and ability to measure consumption Potential for increased tenant demand and rental rates that drive asset value appreciation and reputa- tion for resource conservation N/A Actual Short-term N/A Material Yes Circular economy Waste N/A Impact Waste generated during construc- tion works Production and waste management require the use of natural resourc- es such as energy, water, and raw materials. Waste treatment and disposal processes can also generate additional resource consumption, which contributes to further envi- ronmental pressures. Negative Actual Short-term Material N/A Yes 360 Appendices CTP N.V. Annual Report 2024 Topic Sub-topic Sub- sub-topic IROs Driver of IRO Effects of IRO Positive / Negative (only for impact) Actual / Potential Time horizon Impact ma- teriality Financial materiality Addressed by the ad- ministrative, manage- ment, and supervisory bodies Resources inflows, including re- source use N/A Impact Use of resources (products includ- ing packaging, materials, water) related to the business (own opera- tions and value chain). Depletion of natural resources Negative Actual Short-term Material N/A Yes Own work- force Working conditions Secure em- ployment Impact Providing secure employment on the basis of a contract of employ- ment; providing the notice period according to the labour law (555 permanent and 112 temporary em- ployees in 2022). Ensuring employ- ees understand the resources and worker protections that are offered to them including labour rights and human rights. Providing indefinite contracts. Increase job satisfaction for employ- ees and ensure stability Positive Actual Short-term Material N/A Yes Adequate wages Impact The company uses fixed salary structures that ensure that people are paid fairly and equally. CTP pays competitive salaries to attract strong candidates at all job levels Increased employee satisfaction, turnover reduction Positive Actual Short-term Material N/A Yes Social dia- logue / the existence of works coun- cils and the information, consultation, and partici- pation rights of workers Impact Employee satisfaction monitoring in place (including, e.g., continuous feedback, where performance is a part of regular conversations. Long-term performance evaluations are conducted quarterly or annually, and KPIs are reviewed together with managers during feedback sessions) Getting to know employee satisfac- tion and the feeling of being listened to by employees Positive Actual Short-term Material N/A Yes Work-life balance Impact Providing Group-wide events (e.g., the Company offers sports club membership cards to its staff to participate in sports. It also organ- izes internal annual events such as the CT Gala, which takes place at the end of each year). Increase in job satisfaction for employees Promotion of healthy lifestyles among employees Positive Actual Short-term Material N/A Yes 361 Appendices CTP N.V. Annual Report 2024 Topic Sub-topic Sub- sub-topic IROs Driver of IRO Effects of IRO Positive / Negative (only for impact) Actual / Potential Time horizon Impact ma- teriality Financial materiality Addressed by the ad- ministrative, manage- ment, and supervisory bodies Health and safety Impact Management of health & safety in the workplace by means of acoustic comfort, daylight, ergonom- ic workplace, physical activity, thermal comfort. Safety measures: availability of medical personnel, communicating safety information, communicating safety informa- tion Private medical care to its employees Impact on employee health and safety, maintain no fatalities within its operations Positive Actual Short-term Material N/A No Equal treat- ment and opportunities for all Gender equality and equal pay for work of equal value Impact Employees trained in Code of Con- duct and anti-harassment policy each year Employee satisfaction, inclusive workplace, increasing awareness among employees Positive Actual Short-term Material N/A Yes Training and skills devel- opment Impact Providing training and development adjusted to employee’s needs, im- plemented training procedures and policies (locally specific) Development for employees’ careers is provided, thus influencing the desire to stay with the organization for the long term Positive Actual Short-term Material N/A Yes Entity specific -Re- cruitment Impact Standardized approach focusing on talent attraction and further devel- opment with the support of CTP’s management team. CTP values promoted (no clear policy describing recruitment process) Increased job satisfaction, providing development opportunities Positive Actual Short-term Material N/A Yes Measures against violence and harassment in the work- place Impact Implemented policies against un- ethical behaviour and an established committee to deal with misconduct in the subject of ethics. CTP’s employees receive an annual hour- long training on all topics related to compliance Ensuring the safety of employees and a sense of being taken care of by the employer Positive Actual Short-term Material N/A Yes Diversity Impact Ensuring equal opportunities in the workplace, access to training and career development, equal treat- ment in terms of employment condi- tions and promotion opportunities, implemented Code of Conduct. Monitoring of the KPI related to men/women ratio. Increase from employee satisfaction with workplace, sense of develop- ment Positive Actual Short-term Material N/A Yes 362 Appendices CTP N.V. Annual Report 2024 Topic Sub-topic Sub- sub-topic IROs Driver of IRO Effects of IRO Positive / Negative (only for impact) Actual / Potential Time horizon Impact ma- teriality Financial materiality Addressed by the ad- ministrative, manage- ment, and supervisory bodies Workers in the value chain Working conditions Health and safety Impact A standard agreement concluded with every contractor provides for the obligation to strictly comply with CTP OHS standards, regular audits of safety systems in place at the site Impact on employee health & safety in the value chain Positive Actual Short-term Material N/A No Secure em- ployment Oppor- tunity Monitor compliance with the code among suppliers and business partners Increased reputation through supplier compliance and visible CTP commitment N/A Potential Short-term N/A Material No Equal treat- ment and opportunities for all Measures against violence and harassment in the work- place Impact Occurrence of a channel for report- ing violations; suppliers may submit violations/comments by e-mail and phone Impact on communication and ethi- cal culture within the value chain Positive Actual Short-term Material N/A Yes Business conduct Corporate culture Entity spe- cific -Ethical business conduct Impact Management of internal business ethics within the company and maintaining ethical standards based on implemented policies and procedures. Employee training, oversight, and policies, procedures and enforcement systems focused on transparency and appropriate disclosures. Management of the risk management. Conducting business with integrity to ensure accounta- bility in areas such as human rights and due diligence, environmental compliance, and anti-competitive behavior. Impact on ethical corporate culture and increasing awareness among employees Positive Actual Short-term Material N/A Yes 363 Appendices CTP N.V. Annual Report 2024 Topic Sub-topic Sub- sub-topic IROs Driver of IRO Effects of IRO Positive / Negative (only for impact) Actual / Potential Time horizon Impact ma- teriality Financial materiality Addressed by the ad- ministrative, manage- ment, and supervisory bodies Entity spe- cific -Board oversight Impact Implementing policies and prac- tices to ensure compliance with regulations and to manage potential business risks that allow for the successful performance of the business. Example: staying aware of any new regulations that may arise, as well as changes in existing reg- ulations. Board oversight on CTP’s sustainability commitments, setting ambitious targets, oversight on the implemented policies, procedures, ensuring transparency. Improved environmental practices within the organisation, such as reduced carbon emissions, resource conservation, and biodiversity protection, benefiting the environ- ment. Implementation of socially responsible initiatives, ethical business practices, and community engagement, contributing to positive social impacts and sustainable devel- opment. Positive Actual Short-term Material N/A Yes Entity spe- cific -Board oversight Oppor- tunity Board oversight on CTP’s sus- tainability commitments, setting ambitious targets, oversight on the implemented policies, procedures, ensuring transparency. Increased long-term revenue growth due to attracting environmentally and socially responsible investors. Reducing operational costs through efficiency improvements and en- hancing brand reputation, leading to increased market competitiveness and long-term profitability. Potential new business opportunities, N/A Actual Medi- um-term N/A Material Yes Protection of whis- tle-blowers N/A Oppor- tunity Ensuring availability of the griev- ance mechanism for internal (em- ployees), and external stakeholders (suppliers, business partners, etc.) Reducing costly legal disputes and reputational risks, enhance stake- holder relationships, and attract socially responsible investors, ultimately enhancing the company’s financial performance, competitive- ness, and long-term sustainability N/A Actual Short-term N/A Material Yes N/A Risk Non-compliance with regulatory requirements on the grievance mechanism, lack of appropriate management and monitoring of the implemented system Potential legal penalties, reputation- al damage, increased operational costs to rectify issues, and loss of stakeholder trust N/A Potential Short-term N/A Material Yes 364 Appendices CTP N.V. Annual Report 2024 Topic Sub-topic Sub- sub-topic IROs Driver of IRO Effects of IRO Positive / Negative (only for impact) Actual / Potential Time horizon Impact ma- teriality Financial materiality Addressed by the ad- ministrative, manage- ment, and supervisory bodies Management of relation- ships with suppliers including payment practices Entity spe- cific -Supply chain man- agement Impact Integrating ESG criteria to ensure suppliers are conducting their busi- ness in an environmentally, socially, and economically responsible way. Example: components of Supply Chain Management – Planning, Information, Sourcing, Inventory, Production, Transportation, And Return of goods Impact on sustainability in the value chain by ensuring that suppliers operate in line with sustainable development principles Positive Actual Short-term Material N/A Yes Entity spe- cific -Supply chain man- agement Risk Failure to establish a due diligence system in accordance with the UN Guiding Principles on Business and Human Rights (UNGPs) and OECD Guidelines for Multinational Enter- prises. No control over the supply chain -insufficient monitoring and management processes. Reputational damage leading to loss of customers and investors N/A Potential Short-term N/A Material Yes Entity spe- cific -Supply chain man- agement Risk Incidents and non-compliance with working conditions regulated by law, such as minimum wage and safety standards as well as human rights in the supply chain. Damaged reputation if suppliers/ subcontractors act in ways not con- sistent with company’s values. N/A Potential Short-term N/A Material Yes Entity spe- cific -Supply chain man- agement Oppor- tunity Implementation of a due diligence system in accordance with the UN Guiding Principles on Business and Human Rights (UNGPs) and OECD Guidelines for Multinational Enter- prises. Ongoing data monitoring throughout the supply chain. Increasing long-term revenue growth by attracting responsible investors and customers, improved brand reputation, increased market competitiveness N/A Potential Short-term N/A Material Yes Corruption and bribery Prevention and detec- tion including training Impact Training on Anti-corruption Policy (as a part of a training on Code of Conduct), training for at-risk employees, Implemented policies, procedures, and actions in place regarding corruption and bribery, training for at-risk employees Impact on ethical corporate culture and increasing awareness among employees Positive Actual Short-term Material N/A Yes 365 Appendices CTP N.V. Annual Report 2024 Topic Sub-topic Sub- sub-topic IROs Driver of IRO Effects of IRO Positive / Negative (only for impact) Actual / Potential Time horizon Impact ma- teriality Financial materiality Addressed by the ad- ministrative, manage- ment, and supervisory bodies Incidents Risk Identified violations of corruption and bribery Additional costs due to financial pen- alties, legal proceedings, decreased the company’s reputation among employees, tenants, investors, and the public. N/A Potential Medi- um-term N/A Material Yes Incidents Risk Identified violations of corruption and bribery Decreased revenues due to damaged reputation and loss of trust as a responsible company N/A Potential Medi- um-term N/A Material Yes Incidents Oppor- tunity Implementation of the anti-corrup- tion and bribery policies and proce- dures, monitoring and management of this area. Increased long-term revenue growth due to increased credibility, access to new markets, access to the public sector incentives. N/A Potential Medi- um-term N/A Material Yes Entity specific -Sustainable design and green certifi- cation N/A Impact Sustainable design seeks to reduce negative impacts on the environ- ment, and the health and comfort of building occupants, thereby improving building performance. Example: New construction and/or existing green building certification schemes: BREEAM, LEED etc. Impact on promotion of the social and environmental responsibility within the real estate sector Positive Actual Short-term Material N/A Yes N/A Oppor- tunity Obtaining BREEAM certification for investments Increased revenues due to higher market value of asset, enhanced market positioning, attracting new tenants. N/A Actual Short-term N/A Material Yes N/A Risk Below-cost pricing, decreased margins Financial losses, reduced profitabil- ity, and potential long-term viability issues for the company. N/A Actual Short-term N/A Material Yes 366 Appendices CTP N.V. Annual Report 2024 7.3.2 Climate 7.3.2.1 Energy ENERGY INSIDE THE ORGANISATION GRI 302-1 Category Units Baseline 2023 2024 Fuel Consumption (Scope 1) Total MWh 16,856 15,622 Corporate offices (Natural gas) MWh 610 690 Corporate vehicles (petrol/diesel) MWh 5,117 6,572 Jet fuels MWh 10,702 7,016 CTParks (Natural gas) MWh 309 - Portfolio (Natural gas) MWh 117 1,343 District Heating (Scope 2) Total MWh 2,330 1,361 Corporate offices MWh 163 1,361 Portfolio MWh 2,168 - Electricity (Scope 2) Total MWh 8,650 11,446 Corporate offices MWh 855 971 Of which renewables MWh 375 541 CTParks MWh 3,264 3,430 Of which renewables MWh 1,595 2,271 Portfolio MWh 4,531 7,045 Of which renewables MWh 939 2,459 ENERGY OUTSIDE THE ORGANISATION GRI 302-2 Category Units Baseline 2023 2024 Category 13 Downstream Leased Assets 1,194,666 1,586,800 Natural gas MWh 512,548 495,548 District heating MWh 48,628 68,751 Electricity MWh 633,490 1,022,501 Purchased renewables MWh 259,769 364,496 Renewables provided by CTP Energy MWh 5,716 8,947 EPRA ENERGY PORTFOLIO EPRA Category Units 2023 2024 Fuel Consumption [Fuel-abs/fuel-LfL] MWh 512,665 496,891 District Heating [DH&C-abs/ DH&C-LfL] MWh 50,796 68,751 Electricity [Elec-abs/Elec-LfL] MWh 638,021 1,022,501 CTP ENERGY EPRA Category Units Baseline 2023 2024 Installed Capacity MWp 100 138 Solar energy produced MWh 22,898 36,785 Of which exported to the grid MWh 17,043 26,393 Of which used by CTP or tenants MWh 5,776 8,960 367 Appendices CTP N.V. Annual Report 2024 7.3.2.2 Emissions GHG EMISSIONS BY CATEGORY Category Units Baseline 2023 2024 Scope 1 Total 6,782 6,488 Corporate offices (all fuels) tCO 2 e 112 124 Corporate vehicles (petrol/diesel) tCO 2 e 1,280 1,647 Jet fuels tCO 2 e 2,802 1,754 CTParks (Natural gas) tCO 2 e 57 - Portfolio (Natural gas) tCO 2 e 22 242 Refrigerants tCO 2 e 2,509 2,721 Scope 2 (Location-based) Total 4,218 5,216 Corporate offices (District Heating) tCO 2 e 54 53 Corporate offices (Electricity) tCO 2 e 341 436 CTParks (Electricity) tCO 2 e 1,186 1,467 Portfolio (District Heating) tCO 2 e 650 504 Portfolio (Electricity) tCO 2 e 1,987 2,756 Scope 2 (Market-based) Total 3,935 2,889 Corporate offices (District Heating) tCO 2 e 54 53 Corporate offices (Electricity) tCO 2 e 223 190 CTParks (Electricity) tCO 2 e 1,306 609 Portfolio (District Heating) tCO2e 650 504 Portfolio (Electricity) tCO2e 1,701 1,533 Scope 3 Total 581,002 963,234 Category 1: Goods and Services tCO 2 e 213,308 370,525 Category 6: Business travel tCO 2 e 184 1,024 Category 13: Downstream leased assets Total 367,510 591,684 Category 13: Natural gas tCO 2 e 94,293 89,199 Category 13: District Heating tCO 2 e 14,595 19,127 Category 13: Electricity tCO 2 e 258,621 483,359 Category 13: Electricity (Market-based) tCO 2 e N/A 277,559 EPRA GHG PORTFOLIO EPRA Category Units Baseline 2023 2024 Scope 1 [GHG-Dir-Abs] tCO 2 e 2,588 2,962 Scope 2 Location-Based [GHG-indir-Abs] tCO 2 e 3,823 4,727 Scope 2 Market-Based [GHG-indir-Abs tCO2e 3,658 2,645 Scope 3: Category 13: Downstream Leased Assets tCO 2 e 367,510 591,684 7.3.2.3 Intensities INTENSITIES ENERGY-INT GHG-INT Category Units Baseline 2023 2024 Energy consumption [Energy-Int] kWh/m 2 136.12 121.72 GHG emission [GHG-Int] kgCO 2 e/m 2 47.97 73.38 SEGMENTATION BY COUNTRY Country MWh tCO2e (Loca- tion-based) Austria 7,622 974 Bulgaria 20,013 8,107 Czech Republic 620,369 301,269 Germany 425,859 115,855 Hungary 78,991 17,487 Netherlands 18,644 5,525 Poland 42,766 25,335 Romania 183,434 44,975 Serbia 73,986 55,673 Slovakia 125,370 19,745 Total 1,597,054 594,944 368 Appendices CTP N.V. Annual Report 2024 7.3.3 Water GREPRA WATER-ABS, EPRA WATER-LFL GRI 303-3 GRI 303-1, GRI 303-2 GRI 306-3, GRI 306-4, GRI 306-5 The 2024 DMA did not identify water-related issues as material to CTP. However, the Company prioritises a responsible approach toward water management as part of its broader business strategy, taking into consideration, among others, the alignment criteria of the EU taxonomy. To demonstrate its commitment, CTP has set a target to reduce the water intensity (cubic metres of water consumedm³/sqm of GLA) of the portfolio by 15% in 2026 compared to 2022. The Group considers its interaction with water from two perspectives: 1. consumption of drinking water; and 2. support for the natural water cycle. CTP is responsible for the consumption of drinking water used, which is mostly related to the Group’s cor- porate activities and is limited in amount. For its portfolio, CTP uses standards created by the EU taxonomy criteria to reduce water consump- tion, such as water-efficient fixtures. CTP installs state-of-the-art grey water and rainwater systems where feasible. In addition to providing efficient technical solutions, CTP encourages clients to reduce water consumption through green lease clauses. CTP reports water consumption for its own operations, i.e., corporate offices, its parks, and buildings. CTP’s support for the natural water cycle includes biodiverse landscaping at its parks that limit paving and help to retain groundwater, as well as the installation of rainwater and grey-water systems where fea- sible. As CTP’s assets are land intensive, these measures help to mitigate the Company’s negative impact on climate-related water risks, such as water stress. CTP reviews its portfolio for buildings in high water stress areas. This review indicates that around 17% of the buildings are located in such areas as defined by the Aqueduct Water Risk Atlas. For data collection, CTP uses an internally developed, evidence-based platform. Figures for Q4 are estimated by extrapolating known figures. To identify operations located in high water stress areas, 40% and upward, CTP uses the Aqueduct Water Risk Atlas. WATER WITHDRAWAL CORPORATE OPERATIONS EPRA Category Units All areas Water stress areas 2023 2024 2023 2024 Surface Water m 3 - - - - Groundwater m 3 - - - - Municipal water m 3 10,923 209,373 4,353 20,721 Unknown m 3 - - - - WATER WITHDRAWAL CTPARKS EPRA Category Units All areas Water stress areas 2023 2024 2023 2024 Surface Water m 3 - - - - Groundwater m 3 16,293 27,898 5,000 26,381 Municipal water m 3 24,266 16,946 - - Unknown m 3 11,088 7,217 3,855 - WATER WITHDRAWAL PORTFOLIO EPRA Category Units All areas Water stress areas 2023 (LfL) 2024 (LfL) 2023 (LfL) 2024 (LfL) Surface Water Landlord-controlled m 3 - - - - Surface Water Client-controlled m 3 3,280 - - - Groundwater Landlord-controlled m 3 7,244 - 7,230 - Groundwater Client-controlled m 3 282,221 271,317 122,550 92,181 Municipal water Landlord-controlled m 3 38,296 40,060 8,489 - Municipal water Client-controlled m 3 1,440,287 1,778,785 88,185 216,907 Unknown Landlord-controlled m 3 - - - Unknown Client-controlled m 3 - 1,242 - Totals [Water-abs/WaterLfL] m 3 1,771,328 2,091,403 226,454 309,088 WATER INTENSITY Category Units Baseline 2023 2024 Targets 2026 Water consumption [Water-Int] m 3 /m 2 0.19 0.20 -20% 369 Appendices CTP N.V. Annual Report 2024 7.3.4 Waste GREPRA WASTE-ABS, EPRA-WASTE-LFL GRI 306-3, GRI 306-4, GRI 306-5, GRI 306-1, GRI 306-2 The 2024 DMA identified resource use and circular economy as a material topic. CTP connects this material topic to is construction activities and not waste produced during daily operations, either in its own opera- tions or in the portfolio. See Section 4.7.1.2 for more information on this material topic. This section of the report is focused on alignment with the GRI and EPRA sBPR disclosures and discloses figures related to normal daily operations. For data collection, CTP uses an internally developed, evidence-based platform. Figures for Q4 are estimated by extrapolating known figures. WASTE GENERATION CORPORATE OFFICES EPRA Category Units 2023 2024 Landfill t 38 51 Incineration t 2 4 Reuse t - - Waste to energy t - - Recycling t 5 32 Other/Unknown t 16 1 Totals t 60 88 WASTE GENERATION AND DISPOSAL ROUTES CTPARKS EPRA Category Units 2023 2024 Landfill t 207 288 Incineration t 1 9,455 Reuse t - 0 Waste to energy t 2 - Recycling t 2 - Other/Unknown t 371 3 Totals t 583 9,746 WASTE GENERATION AND DISPOSAL ROUTES PORTFOLIO EPRA Category Units 2023 2024 Landfill t 2,347 2,536 Incineration t 1,699 2,235 Reuse t 177 8 Waste to energy t 146 436 Recycling t 1,664 1,034 Other/Unknown t 5,131 156 Totals [Waste-abs/Waste-LfL] t 11,165 6,406 7.3.5 New BREEAM Certifications EPRA BREEAM Certificate Type & Level No of Certificates At least 8 points ENE1 In Use Outstanding - Excellent 11 N/A Very good - N/A Good - N/A Total in use 11 N/A New construction Outstanding 1 1 Excellent 11 11 Very good 2 2 Total New Constructions 14 14 Share of BREEAM New Construction with at least 8 points in ENE1 100% 370 Appendices CTP N.V. Annual Report 2024 7.3.6 New EPC certifications EPRA EPC Certificate Type & Level No of Certificates Share EPC A (Including better than A) 16 80% EPC B 3 15% EPC C 1 5% EPC D 0 0% Total 20 100% Share of A or better 16 80% 7.3.7 New hires and new hire rate EPRA 2024 2023 Absolute Rate Absolute Rate Gender Male 140 41% 159 42% Female 186 38% 126 38% Age Category Under 30 years old 65 59% 51 49% 30-50 years old 228 38% 203 40% Over 50 years old 33 27% 24 34% Totals 326 40% 285 40% 7.3.8 Taxes GRI 207-1, GRI 207-2, GRI 207-3, GRI 207-4 CTP ensures compliance with all applicable tax regulations. Due to the way in which CTP is structured, the Company does not qualify for Real Estate Investment Trust (REIT) regimes. CTP’s Tax Policy can be found on the Company’s website. 7.3.9 Absentee rate CTP’s absentee rate is 1% 1 , with a total of 14,246 lost days recorded in 2024. 1 Absentee rate includes any legal reason for absenteeism but excludes maternity leave. 371 Appendices CTP N.V. Annual Report 2024 7.4 ESRS Index ESRS 2 BP-2-16, ESRS 2 IRO-2-56 Disclosure Paragraph Page Comments ESRS 2 General disclosures 1. Basis for preparation BP-1 General basis for the preparation of the sustainability statements 5 95 BP-2 Disclosures in relation to specific circumstances 9 96 10 96 11 96 13 96 14 96 15 97 16 371-374 2. Governance GOV-1 The role of the administrative, management and supervisory bodies 21 135, 164, 172, 195 22 175, 176 23 98 GOV-2 Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies 26 98, 173, 174 GOV-3 Integration of sustainability-related performance in incentive schemes 29 177 GOV-4 Statement on sustainability due diligence 32 141, 142 GOV-5 Risk management and internal controls over sustainability reporting 36 99, 203-209 3. Strategy SBM-1 Market position, strategy, business model(s) and value chain 40 100 41 100 42 100 SBM-2 Interests and views of stakeholders 45 102 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model(s) 48 104, 123, 356 4. Impact, risks and opportunity management IRO-1 Description of the processes to identify and assess material impacts, risks and opportunities 51 104, 105 Disclosure Paragraph Page Comments 53 104, 105 IRO-2 Disclosure Requirements in ESRS covered by the undertaking’s sustainability statements 56 104, 105, 371-374 59 104, 105 ESRS E1 Climate Change ESRS E1-GOV-3 13 177 E1-1 Transition plan for climate change mitigation 14 109 16 109 Impacts, risks, and opportunity management ESRS 2 SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model 18 110, 112 19 110, 112 ESRS 2 IRO-1 – Description of the processes to identify and assess material climate-related impacts, risks and opportunities 20 112, 123 21 112 E1-2 Policies related to climate change mitigation and adaptation 22 113 24 113 25 113 E1-3 Actions plans and recourses in relation to climate change policies and targets 26 113, 114 28 114 29 114 Metric and targets E1-4 Targets related to climate change mitigation and adaptation 30 115 33 115 34 115 E1-5 Energy consumption and mix 35 116 37 116 38 116 39 116 40 117 372 Appendices CTP N.V. Annual Report 2024 Disclosure Paragraph Page Comments 41 117 42 117 43 117 E1-6 Gross scopes 1, 2, 3 and total GHG emissions 44 120 46 120, 121 47 120 48 120 49 120 50 120 51 120, 122 52 120 53 122 54 122 55 122 E1-7 GHG removals and GHG mitigation projects financed through carbon credits Not Material E1-8 Internal carbon pricing Not Material E1-9 Potential financial effects from material physical risks, material transition risks and climate-related opportunities. 66 123 67 123, 147 68 123 69 123 ESRS E2 Pollution Not Material ESRS E3 Water and marine sources Not Material ESRS E4 Biodiversity and ecosystems Not Material ESRS E5 Resource use and Circular Economy ESRS 2 IRO-1 – Description of the processes to identify and assess material resource use and circular economy-related impacts, risks and opportunities 11 124 E5-1 Policies related to resource use and circular economy 12 124 14 124 15 N/A Not applicable 16 N/A Not applicable ESRS 2 62 124 Disclosure Paragraph Page Comments E5-2 Actions and resources related to resource use and circular economy 17 125 19 125 20 Not applicable ESRS 2 62 125 E5-3 Targets related to resource use and circular economy 21 125 23 125 24 Not applicable 25 Not applicable 26 Not applicable 27 Not applicable ESRS 2 72 125 E5-4 Resource inflows 28 126 30 126 31 126 32 126 E5-5 Resource outflows 33 126 35 126 36 126 37 126 38 126 39 126 40 126 E5-6 Anticipated financial effects from material resource use and circular economy-related risks and opportunities 41 126 43 126 ESRS S1 Own workforce ESRS 2 SBM-2 – Interests and views of stakeholders 12 128 ESRS 2 SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model 13 128 14 128 15 129 16 129 373 Appendices CTP N.V. Annual Report 2024 Disclosure Paragraph Page Comments S1-1 Policies related to own workforce 17 129, 130 19 129, 130 20 129, 130 21 129, 130 22 129 23 130 24 129, 130 ESRS 2 62 130 S1-2 Processes for engaging with own workers and workers’ 25 130 27 130 28 130 29 Process developed S1-3 Processes to remediate negative impacts and channels for own worders to raise concerns 30 130 32 130 33 130 34 130 S1-4 Taking action on material impacts on own workforce, and approaches to mitigating material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions 35 130 37 130, 131 38 131 39 130 40 131 41 130, 131 42 130, 131 43 130 Metrics and targets S1-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities 44 131 45 131 ESRS 2 72 N/A S1-6 Characteristics of the undertaking’s employees 48 132-134 50 132-134 Disclosure Paragraph Page Comments S1-7 Characteristics of non-employee workers in the undertaking’s own workforce 53 134 55 134 S1-8 Collective bargaining coverage and social dialogue 58 134 60 134 63 134 S1-9 Diversity indicators 64 135 66 135 S1-10 Adequate wages 67 135 69 135 S1-11 Social protection 72 135 74 135 S1-12 Persons with disabilities Not Material S1-13 Training and skills development indicators 81 135 83 135 S1-14 Health and safety indicators 86 135 88 135 S1-15 Work-life balance indicators 91 136 93 136 S1-16 Compensation indicators (pay gap and total compensation) 95 136 97 136 S1-17 Incidents, complaints, and severe human rights impacts and incidents 100 136, 137 102 136, 137 103 136, 137 104 136 ESRS S2 Workers in the value chain ESRS 2 SBM-2 Interests and views of stakeholders 9 137 ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model 10 137, 138 11 137, 138 12 138 13 137, 138 S2-1 Policies related to value chain workers 14 138 374 Appendices CTP N.V. Annual Report 2024 Disclosure Paragraph Page Comments 16 138 17 138 18 138 19 138 ESRS 2 62 138 S2-2 Processes of engaging with value chain workers about impacts 20 139 22 139 23 139 S2-3 Processes to remediate negative impacts and channels for value chain workers to raise concerns 25 139 27 139 28 139 29 Not applicable to CTP S2-4 Taking action on material impacts on value chain workers, approaches to mitigating material risks and pursuing material opportunities related to value chain workers, and the effectiveness of those actions 30 139 31 139 32 139 33 139 34 139 35 139 36 139 37 139 38 139 ESRS 2 62 Metrics and targets S2-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities 39 Not applicable 41 42 ESRS 2 72 139 ESRS S3 Affected communities Not Material Disclosure Paragraph Page Comments ESRS S4 Consumers and end-users Not Material ESRS G1 Business Conduct Impacts, risks, and opportunity management ESRS 2 GOV-1 – The role of the administrative, management and supervisory bodies 5 142 ESRS 2 IRO-1 – Description of the processes to identify and assess material impacts, risks and opportunities 6 143 G1-1 Corporate culture and business conduct policies 7 143, 144 9 143 10 143, 144 G1-2 Management of relationships with suppliers 12 145 14 145 15 145 G1-3 Prevention and detection of corruption/bribery 16 145 18 145 19 Not applicable to CTP 20 145 21 145 Metrics and targets G1-4 Confirmed incidents of corruption or bribery 22 145 24 145 26 145 G1-5 Political influence and lobbying activities Not Material G1-6 Payment practices 31 146 33 146 375 Appendices CTP N.V. Annual Report 2024 7.5 TCFD Index Theme Recommendations Page Governance Disclose the organi- sation’s governance around climate-related risks and opportunities. A. Describe the Board’s oversight of climate related risks and oppor- tunities 95 B. Describe management’s role in assessing and managing climate- re- lated risks and opportu- nities. 95 Strategy Disclose the actual and potential impacts of climate-related risks and opportunities on the organisation’s business- es, strategy, and finan- cial planning where such information is material. A. Describe the climate-re- lated risks and opportu- nities the organization has identified over the short, medium, and long- term. 110, 339 B. Describe the impact of climate-related risks and opportunities on the organisation’s busi- nesses, strategy, and financial planning. 110 C. Describe the resilience of the organisation’s strategy, taking into consideration different climate related scenar- ios, including a 2˚C or lower scenario. 110 Risk Management Disclose how the or- ganisation identifies, assesses, and manages climate-related risks. A. Describe the organ- isation’s process for identifying and assessing climate-related risks. 110 B. Describe the organ- isation’s process for managing climate-relat- ed risks. 110 C. Describe how processes for identifying, as- sessing, and managing climate- related risks are integrated into the organisation’s overall risk management 110 Metrics and Targets Disclose the metrics and targets used to assess and manage relevant climate-related risks and opportunities where such information is material. A. Disclose the metrics used by the organisation to assess climate related risks and opportunities in line with its strategy and risk management process. 120 B. Disclose Scope 1, Scope 2 and, if appropriate, Scope 3 greenhouse gas (GHG) emissions and the related risks. 120 C. Describe the targets used by the organisation to manage climate-re- lated risks and opportu- nities and performance against targets. 115 376 Appendices CTP N.V. Annual Report 2024 7.6 EPRA sBPR Index EPRA code Indicator GRI Standard Disclosure Page Environmental Sustainability Per- formance Measures Elec-Abs Total electricity consumption 302-1 366 Elec-LfL Like-for-like total electricity con- sumption 302-1 366 DH&C-Abs Total district heating & cooling consumption 302-1 366 DH&C LfL Like-for-like total district heating & cooling consumption 302-1 366 Fuel-Abs Total fuel consumption 302-1 366 Fuel-LfL Like-for-like total fuel consump- tion 302-1 366 Energy-Int Building energy intensity 302-3 366 GHG-Dir-Abs Total direct greenhouse gas (GHG) emissions 305-1 367 GHG Indir-Abs Total indirect greenhouse gas (GHG) emissions 305-2 367 GHG-Int Greenhouse gas emissions intensity from building energy consumption 305-4 367 Water-Abs Total water consumption 303-1 368 Water-LfL Like-for-like total water consump- tion 303-1 368 Water-Int Building water intensity 368 Waste-Abs Total weight of waste by disposal route 306-4, 306-5 369 Waste-LfL Like-for-like total weight of waste by disposal route 306-4, 306-5 369 Cert-total Type and number of sustainably certified assets 147 Social Performance Measures Indicator GRI Standard Disclosure Reference Diversity-Emp Employee gender diversity 405-1 132 Diversity-Pay Gender pay ratio 405-2 136 Emp-Training Training and development 404-1 135 Emp-Dev Employee performance appraisals 404-3 135 Emp-Turnover New hires and turnover 401-1 137 EPRA code Indicator GRI Standard Disclosure Page H&S-Emp Employee health and safety 403-2 140 H&S-Asset Asset health and safety measures 416-1 134 H&S-Comp Asset health and safety compliance 416-2 135 Compty-Eng Community engagement, impact assessments and development programs 413-1 149 Governance Performance Meas- ures Indicator GRI Standard Disclosure Reference Gov-Board Composition of the highest govern- ance body 2-9 164 Gov-Select Process for nominating and select- ing the highest governance body 2-10 171 Gov-Col Process for managing conflicts of interest 2-15 172 Overarching Recommendations Page 7.1 Organisational boundaries 95 7.2 Coverage 116, 120 7.3 Estimation of landlord-ob- tained utility consumption 116, 120 7.4 Third Party Assurance 95 7.5 Boundaries – reporting on land- lord and tenant utility consumption 116, 120 7.6 Normalisation 7.7 Segmental analysis (by proper- ty type, geography etc.) 367 7.8 Disclosure on own offices 366 7.9 Narrative on performance 120 7.10 Location of EPRA Sustain- ability Performance Measures in companies’ reports All items have been tagged appropriatly 7.11 Reporting period 1-1-2024 to 31-12-2024 7.12 Materiality 104, 356-365 377 Appendices CTP N.V. Annual Report 2024 7.7 GRI INDEX GRI Standard Page Comments/Other references General disclosures 1. The organisation and its reporting practices 2-1 Organisational details 389 2-2 Entities included in the organisation’s sustainability reporting 95 2-3 Reporting period, frequency, and contact point 1-1-2024 to 31-12-2024 Annually esg@ctp.eu 2-4 Restatement of information 96 2-5 External assurance 95 2. Activities and workers 2-6 Activities, value chain, and other business relationships 100, 101 2-7 Employees 132, 133 2-8 Workers who are not employees 134 3. Governance 2-9 Governance structure and composition 171, 172 2-10 Nomination and selection of the highest governance body 171 2-11 Chair of the highest governance body 165 2-12 Role of the highest governance body in overseeing the management of impacts 98 2-13 Delegation of responsibility for managing impacts 98 2-14 Role of the highest governance body in sustainability reporting 98 2-15 Conflicts of interest 172 2-16 Communication of critical concerns 136 2-17 Collective knowledge of the highest gov- ernance body 164-170 2-18 Evaluation of the performance of the highest governance body - 2-19 Remuneration policies 179, 180 2-20 Process to determine remuneration 179, 180 2-21 Annual total compensation ratio 136 GRI Standard Page Comments/Other references 4. Strategy, policies, and practices 2-22 Statement on sustainable development strategy 16 2-23 Policy commitments 4.7.1.1.3, 4.7.1.2.2, 4.7.2.1.3, 4.7.2.2.3, 4.7.3.1.4 2-24 Embedding policy commitments - 2-25 Processes to remediate negative impacts - 2-26 Mechanisms for seeking advice and rais- ing concerns - 2-27 Compliance with laws and regulations - 2-28 Membership associations - 5. Stakeholder engagement 2-29 Approach to stakeholder engagement 102, 103 2-30 Collective bargaining agreements 134 Material topics 3-1 Process to determine material topics 104, 105 3-2 List of material topics 356-363 GRI material topic standards 201: Economic performance 2016 201-1 Direct economic value generated and distributed 28, 29 201-2 Financial implication and other risks and opportunities due to climate change 123 202: Market presence 2016 202-1 Ratios and standard entry level wage by gender compared to local minimum wage 135 202-2 Proportion of senior management hired from local community - 203: Indirect economic impact 2016 203-1 Infrastructure investments and services supported - 204: Procurement practices - 2016 204-1 Proportion of spending on local provid- ers - 205: Anti-corruption - 2016 205-1 Operations assessed for risks related to corruption 144 378 Appendices CTP N.V. Annual Report 2024 GRI Standard Page Comments/Other references 205-2 Communication and training about anti- corruption policies and procedures 143, 144 205-3 Confirmed incidents of corruption and actions taken 145 206: Anti-competitive behaviour - 2016 206-1 Legal actions for anticompetitive behav- iour, anti-trust, and monopoly practices 145 302: Energy - 2016 3-3 Management of material topics 110, 112 302-1 Energy consumption within the organi- sation 366 302-2 Energy consumption outside of the organisation 366 302-3 Energy intensity 366 303: Water and effluents - 2018 303-1 Interactions with water as a shared resource 368 303-2 Management of water discharge-relat- ed impact 368 303-3 Water withdrawal 368 305: Emissions – 2016 3-3 Management of material topics 120 305-1 Direct (Scope 1) GHG emissions 367 305-2 Energy indirect (Scope 2) GHG emis- sions 367 305-3 Other indirect (Scope 3) GHG emissions 367 305-4 GHG emissions intensity 367 306: Waste - 2020 306-1 Waste generation and significant waste-related impacts 369 306-2 Management of significant waste-relat- ed impacts 369 306-3 Waste generated 369 306-4 Waste diverted from disposal 369 306-5 Waste directed to disposal 369 308: Supplier environmental assessment – 2016 GRI Standard Page Comments/Other references 308-1 New suppliers/providers that were screened using environmental criteria - 308-2 Negative environmental impacts in the supply chain and actions taken - 401: Employment - 2016 3-3 Management of Material Topics 128 401-1 New employee hires and employee turnover 370 401-2 Benefits provided to full-time employees that are not provided to temporary or part- time employees - 401-3 Parental leave 136 403: Occupational health and safety - 2018 3-3 Management of material topics 128 403-1 Occupational health and safety system - 403-2 Hazard Identification, risk assessment, and incident investigation - 403-3 Occupational health services - 403-4 Worker participation, consultation, and communication on occupational health and safety - 403-5 Worker training on occupational health and safety - 403-6 Promotion of worker health - 403-7 Prevention and mitigation of occupa- tional health and safety impacts directly linked by business relationships - 403-8 Worker covered by an occupational health and safety management system - 403-9 Work-related injuries 135, 136 403-10 Work-related ill health 135, 136 404: Training and education - 2016 404-1 Average hours of training per year per employee 135 404-2 Programs for upgrading employee skills and transition assistance programs - 404-3 Percentage of employees receiving regular performance and career development reviews 135 379 Appendices CTP N.V. Annual Report 2024 GRI Standard Page Comments/Other references 405: Diversity and equal opportunity 2016 405-1 Diversity of governance bodies and employees 135 405-2 Ratio of basic salary and remuneration of women to men 136 406: Non-discrimination – 2016 406-1 Incidents of discrimination and correc- tive actions taken 136 413: Local communities - 2016 413-1 Operations with local community en- gagement, impact assessments, and develop- ment programs 149 414: Supplier social assessment - 2016 - 414-1 New suppliers that were screened using social criteria - 414-2 Negative social impacts in the supply chain and actions taken - 380 Appendices CTP N.V. Annual Report 2024 7.8 Property List 1/5 Rank Country Park GLA ('000 sqm) Type Ownership 1 Romania CTPark Bucharest West 902 Industrial Owned 2 Czech CTPark Bor 641 Industrial Owned 3 Romania CTPark Bucharest 572 Industrial Owned 4 Czech CTPark Brno 540 Industrial Owned 5 Czech CTPark Ostrava 390 Industrial Owned 6 Hungary CTPark Budapest West 313 Industrial Owned 7 Czech CTPark Plzeň 254 Industrial AuM/Owned 8 Romania CTPark Bucharest North 229 Industrial Owned 9 Hungary CTPark Budapest East 212 Industrial Owned 10 Czech CTPark Modřice 205 Industrial/Office Owned 11 Slovakia CTPark Trnava 183 Industrial Owned 12 Poland CTPark Warsaw West 177 Industrial Owned 13 Czech CTPark Brno Líšeň 175 Industrial Owned 14 Czech CTPark Hranice 160 Industrial Owned 15 Czech CTPark Prague North 157 Industrial AuM/Owned 16 Slovakia CTPark Námestovo 148 Industrial Owned 17 Romania CTPark Timisoara 145 Industrial Owned 18 Romania CTPark Timisoara North 141 Industrial Owned 19 Poland CTPark Warsaw South 135 Industrial Owned 20 Serbia CTPark Belgrade City 132 Industrial Owned 21 Czech CTPark Pohořelice 132 Industrial Owned 22 Czech CTPark Žatec 125 Industrial Owned 23 Slovakia CTPark Bratislava 123 Industrial Owned 24 Netherlands CTPark Amsterdam City 120 Industrial Owned 25 Hungary CTPark Budapest Szigetszentmiklós 120 Industrial Owned 26 Serbia CTPark Belgrade North 120 Industrial Owned 27 Poland CTPark Iłowa 117 Industrial Owned 28 Netherlands CTPark Gorinchem 104 Industrial Owned 29 Serbia CTPark Belgrade West 99 Industrial Owned 30 Germany Wilhelmshaven West 99 Industrial Owned 31 Czech CTPark Teplice 96 Industrial AuM Rank Country Park GLA ('000 sqm) Type Ownership 32 Slovakia CTPark Žilina Airport 96 Industrial Owned 33 Czech Spielberk 92 Office/Hotel Owned 34 Czech CTPark Prague East 90 Industrial Owned 35 Czech CTPark Cerhovice 88 Industrial Owned 36 Hungary CTPark Budapest Vecsés 88 Industrial Owned 37 Hungary CTPark Tatabánya 87 Industrial Owned 38 Hungary CTPark Komárom 87 Industrial Owned 39 Czech Ponávka 86 Industrial/Office Owned 40 Romania CTPark Ploiesti 86 Industrial Owned 41 Serbia CTPark Kragujevac 85 Industrial Owned 42 Poland CTPark Opole 85 Industrial Owned 43 Slovakia CTPark Košice 81 Industrial Owned 44 Slovakia CTPark Voderady 78 Industrial Owned 45 Czech CTPark Kadaň 77 Industrial Owned 46 Romania CTPark Pitesti 76 Industrial Owned 47 Romania CTPark Pitesti Oarja 75 Industrial Owned 48 Czech CTPark Humpolec 75 Industrial Owned 49 Czech Vlněna 75 Office Owned 50 Czech CTPark Mladá Boleslav 74 Industrial Owned 51 Czech CTPark Ostrava Poruba 72 Industrial Owned 52 Czech CTPark Blučina 72 Industrial Owned 53 Poland CTPark Gdańsk Port 71 Industrial Owned 54 Slovakia CTPark Prešov South 70 Industrial Owned 55 Serbia CTPark Novi Sad 69 Industrial Owned 56 Poland CTPark Zabrze 69 Industrial Owned 57 Czech CTPark Nový Jičín 69 Industrial Owned 58 Slovakia CTPark Žilina 68 Industrial Owned 59 Romania CTPark Bucharest Chitila 67 Industrial Owned 60 Romania CTPark Oradea Cargo Terminal 66 Industrial Owned 61 Hungary CTPark Budapest South 65 Industrial Owned 62 Bulgaria CTPark Sofia 65 Industrial Owned 63 Germany Stuttgart Mahle 64 Industrial Owned 381 Appendices CTP N.V. Annual Report 2024 7.8 Property List 2/5 Rank Country Park GLA ('000 sqm) Type Ownership 64 Bulgaria CTPark Sofia East 61 Industrial Owned 65 Czech CTPark Prague Airport 59 Industrial Owned 66 Serbia CTPark Novi Sad East 59 Industrial Owned 67 Czech CTPark Ostrava Hrušov 58 Industrial Owned 68 Czech CTPark Blatnice 57 Industrial Owned 69 Romania CTPark Brasov West 57 Industrial Owned 70 Czech CTPark Cheb 55 Industrial Owned 71 Czech CTPark Aš 55 Industrial Owned 72 Romania CTPark Craiova East 54 Industrial Owned 73 Czech CTPark Brno South 53 Industrial Owned 74 Romania CTPark Bucharest South II 53 Industrial Owned 75 Austria CTPark Vienna East 53 Industrial Owned 76 Romania CTPark Timisoara West 52 Industrial Owned 77 Hungary CTPark Arrabona 50 Industrial Owned 78 Romania CTPark Sibiu 49 Industrial Owned 79 Germany Bad Salzdetfurth 49 Industrial Owned 80 Hungary CTPark Budapest North 48 Industrial Owned 81 Bulgaria CTPark Sofia West 46 Industrial Owned 82 Germany Bad Waldsee 46 Industrial Owned 83 Romania CTPark Arad 46 Industrial Owned 84 Czech CTPark Mladá Boleslav II 46 Industrial Owned 85 Hungary CTPark Budapest Ecser 46 Industrial Owned 86 Germany Emden 45 Industrial Owned 87 Germany CTPark Weiden 44 Industrial Owned 88 Germany Freisen 44 Industrial Owned 89 Germany Munchen North 43 Industrial Owned 90 Germany Euskirchen 43 Industrial Owned 91 Romania CTPark Sibiu East 43 Industrial Owned 92 Czech CTPark Divišov 42 Industrial Owned 93 Czech CTPark Hlubočky 42 Industrial Owned 94 Poland CTPark Katowice 42 Industrial Owned Rank Country Park GLA ('000 sqm) Type Ownership 95 Czech CTPark Karviná 42 Industrial Owned 96 Germany Duren 41 Industrial Owned 97 Germany Lohne 40 Industrial Owned 98 Germany Rostock 38 Industrial Owned 99 Czech CTPark Přeštice 38 Industrial Owned 100 Czech CTPark Pardubice 37 Industrial Owned 101 Hotels Europort Airport Center 36 Hotel Owned 102 Germany Neubrandenburg 35 Industrial Owned 103 Czech CTPark Prague West 34 Industrial Owned 104 Czech CTPark Kvasiny 34 Industrial Owned 105 Slovakia CTPark Nitra 34 Industrial Owned 106 Romania CTPark Bucharest Mogosoia 34 Industrial Owned 107 Germany CTPark Bremen 33 Industrial Owned 108 Romania CTPark Bucharest South 33 Industrial Owned 109 Czech CTPark Ostrava Radvanice 33 Industrial Owned 110 Germany Gevelsberg South 32 Industrial Owned 111 Poland CTPark Warsaw East 32 Industrial Owned 112 Czech CTPark Planá 32 Industrial Owned 113 Germany Treuenbrietzen 31 Industrial Owned 114 Czech CTPark Jihlava 31 Industrial Owned 115 Romania CTPark Cluj 30 Industrial Owned 116 Bulgaria CTPark Sofia Airport 30 Industrial Owned 117 Romania CTPark Pitesti East 30 Industrial Owned 118 Slovakia CTPark Hlohovec 29 Industrial Owned 119 Romania CTPark Arad West 29 Industrial Owned 120 Czech CTPark Česká Lípa 28 Industrial Owned 121 Germany Hannover North-West 27 Industrial Owned 122 Hungary CTPark Szombathely East 26 Industrial Owned 123 Romania CTPark Deva II 26 Industrial Owned 124 Hungary CTPark Székesfehérvár 26 Industrial Owned 125 Romania CTPark Timisoara South 25 Industrial Owned 382 Appendices CTP N.V. Annual Report 2024 7.8 Property List 3/5 Rank Country Park GLA ('000 sqm) Type Ownership 126 Romania CTPark Targu Mures 25 Industrial Owned 127 Germany Eisenach 25 Industrial Owned 128 Germany Hannover West 25 Industrial Owned 129 Germany Solingen 25 Industrial Owned 130 Germany Monchweiler 24 Industrial Owned 131 Germany Gevelsberg East 24 Industrial Owned 132 Germany Remscheid Centre South 24 Industrial Owned 133 Romania CTPark Salonta 23 Industrial Owned 134 Netherlands CTPark Rotterdam 23 Industrial Owned 135 Austria CTPark Sankt Polten North 23 Industrial Owned 136 Czech IQ Ostrava 23 Office Owned 137 Romania CTPark Turda 23 Industrial Owned 138 Romania CTPark Ineu 22 Industrial Owned 139 Romania CTPark Oradea North 22 Industrial Owned 140 Poland CTPark Sulechów 21 Industrial Owned 141 Romania CTPark Deva 21 Industrial Owned 142 Czech CTPark Okříšky 21 Industrial Owned 143 Germany Wittingen 21 Industrial Owned 144 Germany Simmern/Hunsruck 21 Industrial Owned 145 Germany Hannover North 21 Industrial Owned 146 Germany Schwabisch Hall South 20 Industrial Owned 147 Romania CTPark Arad City 20 Industrial Owned 148 Czech CTPark Chomutov 20 Industrial Owned 149 Germany Dortmund Centre-East 20 Industrial Owned 150 Hungary CTPark Szombathely 20 Industrial Owned 151 Germany Regensburg 20 Industrial Owned 152 Czech CTPark Chrastava 20 Industrial Owned 153 Czech CTPark Lipník nad Bečvou 20 Industrial Owned 154 Germany Aalen West 19 Industrial Owned 155 Germany Schwerin South 19 Industrial Owned 156 Czech CTPark Zákupy 19 Industrial Owned Rank Country Park GLA ('000 sqm) Type Ownership 157 Czech CTPark Nošovice 19 Industrial Owned 158 Germany Zella-Mehlis Süd 19 Industrial Owned 159 Bulgaria CTPark Plovdiv Airport 19 Industrial Owned 160 Hungary CTPark Mosonmagyaróvár 18 Industrial Owned 161 Hotels Hotel Plzeň 18 Hotel Owned 162 Romania CTPark Brasov 18 Industrial Owned 163 Poland CTPark Warsaw North 18 Industrial Owned 164 Germany Krefeld 18 Industrial Owned 165 Serbia CTPark Jagodina 18 Industrial Owned 166 Germany Hannover Centre-North 18 Industrial Owned 167 Slovakia CTPark Nové Mesto 17 Industrial Owned 168 Germany Wesel 17 Industrial Owned 169 Germany Lichtenfels 16 Industrial Owned 170 Germany Remscheid North 16 Industrial Owned 171 Germany Duisburg West 16 Industrial Owned 172 Germany Lauda-Konigshofen 16 Industrial Owned 173 Czech CTPark Most 15 Industrial Owned 174 Germany Numbrecht 15 Industrial Owned 175 Germany Magdeburg West 15 Industrial Owned 176 Serbia CTPark Nis 15 Industrial Owned 177 Germany Aalen East 15 Industrial Owned 178 Germany Dusseldorf West 14 Industrial Owned 179 Germany Berlin South 14 Industrial Owned 180 Czech CTPark Kolín 14 Industrial Owned 181 Czech CTPark Hradec Králové 14 Industrial Owned 182 Hungary CTPark Budapest Office Campus 13 Industrial Owned 183 Germany Kloster Lehnin 13 Industrial Owned 184 Germany Reutlingen North 13 Industrial Owned 185 Germany Bad Oeynhausen 13 Industrial Owned 186 Germany Bocholt 13 Industrial Owned 187 Germany Wolfsburg East 13 Industrial Owned 383 Appendices CTP N.V. Annual Report 2024 7.8 Property List 4/5 Rank Country Park GLA ('000 sqm) Type Ownership 188 Germany Bielefeld South 12 Industrial Owned 189 Germany Magdeburg East 12 Industrial Owned 190 Germany Bremen West 12 Industrial Owned 191 Germany Sonneberg 12 Industrial Owned 192 Romania CTPark Arad North 12 Industrial Owned 193 Germany Remscheid Centre West 12 Industrial Owned 194 Czech CTPark Louny 12 Industrial Owned 195 Germany Zella-Mehlis-II 12 Industrial Owned 196 Hungary CTPark Kecskemét 12 Industrial Owned 197 Poland CTPark Warsaw Konik 11 Industrial Owned 198 Germany Neustadt-Glewe 11 Industrial Owned 199 Slovakia CTPark Krásno nad Kysucou 11 Industrial Owned 200 Germany Siegen South 11 Industrial Owned 201 Germany Magdeburg North 10 Industrial Owned 202 Germany Kaiserslautern North 10 Industrial Owned 203 Germany Nurtingen South 10 Industrial Owned 204 Czech CTPark Holubice 10 Industrial Owned 205 Czech CTPark Ústí nad Labem 10 Industrial Owned 206 Czech CTPark Kutná Hora 10 Industrial Owned 207 Germany Wittenberg 10 Industrial Owned 208 Germany Aalen South 10 Industrial Owned 209 Germany Linthe 10 Industrial Owned 210 Germany Bremen North 10 Industrial Owned 211 Bulgaria CTPark Plovdiv North 10 Industrial Owned 212 Germany Dusseldorf West 9 Industrial Owned 213 Germany Wismar 9 Industrial Owned 214 Germany Bonn North 9 Industrial Owned 215 Bulgaria CTPark Sofia Ring Road 9 Industrial Owned 216 Germany Wuppertal 9 Industrial Owned 217 Romania CTPark Caransebes 9 Industrial Owned 218 Czech CTPark Liberec 8 Industrial Owned Rank Country Park GLA ('000 sqm) Type Ownership 219 Germany Bochum South 8 Industrial Owned 220 Germany Berlin East 8 Industrial Owned 221 Germany Schleiz 8 Industrial Owned 222 Germany Gera East 7 Industrial Owned 223 Germany Gustrow 7 Industrial Owned 224 Germany Bremen North-West 7 Industrial Owned 225 Czech CTPark Lysá nad Labem 7 Industrial Owned 226 Germany Rosenheim 7 Industrial Owned 227 Germany Goslar East 7 Industrial Owned 228 Romania CTPark Oradea City 7 Industrial Owned 229 Germany Dortmund East 7 Industrial Owned 230 Germany Meschede 7 Industrial Owned 231 Germany Eschenbachinder Oberpfalz 7 Industrial Owned 232 Czech CTPark Ostrava II 6 Industrial Owned 233 Germany Wuppertal 5 Industrial Owned 234 Germany Wiesmoor 4 Industrial Owned 235 Germany Bielefeld East 4 Industrial Owned 236 Germany Dortmund West 4 Industrial Owned 237 Germany Wilhelmshaven 4 Industrial Owned 237 Germany Wilhelmshaven II 3 Industrial Owned 239 Germany Bochum West 3 Industrial Owned 240 Czech CTPark České Velenice 3 Industrial Owned 241 Germany Duisburg North-West 3 Industrial Owned 242 Germany Ulm East 3 Industrial Owned 243 Germany Wurzburg South 3 Industrial Owned 244 Czech CTPark Žatec II 3 Industrial Owned 245 Germany Munster 3 Industrial Owned 246 Germany Schwerin North 3 Industrial Owned 247 Germany Hattingen 3 Industrial Owned 248 Germany Müllrose, Germany 3 Industrial Owned 249 Germany Erfurt-Nord, Germany 2 Industrial Owned 384 Appendices CTP N.V. Annual Report 2024 Rank Country Park GLA ('000 sqm) Type Ownership 250 Germany Kulmbach 2 Industrial Owned 251 Germany Halberstadt 2 Industrial Owned 252 Germany Fehrbellin 1 Industrial Owned 253 Germany Weimar 1 Industrial Owned 254 Austria Deuchendorf, Austria 1 Industrial Owned 255 Germany Untermaßfeld, Germany 1 Industrial Owned 256 Germany Drei Gleichen 1 Industrial Owned 257 Germany Karith, Germany 1 Industrial Owned 258 Germany Syke, Germany < 1k Industrial Owned 259 Germany Munchen South < 1k Industrial Owned 260 Germany Bernau, Germany < 1k Industrial Owned Total 13,730 Owned 13,330 Third party AUM 400 7.8 Property List 5/5 385 Appendices CTP N.V. Annual Report 2024 Adjusted EBITDA EBITDA adjusted for items that are not indicative of the Group’s ongoing operating performance such as net valuation result on investment prop- erty, other financial expense, other financial gains and losses, profit (loss) on disposal of investment properties. Administrative and operating costs Employee benefits and other expenses. AFM The Dutch Authority for the Financial Marktes (in Dutch: Autoriteit Financiële Markten). AMX Index A stock market index composed of Dutch mid-cap companies that trade on Euronext Amsterdam. Annual General Meeting or AGM The meeting in which the shareholders and all other persons with meeting rights annually assemble no later than 30 June of a specific year. Annualised Rental Income Rent roll as per the end of period of the standing portfolio, including other rental income Articles Articles of association of the Company. Audit Committee The audit committee of the Company. 7.9 Glossary Average Cost of Debt The total of bank interest expense, the interest expense from financial derivatives, and the inter- est expense from bonds issued issued, excluding interest expense from liabilities due from related parties and arrangement fees for the reporting period, divided by the average total balance of in- terest-bearing loans and borrowings from financial institutions and bonds issued for that same period. Board The Board of Directors of the Company. Board Rules The rules governing the internal proceedings of the Board. BREEAM The Building Research Establishment Environmen- tal Assessment Method-a leading validation and certification system for sustainable built environ- ments owned by the UK-based Buidling Research Establishment (BRE). CAGR Compound annual growth rate. CEE The Central and Eastern Europe. CITA The Dutch Corporate Income Tax Act 1969 (Wet op de vennootschapsbelasting 1969). Code Dutch Corporate Governance Code (20 December 2022). Code of Conduct The code of conduct of the Company. Collection rate Last 12 months’ billings including rent, service chargers and other rental income, net of bad debt written off in the period. Company specific Adjusted Earnings EPRA earnings adjusted for the after-tax effect from the adjustment for rental income for impair- ment/depreciation on property, plant and equip- ment, and foreign exchange gains/losses related to company restructuring and non-recurring financ- ing costs and non-recurring items unrelated to the Group’s operational performance. Company specific Adjusted Earnings per Share Company specific Adjusted Earnings based on the average number of shares outstanding during the reporting period. Core markets CTP’ core CEE markets in the Czech Republic, Hungary, Romania and Slovakia. CPI Consumer Price Index. CSRD Corporate Sustainability Reporting Directive CTP, the Company, or the Group CTP N.V. CTP staff All CTP employees, including executives and exter- nal staff (contractors). C&W Cushman & Wakefield. DCC or BW Dutch Civil Code (Burgerlijk Wetboek). Decree on the Disclosure of Holdings in Issuing Institutions Decree on notifcation of control and capital interest in issuing institutions under the Wft (Besluit melding zeggenschap en kapitaalbelang in uitgevende instellingen Wft). Decree on the Management Report Decree on the content of the management report (Besluit inhoud bestuursverslag). Decree on the Directive on Takeover Bids Decree implementing Section 10 of the Directive on takeover bids (Besluit artikel 10 overnameri- chtlijn). DIP Deferred incentive plan-a discretionary plan that may operate with one or more incentive plans op- erated by CTP and providing a mechanism for the deferral of part of a participant’s incentive to a deferred award of cash and/or a deferred amount of shares. DIP Award A deferred award of cash and/or a deferred award of shares in the Company. DIR or DIG Deutsche Industrie REIT AG. Director an Executive Director or a Non-Executive Director. EBITDA Earnings before interest, taxes, depreciation and amortisation. EEA European Economic Area. EGM (Extraordinary General Meeting) the meeting in which the shareholders and all other persons with meeting rights assemble for a specific agenda item. EMTN Programme Euro Medium Term Note Programme. 386 Appendices CTP N.V. Annual Report 2024 EPC Energy Performance Certificate EPRA The European Public Real Estate Association. EPRA BPR EPRA best practice reporting. EPRA sBPR EPRA sustainability Best Practices Reporting EPRA Earnings The profit for the period adjusted for the after (deferred) tax effect from the exclusion of the net valuation result, the change in the fair value of financial instruments and associated close-out costs, result from disposals of investment prop- erties and other interests and foreign currency translation result. EPRA Earnings per Share EPRA Earnings based upon the weighted average number of shares as of end of period. EPRA Net Initial Yield Annualised rental income based upon the cash passing rent at balance sheet date less non re- coverable property operating expenses divided by the market value of income generating investment property. EPRA NTA Total equity attributable to owners of the Compa- ny excluding deferred tax in relation to net valua- tion result of investment property and investment property under development with intention to hold and not sell in the long run, excluding Fair value of financial instruments and excluding of goodwill as a result of deferred tax. EPRA NRV The EPRA Net Reinstatement Value reflects what would be needed to recreate the company through the investment markets based on its current capi- tal and financing structure, including related costs such as real estate transfer taxes. EPRA Topped-up Net Initial Yield Annualised rental income based upon the cash passing rent at balance sheet date less non recov- erable property operating expenses, adjusted for notional rent expiration of for rent free periods and other lease incentives, divided by the market value of income generating investment property. ERM Enterprise Risk Management, an integrated risk- based system of functions, processes and method- ologies of identifying and addressing methodically the potential events that represent risks to the achievement of strategic objectives, or to oppor- tunities to gain competitive advantage. ERP Enterprise Resource Planning, a business process management software that manages and integrates a company’s financials, supply chain, operations, commerce, reporting, manufacturing, and human resource activities. ERV Estimated Rental Value. ESG Environmental, Social, and Corporate Governance an evaluation of a firm’s collective conscientious- ness for social and environmental factors ESMA European Securities and Market Authority. EU European Union. EU Taxonomy A classification system established as part of the European Green Deal Initiative to define economic activities considered environmentally sustainable. EUR or euro or € The lawful currency of the European Economic and Monetary Union. Executive Director A director of the Company appointed as executive director. Growth markets Poland, Serbia, Bulgaria-The markets in CEE that CTP has targeted for further growth over the medium term. Financial Statements Audited consolidated financial statements of the Company for the period from 1 January 2024 to 31 December 2024, which comprise the con- solidated statements of financial position as of 31 December 2024 and 2023 and the related consolidated statements of profit and loss and comprehensive income, changes in equity, and cash flows for the period 1 January 2024 to 31 Decem- ber 2024 and the year ended 31 December 2023, and the related notes to the consolidated financial statements. These financial statements are a reproduction of the statutory financial state- ments of the Company and have been provided with an audit opinion by the external auditor. FMSA Dutch Financial Markets Supervision Act (Wet op het financieel toezicht). Founder Mr. Remon Vos FTEs Full time equivalent personnel. GAV The gross asset value calculated as the aggregate of investment property, investment property under development and property, plant and equip- ment as presented in the financial statements in accordance with IFRS. GDP Gross domestic product. General Meeting the corporate body that consists of shareholders and all other persons with voting rights, or the meeting in which the shareholders and all other persons with meeting rights assemble. GHG Greenhouse Gases. Gases which emissions contribute to greenhouse effect. Systemized approach is described by Greenhouse Gas Protocol – https://ghgprotocol.org/. GLA Gross lettable area. Green Asset Pool The selected pool of new and existing assets that promote the transition to low-carbon and climate resilient growth and which meet the criteria in the Green Bond Framework. Green Bond Framework The Group’s framework developed according to the Green Bond Principles 2018, administrated by the International Capital Market Association. GRI Global Reporting Initiative – framework for transparent disclosure of non-financial data – https://www.globalreporting.org/. Gross Rental Income or GRI Gross Rental income for the relevant period. 387 Appendices CTP N.V. Annual Report 2024 Group, Group Companies the Company and all entities included in the group (groep, within the meaning of article 2:24 b DCC) headed by it. I&L Industrial & Logistics. IAS International Accounting Standards. ICR The ratio of the Group’s total interest expense to Adjusted EBITDA. IFRS The International Financial Reporting Standards as adopted by the European Union. Indebtedness Interest-bearing loans and borrowings from finan- cial institutions. ISIN International securities identification number. KPI Key performance indicator. KPMG KPMG Accountants N.V. Leasing Activity Sum of new contracts or amendments for either newly leased or prolonged leases in given period. LEI Legal Entity Identifier. Like-for-Like Rental Income Growth The like-for-like gross rental growth compares the growth of the gross rental income of the portfolio that has been consistently in operation (not under development) during the two preceding 12-month periods that are described. LTIP CTP’s long-term incentive plan for Executive Directors. Multivest Multivest B.V., the parent company of the Group. MWp Megawatt peak—a unit of measurement indicat- ing the peak power output capacity of renewable energy power plants such as solar or wind, where output may vary due to strength of sunlight or wind speed. Net Debt Aggregate amount of interest-bearing loans and borrowings from financial institutions plus bonds issued after deduction of cash and cash equiva- lents. Net LTV Net loan-to-value ratio, which is the aggregate amount of interest-bearing loans and borrowings from financial institutions plus bonds issued after deduction of cash and cash equivalents as a per- centage of GAV. NOI Net Operating Income. Nomination and Remuneration Committee the nomination and remuneration committee of the Company. Non-Executive Directors the Company’s non-executive directors. Occupancy Rate Proportion of the aggregate GLA of the properties (whether or not capable of being let) which is subject to tenancies at that point in time. For the avoidance of doubt, the aggregate GLA includes areas designated as structurally vacant or under refurbishment. Any development to create new lettable area at any property shall only be included when the relevant space or development is complete and available to generate income. Operating profit (excl. valuation results) Profit for the period less Net valuation result on investment property. PV Photovoltaic. Red Book The Royal Institute of Chartered Surveyors Valu- ation – (incorporating the International Valuation Standards) – January 2020. Related Party Transactions Policy the related party transactions policy of the Group. Remuneration Policy A remuneration policy for CTP adopted by the AGM on 25 March 2021 applying to the Executive Directors and the Non-Executive Directors. Retention Rate The part of total rental income that expires in one year and is prolonged with existing clients, as part of the total rental income of leases which expire in the same year. Senior Independent Director The Non-Executive Director with the title Senior Independent Director, in accordance with the Board Rules. Senior Management Employees of CTP in a managerial position as referred to in article 2:166 DCC. Shareholder(s) A holder of shares. Sustainability Committee the sustainability committee of the Company. TCFD Task Force on Climate related Financial Disclosures – non-public initiative that developed guidance of disclosure of impact of climate changes on financial performance of companies – https://www.fsb-tcfd.org/ TSR Total Shareholder Return. UNHCR UN Refugee Agency. WAULT Weighted average unexpired lease term. Western European markets Austria, Netherlands, Germany. Yield on Cost (YoC) Average contracted rental value divided by devel- opment cost including land and agency fees, and excluding financing, rent free periods and internal project management costs. 388 Appendices CTP N.V. Annual Report 2024 Forward-looking statements and other information To the extent that this document contains for- ward-looking statements, such statements do not represent facts and are identified generally by the words such as “aims”, “anticipates”, “assumes”, “be- lieves”, “estimates”, “expects”, “intends”, “should”, “will”, “will likely result”, “forecasts”, “out-look”, “projects”, “may” or similar expressions. The for- ward-looking statements contained herein speak only as of the date they are made, and CTP does not assume any obligation to update such state- ments, except as required by law. Forward-looking statements express the intentions, opinions or cur- rent expectations and assumptions of CTP and the persons acting in conjunction with CTP, for exam- ple with regard to the Outlook section of the “CEO Letter” and the “CFO Letter”, or the “Outlook for 2025” and other sections throughout Chapter 2 (Strategy & Outlook). Such forward-looking state- ments are based on current plans, estimates and forecasts that CTP and the persons acting in con- junction with CTP have made to the best of their knowledge, but which may not be correct in the future. Forward-looking statements are subject to risks and uncertainties because they relate to fu- ture events that are difficult to predict and usually cannot be influenced by CTP or the persons acting in conjunction with CTP. Please see in this respect the section on Risk Management in the Governance chapter in this document. It should be kept in mind that actual events or consequences may differ ma- terially from those contained in or expressed by such forward-looking statements. Third-party market share data Statements regarding market share, market data, industry statistics, and industry forecasts contained in this document are based on publicly available sources such as research institutes and analyst coverage in combination with CTP’s own management estimates. Use of non-IFRS information In presenting and discussing CTP’s financial po- sition, operating results and cash flows, manage- ment uses certain non-IFRS financial measures. These non-IFRS financial measures should not be viewed in isolation as alternatives to the equivalent IFRS measure and should be used in conjunction with the most directly comparable IFRS measures. Non-IFRS financial measures do not have stand- ardised meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. Compliance statement This document is the [PDF/printed] version of CTP’s 2024 Annual Report and has been prepared for ease of use. The 2024 Annual Report was made publicly available pursuant to section 5:25c of the Dutch Financial Supervision Act (Wet op het finan- cieel toezicht) and was filed with the Netherlands Authority for the Financial Markets in European single electronic reporting format (the ESEF pack- age). The ESEF package is available on CTP’s web- site (www.ctp.eu) and includes a human-readable XHMTL version of the 2024 Annual Report. In case of any discrepancies between this PDF version and the ESEF package, the latter prevails. 7.10 Disclaimer 389 CTP N.V. Annual Report 2024 Contacts CTP CTPark Humpolec 1571 396 01 Humpolec Czech Republic +420 565 535 565 Czech Republic CTP Invest spol. s r.o. Národní 135/14 110 00 Prague 1 Czech Republic +420 220 511 444 Romania CTP Invest Bucharest SRL CTPark Bucharest West 5A Ion Rațiu Street Bolintin Deal Commune Giurgiu County 087015 Romania +40 21 9149 Hungary CTP Management Hungary Kft Verebély László utca 2 2051 Biatorbágy Hungary +36 30 164 3414 Slovakia CTP Invest SK, spol. s r.o. Laurinská 18 811 01 Bratislava Slovakia +421 904 174 157 Serbia CTP Invest doo Megarska 9 11 070 Beograd Serbia +381 66 8772 860 Poland CTP Invest Sp. z o.o. Rondo ONZ 1 00-124 Warsaw Poland +48 600 037 740 Bulgaria CTP Invest EOOD 247, Botevgradsko shosse Blvd. Administrative building, floor 7 1517 Sofia Bulgaria +359 884 65 22 38 Netherlands CTP Invest BV Apollolaan 151 1077 AR Amsterdam The Netherlands +31 85 27 31 294 Germany CTP Germany Invest GmbH Lietzenburger Strasse 75 10719 Berlin Germany +49 175 7536310 Austria CTP Invest Immobilien GmbH Mariahilferstraße 17/4 1060 Vienna Austria +43 664 1540811 Asia Office Mainland China: +86-17072175553 Hong Kong: +852-93594004 CTP Regional Offices CTP N.V. CTP N.V. Apollolaan 151 1077 AR Amsterdam The Netherlands +31 85 27 31 294 ctp.eu Follow Us linkedin.com/company/ctp-invest/ youtube.com/ctpeu twitter.com/ctpinvest facebook.com/ctpparkmakers instagram.com/ctpparkmakers #byctp ctp.eu .eu