Eurocastle Invest.

Earnings Release • Aug 6, 2025

Eurocastle Releases First Half 2025 Financial Results, 2025 AGM Results and PDMR Dealing Notification

EUROCASTLE INVESTMENT LIMITED

FOR IMMEDIATE RELEASE

Contact: Oak Fund Services (Guernsey) Limited Company Administrator Attn: Nicole Barnes Tel: +44 1481 723450

Eurocastle Releases First Half 2025 Financial Results, 2025 AGM Results and PDMR Dealing Notification

Guernsey, 6 August 2025 – Eurocastle Investment Limited (Euronext Amsterdam: ECT) ("Eurocastle" or the "Company") today has released its financial report for the six months ended 30 June 2025. In addition, the Company announces the results of its 2025 Annual General Meeting held yesterday, 5 August 2025, at which all ordinary and extraordinary resolutions tabled were approved.

• ADJUSTED NET ASSET VALUE ("NAV") 1 of €15.2 million, or €15.19 per share² (€11.1 million, or €11.43 per share as at Q1 2025). » Increase of €3.76 per share reflects the net impact of the previously announced release of the Liquidation Reserves, following the €61 million of commitments raised by the Luxembourg fund through which it invests, and the resulting strengthened financial position and enhanced outlook under its New Investment Strategy
• IFRS NAV of €21.2 million, or €21.19 per share (€22.0 million, or €22.01 per share as at Q1 2025).

	Q1 2025 NAV		Q2 Cash Movement		Q2 FV Movement		Q2 2025 NAV
	€'m	€ p.s.	€'m	€ p.s.	€'m	€ p.s.	€'m	€ p.s.
New Investment Strategy - Greece	5.86	5.85	(3.75)	(3.75)	(0.27)	(0.26)	1.84	1.84
	0.06	0.06	-	-	-	-	0.06	0.06
Legacy Italian Real Estate Funds
Net Corporate Cash3	12.11	12.09	3.75	3.75	(0.59)	(0.59)	15.27	15.25
Legacy German Tax Asset	4.01	4.01	-	-	0.04	0.03	4.05	4.04
IFRS NAV	22.04	22.01	-	-	(0.82)	(0.82)	21.22	21.19
Legacy German Tax Reserve	(6.01)	(6.00)	-	-	0.00	0.00	6.01	6.00
Liquidation Reserves	(4.59)	(4.58)	-	-	4.59	4.58	-	-
Adjusted NAV	11.44	11.43	-	-	3.77	3.76	15.21	15.19
Ordinary shares outstanding		1,001,555					1,001,555

As at 30 June 2025, the Company's assets comprise:

• 1. €15.2 million, or €15.25 per share, of net corporate cash³ which is available to continue seeking investments under the New Investment Strategy.
• 1. A tax asset of €4.0 million, or €4.04 per share, representing amounts paid (and associated interest) in relation to additional tax assessed against a former German property subsidiary where the Company won the first instance of its appeal in December 2024. The German tax authorities have since appealed the decision and the Company is waiting for the date of the next hearing.
• 1. €1.8 million, or €1.84 per share, in the Company's first investment under the New Investment Strategy a Luxembourg real estate fund sponsored by the Company where it generates returns through its share of investments and certain subsidiaries receive asset management and incentive fees from third party investors.
• 1. Residual interests in two legacy Italian Real Estate Fund Investments with a NAV of €0.1 million, or €0.06 per share, where the underlying apartments are now all sold with both funds currently in liquidation.

BUSINESS UPDATES

New Investment Strategy

In 2024, Eurocastle launched a Luxembourg fund, European Properties Investment Fund S.C.A., SICAV RAIF ("EPIF" or the "Fund"), through which it invests alongside selected co-investors. EPIF's key strategy is to acquire small to mid-size real estate and real estate related assets in Southern Europe with the potential for attractive risk adjusted returns. The Fund initially closed with Eurocastle committing to invest €8 million alongside a €2 million commitment from its JV Partner. EPIF is now being marketed to potential investors By the end of June 2025, EPIF had received over €36 million of capital commitments. In July 2025, an additional €25 million was raised, bringing total committed capital in the Fund to over €61 million. In addition, prospective investors representing a further €20 million in commitments are in the final stages of due diligence.

In addition to Eurocastle generating attractive risk adjusted returns on its share of any investments made, subsidiaries of the Company are also entitled to market standard management and incentive fees from third-party investors.

By the end of the first half of 2025, the Fund had made two commercial real estate investments in Athens, Greece reflecting its focus on opportunistic investments with strong value-creation potential. The investments comprise the acquisition of a small upscale shopping centre acquired out of a distressed situation and a 70% stake in a vacant office property acquired from a defaulted borrower at a substantial discount to comparable sales in the area.

To fund these investments, EPIF had called approximately €7.7 million of capital by June 30, 2025. At that date, the Fund reported a NAV of €8.3 million, an 8% increase relative to the capital called, reflecting the appreciation in the value of the real estate acquired to date, net of all setup and running costs. Of the total capital called, Eurocastle invested €1.7 million, while its corresponding share of EPIF's NAV stood at €1.8 million.

Subsequent to the June 30, 2025, EPIF called €11.5 million of capital to acquire an interest in a large portfolio of Italian real estate assets. The portfolio primarily consists of office properties leased to government agencies. The assets are currently undergoing a disposal process, with EPIF acquiring its stake at a significant discount to the portfolio's reported value.

In parallel, EPIF has been underwriting a number of additional opportunities and has an active pipeline of potential investment opportunities exceeding €50 million.

Additional Reserves

With EPIF reaching over €61 million in investor commitments, the Board determined that Eurocastle has established a sustainable platform that it anticipates growing in future years. In light of the Company's strengthened financial position and prospects, the Board reassessed the level of Additional Reserves and approved the release of approximately €4.6 million in Liquidation Reserves. As at 30 June 2025, the remaining Additional Reserves of approximately €6.0 million relate exclusively to the legacy German tax matter.

Income Statement for the Quarter ended 30 June 2025 and First Six Months of 2025 (unaudited)

	Income	Income Statement
	Statement
	Q2 2025	H1 2025
	€ Thousands	€ Thousands
Portfolio Returns
New Investment Strategy – EPIF unrealised fair value movement	(264)	(179)
Additional compensation - EPIF	27	27
Compensatory interest on capital returned from new investors in EPIF	175	175
Total movement on Investment in EPIF	(62) 23
Interest income	97	206
Total income	35	229
Operating Expenses
Manager base and incentive fees	622	663
Remaining operating expenses	235	430
Total expenses	857	1,093
(Loss) for the period	(822)	(864)
€ per share	(0.82)	(0.86)

Balance Sheet and Adjusted NAV Reconciliation as at 30 June 2025 and as at 31 December 2024

New Investment Strategy

Legacy Italian Investments

Corporate 30 June 2025

Total

- Greece

			€	€
	€ Thousands		Thousands	Thousands	€ Thousands
Assets
Other assets	-	-	436	436	315
Legacy German tax asset	-	-	4,049	4,049	3,974
Investments – New Investment Strategy - EPIF	1,838	-	-	1,838	5,770
Investments – Legacy Real Estate Funds	-	64	-	64	64
Cash and cash equivalents	-	-	15,847	15,847	12,415
Total assets	1,838	64	20,332	22,234	22,538
Liabilities
Trade and other payables	-	-	349	349	389
Manager base and incentive fees	-	-	663	663	63
Total liabilities	-	-	1,012	1,012	452
IFRS Net Asset Value	1,838	64	19,320	21,591	22,086
Liquidation cash reserve	-	-	-	-	(4,748)
Legacy German tax cash reserve	-	-	(1,963)	(1,963)	(2,008)
Legacy German tax asset reserve	-	-	(4,049)	(4,049)	(3,974)
Adjusted NAV	1,838	64	13,308	15,210	11,356
Adjusted NAV (€ per Share)	1.84	0.06	13.29	15.19	11.34

AGM RESULTS AND PDMR DEALING NOTIFICATION

As previously mentioned, all ordinary and extraordinary business tabled before the meeting in accordance with the Notice of Annual General Meeting circulated to shareholders on [14] July 2025 was approved. A copy of this Notice is available on Eurocastle's website at www.eurocastleinv.com under Periodic Reports and Shareholder Communications in the Investor Relations Section.

In addition, the Company will today issue 1,000 ordinary shares to each of its three independent directors as part of their in-place compensation arrangements. By reference to its obligations under Article 19 of EU Regulation 596/2014, the Company is making public the following details of those dealings in its shares by persons discharging managerial responsibilities:

Name of the PDMR Financial		Nature of Transaction	Date and place of	Volume and price of
	Instrument		transaction	transaction
Dr. Simon John		Ordinary Shares Acquisition for nil consideration as part of	6 August 2025,	1,000 shares
Thornton		compensation arrangements	Guernsey	Nil consideration
Mrs. Claire Elizabeth		Ordinary Shares Acquisition for nil consideration as part of	6 August 2025,	1,000 shares
Ann Whittet		compensation arrangements	Guernsey	Nil consideration
Mr. Jason de		Ordinary Shares Acquisition for nil consideration as part of	6 August 2025,	1,000 shares
Beauvoir Sherwill		compensation arrangements	Guernsey	Nil consideration

Following this issuance, the total number of Ordinary Shares of the Company in issue is 1,004,555.

NOTICE: This announcement contains inside information for the purposes of the Market Abuse Regulation 596/2014.

ADDITIONAL INFORMATION

For investment portfolio information, please refer to the Company's most recent Financial Report, which is available on the Company's website (www.eurocastleinv.com).

Terms not otherwise defined in this announcement shall have the meaning given to them in the Circular.

ABOUT EUROCASTLE

Eurocastle Investment Limited ("Eurocastle" or the "Company") is a publicly traded closed-ended investment company. On 8 July 2022, the Company announced the relaunch of its investment activity and is currently in the early stages of pursuing its new strategy by initially focusing on opportunistic real estate in Greece with a plan to expand across Southern Europe. For more information regarding Eurocastle Investment Limited and to be added to our email distribution list, please visit www.eurocastleinv.com.

FORWARD LOOKING STATEMENTS

This release contains statements that constitute forward-looking statements. Such forward-looking statements may relate to, among other things, future commitments to sell real estate and achievement of disposal targets, availability of investment and divestment opportunities, timing or certainty of completion of acquisitions and disposals, the operating performance of our investments and financing needs. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "may", "will", "should", "potential", "intend", "expect", "endeavour", "seek", "anticipate", "estimate", "overestimate", "underestimate", "believe", "could", "project", "predict", "project", "continue", "plan", "forecast" or other similar words or expressions. Forward-looking statements are based on certain assumptions, discuss future expectations, describe future plans and strategies, contain projections of results of operations or of financial condition or state other forward-looking information. The Company's ability to predict results or the actual effect of future plans or strategies is limited. Although the Company believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, its actual results and performance may differ materially from those set forth in the forward-looking statements. These forward-looking statements are subject to risks, uncertainties and other factors that may cause the Company's actual results in future periods to differ materially from forecasted results or stated expectations including the risks regarding Eurocastle's ability to declare dividends or achieve its targets regarding asset disposals or asset performance.

• 2 Per share calculations for Eurocastle throughout this document are based on 1,001,555 shares, unless otherwise stated.
• 3 Reflects corporate cash net of accrued liabilities and other assets.

¹ The Adjusted NAV as at 30 June 2025 reflects additional reserves for the potential liability associated with the legacy German tax matter, which are not accounted for under the IFRS NAV. No formal commitments for this potential liability existed as at 30 June 2025.