RomReal Ltd.

Investor Presentation • Nov 28, 2025

RomReal Limited

Investor presentation

Third Quarter (Q3) 2025 results

Kjetil Gronskag

28 November 2025

Contents

Q3 2025 highlights	3-4
NAV movement in Q3 2025	5
Financial highlights 3Q.25 – IFRS	6
RomReal Properties per 3Q 2025	7
Operational highlights	8
Romania Macro Developments	9
Apartment Price Development	10
RomReal shareholders	11
Outlook	12
Contact details	13

Q3 2025 results – Highlights

Net Asset Value (NAV)

• Net Asset value was EUR 0.37 (NOK 4.3, before any tax) per share, deducted for own shares, up 0.1% from Q2 2025. EUR/NOK was 11.74 end of Q3 2025 versus 11.83 by the end of 2Q 2025.

Operational highlights

• During 3Q 2025 the company sold six apartments on Oasis.
• One of the two houses on Lakeside was sold in 3Q 2025.
• Total infrastructure investments during 2025 were EUR 0.42m, mainly related to Oasis.

Q3 2025 results – Highlights

Financial Results

• Net Result for the quarter was a gain of EUR 27,000, compared to a loss of EUR 216,000 in 3Q 2024. Net change in cash flow for the quarter was a positive EUR 1,650,000 compared to positive of EUR 113,000 in the same period last year. This was mainly due to sale of plots and capitalized expenses related to infrastructure.
• At the end of the quarter, the Company had a cash position of EUR 5.6 million and EUR 0.6m unsettled receivables related to binding sales agreements, totalling EUR 6.2m, or about EUR 0.16 per share. The outstanding seller financing agreements are followed up with extra attention.
• After the end of 3Q.2025, two more apartments have been sold, lifting the total to eight of in total 36 units. In addition, one of the remaining houses on Lakeside is sold and no more property is available for sale in this project.

Macro and real estate market highlights

• The National Bank of Romania policymakers decided to keep the key rate at 6.50% on12 November. A recent Bloomberg survey estimate as expected no rate cuts in 2025.
• The annual inflation rate increased to 9.8 percent by the end of October, a marginal reduction from 9.9 percent by the end of September 2025. Hopefully the October figure was the peak in the battle to reduce the CPI and the November CPI is scheduled to be released on 11 December 2025.
• Following the May 2025 election and coalition negotiations, Romania has a pro EU and NATO Government. Following the Government first fiscal package with both spending cuts and tax increases. Further tightening packages are in the process and some industrial action has already taken place by unions.
• Romania's GDP contracted by 0.2 percent in 3Q 25 reducing the annual growth to 1.4 percent. The 2Q quarterly growth was 0.3 percent according to the National Institute of Statistics.
• Asking prices for apartments and houses in Romania increased in the Third quarter of 2025 compared to Second quarter of 2025 (EUR 1,854/m2) to EUR 1,909/m2 at the end of 3Q 2025 and EUR 1,926/m2 at the end of October 2025. In Constanta, average prices increased by 2.73% during the Third quarter of 2025 (EUR 1,917/m2 at the end of September 2025 compared to EUR 1,866/m2 at the end of June 2025), according to www.imobiliare.ro index.

NAV movement in Q3 2025

Asset base		Q3 2025		Q2 2025
	EUR '000	EUR/ share	NOK/share	EUR '000	EUR/ share	NOK/share
Investment property	2,607	0.06	0.76	2,607	0.06	0.76
Assets held for sale	0	0.00	0.00	0	0.00	0.00
Inventories	6,515	0.16	1.90	6,855	0.17	2.01
Cash	5,642	0.14	1.64	3,992	0.10	1.17
Other assets/(liabilities)	(8)	0.00	0.00	1,289	0.03	0.38
Net asset value	14,756			14,744
NAV/Share		0.37	4.30		0.37	4.32
Change in NAV vs previous quarter	0.1%			2.2%

The average number shares used in the NAV calculation above is 40,335,322, shares and unchanged from Q2 2025 (deducted for own shares).

Financial highlights 3Q.25- IFRS

EUR '000	Q3 2025	Q3 2024
Operating Revenue	889	68
Operating Expenses	(375)	(277)
Other operating income/ (expense), net	(524)	(4)
Net financial income/(cost)	55	77
Pre-tax result	45	(136)
Result for the period	27	(216)
Total assets	15,495	17,172
Total liabilities	739	397
Total equity	14,756	16,776
Equity %	95.2%	97.7%
NAV per share (EUR)	0.37	0.41
Cash position
Short term bank deposits	5,642 -	4,118 -

RomReal Properties Q3 2025

Plot name	Location	Size (m2)
1 Ovidiu Lakeside	Constanta North/Ovidiu	890
2 Ovidiu (Oasis)	Constanta North/Ovidiu	21,418
3 Centrepoint	Constanta North/Ovidiu	110,116
4 Ovidiu Residence 3	Constanta North/Ovidiu	7,100
5 Balada Market	Central Constanta	7,188
Total	For further information on the properties please visit www.romreal.com	146,712

Operational highlights

Lakeside (No.1 on the table) – After the end of 3Q, one of the two houses have been sold. The final transfer of the agreed land (promenade area), about 700m2, to legal advisor of the Company is planned to take place end 2025 and therefore Lake Side project is concluded, and no more property is available for sale.

Oasis (No. 2 on the table) - Common areas like a playground, a minor marina and a social area (inside/outside) is expected to be completed before the end Q2 2026. The sales and marketing/advertising activities is intensified, and so far eight apartments and two plots of land are sold. On the second apartment structure, vital external works like hydro isolation is finished. Interior works will not start before a satisfactory sales progress is realised in the first apartment block.

Industrial Park (No. 3 on the table) – The development activity in the neighbourhood is expanding including various NATO/Romanian defence projects. The works to renew the infrastructure building permit is expected before the end of the Q1 2026. The cost to bring the electricity including a transformer to the property is expected to cost about EUR 200,000. The Company is experiencing a steady number of enquires by potential buyers of plots on the land and digging and other visual activities on the land should result in more decisive progress in certain negotiations. This work is expected works to commence during spring 2026.

Balada Market (No. 5 on the table) – The project is for sale and some enquiries are on-going. The Company has completed the works for a new PUZ application and initial feedback has been received and the architects are responding to the local building authorities in the municipality of Constanta. Meantime, there are regular meetings with potential buyers.

Ovidiu Residence 3 (No. 4 in the table, 7,100 sqm) – The project is for sale.

Romanian Macro development

• The National Bank of Romania policymakers decided to keep the key rate at 6.50% on 12 November. No key rate cuts are expected in 2025. The NBR's decision took into account inflationary pressures, political risk and the ongoing fiscal policy uncertainty.
• The European Commission, under the Semester Package published on 25 November, included Romania among the 19 of the 27 EU countries with compliant fiscal developments and prospects, based on the Report on action taken, submitted by the Romanian authorities on 16 October.
• Romania's GDP contracted by 0.2 percent in 3Q.25 reducing the annual growth to 1.4 percent. The 2Q quarterly growth was 0.3 percent according to the National Institute of Statistics. A recent Bloomberg survey estimate a GDP growth in 2025, 2026 and 2027 of 1.0 percent, 1.7 percent and 2.8 percent, respectively.
• The annual inflation rate increased to 9.8 percent by the end of October, a marginal reduction from 9.9 percent by the end of September 2025. Hopefully, the October figure was the peak in the battle to reduce the CPI and the November CPI is scheduled to be released on 11 December 2025. A recent Bloomberg survey estimate year-end CPI in 2026 and 2027 of 6.3 percent and 3.3 percent, respectively.

Romania quarterly GDP evolution (Data INS) Romania Inflation Rate (Data INS)

Apartment Price Development (End September 25)

• Asking prices for apartments and houses in Romania increased in the Third quarter of 2025 compared to Second quarter of 2025 (EUR 1,854/m2) to EUR 1,909/m2 at the end of 3Q 2025 and EUR 1,926/m2 at the end of October 2025.

• In Constanta, average prices increased by 2.73% during the Third quarter of 2025 (EUR 1,917/m2 at the end of September 2025 compared to EUR 1,866/m2 at the end of June 2025), according to www.imobiliare.ro index.

RomReal shareholders as at 24/11/2025

Rank	Name	Holding	Ownershi p
1	SIX SIS AG	10,335,747	24.98%
2	GRØNSKAG, KJETIL	6,023,006	14.56%
3	THORKILDSEN, WENCHE	5,392,985	13.04%
4	SAGA EIENDOM AS	3,386,636	8.19%
5	AUSTBØ, EDVIN	2,108,500	5.10%
6	Danske Bank A/S	1,740,488	4.20%
7	GRØNLAND, STEINAR	1,605,900	3.88%
8	Kvaal Invest	1,304,226	3.15%
9	Energi Invest as	1,101,000	2.66%
10	Orakel as	1,100,000	2.66%
11	RomReal Ltd	1,032,461	2.50%
12	Spar Kapital Investor as	940,236	2.27%
13	THORKILDSEN INVEST AS	829,478	2.01%
14	Arild Persson	722,912	1.75%
15	Anders Hoen	689,557	1.67%
16	AKSEL MAGDAHL	379,573	0.97%
17	Citibank	220,000	0.53%
18	Jo Egil Aalerud	166,864	0.40%
19	Eurotrade AS	161,952	0.39%
20	Nordnet Bank	124,109	0.30%
	TOP 20	39,365,630	95.21%

• This is the Top 20 Shareholder list as per 24 Nov 2025.
• The total issued number of shares at end Q3 2025 was 41,367,783.
• •(13) Thorkildsen Invest AS is a Company controlled by Thorkildsen family.
• •(2) Chairman Kjetil Grønskag owns directly and indirectly 6,023,006 shares corresponding to 14.56%.
• •(11) RomReal owns 2.50% of its own shares.

Outlook

• Hopefully the CPI has or is very close to peak, and we will gradually start to see reduced inflation during 2026, as most economist expect. This should result in increased activity within the real-estate space including the residential market.
• With this backdrop, the Board expects a gradual key rate/inflation reduction to materialise during 2026-2027.

Thank you

Investor Relations Kjetil Gronskag

+40 731123037 | investors@romreal.com 22 Queen Street, Hamilton HM11, Bermuda

For further information on RomReal, including presentation material relating to this interim report and financial information, please visit www.romreal.com

DISCLAIMER

The information included in this Report contains certain forward-looking statements that address activities, events or developments that RomReal Limited ("the Company") expects, projects, believes or anticipates will or may occur in the future. These statements are based on various assumptions made by the Company, which are beyond its control and are subject to certain additional risks and uncertainties. The Company is subject to a large number of risk factors including but not limited to economic and market conditions in the geographic areas and markets in which RomReal is or will be operating, counterparty risk, interest rates, access to financing, fluctuations in currency exchange rates, and changes in governmental regulations. For a further description of other relevant risk factors, we refer to RomReal's Annual Report for 2024. As a result of these and other risk factors, actual events and our actual results may differ materially from those indicated in or implied by such forward-looking statements. The reservation is also made that inaccuracies or mistakes may occur in the information given above about current status of the Company or its business. Any reliance on the information above is at the risk of the reader, and RomReal disclaims any and all liability in this respect.