Ramada Investimentos e Indústria, S.A.

Quarterly Report • Nov 28, 2025

Earnings announcement 3rd Quarter of 2025 (unaudited information)

This document is a translation of a document originally issued in Portuguese, prepared using accounting policies consistent with the International Financial Reporting Standards adopted in European Union (IFRS-EU), some of which may not conform or be required by generally accepted accounting principles in other countries. In the event of discrepancies, the Portuguese language version prevails.

Head Office: Rua Manuel Pinto de Azevedo, 818

4100-320 Oporto

Share capital: 25,641,459 Euro

CONSOLIDATED INCOME STATEMENT BY NATURE

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

In the first half of 2025, and as disclosed by the Ramada Group to the market, the sale transaction of the subsidiary Socitrel and its subsidiaries was completed.

The key information and indicators of Ramada Group's consolidated activity in the first nine months of 2025 can be presented as follows:

Amounts in thousands of Euros	9M 2025	9M 2024	Var. %
Total revenues	8 422	7 700	9.4%
Total costs	(1 348)	(1 517)	-11.1%
EBITDA	7 074	6 183	14.4%
EBITDA margin	84.0%	80.3%	+3.7 p. p.
Amortization and depreciation	(206)	(363)	-43.3%
EBIT	6 868	5 820	18.0%
EBIT margin	81.5%	75.6%	+6.0 p. p.
Results related to investments	-	701	-100.0%
Financial expenses	(41)	(1 448)	-97.2%
Financial income	97	271	-64.2%
Profit before income tax from continuing operations	6 924	5 344	29.6%
Income tax	(2 489)	(974)	155.5%
Consolidated net profit from continuing operations	4 435	4 370	1.5%
Profit after tax from discontinued operations	2 531	22 520	-88.8%
Consolidated net profit	6 966	26 890	-74.1%
Net profit attributable to shareholders of the parent company	6 966	26 890	-74.1%

Completion of the sale transaction of the subsidiary Socitrel and its subsidiaries

On June 6, 2025, Ramada Group entered into an agreement with 1 Thing, Investments, S.A. for the disposal of all shares representing the share capital and voting rights of its subsidiary Socitrel and its respective subsidiaries. 1 Thing, Investments, S.A. holds a qualified stake corresponding to 10.004% of the share capital and voting rights of Ramada Investimentos, and its Chairman of the Board of Directors, Pedro Borges de Oliveira, also serves as a director of Ramada Investimentos.

For this reason, the resolution of the Board of Directors of Ramada Investimentos to dispose of Socitrel to 1 Thing, Investments, S.A. complied with the provisions of Article 397(2) of the Portuguese Commercial Companies Code, Article 29-S(2) of the Portuguese Securities Code, as well as the Regulation on Related Party Transactions and Conflicts of Interest in force at the company, having obtained a prior favorable opinion from the Supervisory Board.

Completion of the sale transaction for the participation in Fisio Share – Gestão de Clínicas, S.A.

On July 11, 2025, the sale transaction for the participation in Fisio Share – Gestão de Clínicas, S.A. was completed.

These two transactions together resulted in cash proceeds of approximately 23.75 million Euro and a capital gain of 2.1 million Euro.

Continued operations

Total revenues of Ramada Group in the first nine months of 2025 amounted to 8,422 thousand Euro, representing an increase of 9.4% over the total revenues recorded in the same period of 2024.

Total costs amounted to 1,348 thousand Euro, recording a reduction of 11.1% over the same period of the previous year.

EBITDA amounted to 7,074 thousand Euro, an increase of 14.4% over the amount recorded in the first nine months of 2024. EBITDA margin reached 84.0%, representing an increase of 3.7 percentage points when compared to the same period of the previous year.

EBIT, in the amount of 6,868 thousand Euro, recorded an increase of 18.0% when compared to 5,820 thousand Euro recorded in the first nine months of 2024.

The Financial results, in the amount to 54 thousand Euro, recorded a variation of 104.8% compared to the same period of the previous year.

The consolidated net profit from continued operations recorded in the first nine months of 2025 in the amount of 4,435 thousand Euro, presented an increase of 1.5% compared to the net profit of the same period of the previous year.

INVESTMENTS AND INDEBTEDNESS

As of 30 September 2025, cash and cash equivalents totalled 18.5 million Euro. The Ramada Group's nominal net debt as of 31 December 2024 amounted to approximately 980 thousand Euro.

SUBSEQUENT EVENTS

On October 6, 2025, the payment of Free Reserves in the amount of 16,666,948.35 euro was made, following the resolution of the Extraordinary General Meeting of Shareholders held on September 12, 2025.

Porto, November 21, 2025

The Board of Directors

Glossary

EBIT: EBITDA + Amortization and depreciation

EBIT margin: EBIT / Total revenues

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

EBITDA margin: EBITDA / Total revenues

Financial results: Financial income - Financial expenses

Investments: Acquisitions of property, plant and equipment and intangible assets related to the operational activity of the Industry and Real Estate segments

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

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

Total revenues: Sales and services rendered + Other income

Rua Manuel Pinto de Azevedo, 818 4100-320 Porto PORTUGAL

www.ramadainvestimentos.pt

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

AS AT 30 SEPTEMBER 2025 AND 31 DECEMBER 2024

(Amounts expressed in Euros)

ASSETS	Notes	30.09.2025	31.12.2024
NON-CURRENT ASSETS:
Investment properties	7	91 869 617	95 248 404
Property, plant and equipment Intangible assets		243 899	407 005
Right-of-use assets		65 539	11 010
Goodwill		-	-
Investments in associated companies	4.2	-	-
Other investments Other financial assets	4.3	-	-
Deferred tax assets		98 798	98 798
Total non-current assets	-	92 277 853	95 765 217
CURRENT ASSETS:
Inventories		-	-
Trade receivables		214 030	7 473 168
Other debts from third parties Income tax		1 117 715	356 789 239 322
Other current assets		6 952 182	239 322
Cash and cash equivalents	9	18 509 808	2 502 229
Total current assets	_	26 793 735	10 571 991
Non-current assets related to discontinued operations	6	-	36 215 201
Total assets	_	119 071 588	142 552 409
EQUITY AND LIABILITIES
EQUITY:
Share capital	10	25 641 459	25 641 459
Legal reserve		7 193 058 74 642 152	7 193 058 56 078 177
Other reserves Consolidated net profit/(loss) for the period		6 967 184	28 820 557
Total equity attributable to shareholders of the Parent Company	_	114 443 853	117 733 251
Non-controlling interests		-	-
Total equity	_	114 443 853	117 733 251
LIABILITIES:
NON-CURRENT LIABILITIES:
Bank loans	11	-	-
Other loans	11	-	- 4.000
Lease Liabilities Provisions	13	1 500 000	4 306 1 500 000
Deferred tax liabilities	10	7 426	7 426
Total non-current liabilities	_	1 507 426	1 511 732
CURRENT LIABILITIES:
Bank loans	12	-	-
Other loans	12	-	3 481 767
Lease liabilities		65 539	6 704
Trade payables Other debts to third parties		208 338	135 080 166 007
Oner debts to third parties Income tax		996 433 835 685	100 007
Other current liabilities	12	1 014 314	707 321
Total current liabilities	_	3 120 309	4 496 879
Non-current liabilities related to discontinued operations	6	-	18 810 547
Total liabilities	_	4 627 735	24 819 158
Total liabilities and equity	_	119 071 588	142 552 409
	_		7 12 002 100

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

The Chartered Accountant The Board of Directors

CONDENSED CONSOLIDATED INCOME STATEMENTS FOR THE NINE MONTHS PERIODS ENDED 30 SEPTEMBER 2025 AND 2024

(Translation of financial statements originally issued in Portuguese - Note 19) (Amounts expressed in Euros)

		Notes	30.09.2025	30.09.2024
Sales and services rendered			7 752 299	7 653 807
Other income			669 720	46 291
Cost of sales and variation in pro	oduction		-	-
External supplies and services			(771 569)	(837 472)
Payroll expenses			(486 722)	(488 696)
Amortisation and depreciation			(205 556)	(362 862)
Provisions and impairment losse	es	13	-	-
Other expenses			(90 001)	(190 582)
Results related to investments		4.2	-	700 917
Financial expenses			(40 847)	(1 448 126)
Financial income			97 375	270 654
Pro	fit/(Loss) before income tax from continuing operations	_	6 924 699	5 343 931
Income tax			(2 488 763)	(974 339)
Pro	fit/(Loss) after income tax from continuing operations	_	4 435 936	4 369 592
Profit after tax from discontinued	operations	6	2 531 248	22 520 488
Cor	nsolidated net profit/(loss) for the period	- -	6 967 184	1 918 277
Attributable to:
Holders of equity in the pare	ent company
	Continuing Operations	14	4 435 936	4 369 592
	Discontinued Operations	14	2 531 248	22 520 488
Non-controlling interests
	Continuing Operations		-	-
	Discontinued Operations		-	-
Earnings per share:
Continuing Operations
	Basic	14	0,17	0,17
	Diluted	14	0,17	0,17
Discontinued Operations
	Basic	14	0,10	0,88
	Diluted	14	0,10	0,88

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

The Chartered Accountant The Board of Directors

CONDENSED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME FOR THE

NINE MONTHS PERIODS ENDED 30 SEPTEMBER 2025 AND 2024

(Translation of financial statements originally issued in Portuguese - Note 19) (Amounts expressed in Euros)

	Notes	30.09.2025	30.09.2024
Consolidated net income for the period		6 967 184	26 890 080
Other comprehensive income:
Items that will not be reclassified to profit or loss:
Changes in pension liabilities - gross amount		-	-
Changes in pension liabilities - deferred tax		-	-
Items that may be reclassified to profit or loss in the future		-	-
Other comprehensive income for the period	-		-
Total consolidated comprehensive income for the period	- -	6 967 184	26 890 080
Attributable to:
Shareholders in the Parent Company
Continuing Operations		4 435 936	4 369 592
Discontinued Operations		2 531 248	22 520 488
Non-controlling interests
Continuing Operations		-	-
Discontinued Operations		-	-
	-	6 967 184	26 890 080

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

The Chartered Accountant The Board of Directors

Balance as at 1 January 2024

Total consolidated comprehensive income for the period

Total consolidated comprehensive income for the period

Appropriation of consolidated result from 2024:

Transfer to other reserves

Appropriation of consolidated result from 2023: Transfer to other reserves

ice as at 30 September 2024

Balance as at 1 January 2025

Distribution of dividends

Balance as at 30 September 2025

Others

RAMADA INVESTIMENTOS E INDUSTRIA, S.A.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE NINE MONTHS PERIODS ENDED 30 SEPTEMBER 2025 AND 2024

(Translation of financial statements originally issued in Portuguese - Note 19)

(Amounts expressed in Euros)

Attributable to shareholders in the Parent Company Consolidated net Total equity attributable Non-controlling to shareholders of parent Share capital Legal reserve Other reserves profit/(loss) for the Total equity Notes interests period company 10 25 641 459 7 193 058 80 537 220 10 413 341 123 785 078 123 785 078 26 890 080 26 890 080 26 890 080 10 413 341 (10 413 341) (14 872 046) 25 641 459 7 193 058 90 950 561 26 890 080 150 675 158 135 803 112 10 25 641 459 7 193 058 56 078 177 28 820 557 117 733 251 117 733 251 6 967 184 6 967 184 6 967 184 28 820 557 (28 820 557) (10 256 582) (10 256 582) (10 256 582)

6 967 184

114 443 853

114 443 853

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

7 193 058

25 641 459

The Chartered Accountant The Board of Directors

74 642 152

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS PERIODS ENDED 30 SEPTEMBER 2025 AND 2024 (Translation of financial statements originally issued in Portuguese - Note 19) (Amounts expressed in Euros)

	Notes	30.09.202	25	30.09.20	24
Operational activities:
Receipts from customers		29 039 132		95 468 124
Payments to suppliers		(18 758 656)		(70 089 441)
Payments to personnel		(1 338 264)	8 942 211	(5 575 210)	19 803 473
Paid/Received corporate income tax		(511 854)	0 542 211	2 063 444	13 000 470
Other receipts/payments relating to operating activities		(1 403 272)	(1 915 127)	(8 324 912)	(6 261 468)
Outer receips payments relating to operating activities		(1400 212)	7 027 085	(0 324 312)	13 542 005
		_	7 027 003	_	10 042 000
Investment activities:
Receipts arising from:
Property, plant and equipment		781 000		41 513
Investment properties		-		-
Investments	5	21 018 102		55 277 213
Dividends	4.2	-		118 800
Interest and similar income		86 223		311 782
		245 842	22 131 167	-	55 749 308
Payments relating to:
Investments in subsidiaries net of cash and cash equivalents acquired		(140 481)		-
Intangible assets		-		-
Property, plant and equipment		(660 183)		(1 724 459)
Investment properties	8	(190 440)		-
Loans granted		(351 203)	(1 342 307)	-	(1 724 459)
Cash flows generated from investments activities (2)			20 788 860		54 024 850
Financing activities:
Receipts arising from:
Loans obtained		-	-	74 910 637	74 910 637
Payments relating to:
Interest and similar expenses		(41 705)		(1 358 794)
Dividends		(10 256 261)		(14 873 138)
Lease liabilities		-		(234 922)
Other financing transaction		-		(101 372)
Loans obtained			(10 297 966)	(98 814 486)	(115 382 712)
Cash flows generated from financing activities (3)		_	(10 297 966)	_	(40 472 075)
Cash and cash equivalents at the beginning of the period	9		991 830		11 058 821
Cash and cash equivalents variation: (1)+(2)+(3)			17 517 978		27 094 779
Cash and cash equivalents at the end of the period	9	_	18 509 808		38 153 600

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

The Board of Directors The Chartered Accountant

(TRANSLATION OF NOTES ORIGINALLY ISSUED IN PORTUGUESE – NOTE 19)

(Amounts expressed in Euro)

1. INTRODUCTORY NOTE

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

As of September 30, the Board of Directors believes that, according to the way the information is monitored by it, there is only one segment that can be reported that, essentially, incorporates the activities of real estate asset management activity, developed by the company F. Ramada ll, Imobiliária, S.A., and the financial investments management activity, relating to minority shareholding, namely, the participation held in CEV, S.A. (Note 16).

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

2. MATERIAL ACCOUNTING POLICES AND BASIS OF PRESENTATION

The condensed consolidated financial statements, for the nine months period ended on 30 September 2025, were prepared in accordance with IAS 34 – Interim Financial Reporting and include the condensed consolidated statement of financial position, the condensed consolidated income statement, the condensed consolidated statement of comprehensive income, the condensed consolidated statement of changes in equity and the condensed consolidated statement of cash flows, as well as the selected explanatory notes. These condensed consolidated financial statements do not include all the information required to be published on the annual financial statements, and should, therefore, be read together with the consolidated financial statements of the Ramada Group for the financial year ended 31 December 2024.

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

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

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

The preparation of condensed consolidated financial statements requires the use of estimates, assumptions and critical judgements in the process of determining accounting policies to be adopted by the Group, with significant impact on the book value of assets and liabilities, as well as on income and expenses for the period. Although these estimates are based on the best experience of the Board of Directors and on its best expectations regarding current and future events and actions, current and future results may differ from these estimates. Areas involving a higher degree of judgement or complexity, or areas with significant assumptions and estimates are disclosed in Note 3 of the accompanying notes to the consolidated financial statements of the Group for the financial year ended 31 December 2024.

3. CHANGES IN ACCOUNTING POLICES AND CORRECTION OF ERRORS

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

(TRANSLATION OF NOTES ORIGINALLY ISSUED IN PORTUGUESE – NOTE 19)

(Amounts expressed in Euro)

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

Up to the date of approval of these condensed consolidated financial statements, the European Union endorsed the following accounting standards, interpretations, amendments and revisions, mandatorily applied to the financial year beginning on 1 January 2025:

	Effective date (financial years begun on or after)
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability	01 Jan 2025

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

The following standards, interpretations, amendments, and revisions were endorsed by the European Union and have mandatory application in future years:

	Effective date (financial years begun on or after)
Annual Improvements Volume 11	01 Jan 2026
Contracts Referencing Nature-dependent Electricity Amendments (Amendments to IFRS 9 and IFRS 7)	01 Jan 2026
Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7)	01 Jan 2026

The Group did not proceed with the early implementation of these amendments in the condensed consolidated financial statements for the three months period ended 30 September 2025 due to the fact that their application is not yet mandatory. No significant impacts are expected on the financial statements resulting from their adoption.

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

	Effective date (financial years begun on or after)
IFRS 18 Presentation and Disclosure in Financial Statements	01 Jan 2027
IFRS 19 Subsidiaries without Public Accountability: Disclosures	01 Jan 2027

These standards have not yet been endorsed by the European Union and, as such, the Group did not proceed with the early adoption of any of these standards in the condensed consolidated financial statements for the period ended 30 September 2025, as their application is not mandatory, and is in the process of examining the expected effects of these standards.

(TRANSLATION OF NOTES ORIGINALLY ISSUED IN PORTUGUESE – NOTE 19)
(Amounts expressed in Euro)

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

4.1 Subsidiaries included in the consolidation

The companies included in the consolidated financial statements by the full consolidation method, its headquarters, percentage of participation held and main activity as of 30 September 2025 and 31 December 2024, are as follows:

		Effective held	l percentage
Company	Registered office	30.09.2025	31.12.2024	Activity
Parent company
Ramada Investimentos e Indústria S.A.	Porto	-	-	Management consulting services and shareholding management
Ramada Group
F. Ramada II, Imobiliária, S.A.	Ovar	100%	100%	Real estate
Socitrel - Sociedade Industrial de Trefilaria, S.A. (a)	Trofa	-	100%	Steel wire manufacturing and trade
Socitrel España, S.A. (a)	Spain	-	100%	Steel wire manufacturing and trade
Expeliarmus - Consultoria, Unipessoal, Lda.	Trofa	100%	100%	Shareholding management
Socitrel Solar, Unipessoal, Lda. (a)	Trofa	-	100%	Management of energy production and sale facilities

⁽a) Entities sold in the second quarter of 2025 (Note 6).

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

4.2 Investments in associated companies

As at 30 September 2025 and 31 December 2024, the caption "Investments in associated companies" can be detailed as follows:

	30.09.2025	31.12.2024
Opening balance	-	5 788 779
Dividend Distribution	-	(118 800)
Equity method
Effect on gains losses related to associates	-	401 714
Transfer to Non-current assets held for
sale (Note 6)	-	(6 071 693)
Closing Balance

On July 11, 2025, the sale transaction for the participation in Fisio Share – Gestão de Clínicas, S.A. was completed (Note 5). Fisio Share – Gestão de Clínicas, S.A. was classified as a non-current asset held for sale, effective from October 1, 2024 (Note 6).

4.3 Other investments

As of 30 September 2025, and 31 December 2024, the caption 'Other investments' and respective impairment losses can be detailed as follows:

(TRANSLATION OF NOTES ORIGINALLY ISSUED IN PORTUGUESE – NOTE 19)

(Amounts expressed in Euro)

	30.09.2025	31.12.2024
Gross value
Opening value	-	5 749 445
Additions	-	491 695
Transfer to non-current assets held for sale (Note 6	3)	(6 241 140)
Closing balance	-	-
Accumulated impairment losses
Opening value	-	(5 749 445)
Additions	-	(491 695)
Transfer to non-current assets held for sale (Note 6	3)	6 241 140
Closing balance
Netvalue

As at 30 September 2025 and 31 December 2024, the Group held 22.52% of the company CEV, S.A. This participated company is engaged in the developments and intellectual protection, production and trade of organic fungicides for agriculture. This investee is not listed and the Group does not have significant influence over this holding, namely due to:

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

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

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

CEV, S.A. is presented in the current consolidated financial information as a non-current asset held for sale, as of October 1, 2024 (Note 6).

5. CHANGES IN THE CONSOLIDATION PERIMETER

During the six-month period ended September 30, 2025, the following change occurred in the consolidation perimeter:

Completion of the sale transaction of the subsidiary Socitrel and its subsidiaries

On June 6, 2025, the Ramada Group entered into an agreement with 1 Thing, Investments, S.A. for the disposal of all shares representing the share capital and voting rights of its subsidiary Socitrel and its respective subsidiaries.

1 Thing, Investments, S.A. holds a qualified stake corresponding to 10.004% of the share capital and voting rights of Ramada Investimentos, and its Chairman of the Board of Directors, Dr. Pedro Borges de Oliveira, also serves as a director of Ramada Investimentos. For this reason, the resolution of the Board of Directors of Ramada Investimentos to dispose of Socitrel to 1 Thing, Investments, S.A. complied with the provisions of Article 397(2) of the Portuguese Commercial Companies Code, Article 29-S(2) of the Portuguese Securities Code, as well as the Regulation on Related Party Transactions and Conflicts of Interest in force at the company, having obtained a prior favorable opinion from the Supervisory Board.

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

(TRANSLATION OF NOTES ORIGINALLY ISSUED IN PORTUGUESE - NOTE 19)

(Amounts expressed in Euro)

As of 30 September 2025, the amount included in the caption "Profit after tax from discontinued operations" is detailed as follows:

Detail of the 'Profit after tax from discontinued operations' line item:

	30.06.2025
a) Profit from discontinued operations
Profit after tax from Socitrel and its subsidiaries until the date of the sale transaction	435 349
b) Gain from the completion of the sale transaction of Socitrel and its subsidiaries	(1 821 901)
c) Gain from the completion of the sale transaction of participation in Fisio Share – Gestão de Clínicas, S.A.	3 917 801
Profit after tax from discontinued operations	2 531 248

a) Profit from discontinued operations

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

In accordance with IFRS 5, all the operations of Socitrel and its subsidiaries up to the date of the transaction were presented under the caption "Profit after tax from discontinued operations" in the condensed consolidated income statement.

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

	Until the date of sale
	transaction
Sales and services rendered	18 683 993
Other income	-
Cost of sales and variation in production	(13 641 199)
External supplies and services	(2 435 035)
Payroll expenses	(2 206 657)
Amortisation and depreciation	-
Provisions and impairment losses	-
Other expenses	(15 738)
Results related to investments	-
Financial expenses	(66 590)
Financial income	54 699
Profit before tax from discontinued operations	373 474
Income tax	61 875
Profit after tax from discontinued operations	435 349

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

As referred above, on 6 June 2025, Ramada Group completed the sale to 1 Thing Investments, S.A. of all the shares representing the share capital and voting rights of Socitrel, and its subsidiaries. The effects of these disposals on the condensed consolidated financial statements as of the disposal date can be detailed as follows:

(TRANSLATION OF NOTES ORIGINALLY ISSUED IN PORTUGUESE – NOTE 19)

(Amounts expressed in Euro)

	At the date of sale transaction
Net assets
Property, plant and equipment	15 894 415
Right-of-use assets	262 469
Inventories	5 695 756
Trade receivables	9 280 125
Cash and cash equivalents	2 727 495
Trade payables	(15 715 585)
Other net assets and liabilities	(2 822 774)
Total net assets disposed	15 321 902
Gain/(Loss) on disposal	(1 821 901)
Gain/(Loss) on disposal after deduction of costs associated with the transaction	(1 821 901)
Disposal price	13 500 000
Amounts received	13 500 000
Net cash flow from disposal
Amounts received	13 500 000
Cash and cash equivalents disposed	(2 727 495)
	10 772 505

As a result of the completion of the sale transaction of Socitrel and its subsidiaries, a loss was recognized in the Ramada Group's condensed consolidated financial statements, taking into account the sale price, the net assets of the referred subsidiaries as of the disposal date, and the property that was leased to Socitrel and included in the transaction, amounting to 1.8 million Euros. This loss is presented under the heading 'Profit after tax from discontinued operations'.

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

	Until the date of sale
	transaction
Cash flows generated by operating activities	1 423 146
Cash flows generated from investments activities	10 112 322
Cash flows generated from financing activities	(6 836)

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

c) Gain from the completion of the sale transaction of participation in Fisio Share - Gestão de Clínicas, S.A.

(TRANSLATION OF NOTES ORIGINALLY ISSUED IN PORTUGUESE – NOTE 19)

(Amounts expressed in Euro)

	At the date of sale transaction
Value of the participation at the date of sale transaction	(6 071 693)
Costs associated with the transaction	(256 103)
Disposal price	10 245 597
Gain/(Loss) on disposal	3 917 801

As a result of the completion of the sale transaction of of participation in Fisio Share – Gestão de Clínicas, S.A., Gain was recognized in the Ramada Group's condensed consolidated financial statements, taking into account the sale price, the net assets of the referred at the date of disposal, amounting to €3.9 million euro, which is presented under 'Profit after tax from discontinued operations'.

6. DISCONTINUED ACTIVITIES

As at 30 September 2025 and 31 December 2024, the caption Non-current assets held for sale is detailed as follows:

	30.09.2025	31.12.2024
Socitrel - Sociedade Industrial de Trefilaria, S.A. (Nota 5)	-	30 143 508
Fisio Share - Gestão de Clínicas, S.A. (Nota 5)	-	6 071 693
CEV, S.A.
	-	36 215 201

As of September 30, 2025, as mentioned in the previous note, Socitrel – Sociedade Industrial de Trefilaria, S.A. and the participation in Fisio Share – Gestão de Clínicas, S.A. was sold, thus explaining the variation between the two periods.

7. INVESTMENT PROPERTIES

The movement in this caption in the six months period ended 30 September 2025 and in the year ended 31 December 2024 is as follows:

	30.09.2025	31.12.2024
Gross opening balance	99 191 829	89 825 246
Acquisitions	190 440	-
Disposals	(3 376 366)	-
Transfer from Property, plant and equipment	-	9 366 583
Gross closing balance	96 005 903	99 191 829
Accumulated Amortization	(2 843 425)	-
Transfer from Property, plant and equipment	-	(2 655 848)
Amortizations for the period	(192 861)	(187 577)
Impairment Losses	(1 100 000)	(1 100 000)
Closing balance	91 869 617	95 248 404

The lease land generated, during the three months ended as of 30 September 2025, income for rents amounting to, approximately, 6.200.000 Euro (approximately 8.000.000 Euro in 31 December 2024).

(TRANSLATION OF NOTES ORIGINALLY ISSUED IN PORTUGUESE - NOTE 19)

(Amounts expressed in Euro)

The forest lands owned by the Ramada Group are leased under lease agreements, primarily through contracts signed in 2007 and 2008, with an average duration of twenty years (with the possibility of extending for an additional period of four to six years, depending on the contracts, if the lessee requires this period to complete the specified number of cuts under normal conditions). The depreciated cost method is being used for accounting purposes.

The minimum future receipts for leases of forest land amounting, to approximately, 8.3 million Euro in each of the following 5 years. After this period and until the end of the contracts, the minimum future receipts total, approximately 41 million Euro. The rents provided for in each lease agreement are updated at the end of each two-year period, counting from the beginning of the calendar year immediately following the signing of the contract, based on the consumer price index.

As at 30 September 2025, there are no assets pledged as collateral for the Group's bank loans, as they were settled during the 2024 financial year, and the administrative process for the cancellation of the liens is underway.

As at 31 December 2024, the Group consulted an independent external valuer to support the Board of Directors in determining the fair value of the land recorded as investment property for the purpose of disclosure on this matter and also to assess the existence of any evidence of impairment. Considering the information available at the date, the conclusions regarding this matter remain unchanged.

8. DEFERRED INCOME TAXES

In accordance with current legislation, the tax returns are subject to review and correction by the tax authorities over a period of four years (five years for Social Security), except when tax losses have occurred, tax benefits have been granted, or inspections, complaints or disputes are on-going. In these cases, depending on the circumstances, the above referred period deadlines can be extended or suspended. Therefore, the tax returns of Ramada and its subsidiaries for the years 2021 to 2024 may still be subject to review.

Ramada Investimentos e Indústria S.A. is the parent company of the group of companies based in Portugal (Ramada Group), that are taxed according to the special taxation regime for groups.

9. CASH AND CASH EQUIVALENTS

As of 30 September 2025, and 31 December 2024, the caption 'Cash and cash equivalents' included in the condensed consolidated statement of financial position can be detailed as follows:

	30.09.2025	31.12.2024
Cash	100	-
Bank deposits	18 509 708	2 502 229
Cash and cash equivalents on the statement of financial position	18 509 808	2 502 229
Bank overdrafts (Note 11)	-	(3 481 767)
Cash and cash equivalents from discontinued activities	-	1 971 368
Cash and cash equivalents on the statement of cash flows	18 509 808	991 830

10. SHARE CAPITAL

As of 30 September 2025, Ramada's fully subscribed and paid-up capital consisted of 25,641,459 shares with a nominal value of 1 Euro each.

Regarding the year 2024, the Board of Directors proposed in its Annual Report, which was approved in the General Meeting held on 28 April 2025, that the individual net profit of Ramada Investimentos e Indústria, S.A. in the amount of 28.042.240 Euro be distributed as dividends in the amount of 10.256.584 Euro, with the remaining amount of 17.785.656 Euro being transferred to free reserves.

(TRANSLATION OF NOTES ORIGINALLY ISSUED IN PORTUGUESE – NOTE 19)
(Amounts expressed in Euro)

11. BANK LOANS AND OTHER LOANS

As of 30 September 2025, and 31 December 2024, the captions "Bank loans" and "Other loans" can be detailed as follows:

	30.09	2025	31.12	2024
	Current	Non-current	Current	Non-current
Bank loans	-	-	-	-
Bank loans	-			-
Commercial paper	-	-	-	-
Escrow accounts	-	-	-	-
Bank overdrafts (Note 9)	-	-	3 481 767	-
Investment grants	-	-	-	-
Other loans	-		3 481 767	-
	-		3 481 767

It is the Board of Directors understanding that as of 30 September 2025 and 31 December 2024 the loans' book value does not differ significantly from its fair value.

12.1 Bank loans:

The nominal amount of bank loans as of September 30, 2025, and December 31, 2024, will be reimbursed as follows:

	30.09.2025			31.12.2024
Repayment year	Amount	Estimated interest 1	Repayment year	Amount	Estimated interest 1
Current			Current
3Q 2026	-		2025	3 481 767	11 680
Non-current 2027	-	_	Non-current 2026	_	_
2028	-	-	2027	-	-
2029	-	-	2028	-	-
2030			2029
	-			-	-
	-			3 481 767	11 680

^<sup>1 Interest estimated according to the defined contractual conditions, assuming the market conditions verified in 2024.

During the year ended December 31, 2024, all bank loans were fully settled.

During the three-month period ended September 30, 2025, the bank overdraft was settled

12. OTHER CURRENT LIABILITIES

As of 30 September 2025, and 31 December 2024, the caption "Other current liabilities" can be detailed as follows:

(TRANSLATION OF NOTES ORIGINALLY ISSUED IN PORTUGUESE - NOTE 19)

(Amounts expressed in Euro)

	30.09.2025	31.12.2024
Accrued expenses: Wages and salaries payable, bonuses and other payroll expenses	135 389	77 311
Other accrued expenses	878 925	630 010
Deferred income	-	-
	1 014 314	707 321

13. PROVISIONS AND IMPAIRMENT LOSSES

The movements that occurred in provisions and impairment losses for the three months periods ended as of 30 September 2025 and 2024, can be detailed as follows:

				30.09.2	025
		Provisions	Impairment loss in debts from thi parties	I I Imnairment	nents in	irment losses investment properties	Total
				(Note	4)	(Note 7)
Opening balance		1 500 000		- 6 24	11 140	1 100 000	8 841 140
Increases		-		-	-	-	-
Reversals Utilizations		-		-	-	-	-
Closing balance	_	1 500 000		- 6 24	11 140	1 100 000	8 841 140
				30.09.2024
	Provisions	Impairment losses in debts from third parties	Impairment losses in inventories	Impairment losses on inventories	Impairment losse in investments	Impairment losses in investment properties	Total
					(Note 4)	(Note 7)
Opening balance Changes in perimeter of consolidation Increases	2 185 467 (685 467)	7 146 583 (7 146 583)	5 749 445	2 844 463 (2 844 463)	5 749 44	5 1 100 000	24 775 403 (10 676 513)
	(000 401)	-	491 695	(2 044 400)			-
Reversals Utilizations	-	-		-			-
Closing balance	1 500 000		6 241 140	-	5 749 44	1 100 000	14 098 890

The increases and reversals of provisions and impairment losses recorded in the three months periods ended 30 September 2025 and 2024 were recorded against the income statement caption "Provisions and impairment losses".

The amount recorded under "Provisions" at 30 September 2025 corresponds to the best estimate by the Board of Directors of the Group Companies to cover losses to be incurred with lawsuits currently in progress and other liabilities.

It is the Board of Directors' understanding that, as of June 30, 2025, there are no material assets or liabilities associated with probable or possible tax contingencies that should be recognized or disclosed in the financial statements as of September 30, 2025, beyond those that support the amounts already recorded.

14. EARNINGS PER SHARE

Earnings per share for the three months periods ended as of 30 September 2025 and 2024 were determined taking into consideration the following amounts:

(TRANSLATION OF NOTES ORIGINALLY ISSUED IN PORTUGUESE - NOTE 19)

(Amounts expressed in Euro)

	30.09.2025	30.06.2024
Profit from continuing operations for calculating basic and diluted earnings per share	4 435 936	4 369 592
Profit from discontinued operations for calculating basic and diluted earnings per share	2 531 248	22 520 488
Weighted average number of shares for calculating net income per share	25 641 459	25 641 459
Earnings per share
For continued operations
Basic	0,17	0,17
Diluted	0,17	0,17
For discontinued operations
Basic	0,10	0,88
Diluted	0,10	0,88

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

15. RELATED PARTIES

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

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

As of September 30, 2025, and December 31, 2024, there were no balances or transactions with related parties.

16. SEGMENT INFORMATION

As of 30 September 2025, the Board of Directors believes that, according to the way the information is monitored by it, there is only one segment that can be reported that, essentially, incorporates the following activities:

the real estate asset management activity (composed, essentially, by the forest assets and other real estate).

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

17. SUBSEQUENT EVENTS

On October 6, 2025, the payment of Free Reserves in the amount of 16,666,948.35 euro was made, following the resolution of the Extraordinary General Meeting of Shareholders held on September 12, 2025.

18. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS APPROVAL

The financial statements were approved by the Board of Directors and authorized for issue on November 21, 2025.

(TRANSLATION OF NOTES ORIGINALLY ISSUED IN PORTUGUESE – NOTE 19)

(Amounts expressed in Euro)

19. TRANSLATION NOTE

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

The Chartered Account	The Board of Directors
	João Manuel Matos Borges de Oliveira
	Paulo Jorge dos Santos Fernandes
	Domingos José Vieira de Matos
	Pedro Miguel Matos Borges de Oliveira
	Ana Rebelo de Carvalho Menéres de Mendonça
	Laurentina da Silva Martins
	Miguel Ângelo Valente Gonçalves
	Adília Miranda dos Anjos