DIMAND SOCIETE ANONYME – DEVELOPMENT AND EXPLORATION OF REAL ESTATE AND CONSTRUCTIONS, SERVICES AND HOLDING

INTERIM FINANCIAL REPORT FOR THE PERIOD FROM JANUARY 1 TO JUNE 30, 2025

This interim financial report has been translated from the original Greek report. Reasonable care has been taken to ensure that this report represents an accurate translation of the original text. In the event that differences exist between this translation and the original Greek language financial report, the Greek language financial report will prevail over this document.

SEPTEMBER 2025

A. Independent Auditor's Review Report 2
B. Certification by Members of the Board of Directors according to article 5 of Law 3556/2007 4
C. Board of Director's Semi-Annual Report on the Interim Condensed Financial Statements as at June 30, 2025. 5
D. Interim Condensed Financial Statements for the period 01.01.2025-30.06.2025 21
Interim Condensed Statement of Financial Position 21
Interim Condensed Statement of Comprehensive Income 22
Interim Condensed Statement of Changes in Equity 23
Interim Condensed Cash Flow Statement 25
Notes to the Interim Condensed Financial Statements 27
1. General Information for the Company and the Group27
2. Basis for the preparation of the Interim Condensed Financial Statements28
3. Financial risk management 32
3.1 Financial risk factors32
3.2 Capital management35
4. Segment analysis 36
5. Investment property 39
6. Investments in Subsidiaries (Financial assets at fair value through other comprehensive income (FVTOCI),
Financial assets at fair value through profit and loss (FVTPL)) 42
7. Investments in joint ventures accounted for using the equity method47
8. Deferred income tax 49
9. Trade and other receivables 52
10. Cash and Cash equivalents 53
11. Share capital54
12. Non-controlling interest 55
13. Borrowings 55
14. Trade and other payables 60
15. Revenue61
16. Construction cost62
17. Property taxes - levies62
18. Personnel expenses 62
19. Other income 63
20. Other expenses63
21. Finance costs (net)64
22. Income tax64
23. Earnings per share 66
24. Contingent liabilities66
25. Related party transactions 67
26. Events after the date of the Interim Condensed Financial Statements 70

Deloitte Certified Public Accountants S.A. 3a Fragkokklisias & Granikou str. Marousi Athens GR 151-25 Greece

Tel: +30 210 6781 100 www.deloitte.gr

TRUE TRANSLATION FROM THE ORIGINAL IN GREEK

A. Independent Auditor's Review Report

To the Board of Directors of "DIMAND SOCIETE ANONYME – DEVELOPMENT AND EXPLOITATION OF REAL ESTATE AND CONSTRUCTIONS, SERVICES AND HOLDING"

Review Report on Interim Condensed Financial Statements

Introduction

We have reviewed the accompanying interim condensed separate and consolidated statement of financial position of "DIMAND SOCIETE ANONYME – DEVELOPMENT AND EXPLOITATION OF REAL ESTATE AND CONSTRUCTIONS, SERVICES AND HOLDING" as of 30 June 2025 and the related interim condensed separate and consolidated statements of comprehensive income, changes in equity and cash flows for the six-month period then ended, and the selective explanatory notes which together comprise the interim condensed financial statements and which represent an integral part of the semi-annual financial report as provided by Law 3556/2007.

Management is responsible for the preparation and fair presentation of this interim condensed financial statements in accordance with International Financial Reporting Standards as endorsed by the European Union and applicable to interim financial reporting ("International Accounting Standard (IAS) 34"). Our responsibility is to express a conclusion on this interim condensed financial statements based on our review.

Scope of Review

We conducted our review in accordance with the International Standard on Review Engagements (ISRE) 2410, "Review of Interim Financial Information performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing as incorporated in Greek Legislation, and consequently, it does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed financial statements are not prepared, in all material respects, in accordance with IAS 34.

Report on other Legal and Regulatory Requirements

Our review has not revealed any material inconsistency or misstatement in the Statements of members of the Board of Directors and the information included in the Semi-Annual Report of the Board of Directors, as provided by articles 5 and 5a of Law 3556/2007, when compared to the accompanying interim condensed financial statements.

Athens, 25 September 2025

The Certified Public Accountant

Theodoros K. Tasioulas Reg. No. SOEL: 41061 Deloitte Certified Public Accountants S.A. 3a Fragkokklisias & Granikou str., 151 25 Marousi Reg. No. SOEL: E 120

This document has been prepared by Deloitte Certified Public Accountants Societe Anonyme.

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B. Certification by Members of the Board of Directors according to article 5 of Law 3556/2007

We, the members of the Board of Directors of "DIMAND SOCIETE ANONYME – DEVELOPMENT AND EXPLORATION OF REAL ESTATE AND CONSTRUCTIONS, SERVICES AND HOLDING" (hereinafter the "Company"), under our abovementioned capacity, certify that to the best of our knowledge:

(a) The Interim Condensed Financial Statements for the period 01.01.2025 – 30.06.2025 have been prepared in accordance with International Accounting Standard for Interim Financial Statements (IAS 34), present honestly and accurately the information included in the Interim Condensed Statement of Financial Position, Interim Condensed Statement of Comprehensive Income, Interim Condensed Statement of Changes in Equity and Interim Condensed Cash Flow Statement of the Company, as well as of the companies included in the consolidation (hereinafter the "Group"), in accordance with par. 3 to 5, art. 5 of Law 3556/2007 and the decisions of the Board of Directors of the Hellenic Capital Market Commission, and

(b) The Board of Directors Semi-Annual Report fairly presents all information required by Article 5, Paragraph 6 of Law 3556/2007 and the decisions of the Board of Directors of the Hellenic Capital Market Commission.

Maroussi, 25.09.2025

The certifiers,

The Vice Chairman of the BOD and CEO

The Deputy CEO

The Executive Member of the BOD

Dimitrios Andriopoulos Nikolaos-Ioannis Dimtsas Anna Chalkiadaki

C. Board of Director's Semi-Annual Report on the Interim Condensed Financial Statements as at June 30, 2025

"DIMAND SOCIETE ANONYME - DEVELOPMENT AND EXPLORATION OF REAL ESTATE AND CONSTRUCTIONS, SERVICES AND HOLDING"

on the Interim Condensed Financial Statements for the period from January 1, 2025 to June 30, 2025

Dear Shareholders,

The present Semi-Annual Report of the Board of Directors (hereinafter the "Board of Directors" or "BoD") relates to the period January 1, 2025 to June 30, 2025 and has been prepared in accordance with the relevant provisions of Law 3556/2007 and the implementing decisions of the Board of Directors of the Hellenic Capital Market Commission.

FINANCIAL POSITION OF THE GROUP

As of 30.06.2025, the Group's total portfolio (through the subsidiaries) included, 8 investment projects (31.12.2024: 7 investment projects) in various stages of completion, in urban areas throughout Greece, with office, residential and hotel complexes, residencies, logistics facilities as well as mixed-use projects, with a total fair value of €164,214,414 (31.12.2024: €141,784,782) and a total estimated Gross Development Value (GDV) at completion of €614,664,237 (31.12.2024: €610,350,278), based on the valuations of independent certified valuers.

Properties held by the Group as of 30.06.2025 relate to the following:

A plot of land of c. 2,082 sq.m. and the existing multi-storey building of c. 11,653 sq.m., in the Municipality of Athens, owned by the subsidiary Random S.M.S.A.. The Group had prepared a business development plan for the project, which provided for the renovation and upgrading of the property into a bioclimatic building of modern offices, for the purpose of lease. On 27.06.2025 the final agreement lease was signed with a well-known Greek company for the entirety of the developing office complex and was delivered into the possession and use of the lessor.
A plot of land with a total surface area of c. 2,060 sqm after the five buildings of the building complex known as "MINION" with a total surface area of the five buildings of c. 18,580 sq.m., in the Municipality of Athens and specifically in Omonia Square. Buildings B, C, D, and E, with a total area of c. 13,787 sq.m., owned by the subsidiary Alkanor S.M.S.A. During 2024, their development into a modern, bioclimatic mixed-use complex (comprising shops and offices) was completed, and the property has been fully leased in well-known users. Also, the complex received the LEED Gold certification, in accordance with the internationally recognized rating system of the U.S. Green Building Council (USGBC). On 27.02.2025, the notarial deed for the

establishment of the subsidiary company "Dorou Residencies S.M.S.A.", the owner of Building A of «MINION» with a surface area of 4,778 sqm, in the context of the partial demerger plan of the subsidiary Alkanor S.M.S.A.. Additionally, according to the business plan for Building A, the development of a residential complex is planned, with the goal of selling and/or leasing the units.

A plot of land of c. 1,304 sq.m., in the Municipality of Piraeus, which is owned by the subsidiary Piraeus Regeneration 138 S.M.S.A.. The Group has prepared a business plan for the investment property, which envisages the construction of a building of 97 apartments with a total area of c. 6,170 sq.m. for the purpose of lease.
A plot of land with a total area of c. 355,648 sq.m., located at the 15th kilometer of Thessaloniki–Edessa, formerly owned by the company "BALKAN REAL ESTATE S.A.". The owner of the property is the subsidiary Aghialos Estate S.M.S.A.. According to the business plan, the development of a Logistics complex with a total area of c. 120,000 sq.m. is planned, which will be the largest logistics hub in Northern Greece. Additionally, photovoltaic panels are planned to be installed on the roof of the facilities for energy production, following the completion of a special study.
A plot of land, with a complex of industrial buildings, located on 26th October Street, Thessaloniki (former complex of the old FIX factory "FIX Complex"), with a total surface area according to the title deed of c. 23,912 sq.m., which is owned by the subsidiary Filma Estate S.M.S.A.. The subsidiary proceeded with the establishment of two vertical properties on the aforementioned plot, in order to enhance its optimal utilization and maximize its commercial potential. Also, on 08.04.2024, the subsidiary acquired an adjacent plot of land with a total area of c. 2,699 sq.m.. According to the business plan, the development includes the construction of a mixed-use complex, certified according to the internationally recognized LEED sustainable development system at the Gold level, followed by their leasing. On 07.08.2025, the subsidiary Filma S.Μ.S.A. proceeded with the sale of one vertical property with a total surface area of 6,900 sqm, which included preserved buildings with a surface area of 7,715.90 sq.m., to the Ministry of Culture, which had designated the said property as a "listed historic monument". The aforementioned transfer was executed pursuant to Ministerial Decision No. 330247/2025 (Government Gazette B' 3971/25.07.2025).
Industrial complex (former premises of the factory of " Athens Papermill") on a plot of land of c. 49,340 sq.m. located on Hartergakon street, Iera Odos and Agios Polykarpou street of Botanikos, in the block 35 of the Municipality of Athens, which was acquired by the subsidiary IQ Athens S.M.S.A., on 28.02.2023. According to the business plan, a modern mixed-use complex is developed in accordance with the standards of the LEED certificate for bioclimatic buildings of high energy class

• Three land plots with a total area of c. 304,038 sq.m., located in Nea Sevastia in the Municipality of Drama, which were acquired by the subsidiary Dramar S.M.S.A. on 09.04.2024. On 01.08.2025, following the notarial preliminary agreement dated 26.05.2022 and its extensions, the subsidiary proceeded with the acquisition of another adjacent plot of approximately 632,226 sq.m.

Also, as of 30.06.2025, the total portfolio of joint ventures in which the Group participated included 6 investment projects (31.12.2024: 6 investment projects) in various stages of completion, in urban areas throughout Greece, with office, residential and hotel complexes, as well as mixed-use projects with a total fair value of €199,647,046 (31.12.2024: €194,102,146) and a total estimated Gross Development Value (GDV) at completion of €417,821,750 (31.12.2024: €413,344,750), based on the valuations of independent certified valuers.

Based on the above, as of 30.06.2025 the total number of investment projects under management (Assets under Management - AUM) of the Group (through the Company, subsidiaries and joint ventures) amounted to 14 (31.12.2024: 13) with a total fair value of €363,861,460 (31.12.2024: €335,886,928) and a total estimated Gross Development Value (GDV) at completion of €1,032,485,987 (31.12.2024: €1,023,695,028), based on the valuations of independent certified valuers. The change in the investment projects under management is due to the partial spin-off of the subsidiary Alkanor S.M.S.A., involving the separation of the property it owned and the transfer of Building A to the subsidiary Dorou Residencies S.M.S.A..

For the structure of the Group and the Company's interests in subsidiaries and joint ventures, please refer to notes 6 and 7 of the Interim Condensed Financial Statements for the period ended June 30, 2025. During the first half of the year 2025 the following changes were made in the Group:

On 27.02.2025, the notarial deed for the establishment of the subsidiary company "Dorou Residencies S.M.S.A." was signed. The company is the owner of Building A of "MINION," following the partial demerger plan of the subsidiary Alkanor S.M.S.A. and the separation of the residential development from the commercial development of the project.

The subsidiaries Propela S.Μ.S.A., Perdim S.Μ.S.A. and DIMAND REAL ESTATE AND SERVICES EOOD, were liquidated and dissolved during the period 01.01–30.06.2025. Additionally, the subsidiaries Arcela Finance Ltd, Dimand Real Estate (Cyprus) Ltd, and Terra Attiva S.M.S.A. have entered into liquidation. On 25.04.2025 and 28.04.2025, the subsidiaries Propela S.M.S.A. and Perdim S.M.S.A., respectively, were removed from the General Business Registry (G.E.MI.) following the completion of their dissolution and liquidation.

The key figures in the Interim Condensed Statement of Financial Position for the Group are as follows:

	30.06.2025	31.12.2024	Variance (%)
Investment property	164,214,414	141,784,782	16%
Investments in joint ventures accounted for using the equity method	95,557,202	87,061,019	10%
Cash and cash equivalents	19,454,259	38,265,299	(49%)
Borrowings Equity attributable to the shareholders	76,222,955	73,844,900	3%
of the parent company	184,011,035	172,609,053	7%

SIGNIFICANT EVENT DURING H1 2025

A. Corporate events

The Annual General Assembly of the shareholders on 17.06.2025, approved the adoption of a new Share Buy Back Program for a total period of time of twelve (12) months from the expiration date of the currently effective Program; namely for a 12 month period starting from 22.06.2025 and expiring on 22.06.2026. Within the framework of this specific share buyback program, the Company acquired, between 22.06.2025 and 30.06.2025, 5,163 of its own shares with a total value of €51,160. As of 30.06.2025, the Company holds 54,871 of its own shares.

B. Investments

On 11.04.2025, the Group proceeded to the acquisition, subject to conditions, of properties located in Attica and Crete. More specifically, it was agreed that:

a) The acquisition of 100% of the share capital of the company GOURNES ANAPTYXI KAI DIACHEIRISI AKINITON S.M.S.A., owner of a landplot, of a total area of 346 thousand sq.m., located in Gournes, Municipality of Hersonissos, Heraklion, Crete (with a buildable area of c. 60 thousand sq.m. of hospitality buildings).

b) The acquisition of 100% of the share capital of the companies KANTZA EMPORIKI S.M.S.A. and ΚAΝΤΖA S.M.S.A. ANAPTYXIS DIACHEIRISIS KAI EKMETALLEUSIS AKINITON, owners of landplots, of a total area of c. 319 thousand sq.m., located at Camba Estate, Municipalities of Paiania and Pallini, Atiica (with a buildable area of 90 thousand sq.m. of mixed use buildings, out of which c. 3.6 thousand sq.m. relate to existing listed buildings.

c) The acquisition of a landplot of a total area of c. 4.4 thousand sq.m. (with a buildable area of c. 1.8 thousand sq.m. of residential buildings) and of a landplot of a total area of c. 1.3 thousand sq.m. with

a listed residence of 0.7 thousand sq.m.. The two landplots are located in the area of Trigono Cambas, Municipality of Pallini, Attica.

On 10.09.2025, the subsidiary Arcela Investments Ltd proceeded with the acquisition of 100% of the share capital of the company "GOURNES REAL ESTATE DEVELOPMENT AND MANAGEMENT S.A.", for a consideration of €40,050,089, of which €1,995,000 had been paid as an advance payment. The acquisition of the remaining properties is subject to conditions and is expected to be completed within the second half of 2025.

On 13.05.2025, the subsidiary Dorou Residencies S.M.S.A., in the context of optimizing the utilization and exploitation of Building A of the "MINION" property, proceeded with the lease of six horizontal properties with a total area of approximately 193 sq.m. The lease term was set at 18 years, and the rent amounted to €525,000, which was prepaid for the entire duration of the lease. Additionally, on 30.06.2025, the subsidiary Dorou Residencies S.M.S.A. acquired an additional horizontal property of 26.6 sq.m. for a consideration of €40,000 plus expenses of €2,052.

On 13.05.2025, the subsidiary Lavax S.M.S.A. proceeded with the signing of an amendment to the sublease agreement regarding the rental income. The subsidiary holds the right to use, through a long-term lease, a four-story building with a total area of approximately 3,153 sq.m. located in the center of Athens, on Apellou Street.

During the first half of 2025, the Group did not carry out any sales of properties and/or participations, whereas during the corresponding period of the previous year, the participations in the companies IOVIS S.M.S.A., Ependitiki Chanion S.A. and Kalliga Estate S.M.S.A. were disposed, resulting in a total profit of €5,211,657.

C. Financing

During the first half of 2025, the Company proceeded with a repayment of €6,000,000 under the existing credit agreements with an open current account.

FINANCIAL PERFORMANCE OF THE GROUP

The revenue of the Group for the interim period 01.01-30.06.2025 amounted to €27,410,705 from €16,616,368 in the previous period, representing an increase of 65%. The table below presents the revenue by category:

	From 01.01 to
	30.06.2025	30.06.2024	Variance
Revenue from project management	1,110,989	1,107,067	0%
Revenue from maintenance services	1,954,354	1,617,488	21%
Revenue from construction	21,816,914	9,137,978	139%
Revenue from sales of residential houses	-	4,000,000	(100%)
Revenue from consulting services	397,000	650,000	(39%)
Rental income	2,062,282	-	N/A
Other	69,166	103,835	(33%)
Total revenue	27,410,705	16,616,368	65%

The increase in the Group revenues is mainly attributable to increased revenue from construction projects and rental income. More specifically, the Group, through its subsidiaries Hub 204 S.M.S.A. and Citrus S.M.S.A., proceeded with the signing of property transfer agreements for turn-key properties according to client specifications, namely the Judicial Buildings Financing Fund of the Ministry of Justice (hereinafter referred to as " TAHDIK") and the Black Sea Trade and Development Bank, respectively. In addition, the Company proceeded with the signing of a contractor agreement for the reconstruction of the building owned by Iovis S.A. at 4 Korai and 30 Stadiou Streets, in accordance with the specifications of Piraeus Bank. Finally, the Group, through its subsidiary Alkanor S.M.S.A., recognised rental income, as during the second half of 2024, its property was completed and fully leased.

The Group's fair value gains on investment property for the interim period 01.01.2025-30.06.2025, amounted to €11,209,438 compared to €7,639,106 during the corresponding period in 2024.

The Group's operating expenses for the interim period 01.01.-30.06.2025, amounted to €25,767,673, compared to €18,136,128 during the corresponding period in 2024.

Excluding the construction cost and the net change in inventory property (cost of residential developments in Mykonos) during the corresponding period of 2024, operating expenses for the first half of 2025 amounted to €6,837,264 compared to €6,474,081 in the corresponding period of the previous period, representing an increase of 6%.

More specifically, the increase in operating expenses is primarily attributable to (a) increase of construction costs of €11,307,896 (H1 2024: €7,622,513) related exclusively to undertaken contracting agreements of the clients TAXDIK, the Black Sea Trade and Development Bank, and Piraeus Bank, in line with the increase in revenue from construction projects, and (b) the increase in costs related to the provision of maintenance services amounting to €552,191 (H1 2024: €332,263). In addition, during

the first half of 2024, the sale of residential properties in Mykonos took place, with their cost amounting to €4,039,534, whereas no similar transaction occurred in the first half of 2025.

Additionally, the Group's personnel expenses for the interim period 01.01. to 30.06.2025 amounted to €2,268,271 (H1 2024: €2,477,941), compared to the corresponding period in 2024 (i.e., a decrease of 8%). The decrease is mainly attributable to the cost of the free allocation of the Company's own shares to staff, which took place in the first half of 2024 (non-recurring expense).

Finally, the Group's other expenses for the interim period 01.01.-30.06.2025 amounted to €3,902,629, compared to €3,400,816 in the corresponding period in 2024 (i.e., an increase of 15%). The increase is mainly attributable to the higher cost of providing maintenance services, in line with the increase in revenue from maintenance services. It should be noted that during the first half of 2024, the Company carried out a free allocation of shares to its associates (non-recurring expense).

It should be noted that the Group's property taxes (ENFIA) for the interim period 01.01.-30.06.2025 amounted to €381,047 (H1 2024: €428,661), reflecting a decrease of 11% due to the sale of properties during the fiscal year 2024.

As a result, the Group's operating profits for the first half of 2025 represented an increase by 23%, amounting to €14,355,596 compared to €11,662,302 during the corresponding period in 2024.

The Group's finance expenses for the interim period 01.01.-30.06.2025 amounted to €1,669,470 compared to €1,212,719 during the corresponding period in 2024.

The Group's share of profit of investments accounted for using the equity method for the period 01.01.-30.06.2025 amounted to €2,515,438, compared to €5,453,165 during the corresponding period in 2024.

Based on the above, the Group's profit before tax attributable to shareholders of the parent company for the first half of 2025 amounted to €14,765,425 (H1 2024: €15,916,808). Accordingly, the Group's net profit attributable to shareholders of the parent company for the first half of 2025 amounted to €11,453,311 compared to €13,804,419 in the corresponding period of 2024. Excluding the results from divestments, the Group's profit before tax attributable to shareholders of the parent company amounted to €14,721,777 for H1 2025 and €10,705,151 for H1 2024, while the Group's net profit attributable to shareholders of the parent company amounted to €11,409,663 and €8,592,762, respectively.

The main figures of the Interim Condensed Statement of Comprehensive Income for the Group are as follows:

	From 01.01 to
	30.06.2025	30.06.2024	Variance (%)
Revenue	27,410,705	16,616,368	65%
Fair value gains on investment property	11,209,438	7,639,106	47%
Operating profit	14,355,596	11,662,302	23%
Adjusted operating profit1	14,355,596	12,490,714	15%
Profit before tax attributable to the shareholders of the parent company	14,765,425	15,916,808	(7%)
Adjusted profit before tax attributable to the shareholders of the parent company 1	14,765,425	16,745,220	(12%)
Profit after tax attributable to the shareholders of the parent company	11,453,311	13,804,419	(17%)
Adjusted profit after tax attributable to the shareholders of the parent company1	11,453,311	14,632,831	(22%)

KEY PERFORMANCE AND EFFECTIVENESS MEASUREMENT INDICATORS (ESMA)

In the context of the implementation of the Guidelines "Alternative Performance Measures" of the European Securities and Markets Authority (ESMA/2015/1415el) which apply from 03.07.2016, the Group's Management measures and monitors the Group's performance based on the following Alternative Performance Measures (APMs) which are used internationally in the sector in which the Group operates. The Management evaluates the Group's results and performance at regular intervals identifying deviations from the objectives in a timely and effective manner and taking corrective actions.

Earnings before interest, taxes, depreciation and amortization (EBITDA)

	From 01.01 to
	30.06.2025	30.06.2024
Profit before tax	15,444,718	15,916,808
Plus: Depreciation and amortization of tangible and
intangible assets	285,317	196,663
Plus: Net finance expenses	1,426,316	1,198,659
Earnings before interest, taxes, depreciation and amortisation (EBITDA)	17,156,351	17,312,130
Plus: Net non-recurring expenses	-	828,412
Adjusted earnings before interest, taxes, depreciation and amortisation (Adjusted EBITDA)	17,156,351	18,140,542

¹The non-recurring expenses for H1 2024 amounted to €828,412 and relate to the cost of the free allocation of the Company's shares to its employees and associates as a reward for their contribution to achieving the Company's medium- and long-term goals.

Return on Equity - (ROE):

	From 01.07 to
	30.06.2025	30.06.2024
Net profit attributable to the shareholders of the parent company	34,626,402	18,880,142
Average equity attributable to the shareholders of the parent company	166,138,316	140,949,180
Return on Equity (ROE)	21%	13%

	From 01.07 to
	30.06.2025	30.06.2024
Net profit attributable to the shareholders of the parent company	34,262,402	18,880,142
Plus: Net non-recurring expenses1	-	828,412
Adjusted net profit	34,626,402	19,708,554
Average equity attributable to the shareholders of the parent company	166,138,316	140,949,180
Adjusted ROE	21%	14%

It is noted that for the calculation of the "Return on Equity" ratio, net profit after tax has been annualized (net profit after tax includes the periods from 01.07.2024 to 30.06.2025 and from 01.07.2023 to 30.06.2024, respectively), in accordance with the published data of the Group.

Net Asset Value – (NAV):

	30.06.2025	31.12.2024
Total equity attributable to the shareholders of the parent company	184,011,035	172,609,053
(Minus): Deferred tax asset	(406,995)	(431,603)
Plus: Deferred tax liability	11,369,697	8,096,192
Net Asset Value	194,973,737	180,273,642
Net Debt/Total Assets:
	30.06.2025	31.12.2024
Debt	76,222,955	73,844,900
(Minus): Cash and cash equivalent	(19,454,259)	(38,265,299)
(Minus): Restricted cash	(2,023,850)	(2,023,850)
Net debt (a)	54,744,846	33,555,751
Total assets (b)	321,172,135	299,846,266
Net Debt / Total Assets (a/b)	17%	11%

¹ The non-recurring expenses for the first half of 2025 amounted to €828,412 and relate to the cost of the free allocation of the Company's shares to its employees and associates as a reward for their contribution to achieving the Company's medium- and long-term goals.

Net debt / Investment property (Net LTV):

	30.06.2025	31.12.2024
Outstanding capital of borrowings 1	74,749,200	73,078,000
(Minus): Cash and cash equivalent	(19,454,259)	(38,265,299)
(Minus): Restricted cash	(2,023,850)	(2,023,850)
Net Debt (a)	53,271,091	32,788,851
Investments2 (b)	164,214,414	141,784,782
Net LTV (a/b)	32%	23%

DESCRIPTION AND MANAGEMENT OF THE KEY UNCERTAINTIES AND RISKS FOR H1 2025

The Management, after examining the current financial information of the Group and the Company as well as future liabilities, agreements, and prospects, taking into account the impact of the macroeconomic environment, believes that the prospects of the Group and the Company are positive and that the Group and the Company have the ability to continue their activity without interruption according to their business plan. As a result, the Interim Condensed Financial Statements have been prepared on the going concern principle.

A. Financial risk factors

The Group and the Company are exposed to financial risks such as market risk, credit risk and liquidity risk. Financial risks are managed by the Management of the Group and the Company. The Group and Company Management identifies, evaluates and takes measures to hedge against financial risks.

a) Market risk

i) Price risk

The Group and the Company are indirectly exposed to price risk related to financial instruments to the extent that the value of subsidiaries and/or joint ventures fluctuates due to changes in the value of the underlying assets (real estate).

The operation of the real estate market involves risks associated with factors such as the geographical location and commerciality of the property, the general business activity in the area and the type of use in relation to future developments and trends. These factors individually or in combination can result in a commercial upgrading or downgrading of the area and the property with a direct impact on its value.

¹ The outstanding capital loan pertains to the unpaid capital of loans from financial institutions.

² The investments include the fair value of the real estate portfolio as determined by independent certified valuers.

In addition, fluctuations in the economic climate may affect the return-risk relationship that investors are seeking for and may lead them to seek other forms of investment, resulting in adverse developments in the real estate market that could affect the fair value of the Group's and the Company's properties and consequently their performance and financial position.

The Group and the Company focus their investment activity on areas and categories of real estate for which there is increased demand and commerciality at least in the medium term based on current data and forecasts.

The Group and the Company closely monitor and evaluate developments in the real estate market and their properties are valued by independent certified valuers.

The successful management and utilization of the Group's portfolio of investment projects depends on macroeconomic developments in Greece and the international markets (to the extent that the latter affect the prevailing conditions in Greece), which in turn have the potential to influence the domestic banking sector and the prevailing trends and conditions in the domestic real estate market. Any extreme adverse changes in macroeconomic conditions as a consequence of geopolitical, health or other developments (such as, for example, the COVID-19 pandemic or the military conflicts) may adversely affect the time plan of development, cost of development, cost of borrowing, value and disposability of the properties and, therefore , the Group's business activity, fair values of the properties, cash flows and financial position.

At the level of the domestic real estate market, the sharp increase in inflation and any further increase in interest rates as a consequence of the above, potentially adversely affects both the cost of construction of the projects as well as the cost of capital (debt and equity) required for the development of new projects, as well as the valuation of the fair value of the properties, to the extent that these macroeconomic variables are used as inputs in the valuation.

ii) Cash flow risk and risk of changes in fair value due to changes in interest rates

Interest rate risk arises from the Group's and the Company's long-term borrowings. The Group's longterm borrowing on 30.06.2025, includes floating interest rate loans (see related note 13 of the Interim Condensed Financial Statements), and therefore the Group is exposed to the risk of changes in fair value due to changes in interest rates and cash flow risk. Out of the Group's total borrowings as of 30.06.2025, the amount of €48,571,449 (31.12.2024: €41,938,708) relates to the balances of floating rate bond loans of the subsidiaries Alkanor S.M.S.A., IQ Athens S.M.S.A. and Random S.M.S.A.. The Company's bond loan as of 30.06.2025, amounting to €10,206,027, is at a fixed interest rate and the repayment date is 28.03.2026.

If the borrowing rate, for the loans bearing floating interest rates, had increased/decreased by 1% during the first half of 2025, while all other variables remaining constant, the Group's profit or loss for for the period from 01.01.2025 to 30.06.2025 would have decreased/increased, respectively, by c. €242,857 (30.06.2024: €293,069). The above sensitivity analysis has been calculated using the

assumption that the balance of the Group's debt on 30.06.2025, was the balance of the Group's debt throughout the six months period.

The Group's policy is to minimise this exposure at all times by monitoring market developments with regard to the interest rate framework and applying the appropriate strategy in each case. . For those of the Group's long-term euro-denominated loans that are fixed-margin with a floating basis linked to Euribor, the Group has studied the Euribor fluctuation curve over a five-year horizon during which no significant risk has arisen. For protection against a potential increase in the base interest rate (Euribor), the Group companies, in collaboration with the financial institutions that finance them, have introduced clauses in the loan agreements that provide for the use of interest rate risk hedging products under certain conditions. In addition, the Group, having incorporated the philosophy of "green" buildings into the core of its business, has the possibility of using Recovery and Resilience Fund (RRF) resources to finance its projects. With this fixed-rate financing instrument, the Group partially offsets the risk of rising interest rates during the construction period.

In note 3.1 (c) of the Interim Condensed Financial Statements, an analysis is included detailing the contractual undiscounted future cash flows from the borrowing of the Group and the Company.

iii) Foreign exchange risk

The Group and the Company operate in Greece and the main part of their transactions are conducted in euros. The Group and the Company as of 30.06.2025 did not hold any amount of bank deposits in foreign currencies therefore is not exposed to any risk due to exchange rate fluctuations.

Therefore, due to the fact that transactions are mainly conducted in euros and there are no cash reserves in any currency other than the euro, there is no significant foreign exchange risk for the Group and the Company.

b) Credit risk

The credit risk of the Group and the Company as of 30.06.2025, arises from the Group's and the Company's cash and cash equivalents, receivables mainly from customers, receivables from finance subleases and loans granted to related parties. The Group's trade receivables mainly relate to the Company's trade receivables from joint ventures and third parties. The Group and the Company by definition do not create significant concentrations of credit risk. Contracts are made with customers with a reduced degree of loss. Management continually assesses the creditworthiness of its customers and the maximum credit limits allowed.

For the Group's and the Company's receivables and loans and information on the relevant provision for impairment made by the Group and the Company, please see related note 9 of the Interim Condensed Financial Statements.

The expected credit losses on the Group's and the Company's cash and cash equivalents at the reporting date are not material as the Group and the Company cooperate only with recognised financial institutions with high credit ratings.

c) Liquidity risk

With regard to liquidity risk, the Group and the Company are exposed to liquidity risk due to the medium-term (2-4 years) commitments in relation to their investment program and financial liabilities. The Management of the Group and the Company monitors on a regular basis, the liquidity of the Group and the Company, as well as each time a future investment and/or project is considered, in order to ensure that the required liquidity is available in a timely manner. The Group and the Company manage the risks that may arise from a lack of sufficient liquidity by ensuring that there are always secured bank facilities available for use, access to investment funds, but also prudent cash management.

In note 3.1(c) of the Interim Condensed Financial Statements, as of the reporting date, the contractual undiscounted future cash flows for the Group and the Company arising from financial liabilities are presented.

B. Capital management

The Group's and the Company's objective in terms of capital management is to ensure the Group's and the Company's ability to continue their operations profitably, providing a satisfactory return to shareholders and ensuring an optimal capital structure.

Management monitors foreign capital in relation to total equity. In order to achieve the desired capital structure, the Group and the Company may adjust dividends, return capital, or issue new shares.

The gearing ratio as at 30.06.2025 and 31.12.2024 is presented below:

	Group		Company
	30.06.2025	31.12.2024	30.06.2025	31.12.2024
Total debt	76,222,955	73,844,900	17,680,407	23,223,642
Minus: Cash and cash equivalents	(19,454,259)	(38,265,299)	(5,027,392)	(21,028,443)
Minus: Restricted cash	(2,023,850)	(2,023,850)	-	-
Net debt	54,744,846	33,555,751	12,653,015	2,195,199
Equity attributable to
shareholders of the parent
company	184,011,035	172,609,053	204,091,936	189,475,685
Total capital employed	238,755,881	206,164,803	216,744,951	191,670,884
Gearing ratio	23%	16%	6%	1%

EVENTS AFTER THE DATE OF THE INTERIM CONDENSED FINANCIAL STATEMENTS

The most significant events after 30.06.2025 are the following:

On 09.07.2025, the subsidiary Hub204 S.M.S.A. signed an open current account agreement with Alpha Bank S.A. for €2,000,000, bearing a floating interest rate of 3M Euribor + 3%, to cover working capital needs.

On 01.08.2025, the subsidiary Dramar S.M.S.A., pursuant to the notarial preliminary agreement dated 26.05.2022 (as amended), acquired a land plot of c. 632,226 sq.m. in Nea Sevastia, Drama, for 4,720,00; €220,000 of the consideration had been paid in advance payment as of 31.12.2024.

On 07.08.2025, the subsidiary Filma S.M.S.A. executed a notarial deed for the sale and purchase of a property with the Ministry of Culture for €8,232,000. The transfer concerns part of the broader Industrial Complex of the former FIX Brewery, designated by the Ministry of Culture as a "historical listed monument", comprising a 6,900 sq.m. land plot and 7,715.90 sq.m. of listed buildings, at 26th October Street, Thessaloniki. The transfer was executed pursuant to Ministerial Decision No. 330247/2025 (Government Gazette B' 3971/25.07.2025).

On 28.08.2025, the Company signed a common bond loan agreement with Optima Bank for up to €50,000,000, to finance specific transactions (covering the Company's own participation) and working capital. As of the date of this report, €5,400,000 of bonds have been issued.

On 05.09.2025, the Company signed a common bond loan agreement with Eurobank for up to €50,000,000 to cover general business needs. As of the date of this report, €39,900,000 of bonds have been issued.

On 10.09.2025, the subsidiary Arcela Investments Ltd acquired 100% of the share capital of the company "GOURNES REAL ESTATE DEVELOPMENT AND MANAGEMENT S.A.", pursuant to the agreement dated 11.04.2025, for a consideration of €40,050,089.

On 15.09.2025, the consideration from the sale of the joint venture Ourania Ependitiki S.A. was finalized under the share transfer agreement dated 22.10.2024. The subsidiary Gravitousia Ltd received €2,036,379 which is presented as of 30.06.2025 under "Other receivables" in "Trade and other receivables" in the Interim Condensed Statement of Financial Position.

There are no other significant events subsequent to the date of the Interim Financial Statements for the period 30.06.2025 relating to the Group or the Company that require disclosure under IFRSs.

RELATED PARTY TRANSACTIONS

All transactions with related parties have been carried out on an arm's length basis (in accordance with the usual commercial terms for corresponding transactions with third parties). Significant transactions with related parties, as defined by International Accounting Standard 24 "Related Party

Disclosures" (IAS 24), are described in detail in Note 26 of the Interim Condensed Financial Statements for the six-month period ended June 30, 2025.

PROSPECTS FOR B SEMESTER 2025

For the second half of 2025, the Group aims to maintain its growth momentum and improve its financial performance by implementing its business strategy and investment program.

Specifically, the main objectives for this period include:

(a) divesting mature investment properties that are already or will soon be fully operational and commercially exploited,

(b) continuing the investment program and further exploiting existing properties, with a planned completion date of 2026-2027,

(c) the inclusion of new properties for development, either through preliminary agreements or under claim, which meet the Group's investment criteria, with a completion horizon of 2028-2030,

(d) the maturation and development or sale of Skyline's real estate portfolio.

At the same time, the Group is exploring new investment opportunities in the field of real estate development and exploitation, either independently or through strategic partnerships with domestic and international institutional investors.