Noval Property REIC

Investor Presentation • May 14, 2025

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Presentation to The Hellenic Fund & Asset Management Association May 2025

Disclaimer

Important Notice

THIS DOCUMENT MAY ONLY BE USED IN CONJUNCTION WITH AND SUBJECT TO THE TERMS OF THIS NOTICE

By viewing or receiving this Presentation (as defined below), you agree to be bound by the following limitations/terms of use of the Presentation:

This corporate presentation (the Presentation) has been prepared by NOVAL PROPERTY (the Company) for informational purposes only.

The Presentation contains general background information about the Company and no representation or warranty, explicit or implied, is made concerning, and no reliance should be placed on, the accuracy, fairness or completeness of this information. The Presentation is not intended to be relied upon as legal, accounting, regulatory, tax or other advice, does not take into consideration the goals, or the legal, accounting, regulatory, tax or financial situation or the needs of any particular investor and does not form the basis for an informed investment decision. The opinions presented herein are based on general information collected at the time of drafting of the present document and are subject to change without notice. Neither the Company nor any company of the Company's Group or any of their respective affiliates, advisers, officers, managers or representatives of the above companies, accepts any liability whatsoever for any loss or damage arising from any use of the Presentation or its contents or otherwise arising in connection with the Presentation and explicitly disclaim any and all liability whatsoever arising from the Presentation and any error contained therein and/or omissions arising from it or from any use of the Presentation or its contents or otherwise in connection with it.

The information presented or contained in the Presentation may refer to past dates specified in the Presentation, is valid as of the date of the Presentation, is subject to change without notice and its accuracy is not guaranteed. Unless specifically attributed to the Company, data included in the Presentation was obtained from various external data sources, and the Company has not verified such data independently. Accordingly, the Company makes no representations as to the accuracy or completeness of that data, and such data involves risks and uncertainties and is subject to change based on various factors.

Financials contained in this presentation are either historical financial information that are extracted from the Audited Financial Statements of the Company or other financial information based solely on Company's management's accounts and estimates which have not been audited, reviewed or verified by the Company's statutory auditor or any other independent auditing or accounting firm. This presentation also includes certain non-IFRS financial measures and other metrics which have not been subject to any financial audit for any period. The inclusion of such financial information in this presentation should not be regarded as a representation or warranty by the Company, its affiliates, advisors or representatives or any other person as to the accuracy or completeness of such information's portrayal of the financial condition or results of operations by the Company, they should not be regarded as an indication, forecast or representation by the Company or any other person regarding the Company's future performance and should not be relied upon in the context of any investment decision.

The Presentation contains statements about future events and expectations that are forward-looking. Such estimates and forward-looking statements are based on current expectations and projections of future events and trends, which affect or may affect the Company or the Company's Group. Words such as "believe," "anticipate," "plan," "expect," "target," "estimate," "project," "predict," "forecast," "guideline," "should," "aim," "continue," "could," "guidance," "may," "potential," "will," as well as similar expressions and the negative of such expressions respectively are intended to identify forward-looking statements, but are not the exclusive means of identifying these statements. These forward-looking statements reflect current views, subjective judgements and assumptions as to future events and conditions, and are subject to risks and uncertainties. Unexpected events may occur. Therefore, there can be no assurance that developments will transpire as forecast. No person has any responsibility to update or revise any forwardlooking statement based on the occurrence of future events, the receipt of new information, or otherwise.

The Presentation does not constitute a recommendation for investment to any securities or form part of and should not be construed as, an offer, or invitation, or solicitation of an offer, to subscribe for or purchase any securities in any jurisdiction or an inducement to enter into investment activity.

Neither the Presentation nor anything contained herein shall form the basis of any contract or commitment. This Presentation is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution would be contrary to law or regulation. In particular this document and the information contained herein does not constitute or form part of, and should not be construed as, an offer or sale of securities and may not be disseminated, directly or indirectly, in the United States, except to persons that are "qualified institutional buyers" as such term is defined in Rule 144A under the United States Securities Act of 1933, as amended (the "Securities Act"), and outside the United States in compliance with Regulation S under the Securities Act. Each person is strongly advised to seek its own independent advice in relation to any investment, financial, legal, tax, accounting or regulatory issues. The Presentation should not be construed as legal, tax, investment or other advice. Analyses and opinions contained herein may be based on assumptions that, if altered, can change the analyses or opinions expressed. Nothing contained herein shall constitute any representation or warranty as to future performance of any security, credit, currency, rate or other market or economic measure. The past performance of the Company and/or the Company's Group is not indicative of future results. No reliance may be placed for any purpose whatsoever on the information contained in the Presentation or on its completeness, accuracy or fairness. The Presentation does not constitute a recommendation for investment to any securities and it does not form part of any offer whatsoever for the sale or a suggestion of an offer for the purchase of any securities.

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1	Company Overview

Company at a Glance

Business Overview

A dynamically growing and well-diversified Real Estate Investment Company1 that aims to offer investors capital growth potential and attractive dividend yield

Ideally positioned to capitalize on Greece's real estate market prospects, having a captive pipeline of projects that can be developed to unlock capital value and maximize income generation

Footprint across Greece, with emphasis in Athens, both in terms of development projects as well as acquisition of commercial properties that offer superior high yield and value appreciation potential

Focus on developing or transforming old building stock into Environmentally Certified "Green" properties (LEED or BREEAM), in accordance with high sustainability standards

Backed by a strong & committed shareholder (Viohalco) and supported by the European Bank for Reconstruction and Development (EBRD)

A fully-integrated real estate organization managed by a highly-experienced management team

• (1) Noval Property is one of the largest Greek Real Estate Investment Companies (REIC) in terms of Gross Asset Value as of 31.12.2024
• (2) Gross Asset Value and number of properties refer to Investment Property and Right-of-Use assets at Fair Value, including also the loan and participation of 50% in the JV "THE GRID SA" that owns an asset in Marousi
• (3) As of and for the 12m-period ending 31.12.2024, unless otherwise stated
• (4) Based on annualized contracted rent in relation to income-producing assets only

Key Portfolio Metrics(3) Key Financials(3)

€648mn GAV (2)

343,000/61 sqm GLA/properties (2)

€34.4mn Annualized Gross Rental Income (GRI) (7)

9.0(5) / 10.5(6) years WAULT (8)

7.3% Gross Rental Yield (4)(8)

98.7% Occupancy Rate (8)

€519mn (FY 2023: €427mn) NAV

€45.1mn (FY 2023: €65.4mn) EBITDA

€20.6mn (FY 2023: €17.8mn) Adj. EBITDA (7)

€10.9mn (FY 2023: €6.3mn) FFO (7)

31.8% (FY 2023: 38.5%) LTV (7)

22.3% (FY 2023: 27.6%) Net LTV (7)

• (5) Based on the minimum contractual expiration of the leases, excluding break options (including the break options: 7.4 years)
• (6) Based on the maximum contractual expiration of the leases, taking into account the tenants' extension rights
• (7) Refer to appendix for detailed calculations

(8) Company data

Key Milestones

building, Athens

2024 Highlights

Robust Investment & Development Program

• Registered double digit growth of portfolio's Gross Asset Value (13% YoY) through the execution of our development program (€34.5mn in CAPEX and €18.1mn participation in JV) and active asset management (€24.5mn FV gains)
• Delivered to the tenant the modern logistics center in Mandra, Attica and securing LEED Gold certification
• Achieved strong pre-leasing performance in development projects at "THE GRID" (preleased c. 47% of office space GLA) and at "Mets" (preleased c. 45% of residential GLA)

Hands-on Asset Management

• Sustained the strong Rental Revenue growth rate of +14% YoY (like-for-like increase of +13% YoY)
• Improved WAULT to 10.5(1) years, driven mainly by the IKEA lease term expiring in 2048
• Maintained high occupancy rates (98.7%) and attractive Annualized Gross Rental yields (7.3%)

Strong financial position & accommodative capital structure that underpins shareholder value

• Additional liquidity via the successful Share Capital increase of €52.7mn and listing in Athens Stock Exchange in June 2024
• Low leverage and decreased cost of debt (WACD 3.3%) to support our investment and development program
• Continuously improving bottom-line financial results a-EBIDTA €20.6mn (+16% YoY) and FFO(2) €10.9mn (+31% YoY)
• Increased Dividend payment for fiscal year 2024 at €0.043 per share (+72% YoY)

⁽¹⁾ Based on the maximum contractual expiration of the leases, taking into account the tenants' extension rights

⁽²⁾ Starting with the fiscal year 2024, the Company has elected to include interest income earned on deposits in the calculation of Funds from Operations in line with general practices applied in the sector it operates. The amount for the period ending 31 December 2024 is at EUR 2.2 million (2023: EUR 2.0 million)

Double-digit Growth Across All Financial Metrics

2020 2021 2022 2023 2024

* Starting with the fiscal year 2024, the Company has elected to include interest income earned on deposits in the calculation of Funds from Operations in line with general practices applied in the sector it operates. The amount for the period ending 31 December 2024 is at EUR 2.2 million (2023: EUR 2.0 million)

Double-digit Growth Across All Financial Metrics

€ mn 298,5 364,6 413,3 486,4 571,2 648,3 0 100 200 300 400 500 600 700 31.12.2019 31.12.2020 31.12.2021 31.12.2022 31.12.2023 31.12.2024

Gross Asset Value (GAV) Net Asset Value (NAV)

1,9 2,5 2,2 3,2 5,4 2020 2021 2022 2023 2024** € mn Dividend Distributions

* Number of shares has been adjusted for the reverse split 1/2.5 according to the 4/9/2023 decision of the extraordinary general assembly ** Proposed by management and pending approval by the general assembly

Sound Capital Structure

Debt Key Figures(1)

(in € mn unless otherwise stated)

Cash and Cash equivalents	72.8
Investment Property	616.7
Right-of-Use asset	2.8
Loan and Participation in JV	40.6
Net Asset Value	519.1
(3) Total Lease Liabilities	14.3
Gross Debt (excl. Lease Liabilities)	195.9
Gross LTV (%)	32%
Net LTV (%)	22%
Weighted Average cost of Debt (WACD %)(2)	3,3%

Debt Amortization Schedule(2,4) Total Gross Debt Split by Rate Type(2,5) Total Debt (including lease liabilities) & LTV(1)

NOVAL PROPERTY's Shareholder Structure

(1) All data as reported in the Financial Statements in accordance with IFRS, unless otherwise stated

(2) Company data

€ mn

(3) Lease liabilities concerning three properties as well as other operational lease liabilities

(4) Represents scheduled annual debt amortizations

(5) Excluding Lease liabilities

Attractive Risk-adjusted returns from a well-balanced portfolio

GAV per Asset Class Average Gross Rental Yield per Asset Class (1) (3) (2) (3) High yield returns from our income-producing asset classes Disciplined allocation across asset classes to maintain portfolio balance Hospitality 7,3% Logistics/ Warehouses 6,4% Offices 6,0% Retail 8,7% Residential 1,5% AVG 7,3%

Annualized Gross Rental Income by Asset Class

Diversification of income in terms of asset class and tenants

Shopping Centers Other Retail

NOVAL PROPERTY's footprint (3)

All data as of 31.12.2024. Any deviations in total percentages are due to rounding (1) Income producing assets only

(2) Gross Asset Value refers to Fair Value of Investment Property & Rights of Use of assets and includes loan and participation 50% in the JV "THE GRID SA" which owns an asset in Marousi

(3) Company Data in terms of Gross Asset Value

(4) Category "Other" includes non-core properties from all asset classes, that are not held for development as well as owner-occupied property. This asset category is not included in the income-producing portfolio.

(5) Category "Development" includes properties from all asset classes, that are held for development or to be repurposed. This asset category is not included in the income-producing portfolio.

Healthy Lease Terms and Diversified Tenant Mix that Support Stable Cash Flows

Strong and Diversified Tenant Mix

Tenant Mix (Indicative)

(1) Company data as of 31.12.2024. Any deviations in total percentages are due to rounding

(2) WAULT in terms of Annualized Gross Rental Income in regards to income-producing portfolio only. Occupancy in regards to income-producing portfolio only.

(3) Based on the minimum contractual expiration of the leases, excluding break options (including the break options: 7.4 years)

Projects in progress

In 2025 we are delivering over 25,000 sqm of GLA to the market

	248-252 Pireos str. – Reconstruction of former industrial building Athens	10-12 Chimarras str., Marousi – Development of a new office campus Athens	40-42 Ardittou str., Mets – Reconstruction of building Athens	16 Chimarras str., Marousi – Construction of new office building Athens	199 Kifisias Ave. Marousi – Reconstruction of existing office building Athens
Construction	Offices, hotel, residences, sports facilities, cultural etc.	Office campus (through the GV "THE GRID S.A."(1))	Residential & office building	Office building	Office building
GBA	106,000 sqm	61,520 sqm	4,258 sqm	20,769 sqm	6,678 sqm
Expected Certification	LEED Gold Neighborhood, BREEAM Very Good
Expected CAPEX(2)	c. €169mn	c. €55mn	c. €11.5mn	c. €34.5mn	c. €13.2mn
Development Period End	2030	2025/2026	2025	2025	2025

(1) The company "THE GRID S.A." is owned by NOVAL PROPERTY (50%) and Brook Lane Capital (50%). Expected capex budget refers to Nova Property's participation

(2) Company data as of 31.12.2024

Investment Pipeline – Projects in Progress (1/2)

10-12, Chimarras str., Marousi, Athens	Description Development of an office campus (through the JV "The Grid S.A.") GBA GLA c. 61.520 sqm 28.441 sqm + 577 parking spaces Expected Certification
	LEED Platinum / Energy Performance Certificate (Highest level) Status Under Construction/ Preleased %: c. 47% of office space GLA
Ardittou str., Mets, Athens	Description Repurpose and renovation of a mixed-use building (residential & office) GBA GLA 4.258 sqm 2.632 sqm + 11 parking spaces Expected Certification LEED Gold / Energy Performance Certificate (Highest level) Status Under Construction/ Preleased: c. 45% of residential GLA
16, Chimarras str., Marousi, Athens	Description Development of an additional office building on existing property (Build-to-Suit) GBA GLA 20.769 sqm 6.092 sqm + 328 parking spaces Expected Certification

LEED Gold / Energy Performance Certificate (Highest level)

Status Under Construction/ Preleased %: 100%

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Investment Pipeline – Projects in Progress (2/2)

Description

Urban regeneration and repurposing of former industrial buildings into offices, hotel, residences, museum, sports facilities etc.

GLA 56.045 sqm

Expected Certification LEED/LEED Neighborhood Development or BREEAM Communities

Status Permitting and concept design phase

Selected properties – River West & River West Open | IKEA Retail Park

Selected properties – Mare West Retail Park

Location Old national road, Corinth
GLA 13,051 sqm
GAV(1) € 20.8 million
Completion 2015
Occupancy 98% leased
Major Tenants H&M Pepco Decathlon Mango
Annualized Gross Rental Income(2) € 1.81 million
Environmental certification BREEAM In-Use Commercial V6

(1) Gross Asset Value in accordance with the Investment Schedule as of 31.12.2024

Selected properties – The Orbit Office Complex

Location 115 Kifisias Avenue, Athens
GLA 16.675 sqm
GAV(1) € 97.3 million
Completion 2019
Occupancy 99% leased
Major Tenants Diageo BNP Paribas Netcompany – Intrasoft Ticketmaster Deutsche Bank
Annualized Gross Rental Income(2) € 5.89 million
Environmental certifications LEED Platinum WiredScore GOLD

(1) Gross Asset Value in accordance with the Investment Schedule as of 31.12.2024

Selected properties – Butterfly Office Building

Location 26 Ioannou Apostolopoulou, Athens
GLA 2,286 sqm
GAV(1) € 13.7 million
Completion 2019
Occupancy 100% leased
Major Tenants BP Chevron Ansys Alberta
Annualized Gross Rental Income(2) € 0.68 million
Environmental certifications LEED Gold WiredScore SILVER

(1) Gross Asset Value in accordance with the Investment Schedule as of 31.12.2024

Selected properties – Wyndham Grand Athens 5* Hotel

Location Plateia Karaiskaki, Athens
GLA 23,525 sqm
GAV(1) € 43.2 million
Completion 2016
Occupancy 100% leased
Tenant ZEUS International (Wyndham)
Annualized Gross Rental Income(2) € 3.24 million

(1) Gross Asset Value in accordance with the Investment Schedule as of 31.12.2024

Investment strategy

• Transforming old stock into modern, sustainable, and energy efficient properties that are in high demand and not readily available in the Greek Real Estate Market
• Placing particular emphasis on the development and management of sustainable certified assets while respecting the local needs of the communities and the environment

Sustainable Portfolio

Assessment of buildings' environmental and social impact

Asset name: The Orbit

Asset Class: Office

Certification: LEED Platinum (2020)

Strategy: Complete construction/reposition

Asset name: Butterfly

Asset Class: Office

Certification: LEED Gold (2019)

Strategy: Complete construction/reposition

Asset name: Mare West Asset Class: Retail Park

Certification: BREEAM In-Use (2022)

Strategy: Repurpose (industrial to retail)

Asset name: Mandra Logistics Center

Asset Class: Logistics Centre

Certification: LEED Gold (2024)

Strategy: Repurpose (industrial to Logistics Centre)

The road to a sustainable and resilient Portfolio

With a projected portfolio GAV of €255 million consisted of assets with high sustainability standards, the company reinforces its leading position in sustainable practices across the Greek REIC sector

(2) Fair values as at 31.12.2024 were assumed to remain constant for the purpose of the 12-month projection, including the loan and participation of 50% in the JV "THE GRID S.A." that owns an asset in Marousi

Sustainability Initiatives

Environment

Four assets with a total GLA of 42,000 sqm are

certified with LEED or BREEAM

Certified with ISO 14001 and ISO 9001

Mare West is aligned with the EU Taxonomy criteria for sustainable investments

• PV installation at Mare West generated nearly 300 MWh of renewable energy, resulting in the avoidance of approximately 220 tonnes of CO₂ emissions
• By 2024, we successfully reduced energy consumption by 15% in common areas of our portfolio properties, compared to 2022 levels
• With 34,033 sqm of green and planted areas, we are reducing the heat island effect seeking to enhance the communities that our buildings are situated in

Environmental targets:

• 199, Kifisias Avenue to be the first operationally decarbonized building
• All new developments to be LEED or BREEAM certified

environments Governance individuals

Social

• Our people are our greatest asset. We are committed to fostering a safe, diverse, inclusive, and equitable workplace
• Among various social responsibility actions, the company places a strong emphasis on enhancing school facilities to support better learning
• All our assets are developed with inclusivity in mind, providing safe and easy access for all
• We have set in place an effective Internal Control System that provides increased transparency on company's operations, enhanced accountability and integrity
• As part of our commitment to sustainability, we participate in the GRESB assessment to benchmark our ESG performance against global best practices
• As part of our proactive approach to workplace safety, we appointed additional Health & Safety consultants beyond regulatory requirements, leading to zero accidents across our construction sites

Positive Greek Macro Fundamentals

GDP & Inflation (%) GGB Yield (10Y)

Unemployment Rate (% of Labour Force)

-30,00% -25,00% -20,00% -15,00% -10,00% -5,00% 0,00% 5,00% 10,00% 15,00%

Foreign Direct Investment (FDI) (€ mn)

Primary Sector Services Other

Sources: IMF April 2025, Bank of Greece, Bloomberg * Provisional data

0,0%

5,0%

10,0%

15,0%

20,0%

25,0%

-11,0%

-6,0%

-1,0%

4,0%

9,0%

Real Estate Market in Greece

Sources: Danos / BPN Paribas S1 2024 Market Insight Report, Cushman & Wakefield Office Q3 2024 Market Beat, Colliers Logistics Market Q3 2024, Cushman & Wakefield | The DNA of Real Estate – Q4 2024

(1) Based on annualized gross rent over the Fair Value of each asset class

(2) Yields for each city reported in accordance to local convention and could vary between gross and net yields depending on the treatment of costs. Spreads of prime yields over the yields reported on each country's 10-year government bond as of 31.12.2024

• Priority on completion of construction and leasing of ongoing projects
  • Continue to execute on the development plan of our captive assets
  • Target new investments to complement our diversified portfolio
• Strive to further optimize and lower our operational and financing costs

Thank you for your attention!

Q&A

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6	Appendix

Financials | Statement of Financial Position – IFRS

NOVAL PROPERTY

Amounts in € '000s	31.12.2019	31.12.2020	31.12.2021	31.12.2022	31.12.2023	31.12.2024
Assets
Non-current assets
Investment property	312.331	377.028	416.293	483.963	557.312	616.703
Property and equipment	433	539	663	746	835	799
Rights of use	1.411	2.596	2.825	2.586	2.751	2.773
Intangible assets	204	269	247	214	181	146
Participations	0	0	8.252	11.263	22.503	31.063
Shareholders' loan to JV	0	0	0	0	0	9.586
Derivatives	0	0	0	2.373	1.366	1.094
Other long-term assets	2.031	1.303	2.446	2.557	2.356	3.891
	316.409	381.734	430.726	503.702	587.304	666.054
Current assets
Trade and other assets	11.530	12.398	8.159	4.841	7.752	7.024
Restricted cash					0	0
Derivatives	0	0	0	487	605	364
Cash and cash equivalents	3.154	4.531	129.092	88.316	74.578	72.789
	14.684	16.929	137.250	93.644	82.935	80.177
Total assets	331.094	398.664	567.976	597.347	670.239	746.231
Equity
Share capital	225.359	247.322	247.322	268.668	268.668	316.080
Share Premium	0	0	0	5.956	5.956	6.643
Reserves	317	4.062	1.838	2.477	1.588	1.075
Retained earnings	28.013	30.536	65.745	88.753	151.178	195.302
Total equity	253.688	281.920	314.904	365.854	427.390	519.099
Liabilities
Long – term liabilities
Borrowings	31.100	62.469	172.184	200.168	203.467	184.420
Lease Liabilities	16.377	16.090	15.817	13.208	13.314	13.871
Derivatives	172	1.026	382	0	0	0
Retirement benefit obligations	71	29	38	55	73	78
Other Non-current liabilities					0	2.758
	47.721	79.613	188.420	213.431	216.854	201.127
Short – term liabilities
Borrowings	24.942	27.483	57.081	10.486	11.167	11.506
Trade and other payables	4.370	8.809	6.969	6.721	12.816	12.340
Current tax liabilities	61	511	255	551	1.662	1.725
Lease Liabilities	312	328	348	303	350	434
	29.685	37.131	64.652	18.061	25.995	26.005
Total liabilities	77.406	116.744	253.072	231.493	242.849	227.132
Total equity and liabilities	331.094	398.664	567.976	597.347	670.239	746.230

Any deviation in total amounts are due to rounding

Amounts in € '000s	01.01 - 31.12.2019	01.01 - 31.12.2020	01.01 - 31.12.2021	01.01 - 31.12.2022	01.01 - 31.12.2023	01.01 – 31.12.2024
Continuing Operations
Revenue	3.647	13.876	15.937	24.880	29.339	33.417
Net gain / (loss) from fair value adjustment of investment property	(290)	(4.323)	27.475	18.208	47.640	24.497
Impairement of right of use assets	0	0	(61)	0	0	0
Direct property related expenses	(581)	(2.681)	(3.247)	(4.987)	(3.062)	(2.884)
Property taxes – levies	(120)	(2.076)	(2.590)	(2.534)	(2.787)	(2.904)
Personnel expenses	(671)	(1.360)	(2.618)	(3.546)	(3.915)	(5.351)
Other operating expenses	(383)	(900)	(1.058)	(1.990)	(2.469)	(2.198)
Net Impairment loss on financial assets	(103)	(59)	(31)	32	(98)	(221)
Gain/(Loss) from derecognition of financial assets carried at amortised cost	0	(248)	0	0	0	0
Gain/(Loss) from property sale	0	0	101	0	(3)	6
Depreciation of property and equipment	(32)	(126)	(199)	(204)	(238)	(389)
Other income	130	625	3.126	996	716	714
Operating profit	1.598	2.727	36.835	30.854	65.123	44.686
Interest income	1	2	1	57	2.015	5.906
Finance costs	(798)	(3.947)	(3.430)	(5.362)	(8.518)	(8.315)
Portion of gain/(loss) from participation in joint ventures	0	0	2.227	(239)	8.840	8.561
Profit before tax	801	(1.218)	35.633	25.310	67.460	50.837
Taxes	(61)	(324)	(429)	(830)	(2.853)	(3.573)
Profit after tax	740	(1.542)	35.204	24.479	64.607	47.264

Amounts in € '000s	31.12.2019	31.12.2020	31.12.2021	31.12.2022	31.12.2023	31.12.2024
Shareholders' Equity	253.688	281.920	314.904	365.854	427.390	519.099
Number of Shares* Adj. for RS 1/2,5	90.143	98.929	98.929	107.467	107.467	126.432
NAV per share* in €	2,81	2,85	3,18	3,40	3,98	4,11
Funds from Operations (FFO)			a-EBITDA
(amounts in '000 €)	01.01- 31.12.2024	01.01- 31.12.2023	(amounts in '000 €)			01.01-	01.01-
Profit / (Loss) after tax	47.264	64.607	Profit / (Loss) before tax			31.12.2024 50.837	31.12.2023 67.460
Plus: Depreciation	389	238	Plus / (Less): Loss / (Profit) from investment property fair value
Plus / (Less): Share of loss / (profit) from participations in			adjustment			(24.497)	(47.640)
joint ventures Plus / (Less): Loss / (Profit) from investment property fair	(8.561)	(8.840)	Plus: Depreciation			389	238
value adjustment	(24.497)	(47.640)	Less: Financial Income
Plus / (Less): Loss/(Profit) from sale of investment properties	(6)	3				(2.966)	(2.015)
Plus / (Less): Financial Income1			Plus / (Less): Loss/ (gain) from modification of terms of loan agreements			(2.727)	0
Plus / (Less): Net loss/ (gain) from modification of terms of	0	(2.015)	Plus: Financial Expenses
loan agreements	(2.727)	0	Plus / (Less): Share of loss / (profit) from participations in joint			8.103	8.518
Less: Capitalization of interest	(947)	(482)	ventures			(8.561)	(8.840)
Plus / (Less) : Net impairment loss of financial assets			Plus / (Less) Net non-recurring expenses/ (income)			(217)	0
Plus / (Less) : Adjustments for non-cash and non-recurring	221	98	Plus / (Less) : Net impairment loss of financial assets
items	(253)	347				221	98
FFO	10.884	6.316	a-EBITDA			20.582	17.819

(1) Starting with the fiscal year 2024, the Company has elected to include interest income earned on deposits in the calculation of Funds from Operations in line with general practices applied in the sector it operates.

The amount for the period ending 31 December 2024 is at EUR 2.2 million (2023: EUR 2.0 million) * Number of shares has been adjusted for the reverse split 1/2.5 that took place in 2023

Any deviations in the total amounts are due to rounding

Analysis per Type of Asset

Number of Properties (1)

Fair Value as at 31.12.2024(2)

(in '000 €)*

% of total	G.L.A.	(sq.m.) (3) % of total	Annualized rental income as at 31.12.2024 (4)	% of total	WAULT (8) (years)	WAULT (years)	(8) WAULT (years)	(8) Gross yield (%) (5)	Occupancy rate (%) (6)
					based on the minimum contractual termination of the leases	based on the minimum contractual termination of the leases, taking into account break options (9)	based on the maximum contractual termination of the leases, taking into account all the unilateral extension rights of the tenants

								termination of the leases	leases, taking into account break options (9)	into account all the unilateral extension rights of the tenants
Retail (Shopping Centres / Retail Park / Big Box)	8	197.077	30,4%	77,4	22,6%	17.227	50,1%	12,1	9,5	14,2	8,7%	98,9%
Office buildings	8	161.438	24,9%	36,0	10,5%	9.629	28,0%	4,8	3,7	5,5	6,0%	95,7%
Hospitality	3	48.017	7,4%	26,1	7,6%	3.491	10,1%	9,6	9,6	9,6	7,3%	100,0%
Industrial (Warehouses and Logistics)	10	43.058	6,6%	107,0	31,2%	2.756	8,0%	4,2	4,2	5,9	6,4%	99,7%
Residential	2	3.059	0,5%	1,1	0,3%	46	0,1%	5,0	5,0	5,0	1,5%	39,6%
Subtotal	31	452.648	69,8%	247,5	72,2%	33.148	96,4%	9,0	7,4	10,5	7,3%	98,7%
Development	18	146.526	22,6%	93,8	27,3%	1.199	3,5%
Other (7)	11	8.475	1,3%	1,6	0,5%	46	0,1%
Total	60	607.649	93,7%	342,8	100,0%	34.393	100,0%
Loan and Participation (JV)	1	40.648	6,3%
Total	61	648.298	100%

*Any deviations in the total amounts are due to rounding.

Source: Company data

(1) The categorization is based on the main use of each property, except for the category Development, which includes properties intended or under development from all asset classes, in order to achieve their optimal utilization

(2) Represents the fair value of the properties and right-of-use asset, accordingly

(3) Refers to Gross Leasable Area and not Gross Building Area (as disclosed in the Company's Investment Schedule)

(4) The annualized rent is calculated as the current monthly rent agreed under each lease agreement as of 31.12.2024 multiplied by 12 months (without considering the future CPI, including provision of variable rent of approximately €4.0million)

(5) Gross Yield is calculated as the Annualized Rent for a property or portfolio category divided by its Fair Value. For the purposes of calculating the Gross Yield, properties included in category Development and Other are not included

(6) Occupancy rate is calculated for all categories except Development and Other

(7) Category "Other" includes property that is not planned for development as of the date of this report, as well as owner occupied property

(8) WAULT is calculated for all categories except Development and Other

(9) Early termination rights

Geographical Sector Analysis & Gross Asset Value

(in '000 €)	Number of Properties	Fair Value at 31.12.2024(1) % of total		G.L.A. (sq.m.) (2)	% of total	Annualized Rental Income (3)	% of total	Occupancy rate (4)
Greece (Total)	59	600.720	98,9%	339,3	99,0%	34.053	99,0%	99,2%
Athens	35	537.337	88,4%	232,6	67,8%	30.926	89,9%	98,9%
Thessaloniki	4	9.555	1,6%	44,9	13,1%	661	1,9%	100,0%
Rest of Greece	20	53.828	8,9%	61,8	18,0%	2.466	7,2%	99,5%
Bulgaria	1	6.929	1,1%	3,5	1,0%	340	1,0%	58,8%
Total	60	607.649	100,0%	342,8	100,0%	34.393	100,0%	98,7%
Participation (JV)	1	40.648
Total	61	648.298		342,8		34.393

Gross Asset Value (amounts in € 000s.)	31.12.2024
Investment Property (5)	616.703
Lease Liability (6) Less	12.718
(7) Owner occupied Property at Fair Value	3.664
Total Investments without JV participation	607.649
(8) "Grid" participation	31.063
Shareholders' Loan to the "Grid"	9.586
Total Investments including JV participation (GAV)	648.298

Loan to Value (LTV)	31.12.2024
(%)
Total Debt Liabilities (excl. Leases)(5)	195.926
Investment Property (5)	616.703
LTV	31,8%
Net Loan to Value (Net LTV)	31.12.2024
(%)
Total Debt Liabilities (incl. Leases)	210.230
Less: Cash and Cash equivalents	(72.789)
Total Net Debt Liabilities (5)	137.441
Investment Property (5)	616.703

*Any deviations in the totals are due to rounding
Source: Company data
Notes:
(1) Represents the fair value of the properties and right-of-use
asset, accordingly
(2) Refers to Gross Leasable Area and not Gross Building Area (as
disclosed in the Issuer's Investment Schedule)
(3) The annualized rent is calculated as the current monthly rent
agreed under each lease agreement on 31.12.2024 multiplied by
12 months (without considering the future CPI, including
provision of variable rent of approximately €4 million)
(4) Occupancy rate is calculated for all categories except
Development and Other
(5) As reported in reviewed Financial Statements according to
IFRS
(6) Amount represents the lease liability related to property
"Retail Stores - 1-3-5, Proodou Str." and a parking lot at Floias e
Str., as reported in the Financial Statements according to IFRS
(7) Amount represents fair value of the owner occupied property
"Offices - 41, Olympioniki Tsiklitira Str.", which is reported as
right-of-use assets in the Financial Statements in accordance to
IFRS
(8) Amount represents the JV Participation as reported in Financial
Statements according to IFRS

Glossary

Financials
1	Adj. EBITDA	Earnings Before Interest, Tax, Depreciation and Amortization adjusted for (gain)/loss from fair value adjustment of investment property, gain/loss from impairment on financial assets, (gain)/loss from sale of investment property, non-recurring (income)/expense and (gain)/ loss from equity method investments
2	Adjusted Total Assets	Total Assets excluding Intangible Assets (excl. goodwill) and leasing obligations
3	CAPEX	Capital Expenditure
4	EBITDA	Earning Before Interest, Taxes, Depreciation, Amortization
5	FFO	Funds From Operations is calculated as Net Income plus Depreciation & Amortization, Plus/(Minus) Loss/(Gain) from Fair Value Adjustment of Investment Property, Plus /Minus Loss/(Gain) from Participation in Joint Ventures, Plus/(Minus) Property Sales Losses /(Gain), Plus/ Minus Non-Recurring Loss/Gain, Minus Interest Income
6	GAV	Gross Asset Value refers to Fair Value of Investment Property, & Participations
7	GBA	Gross Built Area
8	GLA	Gross Leasable Area
9	LTV	Loan To Value (Bank Debt & Green Bond / Investment Property)
10	Market Cap	Market Capitalization
11	NAV	Net Asset Value (Total Equity)
12	WAULT	Weighted Average Unexpired Lease Term
Other
1	c.	circa
2	bn	Billion
3	BoD	Board of Directors
4	CBD	Central Business District
5	CEO	Chief Executive Officer
6	CFO	Chief Financial Officer
7	CIO	Chief Investment Officer
8	FDI	Foreign Direct Investment
9	GDP	Gross Domestic Product
10	GGB	Greek Government Bond
11	Ind.	indicatively
12	mn	Million
13	REIC	Real Estate Investment Company (Trust)
14	SEE	Southeastern Europe
15	sqm	Square metres
16	TBD	To Be Defined
17	YoY	Year on Year

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