H1 2025 Financial Results

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1	H1 2025 Highlights

H1 2025 Key Highlights

Progressing on our development program with the completion of two new properties: i) a mixed-use building, 'Ardittos House', at 40-42 Ardittou str., located in Mets, Athens and ii) a prime office building at 16 Chimarras str., Marousi, Attica
Strong pre-leasing performance in the redevelopment project at 199 Kifisias Ave., with 34% of the total Gross Leasable Area already secured ahead of completion
Maintained high occupancy rates, long WAULT and attractive Annualized Gross Rental yields through active portfolio management
Delivered robust financial results in line with our strategy that focuses on sustainable dividend growth and long-term value creation
(1) Noval Property is one of the largest Greek Real Estate Investment Companies (REIC) in terms of Gross Asset Value as of 30.06.2025
(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 6m-period ending 30.06.2025, unless otherwise stated
(4) Based on annualized contracted rent in relation to income-producing assets only

Key Portfolio Metrics(3) Key Financials(3)

€679mn GAV (2)

351,000/62 sqm GLA/properties (2)

€38.1mn Annualized Gross Rental Income (GRI) (7)

9.2(5) / 10.5(6) years WAULT (8)

6.9% Gross Rental Yield (4)(8)

97.8% Occupancy Rate (8)

€533mn (YE 2024: €519mn) NAV

€24.1mn (H1 2024: €22.0mn) EBITDA

€11.0mn (H1 2024: €9.4mn) Adj. EBITDA (7)

€7.0mn (H1 2024: €3.2mn) FFO (7)

29.1% (YE 2024: 31.0%) LTV (7)(8)

20.4% (YE 2024: 19.5%) Net LTV (7)(8)

(5) Based on the minimum contractual expiration of the leases, excluding break options (including the break options: 7.6 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

Business Model and Strategy

Who we are

ಕ್ಕಾರ

A fully-integrated operating platform managed by a highlyexperienced management team

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 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 to pursue impact-oriented returns

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

Our Strategy

Η1 2025 Financial Results

10-12.2019 2020 2021 2022 2023 2024 H1 2024 H1 2025

Significant growth in rental revenue in H1 2025 vs. H1 2024 (+11%), primarily driven by strong performance of the retail asset class (+€0.8mn vs. H1 2024), followed by the office asset class (+€0.4mn vs. H1 2024) and the industrial and hospitality asset classes which contributed similar increases (+€0.3mn respectively vs. H1 2024)
Increased footfall (+8% vs. H1 2024) and robust consumer sales (+12% vs. H1 2024) at our retail assets demonstrate the effectiveness of our strategy to deliver a more compelling retail experience by repositioning our tenant mix, increasing visitor traffic during off-peak hours and create lifestyle destinations
The €1.8mn YoY increase in rental revenue is driven by €0.7mn from new leases (37%), €0.5mn from turnover rents (29%), €0.4mn from indexation increases (21%) and €0.2mn from renewals &
Double digit growth (+17% vs. H1 2024) in operational profitability (Adj.-EBITDA) stemming from stronger rental revenues, shooting up bottom line operating cash flows (FFO +120% vs. H1 2024)

7 * 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 30 June 2025 is at EUR 0.7 million (30 June 2024: EUR 0.9 million)

Based on data as reported in the Financial Statements in accordance with IFRS

Η1 2025 Financial Results

Gross Asset Value (GAV)

Investment portfolio grew by €30.7mn in H1 2025 (+5% vs. 31.12.2024) mainly driven by capital expenditure of €17.7mn, fair value gains** of €13.0mn. This reflects the successful implementation of our targeted value-add strategy, fully aligned with our expectations and strategic objectives

Net asset value rose by €14.1mn in H1 2025 reflecting a +3% increase since 31.12.2024, after a dividend payment of €5.4mn to shareholders

* Number of shares has been adjusted for the reverse split 1/2.5 that took place in 2023

** The amount includes the operating results from our shareholder loan and Participation at the JV (The Grid), measured under the net equity method

Capital Structure

Debt Key Figures(1)

(in € mn unless otherwise stated)

Cash and Cash equivalents	57.3
Investment Property	647.6
Right-of-Use asset	2.7
Loan and Participation in JV	40.3
Net Asset Value	533.2
(3) Total Lease Liabilities	14.1
Gross Debt (excl. Lease Liabilities)	192.8
Gross LTV (%)	29.1%
Net LTV (%)	20.4%
Weighted Average cost of Debt (WACD %)(2)	3.0%

NOVAL PROPERTY's Shareholder Structure

Debt Amortization Schedule(2,4) Total Gross Debt Split by Rate Type(2,5)

(2) Company data

(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

Annualized Gross Rental Income by Asset Class

NOVAL PROPERTY's footprint (3)

Footprint across Greece, with a focus on areas that can preserve liquidity during periods of market downturn (i.e. Athens)

All data as of 30.06.2025. 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 and Annualized Rental Income

(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

100% of the rents indexed to inflation rate providing protection against inflation

Tenant Mix (Indicative)

(1) Company data as of 30.06.2025. 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: 7.6 years)

Sustainable Buildings

	River West* Athens	IKEA Athens	Mare West Corinth	The Orbit Athens	The Butterfly Athens	Mandra Aspropyrgos	Wyndham Grand Athens 5* (Hotel)
Environmental certification			BREEAM In Use Commercial V6	LEED Platinum WiredScore GOLD	LEED Gold WiredScore Silver	LEED Gold WiredScore Silver
GAV(1)	€121.9mn	€59.6mn	€21.4mn	€99.8mn	€14.4mn	€10.1mn	€43.5mn
GLA	37.065 sqm	25,124 sqm	13,048 sqm	17,832 sqm	2,619 sqm	9,814 sqm	23,525 sqm
Completion	2021	2008	2015	2019	2019	2024	2016
Tenants	Various	HOUSEMARKET S.A.	Various	Various	Various	Direct Metaforiki	Zeus International
Occupancy	99%	100%	98%	100%	97%	100%	100%
Annualized Gross Rental Income(2)	€10.3mn	€5.6mn	€1.9mn	€6.0mn	€0.8mn	€0.8mn	€3.5mn

* River West & River West Open

(1) All data as of 30.06.2025 in accordance with the Investment Schedule

(2) The annualized rent is calculated as the current monthly rent agreed under each lease agreement as of 30.06.2025 multiplied by 12 months (without considering the future CPI, including provision of variable rent of approximately €4mn)

Projects in Progress (1/2)

		Description Development of an office campus (through the JV "The Grid S.A.")
		GBA c. 61.520 sqm	Est. CAPEX c. €55mn	GLA 28.441 sqm + 577 parking spaces
10-12, Chimarras str., Marousi, Athens		Expected Certification LEED Platinum / Energy Performance Certificate (Highest level)
		Status Under Construction / Preleased %:		c. 47% of office space GLA
		Description Repurpose and renovation of a mixed-use building (residential & office)
		GBA 4.258 sqm	CAPEX c. €12mn	GLA 2.632 sqm + 11 parking spaces
Ardittou str., Mets, Athens		Expected Certification LEED Gold / Energy Performance Certificate (Highest level)
		Status		Construction Completed / Leasing Status: c. 54% of residential GLA
	Description Development of an additional office building on existing property (Build-to-Suit)
16, Chimarras str.,		GBA 20.769 sqm	CAPEX c. €35mn	GLA 6.092 sqm + 328 parking spaces
Marousi, Athens		Expected Certification LEED Gold	/ Energy Performance Certificate (Highest level)
		Status Construction Completed / Leasing Status: c.		84% Leased & c. 16% Own-use 14

Projects in Progress (2/2)

199, Kifissias Ave. Marousi, Athens

Description

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

GBA 106.000 sqm Est. CAPEX c. € 169mn

GLA 56.045 sqm

Expected Certification LEED/LEED Neighborhood Development or BREEAM Communities

Status

Permitting and concept design phase

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

Current 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 €272 million consisted of assets with high sustainability standards, the company reinforces its leading position in sustainable practices across the Greek REIC sector

(1) Only income producing assets including the completed projects at Ardittos House and Chimarras new office building which are in the process to be certificed

(2) Fair values as at 30.06.2025 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

5	Greek Macro and Real Estate Market
4
3
2
1

Positive Trends in Greek Economic Conditions

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

4,3 4,5 4,5 5,0 5,3 5,3 5,5 15,0% 13,0% 8,0% 7,0% 6,0% 4,0% 4,0% 0,0% 5,0% 10,0% 15,0% 20,0% € 0,0 € 2,0 € 4,0 € 6,0 2019 2020 2021 2022 2023 2024 06.2025 Prime Logistics - Rents and Vacancy Rates Rent/sqm Vacancy rate

Sources: Danos / BPN Paribas S1 2025 Market Insight Report, Cushman & Wakefield Office Q1 2025 Market Beat, European Commercial - Q2 2025

(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 30.06.2025

"At the halfway mark, we remain firmly on track to meet our 2025 targets"

Financials | Statement of Financial Position – IFRS

NOVAL PROPERT

re: purpose growth

Amounts in € '000s	31.12.2020	31.12.2021	31.12.2022	31.12.2023	31.12.2024	30.06.2025








































Total equity and liabilities	398.664	567.976	597.347	670.239	746.231	758.676

Any deviations in total amounts are due to rounding

Amounts in € '000s	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	01.01 – 30.06.2025
Continuing Operations
Revenue	13.876	15.937	24.880	29.339	33.417	17.661
Net gain / (loss) from fair value adjustment of investment property	(4.323)	27.475	18.208	47.640	24.497	13.244
Impairment of right of use assets	-	(61)	-	-	-	-
Direct property related expenses	(2.681)	(3.247)	(4.987)	(3.062)	(2.884)	(1.231)
Property taxes – levies	(2.076)	(2.590)	(2.534)	(2.787)	(2.904)	(2.446)
Personnel expenses	(1.360)	(2.618)	(3.546)	(3.915)	(5.351)	(1.787)
Other operating expenses	(900)	(1.058)	(1.990)	(2.469)	(2.198)	(1.170)
Net Impairment loss on financial assets	(59)	(31)	32	(98)	(221)	(117)
Net impairment loss of non-financial assets	-	-	-	-	-	(89)
Gain/(Loss) from derecognition of financial assets carried at amortized cost	(248)	-	-	-	-	-
Gain/(Loss) from property sale	-	101	-	(3)	6	-
Depreciation of property and equipment	(126)	(199)	(204)	(238)	(389)	(154)
Other income	625	3.126	996	716	714	48
Operating profit	2.727	36.835	30.854	65.123	44.686	23.960
Interest income	2	1	57	2.015	5.906	1.056
Finance costs	(3.947)	(3.430)	(5.362)	(8.518)	(8.315)	(3.225)
Portion of gain/(loss) from participation in joint ventures	-	2.227	(239)	8.840	8.561	(744)
Profit before tax	(1.218)	35.633	25.310	67.460	50.837	21.046
Taxes	(324)	(429)	(830)	(2.853)	(3.573)	(1.335)
Profit after tax	(1.542)	35.204	24.479	64.607	47.264	19.711

Any deviations in the total amounts are due to rounding

NAV break-down, a-EBITDA & FFO

Amounts in € '000s	31.12.2019	31.12.2020	31.12.2021	31.12.2022	31.12.2023	31.12.2024	30.06.2025
Shareholders' Equity	253.688	281.920	314.904	365.854	427.390	519.099	533.195
Number of Shares* Adj. for RS 1/2,5	90.143	98.929	98.929	107.467	107.467	126.432	126.432
NAV per share* in €	2,81	2,85	3,18	3,40	3,98	4,11	4,22

Funds from Operations (FFO)		Adjusted EBITDA (Adj.-EBITDA)
(amounts in '000 €)	01.01- 30.06.2025	01.01- 30.06.2024	(amounts in '000 €)	01.01- 30.06.2025	01.01- 30.06.2024
Profit / (Loss) after tax	19.711	21.881	Profit / (Loss) before tax	21.046	23.738
Plus: Depreciation	154	144	Plus / (Less): Loss / (Profit) from investment property fair value adjustment	(13.244)	(12.757)
Plus / (Less): Share of loss / (profit) from participations in joint ventures	744	(3.438)	Plus: Depreciation	154	144
Plus / (Less): Loss / (Profit) from investment property fair value adjustment	(13.244)	(12.757)	Less: Financial Income	(1.056)	(2.979)
Plus / (Less): Loss/(Profit) from sale of investment properties	-	(6)	Plus: Financial Expenses	3.225	4.558
Plus / (Less): Financial Income2	-	(1.245)	Plus / (Less): Share of loss / (profit) from participations in joint ventures	744	(3.438)
Plus / (Less): Net loss/ (gain) from modification of terms of loan agreements	162	(1.628)	Plus / (Less) Net non-recurring expenses/ (income)	(43)	134
Less: Capitalization of interest	(660)	(384)	Plus / (Less) : Net impairment loss of financial assets	117	-
Plus / (Less) : Net impairment loss of financial assets	117	-	Plus: Net impairment loss of non-financial assets	89	-
Plus: Net impairment loss of non-financial assets	89	-	Adj.-EBITDA	11.033	9.400
Plus / (Less) : Adjustments for non-cash and non-recurring items	(93)	607

* Number of shares has been adjusted for the reverse split 1/2.5 that took place in 2023

FFO 6.980 3.175

Any deviations in the total amounts are due to rounding

Analysis per Type of Asset

(in '000 €)*	Number of Properties (1)	Fair Value as at 30.06.2025(2)	% of total	G.L.A.	(sq.m.) (3) % of total	Annualized rental income as at 30.06.2025 (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
Retail (Shopping Centres / Retail Park / Big Box)	8	205.022	30,2%	77,8	22,1%	17.867	46,9%	11,7	9,1	13,8	8,7%	98,8%
Office buildings(10)	9	209.300	30,8%	43,5	12,4%	11.933	31,3%	7,0	6,2	7,9	5,7%	93,0%
Hospitality	3	48.384	7,1%	26,1	7,4%	3.495	9,2%	9,1	9,1	9,1	7,2%	100,0%
Industrial (Warehouses and Logistics)	10	44.339	6,5%	107,0	30,5%	3.081	8,1%	3,7	3,7	4,6	6,9%	100,0%
Residential	1	1.819	0,3%	0,4	0,1%	52	0,1%	3,1	2,4	3,1	2,8%	100,0%
Mixed Use	1	23.262	3,4%	2,6	0,7%	471	1,2%	4,1	4,1	5,4	2,0%	41,4%
Subtotal	32	532.127	78,4%	257,4	73,3%	36.900	96,8%	9,2	7,6	10,5	6,9%	97,8%
Development	20	98.277	14,5%	93,0	26,5%	1.048	2,7%
Other (7)	9	8.312	1,2%	0,8	0,2%	179	0,5%
Total	61	638.716	94,1%	351,2	100,0%	38.127	100,0%
Loan and Participation (JV)	1	40.306	5,9%	-
Total	62	679.022	100,0%	351,2

*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 30.06.2025 multiplied by 12 months (without considering the future CPI, including provision of turnover 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
(10) The two office properties at Chimarras 16 are accounted separately for the purpose of calculating the total number of office buildings, while in the Investment Schedule are shown as one property.

Geographical Sector Analysis & Gross Asset Value

(in '000 €)	Number of Properties	Fair Value at 30.06.2025(1) % of total		G.L.A. (sq.m.) (2)	% of total	Annualized Rental Income (3)	% of total	Occupancy rate (4)
Greece (Total)	60	631.502	98,9%	347,6	99,0%	37.848	99,3%	98,6%
Athens	38	567.840	88,9%	240,9	68,6%	34.597	90,7%	98,0%
Thessaloniki	4	9.850	1,5%	45,0	12,8%	670	1,8%	100,0%
Rest of Greece	18	53.812	8,4%	61,7	17,6%	2.581	6,8%	99,2%
Bulgaria	1	7.214	1,1%	3,6	1,0%	279	0,7%	47,1%
Total	61	638.716	100,0%	351,2	100,0%	38.127	100,0%	97,8%
Participation (JV)	1	40.306
Total	62	679.022		351,2		38.127

Gross Asset Value (amounts in '000 €)	30.06.2025
Investment Property (5)	647.616
Lease Liability (6) Less	12.627
(7) Owner occupied Property at Fair Value	3.728
Total Investments without JV participation	638.716
(8) "Grid" participation	30.319
(9) to the "Grid" Shareholders' Loan	9.987
Total Investments including JV participation (GAV)	679.022

Loan to Value (LTV)	30.06.2025
(%)
Total Debt Liabilities (incl. Leases) (5)	197.289
Gross Asset Value (5)	679.022
LTV	29,1%
Net Loan to Value (Net LTV)	30.06.2025
(%)
Total Debt Liabilities (incl. Leases)	197.289
Less: Cash and Cash equivalents	(57.316)
Less: Restricted cash	(1.734)
Total Net Debt Liabilities (5)	138.239
Gross Asset Value (5)	679.022
Net LTV	20,4%

*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 30.06.2025 multiplied by 12 months (without considering the future CPI, including provision of turnover rent of approximately €4 million) (4) Occupancy rate is calculated for all categories except Development and Other (5) As reported in reviewed Financial Statements including the Participation and Shareholder loan to JV (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 (9) Amount represents the shareholder loan and any accrued interest

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 / m	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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Noval Property REIC

6578_rns_2025-09-17_0df4943d-d555-475f-b0f6-b78afad27cbe.pdf

H1 2025 Financial Results

Disclaimer

Important Notice

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

H1 2025 Key Highlights

Key Portfolio Metrics(3) Key Financials(3)

Business Model and Strategy

Who we are

Our Strategy

Η1 2025 Financial Results

Η1 2025 Financial Results

Capital Structure

Debt Key Figures(1)

NOVAL PROPERTY's Shareholder Structure

Debt Amortization Schedule(2,4) Total Gross Debt Split by Rate Type(2,5)

Attractive Risk-adjusted returns from a well-balanced portfolio

Annualized Gross Rental Income by Asset Class

NOVAL PROPERTY's footprint (3)

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

Tenant Mix (Indicative)

Sustainable Buildings

Projects in Progress (1/2)

Projects in Progress (2/2)

Description

Status

Investment strategy

The road to a sustainable and resilient Portfolio

Positive Trends in Greek Economic Conditions

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

Unemployment Rate (% of Labour Force)

Foreign Direct Investment (FDI) (€ mn)

Real Estate Market in Greece

"At the halfway mark, we remain firmly on track to meet our 2025 targets"

Financials | Statement of Financial Position – IFRS

NAV break-down, a-EBITDA & FFO

Analysis per Type of Asset

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

Geographical Sector Analysis & Gross Asset Value

Glossary

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