Noval Property REIC

Investor Presentation • Nov 24, 2025

Disclaimer

Important Notice

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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.

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Company Overview 1

Company at a Glance

Business Overview

A dynamically growing and well-diversified Real Estate Investment Company1 that aims to offer investors both capital growth potential and an 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

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 (FY 2024: €519mn) NAV

€24.1mn (FY 2024: €45.1mn) EBITDA

€11.0mn (FY 2024: €20.6mn) Adj. EBITDA (7)

€7.0mn (FY 2024: €10.9mn) FFO (7)

29.1% (FY 2024: 31.0%) LTV (7)

20.4% (FY 2024: 19.5%) Net LTV (7)

• (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

• (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

Key Milestones

Continue to enhance Rental and Capital value

H1 2025 Highlights

Robust Investment & Development Program

• Registered a 5% growth of portfolio's Gross Asset Value in the first six months of 2025, through the execution of our development program (€17.7mn in CAPEX) and active asset management (€13.0mn FV gains)
• Delivered two new properties: i) Ardittos House, a premium mixed-use development in Mets, Athens, combining high-end residential units and modern office spaces, awarded with LEED Gold certification (as of October 2025) ii) a prime office building at 16 Chimarras street in Marousi, Attica, strengthening our presence in one of Athens' leading business districts, expected to be certified with LEED Gold certification

Hands-on Asset Management

• Double-digit Rental Revenue growth rate of +11% YoY
• Sustained WAULT of 10.5(1) years, driven by new leases
• Maintained high occupancy rates (97.8%) and attractive Annualized Gross Rental yields (6.9%)
• Achieved strong pre-leasing performance in July 2025 in the development project at 199 Kifissias (preleased c. 34% of office space GLA)

Strong financial position & accommodative capital structure that underpins shareholder value

• Low leverage and decreased cost of debt (WACD 3.0%) to support our investment and development program
• Continuously improving bottom-line financial results a-EBITDA €11.0mn (+17% YoY) and FFO(2) €7.0mn (+120% YoY)

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

⁵ (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 30 June 2025 is at €0.7 million and the amount for the period ending 30 June 2024 was €0.9 million, which was not included in the FFO calculation. On a comparable basis the increase of FFO is €2.9 million (increase 73%)

Financial Performance and Capital Structure

Double-digit Growth Across All Financial Metrics

Increasing Rental Revenues:

Solid performance in H1 2025 across all major asset classes

• Retail (+10% YoY)
• Office (+8% YoY)
• Industrial (+28% YoY)
• Hospitality (+23% YoY)

Driven by:

• Near zero vacancy rates
• Addition of new leasable space from development pipeline
• Successful asset management initiatives

Consistently growing a-EBIDTA:

+17% YoY in H1 2025 due to strong Revenues and containment of property and overhead expenses

Boosting Funds From Operations:

+120%* YoY in H1 2025 supported by prudent funding and liquidity management strategies

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 €0.7 million and the amount for the period ending 30 June 2024 was €0.9 million, which was not included in the FFO calculation. On a comparable basis the increase of FFO is €2.9 million (increase 73%).

Double-digit Growth Across All Financial Metrics

Gross Asset Value (GAV)

Dividend Distributions

Net Asset Value (NAV)

• ☐ Portfolio GAV more than doubled over a 5-year period
• ☐ Upward trajectory of NAV & NAV per share
• ☐ Annual dividend distributions more than doubled over a 5-year period

** CAGR for the GAV and the NAV are calculated from 31.12.2019 to 31.12.2024

^* 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

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(2)

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

⁽¹⁾ All data as reported in the Financial Statements in accordance with IFRS as of June 30, 2025, unless otherwise stated

⁽²⁾ Company data as of June 30, 2025

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

⁽⁴⁾ Represents scheduled annual debt amortizations

⁽⁵⁾ Excluding Lease liabilities

Portfolio Overview

Attractive Risk-adjusted returns from a well-balanced portfolio

GAV per Asset Class Average Gross Rental Yield per Asset Class (1) (3) (2) (3)

Annualized Gross Rental Income by Asset Class

Diversification of income in terms of asset class and tenants

High yield returns from our income-producing asset classes Disciplined allocation across asset classes to maintain portfolio balance

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

(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.

⁽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

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

• 9.2/ 10.5 years WAULT based on the minimum contractual expiration of the leases (excluding / including tenant extension rights) (3)
• 100% of the rents indexed to inflation rate providing protection against inflation

Strong and Diversified Tenant Mix

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)

Selected Income-producing Properties

Sustainable Buildings

	River West* Athens	IKEA Athens
Environmental

€21.4mn

98%

€1.9mn

Wyndham Grand Athens Attica Hotel)

Environmenta
certification

	certification
	GAV (1)	€121.9mn	€
	GLA	37.065 sqm	25
	Completion	2021
⊙ ⇒	Tenants	Various	HOU

121.9mn	€59.6mn
.065 sqm	25,124 sqm
2021	2008
Various	HOUSEMARKET S.A.
99%	100%

BREEAM In-	LEED
Use
Commercial V6

D Platinum

€99.8mn

100%

€6.0mn

LEED Gold

€14.4mn

2,619 sqm

2019

€0.8mn

LEED Gold

€10.1mn

9,814 sqm

2024

Direct

Metaforiki

€0.8mn

	5*	(ŀ

€43.5mn
22 F2F cam

Completion	2021	2000
Tenants	Various	HOUSEMARKET
		5.A.

Occupancy	99%	100%

€10.3mn	€5.6mn
---------	--------

13,048 sqm	17,832 sqm
2015	2019
Various	Various

2013
Various

100%

International

€3.5mn

Annualized Gross

Rental Income®

^* River West & River West Open

Projects in Progress (1/2)

10-12, Chimarras str., Marousi, Athens

Ardittou str., Mets,

16, Chimarras str., Marousi, Athens

Athens

Description

Development of an office campus (through the JV "The Grid S.A.")

GBA

Est. CAPEX

GLA

c. 61.520 sqm 28.441 sqm + 577 parking spaces c. €55mn

Expected Certification

LEED Platinum / Energy Performance Certificate (Highest level)

Status

Under Construction / Preleased %: c. 47% of office space GLA

Description

4.258 sqm

Repurpose and renovation of a mixed-use building (residential & office)

GBA

CAPEX c. €12mn GLA

2.632 sqm + 11 parking spaces

Received Certification

LEED Gold / Energy Performance Certificate (Highest level)

Status

Construction Completed / Leasing Status: c. 54% of residential and c. 42% of office space GLA respectively

Description

20.769 sqm

Development of an additional office building on existing property (Build-to-Suit)

GBA

CAPEX

GLA

6.092 sqm + 328 parking spaces

Expected Certification

LEED Gold / Energy Performance Certificate (Highest level)

c. €35mn

Status

Construction Completed / Leasing Status: c. 84% Leased & c. 16% Own-use

Projects in Progress (2/2)

199, Kifissias Ave. Marousi, Athens

Description

Renovation / refurbishment of an existing office building

GBA 6.678 sqm Est. CAPEX

GLA

4.354 sqm + 31 parking spaces c. €14mn

Expected Certification

LEED Gold / Operationally Decarbonized/ Energy Performance Certificate (Highest level)

Status

Under Construction / Preleased %: c. 34% of office space GLA

Description

106.000 sqm

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

GBA

Est. CAPEX

GLA

56.045 sqm c. € 169mn

Expected Certification

LEED/LEED Neighborhood Development or BREEAM Communities

Status

Permitting and concept design phase

Sustainability Initiatives

Delivering Sustainable Properties

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 sustainably certified assets, while respecting local communities and the environment
• Assessment of buildings' environmental and social impact

Current Sustainable Portfolio

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)

Asset name: Ardittos House

Asset Class: Mixed-use

Certification: LEED Gold

(2025)

Strategy: Complete construction/reposition

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 certified (as of October 2025) project at Ardittos House and the newly completed Chimarras office building, which is currently in the process of being certified (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

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

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 environments
• All our assets are developed with inclusivity in mind, providing safe and easy access for all individuals

Governance

• 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

Market Outlook and Future Prospects

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

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

We continue our steady growth while shaping the future

Outlook in numbers

FY 2025: Rental Revenue €36 – €38mn (FY 2024: €33.4mn) FY 2025: FFO €12.5 – €14.5mn (FY 2024: €10.9mn) FY 2025: A-EBITDA €22 – €24mn (FY 2024: €20.6mn)

Growth catalysts

• Consumer sales of our retail assets continue to grow
• Extending leases with more favorable terms
  • Further decrease of interest rates

Potential challenges

• Timely completion of our developments
• Stable economic environment

Appendix

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Financials | Statement of Financial Position – IFRS

Amounts in € '000s	31.12.2020	31.12.2021	31.12.2022	31.12.2023	31.12.2024	30.06.2025
Assets
Non-current assets
Investment property	377.028	416.293	483.963	557.312	616.703	647.616
Property and equipment	539	663	746	835	799	1.089
Rights of use	2.596	2.825	2.586	2.751	2.773	2.702
Intangible assets	269	247	214	181	146	132
Participations in JV	-	8.252	11.263	22.503	31.063	30.319
Shareholders' loan to JV	-	-	-	-	9.586	9.586
Derivatives	-	-	2.373	1.366	1.094	996
Other long-term assets	1.303	2.446	2.557	2.356	3.891	3.779
	381.734	430.726	503.702	587.304	666.054	696.218
Current assets
Trade and other assets	12.398	8.159	4.841	7.752	7.024	4.456
Shareholders' loan to JV	-	-	-	-	-	402
Restricted cash	-	-	-	-	-	-
Derivatives	-	-	487	605	364	284
Cash and cash equivalents	4.531	129.092	88.316	74.578	72.789	57.316
	16.929	137.250	93.644	82.935	80.177	62.457
Total assets	398.664	567.976	597.347	670.239	746.231	758.676
Equity
Share capital	247.322	247.322	268.668	268.668	316.080	316.080
Share Premium	-	-	5.956	5.956	6.643	6.643
Reserves	4.062	1.838	2.477	1.588	1.075	897
Retained earnings	30.536	65.745	88.753	151.178	195.302	209.576
Total equity	281.920	314.904	365.854	427.390	519.099	533.195
Liabilities
Long – term liabilities
Borrowings	62.469	172.184	200.168	203.467	184.420	182.482
Lease Liabilities	16.090	15.817	13.208	13.314	13.871	13.664
Derivatives	1.026	382	-	-	-	-
Retirement benefit obligations	29	38	55	73	78	90
Other Non-current liabilities	-	-	-	-	2.758	2.981
	79.613	188.420	213.431	216.854	201.127	199.217
Short – term liabilities
Borrowings	27.483	57.081	10.486	11.167	11.506	10.341
Trade and other payables	8.809	6.969	6.721	12.816	12.340	14.122
Current tax liabilities	511	255	551	1.662	1.725	1.345
Lease Liabilities	328	348	303	350	434	456
	37.131	64.652	18.061	25.995	26.005	26.263
Total liabilities	116.744	253.072	231.493	242.849	227.132	225.480
Total equity and liabilities	398.664	567.976	597.347	670.239	746.231	758.676

Financials | Income Statement – IFRS

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)
(amounts in '000 €)	01.01- 30.06.2025	01.01- 30.06.2024
Profit / (Loss) after tax	19.711	21.881
Plus: Depreciation	154	144
Plus / (Less): Share of loss / (profit) from participations in joint ventures Plus / (Less): Loss / (Profit) from investment property fair	744	(3.438)
value adjustment	(13.244)	(12.757)
Plus / (Less): Loss/(Profit) from sale of investment properties	-	(6)
Plus / (Less): Financial Income2	-	(1.245)
Plus / (Less): Net loss/ (gain) from modification of terms of loan agreements	162	(1.628)
Less: Capitalization of interest	(660)	(384)
Plus / (Less) : Net impairment loss of financial assets	117	-
Plus: Net impairment loss of non-financial assets	89	-
Plus / (Less) : Adjustments for non-cash and non-recurring items	(93)	607
FFO	6.980	3.175

Adjusted EBITDA (AdjEBITDA)
(amounts in '000 €)	01.01- 30.06.2025	01.01- 30.06.2024
Profit / (Loss) before tax	21.046	23.738
Plus / (Less): Loss / (Profit) from investment property fair value adjustment	(13.244)	(12.757)
Plus: Depreciation	154	144
Less: Financial Income	(1.056)	(2.979)
Plus: Financial Expenses	3.225	4.558
Plus / (Less): Share of loss / (profit) from participations in joint ventures	744	(3.438)
Plus / (Less) Net non-recurring expenses/ (income)	(43)	134
Plus / (Less) : Net impairment loss of financial assets	117	-
Plus: Net impairment loss of non-financial assets	89	-
AdjEBITDA	11.033	9.400

^* 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

(in '000 €)*	Number of Properties	Fair Value as at 30.06.2025 (2)	% of total	G.L.A. (sq.m.) (3)	% of total	Annualized rental income as sat 30.06.2025 (4)	% of total	WAULT (years) (8)	WAULT (years) (8)	WAULT (years) (8)	Gross yield (%) (5)	Occupancy rate (%) (6)
								based on the minimum contractual termination of the leases	minimum contractual termination of the	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.)	% of total	Annualized Rental Income	% 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	30.06.2025
(amounts in '000 €)
Investment Property (5)	647.616
Less Lease Liability (6)	12.627
Owner occupied Property at Fair Value (7)	3.728
Total Investments without JV participation	638.716
"Grid" participation (8)	30.319
Shareholders' Loan (9) to the "Grid"	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
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	FDI	Foreign Direct Investment
8	GDP	Gross Domestic Product
9	GGB	Greek Government Bond
10	Ind.	indicatively
11	mn / m	Million
12	REIC	Real Estate Investment Company (Trust)
13	SEE	Southeastern Europe
14	sqm	Square metres
15	TBD	To Be Defined
16	YoY	Year on Year