Recreate ASA — Earnings Release 2022

May 6, 2022

R8 Property ASA first quarter report 2022: Property development and letting competence drives record-strong quarterly result

R8 Property ASA first quarter report 2022: Property development and letting competence drives record-strong quarterly result

Porsgrunn, Norway, 6 May 2022: In the first quarter of 2022, R8 Property saw the value of its portfolio increase by NOK 74.4 million, mainly driven by ongoing development projects and supported by a record number of new and renegotiated lease contracts in a quarter.

This translated into the best quarterly result in the company’s history with a profit before tax of NOK 145.9 million (NOK 38.5 million), including profit from owner-occupied property.

The trend towards a more flexible and efficient working day accelerated during Covid-19, and and continues to boost demand for the flex space provider Evolve, of which R8 Property owns 100 per cent with effect from 1 January 2022.

Post-period, the board of directors made a proposal to change the name of the company to Recreate ASA. The name Recreate is a sign of international ambitions, but first and foremost it alludes to giving new life or energy to something, while at at the same time giving associations to recreation.

CEO and founder of R8 Property Emil Eriksrød comments on the performance in the first quarter of 2022:

“We are excited to report the best quarterly result in the company’s history. The strong performance was primarily driven by positive portfolio value changes from ongoing development projects and centrally located sustainable properties, as well as NOK 25.2 million related to our investment in Inkognitogaten 33A AS.

Our progress in the quarter was also supported by a record high number of new and renegotiated lease agreements, including a 20-year lease agreement with Comfort Hotel Skien Brygge AS for approximately 6,300 sqm in the upcoming development project Skien Brygge.

The trend towards a more flexible and efficient working day accelerated during Covid-19 and continues to boost demand for the flex space provider Evolve, of which we now own 100 per cent of the shares.

At the close of the quarter, we announced the acquisition of Parallell, a BREAAM Excellent 19,000 square meters office property located in Oslo. This building is spot on market demand with its central location, flexible office solutions and attractive environmental features and the transaction represents a quantum leap for R8 Property as we continue to work towards a property portfolio valued at NOK 5 billion.”

Please find enclosed the report and presentation for the first quarter of 2022.

For further information, please contact:

Emil Eriksrød, CEO

Email: emil.eriksrod@r8property.no

Tel.: +47 415 22 463

Eirik Engaas, CFO

Email: eirik.engaas@r8property.no

Tel.: +47 934 99 340

About R8 Property

R8 Property ASA is a full-service real estate company focused on the development, ownership and management of centrally located and sustainable commercial properties. Visit the company's website at www.r8property.no.

The information included in this announcement is defined as inside information pursuant to MAR article 7 and is publicly disclosed in accordance with MAR article 17 and section 5 -12 of the Norwegian Securities Trading Act.

This stock exchange announcement was published by Eirik Engaas, CFO at R8 Property ASA on 6 May 2022 at 07:00 am CET.