RomReal Ltd.

Earnings Release • May 30, 2024

RomReal Limited

Investor presentation First Quarter (Q1) 2024 results

Kjetil Gronskag

30 May 2024

This Presentation of the Q1 2024 results of RomReal Ltd (the "Company") has been prepared for discussion purposes only and should be read in conjunction with the Q1 2024 Report which is filed on Euronext Oslo through www.newsweb.no, and which can be viewed on the Company's website www.romreal.com

Contents

Q1 2024 highlights	3-4
NAV movement in Q1 2024	5
Financial highlights 1Q.24 – IFRS	6
RomReal Properties per 1Q 2024	7
Operational highlights	8
Romania Macro Developments	9
Apartment Price Development	10
RomReal shareholders	11
Outlook	12
Contact details	13

Q1 2024 results – Highlights

Net Asset Value (NAV)

• Net Asset value was EUR 0.42 (NOK 4.87, before any tax) per share, up 1.5% from the year-end 2023. EUR/NOK was 11.72 end of Q1 2024 versus 11.26 by the end of Q4.23.

Operational highlights

• During the First quarter of 2024, the Company sold 3 plots on the Ovidiu Lake Side project for a total consideration of EUR 0.16m.
• So far in Q2 2024, the Company has not concluded any sales.
• Total infrastructure investments by the end of first quarter 2024 was EUR 9.33m, of this EUR 4m represents finalised projects, mostly related to Ovidiu Lake Side.

Q1 2024 results – Highlights

Financial Results

• Net Result for the quarter was a gain of EUR 231,000, compared to a EUR 389,000 loss in 1Q 2023. Net change in cash flow for the quarter was a positive EUR 427,000 compared to negative of EUR 289,000 in the same period last year. This was mainly due to sale of plots and capitalized expenses related to infrastructure.
• At the end of the quarter, the Company had a cash position of EUR 3.91 million plus a total of EUR 2.79m unsettled receivables related to binding sales agreements, totalling EUR 6.70m, or about EUR 0.16 per share. Due to the weaker market situation, the outstanding vendor financing agreements are followed up with extra attention.

Macro and real estate market highlights

• On 13 May 2024, the National Bank decided to keep the monetary "Policy rate" at 7%, unchanged since April 2023. Other key interest rates and minimum reserve requirements to the banking sector were also kept unchanged.
• By the end of Q1.2024, the annual inflation rate was 6.6%. unchanged from the end of December 2023. By the end of April 2024 the inflation dropped to 5.9% (yoy).
• According to the European Commission (last update 15th May 2024), the 2024 GDP growth is estimated to be 3.3%, versus an estimated 2.9% in the report of 15 January 2024.
• Asking prices for apartments and houses in Romania increased in the First quarter of 2024 compared to Fourth quarter of 2023 (EUR 1,500/m2) to EUR 1,580/m2 at the end of 1Q 2024 and EUR 1,596/ m2 at the end of April 2024. In Constanta, average prices increased by 4.95% during the First quarter of 2024 (EUR 1,632/m2 at the end of March 2024 compared to EUR 1,555/m2 at the end of December 2023), according to www.imobiliare.ro index.

NAV movement in Q1 2024

Asset base	Q1 2024		Q4 2023
	EUR '000	EUR/ share	NOK/share	EUR '000	EUR/ share	NOK/share
Investment property	2,377	0.06	0.67	3,016	0.07	0.82
Assets held for sale	0	0.00	0.00	0	0.00	0.00
Inventories	6,692	0.16	1.90	6,686	0.16	1.82
Cash	3,906	0.09	1.11	3,480	0.08	0.94
Other assets/(liabilities)	4,205	0.10	1.19	3,750	0.09	1.02
Net asset value	17,180			16,931
NAV/Share		0.42	4.87		0.41	4.60
Change in NAV vs previous quarter	1.5%			1.4%

The average number shares used in the NAV calculation above is 41,367,783 shares and unchanged from Q4 2023.

Financial highlights 1Q.24- IFRS

EUR '000	Q1 2024	Q1 2023
Operating Revenue	1,500	101
Operating Expenses	(291)	(352)
Other operating income/ (expense), net	(923)	(230)
Net financial income/(cost)	89	83
Pre-tax result	374	(398)
Result for the period	231	(389)
Total assets	17,532	16,271
Total liabilities	351	432
Total equity	16,931	15,839
Equity %	99.5%	97.3%
NAV per share (EUR)
Cash position	0.41	0.38
	3,906	3,810

RomReal Properties Q1 2024

Plot name	Location	Size (m2)
1 Ovidiu Lakeside	Constanta North/Ovidiu	1,126
2 Ovidiu (Oasis)	Constanta North/Ovidiu	22,041
3 Centrepoint	Constanta North/Ovidiu	121,672
4 Ovidiu Residence 3	Constanta North/Ovidiu	7,100
5 Balada Market	Central Constanta	7,188
Total	For further information on the properties please visit www.romreal.com	159,127

Operational highlights

Lake Side (No.1 on the table) – Following the end of Q1 2024, the Company concluded sale of three plot from the Ovidiu Lake Side project. Two houses are still for sale. Street and utilities have been delivered to the City Hall for public use according to the agreement. The City Hall delivered the utilities to the water company in February 2023. The final transfer of the agreed land (about 700m2) to the municipality of Ovidiu is planned to take place late 2024.

Oasis (No. 2 on the table) –The Company has finalised the works for water and sewage on the plot as well as the gas connection for all plots on site. The construction of roads and parking as well as electrical works have commenced. The first apartment block is about 85% finished and costs hitherto is slightly below the budget. The target completion date of the first block is 1 September 2024.

Industrial Park (No. 3 on the table) – The project is still advertised for sale. The development activity in the neighbourhood is expanding including various NATO/Romanian defence projects. The Company plans to renew the infrastructure building permit before year-end 2024.

Balada Market (No. 5 on the table) – The project is for sale. The installation of the parking system was completed in May 2023 and the parking income is stable but expected to increase over time with more parking enforcements by the local authorities. This income is a mix of spot parking and monthly rental agreements. The Company is considering a new PUZ application process.

Ovidiu Residence 3 (No. 4 in the table, 7,100 sqm) – The Company will commence a process to regulate the plot located nearby the road between Ovidiu and Constanta for industrial and logistic use. It is expected to include infrastructure investments and the urbanistic regulation/PUZ of the plot to be approved by local authorities, now most likely during first quarter 2025.

Romanian Macro development

• According to the European Commission (last update 15th May 2024), the 2023 GDP growth is estimated to have increased to 2.1%, a modest upwards revision from the 15 January 2024 statement. This is primarily due to higher private consumption supported by higher real income. The Romanian economy expanded 0.1% year-on-year in the first quarter of 2024, following a 2.9% rise in the previous three-month period, preliminary estimates showed black.
• The European Commission forecast a GDP growth of 3.3% in 2024 and 3.1% in 2025.
• By the end of 1.Q.2024, the annual inflation rate was 6.6%. unchanged from the end of December 2023. By the end of April 2024 the inflation dropped to 5.9% (yoy). The Commission forecasts an inflation of 5.9% and 4.0% in 2024 and 2025 respectively. The most recent 2024 and 2025 GDP estimates are somewhat higher than the previous prognosis from the Commission.

Apartment Price Development (End March 24)

• Asking prices for apartments and houses in Romania increased in the First quarter of 2024 compared to Fourth quarter of 2023 (EUR 1,500/m2) to EUR 1,580/m2 at the end of 1Q 2024 and EUR 1,596/ m2 at the end of April 2024.

• In Constanta, average prices increased by 4.95% during the First quarter of 2024 (EUR 1,632/m2 at the end of March 2024 compared to EUR 1,555/m2 at the end of December 2023), according to www.imobiliare.ro index.

RomReal Limited – First quarter 2024

RomReal shareholders as at 24/05/2024

Rank	Name	Holding	Owner ship
1	SIX SIS AG	10,331,934	24.98%
2	GRØNSKAG, KJETIL	5,913,006	14.29%
3	THORKILDSEN, WENCHE	5,392,985	13.04%
4	SAGA EIENDOM AS	3,386,636	8.19%
5	AUSTBØ, EDVIN	2,108,500	5.10%
6	Danske Bank A/S	1,543,851	3.73%
7	GRØNLAND, STEINAR	1,283,211	3.02%
8	Energi Invest as	1,253,611	3.03%
9	Orakel AS	1,101,000	2.66%
10	BNP Paribas	991,717	2.40%
11	SPAR KAPITAL INVESTOR AS	940,236	2.27%
12	THORKILDSEN INVEST AS	829,478	2.01%
13	KVAAL INVEST AS	788,761	1.91%
14	Arild Persson	722,912	1.75%
15	Anders Hoen	689,557	1.67%
16	AKSEL MAGDAHL	453,066	1.10%
17	Frenico AS	396,000	0.96%
18	Citibank	220,000	0.53%
19	Nordnet Fors.	202,662	0.49%
20	Jo Egil Aalerud	166,864	0.40%
	TOP 20	38,715,987	93.53%

•(1) This is the Top 20 Shareholder list as per 24 May 2024.

•(2) The total issued number of shares issued at end Q1 2024 was 41,367,783.

•(3) Thorkildsen Invest AS is a Company controlled by Thorkildsen family.

•(4) Chairman Kjetil Grønskag owns directly and indirectly 5,913,006 shares corresponding to 14.41%.

Outlook

• Romania has an open economy and should be mindful of the uncertain global backdrop. 2024 is also a mayor election year in Romania and that is always creating some extra political turbulence. The general slower drop in inflation than previously predicted in Romania than in many peers, would indicate the first cut in inflation by the National Bank could be pushed into 2025. With such a scenario in horizon, RomReal will continue its careful approach including cost focus, minimised risks, and no cash return to its shareholders.

Thank you

Investor Relations Kjetil Gronskag

+40 731123037 | investors@romreal.com 16 Burnaby Street, Hamilton HM11, Bermuda

For further information on RomReal, including presentation material relating to this interim report and financial information, please visit www.romreal.com

DISCLAIMER

The information included in this Report contains certain forward-looking statements that address activities, events or developments that RomReal Limited ("the Company") expects, projects, believes or anticipates will or may occur in the future. These statements are based on various assumptions made by the Company, which are beyond its control and are subject to certain additional risks and uncertainties. The Company is subject to a large number of risk factors including but not limited to economic and market conditions in the geographic areas and markets in which RomReal is or will be operating, counterparty risk, interest rates, access to financing, fluctuations in currency exchange rates, and changes in governmental regulations. For a further description of other relevant risk factors we refer to RomReal's Annual Report for 2023. As a result of these and other risk factors, actual events and our actual results may differ materially from those indicated in or implied by such forward-looking statements. The reservation is also made that inaccuracies or mistakes may occur in the information given above about current status of the Company or its business. Any reliance on the information above is at the risk of the reader, and RomReal disclaims any and all liability in this respect.