Slide 1: Preliminary Results for the financial year to 31 March 2025
Preliminary Results for the financial year to 31 March 2025 First Property Group plc 19 June 2025 Email jeremy.barkes@fprop.com Phone +44 20 7340 0270
Slide 2: Contents
First Property Group plc Contents Company Description and Structure 3-4 APPENDIX 57-64 Investment Approach 58-59 Preliminary Results 5-16 Shareholders >3% 60 Highlights 6-9 Share Statistics 61 NAV 10-11 Plc Management Team 62-63 Dividend 12 Awards 64 Outlook 13-14 Disclaimer 65 Markets 15-17 Investm
Slide 3: Company Description
First Property Group plc Company Description First Property Group plc (AIM: FPO) is an award winning property fund manager and investor with operations in the United Kingdom and Central Europe. Its earnings are derived from: Fund Management - via its FCA regulated and AIFMD approved subsidiary, Fi
Slide 4: Group Structure
First Property Group plc Group Structure Market Capitalisation at 13p per share: £19m Fund Management Division Group Properties Division (FPAM) 11 funds; 7 directly owned properties 18 properties; 6 in Poland, 1 in Romania; Invested across the UK, Poland & Gross properties at market value:
Slide 5: Final Results for financial year ended 31 March 2025
First Property Group plc Final Results Final Results for financial year ended 31 March 2025 Email jeremy.barkes@fprop.com Phone +44 20 7340 0270 5
Slide 6: Highlights
First Property Group plc Highlights Statutory profit before tax: £3.03 million (31 March 2024: loss before tax of £4.41 million) Initiated cost savings programme which resulted in annualised cost savings of c.£650,000 Reduction in gross debt by £3.25 million to £24.37 million (31 March 2024: £
Slide 7: Income Statement
First Property Group plc Income Statement Year to 31 March 2025 Income Statement Year to 31 March 2024 Percentage change (unaudited) Statutory (loss)/profit before tax £3.03m (£4.41m) 168.7% Diluted earnings per share 1.64p (4.04p) 140.6% Total dividend per share - - - Average €/£ exchange rate 1.19
Slide 8: Financial Position at year end
First Property Group plc Financial Position at year end Statement of Financial Position 31 March 2025 31 March 2024 Percentage change Investment properties and Inventories at book £46.76m £45.76m 2.2% value Investment properties and Inventories at £56.04m £51.90m 8.0% market value Associates and inv
Slide 9: Financial Position at year end
First Property Group plc Financial Position at year end Statement of Financial Position 31 March 2025 31 March 2024 Percentage change Gross debt (including deferred consideration) £24.37m £27.62m -6.9% Net debt £19.55m £22.99m +4.5% Gearing ratio at book value 35.1% 41.5% - Gearing ratio at market v
Slide 10: NAV per share 2007-2024
First Property Group plc NAV per share 2007-2024 (excluding any value attributable to FPAM) 70 EPRA NAV 60 Book NAV • NAV per share at Cash book value: 30.50p 50 (31 March 2024: 35.15p) Pence per share 40 • EPRA NAV per 30 share: 35.72p (31 March 2024: 20 39.41p) 10 • Cash per share: 3.26p 0 (31 Mar
Slide 11: Adjusted NAV Bridge
First Property Group plc Adjusted NAV Bridge 46 Adjusted NAV breakdown 31 Mar 2025 44 1.97 Associates and 15.24p £22.61m Investments 0.75 42 1.79 (0.03) Cash 3.25p £4.82m (0.20) 7 directly owned 17.89p £26.54m 40 39.41 properties less loans Pence Per Share FPAM - - 38 Other working capital (0.66p) (
Slide 12: Dividend
First Property Group plc Dividend Dividend History 1.80 Interim dividend: Nil 1.60 (FY 2024: Nil) 1.40 Final dividend: 1.20 Nil 1.00 (FY 2024: Nil) 0.80 0.60 Total for FY 2025: 0.40 Nil (FY 2024: Nil) 0.20 - Interim Final Total Dividend Email jeremy.barkes@fprop.com Phone +44 20 7340 0270 12
Slide 13: CEO Comment
First Property Group plc CEO Comment Commenting on the results, Ben Habib, Chief Executive of First Property Group, said: I am pleased to report a material turnaround in the fortunes of the Group. We appear to be close to the bottom of the cycle, following what has been a severe downturn, especi
Slide 14: Why invest in Fprop plc?
First Property Group plc Why invest in Fprop plc? 1. Expertise: Experienced, nimble management team; Excellent investment track record: c16% p.a. growth in adjusted net assets, including dividends paid since 2006. 2. Diversified earnings: From Group Properties and from fund management fees;
Slide 15: Markets
Markets Email jeremy.barkes@fprop.com Phone +44 20 7340 0270 15
Slide 16: Investment Markets Poland
Investment Markets Poland Poland: GDP is expected to grow by around 3% in 2025 and again in 2026, similar to that of 2024. Interest rates were cut by 50bp in May to 5.25%, the first cut since November 2023, and are expected to be cut to 4.5% by the year end. Inflation is running at similar levels.
Slide 17: Investment Markets United Kingdom
Investment Markets United Kingdom United Kingdom: GDP forecasts for the UK have been lowered for 2025 to around 1%, similar to that achieved in 2024 (0.9%). The economic outlook remains highly uncertain. The base interest rate was cut in May by 0.25% to 4.25%, the second cut of the year (cut in
Slide 18: Segmental Analysis
Segmental Analysis Email jeremy.barkes@fprop.com Phone +44 20 7340 0270 18
Slide 19: Fund Management (FPAM)
Fund Management (FPAM) Email jeremy.barkes@fprop.com Phone +44 20 7340 0270 19
Slide 20: Fund Management Summary
Segmental Analysis: Fund Management Summary Fund • Third party AUM: £164m Revenue: £2.26m (31 Mar 2024: £222m); (31 Mar 2024: £2.95m); Management • 11 funds invested across UK, Poland & Contribution to PBT Romania; prior to deduction of unallocated central • Weighted average fund management over
Slide 21: Typical Fund Management Fees / Selection of Clients
First Property Group plc Typical Fund Management Fees / Selection of Clients Typical fees in UK: Typical fees in Poland & Romania: Selection of clients: • Management: 0.6-1% of GAV p.a.; • Management: 1% of GAV p.a.; • Outperformance: 20% of excess returns • Outperformance: 20% of excess >IRR equiva
Slide 22: Fund Management Revenue and AUM
Segmental Analysis: Fund Management Revenue and AUM 10 700 Performance Fee FPAM Revenue 3rd Party AUM 600 8 500 Annualised fee 6 income: Revenue (£ Million) 400 £1.19m AUM (£ Million) (31 Mar 2024: 4 £1.83m) 300 2 200 - Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar
Slide 23: Reconciliation of movement in funds under management
Segmental Analysis: Fund Management Reconciliation of movement in funds under management Funds managed for third parties (including funds in which the Group is a minority shareholder) UK CEE Total No. of prop’s £m. £m. £m. As at 1 April 2024 115.0 106.8 221.8 35 Purchases 6.4 - 6.4 2 Property sales
Slide 24: Third Party funds under management
Segmental Analysis: Fund Management Third Party funds under management Assets Under Assets Under % of Total Third- Management at Market Management at Fund Country of Investment Fund Expiry Value at No. of Properties Party Assets Under Market Value at Management 31 Mar 2025 31 March 2024 £m % £m OFFI
Slide 25: AUM by geography, by sector, by asset class
Segmental Analysis: Fund Management AUM by geography, by sector, by asset class FULCRUM FPL 8% OFFICES FCL 0% 17% 5% Shopping Centres UK 31% FKR SIPS 35% 9% 2% By Geography By Sector SPEC OPPS By Fund 6% Office POLAND UKPPP 58% 60% 2% Supermarkets/ ROMANIA supermarket led 7% FGC FOP 5% 36% Retail/Re
Slide 26: Split of third-party funds managed by asset class
Segmental Analysis: Fund Management Split of third-party funds managed by asset class UK Poland Romania TOTALS % of Total Offices £50.2m £36.1m £8.0m £94.3m 57.5% Retail warehousing £6.6m - - £6.6m 4.0% Supermarkets - £11.9m - £11.9m 7.3% Shopping centres - £51.1m - £51.1m 31.2% TOTALS £56.8m £99.1m
Slide 27: FPAM Track Record - Existing Funds
First Property Group plc FPAM Track Record - Existing Funds IRR pa - Implied ROE pa - since inception ROE FY 2024/25 on original equity 30% 20% 10% 0% 5PT UK PPP OFFICES SIPS FOP FGC SPEC OPPS FKR FCL FPL FUL -10% -20% -30% Implied IRR’s: assumed sale price = NAVs as at 31 March 2025; ROE’s sinc
Slide 28: FPAM Track Record - Closed Funds
First Property Group plc FPAM Track Record - Closed Funds IRR pa - Actual 120% 100% 80% 60% 40% 20% 0% 1PT 2PT 3PT USS PDR RPT FRS -20% Email jeremy.barkes@fprop.com Phone +44 20 7340 0270 28
Slide 29: Group Properties
Group Properties Email jeremy.barkes@fprop.com Phone +44 20 7340 0270 29
Slide 30: Group Properties Overview
Segmental Analysis: Group Properties Overview Group 1. 7 directly owned properties (6 in Contribution to PBT prior to deduction Properties Poland valued at £52.61m, 1 in of unallocated central overheads for year Romania valued at £3.43m): to 31 March 2025: £3.16m o Gross asset value: £56.04m (31 M
Slide 31: Contribution to PBT from directly owned properties and Associates
Segmental Analysis: Group Properties Contribution to PBT from the 7 directly owned properties and the 9 Associates and Investments Contribution to PBT (prior to deduction of unallocated central overheads) 14,000 Corresponding net equity invested 12,000 10,000 8,000 6,000 4,000 Associates and 2,000 I
Slide 32: 7 directly owned properties
7 directly owned properties Email jeremy.barkes@fprop.com Phone +44 20 7340 0270 32
Slide 33: 7 directly owned properties at 31 March 2025
Segmental Analysis: Group Properties 7 directly owned properties at 31 March 2025 Blue Tower, Warsaw Gdynia, Poland Dr Felix, Bucharest, Romania (Fprop 80% share: c19,000 m2) (c13,500 m2) (2,845 m2) MV: £30.46m (€36.4m) MV: £10.04m (€12.0m) MV: £3.43m (€4.1m) 5th Property Trading Ltd: consolidated u
Slide 34: Directly owned properties by geography, asset class, property
Segmental Analysis: Group Properties 7 directly owned properties by geography, by asset class, by property 0% ROMANIA Dr Felix, Bucharest, Supermarkets/ 6% Romania 5PT: Mokotaw, supermarket led, Gdynia, Poland Warsaw 6% 17% 18% 6% 5PT: Blonie, Warsaw 5% 0% 5PT: Tulipan, Poznan 5% By Geography By Sec
Slide 35: 7 directly owned properties
Segmental Analysis: Group Properties 7 directly owned properties Contribution £3.79m (31 March 2024: Loss £3.90m) to Group PBT (prior to the deduction of unallocated central overheads); Book value: £46.76m, Market value: £56.04m; Activity in the year: Blue Tower, Warsaw: new lease signed o
Slide 36: 7 directly owned properties
Segmental Analysis: Group Properties 7 directly owned properties No. of Book value at Market value at *Contribution to Group Location Asset class properties 31 March 2025 31 March 2025 PBT 31 March 2024 Poland, Gdynia Offices 1 £10.04m £10.04m £0.97m Poland, Warsaw Offices 1 £24.34m £30.46m (£0.21m)
Slide 37: Directly owned properties: debt and LTV
Segmental Analysis: Group Properties 7 directly owned properties 31 March 2025 31 March 2024 Book value £46.76m £45.76m Market value £56.04m £51.90m Gross debt (including £17.10m of non-interest £24.37m £27.62m bearing deferred consideration) LTV at book value % 52.12% 60.36% LTV at market value % 4
Slide 38: Blue Tower, Warsaw
Segmental Analysis: Group Properties Blue Tower (23,550 m2 over 24 floors of offices), Warsaw Prime location in Warsaw’s CBD above a subway station and at the main junction of the city’s bus and tram network. The Group owns: 80.3% of the tower (c19,000 m2 over 18 office floors): 90% of Corp
Slide 39: Office Building, Gdynia, Poland
Segmental Analysis: Group Properties Office Building (c13,500 m2), Gdynia, Poland Prime location in Gdynia city centre/CBD; Purchase price (Mar-2021): €16 million (€1,194 per m2); Equity invested: €4 million; Leverage: Interest bearing debt: nil Deferred consideration: €12m (due FY 2025)
Slide 40: Dr Felix St, Bucharest
Segmental Analysis: Group Properties Dr Felix St, Bucharest (2,845 m2 over 7 floors) Prime location in Bucharest’s CBD within walking distance from Victoriei Square, the financial centre of Bucharest. Leasing: Vacancy Rate: 0% NOI: c€292k pa. WAULT: 6 yrs, 3 mths Book value: £2.20m (£688
Slide 41: 5th Property Trading Ltd (5PT)
5th Property Trading Ltd (5PT) Consolidated Undertaking 5th Property Trading Ltd (5PT) Ground floor retail units, Office & Retail, Błonie, Warsaw Office, Tulipan, Poznań Mokotów, Warsaw MV: €3.4m (c2,300 m2) MV: €3.3m (c1.600 m2) MV: €4.0m (c1,100 m2) 3 properties in Poland Market value: €10.7m
Slide 42: E and S Estates Ltd (E&S)
E and S Estates Ltd (E&S) Consolidated Undertaking E and S Estates Ltd (E&S) Mini supermarket, Praga 1 supermarket in Praga, a suburb of Warsaw (1,338 m2) Market Value: €3.75m (£3.14m) NOI: €272,000 pa Vacancy rate: nil Tenant: Jeronimo Martins Leverage: c43% LTV WAULT: 10 yrs, 7 mths
Slide 43: Top tenants of the directly owned properties
Segmental Analysis: Group Properties Top 10 tenants of the 7 directly owned properties Tenant Sector Jurisdiction % 1 Jeronimo Martins Supermarket Chain Poland 26.56% 2 TV Republika Media Poland 15.60% 3 Miasto Stołeczne Warszawa Government Poland 10.44% 4 Sąd Rejonowy w Gdynia District Court Poland
Slide 44: Associates and Investments
Segmental Analysis: Group Properties Associates and Investments Associates and Investments (minority shareholdings in 9 of FPAM’s 11 funds) Email jeremy.barkes@fprop.com Phone +44 20 7340 0270 44
Slide 45: Associates and Investments
Segmental Analysis: Group Properties Associates and Investments Contribution of £3,211,000 (31 March 2024: £112,000) to Group PBT (prior to the deduction of unallocated central overheads). Increase vs FY 2024 mainly (£1.73m) from the Group’s 23% share in FPL plus cash distributions of £0.42m fro
Slide 46: Associates and Investments
Segmental Analysis: Group Properties Associates and Investments Group’s share of Group’s share of Book value of First % owned by First Current market post-tax profits post-tax profits Fund Property's share in Property Group value of holding earned by fund earned by fund fund 31 March 2025 31 March 2
Slide 47: Minority shareholdings in 5 of FPAM's 12 funds accounted for as Associates
Segmental Analysis: Group Properties Associates and Investments Minority shareholdings in 5 of FPAM’s 12 funds accounted for as Associates (FOP, FPL, FGC, FCL, FKL) Email jeremy.barkes@fprop.com Phone +44 20 7340 0270 47
Slide 48: Fprop Opportunities plc (FOP)
Fprop Opportunities plc (FOP) Associates & Investments Fprop Opportunities plc (FOP) BV of Group’s 45.7% share: £13.48m MV of Group’s 45.7% share: £13.48m Contribution to PBT of Group’s share: £944k Galeria Ostrowiec (19,400 m2) Zana 39, Lublin (10,600 m2) Comments: Galeria Ostroweic: o Rent
Slide 49: Fprop Galeria Corso Ltd (FGC)
Fprop Galeria Corso Ltd (FGC) Associates & Investments Fprop Galeria Corso Ltd (FGC) – shopping centre in Świnoujście, Poland 10,000 m2 BV of Group’s 29.1% share: £3.21m 45 stores, 4 cinema screens, 160 parking places MV of Group’s 29.1% share: £3.96m Property value: €28.5m Contribution
Slide 50: Fprop Cluj Ltd (FCL)
Fprop Cluj Ltd (FCR) Associates & Investments Fprop Cluj Ltd (FCL) – Class A office tower in Cluj-Napoca, Romania 7,289 m2 (9 storeys) Book value of Group’s 21.2% share: £0.68m 43 underground parking places Market value of Group’s 21.2% share: £0.78m NOI: €835k Contribution to PBT from G
Slide 51: Fprop Kraków Ltd (FKR)
Fprop Kraków Ltd (FKR) Associates & Investments Fprop Krakow Ltd (FKL) – Class A office tower in Krakow, Poland 10,297 m2 (13 storeys) Book value of Group’s 18.1% share: £0.96m 149 underground parking places, 26 at ground level Market value of Group’s 18.1% share: £0.96m Eco Rating: LEED P
Slide 52: Minority shareholdings in 4 of FPAM's 11 funds accounted for as Investments
Segmental Analysis: Group Properties Associates and Investments Minority shareholdings in 4 of FPAM’s 11 funds accounted for as Investments (UK PPP, Fprop Offices, Spec Opps, Fulcrum) Email jeremy.barkes@fprop.com Phone +44 20 7340 0270 52
Slide 53: UK Pension Property Portfolio LP
UK Pension Property Portfolio LP Associates & Investments UK Pension Property Portfolio (UK PPP) 1 remaining property Value: £2.6m Rental Income: £328,000 p.a. WAULT (to breaks): 9 years 4 months Book value of Group’s 0.94% share: £25,000 Market value of Group’s 0.94% share: £25,000 Co
Slide 54: Fprop UK Spec Opps LP
Fprop UK Spec Opps LP Associates & Investments St Anne’s House, St Anthony’s House & St.Catherine’s House, Newbury Cirencester Office Park The Crown, Westerham Fprop UK Special Opportunities LP 3 directly held properties valued at £9.5m Book value of Group’s 11.1% share: £1.16m Market value of
Slide 55: Fprop Offices LP
Fprop Offices LP Associates & Investments Imperial Place, Borehamwood Fprop Offices LP 1 remaining property Book value of Group’s 1.64% share: £344,000 Value: £27.5m Market value of Group’s 1.64% share: £344,000 Contribution to PBT from Group’s 1.64% share (YTD): £Nil Email jeremy.barkes
Slide 56: Fprop Fulcrum LP
Fprop Fulcrum LP Associates & Investments St George’s House, Corum 1&2, Warmley, Bristol The Pinnacle, Crawley Beeston, Nottingham Raynes Park Fprop Fulcrum LP 4 properties as of 31 March 2025 Book value of Group’s 1.3% share: £143,000 Market value of Group’s 1.3% share: £143,000 NB: Post ye
Slide 57: Appendix
Appendix Email jeremy.barkes@fprop.com Phone +44 20 7340 0270 57
Slide 58: Investment Approach
Appendix Investment Approach Sustainable income is a priority: The yield at purchase of any property investment must ALWAYS exceed debt service costs; We assess investments with an emphasis on ROE as opposed to IRR (because IRR’s require an exit price assumption); Over the long term it is in
Slide 59: Investment Approach (cont.)
Appendix Investment Approach (cont.) Property is illiquid – but this illiquidity can be mitigated by rental income – liquidity through income; Flexibility in the light of market changes; An active approach to asset management (where possible): 2005: largely exited the UK commercial property
Slide 60: Shareholders > 3% as at 13 May 2025
Appendix Shareholders > 3% as at 13 May 2025 % held (of issued and fully paid) Peter Gyllenhammar AB / Galjaden Invest AB / Bronsstädet AB / Galjaden Holding 28.05% AB / Browallia Asset Management Ltd / Silversläggan Invest AB Ben Habib (Chief Executive Officer) 16.38% Alasdair Locke (Non-Executive
Slide 61: Share Statistics as at 18 June 2025
Appendix Share Statistics as at 18 June 2025 LSE (AIM) Symbol FPO.L Issued & Fully Paid 153,561,892 Share price 13p Issued (excl Treasury) 147,843,109 Market Cap £19.2 million Shares held in Treasury 5,718,783 Dividends FY 2025 FY 2024 Interim - - Outstanding share options over 12,560,000 Ordinary s
Slide 62: Plc Management Team
Appendix Plc Management Team Non-Executive Chairman — Alasdair Locke, MA (Oxon) Alasdair began his career in banking. In 1982 he established a Singapore-based business providing finance for and investing in shipping and offshore oil service companies which was subsequently acquired by Henry Ansbache
Slide 63: Plc Management Team
Appendix Plc Management Team Group Chief Executive & FPAM Chief Investment Officer — Ben Habib, MA (Cantab) Ben founded and is CEO of First Property Group plc, an award winning commercial property fund manager with operations in the United Kingdom and Central Europe. Prior to setting up First Proper
Slide 64: Awards
Appendix Awards FPAM funds rank No.1 vs MSCI’s Central & Eastern European (CEE) Benchmark for the twelve years from the commencement of its operations in Poland in 2005, and for the periods from 2005 to 31 December 2008, and to the end of each of the years thereafter. In addition, FPAM’s UK Pension
Slide 65: Disclaimer
Disclaimer Certain statements made in this presentation may not be based on historical information or facts and may be "forward- looking" statements, including those relating to the Company's general business plans and strategy, its future financial condition and growth prospects, and future develop