Hepsor As · OMXTSE:HPR1T
Hepsor As — Debt Investor Presentation (August 2026)
37 slides from Hepsor As's debt investor presentation, August 2026
Slide 1: Bond issue Investor Presentation
Bond issue INVESTOR PRESENTATION August 2026 In cooperation with
Slide 2: Important Information
IMPORTANT INFORMATION INVESTOR PRESENTATION By attending this meeting where this presentation is made, or by reading the presentation slides or by accepting delivery of this document, you agree to be bound by the following limitations. This document has been prepared by Hepsor AS and its affiliated
Slide 3: Executive Summary
EXECUTIVE SUMMARY INVESTOR PRESENTATION Hepsor AS is a Nasdaq Baltic-listed real estate developer operating in Estonia, Latvia and Canada PURPOSE OF THE BOND ISSUE HEPSOR AS - KEY BOND TERMS INDICATIVE BOND TERMS Security Unsecured bonds The new bond issue is intended to finance new investments and
Slide 4: Table of Contents
INVESTOR PRESENTATION TABLE OF CONTENTS 1. Investment Overview 2. Market Overview 4 3. Development Portfolio 4. Financial Information 5. Hepsor Bond Issue MANUFAKTUURI VABRIK
Slide 5: About Hepsor
ABOUT HEPSOR VALUE CREATION INVESTOR PRESENTATION • A stock exchange listed international real estate developer with nearly 15 years of experience shaping the Baltic skyline – creating spaces where people and businesses thrive. LAND ACQUSITION • Built on three core values: thoughtful design, sustain
Slide 6: Proven Execution: Selection of Completed Estonian Projects
PROVEN EXECUTION: SELECTION OF COMPLETED ESTONIAN PROJECTS INVESTOR PRESENTATION PROFIT SELLABLE/ SALES REVENUE PROFIT PROJECT NAME TYPE TOTAL EQUITY ROE LEASABLE AREA (MEUR) MARGIN ESTONIA (MEUR) Järvevana tee 7b Commercial 6,000 7.8 3.0 38% 1.6 188% Paevälja Quarter S1 Residential 5,477 12.9 2.7 1
Slide 7: Proven Execution: Selection of Completed Latvian Projects
PROVEN EXECUTION: SELECTION OF COMPLETED LATVIAN PROJECTS INVESTOR PRESENTATION SELLABLE/ SALES REVENUE PROFIT TOTAL PROFIT PROJECT NAME TYPE LEASABLE EQUITY ROE (MEUR) (MEUR) MARGIN AREA LATVIA StokOfiss U30 Commercial 3,642 5.1 0.9 18% 1.6 57% Marupes Darzs Residential 5,698 10.1 1.7 17% 2.0 87% K
Slide 8: Operating Performance: H1 2026 and FY 2025
OPERATING PERFORMANCE: H1 2026 and FY 2025 INVESTOR PRESENTATION 6M 2026 earnings reflect limited project handovers, while primary sales have been stronger than forecasted 6M 2026 FY 2025 Primary sales above the prior-year level 18,000,000 € 18% Revenue 6.2 MEUR Revenue 35.4 MEUR 16,000,000 € 16% 14
Slide 9: Future Outlook
FUTURE OUTLOOK (as of 30.06.2026) INVESTOR PRESENTATION Record construction volume and presales create visible revenue conversion potential for 2026 –2029 POTENTIAL PIPELINE REVENUE 552 MEUR* 85% residential / 15% commercial IN NEXT 3 YEARS COMPLETED PROJECTS REVENUE POTENTIAL 329.7 MEUR 78% residen
Slide 10: Hepsor Family of Professionals
HEPSOR FAMILY OF 35 PROFESSIONALS INVESTOR PRESENTATION SUPERVISORY BOARD – 3 members Chairman of Member of SUPERVISORY BOARD Member of Supervisory Supervisory Supervisory Board Board Board MANAGEMENT – 4 members HENRI ANDRES KRISTJAN LAKS PÄRLOJ A MITT ADMINISTRATION – 7 members Founder of Hepsor.
Slide 11: Shareholders & Group Structure
SHAREHOLDERS & GROUP STRUCTURE (as of 30.06.2026) INVESTOR PRESENTATION SHAREHOLDER POSITION NUMBER OF SHARES % OF SHARE CAPITAL Andres Pärloja Member of the Supervisory Board 997 500* 25.5% Kristjan Mitt Member of the Supervisory Board 997 500* 25.5% 34.8% Henri Laks Chairman of the Supervisory Boa
Slide 12: Table of Contents
INVESTOR PRESENTATION TABLE OF CONTENTS 1. Investment Overview 2. Market Overview 12 3. Development Portfolio 4. Financial Information 5. Hepsor Bond Issue P113 HEALTH CENTRE
Slide 13: Macroeconomic Indicators in Estonia and Latvia
MACROECONOMIC INDICATORS IN ESTONIA AND LATVIA INVESTOR PRESENTATION Estonian Central Bank economy forecast (June 2026) Latvian Central Bank economy forecast (June 2026) Estonia 2024 2025 2026* 2027* 2028* Latvia 2024 2025 2026* 2027* 2028* GDP at current prices, billion euros 39,8 41,6 44,1 46,6 48
Slide 14: Residential Real Estate Primary Market Overview
INVESTOR PRESENTATION RESIDENTIAL REAL ESTATE PRIMARY MARKET OVERVIEW June 2023 primary sales June 2024 primary sales June 2025 primary sales June 2026 primary sales 12 month average 12 month average YoY 12 month average YoY 12 month average YoY Tallinn 81 140 73% 157 12% 184 17% Riga 143 119 -17% 1
Slide 15: Table of Contents
INVESTOR PRESENTATION TABLE OF CONTENTS 1. Investment Overview 2. Market Overview 15 3. Development Portfolio 4. Financial Information 5. Hepsor Bond issue ZALA ZUGLA
Slide 16: Portfolio by country: Estonia, Latvia, Canada
= ESTONIA CANADA z Q = < Ss z a D re Pd & o Q D i S é Manufaktuuri Vabrik, Tallinn Ulbrokas 34, Riga Weston, Toronto 20 PROJECTS — 97,150 sqm 10 PROJECTS — 65,800 sqm Se ee ee UUROIEC 254,000 sqm READY DEVELOPMENTS: READY DEVELOPMENTS: IN PIPELINE: Commercial 7,900 sqm Commercial 8,800 sqm Construct
Slide 17: Project Economics: Tallinn vs Riga
IN V E S TO R P RE S E N TA T ION PROJECT ECONOMICS: TALLINN VS RIGA INVESTOR PRESENTATION Illustrative 6,000 sqm, 100-apartment project with a 48-month development period Project cost and gross profit build-up (EURm) 25 • Comparable margins despite lower selling prices. Average selling prices are 3
Slide 18: Residential Development Projects
INVESTOR PRESENTATION RESIDENTIAL DEVELOPMENT PROJECTS (as of 30.06.2026) Distribution of units for sale Projected sales revenue Construction completion in 3 PROJECT ADDRESS PROJECT NAME PROJECT STATUS Homes (units) Commercial (m2) (MEUR) years (revenue) Paldiski mnt 227 Ojakalda Homes Ready 2 0 0.4
Slide 19: Commercial Development Projects
INVESTOR PRESENTATION COMMERCIAL DEVELOPMENT PROJECTS (as of 30.06.2026) Projected PROJECT ADDRESS PROJECT NAME PROJECT STATUS Commercial (m2) Occupied construction completion Meistri 14 Grüne Office Completed, earning cashflow 3,430 96% II Q 2023 Pärnu mnt 113 P113 Health centre Completed, earning
Slide 20: Development Projects: Estonia
DEVELOPMENT PROJECTS (as of 30.06.2026) INVESTOR PRESENTATION ESTONIA PLANNING PROCEEDINGS: 1 Narva mnt 150, 150a 2 Narva mnt 150b UNDER CONSTRUCTION AND/OR AVAILABLE 3 Alvari 1, 1a FOR SALE 4 Kadaka tee 197 I-II phase 9 Paevälja 7,9 Manufaktuuri Vabrik 20 5 Manufaktuuri 3 I-III phase 10 I etapp BUI
Slide 21: Estonia
INVESTOR PRESENTATION ESTONIA PAEVÄLJA QUARTER 21 MANUFAKTUURI QUARTER VÕISTLUSE 7 OJAKALDA P113 HEALTH CENTRE
Slide 22: Development Projects: Latvia
DEVELOPMENT PROJECTS (as of 30.06.2026) INVESTOR PRESENTATION LATVIA UNDER CONSTRUCTION AND/OR AVAILABLE FOR SALE 4 Jurmalas Gatve 74 PLANNING PROCEEDINGS: Ranka Dambis 5 and Meza 6 1 RP4 Drelini (Smaidu park) 5 Dzelzavas 74c 22 BUILDING PERMIT 6 Braila 23 PROCEEDINGS: 7 2 Ganibu Dambis 17a Eizenija
Slide 23: Latvia
INVESTOR PRESENTATION LATVIA VEIDAMA 23 DZELZAVAS EIZENIJAS NAMEJA REZIDENCE STARTA ANNENHOF
Slide 24: Development Projects: Canada
DEVELOPMENT PROJECTS (as of 30.09.2025) INVESTOR PRESENTATION CANADA PLANNING PROCEEDINGS: 1 Weston road 2 Isabella street 3 Glenavy avenue 4 High Park 5 Brownville avenue 24 3 000 RESIDENTIAL UNITS
Slide 25: Canada
INVESTOR PRESENTATION CANADA 25 ISABELLA HIGH PARK BROWNVILLE
Slide 26: Table of Contents
INVESTOR PRESENTATION TABLE OF CONTENTS 1. Investment Overview 2. Market Overview 26 3. Development Portfolio 4. Financial Information 5. Hepsor Bond issue MANUFAKTUURI QUARTER
Slide 27: Consolidated Balance Sheet Structure
CONSOLIDATED BALANCE SHEET STRUCTURE INVESTOR PRESENTATION ASSETS AS OF 30.06.2026 (‘000, EUR) EQUITY AND LIABILITIES AS OF 30.06.2026 (‘000, EUR) 120,000 120,000 100,000 9.3% 100,000 20.3% 80,000 19.9% 80,000 60,000 60,000 56.6% 40,000 40,000 68.3% 20,000 20,000 27 2.4% 23.1% 0 0 2023 2024 2025 Jun
Slide 28: Financing Structure of the SPV Model
FINANCING STRUCTURE OF THE SPV MODEL INVESTOR PRESENTATION Repayment will be made from the SPV’s sales HEPSOR AS funds invested to projects SPV INVESTOR revenue in following order: EQUITY MORTGAGE LOAN BONDS CONSTRUCTION LOAN (BANK LOAN) ≥ 50% ≤ 50% 28 SPV financing MEZZANINE LOAN CUSTOMER PROJECT E
Slide 29: Group Loans Breakdown
GROUP LOANS BREAKDOWN (as of 30.06.2026) INVESTOR PRESENTATION • 9.8 MEUR (17%) financing has been extended to the parent company for project financing, of which Total consolidated loans of Hepsor AS 2.0 MEUR LHV Pank loan and 7.8 MEUR* is bond financing. 2.8 MEUR 2.0 MEUR • 48.9 MEUR (83%) allocate
Slide 30: Group Equity
GROUP EQUITY INVESTOR PRESENTATION Historical equity ratio • The Group’s IFRS equity ratio has historically remained above 20% and is targeted to stay 30% above this level. 20% equity ratio has been set as the quarterly tested maintenance 25% covenant threshold to safeguard bondholders’ interests. 2
Slide 31: Group Cashflow
GROUP CASHFLOW INVESTOR PRESENTATION Group Cashflow 2023-Q2 2026 • The real estate development business is cyclical, with positive operating cash flows 15,000 typically realized upon the completion and handover of projects to buyers. 10,000 5,000 • Revenue recognition and the reduction of inventorie
Slide 32: Key Financials and Ratios
KEY FINANCIALS AND RATIOS INVESTOR PRESENTATION Financials (‘000, EUR) 2024 2025 6M 2026 Sold under real right contracts (units) 194 141 23 • The Group’s 6M 2026 revenue amounted to 6.2 Sold properties (m2) 1,282 12,759 4,190 Cash flow from operating activities 8,909 14,351 -8,211 MEUR, supported by
Slide 33: Table of Contents
INVESTOR PRESENTATION TABLE OF CONTENTS 1. Investment Overview 2. Market Overview 33 3. Development Portfolio 4. Financial Information 5. Hepsor Bond issue PAEVÄLJA QUARTER
Slide 34: Term Sheet of the Bond Issue
TERM SHEET OF THE BOND ISSUE INVESTOR PRESENTATION Information Issuer Hepsor AS Type of security Unsecured bonds ISIN EE0000005213 Type of placement Public offering in Estonia, Latvia, Lithuania Nominal Amount EUR 1 000 Programme size Up to EUR 20 000 000 unsecured bond issuance Programme (EUR 8 000
Slide 35: Indicative Timeline of the Bond Issue
INVESTOR PRESENTATION INDICATIVE TIMELINE OF THE BOND ISSUE Overview of the key dates August August September September September September 35 25 27 4 8 11 14 Start of subscription Investor End of Allocation and Issue Expected admission period webinars subscription subscription results Date to tradi
Slide 36: How to Subscribe?
INVESTOR PRESENTATION HOW TO SUBSCRIBE? A securities account is required for investment purposes. If one is not 1. already available, it can be opened at any financial institution in the Baltic region that offers investment services. 36 You can subscribe to the Bonds by submitting orders through any
Slide 37: Thank You!
INVESTOR PRESENTATION THANK YOU! Let’s shape sustainable spaces and 37 lasting value – together. MANUFAKTUURI 12