Liven As · OMXTSE:LVN1T
Liven As — IPO Roadshow (April 2026)
32 slides from Liven As's IPO roadshow presentation, April 2026
Slide 1: Liven creates homes. Individually Crafted. Industrially Efficient.
Liven creates homes. Individually Crafted. Industrially Efficient. Company Presentation April-May 2026
Slide 2: Disclaimer
Disclaimer The following applies to this document (the "Presentation"), the oral presentation of the information in this Presentation, and any question-and-answer session that may follow the oral presentation. In accessing the information in this Presentation, you agree to be bound by the following
Slide 3: Agenda
Agenda 1 Overview of Liven 2 Business and portfolio overview 3 Market overview 4 Financial information 5 Appendix
Slide 4: Liven at a glance
Liven at a glance • Liven AS founded in 2014 • Residential real estate developer operating in Tallinn and Berlin Completed over 900 15 projects sold units projects • Homes co-designed with homeowners, with thoughtful concepts and layouts, and interior finish alternatives offered • 10 development pro
Slide 5: Key figures and highlights of 2025
Key figures and highlights of 2025 • Completed construction of 184 residential units and commercial space across the Regati and Iseära developments • Started construction of 297 residential units* €49.3 million 9.6 / 10 across seven projects, including our first Revenue in 2025 Customer feedback rat
Slide 6: Proven track record of scaling and value creation
Proven track record of scaling Scale up and market and value creation expansion Brand and product 2026 and onwards development • Scale the development 2019-2025 pipeline in Tallinn and Berlin Restructuring • Development of the brand and • Combine growth with capital 2017-2018 product: design-led hom
Slide 7: Experienced team supported by solid ownerbase
Experienced team supported by solid ownerbase Supervisory board • Team of c. 35 seasoned professionals Founder • Employee & key partner share and option plan since 2019 (LEOP – Liven Andres Aavik Krista Tamme Peeter Mänd • c.30 years of experience in real estate • Over 20 years of experience in • On
Slide 8: Business and Portfolio Overview
BUSINESS AND PORTFOLIO OVERVIEW
Slide 9: Ambition to create the most inspiring homes on the market
Ambition to create the most inspiring homes on the market Concept-led product differentiation: Each project is built around a unique concept — translating location advantages into standout architecture and interior design that drives demand and pricing power Customer-centric customization at scale:
Slide 10: Unique development model, creating a sustainable competitive advantage
Unique development model, creating a sustainable competitive advantage Assess A detailed risk assessment is a prerequisite for any land acquisition, helping us identify and secure competitive advantages Concept Each development is built around a clear concept, integrating location-driven strengths w
Slide 11: Extensive track record
Extensive track record 2015 Mõtuse 22 - 7 row houses 2016 Ristiku põik 5 - 6 homes 2017 Virbi 8/10 - 135 homes + commercial Vääna 11 – 24 homes 2018 Katla Maja – 64 homes + commercial 2019 Toom-Kuninga 21 - 52 homes + commercial 2020 Suur- Patarei 6 - 24 homes 2021 Alasi 5 - 44 homes Regati • 7 apar
Slide 12: Developments in Estonia
Developments in Estonia 5 projects in construction Peakorter1) 68 apartments Iseära 30 row houses, 36 apartments Virmalise 28 apartments Luuslangi 39 apartments, in 2026 additional 39 apartments in construction Olemuse 72 apartments Strong and diversified footprint with projects across Tallinn and n
Slide 13: Expanding footprint in Berlin
Expanding footprint in Berlin Total number of Land acquired apartments 2023 24 Pre-sales of Construction started 35% 2025 • Pilot entry into Berlin: small-scale launch with smaller units and accessible price points to validate demand and product-market fit • Interior finishes and design options alig
Slide 14: Historical pipeline development
Historical pipeline development Units in pipeline at Growth resumed Pipeline +9% YoY in year-end after 3-year decline 2025 1 566 Liven’s development portfolio based on pre-sales (VÕL), number of apartments and commercial units 1,719 1,575 1,557 1,566 1,496 1,384 1,407 951 673 142 18 52 2014 2015 201
Slide 15: Development portfolio
Development portfolio The size of the portfolio supports a stable development volume for the next 4–5 years • ~123 000m2 of sellable area in portfolio • Expected Gross Development Value (GDV) ~ €412 million Forecasted construction period (years, quarter) Sellable units split 2026 2027 2028 2029 2030
Slide 16: Scaling the platform for securing a diversified portfolio
Scaling the platform for securing a diversified portfolio Proceeds intended primarily to support growth initiatives and maintain a balanced, diversified portfolio Scaling volumes and Strengthening capital Revenue development expanding pipeline structure c. +20% Maintain flexibility to pursue attract
Slide 17: Market Overview
i MARKET OVERVIEW
Slide 18: Macro tailwinds: rates stabilising and labour markets resilient
Macro tailwinds: rates stabilising and labour markets resilient EURIBOR is expected to stabilize ~2.5-3.0%, In Estonia wage growth is expected to In Germany unemployment remains low and with forward curves indicating that expectations outpace unemployment changes, improving stable with wage growth s
Slide 19: Greater Tallinn supply of new residentials
Greater Tallinn supply of new residentials New-build pipeline is growing again with focus on core areas/districts Supply – additions and sales Split of supply by regions 31.12.2025 7,000 7,000 2 633 2 326 6,000 6,000 2 328 1 783 926 809 5,000 5,000 745 540 3 830 Haabersti +249 +162 -99 1,517 Greater
Slide 20: Greater Tallinn supply of new residentials
Greater Tallinn supply of new residentials Liven leads Greater Tallinn in 2025 - selling the most homes and generating the highest revenue among developers Number of homes sold by developer, 2025 200 Liven 150 100 50 0 Estimated revenue by developer, 2025 70,000 Liven Thousands 60,000 50,000 40,000
Slide 21: Berlin housing market overview
Berlin housing market overview Berlin is at an inflection point — structural fundamentals are strengthening as the new-build pipeline dries up and confidence returns Deepening housing deficit Population growth continues to outpace completions. Rental vacancy is 0.3% and free-market rents grew 8.3% i
Slide 22: Financial Overview
i FINANCIAL OVERVIEW
Slide 23: Sustained momentum: improving results and consistent value creation
Sustained momentum: improving results and consistent value creation Insights Notarized sales contracts (VÕL) Handovers, AÕL agreements • 2025 marked a significant year: 176 new sales, €49.3m agreements 205 revenue and €5.4m net profit, while maintaining a ROE well 186 above target 176 148 • Notarize
Slide 24: Capital structure
Capital structure Split of inventories Split of loan liabilities Inventories consist of the acquisition cost of the development portfolio (which We prioritize cost-effective, collateralized loans at the SPV level (typically 50-70% LTC), with the has not subsequently been reflected at fair market val
Slide 25: 2025 performance sets a strong baseline for continued growth in 2026 and beyond
2025 performance sets a strong baseline for continued growth in 2026 and beyond 119 ~20% pre-sales full year • Selling and building homes in seven projects, and will agreements revenue deliverable in 2026 increase bring new projects and phases to market. • We forecast that around 2/3 of the total po
Slide 26: IPO summary
IPO summary Price per share: EUR 4.68 Applied listing venue Transaction Use of proceeds Baltic Main List of Nasdaq Tallinn • Up to 1 495 730 New Shares in the ✓ Financing new project acquisitions Subscription period amount of EUR 7m ✓ Strengthen capital structure and • Up to 369 015 Existing Shares
Slide 27: Investment highlights - a scaled pipeline with visible growth
Investment highlights - a scaled pipeline with visible growth Liven is a leading residential real estate developer in Estonia with an expanding footprint • Started in 2014 and today has a proven track record: >900 units sold and delivered across 15 projects • Broad coverage in Tallinn and being acro
Slide 28: Appendix
i APPENDIX
Slide 29: Income statement
Income statement EUR’000 2023 2024 2025 2025 Q1 2026 Q1 Handovers (AÕL), units 148 92 139 86 147 Revenue 35 765 27 266 49 287 1 931 6 937 Gross profit 3 084 3 837 8 747 233 1 369 Margin % 8,6% 14,1% 17,8% 12,1% 19,7% Marketing expense -1 022 -1 418 -1 881 -454 -455 G&A -1 200 -1 419 -1 613 -461 -393
Slide 30: Balance sheet
Balance sheet EUR’000 2023 2024 2025 2026 Q1 EUR’000 2023 2024 2025 2026 Q1 Cash and cash equivalents 3 721 5 905 8 553 8 054 Loans 17 106 6 405 11 882 15 369 Trade payables 9 121 11 234 13 822 13 419 Receivables 1 326 1 270 1 456 985 Provisions 2 384 99 97 95 Prepayments 321 385 531 915 Total short
Slide 31: Organizational structure 31.03.2026
Organizational structure 31.03.2026 Liven AS Construction/ Development Future Finished projects Guarantee Detail planning Germany sales project development Liven Wohnungsbau Liven Kodu OÜ Liven Kodu 15 OÜ Liven Kodu 12 OÜ Liven Kodu 17 OÜ Liven Kodu 18 OÜ Liven Kodu 25 OÜ Väike-Tallinn Luuslangi Juh
Slide 32: Shareholder structure 31.03.2026
Shareholder structure 31.03.2026 Nr of Private 3.3% Shareholder Company Nr of shares % share capital 8.2% shareholders individual Verdale OÜ 1 0 1 2 820 000 23.5% BKK Holding OÜ 1 0 1 2 600 000 21.7% 21.6% OÜ LAUR & PARTNERS 1 0 1 2 600 000 21.7% 66.9% Probus OÜ 1 0 1 1 392 751 11.6% Ivard OÜ 1 0 1