Slide 1: Results Presentation and Company Profile
GREEN PROPERTY INVESTOR Results Presentation and IN CENTRAL AND EASTERN EUROPE Company Profile 30 June 2025
Slide 2: Table of Contents
Contents Key Insights Overview Operational Performance Financial Performance Development Joint Venture Annexes Table of Contents Key Insights Financial Performance Highlights3 MAS Distributable Earnings Jun 2514 Company Profile 4 MAS Tangible Net Asset Value Jun 2515 Debt Capacity and Repayment Prof
Slide 3: Highlights
Contents Key Insights Overview Operational Performance Financial Performance Development Joint Venture Annexes Highlights MAS’ CEE investment assets have excellent fundamentals and continued to perform admirably in the financial year to 30 June 2025. Substantial progress was achieved in capital ra
Slide 4: Company Profile
Contents Key Insights Overview Operational Performance Financial Performance Development Joint Venture Annexes Company Profile MAS is an internally managed green property investor and operator focused on retail properties in CEE. Over 30% of MAS’ total asset base is represented by its minority inv
Slide 5: Financial Results and Debt Profile Jun 25
Contents Key Insights Overview Operational Performance Financial Performance Development Joint Venture Annexes Financial Results and Debt Profile Jun 25 Twelve-month Twelve-month Six-month period to period to period to 31 Dec 2024 30 Jun 2025 30 Jun 2024 FINANCIAL RESULTS PER SHARE (eurocents) MAS T
Slide 6: Retail Operational Results Jun 25
Contents Key Insights Overview Operational Performance Financial Performance Development Joint Venture Annexes Retail Operational Results Jun 25 On On 30 Jun 2025 30 Jun 2024 PASSING INCOME (€ million) 1 118.2 111.6 5.9% Passing income on preferred equity and revolving credit facility 41.0 35.0 17.1
Slide 7: Operational Assets Historical Performance
Contents Key Insights Overview Operational Performance Financial Performance Development Joint Venture Annexes Operational Assets Historical Performance Continued focus on value creation through operational excellence delivering robust operational metrics. High quality base of CEE operational assets
Slide 8: Retail Operational Performance
Contents Key Insights Overview Operational Performance Financial Performance Development Joint Venture Annexes Retail Operational Performance Exceptional growth in annualised LFL NRI growth. Annualised (LFL) NRI growth Occupancy (LFL) 20% 100% LFL NRI CAGR 8.2% 80% 15% 60% 10% 8.7% 97.4% 97.3% 97.9%
Slide 9: Retail Historical Rent Reversions
Contents Key Insights Overview Operational Performance Financial Performance Development Joint Venture Annexes Retail Historical Rent Reversions Consistent positive rent reversions above indexation. 16% €5.4m €7.5m 14% €5.2m €7.9m 12% €3.7m 2.7% 10% 9.9% 11.8% 8% 5.6% 9.5% 6% 9.6% 4% 5.5% 2% 3.8% 2.
Slide 10: Retail Footfall, Tenants' Sales & Collection Jul 24—Jun 25
Contents Key Insights Overview Operational Performance Financial Performance Development Joint Venture Annexes Retail Footfall, Tenants’ Sales & Collection Jul 24—Jun 25 Strong Central and Eastern European LFL Footfall and Tenants’ Sales. Exceptional Collection Rates. 111% 110% 107% 103% 108% 104% 1
Slide 11: Passing Net Rental Income & Fair Value Movements Jul 24—Jun 25
Contents Key Insights Overview Operational Performance Financial Performance Development Joint Venture Annexes Passing Net Rental Income & Fair Value Movements Jul 24—Jun 25 DCF VALUATION ASSUMPTIONS Passing NRI Movements €74.0m 30 Jun 2025 9.1 — 10.4% DISCOUNT RATES (UNLEVERED) Passing NRI – income
Slide 12: Income Property Schedule Jun 25
Contents Key Insights Overview Operational Performance Financial Performance Development Joint Venture Annexes Income Property Schedule Jun 25 Location Type Acquired Destination GLA GLA Occupancy NI BV Cost NI/BV NI/Cost year m2 m2 % €m €m €m % % INCOME ASSETS 604,800 374,900 97.8% 118.2 1,584.9 1,1
Slide 13: Environmental
Contents Key Insights Overview Operational Performance Financial Performance Development Joint Venture Annexes Environmental Assessment of investment decisions considers not only the immediate economic implications, but also long-term effects on social well-being and the environment within communiti
Slide 14: MAS Distributable Earnings Jun 25
Contents Key Insights Overview Operational Performance Financial Performance Development Joint Venture Annexes MAS Distributable Earnings Jun 25 Twelve-month period to Twelve-month period to Six-month period to 30 Jun 25 30 Jun 24 31 Dec 24 IFRS Earnings 124,967 123,183 76,085 IFRS Distributable Ear
Slide 15: MAS Tangible Net Asset Value Jun 25
Contents Key Insights Overview Operational Performance Financial Performance Development Joint Venture Annexes MAS Tangible Net Asset Value Jun 25 On On On 30 Jun 25 30 Jun 24 31 Dec 24 Assets 1,851,653 1,643,110 1,809,912 Investment property 919,427 1,030,329 1,018,827 Preferred equity and revolvin
Slide 16: Debt Capacity and Repayment Profile Jun 25
Contents Key Insights Overview Operational Performance Financial Performance Development Joint Venture Annexes Debt Capacity and Repayment Profile Jun 25 IFRS KEY DEBT RATIOS €(207.1)m €553.5m 2.1% Property Gearing* ND/NRI WACD 35.3% 4.8 5.51% LTV €185.1m €463.2m MAXIMUM NET DEBT CAPACITY (35% LTV;
Slide 17: Capital Requirements: Implementation to Date Jun 25
Contents Key Insights Overview Operational Performance Financial Performance Development Joint Venture Annexes Capital Requirements: Implementation to Date Jun 25 Taking into account PKI's statement regarding a special distribution and DJV's undertaking to prioritise distributions of available profi
Slide 18: DJV Retail Operational Performance Jun 25
Contents Key Insights Overview Operational Performance Financial Performance Development Joint Venture Annexes DJV Retail Operational Performance Jun 25 Twelve-month performance Footfall – LFL 1 Sales/m2 – LFL 1 Indexation 2 Collection rate OCR 3 Occupancy 4.2% 18.8% 3.8% 99.6% 7.9% 96.1% Passing NR
Slide 19: DJV Income Property Schedule Jun 25
Contents Key Insights Overview Operational Performance Financial Performance Development Joint Venture Annexes DJV Income Property Schedule Jun 25 Location Type Dev Destination GLA GLA Occupancy NI BV Cost NI/BV NI/Cost Year m2 m2 % €m €m €m % % INCOME ASSETS 290,700 199,600 88.5% 37.1 574.3 398.2 6
Slide 20: DJV Residential Property Schedule Jun 25
Contents Key Insights Overview Operational Performance Financial Performance Development Joint Venture Annexes DJV Residential Property Schedule Jun 25 DJV Residential property delivered a net loss* of €495 thousand for the twelve-month period to 30 June 2025. Location Total units Units sold Units
Slide 21: Property Overview
Contents Key Insights Overview Operational Performance Financial Performance Development Joint Venture Annexes Property Overview Poland Gorzow Romania Baia Mare Zalau Iasi Roman Alba Iulia Sfantu Gheorghe Barlad Arad Stara Zagora Burgas Bulgaria Ploiesti MAS Income Property Targoviste Balotesti DJV
Slide 22: Income Property – MAS Galleria Burgas
Contents Key Insights Overview Operational Performance Financial Performance Development Joint Venture Annexes Income Property – MAS C CIT IN Y EM PU LS A E FI TN ES S PI AB PL ZZ H AN L A S AN AY D G RE G TT EL RO UN D SK AR RA AL AD IN www.galleriaburgas.bg TE O D O R NI FO CK AN LO O ER GI T P JE
Slide 23: Income Property – MAS Dambovita Mall
Contents Key Insights Overview Operational Performance Financial Performance Development Joint Venture Annexes Income Property – MAS SE RV IC ES D IN IL AN ES D M SS GA RE LA XP LA AY PL T’S LE S OL SM SH ER IF TE F IU PIZ AZ C ZA Y F R BO RIE N S IT A www.dambovitamall.ro Dambovita Mall FRUMUSETEA
Slide 24: Income Property – MAS Atrium Mall
Contents Key Insights Overview Operational Performance Financial Performance Development Joint Venture Annexes Income Property – MAS CITY ES SERVIC TABAC ES CINEMA XPRESS IC ENERGY RV GAMES SE PLANET GAMES PAPA BON E N O IA M YM TA PO EZ OD DELIZIOSO C O ES ES IN O G H F M C ST FA M A RI ZZ 3F I IN
Slide 25: Income Property – MAS Galleria Stara Zagora
Contents Key Insights Overview Operational Performance Financial Performance Development Joint Venture Annexes Income Property – MAS C L ETI ATH ER LAZ BIO T RAN TAU RES CIT P Y O SH O JAR AFE C S BM RA SUB T www.galleriasz.bg E B L F E A T E T S S A E 8 Y L IC H T P O SILY SES Galleria Stara Zagora
Slide 26: Income Property – MAS Militari Shopping
Contents Key Insights Overview Operational Performance Financial Performance Development Joint Venture Annexes Income Property – MAS Militari Shopping 53,800m² GLA Located in Militari, a densely populated and expanding residential area in Bucharest, this centre has excellent visibility and is locate
Slide 27: Income Property – MAS DN1 Value Centre
Contents Key Insights Overview Operational Performance Financial Performance Development Joint Venture Annexes Income Property – MAS LA COLT OUTDOOR TERRACE PALMIYE LA BUFET NORIEL ESENTA PLANT TEZAUR www.dn1valuecentre.ro DN1 Value Centre DN1 Value Centre is located in Balotesti, Romania, in a rapi
Slide 28: Income Property – MAS Prahova Value Centre
Contents Key Insights Overview Operational Performance Financial Performance Development Joint Venture Annexes Income Property – MAS Prahova Value Centre 25,000m² GLA Prahova Value Centre is located in Ploiesti, the capital of Prahova county, near the main train, tram and bus stations. The centre ha
Slide 29: Income Property – MAS Zalau Value Centre
Contents Key Insights Overview Operational Performance Financial Performance Development Joint Venture Annexes Income Property – MAS SILVANIA LET’S BIO PLAY AVANGARD BIJUTEERIA KENDRA CARTURESTI ONIX SPLEND’OR LUCKY INMEDIO NOODLES www.zalauvaluecentre.ro NEOTIA TRANSILVANIA GURMANZILOR KULCSARCONF
Slide 30: Income Property – MAS Sepsi Value Centre
Contents Key Insights Overview Operational Performance Financial Performance Development Joint Venture Annexes Income Property – MAS NORIEL www.sepsivaluecentre.ro Sepsi Value Centre × 510 Sepsi Value Centre, with a catchment area of approximately 211,000 residents within a 60-minute drive, is locat
Slide 31: Income Property – MAS Barlad Value Centre
Contents Key Insights Overview Operational Performance Financial Performance Development Joint Venture Annexes Income Property – MAS MESOPOTAMIA KUNG FOOD KAMALION LA TUTU PARFUM EXPRESS CREDIT ROPHARMA www.barladvaluecentre.ro NORIEL Barlad Value Centre ZIRETO CAFFE AVANGARD SIMIGERIA PIERRE Locate
Slide 32: Income Property – MAS Nova Park
Contents Key Insights Overview Operational Performance Financial Performance Development Joint Venture Annexes Income Property – MAS UND ARM LID ER ZABER PLA OUR AW C A N E R A CHM E URA M A K A A R A V Z G P O IZ N P GÓ KULKRKA A & ECH FASH O L ION L U B IT P MED KU PEKCHNIA IA E IN XPE RT MED ICIN
Slide 33: Income Property – MAS & DJV Roman Value Centre
Contents Key Insights Overview Operational Performance Financial Performance Development Joint Venture Annexes Income Property – MAS & DJV CU SOS PIZZA 21 PIZZA KUNG COCO RIMINI FOOD RINOO LET’S PLAY DULCINELLA EXCHANGE AVANGARD KAMALION BIJUTERIA LE PREMIER ROYAL ROBEST NORIEL MESOPOTAMIA EXPRESS C
Slide 34: Income Property – MAS & DJV Baia Mare Value Centre
Contents Key Insights Overview Operational Performance Financial Performance Development Joint Venture Annexes Income Property – MAS & DJV ARES ZOOMANIA DON CASH MAZO PIERRE B-EGO www.baiamarevaluecentre.ro AVANGARD CAMELIA GARDEN TABAC XPRESS ZEN CUT Baia Mare Value Centre BARBERSHOP Baia Mare Valu
Slide 35: Income Property – DJV Mall Moldova
Contents Key Insights Overview Operational Performance Financial Performance Development Joint Venture Annexes Income Property – DJV AD SA I IE TR CA IȚ R O 9 BA TR O AS T G TO RE O EE Y &M FF ZA O C ZA I IN PIZ M RIM ZA I V PIZ EE T R C DE ICA BR FA E RB P IO PO LE BB BU JA HE K T C AY PL T’S LE ww
Slide 36: Income Property – DJV Arges Mall
Contents Key Insights Overview Operational Performance Financial Performance Development Joint Venture Annexes Income Property – DJV M Y G IT F BONPIZZA Y A ITA T S CHOP SAP PIZZ STIX ORI ERIA ITAL IA POPE YES ME SOPO TAMIA A T O R G INM EDI O E RI SE IS OF F RT IF CA EI R E II M H S PU EL MAY I ORE
Slide 37: Income Property – DJV Carolina Mall
Contents Key Insights Overview Operational Performance Financial Performance Development Joint Venture Annexes Income Property – DJV FAST FO OD ZHAN G UN ICOLUME RN A ILO R T N A R U A T S E R www.carolinamall.ro Carolina Mall TU CO CANO FFEE Located in central Romania, Alba Iulia is an important hi
Slide 38: Office Property – DJV Silk District Office
Contents Key Insights Overview Operational Performance Financial Performance Development Joint Venture Annexes Office Property – DJV Silk District Office Silk District Office is located in proximity to the city centre of Iasi, one of Romania’s largest cities. The construction of the A-grade office b
Slide 39: Residential Property – DJV Avalon Estate
Contents Key Insights Overview Operational Performance Financial Performance Development Joint Venture Annexes Residential Property – DJV Avalon Estate Avalon Estate is a unique gated community, located in northern Bucharest. The project is being developed on an 8.1ha plot close to the city’s busine
Slide 40: Residential Property – DJV Silk District Residential
Contents Key Insights Overview Operational Performance Financial Performance Development Joint Venture Annexes Residential Property – DJV Silk District Residential The large 10ha mixed-use, urban regeneration project combines several functions with shared infrastructure, amenities, and services incr
Slide 41: Glossary
Contents Key Insights Overview Operational Performance Financial Performance Development Joint Venture Annexes Glossary BREEAM/LEED/EDGE Independent third-party certification of the assessment regarding the sustainability LFL Like-for-like, measure of growth adjusted to exclude new or sold propertie
Slide 42: www.masrei.com
www.masrei.com By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations. This document, which has been prepared by MAS P.L.C. (the "Company") comprises slides for a presentation in relation to the Company and