Cemat A/s · OMXCOP:CEMAT
Cemat A/s — HC Andersen Capital Investor Seminar 2026
19 slides from Cemat A/s's conference presentation, Sep 17, 2026
Slide 1: Next level growth from a proven Warsaw platform
CEMAT A/S Next level growth from a proven Warsaw platform
Slide 2: A cash-generating Warsaw platform with multiple routes to create value
WHY INVEST IN CEMAT A cash-generating Warsaw platform with multiple routes to create value >153,600 sqm >31,480 sqm urban land in Warsaw's Bielany gross leasable area district 393 232 tenants across the platform (30 Jun apartments in two next phases with 2026) planning approvals 2026 EBITDA guidance
Slide 3: One urban land platform supports three complementary earnings engines
BUSINESS MODEL One urban land platform supports three complementary earnings engines Recurring asset management Residential development Self-storage Warehouses, SBU, offices and retail Moje Bielany 1 completed and Current: >2,100 sqm and 358 units DKK 22.2m net rental income in 2025 monetised. New f
Slide 4: Moje Bielany 1 proves the full value-creation model
PROVEN EXECUTION Moje Bielany 1 proves the full value-creation model 105 1,306 sqm apartments — 103 sold, retail — fully let; 2 reserved at H1 conditional sale signed DKK 173m DKK 41m expected total sales expected total EBITDA value 23.5% expected EBITDA margin Development loan repaid in 2025 CeMat
Slide 5: Structural housing demand: rooms per person
STRUCTURAL HOUSING DEMAND Rooms per person (2024) 33.7% +3.7-3.9% of people live in Poland real GDP Denmark 1,9 overcrowded homes 2026F • Young Poles leave home ~5 years later than Danes. • 2.9 people/household vs 2.0 in Denmark. • Warsaw GDP per capita: 2× Polish average; unemployment 1.6%. Poland
Slide 6: Warsaw housing combines resilient demand with sustained pricing power
RESIDENTIAL MARKET Warsaw housing combines resilient demand with sustained pricing power New-apartment sales, quarterly units Q2 2025 2896 3,840 +4.6% apartments sold in above the five-year Q2 2026 average 5-year average 3670 Poland National Bank reference rate 3.75% New mortgage rate c.6.0% Offer p
Slide 7: The next growth wave is visible in three active projects
DEVELOPMENT PIPELINE The next growth wave is visible in three active projects MOJE BIELANY 3 NEW SELF-STORAGE MOJE BIELANY 2 127 apartments + 3 retail units up to 3,100 sqm 105 apartments; 5,029 sqm c.6,300 sqm | start planned Q4 2026 Permit and financing process underway Permit underway Constructio
Slide 8: Moje Bielany 3 repeats a proven model with defined execution gates
NEXT EXECUTION MILESTONE Moje Bielany 3 repeats a proven model with defined execution gates Secured • Binding zoning decision • Fixed-price general contractor agreement • 127 apartments + 3 retail units • c.6,300 sqm total usable area Next steps • Building permit • Pre-sale • Construction start plan
Slide 9: Self-storage naturally complements dense residential communities
STRUCTURAL DEMAND Self-storage naturally complements dense residential communities Self-storage space per capita (m²) LIMITED United Kingdom 0,088 storage capacity innew housing Mature W. Europe* 0,039 • Fire rules restrict casual storage in underground garages. • Dedicated rooms generally require f
Slide 10: CeMat Box: a proven recurring-income model, with capacity set to more than double after 2027
SELF-STORAGE CeMat Box: a proven recurring-income model, with capacity set to more than double after 2027. PROVEN PLATFORM · OPERATING SINCE 2023 NEXT: PURPOSE-BUILT FACILITY · Q4 2027 POLISH MARKET BENCHMARK >2,100 sqm | 358 units Up to 3,100 sqm | 630–750 units 225k sqm | 78% occupancy Operated in
Slide 11: Value is unlocked through a disciplined, stage-gated process
APPENDIX Value is unlocked through a disciplined, stage-gated process 1 Legal title 2 Rezoning 3 Building permit Secure ownership or perpetual Obtain a planning basis for the Complete design, utilities and usufruct highest-value use administrative approvals 4 Pre-sales 5 Financing 6 Build & monetise
Slide 12: H1 2026 confirms operating growth and financial capacity
APPENDIX H1 2026 confirms operating growth and financial capacity DKK 36.1m DKK 4.7m DKK 11.5m revenue EBITDA net rental income H1 2025: DKK 19.4m (+86%) H1 2025: DKK 2.6m (+81%) H1 2025: DKK 11.1m (+3.2%) Why net profit is not like-for-like Balance sheet at 30 June Net profit was DKK 2.7m vs DKK 14
Slide 13: 2026 guidance raised after the MB1 retail milestone
OUTLOOK 2026 guidance raised after the MB1 retail milestone Previous Raised Group EBITDA 13.8–14.8 → 16.5–17.2 Development EBITDA 6.5–7.0 → 9.2–9.4 Net result* 8.0–9.0 → 9.9–10.9 Rental EBITDA 7.3–7.8 → 7.3–7.8 Revenue 86–88 → 86–88 DKK million *Before investment-property valuation adjustments. Guid
Slide 14: Five-year financial history shows the impact of development delivery
APPENDIX Five-year financial history shows the impact of development delivery 180 164,7 160 140 FY2025 120 DKK 65.9m DKK million 100 80 net result, including property valuation 60 39,4 40 40 33,6 26,6 20 21,3 13.4% DKK 0.25 3,4 3,5 4,5 7,3 0 2021 2022 2023 2024 2025 return on invested earnings per c
Slide 15: Capital is being allocated to compound value before dividends
CAPITAL ALLOCATION Capital is being allocated to compound value before dividends MB1 cash Equity for secured Recurring income + Dividend capacity generation projects new profits Sales, handovers and MB3, new self-storage and Rental base and project Expected from FY2028, retail monetisation MB2 compl
Slide 16: Share information and valuation snapshot
APPENDIX Share information and valuation snapshot Exchange / ticker Nasdaq Copenhagen / CEMAT ISIN DK0010271584 Major disclosed shareholders 31 December 2025 Shares outstanding 249.85m Share price* DKK 0.892 Market capitalisation* DKK 222.9m H1 2026 parent equity DKK 239.3m Market cap / book equity
Slide 17: Forward-looking statements
Forward-looking statements This presentation contains forward-looking statements regarding future events, financial performance, project timing, market conditions, permits, financing, construction, sales, leasing and dividend capacity. Such statements are based on current expectations and assumption
Slide 18: A proven project. A recurring income base. A secured next pipeline.
WHY CEMAT NOW A proven project. A recurring income base. A secured next pipeline. Next level growth — from one Warsaw platform
Slide 19: Q&A: Let's discuss CeMat's next phase of growth
Q&A Let’s discuss CeMat’s next phase of growth Frede Clausen Jaroslaw Lipinski Chairman of the Board CEO Investor relations investor@cemat.dk +45 33 34 00 58 www.cemat.dk CeMat A/S | HC Andersen Capital Investor Seminar | 17 September 2026 13