Trastor Real Estate Investment Company S.a. · ATHEX:TRASTOR
Trastor Real Estate Investment — Investor Presentation (March 2026)
43 slides from Trastor Real Estate Investment's investor presentation, March 2026
Slide 1: A Leading Listed Real Estate Platform in Greece
A Leading Listed Real Estate Platform in Greece Entering Its Next Growth Phase MARCH 2026
Slide 2: Join Our Capital Increase
Join Our Capital Increase Capitalizing on Strong Real Estate Fundamentals, TRASTOR Intends to Raise Expected Share Capital Increase targeting gross proceeds Capital to Fuel Its Next of approximately €150 Million, with the waiver of existing Phase of Growth - shareholders’ pre-emptive rights, to supp
Slide 3: Why Invest in TRASTOR Now
Executive Summary Why Invest in TRASTOR Now Market Fundamentals High-Quality Portfolio Execution Track Record ▪ 2.1% Greek GDP Growth vs 1.4% for the Eurozone in 2025 ▪ €822M Prime portfolio focused on Office (54%) and ▪ €609M deployed across 74 acquisitions since new ▪ 140-160bps yield premium vs E
Slide 4: TRASTOR at a Glance
TRASTOR at a Glance A Leading Greek Real Estate Platform Focused on Prime Office and Green Logistics Figures as of 31.12.2025 822.6M 492.0K #65 € €40.6M €49.7M €52.8M Sqm GBA Assets GAV Reported Rental Income Annualized Income EBITDA 6.4% 98.0% 6.1yrs €30.1M €11.6M €14.0M Gross Yield(1) Occupancy (1
Slide 5: Key Financials (2023-2025)
Key Financials (2023-2025) Delivering Strong, Profitable Growth Through Portfolio Expansion, Active Asset Management, and Operational Efficiency Rental Income Adjusted EBITDA - mgn% Adj. EPRA Earnings - mgn% 35% 74% 70% 70% +33% 13% 14.0 30.1 12% +20% 40.6 30.6 17.9 21.5 25.5 (€ M) (€ M) (€ M) 3.1 4
Slide 6: Supporting Macro Environment
Supporting Macro Environment Strong Economic Growth, Improved Credit Standing, and Rising Investment Flows Reinforce the Case for Real Estate Investments in Greece GDP Inflation Unemployment Credit Rating The Greek economy continues to Continued economic growth After 13 years, Greece regained Inflat
Slide 7: Office - Key Market Facts
Office - Key Market Facts Structural Undersupply and Strong Prime Offices ~ 5.1M sqm ~ 1.5M sqm ~ 600K sqm Demand Support Sustained Total Athens Office Stock Grade A Office (~30% of Athens stock) Green Certified (~12% of Athens stock) Rental Growth 211,816 sqm under €750M construction through 2027,
Slide 8: Logistics - Key Market Facts
Logistics - Key Market Facts TRASTOR Controls c.47% of Green Logistics Stock in a ~ 3.5M sqm ~ 1.2M sqm ~ 280K sqm Total Logistics stock in Supply-Constrained Sector Attica Region Grade A Logistics (~34% of Attica stock) Green Certified (~8% of Attica stock) With Strong Demand €5.5-€6.2 psqm +5.7% 6
Slide 9: TRASTOR Market Positioning
TRASTOR Market Positioning Leader in Logistics and High NAV Growth Among Greek Listed REICs GAV Logistics Exposure - GAV 40 7 1,017 158 782 703 626 286 181 120 229 2,141 406 153 155 97 89 (€ M) (€ M) 50 TRASTOR PRODEA NOVAL TRADE PREMIA BRIQ ORILINA BLE KEDROS TRASTOR PRODEA NOVAL TRADE PREMIA BRIQ
Slide 10: Concentrated In High Demand Areas
Concentrated In High Demand Areas 82% of GAV Concentrated in Three High- Office - North Athens Demand Athens Clusters #15 €236.3Μ Assets GAV 29.0% 28.7% Total Total GAV Annualized Income 03 01 Office - CBD 02 #11 €206.9Μ Assets GAV 22.1% 25.1% Total Total GAV Annualized Income Logistics - West Attic
Slide 11: A Prime Platform
A Prime Platform A High-Quality Institutional Portfolio That Is Difficult to Replicate Office & Mixed Use Logistics Arcania Business Center 18-20 Sorou Str Labs Tower Aspropyrgos, Ano Fousa Aspropyrgos, Rikia Investment Redevelopment Investment Investment Investment Sector Office Sector Office Secto
Slide 12: Recent Investment: Project Militos
Recent Investment A Landmark Green Logistics Investment Setting New Market Standards and Reinforcing TRASTOR’s Leadership Project Militos 100% Pre-leased to Sklavenitis SA The Largest Unified Logistics Facility in Greece, Adjacent to the 76,500 sqm Country’s Main 83,000 Pallet slots Logistics Hub Ma
Slide 13: Green Portfolio
Green Portfolio Scaling a Future-Proof, Green-Certified Portfolio 2024 2026 Target 3 Green-Certified assets 10 Green-Certified assets ✓ Three additional assets €49.7Μ GAV €300.9Μ (1) GAV certified during 2025 Green exposure driven primarily Over one-third of total portfolio ✓ Militos logistics asset
Slide 14: Diversified and Resilient Income
Diversified and Resilient Income 91.1% of Rental Income Derived From Multinationals, Large Corporates, and Government, With Limited Single-Tenant Exposure Top-10 Tenants Rental Income by Tenant Type Rental Income by Tenant Industry SKLAVENITIS 10.8% Energy 13.2% 4.7% 2.7% Avax 5.6% Supermarket 12.9%
Slide 15: Embedded Revenue Upside
Embedded Revenue Upside A 31.9% Contracted Revenue Upside With An Efficient Cost Structure Efficient Cost Structure Property Expenses 8.0% - 10.0% (as % of Annualized Income) +31.9% Payroll Expenses 5.0% - 6.0% (as % of Annualized Income) 3.8 9.1 Admin Expenses 3.0% - 4.0% Underpinned by (as % of An
Slide 16: Investment Thesis
Investment Thesis DRAFT We Select Prime Value-Add Assets to Create a Premium “Manage-to-Core” Portfolio TRASTOR’s investment strategy centers on ...aimed at creating a focused CRE platform that invests in… securing and providing Discounted going-in prices High occupancy levels The best performing re
Slide 17: Underwriting Criteria
Underwriting Criteria Disciplined and Key Asset Classes • Prime Office • Green Logistics Clearly Defined Underwriting Criteria Main Markets • Athens • Aspropyrgos • Thessaloniki • Prime Office: Manage-to-Core, Selective Development Strategy • Green Logistics: Core, Pre-let, Selective Development • P
Slide 18: Brown-to-Green Redevelopments
Brown-to-Green Redevelopments Creating Value Through Strategic Brown-to-Green Redevelopments Acquire Under-Rented Landmark Properties, Upgrade to Modern Green Standards, and Capture Full Rental Upside Before Redevelopment After Redevelopment Athens CBD 2019 5,330 €1.14Μ €17.22M LEED Gold Area Acq. Y
Slide 19: Green Logistics
Green Logistics Green Logistics Strategy Delivering High Yields and Significant Value Upside Built a Modern, Institutional-Grade Logistics Portfolio Primarily Through Forward Purchase Agreements Area Aspropyrgos Area Aspropyrgos Acq. Year 2023 Acq. Year 2020 -’24 Sqm 22,351 Sqm 46,059 Entry Rent €1.
Slide 20: New Developments
New Developments Maximizing Returns by Building Future-Ready, High-Quality Assets in Supply-Constrained Markets 34 Amarousiou Chalandriou Str Sep 2021 Feb 2022 Jan 2023 May 2023 Jul 2023 Q2 2025 Land plot Acquisition of Architectural Issue of building Start of Delivery acquisition adjacent land plot
Slide 21: Divestments
Divestments Capital Recycling at Above-Book Values and Optimizing the Portfolio 26 Divestments (2017-2025) 13 Legacy assets (sold at 2.1% above latest BV) 13 Non-core assets (sold at 11.1% above latest BV) €7.0Μ Capital Gains* 34.4% Capital Return * 20 * Analysis based on non-core asset divestments
Slide 22: Pipeline
Pipeline A Visible and Executable Pipeline with Near-Term Capital Deployment 01 24 Assets Identified | Average €24M Ticket Size 02 High Level Analysis Price Range # of Assets Total Value Pipeline Composition Deal Sourcing €5-€10Μ 7 €47Μ €10-€20Μ 7 €114Μ €20-€30Μ 4 €90Μ €30-€40Μ 3 €103Μ 18% €40-€50Μ
Slide 23: Prioritized Investments
Prioritized Investments €55M Near-Term Capital Deployment into Prime and High-Yielding Value-Add Assets Project KS Project AP Project AT Asset Class Landmark Prime Office Asset Class Prime Office Asset Class Prime Office Location Athens CBD Location Athens CBD Location Athens CBD GBA 6,469 sqm GBA 5
Slide 24: Medium Term Outlook
Medium Term Outlook A Disciplined Growth Plan to Scale the Platform, Strengthen Market Position, and Deliver Attractive Shareholder Returns Performance and Capital Deployment Shareholder Value Team & Governance Portfolio Quality • Net capital raise proceeds • Realize economies of • Maintain an optim
Slide 25: Ambition
Ambition “ Our Ambition is To Become the Institutional Benchmark for Greek Commercial Real Estate, Providing International Investors with Scalable and Liquid Exposure to Prime Assets, Built on Disciplined Capital Allocation, Innovation, and Strong Governance, and Delivering Sustainable Long-Term Sha
Slide 26: Appendix
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Slide 27: Capital Structure
Capital Structure Strong Balance Sheet With Prudent Leverage Figures as of 31.12.2025 Capital Structure | Lenders Key Metrics 5.5% €435.3M 3.9% Bank Debt WA Cost of Debt 7.5% 11.2% 51.2% 48.8% €26.3M €72.5M Cash Total Liquidity(1) 75.7% Piraeus Bank Eurobank 5.7yrs 48.3% Equity Bank Debt WADM Net LT
Slide 28: Financial Statements: Balance Sheet Assets
Financial Statements BALANCE SHEET - GROUP (€ ‘000) 31.12.2021 31.12.2022 31.12.2023 31.12.2024 31.12.2025 ASSETS Non-current assets Tangible assets 76 57 48 31 77 Right-of-use assets 192 210 1.100 1,015 865 Intangible assets 20 140 313 335 331 Investment properties 323,075 387,848 465,080 670,502 8
Slide 29: Financial Statements: Equity and Liabilities
Financial Statements BALANCE SHEET - GROUP (€ ‘000) 31.12.2021 31.12.2022 31.12.2023 31.12.2024 31.12.2025 EQUITY AND LIABILITIES EQUITY Capital and reserves attributable to equity holders of the parent Share capital 75,364 75,766 76,180 122,369 122,369 Share premium 31,586 31,586 31,586 112,349 112
Slide 30: Financial Statements: Profit & Loss
Financial Statements PROFIT & LOSS STATEMENT - GROUP (€ ‘000) FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Rental income from investment properties 18,138 21,689 25,452 30,551 40,598 Invoiced maintenance & Common charges 999 1,347 1,570 1,542 1,988 Total Income 19,137 23,036 27,112 32,093 42,585 Unrealis
Slide 31: Value Creation
Value Creation Consistent Shareholder Value Creation Through NAV Appreciation and Dividends 5 YR TAR NAV per Share 31.12.2020 €1.056 Dividend per Share Total Amount Distributed 2020 Dividend €0.01 €1.5M 2021 Dividend €0.02 €3.0M 2022 Dividend €0.03 €4.6M 2023 Dividend €0.02 €4.9M 2024 Dividend €0.03
Slide 32: Tenants
Tenants A Diversified, Blue-Chip Tenant Base Securing Stable, Indexed, and Predictable Income 109 Office Tenants Logistics 95.6% of leases indexed with CPI, TOR, or Step-up clauses Retail CPI+1.30% Weighted average indexation of current leases Other Note: As of 31.12.2025 31
Slide 33: Portfolio Overview
Portfolio Overview From Fragmented Small Assets to a Focused Institutional Platform Average Asset Value (€ M) GAV by Asset Type (€ M) 71% Office of GAV comprises Assets 12% 9% 0.5% 12.7 25% Logistics 8% €10M+ in value Retail 26% 79.5 822.6 54% 28% Mixed Use 37% Other 2.5 2017 2025 2017 2025 5% 2% 2%
Slide 34: Rent Re-Gearing
Rent Re-Gearing Capturing Rental Upside by Re-Gearing Under-Rented Assets Case Study A Asset Class Location GBA Leasing Status Lease Expiry / Re- Gearing 10.3% Yield on Cost Prime North 100% 2.5x 4,003 sqm 2018 Rent Re-gearing Office Athens leased Case Study B Asset Class Location GBA Leasing Status
Slide 35: Investment Process
Investment Process Investment Underwriting & Acquisition Framework - Disciplined, Structured, Risk-Controlled Deal Sourcing & Strategic Screening Transaction Execution & Portfolio Integration Targeted Origination Aligned with Controlled closing and ongoing Investment Strategy performance monitoring
Slide 36: Investment Case for Greek Offices
Investment Case for Greek Offices TRASTOR’s office Greek real estate was shaped by the Global Financial Crisis and the sovereign debt crisis, which A Dual Crisis and a portfolio is Decade-Long together drove a ~30% GDP contraction. Total constructed surface declined 89%, from 20.6M sqm in 2007 to 2.
Slide 37: Management
Management An Experienced Management Team With Proven Track Record TASSOS KAZINOS GEORGE FILOPOULOS APHRODITE AVRAMEA Chief Executive Officer Chief Investment Officer Chief Financial Officer • 31 years of experience in the UK, USA, and Greece • 23 years of experience • 25 years of experience • Joine
Slide 38: Key Provisions of REIC Law
Key Provisions of REIC Law Minimum Equity €40 million Listing Requirement Must list within 2 years from the granting of license from HCMC Leverage Up to 75% of total assets at a group level Direct investments or via subsidiaries with at least 70% ownership At least 70% of total assets must be invest
Slide 39: Glossary
Glossary Adjusted EBITDA EBITDA adjusted for fair value changes, gains/losses on sales, non-recurring items, and income from equity method investments Adjusted EBITDA margin Adjusted EBITDA Margin measures Adjusted EBITDA as a percentage of rental revenue, indicating the company’s underlying operati
Slide 40: Contact Details
Contact Details Tassos Kazinos Chief Executive Officer Tel: +30 210 69 100 16 t.kazinos@trastor.gr TRASTOR REIC Costas Giannikopoulos Website E-mail Head of Investor Relations https://trastor.gr info@trastor.gr +30 210 69 100 16 k.giannikopoulos@trastor.gr LinkedIn https://www.linkedin.com/company/t
Slide 41: Disclaimer
Disclaimer This document has been prepared by TRASTOR Real Estate Investment Company (hereinafter "TRASTOR'' or the “Company”) for informational purposes only and it is not a regulated information or information that has been subject to prior registration or control in any jurisdiction, including in
Slide 42: Disclaimer
Disclaimer To the extent available, the industry, market and competitive position data contained in the information come from official or third-party sources. Third-party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believ
Slide 43: TRUST GROWTH EXPERTISE SUCCESS
TRUST GROWTH EXPERTISE SUCCESS
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