Noval Property Real Estate Investment Company · ATHEX:NOVAL

Noval Property Real Estate Investment — Noval Property — Presentation to The Hellenic Fund & Asset Management Association (May 2025)

38 slides from Noval Property Real Estate Investment's conference presentation, May 2025

  1. Slide 1: Presentation to The Hellenic Fund & Asset Management Association

    Presentation to The Hellenic Fund & Asset Management Association May 2025 0

  2. Slide 2: Disclaimer

    Disclaimer Important Notice THIS DOCUMENT MAY ONLY BE USED IN CONJUNCTION WITH AND SUBJECT TO THE TERMS OF THIS NOTICE By viewing or receiving this Presentation (as defined below), you agree to be bound by the following limitations/terms of use of the Presentation: This corporate presentation (the P

  3. Slide 3: Table of Contents: Company Overview

    Table of Contents 1 Company Overview 2

  4. Slide 4: Company at a Glance

    Company at a Glance Business Overview Key Portfolio Metrics(3) Key Financials(3) A dynamically growing and well-diversified Real Estate Investment Company1 that aims to offer investors capital growth potential and attractive dividend yield €648mn €519mn (FY 2023: €427mn) GAV (2) NAV Ideally position

  5. Slide 5: Key Milestones

    Key Milestones €21mn Share Capital Increase through in-kind 15.10.2019 contribution of assets and Mare West Retail Park, Establishment of legal entities that hold real IKEA Megastore, Corinth NOVAL PROPERTY REIC estate assets Athens K29 Apartment Hotel, Mandra Logistics Athens Centre, Attica Merger

  6. Slide 6: Closing a Year of Sustainable Growth

    Closing a Year of Sustainable Growth 2024 Highlights Robust Investment & Development Program • Registered double digit growth of portfolio’s Gross Asset Value (13% YoY) through the execution of our development program (€34.5mn in CAPEX and €18.1mn participation in JV) and active asset management (€2

  7. Slide 7: Table of Contents: Financial Performance and Capital Structure

    Table of Contents 1 2 Financial Performance and Capital Structure 6

  8. Slide 8: Double-digit Growth Across All Financial Metrics

    Double-digit Growth Across All Financial Metrics 33,4 29,3 24,9 20,6 € mn 17,8 15,9 13,9 12,8 9,7 10,9 7,2 6,3 3,8 5,0 4,4 Rental Revenue Adj. EBITDA FFO 2020 2021 2022 2023 2024 Increasing Rental Driven by: Consistently growing Boosting Funds From Revenues: a-EBIDTA: Operations*: - Near zero vacanc

  9. Slide 9: Double-digit Growth Across All Financial Metrics

    Double-digit Growth Across All Financial Metrics Gross Asset Value (GAV) Net Asset Value (NAV) € mn 600 € mn 519,1 700 648,3 500 571,2 427,4 600 486,4 400 365,9 500 413,3 314,9 364,6 281,9 400 300 253,7 298,5 3,40 3,98 € / share 4,11 300 2,85 3,18 200 2,81 200 100 100 0 0 31.12.2019 31.12.2020 31.12

  10. Slide 10: Sound Capital Structure

    Sound Capital Structure Debt Key Figures(1) NOVAL PROPERTY’s Shareholder Structure (in € mn unless otherwise stated) Cash and Cash equivalents 72.8 Other 15,1% Investment Property 616.7 Right-of-Use asset 2.8 Free-Float Loan and Participation in JV 40.6 15,6% Viohalco Net Asset Value 519.1 direct 61

  11. Slide 11: Table of Contents: Portfolio Overview

    Table of Contents 1 2 3 Portfolio Overview 10

  12. Slide 12: Attractive Risk-adjusted returns from a well-balanced portfolio

    Attractive Risk-adjusted returns from a well-balanced portfolio Average Gross Rental Yield per Asset Class (1) (3) GAV per Asset Class (2) (3) High yield returns from our income-producing asset classes Disciplined allocation across asset classes to maintain portfolio balance Shopping Offices 6,0% Ce

  13. Slide 13: Healthy Lease Terms and Diversified Tenant Mix that Support Stable Cash Flows

    Healthy Lease Terms and Diversified Tenant Mix that Support Stable Cash Flows Annualized Gross Rental Income WAULT per Asset Class (yrs) (1,2,3) % Occupancy Rate per Asset Class(2) Expirations (as a % of total)(1) 51,4% 12,1 100,0% 99,7% 98,9% 95,7% 9,6 4,8 5,0 39,6% 4,2 7,8% 11,1% 8,0% 8,0% 7,5% 6,

  14. Slide 14: Projects in progress

    Projects in progress In 2025 we are delivering over 25,000 sqm of GLA to the market 248-252 Pireos str. – 10-12 Chimarras str., 40-42 Ardittou str., 16 Chimarras str., 199 Kifisias Ave. Marousi Reconstruction of Marousi – Development Mets – Reconstruction Marousi – Construction – Reconstruction of f

  15. Slide 15: Investment Pipeline – Projects in Progress (1/2)

    Investment Pipeline – Projects in Progress (1/2) Description Development of an office campus (through the JV “The Grid S.A.”) GBA GLA c. 61.520 sqm 28.441 sqm + 577 parking spaces 10-12, Chimarras str., Marousi, Athens Expected Certification LEED Platinum / Energy Performance Certificate (Highest le

  16. Slide 16: Investment Pipeline – Projects in Progress (2/2)

    Investment Pipeline – Projects in Progress (2/2) Description Renovation / refurbishment of an existing office building GBA GLA 6.678 sqm 4.186 sqm + 30 parking spaces 199, Kifissias Ave. Marousi, Athens Expected Certification LEED Gold / Operationally Decarbonized/ Energy Performance Certificate (Hi

  17. Slide 17: Selected properties – River West & River West Open | IKEA Retail Park

    Selected properties – River West & River West Open | IKEA Retail Park Location Leoforos Kifisou, Athens GLA 36,673 sqm | 25,124 sqm GAV(1) € 115.2 million | € 59.0 million Completion 2011 & Expansion 2021 | IKEA 2008 Occupancy 99% | 100% leased Major Tenants Zara | H&M | Jysk | Nike | Decathlon | IK

  18. Slide 18: Selected properties – Mare West Retail Park

    Selected properties – Mare West Retail Park Location Old national road, Corinth GLA 13,051 sqm GAV(1) € 20.8 million Completion 2015 Occupancy 98% leased Major Tenants H&M | Pepco | Decathlon | Mango Annualized Gross Rental Income(2) € 1.81 million Environmental certification BREEAM In-Use Commercia

  19. Slide 19: Selected properties – The Orbit Office Complex

    Selected properties – The Orbit Office Complex Location 115 Kifisias Avenue, Athens GLA 16.675 sqm GAV(1) € 97.3 million Completion 2019 Occupancy 99% leased Major Tenants Diageo | BNP Paribas | Netcompany – Intrasoft | Ticketmaster | Deutsche Bank Annualized Gross Rental Income(2) € 5.89 million En

  20. Slide 20: Selected properties – Butterfly Office Building

    Selected properties – Butterfly Office Building Location 26 Ioannou Apostolopoulou, Athens GLA 2,286 sqm GAV(1) € 13.7 million Completion 2019 Occupancy 100% leased Major Tenants BP | Chevron | Ansys | Alberta Annualized Gross Rental Income(2) € 0.68 million Environmental certifications LEED Gold |

  21. Slide 21: Selected properties – Wyndham Grand Athens 5* Hotel

    Selected properties – Wyndham Grand Athens 5* Hotel Location Plateia Karaiskaki, Athens GLA 23,525 sqm GAV(1) € 43.2 million Completion 2016 Occupancy 100% leased Tenant ZEUS International (Wyndham) Annualized Gross Rental Income(2) € 3.24 million (1) Gross Asset Value in accordance with the Investm

  22. Slide 22: Table of Contents: Sustainability Initiatives

    Table of Contents 1 2 3 4 Sustainability Initiatives 21

  23. Slide 23: Delivering Sustainable Properties

    Delivering Sustainable Properties Investment strategy  Transforming old stock into modern, sustainable, and energy efficient properties that are in high demand and not readily available in the Greek Real Estate Market  Placing particular emphasis on the development and management of sustainable ce

  24. Slide 24: The road to a sustainable and resilient Portfolio

    The road to a sustainable and resilient Portfolio Income producing assets Income producing assets as at 31.12.2024 12-month projection Sustainable Assets 31% Sustainable Assets 45% GAV(1) Sustainable total properties1 projected to grow by GAV(1) €453 mn 80% in terms of total portfolio value2 €566 mn

  25. Slide 25: Sustainability Initiatives

    Sustainability Initiatives Social Environment  Our people are our greatest asset. We are  Four assets with a total GLA of 42,000 sqm are committed to fostering a safe, diverse, inclusive, certified with LEED or BREEAM and equitable workplace  Among various social responsibility actions, the compa

  26. Slide 26: Table of Contents: 2025 Market Outlook and Future Prospects

    Table of Contents 1 2 3 4 5 2025 Market Outlook and Future Prospects 25

  27. Slide 27: Positive Greek Macro Fundamentals

    Positive Greek Macro Fundamentals GDP & Inflation (%) GGB Yield (10Y) 15,00% Greek economy upgrades 8,7% 9,3% 20% 9,0% 4,2% 10,00% 3,0% 2,4% 18% Fitch 5,7% 2,1% 2,0% 2,0% 2,0% S&P Ba1 BBB- 1,1% 0,0% 0,0% 2,0% 5,00% 16% (Apr 24) (Jun 24) -1,3% 4,0% 2,3% 2,3% 2,3% 2,0% 1,8% 0,00% 14% 1,5% 2,1% 0,0% 1,

  28. Slide 28: Real Estate Market in Greece

    Real Estate Market in Greece Prime Office - Rents and Vacancy Rates Noval Property vs Prime Office Yields(2) € 40,0 20,0% (selected markets) 15,0% 6,0% 5,8% 24,0 29,5 5,0% 14,0% 28,0 4,8% 4,8% € 30,0 14,0% 25,0 15,0% 4,0% 12,0% 10,0% 2,6% 18,5 2,8% 2,4% € 20,0 17,0 10,7% 10,0% 0,8% 2,2% 1,2% € 10,0

  29. Slide 29: We continue our steady growth while shaping the future

    We continue our steady growth while shaping the future Outlook for 2025 Key Financials  Priority on completion of construction and leasing of ongoing projects  Continue to execute on the development plan of our captive assets  Target new investments to complement our diversified portfolio  Striv

  30. Slide 30: Thank you for your attention! Q&A

    Thank you for your attention! Q&A 1

  31. Slide 31: Table of Contents: Appendix

    Table of Contents 1 2 3 4 5 6 Appendix 30

  32. Slide 32: Financials | Statement of Financial Position – IFRS

    Financials | Statement of Financial Position – IFRS Amounts in € ’000s 31.12.2019 31.12.2020 31.12.2021 31.12.2022 31.12.2023 31.12.2024 Assets Non-current assets Investment property 312.331 377.028 416.293 483.963 557.312 616.703 Property and equipment 433 539 663 746 835 799 Rights of use 1.411 2.

  33. Slide 33: Financials | Income Statement – IFRS

    Financials | Income Statement – IFRS Amounts in € ’000s 01.01 - 31.12.2019 01.01 - 31.12.2020 01.01 - 31.12.2021 01.01 - 31.12.2022 01.01 - 31.12.2023 01.01 – 31.12.2024 Continuing Operations Revenue 3.647 13.876 15.937 24.880 29.339 33.417 Net gain / (loss) from fair value adjustment of (290) (4.32

  34. Slide 34: NAV break-down, a-EBITDA & FFO

    NAV break-down, a-EBITDA & FFO Amounts in € ’000s 31.12.2019 31.12.2020 31.12.2021 31.12.2022 31.12.2023 31.12.2024 Shareholders’ Equity 253.688 281.920 314.904 365.854 427.390 519.099 Number of Shares* Adj. for RS 1/2,5 90.143 98.929 98.929 107.467 107.467 126.432 NAV per share* in € 2,81 2,85 3,18

  35. Slide 35: Analysis per Type of Asset

    Analysis per Type of Asset Number of Fair Value as Annualized G.L.A. WAULT Gross yield Occupancy (in '000 €)* Properties at % of total (3) % of total rental income as % of total WAULT (years) (8) WAULT (years) (8) (1) 31.12.2024(2) (sq.m.) at 31.12.2024 (4) (years) (8) (%) (5) rate (%) (6) based on

  36. Slide 36: Geographical Sector Analysis & Gross Asset Value

    Geographical Sector Analysis & Gross Asset Value Annualized Number of Fair Value at G.L.A. (sq.m.) Occupancy *Any deviations in the totals are due to rounding (in '000 €) (1) % of total (2) % of total Rental Income % of total Properties 31.12.2024 (3) rate (4) Source: Company data Notes: (1) Represe

  37. Slide 37: Glossary

    Glossary Financials Earnings Before Interest, Tax, Depreciation and Amortization adjusted for (gain)/loss from fair value adjustment of investment 1 Adj. EBITDA property, gain/loss from impairment on financial assets, (gain)/loss from sale of investment property, non-recurring (income)/expense and (

  38. Slide 38: Follow us… www.noval-property.com

    Follow us… www.noval-property.com 37

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