Noval Property Real Estate Investment Company · ATHEX:NOVAL
Noval Property Real Estate Investment — Noval Property REIC — FY2024 Earnings Presentation
30 slides from Noval Property Real Estate Investment's earnings presentation, February 2025
Slide 1: NOVAL PROPERTY REIC FY '24 Financial Results
NOVAL PROPERTY REIC FY ’24 Financial Results Feb 2025 0
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 Financial Results presentatio
Slide 3: Table of contents: NOVAL PROPERTY 2024 Highlights
Table of contents 1 NOVAL PROPERTY 2024 Highlights 2
Slide 4: Highlights
Highlights 2024 Key Highlights Key Portfolio Metrics(3) Key Financials(3) ▪ Successful Share Capital increase of €52.7mn (1) and listing €648mn €519mn (FY 2023: €427mn) in Athens Stock Exchange NAV GAV(2) ▪ €77.1mn increase in Gross Asset Value representing a 13% YoY increase 343,000/61 €45.1mn (FY
Slide 5: Table of contents: Business Model and Strategy
Table of contents 1 2 Business Model and Strategy 4
Slide 6: Business Model and Strategy: Who we are, Our Strategy
Business Model and Strategy Who we are Our Strategy A fully-integrated real estate organization managed by a highly- experienced management team Execute on our exceptional captive pipeline of development projects Footprint across Greece, with emphasis in Athens, both in terms of development projects
Slide 7: Table of contents: 2024 Financial Results and Capital Structure
Table of contents 1 3 2024 Financial Results and Capital Structure 6
Slide 8: 2024 Financial Results
2024 Financial Results € mn Rental Revenue 40,0 ➢ Significant growth in rental revenue in 2024 (+14% vs. 2023), primarily 33,4 29,3 driven by strong performance of the retail asset class (+€2.1mn vs. 30,0 24,9 2023), followed by the industrial asset class (+€0.8mn vs. 2023) and 20,0 15,9 13,9 the of
Slide 9: 2024 Financial Results: GAV and NAV
2024 Financial Results Gross Asset Value (GAV) ➢ Investment portfolio grew by €77mn in 2024 (+13% vs. +77.1 € mn +84.9 2023) mainly driven by capital expenditure of €34.4mn, fair +73.1 648,3 700 value gains of €24.5mn and an increase of €18.1mn in the JV +48.7 571,2 600 +66.1 486,4 participation and
Slide 10: Capital Structure
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 61,8% To
Slide 11: Table of contents: Greek Macro and Real Estate Market
Table of contents 1 4 Greek Macro and Real Estate Market 10
Slide 12: Positive Greek Macro Fundamentals
Positive Greek Macro Fundamentals GDP & Inflation (%) GGB Yield (10Y) 9,3% 15,00% Greek economy upgrades 8,4% 20% 9,0% 4,2% 10,00% 2,9% 2,0% 2,0% 2,0% 2,0% S&P Ba1 2,1% 18% 1,1% 5,6% (Apr 24) 0,0% 0,0% 0,0% 5,00% 16% -1,3% 4,0% 1,9% 2,0% 2,3% 2,0% 1,7% 1,5% 1,4% 1,3% 0,00% 14% Moody's 0,0% 1,1% 1,7%
Slide 13: 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
Slide 14: Table of contents: Portfolio Overview
Table of contents 1 5 Portfolio Overview 13
Slide 15: Well-Balanced Portfolio
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 Centers Other Retail Offices 6,0% 17,8% 0,3% Retail Par
Slide 16: 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,
Slide 17: Selected Income-producing Properties
Selected Income-producing Properties Sustainable Buildings River West* IKEA Mare West The Orbit The Butterfly Wyndham Athens Athens Corinth Athens Athens Grand Athens 5* (Hotel) Environmental BREEAM In-Use LEED Platinum LEED Gold certification Commercial V6 WiredScore GOLD WiredScore Silver GAV(1) €
Slide 18: Delivering Sustainable Properties
Delivering Sustainable Properties Sustainable development strategy • Transforming old stock into modern, sustainable, flexible and energy efficient properties that are high in demand and scarcely available in the Greek real estate market • Particular emphasis is placed on environmentally friendly an
Slide 19: Projects in Progress
Projects in Progress 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 former industrial of a new office campus of building of new offi
Slide 20: 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 leve
Slide 21: 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 (High
Slide 22: Table of contents: Appendix
Table of contents 1 5 6 Appendix 21
Slide 23: Full in-house competencies
Full in-house competencies NOVAL PROPERTY is a fully-integrated real estate organization with substantial deal sourcing and execution capabilities: • In-house capability to identify, explore and execute deals across all asset types and strategies • Our team consists of professionals across all disci
Slide 24: 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.
Slide 25: 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
Slide 26: 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
Slide 27: 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
Slide 28: 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
Slide 29: Glossary
Glossary Financials Earnings Before Interest, Tax, Depreciation and Amortization adjusted for (gain)/loss from fair value adjustment of investment property, 1 Adj. EBITDA gain/loss from impairment on financial assets, (gain)/loss from sale of investment property, non-recurring (income)/expense and (
Slide 30: Follow us…
A white circle with a letter in it A white and black logo Description automatically generated Description automatically generated Follow us… www.noval-property.com