Trade Estates Real Estate Investment Company · ATHEX:TRESTATES
Trade Estates Real Estate Investment — FY2025 Earnings Presentation
36 slides from Trade Estates Real Estate Investment's earnings presentation, March 2026
Slide 1: 2025 Financial Results
2025 Financial Results 1 trade-estates.com March 2026
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by TRADE ESTATES REAL ESTATE INVESTMENT COMPANY (the "Company") for informational purposes only. The information contained herein does not constitute an offer, solicitation, or recommendation to buy or sell any securities of the Company or any other ent
Slide 3: Table of Contents
01 Key Messages & Highlights 02 Financial Performance & Position 03 Portfolio Analysis & Update 04 Investment Pipeline Status 05 Appendix Table of Contents Smart Park Logistics Aspropyrgos Top Parks Patras Top Parks Piraeus 2
Slide 4: Key Messages & Highlights
01 01 Key Messages & Highlights 3
Slide 5: Key Messages
Key Messages At a g l a n c e : (as of 31 December 2025) Ø Closed the year with strong performance, exceeding Key Portfolio Metrics Key Financials Gross Rental Revenue and FFO guidance €602 mn (FY 2024:€542 mn) €340 mn (FY 2024:€312 mn) GAV(1) (+11.1% YoY) NAV (+9 % YoY) 394,400/15 sqm €49.0 mn (FY
Slide 6: 2025 Highlights
2025 Highlights Portfolio Activities ü Acquired the remaining 55% stake in Evitenco S.A., which owns the newly built logistics center in Aspropyrgos, Attica. The property will service Interikea’s activities in South-East Europe and Middle East. The development of the property is at the final stages
Slide 7: Financial Performance & Position
02 Financial Performance & Position 6
Slide 8: Financial Performance & Position
Financial Performance & Position € mn Adj. EBITDA (1) +4.1% % (1) + 29.0 31,3 35,0 30,1 Consistently Strong Operating Performance C AGR 30,0 25,0 18,2 Total Gross Rental Income 20,0 14,6 +9.6% 41,1 15,0 € mn .6% 37,5 10,0 40,0 1) + 29 ( AGR 5,0 C 35,0 0,0 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Slide 9: YE 2025 vs Revised Guidance
Financial Performance & Position YE 2025 vs Revised Guidance Gross Rental Adjusted Funds From Revenues EBITDA(1) Operation FFO €41.1 mn €31.3 mn €22.0 mn vs €40.0 mn vs €31.3 mn vs €20.0-21.0 mn 102.7% 100.0% 104.8% achievement achievement achievement (1) Revaluation gain/(losses) and LTI program ’2
Slide 10: Financial Performance & Position: Sustainable Growth and Returns
Financial Performance & Position € mn +11.1% 600,0 Gross Asset Value 601,5 Sustainable Growth and Returns 9% 541,5 R 2 486,0 CAG 500,0 400,0 Net Asset Value (NAV) +9.0% 300,1 € mn 300,0 350,0 340,0 3,00 216,5 (2) 311,9 200,0 298,4 2,80 300,0 2,81 100,0 2,60 2,59 250,0 0,0 210,9 2,48 2,40 31.12.2021
Slide 11: Sound Financial Position
Financial Performance & Position Sound Financial Position Weighted Average Cost of Debt 5,50% Key Figures (as of 31.12.2025) GAV €601.544 mn 4,78% Cash & Cash Equivalent €24.9 mn 4,54% 4,60% 4,66% 4,31% 4,22% Total Debt €285.0 mn 4,50% 4,11% 4,60% 4,20% Net Debt €260.1 mn 4,59% 4,39% 4,27% 4,27% NAV
Slide 12: Summary of alternative performance measures
Financial Performance & Position Summary of alternative performance measures1 : EPRA Performance Measures Performance Measures Metric 31/12/2025 31/12/2024 Opera0ng Profitability ØStarting with the annual period ending 2025, we elected to adopt additional performance measures in EPRA Earnings (in tho
Slide 13: Shareholder Structure and Share buyback program
Management 1.87% Own Shares 0.14% Shareholder Free Float Fourlis Group 47.08% Structure and Share 30.56% buyback program (1) Latsco Hellenic Holdings 7.53% Autohellas 12.82% > In 2025 acquired 168.660 of own shares 12 (1) Reference date 31.12.2025
Slide 14: Portfolio Analysis & Update
03 03 Portfolio Analysis & Update 13 10
Slide 15: Portfolio Analysis
Portfolio Analysis GROSS ASSET VALUE BREAKDOWN TOTAL INVESTMENTS High-yielding portfolio with strong fundamentals Development Logistics 3% 17% Portfolio Metrics Gross Yield 7.8% Gross Leasable Area (GLA) 394.4 k sqm WAULT 9.7 years Retail Park Occupancy Rate 94.0% 80% Remaining Buildable Area 59,2 k
Slide 16: Portfolio Analysis: Balanced Geographical Presence
1 Sofia – 1 Retail Park Portfolio Analysis GLA (in thousands) 20.3 sqm Fair Value 31.12.2025 €49.3 mn Balanced Geographical Presence G re e c e & B u l ga r i a Fair Value (%)(1) 8.5% 2 Thessaloniki – 2 Retail Parks 2 Viotia – 2 Logistics Centers GLA (in thousands) 62.3 sqm GLA (in thousands) 80.3 s
Slide 17: Reliable & Expanding tenant mix
Portfolio Analysis Reliable & Expanding tenant mix Rental Income analysis 31.12.2025 Total Rental Income € 41,1mn 16
Slide 18: Sustainability Initiatives: Investing in a Greener Future
Portfolio Analysis Sustainability Initiatives Top Parks Piraeus Solar Panels on rooftops The photovoltaics panels installation At Top Parks Piraeus we have installed photovoltaic panels which cover is for 361kWp(1) the 23.72% of its annual consumption. In addition, at our new Top Parks in Patra we a
Slide 19: EV Super Fast Charger Hubs
Portfolio Analysis EV’s Super Fast Charger Hubs Trade Estates and PPC (Public Power Corporation) have joint forces to promote electromobility Sustainability Initiatives by installing EV’s super fast charger hubs at our retail parks. Today, we have chargers with over 5.000kw of EV charging capacity o
Slide 20: Investment Pipeline Status
04 Investment Pipeline Status 19
Slide 21: Solid Investment Pipeline
SOLID INVESTMENT PIPELINE O f c . € 2 5 0 m n (1) 2 0 2 4 – 2 0 2 8 c.47% completion as of 31.12.2025 Total Investments 2024 - 2028 (amounts in € mn) 116,2 52,9 40,0 39,5 Up to 31.12.2025 FY 2026 FY 2027 FY 2028 (1) The amount refers to CAPEX and/or the acquisition of land plots and/or the acquisiti
Slide 22: Investment Pipeline Status
Investment Pipeline Investment Pipeline status Completed In Progress Aspropyrgos Elefsina Top Parks Top Parks Hellinikon Top Parks Logistic Logistic Patra Heraklion Retail Park Heraklion 2 Center Center Type of Asset Retail Park Retail Park Logistic Center Retail Park Logistics Center Retail Park Fi
Slide 23: Gross Asset Value Growth
Investment Pipeline I m p a c t o n G r o s s A s s e t Va l u e Estimated Gross Asset Gross Asset Investment Plan Value 31.12.2028 Value(1) Cost 31.12.2025 2026-2028 €740 mn - €760 mn €602 mn €132 mn (Revaluations gains/losses 2025-2028 are also included)(2) GROSS ASSET VALUE GROWTH + 23% - 26% (1)
Slide 24: Thank you!
Thank you! 23
Slide 25: Appendix
| TradeEstates Appendix = 24
Slide 26: Income Producing Assets – Retail Parks
Income Producing Assets – Retail Parks Top Parks Top Parks Retail Park Retail Park Smart Park Retail Park Rentis Piraeus Patras Chalandri Florida 1 GAV(1) €149.23 mn €32.14 mn €27.99 mn €14.00 mn €7.99 mn €63.40 mn GLA(2) 51.0 sqm 13.4 sqm 17.0 sqm 6.5 sqm 4.2 sqm 38.2 sqm GLA(2) (main use) 49.1 sqm
Slide 27: Income Producing Assets – Retail Parks
Income Producing Assets – Retail Parks Top Parks Top Parks Top Parks Top Parks Retail Park Retail Park Heraklion Larisa Ioannina Thessaloniki Cyprus Bulgaria GAV(1) €17.99 mn €11.20 mn €21.48 mn €51.14 mn €34.34 mn €49.33 mn GLA(2) 10.6 sqm 27.2 sqm 40.1 sqm 24.1 sqm 39.1 sqm 20.3 sqm GLA(2) (main u
Slide 28: Income Producing Assets – Logistics Centers
Income Producing Assets – Logistics Centers Logistics Center Logistics Center Oinofyta Logistics Center Elefsina Schimatari GAV(1) €29.61 mn €11.55 mn €9.54 mn GLA(2) 46.9 sqm 33.4 sqm 19.7 sqm GLA(2) (main use) 46.7 sqm 33.3 sqm 14.2 sqm GLA(2) (open space) 0.0m sqm 0.0 sqm 0.0 sqm Remaining Buildi
Slide 29: GAV Evolution YE 2021 – 2025
GAV Evolution YE 2021 – 2025 Gross Asset Value 2021 - YE 2025 601.544 541.531 486.024 300.134 216.519 31.12.2021 31.12.2022 31.12.2023 31.12.2024 31.12.2025 • Georgikis Scholis 89, Pylaia, Thessaloniki • Acquisition of FLORIDA1 Retail • Acquisition of the remaining 50% shares of • Completion of the
Slide 30: Consolidated P&L
Consolidated P&L Amounts in thousands euros 31.12.2025 31.12.2024 31.12.2023 31.12.2022 Rental income from investment property 41.116 37.522 23.915 18.891 Other Income 10.757 8.672 2.773 1.913 Revenue 51.872 46.194 26.688 20.804 Net gain from the fair value adjustment of investment property 18.323 1
Slide 31: Consolidated Balance Sheet
Consolidated Balance Sheet Amounts in thousant euros 31.12.2025 31.12.2024 31.12.2023 31.12.2022 Property plant and equipment 600 659 442 308 Right of use assets 928 951 242 312 Investment Property 603.603 524.259 492.090 303.612 Intangible Assets 242 194 155 65 Investments 2.492 9.957 5.136 11.143
Slide 32: EPRA Performance Measures
EPRA Performance Measures ΕPRA LTV ΕPRA Earnings The EPRA LTV is a metric that aims to assess the leverage of shareholder equity within a real estate company. Its calculation is based on the net debt divided by EPRA Earnings is intended to serve as a key measure of a company’s underlying the Total P
Slide 33: EPRA Performance Measures
31/12/2025 EPRA Performance Measures EPRA Net Asset Value Metrics EPRA NRV EPRA EPRA NTA NDV IFRS Equity a?ributable to shareholders 340,004 340,004 340,004 EPRA NAV The European Public Real Estate Association (EPRA) provides three key Net Asset Deferred tax in rela-on to fair value gains 1,958 1,95
Slide 34: Investment Plan Outflow up to 2028
Investment Plan Outflow up to 2028 Trade Estates Investment plan up to 2028 Trade Estates Investment plan up to 2028 Total To Be Paid amounts in € mn Up to 31.12.2025 2026 2027 2028 2026- 2028 Total Project Plot/Shares CAPEX Plot/Shares CAPEX Plot/Shares CAPEX Plot/Shares CAPEX Plot/Shares CAPEX Inv
Slide 35: Thank you!
trade-estates.com Thank you! Follow us ….. 34
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