Noval Property Real Estate Investment Company · ATHEX:NOVAL
Noval Property Real Estate Investment — Noval Property — FY2025 Earnings Presentation
25 slides from Noval Property Real Estate Investment's earnings presentation, March 2026
Slide 1: 2025 Financial Results
2025 Financial Results NOVAL PROPERTY re: purpose growth
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
Slide 3: Table of Contents: FY 2025 Highlights
Table of Contents 1 FY 2025 Highlights 2
Slide 4: 2025 Highlights
2025 Highlights FY 2025 Key Highlights Key Portfolio Metrics(1) Key Financials(1) €694mn €555mn (YE 2024: €519mn) Delivered two new properties - the mixed-use building GAV (2) NAV ‘Ardittos House’ in Mets, Athens, and a prime office building on 16 Chimarras Street in Marousi, Attica 62 / 362,000 €
Slide 5: Table of Contents: Financial Results and Capital Structure
Table of Contents 1 2 Financial Results and Capital Structure 4
Slide 6: FY 2025 Financial Results
FY 2025 Financial Results Rental Revenue € mn +4.4 Solid rental revenue growth continuing in 2025 (+13% vs. 2024), +13% driven by equally strong contributions from the retail and office 40,0 33,4 37,8 asset classes (+€1.7mn respectively vs. 2024), followed by the 29,3 30,0 24,9 industrial and hosp
Slide 7: FY 2025 Financial Results: GAV and NAV
FY 2025 Financial Results Gross Asset Value (GAV) +45.3 Investment portfolio grew by €45.3mn in 2025 (+7% vs. +77.1 € mn 2024) mainly driven by capital expenditure of €22.9mn, fair +84.9 800 +73.1 value gains** of €20.2mn and an increase of €2.1mn in the JV +48.7 693,6 700 648,3 +66.1 571,2 Partic
Slide 8: Capital Structure
Capital Structure Debt Key Figures(1) NOVAL PROPERTY’s Shareholder Structure (in € mn unless otherwise stated) Free-Float 15,4% Other Cash and Cash equivalents 47,6 15,1% Treasury Investment Property 658 shares(6) 0,2% Loan and Participation in JV 42,8 Viohalco Net Asset Value 554,9 Indirect Total L
Slide 9: Table of Contents: Portfolio Overview
Table of Contents 1 2 Financial Results and Capital Structure 3 Portfolio Overview 8
Slide 10: 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) Robust yield generation from our income-producing asset classes Maintaining portfolio balance through disciplined asset allocation Shopping Centers Offices 5,
Slide 11: 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 Expirations WAULT per Asset Class (yrs) (1,2,3) % Occupancy Rate per Asset Class (2) (as a % of total)(1) 54,9% 11,1 8,6 8,8 100,0% 100,0% 99,3% 100,0% 98,0% 91,8% 6,8 61,4% 3,4 3,2 11,0% 10,
Slide 12: Projects completed in 2025
Projects completed in 2025 Description Repurpose and renovation of a mixed-use building (residential & office) GBA CAPEX GLA (main use) 4.258 sqm c. €12mn 2.586 sqm + 11 parking spaces Ardittou str., Mets, Athens Certification LEED Gold / Energy Performance Certificate (Highest level) Status Constru
Slide 13: Major Income-producing Properties
Major Income-producing Properties Mare West The Orbit The Butterfly River West & IKEA Corinth Athens Athens River West Open Athens Sustainable Buildings Environmental BREEAM In-Use LEED Platinum LEED Gold Athens certification Commercial V6 WiredScore GOLD WiredScore Silver GAV(1) €21.6mn €100.9mn €1
Slide 14: Projects in Progress
Projects in Progress Description Renovation / refurbishment of an existing office building GBA Est. CAPEX GLA 199, Kifissias Ave. 6.675 sqm c. €14mn 4.196 sqm + 31 parking spaces Marousi, Athens Expected Certification LEED Gold / Operationally Decarbonized/ Energy Performance Certificate (Highest le
Slide 15: 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 c
Slide 16: Table of Contents: Outlook 2026
Table of Contents 1 2 3 4 Outlook 2026 15
Slide 17: Focused Strategy, Strong Expectations 2026
Focused Strategy, Strong Expectations 2026 Focused on delivering and leasing up our ongoing projects Advancing the development of our captive pipeline Selectively target new investments to complement our portfolio Growth catalysts FY 2026: FY 2026: Consumer sales of our retail assets continu
Slide 18: Table of Contents: Appendix
Table of Contents 1 2 3 4 5 Appendix 17
Slide 19: Financials | Statement of Financial Position – IFRS
Financials | Statement of Financial Position – IFRS Amounts in € ’000s 31.12.2020 31.12.2021 31.12.2022 31.12.2023 31.12.2024 31.12.2025 Assets Non-current assets Investment property 377.028 416.293 483.963 557.312 616.703 657.588 Property and equipment 539 663 746 835 799 7.177 Rights of use 2.596
Slide 20: Financials | Income Statement – IFRS
Financials | Income Statement – IFRS Amounts in € ’000s 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 01.01 – 31.12.2025 Continuing Operations Revenue 13.876 15.937 24.880 29.339 33.417 37.788 Net gain / (loss) from fair value adjustment of investment
Slide 21: 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 31.12.2025 Shareholders’ Equity 253.688 281.920 314.904 365.854 427.390 519.099 554.899 Number of Shares* Adj. for RS 1/2,5 90.143 98.929 98.929 107.467 107.467 126.432 126.432 NAV per
Slide 22: Analysis per Type of Asset
Analysis per Type of Asset WAULT (years) Fair Value WAULT (years) (8) (8,9) WAULT (years) (8,10) Number of Annualized Based on Based on the Based on the as at % G.L.A. % % Gross yield Occupancy (in '000 €)* Properties rental income as contractual minimum maximum contractual (1) 31.12.2025 of total (
Slide 23: Geographical Sector Analysis & Gross Asset Value
Geographical Sector Analysis & Gross Asset Value Annualized Number of Fair Value at G.L.A. (sq.m.) Occupancy (in '000 €) % of total % of total Rental Income % of total *Any deviations in the totals are due to rounding Properties 31.12.2025(1) (2) (3) rate (4) Source: Company data Notes: Greece (Tota
Slide 24: 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 (
Slide 25: Follow us…
Follow us… www.noval-property.com24