Advance Terrafund Reit · BSESOF:ATER
Advance Terrafund Reit — Investor Presentation (August 2026)
14 slides from Advance Terrafund Reit's investor presentation, August 2026
Slide 1: Investor Presentation
Advance Terrafund REIT 172 299 decares of agricultural land Investor 392 lessees Presentation Four Seasons of Growth 20+ years on the market August 2026 0% debt financing BSE ticker: ATER | www.advanceterrafund.bg This presentation does not constitute a recommendation or offer to buy/sell securities
Slide 2: ATER at a Glance
ATER at a Glance The largest REIT in Bulgaria by assets – €159 million €147.5 172 299 392 2 214 million decares of agricultural land lessees shareholders dividends paid (2009–2025) Key Characteristics Financial Highlights • Founded 2005 г., listed on Bulgarian Stock • Total capital raised since ince
Slide 3: Why Invest in Agricultural Land in Bulgaria?
Why Invest in Agricultural Land in Bulgaria? High returns, low volatility, low correlation with traditional assets Indicators for MSCI EM Eastern Agricultural SOFIX period of 10 years (2005–2025) Europe ex Russia Land Average arable land Volatility 29.4% 10.8% 29.9% price (€/ha, EUROSTAT 2024) CAGR
Slide 4: Agricultural Land Market in Bulgaria
Agricultural Land Market in Bulgaria Sustained price growth for over 10 years | Source: Ministry of Agriculture and National Statistical Institute, Bulgaria Average price of arable and Annual Price non-arable land in Bulgaria Change (%) (€/decare) 20 18 900 16 772 15 15 800 740 750 700 667 11 566 10
Slide 5: What is a REIT?
What is a REIT? Real Estate Investment Trust Regulated by FSC Mandatory Dividend Subject to oversight of Financial Supervision Minimum 90% of the accounting profit is Commission distributed Transparency Specialised Focus Quarterly reports and mandatory disclosures Investments only в real estate asse
Slide 6: Shareholder Structure
Shareholder Structure As of 30.06.2026 | Ordinary shares: 85,110,091 Number of ordinary shares 85 110 091 outstanding 2 214 Total number of shareholders 33% 60% Foreign ownership of market 1.13% capitalisation 7% Net asset value per share €1.87 (30.06.2026) Karoll Group - 32.79% Universal Pension Fu
Slide 7: Our business model
Our business model Two main revenue streams: rents and land sales Land Lease Rental Land Land acquired out income banking sale 543 700 decares 86% of land portfolio €58 mn Parcels €202 mn since inception for the last 5 years total concentration total Income from leasing and renting: €4.5 mn (2025- I
Slide 8: Our Land Investments
Our Land Investments Portfolio as of 30.06.2026 | Geographical distribution by region 172 299 543 700 366 600 decares current portfolio decares acquired since inception decares sold since inception Distribution by planning Key facts about the land portfolio regions (decares) N.-Central 18,664 • 172
Slide 9: Our Land Under Lease
Our Land Under Lease Stable cash income from rents| As of 30.06.2026 Land Leased (decares) Rental Income (€) 155000 5000000 153,971 154000 4900000 4,901,018 153000 4800000 152000 150,803 4700000 151000 4,645,393 4600000 150000 148,987 4500000 4,487,652 149000 148000 4400000 147000 4300000 146000 420
Slide 10: Land Banking
Land Banking Acquisition of small parcels → Concentration → Sale of consolidated packages Land banking is the sale of concentrated agricultural land in some land areas and the acquisition of individual small parcels in others, with the aim of achieving a higher value through consolidation. 910 300 д
Slide 11: Key Financial Indicators
Key Financial Indicators 2021–2025 | All amounts are in mn EUR, unless otherwise stated| Dividends by 2025 exceed raised capital 2.25 times €65.7 млн. €147.5 млн. 7.82% 0% Capital raised since inception Total dividends 2009–2025 Average ROE over 17 years Debt financing Indicator 2021 2022 2023 2024
Slide 12: ATER vs SOFIX – Performance Since Listing
ATER vs SOFIX – Performance Since Listing ATER outperforms SOFIX by 3 times over 20+ years | Monthly chart 10.08.2005 – 10.08.2026 ATER SOFIX 400 300 200 100 0 -100 -200 08.2005 03.2007 10.2008 05.2010 12.2011 07.2013 02.2015 09.2016 04.2018 11.2019 06.2021 01.2023 08.2024 03.2026 * Source: Infostoc
Slide 13: Why invest in ATER now?
Why invest in ATER now? Investment case Safe Asset Regular Dividend Price Appreciation Land is a real asset with lasting value, ~100% net profit distributed as 768% increase in land prices over 20 protection from inflation, and low dividend. €147.5 million in dividends years. Still half the price of
Slide 14: Advance Terrafund REIT
Advance Terrafund REIT Investor Relations Stock Information 1 Zlatovruh St., 1164 Sofia, Bulgaria BSE ticker: ATER +359 (2) 4008 332 Shares: 85 110 091 adimitrov@karoll.bg Price: €1.30 www.advanceterrafund.bg NAV/share: €1.87 Atanas Dimitrov Shareholders: 2 214 Investor Relations Director, Advance T
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