Meta Estate Trust S.a. · BVB:MET
Meta Estate Trust — Novere Capital — Investor Presentation (March 2026)
40 slides from Meta Estate Trust's investor presentation, March 2026
Slide 1: Investment Strategy Presentation
Investment Strategy Presentation Development directions and vision 2026–2028 Published: March 2 0 2 6 STR UCTURE D PROG RESS. MEAS URED O UTCOME S.
Slide 2: Contents
CONTENTS Key highlights 01 Context & strategic thesis 02 Portfolio repositioning 03 Operating model & investment lines 04 Investment principles & capital allocation 05 Objectives 2027-2030 06 Appendices: macroeconomic context Munții Tatra St. no. 4-10, 4th Floor, District 1, Bucharest · office@nover
Slide 3: From Meta Estate Trust to NOVERE CAPITAL
ABOUT US · MISSION · VISION From Meta Estate Trust to NOVERE CAPITAL An investment platform with a clear horizon MISSION VISION Building predictable value A defined plan for sustainable asset growth A real estate portfolio predominantly focused on commercial assets Target portfolio of EUR 100m in com
Slide 4: Stages of the 2026–2028 strategy
CONTEXT Stages of the 2026–2028 strategy The strategic pivot represents the next stage in Novere Capital's evolution. Current inflection point The first stage demonstrated access and opportunity identification capabilities; the next stage must confirm scalability, portfolio quality and capital market
Slide 5: Complementary investment directions, one integrated portfolio
STRATEGY Complementary investment directions, one integrated portfolio An investment structure calibrated for liquidity, returns and recurring revenues. PILLAR 1 PILLAR 2 PILLAR 3 Recurring-income assets Development & Co-Development Trading main focus fragmented portfolio under structuring under res
Slide 6: Evolution directions 2026–2028
EXECUTIVE SUMMARY Evolution directions 2026–2028 Novere is repositioning from a fragmented opportunistic portfolio toward a recurring-income real estate platform with an institutional profile. — 2026 is a repositioning year: liquidating most existing exposures that are not aligned with the strategic
Slide 7: Four directions recalibrating the platform
INVESTMENT THESIS Four directions recalibrating the platform 01 02 03 04 Capital market access Evolution toward an Portfolio repositioning Increasing company value institutional profile (NAV) Listed vehicle offering exposure to The company is evolving toward clear Monetizing investments no longer Obj
Slide 8: Structure built for a high degree of revenue predictability
TARGET OPERATING MODEL Structure built for a high degree of revenue predictability The objective is to transition toward a portfolio dominated by recurring revenues by December 2027. 75–80% 10–15% ≤10% Recurring-income assets Development/Co-development Why recurring revenues are a priority Why we ma
Slide 9: Portfolio repositioning
SECTION · 02 Portfolio repositioning From a fragmented opportunistic portfolio to an institutional real estate platform with recurring income. Munții Tatra St. no. 4-10, 4th Floor, District 1, Bucharest · office@noverecapital.com · (+40) 372 93 44 55 · noverecapital.com STRATEGIC PRESENTATION
Slide 10: Portfolio fragmentation dilutes focus
WHY REPOSITIONING Portfolio fragmentation dilutes focus Complexity and fragmentation represent both an operational challenge for management and a structure with limited focus. 24 51% €0,2–4m projects in the portfolio of assets require high attention investment size per project What this means operat
Slide 11: The approach through which management seeks to increase shareholder value
VALUE CREATION MECHANISM The approach through which management seeks to increase shareholder value Cyclical model: initial simplification, followed by growth on a stronger base. 01 02 03 04 Monetization of existing Reallocation into selective, Increasing the recurring Increasing company value and ex
Slide 12: Three key management priorities
PRIORITIES · 2026 Three key management priorities The short-term agenda is focused more on improving portfolio quality than on maximizing short-term profit. 01 02 03 Simplification and monetization Protecting and recovering capital Selective capital allocation — Exit from most non-core exposures — Us
Slide 13: Business lines
Operating model Business lines Recurring revenues become the priority, trading activity is reduced, co- development becomes more selective, and development is limited to the two existing, already permitted land plots. Munții Tatra St. no. 4-10, 4th Floor, District 1, Bucharest · office@noverecapital
Slide 14: The portfolio is recalibrated according to strategic role
BUSINESS LINES OVERVIEW The portfolio is recalibrated according to strategic role Each line remains relevant, but not at the same scale and with the same risk appetite as in the past. ACTIONS IN 2026 FUTURE ROLE Reallocation of capital obtained from liquidations toward recurring-income By 2028, the
Slide 15: Why management aims to significantly reduce exposure to this segment
TRADING Why management aims to significantly reduce exposure to this segment The model used in the past generated positive returns, but is no longer considered a predictable business line suited to an institutional profile. — Returns are often outside NC's control, depending on the pace of developmen
Slide 16: Stock under monetization and conditions for future trading exposure
TRADING Stock under monetization — and conditions for any future exposure on the trading line The company still has units to sell, but intends to apply much stricter criteria before resuming this strategy. 83 54 29 total units in trading stock apartments parking spaces Future trading investments onl
Slide 17: Capital monetization and recovery — current priorities
CO-DEVELOPMENT Capital monetization and recovery — current priorities Co-development investments remain relevant, but only where the structure, partners and protection mechanisms are stronger. €3,7m €0,7m €3,0m exposure in delayed projects estimated recovery in 2026 estimated recovery in 2027 Implic
Slide 18: Minimum criteria for future co-development investments
CO-DEVELOPMENT Minimum criteria for future co-development investments Co-development investments remain relevant, but only where the structure, partners and protection mechanisms are stronger. 01 Reputable developer with a solid track record 02 Relevant capital contribution from the developer 03 Bal
Slide 19: Two permitted land plots that provide flexibility
SECTION · 04 · DEVELOPMENT Two permitted land plots that provide flexibility Development is not being broadly expanded in 2026. Instead, NC is focused on monetizing the two land plots already existing in the portfolio. Munții Tatra St. no. 4-10, 4th Floor, District 1, Bucharest · office@noverecapital
Slide 20: Two assets, both with valid building permits
DEVELOPMENT PLATFORM Two assets, both with valid building permits The obtained permits represent an important strategic advantage in the current market context. 01 Mătăsari 18 02 Dr. Sergiu Dumitru 13–15 100% stake 50% stake Land plot of 3,0220 sqm Land plot of 731 sqm Valid permit for a medium-size
Slide 21: Value can be unlocked through a sale or a residential partnership
DEVELOPMENT · MĂTĂSARI 18 Value can be unlocked through a sale or a residential partnership (joint venture) The asset has a sufficient level of maturity to support parallel strategic routes. Asset profile The land plot has an area of 3,022 sqm and benefits from a valid permit for a medium-sized resid
Slide 22: An example of adapting to market conditions
DEVELOPMENT · DR. SERGIU DUMITRU An example of adapting to market conditions, not forcing an unfavorable decision Management decided not to continue the initial plan, as the economic parameters no longer justified the level of risk. Why the initial plan was reassessed — Initial discussions with pote
Slide 23: Management is moving toward a more explicit capital allocation structure
INVESTMENT PRINCIPLES Management is moving toward a more explicit capital allocation structure These principles define how decisions will be grounded in the coming period. Long-term total return 01 The primary objective is total shareholder return per share — not maximizing short-term dividends. Dat
Slide 24: Debt and dividend policies become explicit thresholds
CAPITAL ALLOCATION Debt and dividend policies become explicit thresholds Debt and dividend policies become explicit thresholds, giving investors visibility into how NC differentiates between growth ambition and risk tolerance. 55% 35–45% TSR Absolute maximum LTV per operating asset Target portfolio-
Slide 25: Portfolio monetization and recovery agenda
EXIT ROADMAP · 2026 Portfolio monetization and recovery agenda Portfolio repositioning is shaped by a concrete agenda of exits and recoveries. Q2 · 30 Jun ’26 Q2 · 30 Jun ’26 Q4 · 2026 Q4 · 2026 Dec ’27 2027 Alexandriei 152 — contractual exit Uplake — estimated NOA Victoria — estimated during the Tr
Slide 26: Capital released from exits is intended to be recycled
CAPITAL REALLOCATION · 2026 Capital released from exits is intended to be recycled — not kept idle The first visible uses of capital are already defined, executed or under due diligence. 01 02 03 Co-development investment (under Selective co-development investments Recurring-income assets negotiatio
Slide 27: From reset to scaling
OBJECTIVES 2027-2030 From reset to scaling The medium- and long-term objectives clearly define the direction of evolution. Munții Tatra St. no. 4-10, 4th Floor, District 1, Bucharest · office@noverecapital.com · (+40) 372 93 44 55 · noverecapital.com STRATEGIC PRESENTATION
Slide 28: Three main objectives define the medium-term strategy
OBJECTIVES · 2027–2028 Three main objectives define the medium-term strategy Strategic path — oriented toward achieving these objectives by December 2028. €100m 35–45% €55–65m ~2–3x asset base by December 2028 target — leverage range NAV by December 2028 value multiplication THE THREE VECTORS OF THE
Slide 29: Medium-term objectives: a compound growth strategy
OBJECTIVES · 2028–2030 Medium-term objectives: a compound growth strategy, not one-off value extraction Clear strategic objectives support achievement of the long-term target. TARGET NAV Strategic path €150m 2026 Reset and recovery 2027 Portfolio migration intrinsic value (NAV) 2028 Scaling The comp
Slide 30: A balanced approach to risks
RISKS AND MITIGATION MEASURES A balanced approach to risks The strategic reset addresses the existing risk profile. RISK MITIGATION Some exits or recoveries may take longer or be completed at prices Maintaining flexibility on timing, using legal mechanisms and avoiding forced Monetization risk below
Slide 31: Macroeconomic context
APPENDICES Macroeconomic context Romanian real estate market fundamentals — context, retail, office and residential segment. Munții Tatra St. no. 4-10, 4th Floor, District 1, Bucharest · office@noverecapital.com · (+40) 372 93 44 55 · noverecapital.com STRATEGIC PRESENTATION
Slide 32: Macroeconomic context — Romania
APPENDIX · MACROECONOMIC CONTEXT Macroeconomic context — Romania — Over the past decade, Romania has recorded an accelerated process of economic convergence with — The major purchases index, which reflects households' intention to make significant expenditures, fell the European Union, with GDP per
Slide 33: Romanian retail market
APPENDIX · RETAIL MARKET Romanian retail market — Romania's retail sector has recorded solid growth in recent years, supported by wage increases, improved — In terms of development trends, retail parks have become the dominant format for new deliveries in recent employment and robust household consu
Slide 34: Romanian retail market: density and investment opportunities
APPENDIX · RETAIL MARKET Romanian retail market: density and investment opportunities — Retail markets in Central and Eastern Europe show different maturity levels, with countries such as — Prime retail yields remain higher compared with more mature CEE or Western European markets, Poland and the Cz
Slide 35: Romanian retail market: density and segmentation
APPENDIX · RETAIL MARKET Romanian retail market: density and segmentation — Romania's modern retail market is dominated by shopping centers and retail parks, the latter representing most recent developments, especially in secondary and tertiary cities where modern retail supply remains limited. — Re
Slide 36: Romanian office market: structural demand and limited modern supply
APPENDIX · OFFICE MARKET Romanian offi ce market: structural demand and limited modern supply — Bucharest remains Romania's largest office market, with more than 3.4 million sqm of modern stock, continuing to function as a major hub for international occupiers, especially in business services, finan
Slide 37: Romanian office market: comparison with CEE
APPENDIX · OFFICE MARKET Romanian offi ce market: comparison with CEE — Romania remains structurally undersupplied in modern office space compared with other CEE markets, — Many occupiers have recalibrated their space requirements, emphasizing optimization rather than while yields remain attractive
Slide 38: Retail/office investments — Executive summary
APPENDIX · RETAIL / OFFICE INVESTMENTS Retail/offi ce investments — Executive summary — Stabilized retail and office assets provide predictable cash flows, supported by long-term lease — Based on market benchmarks (entry yields of ~8.0%) for quality assets, a typical structure can contracts, typical
Slide 39: Conclusions on the residential segment
APPENDIX · RESIDENTIAL SEGMENT Conclusions on the residential segment — NC's strategy in the residential segment should focus predominantly on providing mezzanine — Equity participation in development projects involves additional operational and execution risks, financing to developers, targeting at
Slide 40: Thank you!
Thank you! Structured progress. Measured outcomes. Novere Capital S.A. · Munții Tatra St. no. 4-10, 4th Floor, District 1, Bucharest office@noverecapital.com · (+40) 372 93 44 55 · noverecapital.com Novere Capital · stock symbol NC · BVB AeRO