Trade Estates Real Estate Investment Company · ATHEX:TRESTATES
Trade Estates Real Estate Investment — H1 2026 Earnings Presentation
43 slides from Trade Estates Real Estate Investment's earnings presentation, September 2026
Slide 1: H1 2026 Financial Results
H1 2026 Financial Results 1 trade-estates.com September 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 New Acquisition Table of Contents 06 Analyst Coverage 07 Appendix Smart Park Logistics Aspropyrgos Top Parks Patras Top Parks Piraeus 2
Slide 4: Key Messages & Highlights
01 01 Key Messages & Highlights
Slide 5: Key Messages
Key Messages At a g l a n c e : (as of 30 June2026) Solid H1 2026 operational performance supported by Key Financials portfolio growth, active asset management, increased (H1 2025:€19.9 mn) traffic and resilient tenant trading dynamics Gross Rental Income €21.3 mn (+7.2%) (YE 2025:€340.0 mn) Net A
Slide 6: YTD Highlights
Portfolio Activities Trade Estates Overview Y T D 2 0 2 6 H i g h l i g ht s Hellinikon Retail Park: Obtained the revised building permit, and the project is now entering the construction phase Financial & Corporate Management Activities Oinofyta Logistics Center: Acquired an adjacent 4,704 sq m
Slide 7: Financial Performance & Position
02 Financial Performance & Position
Slide 8: Consistently Strong Operating Performance
Financial Performance & Position Adj. EBITDA (1) +4.1% € mn 30,1 31,3 Consistently Strong Operating Performance 35,0 30,0 25,0 -2.7% +9.6% 18,2 Total Gross Rental Income 20,0 14,6 16,0 15,6 41,1 € mn 37,5 15,0 40,0 10,0 35,0 5,0 0,0 30,0 +7.2% 31/12/2022 31/12/2023 31/12/2024 31/12/2025 30/06/2025 3
Slide 9: 2026 Guidance
2026 Guidance Reaffirming FY 2026 Guidance Gross Rental Adjusted Funds From Income EBITDA(1) Operations FFO €43.0 mn €32.5 mn €22.0 mn Increase up to Increase up to No change 4.6% 3.8% vs YE 2025 vs YE 2025 vs YE 2025 Key assumptions reflected in 2026 Guidance Development capex for 2026 (H2 2026:
Slide 10: Confirmed by H1 2026 Results
Confirmed by H1 2026 Results H1 2026 vs FY2026 Guidance Gross Rental Adjusted Funds From Revenues EBITDA(1) Operation FFO €21.3 mn €15.6 mn €10.0 mn 49.5% 48.0% 45.5% achievement achievement achievement 9 (1) Revaluation gain/(losses) and LTI program ’26 are excluded
Slide 11: Sustainable Growth and Returns
+4.0% Financial Performance & Position € mn Gross Asset Value 601,5 625,3 600,0 Sustainable Growth and Returns 541,5 500,0 486,0 +2.2% 400,0 +9.0% € mn Net Asset Value (NAV) 300,0 300,1 340,0 347,6 216,5 350,0 3,00 (2) 311,9 298,4 2,85 2,80 200,0 300,0 2,81 2,60 100,0 2,59 250,0 210,9 2,48 2,40 0,0
Slide 12: Sound Financial Position
Financial Performance & Position Sound Financial Position DEBT EXPOSURE BY INTEREST RATE TYPE Key Figures (as of 30.06.2026) 30.06.2026 Floating + Spread Hedged Interest Rate + Spread GAV €625.3mn 4% 89% Cash & Cash Equivalent €12.2mn Total Debt €286.3 mn Net Debt €274.1 mn NAV €347.6 mn LTV 45.8% N
Slide 13: EPRA Performance Measures vs REIC Market Metrics
Financial Performance & Position E P R A P e r f o r m a n c e M e a s u r e s v s R E I C M a r ke t M e t r i c s S u m m a r y o f a l t e r n a t i v e p e r f o r m a n c e m e a s u r e s (1) : Performance Measures Metric 30.06.2026 30.06.2025 Starting with the annual period ending 2025, we e
Slide 14: Shareholder Structure and Share buyback program
Own Shares Management 0.18% 2.36% Shareholder Structure and Share Free Float 30.56% buyback program (1) Fourlis Group 46.84% Latsco Hellenic Holdings 7.31% Autohellas 12.75% As at 30.06.2026 held 216.394 of own shares In H1 2026, the Company had acquired 47.734 of own shares 13 (1) Reference dat
Slide 15: Portfolio Analysis & Update
03 03 Portfolio Analysis & Update 10
Slide 16: Portfolio Analysis: High-yielding portfolio
Portfolio Analysis GROSS ASSET VALUE BREAKDOWN TOTAL INVESTMENTS High-yielding portfolio with strong fundamentals Development(6) 4% Logistics Portfolio Metrics 17% Annualized Gross Rental Income(1) €46.4 mn Gross Rental Yield(2) 7.7% GAV Gross Leasable Area (GLA)/ € 625 mn c. 440k sqm/16 properties(
Slide 17: Balanced Geographical Presence
1 Sofia – 1 Retail Park Portfolio Analysis Fair Value 30.06.2026 €50.2 mn Fair Value (%)(1) 8.4% B a l a n c e d G e o g ra p h i c a l P r e s e n c e G re e c e & B u l ga r i a 2 Thessaloniki – 2 Retail Parks 2 Viotia – 2 Logistics Centers Fair Value 30.06.2026 €119.3mn Fair Value 30.06.2026 €41.
Slide 18: Reliable & Expanding Tenant Mix
Portfolio Analysis R e l i a b l e & E x p a n d i n g Te n a n t M i x Gross Rental Income analysis H1 2026 Other 36% IKEA 32% Total Gross Rental Income € 21.3 mn Kotsovolos 3% Trade Logistics 8% Moustakas 3% Sinsay ITX Group 3% Leroy Merlin Jumbo 7% 4% 4% 17
Slide 19: Investing in a Greener Future
Top Parks Piraeus Portfolio Analysis The photovoltaics panels installation Sustainability Initiatives is for 361kWp(1) Solar Panels on rooftops • Annual Production: 515,819 ΚWh At Top Parks Piraeus we have installed photovoltaic panels which cover • Annual Consumption: 2,174,112 ΚWh the 23.72% of it
Slide 20: 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
Slide 21: Investment Pipeline Status
04 Investment Pipeline Status
Slide 22: Solid Investment Pipeline
SOLID INVESTMENT PIPELINE O f c . € 2 5 0 m n (1) 2 0 2 4 – 2 0 2 8 c.49% completion as of 30.06.2026 Total Investments 2025 - 2028 (amounts in € mn) 123,6 69,7 34,7 21,6 Up to H1 2026 Up to YE 2026 FY 2027 FY 2028 (1) The amount refers to CAPEX and/or the acquisition of land plots and/or the acquis
Slide 23: 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 Cu
Slide 24: 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 30.06.2026 2026-2028 €740 mn - €760 mn €625 mn €126 mn (Revaluations gains/losses 2025-2028 are also included)(2) GROSS ASSET VALUE GROWTH + 18% - 22% (1)
Slide 25: New Acquisition
05 New Acquisition
Slide 26: Sofia South Ring Mall - Bulgaria
Sofia South Ring Mall - Bulgaria Property Key Figures Land (in '000) 64.5 m2 GBA (in '000) 174.5m2 GLA (in '000) 69.0 m2 GAV as at 31.12.2025 (in €) 161.2 mn Net Operating Income FY 2025 (in €) 12.5 mn Net Ingoing Yield 7.8% Annual Footfall (FY 2025) 7.3 mn Tenant Sales FY 2025 (in €) 139.5 mn Occup
Slide 27: Analyst Coverage
06 Analyst Coverage
Slide 28: Analyst Coverage
Analyst Coverage July 30,2026 Eurobank Equities – Greek Reics Research Report: Tra d e E s t a t e s i s t h e p r e f e r r e d G r e e k R E I C s t o c k Rating: Buy Ta r g e t P r i c e € 2 . 3 7 July 30, 2026 Edison-Initiation of Coverage: Tra d e E s t a t e s i s d o m i n a n t i n m o d
Slide 29: Thank you!
Thank you!
Slide 30: Appendix
| ht TradeEstates
Slide 31: Income Producing Assets – Retail Parks
Income Producing Assets – Retail Parks Top Parks Top Parks Retail Park Retail Park Florida Smart Park Retail Park Rentis Piraeus Patras Chalandri(6) 1 GAV(1) €153.1 mn €32.2 mn €28.5 mn €13.8 mn €9.2mn €66.5 mn GLA(2) 51.4 sqm 13.3 sqm 16.1 sqm 6.7 sqm 2.1 sqm 38.6 sqm GLA(2) (main use) 49.3 sqm 12.
Slide 32: 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) €18.2 mn €11.3 mn €22.3 mn €52.8 mn €34.7 mn €50.2 mn GLA(2) 12.9 sqm 27.4 sqm 40.1 sqm 24.1 sqm 39.1 sqm 20.3 sqm GLA(2) (main use) 10
Slide 33: Income Producing Assets – Logistics Centers
Income Producing Assets – Logistics Centers Logistics Center Logistics Center Logistics Center Logistics Center Aspropyrgos Schimatari Oinofyta(5) Elefsina GAV(1) €55.4 mn €29.6 mn €11.9 mn €9.7 mn GLA(2) 50.0sqm 47.3 sqm 30.1 sqm 19.7 sqm GLA(2) 50.0 sqm 46.8 sqm 29.5 sqm 14.2 sqm (main use) GLA(2)
Slide 34: GAV Evolution YE 2021 – H1 2026
GAV Evolution YE 2021 – H1 2026 Gross Asset Value 2021 - Η1 2026(1) 625.322 601.544 541.531 486.024 300.134 216.519 31.12.2021 31.12.2022 31.12.2023 31.12.2024 31.12.2025 30/6/2026 • Georgikis Scholis 89, Pylaia, • Acquisition of FLORIDA1 Retail Park in • Completion of the new • Completion of the ne
Slide 35: Consolidated P&L
Consolidated P&L Amounts in thousands euros 30.06.2026 31.12.2025 30.06.2025 31.12.2024 31.12.2023 Rental income from investment property 21,295 41,116 19,867 37,522 23,915 Other Income 5,359 10,757 5,131 8,672 2,773 Revenue 26,654 51,872 24,997 46,194 26,688 Net gain from the fair value adjustment
Slide 36: Consolidated Balance Sheet
Consolidated Balance Sheet Amounts in thousant euros 30.06.2026 31.12.2025 31.12.2024 31.12.2023 31.12.2022 Property plant and equipment 551 600 659 442 308 Right of use assets 724 928 951 242 312 Investment Property 622,68 603,603 524,259 492.090 303,612 Intangible Assets 255 242 194 155 65 Investm
Slide 37: EPRA Performance Measures
EPRA Performance Measures (1) ΕPRA LTV ΕPRA Earnings The EPRA LTV is a metric that aims to assess the leverage of shareholder equity EPRA Earnings is intended to serve as a key measure of a company’s underlying within a real estate company. Its calculation is based on the net debt divided by operati
Slide 38: EPRA Performance Measures
EPRA Performance Measures 30.06.2026 EPRA Net Asset Value Metrics EPRA NRV EPRA NTA EPRA NDV EPRA NAV The European Public Real Estate Association (EPRA) provides three key Net Asset IFRS Equity attributable to shareholders 347,550 347,550 347,550 Value (NAV) metrics designed to make adjustments to t
Slide 39: EPRA Performance Measures
EPRA Performance Measures ΕPRA CapEX ΕPRA Cost EPRA Capex is a metric that aims to provide transparency regarding the capital The EPRA Cost Ratio is a key measure of the Group's operating cost efficiency. It enables expenditure incurred on a real estate portfolio during the reporting period. It mean
Slide 40: EPRA Performance Measures
EPRA Performance Measures EPRA Net Initial Yield (NIY) and EPRA Topped-up Net Initial Yield (Topped-up NIY) EPRA Vacancy Rate The EPRA NIY is intended to provide a comparable measure of the net income return The EPRA Vacancy Rate is a key measure of the occupancy performance of the Group's generated
Slide 41: Investment Plan Outflow up to 2028
Investment Plan Outflow up to 2028 Trade Estates Investment plan up to 2028 Total To Be Paid amounts in € mn Up to June 2026 Up to YE 2026 2027 2028 Total Paid Amount July 2026- 2028 Total Investment Project Plot/Shares CAPEX Plot/Shares CAPEX Plot/Shares CAPEX Plot/Shares CAPEX Plot/Shares CAPEX Pl
Slide 42: Thank you!
trade-estates.com Thank you! Follow us …..
Slide 43: trade-estates.com
trade-estates.com Follow us …..
Trade Estates Real Estate Investment Company — H1 2026 Earnings Presentation on 6ix