Trade Estates Real Estate Investment Company · ATHEX:TRESTATES
Trade Estates Real Estate Investment — H1 2025 Earnings Presentation
46 slides from Trade Estates Real Estate Investment's earnings presentation, September 2025
Slide 1: Corporate Presentation Financial Results H1 2025
CORPORATE PRESENTATION FINANCIAL RESULTS H1 2025 PERSPECTIVES www.trade-estates.com September 2025
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 en
Slide 3: Table of Contents
TABLE OF CONTENTS 01 Trade Estates today 05 Debt Profile & Cash Position H1 2025 02 Shareholder Structure 06 H1 2025 vs Guidance 2025 03 Financial Highlights H1 2025 07 Appendices 04 Investment Pipeline 09 Appendices 05 Debt, finance cost & hedging
Slide 4: Serving Modern Retail End-to-End
SERVING MODERN RETAIL END-TO-END. 4
Slide 5: Trade Estates today
1. Trade Estates today
Slide 6: Trade Estates Is…
TRADE ESTATES IS… A dynamically growing and specialized REIC in quality retail parks & omnichannel logistics centers. Offering to its investors, capital growth potential and attractive dividend yield. Footprint across Greece, Bulgaria and Cyprus, with 15 income producing assets, 1 under development
Slide 7: With Balanced Geographical Presence
WITH BALANCED GEOGRAPHICAL PRESENCE. Greece & Bulgaria Sofia – 1 Retail Park GLA (in thousands) 20.3 sqm Thessaloniki – 2 Retail Parks Fair Value 30.06.2025 €48.1 mn GLA (in thousands) Fair Value (%) 9.3% 62.3 sqm Fair Value 30.06.2025 €113.4 mn Fair Value (%) 21.9% Viotia – 2 Logistics Centers 1 GL
Slide 8: With Strong Portfolio of Assets
WITH STRONG PORTFOLIO OF ASSETS Gross Leasable Area 12 QUALITY 391.1 k sqm (GLA) RETAIL PARKS 94.0% Occupancy Rate 4 MODERN 9.9 years WAULT LOGISTICS CENTERS(1) 59.2 k sqm Remaining Buildable Area (1) 3 logistics centers operating in Elefsina and Viotia and 1 under construction in Aspropyrgos 8
Slide 9: Gross Yield and Performance
AND PERFOMANCE 7.8% Gross Yield(1) Fair value per asset category + 11.4% H1 2025: €235.3 mn Total Sales Logistics Centers vs H1 2024 : €211.1 mn 9,7% (€50.1mn) +4.6% H1 2025: €218.9 mn Total Sales L2L vs Η1 2024: €209.2 mn +12.9% Η1 2025: 10.3 mn No of visits Retail Parks 90,3% vs Η1 2024: 9.1 mn (€
Slide 10: Reliable and Strong Tenants
RELIABLE AND STRONG TENANTS 10
Slide 11: Applying Sustainability Commitments – PV Panels in All Our Roofs
APPLYING SUSTAINABILITY COMMITMENTS – PV PANELS IN ALL OUR ROOFS. Top Parks Patra(1) Top Parks Piraeus (operating since November 2024) The photovoltaics panels installation is for 769kWP The photovoltaics panels installation is for 361kWp • Annual Production: 1,041,000 ΚWh • Annual Production: 515,8
Slide 12: Super Fast EV Charging Stations in All Our Parks
AND SUPER FAST EV CHARGING STATIONS IN ALL OUR PARKS. Top Parks Patra Thessaloniki Retail Park Top Parks Piraeus 15 chargers – 1,362kW 7 chargers – 564kW 7 chargers – 564kW Top Parks Larissa Top Parks Heraklion Top Parks Ioannina 6 chargers – 776kW 10 chargers – 892kW 6 chargers – 776kW 12
Slide 13: Company Milestones
COMPANY MILESTONES. ATHEX listing Signing of the preliminary notarial (IPO) deed for the acquisition of divided horizontal properties, from the Additional participation of company HELLINIKON S.M.S.A. , License to operate as a Participation of Latsco Family regarding the development of the Autohellas
Slide 14: Shareholder structure
2. Shareholder structure
Slide 15: Strong and Reliable Shareholders
STRONG AND RELIABLE SHAREHOLDERS (1) . (1) Based on data 01.09.2025. 15
Slide 16: Trade Estates Share – Trades at 33% Discount on NAV
TRADE ESTATES SHARE (1) – CURRENTLY TRADES AT 33% DISCOUNT ON NAV. Share Capital € 192.846.034 ISIN GRS534003009 No of Shares 120.528.771 Reuters: TRESTATESr.AT Nominal Value € 1,60 Tickers Market Capitalization(1) €210.322.705 Bloomberg: TRESTATE:GA Market Price(1) € 1,75 Market Segment Main Market
Slide 17: Financial Highlights H1 2025
3. Financial Highlights H1 2025
Slide 18: Milestones H1 2025
MILESTONES H1 2025. February 2025: Participation of Trade Estates in the FTSE Russell Microcap and Total Cap Indexes. April 2025: New hedging agreement with National Bank of Greece (NBG). IKEA store opening in Top Parks Heraklion Crete. May 2025: Completion of Spata plot sale agreement
Slide 19: Strong Financial Performance H1 2025
STRONG FINANCIAL PERFORMANCE H1 2025. Financial Results Total Gross Gross Rental Total Adjusted Adjusted Funds From Income(1) Income Net Income EBITDA Profit After Tax(2) Operations (FFO) €25.0 mn €19.9 mn €18.6 mn €16.0 mn €10.9 mn €9.9 mn +15.5% vs H1 2024 +11.7% vs H1 2024 +12.8% vs H1 2024 +13.8
Slide 20: Consistent Strong Growth H1 2022-2025
CONSISTENT STRONG GROWTH H1 2022-2025 . Adj. EBITDA(1) Total Gross Rental Income times x 2.25 times x 2.30 16.002 25.000 18.000 19.866 14.062 16.000 17.782 20.000 14.000 12.000 8.649 15.000 10.774 10.000 6.972 8.817 8.000 10.000 6.000 4.000 5.000 2.000 0 0 30/6/2022 30/6/2023 30/6/2024 30/6/2025 30/
Slide 21: Consistent Strong Growth From Inception to Date
CONSISTENT STRONG GROWTH FROM INCEPTION TO DATE. Net Asset Value (NAV) ΝAV per share times x 1.70 350,0 313,4 3,00 times x 1.70 311,9 298,4 2,59 2,60 300,0 2,48 2,50 250,0 225,0 1,87 210,9 2,00 1,75 196,1 1,63 200,0 184,9 1,53 1,50 150,0 1,00 100,0 0,50 50,0 0,0 0,00 31.12.2021 30.06.2022 31.12.2022
Slide 22: Debt Profile H1 2025
DEBT PROFILE H1 2025. 1 Total Debt(1) 2 Cash & Cash 3 Total Equivalents Net Debt €271.9 mn €24.9 mn €247.0 mn vs ΥΕ 2024 €265.6 mn vs YE 2024 €26.9 mn vs YE 2024 €238.7 mn AA ICAP CRIF CREDIT RATING(3) Current Cost of 4 Net Loan to Value (2) (Net LTV) 5 Loan Maturity 6 Financing(4) 43.99 % 3.06% 7,6
Slide 23: Investment Pipeline
é.. Investment Pipeline
Slide 24: Solid Investment Pipeline
Total Investments 2024 - 2028 SOLID 93,2 (amounts in € mn) INVESTMENT 52,3 51,3 PIPELINE 24,5 28,3 OF €250 mn 2024 - 2028 up to H1 2025 H2 2025 FY 2026 FY 2027 FY 2028 24 (1) The amounts refer to CAPEX and/or the acquisition of land plots and/or the acquisition of shares in companies developing inve
Slide 25: Remaining Agreed Investment Plan by YE2028
REMAINING AGREED INVESTMENT PLAN BY YE2028. Estimated Gross Asset Gross Asset Investment Plan Value 31.12.2028 Value(1) Cost 30.06.2025 H2 2025-2028 € 720.0 mn - €760.0 mn € 561.4 mn € 156,4 mn (Revaluations gains/losses 2025-2028 are also included)(2) GROSS ASSET VALUE GROWTH + 31.8% (1) The GAV in
Slide 26: Debt, finance cost & hedging
5. Debt, finance cost & hedging
Slide 27: Financial Cost Evolution
FINANCIAL COST EVOLUTION Current cost of financing/Weighted aver. finance cost 5,50% 4,78% 4,60% 4,66% 4,22% 4,54% 4,31% 4,50% 4,11% 4,60% 4,20% 4,59% 4,39% 4,27% 4,27% 4,21% 4,14% 3,41% 3,50% 3,41% 3,74% 3,41% 3,06% 2,50% 31.03.2023 30.06.2023 30.09.2023 31.12.2023 31.03.2024 30.06.2024 30.09.2024
Slide 28: H1 2025 vs Guidance 2025
6. H1 2025 vs Guidance 2025
Slide 29: Guidance 2025
GUIDANCE 2025. Gross Rental Adjusted Funds From Operation Income EBITDA(1) FFO €40.0 mn €31.3 mn €16.5 mn up to 6.5% up to 4.1% up to 8.5% vs FY 2024 vs FY 2024 vs FY 2024 (1) Revaluation gain/(losses) and LTI program ’24/ Founder’s Grant ’23 are excluded. 29
Slide 30: Confirmed by H1 2025 Results
CONFIRMED BY H1 2025 RESULTS. Gross Rental Adjusted Funds From Operation Income EBITDA(1) FFO €19.9 mn €16.0 mn €9.9 mn 50% 51% 60% achievement achievement achievement (1) Revaluation gain/(losses) and LTI program ’24 30
Slide 31: Thank You
THANK YOU www.trade-estates.com Follow us …..
Slide 32: Appendices
7. Appendices
Slide 33: Appendix 1 | Financial Statements
Appendix 1 | Financial Statements
Slide 34: H1 2025 Consolidated P&L
Η1 2025| CONSOLIDATED P&L. Group Company Amounts in thousands euros 30.06.2025 30.06.2024 30.06.2025 30.06.2024 Rental income from investment property 19.867 17.782 6.102 4.500 Other Income 5.131 3.850 1.503 770 Revenue 24.998 21.632 7.605 5.270 Net gain from the fair value adjustment of investment
Slide 35: H1 2025 Consolidated Balance Sheet
H1 2025| CONSOLIDATED BALANCE SHEET. Group Company Shareholders Equity Movement Amounts in thousands euros 30.06.2025 31.12.2024 30.06.2025 31.12.2024 Description Amount in € Property plant and equipment 600 659 439 501 Shareholders Equity 31.12.2024 311.886 Right of use assets 1.122 951 1.122 951 P
Slide 36: Appendix 2 | Our Portfolio
Appendix 2 | Our Portfolio a a cettates
Slide 37: Our Portfolio (1/3)
OUR PORTFOLIO (1/3). Top Parks Top Parks Retail Park Retail Park Smart Park Retail Park Rentis Piraeus Patras Chalandri Florida 1 GAV(1) €141.25 mn €31.90 mn €26.95 mn €14.01 mn €7.70 mn €62.97 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 12.8 sqm 13.7 sqm
Slide 38: Our Portfolio (2/3)
OUR PORTFOLIO (2/3). Top Parks Top Parks Top Parks Top Parks Retail Park Retail Park Heraklion Larisa Ioannina Thessaloniki Cyprus Bulgaria GAV(1) €16.68 mn €11.11 mn €21.22 mn €50.45 mn €34.41 mn €48.14 mn GLA(2) 10.6 sqm 27.2 sqm 40.1 sqm 24.1 sqm 39.1 sqm 20.3 sqm GLA(2) (main use) 10.3 sqm 20.1
Slide 39: Our Portfolio (3/3)
OUR PORTFOLIO (3/3). Logistics Center Logistics Center Logistics Center Schimatari Oinofyta Elefsina GAV(1) €29.52 mn €11.13 mn €9.41 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 Building - 15.5 sqm 19.5 sqm
Slide 40: GAV Evolution YE 2021 – H1 2025
GAV EVOLUTION YE 2021 – H1 2025. Gross Asset Value YE 2021 - H1 2025 561.395 541.531 486.024 300.134 216.519 31.12.2021 31.12.2022 31.12.2023 31.12.2024 30.06.2025 Acquisition of FLORIDA1 Retail Park in Acquisition of the remaining 50% shares of Completion of the new Retail Park in Completion of the
Slide 41: Appendix 3 | Investment Pipeline
Appendix 3 | Investment Pipeline
Slide 42: Investment Pipeline 2028
INVESTMENT PIPELINE 2028 . Aspropyrgos Hellinikon Elefsina Top Parks Logistics Center Retail Park Logistic Center Heraklion 2 Type of Asset Logistics Center Retail Park Logistics Center Retail Park Current Status Under Construction In Maturity In Maturity In Maturity Land Plot 110.0 sqm 27.1sqm 106.
Slide 43: 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 31.12.2024 Η1 2025 Η2 2025 - YE 2025 2026 2027 2028 Total Paid Amount H2 2025- 2028 Total Approved Total Project Plot/Shares CAPEX Plot/Shares CAPEX Plot/Shares CAPEX Plot/Shares CAPE
Slide 44: Appendix 4 | Total Debt & Cost Evolution
Appendix 4 | Total Debt & Cost Evolution
Slide 45: Total Debt & Cost Evolution
TOTAL DEBT & COST EVOLUTION. TOTAL DEBT AND COST AS AT 30.06.2024 Euribor Entity Bank Type of Loan 3m/Applied Spread Total Cost Amount Interest Rate 1,38%* 1,90% 3,28% 75.000.000,00 Alpha Bank Bond 3,71% 1,90% 5,61% 10.000.000,00 Trade Estates REIC Eurobank Bond 2,4%** 1,90% 4,30% 65.673.664,00 NBG
Slide 46: Hedging Facilities as at 30.06.2025
HEDGING FACILITIES AS AT 30.06.2025. Hedging Facilities I. IRS: Fixed vs 3M Euribor II. IRS: Fixed vs 3M Euribor III. IRS: Fixed vs 3M Euribor (NEW) Bank NBG Bank Alpha Bank Bank NBG Tenor 1 + 5 Years (Forward starting 28.02.2023) Tenor 5 Years Tenor 3 Years Notional Amount 75.000.000 Notional Amoun
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