Noval Property Real Estate Investment Company · ATHEX:NOVAL

Noval Property Real Estate Investment — Investor Presentation (November 2025)

32 slides from Noval Property Real Estate Investment's investor presentation, November 2025

  1. Slide 1: Corporate Presentation November 2025

    Corporate Presentation November 2025 0

  2. 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

  3. Slide 3: Table of Contents: Company Overview

    Table of Contents 1 Company Overview 2

  4. Slide 4: Company at a Glance

    Company at a Glance Business Overview Key Portfolio Metrics(3) Key Financials(3) A dynamically growing and well-diversified Real Estate Investment Company1 that aims to offer investors both capital growth potential and an attractive dividend yield €679mn €533mn (FY 2024: €519mn) GAV (2) NAV Ideally

  5. Slide 5: Key Milestones

    Key Milestones €21mn Share Capital Mandra Logistics Increase through in-kind Centre, Attica 15.10.2019 contribution of assets and Mare West Retail Park, Establishment of legal entities that hold real IKEA Megastore, Corinth NOVAL PROPERTY REIC estate assets Athens K29 Apartment Hotel, Athens Merger

  6. Slide 6: Continue to enhance Rental and Capital value

    Continue to enhance Rental and Capital value H1 2025 Highlights Robust Investment & Development Program • Registered a 5% growth of portfolio’s Gross Asset Value in the first six months of 2025, through the execution of our development program (€17.7mn in CAPEX) and active asset management (€13.0mn

  7. Slide 7: Table of Contents: Financial Performance and Capital Structure

    Table of Contents 1 2 Financial Performance and Capital Structure 6

  8. Slide 8: Double-digit Growth Across All Financial Metrics

    Double-digit Growth Across All Financial Metrics € mn 33,4 29,3 +1,8 +1,6 +3,8 24,9 +11% +17% +120% 20,6 17,7 17,8 15,9 15,9 13,9 12,8 11,0 10,9 9,7 9,4 7,2 6,3 7,0 5,0 4,4 3,8 3,2 Rental Revenue Adj. EBITDA FFO 2020 2021 2022 2023 2024 H1 2024 H1 2025 Increasing Rental Driven by: Consistently growi

  9. Slide 9: Double-digit Growth Across All Financial Metrics

    Double-digit Growth Across All Financial Metrics Gross Asset Value (GAV) Net Asset Value (NAV) 800 € mn € mn 648,3 679,0 600 519,1 533,2 700 571,2 500 427,4 600 486,4 365,9 500 400 4,22 € / share 413,3 314,9 3,18 3,40 3,98 4,11 400 364,6 281,9 2,85 298,5 300 253,7 2,81 300 200 200 100 100 0 0 31.12.

  10. Slide 10: Capital Structure

    Capital Structure NOVAL PROPERTY’s Shareholder Structure(2) Debt Key Figures(1) Other (in € mn unless otherwise stated) 15,1% Cash and Cash equivalents 57.3 Free-Float 15,6% Viohalco Investment Property 647.6 direct 61,8% Right-of-Use asset 2.7 Viohalco indirect Loan and Participation in JV 40.3 7,5

  11. Slide 11: Table of Contents: Portfolio Overview

    Table of Contents 1 2 3 Portfolio Overview 10

  12. Slide 12: 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) High yield returns from our income-producing asset classes Disciplined allocation across asset classes to maintain portfolio balance Shopping Centers Other R

  13. Slide 13: 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 WAULT per Asset Class (yrs) (1,2,3) % Occupancy Rate per Asset Class(2) Expirations (as a % of total)(1) 56,1% 11,7 100,0% 100,0% 98,8% 100,0% 93,0% 9,1 7,0 41,4% 3,7 4,1 3,1 7,0% 10,2% 10,0%

  14. Slide 14: Selected Income-producing Properties

    Selected Income-producing Properties Sustainable Buildings River West* IKEA Mare West The Orbit The Butterfly Mandra Wyndham Athens Athens Corinth Athens Athens Attica Grand Athens 5* (Hotel) BREEAM In- LEED Platinum LEED Gold LEED Gold Environmental Use certification Commercial V6 GAV(1) €121.9mn €

  15. Slide 15: Projects in Progress (1/2)

    Projects in Progress (1/2) Description Development of an office campus (through the JV “The Grid S.A.”) GBA Est. CAPEX GLA c. 61.520 sqm c. €55mn 28.441 sqm + 577 parking spaces 10-12, Chimarras str., Marousi, Athens Expected Certification LEED Platinum / Energy Performance Certificate (Highest leve

  16. Slide 16: Projects in Progress (2/2)

    Projects in Progress (2/2) Description Renovation / refurbishment of an existing office building GBA Est. CAPEX GLA 6.678 sqm c. €14mn 4.354 sqm + 31 parking spaces 199, Kifissias Ave. Marousi, Athens Expected Certification LEED Gold / Operationally Decarbonized/ Energy Performance Certificate (High

  17. Slide 17: Table of Contents: Sustainability Initiatives

    Table of Contents 1 2 3 4 Sustainability Initiatives 16

  18. Slide 18: 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 sustainably ce

  19. Slide 19: The road to a sustainable and resilient Portfolio

    The road to a sustainable and resilient Portfolio Income producing assets Income producing assets as at 30.06.2025 12-month projection Sustainable Sustainable Assets Assets Other 40% 46% 60% GAV(1) Sustainable total properties1 projected to grow by Other GAV(1) €532 mn 30% in terms of total portfoli

  20. Slide 20: Sustainability Initiatives

    Sustainability Initiatives Social Environment  Our people are our greatest asset. We are  Four assets with a total GLA of 42,000 sqm are committed to fostering a safe, diverse, inclusive, certified with LEED or BREEAM and equitable workplace  Among various social responsibility actions, the compa

  21. Slide 21: Table of Contents: Market Outlook and Future Prospects

    Table of Contents 1 2 3 4 5 Market Outlook and Future Prospects 20

  22. Slide 22: Positive Trends in Greek Economic Conditions

    Positive Trends in Greek Economic Conditions GDP & Inflation (%) GGB Yield (10Y) 15,00% Greek economy upgrades 8,7% 9,3% 9,0% 4,2% 10,00% 20% 3,0% 2,4% 5,7% 2,1% 2,0% 2,0% 2,0% 1,1% 0,0% 0,0% 2,0% 5,00% 18% Fitch S&P S&P -1,3% 16% BBB- BBB Affirmed 4,0% 2,3% 2,3% 2,3% 2,0% 1,8% 0,00% 1,5% 2,1% 0,0%

  23. Slide 23: Real Estate Market in Greece

    Real Estate Market in Greece Prime Office - Rents and Vacancy Rates Noval Property vs Prime Office Yields(2) € 40,0 20,0% (selected markets) 15,0% 5,7% 5,7% 14,0% 14,0% 24,0 28,0 29,5 30,0 € 30,0 25,0 15,0% 4,8% 5,0% 4,8% 4,3% 17,0 18,5 € 20,0 12,0% 10,0% 10,0% 10,7% 10,7% € 10,0 5,0% 2,7% 2,5% 2,2%

  24. Slide 24: We continue our steady growth while shaping the future

    We continue our steady growth while shaping the future Outlook in numbers Growth catalysts FY 2025: FY 2025:  Consumer sales of our retail assets continue to grow Rental Revenue A-EBITDA  Extending leases with more favorable terms €36 – €38mn €22 – €24mn  Further decrease of interest rates (FY 20

  25. Slide 25: Table of Contents: Appendix

    Table of Contents 1 2 3 4 5 6 Appendix 24

  26. Slide 26: 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 30.06.2025 Assets Non-current assets Investment property 377.028 416.293 483.963 557.312 616.703 647.616 Property and equipment 539 663 746 835 799 1.089 Rights of use 2.596

  27. Slide 27: 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 – 30.06.2025 Continuing Operations Revenue 13.876 15.937 24.880 29.339 33.417 17.661 Net gain / (loss) from fair value adjustment of investment

  28. Slide 28: 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 30.06.2025 Shareholders’ Equity 253.688 281.920 314.904 365.854 427.390 519.099 533.195 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

  29. Slide 29: Analysis per Type of Asset

    Analysis per Type of Asset Number of Fair Value as Annualized G.L.A. WAULT Gross yield Occupancy (in '000 €)* Properties at % of total (3) % of total rental income as % of total WAULT (years) (8) WAULT (years) (8) (1) 30.06.2025(2) (sq.m.) at 30.06.2025 (4) (years) (8) (%) (5) rate (%) (6) based on

  30. Slide 30: Geographical Sector Analysis & Gross Asset Value

    Geographical Sector Analysis & Gross Asset Value Annualized Number of Fair Value at G.L.A. (sq.m.) Occupancy *Any deviations in the totals are due to rounding (in '000 €) (1) % of total (2) % of total Rental Income % of total Properties 30.06.2025 (3) rate (4) Source: Company data Notes: (1) Represe

  31. Slide 31: 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 (

  32. Slide 32: Follow us…

    Follow us… www.noval-property.com31

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