Trade Estates Real Estate Investment Company · ATHEX:TRESTATES
Trade Estates Real Estate Investment — Shareholder Meeting (June 2025)
50 slides from Trade Estates Real Estate Investment's shareholder meeting presentation, Jun 13, 2025
Slide 1: Corporate Presentation Financial Results Prospectives
CORPORATE PRESENTATION FINANCIAL RESULTS PROSPECTIVES www.trade-estates.com June 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: Serving Modern Retail End-to-End
SERVING MODERN RETAIL END-TO-END. 3
Slide 4: Table of Contents
TABLE OF CONTENTS 01 Trade Estates today 06 Prospectives (Guidance) 2025 02 Financial Highlights 2024 07 Our Position 03 Investment Pipeline 08 Shareholder Structure 04 Financial Highlights Q1 2025 09 Appendices 05 Debt, finance cost & hedging
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 31.12.2024 €47.6 mn GLA (in thousands) Fair Value (%) 9.4% 62.3 sqm Fair Value 31.12.2024 €112.2 mn Fair Value (%) 22.0% Viotia – 2 Logistics Centers 1 GL
Slide 8: With Strong Features
WITH STRONG FEATURES 12 QUALITY RETAIL PARKS Gross Leasable Area 391.1 k sqm (GLA) 94.4% Occupancy Rate 4 MONDERN 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: Quality Retail Parks and Performance
AND PERFOMANCE 7.6% Gross Yield 12 QUALITY RETAIL PARKS + 7.4% 2024: €479.9 mn Total Sales vs 2023 : €447.0 mn +4.3% 2024: €456.7 mn Total Sales L2L vs 2023: €437.9 mn 4 MONDERN +11.3% LOGISTICS CENTERS(1) 2024: 20.8 mn No of visits vs 2023: 18.7 mn +9.3% 2024: 20.4 mn No of visits L2L vs 2023: 18.7
Slide 10: Applying Sustainability Commitments
APPLYING SUSTAINABILITY COMMITMENTS. Solar Panels on rooftops At Top Parks Piraeus we have installed photovoltaic panels which cover the 23.72% of its annual consumption. In addition, at our new Top Parks in Total Annual Patra we harnessing the power of the sun with covered parking lot of 370 Consum
Slide 11: Financial Highlights 2024
2. Financial Highlights 2024
Slide 12: Milestones 2024
MILESTONES 2024. January 30th , 2024: Meeting with Prime Minister Kyriakos Mitsotakis at Maximos Mansion, for presenting the investment in the construction of the International Distribution Center of InterIkea in Aspropyrgos.. July 31st, 2024: An amended of the initial business agreement, dated
Slide 13: Strong Financial Performance 2024
STRONG FINANCIAL PERFORMANCE 2024. Financial Results Funds From Total Gross Gross Rental Total Adjusted Adjusted Operations (FFO) Income Income Net Income EBITDA(1) Profit After Tax(1) €46.2 mn €37.5 mn €34.8 mn €30.1 mn €13.1 mn €15.2 mn +73.1% vs FY 2023 +56.9% vs FY 2023 +58.4% vs FY 2023 +65.0%
Slide 14: Outperformance of Guidance 2024
OUT PERFORMANCE“GUIDANCE” 2024. Gross Adjusted Funds From Rental Income EBITDA(1) Operation (FFO) Guidance 2024 Guidance 2024 Guidance 2024 €25 mn - €26 mn € 11 mn– 12 mn €33 mn - €35 mn €37.5 mn €30.1 mn €15.2 mn 110.3 % 118.7 % 132.1 % achievement achievement achievement (1) Revaluation gains/loss
Slide 15: Investment Pipeline
3. Investment Pipeline
Slide 16: Strong Growth: Investments 2024-2028
Total investments 2024 - 2028 per year(1) STRONG (amounts in € mn) 76,6 GROWTH 47,8 48,2 INVESTMENTS OF €250 mn 2024 - 2028 32,9 28,3 16,1 31.12.2024 Q1 2025 Q2 - Q4 2025 FY 2026 FY 2027 FY 2028 16 (1) The amounts refer to CAPEX and/or the acquisition of land plots and/or the acquisition of shares i
Slide 17: Based on the Agreed Investment Plan 2025-2028
BASED ON THE AGREED INVESTMENT PLAN 2025-2028. € 541.5 mn € 720.0 mn - € 172,2 mn Gross Asset Investment Plan €760.0 mn Value(1) Cost Estimated Gross Asset 31.12.2024 2025-2028 Value 31.12.2028 (Revaluations gains/losses 2025-2028 are also included)(2) + 36.7% (1) The GAV includes: fair value of inv
Slide 18: Ongoing Investment Plan
ONGOING INVESTMENT PLAN. Schimatari Top Parks Heraklion Elefsina Hellinikon Top Logistic Center 2 Logistic Center Parks 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 50.0 sqm 106.0 sqm
Slide 19: Financial Highlights Q1 2025
4. Financial Highlights Q1 2025
Slide 20: Financial Highlights Q1 2025
FINANCIAL HIGHLIGHTS Q1 2025- CONFIRMATION OF POSITIVE PERFORMANCE. Financial Results Funds From Total Gross Gross Rental Total Adjusted Adjusted Operations (FFO) Income Income Net Income EBITDA(1) Profit After Tax(1) €12.2 mn €9.8 mn €9.1 mn €7.9 mn €4.1 mn €4.6 mn +10.5% vs Q1 2024 +6.81% vs Q1 20
Slide 21: Debt Profile Q1 2025
DEBT PROFILE Q1 2025. 1 Total Debt(1) 2 Cash & Cash 3 Total Equivalents Net Debt €270.7 mn €25.9 mn €244.8 mn vs ΥΕ 2024 €265.6 mn vs YE 2024 €26.9 mn vs YE 2024 €238.7 mn 4 5 6 Current Cost of Net Loan to Value (2) Loan Maturity Financing(3) (Net LTV) 44.39 % 3.41% 8,2 years vs YE2024 44.08% vs YE2
Slide 22: Debt, finance cost & hedging
5. Debt, finance cost & hedging
Slide 23: Financial Cost Evolution
FINANCIAL COST EVOLUTION Current cost of financing/Weighted aver. finance cost 5,50% 4,78% 4,66% 4,22% 4,60% 4,31% 4,54% 4,50% 4,11% 4,60% 4,59% 4,20% 4,39% 4,27% 4,27% 4,23% 4,14% 3,50% 3,74% 3,41% 2,50% 31.03.2023 30.06.2023 30.09.2023 31.12.2023 31.03.2024 30.06.2024 30.09.2024 31.12.2024 31.03.2
Slide 24: Prospectives (Guidance) 2025
6. Prospectives (“Guidance”) 2025
Slide 25: Prospectives (Guidance) 2025
PROSPECTIVES (“GUIDANCE”) 2025. €40.0 mn €31.3 mn €16.5 mn Gross Rental Adjusted Funds From Operation Income EBITDA(1) FFO up to 6.5% up to 4.1% up to 8.5% vs YE 2024 vs YE 2024 vs YE 2024 (1) Revaluation gain/(losses) are excluded. 25
Slide 26: Our position
7. Our position
Slide 27: Our Position
OUR POSITION . Gross Asset Value Net Asset Value Market (GAV) (NAV) 31/12/2024 Capitalization (1) € 311.9 mn € 541.5 mn € 204.9 mn Higher : €1,478.9 mn Lower : €117.1 mn Higher : € 2,128.4 mn Lower: € 117.2 mn 4η Higher : € 1.571.3 mn Lower : € 119.4 mn Dividend Share Liquidity(2) P/FFO Yield(3) (5m
Slide 28: Shareholder structure
8. Shareholder structure
Slide 29: Free Float Enhancement
FREE FLOAT ENHANCEMNT. 63.31% 5.00% 2.50% 0.55% 5.19% 2.76% Institutional Non - Management Investors Institutional Investors 47.32% The private placement took place at a price of €1.50 per share and achieved an oversubscription rate of 116.5%. 29
Slide 30: Strong and Reliable Shareholders
STRONG AND RELIABLE SHAREHOLDERS (1) . Management 0,97% Fourlis Group 47,32% Free Float 30,72% Latsco Family Office 8,11% Autohellas 12,88% (1) Based on data 30/05/2025 30
Slide 31: Trade Estates's Share
TRADE ESTATES’s SHARE (1). Share Capital € 192.846.034 ISIN GRS534003009 No of Shares 120.528.771 Reuters: TRESTATESr.AT Nominal Value € 1,60 Tickers Market Capitalization(1) €204.898.911 Bloomberg: TRESTATE:GA Market Price(1) € 1,70 Market Segment Main Market NAV 31.03.2025 € 316.117.720 Sector/Sub
Slide 32: Proposal for Share Buyback Program
PROPOSAL FOR SHARE BUYBACK PROGRAM (1). KEY FEATURES: Purpose of the program: To enable each legally permissible use, including, but not limited to, the reduction of share capital and the cancellation of treasury shares acquired by the Company, as well as their allocation to employees and/or membe
Slide 33: Thank You
THANK YOU FOR YOUR NICE ATTENTION www.trade-estates.com Follow us …..
Slide 34: Appendices
9. Appendices
Slide 35: Appendix 1
Appendix 1 - a cettates
Slide 36: FY 2024 Consolidated P&L
FY 2024| CONSOLIDATED P&L. (amounts in € thousands) FY 2024 FY 2023 Delta in € Delta in % Total Gross Income (1) 46.194 26.688 19.506 73,09% Gross Income 38.105 23.915 14.190 59,34% Gross Rental Income 37.522 23.915 13.607 56,90% Base Rent 34.057 23.055 11.002 47,72% Turnover Rent 3.464 860 2.604 30
Slide 37: YE 2024 Consolidated Balance Sheet
YE 2024 | CONSOLIDATED BALANCE SHEET. Description (amounts in € thousands) YE 2024 YE 2023 Delta in € Delta in % Property, Plant and Equipment 659 442 217 49,1% Right of Use Asset 951 242 709 292,6% Investment Properties* 534.364 492.091 42.274 8,6% Investment on Subsidiaries 9.957 5.136 4.821 93,9%
Slide 38: Appendix 2
Appendix 2 - a cettates
Slide 39: 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) €138.00 mn €31.71 mn €26.16 mn €14.00 mn €7.7 mn €62.34 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 40: 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) €15.53 mn €11.14 mn €21.06 mn €49.90 mn €34.16 mn €47.59 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 41: Our Portfolio (3/3)
OUR PORTFOLIO (3/3). Logistics Center Logistics Center Logistics Center Fair value per asset category(%) Schimatari Oinofyta Elefsina Logistics Centers GAV(1) €29.15 mn €10.99 mn €9.24 mn 10% 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
Slide 42: Appendix 3
Appendix 3 - a cettates
Slide 43: Investment Plan Outflow 2025-2028
INVESTMENT PLAN OUTFLOW 2025-2028 . Total To Be Paid amounts in € mn Up to 31.12.2024 Up to Q1 2025 Q2 2025 - YE 2025 2026 2027 2028 Total Paid Amount Q2 2025- 2028 Project Total Budget Plot/Shares CAPEX Plot/Shares CAPEX Plot/Shares CAPEX Plot/Shares CAPEX Plot/Shares CAPEX Plot/Shares CAPEX Plot/S
Slide 44: Secured Financing 2025-2028
SECURED FINANCING 2025-2028. amounts in € mn Cash Flows 2025 - 2028 Projects under RRF finance Terms: Cash and Cash Equivalents 26,9 - Top Parks Patra Total Debt 265,6 - Top Parks Heraklion Net Debt 238,7 - Aspropyrgos Logistics Center – InterIkea YE 2024 GAV(1) 541,5 - Top Parks Heraklion 2 Net LTV
Slide 45: Appendix 4
Appendix 4 - a cettates
Slide 46: Total Debt & Cost Evolution
TOTAL DEBT & COST EVOLUTION. TOTAL DEBT AND COST AS AT 31.03.2024 Euribor Entity Bank Type of Loan 3m/Applied Spread Total Cost Amount Interest Rate Bond 1,38%* 1,90% 3,28% 75.000.000 Alpha Bank Bond 3,81% 1,90% 5,71% 10.000.000 Trade Estates REIC Eurobank Bond 2,4%** 1,90% 4,30% 66.197.655 NBG Bond
Slide 47: Hedging Facilities as at 31.03.2025
HEDGING FACILITIES AS AT 31.03.2025. 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
Slide 48: Appendix 5
Appendix 5 - a cettates
Slide 49: Strong Growth: NAV, GAV and Dividend
STRONG GROWTH. Net Asset Value (NAV) ΝAV / share 350,0 times x 1.69 311,9 3,00 times x 1.69 298,4 2,59 300,0 2,48 2,50 250,0 225,0 210,9 2,00 1,87 196,1 1,75 200,0 184,9 1,63 1,53 1,50 150,0 100,0 1,00 50,0 0,50 0,0 31.12.2021 30.06.2022 31.12.2022 30.06.2023 31.12.2023 31.12.2024 0,00 31.12.2021 30
Slide 50: Strong Growth: FFO, EBITDA, Rental Income
STRONG GROWTH. Funds From Operations Adj. EBITDA (1) (FFO) 35.000 30.078 times x 1.54 15.227 16.000 30.000 14.000 25.000 12.000 9.873 18.238 8.910 20.000 14.578 10.000 8.000 5.414 15.000 6.000 5.908 10.000 4.000 2.000 5.000 0 31/12/2021 31/12/2022 31/12/2023 31/12/2024 0 31/12/2021 31/12/2022 31/12/
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