Noval Property Real Estate Investment Company · ATHEX:NOVAL
Noval Property Real Estate Investment — Noval Property — H1 2025 Earnings Presentation
31 slides from Noval Property Real Estate Investment's earnings presentation, September 2025
Slide 1: H1 2025 Financial Results
H1 2025 Financial Results | NOVAL PROPERTY re: purpose growth
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
Slide 3: Table of Contents: H1 2025 Highlights
Table of Contents 1 H1 2025 Highlights 2
Slide 4: Highlights
Highlights H1 2025 Key Highlights Key Portfolio Metrics(3) Key Financials(3) Progressing on our development program with the completion of two new properties: i) a mixed-use building, €679mn €533mn (YE 2024: €519mn) GAV (2) NAV ‘Ardittos House’, at 40-42 Ardittou str., located in Mets, Athens and
Slide 5: Table of Contents: Business Model and Strategy
Table of Contents 1 2 Business Model and Strategy 4
Slide 6: Business Model and Strategy: Who we are, Our Strategy
Business Model and Strategy Who we are Our Strategy A fully-integrated operating platform managed by a highly- experienced management team Execute on our exceptional captive pipeline of development projects Ideally positioned to capitalize on Greece's real estate market prospects, having a captive p
Slide 7: Table of Contents: Financial Results and Capital Structure
Table of Contents 1 2 3 Financial Results and Capital Structure 6
Slide 8: H1 2025 Financial Results
Η1 2025 Financial Results Rental Revenue € mn Significant growth in rental revenue in H1 2025 vs. H1 2024 (+11%), primarily driven by strong performance of the retail asset class +1.8 40,0 33,4 29,3 +11% (+€0.8mn vs. H1 2024), followed by the office asset class (+€0.4mn 30,0 24,9 15,9 17,7 vs. H1
Slide 9: H1 2025 Financial Results: GAV and NAV
Η1 2025 Financial Results Gross Asset Value (GAV) +30.7 Investment portfolio grew by €30.7mn in H1 2025 (+5% vs. € mn +77.1 31.12.2024) mainly driven by capital expenditure of €17.7mn, +84.9 800 +73.1 fair value gains** of €13.0mn. This reflects the successful 648,3 679,0 700 +48.7 +66.1 571,2 imp
Slide 10: Capital Structure
Capital Structure Debt Key Figures(1) NOVAL PROPERTY’s Shareholder Structure (in € mn unless otherwise stated) Other 15,1% Cash and Cash equivalents 57.3 Investment Property 647.6 Free-Float 15,6% Viohalco Right-of-Use asset 2.7 direct 61,8% Loan and Participation in JV 40.3 Viohalco indirect Net As
Slide 11: Table of Contents: Portfolio Overview
Table of Contents 1 2 3 4 Portfolio Overview 10
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
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%
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 Aspropyrgos Grand Athens 5* (Hotel) BREEAM In- LEED Platinum LEED Gold LEED Gold Environmental Use WiredScore WiredScore WiredScore certifi
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
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
Slide 17: 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 sustainable ce
Slide 18: 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
Slide 19: Table of Contents: Greek Macro and Real Estate Market
Table of Contents 1 2 3 4 5 Greek Macro and Real Estate Market 18
Slide 20: 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% 3,0% 2,4% 20% 5,7% 2,1% 2,0% 2,0% 2,0% Fitch 1,1% 0,0% 0,0% 2,0% 5,00% 18% S&P Ba1 BBB- -1,3% 16% (Apr 24) (Jun 24) 4,0% 2,3% 2,3% 2,3% 2,0% 1,8% 0,00% 1,5% 2,1%
Slide 21: 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%
Slide 22: Mid-Year Momentum: Performance as of H1 2025 vs. Guidance 2025
Mid-Year Momentum: Performance as of H1 2025 vs. Guidance 2025 “At the halfway mark, we remain firmly on track to meet our 2025 targets” Rental Revenue a-EBITDA Growth catalysts €18mn (as of H1 2025) €11mn (as of H1 2025) (Guidance 2025: Consumer sales of our retail assets continue to grow (Guidan
Slide 23: NOVAL PROPERTY
NOVAL PROPERTY re: purpose growth
Slide 24: Table of Contents: Appendix
Table of Contents 1 2 3 4 5 6 Appendix 23
Slide 25: 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
Slide 26: 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
Slide 27: 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
Slide 28: 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
Slide 29: 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
Slide 30: 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 (
Slide 31: Follow us… www.noval-property.com
Follow us… www.noval-property.com30