Consolidated quarterly report of the Echo Investment Capital Group for Q1 2026

Financial report of Echo Investment S.A. and its Group

The 1st quarter of 2026

• Office House, Warszawa

Content

2

‌Message from CEO

Nicklas Lindberg

President of the Board, CEO

Dear Shareholders, Partners and Clients,

the first quarter of 2026 was a period of solid performance for Echo Group and consistent execution of our strategy focused on the disposal of fully commercialised assets, strengthening liquidity to be able to start further

projects in the office segment in central Warsaw. On the other hand, the market significance of our living projects is highlighted by the transaction involving the sale of approximately 5,300 Resi4Rent rental units, which is planned to close

by the end of May. This is the largest transaction of its kind in the history of the Polish PRS market, with a value exceeding PLN 2.4 billion, approximately EUR 575 million.

The living sector remains one of the key growth drivers for our Group. We are also strengthening our position in the private student housing segment in Warsaw, a market that has a lack of such product, through the development of the StudentSpace brand, responding to demand from both Polish and international students for high-quality living and study spaces. The projects currently under development in Warsaw will deliver 1,095 modern student beds, out of which 500 beds will be delivered in September this year.

In the first quarter of 2026, we also consistently expanded our portfolio of residential-for-sale projects under the Archicom brand. During the period, the Group sold 602 units and handed 730 apartments in Poland's largest cities that represents a 14% increase of sold units compared to same quarter last year.

We also continued the development of our office segment in prime locations.

In the first quarter of 2026, approx. 94,000 sqm of office space in our projects was in operation. We completed the Swobodna SPOT office building in Wrocław, delivering more than 16,000 sqm. At the same time, we are completing our ongoing project Wita in Kraków. We have started new office phases within the Towarowa22 project.

Taking advantage of continued investor activity in the commercial real estate market, we completed further transactions involving mature assets. Brain Park A in Kraków was sold to a new owner for EUR 34 million, and after the reporting period the sale of Brain Park B was finalised for EUR 40.3 million. As a result, we successfully completed the disposal process for the entire Brain Park complex.

The retail and service segment remains an important element of our strategy, strengthening the mixed-use destination model of projects such as Browary Warszawskie, Fuzja and Towarowa22. In the first quarter of 2026, we signed 11 new lease agreements with restaurants, cafés, service points and local retailers.

4 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST QUARTER OF 2026

At the end of the first quarter of 2026, the Group's asset value amounted to PLN 6.5 billion, while maintaining a strong cash position at PLN 389 million.

In February 2026, Echo Group on time redeemed Series L bonds with a nominal value of PLN 50 million, confirming the maintenance of a secure liquidity position and the consistent fulfilment of its financial obligations.

In the coming quarters of 2026, we will continue to consistently develop our operations, focusing on projects with the highest growth potential and on further strengthening the living segment, while building value for our shareholders.

The company started the year strongly, while both the office and living markets continue to grow, which is expected to positively impact results in the coming quarters.

Yours sincerely

Nicklas Lindberg

5 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST QUARTER OF 2026

The Echo Investment Group -

a leading player in the real estate sector in Poland

The Echo Investment Group is the only Polish entity with such extensive experience in the largest real estate market in Central and Eastern Europe. It is responsible for the entire investment process related to the execution of development projects.

As at 31 March 2026, the Capital Group comprised

136 subsidiaries consolidated using the full consolidation method and 58 jointly controlled entities consolidated using the equity method, including Archicom a nationwide residential developer, Resi4Rent a platform offering apartment subscription services, and CitySpace,

operating in the flexible office segment.In 2024, the StudentSpace private student housing concept was also launched in a joint venture with Signal Capital Partners and Griffin Capital Partners. In 2025, student accommodation facilities were delivered within the WITA mixed-use complex and at 29 Listopada Avenue in Kraków. Operations in the commercial real estate sector, as well as mixed-use destination projects, are carried out under the Echo Investment brand. One example is the Towarowa22 complex, where construction of the AFI

Tower residential building commenced in the first quarter.

Development driven by a profitable growth strategy

The Echo Investment Group's operations contribute to the development of the construction and real estate sector in Poland, whose size, along with cooperating industries, is estimated to account for up to 15% of GDP. Thanks to technological innovations and ecological solutions implemented in the Group's projects, it has a genuine impact on improving the quality of life in Poland and the competitiveness of the national and local economy.

Despite the volatile macroeconomic environment, in 2026, the Group has successfully continued to develop a sustainable project portfolio, strengthening its position in the residential sectors, while also exploring new areas in the living segment. Choices of both buyers and tenants shaped by changing lifestyles and work styles - greater mobility, hybrid working and a shift towards solutions that are safe for the environment and people - are positively influencing the demand and valuation of the Group's assets.

Echo Group's activities are also carried out in accordance with the ESG Strategy adopted in 2023, which outlines the Group's commitments and sets its sustainability priorities through 2030. It also contributes to the achievement of the 17 United Nations Sustainable Development Goals (SDGs).

In consideration of sustainable development and the needs of all stakeholders, the Echo Group regularly reports its goals and activities in the area of ESG. Its strategy is to constantly strive for the zero-carbon performance of its projects and to make a fundamental contribution to sound urban development.

The buildings stand out in terms of environmentally friendly solutions, including carbon footprint reduction, which is one of the main objectives of the Group's ESG strategy.

• Fuzja mixed-use complex, Łódź

  Q1 2026 in figures

  Echo and Archicom concluded 602 preliminary and developer agreements. The keys to 713 apartments were handed over to clients.

  A total of more than 93 thous. sq. m of space was leased in Echo Investment's office buildings.

  The construction of 16.1 thous. sq. m of office space in the Swobodna SPOT office building in Wrocław has been completed.

  Over 2.3 thous. Resi4Rent residential units intended for rental remain under construction.

  In 2026, the Group sold the commercial project Brain Park A. The transaction value amounted to EUR 34 million.

  
  
  ‌Management Report

  • CitySpace Rondo I, Warszawa

‌1.1 General information about the Company and its Group

The principal activity of the Echo Investment Group, hereinafter referred to in this report as the Echo Group, is the development and sale of residential projects, as well as the development, leasing and sale of office and retail properties, in addition to real estate trading.

The Echo Investment Group's hereinafter referred to in the report as the Echo Group, core activity consists of the construction and sale of residential buildings,

construction, lease and sale of office and retail buildings, as well as trade in real estate.

The parent company - Echo Investment S.A. with its headquarter in Kielce, at al. Solidarności 36 - was registered in Kielce on 30 June 1994 and is entered into the National Court Register under number 0000007025 by the District Court in Kielce, 10th Commercial Division of the National Court Register.

Since 5 March 1996, the Company's shares are quoted at the Warsaw Stock Exchange on the regulated market.

They are included into Warsaw Stock Exchange Index WIG, sWIG80 subindex as well as WIG-Real Estate

sector index. The main place where the Company runs its business is Poland. The parent entity is Lisala sp.

z o.o., and the parently company of the highest level of the group is Dayton-Invest Kft., which is controlled at the highest level by Tibor Veres. The Company was established for an indefinite period.

There have been no changes in the name of the reporting entity or other identifying data since the end of the previous reporting period.

Employment in the Echo Group as at 31 March 2026 amounted to 712 people, without conversion into full-time equivalents.

Whenever this document refers to the Echo Investment Group or the Echo Group it means the parent company Echo Investment S.A. with all subsidiaries, including Archicom S.A. and its subsidiaries. The term "Echo Investment" means the company Echo Investment S.A. with its subsidiaries, excluding Archicom S.A. and its subsidiaries. The term "Archicom Group" means only the company Archicom S.A. and its subsidiaries.

1996 r.

Echo Investment's debut on the WSE

KIELCE

9 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST QUARTER OF 2026

‌Management Board

Nicklas Lindberg

President of the Board, CEO

Rafał Mazurczak

Vice-President of the Board

Maciej Drozd

Vice President of the Board, CFO

Małgorzata Turek

Member of the Board

‌Supervisory Board

Noah M. Steinberg

Chairman of the Supervisory Board

Margaret Dezse

Independent Supervisory Board Member

Chair of the Audit Committee

Tibor Veres

Vice-Chairman of the Supervisory Board

Sławomir Jędrzejczyk

Independent Member of the Supervisory Board

Deputy Chairman of the Audit Committee

Maciej Dyjas

Member of the Supervisory Board

Bence Sass

Member of the Supervisory Board

Nebil Senman

Member of the Supervisory Board

Audit Committee Member

Balázs Gál

Member of the Supervisory Board

1.2 The Strategy of Profitable Growth

‌In 2016, the Management Board of Echo Investment prepared and introduced the "Strategy of Profitable Growth" with the approval of the Supervisory Board.

The strategic directions confirmed in 2020 place particular emphasis on the Group's development in the residential sector and increasing the importance of multifunctional, large projects "destinations".

Echo's strategy is based on the following pillars:

Leadership

Echo Group is one of the biggest real estate development company in terms of number of projects as well as its total area, operating in Poland. It is active in both sectors of real estate market: residential and commercial. In accordance with the Strategy of Profitable Growth, Echo Investment is going to be one of the leaders in residential and commercial market, what implies higher dynamics in residential. Big scale of activity allows for optimum use of resources.

Large destination projects

Echo Group's many years of experience in three real estate sectors gives a competitive advantage consisting in the ability to implement large, multifunctional and city-forming projects. Thanks to this, the Group can buy larger areas, with regard to which the unit price is lower and the competition among buyers is much smaller. Combining the functions provides for faster completion of the project and comprehensive design of the urban space.

Development activity

The focus of the adopted strategy model is on development activities, which include land acquisition, construction, lease, active management to increase the market value and then sale of finished project in optimal time for the possible return ratio, capital management, market expectations and trends. Commercial and residential properties under construction constitute majority of the group's assets. The majority of the Group's assets consist of residential and commercial properties under construction and in preparation.

Focus on Poland

It is the strongest economy and real estate market in the Central and Eastern Europe. Echo Investment, which has been operating on this market for two decades, knows perfectly its potential, background and principles of functioning. This is why the Company focuses on running projects in the most important Polish cities, which are

at the same time the most attractive and liquid real estate markets: Warszawa, Trójmiasto, Wrocław, Poznań, Katowice, Kraków and Łódź.

Strategic cooperation with reliable partners

Echo Group values long-term business relations with reliable partners, that created synergies for both sides. Development activities of Echo Group are complementary to these entities. Such cooperation facilitates expanding Echo's scale of operation, accelerates speed of projects implementation and limits risks. Echo Group assumes entering into joint-ventures for projects requiring significant capital expenditures,

providing its partners with services such as development, planning, leasing, accounting etc. Partners may also be offered by Echo with priority to acquire ready projects on market conditions. Material agreements between Echo Group and its partners need to be discussed and approved by the Supervisory Board.

1.3 Business model

‌Echo Group runs the entire investment process in-house, starting with acquisition of property, through obtaining administrative permits, financing and oversight of construction, to leasing, completion, active property management to increase its value, taking decision of sale and execution of this decision in optimal moment from return, cash management, expectation and market trends. These steps are taken in most cases through the special purpose vehicles (SPV). An increasingly significant part of the Group's operations involves carrying out projects for joint venture partners, which provides an additional source of revenue (a "development fee").

The core business of Echo Group falls into the following categories:

1. construction and sale of residential apartments,

2. construction, lease, active property management to increase its value and sale of commercial properties,

3. providing services of flexible office space leasing through the company CitySpace,

4. provision of services for other entities, such as Resi4Rent, StudentSpace and Towarowa22 (general contractor, development manager, leasing, consulting etc.),

5. Co-investing in joint venture projects: rental apartment buildings under the Resi4Rent brand, student housing within the StudentSpace platform, the Galeria Młociny shopping center in Warszawa, and the "destination" mixed-use office and residential complex Towarowa22 in Warszawa.

Marketing

Leasing, active property management

Construction

Sale

Fee development

Design & Permitting

Cash

Dividend

Land acquisition

14 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST QUARTER OF 2026

1.4 Selected financial data of the Group

‌Consolidated financial data of the Group

as at 31.03.2026

[PLN '000]

as at 31.03.2025

as at 31.03.2026

[EUR '000]

as at 31.03.2025

Euro exchange rate

In the periods covered by the report, selected financial data were converted using the average exchange rates of the Polish zloty against the EUR, established by the National Bank of Poland.

Exchange rate valid on the last day of the reporting period:

• 4,2894 PLN/EUR as at 31 March 2026,

• 4.1839 PLN/EUR as at 29 March 2025.

  Average exchange rate in the period, calculated as the arithmetic mean of the rates applicable on the last day of each month in a given period:

• 4,2419 PLN/EUR in the period from 1 January 2026 to 31

  March 2026,

• 4,1848 PLN/EUR in the period from 1 January 2025 to 31

March 2025.

1.5 Group segments

‌Consolidated statement of financial position - allocation to segments

as at 31 March 2026 [PLN '000] Total Residential Resi4Rent StudentSpace

Commercial properties

* Mainly cash on escrow accounts from residential clients

Consolidated statement of financial position - allocation to segments

as at 31 March 2026 [PLN '000] Total Residential Resi4Rent StudentSpace

Commercial properties

Principles for the valuation of selected components of the Echo Group's balance sheet by segment groups:

Residential segment:

The Echo Group values inventories in its financial statements in accordance with International Accounting Standards IAS 2. Under inventories, it presents semifinished and work-in-progress products, finished products and goods for sale with an average operating cycle from the purchase of land to the sale of apartments of up to 5 years.

In the Echo Group, the item inventories presents residential projects in each project life cycle. Projects in the pipeline (plots), under construction (plots + capex), and completed projects including finished apartments not handed over to final purchasers. Inventories in accordance with IAS 2 are presented in the balance sheet at values corresponding to their purchase price or production costs. Valuations are only permitted downwards when an inventory has a market value less than its carrying value.

R4R segment, StudentSpace:

The segment of apartments for rent and student houses for rent is being developed by the Echo Group through JVs with leading funds operating in the real estate industry: PIMCO, SIGNAL, GRIFFIN. The Echo Group,

due to its 30% share in the JV, presents the values of these segments in one balance sheet line "Investments in affiliated undertakings and joint ventures measured using the equity method" where the NAV (Net Asset Value) of these segments is presented. It is worth noting, however, that within the consolidated statements of

the R4R and StudentSpace platforms, projects are presented in the balance sheet within "Investment immovable property construction in progress" if a project is in the preparation and construction stage and after the project is put into operation within "Investment immovable property". In accordance with IAS 40, both of these balance sheet items are measured at fair value of the projects when the following conditions are met:

• obtaining a building permit for the project,

• construction work contracted at a minimum of 30% of the project value.

Commercial segment:

Projects of the Commercial Segment are presented in the balance sheet under "Investment immovable property construction in progress" if a project is in the preparation and construction stage and under

"Investment immovable property" once the project is put into operation. In accordance with IAS 40, both of these balance sheet items are measured at fair value of the projects when the following conditions are met:

• obtaining a building permit for the project,

• prelease at a level of 20%,

• construction work contracted for at a minimum of 30% of the project value.

  Summary:

• Residential segment - without fair valuation, recognition of the value at cost during the construction period,

• R4R segment - including fair valuation during the construction period and upon completion,

• StudentSpace segment - including fair valuation during the construction period and upon completion,

• Commercial segment - including fair valuation during the construction period and after completion.

In line with the above information, International Financial Reporting Standards introduce a certain "inconsistency" in the Financial Statements of the Echo Group by not allowing measurements to fair value of residential projects during the construction stage.

The Management Board of the Echo Group, in its management approach, analyses the Residential Segment taking into account the valuation of the Archicom Group S.A. to market value obtained from the Warsaw Stock Exchange (WSE), where the Archicom Group's shares are listed. This approach gives a better comparability of the values of the individual segments. This approach gives a better comparability of the values of the individual segments.

Segment Reporting Overview of the Echo Group

We estimate the value of the Resi Segment based on the value

of Archicom's share price from the WSE at the balance sheet date:

The Residential Segment in the Echo Investment Group Reports consists of the Archicom S.A. Group and three projects in the construction phase implemented directly by Echo Investment (Warszawa Nowy Mokotów, Fuzja Lofty and Kraków Wita) together with the assigned corporate debt from the Echo Investment Group.

When estimating the management approach to the residential segment, we remove the NAV value of Archicom itself from the consolidated Net Asset Value (NAV) and add the net market value of Archicom shares held by Echo resulting from the valuation of Archicom shares on the WSE:

This estimate is presented in the table below:

Management overview of Echo Group segments:

Consolidated profit and loss account - allocation to segments

for the period of 1 January - 31 March 2026 [PLN '000] Total Residential Resi4Rent StudentSpace

Commercial properties

‌1.6 Shareholder structure of Echo Investment S.A. and description of shares

The Company's share capital amounts to PLN 20,634,529.10 and is divided into 412,690,582 shares with a nominal value of PLN 0.05 each. Each share in the Company carries the right to one vote at the General Meeting. There are no preference shares in the Company.

Significant Shareholders holding at least 5% of the total number of votes at the Company's General Meeting of Shareholders as at the date of signing of this report, i.e. 26 May 2026.

% of the capital as at 26 May 2026

16,80%

9,64%

Shareholder:

11,20%

• Lisala Sp. z o.o.

• Nationale-Nederlanden OFE

• Allianz Polska OFE

• Other shareholders below 5% of votes

62,37%

21

FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST QUARTER OF 2026

Significant changes to the shareholder structure since the date of publication of the last financial statements

Since the date of publication of the Company's most recent financial report, the Company has not received any notifications pursuant to the applicable regulations regarding changes in the composition of its major shareholders or significant changes in the number of shares and voting rights held by its major shareholders.

About a majority shareholder

WING is a leading property development and investment group in Central Europe. It has significant market shares in the property markets of Germany, Poland and Hungary. WING is the majority owner of Poland's largest property developer, Echo Investment, which is listed on the Warsaw Stock Exchange, as well as of Bauwert, Germany's leading residential and commercial property developer. WING is one of the largest property developer and investor companies in

Hungary. In Germany, Poland and Hungary, WING has a total of 6 million sq. m of floorspace in its developed portfolio.

The group is a reliable, long-term partner for leading corporations active in the Central European region. The company's aim is to deliver world-class projects that are good for people and respectful of the environment.

‌1.7 Volume of the Company's shares and bonds held by managing and supervising persons

Volume of the Company's shares and bonds held by managing and supervising persons

Volume of shares of Echo Investment S.A. held by members of the Management Board and the Supervisory Board as at the date of signing of this report, i.e. 26 maja 2026.

Share in the capital

To the best of the Company's knowledge, among the persons in charge of Echo Investment S.A. management or supervisory functions, the shareholders of the Company are Nicklas Lindberg - President of the Board, Maciej Drozd Vice-president, CFO, Maciej Dyjas, Nebil Senman and Bence Sass of the Supervisory Board.

Since the date of publication of the most recent financial report, i.e. 25 March 2026, there have been no changes in the shareholdings of Echo Investment

S.A. held by members of the Management Board and the Supervisory Board.

1.8 Major events in the first quarter of 2026

‌ORGNANIZATION

Orgnanization • Bonds and shares • Projects • Awards and distinctions

Resignation of Mr. Artur Langner from the position of Vice President of the Management Board of Echo Investment S.A.

As at 19 February 2026, Management Board Member Mr Artur Langner submitted his resignation from the position of Vice President of the Management Board and from membership on the Company's Management Board with immediate effect.

No reason for the resignation was provided in the submitted statement.

Appointment of Mr. Rafał Mazurczak as Vice President of the Management Board of Echo Investment S.A.

As at 26 February 2026, the Company's Supervisory Board appointed Mr Rafał Mazurczak, previously a Member of the Management Board, to the position of Vice President of the Management Board.

Resignation of Mr. Waldemar Olbryk from the position of President of the Management Board of Archicom S.A.

Appointment of Mr. Dawid Wrona as President of the Management Board of Archicom S.A.

As at 25 March 2026, Mr. Waldemar Olbryk resigned from his position as President of the Management Board of Archicom S.A. and from membership in the Company's Management Board with immediate effect.

As at25 March 2026, the Supervisory Board of Archicom S.A. appointed Mr. Dawid Wrona, previously a member of the Management Board, to the position of President of the Management Board.

BONDS AND SHARES

Orgnanization • Bonds and shares • Projects • Awards and distinctions

The change in the balance of financial liabilities as at 31 March 2026 was described in section "1.19. Financial Liabilities of the Company and the Group".

PROJECTS

Orgnanization • Bonds and shares • Projects • Awards and distinctions

Obtaining the occupancy permit for the Swobodna SPOT office building in Wrocław

In Q1 2026, Echo Investment completed the construction of the Swobodna SPOT office building in Wrocław and obtained the occupancy permit for the property. The 10-storey building delivered 16,000 sq. m of office space to the market.

The development, located at the intersection of Swobodna and Gwiaździsta streets, was completed in line with the requirements of the BREEAM "Excellent" certification and is powered entirely by

energy from renewable sources. The building incorporates solutions supporting sustainable transport, including electric vehicle charging stations, bicycle infrastructure, and changing rooms with showers.

The office building's tenants include DXC Technology and Exact x Forestall, among others. All retail and service units were leased before the completion of construction.

16,000 sq. m

the amount of modern office space delivered by the Swobodna SPOT office building in Wrocław

Obtaining a building permit for a residential apartment building

(Building F) within the Towarowa22 project in Warszawa

In Q1 2026, AFI and Echo Investment obtained a building permit for a residential apartment building (Building F) within the mixed-use Towarowa22 project in Warszawa. The building will offer 18,200 sq. m of residential space and approx. 96 high-standard apartments.

The development will be located in the south-western part of the superblock, adjacent to the Towarowa Gardens. The project

envisages a residential space with access to greenery, services, as well as recreational and retail amenities.

The building is scheduled for completion by the end of 2027.

96

the number of high-standard apartments to be delivered in the residential apartment building (Building F) within the Towarowa22 project in Warszawa

Signing of the final agreement for the sale of the Brain Park A office building in Kraków

As at 11 March 2026, an Echo Investment subsidiary signed the final agreement for the sale of the Brain Park A office building in Kraków to the SCPI Transitions Europe fund, managed by Arkéa REIM.

• The fully leased building offers nearly 14,000 sq. m of office space.

• Its tenants include ALDI, PepsiCo, Medicover, EY, and Emitel, among others.

• The property holds BREEAM "Excellent", WELL Health-Safety, and WiredScore Platinum certifications.

• The building incorporates energy-efficient solutions and is partially powered by renewable energy sources.

34 million EUR

value of the Brain Park A office building transaction

• Brain Park A office building in Kraków

26 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST QUARTER OF 2026

AWARDS AND DISTINCTIONS

Orgnanization • Bonds and shares • Projects • Awards and distinctions

1. Property Design Awards 2026

   Award in the "Architecture: Public Buildings" category for the Model Public School at Konstruktorska Street in Warszawa.

2. Forbes Diamonds 2026

Distinction for Archicom for stable growth, consistent strategy, customer trust, and team commitment.

1.9 Significant events after the balance sheet day

‌ORGNANIZATION Orgnanization • Bonds and shares • Profit and dividend • Projects • Awards and distinctions

General Meeting of Shareholders of Echo Investment

As at 6 May 2026, the Management Board of the Company adopted a resolution to set the date of the Annual General Meeting of the Company's Shareholders for the financial year 2025 for 18 June 2026.

Obtaining UOKiK approval for the transaction involving the sale of R4R Poland subsidiaries

As at 12 May 2026, the President of the Office of Competition and Consumer Protection (UOKiK) issued a decision granting unconditional approval for Vantage Development S.A. to acquire 100% of the shares in 18 subsidiaries of R4R Poland sp. z o.o., in accordance with the terms of the preliminary share purchase agreement concluded on 16 August 2025. Obtaining UOKiK approval constituted one of the conditions precedent for the completion of the transaction.

BONDS AND SHARES

Orgnanization • Bonds and shares • Profit and dividend • Projects • Awards and distinctions

PROFIT AND DIVIDEND

Orgnanization • Bonds and shares • Profit and dividend • Projects • Awards and distinctions

Recommendation on

Echo Investment's Profit Distribution

The Management Board of the Company decided that the dividend amounting to PLN 330,152, 465.60, i.e. PLN 0.80 per Company share, correspond to the Interim Dividend paid by the Company on 10 December 2025. Consequently, the Company will not distribute any additional funds from the profit for the financial year 2025. In view of the above, neither the dividend record date nor the dividend payment date shall be determined.

As at 18 May 2026, the Supervisory Board of the Company adopted a resolution in which it positively assessed and approved the motion of the Management Board regarding the submission to the General Meeting of the Company of a recommendation concerning the allocation of the Company's net profit for the financial year 2025.

Recommendation on Archicom's Profit Distribution

The Management Board of Archicom resolved to submit to the General Meeting of the Company a recommendation that the Company's profit for 2025 in the amount of PLN 229,935,282.95 be distributed as follows:

• an amount of PLN 105,292,877.40 be allocated for the payment of a dividend to the Company's shareholders (the "Dividend"), i.e. PLN 1.80 per share,

• an amount of PLN 124,642,405.55 be allocated to the Company's reserve capital intended for future dividend payments or advance payments towards anticipated dividends.

As at 12 May 2026, the Supervisory Board of the Company adopted a resolution in which it positively assessed and approved the motion of the Management Board regarding the submission to the General Meeting of the Company of a recommendation concerning the distribution of the Company's net profit for the financial year 2025.

PROJECTS

Orgnanization • Bonds and shares • Profit and dividend • Projects • Awards and distinctions

Obtaining a building permit for the office building (Building E) within the Towarowa22 project in Warszawa

In Q2 2026, AFI and Echo Investment obtained a building permit for the office building (Building E) within the Towarowa22 project in Warszawa. The building will deliver 12,600 sq. m of modern office space and will be located in the front row of development along Towarowa Street.

The project is being developed in line with the requirements of the BREEAM "Outstanding" certification and incorporates solutions supporting energy efficiency and sustainable construction, including the use of renewable energy sources.

The completion of the development is scheduled for the end of 2027.

Signing of the final agreement for the sale of the Brain Park B office building in Kraków

As at 14 May 2026, ECHO - ARENA sp. z o.o., a subsidiary of Echo Investment S.A. with its registered office in Kielce, signed the final agreement for the sale of the Brain Park B office building in Kraków to Sando Office, thereby completing the sale process of the entire Brain Park complex.

The fully leased Building B offers more than 16,000 sq. m of Class A leasable space. The building holds BREEAM "Excellent", WELL Health-Safety, and WiredScore "Platinum" certifications, confirming its high standards in sustainability, safety, and digital infrastructure quality. The property features energy-efficient solutions and is partially powered by renewable energy sources.

AWARDS AND DISTINCTIONS

Orgnanization • Bonds and shares • Profit and dividend • Projects • Awards and distinctions

CEEQA Awards

Main award in the "Best Residential & Hotel Project" category for the Fuzja Lofty project.

1.10 ‌Residential segment for individual clients

Perspectives of each market sectors in coming 12 months:

• Very optimistic

• Optimistic

• Neutral

• Pessimistic

• Very pessimistica

- market outlook and the Group's business activities Polish residential for sale market in Q1 2026

Apartments sold and launched for sale and the volume of the offer [thous. of units]

69,9

60,3

61,7

59

54,4

52,2

48,4

42,4

69 70

65

60

35 55

30 50

25 45

20 40

12,3

15,3

14,1

12,6 12,1

13,4

12,9

11

11,6

9,8

9,2

9,6

9

10

10,8

9,5

10,3

16,7

15 35

10

5

Q1 2024

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Source: JLL, Cushman & Wakefield

- apartments introduced to offer

- apartments sold - number of apartments in offer

Average prices of apartments on offer on the primary market [PLN/sq. m, incl. VAT, shell and core]

Prices of apartments [PLN/sq. m]

20 000

19 000

18 000

17 000

16 000

15 000

14 000

Q1 Q2 Q3 Q4 Q1

Q2 Q3 Q4 Q1

Q2 Q3 Q4 Q1

Q2 Q3 Q4 Q1

13 000

12 000

11 000

10 000

9 000

8 000

7 000

2022 2023 2024 2025 2026

- Warszawa

- Kraków

- Wrocław - Poznań

- Łódź

Source: JLL, Cushman & Wakefield

• Modern Mokotów, Warszawa

  Echo Group's achievements

  in the apartments for sale sector

  Q1 2026

  In Q1 2026, the Echo Group consistently expanded its residential project portfolio, maintaining high investment activity and a strong sales pace. During the Q1 2026, the Group sold 602 residential units.

  At the same time, construction of a total of 664 residential units was completed. The development of the Flow project (1 phase) in Łódź and the Południk 17 K1 and K2 projects in Wrocław has been completed.

  At the same time, in 2026, construction commenced on further projects, including Zenit V in Łódź, Lea Spot in Kraków, Towarowa22 F and Modern Mokotów IV in Warszawa.

  Despite the challenging market environment, the Group's residential projects enjoyed stable demand, as confirmed by the Q1 2026 sales results. Locations in central districts of Poland's largest cities, a broad range of amenities and a high share of green areas remain key factors supporting the attractiveness of the Group's offering.

  33 FRIANPAONRCTIAFLINRAENPSOORWT OY FECECHHOOININVEVSETSMTMENENT TS.SA..AZ. AANI DKWITASRGTARŁO2U0P2|5TRH.E 1ST QUARTER OF 2026

  As at the end of March 2026, the Group had projects comprising 8,675 residential units in the preparation phase, thereby pursuing its strategy of maintaining a nationwide leadership position in the residential sector.

  602

  the number of apartments sold in Q1 2026

  713

  the number of apartments handed over in Q1 2026

  878

  the total number of apartments whose construction started in Q1 2026

  6,061

  the total number of units under construction as at the end of Q1 2026

  
  
  

  Apartments sold by the Echo Group [units]

  1 200

  1 000

  1 066

  725

  589

  632

  619

  602

  530

  472

  410

  337

  73

  384

  88

  445

  144

  587

  138

  470

  60

  528

  104

  524

  95

  970

  561

  96

  41

  800

  600

  400

  200

  Q1 2024

  Q2 2024

  Q3 2024

  Q4 2024

  Q1 2025

  Q2 2025

  Q3 2025

  Q4 2025

  Q1 2026

  - Echo

  - Archicom
  
  

  Apartments booked as a result of the Echo Goup [units]

  1 600

  1 400

  1 200

  1 020

  714

  713

  415

  338

  380

  260

  614

  99

  388

  384

  25

  5

  24 19

  237

  23

  307

  31

  65 38

  26

  359

  56

  355

  632

  330

  1 000

  800

  600

  400

  200

  Q1 2024

  Q2 2024

  Q3 2024

  Q4 2024

  Q1 2025

  Q2 2025

  Q3 2025

  Q4 2025

  Q1 2026

  - Echo

  - Archicom
  
  1.11 ‌Residential segment for rent and private dormitories -

  Perspectives of each market sectors in coming 12 months:

  • Very optimistic

  • Optimistic

  • Neutral

  • Pessimistic

  • Very pessimistica

market outlook and the Group's business activities Polish PRS market in Q1 2026

Existing housing stock in the PRS in Poland ['000 pcs]

27,3

28,5

29,9

24,4

22,3

20,0

16,0

16,6

19,0

30

25

20

15

10

5

Q1 2024

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Source: CBRE, Cushman & Wakefield, JLL

• Resi4Rent apartment

  Echo Group's achievements

  in the apartments for rent sector

  Q1 2026

  Within the Group, we respond to the growing housing needs in Poland - both through

  apartments for sale and through alternative solutions such as rental housing and private student accommodation. The living sector is one of the key directions of our development.

  >10 000

  number of subscription-based

  36 FRIANPAONRCTIAFLINRAENPSOORWT OY FECECHHOOININVEVSETSMTMENENT TS.SA..AZ. AANI DKWITASRGTARŁO2U0P2|5TRH.E 1ST QUARTER OF 2026

  apartments Resi4Rent will deliver by 2027

  Resi4Rent, an entity offering apartment rentals under a subscription-based model, remains the leader of the Polish PRS market. It is the largest commercial

  residential rental operator in the country and is currently implementing an investment programme comprising approx. 2,000 units.

  As of the end of March 2026, projects under development were located in Gdańsk at Zielony Trójkąt Street, in Wrocław at Bardzka Street, in Warszawa at Opaczewska Street and Wołoska Street, and in Kraków at Jana Pawła II Avenue.

  6,955

  total number of Resi4Rent units across 22 locations in Poland's six largest cities - Gdańsk, Łódź, Poznań,

  Warszawa, Wrocław, and Kraków - as of the end of the first quarter of 2026.

  2,301

  total number of Resi4Rent units under construction

  
  
  

• StudentSpace Wita, Kraków

Echo Group's achievements in the private student housing segment

Q1 2026

StudentSpace continues the development of two projects in Warszawa - at Wołoska Street and Beethovena Street. Both locations provide convenient access to key academic institutions as well as

well-developed urban infrastructure. The project at Wołoska Street is located the Mokotów business district, with easy access to public transport, including tram lines

and the metro, enabling efficient connections to universities such as the Warsaw School of Economics and the Warsaw University of Technology. The investment at Beethovena Street, located in Dolny Mokotów, offers proximity to green

1,095

areas as well as good connectivity to the city centre and university campuses.

A project at Zamoyskiego Street in the Praga-Południe district of Warszawa remains at an early

stage of preparation. This location stands out due to its proximity to the National Stadium, as well as well-developed transport infrastructure, including the second metro line

and numerous rail connections. The surrounding area also offers recreational spaces along the Vistula River, further enhancing the attractiveness of the project for future residents.

The development of the private student housing segment allows us to strengthen the attractiveness

of our portfolio for investors. The demand from Polish and international students for high-quality, vibrant spaces for study and relaxation remains very strong.

37 FRIANPAONRCTIAFLINRAENPSOORWT OY FECECHHOOININVEVSETSMTMENENT TS.SA..AZ. AANI DKWITASRGTARŁO2U0P2|5TRH.E 1ST QUARTER OF 2026

the number of beds planned in the modern and energy-efficient StudentSpace dormitories on Wołoska Street an Beethovena Street in Warszawa

1.12 ‌Office segment -market outlook and

Perspectives of each market sectors in coming 12 months:

• Very optimistic

• Optimistic

• Neutral

• Pessimistic

• Very pessimistica

Group business activities

Source: Cushman & Wakefield

Office market in Warszawa in Q1 2026

Office market in regional markets in Q1 2026

Demand for office space in Warszawa ['000 sq. m]

350

300

250

200

150

100

50

6.23 million sq. m

total resources of modern office space in Warszawa

244,1

178,4

176,1

139,4

140,9

185,2

133,8

160,5

309,85

Q1 2024

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Source: JLL, Cushman & Wakefield

38 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST QUARTER OF 2026

• Swobodna SPOT, Wrocław

  Echo Group's achievements in the office segment

  Q1 2026

  In Q1 2026, the Echo Group continued the development of its key office projects in Warszawa, Kraków and Wrocław, responding to sustained demand for modern office space in central locations.

  In the first quarter of 2026, Echo Group completed the development of the Swobodna SPOT office building in Wrocław, which obtained an occupancy permit. The 10-storey building, located at the intersection of Swobodna and Gwiaździsta streets, delivered approx. 16,000

  sq. m of modern office space to the market. The property is ready to welcome its first tenants, including DXC Technology and Exact x Forestall.

  39 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST QUARTER OF 2026

  The building also includes complementary functions - the ground floor will feature retail and food & beverage units, including

  the ODA restaurant and the Różana bakery and pastry shop, while a Fitness Academy club is being developed on the first floor. All service units were fully leased prior to the completion of construction.

  Swobodna SPOT offers flexible office layouts and extensive common areas, including recreational terraces that enhance user comfort. The building has been developed in line with BREEAM Excellent certification requirements and incorporates solutions supporting energy efficiency and reducing the carbon footprint.

  As at the end of March 2026, the Wita Stwosza office project in Kraków,

  as well as Towarowa22 Office A and Towarowa22 DSP in Warszawa, remain under construction.

  93,800 sq. m

  office space in operation

  75,700 sq. m

  office space under construction

  44,600 sq. m

  office space in preparation

  16,000 sq. m

  of office space delivered as part of the Swobodna SPOT office building in Wrocław

  EUR 34 million

  value of the sale of the Brain Park A office building in Kraków

  
  
  

• CitySpace Forum, Warszawa

CitySpace's achievements

in the fiexible office segment

In the first quarter of 2026, CitySpace recorded a significant increase in sales performance and revenues, while maintaining a stable portfolio of locations. During the period under review, occupancy increased from 62.7% at the end of December 2025 (2,966 workstations sold)

to 70% at the end of March 2026 (3,283 workstations), representing an increase of 8 percentage points and 287 workstations.

In the first quarter of 2026, revenues increased by 7% compared to the fourth quarter of 2025 and by 29% year-on-year. At the same time, the average price per workstation remained at the level recorded in the fourth

quarter of 2025, reflecting a 10% increase compared to the first quarter of 2025.

40 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST QUARTER OF 2026

During the reporting period, CitySpace focused on intensifying marketing activities, particularly in the area of digital marketing, as well as promotional initiatives supporting revenue growth from additional services.

Q1 2026

13

locations in the CitySpace portfolio, in 5 cities: Warszawa, Wrocław, Kraków, Katowice, and Łódź

35,754 sq. m

total office space managed by CitySpace

4,730

number of workstations in operation