Consolidated quarterly report of the Echo Investment Capital Group for Q3 2025

Third quarter of 2025

• Modern Mokotów, Warszawa

2

Condensed interim consolidated financial statements of Echo Group

as of and for the period ended 30 September 2025 72

Information on the financial statements of the Group 80

adopted by the Group 85

3

Condensed interim standalone financial statements of Echo Investment S.A.

as of and for the period ended 30 September 2025 87

4

Statement of the Management Board 95

Contact 97

Nicklas Lindberg

Prezes Echo Investment

Szanowni Akcjonariusze, Partnerzy i Klienci,

I am pleased to present to you Echo Group's financial report for the Q3 2025. The past months have been a period of consistent implementation of our sustainable growth strategy. Thanks to transactions concluded in a gradually more active investment market and our solid financial foundations, we are successfully expanding our business scale in the living and mixed-use real estate sectors.

At the end of September this year, the total value of the Group's assets reached PLN 7.1 billion. The results achieved and the Group's strong cash position have also enabled us to decide on paying an advance dividend for 2025 at the beginning of December. We intend to allocate over PLN 330 million for this purpose.

Divestment of mature assets in key segments

We are taking advantage of the recovery in the capital market by selling mature assets in the key segments of our business which supports our goal of creating more asset light structure of the Group.

In Q3 2025, the Resi4Rent platform, in which Echo holds a 30% stake, signed a conditional agreement to sell 18 completed projects (more than 5,300 units) to Vantage Development from the TAG Immobilien Group. The value of the transaction awaiting completion is

PLN 2.4 billion - the largest deal in the history of the Polish PRS sector.

In September this year, we sold to AFI the remaining 30% stake in the fully let Office House building (Towarowa 22), with a total value for the purposes of this transaction of EUR 160.5 million.

Further significant transactions were completed shortly after the end of the reporting period. Libero Katowice was sold for EUR 103 million, making it the largest single retail asset acquisition in Poland this year. Our Brain Park C office building in Kraków was acquired by Greenstone Asset Management for approximately EUR 33 million.

Our strategy is effectively strengthening the Group's foundations and opening room for further growth. These transactions are important for more than just financial reasons -they confirm the attractiveness of the Polish market and the potential of our projects. The funds raised will be allocated toward debt reduction, new investments, and shareholder distributions.

4 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP FOR Q3 2025

Strengthening our position in the centres of Poland's largest cities

In the three quarters of this year, 1,118 apartments were handed over to buyers, including 714 in Q3 alone. The number of apartments under construction at the end of September was almost 6,400. In addition, we are preparing projects that will offer more than

11,900 units for sale, supporting Archicom's position as a leading nationwide residential developer.

Echo Group is also consistently strengthening its leading position in the build-to-rent segment. In Q3 2025, Resi4Rent delivered a further 369 units, and more than 3,000 are currently under construction or in preparation in projects located in Poland's largest cities.

We are also expanding our presence in the private student housing sector. In the third quarter of 2025, we completed construction of the first three StudentSpace projects in Kraków, offering a total of 1,221 beds. At the same time, we started construction of a

dormitory for more than 500 students on Wołoska Street in Warszawa. Completion of this project is scheduled for autumn 2026.

Destination projects moving forward

We are implementing further stages of our key projects in Warszawa, Wrocław and Kraków. In the capital, we have started the next chapter of the Towarowa22 super-quarter, where construction has begun on the AFI Tower high-rise, offering more than 50,000 sq. m of office space.

As part of the WITA project in Kraków, two class A office buildings (18,000 sq. m of leasable area) have already reached their target height.

At the end of Q3 2025, the Group's office portfolio comprised almost 119,000 sq. m of space in operation and nearly 113,000 sq. m under construction or in preparation.

Strengthening our financial liquidity

The sale of selected fully commercialised assets with a strong reputation and high ESG profile significantly strengthens the Group's financial liquidity and enables us to engage in further city-forming projects to the benefit of all our stakeholders.

Our plans are also supported by long-term cooperation with reputable financial institutions. One example is the recently obtained construction-investment and VAT facilities from PKO Bank Polski S.A., totalling EUR 28.5 million, to finance the Swobodna SPOT project.

I invite you to read the Group's results for the first three quarters of 2025 and to learn more about the projects in which we combine business goals with our responsibility for the environment and the needs of communities in Poland's largest cities.

Yours sincerely, Nicklas Lindberg

5 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP FOR Q3 2025

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.

The Group is composed of a total of approx. 200 subsidiaries and co-subsidiary companies,

including the nationwide residential developer Archicom, the Resi4Rent platform that offers a service of apartments on a subscription basis, and CitySpace operating in the flexible office segment. In 2024, the private student housing concept StudentSpace was also launched, operating as a joint venture with Signal Capital Partners and Griffin Capital Partners. In Q3 2025, student accommodation was completed

within the multifunctional WITA complex and along 29 Listopada Avenue in Kraków. Under the Echo Investment brand, operations are carried out in the office and retail sectors, as well as the development of mixed-use "destinations" projects. An example is the Towarowa 22 complex, where the construction of the AFI Tower residential building has started.

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.

Echo Investment 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. The Group regularly reports on its ESG-related goals and initiatives. It also contributes to the achievement of the 17 United Nations Sustainable Development Goals (SDGs).

Three quarters of 2025 in figures

Echo and Archicom signed a total of 1,781 preliminary agreements, including 619 in the third quarter of 2025, and handed over keys to 1,118 apartments to new owners, of which 714 in the third quarter of 2025.

Echo Group has an office portfolio with a total area of 104 thous. sq. m in operation.

In Q3 2025, the construction of the first three StudentSpace dormitories in Kraków was completed and they were put into operation, offering a total of 1,221 places for students.

The construction of 34.5 thous. sq.m of office space in the Office House building at Towarowa Street in Warszawa has been completed.

In the three quarters of 2025, Resi4Rent commissioned a total of 646 apartments, including 369 in Wrocław, in the project at Grabiszyńska Street, and 277 in Warszawa, in the project at Pohoskiego Street. The company maintained its position as the largest player in Poland's rental housing sector, with a total of over 7 thous. units across 21 projects.

Ultimately, approximately 2 thous. apartments and 3.5 hectares of green areas will be included in one of the Group's largest residential investments - the Modern Mokotów estate in Warszawa.

• Primary School, Konstruktorska Street, Warszawa

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 30 September 2025 amounted to 679 people, without conversion into full-time equivalents.

Whenever this document refers to the Echo Investment Group it means the parent company Echo Investment

S.A. with all subsidiaries, including Archicom S.A. and its subsidiaries. The term "Echo Group" 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

Echo Investment's debut on the WSE

KIELCE

8

FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP FOR Q3 2025

Nicklas Lindberg

President of the Board, CEO

Maciej Drozd

Vice-President of the Board, CFO

Rafał Mazurczak

Member of the Board

Artur Langner

Vice-President of the Board

Małgorzata Turek

Member of the Board

Noah M. Steinberg

Chairman

Margaret Dezse

Independent Supervisory Board Member

Chair of the Audit Committee

Tibor Veres

Deputy Chairman

Sławomir Jędrzejczyk

Independent Supervisory Board Member

Deputy Chairman of the Audit Committee

Maciej Dyjas

Supervisory Board Member

Bence Sass

Supervisory Board Member

Nebil Senman

Supervisory Board Member Audit Committee Member

Balázs Gál

Supervisory Board Member

‌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:

The Strategy of Profitable Growth

Leadership

Echo Group is 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.

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.

‌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 -office and retail buildings,

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

4. provision of services for other entities, such as Resi4Rent and StudentSpace (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 Towarowa 22 in Warszawa.

Marketing

Leasing, active property management

Construction

Sale

Fee development

Design & Permitting

Cash

Dividend

Land acquisition

13 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP FOR Q3 2025

‌Consolidated financial data of the Group

as at 30.09.2025

[PLN '000]

as at 30.09.2024

as at 30.09.2025

[EUR '000]

as at 30.09.2024

Euro exchange rate

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

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

• 4.2692 PLN/EUR as at 30 September 2025,

• 4,2791 PLN/EUR as at 30 September 2024.

  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:

• 4.2365 PLN/EUR in the period from 1 January 2025 to 30 September 2025,

• 4,3022 PLN/EUR in the period from 1 January 2024 to 30 September 2024.

‌Consolidated statement of financial position - allocation to segments

as at 30 September 2025 [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 30 September 2025 [PLN '000] Total Residential Resi4Rent StudentSpace

Commercial properties

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 Group Reports consists of the Archicom S.A. Group and three projects implemented directly by Echo Investment (Warszawa Nowy Mokotów, Fuzja Lofty and Kraków Wita) together with the assigned corporate debt from the Echo 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 - 30 September 2025 [PLN '000] Total Residential Resi4Rent StudentSpace

Commercial properties

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 November 2025.

% of the capital as at 26 November 2025

16,80%

Jss17912

9,64%

Shareholder:

11,20%

62,37%

• Lisala Sp. z o.o.

  (Wing with Griffin Capital Partners)

• Nationale-Nederlanden OFE

• Allianz Polska OFE

• Other shareholders below 5% of votes

19 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP FOR Q3 2025

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

Since the date of publication of the last financial statements, i.e. since 18 September 2025, there has no significant changes to the shareholder

structure. The Company received, as at 26 September 2025, a notification submitted pursuant to Art. 69(2)(2) and Art. 69a(1)(3) in connection with Art. 69(2)(2) of the Act of 29 July 2005 on Public Offering and the Conditions Governing the Introduction of Financial Instruments to an Organised Trading System and on Public Companies (the "Public Offering Act").

In this notification, the shareholders: Tibor Veres, DAYTON-Invest Kft., WINGHOLDING Zrt., WING IHC Zrt., WING International Zrt. (jointly referred to as the "Controlling Entities") and Lisala sp. z o.o. ("Lisala", and together with the Controlling Entities, the "Notifying Parties") informed that at at 23 September 2025 two share transfer agreements relating to Echo Investment

S.A. were concluded between Lisala and (i) Linfield Enterprises Limited; and

(ii) Ravashtul Investment Fundacja Rodzinna (the "Transfer Agreements").

As a result of the Transfer Agreements, Lisala directly, and the Controlling Entities indirectly, transferred in aggregate 14,980,668 dematerialised ordinary bearer shares of the Issuer, representing approximately 3.63% of the shares in the Issuer's share capital and the total number of votes at the Issuer's General Meeting.

Consequently, the number of shares held directly by Lisala and indirectly by the Controlling Entities decreased, resulting in a reduction of their previous share of votes by at least 1% of the total number of votes.

The Company published the details, including the content of the received notification, in Current Report No. 21/2025 at at 26 September 2025.

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 5.7 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.

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

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.

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 November 2025.

Since the publication date of the last financial report, i.e., since 18 September 2025, there have been no changes in the shareholdings of the management and supervisory personnel:

• As at 26 September 2025, the Company received a notification pursuant to Article 19 of the MAR

  Regulation from Ravashtul Investment Family Foundation (a person closely associated with persons performing management duties: Nebil Senman -Member of the Issuer's Supervisory Board) regarding the purchase of 7,490,334 shares of the Issuer. The transaction took place outside the trading system as

  at 23 September 2025. Details, including the content of the notification, were published by the Issuer in Current Report No. 22/2025 as at 26 September 2025.

• As at 26 September 2025, the Company received a notification pursuant to Article 19 of the MAR Regulation from Linfield Enterprises Limited (a person closely associated with persons performing managerial duties: Maciej Dyjas - Member of the

Issuer's Supervisory Board) concerning the purchase of 7,490,334 shares in the Issuer. The transaction took place outside the trading system as at 23 September 2025. Details, including the content of the notification, were published by the Issuer in Current Report No.

22/2025 as at 26 September 2025.

‌ORGANIZATION

General Meeting of Shareholders of Echo Investment

On 26 June 2025, the Ordinary General Meeting of Shareholders of Echo Investment S.A. was held. In addition to the ordinary matters provided for in the agenda, a new Supervisory Board was elected for the next term of office.

The following persons were appointed to the Supervisory Board:

• Noah Milton Steinberg - Chair of the Supervisory Board,

• Tibor Veres - Vice-Chair of the Supervisory Board,

• Bence Sass,

• Balazs Gal,

• Maciej Dyjas,

• Nebil Senman,

• Sławomir Jędrzejczyk - meeting the independence criteria required for members of audit committees,

• Margaret Elizabeth Dezse - meeting the independence criteria required for members of audit committees.

General Meeting of Shareholders of Archicom S.A.

On 25 June 2025, the Ordinary General Meeting of Shareholders of Archicom

S.A. was held. In addition to the ordinary matters provided for in the agenda, a new Supervisory Board was elected for the next term of office.

The following persons were appointed to the Supervisory Board:

• Nicklas Lindberg,

• Maciej Drozd,

• Małgorzata Turek,

• Bence Sass,

• Balazs Gal,

• Konrad Płochocki - meeting the independence criteria required for members of audit committees,

• Jacek Owczarek - meeting the independence criteria required for members of audit committees.

As at 17 July 2025, a motivational program was launched for selected members of the Management Boards of Echo Investment and Archicom. Information regarding the launch of the program is included in section

1.22 Remuneration of the Management Board and Supervisory Board

As at 25 August 2025, Sąd Rejonowy dla Wrocławia - Fabrycznej, VI Wydział Gospodarczy Krajowego Rejestru Sądowego, registered amendments to the

Articles of Association of Archicom S.A., made pursuant to Resolution No. 29/06/2025 of the Annual General Meeting held on 25 June 2025.

As at 9 September 2025, Echo Investment S.A. received information that Sąd Rejonowy w Kielcach, X Wydział Gospodarczy Krajowego Rejestru Sądowego, as at

5 September 2025, registered amendments to the Company's Articles of Association made pursuant to Resolution No. 32 of the Ordinary General Meeting of Shareholders held on 26 June 2025.

PROJECTS

Conclusion of a conditional real estate sale agreement

Execution by Archicom S.A. of an annex to the overdraft facility agreement

On 7 February 2025, Archicom Senja 2 Sp. z o.o., as the seller, and Monting Real Estate Sp. z o.o. entered into a conditional agreement for the sale of the perpetual usufruct right to properties located on Chłodna Street in Warzawa.

On 11 February 2025, Archicom S.A. signed an annex to the credit agreement with PKO BP S.A. The credit amount was increased to PLN 240 million. The credit bears interest at a variable rate equal to the reference rate (WIBOR 1M) plus the Bank's margin. The availability period of the credit funds was extended until 30 September 2027.

The Echo-Archicom Group has won the MIPIM Award - the most prestigious distinction in the real estate world.

During MIPIM, the largest international real estate fair held in Cannes, the Fuzja project in Łódź proved unrivalled in

the "Best Urban Regeneration Project" category, recognising the best urban space revitalisation.

Sale of real estate located on Chłodna Street in Warszawa

As at 10 April 2025, Archicom Senja 2

Sp. z o.o., as the seller, and Monting Real Estate Sp. z o.o., based in Warszawa, entered into an agreement transferring the perpetual usufruct rights and a sale

agreement for the ownership title to properties located on Chłodna Street in Warszawa. The total value of the

transaction amounts to PLN 96,000,000 net, plus applicable VAT.

A new company in the Group

- Fit-Out Center Archicom Sp. z o.o.

Archicom has acquired 100% of the shares in a company with many years of experience in providing finishing materials and design services.

This enables the Group to offer comprehensive interior finishing and arrangement services for its sold units.

Conclusion of a real estate sale agreement in Wrocław by a subsidiary of Archicom S.A.

On 23 June 2025, Archicom Nieruchomości 14 Sp. z o.o., based in Wrocław, and a Polish private investor, as the purchaser, entered into a sale agreement for a property located

in Wrocław, owned by the seller and developed with a building known as "City 2."

The investor purchased the property located at 55 Gen. Romuald Traugutt

Street in Wrocław, constituting plot No. 101, precinct 0022, recorded in the land and mortgage register No.

WR1K/00372300/1, developed with

an office building under the name "City

2." The transaction price amounted to EUR 31,000,000. As part of the

transaction, the Parties also entered into a rent guarantee agreement.

Conclusion of a Preliminary Agreement for the Sale of

18 Completed Projects by R4R Poland Sp. z o.o.

As at 16 August 2025, R4R Poland Sp. z o.o. signed a preliminary conditional agreement with Vantage

Development S.A. for the sale of 18 completed projects.

The sale price was set at PLN 2.4 billion and will be adjusted, among other things, for the value of net working capital as at the transaction date, the amount of internal and external debt, and the balance of cash and cash equivalents.

Under the agreements, R4R is selling 5,322 completed residential units intended for rental.

2,4 billion PLN

value of the transaction for the sale of the completed Resi4Rent projects do Vantage Development S.A.

Conclusion of a property purchase agreement by Archicom

As at 17 September 2025, Archicom concluded a purchase agreement for a property located in Warszawa at Wołowska Street, intended for

service development, with a potential of approx.

20.5 thous. sq.m of usable floor area.

Sale of Shares in the Office House Building

As at 4 September 2025, Strood Sp. z o.o., a company wholly owned by the Issuer, in execution of a put option, concluded an agreement with AFI Europe N.V. for the sale of a 30% shareholding in T22 Budynek B Sp. z o.o., the company owning the project comprising the Office House office building within the Towarowa 22 complex in Warszawa.

The parties agreed on a preliminary sale price of EUR 17,391,283, while the repayment amount of intra-group debt related to the transaction amounted to PLN 28,291,272.

The preliminary sale price of the shares in T22 Budynek B Sp. z o.o. will be subject to further adjustments in accordance with the procedures and terms specified in the Agreement.

Pursuant to the Agreement, the current intra-group debt of T22 Budynek B, in the part related to financing provided by "Echo-Aurus" Sp. z o.o. ("Echo-Aurus"), a subsidiary of the Issuer, was settled through the full repayment of receivables due to "Echo-Aurus" and their acquisition by AFI Europe N.V.

• Office House, Warszawa

28 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP FOR Q3 2025

‌PROFIT AND DIVIDEND

Resolution on the conditional payment of an advance towards the future dividend for the financial year 2025

On 3 November 2025, taking into account that:

1. a) the approved standalone financial statements of the Company for the financial year 2024 reported a net profit of PLN 2,085,457.08,

2. b) the Company generated a net profit of PLN 85,432,250.70 from the end of the previous financial year until 31 March 2025,

the Management Board decided to conditionally pay the Company's shareholders an advance towards the future dividend for the financial year 2025 (hereinafter the "Dividend Advance") under the following terms:

The total amount allocated for payment of the Dividend Advance will be PLN 330,152,465.60, i.e., PLN 0.80 per share (hereinafter the "Dividend Advance Amount"). The Dividend Advance Amount consists of:

1. PLN 42,000,000.00, which does not exceed half of the Company's net profit earned from the end of the previous financial year, as reported in the

   financial statements prepared as of 31 March 2025

   and covering the period from 1 January 2025 to

   31 March 2025, audited by a statutory auditor from PricewaterhouseCoopers Polska spółka z ograniczoną odpowiedzialnością Audyt Sp.k., based in Warszawa;

2. PLN 288,152,465.60 originating from the reserve capital established for the purpose of paying dividends or advances towards dividends (the "Dividend Fund").

The number of shares eligible for the Dividend Advance as of the date of the Resolution: 412,690,582.

The Dividend Advance will be paid on 10 December 2025 (the "Dividend Advance Payment Date").

Shareholders holding the Company's shares on

3 December 2025, i.e., 7 days before the Dividend Advance Payment Date, will be entitled to receive the Dividend Advance.

The Dividend Advance will be paid on the condition that the Supervisory Board grants its consent no later than by the Dividend Advance Payment Date.

PROJECTS

Disposal of the Libero Katowice shopping centre

On 29 October 2025, the Company finalised the sale of the Libero Katowice shopping centre to Summus Capital. The transaction value amounted to EUR 103 million, making it the largest acquisition of a single retail asset in Poland in 2025.

Libero Katowice is a modern shopping centre with a gross lettable area of 45,000 sq. m, comprising over 150 stores, restaurants and service points. The asset was opened in 2018 and has maintained a high occupancy rate and a stable footfall level of approximately 6 million visitors per year. The transaction represents another step in the Echo Group's strategy focused on the disposal of mature assets and the continued development of the Company's core business.

EUR 103 million

value of the transaction related to the sale of the Libero Katowice shopping centre

Sale of the latest stage of the Brain Park complex

On 7 November 2025, the Company completed the sale of the latest stage of the Kraków office complex Brain Park to Greenstone.

The closing price was calculated based on the transaction value, reduced by the value of rent-free periods. As a result, the closing price amounted to approximately EUR 32.37 million plus VAT.

Brain Park is a fully leased office complex with a total area of 13,700 sq. m, occupied by tenants including Volvo Tech Hub and EPAM Polska.

The transaction is in line with the Echo Group's strategy focused on profitable growth and meeting stakeholder expectations, and confirms investors' interest in prime office assets in regional cities.

EUR 33 million

transaction value of the sale of the latest stage of the Kraków office complex Brain Park