Management report of Echo Investment S.A. and its Group for 2025

Management Board report on operations of Echo Investment S.A. and its Group

2025

• Office House, Warszawa

Content

2

Statement of the Management Board 107

3

Non-financial information statement of the Management Board 109

An integral part of the Annual Management Board Report on the activities of Echo Investment S.A. and its Group for 2025 is Sustainability Report of the Echo Investment Group for 2025

Contact 111

‌Message from CEO

Nicklas Lindberg

President of Echo Investment S.A., CEO

Dear Shareholders, Partners and Clients,

2025 was a year of solid performance for Echo Group and consistent execution of our strategy, focused on divestment of commercial assets, strengthening liquidity, and the dynamic development of projects in Poland's largest cities.

Echo Group continues to expand its operations in response to growing housing needs in Poland, both through residential developments for sale and by scaling its presence in the rental housing and student accommodation segments.

The living sector remains one of the key drivers of our growth, but we see signals of recovery in the commercial sector.

In 2025, we maintained high activity levels and strong sales momentum, delivering over 2,800 apartments, including a record 1,066 units sold in Q4 under the Archicom brand. At the same time, Resi4Rent reinforced its position as the leading PRS platform in Poland, with a portfolio of approximately 7,000 completed units across 21 projects and over 2,000 units under construction.

We are also developing our StudentSpace platform, responding to strong demand from both domestic and international students for high-quality living and learning environments, further enhancing the attractiveness of our portfolio in Poland for investors.

We continued to grow our office segment in prime, central locations. In 2025, we leased over 93,000 sq. m of office space. We completed the Office House building while advancing new projects in Warszawa, Kraków and Wrocław, including the AFI Tower within the Towarowa22 mixed-use scheme, which will deliver approximately 55,000 sq. m of office space. The focus is to continue starting more projects in Warszawa.

Taking advantage of improving investment market conditions, we also executed further transactions, including the ongoing sale of part of the Resi4Rent portfolio (over 5,300 units) valued at PLN 2.4 billion, the sale of our stake in Office House valued at €160.5 million, and the disposal of Brain Park C for approximately

€33 million and City 2 office building for €31 million.

The retail and gastronomy segment remains an important component of our strategy, supporting the value of our mixed-use destination projects.

We are continuously developing our offer to enhance customer expectations while executing our mixed-use strategy. This was reflected in the sale of Libero Katowice for €103 million, the largest single retail asset transaction in Poland in 2025.

4 MANAGEMENT BOARD REPORT ON THE ACTIVITIES OF ECHO INVESTMENT S.A. AND ITS CAPITAL GROUP | 2025

At year-end, the Group's total assets amounted to PLN 6.6 billion and we maintained a strong cash balance of PLN 377 million.

In 2026, Echo Investment celebrates its 30th anniversary - a moment to reflect on our achievements, but above all to look ahead to further ambitious growth. We remain focused on our development activity, recycling capital from mature assets to be invested in projects with the highest growth potential, reducing debt and paying dividend to our shareholders.

Yours sincerely,

Nicklas Lindberg

5 MANAGEMENT BOARD REPORT ON THE ACTIVITIES OF ECHO INVESTMENT S.A. AND ITS CAPITAL GROUP | 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 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 commercial 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.

Despite the volatile macroeconomic environment, in 2025, 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 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. 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 Investment 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.

2025

2025 in figures

Echo and Archicom concluded 2,847

preliminary and developer agreements. The keys to 2,138 apartments were handed over to clients.

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

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.

450 students have started their education at the model public primary school financed and delivered by Echo Investment on Konstruktorska Street in Warszawa.

As at the end of 2025, more than 2 thous. Resi4Rent residential units intended for rent were under construction.

Resi4Rent maintained its position as the largest player in the residential rental sector in Poland,

with a total of approx. 7,000 completed 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.

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 2025, the Group sold commercial projects: T22 Building B, City 2, Brain Park C and the Libero Katowice shopping centre. The total value of these transactions amounted to approx. EUR 296.5 million.

The Group presented its 2025 ESG report

- prepared in accordance with the new standard introduced by the EU CSRD directive.

‌Management Report

• Office House, 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 December 2025 amounted to 642 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

9

MANAGEMENT BOARD REPORT ON THE ACTIVITIES OF ECHO INVESTMENT S.A. AND ITS CAPITAL GROUP | 2025

‌Management Board

In 2025, there were no changes in the Management Board of Echo Investment S.A.. On 19 February 2026, Mr. Artur Langner, a member of the Management Board, resigned from his position as Vice President of the Management Board and from his membership on the Management Board with immediate effect.

On 26 February 2026, the Company's Supervisory Board appointed Mr. Rafał Mazurczak, who had previously served as a Member of the Management Board, to the position of Vice President of the Management Board.

As of the day of this report, the Management Board acts in the following composition:

Nicklas Lindberg

President of Echo Investment S.A., CEO

President of the Company since 2016, responsible for the company's strategy and development. Since 2021, also serves as Chairperson of the Supervisory Board of Archicom S.A.

Since 2016 Echo Investment has significantly grown its scale of operation and pipeline. The launched Strategy of Profitable Growth transformed Echo Investment into pure developer operating in seven major Polish cities, as well as market leader in residential, office and retail real estate sectors. The Group started to design and build urban 'destination' projects, that combine all functions and are well-designed parts of the cities, where people can live, work and spend their time. It has also started operating in flex office space (CitySpace) and rental apartments (Resi4Rent) segments. Within a scope of increasing presence in residential market, in 2021 Echo Investment acquired Archicom S.A., Wrocław-based development company.

Until 2015 Nicklas Lindberg was employed by Skanska Group, where he held several top positions, such as President of Skanska Commercial Development Europe (CDE), Head of Skanska Property Poland, CFO and CEO of Skanska, Russia and a manager of residential development units in the Nordics. He graduated from the University of Lund in 2001.

Area of responsibility: corporate governance, construction site safety, corporate impact management, diversity and inclusion management: social matters that improve the surroundings of ongoing projects and support community groups in need.

Maciej Drozd

Vice President of Echo Investment S.A.

Management Board, CFO

Member of the Management Board of Echo Investment since 2015, responsible for finance and support functions. Since 2021, also serves as a member of the Supervisory Board of Archicom S.A.

Maciej restructured the Echo Investment Group during the implementation of the Profitable Growth Strategy. Responsibilities included, among others, transforming the group's operating and financing model, from a long-term owner of a commercial real estate portfolio generating stable rental income to a classic developer focused on rapid capital turnover and high returns. The company is also one of the largest bond issuers in the real estate sector.

Since 1995, Maciej Drozd has been associated with the Eastbridge Group, initially as Chief Financial Officer of the group's operating companies. From 2009 to 2015, he served as CFO and Managing Partner.

Maciej studied philosophy, mathematics, and management at the University of Warsaw. Holds a Master's degree in Philosophy, a Master's degree in Management, and an MBA from the University of Illinois.

Area of responsibility: corporate governance, risk management, human resource management, construction site safety, human rights.

Rafał Mazurczak

Vice President of the Management Board at Echo Investment S.A.

Since 2026, Vice President of the Management Board at Echo Investment S.A., overseeing the development of the company's commercial projects, including design, construction, leasing, facility management, and fit-outs. Since 2025, Rafał Mazurczak has also served as Chief Operating Officer of the Echo Group and CEO of CitySpace.

Rafał began his career in 2000 as Manager for Office Project Leasing at Echo Investment. From 2007 to 2013, he served as Leasing Director in the Office Division, from 2013 as Director of the Office Division, and between 2016-2026 as a Member of the Management Board. He co-developed the growth strategy for this business segment at Echo Investment and implemented it. He was responsible for the construction, leasing, and marketing of the company's flagship project - the Q22 skyscraper in Warsaw - as well as Park Rozwoju, O3 Business Park in Kraków, A4 Business Park in Katowice, Tryton Office Building in Gdańsk, and West Gate and Nobilis in Wrocław. In 2021, when Echo Investment merged the Office and Retail Divisions, Rafał Mazurczak took responsibility for the newly created Commercial Real Estate Division.

Area of responsibility: supply chain management, construction site safety, environmental protection, risk management, human resource management, CSR.

Małgorzata Turek

Member of Echo Investment S.A. Management Board

Małgorzata was appointed as a Member of the Management Board of the company in 2019, responsible for the investment, real estate sales, and project planning and development functions. Since 2021, she also serves as a member of the Supervisory Board of Archicom S.A.

She brings over twenty years of experience in the real estate sector, gained in investment and development companies as well as international law firms.

Specializes in asset management and real estate acquisition and disposition transactions.

From 2017, Małgorzata served as CEO of Globalworth Poland Real Estate, overseeing the organization and development of a sustainable, income-generating property portfolio. She gained prior experience at Skanska Property Poland, and between 2012-2017, as a Member of the Management Board (COO), was responsible for transactions and operational activities. Previously, she worked at the renowned law firm Linklaters, specializing in commercial real estate transactions.

She holds a degree from the Faculty of Law and Administration at Jagiellonian University in Kraków and is a member of the Polish Chamber of Legal Advisors.

Area of responsibility: corporate governance, enterprise impact management, construction site safety, human resource management.

‌Supervisory Board

At the Ordinary General Meeting held on 26 June 2025, the Supervisory Board was appointed for a new term of office.

As of 31 December 2025, and as of the date of submission of this report, it operates in the following composition:

Noah M. Steinberg

Chairman of Echo Investment S.A. Supervisory Board

Tibor Veres

Vice Chairman

of Echo Investment S.A. Supervisory Board

Chairman and Chief Executive Officer of WING Group, as well as the Chairman of the Supervisory Board at Echo Investment in Poland and Bauwert in Germany.Since the founding of WING in 1999, Noah Steinberg has led the company as Chairman and CEO, and he is responsible for the management of the entire group across all asset classes and geographies.

Noah graduated from Princeton University (the Woodrow Wilson School of Public and International Affairs, Princeton University) with a BA, and from the Diplomatic Academy of Vienna) with an MA. He speaks English, Hungarian, French, German and Spanish.

Tibor Veres graduated from the Moscow State University as an economist. In 1986 he has established the Wallis Group in 1989, where he continues to be Principal Owner and Chairman. In the course of the past 35 years, the Wallis Group has developed a prominent regional position in a number of commercial and industrial areas thanks to its domestic and international activities. In his career as an entrepreneur, executive, and investor,

Tibor Veres has participated in the foundation and success of a number of renowned companies. This includes, among others, the WING Group, Praktiker, Graboplast, Pannon GSM, Milton Bank, Market Zrt., Index, Danubius Rádió, as well as AutoWallis and Alteo, both of which are listed in the Prime Category on the Budapest Stock Exchange. He is currently a Member of the Board of Directors at the WING Group and Graboplast and of the Board of Trustees of the Hungarian UNICEF.

Margaret was a partner at Ernst & Young (EY) and PwC, where she worked for a total of 35 years, including 21 years as a partner in transaction advisory and corporate finance, initially at PwC and, for the last 11 years, at EY.

Born in Canada, she began her career there as a chartered accountant. In 1998, she relocated to Hungary and quickly transitioned from the audit department to the privatization and corporate finance division. Over more than 30 years of professional experience, she has advised on several hundred transactions, supporting clients across various industries in strategic and investment decision-making.

Margaret Dezse

Independent Member of Echo Investment S.A. Supervisory Board

In addition to leading the corporate finance and transaction advisory divisions in Hungary, Margaret holds senior management roles across the Central and Eastern Europe region. She currently serves as an independent member of the Board of Directors and Chair of the Audit Committee at Masterplast Nyrt, an independent member of the Advisory Board of Kometa Zrt, an independent member of the Supervisory Board and Audit Committee of CIB Bank, and a member of the Intesa Sanpaolo Group. She also was a member of Impact Ventures, a socially-oriented venture capital fund, and is currently a member of the Independent Oversight Advisory Committee (IOAC) of the United Nations World Food Programme (WFP).

Sławomir has nearly 30 years of experience working for Warsaw Stock Exchange listed companies.

Currently Vice Chairman and CFO of Orlen S.A. He is responsible for planning and reporting, business controlling, accounting, tax, supply chain management, investor relations, M&A and financial systems transformation.

In 2017-2025 independent Supervisory Boards member, mentor and private investor.

Sławomir Jędrzejczyk

Independent Member of Echo Investment S.A. Supervisory Board

In 2008-2017, he was Vice Chairman and CFO of PKN Orlen S.A., as well as Vice Chairman of the Supervisory Board of Unipetrol a.s., a Member of the Management Board of Orlen Lietuva, and a Member of the Board of Directors of Orlen Upstream Canada. He has previously held the position of CEO of Emitel. He has also worked for Telekomunikacja Polska, ORFE, Impexmetal and PwC.

He graduated from the London Business School (Senior Executive Programme) and the Łódź University of Technology's Faculty of Electronics and is also a Member of the Association of Chartered Certified Accountants (ACCA).

Maciej Dyjas

Member of Echo Investment S.A. Supervisory Board

Co-owner and Managing Partner of Griffin Capital Partners.

Maciej Dyjas started his career in consulting firms affiliated with Hewlett Packard in Germany and the United States. He later became co-investor, Partner, and then Managing Partner and CEO of Eastbridge Group, an evergreen investment fund largely owned by the Bruckner family. Simultaneously, Maciej held several executive and non-executive positions on boards controlled by the Group, including Chairman of EM&F, listed on the Warsaw Stock Exchange, and CEO of DTH Capital in New York. By 2014, when leaving Eastbridge Group, the company's assets exceeded USD 3 billion across the retail, consumer goods, and real estate sectors in Central and Eastern Europe, the EU, and the US.

Graduate of Mathematics and Computer Science at the University of Warsaw, with further studies in business, management psychology, and communication in Stuttgart and Frankfurt am Main.

Co-Owner and Managing Partner of Griffin Capital Partners.

Before joining Griffin in 2014, Nebil held senior roles at Oaktree's private equity and real estate funds, where he originated and oversaw investments and operations worth several billion euros in Europe focusing on Germany and Poland. Prior to Oaktree, he spent eight years at Ernst & Young Real Estate (formerly Arthur Andersen), holding various managerial positions in real estate and corporate finance advisory services.

Nebil Șenman

Member of Echo Investment S.A. Supervisory Board

Bence Sass

Member of Echo Investment S.A. Supervisory Board

Balázs Gál

Member of Echo Investment S.A. Supervisory Board

Nebil is a graduate of universities in Berlin (TU Berlin, EBS), Paris (ESCP Europe) and London (LSE), and holds an MBA and Master's Degree in Civil Engineering. He also holds a post-graduate diploma in real estate management (EBS) and is a Chartered Member of the Royal Institution of Chartered Surveyors, MRICS.

Bence is a senior real estate professional with more than 20 years of experience in commercial real estate. As a Vice CEO at Wing Group, he is managing a team

responsible for international business development and investment transactions. He is also a member of the Supervisory Board of Bauwert Aktiengesellschaft and Wing

International. To date, he has been involved in transactions with an aggregate volume exceeding EUR 1 billion. Prior to his current employment, he was a member of the UniCredit Bank's leading real estate financing team.

Bence graduated with a BA from the Budapest Business School and an MBA from the Budapest University of Technology and Economics.

He is a member of the Royal Institution of Chartered Surveyors (RICS).

Balázs Gál is a senior real estate professional with over 16 years of experience in commercial real estate and corporate finance. As the Group CFO, he is responsible for developing and implementing WING Group's international financing and liquidity

strategy. He is a member of the Supervisory Board of Bauwert AG, Echo Investment S.A. and Archicom S.A. Prior to joining Wing Group, he spent 15 years in banking, holding various positions in Vienna and Budapest. Between 2015 and 2024, he worked at Erste Group, the largest financial service provider in Central and Eastern Europe, where

he was specialized in commercial real estate & structured financing transactions in Central and Eastern Europe. Based in Vienna he originated and structured real

estate financing transactions totalling close to EUR 5 billion, as well as oversaw and participated in a number of debt and equity capital market transactions related to real estate sector.

Graduated with a BSc from the Budapest International Business School and an MBA from the Budapest University of Technology and Economics.

He speaks Hungarian, English and German, and studied Polish for 4 years.

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.

Actions

• Joining the top five largest developers selling apartments to individual customers in Poland through the acquisition of a majority stake in Archicom,

• Transfer of Echo Investment Group's entire residential business to Archicom in 2023, allowing each company to have a clearly defined specialization (Echo Investment focusing on commercial projects) and maximize the resulting benefits,

• Continuous increase in apartment sales, growing from approximately 600 units sold in 2015 to 2 847 in 2025,

• Development of Resi4Rent, the largest private provider of subscription-based rental apartments in Poland - with nearly 7,500 units completed and delivered for use as at the end of 2025,

• Entry into the private student housing segment in collaboration with Signal Capital Partners and Griffin Capital Partners, with a goal of developing approx.. 5,000 places in such facilities in major academic centers across the country,

• Expansion of CitySpace (serviced offices) in response to market trends shaped by changes in work styles - as of the end of 2025, CitySpace managed an area of 34,000 sq. m.

  Actions

• Systematic search and expansion of the land bank for large, multifunctional projects and increasing their share in the Group's overall land bank,

• Strengthening competitive advantage by accelerating the preparation and construction of mixed-use projects, which require the integration of various competencies,

• Successful completion of investments in recent years that combine office, retail, entertainment, and residential functions, such as Browary Warszawskie or a significant part Fuzja in Łódź,

• Consistent implementation of new projects inspired by the "destinations" concept, including Towarowa22 in Warszawa, Swobodna SPOT in Wrocław, and WITA Kraków.

  Development activity

  The Group focuses on development activities, including land acquisition, obtaining administrative permits, project preparation, securing financing, construction, leasing and the sale of completed projects.

  The main source of the Group's profits is the sale of residential units and the increase in the value of commercial properties under development. The

  majority of the Group's assets consist of residential and commercial properties under construction and in the preparation phase.

  Actions

  • Separation of working office and retail assets in 2016 to another company - EPP and sale of all of its shares in 2016-2018,

  • Sales of finished office and retail project in optimal time for the possible return ratio, capital management, market expectations and trends -including sales of buildings still remaining under construction or soon after their completion,

  • Conducting the sales process of residential projects in such a way that 80% of units are sold at the time of completion,

  • Provision of development services for projects carried out within joint ventures for remuneration.

    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.

    Actions

• Purchase of real estate for future projects only in the seven largest Polish cities,

• Disposal of non-core projects abroad,

• Disposal of all non-core projects.

  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.

  Actions

• Partnership with reputable investors on large and capital-intensive projects such as Galeria Młociny in Warszawa (EPP), Towarowa22 in Warszawa (AFI Europe), in which Echo has 30% stake and conducts the development and leasing process for remuneration,

• Partnership with a global fund manager PIMCO on the development of Resi4Rent, in which Echo Investment holds 30% stake and for which it provides development services for fee,

• Partnership with Signal Capital Partners and Griffin Capital Partners in developing a network of private student housing under the StudentSpace brand, in which Echo Investment holds 30% ownership and provides investment preparation and management services for a fee.

Vision and Values

The foundations of Echo Investment's corporate culture are its clearly defined vision and values, as well as the Code of Conduct and other internal regulations that set standards of conduct and stakeholder relations. They serve as a reference point for strategic and operational decision-making and shape the way the organisation operates.

Echo Investment's vision has been defined as "creating destinations", meaning the creation of places that attract users, residents and visitors and are genuinely embedded in the urban fabric. The Group focuses on delivering spaces to cities that foster development, creativity and collaboration, going beyond the traditionally understood office function. Projects

delivered in key business centres in Poland, such as Warsaw, Kraków, Wrocław, Gdańsk, Katowice and Łódź, aim to create open, functional and comfortable environments where users can freely pursue their professional and social needs.

Echo's values, as defined in the Code of Conduct, form the basis of the Group's day-to-day operations. They include efficiency, competence, integrity, trust, respect and responsibility, and are reflected both in internal relations and in interactions with business partners, customers and other stakeholders.

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 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

18 MANAGEMENT BOARD REPORT ON THE ACTIVITIES OF ECHO INVESTMENT S.A. AND ITS CAPITAL GROUP | 2025

1.4

Selected financial data of the Group

‌Consolidated financial data of the Group

as at 31.12.2025

[PLN '000]

as at 31.12.2024

as at 31.12.2025

[EUR '000]

as at 31.12.2024

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:

• 4.2267 PLN/EUR as at 31 December 2025,

• 4.2730 PLN/EUR as at 31 December 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:

• 4.2372 PLN/EUR in the period from 1 January 2025 to 31 December 2025,

• 4.3042 PLN/EUR in the period from 1 January 2024 to 31 December 2024.

‌1.5

The main figures disclosed in the annual financial statements of Echo Investment S.A. and its Group

Assets and liabilities

Assets' value [PLN mln]

Echo Investment S.A. Echo Investment Group

3 449

3 005

3 168

6 722

6 577

5 962

2023

2024 2025

2023

2024

2025

Assets' structure

Echo Investment S.A. Echo Investment Group

11% 2%

PLN 3,168 thous.

89%

45%

53%

PLN 6,577 thous.

- Non-current assets

- Current assets - Assets held for sale

Non-current assets' structure

Echo Investment S.A. Echo Investment Group

27%

PLN 2,817 thous.

10%

63%

28%

22%

31%

PLN 2,933 thous.

19%

• Interests in joint-ventures and associates

• Borrowings granted

• Investment properties

• Investments in associated entities and joint ventures valued the equity method

• Investment properties under construction

• Other

  Current assets' structure

  Echo Investment S.A. Echo Investment Group

  11%

  11%

  42%

  22%

  PLN 350 thous.

  4%

  21%

  76%

  1%

  4%

  3%

  5%

  PLN 3,504 thous.

• Inventory

• Trade and other receivables

• Receivables from income tax

• Receivables from other taxes

• Loans granted

• Cash and other cash equivalents

• Other financial assets

• Other

  Equity and liabilities

  Echo Investment S.A. Echo Investment Group

  25%

  21%

  PLN 3,168 thous.

  47%

  32%

  34%

  PLN 6,577 thous.

  41%

• Equity

• Long-term liabilities

• Short-term liabilities

  Profit and loss account

  Echo Investment S.A.

  Echo Investment Group

  Revenue [PLN mln]

  
  
  

  129 149

  771

  2 013

  1 573

  1 083

  2023

  2024 2025

  2023

  2024

  2025

  251
  		179

  306

  Operating profit [PLN mln]

  110

  181

  185

  2023

  2024

  2025

  2023

  2024

  2025

  Gross profit [PLN mln]

  136

  150

  83

  56

  178

  		21

  Net profit [PLN mln]

  Net profit per share [PLN]

  2023

  2

  126

  2023

  0,12
  0,01

  2023

  2024

  2024

  2024

  2025

  129

  2025

  0,31

  2025

  2023

  15

  2025

  118

  2023

  0,16

  2023

  2024

  2024

  2024

  -0,03

  2025

  -12

  2025

  -0,08

  Cash fiow

  Echo Investment S.A.

  Grupa kapitałowa Echo Investment

  Cash fiow in 2025 [PLN mln]

  75

  268

  271

  304

• cash flow on operational activity

• cash flow on investing activity

• cash flow on financing activity

Cash fiow

on operating activity

[PLN mln]

-335

75

-564

-163

271

- 2023

- 2024

- 2025

-288

-275

Cash fiow

on investment activity

[PLN mln]

316

-107

304

268

156

- 2023

- 2024

- 2025

-363

Cash fiow

Echo Investment S.A. Grupa kapitałowa Echo Investment

Cash fiow

on financing activity

-39

-199

[PLN mln]

79

254

- 2023

- 2024

- 2025

-564

-335

1.6

Group segments

‌Consolidated statement of financial position - allocation to segments

as at 31 December 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

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 Investment Group by not allowing measurements to fair value of residential projects during the construction stage.

The Management Board of the Echo Investment 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.

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:

Management overview of Echo Group segments:

Consolidated profit and loss account - allocation to segments

for the period of 1 January - 31 December 2025 [PLN '000] Total Residential Resi4Rent StudentSpace

Commercial properties

‌1.7

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. 24 March 2026.

% of the capital as at 24 March 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%

31

MANAGEMENT BOARD REPORT ON THE ACTIVITIES OF ECHO INVESTMENT S.A. AND ITS CAPITAL GROUP | 2025

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

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 26 September 2025.

In the financial year 2025, the Company's share price ranged between PLN 3.59 and PLN 5.70, with the closing price at year-end amounting to PLN 4.75. The change in the share price during the analysed period was 17.28%

and was very close to the rate of return achieved in 2024, when it amounted to 17.05%. In 2023, the annual rate of return on the Company's shares listed on the Warsaw Stock Exchange amounted to 32.06%. Over the last

three years combined, the total rate of return reached 81.30%.Compared to the market, the Company's share performance over the last year did not outperform the WIG index, which recorded a rate of return of 47.33%, and was also weaker than the WIG Real Estate index (WIG_Nieruchomości), which increased by 35.14%. Over a

three-year period, the Company's share price increase of 81.30% was lower than the WIG Real Estate index, which rose by 113.65%, but outperformed the small-cap index sWIG80 (to which the Issuer belongs), which recorded a return of 69.12%.

Changes in the share price were driven in particular by transactions and agreements concerning the sale by the Issuer of mature assets (including the sale agreements for the Brain Park C and Office House (Towarowa 22) office buildings, the Libero Shopping Centre in Katowice, and 18 completed projects from the Resi4Rent platform). In addition, in December 2025 the Company paid an advance towards the future dividend in the total amount of PLN 330.15 million, i.e. PLN 0.80 per each issued share of the Company.

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.

Information on agreements which may result in future changes in the proportions of shares held by existing Shareholders

The Company is not aware of any agreements that may result in future changes in the proportions of shares held by existing shareholders.

Employee share programs

The Management Board of the Company, in compliance with § 72(8)(21) of the Regulation of the Minister of Finance, hereby informs that the incentive program amended in 2025, which may be settled in the Company's shares (addressed to key employees - selected members of the Company's Management Board), is subject to an internal control system.

Supervision over the implementation and settlement of the program is exercised by the Supervisory Board,

which verifies the fulfilment of the conditions for granting shares and the compliance of the process with internal regulations (the Remuneration Policy).

As at the date of preparation of this report, the Company confirms that the entire process of implementing the incentive program is carried out in accordance with the adopted control procedures.

Own shares

The Company does not currently hold own (treasury) shares.

Restrictions related to the transfer of ownership of securities and providing special control rights

Securities issued by Echo Investment S.A. do not provide special control rights to their holders. Echo Investment

S.A. is not aware of any restrictions on the exercise of

voting rights or on the transfer of ownership rights by holders of its securities.

Quotations of

Echo Investment S.A. shares

Shares of Echo Investment S.A. were first floated on the Warsaw Stock Exchange on 5 March 1996. The share price on the first day was PLN 0.43. In the last year, the price of Echo Investment S.A. shares according to closing prices was as follows:

• on the last day of 2025 the price was to PLN 4.75,

• the minimum in 2025 was PLN 3.59 (17th March), the maximum price was PLN 5.70 (22nd September),

• at the closing of the last session in 2025, the price amounted to PLN 4.75.

As at 31 December 2025, shares of Echo Investment S.A. were included in the following indices of the Warsaw Stock Exchange:

WIG

The WIG index is the first exchange index and has been calculated since April 16, 1991. The initial value of WIG index was 1000 points. At present WIG index comprises all companies listed at WSE Main List that

meet base eligibility criteria. The WIG index follows the diversification principle, aimed at the limiting the share of a single company and a single exchange sector. It is an income-type index and thus when it is calculated

it accounts for both prices of underlying shares and dividend and subscription rights.

WIG140

The WIG140 index is published from 20 December 2021, based on the value of a portfolio of shares of 140 companies classified in WIG20, mWIG40 and sWIG80 indices. The WIG140 is an income-type index, which

means that both prices of the transactions included in it and income from dividends and subscription rights are taken into account in its calculation.

sWIG80

The sWIG80 index is a continuation of the WIRR index and has been calculated since 31 December 1994 and includes 80 small companies listed at the WSE Main Market. sWIG80 is a price-type index, which means that only prices of the transactions included in the index are taken into account in its calculation and dividend income is not included. The sWIG80 index does not include companies from the WIG20 and mWIG40 indices, as well as foreign companies listed simultaneously at the WSE and other markets with a market value on the ranking day of more than EUR 100 million.

sWIG80TR

The sWIG80TR index has been calculated since 18 September 2017, based on the value of a portfolio of shares of 80 small companies listed at the WSE Main Market. Unlike sWIG80, sWIG80TR is the incoe-type index, which means that both prices of its transactions and dividend income are taken into account in its calculation. All other index construction rules are consistent with the sWIG80 index methodology.

WIG-Poland

The WIG-Poland index (previously WIG-PL) is the first national index calculated by the stock exchange since 22 December 2003. The index comprises only shares of domestic companies listed at the WSE Main Market that meet the base eligibility criteria. The historical values and rules of the index are identical to the WIG index.

This means that from 16 April 1991 to 19 December 2003, the values and portfolio structure of both indices were the same. Currently, both the values and participants of WIG-PL and WIG are different. Like the WIG, the WIG-Poland index is an income-type index and in its calculation both prices of the shares included in it and

income from dividends and subscription rights are taken into account.

WIG-real estate

The WIG-real estate index is a sub-sector index comprising companies participating in the WIG index and also classified in the 'real estate' sector. The subindex portfolio contains the same holdings as the WIG index portfolio. The index base date is 15 June 2007 and the index value on that date was 6543.82 points. The methodology of the sub-index is the same as that of the WIG index, i.e. that it is an income-type index and both prices of the shares included in it and income from dividends and subscription rights are taken into account in its calculation.

‌1.8

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

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. 24 March 2026.

Since the publication date of the last financial report, i.e. since 27 November 2025, the Company has received one notification pursuant to the MAR Regulation concerning transactions in the Company's shares. On 12 January 2026, the Company received a notification under Article 19 of the MAR Regulation from Mr Bence Sass, Member

of the Supervisory Board, regarding the acquisition of 15,238 shares of the Issuer. The transaction was executed on the Warsaw Stock Exchange on 8 January 2026. The details, including the content of the notification, were published by the Issuer in current report No. 1/26 dated 12 January 2026.

1.9

Major events in 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 in the Consolidated Annual Report of the Echo Investment Group for 2025, in Chapter 3, Note 43 "Remuneration of the Management Board and the 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.

SHARES AND BONDS

Public bond issuance by Archicom S.A. for individual investors

The funds obtained from the issuance of bonds were used by Archicom to finance business development and to roll over the company's debt maturing in 2025. Details of the issuance were published by Archicom in Current Report No. 7/2025 dated 14 March 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. the approved standalone financial statements of the Company for the financial year 2024 reported a net profit of PLN 2,085,457.08,

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

the Management Board of Echo Investment S.A. resolved to conditionally pay the Company's shareholders an advance towards the future dividend for the financial year 2025 (the "Dividend Advance") on the following terms:

The total amount allocated for the payment of the Dividend Advance amounts to PLN 330,152,465.60, i.e. PLN 0.80 per share (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 since the end

   of the previous financial year, as presented in the financial statements prepared as at 31 March 2025 for the period from 1 January 2025 to 31 March 2025 and audited by a statutory auditor from

   PricewaterhouseCoopers Polska sp. z o.o. Audyt sp.k., with its registered office in Warszawa;

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

The number of shares covered by the Dividend Advance as at the date of the Resolution was 412,690,582.

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

Shareholders holding the Company's shares on

3 December 2025, i.e. 7 days prior to the Dividend Advance Payment Date, were entitled to receive the Dividend Advance.

Resolution on the payment of dividend by Archicom

On 25 June 2025, the Annual General Meeting of Archicom adopted a resolution on the distribution of profit for 2024. The Annual General Meeting resolved to allocate the profit in the amount of PLN 197,131,664.91 for the payment of a dividend to the Company's shareholders ("Dividend"), i.e. PLN 3.37 per share, of which:

- the amount of PLN 82,479,420.63 paid by the Company on 7 November 2024 as an advance dividend

payment, i.e. PLN 1.41 per share, was credited towards the Dividend;

- the remaining Dividend amount reduced by the advance dividend payment, i.e. PLN 114,652,244.28, was paid as a Dividend, i.e. PLN 1.96 per share.

The Dividend was paid on 17 November 2025.

PROJECTS

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

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.

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.

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.

On 18 December 2025, 100% of the company's shares were sold outside the Archicom Group (and the Echo Investment Group).

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.

Pursuant to the Annex dated 1 December 2025, the parties agreed that the final deadline for executing the promised agreement was extended from 15 December 2025 to 15 May 2026.

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 Wołoska Street, intended for service development, with a potential of approx. 20.5 thous. sq.m of usable floor area.