Graphisoft Park Ingatlanfejleszto Európai Reszvenytársaság : Half-yearly Report 2025 H1

About this update from Graphisoft Park Se

GRAPHISOFT PARK SE Interim Management Report - First Half 2025 August 12, 2025 Executive Summary The pro forma net profit for the first half of 2025 is 3.88 million euros, which is almost 400 thousand euros less than the same period of the previous year. However, the difference is primarily the result of one-off items from the previous year, as the lump-sum compensation paid by certain tenants in 2024 Q2 for the reduction of rent before the expiry of their contracts significantly increased the result of the comparative period. Though Graphisoft Park's occupancy rate remains stable at 95% at the end of the first half of 2025, significantly exceeding the current average of 87% for the Budapest office market. The reduction in space of some tenants was compensated by the growth needs of other tenants, which we were able to meet by flexibly adapting to changing tenant needs. Partly due to this, and partly due to the unique natural features of the park, and the milieu created by the technological and IT focus, our tenants are continuously extending their leases despite the uncertain economic environment and are typically committed to longer terms than the national average. As a result of significant contract extensions concluded last year and several successful, smaller contract renewals this year, the average remaining lease term, WAULT, is 4.8 years. A figure that reflects tenant commitment even more is the average lease term since each tenant's first lease agreement, which has exceeded 16 years this year. Based on current office market trends, we considered that a significant increase in demand for offices was not expected in the near future, so in 2024 the Company decided to examine the possibility of residential and service development in the larger southern development area. In this regard, a cooperation agreement was concluded with Synergy Construction Hungary Kft., in which the partner company was given the opportunity to purchase the area or the project company owning it. On June 23, 2025, Synergy Construction Hungary Kft. indicated its intention to purchase, which was accepted by the Company. The transaction was successfully completed in July 2025, as a result of which the expected pro forma net profit for 2025 will be 11 million euros higher. The Company's Board of Directors will make a proposal for the use of the extraordinary one-off profit from the sale of the subsidiary later, considering the Group's maturing loan portfolio and the refinancing options available at the current high interest rate level. However, despite this, we believe that although the first half of the year was slightly better than expected, due to the current, still unpredictable global economic environment, we are leaving our previous forecast for this year unchanged, which indicated rental revenue of 16.7 million euros and pro forma profit from ordinary operations of 7 million euros. This, together with the extraordinary gain from the sale of the subsidiary, could result in a total pro forma profit of around 18 million euros in 2025. Property portfolio and fair value of net assets At the end of the first half of 2025, the independent valuer estimated the fair value of the real estate portfolio at 225.6 million euros, which represents nearly 5 million euro decrease compared to the end of 2024. The fair value of the leased properties decreased by 11 million euros due to the higher expected yield of around 8% reflecting the current market situation, which was only partially compensated by the increase in value of the southern development area, taking into account the impact of the transaction concluded after the reporting period. Due to the interest levels experienced in the eurozone, the fair value 1 of the interest rate swap hedging transactions concluded by the Company to fix the interest rates of its euro-based loans is still favorable, which increase is reflected in equity (net asset value). In the meantime, the Company's outstanding loan portfolio went down to 76 million euros due to continuous repayments. ‌1 The fair value of hedges is intended, among other things, to estimate how much more expensive (in the case of a negative fair value, cheaper) a similar loan could be obtained today. In addition to the current market interest rate environment, the fair value is influenced by several external factors (HUF/EUR exchange rate, monetary policy measures or future interest rate expectations). The development of these factors may result in a significant and in some cases unpredictable changes in the direction and degree of change in the fair value. Overall, due to the decrease in the fair value of the real estate portfolio and the dividend payment in Q2, despite the decreasing outstanding loan amount, the net asset fair value of the Company amounted to 162 million euros, about 6 million euros below the value at the end of the previous year. The sale of the southern development area, which was completed after the reporting date, increased the fair value of the development lands as of June 30, 2025 (since the appraiser had already taken the ongoing transaction into account), but since the Company only realized the profit from the sale in the third quarter, its impact on the net asset book value will only be accounted in the upcoming Q3 report. [thousands of EUR] Dec 31, 2024 March 31, 2025 June 30, 2025 Completed, delivered properties 215,919 209,360 204,543 Development lands 14,660 14,410 21,100 Estimated fair value of the entire property portfolio 230,579 223,770 225,643 Net asset value at estimated fair value 167,816 164,567 161,783 Net asset value at fair value per share (EUR) 16.64 16.32 16.05 Net asset book value 160,813 157,874 148,453 Net asset value per share (EUR)2 15.95 15.66 14.72 Pro forma results Rental revenue reached a similar level to the previous year with stable occupancy, while other income is lower than the previous year. This line usually reflects the results of rental property developments and renovations requested and financed by tenants. In the comparative period we also presented under this line the lump-sum compensation paid by certain tenants for rent reductions before the expiration of their contracts and such income did not occur in the current period. The 11% increase in operating expenses, in addition to some smaller, planned one-off expenses, primarily reflects the impact of inflationary fee increases. Depreciation decreased by 4% compared to the same period of the previous year due to the depletion of certain older assets. The financial result is also slightly more favorable: although the interest income realized on free funds fell short of the previous year in the changed interest rate environment, the interest payable on the capital outstanding decreased due to the loan repayments, and there were no significant exchange rate losses on our assets held in forint. As a result of all this, in the first half of 2025, EBITDA fell by approximately 6%, while the profit after tax decreased by nearly 9% compared to the previous year, largely due to one-off compensations in the previous year's profit. ‌2 IFRS consolidated own equity per share (million euros) 2024 H1 actual 2025 H1 actual Rental revenue 8.68 8.70 Other income (net) 0.65 0.23 Operating expense (1.12) (1.24) EBITDA 8.21 7.69 Depreciation (3.24) (3.11) Operating profit 4.97 4.58 Net financial result (0.70) (0.65) Profit before tax 4.27 3.93 Income tax expense (0.01) (0.05) Forecast Net profit 4.26 3.88 In our forecasts for 2025, we still expect only rental revenue of 16.7 million euros, which is approximately 3% lower than in 2024. We believe that the uncertain economic environment may continue to pose a risk for some tenants in the remainder of the year. The shortfall in other income from the outstanding value of the previous year will also remain in our full year estimate, because in 2025 we do not expect one-off compensations as in the previous year. Of course, our plans also include one-time income from the sale of the subsidiary, but due to its different nature (asset sale), we do not present this outstanding profit as other income, but on a separate line. In terms of operating expenses, an increase of approximately 13% is expected in 2025, partly due to the increase in service fees, the increase in personnel payments and new cost elements arising in connection with the goals set in the ESG strategy. The capitalization of energy efficiency improvements may offset the expected decrease in depreciation due to the depletion of certain older assets, so we expect depreciation expense like the previous year in 2025. We do not expect a significant change in financial costs, and a net financial expense of 1.6 million euros is expected. Overall, we currently expect a net profit of 7 million euros from ordinary operations for 2025, which, supplemented by the result of the sale of the subsidiary containing the southern development area completed in July, may increase the total profit after tax to 18 million euros. (million euros) 2023 actual 2024 actual 2025 forecast Rental revenue 16.85 17.26 16.7 Other income (net) 0.57 1.00 0.5 Operating expense (1.61) (1.86) (2.1) EBITDA 15.81 16.40 15.1 Depreciation (6.94) (6.45) (6.4) Operating profit 8.87 9.95 8.7 Net financial result (0.99) (1.63) (1.6) Profit before tax 7.88 8.32 7.1 Income tax expense (0.02) (0.36) (0.1) Net profit 7.86 7.96 7.0 Sale of the Southern Development Area - - 11.0 Net profit including one-off item 7.86 7.96 18.0 ESG strategy In recent years, the office market has been characterized by significant transformations and challenges: the spread of home office has accelerated due to Covid, the vacancy rate has increased, while the energy crisis has also increased operating costs. Despite all this - or rather as a result of them - sustainability and ESG aspects have gained increasing emphasis, both in the expectations of tenants and investors. Our company is currently working on developing an ESG strategy and implementation schedule, which takes into account not only the environmental, but also the long-term financial impacts. Our goal is to reduce the energy consumption and carbon footprint of the office park in a way that also ensures that tenant operations remain efficient and sustainable. Although the comprehensive ESG strategy is still formally under development, our Company has previously defined and published the basic principles and objectives based on which it strives to implement sustainable operations. We have also regularly presented and monitored these commitments and their fulfillment in the sustainability reports of recent years. Our Company is currently not subject to the provisions of the CSRD 3 , and the scope of the Hungarian ESG Act has also been narrowed, but we are continuously monitoring the related regulations. Preparations have begun, and we are considering incorporating several elements of the relevant expectations - even if on a voluntary basis - into our operations and reports. Our 2024 sustainability report, like previous ones, was prepared in accordance with the GRI 4 standards and published on April 24, 2025. In line with our objectives, solar panels, new windows and doors, and heat pumps were installed in certain buildings between 2023 and 2025, in line with the needs and decarbonization goals of the given tenants. In 2025, we also started developing a general energy modernization schedule as part of the long-term ESG strategy, based on which we will launch energy developments in several larger buildings at the end of this year and in 2026-2027, with a value and volume significantly exceeding those of previous years. In addition, it is equally important to implement efficient building operations and encourage conscious energy consumption. After 2022, also in 2023, in cooperation with the tenants, we managed to achieve significant savings in both gas and electricity consumption. We will continue to maintain cooperation and intensive relationship, as well as the monitoring of consumption (both for the energy consumption of devices and equipment, as well as for usage habits). In 2024, energy consumption did not decrease significantly further anymore, as gas consumption remained at a similar level to the previous year, while electricity consumption increased. This was largely due to the decrease in the home office ratio, the increase in energy consumption associated with greater office presence, and the rise of electric cars. In 2025, we see a continuation of the trend, so the goal of our developments for the coming years is to offset the additional consumption resulting from the increasing use of offices by installing energy-saving equipment. In addition to improving energy efficiency, our goal is to prioritize the aspects of conscious material use (e.g. lifecycle, quality, recyclability), minimize waste generated during office design and operation, and maintain and develop the green park, environment and biodiversity that gives the Park its unique character. * * * ‌3 Corporate Sustainability Reporting Directive ‌4 Global Reporting Initiative We believe that the unique office park provided by Graphisoft Park, located in a truly green environment, will continue to be in demand by companies employing technology- and knowledge-based, highly qualified employees, and we can still expect an occupancy rate of over 90%, which exceeds the Budapest office market. The Company's strategy articulated nearly 30 years ago also works in the light of the hybrid working that has become common in recent years. Although the way and extent of office use and the distribution of the various functions of the rented areas are undergoing significant changes, research and development activities that require a high degree of creativity and intensive cooperation cannot exist without at least partial personal presence. The target market defined by the Company at the beginning, which are domestic and international enterprises dealing with technological development, proved to be a good choice even during uncertain economic prospects, since the key to success in this field is attracting talent. This is greatly enhanced by the high-quality and environmentally conscious architecture, a uniquely quiet park rich in ancient trees, on the truly green bank of the Danube, surrounded by the monuments of the former Óbuda Gas Works and preserved in a modern way. Bojár Gábor Chairman of Board of Directors Bognár Tünde Chief Executive Officer Financial highlights IFRS, consolidated, thousand EUR Results: Results June 30, 2024 June 30, 2025 6 months ended Rental revenue 8,682 8,699 Operating expense (1,121) (1,246) Other income (net) 651 230 EBITDA 8,212 7,683 Depreciation and amortization (3,244) (3,106) Operating profit 4,968 4,577 Net interest expense (578) (607) Other financial result (119) (42) Profit before tax 4,271 3,928 Income tax expense (10) (47) Pro forma profit after tax (1) 4,261 3,881 Pro forma profit after tax per share (EUR) (2) 0.42 0.38 Valuation difference of investment properties (116) (11,591) Unrecognized depreciation 3,128 2,992 Profit after tax according to financial statements 7,273 (4,718) Profit after tax per share according to financial statements (EUR) (2) 0.72 (0.47) "Pro forma" results show profit and loss according to the cost model. Treasury shares possessed by the Company and employee shares are excluded when the earnings per share value is determined (refer to Note 1.3 to the financial statements). IFRS, consolidated, thousand EUR Asset value: December 31, 2024 June 30, 2025 Fair value of properties 215,919 204,543 - from this book value (1) 214,265 202,981 Fair value of development lands (2) 14,660 21,100 - from this book value (1) 8,517 8,570 Entire property portfolio at estimated fair value 230,579 225,643 Net asset value at estimated fair value (3) 167,816 161,783 Net asset value at cost (1) 160,813 148,453 Number of ordinary shares outstanding (thousands) 10,083 10,083 Net asset value at fair value per share (euro) (3) (4) 16.64 16.05 Net asset value at book value per share (euro) (1) (4) 15.95 14.72 Investment properties and investment properties under construction are fair valued in the financial statements, while development lands and owner-occupied property are stated at cost. Development lands are presented under "Investment properties" and owner-occupied properties under "(Owner-occupied) Property, plant and equipment" in the balance sheet. As a result, instead of accounting depreciation, current period change in fair value is presented in the profit or loss. In the valuation of June 30, 2025, the fair value of the southern development area was determined by the independent valuer based on the ongoing transaction, considering the possibility of residential development. However, in the comparative period, the valuer calculated the fair value based on a potential office development project. Estimated net asset fair value contains both development lands and owner-occupied properties on fair value instead of cost. Treasury shares possessed by the Company and employee shares are excluded when the earnings per share value is determined (refer to Note 1.3 to the financial statements). Net asset value at book value and net asset value at fair value (equity) are disclosed in Note 23 to the financial statements. Detailed Analysis In this business report, Graphisoft Park presents the progress made toward its goals in the following areas: 2025 H1 results ("pro forma" results and results according to the financial statements), Utilization, occupancy, Modernization plans, Financing, Forecast for 2025, Further growth opportunities. 2025 first half "Pro forma" results The 2025 first half "Pro forma" results changed compared to the same period of 2024 because of the following main factors: Rental revenue (2025: 8,699 thousand euros; 2024: 8,682 thousand euros) together with stable tenant base exceeded the previous year by a minimal amount, 17 thousand euros, or 0.2%. Operating expense (2025: 1,246 thousand euros; 2024: 1,121 thousand euros) increased by 11% compared to the same period of last year, which was increased by personnel costs and inflation-following fee increases of certain services. Other income (2025: 230 thousand euros; 2024: 651 thousand euros) is largely the result of periodical developments and refurbishments of the rental property based on the request and expense of the tenants. In 2024, this was significantly increased by the lump-sum compensation paid by certain tenants in return for area reductions before the expiration of their contracts. Depreciation charge (2025: 3,106 thousand euros; 2024: 3,244 thousand euros) is 4% lower than in the previous year, mainly due to the depletion of some older assets. As a result, EBITDA (2025: 7,683 thousand euros; 2024: 8,212 thousand euros) decreased by 529 thousand euros, or 6%, while operating profit (2025: 4,577 thousand euros; 2024: 4,968 thousand euros) by 391 thousand euros, nearly 8% compared to the previous year. Net interest expense (2025: 607 thousand euros; 2024: 578 thousand euros) increased by 29 thousand euros or 5% compared to prior year, since the interest income realized on free funds is lower than the previous year and this was only partially compensated by the decrease in interest payable due to loan repayments. Other financial result (2025: 42 thousand euros loss; 2024: 119 thousand euros loss) is primarily influenced by the exchange rate differences of our forint-denominated assets. The balance of income tax expense (2025: 47 thousand euros; 2024: 10 thousand euros) contains the innovation contribution and the corporate income tax and local business tax of the Group member Graphisoft Park Engineering & Management Kft. The other companies in the Group are exempt from corporate income tax and local business tax obligations based on their regulated real estate investment company status. Overall, net profit (2025: 3,881 thousand euros; 2024: 4,261 thousand euros) is 380 thousand euros, or 9% lower than the higher result of the same period of the previous year due to the one-off compensations received. 2025 first half results according to the financial statements The 2025 H1 result according to the financial statements is 8,599 thousand euros lower than the "pro forma" result due to the following two factors: unrecognized depreciation of investment properties increased the results by 2,992 thousand euros, while fair value changes decreased the result by 11,591 thousand euros. The negative effects of the general economic outlook and risks specific to the office market - such as the vacancy rate in the Budapest office market, the stagnation of developments and the low number of transactions - as well as the increasing costs associated with the energy modernization of the buildings were partially compensated by taking into account the periodic contract extensions and the Park's loyal tenant base. Thus, the independent valuer reduced the fair value of the properties by more than 5% compared to prior year and consequently, the result according to the financial statements in the current period is a loss of 4.7 million euros, in contrast to the 2024 H1 result of 7.3 million euros profit. Details of changes in fair values are disclosed in Note 9 (Investment property) to the financial statements. Utilization, occupancy Occupancy rate of Graphisoft Park's gross leasable area developed as follows (at the end of each quarter): Period: 2024Q1 2024Q2 2024Q3 2024Q4 2025Q1 2025Q2 Occupancy of gross leasable area (%): 95% 95% 94% 94% 94% 95% Gross leasable area (m 2 ): 82,000 82,000 82,000 82,000 82,000 82,000 Following a temporary, slight reduction caused by the COVID crisis, occupancy remained stable at 97-98% in 2022-2023, despite the high, volatile energy prices and recessionary environment that characterized the period. At the same time, in 2023, during the renewal of the contracts of several larger tenants, requests to reduce the area arose, thereby reducing the occupancy to 95% by the end of the year. As a result of further minor vacancies during 2024, the occupancy rate decreased to 94%, however, this occupancy level - which increased again to 95% in the second quarter of 2025 - continues to exceed the Budapest office market average (87%), proving the significant and long-lasting demand for office parks dominated by green surroundings as work environments. Modernization plans From 2023, the focus of our renovation and modernization programs will be on projects that increase energy efficiency and optimize energy consumption, which we will implement in constant consultation and cooperation with our tenants. In 2023, in 2 larger buildings (affecting about 16,000 m 2 of leasable area), significant energy efficiency improvements were made (installation of heat pumps and smaller solar panels, replacement of office and improving the energetic properties of some building structural elements). In 2024, we started similar renovations on additional buildings (5,800 m 2 ), improving the energy efficiency of our buildings and reducing the carbon footprint of the entire park's operation. In 2025, we began developing a general energy modernization strategy and schedule, based on which we will launch energy developments in several larger buildings at the end of 2025 and in 2026-2027, with a value and volume exceeding those of previous years. As part of the strategy, we are investigating the installation of additional heat pumps and new energy-saving devices, as well as the replacement of windows and doors and lighting fixtures. In the second half of this year, we will install solar panels on 2 larger buildings, which are expected to cover 5% of the electricity consumption of the affected buildings. In the past period - partly due to the emerging energy crisis - we put a lot of emphasis on monitoring energy consumption, and in cooperation with the tenants, by consciously reducing consumption, we achieved savings of nearly 20% in 2022, and another 10% in 2023. In 2024, however, electricity consumption increased, while gas consumption remained at a similar level to the previous year, largely due to the decrease in the home office ratio, the increase in energy consumption associated with greater office presence, and the rise of electric cars. In the first half of 2025, we saw a continuation of the trend: the number of days spent in the office increased significantly for several tenants, resulting in an increase in total energy consumption. The aim of our developments for the next two years is to offset the additional consumption resulting from the increased use of offices and electric cars by installing energy-saving equipment. In addition, in all building modernization projects, in addition to energy efficiency, we also consider the conscious use of materials (lifespan, quality, recyclability) and the minimization of waste generated during the renovation. Financing Between 2015 and 2019, the Company borrowed a total of 119,600 thousand euros from Erste Bank Hungary Zrt. and UniCredit Bank Hungary Zrt. 4 times to finance its development goals, refinance its previous loan, and optimize its capital structure. The first two development loans took place within the framework of the National Bank of Hungary's Funding for Growth Scheme. The term of each loan is 10 years, and the interest rates are fixed for the entire term of each loan through currency and interest rate swaps (CCIRSs and IRSs), currently with an average interest rate of 1.86%. At the end of June 30, 2025, the nominal value of all outstanding loans is 76 million euros , which is currently 34% of the property fair value . The positive fair value of the interest rate swaps (EUR 1.5 million) reflects the difference between the current financing conditions available in the higher interest rate environment and the Company's fixed loan rates. Bank Initial loan value Due date Loan amount Outstanding loan amount at due date as of June 30, 2025 (thousand euros) (thousand euros) (thousand euros) Erste Bank Hungary Zrt5 15,600 27.12.2025 6,104 6,572 UniCredit Bank Hungary Zrt 24,000 23.12.2026 11,200 13,600 Erste Bank Hungary Zrt 40,000 31.12.2027 21,102 26,548 UniCredit Bank Hungary Zrt 40,000 15.12.2029 22,599 29,193 Sum 119,600 75,913 The Company is currently considering the repayment of the NHP loan provided by Erste Bank Hungary Zrt, which matures at the end of 2025, taking into account the refinancing options available at the current high interest rate level. Forecast for 2025 As announced by the Company on June 23, 2025, we accepted Synergy Construction Hungary Kft's purchase offer for the Southern Development Area, i.e. the subsidiary Graphisoft Park South II. Development Kft., that owns the area. The contractual conditions were fulfilled on July 1, 2025, thus the transaction was realized in the third quarter of 2025.The result of the sale - approximately 11 million euros - is presented as a one-off item, highlighted from the pro forma result from ordinary business operations in the forecast. In addition, we successfully extended leases with several tenants in the first half of 2025, but we believe that the uncertain economic environment may continue to affect some of our tenants in the remainder of the year, which is why we do not change our previous cautious forecast yet. Items similar to the one-off results reported in the past two years (like fees paid as compensation for area reduction before contract expiration) are not expected in 2025. Our forecast also considered the inflationary increase in operating costs and the expected depreciation due to continuous developments aligned with ESG goals. ‌5 The current and maturity principal amounts are presented at the exchange rate as of June 30, 2025. (million euros) 2023 actual 2024 actual 2025 forecast Rental revenue 16.85 17.26 16.7 Other income (net) 0.57 1.00 0.5 Operating expense (1.61) (1.86) (2.1) EBITDA 15.81 16.40 15.1 Depreciation (6.94) (6.45) (6.4) Operating profit 8.87 9.95 8.7 Net financial result (0.99) (1.63) (1.6) Profit before tax 7.88 8.32 7.1 Income tax expense (0.02) (0.36) (0.1) Net profit 7.86 7.96 7.0 Sale of the Southern Development Area - - 11.0 Net profit including one-off item 7.86 7.96 18.0 As a result of the above, we currently expect r ental revenue of 16.7 million euros for 2025 , approximately half a million euros less than the previous year. Other income traditionally includes income received for renovations requested by tenants, the balance of which is expected to be around 500 thousand euros this year, about half of the outstanding amount due to one-off items last year. We expect operating costs to increase by 13% in 2025 , due to, among other things, inflationary increases in service fees, increased personnel payments, and cost elements necessary to achieve the goals set out in our ESG strategy. As a combined effect of the above, according to our current calculations, EBITDA is expected to decrease to 15.1 million euros in 2025 , falling short of the previous year. In 2024, the depreciation (which does not appear in the IFRS consolidated accounts according to the SZIT rules) due to the depletion of some older assets decreased, however, in 2025 , as a result of the capitalization of energy efficiency improvements, no further decrease of a similar magnitude is expected. As part of the net financial result , due to the continuous loan repayments, the interest payable on the capital outstanding will decrease. In 2024, due to changes in the interest rate environment, we no longer realized interest income of a similar magnitude to 2023, and the volatility of the forint also caused large exchange rate losses. Overall, we do not expect significant changes in financial costs in 2025 . As a result of all this, the expected pro forma net profit for 2025 may be around 7 million euros , significantly below the outstanding results of 2023 and 2024 due to one-off items. The sale of the Southern Development Area was completed at the beginning of the third quarter, with a one-time profit-increasing effect of 11 million euros . Including the above transaction, the Company's full-year 2025 pro forma profit forecast is 18 million euros . The Company will decide on the use of the one-off, extraordinary result at a later date, taking into account the maturing loan portfolio and the refinancing options available in the current interest rate environment. Further development opportunities By the completion of the developments in the core and the southern area, Graphisoft Park has 82,000 m 2 gross leasable area as well as underground parking for around 2,000 cars available for its tenants, ensuring the green dominance in the Park. An additional 4,000 m 2 of leasable office space can be developed at the southern end of the largely built-out area called South Park I. In 2022 we received building permission for the possible development; however, the Company will decide on the initiation of the project at a later date, taking into account the conditions and the possibilities of the construction, in particular the development of raw material and energy prices, the possible capacity limitations and the general economic prospects, in addition to the requests of the tenants. Given the stagnation experienced in the office market, the Company has recently examined the possibility of developing residential and service functions on the southernmost area called South Park II, which is more appropriate from a cityscape, urban planning and business perspective than further office building development in this area, which is further from the central area and separated by a road. In this regard, Graphisoft Park has concluded a cooperation agreement with Synergy Construction Hungary Kft., which is interested in residential developments. The partner company made a purchase offer on June 23, 2025, which our Company accepted. As a result, the employees of the office park will have access to housing opportunities in the immediate vicinity of their workplaces, which may reduce the burden on the surrounding transport infrastructure, and ultimately, the high-quality development of the southern development area may be completed in a few years. In the northern area no further preparatory work or development is allowed until MVM Next Energiakereskedelmi Zrt. completes its mandated rehabilitation duties in the area, which is currently considered uncertain (see details below in the "Main risk factors - rehabilitation of the northern development area" section). After the remediation, this northern development area together with the unused part of the monument area will provide room for another 42,000 m 2 gross leasable area. Altogether this gives office development potential of around additional 46,000 m 2 gross leasable area, and as such, the gross leasable area might increase to 128,000 m 2 in the whole Graphisoft Park. In addition to the above, we should mention that next to the 18 hectares of the former Óbuda Gas Works owned by the Company, there is another 12 hectares of development land owned by the Municipality of Budapest. Following the required remediation, according to the currently valid regulations, an additional 120,000 m 2 area can be developed , for which an underground garage suitable for accommodating around 3,000 cars can also be built. If the Municipality of Budapest wishes to sell its development areas, the Company has the right of pre-emption for the larger part of it (7.5 hectares). Educational function Key characteristic of the Graphisoft Park concept is the sustained synergy between teams of startup entrepreneurs, global IT and technology focused companies and educational institutions as leading edge "knowledge-factories". In this spirit, the IBS International Business School , as well as AIT-Budapest , which is based primarily for students from the United States, and the Real School , which focuses on environmentally conscious education from an early age, were also located in the Park. Partnering relationships based on tight collaboration between technology firms, start-ups and educational institutions have been shaped among these three main pillars of Graphisoft Park, resulting in mutual support and strengthening and stimulating cooperation. The enhanced physical proximity and meaningful collaboration act as an attractive force and is recognized as a convenient source by all the three sectors. The management of the Park is consciously supporting the balanced presence of all three pillars and application of the full potential offered by their collaboration. We are open to accommodate educational institutions that act as knowledge centers and knowledge factories and fit the Park's concept. Tenant loyalty Graphisoft Park's tenants make longer commitments than the national average. In addition to the Park's unique natural features, the technological and IT focus created the milieu in which globally listed companies have long been tenants in the Park, such as SAP (since 2005), Microsoft (since 1998), Servier (since 2007 ), and, of course, Graphisoft SE, the software company that founded the Park but is now operating as an independent tenant since 1998. It should be noted that in addition to our large tenants, the smaller tenants also spend an average rental period of more than 5 years in the Park, with their expiring contracts being extended annually. Due to the characteristics of the Park, we can meet the growth needs of the tenants: start-ups can become tenants of the Park with up to a 1-year contract, and later on, they are also provided with the opportunity to expand in line with their growth trajectory. The average lease term in the Park calculated with the starting date of current tenants' earliest lease agreements (in certain cases lease agreements concluded with the predecessor of Graphisoft Park Group) is more than 16 years . At the same time, the weighted average lease term to expiry is still 4.8 years because of some contract extensions in the current year. Creative work, research and educational activities are further supported by the Park's Management by sustainably ensuring inspiring environment and numerous cultural services. Our goals are the increase of comfort levels, thus the levels of productivity for all Park tenant's creative and productive staff, the development of tools for promoting communities, hosting of relevant events and programs for further improvement of creative work conditions for all our tenants. For this reason, we organize many open-air music events, periodic photo and painting exhibitions in the Park, and one of the largest outdoor collections of contemporary sculptures in Budapest is also located here. Furthermore, we constantly expand the possibilities of various leisure, sports and recreational activities. We do all this consciously, because loyal employees affiliated with the Park can guarantee the competitiveness of our tenants in the market. Management is committed to make the Park feel as a comfortable, pleasant second home for all resident employees, more than just a work-place. Main risk factors associated with the areas Contaminated northern development area: Due to the prior gasification activity the northern development area is still contaminated. The rehabilitation of this area is the duty of the polluter Capital City Gas Works (currently MVM Next Energiakereskedelmi Zrt.). Background The decision to impose a remediation obligation was finally made in 2015, after nearly 20 years of delay. In its decision dated June 29, 2015, file number PE/KTF/1096-39/2015, the Érdi District Office of the Pest County Government Office, as the environmental protection authority, obliged Fővárosi Gázművek Zrt. to remediate the damage in two phases; in the first phase essentially regarding the geological medium (soil exchange and removal) and in the second phase regarding the groundwater. The decision stipulated a deadline of November 30, 2017 for the implementation of the first phase, while the deadline for the second phase was April 30, 2019. The obligor did not start the actual remediation within the time specified for completion but carried out internal administrative preparatory activities. The obligor requested an extension of the deadline several times, which it received in turn. A deadline extension granted in 2018 was challenged by Graphisoft Park in administrative court proceedings, which it won in court, however, after the decision made on December 12, 2019, the Pest County Government Office conducted new proceedings. In the resolution dated April 30, 2020, the Pest County Government Office stated new deadlines of May 31, 2021, and September 30, 2022. Government Decree nr. 286/2021 (V. 27.) on the establishment of rules related to certain administrative authority procedures was published under the epidemiological and emergency regulations on May 27, 2021. Pursuant to Section 1 of the Government Decree in force between May 28, 2021, and June 24, 2021, the polluter became entitled to request an extension of the deadline for remediation from the environmental authority, which was obliged to grant the extension. MVM Next Energiakereskedelmi Zrt. submitted the relevant request, which was approved by the authority and the decree ruled out the possibility of an appeal, so the current deadline for carrying out remediation and submitting the final documentation was December 31, 2022. We requested information from MVM Next Energiakereskedelmi Zrt. about its implementation plans related to the said deadline, to which we received the following information in response. MVM Next Energiakereskedelmi Zrt. still has the necessary permits to call for the construction tender and start construction, and has prepared the necessary documentation for the tender, however, despite its best intentions, it cannot make any responsible statement about the expected completion date of the remediation. On December 23, 2022, Government Decree of 566/2022 (XII. 23) was published, which deals with the establishment of rules related to certain administrative authority procedures. On the basis of this decree, the legal entity obliged to remediate became entitled to request an extension of the remediation deadline from the environmental protection authority. If the application was submitted, the authority was obliged again to grant the deadline extension. MVM Next Energiakereskedelmi Zrt., which is obliged to remediate the damage, submitted its request for this on December 27, 2022, which was granted by the authority on December 28, 2022. The decree ruled out the possibility of an appeal, so the currently valid new deadline for carrying out the remediation and submitting the final documentation would have been December 31, 2024 , and the deadline for the remediation of certain sub-areas and for sub-surface water would have been April 30, 2026 . However, as of November 19, 2024, the legal environment regarding remediation has changed again, and the legal amendment that entered into force requires a so-called mandatory review for remediation that has not started within 5 years. During the mandatory review, a new, so-called "revised intervention plan" is prepared and thus the deadline for remediation is amended again. The review is ordered by the Deputy State Secretary responsible for Environmental Regulatory Affairs. Accordingly, based on the decision of the Deputy State Secretary responsible for Environmental Regulatory Affairs of the Ministry of Energy dated December 20, 2024 , the deadline for submitting a new, revised intervention plan to be prepared by MVM Energiakereskedelmi Zrt. is December 31, 2026 . During the review period, the implementation of the previous intervention plan cannot be started. The Company initiated an administrative lawsuit against the decision ordering the review on January 21, 2025. According to our position presented in the court proceedings, the decision violates the Constitution, and the rule of law norms were not applied in the decision-making process. In the administrative lawsuit, the Budapest Municipality joined the proceedings on the side of Graphisoft Park, while MVM Next Energiakereskedelmi Zrt. on the side of the Deputy State Secretary responsible for Environmental Regulatory Affairs. On May 6, 2025, the administrative court upheld Graphisoft Park's claim and annulled the decision ordering the review procedure due to serious procedural violations. The conflict with the Constitution and EU legislation was not examined, because the previous decision had to be annulled anyway due to the procedural violation. It should be noted that the repeated modification of the deadlines for completing the remediation, detailed above, always occurred immediately before the deadlines expired, but no substantive remediation ever began before these deadlines. Current status The decision annulled on May 6 was ordered again by the competent authority on August 4, 2025. Our Company is expected to challenge the substantive part of this decision again. The expected date of commencement and completion of the remediation remains uncertain and cannot be estimated. We will continue to inform the Shareholders and capital market participants about the developments of the matter. Flood risk: Potential flood risk due to the location on the Danube waterfront, which is to be reckoned with for the increasing water level fluctuation, despite the old Gasworks rampart protecting the area even during the historical high floods in 2013. Economic environment: Since the properties in Graphisoft Park are mainly rented by stable companies, operating in research & development, the utilization of the office park decreased only slightly as a direct effect of the crisis caused by the coronavirus, the surge in inflation and the drastic change in energy prices, and it stands again at 95%. At the same time, difficulties caused by economic conditions, the change in tenant behavior and the emerging oversupply in the office market may again result in temporary or longer-term vacancies, so we must once again consider demands for reducing office space and the permanent transformation of office use. Taking into account the risks affecting the rental revenue and the economic environment, due to the increase in market yield expectations, a further, possibly significant devaluation of the fair value of properties cannot be excluded. *** Forecasts published here are based on the valid lease contracts in effect at the time of writing this report. Factors significantly affecting results are the economic environment, the changes in the HUF/EUR exchange rate (of which effects on the Company's results are unpredictable due to year-on-year fluctuations), the inflation rate and the regulatory environment with special regards to the tax regulations. In this forecast we calculate with 400 HUF/EUR exchange rate, euro inflation rate of 2.5% and unchanged legal and taxation environment till the end of 2025. Forward-looking statements - The forward-looking statements contained in this Interim Management Report involve inherent risks and uncertainties, may be determined by additional factors, other than the ones mentioned above, therefore the actual results may differ materially from those contained in any forecast. Statement of responsibility - We declare that the attached Quarterly Report which have been prepared in accordance with the International Financial Reporting Standards and to the best of our knowledge, give a true and fair view of the assets, liabilities, financial position and profit or loss of Graphisoft Park SE and its subsidiaries included in the consolidation, and the Business Report gives a fair view of the position, development and performance of Graphisoft Park SE and its subsidiaries included in the consolidation, together with a description of the principal risks and uncertainties of its business. Budapest, August 12, 2025 Bojár Gábor Chairman of Board of Directors Bognár Tünde Chief Executive Officer GRAPHISOFT PARK SE HALF-YEAR REPORT for the half year ended June 30, 2025 in accordance with International Financial Reporting Standards (IFRS) (consolidated, unaudited) Budapest, August 12, 2025 Bognár Tünde Chief Executive Officer Farkas Ildikó Chief Financial Officer CONTENTS: Page(s) Consolidated Balance Sheet 3 Consolidated Statement of Income 4 Consolidated Statement of Comprehensive Income 5 Consolidated Statement of Changes in Shareholders' Equity 6 Consolidated Statement of Cash Flows 7 Notes to the half-year Report 8-27 (all amounts in thousands of euros unless otherwise indicated) Notes December 31, 2024 June 30, 2025 Cash and cash equivalents 3 12,993 17,539 Trade receivables 4 1,571 2,457 Current tax receivable 5 382 48 Other current assets 6 2,999 2,871 Current assets 17,945 22,915 Investment property 9 222,782 211,551 (Owner-occupied) Property, Plant and Equipment 7 1,177 1,171 Intangible assets 8 33 40 Long-term financial assets 13 3,504 2,894 Non-current assets 227,496 215,656 TOTAL ASSETS 245,441 238,571 Short-term loans 12 11,576 11,402 Trade payables 10 721 430 Current tax liability 5 473 440 Short-term financial liability 13 1,656 1,395 Other short-term liabilities 11 3,574 12,454 Current liabilities 18,000 26,121 Long-term loans 12 66,340 63,857 Other long-term liabilities 14 288 140 Non-current liabilities 66,628 63,997 TOTAL LIABILITIES 84,628 90,118 Share capital 1.3 250 250 Retained earnings 159,556 147,677 Treasury shares 22 (979) (977) Cash flow hedge reserve 13 4,407 3,905 Revaluation reserve of properties 681 681 Accumulated translation difference (3,102) (3,083) Shareholders' equity 160,813 148,453 TOTAL LIABILITIES & EQUITY 245,441 238,571 Attention : This is an excerpt of the original content. 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