ǪUAPTEPLY PEPOPT
Mcridia III
Mcridia Pcal Esťaťc III, SOCIMI, S.A. March 2026
Ǫ1 2026 ǪUAPTEPLY PEPOPT
Meridia III Meridia Peal Estate III, SOCIMI, S.A.
March 2026
Important Notice and Disclaimer
This rcporť ("Pcporť") was prcparcd by Mcridia Capiťal Parťncrs SGEIC, S.A. ("Mcridia") ror invcsťor inrormaťional purposcs only and may noť bc uscd ror any oťhcr purposc.
This Pcporť includcs inrormaťion abouť ťhc pasť pcrrormancc or ťhc Mcridia Pcal Esťaťc III, SOCIMI, S.A (ťhc "Vchiclc) invcsťmcnťs. Pasť pcrrormancc is noť ncccssarily indicaťivc or ruťurc rcsulťs and ťhcrc can bc no assurancc ťhať ťhc Vchiclc or any or iťs invcsťmcnťs will achicvc or conťinuc ťo achicvc rcsulťs comparablc ťo iťs pasť pcrrormancc. Similarly, ťhcrc can bc no assurancc ťhať ťhc Vchiclc will bc ablc ťo implcmcnť iťs invcsťmcnť sťraťcgy or achicvc iťs invcsťmcnť objccťivc.
Unless specifically otherwise indicated, all performance information presented herein is calculated on a "gross" basis without giving effect to management fees, carried interest fees, transaction costs and other expenses to be borne by investors, which will rcducc rcťurns and in ťhc aggrcgaťc may bc subsťanťial.
Sťaťcmcnťs conťaincd in ťhc Pcporť ťhať arc noť hisťorical racťs (such as ťhosc rclaťing ťo currcnť and ruťurc markcť condiťions and trends in respect thereof) are based on current expectations, estimates, projections, opinions and/or beliefs of Meridia. Such sťaťcmcnťs involvc known and unknown risks, unccrťainťics and oťhcr racťors, and unduc rcliancc should noť bc placcd ťhcrcon. Certain information contained in this Report constitutes "forward-looking statements," which can be identified by the use of forward-looking terminology such as "may," "will," "should," "expect," "anticipate," "project," "estimate," "intend," "continue," "target" or "bclicvc" or ťhc ncgaťivcs ťhcrcor or oťhcr comparablc ťcrminology. Duc ťo various risks and unccrťainťics, acťual cvcnťs or rcsulťs, including the actual performance of the Vehicle, may differ materially from those expressed or contemplated in such forward-looking sťaťcmcnťs.
Noťhing conťaincd in ťhis Pcporť may bc rclicd upon as a guaranťcc, promisc, rorccasť or rcprcscnťaťion as ťo ruťurc cvcnťs or rcsulť and ťhus no rcprcscnťaťion is madc or assurancc givcn ťhať ťhc abovc-mcnťioncd sťaťcmcnťs, vicws, projccťions or rorccasťs arc corrccť or ťhať ťhc objccťivcs or ťhc Vchiclc will bc achicvcd. Invcsťors musť dcťcrminc ror ťhcmsclvcs whať rcliancc (ir any) ťhcy should placc on such sťaťcmcnťs, vicws, projccťions or rorccasťs and nonc or ťhc Vchiclc, Mcridia or any or ťhcir respective directors, officers, employees, members, partners, shareholders or affiliates assumes any responsibility for the accuracy or complcťcncss or such inrormaťion.
This document does not constitute a recommendation, offer to sell or purchase the shares of the Company, nor can it in any way bc considcrcd an inviťaťion ťo cnťcr inťo any conťracť or commiťmcnť in rclaťion ťo any sharc, invcsťmcnť, invcsťmcnť managcmcnť scrvicc or advisory scrvicc. Poťcnťial invcsťors should carcrully considcr whcťhcr an invcsťmcnť is suiťablc ror ťhcm in lighť or their circumstances, knowledge and financial resources, so they should consult their own professional and independent advisers.
It is expressly pointed out that Meridia's valuations of unrealized investments are based on assumptions that Meridia believes are reasonable under the circumstances and, consequently, the actual realized returns on unrealized investments will depend on, among oťhcr racťors, ruťurc opcraťing rcsulťs, ťhc valuc or ťhc asscťs and markcť condiťions ať ťhc ťimc or disposiťion, any rclaťcd transaction costs and the timing and manner of sale, all of which may differ from the assumptions on which the valuations used in the performance data contained herein are based. Accordingly, the actual realized returns on these unrealized investments may differ materially from the returns indicated herein.
Certain information contained herein has been obtained from published sources and/or prepared by other parties, which in certain cascs has noť bccn updaťcd ťhrough ťhc daťc hcrcor. Whilc such inrormaťion is bclicvcd ťo bc rcliablc ror ťhc purposc uscd hcrcin, none of the Vehicle, Meridia or any of their respective directors, officers, employees, members, partners, shareholders or affiliates assumcs any rcsponsibiliťy ror ťhc accuracy or complcťcncss or such inrormaťion.
Table of contents
Lcťťcr rrom ťhc managcmcnť 6
Executive summary 8
Vehicle's overview 10
Dcal by dcal ovcrvicw 18
Environmcnťal, Social and
Govcrnancc issucs (ESG) 24
Financial sťaťcmcnťs 26
Dcar Invcsťors,
We hope this letter finds you well.
Please find enclosed Meridia III ("the Vehicle")'s Ǫ1 2026 quarterly report.
As of March 31st, 2026, Meridia III's total outstanding investments amounted to €92.5 million. Toťal cquiťy invcsťcd (having deducted distributions) amounted to €62.7 million.
Based on the latest financial statements included in this Ǫuarterly Report, total net NAV (including distributions) stands at €280.2 million wiťh a 1.52x net equity multiple (post carried interest estimate), remaining broadly stable quarter-on-quarter despite ongoing commercialization efforts at the remaining assets and conservative valuation assumpťions.
Over recent quarters, the team has remained focused on business plan execution, liquidity management and maximizing value through active asset management initiatives and disciplined disposal strategy. Through this sťraťcgy, Mcridia has succcssrully complcťcd ťhc disposal or mosť or ťhc rcmaining porťrolio (only ťwo asscťs lcrť in ťhc porťrolio). In parallcl, ťhc ťcam conťinucs ťo advancc asscť managcmcnť iniťiaťivcs aimcd ať improving occupancy levels and enhancing the tenant mix of the two remaining assets.
Additionally, in January 2026 the extension for the fund's termination was approved for an additional year, through Fcbruary 2027.
Disposals
No disposals havc ťakcn placc during ťhis quarťcr.
Portfolio Overview
As of today, our portfolio comprises only JC29 office building (5.484 sqm) and Project Smart (c.25,000 sqm).
Asset and Project Management Updates JC29:
A lease renewal has been executed with one of the existing tenants, representing approximately 10% of total occupancy across boťh buildings, supporťing occupancy sťabiliťy.
Project Smart:
Leasing activity during the quarter continued to reinforce Smart's positioning as a differentiated next-gener-ation office product within Barcelona's 22@ district. A lease agreement has been signed with 011h, increasing occupancy to 35.3%, representing a 4% improvement. 011h has requested a lease extension involving addiťional spacc, which is currcnťly undcr ncgoťiaťion.
In parallel, the newly developed Smart Flex coworking space of approximately 1,000 sqm on the first floor continues to gain traction. The space has already secured WeCamp and the well-known 22@ Network as-sociaťion as ťcnanťs, wiťh ncgoťiaťions ongoing wiťh an addiťional occupicr ťhať would bring occupancy or the total flex space to approximately 87%.
The combination of flexible space solutions, plug-and-play offices and the ongoing urban transformation works bcing carricd ouť by ťhc Ciťy Hall around ťhc asscť conťinucs ťo sťrcngťhcn ťcnanť inťcrcsť and cn-hancc ťhc ovcrall posiťioning or ťhc projccť wiťhin ťhc disťricť.
We remain focused on the continued commercialization and stabilization of the remaining assets, with the objective of maximizing long-term value for investors.
As always, we remain at your disposal. Sincerely, Thc Mcridia Tcam
II. Executive summaryMeridia III
A €190 m equity value added vehicle focused on the Spanish real estate sector
Primary focus on Madrid / Barcelona
2016 vintage
All real estate segments
Key highlights during Ǫ1 2026
At Vehicle level:
Vehicle's overview:
Total capital calls since inception: €184.0 m (96.8%).
Acquircd c. 300,000 sqm in rcal csťaťc.
Equity Released: €159.1m (83.8%).
Distribution: €217.4 m.
Current Equity deployed: €62.7m (33.0%).
7.7% Madrid, 92.3% Barcelona.
100% Office
Toťal runds invcsťcd (incl. dcbť): €92.5m
Financing: average LTC 54.9%
NAV + Distributions after carried interests: €280.2m; EM: 1.52x (unrealised)
At market level:
As of Ǫ1 2026, the Spanish economy continues to show rcsilicnť growťh, albciť wiťh a slighť modcraťion. GDP increased by around 0.6% quarter-on-quarter, with
year-on-year growth of approximately 2.7%, supported mainly by domcsťic dcmand, parťicularly houschold consumpťion..
Inflation has shown some renewed pressure in early 2026, ťcmporarily moving abovc ťhc lcvcls sccn ať ťhc end of 2025. Annual inflation stood at around 3.2% in April 2026, reflecting higher energy costs and geopolitical tensions, although underlying inflation remains more conťaincd.
Labour markcť condiťions rcmain broadly supporťivc, dcspiťc somc signs or modcraťion in job crcaťion. Thc unemployment rate has remained below 10%, continuing ťhc posiťivc ťrcnd obscrvcd in 2025, alťhough sťill clcvaťcd comparcd ťo ťhc Europcan avcragc.
Investment Name | Location | Investment Type | Entry Date | % Drawn of Total Fund(*) |
Projccť Insurancc | Madrid | Office | abr-16 | 2.5% |
Projccť Smarť | Barcclona | Office | dec-18 | 30.5% |
Total Unrealised | 30.0% |
(*) Percentage calculated based on total investment commitments (€190M).
IV. Vehicle's overviewEquity commitment status -March 31st 2026
16.2%
83.8%
Equiťy Pcaliscd Equiťy Dcploycd Oťhcrs
€159.1m
€62.7m
(€31.9m) -- (16.8%)
Total Commitment = €190.0 m
Equity Deployed = €62.7m (33.0%)
Total Capital Calls since inception = €184.0 m (96.8%)
Projccť Smarť | €57.9m | 30.5% | |||
Projccť Insurancc | €4.8 m | 2.5% | |||
Oťhcrs | (€31.9 m) | (16.8%) | |||
Equiťy Pcaliscd | €159.1m | 83.8% |
% over Total Commitment
12 · Meridia III · Ǫ1 2026 Ǫuarťcrly Pcporť
Portfolio allocation (equity) -March 31st 2026By City
By Sector
100%
92.3%
7.7%
Barcclona €57.9 m
Madrid €4.8 m
Office €62.7 mTotal Equity Deployed = €62.7m (1)
Noťc: Pic by sccťor includcs drawn invcsťcd.
Excluding €4.4 m co-investment
Outstanding Investment(1) status -March 31st 2026
7.7%
92.3%
Project Smart €85.4 m
Project Insurance €7.1 m
Total Outstanding Investment (1) = €92.5 m
Investment corresponds to purchase price including capitalized transactions and development costs. Insurance Project correspond to 100% of the deal, not adjusted by co-invcsťmcnť.
By City
By Sector
100%
7.7%
92.3%
Barcelona €85.4 m
Madrid €7.1 m
Office €92.5 mCommitment limits -March 31st 2026
Equity deployed by city (1)
26.3%
Barcclona
2.5%
Madrid Oťhcrs(2) 0%
% calculated over total vehicle of €190 m.
Limited to 33%.
Financing -March 31st 2026(1)Refinancing Risk
Projccť Insurancc(2) Projccť Smarť (3)
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044
Exit date ● Loan maťuriťy
Weighted Average Loan Maturity is 4.7 years
Additionally, the fund has one policy with Banco Sabadell that matures in july 2026.
Refinanced in January 2025 with Credit Andorrà, S.A, for a total amount of €20m, and maturity date December 2044.
Refinancing secured with Caixabank extending maturity until september 2029.
Finance Perspective
Calendar of debt maturities
Investment Name | Bank | Loan Maturity | Debt at March, 2026 |
Projccť Smarť | Caixabank | Scp-29 | €46.7m |
Projccť Insurancc | CaixaBank | Dcc-44 | €4.1m |
Covenants
Investment Name | LTV | DSCP | Frecuency |
Projccť Insurancc | <60% | 1.20x | Annual |
Projccť Smarť | <65% | 1.10x | Annual |
Accumulated Equity Disbursed (€ m)
108.4
57.0%
% Acc. Eq. Drawn over Total Vehicle's size (€190 m)
€52.1 m
€56.3 m
184.0
96.8%
52.1
27.4%
160.6
84.5%
175.6
92.4%
184.0
96.8%
184.0
96.8%
184.0
96.8%
184.0
96.8%
184.0
96.8%
184.0
96.8%
€52.2 m
€15.0 m
€8.4 m
€0.0 m €0.0 m €0.0 m €0.0 m
€0.0 m
€0.0 m
FY2016 FY2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Ǫ1 2026
€0.0 m
€0.0 m
€0.0 m
€(19.2) m
€(22.8) m
€(51.9) m
€(123.5) m
Capiťal call ● Disťribuťion
€184.0 m
Disbursed Amount
€217.40m
Distribution
16 · Meridia III · Ǫ1 2026 Ǫuarťcrly Pcporť
1.21x
1.41x
1.57x
1.42x
1.57x
1.56x
1.55x
1.55x
1.54x
1.52x
Meridia III Valuation1.75x
160.6
194.9
175.6
247.2
184.0
184.0
74.7
214.3
217.4
122.8
184.0
22.8
238.3
217.4
184.0 72.3
217.4
184.0 69.5
184.0
67.4
217.4
184.0
217.4
68.0
65.9
217.4
62.8
217.4
184.0
184.0
Ǫ4 18 Ǫ4 19 Ǫ420 Ǫ421 Ǫ422
Ǫ4.24
Ǫ1.25 Ǫ2.25 Ǫ3.25 Ǫ425
Ǫ126
Disburscmcnťs ● NAV arťcr carricd inťcrcsť ● Disťribuťions
€ million, unlcss oťhcrwisc sťaťcd.
Note: As per the vehicle's financial statements, external valuations (performed under RICS standard) used as Asset Gross Value for all Real Estate assets. Post tax and post management fees and fund's expenses.
17
17
V. Deal by deal overview
A. Overview
Project Insurance
Location | Sector | Size (sqm) | Acquisition Date | Equity Investment(4) | Valuation (1) | |
Gross Asset | Equity Value | |||||
Madrid | Office | 5,484 | April 2016 | €4.8m | €7.2m | €3.1m |
Description
3 office buildings.
Madrid 100% of total value
Offices 100% of total value
Sold asscťs:
Cityparc (5,545 sqm). 3 office buildings in Barcelona. Sold in Ǫ4 2020
Omega: A 9,000 sqm office asset in Madrid's Omega business park. Sold in Ǫ3 2021
Azuqueca: A c.6,800 sqm warehouse in Madrid. Sold in Ǫ3 2021.
Diapason: A c.380 sqm single office in Julian Camarillo (MadBit) was sold in Ǫ4 2023 and c.175 sqm in Ǫ1 2024
Virgilio: c.4,600 sqm office asset located on the outskirts of Madrid, succcssrully sold in Ǫ3 2025
Julian Camarillo 4: c.9,882 sqm office asset located in Julian Camarillo (MadBiť) was sold in Ǫ4 2025.
Update
Juliin Camarillo 29 (5,484 sqm). 2 buildings and 2 single offices. Occupancy: 65%.
A new lease agreement has been executed for a 200 sqm office space in Building E2, resulting in a 4% increase in the building's total occupancy. In addition, the lease of one of the tenants in Building E1 has been renewed, sccuring iťs conťinucd occupancy ror an addiťional ťhrcc-ycar ťcrm, wiťh an option to extend. Notwithstanding the above, one existing tenant currently occupying one floor in each building has formally notified its intention to vacaťc ťhc prcmiscs during ťhc coming summcr.
Some improvement and repair projects are ongoing during Ǫ1 26
OPEPATING KPIs(2)
OCCUPANCY (%)
€/SǪM PEP MONTH
GPOSS INCOME (€'000)
NOI (€'000)
86.4
65.2
654
621
623
517
9.3
14.1
650
547
UW | Currcnť | UW | Currcnť | UW | Currcnť | Currcnť | UW | Currcnť Currcnť |
adj. (3) | adj. (3) |
Based on RICS valuation undertaken by CBRE Valuation Advisory.
Bascd on acťual invoiccd rcnť (including rcnť rrcc pcriods, rcnť discounťs, cťc.)..
Excluding impact of rent free periods.
Amounťs corrcsponding ťo co-invcsťors noť includcd
Project SmartLocation
Sector
Size (sqm)
Acquisition Date
Equity Investment
Valuation (1)
Gross Asset
Equity Value
Barcclona
Office
24,605
December 2018
€57.9m
€115.9m
€75.7m
Description
Acquisition of several adjacent plots of land located in the well-known 22@ district in Barcelona for a Class-A office dcvclopmcnť projccť.
The plots are located next to "La Escocesa", a former industrial complex in process of being refurbished to accommodate arťisťs, now owncd by ťhc Barcclona Ciťy Council.
The Project has been finished, and the building is completely operative, the result is a world-class grade A office development with all the facilities and amenities needed to become a leading contender in the 22@ North district. We are in the process of commercializing it and increasing occupancy rate.
The building is partly leased (approximately 35%) to T-Systems (Telekom Group) and 011H, and also features an on-site coworking spacc ťhať is alrcady opcraťional and parťially occupicd.
Update
Pere IV road urbanization project approved by the Urban Planning Department, works started with the endorsement from the City and will be completed by Ǫ1 27.
After completing the Plug & Play tenant offices, the tenant retail outlet will be completed during Ǫ1 26.
Thc ncw dcsign proposals ror ťhc adjaccnť Scoťťish Projccť havc bccn puť on hold ror ťhc momcnť unťil ťhc Ciťy hall dccidcd on how ťo procccd.
The Smart Flex Building has secured two new tenants: WeCamp and the well-known 22@ Network commission, whose presence is expected to attract both private companies and public sector entities to the building.
Markcťing acťiviťy rcmains ongoing, wiťh conťinucd visiťs rrom poťcnťial ťcnanťs.
(1) Based on RICS valuation undertaken by CBRE Valuation Advisory.
24 · Mcridia III · Ǫ1 2026 Ǫuarťcrly Pcporť
VI. Environmental, Social and Governance issues (ESG)ESG at Meridia:
Meridia is aware of the environmental, social and corporate governance challenges that affect it. It is also conscious of the rcgulaťions, policics and objccťivcs bcing incrcasingly promulgaťcd by inťcrnaťional auťhoriťics in rclaťion ťo susťainabiliťy. Thcy have a transversal impact through its business lines, and they represent an opportunity to improve the Management Company's posiťioning wiťh rcspccť ťo bcsť markcť pracťiccs.In accordance with the requirements of Regulation (EU) 2019/2088 on disclosures, the consideration of sustainability factors in invcsťmcnť dccision-making is rclcvanť duc ťo, noť only ťhc impacť ťhcy havc on ťhc Managcmcnť Company iťsclr, buť also ror how they contribute to the development of the economy and financial stability.
Meridia is committed to responsible investment decisions. Meridia firmly believes that it is necessary to support innovative mcasurcs rocuscd on conťribuťion ťo socicťy and communiťics. This is why our acťions arc guidcd by ťhc purposc ťo "Invcsť ťo Transform". We share the view that investors can have a significant influence over many of society's challenges and that success can bc achicvcd whcn acťiviťics yicld a ťriplc boťťom-linc: cconomic valuc, social succcss and cnvironmcnťal proťccťion.
Meridia has a designated ESG Committee, led by the Chairman & CEO and coordinated by Meridia's Sustainabilty Manager, that meets at least once a quarter with the aim to have sustainability perfectly integrated in all Meridia's business lines.
Our Compliancc Uniť rcgularly rcvicws ťhc proccdurcs ťo prcvcnť, dcťccť, rccťiry and minimisc risks or sancťions, maťcrial financial loss or reputational loss as a result of violating any laws and regulations or breaching the Code of Conduct.
As part of Meridia's active ownership strategy, ESG aspects are entirely integrated into the investment life of their projects so as to achieve long-term value creation. Our Responsible Investment Policy covers 100% of Meridia's assets under management and is integrated into all investment phases (from origination to exit).
Meridia is a longstanding supporter and is using the United Nation's Sustainable Development Goals, it publicly supports the Task Forcc on Climaťc-Pclaťcd Financial
Disclosurcs. Mcridia rollows ťhc sťandards and bcsť pracťiccs or ťhc Organisaťion ror Economic Coopcraťion and Dcvclopmcnť (OECD) Guidclincs or Human Pighťs ror Mulťinaťional Companics, and ťhc UN Guiding Principlcs on Busincss and Human Pighťs, as well as the fundamental conventions of the International Labour Organization (ILO). In addition, it is a signatory of UN PRI and UN Global Compacť.
Certificates
12 buildings owned by Meridia Real Estate III, SOCIMI, S.A. have the Breeam certificate with a "very good" rating, 6 projects have or expect to have the LEED certification and 2 the WELL certificationVII. Financial statements and capital account
Period: March 31, 2026 | |
ASSETS | March 31, 2026 |
A) NON-CUPPENT ASSETS | 124,330,852.82 |
Fixed Assets | 1,728.84 |
Propcrťy Planť and Equipmcnť | 1,728.84 |
Investment Properties | 123,143,271.16 |
Land | 35,656,855.57 |
Consťrucťion | 85,884,037.37 |
Pcal Esťaťc Invcsťmcnťs in Progrcss | 1,602,378.22 |
Financial investments Long-term | 1,185,852.82 |
Other financial assets | 1,185,852.82 |
B) CUPPENT ASSETS | 17,058,037.17 |
Trade and other receivables | 4,031,404.65 |
Cusťomcrs | 1,795,943.16 |
Oťhcr Pcccivablcs | 92,901.90 |
Current tax assets | 1,800,851.71 |
Other receivables from Tax Authorities | 341,707.88 |
Financial Investments | 1,198,969.90 |
Loans Granťcd | 22,620.13 |
Other fianncial assets | 330,646.79 |
Other fianncial assets | 845,702.98 |
Short-term accruals | 1,614,819.67 |
Cash and Cash equivalents | 10,212,842.95 |
T O T A L A S S E T S | 141,388,889.99 |
Period: March 31. 2026 | |
EǪUITY AND LIABILITIES | March 31, 2026 |
A) NET EǪUITY | 78,116,800.94 |
Capital and reserves | 75,359,898.88 |
Share Capital | 73,209,550.66 |
Issue Premium | 3,980,126.16 |
Peserves | 12,646,262.05 |
Lcgal and csťaťuťory | 12,939,049.27 |
Oťhcr Pcscrvcs | (292,787.22) |
Own equity instruments | (199,279.21) |
Petained earnings | (6,948,063.67) |
Pesult of the year | (7,328,697.11) |
Minority interests | 2,756,902.06 |
B) NON CUPPENT LIABILITIES | 59,893,659.98 |
II. Liabilities Long Term | 56,496,370.88 |
Dcbť rrom Crcdiť Insťiťuťions | 50,739,891.36 |
Other financial liabilities | 5,756,479.52 |
IV. Deferred Tax Liabilites | 3,397,289.10 |
C) CUPPENT LIABILITIES | 3,378,429.07 |
II. Short term provisions | 1,437,450.30 |
III. Current Liabilities | 132,255.91 |
2. Bank Borrowing Currcnť | 292,300.36 |
5. Other financial liabilities | (160,044.45) |
IV. Current Accounts with group and related companies | 367,036.70 |
V. Payable suppliers and other payables | 1,441,686.16 |
T O T A L EǪUITY AND LIABILITIES | 141,388,889.99 |
PerIod: from June to March 31. 2026 | |
PPOFIT & LOSS | March 31, 2026 |
Net Turnover | 490,124.15 |
Cost of Sales | - |
Other Operating Income | 238,225.43 |
Other Operational Expenses | (1,235,337.00) |
a) External Services | (867,611.29) |
b) Taxes | (367,725.71) |
11. Impairment and Pesult for assets disposal | (2,859,961.63) |
12. Other Pesults | 51,980.57 |
13. Other Pesults - Non-Deductibles | (4,766.17) |
A.1) OPEPATING PESULT | (3,319,734.65) |
12. Financial Income | 162,087.67 |
13. Financial Expenses | (592,234.86) |
14. Fair Value Variation Financial Assets | (98,180.63) |
16. Impairment and Pesults of Disposals | (3,513,150.76) |
A.2) FINANCIAL PESULT | (4,041,478.58) |
A.3) PESULT BEFOPE TAXES | (7,361,213.23) |
17. Corporate Tax | - |
A.4) NET INCOME FOP THE PEPIOD | (7,361,213.23) |
Profit attributable to non-controlling interest | (32,516.12) |
Profit attributable to the parent company | (7,328,697.11) |
ǪUAPTEPLY CAPITAL ACCOUNT STATEMENT AT MAPCH 31, 2026 | (Amounťs in EUP) | |
Fund commiťmcnť | 190,000,000.00 | (Size of the Fund) |
Parťncrship commiťmcnť | 190,000,000.00 | (Toťal commiťmcnťs rcccivcd) |
Own sharcs (Trcasury sharcs) | (153,383.21) | |
FUNDED AND UNFUNDED SUMMAPY | ||||||
Total Investors Commitment | Commitment Drawn | Unfunded Commitment (non recallable) | Total Peturned Commitment | |||
Share Capital | Share Premium | Shareholders Loan | Total | |||
190,000,000.00 | 122,723,624.00 | 3,980,126.16 | 57,254,238.72 | 183,957,988.88 | 6,042,011.11 | 106,763,499.55 |
FINANCIAL SUMMAPY | |||||
C O N C E P T S | TOTAL INVESTOPS | ||||
YTD 31 Dec. 2025 | Inception to 31 Dec. 2025 | Ǫuarterly Movement | YTD 31 March 2026 | Inception to 31 March 2026 | |
Toťal Commiťmcnť drawn (Sharcs + Faciliťy Loan) | - | 183,957,988.88 | - | - | 183,957,988.88 |
Disťribuťions Faciliťy (non rccallablc) | - | (57,254,238.72) | - | - | (57,254,238.72) |
Disťribuťions Sharcs (non rccallablc) | - | (49,509,260.83) | - | - | (49,509,260.83) |
Sharc Dividcnds (non rccallablc) | - | (95,989,764.73) | - | - | (95,989,764.73) |
Unrcaliscd Subordinaťcd Loan Inťcrcsť | - | - | - | - | - |
Unrealised gains/(losses) | 2,474,508.45 | 143,364,956.11 | (2,987,949.84) | (2,987,949.84) | 140,377,006.27 |
Realised gains/(losses) | (16,267,738.53) | 35,084,542.59 | 127,988.21 | 127,988.21 | 35,212,530.80 |
Incomc Pcccivcd | - | - | - | - | - |
PPS Paid / Management Fee | (916,553.97) | (21,355,601.70) | (239,677.69) | (239,677.69) | (21,595,279.39) |
Parťncrship incomcs | 49,052,816.62 | 228,011,066.16 | (2,328,152.84) | (2,328,152.84) | 225,682,913.32 |
Partnership expenses | (50,548,404.19) | (283,607,622.77) | (1,914,373.95) | (1,914,373.95) | (285,521,996.72) |
Disťribuťions Faciliťy (non rccallablc) | - | 57,254,238.72 | - | - | 57,254,238.72 |
Disťribuťions Sharcs (non rccallablc) | - | 49,509,260.83 | - | - | 49,509,260.83 |
Pcaliscd Subordinaťcd Loan Inťcrcsť | - | 15,527,013.23 | - | - | 15,527,013.23 |
Realised gains/(losses) - 8% Compensation | - | (896,107.92) | - | - | (896,107.92) |
Sharc Dividcnds (non rccallablc) | - | 95,989,764.73 | - | - | 95,989,764.73 |
NAV | (16,205,371.62) | 82,702,064.99 | (7,342,166.11) | (7,342,166.11) | 75,359,898.88 |
NAV + DISTPIBUTIONS BEFOPE CAPPIED INT, | (16,205,371.62) | 300,086,234.58 | (7,342,166.11) | (7,342,166.11) | 292,744,068.47 |
FACILITY NAV | - | - | - | - | - |
FACILITY NAV + DISTPIBUTIONS | - | 72,781,251.95 | - | - | 72,781,251.95 |
SHAPES NAV | (16,205,371.62) | 82,702,064.95 | (7,342,166.11) | (7,342,166.11) | 75,359,898.84 |
SHAPES NAV + DISTPIBUTIONS | (16,205,371.62) | 227,304,982.61 | (7,342,166.11) | (7,342,166.11) | 219,962,816.50 |
Estimated Carried Interest | 9,916,837.45 | (16,729,107.49) | 4,142,783.05 | 4,142,783.05 | (12,586,324.44) |
NAV AFTEP CAPPIED INTEPEST | (6,288,534.17) | 65,972,957.49 | (3,199,383.05) | (3,199,383.05) | 62,773,574.43 |
FACILITY NNAV | - | - | - | - | - |
FACILITY NNAV + DISTPIBUTIONS | - | 71,781,251.95 | - | - | 72.781.251.95 |
SHAPES NNAV | (6,288,534.17) | 65,972,957.45 | (3,199,383.05) | (3,199,383.05) | 62,773,574.40 |
SHAPES NNAV + DISTPIBUTIONS | (6,288,534.17) | 210,575,875.11 | (3,199,383.05) | (3,199,383.05) | 207,376,492.06 |
Transformative Investments