Condensed Half-Year Financial Report 2025 (Courtesy translation)

Condensed Half-Year Financial Report

2025

CONTENTS

1. COMPANY PROFILE 2

   Company information and structure 2

   Company offices/positions 3

   Shareholding structure as at 30 June 2025 4

2. INTERIM REPORT ON OPERATIONS 5

   Financial highlights 5

   Significant events in the half-year 7

   Events follo

   ing the reporting period 9
   
   

   The economic context and the real estate market 12

   Real estate portfolio 15

   Economic performance analysis 22

   Balance sheet analysis 24

   Transactions

   ith related parties 25
   
   

   Legal and regulatory frame

   ork of Listed Real Estate Investment Companies (SIIQ) 27
   
   

   Risk management 30

   Corporate Governance 36

   Equity investments held by directors and members of the board of statutory auditors 37

   Other information on the management 37

   Foreseeable performance trend 38

   EPRA performance indicator 39

3. CONDENSED HALF-YEAR FINANCIAL STATEMENTS OF NEXT RE SIIQ S.P.A 42

Financial statements of NEXT RE 42

Statement of financial position 43

Statement of profit/loss for the period 44

Statement of changes in shareholders' equity 46

Cash flo

Notes to the financial statements 48

Certification of the condensed half-year financial statements 80

Report of the Independent Auditors 82

Valuations of independent experts 84

NEXT RE SIIQ S.p.A. (hereinafter also referred to as "NEXT RE" or the "Company" or the "Parent Company") with registered office in Rome, Via Zara 28, Tax Code and VAT no. 00388570426, REA number RM-1479336, is a real estate investment company with shares listed on the Euronext Milan market ("EXM") organised and managed by Borsa Italiana S.p.A.

The Company currently manages a portfolio consisting of office and commercial properties.

Board of Directors

The composition of the Board of Directors - appointed by the Shareholders' Meeting of 16 May 2023 - is as follows:

Independent Director Independent Director Independent Director

Board of Statutory Auditors

The Board of Statutory Auditors, appointed by the Shareholders' Meeting of 23 April 2024, was composed as follows:

The manager in charge pursuant to Article 154-bis paragraph 2 TUF (Consolidated Finance Act)

Independent Auditors

EY S.p.A. is appointed as statutory auditor for the period 2021-2029.

CPI Property Group S.A.

79.79%

Associazione Nazionale di Previdenza ed Assistenza a Favore dei

Ragionieri e Periti Commerciali

2.76%

Treasury shares 0.17%

TOT. 100.00%

According to the information available to the Company, the only Shareholder with a shareholding of more than 5% of the share capital (taking into account the Company's SME status pursuant to Article 1, paragraph 1, letter w-quater.1, TUF), is 'CPI PROPERTY GROUP S.A.' (hereinafter also 'CPI PG') for a total of no. 17,573,318 shares equal to 79.79% of the share capital, of which no. 6,561,263 are listed ordinary shares and no. 11,012,055 class B shares all unlisted.

With reference to the Class B Shares, these attribute the same rights as the ordinary shares except that

• they do not grant the right to attend or vote at the ordinary shareholders' meeting of the Company nor the right to request that it be convened;

• they grant the same right to share in the profits as the ordinary shares, which shall be automatically and proportionally reduced to the extent necessary for the right to share in the profits of each shareholder holding Class B Shares, considering any other ordinary shares held, to be equal to - and, in any event, not to exceed - 60% of the Company's profit-sharing rights.