Management Presentation 2025

Presentation to The Hellenic Fund & Asset Management Association

0

May 2025

Business Overview

Key Portfolio Metrics(3) Key Financials(3)

A dynamically growing and well-diversified Real Estate Investment Company1 that aims to offer investors capital growth potential and attractive dividend yield

€648mn

Ideally positioned to capitalize on Greece's real estate market prospects, having a captive pipeline of projects that can be developed to unlock capital value and maximize income generation

GAV (2)

343,000/61

sqm GLA/properties (2)

Footprint across Greece, with emphasis in Athens, both in terms of development projects as well as acquisition of commercial properties that offer superior high yield and value appreciation potential

€34.4mn €519mn (FY 2023: €427mn)

NAV

€45.1mn (FY 2023: €65.4mn)

EBITDA

€20.6mn

Annualized Gross Rental Income (GRI) (7)

(FY 2023: €17.8mn)

Adj. EBITDA (7)

Focus on developing or transforming old building stock into Environmentally Certified "Green" properties (LEED or BREEAM), in accordance with high sustainability standards

9.0(5) / 10.5(6) years

WAULT (8)

Backed by a strong & committed shareholder (Viohalco) and supported by the European Bank for Reconstruction and Development (EBRD)

7.3%

Gross Rental Yield (4)(8)

A fully-integrated real estate organization managed by a highly-experienced management team

98.7%

Occupancy Rate (8)

€10.9mn (FY 2023: €6.3mn)

FFO (7)

31.8% (FY 2023: 38.5%)

LTV (7)

22.3% (FY 2023: 27.6%)

Net LTV (7)

1. Noval Property is one of the largest Greek Real Estate Investment Companies (REIC) in terms of Gross Asset Value as of 31.12.2024

2. Gross Asset Value and number of properties refer to Investment Property and Right-of-Use assets at Fair Value, including also the loan and participation of 50% in the JV "THE GRID SA" that owns an asset in Marousi

3. As of and for the 12m-period ending 31.12.2024, unless otherwise stated

4. Based on annualized contracted rent in relation to income-producing assets only

5. Based on the minimum contractual expiration of the leases, excluding break options (including the break options: 7.4 years)

6. Based on the maximum contractual expiration of the leases, taking into account the tenants' extension rights

7. Refer to appendix for detailed calculations

8. Company data

   IKEA Megastore,

   
   
   

   Athens

   
   
   

   Mare West Retail Park,

   Corinth

   K29 Apartment Hotel,

   Athens

   15.10.2019

   Establishment of NOVAL PROPERTY REIC

   Merger of NOVAL PROPERTY with METEM

   leading to 100% ownership of the River West Shopping Centre and the IKEA Megastore assets

   €21mn Share Capital Increase through in-kind contribution of assets and legal entities that hold real estate assets

   Mandra Logistics Centre, Attica

   2008

   2011 2015

   2016

   2017 2018 2019 2020 2021 2022 2023

   2024

   River West Shopping Centre, Athens

   License to operate as a REIC and an internally managed Alternative Investment Fund (AIF) from the HCMC

   Butterfly office building, Athens

   Completion of

   RIVER WEST

   expansion

   • €120 mn Green Bond Issuance

     EBRD CBL

     of up to €10.5mn

     NOVAL PROPERTY

     listed on the ATHEX

     (IPO)

     WYNDHAM GRAND

     5* Hotel,

     Athens

     The Orbit office building, Athens

     • Acquisition of a prime land plot in Maroussi through "THE GRID SA"

   2024 Highlights

   Robust Investment & Development Program

   • Registered double digit growth of portfolio's Gross Asset Value (13% YoY) through the execution of our development program (€34.5mn in CAPEX and €18.1mn participation in JV) and active asset management (€24.5mn FV gains)

   • Delivered to the tenant the modern logistics center in Mandra, Attica and securing LEED Gold certification

   • Achieved strong pre-leasing performance in development projects at "THE GRID" (preleased c. 47% of office space GLA) and at "Mets" (preleased c. 45% of residential GLA)

     Hands-on Asset Management

   • Sustained the strong Rental Revenue growth rate of +14% YoY (like-for-like increase of +13% YoY)

   • Improved WAULT to 10.5(1) years, driven mainly by the IKEA lease term expiring in 2048

   • Maintained high occupancy rates (98.7%) and attractive Annualized Gross Rental yields (7.3%)

     Strong financial position & accommodative capital structure that underpins shareholder value

   • Additional liquidity via the successful Share Capital increase of €52.7mn and listing in Athens Stock Exchange in June 2024

   • Low leverage and decreased cost of debt (WACD 3.3%) to support our investment and development program

   • Continuously improving bottom-line financial results a-EBIDTA €20.6mn (+16% YoY) and FFO(2) €10.9mn (+31% YoY)

   • Increased Dividend payment for fiscal year 2024 at €0.043 per share (+72% YoY)

   1. Based on the maximum contractual expiration of the leases, taking into account the tenants' extension rights

      5

   2. Starting with the fiscal year 2024, the Company has elected to include interest income earned on deposits in the calculation of Funds from Operations in line with general practices applied in the sector it operates. The amount for the period ending 31 December 2024 is at EUR 2.2 million (2023: EUR 2.0 million)

33,4

29,3

24,9

€ mn

17,8

20,6

13,9

15,9

12,8

10,9

7,2

9,7

3,8

5,0

4,4

6,3

Rental Revenue Adj. EBITDA FFO

2020 2021 2022 2023 2024

Increasing Rental Revenues:

Solid performance in 2024 across all major asset classes

• Retail (+14% YoY)

• Office (+7% YoY)

• Industrial (+45% YoY)

• Hospitality (+23% YoY)

  Driven by:

• Near zero vacancy rates

• Addition of new leasable space from development pipeline

- Successful asset management initiatives

Consistently growing a-EBIDTA:

+16% YoY in 2024 due to strong Revenues and containment of property and overhead expenses

Boosting Funds From Operations*:

+31% YoY in 2024

supported by prudent funding and liquidity management strategies

* Starting with the fiscal year 2024, the Company has elected to include interest income earned on deposits in the calculation of Funds from Operations in line with general practices applied in the sector it operates. The amount for

Gross Asset Value (GAV) Net Asset Value (NAV)

700

600

500

400

300

200

100

0

600

500

400

300

200

100

0

€ mn

253,7 281,9 314,9

2,81 2,85 3,18

365,9

427,4

3,40

3,98

519,1

€ / share

4,11

€ mn

571,2

648,3

413,3

486,4

298,5

364,6

31.12.2019 31.12.2020 31.12.2021 31.12.2022 31.12.2023 31.12.2024

31.12.2019 31.12.2020 31.12.2021 31.12.2022 31.12.2023 3112.1.22.0220244

NAV NAV/SHARE

Dividend Distributions

5,4

€ mn

3,2

2,5

1,9

2,2

2020 2021 2022 2023 2024**

* Number of shares has been adjusted for the reverse split 1/2.5 according to the 4/9/2023 decision of the extraordinary general assembly

Debt Key Figures(1)

(in € mn unless otherwise stated)

Cash and Cash equivalents 72.8

Investment Property 616.7

Right-of-Use asset 2.8

NOVAL PROPERTY's Shareholder Structure

Other 15,1%

Free-Float

Loan and Participation in JV 40.6

Net Asset Value 519.1

Total Lease Liabilities (3) 14.3

Gross Debt (excl. Lease Liabilities) 195.9

Gross LTV (%) 32%

Net LTV (%) 22%

Weighted Average cost of Debt (WACD %)(2)3,3%

15,6%

Viohalco indirect 7,5%

Viohalco direct 61,8%

€ mn

Total Debt (including lease liabilities) & LTV(1)

Total Gross Debt Split by Rate Type(2,5)

€ mn

Debt Amortization Schedule(2,4)

300,0

250,0

200,0

150,0

100,0

50,0

0,0

55%

31.12.2019 31.12.2020 31.12.2021 31.12.2022 31.12.2023 31.12.2024

Total Debt (incl. Lease Liabilities) LTV

60%

224,2

228,3

245,4

210,2

44%

24%

39%

32%

18%

106,4

72,7

50%

40%

30%

20%

10%

0%

Variable Rate Loans (non-hedged) 31%

Hedged Loans 9%

Total Gross Debt

€199,5mn

Fixed Rate Loans 60%

140,0

120,0

100,0

80,0

60,0

40,0

20,0

0,0

125,3

11,1

4,1 4,4

5,7

6,7

9,7

10,4

18,9

3,1

2025 2026 2027 2028 2029 2030 2031 2032 2033 2034

1. All data as reported in the Financial Statements in accordance with IFRS, unless otherwise stated

2. Company data

1. Represents scheduled annual debt amortizations

2. Excluding Lease liabilities

Average Gross Rental Yield per Asset Class (1) (3) GAV per Asset Class (2) (3)

High yield returns from our income-producing asset classes Disciplined allocation across asset classes to maintain portfolio balance

Shopping

Offices 6,0%

Logistics/ Warehouses 6,4%

Hospitality 7,3%

AVG 7,3%

Retail 8,7%

Residential 1,5%

Centers 17,8%

Retail Park/ Big Boxes 12,3%

Hospitality 7,4%

Logistics/ Warehouses 6,6%

GAV

€648mn

Other(4) 1,3%

Other Retail 0,3%

Offices 24,9%

Residential 0,5%

Development (5)

28,9%

Annualized Gross Rental Income by Asset Class

Diversification of income in terms of asset class and tenants

NOVAL PROPERTY's footprint (3)

Footprint across Greece, with a focus on areas that can preserve liquidity

Big Boxes 17,5%

Shopping

Retail Other 0,3%

Offices 28,0%

Total Annualized

during periods of market downturn (i.e. Athens)

Bulgaria 1%

Thessaloniki 1%

Centers 28,3%

Rental Income

€34.4mn

Residential 0,1%

(5)

Greece 98.9%

Athens

Rest of Greece 8%

Retail Park 4,0%

Hospitality

10,1%

Logistics/ Warehouses 8,0%

Development 3,5%

Othe(r4) 0,1%

89%

All data as of 31.12.2024. Any deviations in total percentages are due to rounding

1. Income producing assets only

2. Gross Asset Value refers to Fair Value of Investment Property & Rights of Use of assets and includes loan and participation 50% in the JV "THE GRID SA" which owns an asset in Marousi

   11

3. Company Data in terms of Gross Asset Value

4. Category "Other" includes non-core properties from all asset classes, that are not held for development as well as owner-occupied property. This asset category is not included in the income-producing portfolio.

5. Category "Development" includes properties from all asset classes, that are held for development or to be repurposed. This asset category is not included in the income-producing portfolio.

Healthy Lease Terms and Diversified Tenant Mix that Support Stable Cash Flows

51,4%

100,0% 99,7% 98,9% 95,7%

7,8%

7,5%

11,1%

8,0%

6,1%

8,0%

39,6%

12,1

9,6

4,2

4,8

5,0

2025 2026 2027 2028 2029 2030 >2030

Hospitality Logistics/

Warehouses

Retail Offices Residential

Hospitality Logistics/

Warehouses

Retail Offices Residential

HOUSEMARKET S.A.

16%

Viohalco's Subsidiaries 13%

Total

A ed

nnualiz

ZEUS INTERNATIONAL 10%

Rental Income

€34.4mn(1)

Other 61%

Strong and Diversified Tenant Mix Tenant Mix (Indicative)

1. Company data as of 31.12.2024. Any deviations in total percentages are due to rounding

2. WAULT in terms of Annualized Gross Rental Income in regards to income-producing portfolio only. Occupancy in regards to income-producing portfolio only.

3. Based on the minimum contractual expiration of the leases, excluding break options (including the break options: 7.4 years) 12

In 2025 we are delivering over 25,000 sqm of GLA to the market

248-252 Pireos str. -Reconstruction of former industrial building

Athens

10-12 Chimarras str., Marousi - Development of a new office campus Athens

40-42 Ardittou str., Mets - Reconstruction of building

Athens

16 Chimarras str., Marousi - Construction of new office building Athens

199 Kifisias Ave. Marousi - Reconstruction of existing office building Athens

esidences, spor

fa tc.

Offices, hotel,

r ts

Office campus

(t

hrough the GV "THE

Residential & office building

Office building

Office building

cilities, cultural e

GRID S.A."(1))

Construction

LEED Gold Neighborhood, BREEAM Very Good

GBA 106,000 sqm 61,520 sqm 4,258 sqm 20,769 sqm 6,678 sqm

Expected Certification

Expected CAPEX(2)

Development Period End

c. €169mn c. €55mn c. €11.5mn c. €34.5mn c. €13.2mn

(1) The company "THE GRID S.A." is owned by NOVAL PROPERTY (50%) and Brook Lane Capital (50%). Expected capex budget refers to Nova Property's participation

Description

Development of an office campus (through the JV "The Grid S.A.")

GBA

c. 61.520 sqm

GLA

28.441 sqm + 577 parking spaces

Expected Certification

LEED Platinum / Energy Performance Certificate (Highest level)

Status

Under Construction/ Preleased %: c. 47% of office space GLA

10-12, Chimarras str., Marousi, Athens

Description

Repurpose and renovation of a mixed-use building (residential & office)

GBA GLA

Ardittou str., Mets, Athens

4.258 sqm 2.632 sqm + 11 parking spaces

Expected Certification

LEED Gold / Energy Performance Certificate (Highest level)

Status

Under Construction/ Preleased: c. 45% of residential GLA

Description

Development of an additional office building on existing

property (Build-to-Suit)

16, Chimarras str.,

GBA

GLA

Marousi, Athens

20.769 sqm 6.092 sqm + 328 parking spaces

Expected Certification

LEED Gold / Energy Performance Certificate (Highest level)

Status

Under Construction/ Preleased %: 100%

Description

Renovation / refurbishment of an existing office building

199, Kifissias Ave. Marousi, Athens

GBA

6.678 sqm

Expected Certification

GLA

4.186 sqm + 30 parking spaces

252, Pireos str., Tavros, Athens

LEED Gold / Operationally Decarbonized/ Energy Performance Certificate (Highest level)

Status

Under Construction

Description

GBA

106.000 sqm

GLA

56.045 sqm

Urban regeneration and repurposing of former industrial buildings into offices, hotel, residences, museum, sports facilities etc.

Expected Certification

LEED/LEED Neighborhood Development or BREEAM Communities

Status

Permitting and concept design phase

Location

Leoforos Kifisou, Athens

GLA

36,673 sqm | 25,124 sqm

GAV(1)

€ 115.2 million | € 59.0 million

Completion

2011 & Expansion 2021 | IKEA 2008

Occupancy

99% | 100% leased

Major Tenants

Zara | H&M | Jysk | Nike | Decathlon | IKEA

Annualized Gross Rental Income(2)

€ 9.74 million | € 5.57 million

Location

Old national road, Corinth

GLA

13,051 sqm

GAV(1)

€ 20.8 million

Completion

2015

Occupancy

98% leased

Major Tenants

H&M | Pepco | Decathlon | Mango

Annualized Gross Rental Income(2)

€ 1.81 million

Environmental certification

BREEAM In-Use Commercial V6

Location

115 Kifisias Avenue, Athens

GLA

16.675 sqm

GAV(1)

€ 97.3 million

Completion

2019

Occupancy

99% leased

Major Tenants

Diageo | BNP Paribas | Netcompany - Intrasoft | Ticketmaster | Deutsche Bank

Annualized Gross Rental Income(2)

€ 5.89 million

Environmental certifications

LEED Platinum | WiredScore GOLD

Location

26 Ioannou Apostolopoulou, Athens

GLA

2,286 sqm

GAV(1)

€ 13.7 million

Completion

2019

Occupancy

100% leased

Major Tenants

BP | Chevron | Ansys | Alberta

Annualized Gross Rental Income(2)

€ 0.68 million

Environmental certifications

LEED Gold | WiredScore SILVER

Location

Plateia Karaiskaki, Athens

GLA

23,525 sqm

GAV(1)

€ 43.2 million

Completion

2016

Occupancy

100% leased

Tenant

ZEUS International (Wyndham)

Annualized Gross Rental Income(2)

€ 3.24 million