01.04.2025 Annual Report 2024

ANNUAL REPORT 2024

KEY FIGURES AT GLANCE

Key Figures

CONTENTS

• 2 LETTER TO SHAREHOLDERS

• 5 MANAGEMENT REPORT

5

Business performance

6

6

The financial situation of Valartis Group Employees of Valartis Group

6

7

7

7

7

Carrying out a risk assessment Business development Balance sheet Significant events Outlook

• 9 STRATEGY AND OBJECTIVES

• 12 CORPORATE SUSTAINABILITY

• 15 RISK MANAGEMENT OF VALARTIS GROUP

• 16 CORPORATE GOVERNANCE

• 26 COMPENSATION REPORT

26

27

Foreword by the Chairman of the Compensation Committee Compensation Committee: Organisation, Tasks and Responsibilities

27

28

Compensation principles for the Board of Directors, the Executive Management and employees Determination of the compensation

28

31

31

Compensation of the Board of Directors Compensation of Executive Management Compensation of employees

31

Long Term Incentive Programme

32 34

Overview: Loans, shares and options held by members of the Board of Directors and Executive Management

Auditor's Report on the Compensation Report

• 37 VALARTIS GROUP CONSOLIDATED FINANCIAL STATEMENTS

38 39

Consolidated income statement

Consolidated statement of comprehensive income

• 40 Consolidated statement of financial position

  42

  Consolidated statement of changes in equity

• 44 Consolidated cash flow statement

  47

  Notes to the consolidated financial statements

• 107 Auditor's Report on the consolidated financial statements

• 111 FINANCIAL STATEMENTS VALARTIS GROUP AG

• 111 Income statement of Valartis Group AG

• 112 Statement of financial position of Valartis Group AG

• 113 Notes to the financial statements

• 121 Proposal of the Board of Directors to the General Meeting of Shareholders

• 123 Statutory Auditor's Report on the financial statements

• 126 Valartis Group AG registered share

• 127 Addresses and imprint

TO OUR SHAREHOLDERS

Dear Shareholders

Chairman and Delegate of the Board of Directors

The Valartis Group's operational activity developed satisfactorily in the course of 2024. According to International Financial Report-ing Standards ("IFRS"), Valartis Group reports a net gain of CHF 8.1 million (previous year: net loss of CHF 6.5 million). Operating in-come increased overall by 70 per cent compared to the previous year thanks to the contribution of associated companies active in shipping and banking business. The income from management services remained at a comparable level to the previous year, while the income from investment property increased by 5 per cent in base currency but has been impacted by the unfavourable foreign exchange movement during the financial year 2024. On the cost side, expenditures increased by 3 per cent compared to the previous year whereas total value adjustments and deprecia-tions remained at similar levels. As a result, the earnings before interest and taxes ("EBIT") were a gain of CHF 9.5 million (previous year: gain of CHF 2.0 million). The liquidity position has strength-ened, reflected by an increase of CHF 12.5 million in cash and cash equivalents essentially in relation with the investment activities.

FUTURE DEVELOPMENTS

The Valartis Group continues to focus on successfully developing existing and new profitable, cash-producing activities. The focus of activities in 2025 will be oriented toward further investment into the shipping sector with the construction of a new multi-purpose ship. The Group will assess further investment opportu-nities in the same sector or in real estate projects. The business activities of ENR Russia Invest SA ("ENR") and management of the Group's participations in Russia and the CIS countries will re-main a challenge in the context of the latest developments in the global economy as well as the sanctions environment with activity restrictions and capital controls. The Group will continue to work closely with EPH European Property Holdings PLC by strengthening its local asset management teams who manage EPH's assets. On the banking side, we expect Norinvest / Banque Cramer & Cie to maintain its solid performance in 2025.

ACTIVITIES IN 2024

Our shipping joint-venture investments in multi-purpose ships continued to enjoy robust daily time charter rates in 2024 as the sustained demand for versatile vessels capable of transporting diverse cargoes remained stable. Our joint-venture investment in a mid-size feeder container benefitted from the substantial rebound in daily charter rates due to several factors among other the rerouting of ships around the Cape of Good Hope in relation to geopolitical tensions led to longer transit times and higher costs, which in turn drove up freight rates. In addition, during the second semester 2024, one of the associated companies dis-posed of its investment in a multi-purpose vessel generating a large gain for the Group. Together, the profitability of these in-vestments amounted to CHF 7.0 million for the year 2024 and distribution to the Group represented CHF 10.7 million. To diver-sify further, Valartis Group is building a new multipurpose ship whose delivery is expected by year end 2025.

The associated company Norinvest Holding (Banque Cramer & Cie SA) has successfully capitalised on its position in the private banking sector, achieving again a good performance in 2024. This has been achieved by increasing assets under management and thanks to a favourable interest rate environment. The company's commitment to returning value to its investors is also reflected in its dividend distribution strategy. In 2024, Norinvest has con-tributed a net profit of CHF 4.9 million to the Group of which CHF 1.3 million was distributed as a dividend. The bank aims to achieve a sustained increase in assets under management and has confirmed its solid position as a profitable Swiss private bank with offices in Geneva, Zurich, Lugano and Dubai.

In 2024, Valartis supported EPH European Property Holdings PLC in further developing its ESG strategy and implemented revised policies, procedures and guidelines to ensure compliance with laws and regulations and to streamline internal processes. EPH focus was oriented on its operational business and completion of the acquisition of a five-star hotel in a historic building in Vevey, Switzerland. This is a very prestigious addition to EPH's portfolio and the first property in Switzerland which will be sub-ject to refurbishment over the next few years. The Group will ac-company EPH during this period of renovation together with strong support for future acquisitions and asset management activities, ensuring a strategic and successful growth path of the company. EPH is continuing to methodically assess market pros-pects in Europe's commercial hubs with a view to positioning the property portfolio for long-term income and value stability. Val-artis Group, the external asset manager of EPH European Proper-ty Holdings PLC, is providing support for EPH transactions, real estate asset refinancing, development of EPH capital structures, property administration and investor relations. Valartis Group has managed EPH's assets since its inception in 2003.

During the first semester 2024, the Group sold its underlying in-vestment in Société des Carrières. The sale was realised through a distribution of the operational assets in the company to its shareholders. The Group subsequently sold its stake to the other shareholders.

During the second half 2024, Valartis has successfully entered into agreement to dispose of its remaining participation in Athris with the same company. As consideration for the disposal of those shares in Athris Valartis has received a combination of shares in ENR Russia Invest SA ("ENR") representing 34.7 per cent of the company's capital and cash. The Group subsequently launched a takeover of the remaining outstanding shares of ENR and by year end 2024 owned 99.8 per cent of ENR. Following this acquisition and since January 2025, ENR was delisted for SIX Swiss Exchange and will become, after finalisation of the squeeze out action, a Group fully owned subsidiary. The acquisi-tion of ENR shares at a lower consideration than its net asset val-ue, i.e. CHF 5.59 per ENR share, contributed to a gain of CHF 6.0 million for the Group recognised within the retained earnings as presented in the Consolidated statement of changes in equity. With this acquisition, the Group managed to exchange a non-strategic asset and gained more flexibility over its invest-ments abroad.

On the ENR daily activity side, the business centre had lower of-fice and retail vacancies in 2024 compared to 2023 where vacan-cy rates reduced from 11.8 to 4 per cent at year end 2024. Office tenants and visitors benefit from convenience grocery shopping at a supermarket in the building, and a range of other serviced focussed tenants including beauty businesses and a flower shop which forms part of the flower production business. The thou-sand square metres upmarket co-working business opened in 2024 and is fully let, adding another value-added rental offering at the business centre. Regular ongoing improvements and capex programmes continue.

The flower production facility produces high-quality locally grown flowers and supplies a large retail, wholesale and smaller customer base on a regular basis. Greenhouses are operating at full capacity where 25.1 hectares is in productive use, with 15 hectares planted with more than 40 rose varieties; 2 hectares planted with more than 20 germini and gerbera varieties; 5 hec-tares used for a large annual tulip programme, supplemented by a range of seasonal flower programmes; 3 hectares used for chrysanthemums and 0.1 hectares for flower plant propagation. Flower growing, cutting and sales continue to increase each year.

As initiator, investor as well as investment advisor, Valartis Group advises and develops the Luxembourg based Valartis German Residential Health Care fund. Considering the demo-graphic development, the increase of the portion of the elderly population, and the ageing baby boomer generation requesting care services soon, the demand for both, nursing homes with in-patient care services and senior living apartments with out-patient care service offerings, continues to grow.

VALARTIS GROUP TODAY

The business model continues to be based on our core compe-tencies i.e. financial services, real estate management and val-ue-added investments. We continue to look for new or add-on investments, particularly if they will increase our cash flows. Our main focus industries remain financial services and real estate projects, but we will also consider opportunities in other indus-tries. At the end of 2024, Valartis Group employed 37 people (36.1 Full-Time Equivalents ("FTE") across the Group - previous year: 39 employees (38.8 FTE).

The 2023 Annual General Meeting of 16 May 2023 authorised the repurchase of up to a maximum of 120,000 shares of Valartis Group's own shares prior to the 2026 Annual General Meeting by way of a public share buyback programme for cancellation pur-poses. By 31 December 2023, a total volume of 103,000 shares had been purchased in a share buyback at a fixed price for CHF 1.4 million at a purchase price of CHF 13.75 per share. The amend-ment of the Articles of Association (reduction of share capital) in respect of the actual number of shares repurchased has been ap-proved by the Annual General Meeting on the 14th May 2024. The share capital was reduced accordingly in June 2024 from CHF 3,126,295 to CHF 3,023,295.

TODAY AND TOMORROWʼS PRIORITIES

The 2025 financial year will continue to present us with challenges and opportunities. A key success factor in our businesses continues to be the rapid and successful development of new profitable and cash generative activities, the further development of existing pro-jects as well as the launch of innovative investment products and services.

THANK YOU

We would like to take this opportunity to express our special appreciation and gratitude to our employees and our clients for their continued loyalty. We thank the shareholders of Valartis Group AG for their loyalty and understanding. We are confident that Valartis Group is well prepared for future challenges and sustained corporate success.

Fribourg, Switzerland, 31 March 2025

| LETTER TO SHAREHOLDERS

MANAGEMENT REPORT

BUSINESS PERFORMANCE

In the 2024 financial year, Valartis Group achieved a net gain of CHF 8.1 million, representing a notable turnaround from the previ-ous year's net loss of CHF 6.5 million. This positive shift was driven by a substantial 70 per cent increase in operating income, primar-ily attributable to the robust performance of associated compa-nies in the shipping and banking sectors. Income from manage-ment services remained consistent with the previous year, while income from investment property services saw a 5 per cent in-crease in base currency, albeit affected by unfavourable foreign exchange movements.

Expenditure rose by 3 per cent compared to the previous year. However, total value adjustments and depreciations remained stable, leading to an increase in earnings before interest and taxes (EBIT) to CHF 9.5 million. This is a substantial improvement from the CHF 2.0 million recorded last year. Investment activities in particular contributed to an increase in the Group's liquidity posi-tion by CHF 12.5 million.

Our joint-venture investments in multi-purpose ships delivered strong daily time charter rates in 2024, driven by sustained demand for versatile vessels. Additionally, our investment in a mid-size feed-er container benefited from a significant rebound in daily charter rates, influenced by factors such as the rerouting of ships around the Cape of Good Hope due to geopolitical tensions. The sale of a multi-purpose vessel in the second half of 2024 further boosted the Group's financial performance, generating a positive return of CHF 7.0 million for the year. A total distribution of CHF 10.7 million was allocated to the Group. In addition to these achievements, Valartis Group is undertaking the construction of a new multi-purpose ship, scheduled for delivery by the end of 2025, as part of our ongoing commitment to diversify our investment portfolio.

Norinvest Holding (Banque Cramer & Cie SA), our associated com-pany, achieved positive performance in 2024 by enhancing assets under management, capitalising on the favourable interest rate environment, and contributing a net profit of CHF 4.9 million to the Group, of which CHF 1.3 million was distributed as a dividend. The bank aims to sustain growth in assets under management and maintains a strong position as a profitable Swiss private bank with offices in Geneva, Zurich, Lugano, and Dubai.

The Investment property business centre has seen a decline in of-fice and retail vacancies, with rates dropping from 11.8 to 4 per cent by the close of the year. Tenants and visitors benefit from convenient grocery shopping and a range of service-focused ten-ants. The upmarket co-working space, which opened in 2024, is fully let, adding to the range of rental offerings. Regular improve-ments and capital expenditure programmes continue.

The flower production facility produces high-quality locally grown flowers and supplies a large retail, wholesale, and smaller custom-er base on a regular basis. Greenhouses are operating at full ca-pacity, with 25.1 hectares in productive use. This includes 15 hec-tares planted with over 40 rose varieties, 2 hectares with more than 20 germini and gerbera varieties, 5 hectares dedicated to a large annual tulip programme supplemented by seasonal flower

programme, 3 hectares for chrysanthemums, and 0.1 hectares for flower plant propagation. Flower growing, cutting, and sales con-tinue to increase each year.

During the first semester 2024, the Group sold its underlying in-vestment in Société des Carrières. The sale was realised through a distribution of the operational assets in the company to its shareholders. The Group subsequently sold its stake to the other shareholders.

These strategic repositioning efforts and operational improve-ments have strengthened Valartis Group's financial performance and liquidity, positioning it for continued growth and success.

Overview of the 2024 financial year

The successful divestiture of Valartis' remaining stake in Athris, for which Valartis received a combination of shares in ENR Russia Invest SA (ENR), representing 34.7 per cent of the company's cap-ital, and cash was a notable strategic achievement in 2024. Sub-sequent to this, the Group acquired the remaining shares of ENR, bringing its ownership to over 99 per cent by the end of 2024. Fol-lowing this acquisition, ENR was delisted from the SIX Swiss Ex-change in January 2025 and will become a fully owned subsidiary of the Group after the finalisation of the squeeze-out action. The acquisition of ENR shares at CHF 5.59 per share, below their net asset value, contributed to a gain of CHF 6.0 million for the Group, recognised within the retained earnings. This strategic transition has enabled the Group to exchange a non-strategic asset for greater flexibility in its international investments.

In 2024, Valartis provided support to EPH European Property Holdings PLC in the development of its ESG strategy and the im-plementation of revised policies to ensure compliance and streamlined internal processes. EPH's focus remained on its oper-ational business and the completion of the acquisition of a five-star hotel in Vevey, Switzerland, a prestigious addition to its port-folio. The Group will provide support to EPH during the renovation period and future acquisitions, ensuring strategic growth. As the external asset manager of EPH, Valartis Group provides support for transactions, real estate asset refinancing, capital structure development, property administration and investor relations. EPH continues to assess market prospects in Europe's commer-cial hubs to position its property portfolio for long-term income and value stability.

As initiator, investor as well as investment advisor, Valartis Group advises and develops the Luxembourg based Valartis German Residential Health Care fund. This fund, which is investing into senior living facilities in Germany, is currently proactively engag-ing in a variety of strategic real estate transactions to enhance its portfolio and maximise value. By thoughtfully evaluating and pursuing these opportunities, the fund aims to strengthen its po-sition in the market while continuing to diligently manage its re-cent acquisitions. Considering the demographic development, the increase of the portion of the elderly population, and the age-ing baby boomer generation requesting care services soon, the demand for both, nursing homes with in-patient care services and senior living apartments with out-patient care service offer-ings, continues to grow.

The 2023 Annual General Meeting of 16 May 2023 authorised the repurchase of up to a maximum of 120,000 shares of Valartis Group's own shares prior to the 2026 Annual General Meeting by way of a public share buyback programme for cancellation pur-poses. By 31 December 2023, a total volume of 103,000 shares had been purchased in a share buyback at a fixed price for CHF 1.4 million at a purchase price of CHF 13.75 per share. The amend-ment of the Articles of Association (reduction of share capital) in respect of the actual number of shares repurchased has been ap-proved by the Annual General Meeting on the 14th May 2024. The share capital was reduced accordingly in June 2024 from CHF 3,126,295 to CHF 3,023,295.

THE FINANCIAL SITUATION OF VALARTIS GROUP

The consolidated equity amounted to CHF 91.0 million at end 2024 (31 December 2023: CHF 92.3 million) and equity attributable to shareholders of Valartis Group at CHF 91.6 million (31 December 2023: CHF 81.6 million). While the Group generated a profit of CHF 8.1 million, the total equity decreased compared to the previous year due to the exchange of Athris shares against most of the non-controlling interest in ENR Russia Invest SA (CHF 5.0 million), the Athris shares value adjustment of CHF 1.8 million prior to this exchange, the dividend of CHF 1.4 million in 2024 paid by the Group besides smaller movements.

The acquisition of ENR shares at a lower consideration than its net asset value contributed to a gain of CHF 6.0 million for the Group recognised within the retained earnings and was accordingly at-tributable to the shareholders of Valartis Group. For an overview, please refer to the consolidated statement of changes in equity on page 42. Overall, this corresponds to an equity ratio (i.e. total equi-ty in per cent of balance sheet total) of 65.4 per cent (previous year: 67.0 per cent).

EMPLOYEES OF VALARTIS GROUP

Over the years, Valartis Group employees have made a decisive contribution to the success of Valartis Group through their loyal-ty and alignment with the Group's strategies and their commit-ment to execute these strategies in practice. They are of great importance for the success of Valartis Group and its future com-petitiveness. See also chapter Corporate Sustainability, page 12. The financial recognition of individual performance through up to date remuneration models is an important factor, and it is a specific focus of the Board of Directors to recognise the perfor-mance of the employees accordingly. For further information, see the section entitled Compensation Report, page 26.

The Board of Directors and the Executive Management of Valartis Group would like to take this opportunity to thank the employ-ees for their commitment over the past year and the continued high level of loyalty and trust they have shown to Valartis Group.

As of 31 December 2024, Valartis Group employed a total of 36.1 full-time adjusted employees in its businesses (previous year for the Group: 38.8 full-time adjusted employees).

The organisational structure of Valartis Group, see organisation-al chart, page 10, consists of a Board of Directors at Group level and a Delegate of the Board of Directors.

CARRYING OUT A RISK ASSESSMENT

The Board of Directors monitors the risk management system and deals with all risks on a quarterly basis with corresponding reports. Current risk topics are discussed and evaluated. See also Risk Management in the separate chapter and in Valartis Group's consolidated financial statements, pages 15 and 59.

Each year, the Board of Directors conducts a structured analysis of the main risks to which the Group is exposed related to its business model. These include credit, market, liquidity, opera-tional, strategic, business and reputational risks. The Board of Directors considers risk-minimising measures, internal controls and changes in political, economic, sociocultural and/or informa-tion technological environment. The Board of Directors then sets overall targets and risk limits, compliance with which is con-tinuously monitored.

Strategic and organisational decisions are made on this basis with the aim of optimising Valartis Group's risk positions. A key component of this is the design and further development of the internal control system which is intended to address identified risks through appropriate, stringent control measures and mini-mise their probability of occurrence. The appropriate establish-ment of risk management and controlling processes which en-sure the identification, assessment, management, monitoring and reporting of material risks and the associated risk concentra-tions, ensures that all risks are taken into account. A key objec-tive here is to create transparency about risks at an early stage and to limit potential losses. The Board of Directors considers the structures and measures which are in place for controlling and monitoring material risks to be appropriate.

Description of the accounting-related internal control system Valartis Group's internal control system comprises all principles, procedures and measures designed to ensure the effectiveness, efficiency and regularity of accounting and compliance with the relevant legal provisions. It is based on the international Commit-tee of Sponsoring Organisations of the Treadway Commission ("COSO") model and comprises the components control environ-ment, risk assessment process, accounting-related information systems, control activities and monitoring of the internal control system (ICS). COSO is a voluntary private sector organisation in the United States that aims to help improve the quality of finan-cial reporting through ethical conduct, effective internal controls and good corporate governance. There have been no significant changes since the balance sheet date that would require an ad-justment of the internal control system.

BUSINESS DEVELOPMENT

Income statement

The Group reported a net gain of CHF 8.1 million (previous year: net loss of CHF 6.5 million) with operating income increased overall by 70 per cent compared to the previous year thanks to the contribution of associated companies active in shipping and banking business. On the cost side, expenditures increased by 3 per cent compared to the previous year whereas total value adjustments and depreciations remained at similar levels. As a result, the earnings before interest and taxes ("EBIT") were a gain of CHF 9.5 million (previous year: gain of CHF 2.0 million).

Management services fees remained at a comparable level to the previous year, while the income from investment property increased by 5 per cent in base currency but have been impact-ed strengthening Swiss franc movement during the financial year 2024.

The result of associated companies contributed a gain of CHF 11.9 million (previous year: CHF 3.6 million) thanks to the suc-cessful operating environment in the banking and shipping sec-tors. On the banking side, Norinvest Holding (Banque Cramer & Cie SA) has contributed a net profit of CHF 4.9 million to the Group of which CHF 1.3 million was distributed as a dividend thanks to enhanced assets under management and the favour-able interest rate environment. Our joint-venture investments in multi-purpose ships delivered substantial daily time charter rates in 2024, driven by the sustained demand for versatile ves-sels capable of transporting diverse cargoes. Additionally, our investment in a mid-size feeder container benefited signifi-cantly from the rebound in daily charter rates. Factors such as the rerouting of ships and extended transit times, influenced by geopolitical tensions, led to higher costs and consequently drove up freight rates. Furthermore, during the second half of 2024, one of our associated companies successfully divested its investment in a multi-purpose ship, generating a substantial gain for the Group. The combined profitability of these invest-ments amounted to CHF 7.0 million for the year, with a distribu-tion of CHF 10.7 million to the Group out of which CHF 2.6 mil-lion were reinvested in new built multi-purpose ship.

Operating expenses increased by 3 per cent to CHF 8.4 million (previous year: CHF 8.1 million) mostly in relation to external consultancy costs in connection with to transactions undertak-en during the year 2024.

Valuation adjustments, provisions and losses for 2024 amount-ed to CHF 0.1 million compared to CHF 0.2 million in previous year and caused by the change in valuation of real estate hold-ings of ENR Group (CHF -0.8 million on Petrovsky Fort) offset by recovery of CHF 0.7 million on impaired receivables.

The net finance result, i.e. a loss of CHF 2.5 million compared to a loss of CHF 8.5 million in previous year, was impacted by the net foreign exchange loss (CHF -3.3 million), the positive fair val-ue adjustment of marketable securities held by the Group (CHF 0.3 million), the interest margin and dividend income (CHF 0.3

million) and the net gain from financial instruments measured at fair value through profit or loss (CHF 0.2 million).

In 2024, change in deferred taxes resulted in a tax income of CHF 1.1 million primarily attributable to the reassessment of de-ferred taxes due to an increase in the local tax rate.

BALANCE SHEET

The balance sheet total assets amounted to CHF 139.2 million as of 31 December 2024 and remained stable compared to the pre-vious year (31 December 2023: CHF 137.8 million). While dividends paid by associated companies and disposals primarily increased cash and cash equivalents by CHF 12.5 million, the acquisition of a 36.5 per cent non-controlling interest in ENR Russia SA, mainly in exchange for the remaining shares in Athris AG reduced total assets by CHF 7.1 million, while the change in the fair value of the Investment property reduced the balance sheet total by CHF 2.7 million and the Group dividend payment by CHF 1.4 million, to-gether with other minor effects.

Current financial liabilities increased by CHF 25.0 million mainly due to a long term financing that will mature within 12 months and has been reclassified from non-current financial liabilities accordingly.

Total equity was CHF 91.0 million at end 2024 (31 December 2023: CHF 92.3 million) and equity attributable to shareholders of Val-artis Group at CHF 91.6 million (31 December 2023: CHF 81.6 mil-lion). While the Group generated a profit of CHF 8.1 million, the total equity decreased compared to the previous year due to the exchange of Athris shares against most of the non-controlling in-terest in ENR Russia Invest SA (CHF 5.0 million), the Athris shares value adjustment of CHF 1.8 million prior to this exchange, the dividend of CHF 1.4 million in 2024 paid by the Group besides smaller movements.

SIGNIFICANT EVENTS

Significant events after the balance sheet date

There were no significant events after the balance sheet date. Events after the balance sheet date are also reported in Valartis Groupʼs consolidated financial statements, Note 44.

Segment reporting

Valartis Group has only one single segment and, in accordance with IFRS 8, reporting is only for one business component of the Group. See also the notes to the consolidated financial state-ments in Note 36.

OUTLOOK

Expected development of Valartis Group

Valartis Group continues to focus on successfully developing ex-isting and new profitable, cash-producing activities. The focus of

activities in 2025 will be oriented toward further investment into the shipping sector with the construction of a new multipurpose ship. The Group will assess further investment opportunities in the same sector or in real estate projects. The business activities of ENR and management of the Group's participations in Russia and the CIS countries will remain a challenge in the context of the latest developments in the global economy as well as the sanctions environment with activity restrictions and capital con-trols. The Group will continue to work closely with EPH European Property Holdings PLC by strengthening its local asset manage-ment teams who manage EPH's assets. On the banking side, we expect Norinvest / Banque Cramer & Cie to maintain its solid performance in 2025. For further information see also chapter

Strategy and Objectives, page 9.