Vbare Iberian Properties Socimi S.a.BME: SCVBA

Results presentation for the 6 months interim period ended on June 30, 2024

· Issued by Vbare Iberian Properties Socimi S.A.

H1 2024 RESULTS PRESENTATION

July 24, 2024

INDEX

  1. H1 2024 Performance
  2. Annex: Portfolio Overview & Main KPIs

H1 2024 HIGHLIGHTS

PORTFOLIO FULLY OPERATIONAL FROM DECEMBER 2023 WITH POTENTIAL RENT GROWTH (+15%)

COMMERCIAL ACTIVITY WITH 22 LEASES SIGNED IN H1 2024 WITH AN ANNUALIZED RELETTING SPREAD1 OF

+4.1%

NET OCCUPANCY CLOSE TO 100% SINCE MORE THAN A YEAR AGO

+50% LIKE-FOR-LIKE GROSS RENTAL INCOME Vs. H1 2023

6% INCREASE LIKE-FOR-LIKE RENTS SIGNED vs. JUNE 30, 2023

1.02% LIKE-FOR-LIKE PORTFOLIO REVALUATION (0,44% NET OF CAPEX INVESTED) Vs. DECEMBER 2023

€754 NET CONSOLIDATED GAIN EXPLAINED BY SIGNIFICANT GRI IMPROVEMENT AND COSTS DECREASE

NAV PER SHARE INCREASE IN 2024 TO €13.25 (€13.04 AT. DECEMBER 2023)

100% FINANCIAL DEBT FORMALIZED AT FIX INTEREST RATE2

  1. The reletting spread is calculated considering only units that have been leased by VBARE at least 2 times and excluding the buildings operated by 3rd parties
  2. The Group has: 1) Mortgage loan with a pending principal as of June 30,2024 of €7.9 mn with 1.8% fix rate until 2030 and variable until maturity (2039). 2) Mortgage loan with a pending principal as of June 30,2024 of €4.6 mn with 1.8% fix rate until 2027 when €3.4 mn

became variable until maturity in 2039. €0.8 mn became variable in 2031 until 2034.

4

1. H1 2024 PERFORMANCE

5

1. H1 2024 Performance

LEASING PERFORMANCE

Quarterly Leases Signed 1

33

Annualized Quarterly Reletting Spread 2

25

18

1111

8

10,02%

9,10%

6,81%

2023

8.2%

6,06%

3,71%

2024

4.1%

4,54%

Q1 2023

Q2 2023

Q3 2023

Q4 2023

Q1 2024

Q2 2024

Stable seasonal number of contracts signed

Quarterly Net Occupancy 3

97,41%

95,20%

99,12%

98,68%

99,12%

97,36%

Mar. 31, 23

Jun. 30, 23 Sept. 30, 23 Dec. 31, 23 Mar. 31, 24

Jun. 30, 24

High Net occupancy but impacted by seasonal summer rotation

Q1 2023

Q2 2023

Q3 2023

Q4 2023

Q1 2024

Q2 2024

Keeping positive Reletting Spread figures in H1 2024

Time to Lease over Total Portfolio (Days) 4

160

150

140

125

120

89

100

70

73

80

58

54

52

60

48

43

43

28

30

40

20

10

21

20

0

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

2020 2020 2020 2021 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023 2024

Time to lease still at low levels due to strong demand and limited supply

1.

It doesn't take into account residential units leased or operated to/by operators

2.

The reletting spread is calculated considering only units that have been leased by VBARE at least 2 times

3.

Occupancy calculated on the last day of the quarter over each period stabilized investments. From Q2 2023 the whole portfolio is considered stabilized

6

4. Calculated over Published Days (Only Residential and Loft Units taking into consideration). Vacant Residential units not considered in calculations

1. H1 2024 Performance

OPERATING PERFORMANCE

Like-for-Like GRI Evolution (€ k)

Rents including discounts1

Total Rents

Annualized Rents Potential Growth (€ k) 2

+15%

2,905

3,062

3,071

3,067

3.061

3.070

3.067

2.599

+6%

3,086

3.086

3,086

Jun. 30, 23

Sept. 30, 23

Dec. 31, 23

Mar. 31, 24

Jun. 30, 24

Strong annualized GRI evolution thanks to strong commercial strategy and full portfolio

stabilization

Current Rents

Rents

Vacant

Under refurbishment

Reversionary

June 2024

Below ERV

Units

Units

ERV

28% of gap with potential rents will be reached in the short term due to coming

vacant units' leases and units under refurbishment

Yield3 on Invested Capital 4

Gross Yield

Net Yield

5.8%

6.2%

6.3%

6.3%

5.3%

5.7%

5.7%

5.7%

+9%

6.3%

5.9%

Yield3 on GAV 5

Gross Yield

Net Yield

4.2%

4.5%

4.5%

4.5%

3.9%

4.2%

4.2%

4.1%

+5%

4.4%

4.2%

Jun. 30, 23

Sept. 30, 23

Dec. 31, 23

Mar. 31, 24

Jun. 30, 24

Net Yield vs Q2 2023 +9%

  1. Rent including discounts equal to rent free periods in place
  2. Potential Growth based on the Company´s estimated ERV (Estimated Rental Value) as of June 30, 2024
  3. Current yields calculated over annualized rents as of June 30, 2024, and considering discounts granted
  4. Total Invested Capital includes Total Acquisition Price, Total Transaction Costs and Total Accumulated CAPEX
  5. GAV is based on external independent appraisal

Jun. 30, 23

Sept. 30, 23

Dec. 31, 23

Mar. 31, 24

Jun. 30, 24

Stabilized Net Yield on GAV (+5% vs Q2 2023)

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1. H1 2024 Performance

IFRS CONSOLIDATED PROFIT & LOSS ACCOUNT

Profit & Loss Account (€ k)

H1 2024

H1 2023

Variation

Gross Rental income (Like-for-Like Assets)

1,524

1,015

50.0%

Gross Rental income (Units sold)

-

12

(100.0%)

Gross Rental Income

1,524

1,027

48.3%

Other operating income

1

10

(86.9%)

Staff Costs

62.6%

(373)

(229)

General and administrative expenses

(471)

(968)

(51.4%)

Realize gain (Loss) and change of fair value on investment properties

305

1,211

(74.8%)

Operating result

986

1,051

Finance result

(232)

(234)

(0.8%)

Profit for the period

754

817

Corporate income tax

-

-

Profit for the period attributable to the shareholders

754

817

Basic and diluted earnings per share (Euro)

0.21

0.23

Consolidated Profit & Loss account according to International Financial Reporting Standards as adopted by the European Union (IFRS-EU)

8

1. H1 2024 Performance

IFRS CONSOLIDATED BALANCE SHEET

Assets (€ k)

June 30, 2024

Dec 31, 2023

Variation

Non- Current Assets

69,840

69,025

1.2%

Property, plant and equipment

5

9

(44.4%)

Investment properties

69,499

68,827

1.0%

Non - Current financial assets

336

189

77.8%

Current Assets

1,945

2,548

(23.7%)

Advance to suppliers

11

28

(60.7%)

Trade and other receivables

1,567

1,691

(7.3%)

Trade debtors

66

88

(25.0%)

Other receivables from Public Administrations

1,501

1,603

(6.4%)

Short term accruals

52

37

40.5%

Cash and cash equivalents

315

792

(60.2%)

Total Assets

71,785

71,573

0.3%

Liabilities (€ k)

June 30, 2024

Dec 31, 2023

Variation

Net Equity

47,057

46,309

1.6%

Share capital

18,049

18,049

-

Share Premium

15,259

15,259

-

Treasury shares

(401)

(475)

(15.6%)

Retained earnings

14,150

13,476

5.0%

Non-current Liabilities

22,898

23,439

(2.3%)

Non-current financial liabilities

22,898

23,439

(2.3%)

Bank Borrowings

22,286

22,852

(2.5%)

Other financial liabilities

612

587

4.3%

Current Liabilities

1,830

1,825

0.3%

Current financial liabilities

1,344

1,070

25.6%

Bank Borrowings

1,344

1,070

25.6%

Trading creditors and other accounts payable

486

755

(35.6%)

Trade Payables

255

500

(49.0%)

Accruals, wages and salaries

-

28

(100.0%)

Other payables with Tax Administration

83

70

18.6%

Advance to suppliers

148

157

(5.7%)

Equity and Liabilities

71,785

71,573

0.3%

Consolidated Balance Sheet according to International Financial Reporting Standards as adopted by the European Union (IFRS-EU)

9

1. H1 2024 Performance

2024 GAV¹ AND NAV² EVOLUTION

2024 GAV Evolution (€ k)

68,827

(28)

68,799

395

305

69,499

+0.57%

+0.44%

GAV Pre-Sales

Sales

GAV

Capex

Fair Value

GAV

31/12/2023

31/12/2023

Invested

Adjustment

30/06/2024

+1.02% Like-for-Like portfolio appreciation based on third party

independent appraisal (+0.44% net of capex invested)

2024 NAV Evolution (€ k)

46,309

754

73

(80)

47,057

(+1.63%)

(+0.16%)

(-0.17%)

NAV

Own Shares

NAV

31/12/2023 Net profits

Trading

Losses

30/06/2024

NAV per share equal to €13.25² per share vs. €13.04² per share as at 31/12/2023

1.

GAV is based on external independent appraisal

2.

NAV per share calculated based on number of shares as of June 30, 2024, and December 31, 2023, net of own shares

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