Orascom Development : Earning Presentation Q1 2024

Q1 2024 RESULTS

Analyst & Investor Presentation

21 May 2024

Altdorf

DISCLAIMER

THIS COMMUNICATION CONTAINS CERTAIN FORWARD-LOOKING STATEMENTS. A FORWARD-LOOKING STATEMENT IS ANY STATEMENT THAT DOES NOT RELATE TO HISTORICAL FACTS AND EVENTS AND CAN BE IDENTIFIED BY THE USE OF SUCH WORDS AND PHRASES AS "ACCORDING TO ESTIMATES", "AIMS", "ANTICIPATES", "ASSUMES", "BELIEVES", "COULD", "ESTIMATES", "EXPECTS", "FORECASTS", "INTENDS", "THINKS", "MAY", "PLANS", "POTENTIAL", "PREDICTS", "PROJECTS", "SHOULD", "TO THE KNOWLEDGE OF", "WILL", "WOULD" OR, IN EACH CASE THEIR NEGATIVES OR OTHER SIMILAR EXPRESSIONS, WHICH ARE INTENDED TO IDENTIFY A STATEMENT AS FORWARD-LOOKING. THIS APPLIES, IN PARTICULAR, TO STATEMENTS CONTAINING INFORMATION ON FUTURE FINANCIAL RESULTS, PLANS, OR EXPECTATIONS REGARDING BUSINESS AND MANAGEMENT, FUTURE GROWTH OR PROFITABILITY, GENERAL ECONOMIC AND REGULATORY CONDITIONS AND OTHER MATTERS AFFECTING THE COMPANY. FORWARD-LOOKING STATEMENTS REFLECT THE CURRENT VIEWS OF THE COMPANY'S MANAGEMENT ("MANAGEMENT") ON FUTURE EVENTS, WHICH ARE BASED ON THE ASSUMPTIONS OF THE MANAGEMENT AND INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS THAT MAY CAUSE THE COMPANY'S ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY THESE FORWARD-LOOKING STATEMENTS. THE OCCURRENCE OR NON-OCCURRENCE OF AN ASSUMPTION COULD CAUSE THE COMPANY'S ACTUAL FINANCIAL CONDITION AND RESULTS OF OPERATIONS TO DIFFER MATERIALLY FROM OR FAIL TO MEET EXPECTATIONS EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS. THE COMPANY'S BUSINESS IS SUBJECT TO MANY RISKS AND UNCERTAINTIES THAT COULD ALSO CAUSE A FORWARD-LOOKING STATEMENT, ESTIMATE OR PREDICTION TO DIFFER MATERIALLY FROM THOSE EXPRESSED OR IMPLIED BY THE FORWARD-LOOKING STATEMENTS IN THIS PROSPECTUS. THE INFORMATION, OPINIONS AND FORWARD-LOOKING STATEMENTS IN THIS COMMUNICATION SPEAK ONLY AS OF ITS DATE AND ARE SUBJECT TO CHANGE WITHOUT NOTICE. THE COMPANY DOES NOT UNDERTAKE ANY OBLIGATION TO REVIEW, UPDATE, CONFIRM OR RELEASE PUBLICLY ANY REVISIONS TO ANY FORWARD-LOOKING STATEMENTS TO REFLECT EVENTS THAT OCCUR OR CIRCUMSTANCES THAT ARISE CONCERNING THE CONTENT OF THIS COMMUNICATION.

ROUNDING

NUMBERS PRESENTED THROUGHOUT THIS PRESENTATION MAY NOT ADD UP PRECISELY TO THE TOTALS PROVIDED IN THE TABLES AND TEXT. FOR PRESENTATION PURPOSES, FIGURES ARE ROUNDED TO THE NEAREST DECIMAL PLACE. PERCENTAGES, PERCENT CHANGES AND ABSOLUTE VARIANCES, HOWEVER, ARE CALCULATED BASED ON THE EXACT FIGURES AS SHOWN IN THE FINANCIAL STATEMENTS.

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DISCLAIMER

THROUGHOUT THIS DOCUMENT, WE PRESENT CERTAIN NON-IFRS MEASURES, NAMELY EBITDA AND OTHER EBITDA RELATED MEASURES SUCH AS ADJUSTED EBITDA, EBITDA MARGIN, AS WELL AS GOP AND GOP MARGIN (AS DEFINED BELOW) AND NET DEBT. WE DEFINE EBITDA AS PROFIT FOR THE PERIOD BEFORE FINANCE COSTS, INCOME TAX EXPENSE AND DEPRECIATION AND AMORTIZATION. EBITDA MARGIN IS EBITDA AS A PERCENTAGE OF REVENUE. WE DEFINE ADJUSTED EBITDA AS EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION ADJUSTED TO BETTER REFLECT OPTIMIZATION OF CORE OPERATING ACTIVITIES NET OF ANY EXTRAORDINARY ITEMS SUCH AS PROVISIONS AND IMPAIRMENTS, FOREX LOSSES, CAPITALIZED GENERAL AND ADMINISTRATION EXPENSES, SHARE IN ASSOCIATES AND FAIR VALUE DIFFERENCES. WE DEFINE GOP AS THE PROFIT OF OUR HOTEL BUSINESS AFTER DEDUCTING OPERATING COSTS AND BEFORE DEDUCTING AMORTIZATION AND DEPRECIATION EXPENSES. IT ALSO EXCLUDES ALL COSTS RELATED TO NON-HOTEL OPERATIONS. WE DEFINE GOP MARGIN AS GOP DIVIDED BY REVENUE. WE CALCULATE OUR NET DEBT BY ADDING LONG- AND SHORT-TERM BORROWINGS AND CASH AND CASH EQUIVALENTS.

WE USE EBITDA, EBITDA MARGIN, ADJUSTED EBITDA, GOP, AND GOP MARGIN IN OUR BUSINESS OPERATIONS TO EVALUATE OUR OPERATIONS' PERFORMANCE, DEVELOP BUDGETS, AND MEASURE OUR PERFORMANCE AGAINST THOSE BUDGETS. WE ALSO USE NET DEBT AS PART OF OUR LIQUIDITY EVALUATION.

WE FIND THESE MEASURES TO BE A USEFUL TOOL TO ASSIST IN EVALUATING PERFORMANCE BECAUSE THEY ELIMINATE ITEMS RELATED TO FINANCE COSTS, TAXES AND DEPRECIATION AND AMORTIZATION. FURTHERMORE, WE BELIEVE THAT EBITDA IS COMMONLY REPORTED BY COMPARABLE BUSINESSES AND USED BY INVESTORS IN COMPARING THE PERFORMANCE OF BUSINESSES WITHOUT REGARD TO DEPRECIATION AND AMORTIZATION, WHICH CAN VARY SIGNIFICANTLY DEPENDING UPON ACCOUNTING METHODS (PARTICULARLY WHEN ACQUISITIONS HAVE OCCURRED).

EBITDA, EBITDA MARGIN, ADJUSTED EBITDA, GOP AND GOP MARGIN MAY NOT BE COMPARABLE TO SIMILARLY TITLED MEASURES DISCLOSED BY OTHER COMPANIES, AND INVESTORS SHOULD NOT USE THESE NON-IFRS MEASURES AS A SUBSTITUTE FOR THE FIGURES PROVIDED IN OUR AUDITED CONSOLIDATED FINANCIAL STATEMENTS.

MANAGEMENT USES THESE SUPPLEMENTAL NON-IFRS FINANCIAL MEASURES TO EVALUATE PERFORMANCE PERIOD OVER PERIOD, TO ANALYZE THE UNDERLYING TRENDS IN OUR BUSINESS, TO ASSESS OUR PERFORMANCE RELATIVE TO OUR COMPETITORS AND TO ESTABLISH OPERATIONAL GOALS AND FORECASTS THAT ARE USED IN ALLOCATING RESOURCES. IN ADDITION, MANAGEMENT USES THESE NON-GAAP FINANCIAL MEASURES TO FURTHER ITS UNDERSTANDING OF THE PERFORMANCE OF OUR OPERATING SEGMENTS. WITH THE EXCEPTION OF THE IMPACT OF THE RECENT ACQUISITIONS AND DIVESTITURES, THE ADJUSTMENTS EXCLUDED FROM OUR NON-GAAP FINANCIAL MEASURES ARE CONSISTENT WITH THOSE EXCLUDED FROM OUR OPERATING SEGMENTS' MEASURES OF NET SALES AND PROFIT OR LOSS. THESE ADJUSTMENTS ARE EXCLUDED FROM THE SEGMENT MEASURES REPORTED TO OUR CHIEF OPERATING DECISION MAKER THAT ARE USED TO MAKE OPERATING DECISIONS AND ASSESS PERFORMANCE.

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TABLE OF CONTENT

1. Investing in ODH
2. Q1 2024 - Executive Summary
3. Q1 2024 - Segmental Performance
4. Q1 2024 - Operational Highlights by Destination
5. Q1 2024 - Financials
6. ODH Strategy Progress and 2024 main objectives
7. Appendix

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1. Investing In

ODH

Orascom Development Holding (ODH) is a leading fully integrated developer with more than 30 years of experience and a proven international track record of creating iconic masterplans and developing unique destinations

ODH At A Glance		ODH is listed on the Swiss Stock Exchange

• ODH is a leading international developer specializing in creating vibrant, integrated communities in Europe, the Middle East, and North Africa
• For more than 30 years, ODH has been a pioneer in creating destinations where people are inspired to live, work, and play with passion and purpose. The integrated towns harmoniously combine residential areas with private villas and apartments, hotels, and award-winning leisure and commercial amenities, including golf courses, marinas, sports facilities, retail shops and restaurants
• ODH owns a land bank of more than 100mn square meters with nearly 41% developed or under development into thriving communities and a hospitality portfolio that includes 34 premium and luxury hotels with more than 7,000 rooms and 9,500 employees across Europe, the Middle East, and North Africa
• ODH is listed on the Swiss Stock Exchange (SIX), while the Egyptian subsidiary Orascom Development Egypt (ODE) is listed on the Egyptian Stock Exchange (EGX)

Free

Float,

ODH Shareholding 23.6%

Structure

LPSO*

76.4%

Core Business Segments

Real Estate

DevelopmentHotels

Recurring Income

Commercial Assets

Q1 2024 Results - Analyst & Investor Presentation	* LPSO is an entity owned by Samih Sawiris family	6

ODH remained on its growth trajectory with strong operational and financial performance in 2023

Founded in 1989

More than 30 years of excellence in destinations development

8,825 employees

at the end of 2023 and growing

Operating in 7 Countries, across Europe, Middle East, and Africa

Listed since 2008

On SIX and ODE is listed on EGX since 2015

Destinations

11 Operating destinations Spread across 7 countries

101 million sqm of land back, out of which 41 mn sqm are developed

34 Hotels,

with 7,281 rooms

123 New hotel rooms were added; thus, Oman MBO was fulfilled

2023 HIGHLIGHTS

Key Business Highlights

	real estate units
2,115 sold in 2023
+2.7	million hotel guests
served across our destinations
65%	total hotels occupancy
across our destinations
12	million Swiss Francs
realized from the sale of 45k of

land in El Gouna

Financials (CHF)

704 million in real estate sales

655 million in total revenue

174 million in Adj. EBITDA

54 million in net profit

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2. Q1 2024 - Executive Summary

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Q1 2024 headlines: ODH demonstrated commendable operational and financial performance despite a challenging business environment. This is indicative of the company's resilience and ability to navigate adverse market conditions

Revenues	Adj. EBITDA
CHF mn		CHF mn
+15.7%			+19.9%
130.9	151.5
		44.0
		36.7
Q1 2023	Q1 2024	Q1 2023	Q1 2024
Revenues were affected by EGP	Signals our operational excellence
devaluation		despite EGP devaluation

* Adjusted net income excluding one-offs (including forex losses or gains and non-operationalone-off transactions).

Q1 2024 Results - Analyst & Investor Presentation

Net Profit

CHF mn
		+3.1%
10.5		25.9	26.7
	(35.7)
Q1 23	Q1 24	Q1 23	Q1 24
		Adj.*	Adj.*
* After excluding FX loss and one-offs
	during the periods
			9

Egypt Development - Key Highlights

Orascom Development Egypt (ODE)1; Figures continued strengthening in EGP, but depressed in CHF due to EGP devaluation

			CHF Million					EGP Million
	Q1 24		Q1 24	Q1 23	% Chg.	Q1 24		Q1 24	Q1 23	% Chg.
	Act.		Adj.	Adj.	Act.		Adj.	Adj.
Net Real Estate	223		223	84	167%		8,758		8,758	2,751	218%
Sales
Total Revenue	106		106	91	17%		4,175		4,175	2,953	41%
Hotels	18		18	18	1%		699		699	573	22%
Real estate	72		72	62	17%		2,836		2,836	2,014	41%
Commercial assets	16		16	11	44%		640		640	366	75%
Gross profit	36		36	34	6%		1,418		1,418	1,096	29%
Margin (%)	34%		34%	37%	(9%)		34%		34%	37%	(9%)
Adjusted EBITDA	40		40	36	12%		1,576		1,576	1,166	35%
Margin (%)	38%		38%	39%	(5%)		38%		38%	40%	(4%)
Net profit/loss	(25)		35	28	27%		(985)		1,380	904	53%
Margin (%)	-24%		33%	31%	9%		-24%		33%	31%	9%

Comment

• Adjusted net income excluding one-offs (including forex losses or gains and non- operational one-off transactions).
• The FX loss was mainly due to the devaluation of EGP against foreign currencies in March 2024.

1 ODE is an EGX-listed company developing residential, touristic and commercial projects in Egypt.

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