Presentation to the Hellenic Fund & Asset

Management Association | April 2024

Presentation team

Kostas Markazos

Nikolaos Baziotis

Constantin Pechlivanidis

Pantelis Voutirakis

CEO

CFO/CIO

Chief Property Investment

FP&A Manager

Officer

2

AGENDA

1

2

3

2023 review

Portfolio & projects

Prospects for 2024

AGENDA

1

2

3

2023 review

Portfolio & projects

Prospects for 2024

At-a-glance

* includes advances related to investment property and investments in affiliates

5

2023: Key highlights

Investments

Asset

Management

Finance

  • 7 transactions/projects of which 6 in progress
  • Focus on green office space, serviced apartments, logistics, industrial
  • Investments in 3 existing properties increasing value and revenues
  • Disposal of Votanikos property with significant profit
  • 7.0 years WALT
  • Like-for-like rental growth at 8.4% versus 2022 & no collection losses
  • Weighted average debt cost at 4.3%, with 54% of total debt at fixed cost
  • Improved average spread on existing loans by c. 40bps versus 2022
  • € 20m RRF loans signed of which € 9mn already drawn in 2023

6

Robust financials (FY2023 snapshot)

Top-line growth & increased operating profitability

Strong asset base & healthy capital structure

Capital discipline & conservative debt profile

Total revenue

€19.0 m

+26% yoy (+€3.9m)

EBITDA / Adjusted EBITDA

€14.1 m / €12.0 m

-42% yoy / +61% yoy (-€10.3 m) / (+€4.5 m)

Net profit

€7.2 m

-54% yoy (-€8.6 m)

FFO

€4.6 m

12M 2023 (+€0.6 m)

Total investments (investments + cash)

€ 352.2m

December 2023 (+€ 31.9m vs FY 2022)

NAV

€147.2 m / €1.71 per share

December 2023 (+€ 6.1m vs FY 2022) / (+€0.07 per share vs FY 2022)

Total cash

€45.0 m

December 2023 (-€ 2.7m vs FY 2022)

Property portfolio

51 properties / 384K sqm GBA / 7.6% Gross yield

December 2023 (+2 properties / + 17.5K sqm vs FY 2022)

Gross debt* / Net debt*

€ 199.6 m / € 154.6 m

December 2023 (€ 176.6 m / € 128.9 m in FY 2022)

Gross LTV / Net LTV

65.0% / 50.3%

December 2023 (64.8% / 47.3% in FY 2022)

Debt maturity

8.0 years

December 2023, weighted average / 6.4 in FY 2022

Cost of debt

4.3%

December 2023, weighted average / 3.7% in FY 2022

* Includes bank debt and leasing related to investment properties

7

Active management of the capital structure maintaining a conservative debt profile

Balance sheet management

  • € 26.1m new loans issued of which € 9.1m fixed cost RRF loans
  • Fixed interest cost for 54% of total group debt
  • 110m unencumbered assets
  • Limited refinancing risk in the next 2 years

Leverage (as of 31.12.2023)

50%

47%

37%

31.12.2021

31.12.2022

31.12.2023

Net LTV

Interest rate risk exposure

Debt profile (as of 31.12.2023)

Lease obligations 2%

RRF

4%

Bank debt

44%

Public bond

49%

Debt maturity profile (as of 31.12.2023)**

Floating

in € mn

115.7

Weighted average debt maturity incl./ex PPP at 8.0/5.6 years

Weighted

average

Fixed cost 4.3%

54% 31.12.23

46%*

4.7

73.4

Up to 1 year From 2 to 5

More than 5

years

years

* Hedge contract activation from 2025 amounting 15.0m

** excluding lease obligations

8

Strong & consistently improving financial performance

Revenue

  • mn

25.3

+26%

yoy 19.0

+58%

yoy 15.1

+459%

9.5

yoy

1.7

FY 2020

FY 2021

FY 2022

FY 2023

Revenue capacity **

FFO*

  • mn

+14%

4.6

yoy

+94%

4.0

yoy

+188%

2.1

yoy

0.7

FY 2020

FY 2021

FY 2022

FY 2023

Adjusted EBITDA*

  • mn

+61%

12.0

yoy

+100%

7.5

yoy

+697%

3.7

yoy

0.5

FY 2020

FY 2021

FY 2022

FY 2023

NAV

€ mn

€ 1.64 / share

€ 1.71 / share

3-year CAGR: 57%

€ 1.45 / share

+12% yoy

+4% yoy

147.2

141.1

+233% yoy

125.9

€ 1.08 / share

37.9

FY 2020

FY 2021

FY 2022

FY 2023

* The relevant definitions are presented in Annual Financial Report for the Period 01.01-31.12.2023 - Adjusted EBITDA excludes fair value gains (2023: € 2.3m) and non recuring expenses (2023: € -0.25m)

9

** Revenue capacity: annualized (12 month) revenue from existing properties + annualized revenue from committed projects and transactions

AGENDA

1

2

3

2023 review

Portfolio & Projects

Prospects for 2024

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Premia AE published this content on 15 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 April 2024 10:35:01 UTC.