PREMIA Properties announces its financial results for the period from 1 January to 30 June 2024, which show a 7% increase in revenues and a 10% increase in operating profitability (adjusted EBITDA) on a consolidated basis compared to the corresponding period of 2023.

When compared to the same period in 2023, profit before tax increased by €13.1 million, primarily due to higher fair value adjustments on investments.

• 55 properties and approx. 390 thousand sqm of buildings under management by the Group with a total investment value of € 344.7 million, up 12% compared to the end of 2023.
• Delivery of major projects, which will gradually enhance the group's financial performance. These are the conversion of the Athens Heart shopping centre in Tavros into a green office complex which houses the central services of the AADE and the conversion of the property in Xanthi into a modern student residence which is currently in operation.
• Active portfolio management. Addition of new properties and selective sales with significant gains. In particular, the Company sold a property in Katerini for €2.5 million, signed a preliminary agreement for the sale of two plots of land in Paros for €600 thousand, and in September sold a property in Santorini for €6.5 million.
• Strategic partnerships with prestigious partners and participation in major transactions. In January 2024, the company signed a strategic partnership with TEMES S.A. in the winery sector, and in July, the company undertook full coverage of a €4.1 million capital increase of Navarino Vineyards S.A., in which it acquired a 50% stake, while TEMES S.A. will participate with the remaining 50%. In July 2024, PREMIA made its first investment in the tourism sector through a sale and leaseback agreement with Nordic Leisure Travel Group ("NLTG") for two 4-star hotels in Rhodes and Crete with a total capacity of 800 keys, which NLTG Group will continue to operate through a long-term lease agreement, with an estimated completion date by the end of the year. The agreement to take part in a future share capital increase of PREMIA strengthens the strategic partnership with NLTG Group.
• Finally, PREMIA is participating in one of the largest real estate transactions in the Greek market in recent years (Project Skyline), which is expected to be completed within the year.
  Revenue growth of 7% and operating profitability (Adjusted EBITDA) growth of 10% on a consolidated basis, compared to the same period in 2023. Higher financial expenses had a major impact on the Funds from Operations (FFO) level, which was lower by € 0.9 million compared to the first half of 2023.
• When compared to the same period in 2023, profit before taxes increased by €13.1 million, primarily as a result of higher fair value adjustments on investments.

OUTLOOK

The outlook for the Greek economy remains positive; however, the international macroeconomic environment remains volatile, as there is still significant uncertainty regarding the energy crisis, inflationary pressures, the path of interest rates and the evolution of the wars in Ukraine and the Middle East. On a positive note, two cuts, of 25 basis points each, in the European Central Bank's benchmark interest rate were made on 12.6.2024 and 12.9.24 with the expectation of further easing.

These reductions have a positive impact on both the Euribor rate and thus the Group's borrowing costs and its tax liabilities.

In the current environment, the key priority of management is the consistent and effective implementation of the Company's business plan ("business plan") in order to continue the growth path of the last few years, aiming at optimizing the composition and diversification of its investment portfolio and enhancing its qualitative characteristics.

The Company remains focused on sectors in which medium-term expectations remain positive, such as logistics and serviced apartments (student housing), while selectively entering new sectors that are considered to have demand and growth potential, such as green offices and hotels.

Particular emphasis is also placed on the efficient management of the Company's liabilities and securing the necessary financing on competitive terms, utilizing all appropriate financial instruments, such as financing under the Recovery and Resilience Fund.

The Company looks forward to continuing its growth trajectory in H2 2024 based on the completion of significant investments in 2024, which will gradually enhance its financial performance and its key attributes (30.6.2024):

• Gross yield on income properties of 7.2%
• Weighted average lease term (WALT): 8.4 years
• Net LTV of 52.1%,
• Weighted average loan maturity of 7.3 years and resilience against future interest rate increases, with approximately 55% of existing lending having a fixed rate.
• Finally, management systematically monitors and evaluates the macroeconomic and financial data as it develops in order to make the necessary adjustments if required.