Ellaktor S.A.

Ladies and gentlemen, thank you for standing by. I am Geli, your chorus call operator. Welcome and thank you for joining the Elector Group Conference Call and Live Webcast to present and discuss the Elector's Group Full Year 2025 results. All participants will be in listen-only mode and the conference is being recorded. The presentation will be followed by a question-and-answer session for institutional investors and analysts via audio conference. Please refer to the invitation received if you wish to connect to the audio conference for your questions. Should anyone need assistance during the conference call, you may signal an operator by pressing star and zero on your telephone. At this time, I would like to turn the conference over to Mr. Simios Bouloutas, CEO, Elector Group, and Mr. Dimos Revalas, CFO, Elector Group. Mr. Revalas, you may now proceed.

Thank you. Good afternoon and welcome to Elactor's conference call for 2025 results. Our annual report for 2025, the press release announcing Elactor's financial and operating results for the year, as well as a presentation were issued last Friday. All are available on the IR section of our website. In our call today, we will share with you a business update and a review of our financial results and ESG performance. A Q&A session will then follow. Allow me now to turn over the floor to Mr. Bouloutas.

Thank you very much, Dimo. It's my turn to thank you for participating in a lecture's 2025 annual results analysis and presentation. I will follow the presentation that has been uploaded on Friday in a slide, and I will cover the group business update and the basic financial results for 2025. Now, 2025 was a pivotal year for a lecture that marked our transformation from a predominantly construction, dust energy, dust concessions and waste management group to a real estate infrastructure group with significantly less dependence and reliance on public sector. We managed to complete all of the transactions that we have earmarked, i.e., we completed the sale of Electro to Motor Oil in January 2025, following the SBA that has been signed in July 2024 for a consideration of $114 million. On the real estate, we completed the Wurden sale to demand in September 25 and the Kambas sale to demand again in February 2026. In total, the two transactions totaled for approximately $86 million. Now, as you know, we have signed an SBA with Axtor Group in April 2025 for the sale of Axtor concessions for an enterprise value of approximately $367 million. Following the approval by the Hellenic Capital Market Commission, the financial closing was completed in September 2025 with a final equity consideration of $252 million. Now, all this has brought a tremendous balance of transformation and the possibility with the cash that we had available for significant shareholder returns. So, all in all, we managed to return in December 2025 and March 2025, in total, a total dividend, actually it was a capital return of 470 million, approximately the size of our current market capitalization. Since July 2024, i.e. in less than 24 months we have returned back a total of 646 million, which amounts to 136 of our current market cap. That has left it, we are still... We still have an active group liquidity of approximately $307 million as of December 2025, and a very solid capital structure retained almost all of our loans. Now, in terms of new businesses, we have expanded in the hospitality sector through a 25-year lease of the Fiction Athens, which is a new hotel, 40-key, upscale city hotel on Hephesias Avenue, which opened on March 26th. We acquired late 2024, December 2024, 10 yielding assets, the Hestia Apartments, comprising of serviced apartments targeting short to mid-term stays, strengthening the recurring income visibility. So 2025 has been our first full year of integration risk in our platform. And finally, in March 26, we acquired from ProDea Investments a fully leased office building of 8,500 square meters in Vasilis Sofia Avenue for $44 million, enhancing our exposure to prime real estate. Finally, our landmark project, which is Alamo Marina. The development is underway. We have filed all the required paperwork and relevant feasibility studies and expect the final licensing of both the sea side and the land part in the coming months. We expect to commence construction during 2026. with an approximate 24 to 30 month completion timeline. Moving on to page number six, which presents the financial highlights for the year. Here I'd like to point out that group revenues for the full year amount to $89 million, out of which approximately $19 million derived from the continuous operations, compared with $354 million in 2024. So we've seen a decrease of approximately 75%. However, all of that is due to the transformation that I just mentioned. Net profit after tax amounted to 152 million compared with 57.4 in 2024, and that includes, obviously, capital gains of 187.3 million from the completed transaction. Group EBITDA amounted to losses of 11.6 million compared with profits of 170 million in 2024. We discussed the cash and cash equivalents which stood at 307 million approximately compared with 293 million as of 31st of December of 2024. Now, total equity amounted to approximately 487 million compared to approximately 777 million in the end of 2024. while equity attributable to majority shareholders amounts to 438 million, which amounts to approximately 1.26 euros per share. The decrease is mainly due to the capital returns of 0.85 cents per share in March 2025, as well as the distribution of the interim dividend for 2025 amounting to approximately 0.50 per share in December 2026. Finally, our total borrowings as a group, excluding the least liabilities amount to less than 26 million, effectively fully delivered the group. And with this overview, I'd like to turn on the call to Mr. Dimos Evelas, our CFO of our group, to give you more details about our consolidated P&Ls, the balance sheet, and the cash flows.

Thank you, Simu. Let us go through briefly over the next slides as the main topic. The main financial items have already been mentioned. Moving on to page 8, we present a snapshot of our P&L broken down into continuing and discontinued operations in a more extended form. Rating level, losses of 46 million in continuing operations were partly offset by an EBITDA of 34.4 million in discontinued operations. thus yielding a consolidated operating loss of 11.6 million. The bottom line, though, was positively impacted by a significant 187 million euro capital gain emanating, as already mentioned, from the sale of transactions of factor concessions and collector. On the next slide... The two main comments are that following the shareholder rewards totaling 470 million euros in 2025, i.e. the capital return of 296 plus the interim dividend of 174, the total equity attributed to shareholders at year-end amounted to 438 million euros. This is 1.26 euros per share. The group remains practically unlevered, which coupled with a solid liquidity position provides increased flexibility in assessing various investment initiatives. The group's net cash is presented in the next slide, while in the appendix, you can also discover in more detail the breakdown of the group's net net or net cash position on a segmental basis, on a segment by segment. On page 11, on slide 11, we highlight the key flows of the year, which again are mostly linked on one hand to the inflows realized from the executed transactions and on the other to the payouts to shareholders. Allow me now to present an overview of our ESG performance and credentials, which demonstrates the group's steady progress in integrating ESG principles across its operations, supported by the strong performance and continuous improvements. On slide 13, ESG KPIs, and starting with the environment pillar, total greenhouse gas emissions amounted to 1,000 tons of CO2 equivalent, with 62% corresponding to scope one and 38% to scope two. Total energy consumption reached out 4,000 megawatt hours, of which 23% originated from renewable sources. From a social perspective, women are represented at a rate of 39%. No incidents of human rights violations were recorded, underscoring our commitment to ethical conduct and respect for human rights. With regard to governance, no cases of data breaches, GDPR non-compliance, or incidents of corruption or bribery were recorded. On the next slide, that is slide 14, we highlight some key achievements that are important to note in the course of 2025. The group achieved a 95% ESG transparency score from the Athens Exchange and maintained an A ESG score from Synergy for the second consecutive year. The group was also recognized among the 50 most sustainable companies in Greece. Our climate near-term targets were validated by the Science-Based Targets Initiative, while we received a B rating from CTP for climate disclosure. On the social side, we implemented a group-wide human rights training program and strengthened employee engagement through various internal initiatives. We also continue to support environmental education in public schools through the Green Future Program. On the next slide, slide 16, the group continues to perform strongly across major international agencies. Bloomberg ESG disclosure score reached 98.8 in 2025, showing significant improvement in recent years. LSEG ranks the group 16th out of 338 companies in its sector, while Sustainalytics places us in 77th spot out of 353. Our S&P Global ESG score has improved to 55, significantly above the industry average. and FTSE Russell assigns a score of 4.3 out of 5, placing us in the 97th percentile globally. On page 16, EU taxonomy, 20% of our consolidated revenues are aligned, with a larger share eligible but not yet aligned. While OPEX alignment remains limited, CAPEX shows strong performance with 44% already aligned. This highlights our strategic focus on directing investments towards sustainable activities. This concludes our presentation for 2025, and I would now like to open the floor for any questions you may have. Thank you.

Ladies and gentlemen, at this time, we will begin the question and answer session. As a reminder, management will receive questions from institutional investors and analysts via audio conference. Please refer to invitation received if you wish to connect to the audio conference for your questions. Anyone who wishes to ask a question may press star followed by one on their telephone. If you wish to remove yourself from the question queue, then you may press star and two. Please use your handset when asking your question for better quality. Anyone who has a question may press star and one at this time. One moment for the first question, please. Once again, to register for a question, please press star and one on your telephone. The first question is from the line of with Optima Bank. Please go ahead.

Hello, thanks for the presentation. Just a couple of questions from my side. The first one has to do with the outlook for 2026. I can understand that the contribution from the hotel will commence from this year, so is it fair to assume that you will break even at profitability levels Perhaps it's our bottom line this year with the contribution from the hotel. And the second question on the dividend. We didn't hear anything, any comment for the remaining dividend. Could you please give some color of your intention for the final dividend? Thank you.

Thank you very much. Answering the second question, the dividend proposal, obviously it's a board of directors decision, which will be directed to the general assembly of the company that will happen sometime in the next couple of months. So we cannot preempt the board and their decisions. regarding the hotel and the financial results of the company. I think it's too early in the year in order to make forecast for the full year. I think it would be fair to let at least the first semester pass by and then we can update you on that. Thank you very much.

Okay, thank you.

Once again, to register for a question, please press star and 1 on your telephone. As a final reminder, to register for a question, please press star and 1 on your telephone. Ladies and gentlemen, there are no further questions at this time. I will now turn the conference over to management for any closing comments. Thank you.

Okay. Once again, thank you very much for your participation in the conference call, in a lactose conference call discussing the full year 2025 results. As answered in... In the question posed, I think it's really early in the year to make definitive statements and remarks on the full year progress. Thus, as there are no further questions, I would like to pause now and thank you all for your participation. Thank you very much.

Ladies and gentlemen, the conference is now concluded and you may disconnect your telephone. Thank you for calling and have a pleasant evening.