Interim report
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Financial report of Echo Investment S.A. and its Group The 1st half-year of 2025 • Primary school, ul. Konstruktorska, Warszawa
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Content Message from CEO 4 Management Report 7 General information about the Company and its Group 8 Management Board 9 Supervisory Board 10 The Strategy of Profitable Growth 11 Business model 13 Selected financial data of the Group 14 Group segments 15 Shareholder structure of Echo Investment S.A. and description of shares 19 Volume of the Company’s shares and bonds held by managing and supervising persons 21 Major events in the first half-year of 2025 23 Significant events after the balance sheet day 26 Residential segment for individual clients – market outlook and the Group’s business activities 28 Residential segment for rent and private dormitories – market outlook and the Group’s business activities 32 Office segment – market outlook and Group business activities 35 Retail segment – market outlook and Group business activities 38 Portfolio of properties Echo's Group 40 Main investments in the first half-year of 2025 – acquisition of plots 53 Factors and unusual events affecting the results in the first half-year of 2025 54 Significant factors influencing the development of Company and the Group in the perspective of at least the following quarter 56 Information on dividend policy and dividend 58 Financial liabilities of the Company and its Group 60 Sureties and guarantees of the Group 64 Other disclosures required by law 66 Remuneration of the Management Board and Supervisory Board 68 How we manage risk 71 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9 1.10 1.11 1.12 1.13 1.14 1.15 1.16 1.17 1.18 1.19 1.20 1.21 1.22 1.23 1
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Condensed interim consolidated financial statements of Echo Investment Group as of and for the period ended 30 June 2025 76 Explanatory note 84 Information on financial statement of the Group 122 Principles adopted in preparation of financial report of the Group 123 Echo Group 124 Material estimates and judgments of the Management Board of the Group 127 New standards and interpretations that are effective as of 1 January 2025 137 Published standards and interpretations which are not effective yet and have not been adopted by the Group 138 Significant events after the balance sheet day 140 Condensed interim standalone financial statements of Echo Investment S.A. as of and for the period ended 30 June 2025 141 Explanatory note 148 Explanatory notes to standalone profit and loss account 149 Information on financial statement of the Company 188 Principles adopted in financial report of the Company 189 Significant contracts concluded with related entities 190 Methods of determining the financial result 192 Estimates of the Company’s management board 193 New standards and interpretations that are effective as of 1 January 2025 195 Published standards and interpretations which are not effective yet and have not been adopted 196 Significant events after the balance sheet day 198 Statement of the Management Board 199 Contact 201 2.1 2.2 2.3 2.4 2.5 2.6 3.1 3.2 3.3 3.4 3.5 3.6 3.7 2 3 4
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4 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Message from CEO I am pleased to present to you the financial re-port of Echo Group for H1 2025. During this peri-od, we successfully carried out our strategy of selling assets to be able to reduce debt, pay divi-dend and invest into further growth of the busi-ness. At the end of H1 2025, Echo Group had a strong cash position of 291 million PLN, while total as-sets reached 7 ,0 billion PLN. Already in Q3 2025, Resi4Rent – that is 30% owned by Echo – signed an agreement for the sale of 18 completed projects (over 5,300 units) to Vantage Development, part of TAG Immobilien Group. The agreement, worth PLN 2.4 billion, is the largest in Polish PRS sector history. Also, in Q3, we sold the remaining 30% stake in the Office House building (Towarowa 22) to AFI, with the total value of the property for this trans-action set at EUR 160.5 million. We also initiated the development of the next office tower within the project. Consistent growth in the living sector We remain committed to expansion in the build-to-rent segment. After completing the above-mentioned transaction, the Resi4Rent portfolio will include 1,500 completed apartments, 2,000 under construction, and more than 900 in the pipeline. In 2025, we have already launched the construction of over 600 apartments across two projects in Warsaw. We are also developing our presence in the pri-vate student housing market. In H1 2025, Stu-dentSpace launched its first project in Warsaw. In Kraków, three further StudentSpace projects are under development – two within the WITA com-plex and one at 29 Listopada Avenue, together providing over 1,200 beds, with two ready by the start of the 2025/26 academic year. Over 1,100 apartments sold The Group’s performance in the first half of the year was significantly driven by sales of apart-ments under the Archicom brand – a total of 1,162 units, including 632 in the second quarter. This represents a 34% increase compared to the same period last year. We handed over 404 apartments to clients, 380 of which were in the second quarter. Dear Shareholders, Partners, and Clients, Nicklas Lindberg CEO of Echo Investment
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5 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 At the end of June, more than 6,400 apartments were under construction, of which 2,700 will be completed by the end of 2025. Further destination projects under development In Q2 2025, we delivered Office House in Warsaw – the first office building in the Towarowa22 su-per-quarter. The building is fully leased and achieved one of the world’s top BREEAM certifica-tion scores. In the same location, Archicom Collection is de-veloping two premium residential projects – M7 (132 apartments) and Gutenberga Apartments (160 apartments). In Kraków, we completed the leasing of Brain Park and are now developing WITA, which includes 18,700 sqm of commercial space and 176 already-sold apartments. In Wrocław, we are building the first stage of Swobodna SPOT, a 16,000 sqm office building scheduled for completion in January 2026. Altogether, the Group has nearly 90,000 sqm of office space in operation and close to 35,000 sqm under construction. Our CitySpace network continues to expand, now offering more than 4,000 flexible workplaces. Our shopping centres – Libero Katowice and Ga-leria Młociny in Warsaw – remain almost fully leased, showing stable operations and readiness to meet changing customer expectations. In H1 2025, Libero Katowice received €61.4m refinancing from a consortium of Bank Pekao S.A. and PKO Bank Polski S.A. After the reporting period, we secured an addi-tional €28.5m construction and VAT loans from PKO Bank Polski for the Swobodna SPOT project. These transactions confirm the trust leading finan-cial institutions place in our Group. We are well on track with our strategy to divest standing assets and convert them into liquidity to further grow our business, reduce debt, and pay dividend. I invite you to read our full results for H1 2025 and to discover our projects, which combine ESG principles with the needs of communities in Po-land’s largest cities. Kind regards, Nicklas Lindberg
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The Echo Investment Group – a leading player in the real estate sector in Poland The Echo Investment Group is the only Polish entity with such extensive experience in the largest real estate market in Central and Eastern Europe. It is responsible for the entire investment process related to the execution of development projects. The Group is composed of a total of nearly 200 subsidiaries and co-subsidiary companies, including the nationwide residential developer Archicom, the Resi4Rent platform that offers a service of apartments on a subscription basis, and CitySpace operating in the flexible office segment. In 2024, the private student housing concept StudentSpace was also launched, operating as a joint venture with Signal Capital Partners and Griffin Capital Partners. Under the Echo Investment brand, operations are carried out in the office and retail sectors, as well as the development of mixed-use "destinations" projects. Development driven by a profitable growth strategy The Echo Investment Group's operations contribute to the development of the construction and real estate sector in Poland, whose size, along with cooperating industries, is estimated to account for up to 15% of GDP. Thanks to technological innovations and ecological solutions implemented in the Group's projects, it has a genuine impact on improving the quality of life in Poland and the competitiveness of the national and local economy. Echo Investment Group's activities are also carried out in accordance with the ESG Strategy adopted in 2023, which outlines the Group’s commitments and sets its sustainability priorities through 2030. The Group regularly reports on its ESG-related goals and initiatives. It also contributes to the achievement of the 17 United Nations Sustainable Development Goals (SDGs). Q2 2025 in figures Construction of 34,500 sq. m of office space in the Office House building in Warszawa was completed. A total leasable office area of Echo Investment in operation amounts to 118,800 sq. m. Echo and Archicom concluded 1162 preliminary and developer agreements. Resi4Rent maintained its position as the largest player in the sector of apartments for rent in Poland, having delivered over 6,100 units across 21 projects. Ultimately, approx. 1,900 apartments and 3.5 hectares of green space will be included in one of the Group's largest residential developments. - the Modern Mokotów project being developed in Warszawa.
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Management Report • CitySpace Rondo 1, Warszawa
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8 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 KIELCE 1996 r. First listing of Echo Investment’s shares on the WSE 1.1 The Echo Investment Group’s hereinafter referred to in the report as the Echo Group, core activity consists of the construction and sale of residential buildings, construction, lease and sale of office and retail buildings, as well as trade in real estate. The parent company - Echo Investment S.A. with its headquarter in Kielce, at al. Solidarności 36 - was registered in Kielce on 30 June 1994 and is entered into the National Court Register under number 0000007025 by the District Court in Kielce, 10th Commercial Division of the National Court Register. Since 5 March 1996, the Company’s shares are quoted at the Warsaw Stock Exchange on the regulated market. They are included into Warsaw Stock Exchange Index WIG, sWIG80 subindex as well as WIG-Real Estate sector index. The main place where the Company runs its business is Poland. The parent entity is Lisala Sp. z o.o., and the parently company of the highest level of the group is Dayton-Invest Kft., which is controlled at the highest level by Tibor Veres. The Company was established for an indefinite period. There have been no changes in the name of the reporting entity or other identifying data since the end of the previous reporting period. Employment in the Echo Investment Group as at 30 June 2025 amounted to 647 people, without conversion into full-time equivalents. Whenever this document refers to the Echo Investment Group it means the parent company Echo Investment S.A. with all subsidiaries, including Archicom S.A. and its subsidiaries. The term “Echo Group” means the company Echo Investment S.A. with its subsidiaries, excluding Archicom S.A. and its subsidiaries. The term “Archicom Group” means only the company Archicom S.A. and its subsidiaries. General information about the Company and its Group
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9 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Management Board Nicklas Lindberg President of the Board, CEO Maciej Drozd Vice-President of the Board, CFO Artur Langner Vice-President of the Board Rafał Mazurczak Member of the Board Małgorzata Turek Member of the Board
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10 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Supervisory Board Margaret Dezse Independent Supervisory Board Member Chair of the Audit Committee Noah M. Steinberg Chairman Tibor Veres Deputy Chairman Sławomir Jędrzejczyk Independent Supervisory Board Member Deputy Chairman of the Audit Committee Maciej Dyjas Supervisory Board Member Nebil Senman Supervisory Board Member Audit Committee Member Bence Sass Supervisory Board Member Balázs Gál Supervisory Board Member (from 26.06.2025)
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11 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Leadership The Strategy of Profitable Growth Echo Group is the biggest real estate development company in terms of number of projects as well as its total area, operating in Poland. It is active in both sectors of real estate market: residential and commercial. In accordance with the Strategy of Profitable Growth, Echo Investment is going to be one of the leaders in residential and commercial market, what implies higher dynamics in residential. Big scale of activity allows for optimum use of resources. The Strategy of Profitable Growth1.2 In 2016, the Management Board of Echo Investment prepared and introduced the Strategy of Profitable Growth with the approval of the Supervisory Board. The strategic directions confirmed in 2020 place particular emphasis on the Group’s development in the residential sector and increasing the importance of multifunctional, large destination projects in the pipeline. Echo's strategy is based on the following pillars: Large destination projects Echo Group’s many years of experience in three real estate sectors gives a competitive advantage consisting in the ability to implement large, multifunctional and city- forming projects. Thanks to this, the Group can buy larger areas, with regard to which the unit price is lower and the competition among buyers is much smaller. Combining the functions provides for faster completion of the project and comprehensive design of the urban space. Development activity The focus of the adopted strategy model is on development activities, which include land acquisition, construction, lease, active management to increase the market value and then sale of finished project in optimal time for the possible return ratio, capital management, market expectations and trends. Commercial and residential properties under construction constitute majority of the group’s assets. It is the strongest economy and real estate market in the Central and Eastern Europe. Echo Investment, which has been operating on this market for two decades, knows perfectly its potential, background and principles of functioning. This is why the Company focuses on running projects in the most important Polish cities, which are Focus on Poland
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12 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Strategic cooperation with reliable partners Echo Group values long-term business relations with reliable partners, that created synergies for both sides. Development activities of Echo Group are complementary to these entities. Such cooperation facilitates expanding Echo’s scale of operation, accelerates speed of projects implementation and limits risks. Echo Group assumes entering into joint-ventures for projects requiring significant capital expenditures, providing its partners with services such as development, planning, leasing, accounting etc. Partners may also be offered by Echo with priority to acquire ready projects on market conditions. Material agreements between Echo Group and its partners need to be discussed and approved by the Supervisory Board. at the same time the most attractive and liquid real estate markets: Warszawa, Trójmiasto, Poznań, Katowice, Wrocław, Kraków and Łódź.
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13 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Construction Land acquisition Cash Dividend Fee development Design & Permitting Sale Marketing Leasing, active property management Echo Group runs the entire investment process in-house, starting with acquisition of property, through obtaining administrative permits, financing and oversight of construction, to leasing, completion, active property management to increase its value, taking decision of sale and execution of this decision in optimal moment from return, cash management, expectation and market trends. These steps are taken in most cases through the special purpose vehicles (SPV). An increasingly significant part of the Group's operations involves carrying out projects for joint venture partners, which provides an additional source of revenue (a "development fee"). The core business of Echo Group falls into the following categories: 1. construction and sale of residential apartments, 2. construction, lease, active property management to increase its value and sale of commercial properties - office and retail buildings, 3. providing services of flexible office space leasing through the company CitySpace, 4. provision of services for other entities, such as Resi4Rent and Student Depot (general contractor, development manager, leasing, consulting etc.), 5. Co-investing in joint venture projects: rental apartment buildings under the Resi4Rent brand, student housing within the StudentSpace platform, the Galeria Młociny shopping center in Warszawa, and the “destination” mixed-use office and residential complex Towarowa 22 in Warszawa. Business model1.3
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14 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Selected financial data of the Group1.4 Consolidated financial data of the Group [PLN ‘000] [EUR ‘000] as at 30.06.2025 as at 30.06.2024 as at 30.06.2025 as at 30.06.2024 Sales revenues 464 929 489 014 110 152 113 437 Operating profit (121 146) 24 234 (28 702) 5 622 Gross profit (loss) (207 101) 46 093 (49 067) 10 692 Financial year profit attributable to equity holders of the parent company (199 056) 15 207 (47 161) 3 528 Cash flow from operating activities 110 442 (406 282) 26 166 (94 245) Cash flow from investment activities 16 427 (238 808) 3 892 (55 396) Cash flow from financing activities (201 626) 354 201 (47 770) 82 164 Total net cash flow (74 757) (290 889) (17 712) (67 478) Total assets 7 074 802 6 573 359 1 667 838 1 524 080 Equity attributable to equity holders of the parent 1 475 072 1 705 225 347 739 395 369 Long-term liabilities 2 673 872 2 674 033 630 348 619 994 Short-term liabilities 2 619 213 1 852 533 617 462 429 523 Number of shares 412 690 582 412 690 582 412 690 582 412 690 582 Profit (loss) per one ordinary share (0,48) 0,04 (0,11) 0,01 Book value per one share 3,57 4,13 0,84 0,96 Euro exchange rate In the periods covered by the report, selected financial data were converted using the average exchange rates of the Polish zloty against the EUR, established by the National Bank of Poland. Exchange rate valid on the last day of the reporting period: − 4.2419 PLN/EUR as at 30 June 2025, − 4.3130 PLN/EUR as at 30 June 2024. Average exchange rate in the period, calculated as the arithmetic mean of the rates applicable on the last day of each month in a given period: − 4.2208 PLN/EUR in the period from 1 January 2025 to 30 June 2025, − 4.3109 PLN/EUR in the period from 1 January 2024 to 30 June 2024.
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Consolidated statement of financial position – allocation to segments as at 30 June 2025 [PLN ‘000] Total Residential Resi4Rent StudentSpace Commercial properties Assets Non-current assets Intangible assets 88 651 87 015 - - 1 636 Property, plant and equipment 97 485 72 223 - - 25 262 Investment property 676 522 - - - 676 522 Investment property under construction 420 375 - - - 420 375 Investments in associates and joint ventures accounted for using the equity method and in related entities 873 972 - 335 309 119 708 418 955 Long-term financial assets 532 496 160 206 335 176 - 37 114 Lease receivables 4 629 - - - 4 629 Other assets 639 639 - - - Deferred tax asset 188 924 144 463 - - 44 461 Land intended for development 83 858 80 151 - - 3 707 2 967 551 544 697 670 485 119 708 1 632 661 Current assets Inventory 2 840 563 2 751 104 42 285 41 532 5 642 Current tax assets 5 522 2 854 - - 2 668 Other taxes receivable 80 526 68 178 104 55 12 189 Trade and other receivables 159 542 69 672 1 964 2 992 84 914 Short-term financial assets 29 184 - - - 29 184 Other financial assets * 114 533 64 157 - - 50 376 Cash and cash equivalents 291 448 159 595 458 27 131 368 3 521 318 3 115 560 44 811 44 606 316 341 Assets held for sale 585 933 - - - 585 933 4 107 251 3 115 560 44 811 44 606 902 274 Total assets 7 074 802 3 660 257 715 296 164 314 2 534 935 * Mainly cash on escrow accounts from residential clients 15 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 1.5 Group segments
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Consolidated statement of financial position – allocation to segments as at 30 June 2025 [PLN ‘000] Total Residential Resi4Rent StudentSpace Commercial properties Equity and liabilities Equity Equity attributable to equidity holders of the parent company 1 475 072 439 585 297 232 36 141 702 114 Non-controlling interest 306 645 306 645 - - - 1 781 717 746 230 297 232 36 141 702 114 Long-term liabilities Credits, loans, bonds 1 993 994 1 082 923 315 611 74 336 521 124 Credits, loans, bonds - non-current assets classified as held for sale 254 158 - - - 254 158 Long-term provisions 11 333 11 205 - - 128 Deferred tax liabilities 174 579 90 993 3 807 1 875 77 904 Leasing 156 950 26 596 - - 130 354 Other liabilities 82 858 25 030 25 20 57 783 Liabilities under contracts with customers - - - - - 2 673 872 1 236 747 319 443 76 231 1 041 451 Short-term liabilities Credits, loans, bonds 586 997 51 849 59 052 13 908 462 188 Credits, loans, bonds - non-current assets classified as held for sale 89 182 - - - 89 182 Derivative financial instruments 511 - - - 511 Income tax payable 5 584 2 144 - - 3 440 Other taxes liabilities 52 850 14 274 20 16 38 540 Trade payable 207 557 150 588 1 774 1 701 53 494 Dividend payable 29 769 29 769 - - - Leasing 92 974 36 689 7 775 6 114 42 396 Short-term provisions 22 499 19 205 - - 3 294 Other liabilities 188 836 107 775 - 203 80 858 Liabilities due to customers 1 332 087 1 264 987 30 000 30 000 7 100 2 608 846 1 677 280 98 621 51 942 781 003 Liabilities directly associated with non-current assets classified as held for sale 10 367 - - - 10 367 2 619 213 1 677 280 98 621 51 942 791 370 Total equity and liabilities 7 074 802 3 660 257 715 296 164 314 2 534 935 16 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025
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Management overview of Echo Group segments: Management figures for the Q2 2025: Apartments REsi4Rent StudentSpace Commercial Total Market value (NAV) per segment 1 655 541 297 232 36 141 702 114 2 691 028 Market value (NAV) per share 4,01 0,72 0,09 1,70 6,52 We estimate the value of the Resi Segment based on the value of Archicom’s share price from the WSE at the balance sheet date: Number of Archicom shares 58 496 043 pcs. Number of Archicom shares held by Echo 43 307 601 pcs. Echo's share in Archicom 74,04% % Price of shares of Archicom S.A. from the WSE as at 30.06.2025 (close) 43,60 PLN Market value of Archicom shares held by Echo 1 888 211 PLN thous. Estimated CIT on the increase in the value of the Residential Segment -201 564 PLN thous. Net market value of Archicom shares held by Echo 1 686 648 PLN thous. The Residential Segment in the Echo Group Reports consists of the Archicom S.A. Group and three projects in the construction phase implemented directly by Echo Investment (Warszawa Nowy Mokotów, Fuzja Lofty and Kraków Wita) together with the assigned corporate debt from the Echo Group. When estimating the management approach to the residential segment, we remove the NAV value of Archicom itself from the consolidated Net Asset Value (NAV) and add the net market value of Archicom shares held by Echo resulting from the valuation of Archicom shares on the WSE: This estimate is presented in the table below: - NAV of the Consolidated Residential Segment (Echo + Archicom) 439 582 <-- BV - we subtract the NAV of the Archicom Residential Segment -470 692 <-- BV - we add the net market value of Archicom shares held by Echo accor - ding to the price from the WSE 1 686 648 <-- Archicom's value according to its stock price on the Warsaw Stock Exchange (WSE) Total adjusted NAV of the residential segment in the management approach 1 655 538 PLN thous. The value in the R4R, StudentSpace and Commercial segments in accordance with IAS 40 is presented at fair value (once the conditions are met). BV with assets valued at fair value Segment Reporting Overview of the Echo Group Balance sheet figures for Q2 2025: Apartments REsi4Rent StudentSpace Commercial Total Equity attributable to shareholders of the parent company 439 585 297 232 36 141 702 114 1 475 072 Equity attributable to shareholders of the parent company per share 1,07 0,72 0,09 1,70 3,57 The value of residen - tial projects under IAS2 is presented at manufacturing costs. Archicom valuation in accordance with the WSE 17 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025
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Consolidated profit and loss account – allocation to segments for the period of 1 January - 30 June 2025 [PLN ‘000] Total Residential Resi4Rent StudentSpace Commercial properties Revenues 464 929 313 669 17 128 22 278 111 854 Cost of sales (302 614) (207 722) (11 866) (15 072) (67 954) Gross profit 162 315 105 947 5 262 7 206 43 900 Profit on investment property (149 514) - - - (149 514) Administrative costs associated with project implementation (39 208) (24 561) (1 191) (131) (13 325) Selling expenses (49 183) (47 201) (26) - (1 956) General and administrative expenses (38 483) (23 550) (6 083) (1 703) (7 147) Other operating income 12 401 4 051 - - 8 350 Other operating expenses (19 474) (7 341) - - (12 133) Operating profit (121 146) 7 345 (2 038) 5 372 (131 825) Financial income 17 339 6 048 7 790 10 3 491 Financial cost (104 378) (37 636) (9 004) (377) (57 361) Profit (loss) on FX derivatives (1 631) - - - (1 631) Foreign exchange gains (losses) 3 569 449 91 - 3 029 Share of profit (loss) of associates and joint ventures (854) (1) (2 846) 2 606 (613) Profit before tax (207 101) (23 795) (6 007) 7 611 (184 910) Income tax 7 761 1 788 452 (572) 6 093 Net profit (loss) (199 340) (22 007) (5 555) 7 039 (178 817) Equity holders of the parent (199 056) (21 730) (5 555) 7 039 (178 810) Non-controlling interest (284) (277) - - (7) 18 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025
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19 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Shareholder structure of Echo Investment S.A. and description of shares 1.6 66,00% 9, 6 4% 11,20% 13,17% Shareholder: – Lisala Sp. z o.o. (Wing with Griffin Capital Partners) – Nationale-Nederlanden OFE – Allianz Polska OFE – Other shareholders below 5% of votes 66+12+9+13ss % of capital as at 17 September 2025 The Company's share capital amounts to PLN 20,634,529 .10 and is divided into 412,690,582 shares with a nominal value of PLN 0.05 each. Each share in the Company carries the right to one vote at the General Meeting. There are no preference shares in the Company. Significant Shareholders holding at least 5% of the total number of votes at the Company's General Meeting of Shareholders as at the date of signing of this report, i.e. 17 September 2025. Shareholder number of shares % of capital number of votes % of votes Lisala Sp. z o.o. (Wing IHC Zrt with Griffin Capital Partners) 272 375 784 66.00 272 375 784 66.00 Nationale-Nederlanden OFE 46 201 000 11,20 46 201 000 11,20 Allianz Polska OFE 39 781 769 9.64 39 781 769 9.64 Other shareholders below 5 percent of votes 54 332 029 13,17 54 332 029 13,17
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20 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 WING is a leading property development and investment group in Central Europe. It has significant market shares in the property markets of Germany, Poland and Hungary. WING is the majority owner of Poland’s largest property developer, Echo Investment, which is listed on the Warsaw Stock Exchange, as well as of Bauwert, Germany’s leading residential and commercial property developer. WING is one of the largest property developer and investor companies in Hungary. In Germany, Poland and Hungary, WING has a total of 5,5 mln sqm of floorspace in its development portfolio. The group is a reliable, long-term partner for leading corporations active in the Central European region. The company’'s aim is to deliver world-class projects that are good for people and respectful of the environment. About a majority shareholder Since the date of publication of the last financial statements, i.e. since 30 May 2025, there has no significant changes to the shareholder structure. Significant changes to the shareholder structure since the date of publication of the last financial statements.
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21 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Volume of the Company’s shares and bonds held by managing and supervising persons 1.7 To the best of the Company’s knowledge, among the persons in charge of Echo Investment S.A. management or supervisory functions, the shareholders of the Company are Nicklas Lindberg, President of the Management Board, Maciej Drozd Vice-president, CFO, Bence Sass member of the Supervisory Board. Since the publication date of the last financial report, i.e., since May 30, 2025, there have been no changes in the shareholdings of the management and supervisory personnel. − On 2 June 2025, the Company received a notification pursuant to Article 19 of the MAR Regulation from Bence Sass, a member of the Supervisory Board, concerning the acquisition of 25,000 shares in the Company. Details, including the content of the notification, were published by the Issuer in Current Report No. 9/2025 dated 2 June 2025, − On 28 July 2025, the Company received a notification pursuant to Article 19 of the MAR Regulation from Bence Sass, Member of the Supervisory Board, regarding the acquisition of 9 ,554 shares in the Company. Details, including the content of the notification, were published by the Issuer in Current Report No. 16/2025 of 28 July 2025, Volume of shares of Echo Investment S.A. held by members of the Management Board and the Supervisory Board as at the date of signing of this report, i.e. 17 September 2025. Surname / Position in the company Number of shares held Share in the capital and votes at GMS Nicklas Lindberg President of the Board, CEO 1 004 283 0,24% Maciej Drozd Vice-President of the Board, CFO 291 065 0,07% Bence Sass Supervisory Board Member 92 830 0,02% Volume of the Company’s shares and bonds held by managing and supervising persons
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22 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 − On 31 July 2025, the Company received a notification pursuant to Article 19 of the MAR Regulation from Bence Sass, Member of the Supervisory Board, regarding the acquisition of 8,276 shares in the Company. Details, including the content of the notification, were published by the Issuer in Current Report No. 17/2025 of 31 July 2025. Additionally, the Company informs that the difference in the list of persons between the current and the last published financial report, concerning the Member of the Supervisory Board, Mr. Peter Kocsis, results from the fact that on 26 June 2025 the Ordinary General Meeting of Shareholders appointed the Supervisory Board for a new term of office, in which Mr. Péter Kocsis was not included.
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23 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Major events in the first half-year of 20251.8 ORGANIZATION General Meeting of Shareholders of Echo Investment On 26 June 2025 General Meeting of Shareholders of Echo Investment S.A.. was held, during which, in addition to the usual matters included in the agenda of the meeting, a new Supervisory Board for the upcoming term was elected. To the Supervisory Board were elected: − Noah Milton Steinberg Cheirman of Supervisory Board, − Tibor Veres Deputy Chairman, − Bence Sass, − Balázs Gál, − Maciej Dyjas, − Nebil Senman, − Sławomir Jędrzejczyk - Independent Supervisory Board Member Deputy Chairman of the Audit Committee, − Margaret Elizabeth Dezse - Independent Supervisory Board Member Chair of the Audit Committee. On 25 June 2025 General Meeting of Shareholders of Archicom was held, during which, in addition to the usual matters included in the agenda of the meeting, a new Supervisory Board for the upcoming term was elected. To the Supervisory Board were elected: − Nicklas Lindberg - Chairman − Maciej Drozd, − Małgorzata Turek, − Bence Sass, − Balázs Gál, − Konrad Płochocki - Independent Supervisory Board Member Chair of the Audit Committee, − Jacek Owczarek - Independent Supervisory Board Member Chair of the Audit Committee. General Meeting of Shareholders of Archicom S.A.
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24 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 On 10 April 2025, Archicom Senja 2 sp. z o.o., acting as the seller, and Monting Real Estate Sp. z o.o., with its registered office in Warszawa, concluded an agreement transferring the perpetual usufruct rights as well as a sale agreement for the ownership title to real properties located on Chłodna Street in Warszawa. The total value of the transaction amounts to PLN 96,000,000 net, plus applicable VAT. Sale Agreement for the Property Located on Chłodna Street in Warszawa PROJECTS New company in the Group - Fit-Out Centre Archicom Ltd. Archicom has merged with a company with many years of experience in supplying finishing materials and design services. This enables us to offer comprehensive finishing and interior design services for the premises we sell.
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25 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Conclusion of a contract for the sale of real estate located in Wrocław by a subsidiary of Archicom S.A. On 23 June 2025, Archicom Nieruchomości 14 Sp. z o.o. with its registered office in Wrocław and a Polish private investor, as the buyer, concluded an agreement for the sale of real estate located in Wrocław, owned by the Seller and developed with a building known as City 2. The buyer investor acquired the property in Wrocław, at ul. Gen. Romualda Traugutta 55, constituting plot number 101, precinct 0022, covered by land and mortgage register number WR1K/00372300/ 1 , developed with an office building called ‘City 2’. The transaction price amounted to EUR 31,000,000. As part of the transaction, the Parties also concluded a rent guarantee agreement. • City 2 Office Building, Wrocław
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PROJECTS 26 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 1.9 Significant events after the balance sheet day Conclusion of a preliminary agreement by R4R Poland Sp. z o.o. for the sale of 18 completed developments Sale of shares in the Office House building On 16 August 2025, R4R Poland Sp. z o.o. signed a preliminary conditional agreement with Vantage Development S.A. for the sale of 18 completed investments. The sale price was set at PLN 2,405,000,000.00 and will be adjusted, among other things, by the net working capital, internal and external debt, and cash balance as determined on the transaction date. Under the R4R agreements, 5,322 finished units are being disposed of for the purpose of rental operations. €2,4 bilion PLN value of the transaction for the sale of the completed Resi4Rent projects do Vantage Development S.A. On 4 September 2025, Strood sp. z o.o., a company wholly owned by the Issuer, in the execution of a put option, entered into an agreement with AFI Europe N.V. regarding the sale of 30% of the shares in the share capital of T22 Budynek B sp. z o.o., which holds a project involving the Office House office building within the Towarowa 22 complex in Warszawa. The parties agreed on a preliminary sale price for the shares in the amount of EUR 17 391 283.00, and the amount of intragroup debt repayment related to the transaction totaled PLN 28 291 272.05. The preliminary sale price of the shares in the share capital of T22 Budynek B will be subject to further adjustments, in accordance with the procedures described in the Agreement and the conditions set forth therein. According to the Agreement, the current intragroup debt of T22 Budynek B, in the part related to financing provided by "Echo – Aurus" sp. z o.o. ("Echo-Aurus"), a subsidiary of the Issuer, was settled through the full repayment of receivables to Echo-Aurus and their transfer to AFI Europe N.V.
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27 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 On 17 of July 2025, a motivation program was launched for selected members of the Management Boards of Echo Investment and Archicom. Information regarding the launch of the program is included in section 1.22 – Remuneration of the Management Board and the Supervisory Board.
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28 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 1.10 Residential segment for individual clients – market outlook and the Group’s business activities Perspectives of each market sectors in coming 12 months: – Very optimistic – Optimistic – Neutral – Pessimistic – Very pessimistica Polish residential for sale market in H1 2025 Apartments sold and launched for sale and the volume of the offer [thousands of units] – apartments introduced to offer – apartments sold – number of apartments in offerSource: Cush- man & Wake- field, JLL 10,2 10 40,6 Q2 2023 Q3 2023 5 10 15 20 25 30 35 40 35 50 45 55 16 14,3 Q4 2023 36,2 15,5 16,4 Q1 2024 16,7 11 42,4 Q2 2024 15,3 9, 8 48,4 34,3 Q3 2024 12,6 9, 2 52,2 Q4 2024 12,1 9, 6 54,4 60 65 9 10 Q1 2025 13,4 59 Q2 2025 12,3 61,7
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29 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Q1 Average prices of apartments on offer on the primary market [thous. pln/sqm, incl. vat, shell and core] 17 200 15 300 Apartments prices [PLN/sqm.] Q3 2021 Q1 Q2 Q3 Q4 Q4 2022 2023 2024 Q1 Q1Q2 Q2Q3 Q4 Q2 18 900 – Warszawa – Łódź – Kraków Source: Cushman & Wakefield, JLL – Wrocław – Poznań Q3 Q4 11 600 13 300 2025 Q1 Q2 7 000 8 000 9 000 10 000 11 000 12 000 13 000 14 000 15 000 16 000 18 000 19 000 20 000 17 000
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30 RAPORT FINANSOWY ECHO INVESTMENT S.A. ZA I KWARTAŁ 2025 R. 1,162 apartments sold in H1 2025 404 apartments handed over in H1 2025 1,674 units whose construction started in H1 2025 5,322 total units under construction at the end of H1 2025 New phases of ongoing projects were introduced to the offer in 2025, including 29 Listopada, Zenit IV, P. Skargi, Apartamenty Grzybowska, Powstańców 7D, Modern Mokotów III, Apartamenty Esencja II and Duża Góra. In 2025, the Echo Group plans to complete over 2,700 residential units, thereby pursuing its goal of maintaining its position as a nationwide leader in the residential sector. Echo Group’s residential projects continue to enjoy stable demand, as confirmed by the sales results from H1 2025. Locations in central districts of the largest Polish cities, a wide range of amenities, and abundant greenery are just some of the factors contributing to the high interest in our projects. Echo Group’s achievements in the apartments for sale sector • M7 Apartments, Warszawa H1 2025
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– Echo Investment – Archicom 1 600 1 400 1 200 1 000 800 600 400 200 Apartments booked as a result of the Echo Goup [units] Q2 2024 38 26 65 Q4 2023 1 173 158 1 331 Q3 2023 179 136 43 Q2 2023 319 209 110 Q1 2024 359 56 415 Q4 2024 237 23 260 Q3 2024 307 31 338 Q1 2025 5 1924 Q2 2025 355 25 380 31 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 – Echo Investment – Archicom Apartments sold by the Echo Group [units] 800 1 000 600 400 200 Q2 2023 448 310 138 Q3 2023 493 406 87 Q2 2024 384 88 472 Q1 2024 337 73 410 Q4 2024 587 138 725 Q3 2024 445 144 589 Q1 2025 470 60 530 Q4 2023 399 121 520 Q2 2025 528 104 632
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30 25 20 15 10 5 Existing housing stock in the PRS in Poland ['000 pcs] Q2 2024 16,6 Q4 2023 14,3 Q3 2023 15,0 Q2 2023 12,0 Q1 2024 16,0 Q4 2024 20,0 Q3 2024 1 9, 0 Q1 2025 22,3 Q2 2025 24,4 32 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 1.11 Residential segment for rent and private dormitories – market outlook and the Group’s business activities Polish PRS market in H1 2025 Perspectives of each market sectors in coming 12 months: – Very optimistic – Optimistic – Neutral – Pessimistic – Very pessimistica
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33 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 202533 RAPORT FINANSOWY ECHO INVESTMENT S.A. ZA I KWARTAŁ 2025 R. 6,133 The total number of units in the Resi4Rent offer at the end of the first half of 2025, including 5,322 apartments covered by a preliminary agreement with Vantage Development S.A., as at 18 August 2025 179 Total number of Resi4Rent apartments for sale in Wrocław (Kępa Mieszczańska) and Warszawa (Browary) 1,988 total number of Resi4Rent units under construction 1,631 total number of Resi4Rent units, the construction of which we plan to start in H2 2025 >10,000 number of subscription-based apartments Resi4Rent will deliver by 2027 Resi4Rent, a company offering subscription- based rental apartments, maintains its position as the leader in the PRS (Private Rented Sector) market. As the largest institution renting apartments on market terms in Poland, it is currently developing approx. 2,000 units. Echo Group’s achievements in the apartments for rent sector • Resi4Rent Woronicza, Warszawa H1 2025 Within the Group, we respond to the growing housing needs in Poland – both in the form of apartments for sale as well as through alternative solutions, such as rental housing and private student dormitories. The living sector is one of the main areas in which we are expanding.
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34 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 202534 RAPORT FINANSOWY ECHO INVESTMENT S.A. ZA I KWARTAŁ 2025 R. StudentSpace has launched an investment in Warszawa. In the first half of 2025, Echo Investment, together with Signal Capital Partners and Griffin Capital Partners, began the implementation of the Wołoska project, which is the fourth StudentSpace investment. The completion of StudentSpace's first project in Warszawa is planned for autumn 2026. The investment is located in Mokotów, offering easy access to major universities in the capital, such as SGH (Warsaw School of Economics), Warsaw University of Technology, and Lazarski University. Three investments are being developed in Kraków: two are part of the multifunctional WITA complex, while the third is located on 29 Listopada Avenue, arapidly growing area of the city near the University of Agriculture. The first 1,200 rooms in Kraków will be ready at the beginning of the 2025/2026 academic year. 504 This is the number of beds that will be available in the modern and energy-efficient StudentSpace dormitory on Wołoska street in Warszawa 1,221 This is how many students will be accommodated by the first three StudentSpace dormitories in Kraków. The buildings will welcome students in the 2025/2026 academic year The start of construction on the first projects under the StudentSpace brand will allow us to further enhance the attractiveness of our portfolio for investors. The demand from both Polish and international students for high- quality, vibrant places to live and study is very strong. Echo Group's achievements in the private student housing segment • StudentSpace Dormitory, Kraków H1 2025
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350 300 250 200 150 100 50 Demand for office space in Warszawa ['000 sq m] Q2 2024 178,4 Q4 2023 256 Q3 2023 174 Q2 2023 167 ,1 Q1 2024 139 ,4 Q4 2024 244,1 Q3 2024 176,1 Q1 2025 160,5 Q2 2025 301,4 35 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 1.12 Office segment – market outlook and Group business activities Office market in Warszawa in H1 2025 Perspectives of each market sectors in coming 12 months: – Very optimistic – Optimistic – Neutral – Pessimistic – Very pessimistica Office market in regional markets in H1 2025 Source: JLL, Cushman & Wakefield WARSZAWA KRAKÓW WROCŁAW KATOWICE ŁÓDŹ 6 329,3 1 834,7 1 355,1 761,2 642,7 Existing space ['000 sq m] 82,2 0 0 0 0 New buildings ['000 sq m] 301,4 172,0 80,7 22,9 10,3 Gross demand ['000 sq m] 10,8 17,3 20,5 22,7 21,6 Vacancy rates [%] 15,0 - 27,0 15,0 – 17,0 13,5 - 16,0 13,5 - 15,5 12,50 - 13,75 Monthly rental rates [EUR/sq m] 6.33 million sq m total resources of modern office space in Warszawa at the end of June 2025
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36 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 118,800 sq m total office space of Echo Investment in operation 34,800 sq m total office space under construction In Q2 2025, the Office House office building received its occupancy permit. Among the tenants already confirmed at Office House are companies such as Crowe and emagine, the fitness club Change, and the Splendido restaurant. In Kraków, Echo Investment has completed the commercialization of the Brain Park office complex, offering a total of 43,000 sq m of rental space fully leased by companies such as EY , Volvo Tech Hub, Tanium, EPAM Poland, PepsiCo GBS, APPTIO Poland, Enprom, and Mercator Medical. The buildings also house Loftmill serviced offices, a Medicover clinic, a canteen, a bakery, and a café. In Wrocław’s business center, the Swobodna SPOT project is under construction. In Q1 2025, a symbolic topping-out ceremony was held on the building. The range of amenities at Swobodna SPOT will be expanded by the addition of a Fitness Academy club - the largest fitness chain in Wrocław, which will occupy as much as 1,500 sqm. Currently, in Kraków, Echo Investment is developing another destination project, WITA, which will include 18,700 sq m of commercial space. In major cities such as Warszawa, Kraków, and Wrocław, we are seeing growing interest in high-standard office spaces located in buildings developed and managed in line with sustainable development principles. Central locations are particularly popular, while the number of projects currently under construction remains limited. Echo Group’s achievements in the office segment • Office House, Warszawa H1 2025 34,500 sq m space of finished Office House 16,100 sq m office space for lease in the first stage of Swobodna SPOT
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37 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 11 locations in the CitySpace portfolio, in 5 cities: Warszawa, Wrocław, Kraków, Katowice, and Łódź In H1 2025, CitySpace increase sales and income. During this period, 46 new contracts for private offices were signed, mainly in Warszawa and Katowice, and the number of occupied workstations increased by 221 (i.e. by 10%) from the end of Q1 to the beginning of Q3. Additional services increased by 22% quarter-on-quarter, while revenues from the core product (private offices) grew by 8.6% quarter-on-quarter, confirming customers’ growing preference for flexible offer configurations. The second quarter was also a period of intensified pre-sales activities in new projects — Forum in Wrocław and a new floor in Rondo 1 in Warszawa — which opened on 1 September 2025. In the latter, the average price per workstation is 78% higher than the CitySpace network-wide average. CitySpace’s achievements in the flexible office segment • CitySpace Office, Warszawa H1 2025 4,050 total number of workplaces 30,500 sq m total area of CitySpace offices
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38 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 1.13 Retail segment – market outlook and Group business activities Retail real estate market in Poland in H1 2025 Perspectives of each market sectors in coming 12 months: – Very optimistic – Optimistic – Neutral – Pessimistic – Very pessimistica 16,9 million sq m total retail space in Poland 90,000 sq m new retail space delivered in Q2 2025 593,000 sq m retail space under construction at the end of H1 2025 Source: Cushman & Wakefield 600 700 500 400 300 200 100 Retail space under construction ['000 sq.m.] Q2 2024 386,5 Q4 2023 500,0 Q3 2023 465,0 Q2 2023Q1 2023 Q1 2024 370,0 Q4 2024Q3 2024 380,0 Q1 2025 375,0 Q2 2025 515,0 593,0 362,3 337 ,6
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39 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 202539 RAPORT FINANSOWY ECHO INVESTMENT S.A. ZA I KWARTAŁ 2025 R. In H1 2025, the retail segment recorded a decline compared to the same period in 2024. A strategy based on continuously expanding the offering and strong marketing support ensured operational stability in H1 2025 for both Libero Katowice and Galeria Młociny in Warszawa. In H1 2025, both malls recorded a decline in footfall: Libero Gallery saw a year-on-year decrease of 11% due to ongoing street reconstruction, while Młociny Gallery experienced a decline of 2%. Libero Gallery’s turnover was 3% lower year-on-year, whereas Warsaw’s Młociny Gallery reported a 2% increase in turnover compared to the previous year. From a strategic perspective, Echo Investment views retail and service components as integral elements that enhance the appeal of multifunctional "destination" projects like Warsaw Breweries, Fuzja in Łódź or Towarowa22 in Warszawa. 20 the number of lease agreements finalized by the food and beverage team in H1 2025 with restaurants, cafes, service outlets, and local shops. The new tenants enhancing Echo Group's projects include Mr. DIT, Intersport, Dreslow, TK Maxx and Join up travel agency. Our assets in the retail segment are well-prepared to meet the changing customer expectations. The continually expanding retail and service offerings in Echo Group's residential projects are also carefully tailored to the needs of modern users. The new destination projects we are currently developing in the centers of Poland's largest cities, such as Towarowa22 in Warszawa or Fuzja in Łódź, are generating significant interest from potential tenants. Echo Investment’s achievements in the retail real estate segment • Libero shopping center, Katowice H1 2025 € 61.4 million the value of the refinancing secured for Galeria Libero. The loan was granted by a consortium consisting of Bank Pekao S.A. and PKO Bank Polski S.A.
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Apartments 40 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 1.14 Portfolio of properties Echo's Group Definitions: Sales level – the item exclusively concerns preliminary contracts An estimated budget includes the value of land, cost of design, construction and external supervision. It does not include the cost of supply maintenance, interest costs or activated financial costs, marketing and total personnel costs related to the project. The Company estimates additional costs to equal on average 6% of the targeted budget. Echo Group’s residential projects under construction Project / address Sales area [sqm] Number of units Sales level [% of units] Targeted revenues [PLN mln] Targeted budget [PLN mln] Expenditu- re incurred [%] Start Targeted completion Łódź Fuzja Lofty G01 ul. Tymienieckiego 7 600 158 52% 73,4 68,7 92% IV kw. 2022 III kw. 2025 Fuzja Lofty G02 ul. Tymienieckiego 9 900 186 45% 97,8 91,0 55% IV kw. 2023 IV kw. 2025 Kraków Wita Stwosza Resi ul. Wita Stwosza 8 700 184 97% 165,9 96,3 56% II kw. 2024 IV kw. 2025 Warszawa Modern Mokotów I ul. Domaniewska 29 900 554 69% 593,1 358,9 87% III kw. 2023 III kw. 2025 Total Echo 56 100 1 082 67% 930,2 614,9 78%
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41 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Archicom Group’s residential projects under construction – projects started in the first half of 2025 – projects commissioned in H1 2025 ↕ Project / address Sales area [sqm] Number of units Sales level [% of units] Targeted revenues [PLN mln] Targeted budget [PLN mln] Expenditu- re incurred [%] Start Targeted completion Kraków Dąbrowskiego D3 ul. Dąbrowskiego 1 400 31 94% 26,7 16,5 69% II kw. 2024 IV kw. 2025 29 Listopada I,ul. 29 Listopada 15 400 390 6% 204,0 146,4 32% I kw. 2025 IV kw.2026 Duża Góra ul. Duża Góra 4 200 76 16% 56,6 39,6 15% II kw. 2025 IV kw. 2026 Katowice P. Skargi ul. Piotra Skargi, Sokolska 14 800 347 41% 188,1 136,7 22% I kw. 2025 IV kw. 2026 Łódź Zenit II ul. Widzewska 6 000 120 100% 52,5 35,7 96% IV kw. 2023 II kw. 2025 Zenit III ul. Widzewska 8 000 159 72% 65,4 46,4 84% I kw. 2024 III kw. 2025 Flow (Fab - Gh) I ul. Hasa 7 000 192 93% 86,7 67,7 73% I kw. 2024 IV kw. 2025 Flow (Fab - Gh) II ul. Hasa 14 600 327 46% 178,5 129,7 47% I kw. 2024 III kw. 2026 Zenit IV ul. Widzewska 8 800 173 44% 75,9 54,1 51% I kw. 2025 IV kw. 2025 Poznań Wieża Jeżyce II ul. Janickiego 14 500 264 82% 165,7 119,7 63% I kw. 2024 IV kw. 2025 Wieża Jeżyce V ul. Janickiego 12 500 274 59% 154,1 110,8 44% III kw. 2024 II kw. 2026 Wieża Jeżyce VI ul. Janickiego 13 700 272 51% 164,4 119,5 44% IV kw. 2024 III kw. 2026 Apartamenty Esencja II ul. Garbary 6 100 127 20% 92,2 66,1 23% I kw. 2025 IV kw. 2026 Warszawa Modern Mokotów VI ul. Domaniewska 14 600 261 43% 277,5 183,2 80% IV kw. 2023 III kw. 2025 Apartamenty M7 ul. Towarowa 22 12 300 143 38% 511,8 231,6 44% II kw. 2024 III kw. 2026 Flare Apartamenty Grzybowska, ul. Grzybowska 4 300 78 27% 179,6 128,3 57% I kw. 2025 I kw.2026 Modern Mokotów III ul. Domaniewska 14 500 255 24% 288,7 174,0 41% I kw. 2025 IV kw. 2026 Wrocław River Point 5 ul. Mieszczańska 1 800 22 0% 31,6 27,9 30% III kw. 2022 II kw. 2027 Awipolis etap 4 ul. Władysława Chachaja 9 900 188 100% 108,2 71,1 98% II kw. 2023 II kw. 2025 Awipolis etap 4a ul. Władysława Chachaja 3 200 56 100% 36,4 23,3 91% II kw. 2023 II kw. 2025 Sady nad Zieloną 2B ul. Blizanowicka 6 400 123 100% 73,4 47,9 86% IV kw. 2023 III kw. 2025 Południk 17 K1 ul. Karkonoska 15 000 285 72% 187,3 118,9 53% IV kw. 2023 II kw. 2026 Południk 17 K2 ul. Karkonoska 9 600 187 65% 123,5 81,0 50% IV kw. 2023 II kw. 2026
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42 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Archicom Group’s residential projects under construction – projects started in the first half of 2025 – projects commissioned in H1 2025 ↕ Project / address Sales area [sqm] Number of units Sales level [% of units] Targeted revenues [PLN mln] Targeted budget [PLN mln] Expenditu- re incurred [%] Start Targeted completion Planty Racławickie R10 ul. Wichrowa / Racławicka 5 500 98 100% 70,4 41,1 79% I kw. 2024 IV kw. 2025 Przystań Reymonta WR1-3 ul. Władysława Reymonta 18 200 345 39% 275,9 211,1 54% I kw. 2024 IV kw. 2026 Przystań Reymonta WR2 ul. Władysława Reymonta 9 000 194 45% 129,8 101,4 51% III kw. 2024 IV kw. 2026 Gwarna ul. Gwarna 4 000 107 77% 68,7 54,9 35% III kw. 2024 III kw. 2027 Powstańców 7D ul. Powstańców Śląskich 11 500 228 36% 221,7 164,4 39% I kw. 2025 III kw. 2027 Total 266 800 5 322 53% 4 095,2 2 749,0 52% Total Echo and Archicom residen - tial projects under construction 322 900 6 404 5 025,4 3 363,9 projects started in the first half of 2025 79 600 1 674 1 307 910 projects commissioned in H1 2025 19 100 364 197 130 Echo Group’s residential projects under preparation Project / address Sales area [sqm] Number of units Targeted revenues [PLN mln] Targeted budget [PLN mln] Expenditure incurred [%] Start Targeted completion Comments Warszawa T22 A2 Warszawa, ul. Towarowa 14 300 184 590,1 264,9 14% III kw. 2025 II kw. 2028 Project owned by Echo Group (30%) and AFI Europe (70%). Łódź Fuzja I_01 ul. Tymienieckiego 5 000 103 55,1 68,8 60% II kw. 2025 I kw. 2026 Total Echo 19 300 287 645,2 333,7
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43 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Archicom Group’s residential projects under preparation ↕ Project / address Sales area [sqm] Number of units Targeted revenues [PLN mln] Targeted budget [PLN mln] Expenditure incurred [%] Targeted start Targeted completion Kraków Bociana 5, ul. Bociana 14 000 280 221,3 152,6 33% IV kw. 2025 III kw. 2027 Dąbrowskiego D1 D2 ul. Dąbrowskiego 2 700 47 46,3 29,9 17% I kw. 2026 III kw. 2027 Juliusza Lea ul. Juliusza Lea 10 600 252 180,0 112,0 24% III kw. 2025 II kw. 2027 29 Listopada II, ul. 29 Listopada 13 200 315 172,4 123,7 31% IV kw. 2025 III kw. 2027 Stańczyka ul. Stańczyka 6 600 128 105,0 69,8 14% IV kw. 2025 III kw. 2027 Zapolskiej ul. Zapolskiej 4 000 84 67,1 44,3 25% IV kw. 2025 II kw. 2027 Łódź Flow IV ul. Hasa 8 500 203 98,8 71,0 17% III kw. 2025 III kw. 2027 Zenit VI ul. Widzewska 8 800 173 76,0 52,1 9% III kw. 2025 IV kw. 2026 Zenit VII ul. Widzewska 13 300 238 115,4 79,8 9% IV kw. 2025 II kw. 2027 Zenit VIII ul. Widzewska 10 200 192 88,6 61,7 8% II kw. 2026 I kw. 2028 Flow III ul. Hasa 10 000 262 118,5 86,4 19% III kw. 2026 II kw. 2028 Zenit X ul. Widzewska 12 000 216 106,0 72,3 8% I kw. 2027 IV kw. 2028 Zenit V ul. Widzewska 9 300 188 81,4 56,4 9% III kw. 2027 III kw. 2029 Flow V ul. Hasa 20 700 421 228,4 168,4 19% III kw. 2027 III kw. 2029 Zenit IX ul. Widzewska 14 300 268 135,4 86,2 8% IV kw. 2027 II kw. 2029 Zenit XI ul. Widzewska 5 200 97 48,9 31,4 7% III kw. 2028 II kw. 2030 Poznań Wieża Jeżyce IV ul. Janickiego 11 500 197 136,3 90,8 15% III kw. 2026 III kw. 2028 Wieża Jeżyce III ul. Janickiego 13 400 232 150,8 104,1 15% IV kw. 2026 IV kw. 2028 Opieńskiego Etap I ul. Opieńskiego 15 700 203 151,4 111,0 9% II kw. 2027 II kw. 2029 Opieńskiego Etap II ul. Opieńskiego 14 500 265 142,7 102,3 8% IV kw. 2027 IV kw. 2029 Opieńskiego Etap III ul. Opieńskiego 18 100 330 173,9 125,6 9% II kw. 2028 II kw. 2030 Warszawa Stacja Wola III ul. Ordona 13 300 232 242,1 131,4 24% III kw. 2025 II kw. 2027 Modern Mokotów IV ul. Domaniewska 15 600 266 328,1 180,3 34% III kw. 2025 III kw. 2027 Towarowa22 F ul. Towarowa 22 18 200 170 806,9 383,8 24% IV kw. 2025 IV kw. 2027 Towarowa22 D ul. Towarowa 22 8 000 71 352,1 167,3 24% IV kw. 2025 III kw. 2027 Modern Mokotów V ul. Domaniewska 6 200 113 133,1 71,5 34% II kw. 2026 II kw. 2028 Postępu I ul. Postępu 13 600 255 233,0 151,5 24% III kw. 2026 II kw. 2028 Modern Mokotów VII ul. Domaniewska 7 700 140 153,8 102,4 37% III kw. 2026 III kw. 2028
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44 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Archicom Group’s residential projects under preparation ↕ Project / address Sales area [sqm] Number of units Targeted revenues [PLN mln] Targeted budget [PLN mln] Expenditure incurred [%] Targeted start Targeted completion Postępu II ul. Postępu 8 300 154 141,1 92,9 23% I kw. 2027 I kw. 2029 Modern Mokotów VIII ul. Domaniewska 17 800 324 367,4 238,2 37% I kw. 2028 III kw. 2029 Wrocław Browary Wrocławskie R1R2 ul. Rychtalska 6 600 133 94,3 59,1 14% III kw. 2025 II kw. 2027 Browarna 1 ul. Browarna* 7 000 148 111,8 80,9 35% III kw. 2025 III kw. 2027 Góralska 1 ul. Góralska 18 400 388 235,5 160,7 17% III kw. 2025 II kw. 2027 Browarna 2 ul. Browarna* 9 000 164 155,3 107,9 32% IV kw. 2025 IV kw. 2027 Czarnieckiego - AH ul. Stefana Czarnieckiego 2 200 60 36,6 26,3 20% I kw. 2026 III kw. 2028 Czarnieckiego - M ul. Stefana Czarnieckiego 4 000 97 60,7 42,2 23% I kw. 2026 III kw. 2028 Iwiny - Schuberta ul. Schuberta 3 900 72 42,7 30,0 12% II kw. 2026 I kw. 2028 Browarna 3 ul. Browarna* 7 700 107 137,7 91,8 32% II kw. 2026 I kw. 2028 Iwiny - Radomierzycka 1 ul. Radomierzycka 9 700 177 106,3 78,9 16% III kw. 2026 I kw. 2028 Iwiny - Radomierzycka 2 ul. Radomierzycka 10 000 187 110,2 81,6 16% III kw. 2026 II kw. 2028 Przystań Reymonta WR4 ul. Władysława Reymonta 11 200 210 157,4 117,6 33% I kw. 2027 III kw. 2028 Browarna 4 ul. Browarna* 22 500 424 411,2 273,7 31% I kw. 2027 IV kw. 2028 Iwiny - Radomierzycka 3 ul. Radomierzycka 10 500 190 115,7 84,9 16% III kw. 2027 II kw. 2029 Przystań Reymonta WR5 ul. Władysława Reymonta 3 800 117 58,2 43,2 32% IV kw. 2027 IV kw. 2029 Total Archicom 471 800 8 790 7 236 4 630 23% Total Echo and Archicom residen - tial projects under preparation 491 100,0 9 077,0 7 880,8 4 963,7 * Joint venture (55% Archicom S.A., 45% Rank Progress) All residential properties are presented as inventory in the consolidated statement of financial position.
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45 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Residential projects for rental platform Resi4Rent Definitions: GLA - Gross Lease Area The estimated budget for Resi4Rent projects includes the cost of external financing during the implementation period, land value, design and construction costs, external supervision, and a 6% fee for project management by Echo Investment. It does not include marketing expenses or intra-group financing costs. Residential projects of rental platform Resi4Rent in operation ↕ Project / address GLA [sqm] Number of units Targeted annual net rental revenues [PLN mln] Budget [PLN mln] Completion Wrocław R4R Wrocław Rychtalska ul. Zakładowa 11 400 302 12,2 76,8 III kw. 2019 R4R Wrocław ul. Jaworska 13 700 391 13,6 135,9 III kw. 2023 R4R Wrocław II ul. Jaworska 9 700 290 10,9 105,2 II kw. 2024 R4R Wrocław Park Zachodni ul. Horbaczewskiego 10 200 301 11,2 98,8 IV kw. 2024 R4R Wrocław Grabiszyńska 10 946 306 12,1 139,2 II kw. 2025 Łódź R4R Łódź Wodna ul. Wodna 7 800 219 6,8 52,4 III kw. 2019 R4R Łódź ul. Kilińskiego 10 000 287 8,7 104,4 III kw. 2024 Warszawa R4R Warszawa Suwak ul. Suwak 7 900 227 9,3 60,7 IV kw. 2020 R4R Warszawa Taśmowa ul. Taśmowa 13 000 372 15,4 112,1 I kw. 2021 R4R Warszawa Woronicza ul. Żwirki i Wigury 5 200 161 6,7 54,7 III kw. 2022 R4R Warszawa II ul. Żwirki i Wigury 11 300 344 15,1 127,3 I kw. 2023 R4R Warszawa ul. Wilanowska 11 700 374 16,6 132,4 II kw. 2023 R4R Warszawa ul. Pohoskiego 7 500 277 11,5 106,3 II kw. 2025 Gdańsk R4R Gdańsk Kołobrzeska ul. Kołobrzeska 10 000 302 12,2 88,7 II kw. 2021 Poznań R4R Poznań Jeżyce ul. Szczepanowskiego 5 000 160 5,6 45,4 III kw. 2021 R4R Poznań ul. Brneńska 13 000 411 14,2 137,3 IV kw. 2024 Kraków R4R Kraków Bonarka ul. Puszkarska 5 100 149 5,6 40,5 III kw. 2022
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46 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Residential projects of rental platform Resi4Rent in operation - assets for sale Project / address GLA [sqm] Number of units Planned revenue from sales [PLN'000] Budget [PLN mln] Completion Wrocław R4R Wrocław Kępa (River Point) Mieszczańska* ul. Dmowskiego 9 300 269 115,5 76,3 I kw. 2020 R4R Warszawa Browary* ul. Grzybowska 19 000 450 449,0 187,6 III kw. 2020 Total 28 300 719 564,5 264 Residential projects of rental platform Resi4Rent in operation ↕ Project / address GLA [sqm] Number of units Targeted annual net rental revenues [PLN mln] Budget [PLN mln] Completion R4R Kraków Błonia ul. 3 Maja 12 100 387 13,8 103,2 IV kw. 2022 R4R Kraków ul. Romanowicza 29 500 873 35,5 316,1 II kw. 2025 Total 205 046 6 133 237 2 037 Residential projects of rental platform Resi4Rent under construction Project / address GLA [sqm] Number of units Estimated annual rental revenue for stabilized asset [PLN mln] Targeted budget [PLN mln] Start Targeted completion Wrocław R4R Wrocław ul. Grabiszyńska 2 254 63 2,5 28,7 III kw. 2022 III kw. 2025 R4R Wrocław ul. Bardzka 21 100 620 23,6 239,1 I kw. 2024 I kw. 2026 Gdańsk R4R Gdańsk (etap 1 i 2) ul. Nowomiejska 20 300 569 26,7 276,7 II kw. 2023 III kw. 2025 R4R Gdańsk ul. Zielony Trójkąt 24 000 736 29,7 284,7 IV kw. 2023 I kw. 2026 Total 67 654 1 988 82,5 829,2 *asset available for sale.The annual revenue estimate takes into account no releasings since 2Q 2024
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47 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 The table “Residential projects of rental platform Resi4Rent in preparation” presents only properties with projects that are owned by the Resi4Rent group or are in the process of being sold from the Echo Group to Resi4Rent. They do not present investments on plots secured by Resi4Rent (e.g. with a preliminary agreements), even if the preparation of the project is advanced. Residential projects of rental platform Resi4Rent in preparation Project / address GLA [sqm] Number of units Estimated annual rental revenue for stabilized asset [PLN mln] Targeted budget [PLN mln] Start Targeted completion Warszawa R4R Warszawa ul. Opaczewska 12 800 376 17,9 183,5 IV kw. 2025 III kw. 2027 R4R Warszawa ul. Wołoska 9 200 295 13,7 141,4 IV kw. 2025 III kw. 2027 Kraków R4R Kraków ul. Jana Pawła II 8 200 283 11,1 104,6 I kw. 2026 IV kw. 2027 Total 30 200 954 42,7 492,5
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48 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Private student housing (StudentSpace) Definitions: NLA - Net Leasingable Area. NLA - Net Leasingable Area. The projected budget includes the following costs: external financing during the development period, land acquisition, design, construction, external supervision, and a 12% project management fee payable to Echo Investment. Private student housing projects early stage projects Project / address NLA [sqm] Number of rooms Number of beds Comments WARSZAWA ul. Beethovena 11 200 551 551 - ul. Zamoyskiego 9 700 510 532 - Total 20 900 1 061 1 083 Private student housing projects under construction Project / address NLA [sqm] Num- ber of rooms Number of beds Estimated annual ren- tal PLN mln] Targeted bud- get [PLN mln] Start Targeted completion Comments Kraków ul. 29 Listopada 9 500 611 635 12,2 153,8 III kw. 2024 III kw. 2025 Project owned by Echo Group (30%) and Signal Capital Partners and Grif - fin Capital Partners (70%). ul. Wita Stwosza A 3 800 222 242 4,6 58,0 II kw. 2024 III kw. 2025 Project owned by Echo Group (30%) and Signal Capital Partners and Grif - fin Capital Partners (70%). ul. Wita Stwosza F1&F2 5 400 324 344 6,8 84,3 III kw. 2024 III kw. 2025 Project owned by Echo Group (30%t) and Signal Capital Partners and Grif - fin Capital Partners (70%). Warszawa ul. Wołoska 8 300 469 504 11,7 148,8 II kw. 2025 III kw. 2026 Project owned by Echo Group (30%t) and Signal Capital Partners and Grif - fin Capital Partners (70%). Total 27 000 1 626 1 725 35,3 444,8
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49 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Commercial projects - office and aparthotels Definitions: GLA – gross leasable area NOI – net operating income with the assumption of full rental and the average market rent rates ROFO – (right of first offer) Due to 25% of capital participation in the project, ROFO partner is entitled to 25% of profit after sale of project. Completion – date of commissioning permit. Significant part of fit-out works to be done after this date. An estimated budget includes the value of land, cost of design, construction and external supervision. It does not include the personnel costs related to the project, cost of marketing, leasing and financing, which are estimated by the Company to equal on average 7% the targeted budget. In addition, it does not include costs reducing sales revenue (price), such as master lease, profit share and costs of projects sale. Fair value includes currency differences on investment loans. The recognised fair value gain is reduced by the profit share obligation and the provision to secure rent-free periods (master lease). Office buildings in operation Project / address GLA [sqm]* Leasing [%] NOI [EUR mln] Targeted budget [PLN mln] Expenditure incurred [%] Recognized fair value gain cumu- latively [PLN mln] Completion Comments Kraków Brain Park I al. Pokoju 29 800 100% 5,9 272,3 99% 34,3 IV kw. 2022 Investment property. Brain Park II al. Pokoju 13 400 100% 2,7 139,2 94% (24,6) I kw. 2024 Investment property. Warszawa myhive Mokotów ul. Postępu/Domaniewska 43 100 62% 4,1 n/a n/a 21,7 n/a Buildings designated for demolition T22 Office B*** ul. Towarowa 32 500 92% 10,1 408,4 73% 24,9 II kw. 2025 Project owned by Echo Group (30%) and AFI Europe (70%). Total 118 800 22,8 819,8 28,6 * without warehouses ** cumulative fair value due account the valuation before the date of purchase Archicom S.A. Group by Echo Group *** The 30% stake held by Echo was sold to AFI in Q3 2025 Office buildings under construction Project / address GLA [sqm]* Leasing [%]** NOI [EUR mln] Targeted budget [PLN mln] Expenditu- re incurred [%] Recogni- zed fair value gain [PLN mln] Start Targeted completion Comments Wrocław Swobodna I ul. Swobodna 16 100 41% 3,3 148,8 58% 0,6 III kw. 2023 I kw. 2026 Kraków Wita Stwosza ul. Wita Stwosza 18 700 32% 4,2 177,0 52% 0,2 II kw. 2024 I kw. 2026 Total 34 800 7,5 325,8 0,8 * exclude storage ** % of signed LOIs
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50 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Office buildings in preparation Project / address GLA [sqm]* NOI [EUR mln] Targeted budget [PLN mln] Expendi- ture incur- red [%] Targeted start Targeted completion Comments T22 Office A Warszawa, ul. Towarowa 53 200 18,3 805,4 17% III kw. 2025 III kw. 2028 Project owned by Echo Group (30%) and AFI Europe (70%). Total 53 200 18,3 805,4 All office buildings under construction and under preparation are presented as ‘investment properties under construction’ in the condensed interim consolidated statement of financial position, except for Brain Park II which is presented under Assets held for sale. * exclude storage * exclude storage Aparthotels buildings in preparation Project / address GLA [sqm]* NOI [EUR PLN] Targeted budget [PLN mln] Expendi- ture incur- red [%] Targeted start Targeted completion Comments WARSZAWA T22 Aparthotel E Warszawa, ul. Towarowa 17 000 20,0 235,9 18% I kw. 2026 IV kw. 2027 Project owned by Echo Group (30%) and AFI Europe (70%). T22 Aparthotel C Warszawa, ul. Towarowa 34 100 40,4 464,3 18% III kw. 2027 IV kw. 2029 Project owned by Echo Group (30%) and AFI Europe (70%). Total 51 100 60,4 700,2
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51 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Retail projects in operation (in NOI EUR mln) Project / address GLA [sqm] Leasing [%] NOI [EUR mln] Targeted budget [PLN mln] Expen- diture incurred [%] Recognized fair value gain cumulatively [PLN mln] Completion Comments WARSZAWA Galeria Młociny ul. Zgrupowania AK Kampinos 84 700 97% 20,0 1 269,3 99,9% **4,3 II kw. 2019 Project owned by Echo Group (30 %) and EPP (70 %). KATOWICE Libero ul. Kościuszki 44 900 98% 9,0 404,1 99,9% *58,7 IV kw. 2018 ROFO agreement with EPP. POZNAŃ Pasaż Opieńskiego ul. Opieńskiego 13 500 94% 1,0 n/a n/a 24,2 n/a Building to be demo - lished. KRAKÓW Pasaż Kapelanka ul. Kapelanka 17 800 99% 1,8 n/a n/a n/a n/a Building to be demo - lished. ŁÓDŹ Fuzja ul. Tymienieckiego 1 799 69% 0,4 23,1 100% 0,7 Total 162 699 32,2 1 696,5 41,5 Commercial projects - retail Definitions: GLA – gross leaseable area NOI – net operating income with the assumption of full rental and the average market rent rates ROFO – right of first offer Completion – date of commissioning permit. Significant part of fit-out works to be done after this date. NLA - Net Leasingable Area. Due to 25% of capital participation in the project, ROFO partner is entitled to 25% of profit after sale of project. Libero shopping centre is presented as ‘investment property’ in the condensed interim consolidated statement of financial position, and is now presented under Assets held for sale. Proportional shares in Galeria Młociny are included in the item ‘investments in associates and joint ventures’. *The ROFO agreement was settled in August 2025, and the result is included in the presented revaluation gain. ** profit recognized by the Echo Group (30 %)
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52 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Land bank in 2025 Early stage projects Project / address Plot area [sqm] Potential of leasing/ sales area [sqm] Comments Warszawa, ul. Towarowa 3 100 1 500 The project on the plot office and service functions owned in 30% by Echo Investment and in 70% by AFI Europe. Kraków, ul. Kapelanka 56 000 67 200 Plot for office, service and rental apartments. Warszawa, al. KEN 29 600 29 400 Plot for service and apartments. Łódź, ul. Tymienieckiego 3 800 7 000 Plot for office, service and residential functions. Kraków, ul. Wita Stwosza 700 1 000 Plot for service, office. Wrocław, ul. Na Ostatnim Groszu 26 400 35 200 Plot for services and residential Wrocław, Swobodna 4 500 14 000 Plot for services and residential Łódź, al. Piłsudskiego 6 400 22 000 Plot for services and residential Total 130 500 177 300 Other properties as at 30 June 2025 Project / address Plot area [sqm] Comments Poznań, Naramowice 76 300 - Zabrze, ul. Miarki 8 100 - Total 84 400
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53 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 1.15 Main investments in the first half-year of 2025 – acquisition of plots Company Landbank Purchased land* Controlled land* Total Archicom Warszawa 4 326 - 4 326 Archicom Wrocław - 13 975 13 975 Archicom Kraków 28 874 18 645 47 519 Total 33 200 32 620 65 820 * usable area of the apartments
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54 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 1.16 Factors and unusual events affecting the results in the first half-year of 2025 Echo Group’s residential project’s shares in the total number of delivered units in Q2 2025 Sale of 632 apartments and commercial units to customers by the Echo Group Archicom Group residential project’s shares in the total number of delivered units in Q2 2025 * Kraków, Katowice 33% 29% – Kraków – Łódź – Poznań – Warszawa 20% 26% 17% 13+25+25+17+20ss 528 units – Other – Łódź – Poznań – Warszawa – Wrocław 36% 2% 37+29+2+32ss 104 units 13% 25%
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55 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 -40 -100 -60 -120 20 0 -20 -80 Libero ** Fuzja Retail Brain Park I Brain Park II** Swobodna I Wita City 2 Other* Profit/loss on investment property by assets in H1 2025 [mln PLN] * - 10,3 Profit Share Libero adjusted for financial costs - 12,9 CitySpace - 11,3 Fuzja 01 provision - 2,6 Accured rents - 6,5 Settlement of sold projects ** Properties in the sales phase. Balance sheet values reflect the planned sales prices of the projects. -55,8 0,2 -16,8 -23,0 -0,6 0,2 -9 ,6 -44,1
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1.17 Significant factors influencing the development of Company and the Group in the perspective of at least the following quarter 56 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Positive − At H1 2025 the ECB Governing Council has lowered interest rates by 25 basis points. The deposit rate was set at 2.25%, the refinancing rate 2.40%, and the lending rate 2.65%. The reduction in interest rates—and consequently in the cost of foreign currency loans— may have a positive impact on interest in purchasing commercial real estate. − The Monetary Policy Council first cut interest rates by 50 basis points on May 7 and decided on a further 25 basis point cut on 2 July. − The announcement of a government support program for mortgage loans in the secondary market could stimulate demand from buyers in the primary market. − The low inflation rate persists, standing at 4.1% in June 2025. Combined with the increase in the average monthly salary in the enterprise sector to PLN 8,881.84 at the end of the first half of 2025, and the continued low unemployment rate (5.1% at the end of the year), this is boosting the purchasing power of Poles. − The sustained demand for premium apartments confirms the Group's strategic direction in diversifying its portfolio. Factors of a macroeconomic nature Significant factors influencing the development of the Group in coming quarters Negative − The limited supply of land may pose a challenge in the face of growing demand for new residential projects. − A potential slowdown in the growth rate of the average wage in the national economy could reduce the ability to purchase apartments. − Despite rate cuts by the NBP and the ECB, interest rates remain relatively high, which may limit access to mortgage financing in the housing market. − The lack of long-term government measures and the introduction of programs focused solely on boosting demand, combined with a simultaneous increase in the supply of apartments in the primary market, make it difficult to stabilize the situation in the long run.
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57 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Handover of Echo Group’s apartments, mainly in the projects: − Fuzja Lofty G01 in Łódź, − Wodna in Łódź. Handover of Archicom Group’s apartments, mainly in the projects: − Zenit in Łódź, − Sady nad Zieloną in Wrocław. Revaluation of the fair value of the properties owned by the Group, which are in the course of leasing and construction: − Swobodna I in Wrocław, Revaluation of the fair value of the ready properties owned by the Group: − Libero in Katowice, − Brain Park I in Kraków, − Brain Park II in Kraków, Valuation and sale of City2 office in Wrocław Valuation of shares in entities accounted for using the equity method, conducting investments.: − Galeria Młociny in Warszawa, − Towarowa 22 in Warszawa, − Resi4Rent, − StudentSpace. Valuation of loans and cash on account of changes in exchange rates of foreign currencies. Valuation and implementation of hedging financial instruments for foreign currencies. Interest on deposits and loans granted. Discounts and interest on credits, bonds and loans. Sales and general management costs of Echo Investment S.A. Valuation of other assets and liabilities of the Echo Group. Factors arising directly from the activities of the Company and the Group
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1.18 Information on dividend policy and dividend On 26 April 2017 the Management Board of Echo Investment adopted a resolution on the Company’s dividend policy. The adopted dividend policy states that the Management Board will be recommending the payment of the dividend up to amount of 70% of the consolidated net profit of the Capital Group attributable to shareholders of the parent company. When recommending the dividend payment the Management Board will take into consideration the current and expected condition of the Company and the Capital Group as well as their development strategy, in particular: − safe and the most effective management of debt and liquidity in the Group, − investment plans resulting from the development strategy, purchase of land in particular. Assumptions of the dividend policy were based on predictions concerning future profits from the Group’s property development operations. Implementation of the Dividend Policy The dividend policy states that the Management Board recommends the payment of the dividend up to the amount of 70% of the consolidated net profit annually. Financial year 2024 The net profit achieved by the Company in the financial year ended 2024 in the amount of PLN 2,085,457 .09 (in words: two million eighty-five thousand four hundred and fifty-seven zlotys, 09/100) was excluded from distribution among the Company's shareholders by a resolution of the Ordinary General Meeting of Shareholders of 26 June 2025 and allocated in full to the reserve capital. The resolution is in accordance with Rule No. 4.14 of the Best Practices for Listed Companies, which states in point a) that it is possible to retain the entire profit in the company if the amount of that profit is minimal and, as a result, the dividend would be insignificant in relation to the value of the shares. 58 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025
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Echo The Ordinary General Meeting of Echo Investment S.A., by Resolution No. 6 26 June 2025, decided to exclude the net profit achieved by the Company in the financial year 2024, amounting to PLN 2,085,457 from distribution among the Company's shareholders and to allocate it in full to the reserve capital. Archicom The Archicom Ordinary General Meeting, by resolution No. 18/06/2025 of 25 June 2025, decided to distribute the Company's net profit for the financial year 2024 in the amount of 197 .448.200,81 PLN as follows: 1. profit in the amount of 197 .131.664,91 PLN shall be allocated to the payment of dividends to the Company's shareholders (‘Dividend’), i.e. in the amount of 3,37 PLN (in words: three zlotys and thirty-seven groszy) per 1 share, 2. to credit the amount of 82.479 .420,63 paid by the Company on 7 November 2024 towards the Dividend, as an advance payment towards the dividend for the financial year 2024 pursuant to Resolution No. 39/30/ IX/2024 of the Company's Management Board of 30 September 2024 (‘Dividend Advance Payment’), i.e. in the amount of 1.41 PLN per share, 3. pay out as Dividend the amount reduced by the paid Dividend Advance, i.e. the amount of 114.652.244,28 PLN, i.e. 1,96 PLN (in words: one pound and ninety-six pence) per share, 4. allocate the profit in the amount of 316.535,90 PLN allocate to the Company's reserve capital intended for future dividend payments or advances on anticipated dividends, in accordance with Resolution No. 20/05/ 2018 of the Ordinary General Meeting of Archicom S.A. of 30 May 2018, amended by Resolution No. 22/06/2020 of the Ordinary General Meeting of Archicom S.A. of 25 June 2020. The dividend date has been set for 15 September 2025 and the dividend payment date for 17 November 2025. 59 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025
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1.19 Financial liabilities of the Company and its Group 60 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Company’s liabilities due to bonds issued as at 30 June 2025 Series ISIN code Bank / brokerage house Nominal value [PLN ‘000] Maturity Interest rate Bonds issued by Echo Investment S.A. for institutional investors 1I/2022 PLO017000079 Ipopema Securities S.A. 180 000 8.12.2027 WIBOR 6M + margin 4,5% 2I/2023 PLO017000087 Ipopema Securities S.A. 140 000 24.05.2028 WIBOR 6M + margin 4,5% 4I/2024 PLO017000103 Ipopema Securities S.A. 100 000 27.02.2029 WIBOR 6M + margin 4,5% 5I/2024 PLO017000111 Ipopema Securities S.A. 100 000 13.05.2029 WIBOR 6M + margin 4,5% 6I/2024 PLO017000129 Ipopema Securities S.A. 200 000 1.08.2029 WIBOR 6M + margin 4,5% Total 720 000 Bonds issued by Archicom S.A. for institutional investors M8/2023 PLO221800116 mBank S.A. 210 000 8.02.2027 WIBOR 3M + margin 3,4% M9/2024 PLO221800124 mBank S.A. 168 000 1.06.2027 WIBOR 3M + margin 3,25% M10/2024 PLO221800132 mBank S.A. 190 000 19.06.2028 WIBOR 3M + margin 3,1% M11/2025 PLARHCM00172 mBank S.A. 120 000 14.03.2029 WIBOR 3M + margin 2,55% Total 688 000 Bonds issued by Echo Investment S.A. for individual investors L-series PLECHPS00332 DM PKO BP 50 000 22.02.2026 WIBOR 6M + margin 4,0% M-series PLECHPS00340 DM PKO BP 40 000 27.04.2026 WIBOR 6M + margin 4,0% N-series PLECHPS00357 DM PKO BP 40 000 27.06.2026 WIBOR 6M + margin 4,0% O-series PLECHPS00365 DM PKO BP 25 000 6.09.2026 WIBOR 6M + margin 4,0% P/P2-series PLECHPS00373 DM PKO BP 50 000 28.06.2027 WIBOR 6M + margin 4,0% R-series PLECHPS00381 DM PKO BP 50 000 15.11.2027 WIBOR 6M + margin 4,0% S/S2-series PLECHPS00399 DM PKO BP 140 000 31.01.2028 WIBOR 6M + margin 4,0% T - series PLECHPS00415 DM PKO BP 60 000 26.04.2028 WIBOR 6M + margin 3,8% Total 455 000 Total bonds issued in PLN 1 863 000 Bonds
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61 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 The value of bonds corresponds to undiscounted cash flows, not including the value of interest. The change in business and economic conditions did not have a significant impact on the fair value of the financial liabilities. All are quoted on the Catalyst market of debt instruments operated by the Warsaw Stock Exchange, on trading platforms operated by the Warsaw Stock Exchange (in the regulated market and ASO formula) and by Bondspot (analogous two markets). Bonds issued by Echo Investment S.A. for institutional investors Series ISIN code Bank / brokerage house Nominal value [EUR '000] Maturity Interest rate 3I/2023 PLO017000095 Ipopema Securities S.A. 43 000 27.10.2028 fixed interest rate 7,4% Total bonds issued in EUR/PLN 43 000 Bonds redeemed by Archicom Group Series ISIN code Date Nominal value [PLN ‘000] M7/2023 PLO221800108 17.03.2025 62 000 Total 62 000 Change of company’s bond liabilities in H1 2025 Bonds redeemed by Echo Investment S.A. Series ISIN code Date Nominal value [PLN ‘000] K-series PLECHPS00324 10.01.2025 50 000 Total 50 000 Bonds issued by Archicom Group Series ISIN code Date Nominal value [PLN ‘000] M11/2025 PLARHCM00172 14.03.2025 120 000 Total 120 000
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62 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Investment loans Investment loans of Echo Group at 2025 Contractual amount of loan [‘000] Outstanding loan amount [‘000] Investment project Borrower Bank PLN EUR PLN EUR Interest rate Repayment deadline Libero, Katowice Galeria Libero - Projekt Echo 120 Sp. z. o.o. Sp.k. PKO BP S.A. | Bank Pekao SA 61 400 61 016 EURIBOR 3M + margin 30.11.2029 Galeria Młociny, Warszawa* Berea Sp. z o.o. Santander Bank Polska S.A. | Erste Group Bank | FirstRand Bank Limited 43 565 43 565 EURIBOR 3M + margin 28.03.2029 Brain Park I i II, Kraków Echo Arena Sp. z o.o. PKO BP S.A. | Bank Pekao SA 64 429 63 478 EURIBOR 3M + margin 30.06.2026 Towarowa 22 B* Project Towarowa 22 Sp. z o.o. | T 22 Budynek B Sp. z o.o. PKO BP S.A. | Bank Pekao SA 31 020 11 662 EURIBOR 3M + margin 31.12.2031 6 000 32 - WIBOR 1M + margin 31.12.2026 Projekt Echo 129 Projekt Echo 129 Sp. z o.o. Bank Pekao S.A. 60 000 45 957 EURIBOR 3M + margin 30.09.2026 Resi4Rent * - 1st tranche of projects R4R Łódź Wodna Sp. z o.o. | R4R Wrocław Rychtalska Sp. z o.o. ING Bank Śląski S.A. 40 864 39 512 - WIBOR 3M + margin 11.12.2028 Resi4Rent* - First tranche of projects - projects intended for sale R4R Warszawa Browary Sp. z o.o. | R4R Wrocław Kępa Sp. z o.o. ING Bank Śląski S.A. 95 696 50 939 - WIBOR 3M + margin 30.09.2025 Resi4Rent * - 2nd tranche of projects R4R Poznań Szcze- panowskiego Sp. z o.o. | R4R Warszawa Taśmowa Sp. z o.o. | R4R Warszawa Woronicza Sp. z o.o. | R4R Gdańsk Kołobrzeska Sp. z o.o. Santander Bank Polska S.A. | Helaba AG 69 000 64 144 - WIBOR 3M + margin 27.06.2027 Resi4Rent * - 3rd tranche of projects R4R Warszawa Wi- lanowska Sp. z o.o. | Pimech Invest Sp. z o.o. | M2 Hotel Sp. z o.o. | R4R Kraków 3 Maja Sp. z o.o. | R4R RE Wave 3 Sp. z o.o. Bank Pekao S.A. | Bank Gospodarstwa Kra - jowego | BNP Paribas Polska 78 223 72 123 - WIBOR 1M + margin 29.12.2028 Resi4Rent * - 4th tranche of projects M2 Biuro Sp. z o.o. | R4R Wrocław Park Zachodni Sp. z o.o. | R4R RE Wave 4 Sp. z o.o./R4R Gdańsk Stocznia Sp. z o.o. | R4R Kraków JPII Sp. z o.o. | R4R Łódź Kilińskiego Sp. z o.o. Santander Bank Polska S.A. | Helaba AG 118 301 68 626 - WIBOR 1M + margin 15.12.2029 Resi4Rent* - 5th tranche of projects R4R Wrocław Jawor- ska II Sp. z o.o. | Hotel Gdańsk Zielony Trójkąt Sp. z o.o. | Hotel Wro- cław Grabiszyńska Sp. z o.o. | Hotel Kraków Romanowicza Sp. z o.o. | R4R Poznań Nowe Miasto Sp. z o.o. Bank Pekao S.A. | Santander Bank Polska S.A. | BNP Paribas Bank Polska S.A. 218 670 108 179 - WIBOR 1M + margin 30.12.2030 Resi4Rent* - Corpo - rate Credit Facility R4R Poland Sp. z o.o. European Bank for Reconstruction and Development 30 000 27 000 EURIBOR 3M + margin 1.12.2027 Total 626 754 290 414 403 555 252 678 * Echo Investment owns 30 percent of shares in SPV - borrowers. and presents 30 percent of credit value.
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63 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Investment loans are secured by standard securities such as mortgages, registered and financial pledge agreements, powers of powers of attorney to bank accounts, subordination agreements, statements on submission to enforcement proceedings, agreements to secure the transfer of claims and rights and claims of a borrower under selected agreements, guarantees on overrun of cost / own contribution, interest coverage. Credit facilities Credit facilities of Echo Investment S.A. as at 30 June 2025 Bank Contractual amount of loan [PLN ‘000] Outstanding loan amount [PLN ‘000] Repayment deadline Interest rate PKO BP S.A.* 75 000 63 362 31.10.2025 WIBOR 3M + margin Alior Bank S.A. 30 000 30 000 8.09.2025 WIBOR 1M + margin Santander Bank Polska S.A.*** 90 000 59 473 31.05.2027 WIBOR 1M + margin Total 195 000 152 836 * The available loan amount as at 30 June 2025 is reduced by the issued guarantees and amounts to PLN 4,9 mln *** The available loan amount as at 30 June 2025 r. is reduced by the issued guarantees and amounts to PLN 5,5 mln Credit facilities of Archicom Group at 2025 Bank Borrower Contractual amount of loan [PLN ‘000] Outstanding loan amount Repayment deadline Interest rate PKO BP S.A* Archicom S.A. 240 000 - 30.09.2027 WIBOR 1M + margin Total 240 000 - * current account credit facility. The company will use the funds from the loan to finance current liabilities arising from the Archicom Group's activities. Credit facilities are secured with standard instruments such as authorisation to the bank account or statement on submission to enforcement proceedings. The loan value corresponds to undiscounted cash flows.
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64 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 1.20 Sureties and guarantees of the Group Sureties Changes in surety agreements issued by Echo Group in 2025 No changes in the structure of guarantees issued by Group Echo Investment in the H1 2025. Guarantees Guarantees issued by Echo Group as at 30 June 2025 Financial guarantees Guarantor Entity receiving the guarantee Beneficiary Value [PLN ‘000] Validity Description Echo - Aurus Sp. z o.o. Nobilis - CitySpace GP Sp. z o.o. Sp.k. Nobilis Business Ho - use Sp. z o.o. 767 31.10.2027 Guarantee securing the liabilities arising from the lease agreement concluded on 28.02.2017. Issued in EUR. Echo Investment S.A. Nobilis - CitySpace GP Sp. z o.o. Sp.k. Nobilis Business Ho - use Sp. z o.o. 553 31.10.2027 Guarantee securing liabilities resulting from the annex to leasing agreement. Issued in EUR. Echo Investment S.A. Projekt Towarowa 22 Sp. z o.o. Miasto stołeczne Warszawa 13 500 26.06.2034 Guarantee regarding the waiver of cla - ims related to the planned adoption of the local spatial development plan for the area of Twarda Street. Archicom Nierucho - mości 14 sp z.o. Sandomiria Bokwa & Bokwa spółka jawna Sandomiria Bokwa & Bokwa spółka jawna 33 528 od 22.06.2030 Rent guarantee agreement concluded to establish a guarantee for the total amount of rent and operating charges related to the unleased areas of the City One building. Total 48 348
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65 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Performance and other guarantees Guarantor Entity receiving the guarantee Beneficiary Value [PLN ‘000] Validity Description Echo Investment S.A. Echo Investment S.A. Nobilis Business House Sp. z o.o. 40 000 31.10.2026 Quality guarantee for construction work related to the Nobilis office building in Wrocław. Echo - SPV 7 Sp. z o.o. M2 Biuro Sp. z o.o. Santander Bank Polska S.A. 44 097 31.12.2027 Security of the borrowers liabilities arising from the cost overrun not inc - luded in the budget specified in credit agreement. Echo - SPV 7 Sp. z o.o. R4R Warszawa Wila- nowska Sp. z o.o. Bank Pekao S.A. 19 541 31.12.2029 Security of the borrowers liabilities arising from the cost overrun not inc - luded in the budget specified in credit agreement and payment of intere - sts under loan facility in construction tranche. Echo - SPV 7 Sp. z o.o. R4R Wrocław Jaworska II Sp. z o.o. Bank Pekao S.A. 97 256 31.12.2033 "Security for the debtors’ obligations to cover the investment implementation costs exceeding the budget specified in the loan agreement, as well as to cover interest on the construction tranche. Secures coverage of increased budget costs. We guarantee additional equity contri - bution or loan provision. Guarantee supported by Pimco" Total 200 894 Total financial, performance and other guarantees 249 242 No changes in the structure of guarantees issued by the Echo Group in H1 2025 compared to the Company’s and the Echo Group’s financial report for 2024. Changes in guarantee agreements issued by Echo Group in 2025
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66 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 1.21 Other disclosures required by law Seasonal or cyclical nature of activities The Group's activities cover several segments of the real estate market. Accounting for sales of apartments depends on delivery dates of residential buildings, and revenue from this activity occurs basically in every quarter, but with varying intensity. Historically, the Group handed over the greatest number of apartments in the second half of the year, and particularly in the fourth quarter. Revenues and results from services of general execution of projects, sales of finished commercial projects and real estate trading may occur on an irregular basis. The Management Board cannot exclude other one-time events that may affect the results achieved in a given period. Material court, arbitration or administrative proceedings From 1 January to 31 June 2025, no proceedings were pending before any court, arbitration authority or public administration authority which involved liabilities or receivables of Echo Investment S.A. or its subsidiary which represent at least 10% of the Company's equity. Agreements concluded between shareholders The Company has no information on agreements concluded in 2025 between shareholders that would be important for its business. Material transactions concluded by the Company or its subsidiaries with affiliated entities on terms other than market conditions In H1 2025, there were no material transactions between Echo Investment S.A. and its subsidiaries with affiliated entities on terms other than market conditions. Impact of 2025 results on published financial forecasts On 31 December 2024, Echo Investment S.A. published a forecast of its financial liabilities. Pursuant to Article 35(1a) of the Bond Act, the forecast is available on the company’s website under the section ‘Financial Forecasts – Echo Investment The results achieved in Q2 2025 do not affect the fulfillment of the Company’s and its Capital Group’s financial obligations forecasts. Changes of main management rules In H1 2025, there are no material changes to the main management rules of the Company and the Group.
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67 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Agreements which may result in changes in the ownership structure of shares or bonds The Company is not aware of any agreements potentially resulting in changes in the proportions of shares held by existing shareholders.
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68 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 1.22 Remuneration of the Management Board and Supervisory Board Remuneration of Management Board paid in a given year [PLN] H1 2025 H1 2024 From Echo Investment S.A. From subsidiaries, joint-ventures and associates Other benefits Total From Echo Investment S.A. From subsidiaries, joint-ventures and associates Other benefits Total Basic remuneration Bonus Basic remuneration Bonus Nicklas Lindberg 631 515 355 227 2 140 087 27 663 3 154 492 646 863 411 518 1 786 914 24 076 2 869 370 Maciej Drozd 242 823 201 245 1 077 833 27 663 1 549 563 248 212 193 481 806 035 26 476 1 274 204 Artur Langner 132 000 161 962 592 562 3 699 890 223 126 000 191 040 649 080 3 186 969 306 Rafał Mazurczak 186 000 315 019 920 759 9 208 1 430 986 169 500 225 522 728 574 7 809 1 131 405 Małgorzata Turek 166 000 281 100 814 448 5 064 1 266 612 159 600 214 200 673 200 3 186 1 050 186 Total 1 358 338 1 314 552 5 545 690 73 297 1 350 175 1 235 761 4 643 803 64 733 Total in year 8 291 876 7 294 472 On 17 July 2025, Echo Investment S.A. (the “Company”) entered into annexes to the agreements dated 21 July 2021 specifying the terms of additional incentive compensation in the form of long-term bonuses concluded with Nicklas Lindberg, the CEO of the Company, and Maciej Drozd, the CFO. Such additional compensation conforms to the Remuneration Policy. Nicklas Lindberg and Maciej Drozd each obtained the right to a long-term bonus. The amount of the bonus will depend on the aggregate amount of dividends paid. Pursuant to the executed annexes, the amount of the long-term bonus is determined based on a percentage ratio dependent on the amount of dividends paid per share in the share capital of Echo Investment S.A. in annual periods (the first period covers the financial year beginning on 1 January 2025). If the total amount of dividends per share received after 1 January 2025 is PLN 4.00 or less, the ratio will be equal to the sum of all payments per share received before 1 January 2025 divided by PLN 4.00. If the total amount of dividends per share received after 1 January 2025 exceeds PLN 4.00, the ratio will be calculated using the following formula: The long-term incentive programme for the CEO and CFO
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69 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 100% + (plus) (the sum of dividends per share received after 1 January 2025 – (minus) PLN 4.00) / (divided by) PLN 12.00, however, under no circumstances shall the ratio exceed 120%. The rights to the long term bonus will be acquired annually in each calendar year over the term of the programme, i.e., each year from 1 January 2025 to 31 December 2029 , unless a material change in the shareholding structure of the Company occurs earlier. The rights to the long-term bonus will be vested annually, from 20% on 31 December 2025, to 100% on 31 December 2029 (i.e. 20% each year). In the case of a material change in the shareholding structure of the Company, the vesting of the right to the long-term bonus will be accelerated, so that Maciej Drozd and Nicklas Lindberg will be entitled to receive 100% of the long-term bonus calculated using applicable percentage ratio. The long-term bonus is to be paid in the form of shares in the Company (whether existing or of a new issuance) annually, at the end of the evaluation period each calendar year, or, should that be impracticable, it will be disbursed as a lump sum in cash at the end of the five- year term of the programme. The Agreements also set out the detailed terms of the disbursement of the long term bonus, as well as addressing a situation in which a management board member forfeits the right to receive the long-term bonus or a part thereof, in particular in the event of causing damage to the Company or of taking actions that breach the provisions of law or the Company’s in-house regulations. Termination of the agreement concerning the long-term bonus concluded with Waldemar Olbryk Echo Investment S.A. and Waldemar Olbryk – CEO of the Company’s subsidiary Archicom S.A., on 17 July 2025, terminated the agreement regarding the long-term incentive bonus. Inclusion of Nicklas Lindberg, Maciej Drozd, Waldemar Olbryk and Dawid Wrona in the long-term incentive programme adopted by Archicom S.A. for the financial years 2025-2029 . CEO Nicklas Lindberg, CFO Maciej Drozd, and CEO of the Company’s subsidiary Archicom S.A. Waldemar Olbryk were covered by a long-term incentive programme for the years 2025-2029 adopted by Resolution No. 30/06/2025 of the Ordinary General Meeting of Archicom S.A. of 25 June 2025. As part of the first benefits under the incentive plan, on 17 July 2025, selected authorised persons acquired a total of 371,000 existing shares in Archicom S.A., i.e. Nicklas Lindberg acquired 237 ,000 shares at a price of PLN 0.01 per share, Maciej Drozd acquired 118,500 shares at a price of PLN 0.01 per share, and Waldemar Olbryk acquired 15,500 shares at a price of PLN 0.01 per share. As part of the second benefit of the incentive programme mentioned above,, the eligible persons, i.e., selected members of the Management Board of Archicom S.A., as well as Dawid Wrona and Waldemar Olbryk (with the possibility of granting eligible status to other key individuals of Archicom S.A.), shall be entitled to subscribe to subscription warrants free of charge. These warrants entitle the eligible persons to subscribe for a maximum of 337 ,000 newly issued Archicom S.A. shares, which will be issued pursuant to Resolution No. 31/06/2025 of the Ordinary General Meeting of Shareholders of Archicom S.A. dated 25 June 2025, concerning, among other matters, the conditional increase of the Company’s share capital.
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Remuneration of Members of the Supervisory Board paid in a given year [PLN] H1 2025 H1 2024 From Echo Investment S.A. From subsidiaries, joint-ven- tures and associates Other benefits From Echo Investment S.A. From subsidiaries, joint-ven- tures and associates Other benefits Noah M. Steinberg 120 000 - - 120 000 - - Tibor Veres 42 000 - - 42 000 - - Margaret Dezse 90 000 - - 90 000 - - Maciej Dyjas 30 000 - - 30 000 - - Sławomir Jędrzejczyk 90 000 - - 90 000 - - Péter Kocsis 29 167 - - 30 000 - - Nebil Senman 30 000 - - 30 000 - - Bence Sass 30 000 - - 30 000 - - Balázs Gál 833 - - - - - Total 462 000 - - 462 000 - - In H1 and as at the date of publication of the report, there were no agreements concluded between the Company and executives providing for compensation in the case of their resignation or dismissal from their position without an important reason, or if their dismissal occurs due to a merger of Echo Investment S.A. or due to an acquisition. Agreements concluded between the Company and members of the management 70 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025
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71 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 1.23 How we manage risk Significant risk factors and threats to the operations of the Company and its Group Risk management is an integral part of implementing the Profitable Growth Strategy and ensures achieving the assumed goals of the Echo Group. Risk management procedures applied include risk identification, assessment, management and monitoring. The Management Board of Echo Investment S.A., in collaboration with the Supervisory Board and the Audit Committee, is responsible for overall risk management. The Management Board, supported by directors and managers responsible for individual departments, oversees the risk management process by creating, implementing and analysing controlling systems and procedures that respond to the identified risks. The process is supported by the Internal Audit Department, which periodically assesses the functioning of the risk management system and internal controls and evaluates the effectiveness of the control procedures that identify significant risks. Strategic and business risks Risk Method of risk management and competitive advantages of Echo Investment Risks related to strategic goals and assumptions • Risk of not achieving strategic goals, • Change of strategic assumptions and goals, • Non-uniform, unrealistic assumptions and strategic goals. • Experienced management focused on achieving goals. Incentive systems based on cascading of strategic goals to operational goals, • Periodical verification of key strategic goals for validity and their ongoing monito - ring through developed procedures at project, portfolio and Group levels, • Monitoring of the markets in which the company operates based on industry reports and its own research and analysis, in particular covering the average level of apartment sales prices and rental rates and transaction prices on commercial markets. Risk related to land bank • Strong competition, • High price expectations, • Limited supply of well-prepared real estate. • Own land purchase department, • Close cooperation with renowned brokers and agents, • A significant financial potential enabling acquisition of large, multifunctional plots, which attract less competition, • Maintaining a land bank that ensures operations for app. 3-5 years.
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72 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Strategic and business risks Risk Method of risk management and competitive advantages of Echo Investment Risk of not achieving assumed level of residential sales • Limiting access to financing for individual clients, • Strong competition on local markets, • The offer of apartments not matched to demand, • Negative price changes on residential market. • Business diversification - activities in key segments of the real estate market. The cyclical nature of these markets usually does not run in parallel, and the Group is not dependent on one type of activity. In the current situation, in particular, it is important to emphasize the Group's presence in both segments of apartments for sale and for rent - which situation differs dramatically, • Constant, thorough analysis of local residential markets from the stage before the purchase of a given plot until the end of the sale process, • Constant analysis of the latest trends in the housing market based on industry reports and own analyses of customer preferences, • Ability to flexibly respond to changing customer preferences even during con - struction (own design department), • Conducting sales of apartments based on own sales teams, • Project implementation in stages, • Many years of experience from several local residential markets. • Implementation of residential projects in the largest cities, where the negative effects of limited access to loans are lower than in developers from smaller cities. Risk of not securing assumed level of office and retail space lease • Strong competition on local retail markets, • Limited expansion of retailers, • Limited demand for office space from potential tenants, • A poorly structured office or retail offer, • Increasing tenant expectations in respect to fit-out stan - dard and incentives. • Constant analysis of market trends and quick response to changes, • Constant cooperation and maintaining contacts with retail and office tenants or potential tenants (including in particular retail chains or the BPO/SSC sector), • Many years of experience in the implementation and rental of commercial projects on several local markets in Poland, • Own large leasing teams, • Cooperation with all significant brokers and rental agents, • CitySpace company in the Group which provides serviced offices and is a tenant in some buildings completed by Echo Investment, and introduces smaller compa - nies, start-ups or companies from the shared services sector that are just starting their operations in Poland to the buildings, • Furthermore, the serviced offices allow the Company to be more flexible when providing the tenant with the target office space (the option of temporary place - ment of the tenant in CitySpace offices). Risks related to sales of office and retail projects • Strong competition on the market of finished & operating commercial projects, • High requirements of potential investors regarding the pro - duct and the seller, • Limited demand for commercial properties, • Risk of a decrease in transaction prices on the commercial real estate market as a result of growing uncertainty and the impact of macroeconomic factors. • Own sales team (consisting of industry, legal, tax and financial specialists), • Extensive market experience, • Extensive contacts on global real estate markets, • High quality projects that meet all the criteria required by international institutions investing in real estate assets, • Flexible and innovative approach to contracts with potential buyers, • Good reputation of the company, allowing for the early introduction of projects into the sales phase and securing sales through preliminary agreements, contracts for the right to submit the first offer (‘right of first offer’, ROFO), or provisions of co - operation agreements for joint venture projects, • Financial resources making it possible to maintain rented and revenue-generating assets on the balance sheet of the Echo Group in difficult market conditions. Risks related to cooperation with contractors and subcon - tractors • Risk of the contractor’s bankruptcy, • Risk of delays in the work, • Risk of improper quality of the work provided, • Risk of increased prices of materials and workmanship, • Risk of claims and legal disputes with subcontractors. • Stable financial situation that makes Echo Investment an attractive and desirable client on the market, • Cooperation with a selected group of renowned contractors subcontractors and suppliers, • Examination of the financial condition and technical capabilities of the contractor or supplier before the final selection of the offer and signing of the contract, • Legal protection applied in concluded contracts for contractor services, • Permanent supervision over construction projects by project managers and direc - tors of Echo Investment construction as well as inspectors or specialist external companies, • Echo Investment’s many years of experience and low employee turnover (average seniority of c.a. 7 years), • Own team responsible for cost estimates and constant monitoring of prices and supply of materials and services on the market, • Packaging of orders making it possible to reduce offer prices using the so-called effect of the scale.
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73 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Strategic and business risks Risk Method of risk management and competitive advantages of Echo Investment Risk of changes in estimates regarding development pro - jects • The scale and long time horizon of development projects and the related volatility of material prices and workman - ship, • The cyclical nature of the real estate market and macro - economic conditions affecting both the revenue and cost side of budget assumptions, • Limited project repeatability. • Internal teams of specialists for all key stages of the development process, ena - bling the achievement of an internal synergy effect, • Own department responsible for estimating development costs and monitoring the situation on the construction market on an ongoing basis, • Regular process of reviewing project budgets including risk analysis, • Designing based on functioning precise implementation standards for apart - ments and offices, allowing maximization of economies of scale and limiting the risks associated with low repeatability of implemented projects, • Mass orders, combined for several investments to ensure access to materials and equipment used massively on multiple investments, • Concluding flat-rate contracts with a fixed price guarantee. Risk of accidents at work and other hazards • Threats to the safety of Echo employees, subcontractors’ employees and bystanders, • Insufficient level of knowledge and competence of subcon - tractors in the field of HSE. • Own team of specialists in the field of HSE, carrying out, among others periodic inspections, audits and trainings in the field of HSE, • Applying high HS standards in accordance with ISO 45001 (H&S) and ISO 14001 (environment) confirmed by periodic external audits, • Obligation of contractors to comply with the provisions and standards of Echo in the field of HSE. Financial risks Risk Method of risk management and competitive advantages of Echo Investment The risk of changes in interest rates • Use of hedging instruments (fixed rates, for some loans – IRS) for selected liabi - lities. Credit risk • Applying procedures to assess the creditworthiness of customers, tenants and suppliers, • Security deposits and guarantees for tenants, • The Group uses only the services of reputable entities with regard to cash and deposits in financial institutions and banks. Currency risk • Natural hedging – contracting loans to finance projects in EUR, which is also the main currency for rental and sale of retail real estate in Poland, financing of housing and construction activities in Polish zlotys, which are the main currency of conc - luded construction contracts and sale of apartments, • Establishing a EUR-denominated bond issue program in order to better adjust the currency structure of liabilities to the currency structure of assets and to carry out the first issues, • Selective use of derivatives (forward, currency options). The risk of loss of liquidity by the Company or its Group • Lack of access to external financing, • Disturbance of balance between receivables and liabilities, • Material cash flows disruption. • Constant monitoring of forecast and actual short- and long-term cash flows, • Keeping cash level in order to ensure proper liquidity management, • Keeping free credit limits on current accounts, • Fixed income from the sale of apartments, • Financing the implementation of projects with special-purpose credits, • Implementation of the most capital-intensive projects in partnership or coopera - tion with companies outside Echo Goup, • Constant monitoring of receivables and liabilities, • Diversification of business into residential, office and retail segments that might go through different phases of the business cycle at different times, • Conducting liquidity stress tests based on various market change scenarios.
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74 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Legal and regulatory risks Risk Method of risk management and competitive advantages of Echo Investment The risk related to administrative procedures • The risk of legal changes, • Risk related to interpretations of local and country-level regulations, • Risk of delays of authorities and prolonged administrative process, • Risk of delays in administrative processes due to poor pro - ject preparation, • Risk of delays in administrative processes due to the parti - cipation of third parties. • Constant monitoring of legal changes in planning and administrative procedures, • Experience in obtaining permits from major cities in Poland, • Hiring experienced specialists in the field of planning and administrative proce - dures, • Detailed legal and administrative analysis before purchasing the plot, • Precise project preparation in cooperation with experienced external architectural and urban planning studios, • Conducting informational and promotional activities regarding planned projects in order to obtain public acceptance, • Running many projects at the same time spreading the risk. The risk of introduction of new legal regulations or changes to current regulations • Risk of not complying with new regulations in a timely manner, • Change in interpretation of current regulations, • Public nature of the Company and the associated incre - ased legal restrictions, • Increased expenditure related to legal compliance. • Constant monitoring of legislative work regarding the real estate: construction and related industries affecting the Group’s operations, • Continuous analysis of the potential impact of new solutions on the company’s operations at the level of the Management Board, • Participation in a social dialogue on ongoing legislative work through advisory, business and industry organizations, • Support of external law firms when specialized knowledge is needed, • Employment of capital markets specialist within the legal team, • Periodic legal compliance assessment audits, • Monitoring of legal solutions applied in developed countries (primarily the Europe - an Union and the USA). Complicated and variable tax system • Risk of not complying with new tax regulations & changes in tax regulations, • Not consistent interpretative practice of tax authorities and case-law, • Increased tax burden and cost of ensuring tax compliance. • Internal tax control – own tax team, • Constant monitoring of the tax conditions of the Capital Group’s operations, • Constant cooperation with renowned legal and tax advisors. Macroeconomic risks Risk Method of risk management and competitive advantages of Echo Investment The risk of adverse changes in the real estate market • Cyclical nature of the real estate market, • Risk of withholding external financing. • Early leasing of the commercial projects and its fast sale after completion, • A financial potential that makes it possible to keep completed retail properties on your own balance sheet if they cannot be sold, • Sales a large part of flats in a given project at the construction stage, which pro - vides information about the demand on the market early and allows us to respond appropriately to less advanced projects (accelerate, delay, change the size and quality of apartments), • Constant maintenance of a high level of cash and available credit limits, • Implementation of residential projects from payments made by clients, without external financing, • Adjusting the pace and schedule of project implementation to market conditions, • Projects are carried out in stages.
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75 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Macroeconomic risks Risk Method of risk management and competitive advantages of Echo Investment The risk of adverse changes in business climate indicators • Poorer economic growth, • Increase of unemployment, • Decrease of consumption, • Increase of inflation. • Designing projects tailored to financial capabilities and the demand on local markets, • Flexible response to changes in demand by e.g. changing the size or quality of apartments under construction, delay or slowdown of the construction pace, • Constant analysis of the behaviour and needs of consumers and clients. IT risks Risk Method of risk management and competitive advantages of Echo Investment Cybersecurity • Risk related to unauthorized access to data from inside and outside the organization that may result in leakage of confidential data. • Functioning internal IT security standards, • Requirement of IT solution providers to meet ECHO security standards, • A functioning security system that includes continuous monitoring and detection of threats to IT systems and infrastructure, • Conducting periodic internal information campaigns in the field of cybersecurity and cyclical testing in the field of IT infrastructure and application security.
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76 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Condensed interim consolidated financial statements of Echo Investment Group as of and for the period ended 30 June 2025
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77 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Condensed interim consolidated profit and loss account [PLN ‘000] Note 1.01.2025 - 30.06.2025 (unaudited) 1.01.2024 - 30.06.2024 (unaudited) 1.04.2025 - 30.06.2025 (unaudited) 1.04.2024 - 30.06.2024 (unaudited) Sales revenues 1 464 929 489 014 370 321 130 067 Cost of sales (302 614) (325 499) (240 707) (91 844) Gross sales profit 162 315 163 515 129 614 38 223 Profit (loss) on investment properties 2 (149 514) (25 303) (115 395) 8 851 Administrative costs associated with project implementation (39 208) (40 079) (23 477) (23 733) Selling expenses (49 183) (33 274) (24 115) (18 580) General and administrative expenses (38 483) (48 036) (17 964) (21 121) Other operating income 12 401 20 065 8 610 6 240 Other operating expenses (19 474) (12 654) (12 786) (9 029) Operating profit (loss) (121 146) 24 234 (55 513) (19 149) Financial income 3 17 339 31 117 6 864 20 308 Financial expenses 4 (104 378) (106 663) (44 845) (56 898) Profit on derivatives (1 631) 327 (1 631) - Foreign exchange profit 3 569 10 190 (15 134) (1 573) Share of profits of undertakings accounted for using the equity method 11 (854) 86 888 2 344 68 806 Profit (loss) before tax (207 101) 46 093 (107 915) 11 494 Income tax 6 7 761 (17 634) 2 385 (11 612) - current tax (18 047) (71 340) (10 261) (41 764) - deferred tax 5 25 808 53 706 12 646 30 152 Net profit (loss), including: (199 340) 28 459 (105 530) (118) Profit (loss) attributable to equity holders of the parent company (199 056) 15 207 (113 614) 1 907 Profit of non-controlling intrest (284) 13 252 8 084 (2 025) Profit (loss) attributable to equity holders of the parent company (199 056) 15 207 (113 614) 1 907 Weighted average number of ordinary shares (‘000) without shares held 412 691 412 691 412 691 412 691 Profit (loss) per one ordinary share (PLN) (0,48) 0,04 (0,28) 0,00 Diluted profit (loss) per one ordinary share (PLN) (0,48) 0,04 (0,28) 0,00
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78 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Condensed interim consolidated statement of financial position [PLN ‘000] Note As at 30.06.2025 unaudited As at 31.12.2024 Assets Non-current assets Intangible assets 88 651 81 579 Property, plant and equipment 10 97 485 74 497 Investment property 7 676 522 1 493 493 Investment property under construction 8 420 375 519 218 Investment in associates and joint ventures 11 873 972 876 309 Long-term financial assets 12 532 496 483 780 Lease receivables 4 629 5 070 Other assets 639 167 Deferred tax asset 5 188 924 151 928 Lands for development 83 858 83 930 2 967 551 3 769 971 Current assets Inventory 13 2 840 563 2 161 728 Current tax assets 5 522 21 437 Other taxes receivable 14 80 526 81 738 Trade and other receivables 14 159 542 252 221 Short-term financial assets 12 29 184 1 674 Other financial assets * 15 114 533 117 912 Cash and cash equivalents 15 291 448 366 205 3 521 318 3 002 915 Fixed assets (disposal group) held for sale 9 585 933 - 4 107 251 3 002 915 Total assets 7 074 802 6 772 886
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79 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Condensed interim consolidated statement of financial position [PLN ‘000] Note As at 30.06.2025 unaudited As at 31.12.2024 Equity and liabilities Equity Share capital 20 635 20 635 Supplementary capital 1 255 508 1 057 735 Retained earnings 199 985 596 814 Foreign exchange adjustments from conversion of foreign undertakings (1 056) 300 Equity attributable to equidity holders of the parent company 1 475 072 1 675 484 Non-controlling interest 306 645 336 698 1 781 717 2 012 182 Long-term liabilities Loans, borrowings and bonds 16 1 993 994 2 268 961 Loans, borrowings and bonds financing properties held for sale 16 254 158 - Derivative financial instruments - 554 Long-term provisions 18 11 333 8 304 Deferred income tax provision 5 174 579 163 377 Lease liabilities 17,19 156 950 171 610 Other liabilities 19 82 858 85 736 2 673 872 2 698 542 Short-term liabilities Loans, borrowings and bonds 16 586 997 714 387 Loans, borrowings and bonds financing properties held for sale 16 89 182 - Derivative financial instruments 511 - Income tax liabilities 5 584 11 985 Other taxes liabilities 19 52 850 65 676 Trade liabilities 19 207 557 158 121 Dividend liabilities 19 29 769 - Lease liabilities 17,19 92 974 90 428 Short-term provisions 18 22 499 28 327 Other liabilities 19 188 836 152 975 Liabilities from contracts with clients 1 1 332 087 840 263 2 608 846 2 062 162 Liabilities directly associated with assets held for sale 9 10 367 - 2 619 213 2 062 162 Total equity and liabilities 7 074 802 6 772 886
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80 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Condensed interim Consolidated statement of comprehensive income [PLN ‘000] 1.01.2025 - 30.06.2025 (unaudited) 1.01.2024 - 30.06.2024 (unaudited) 1.04.2025 - 30.06.2025 (unaudited) 1.04.2024 - 30.06.2024 (unaudited) Profit (loss) for the current financial year (199 340) 28 459 (105 530) (118) Components of other comprehensive income that may be reclassified to profit or loss in later periods '- foreign exchange adjustments on conversion of foreign undertakings (1 356) (35) 1 570 108 Other comprehensive net income (1 356) (35) 1 570 108 Total income for the period, including: (200 696) 28 424 (103 960) (10) Comprehensive income attributable to equdity holders of the parent company (200 412) 15 172 (112 044) 2 015 Total comprehensive income attributable to non-controlling interest (284) 13 252 8 084 (2 025)
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81 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Condensed interim statement of changes in consolidated equity [PLN ‘000] Share capital Supplemen- tary capital Accumula- ted retained earnings Exchange adjustments from conver- sion Equity attributable to equity holders of the parent Non-contro- llng share Total equity For the period 1.01.2025 - 30.06.2025 Opening balance 20 635 1 057 735 596 814 300 1 675 484 336 698 2 012 182 Net profit (loss) for the period - - (199 056) - (199 056) (284) (199 340) Other comprehensive income - - - (1 356) (1 356) - (1 356) Total net income for the period - - (199 056) (1 356) (200 412) (284) (200 696) Dividend approved for payment - - - - - (29 769) (29 769) Transactions with owners - - - - - (29 769) (29 769) Distribution of previous years' profit/loss - 197 773 (197 773) - - - - Closing balance 20 635 1 255 508 199 985 (1 056) 1 475 072 306 645 1 781 717 For the period 1.01.2022 - 31.12.2022 Opening balance 20 635 1 057 378 611 346 694 1 690 053 338 036 2 028 089 Net profit (loss) for the period - - 15 207 - 15 207 13 252 28 459 Other comprehensive income - - - (35) (35) - (35) Total net income for the period - - 15 207 (35) 15 172 13 252 28 424 Dividend approved for payment - - - - - (9 720) (9 720) Transactions with owners - - - - - (9 720) (9 720) Distribution of previous years' profit/loss - 357 (357) - - - - Closing balance 20 635 1 057 735 626 196 659 1 705 225 341 568 2 046 793
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82 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Condensed interim standalone cash flows statement [PLN ‘000] ↕ 1.01.2025 - 30.06.2025 (unaudited) 1.01.2024 - 30.06.2024 (unaudited) A. Operating cash flow – indirect method I. Profit (loss) before tax (207 101) 46 093 II. Total adjustments Share in net (profits) of undertakings accounted for using the equity method 854 (86 888) Depreciation of fixed assets and intangible assets 8 793 7 098 Foreign exchange (gains) losses 1 035 (9 882) Interest and share in profits (dividends) 73 514 89 904 Profit (loss) on investment properties 149 514 25 303 Loss on investing activities 633 3 188 Change in provisions (4 122) (7 327) (Profit) loss on realization of financial instruments 357 (1 259) 230 578 20 137 III. Changes in working capital Change in inventories (486 937) (402 870) Change in amounts receivable 124 964 (129 369) Change in short-term liabilities, except for loans and borrowings 454 113 140 592 Change in other financial assets 3 378 (17 282) 95 518 (408 929) IV. Net cash generated from operating activities (I+/-II+/-III) 118 995 (342 699) Income tax paid (8 553) (63 583) V. Net cash flow from operating activities 110 442 (406 282) B. Cash flow from investing activities I. Inflows Disposal of intangible assets and tangible fixed assets 146 47 Disposal of investments in properties 153 157 10 283 Refund of borrowings granted, including interest 218 6 893 Lease interest 204 110 Repayment of lease receivables 272 299 Disposal of investments - 5 153 997 17 637 II. Outflow Purchase of intangible assets and tangible fixed assets (2 803) (10 366) Investments in properties (97 091) (79 471) Borrowings granted (37 230) (152 386) Due to the acquisition of subsidiaries, less cash and cash equivalents in the acquired undertakings (446) - Capital increase in joint ventures - (14 222) (137 570) (256 445) III. Net cash flow from investing activities (I+II) 16 427 (238 808)
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83 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Condensed interim standalone cash flows statement [PLN ‘000] ↕ 1.01.2025 - 30.06.2025 (unaudited) 1.01.2024 - 30.06.2024 (unaudited) C. Cash flow from financing activities I. Wpływy Loans and borrowings 144 258 126 698 Issue of debt securities 119 040 656 648 263 298 783 346 II. Outflows Dividends and other payments to owners - (6 987) Repayment of loans and borrowings (192 606) (60 919) Redemption of debt securities (111 814) (239 753) Payments of lease liabilities (33 185) (27 048) Interest paid (127 319) (93 558) Expenditures related to the issue of Archicom S.A. shares carried out in the previous year - (880) (464 924) (429 145) III. Net cash flow from financing activities (I+III) (201 626) 354 201 D. Total net cash flows (A.V +/- B.III +/- C.III) (74 757) (290 889) E. Change in cash in the consolidated statement of financial position (74 757) (290 889) F. Cash and cash equivalents at the beginning of the period 366 205 813 836 G. Cash and cash equivalents at the end of the period (D+F) 291 448 522 947
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84 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Explanatory note
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85 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 NOTA 1 Revenues [PLN ‘000] 1.01.2025- 30.06.2025 1.01.2024- 30.06.2024 Sales 313 649 333 392 Lease 21 139 Apartments 313 670 333 531 Lease 60 715 54 345 Fit-out services 6 128 21 479 Offices 66 843 75 824 Lease 39 198 37 858 Development services 295 303 Centers 39 493 38 161 Sales of services 17 128 19 569 Resi4Rent 17 128 19 569 Sales of services 22 278 1 StudentSpace 22 278 1 Sales 1 136 471 Lease 635 2 884 Services 3 746 18 573 Other 5 517 21 928 Sales revenues by title [PLN ‘000] 1.01.2025- 30.06.2025 1.01.2024- 30.06.2024 Revenues from contracts with clients Sales of residential space (Segment: Apartments) 313 649 333 392 Sales of services to Resi4Rent (Segment: Apartments for rent) 17 128 19 569 Development services in office buildings (Segment: Commercial properties) 6 128 21 479 Development services in shopping and entertainment centers (Segment: Commercial properties) 295 303 Other sales (Segment: Commercial properties) 4 882 19 044 Sales of services to StudentSpace (Segment: StudentSpace) 22 278 1 Revenues from contracts with clients 364 360 393 788 Revenues from rental/lease (IFRS 16) Lease of residential space (Segment: Apartments) 21 139 Lease of space in ofice buildings (Segment: Commercial properties) 60 715 54 345 Lease of space in shopping and entertainment centers (Segment: Commercial properties) 39 198 37 858 Lease of other space (Segment: Commercial properties) 635 2 884 Lease / rental income (IFRS 16) 100 569 95 226 Revenues total 464 929 489 014
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86 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Revenues to be recognized in the future, resulting from sales contracts on residential space as at 30 June 2025 [PLN ‘000] Projects Expected completion of the construction Targeted total value of the project Total revenue to be reco- gnized in the future related to contractual performance obligations concluded Advances received/ Liabilities from con- tracts with clients * Deposits on apartments/ Liabilities from con- tracts with clients ** Residential projects Boho, Łódź completed 107 643 2 931 592 860 Fuzja I, Łódź completed 108 894 20 14 - Fuzja II, Łódź completed 101 964 17 11 - Fuzja Lofty I, Łódź completed 73 423 55 361 11 049 4 771 Nowa Dzielnica, Łódź completed 30 434 1 950 - - Osiedle Enter III, Poznań completed 65 559 214 33 3 Empark I, Warszawa III Q 2025 593 074 593 074 315 817 13 315 Fuzja Lofty II, Łódź IV Q 2025 97 821 97 821 13 168 3 139 Wita Stwosza, Kraków IV Q 2025 165 850 165 850 82 369 2 136 Awipolis Etap 2, Wrocław completed 79 986 4 4 - Browary Wrocławskie BP1-2, Wrocław completed 63 591 356 356 - Browary Wrocławskie BA1,BL3, Wrocław completed 105 580 360 360 - Browary Wrocławskie BA2-3, Wrocław completed 183 484 1 528 1 528 - Browary Wrocławskie BL1-2, BP3-4 Wrocław completed 164 718 822 822 - Browary Wrocławskie BP5-6, Wrocław completed 109 107 140 140 - Olimpia Port M1-4, Wrocław completed 71 923 202 202 - Olimpia Port M21,M22,M23, Wrocław completed 72 638 78 78 - Olimpia Port M37,M39, Wrocław completed 81 871 7 7 - Olimpia Port S16a, S16b, S17, Wrocław completed 54 184 8 8 - River Point 4, Wrocław completed 123 471 227 227 - Bonarka Living II C, Kraków completed 103 682 107 107 - Bonarka Living II D, Kraków completed 88 095 48 48 - Zenit I, Łódź completed 65 720 27 27 - River Point 6 , Wrocław completed 104 134 96 17 79 Wieża Jeżyce I, Poznań completed 111 171 2 625 2 625 - Sady nad Zieloną 2 A1, C, Wrocław completed 56 552 330 330 - Awipolis etap 4, Wrocław II Q 2025 108 220 108 220 - 11 383 Awipolis etap 4a, Wrocław II Q 2025 36 410 36 410 4 071 3 576 Zenit II, Łódź II Q 2025 52 461 52 461 721 1 417 Zenit III, Łódź III Q 2025 65 410 65 410 29 497 1 021 Modern Mokotów VI, Warszawa III Q 2025 277 457 277 457 72 870 153 Sady nad Zieloną 2B, Wrocław III Q 2025 73 422 73 422 60 224 783 Planty Racławickie R10, Wrocław IV Q 2025 70 424 70 424 48 207 95 Dąbrowskiego D3, Kraków IV Q 2025 26 689 26 689 14 605 254 Zenit IV, Łódź IV Q 2025 75 875 75 875 11 323 976 Flow (Fab - Gh) I, Łódź IV Q 2025 86 692 86 692 48 515 583 Wieża Jeżyce II, Poznań IV Q 2025 165 714 165 714 82 056 3 194 Flare Apartamenty Grzybowska, Warszawa I Q2026 179 563 179 563 19 831 - Południk 17 K1 , Wrocław II Q 2026 187 338 187 338 26 914 1 794 Południk 17 K2 , Wrocław II Q 2026 123 499 123 499 16 686 1 082 Wieża Jeżyce V, Poznań II Q 2026 154 107 154 107 39 846 1 117 Flow (Fab - Gh) II, Łódź III Q 2026 178 504 178 504 36 389 414 Apartamenty M7, Warszawa III Q 2026 511 835 511 835 73 944 2 371 Wieża Jeżyce VI, Poznań III Q 2026 164 386 164 386 26 158 1 701 P. Skargi, Katowice IV Q 2026 188 072 188 072 16 308 498
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87 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Revenues to be recognized in the future, resulting from sales contracts on residential space as at 30 June 2025 [PLN ‘000] Projects Expected completion of the construction Targeted total value of the project Total revenue to be reco- gnized in the future related to contractual performance obligations concluded Advances received/ Liabilities from con- tracts with clients * Deposits on apartments/ Liabilities from con- tracts with clients ** Apartamenty Esencja II, Poznań IV Q 2026 92 217 92 217 3 930 - 29 listopada I, Kraków IV Q2026 204 021 204 021 1 437 113 Modern Mokotów III, Warszawa IV Q 2026 288 655 288 655 18 477 1 168 Duża Góra, Kraków IV Q 2026 56 550 56 550 - 230 Przystań Reymonta WR1-3, Wrocław IV Q 2026 275 847 275 847 35 189 2 312 Przystań Reymonta WR2, Wrocław IV Q 2026 129 822 129 822 15 719 - Stacja Wola III, Warszawa II Q 2027 242 109 242 109 23 692 1 317 Powstańców 7D, Wrocław III Q 2027 221 717 221 717 27 687 1 144 Gwarna, Wrocław III Q 2027 68 676 68 676 16 600 1 093 Total Residential Projects 7 290 261 5 229 895 1 200 835 64 092 Other projects Other 67 160 67 160 67 097 63 Total other projects 67 160 67 160 67 097 63 Total residential projects and other projects 7 357 421 5 297 055 1 267 932 64 155 * Advances released from escrow accounts (for residential projects) ** Advances remaining (gross) to be released from escrow accounts (relating to residential projects)
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88 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 NOTA 2 Net profit (loss) on investment properties [PLN ‘000] 1.01.2025 - 30.06.2025 1.01.2024- 30.06.2024 Profit (loss) from sale of investment properties, including: (12 819) (5 577) - costs of securing rental income (master lease) (8 731) (6 534) Revaluation of properties (profit/loss on fair value measurement), including: (136 695) (19 726) - settlement of rental income over time (3 221) (2 664) - changes in the valuation of investment properties (Note 7) (121 567) (3 320) - changes in the valuation of investment properties under construction (Note 8) (11 907) (279) - changes in the valuation of assets held for sale (Note 9) - (13 462) Net profit (loss) on investment properties (149 514) (25 303) In I half 2025, the Group sold the City 2 office building in Wrocław. The transaction is described in Note 23. The item of profit (loss) on sale of investment properties presents, among others, the cost of securing rental income (master lease), which mainly relates to the projects West4 Business Hub I and Midpoint in Wrocław, Fuzja Office in Łódź and Face2Face in Katowice. Due to the fulfillment of the conditions for valuation specified in the accounting policy in I half 2025, the Group carried out the first valuation of the properties Wita Stwosza in Kraków. The item of the revaluation of properties mainly presents valuations of office projects Brain Park I and II in Kraków, Fuzja in Łódź and Libero shopping center in Katowice. Due to the Group Management Board's decision to sell the Brain Park II office project in Kraków and the Libero shopping center in Katowice in Q2 2025, a valuation was prepared which, in the opinion of the Group Management Board, reflects the price that can be reached in the current market. The change in the valuation for Brain Park II amounted to PLN (-) 23,017 thous., while for Libero it amounted to PLN (-) 66 248 thous. The value of Brain Park I was also adjusted, with the change in the valuation amounted to PLN (-) 16 793 thous. Financial income [PLN ‘000] 1.01.2025 - 30.06.2025 01.01.2024- 30.06.2024 Income from borrowings interest with amortized cost 14 529 14 879 Income from valuation of acquired debt portfolios 1 721 6 552 Income from derivatives - 6 120 Income from interest 1 088 3 451 Other financial income 2 115 Total financial income 17 339 31 117 NOTA 3
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89 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 In accordance with IAS 23, the Group activates the part of financial costs that are directly related to the acquisition and production of assets. In the case of general financing, the financing costs subject to capitalisation are determined using the weighted average of all external financing costs in relation to the incurred outlays for a given asset. The capitalized amount of external financing costs totaled PLN 27 ,515 thous. in I half 2025 according to an annual yield of 10.12% (including: for inventories: PLN 25,505 thous., for investment properties under construction: PLN 2,010 thous). In IH 2024, it was PLN 14,636 thous. at an annual yield of 8.06% (including: for inventories: PLN 12,197 thous., for investment properties under construction: PLN 2,439 thous.). The profit share costs item presents dissolved reserve that relate to the Libero shopping center in Katowice. NOTA 4 Financial costs [PLN ‘000] 1.01.2025 - 30.06.2025 01.01.2024- 30.06.2024 Interest expense from bonds with amortized cost (71 790) (82 853) Interest expense from credit with amortized cost (33 380) (19 917) Profit share costs 10 482 3 672 Costs due to interest of leasing (6 677) (5 218) Discount cost (1 762) (2 147) Cost due to derivatives (1 197) - Other financial costs (55) (201) Total Financial costs (104 378) (106 663)
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90 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 NOTA 5 Change in deferred income tax assets (+) and deferred tax provisions (-) [PLN ‘000] ↕ 1.01.2025 - 30.06.2025 1.01.2024- 31.12.2024 Deferred tax at the beginning of the period measurement of financial instruments - (2 712) valuation of investment property (51 541) (49 666) - shares in joint ventures * (66 433) (44 506) tax loss 50 654 54 600 liabilities due to loans and bonds (measurement, FX differences, etc.) (4 512) (1 499) liabilities due to borrowings (measurement, FX differences, etc.) 27 333 21 198 - loans receivable (interest, valuation, exchange rate differences, etc.) (49 477) (40 056) liabilities related to investment projects (master lease) 1 874 2 306 activated costs on projects during construction 41 691 30 130 - costs due to created reserves 27 817 28 606 IFRS 16 2 347 4 385 - difference between the book value and tax value of inventory 35 023 112 077 - difference between the book value and tax value of prepayments for premises (10 936) (145 598) -Difference between the book value and tax value of the other assets (12 988) (12 864) - Liabilities and provisions for employee benefits 844 1 783 other (3 146) 651 (11 450) (41 164) Change in the period measurement of financial instruments - 2 712 valuation of investment property 30 507 (1 876) - shares in joint ventures * 750 (21 927) tax loss 11 622 (3 946) liabilities due to loans and bonds (measurement, FX differences, etc.) (211) (3 014) liabilities due to borrowings (measurement, FX differences, etc.) 7 207 6 135 - loans receivable (interest, valuation, exchange rate differences, etc.) (11 616) (9 421) liabilities related to investment projects (master lease) 1 533 (432) activated costs on projects during construction (4 915) 11 561 - costs due to created reserves 5 162 (789) IFRS 16 (2 645) (2 038) - difference between the book value and tax value of inventory 5 668 (77 056) - difference between the book value and tax value of prepayments for premises (17 872) 134 662 -Difference between the book value and tax value of the other assets 1 523 (124) - Liabilities and provisions for employee benefits 137 (939) other (1 054) (3 797) 25 794 29 711 Total deferred income tax at the end of the period measurement of financial instruments - - valuation of investment property (21 034) (51 541) - shares in joint ventures * (65 683) (66 433) tax loss 62 276 50 654 liabilities due to loans and bonds (measurement, FX differences, etc.) (4 724) (4 512) liabilities due to borrowings (measurement, FX differences, etc.) 34 540 27 333 - loans receivable (interest, valuation, exchange rate differences, etc.) (61 093) (49 477) liabilities related to investment projects (master lease) 3 408 1 874 activated costs on projects during construction 36 776 41 691
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91 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Change in deferred income tax assets (+) and deferred tax provisions (-) [PLN ‘000] ↕ 1.01.2025 - 30.06.2025 1.01.2024- 31.12.2024 - costs due to created reserves 32 979 27 817 IFRS 16 (298) 2 347 - difference between the book value and tax value of inventory 40 691 35 021 - difference between the book value and tax value of prepayments for premises (28 808) (10 936) -difference between the book value and tax value of the other assets (11 466) (12 987) - liabilities and provisions for employee benefits 981 844 other (4 200) (3 146) 14 344 (11 451) including: Deferred tax assets 188 924 151 928 change during the year 36 996 38 934 Deferred tax provision 174 579 163 377 change during the year 11 201 9 223 * Estimated tax burden related to expected changes in the Group's structure resulting from the difference between the tax and balance sheet value of interests in joint ventures.
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92 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 NOTA 6 Income tax - effective tax rate [PLN ‘000] 1.01.2025 - 30.06.2025 01.01.2024- 30.06.2024 1. Profit (loss) before tax (gross profit) (207 101) 46 095 2. Income tax calculated according to national rates (39 349) 8 758 3. Differences: Tax effect of non-taxable income (2 160) (6 433) Tax effect of income from change in provisions and non-taxable liabilities (2 968) 171 Allowances for expected credit losses - release of receivables - (278) Tax effect of permanently non-deductible expenses 9 708 5 224 Tax effect of permanently non-deductible finance costs 394 1 401 Financial services over ebidta limit 17 171 9 330 Utilization of previously unrecognized tax losses - (568) Tax losses for which deferred income tax was not recognized 2 341 2 929 Income tax from previous years (16) 740 Tax losses from previous years for which deferred income tax was recognized 494 (3 668) Effect of tax rate change (278) 29 Unrecognized deferred tax asset on other titles 6 902 - Differences total 31 588 8 876 Charge on the financial result due to income tax, including (7 761) 17 634 - current tax (18 047) (71 340) - deferred tax 25 808 53 706
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93 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 NOTA 7 Changes in investment properties [PLN ‘000] Offices Shopping centers Lands Right-of-use asset Total Balance at 1.01.2024 438 328 573 519 12 536 120 073 1 144 456 - purchase 124 805 - - 46 192 170 997 - expenditures on investments 38 589 3 016 - 61 41 666 - revaluation of property - profit/loss on fair value measurement (Note 3) 25 466 15 977 596 (21 736) 20 302 - transfer to assets held for sale (128 662) - - - (128 662) - transfer from investment properties under construction 111 738 6 441 - 2 429 120 608 - transfer from assets held for sale 131 069 - - - 131 069 - transfer from lease receivables - - - (6 942) (6 942) Balance at 31.12.2024 741 333 598 952 13 132 140 076 1 493 493 - purchase - - - 2 358 2 358 - expenditures on investments 3 324 2 521 - - 5 844 - revaluation of property - profit/loss on fair value measurement (Note 3) (43 023) (65 637) - (12 907) (121 567) - transfer to assets held for sale (109 033) (471 008) - (5 892) (585 933) - transfer from investment properties under construction - 10 468 - - 10 468 - sales (128 142) - - - (128 142) Balance at 30.06.2025 464 458 75 295 13 132 123 635 676 522 The Group measures investment properties at fair value at the end of each reporting period. Valuations of investment properties were performed by the internal analysis department with the exception of a property valued by an external valuer in the amount of PLN 12,687 thous. The property value as of 30 June 2025 consists mainly of the following properties: the Brain Park I office building in Cracow, Fuzja E in Łódź. At the same time, the value of investment properties includes the value of perpetual usufruct rights to land, which as of 30 June 2025 is PLN 123,635 thous. (as of 31 December 2024 is PLN 140,076 thous.). Due to its intention to sell within 12 months, the Group reduced its investment property state, transferring the Brain Park II office building in Kraków, valued at PLN 109 ,033 thousand, the value of perpetual usufruct rights to land 2,697 thousand and the shopping center Libero in Katowice, valued at PLN 471 008 thousand, the value of perpetual usufruct rights to land 3 195 thousand to the item of assets held for sale. In the fair value hierarchy for investment properties, the Group assigned level 3, except for two investment properties assigned to level 2 in the amount of PLN 12,687 thous. For details, see Section 2.3 "Material estimates and judgments of the Management Board of the Group".
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94 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 NOTA 8 Changes in investment properties under construction [PLN ‘000] Offices Centers Land Right-of-use asset Total Balance at 1.01.2024 518 803 50 834 - 13 869 583 506 - purchase - - - 4 739 4 739 - expenditures on investments 68 703 14 114 - - 82 817 - transfer to inventories (19 619) - - (404) (20 023) - transfer to investment properties (111 738) (6 441) - (2 429) (120 608) - sale (9 040) - - (2 837) (11 877) - changes in property valuation - profit/loss on fair value measure - ment (Note 3) 919 (254) - - 665 Balance at 31.12.2024 448 028 58 253 - 12 938 519 218 - purchase - - - 2 470 2 470 - expenditures on investments 64 368 26 030 - - 90 398 - transfer to inventories (142 670) - - (6 698) (149 368) - transfer to investment properties - (10 468) - - (10 468) - transfer to fixed assets - (19 967) - - (19 967) - changes in property valuation - profit/loss on fair value measure - ment (Note 3) (12 266) 44 - 314 (11 908) Balance at 30.06.2025 357 460 53 892 - 9 024 420 375 The Group measures investment properties under construction that meet the criteria to be measured at fair value, in accordance with the Group's accounting policy, at fair value at the end of each reporting period. The valuations of investment properties under construction were performed by the internal analysis department. The expenditures on investments under construction mainly concerned investment projects located in Kraków, Łódź and Wrocław. The Group first updated the fair value of the Wita Stwosza in Kraków in the amount of PLN 243 thous. As of 30 June 2025, the Group presented investment properties under construction with a total value of PLN 420,375 thous. The closing balance of the reporting period consisted primarily of the Swobodna I office building in Wrocław, Wita Stwosza in Kraków and project in the pipeline Fuzja I_01 in Łódź. The value of investment properties under construction included the right of perpetual usufruct of land in the amount of PLN 9 ,024 thous. (31 December 2024 in the amount of PLN 12,938 thous.). In the fair value hierarchy for investment properties under construction, the Group has assigned Level 3. Details are presented in Section 2.3 “ Material estimates and judgments of the Management Board of the Group”.
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95 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 NOTA 9 Change in assets held for sale [PLN ‘000] Offices Centers Land Right-of-use asset Total Balance at 1.01.2024 148 839 - - - 148 839 - revaluation of property - profit/loss on fair value measurement (Note 3) (18 685) - - - (18 685) - transfer from investment properties 128 662 - - - 128 662 - expenditures on investments 996 - - - 996 - transfer to investment properties (131 069) - - - (131 069) - sale (128 743) - - - (128 743) Balance at 31.12.2024 - - - - - - transfer from investment properties 109 033 471 008 - 5 892 585 933 Balance at 30.06.2025 109 033 471 008 5 892 585 933 The Group measures investment properties that are assets held for sale at fair value at the end of each reporting period. The valuations of assets held for sale were performed by the internal analysis department. Due to the intention to sell within 12 months, the Group increased the state of assets held for sale by transferring the Brain Park II office building in Kraków, valued at PLN 109 ,033 thousand, the value of perpetual usufruct rights to land 2,697 thousand and the shopping center in Katowice, valued at PLN 471,008 thousand, the value of perpetual usufruct rights to land 3 195 thousand, to the item of assets held for sale. As of 30 June 2025, the Group presented assets held for sale with a total value of PLN 585,933 thous. The closing balance of the reporting period consisted of the Brain Park II office building in Kraków and shopping center Libero in Katowice. In the fair value hierarchy for investment properties classified as held for sale, the Group assigned level 3. Details are presented in section 2.3 "Significant estimates and judgements of the Group's Management Board. The item ‘liabilities associated to assets held for sale’ of the consolidated statement of financial position, presents liabilities related to following properties: Brain II in Kraków and Libero in Katowice. Liabilities associated to assets held for sale 30.06.2025 31.12.2024 Received deposits (Note 19) 4 380 - Derivatives (Note 19) 233 - Leasing (Note 19) 5 514 - Other (Note 19) 240 - Total 10 367 -
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96 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 NOTA 10 Changes in property, plant and equipment (by respective groups) [PLN ‘000] 1.01.2025 - 30.06.2025 Own land Buildin- gs and structu- res Technical equipment and ma- chines Means of transport Other and PP&E in pro- gress Right-of- -use asset Total PP&E Gross value of PP&E at the beginning of the period 107 9 786 7 764 1 760 21 494 82 856 123 767 - purchases - 42 26 - 1 380 - 1 448 - from leases (IFRS 16) - - - - - 9 320 9 320 - sales - - (8) - (65) (121) (194) - liquidation - - (116) (237) (150) (1 820) (2 323) - other 372 19 594 - - - - 19 966 Gross PP&E at the end of the period 479 29 422 7 666 1 522 22 660 90 235 151 984 Accumulated amortization at the beginning of the period (1) 1 980 (5 406) (1 032) (12 130) (32 680) (49 270) - amortization (1) (2 047) (316) (3) (724) - (3 091) - liquidation - - 15 1 227 - 632 1 874 - from leases (IFRS 16) - amortization - - - - - (4 146) (4 146) - correction due to sales - - 4 - 65 66 134 Accumulated amortization at the end of the period (2) (67) (5 704) 191 (12 789) (36 128) (54 499) Net value of PP&E at the end of the period 477 29 354 1 962 1 713 9 871 54 107 97 485 1.01.2024 - 31.12.2024 Own land Buildin- gs and structu- res Technical equipment and ma- chines Means of transport Other and PP&E in pro- gress Right-of- -use asset Total PP&E Gross value of PP&E at the beginning of the period 200 6 915 6 047 2 118 16 902 64 384 96 566 - purchases 7 5 177 1 788 36 5 851 - 12 859 - from leases (IFRS 16) - - - - - 23 002 23 002 - sales (100) (697) (30) (363) (793) - (1 984) - liquidation - (1 609) (41) (32) (465) (4 530) (6 676) Gross PP&E at the end of the period 107 9 786 7 764 1 760 21 494 82 856 123 767 Accumulated amortization at the beginning of the period (13) 2 435 (5 027) (1 343) (11 273) (24 857) (40 077) - amortization (1) (1 292) (461) (35) (1 863) - (3 652) - liquidation - 641 62 - 337 2 068 3 108 - from leases (IFRS 16) - amortization - - - - - (9 891) (9 891) - correction due to sales 13 195 19 345 669 - 1 242 Accumulated amortization at the end of the period (1) 1 980 (5 406) (1 032) (12 130) (32 680) (49 270) Net value of PP&E at the end of the period 106 11 766 2 357 727 9 365 50 176 74 497
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97 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 NOTA 11 Investments in associates and joint ventures accounted for using the equity method [PLN ‘000] Rosehill Investments Sp. z o.o., Berea Sp. z o.o. (Galeria Młociny) Projekt Towarowa 22 Sp. z o.o. (Towarowa 22) R4R Poland Sp. z o.o. (Resi4Rent) SGE JV co S. a r. l. (Stu- dentSpace) Projekt Browarna sp. z o.o. (prev. name Archicom Wrocław 2 sp. z o.o.) Razem Balance as of 1 January 2024 281 303 101 351 259 814 - - 642 468 - increase in capitals - - - 48 - 48 - disclosure due to disposal of shares - - - - 6 6 - increase in capitals - - - 100 045 - 100 045 - Echo Group's share of the joint venture's net profit/loss (4 086) 40 187 71 173 18 493 (650) 125 116 - exchange differences due to conversion - - - (219) - (219) Total cumulative unrecognized shares of the joint ventu - re's loss - - - - 5 247 5 247 - elimination of transactions between the undertaking and the Group (revenues, costs, sales profits) - 815 7 432 38 (4 602) 3 683 - other - - - (84) - (84) Balance as of 31 December 2024 277 217 142 353 338 418 118 321 - 876 309 - Echo Group's share of the joint venture's net profit/loss (5 013) 4 400 (2 846) 2 606 (288) (1 140) - exchange differences due to conversion - - - (1 220) - (1 220) Total cumulative unrecognized shares of the joint ventu - re's loss - - - - 2 117 2 117 - elimination of transactions between the undertaking and the Group (revenues, costs, sales profits) - - (262) - (1 829) (2 091) Balance as of 30 June 2025 - - - - - - Stan na 30.06.2025 272 204 146 753 335 308 119 708 - 873 972 The value of investments in joint ventures accounted for using the equity method is presented in the table below:
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98 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Rosehill Investments Sp. z o.o., Berea Sp. z o.o. (Galeria Młociny) Projekt Towarowa 22 Sp. z o.o. (Towarowa 22) R4R Poland Sp. z o.o. (Resi4Rent) SGE JV co S. a r. l. (Stu- dentSpace) Projekt Browarna sp. z o.o. (prev. name Archicom Wrocław 2 sp. z o.o.) Razem Total comprehensive income 834 195 492 533 1 137 165 398 898 (1 696) 2 861 095 Echo Group's % share 30% 30% 30% 30% 55% Echo Group's share of net assets 250 258 147 760 341 149 119 669 (933) 857 904 Goodwill after impairment loss 21 946 - - - - 21 946 Elimination of transactions between the undertaking and the Group (revenues, costs, sales profits) and other adjustments - (1 006) (5 840) 38 933 (5 876) Echo Group's share of net assets = the carrying value of the investment valued using the equity method 272 204 146 753 335 309 119 708 - 873 975 Borrowings granted - 34 452 335 175 - 110 662 480 289 Echo Group's total involvement in joint ventures as of 31 December 2024 272 204 181 205 670 484 119 708 110 662 1 354 264 Rosehill Investments Sp. z o.o., Berea Sp. z o.o. (Galeria Młociny) On 31 May 2017 , the Echo Group together with the EPP Group concluded a purchase agreement concerning a property located in Warszawa at ul. Zgrupowania AK „Kampinos”. Under the concluded transaction the companies purchased shares in Rosehill Investments Sp. z o.o., which is the owner of Galeria Młociny project by way of holding 100 percent shares in Berea Sp. z o.o. The property value was established as EUR 104.5 mln. As at the day of the acquisition and the balance date i.e. on 30 June 2025 the Echo Group held 30 percent shares in the project company being the owner of the property and the remaining 70 percent was held by the EPP Group. The share of the Group in Berea Sp. z o.o. presented in the financial report is estimated according to the equity method. Pursuant to the articles of association, all strategic financial and operational decisions (including in particular: purchase of a significant asset, conclusion of a lease agreement, etc.) require the unanimous consent of both shareholders. In 2022, the Echo Group together with the EPP N.V. made a proportional capital increase in Rosehill Investments Sp z o.o. in the total amount of EUR 76.3 million (EPP N.V. - EUR 53.4 million, Echo Group - EUR 22.9 million). The following is a summary of financial information in the joint venture. The carrying value of the investment as of 30 June 2025 was PLN 272,204 thous. At the same time, since the beginning of the project, the Echo Group has granted loans to Rosehill Investments Sp. z o.o. and Berea Sp. z o.o. with a total value of PLN 71 million, which were used in Q4 2023 to increase the capital in the joint venture. As of 30 June 2025 the Echo Group has no loans granted to Rosehill Investments Sp. z o.o. and Berea Sp. z o.o. In 2019 , the company analyzed the impairment of net investment value based on the equity method in a jointly controlled company Rosehill Investments Sp. z o.o (projekt Młociny). In the first half of 2019 , due to Galeria Młociny opening, the company updated the fair value of the project in the net assets of the jointly controlled entity. The company estimated that the recoverable amount of the net investment as at the balance sheet date is lower than the value of the shares in net assets as at that day. As at 30 June 2025, the company recognized an impairment loss of PLN 13,091 thous. and has not changed compared to December 31, 2024.
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99 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Financial data of the joint venture - Galeria Młociny Selected data from the statement of financial situation [PLN ‘000] 30.06.2025 31.12.2024 Non-current assets - investment properties 1 617 816 1 659 892 Current assets - other 9 205 11 152 Current assets - cash 30 663 30 898 Total assets 1 657 684 1 701 942 Long-term liabilities 811 029 836 572 Financial liabilities (without trade liabilities) 630 232 651 950 Other long-term liabilities 180 797 184 622 Short-term liabilities 12 460 14 466 Financial liabilities (without trade liabilities) 5 194 5 696 Other short-term liabilities 7 266 8 770 Total liabilities 823 490 851 038 Equity 834 195 850 904 Share % of the Echo Group 30,00% 30,00% Share of the Echo Group in net assets 250 258 255 271 Goodwill 35 037 35 037 Impairment loss (13 091) (13 091) Carrying value of the investment valued using the equity method 272 204 277 217 Financial data of the joint venture - Galeria Młociny Selected data from the statement of comprehensive income [PLN ‘000] 1.01.2025 - 30.06.2025 1.01.2024 - 30.06.2024 Operating income 57 951 50 044 Operating costs (22 699) (19 535) Amortization - - Profit/loss on property revaluation to fair value (20 448) (284) General and administrative expenses (1 414) (1 275) Cost of sales (597) (268) Other income/operating costs (132) 1 044 Financial income and expenses, including: (31 260) (41 673) Financial interest expenses (17 639) (28 337) Gross profit (loss) (18 599) (11 947) Income tax 1 890 (1 124) Net profit (loss) (16 709) (13 070) Total comprehensive income (16 709) (13 070) Share % of the Echo Group 30,00% 30,00% Share of the Echo Group in the net profit/loss of the joint venture (5 013) (3 921) Share of Echo Group in total income from joint venture (5 013) (3 921)
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100 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Projekt Towarowa 22 Sp. z o.o. (Towarowa 22) On 15 September 2016, the Echo Group and the EPP Group N.V. entered into a conditional purchase agreement relating to a property located in Warszawa at 22 Towarowa Street on which a joint investment project will be carried out. The final purchase agreement was concluded on 23 December 2016. The sale price of the property was agreed at EUR 77 .4 million where Echo Investment paid EUR 35.82 million and EPP's contribution amounted to EUR 41.58 million. On 8 June 2022, the following transactions took place regarding the property: − EPP Group N.V. increased the capital in the joint venture by EUR 36 million and then sold all its shares to a new investor, i.e. AFI Europe N.V. (a company fully owned by AFI Properties Ltd, which is a public company registered in Israel and listed on the Tel Aviv Stock Exchange), − Echo Investment and AFI Europe N.V. have proportionally withdrawn their contributions to the joint venture: Echo Investment in the amount of EUR 7 .1 million and AFI Europe N.V. - in the amount of EUR 16.6 million, − Echo Investment signed a preliminary purchase agreement for a part of the property located at 22 Towarowa Street ("a part of the joint venture"), which is intended for the construction of apartments, and made a down payment for this plot of land in the amount of EUR 23.7 million, which represents 50 percent of the value of the plot. In October 2023 and December 2024, Echo Investment's subsidiary Projekt Echo - 137 Sp. z o.o. purchased a portion of a property located at 22 Towarowa Street intended for the construction of apartments for PLN 177 ,6 million from Projekt Towarowa 22 Sp. z o.o. Following the completion of the above transactions and as of the balance sheet date, i.e. 30 June 2025, the Echo Group owns 30 percent and AFI Europe N.V. 70 percent of the shares in the joint venture. Based on the company's deed, all strategic financial and operational decisions (including, in particular, making the purchase of a material asset, entering into a lease agreement, etc.) are subject to the unanimous consent of both shareholders. Echo Investment S.A. and AFI Europe N.V. are only liable for their proportionate share of the purchase price. The share of this joint venture is accounted for using the equity method in the consolidated financial statements of the Echo Group. The carrying amount of the project as of 30 June 2025 was PLN 146,753 thous. At the same time, since the beginning of the project, the Echo Group has granted Projekt Towarowa 22 Sp. z o.o. and Projekt Echo 138 Sp. z o.o. with a total value of PLN 34,452 thous. The following is a summary of financial information in the joint venture.
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101 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Financial data of the joint venture - Towarowa 22 Selected data from the statement of financial situation [PLN ‘000] 30.06.2025 31.12.2024 Non-current assets - investment properties 863 215 769 122 Non-current assets - other 22 807 33 080 Current assets - cash 15 581 21 615 Current assets 28 752 15 303 Total assets 930 355 839 119 Long-term liabilities 389 519 301 468 Financial liabilities (without trade liabilities) 330 844 249 032 Other long-term liabilities 58 675 52 435 Short-term liabilities 48 303 59 785 Financial liabilities (without trade liabilities) 5 384 4 755 Other short-term liabilities 42 919 55 030 Total liabilities 437 822 361 253 Equity 492 533 477 866 Share % of the Echo Group 30,00% 30,00% Elimination of transactions between the undertaking and the Group (revenues, costs, sales profits of 30 percent) (1 006) (1 006) Echo Group's share in net assets = carrying amount of the investment valued using the equity method 146 753 142 353 Financial data of the joint venture - Towarowa 22 Selected data from the statement of comprehensive income [PLN ‘000] 1.01.2025 - 30.06.2025 1.01.2024 - 30.06.2024 Operating income 2 677 3 248 Operating costs, including: (9 805) (3 704) Amortization - - Profit/loss on property revaluation to fair value 41 834 87 769 General and administrative expenses (71) (79) Other income / operating costs 53 340 Financial income and costs, including: (5 888) (3 857) Financial interest expenses (3 336) (1 490) Gross profit (loss) 28 800 83 717 Income tax (14 133) (15 704) Net profit (loss) 14 667 68 013 Total comprehensive income 14 667 68 013 Share % of the Echo Group 30,00% 30,00% Echo Group's share of the joint venture's net profit/loss (30 percent) 4 400 20 404 Share of the Echo Group in the total income from the joint venture 4 400 20 404
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102 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 R4R Poland Sp. z o.o. (Resi4Rent) On 20 July 2018, Echo Investment S.A. acquired 30 percent of shares and votes in a joint investment venture R4R Poland Sp. z o.o. The remaining 70 percent of shares and votes was acquired by R4R S.a.r.l. Pursuant to the articles of association, all strategic financial and operational decisions (including in particular: purchase of a significant asset, conclusion of a lease agreement, etc.) require the unanimous consent of both shareholders. Pursuant to the agreement, the joint-venture operates as a platform of apartments for rent in Poland. As part of the project, buildings with apartments for rent were built - primarily in four locations in Warszawa, Łódź and Wrocław. Under the agreement, Echo Investment S.A. provides planning, design and investment implementation services while R4R Poland Sp. z o.o. is responsible for the operational management of the platform. By fulfilling its commitment to co-finance the project, Echo Investment S.A. provided capital to R4R Poland Sp. z o.o. acquiring new shares in the increased share capital: 39 ,236 thousand. At the same time, Echo Investment granted loans to R4R Poland Sp. z o.o.: 334,882 thous. In 2018 - 2025, new subsidiaries of R4R Poland Sp. z o.o. were established in order to develop projects located among others in Warszawa (Grzybowska, Taśmowa, Woronicza, Wilanowska), Gdańsk (Kołobrzeska, Zielony Trójkąt), Kraków (3 Maja, Jana Pawła II, Puszkarska, Romanowicza, Zabłocie, Młyńska), Poznań (Szczepanowskiego, Nowe Miasto, ul. Dmowskiego), Łódź (Wodna, Kilińskiego) and Wrocław (Grabiszyńska, Jaworska, Rychtalska, Kępa, Park Zachodni, Bardzka). The share of the Echo Group in the consolidated financial statements is recognised by using the equity method. A summary of financial information in the joint venture is provided below. The carrying value of the investment as at 30 June 2025 amounted PLN 335,308 thous. Financial data of the joint venture - Resi4Rent Selected data from the statement of financial situation [PLN ‘000] 30.06.2025 31.12.2024 Non-current assets - investment properties 2 959 116 2 316 339 Non-current assets - investment properties under construction 669 960 1 085 650 Other non-current assets 22 855 28 614 Current assets - cash 139 901 150 874 Current assets - other 46 195 56 982 Assets held for sale 570 525 709 301 Total assets 4 408 553 4 347 760 Long-term liabilities 2 954 181 2 706 348 Financial liabilities (without trade liabilities) 2 662 564 2 397 414 Other long-term liabilities 291 618 308 934 Short-term liabilities 317 207 494 762 Financial liabilities (without trade liabilities) 204 008 342 717 Other short-term liabilities 113 199 152 045 Total liabilities 3 271 388 3 201 110 Equity 1 137 165 1 146 650 Share % of the Echo Group 30,00% 30,00% Elimination of transactions between the undertaking and the Group (revenues, costs, sales profits of 30 percent) (5 840) (5 577) Echo Group's share in net assets = carrying amount of the investment valued using the equity method 335 309 338 418
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103 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Financial data of the joint venture - Resi4Rent Selected data from the statement of comprehensive income [PLN ‘000] 1.01.2025 - 30.06.2025 1.01.2024 - 30.06.2024 Operating income 94 830 88 427 Profit/loss on property revaluation to fair value 30 770 232 777 Administrative expenses related to projects (34 990) (23 061) General and administrative expenses, including: (15 894) (13 862) Amortization (399) (327) Other operating income/expenses 2 794 498 Financial income and expenses, including: (89 223) (34 793) Financial interest expenses (73 774) (38 609) Gross profit (loss) (11 713) 249 986 Income tax 2 225 (47 391) Net profit (loss) (9 488) 202 595 Total comprehensive income (9 488) 202 595 Share % of the Echo Group 30,00% 30,00% Share of the Echo Group in net profit/loss of the joint venture (2 846) 60 779 Echo Group's share of total income from the joint venture (2 846) 60 779 SGE JV co S. a r. l. (StudentSpace) On 6 March 2024, Echo Investment S.A. acquired 30 percent of the shares and votes in a joint investment venture (StudentSpace) that will develop student housing projects in Poland. The remaining 70 percent of the shares and votes were acquired by Signal Alpha 3 R1 S.ŕ r.l., based in Luxembourg. Under the company deed, all strategic financial and operational decisions (including in particular the purchase of a significant asset) require that both shareholders unanimously agree. Echo Investment S.A. intends to invest up to EUR 31.3 million in the development of the Venture. The assumed time horizon for the execution of the Venture will be from 3 to 5 years. The assumed number of beds to be completed as part of the Venture shall be at least 5,000. The assumed proportions of financing sources of the Venture shall be (i) 40 percent-50 percent - financing from the parties; (ii) the remaining 60 percent - 50 percent - debt. The first two projects will be started in Kraków. There will be places for 1,230 students at Wita Stwosza Street and 29 Listopada Avenue. In turn, the first project in Warszawa is scheduled for completion in autumn 2026. Echo Investment S.A., while fulfilling its commitment to co-finance the venture, contributed its capital to SGE JV co S. a r. l. in H1 2024 by acquiring new shares in the increased share capital for the amount of PLN 100,045 thous. The Echo Group's share in the consolidated financial statements is accounted for using the equity method. The financial information in the joint venture is summed up below. The carrying amount of the project as at 30 June 2025 amounted to PLN 119 ,708 thous.
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104 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Financial data of the joint venture - StudentSpace Selected data from the statement of financial situation [PLN ‘000] 30.06.2025 31.12.2024 Investment properties 386 014 290 520 Other non-current assets 1 458 1 477 Current assets - cash 47 673 97 943 Current assets - other 32 787 45 767 Total assets 467 932 435 707 Long-term liabilities 33 184 16 180 Financial liabilities (without trade liabilities) 14 045 - Other long-term liabilities 19 139 16 180 Short-term liabilities 35 851 25 253 Financial liabilities (without trade liabilities) - - Other short-term liabilities 35 851 25 253 Total liabilities 69 034 41 433 Equity 398 898 394 274 Share % of the Echo Group 30,00% 30,00% Elimination of transactions between the undertaking and the Group (revenues, costs, sales profits of 30 percent) 38 38 Echo Group's share in net assets = carrying amount of the investment valued using the equity method 119 708 118 321 Financial data of the joint venture - StudentSpace Selected data from the statement of comprehensive income [PLN ‘000] 1.01.2025 - 30.06.2025 1.01.2024 - 30.06.2024 Profit/loss on property revaluation to fair value 15 281 - General and administrative expenses, including: (4 347) (25) Amortization (2) (3) Other operating income/expenses (1 578) - Financial income and expenses 2 765 (515) Gross profit (loss) 12 121 (540) Income tax (3 433) - Net profit (loss) 8 688 (540) Total comprehensive income 8 688 (540) Share % of the Echo Group 30,00% 30,00% Share of Echo Group in net profit/loss of the joint venture 2 606 (162) Echo Group's share of comprehensive income from the joint venture 2 606 (162)
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105 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 On 7 March 2024, documents concerning the establishment of a joint venture by Archicom S.A. and Rank Progress S.A. were signed, as a result of which Archicom Wrocław 2 Sp. z o.o. (currently: Projekt Browarna sp. z o.o.) became the subject of the joint ownership of the two aforementioned companies. Archicom's share in the joint venture is 55 percent and Rank Progress 45 percent. As a result of the transaction, the Company lost exclusive control over the undertaking. Under the company deed, all strategic financial and operational decisions (including in particular the purchase of a significant asset) require that both shareholders unanimously agree. The JV initiative relates to the development of a residential project on a site located at Browarna Street in Wrocław. The project assumes that Rank Progress will contribute the land to the venture, and Archicom will handle the comprehensive development of the project. As part of the three-stage investment, it is planned to build a residential estate with over 45,000 sqm of usable floor space, including nearly 800 apartments. As of June 30, 2025, the balance of loans granted by Archicom S.A. to Projekt Browarna Sp. z o.o. (previous name: Archicom Wrocław 2 Sp. z o.o.) amounted to PLN 110,662 thousand. On 28 March 2024, the jointly-controlled undertaking and Rank Progress S.A. concluded, in performance of the preliminary and conditional agreement of 7 March 2024, a sales agreement and a transfer agreement concerning the purchase by Projekt Browarna sp. z o.o. (previous name: Archicom Wrocław 2 sp. z o.o.) from Rank Progress S.A. of the property located at Browarna Street in Wrocław. The Echo Group's share in the consolidated financial statements is accounted for using the equity method. The financial information in the joint venture is summed up below. Projekt Browarna sp. z o.o. (previously named Archicom Wrocław 2 sp. z o.o.) Financial data of the joint venture - Projekt Browarna sp. z o.o. Selected data from the statement of financial situation [PLN ‘000] 30.06.2025 31.12.2024 Non-current assets - other 3 359 2 032 Current assets - inventories 195 890 188 054 Current assets - other 1 562 952 Current assets - cash 4 024 2 210 Total assets 204 835 193 249 Long-term liabilities 205 372 191 909 Financial liabilities (without trade liabilities) 202 533 190 182 Other long-term liabilities 2 839 1 726 Short-term liabilities 1 159 2 513 Financial liabilities (without trade liabilities) 185 131 Other short-term liabilities 974 2 382 Total liabilities 206 531 194 422 Equity (1 696) (1 173) Share % of Echo Group 55% 55% Echo Group's share of net assets (933) (645) Elimination of transactions between the undertaking and the Group (revenues, costs, sales profits of 55 percent) (6 431) (4 602) Total cumulative unrecognized share of the joint venture's loss 7 364 5 247 Carrying amount of the investment measured using the equity method - -
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106 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Financial data of the joint venture - Projekt Browarna sp. z o.o. Selected data from the statement of comprehensive income [PLN ‘000] 1.01.2025 - 30.06.2025 1.01.2024 - 30.06.2024 Operating income - 5 Administrative expenses related to the implementation of projects (118) - General and administrative expenses (70) (101) Cost of sales (342) (270) 6 - Financial income and expenses, including: (122) (48) Financial interest expenses (151) (97) Gross profit (loss) (646) (413) Income tax 123 78 Net profit (loss) (523) (335) Total comprehensive income (523) (335) Share % of Echo Group 55% 55% Share of Echo Group in net profit/loss of the joint venture (288) (184) Share of Echo Group in comprehensive income from the joint venture (288) (184) The loans were granted to legal entities in PLN, with an interest rate of WIBOR plus a margin or a fixed interest rate. As of the balance sheet date, the loans with a total value of PLN 480,289 thous. (converted to PLN) were granted to the entities accounted for using the equity method: Towarowa 22, Resi4Rent, Browarna Project to be repaid in 2025-2032. The carrying amount of the loans granted to other entities is PLN 29 ,005 thous., to be repaid in 2025. The maximum credit risk of the borrowings is equal to their carrying value, but the Management Board takes into account that the borrowers are special purpose companies operating a real estate project, which is a source of potential recoveries. The Group's Management Board actively monitors debtors and assesses their ability to meet their loan obligations. In particular, this is done for loans granted to related parties, through which the Group is able to assess and identify the loans for which their credit risk has significantly increased. The Group's Management Board has not identified any such loans. The Management Board also evaluated the loans in terms of creating an allowance for expected credit losses and assessed such allowance as immaterial. The estimated fair value of the loans granted is approximately equal to their carrying value. NOTA 12 Financial assets [PLN ‘000] 30.06.2025 31.12.2024 Long-term loans granted (with interest) 480 110 457 444 Short-term loans granted (with interest) 29 184 1 674 Long-term deposits 4 111 4 667 Long-term prepayments 48 275 21 669 Assets at the end of the period 561 680 485 454 - long-term 532 496 483 780 - short-term 29 184 1 674
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107 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 NOTA 13 Inventories [PLN ‘000] 30.06.2025 31.12.2024 Semi-finished products and work-in-progress 2 741 216 2 015 246 – asset on perpetual usufruct 59 745 49 444 Finished products 15 928 14 792 Goods 83 418 131 690 Total inventories 2 840 563 2 161 728 The item of finished products mainly includes residential and commercial units sold with final agreements. The item of semi-finished products and work-in- progress mainly includes properties owned by the Group and expenditures on residential projects in preparation and under construction (e.g. design services, construction work, etc. provided by external companies). In addition, this item includes the right to use the land (perpetual usufruct) on which residential and commercial units are built. The remaining value of the item relates to expenditures incurred for provided services of fit-out of premises. Due to the nature of the business, freshly purchased lands are presented as lands and the Group divides lands held for development between fixed and current assets based on the estimated length of the operating cycle. The item of goods includes lands held for sale. Inventories are valued at cost of manufacturing or acquisition, but not higher than the net realizable value of sales. This value is obtained according to current market prices acquired from the property developer market. Inventory write-downs are reversed either due to the sale of inventory or due to an increase in the net selling price. The amounts of inventory write-downs recognized in the period as costs and the amounts of reversals of write-downs reducing the inventory value recognized in the period as revenues are included in the profit and loss account under cost of sales. In accordance with IAS 23, the Group capitalizes that portion of financing costs that are directly related to the acquisition and production of assets recognized as inventory. In the case of targeted financing acquired for the implementation of a project, the amount of finance costs is capitalized, less revenues generated from the temporary placement of cash (i.e., amounts of interest on bank deposits except for deposits resulting from account freezes, letter of credit agreements). In the case of leases, interest expenses on the lease obligation for a specific project are capitalized into the cost of that project (targeted financing). In the case of general financing, financing costs subject to capitalization are determined using the weighted average of all borrowing costs in relation to the expenditures incurred for the asset. The capitalized amount of general financing costs for the inventory was PLN 25,505 thous. in I half 2025 (annual yield of 10.12 percent), while in 2024 - PLN 33,694 thous. (annual yield of 10.23 percent). The value of inventories as of 30 June 2025 is PLN 2,840,563 thous., including for sale within 12 months of PLN 1,255,458 thous.
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108 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Inventory write-downs and reversals relate to residential projects are intended to write down the value to the level of the realisable price. The inventory value recognized as revenue/expense in the period is included in the profit and loss account under "cost of sales". The change in the inventory write-down to 30 June 2025 amounted to (-) PLN 684 thous. (30 June 2024 - PLN 2,131 thous.). Inventories – impact on profit/loss [PLN ‘000] 1.01.2025- 30.06.2025 1.01.2024- 30.06.2024 Amount of inventories recognised as an expense in the period (239 778) (245 159) Impairment losses on inventories recognised in the period as cost (684) (484) Reversal of impairment losses which decreases the value of inventories recognised in the period as income - 2 615
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109 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 NOTA 14 Receivables on account of deliveries and services result from provided development services, fit-out services, rental of commercial and residential space, and other. The Group monitors the condition and payment capacity of its counterparties on an ongoing basis. There is no significant risk concentration in relation to any of Echo Group's clients. The credit risk maximum value of trade receivables does not differ materially from the carrying value. The estimated fair value of trade receivables is the present value of future expected discounted cash flows and does not differ materially from the carrying value of these receivables. Short-term receivables [PLN ‘000] 30.06.2025 31.12.2024 Trade receivables - up to 12 months 82 812 122 287 Total trade receivables 82 812 122 287 Land and office space use right asset (perpetual usufruct) 1 500 1 193 Prepayments - perpetual usufruct 1 413 - Prepayments - policies 1 729 2 356 Prepayments - cost of transferred infrastructure 1 908 - Prepayments - costs of purchasing and selling real estate 4 802 - Prepayments and accruals - others 18 744 12 748 Prepayments - settlement of rents over time 13 936 11 024 Prepayments - property tax 4 651 - Assignment of receivables - 66 051 Other receivables 1 455 3 689 Total non-financial assets 50 138 97 061 Tender bond for the purchase of properties - 2 585 Deposits paid 2 522 - Advances for other deliveries 10 570 14 788 Advances for the purchase of land 13 500 15 500 Total financial assets 26 592 32 873 Total trade and other receivables: 159 542 252 221 Receivables due to VAT tax 77 708 75 341 Receivables due to other taxes 2 818 6 397 Total receivables due to taxes 80 526 81 738 Total net short-term receivables 240 068 333 959 - allowances for expected credit losses - trade receivables 19 189 15 304 Total gross-short-term receivables 259 257 349 263
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110 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 The Group deposits cash surpluses in banks: PKO BP S.A., Santander Bank Polska S.A., mBank S.A., Pekao S.A., Alior Bank Polska S.A. and Bank Millennium S.A. The maximum credit risk of cash is equal to its carrying amount. NOTA 15 Cash and its equivalents [PLN ‘000] 30.06.2025 31.12.2024 Cash in bank accounts 291 448 366 205 Total cash 291 448 366 205 Other financial assets [PLN ‘000] 30.06.2025 31.12.2024 Other financial assets: '- receipts from residential clients, blocked in escrow accounts, released by the bank as the project progres - ses 64 157 91 335 '- constituting security for the return of the deposit 12 184 13 050 - constituting security to cover interest and principal payments 38 192 13 527 Total other financial assets 114 533 117 912 Cash and other financial assets
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111 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 NOTA 16 Credit, loans and bonds [PLN ‘000] 30.06.2025 31.12.2024 Loans and borrowings 530 921 924 413 Credits, loans, - non-current assets classified as held for sale 343 340 - Debt securities 2 048 910 2 047 293 Profit share liabilities 1 160 11 642 Total liabilities due to loans, borrowings and bonds 2 924 331 2 983 348 - of which long-term portion 2 248 152 2 268 961 - of which short-term portion 676 179 714 387 In the consolidated statement of financial position, in the item loans, loans and bonds financing real estate held for sale, liabilities (bank loans, bonds, loans, profit shares) relating to projects intended for sale and presented in the line assets held for sale are presented. These liabilities will not be transferred to the buyer of the assets but will be repaid by the Echo Group from the funds from the sale of assets, hence they are not disclosed as "liabilities relating to assets held for sale". In the item loans and borrowings, the Group presents its special-purpose loans and used credit lines in current accounts. Securities of loan agreements for the financing of projects are mainly mortgages on properties, assignments of receivables from concluded lease agreements, implementation contracts, policies, as well as registered and financial pledges on shares, accounts and a collection of assets and rights of subsidiaries. The interest rate on the loans denominated in EUR is based on the EURIBOR rate plus a margin. Current and operating credit lines (with a value of PLN 152,836 thous.) are secured by statements of submission to execution and powers of attorney to bank accounts. The interest rate on the loans is based on the WIBOR rate plus a bank margin. According to the best information and data of the Management Boards of the Group's companies, during the fiscal year, as of the balance sheet date and up to the date of signing the financial statements, there were no violations of the terms and conditions of loan agreements and established security levels. In the item of debt securities, the Group presents issued bonds. The interest rate on the bonds is based on the WIBOR rate plus a margin. The Group has also issued bonds in zlotys based on a fixed rate as well as bonds in euros that have a fixed interest rate. The fair value of liabilities on account of loans and borrowings and bonds does not differ materially from the carrying value. For bonds listed, the fair value was determined based on quoted prices as of the balance sheet date, while for unlisted bonds the fair value was determined using the income approach based on cash flows discounted by the current market interest rate. The discount rate (averaged over all valuations) amounted to 9 ,87 percent in I half 2025 10,66 percent in 2024) and 8,04 percent in EUR (8,1 percent in 2024). The fair value valuation for listed bonds was classified as level 1, and for unlisted bonds as level 2 in the fair value hierarchy defined by accounting standards. Details of loans and bonds can be found in the section 1.19 Financial liabilities of the Company and Group. The Management Board of the Group decided to change the presentation of profit share liabilities. After the analysis, the Management Board decided that profit share liabilities should be presented in the consolidated statement of financial position under ""Loans, advances and bonds"" and ""Loans, loans and bonds financing real estate"" and not as before in short and long term provisions. At the same time, profit share costs were presented in the consolidated income statement under ""financial expenses"" and not under ""profit (loss) on investment property"" as before. The presentation results from the fact that the profit share is an integral part of the loan, which results from contractual provisions. The loan plus accrued additional interest is the lender's interest in the borrower, which is redeemable at the time the project is sold (or at the final maturity date) and therefore meets the definition of a financial liability under IAS 32. As a consequence, the Group made an appropriate presentation change in the consolidated statement of financial position. Profit share is the minority investor's share of profit. It results from agreements entered into, according to which the investor is required to pay a capital that represents a share in the investment. The capital is
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112 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 contributed to the entities implementing the project in the form of a loan granted or the issuance of participation bonds. When the project is sold, the capital is returned to the investor together with the profit share due to the investor (calculated as sales price - costs). Profit share liabilities are estimated for projects measured by the income approach in proportion to the released result on the property. Hence, the first profit share liability is created with the first valuation of the project at fair value. Liabilities from profit distribution were divided according to their maturity from the balance sheet date. On 30 June there is no long-term (PLN 10 474 thous. as of 31 December 2024) and short-term, amounting to PLN 1 160 thous. (PLN 1,168 thous. as of 31 December 2024). Below is a summary of the fair and carrying amounts of debt securities: Debt financial instruments [PLN ‘000] 30.06.2025 31.12.2024 Carrying value 2 043 652 2 039 792 Fair value 2 062 453 2 066 288
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113 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 NOTA 17 Perpetual usufruct right Other contracts Invento- ries Investment properties Investment properties in progress Liabilities related to assets held for sale Fixed as- sets Investment properties Total Asset on right of use As at 1 January 2025 49 444 20 715 12 938 - 50 177 119 365 252 639 Amortization (2 852) (619) - - (4 147) - (7 618) Fair value measurement - (5) - - - (8 054) (8 059) Increases 14 420 1 513 2 836 5 892 8 164 - 32 825 Reductions (1 267) (8 871) (6 750) - (86) (409) (17 383) As at 30 June 2025 59 745 12 733 9 024 5 892 54 108 110 902 252 404 Perpetual usufruct right Other contracts Inven- tories Investment properties Investment properties in progress Liabilities related to assets held for sale Fixed as- sets Investment properties Total Lease liabilities As at 1 January 2025 43 660 17 535 12 695 - 49 803 138 344 262 037 Interest expense 1 585 602 387 - 985 2 944 6 503 Repayment of the liability with interest (8 796) (2 055) (392) - (9 090) (15 055) (35 388) Increases 7 865 1 317 2 522 5 703 11 900 1 551 30 858 Reductions (1 842) (6 277) (178) (189) (86) - (8 572) As at 30 June 2025 42 472 11 122 15 034 5 514 53 512 127 784 255 438 Perpetual usufruct right Other agreements Inven- tories Investment properties Investment properties in progress Liabilities related to assets held for sale Fixed as- sets Investment properties Total Lease liabilities short-term 42 472 2 068 982 5 514 21 289 26 163 98 488 long-term - 9 054 14 052 - 32 223 101 621 156 950 Leases [PLN ‘000]
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114 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 NOTA 18 Change in provisions - by title [PLN ‘000] 30.06.2025 31.12.2024 Opening balance - provision for general and administrative expenses 12 186 11 324 - provision for anticipated penalties 7 389 10 767 - provision for anticipated costs of warranty repairs, etc. 10 307 10 091 - provision for court cases 6 750 8 361 - provision for other costs - 79 36 632 40 622 Increases due to - provision for general and administrative expenses 7 895 13 914 - provision for anticipated penalties - 174 - provision for anticipated costs of warranty repairs, etc. 4 195 5 941 - provision for court cases 4 967 1 641 - provision for other cost - - 17 057 21 670 Utilization due to - incurred of general administrative expences (9 256) (13 055) - incurred penalties (5 966) (3 552) - incurred of warranty repairs, renovations, etc. (4 603) (5 725) - provision for court cases (32) (3 252) - provision for other cost - (79) (19 857) (25 663) Closing balance - provision for general and administrative expenses 10 825 12 186 - provision for anticipated penalties 1 423 7 389 - provision for anticipated costs of warranty repairs, etc. 9 899 10 307 - provision for court cases 11 685 6 750 - provision for other cost - - 33 832 36 632 including: - long-term provisions 11 333 8 304 - short-term provisions 22 499 28 327 'The implementation dates for the provisions for penalties, warranty costs and litigation are difficult to estimate, although it is highly probable that they will be implemented within 12 months of the balance sheet date. The provision for penalties include the value of penalties that may be charged to the Group in respect of contracts entered into, with a probability of being charged higher than 50 percent. The provision for anticipated warranty repair costs includes the value of repairs, or compensation relating to sold premises and projects, with a probability of being charged higher than 50 percent. The amounts of the provisions were estimated based on the best knowledge of the Group's Management Board and on the basis of experience.
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115 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Trade and other liabilities [PLN ‘000] 30.06.2025 31.12.2024 Trade payables maturing: - up to 12 months 207 557 158 119 Total 207 557 158 119 Lease liabilities Long-term 156 950 171 610 Short-term 92 974 90 428 Liabilities related to assets held for sale (note 6) 5 514 - Total 255 438 262 038 Non-financial liabilities Liabilities from contracts with clients regarding fit-out work 12 964 13 913 Liabilities from contracts with clients regarding investment projects 18 249 19 768 Accruals - expenditures on property projects to be incurred in connection with concluded contracts 57 174 26 848 Accruals - bonuses for the Management Board and employees 27 060 37 543 Accruals - other 20 286 8 695 Total 135 733 106 767 Financial liabilities Liabilities on land purchases - 9 600 Deposits from contractors and advances received 91 112 90 650 Security deposits from contractors, tenants and advances received - liabilities related to assets held for sale (note 6) 4 380 - Derivative financial instruments 511 554 Derivative financial instruments (note 6) 233 - Liabilities on securing revenues for rent-free or rent-reduced periods (master lease) 35 671 27 580 Other liabilities 9 176 4116 Other liabilities - liabilities related to assets held for sale (note 6) 240 - Total 141 323 132 500 Dividend liabilities Dividend liabilities 29 769 - Total 29 769 - Liabilities due to VAT 40 230 43 770 Liabilities due to other taxes 12 622 21 906 Total 52 852 65 676 Total trade and other liabilities 822 672 725 100 NOTA 19 The fair value of trade and other payables is not materially different from their carrying value. The dividend liabilities as of 30 June 2025 relate to Archicom S.A.'s liabilities in the amount of PLN 29 ,769 thous. The value of the liabilities due to revenue security for rent-free or reduced-rent periods (master lease) is estimated based on the property rental plan of the office leasing department. This plan is updated each quarter and adjusted to current market conditions both in respect of rental terms and rental rates.
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116 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 As of June 30, 2025 the liabilities due to revenue security for rent-free or rent-reduced periods (master lease) were related to projects: Face2Face, React I, MidPoint, West 4 HUB I, Fuzja CD, Browary GH, J and City 2 (Face2Face, React I, MidPoint, West 4 HUB I, Fuzja CD, Browary GH, J in 2024). The Group provides revenue security for rent- free periods (master lease) up to a maximum of 2032 (in 2024, a maximum of 2032). The liabilities due to revenue security for rent-free periods or with rent-reduced periods (master lease) were divided according to the maturity from the balance sheet date, i.e. long-term in the amount of PLN 21,001 thous. (PLN 18,130 thous. as of 31 December 2024), short-term in the amount of PLN 14,670 thous. (PLN 9 ,450 thous. as of 31 December 2024). The liabilities for revenue security for rent-free periods (master lease) will settle up to one year in the amount of PLN 14,670 thous. (PLN 9 ,450 thous. for 2024), over one year to three years in the amount of PLN 14,697 thous. (PLN 12,912 thous. for 2024), over three to five years in the amount of PLN 5,373 thous. (PLN 4,224 thous. for 2024) and over five to ten years in the amount of PLN 931 thous. (PLN 994 thous. for 2024). Liabilities for securing revenue for rent-free or reduced- rent periods (master lease) - when selling investment projects, it happens that buildings are not fully commercialised at the time of their sale. The price is calculated based on the projected net operating income (NOI) of the project, with the Group signing a contract to secure rent-free periods (master lease). The security of rental income (master lease) is estimated on the basis of information obtained from the office project leasing team, approved by the Member of the Management Board responsible for this business segment, regarding: - the terms and conditions of signed leases, - assumptions for unleased spaces, such as, expected handover dates, estimates of rental rates and rent-free periods. On this basis, the following is calculated: - for vacancies: a rent that would be paid by a potential future tenant, - for contracts signed: a rent-free period (if any). The estimate is made from the balance sheet date for the period provided for the security of rental income. For each calculated month: - if there is a vacancy expected on a space in a given month, then the cost of securing rental income is a full rent that is expected for that space, - if a space is expected to be delivered and a tenant has a rent-free period, then the cost of securing rental income relating to that space in a given month is equal to the value of the rent-free period, - if in a given month it is expected that a rent-free period for that tenant is over, the cost of securing rental income is equal to zero. Both base rent and service charges are calculated in this way, with the exception that there is no rent-free period in case of service charges. The sum of these values, discounted at the balance sheet date, represents the value of the liability due to securing rent-free periods (master lease). The liability for securing rent-free periods (master lease) is calculated for sold projects.
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117 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 List of mortgages on investment properties of Echo Group as of 30 June 2025 Asset value Mortgage value Company Property [EUR '000] [PLN '000] For Comment Galeria Libero - Projekt Echo 120 Sp. z. o.o. Sp. k. Katowice, ul. Kościuszki 424 855 50 675 33 000 Santander Bank Polska S.A. due to the financing of the Libero shopping center in Katowice9 000 50 675 20 850 BNP Paribas Bank Polska S.A. 9 000 Echo - Arena Sp. z o.o. Kraków, al. Pokoju / ul. Fabryczna 404 251 131 120 119 100 Bank PKO BP S.A. oraz Pekao S.A. due to the financing of the Brain Park I and II in Cracow18 000 Total 829 106 NOTA 20 List of mortgages on Echo Group's inventory as of 30 June 2025 Asset value Mortgage value Company Property [PLN '000] For Comment Archicom Perth Sp. z o.o. Warszawa / Modern Mokotów III 79 669 360 000 Bank PKO BP S.A. due to the bank overdraft facility granted to Archicom S.A.Archicom Perth Sp. z o.o. Warszawa / Modern Mokotów IV 68 065 Archicom Perth Sp. z o.o. Warszawa / Modern Mokotów V 24 237 Total 171 971 List of mortgages on investment properties and inventory
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118 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Transactions with related entities [PLN ‘000] 30.06.2025 31.12.2024 Results of transactions with owners Receivables from loans granted 27 776 12 207 Trade liabilities 1 894 3 795 Incurred costs 9 253 18 529 Recognized revenue - interests 1 753 1 753 Results of transactions with related entities Trade receivables 205 852 Recognized revenue 687 2 999 Key Personnel Transaction Results Recognized revenue 67 1 208 Advances received 16 287 8 116 Trade receivables 91 91 Results of transactions with jointly controlled entities Receivables from loans granted 483 558 452 039 Trade receivables 20 324 35 946 Liabilities 1 845 9 Incurred costs 2 255 3 842 The purchases activated for reserve, including the right of perpetual usufruct of land. - 174 248 Recognized revenue due to rental, consulting, accounting and other services 21 258 36 507 Recognized revenue due to sale of land, properties, support for development of projects 23 688 83 205 Recognized revenue - interests 13 551 19 921 The advance payment for the purchase of land. - 624 Advance payments for the purchase of land 60 019 57 000 Change in allowances for expected credit losses - receivables [PLN ‘000] 30.06.2025 31.12.2024 As at the beginning of the period 1 649 1 417 Increases due to - release of the write-down 306 232 - creation of a write-of - - Balance of allowances at the end of the period 1 955 1 649 NOTA 21 The Members of the Management Board of Echo Investment S.A. and the President of the Management Board of its subsidiary Archicom S.A. are entitled to additional additional incentive remuneration in the form of a Long-Term Bonus. As at 30 June 2025, the Group recognised a provision in the financial statements in the amount of PLN 20,747 thousand for bonuses for the Management Board based on the share price. The impact on the company's profit or loss due to changes in the amount of this provision in I half 2025 amounted to PLN 561 thousand gross to increase profit or loss.
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119 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 NOTA 22 Off-balance sheet items [PLN ‘000] 30.06.2025 31.12.2024 Contingent liabilities for other entities: - due to guarantees and sureties granted 249 242 215 780 - due to court cases 17 363 19 220 Total 266 605 235 000 NOTA 23 On June 23, 2025, the Group sold the investment property City 2 – the second building of the City Forum office complex – for EUR 31,000 thousand plus value-added tax. After translation of the price at the applicable exchange rate, revenue in the amount of PLN 132,398 thousand was recognized, of which PLN 11,160 thousand was recorded in the Group’s liabilities as deferred revenue relating to income from fit-out services. Deferred revenue will be recognized in the Group’s profit or loss when the seller’s contractual obligations towards the purchaser are fulfilled. The purchase price was paid in full to the Group by the balance sheet date. From the proceeds, a loan in the amount of EUR 11.9 million, resulting from the credit agreement concluded by the seller with Bank Polska Kasa Opieki S.A. on June 12, 2019 (as subsequently amended), was repaid. As a result of the sale of the investment property City 2, the Group recognized a loss of PLN 7 ,029 thousand, presented under the line item Profit (loss) on investment properties in the consolidated statement of profit or loss. As part of the transaction, a rental guarantee agreement was also concluded. The key provisions of the agreement provide for the seller to grant the purchaser of the property a guarantee covering rental and operating expense payments for unleased space in the building for a period of five years from the date of the agreement, as well as payment by the seller to the purchaser of the value of tenant incentives required as of the agreement date. In connection with the conclusion of the rental guarantee agreement, the Group measured and recognized a liability for the expected costs of this guarantee in the amount of PLN 7 ,716 thousand in the consolidated statement of financial position. The difference between the sale price and the expenses incurred in the past and those necessary to be incurred amounted to PLN 23,096 thous. Sale of investment properties City 2 office building in Wrocław [PLN ‘000] A detailed description of off-balance sheet items is presented in part 1.20 Sureties and guarantees of the Company and its Group
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120 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 NOTA 24 The strategic steering committee of the Group, which includes the Management Board, analyzes the activity throughout the type of product / service and distinguishes 4 segments: apartments, Resi4Rent, StudentSpace and commercial properties. Revenues of all segments of the Group’s operations are recognized when the obligation to perform the service is fulfilled, except for revenues from the lease of space, which are recognized in a given period. Revenues from any of the Group’s clients did not exceed 10 percent of the sales revenues generated by the Group in the 6-month period ended on 30 June 2025. Both in the I half 2025 and in 2024, the Group generated sales revenues only in Poland. Selected items of the balance sheet as at 30 June 2025 divided by segments [PLN ‘000] Razem Residential StudentSpace Resi4Rent Commercial properties Investment properties 676 522 - - - 676 522 Investment properties under construction 420 375 - - - 420 375 Investments in associates and joint ventures accounted for using the equity method and in affiliates 873 972 - 119 708 335 309 418 955 Deferred tax asset 188 924 144 463 - - 44 461 Inventories 2 840 563 2 751 104 41 532 42 285 5 642 Cash and cash equivalents 291 448 159 595 27 458 131 368 Assets held for sale 585 933 - - - 585 933 Other segment liabilities 1 197 065 605 095 3 047 337 244 251 679 Segment assets 7 074 802 3 660 257 164 314 715 296 2 534 935 Loans, borrowings and bonds - long-term 1 993 994 1 082 923 74 336 315 611 521 124 Loans, borrowings and bonds - short-term 586 997 51 849 13 908 59 052 462 188 Loans, borrowings and bonds financing properties held for sale 254 158 - - - 254 158 Incentive program 89 182 - - - 89 182 Motivational program 20 747 20 747 Other liabilities 188 837 107 776 203 - 80 858 Liabilities due to clients 1 332 087 1 264 987 30 000 30 000 7 100 Liabilities related to assets held for sale 10 367 - - - 10 367 Other segment liabilities 816 716 406 491 9 726 13 401 387 097 Segment liabilities 5 293 085 2 914 027 128 173 418 064 1 832 821
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121 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Selected items of the profit and loss account for the period 01.01.2025-30.06.2025 by segments [PLN ‘000] Razem Residential StudentSpace Resi4Rent Commercial properties Sales revenues (from external receivers/clients), including: 464 929 313 669 22 278 17 128 111 854 Revenues from contracts with clients 364 359 313 648 22 278 17 128 11 305 Lease / rental income (IFRS 16) 100 569 21 - - 100 548 Cost of sales (302 614) (207 722) (15 072) (11 866) (67 954) Gross profit on sales 162 315 105 947 7 206 5 262 43 900 Profit (loss) on sale of investment properties (12 818) - - (12 819) Revaluation of properties (gain/loss on fair value measu - rement) (136 695) - - - (136 695) Impairment loss (306) (692) - - 386 Amortization of fixed assets and intangible assets (8 793) (5 669) (189) (525) (2 410) Interest income on borrowings 14 529 4 729 - 7 800 2 000 Interest expenses on loans (38 252) (9 592) (182) (738) (27 740) Interest expenses on bonds (66 918) (25 511) - (7 982) (33 425) Share in profits (losses) of undertakings accounted for using the equity method (854) (1) 2 606 (2 846) (613) Profit before tax (207 101) (23 795) 7 611 (6 007) (184 910)
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Information on financial statement of the Group • Office House, Warszawa
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123 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Principles adopted in preparation of financial report of the Group The consolidated statements of the Echo Investment S.A. present financial data for the 6-month period ending on 30 June 2025 and comparative data as at 31 December 2024 and the 6-month period ending on 30 June 2024. All financial data in the Group’s consolidated financial statements, unless otherwise stated, is presented in thousands of Polish zloty (PLN), which is also the functional currency of the parent company. Any differences in the amounts result from mathematical rounding to the nearest thousand Polish zloty (PLN). The methods for determining the financial result The methods for determining the financial result as of 30 of June, 2025, have not changed compared to the last audited financial statements as of 31 of December, 2024, and are described in Sections 2.5 Methods of Determining Financial Results Declaration of conformity These interim condensed consolidated financial statements have been prepared in accordance with International Accounting Standard No. 34 "Interim Financial Reporting" (IAS 34). Assumption of continuity in operations The statements have been drawn up according to the going concern principle as there are no circumstances indicating a threat to continued activity. Approval of financial statements The Consolidated Financial Statement for the H1 2025 was approved for publication on 17 September 2025. 2.1
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124 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Echo Group Composition of the Group As at 30 June 2025 the Capital Group included 146 subsidiaries consolidated according to the full method and 58 jointly controlled companies consolidated according to the equity method. The most important role in the Group's structure belongs to Echo Investment S.A., which supervises, co-delivers and provides funds for carrying out ongoing developer projects. Most of the Group's companies have been established or acquired for the purpose of carrying out specific project-based tasks, including those arising from the process of execution of specific projects. Echo Investment S.A. directly and indirectly - through DKR Echo Investment Sp. z o.o., - is a major shareholder of Archicom S.A., in which it held 74.04 % of shares entitling it to 76.53 % of votes at the General Meeting of Shareholders as at 30 June 2025. Echo Investment S.A. consolidates all companies of the Archicom S.A. group according to the full method. The Group also holds minority interests in a number of joint ventures - mostly in companies owning finished, under construction or planned projects with apartments for rent Resi4Rent, the shopping centre Galeria Młociny in Warszawa or the planned multifunctional project Towarowa 22 in Warszawa or the residential project Browarna in Wrocław. Changes in the structure of the Group in H1 2025 2.2 Increase of the Group Enity Action Data Share capital [PLN] EASS500 Sp. z o.o. Merger with Archicom S.A. 19.02.2025 5 000 PLN Fit-out Center Archicom Sp. z o.o. Merger with Archicom S.A. 17.04.2025 50 000 PLN
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125 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Decrease of the Group Enity Action Data Share capital [PLN] Avatar - Grupa Echo Sp. z o.o. S.K.A. Acquisition of the company by Taśmowa - Projekt Echo - 116 Sp. z o.o. S.K.A 10.01.2025 12 794 350 PLN Cinema Asset Manager - Grupa Echo Sp. z o.o. S.K.A. Acquisition of the company by Taśmowa - Projekt Echo - 116 Sp. z o.o. S.K.A 10.01.2025 50 000 PLN Galaxy - Grupa Echo Sp. z o.o. S.K.A. Acquisition of the company by Taśmowa - Projekt Echo - 116 Sp. z o.o. S.K.A 10.01.2025 3 825 990 PLN Galeria Tarnów - Grupa Echo Sp. z o.o. S.K.A. Acquisition of the company by Taśmowa - Projekt Echo - 116 Sp. z o.o. S.K.A 10.01.2025 767 053 PLN PPR - Grupa Echo Sp. z o.o. S.K.A. Acquisition of the company by Taśmowa - Projekt Echo - 116 Sp. z o.o. S.K.A 10.01.2025 327 661 PLN Symetris - Grupa Echo Sp. z o.o. Sp.k. Acquisition of the company by Taśmowa - Projekt Echo - 116 Sp. z o.o. S.K.A 10.01.2025 50 000 PLN Park Rozwoju III – Grupa Echo Sp. z o.o. Sp.k. Dissolution of the company 4.03.2025 10 505 000 PLN Deletion from the Register of Entrepreneurs 2.04.2025 ↕ Acquired assets Non-current assets Property, plant and equipment 58 58 Current assets Inventories 3 151 Trade receivables and others 3 465 Receivables from other taxes 45 Cash and cash equivalents 63 6 724 Total assets A 6 782 On 17 April 2025, the Issuer entered into a share purchase agreement with natural persons, pursuant to which it acquired 100% of shares in Fit-Out Center Archicom sp. z o.o. with its registered office in Wrocław (formerly Anicar sp. z o.o. with its registered office in Warszawa) for the amount of PLN 500 thous. The transaction was a business acquisition. The assets acquired and liabilities taken over, whose fair value, in the opinion of the Management Board, does not differ significantly from their book value, are presented below. In addition to the assets and liabilities listed below, the acquired company has intangible assets in the form of know-how, understood as technical and non-technical (commercial, administrative, organizational, financial) expertise and experience necessary to effectively conduct its business. These resources, in accordance with IFRS 3, do not meet the criteria for being recognized separately from the company's goodwill. The fair value of these off-balance sheet intangible assets was estimated to be PLN 12 107 thous. Apart from know-how, the Company possesses elements such as its logo, internet domain, and website. Due to the limited brand recognition and mixed customer reviews visible online, these elements were not considered critical from an economic value perspective. The fair value assessment of the acquired assets and liabilities focused on those components of the business and operational aspects that hold real significance for a potential independent investor and may influence their purchasing decision.The fair values of the assets and liabilities acquired are shown in the table below: The acquisition of Fit-Out Center Archicom sp. z o.o.
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126 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 ↕ Acquired liabilities Long-term liabilities Loans, borrowings and bonds 3 630 Long-term provisions 1 324 4 954 Current liabilities Trade liabilities 8 154 Income tax liabilities 21 Other taxes liabilities 193 8 368 Total liabilities B 13 322 Net asset value C = A-B (6 540) Purchase price D 500 Recognized goodwill E=D-C 7 040 Revenue and net profit of the acquired entity included in the consolidated profit and loss account for the reporting period [PLN ‘000] 18.04.2025 - 30.06.2025 Sales revenues 1 570 Other operating income 783 Financial income 1 Net profit (loss) (767) The revenues and net financial results of the combined entities that would have been included in the consolidated statement of profit or loss for the reporting period if the merger date had been the beginning of that period. 01.01.2025 - 30.06.2025 Sales revenues 8 596 Other operating income 1 001 Financial income 29 Net profit (loss) (2 208)
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127 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Material estimates and judgments of the Management Board of the Group 2.3 The preparation of the financial statements requires the Management Board of the Company to adopt certain assumptions and make estimates and judgments that affect the figures disclosed in the financial statements. Assumptions and estimates are based on the best knowledge of current and future events and activities, however, actual results may differ from those anticipated. Estimates and related assumptions are subject to ongoing verification. Change in accounting estimates is recognized in the period in which they were changed – if it concerns only this period, or in the current and future period – if the changes concern both the current and future period. The main fields in which the Management Board’s estimates have a material impact on the financial statements and key sources of uncertainty as at the balance sheet date are: Investment real estate includes facilities leased to clients by companies which are part of the Group. The fair value of investment real estate is classified at level 2 and 3 in the fair value hierarchy. There were no transfers between the levels. The Group most often measures properties at fair value during construction and / or commercialisation. The property valuation is based on the income method using the discounted cash flow technique, which takes into account future proceeds from rent (including rent guarantees), the sale of real estate and other expenditure to be incurred. The yield used to determine residual values recognized in cash flows result from the Management Board’s estimates based on preliminary agreements for the sale of real estate, letters of intent, external valuations of appraisers or their familiarity with the market. The rates used also take into account the risk, and the level of risk is assessed individually for each property subject to its status. The fair value of real estate properties which are almost 100 percent commercialised and generate a fixed income is determined by the unit according to the income method, using simple capitalization technique as the quotient of the project’s net operating income (NOI) and the yield, or using the value resulting from external valuation, a preliminary contract for the sale of real estate, a letter of intent or a purchase offer, provided they exist. Investment properties under construction / Investment properties / Assets held for sale "
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128 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 The impact of each indicator on the fair value of properties as of 30 June 2025 is presented below: Segment Number of structures Value [PLN '000] Approach NOI [mln PLN] Yield % Discount rate % Sensitivity (gross change in PLN '000) Shopping Centers 1 474 203 income method 36,5 8,35% 8,85% Yield [p.p] NOI [%] -0,25 p.p. 0 p.p. + 0,25 p.p. -1,0% 8 967 -4 238 -16 675 0,0% 13 339 - -12 563 1,0% 17 710 4 238 -8 450 Offices 4 614 265 income method 68,5 6,78% - 8,03% 6,78% - 8,53% Yield [p.p] NOI [%] -0,25 p.p. 0 p.p. + 0,25 p.p. -1,0% 19 801 -8 133 -34 301 0,0% 28 221 - -26 437 1,0% 36 641 8 133 -18 572 CitySpace 13 107 280 income method 40,4 - 6,93% Yield [p.p] NOI [%] -0,25 p.p. 0 p.p. + 0,25 p.p. -1,0% -323 -963 -1 595 0,0% 646 - -638 1,0% 1 614 963 319 Shopping Centers 59 631 comparative method Offices 163 701 comparative method Other properties 240 915 at manufac- turing cost Total 1 659 995 Segment Number of structures Value [PLN '000] Approach area (sq m.) price per meter [PLN/sqm.] Discount rate % Sensitivity (gross change in PLN '000) Shopping Centers 4 22 835 income method 1 798,95 11 000,00 - 18 000,00 7,15% Discount rate price per meter -0,25 p.p. 0 p.p. + 0,25 p.p. -1,0% -51 -207 -360 0,0% 157 - -155 1,0% 365 207 50 Total 22 835 Total 1 682 830
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129 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 The impact of each indicator on the fair value of properties as of 31 December 2024 is presented below: Segment Number of struc- tures Value [PLN '000] Approach NOI [mln PLN] Yield % Discount rate % Sensitivity (gross change in PLN '000) Shopping Centers 1 538 316 income approach 38,5 7,00% 7,50% Yield [p.p] NOI [%] -0,25 p.p. 0 p.p. + 0,25 p.p. -1,0% 14 915 -5 096 -23 724 0,0% 20 212 - -18 816 1% 25 510 5 096 -13 908 Offices 4 675 313 income approach 61,3 6,75% - 8,10% 7,25% - 8,10% Yield [p.p] NOI [%] -0,25 p.p. 0 p.p. + 0,25 p.p. -1,0% 22 917 -8 228 -37 202 0,0% 31 463 - -29 270 1,0% 40 009 8 228 -21 338 CitySpace 13 117 800 income approach 43,9 - 7,09% Yield [p.p] NOI [%] -0,25 p.p. 0 p.p. + 0,25 p.p. -1,0% -317 -1 073 313 0,0% 763 - -753 1,0% 1 842 1 073 313 Shopping Centers 59 483 comparative approach Offices 149 161 value at cost Offices 12 687 comparative approach Other properties 437 933 at manufac- turing cost Total 1 990 693 Segment Number of struc- tures Value [PLN '000] Approach area (sq m) price per meter (PLN/sq m) Discount rate % Sensitivity (gross change in PLN '000) Centra Handlowe 4 22 018 income method 1 798,95 11 000 - 18 000 7,15% discount rate p.p. price per meter (%) -0,25 p.p. 0 p.p. + 0,25 p.p. -1,0% -52 -206 -360 0,0% 156 - -155 1,0% 364 206 50 Razem 22 018 Razem 2 012 711
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130 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Investment properties in progress – fair value hierarchy levels Level 1* Level 1** Level 1*** Fair value - total 30.06.2025 Offices - - 175 585 175 585 Shopping Centers - - 12 949 12 949 Total - - 188 534 188 534 * Level 1 - quoted (unadjusted) market prices in active markets for identical assets or liabilities ** Level 2 - valuation techniques where the lowest level inputs that are relevant to the determination of fair value are directly or indirectly observable *** Level 3 - valuation techniques where the lowest level inputs that are relevant to the measurement of fair value are unobservable Investment properties in progress – valuation techniques Valuation Approach Discount rate % Yield % 30.06.2025 Offices 175 585 income approach 8,00% - 8,53% 7,50% - 8,03% Shopping Centers 12 949 income approach 7,15% -* Total 188 534 - Investment property under construction The key input data and assumptions adopted for investment properties in progress measured at fair value are as follows: * for Fuzja Retail projects, the residual value is calculated based on the square meter of the projected price of the sale of the unit. According to the valuations prepared by the Group, the value of investment properties in progress as at 30 June 2025 amounted to PLN 420,375 thous. It consisted of properties measured at fair value (PLN 188,534 thous.) and other properties (PLN 231,841 thous.) valued at the purchase value that best reflects the fair value of the asset at the balance sheet date valued at the purchase amount, which best reflects the fair value of the asset as at the balance sheet date. The table below presents an analysis of investment properties uin progress carried at fair value in the consolidated statement of financial position according to the levels of the fair value hierarchy:
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131 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Investment property under construction According to the valuations prepared by the Group, the value of investment propertiesin progress as at 31 December 2024 amounted to PLN 519 ,218 thous. It consisted of properties measured at fair value (PLN 81,729 thous.) and other properties (PLN 437 ,489 thous.) valued at the purchase value that best reflects the fair value of the asset at the balance sheet date valued at the purchase amount, which best reflects the fair value of the asset as at the balance sheet date. The table below presents the analysis of investment properties in progress carried at fair value in the consolidated statement of financial position according to the levels of the fair value hierarchy: Investment properties in progress – fair value hierarchy levels Level 1* Level 1** Level 1*** Fair value - total 31.12.2024 Offices - - 67 652 67 652 Shopping Centers - - 14 077 14 077 Total - - 81 729 81 729 * Level 1 - quoted (unadjusted) market prices in active markets for identical assets or liabilities ** Level 2 - valuation techniques where the lowest level inputs that are relevant to the determination of fair value are directly or indirectly observable *** Level 3 - valuation techniques where the lowest level inputs that are relevant to the measurement of fair value are unobservable Investment properties in progress – valuation techniques Wycena Podejście Stopa dyskontowa % Stopa kapitalizacji % 31.12.2024 Offices 67 652 income approach 7,25% - 8,10% 6,75% - 7,60% Shopping Centers 14 077 income approach 7,50% -* Total 81 729 - The key input data and assumptions adopted for investment properties under construction measured at fair value are as follows: * for Fuzja Retail projects, the residual value is calculated based on the square meter of the projected price of the sale of the unit.
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132 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Investment property Investment property – valuation techniques Valuation Approach Discount rate % Yield % 30.06.2025 Offices 326 950 income approach 6,78% - 8,53% 6,78% - 8,03% Offices 163 701 comparative approach - - Offices - CitySpace 107 280 income approach 6,93% - Shopping Centers 9 886 income approach 7,15% -* Shopping Centers 59 631 comparative approach - - Total 667 448 - The key input data and assumptions adopted for investment properties measured at fair value are as follows: According to the Group's valuations, as of 30 June 2025, the value of investment properties amounted to PLN 676,522 thous. and consisted of properties valued at fair value (PLN (667 ,448) thous.) and other properties (PLN 9 ,074 thous.) valued at cost due to the inability to establish any reliable fair value. The table below presents the analysis of investment properties carried at fair value in the consolidated statement of financial position according to the levels of the fair value hierarchy: Investment properties – fair value hierarchy levels Level 1* Level 1** Level 1*** Fair value - total 30.06.2025 Offices - 12 687 477 964 490 651 Offices - CitySpace - - 107 280 107 280 Shopping Centers - - 69 517 69 517 Total - 12 687 654 761 667 448 * Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities ** Level 2 - valuation techniques where the lowest level inputs that are relevant to the determination of fair value are directly or indirectly observable *** Level 3 - valuation techniques where the lowest level inputs that are relevant to the measurement of fair value are unobservable * for Fuzja Retail projects, the residual value is calculated based on the square meter of the projected price of the sale of the unit.
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133 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Investment property According to the Group's valuations, as of 31 December 2024, the value of investment properties amounted to PLN 1,493,493 thous. and consisted of properties valued at fair value (PLN 1,493,049 thous.) and other properties (PLN 444 thous.) valued at cost due to the inability to establish any reliable fair value. The table below presents the analysis of investment properties carried at fair value in the consolidated statement of financial position according to the levels of the fair value hierarchy: Investment properties – valuation techniques Valuation Approach Discount rate % Yield % 31.12.2024 Shopping Centers 546 257 income approach 7,15% - 7,50% 7,00%* Shopping Centers 59 483 comparative approach - - Offices 607 661 income approach 6,92% - 8,10% 6,75% - 8,10% Offices - CitySpace 117 800 income approach 7,09% - Offices 149 161 value at cost - - Offices 12 687 comparative approach - - Total 1 493 049 - The key input data and assumptions adopted for investment properties measured at fair value are as follows: Investment properties – fair value hierarchy levels Level 1* Level 1** Level 1*** Fair value - total 31.12.2024 Shopping Centers - - 605 740 605 740 Offices - 12 687 756 822 769 509 Offices - CitySpace - - 117 800 117 800 Total - 12 687 1 480 362 1 493 049 * Level 1 - quoted (unadjusted) market prices in active markets for identical assets or liabilities ** Level 2 - valuation techniques where the lowest level inputs that are relevant to the determination of fair value are directly or indirectly observable *** Level 3 - valuation techniques where the lowest level inputs that are relevant to the measurement of fair value are unobservable * for Fuzja Retail projects, the residual value is calculated based on the square meter of the projected price of the sale of the unit.
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134 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Assets held for sale According to valuations prepared by the Group, the value of assets held for sale as of 30 June 2025 amounted to PLN 585,933 thous. and consisted of properties valued at fair value (PLN 585,933 thous.). The table below presents an analysis of assets held for sale carried at fair value in the consolidated statement of financial position according to the levels of the fair value hierarchy: Assets held for sale – valuation techniques Valuation Approach Discount rate % Yield % 30.06.2025 Shopping Centers 474 203 income approach 8,85% 8,35% Offices 111 730 income approach 8,00% - 8,53% 7,50% - 8,03% Total 585 933 - The key input data and assumptions adopted for assets held for sale measured using the income method are as follows: Assets held for sale – fair value hierarchy levels Level 1* Level 1** Level 1*** Fair value - total 30.06.2025 Shopping Centers - - 474 203 474 203 Offices - - 111 730 111 730 Total - - 585 933 585 933 * Level 1 - quoted (unadjusted) market prices in active markets for identical assets or liabilities ** Level 2 - valuation techniques where the lowest level inputs that are relevant to the determination of fair value are directly or indirectly observable *** Level 3 - valuation techniques where the lowest level inputs that are relevant to the measurement of fair value are unobservable
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135 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 As of 31 December 2024, there were no assets held for sale. Fit-out works As of June 30, 2025, the value of provisions recognized for customer contracts related to fit-out works amounted to PLN 12,964 thousand. As of December 31, 2024, the value of provisions recognized for customer contracts related to fit-out works amounted to PLN 13,913 thousand. Inventory When estimating the amount of the write-down on inventories held by the Group as at the balance sheet date, information is analyzed according to the current market prices obtained from the development market, regarding the expected sale prices and current market trends, as well as information resulting from the preliminary sales agreements concluded by the Group. Assumptions used in the calculation of the writedown are mainly based on valid market prices of real estate in a given market segment. In the case of land included in the item of inventories, the value of write-downs results from the suitability of the given land for the needs of the current and future operations of the Group estimated by the Management. Data regarding write-downs updating the value of inventories to the net value possible to obtain and reversing write-downs on this account are presented in note 13. Financial instruments valued according to fair value The Group uses its judgment when selecting valuation methods and makes assumptions based on market conditions existing at each balance sheet date. In particular, concluded forward contracts and concluded option agreements are valued on the basis of valuations provided by banks, are based on the discounted cash flow method using observable data such as exchange rates, interest rates (WIBOR, EURIBOR) and interest rate curves. As at 30 June 2025, the Group did not change the valuation principles for financial instruments, there were no changes in the classification or movements between levels of the fair value hierarchy. There is no difference between the carrying value and the fair value of financial instruments. The Group classifies forward and option derivatives as the second level in the fair value hierarchy. Asset from deferred income tax The Group recognizes deferred tax asset based on the assumption that tax profit will be achieved in the future and it will be possible to use it. This assumption would be unjustified if the tax results deteriorated in the future. The Management Board verifies the estimates adopted for the probability of the recovery of deferred tax assets based on changes in the factors considered in determining them, new information and past experience. Leasing The adaption and application of IFRS 16 required the Company to make various estimates and to engage in professional judgment. The main area in which it happened concerning the assessment of lease periods, in agreements for an indefinite period and in agreements for which the Company was entitled to extend the agreement. When determining a lease period, the Company had to consider all facts and circumstances, including the existence of economic incentives to use or not to extend the agreement and any termination option. The Company also estimated the discount rate used in the calculation of the lease liability - as a rate reflecting the cost of financing a similar asset for the same period.. As at 1 January 2019 , the average weighted IBR rate used to discount of liability valuation amounted to 5.73 percent. Assets held for sale
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136 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Estimated useful life of the trademark In accordance with IAS 38 para. 88, the Group evaluated whether the ""Archicom"" trademark as an intangible asset, which arose from the business acquisition and was valued at PLN 67 million as of the acquisition date in 2021, has an indefinite or limited useful life. Indefinite does not mean 'infinite' (IAS 38 para. 91), but simply means that, based on the relevant factors, as at the valuation date, there is no reasonably foreseeable limit to the period over which the asset is expected to generate net proceeds to the entity. In particular, the assessment of the assumed period took into account that the Echo Group owns and controls the ""Archicom"" brand; there are no indications that would limit the period of using the brand by the Echo Group and it plans to use the brand without time limit and there are no other factors that would limit the period of using the brand. In addition, in the opinion of the Management Board, there is no foreseeable time limit for the use of the brand, the trademark is recognisable in the Wrocław market where it has a significant market share with a growing trend, no technical, technological or commercial obsolescence of the brand is expected, as the Group is constantly improving its construction technique and technology to follow the market and intends to follow the preferences and expectations of its clients, especially in terms of living/housing conditions. The industry is relatively stable, with the strongest brands in the industry existing for around 20-30 years. In accordance with IAS 38 para. 109 , the useful life of an intangible asset that is not subject to depreciation is verified each period to determine whether events and circumstances continue to support the indefinite useful life for that asset. Long-term incentive program The Group has a long-term incentive program that meets the definition of a program based on IFRS 2 ""Share-based payment"", to which the members of the Management Board and the CEO of the subsidiary Archicom S.A. are covered. As the Group expects to settle the program in the form of cash, the amount of the obligation and the cost were recognised in the period within general and administrative expenses, respectively. The valuation of the program is based on the ""Monte Carlo"" model and variables such as the share price, the period to the end of the program or the expected share price at the end of the program." Identification of a significant financing component within contracts with clients The Group considered that the contracts with clients do not contain a significant financing component. In support of the conclusion that the contract does not contain a significant financing component is the fact that advance payments from clients are intended to secure the implementation of the contract (i.e. they guarantee to the developer that the client will not withdraw from the purchase and, from the client's point of view, they are securities that a given unit will be sold to the client at the agreed price), so they are made for reasons other than to provide financing to the developer (IFRS 15 para. 62c)."
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137 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 New standards and interpretations that are effective as of 1 January 2025 The following standards and amendments to standards became effective on 1 January 2025: Amendments to IAS 21 – The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability published on 15 August 2023 Applicable for annual reporting periods beginning on or after 1 January 2025. The above amendments did not have a material impact on the Group's of H1 2025 consolidated financial statements. 2.4
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138 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Published standards and interpretations which are not effective yet and have not been adopted by the Group New standards and amendments to existing standards issued by the IASB but not yet approved for use in the EU IFRS as approved by the EU does not currently differ significantly from the regulations issued by the International Accounting Standards Board (IASB), with the exception of the following new standards and amendments to standards that, as of 30 June 2025, have not yet been approved for use in the EU (the effective dates below refer to standards in their full version): IFRS 14 "Deferred balances from regulated activities" Effective for annual periods beginning on or after 1 January 2016. The European Commission has decided not to initiate the endorsement process for this temporary standard for use in the EU until the final version of IFRS 14 is issued. IFRS 18 Presentation and disclosures in financial statements (published on 9 April 2024) Not approved by the EU as of the date of approval of these financial statements - effective for annual periods beginning on or after 1 January 2027 . IFRS 19 Subsidiaries Not Subject to Public Oversight Requirements: Disclosures (published on 9 May 2024) Not approved by the EU as of the date of approval of these financial statements - effective for annual periods beginning on or after 1 January 2027 . 2.5
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139 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Amendments to IFRS 9 and IFRS 7: Classification and Measurement of Financial Instruments (issued on 30 May 2024) Not approved by the EU as of the date of approval of these financial statements - effective for annual periods beginning on or after 1 January 2026. Annual Improvements to IFRS (published on 18 July 2024) These amendments apply to the following standards: IFRS 1 "First-time Adoption of International Financial Reporting Standards," IFRS 7 "Financial Instruments: Disclosures," IFRS 9 "Financial Instruments," IFRS 10 "Consolidated Financial Statements," and IAS 7 "Statement of Cash Flows." As of the preparation date of this consolidated financial statement, these amendments have not yet been approved by the European Union. Amendments to IFRS 9 and IFRS 7 regarding agreements related to electricity dependent on natural factors (published on 18 December 2024) As of the preparation date of this {consolidated} financial statement, these amendments have not yet been approved by the European Union. According to the Group's estimates, the aforementioned new standards and amendments to existing standards would not have a material impact on the financial statements if applied by the Group as of the balance sheet date. Hedge accounting for a portfolio of financial assets and liabilities, the rules of which have not been approved for use in the EU, continue to be not covered by EU- approved regulations.
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140 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Significant events after the balance sheet day Significant for Echo Group events after the balance sheet day are described in the management report in section “1.9 Significant events after the balance sheet day”. 2.6
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141 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Condensed interim standalone financial statements of Echo Investment S.A. as of and for the period ended 30 June 2025 • Fuzja, Łódź
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142 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Condensed standalone interim statements of financial position [PLN ‘000] note 1.01.2025- 30.06.2025 1.01.2024- 30.06.2024 adjusted 01.04.2025- 30.06.2025 01.04.2024- 30.06.2024 Revenue 1 100 828 61 921 56 128 33 891 Cost of sales (79 932) (46 458) (47 656) (26 613) Gross profit 20 896 15 463 8 472 7 278 - - Administrative costs associated with project implementation (7 190) (6 957) (3 241) (4 616) Selling expenses (4 859) (8 792) (2 952) (7 223) General and administrative expenses (28 633) (43 699) (15 989) (20 580) Other operating income 2 186 729 155 312 43 741 87 081 - including interests and amortised costs (SCN) from borrowings and bond 15 675 27 509 8 921 15 030 Other operating expenses 2 (22 429) (5 873) (6 590) (5 605) Share of profits / losses of jointly controlled entities - using the equity method (5 215) 61 350 (3 562) 58 931 Operating profit 139 299 166 804 19 879 115 266 Financial income 15 689 2 101 Financial cost 3 (85 038) (72 438) (43 228) (39 072) Profit / (loss) from derivative instruments 3 - 228 - 77 Profit / (loss) from exchange rate differences 3 2 097 1 979 (5 299) (1 018) Profit before tax 56 373 97 262 (28 646) 75 354 - - Income tax 4 1 955 (5 632) 1 545 (8 215) Net profit 58 328 91 630 (27 101) 67 139 Net profit 58 328 91 630 Weighted average number of ordinary shares 412 690 582 412 690 582 Profit per one ordinary share (PLN) 0,14 0,22 Diluted weighted average number of ordinary shares 412 690 582 412 690 582 Diluted profit per one ordinary share (PLN) 0,14 0,22
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143 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Standalone statement of financial result and other comprehensive income [PLN ‘000] note 1.01.2025- 30.06.2025 1.01.2024- 30.06.2024 adjusted Net profit 58 328 91 630 Other comprehensive income, net of tax - - Total comprehensive income 58 328 91 630 Standalone statement of financial position [PLN ‘000] ↕ note 30.06.2025 31.12.2024 Assets Non-current assets Intangible assets 11 14 Tangible non-current assets 5 23 743 24 662 Investment property 445 445 Investments in subsidiaries 6 1 732 965 1 745 169 Investments in jointly controlled entities valued using the equity method 6 727 223 733 920 Long-term financial assets 7 5 315 5 825 Loans granted 8 478 109 420 456 Receivables from leasing 9 22 925 25 057 2 990 736 2 955 548 Current assets Inventory 10 367 391 275 808 Current tax assets 1 418 - Other taxes receivable 6 958 3 981 Trade and other receivables 9,11 100 122 64 859 Short-term financial assets 7 2 290 - Loans granted 8 120 243 53 881 Other financial assets 13 315 28 330 Cash and cash equivalents 22 162 67 149 633 899 494 008 Total assets 3 624 635 3 449 556
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144 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Standalone statement of financial position [PLN ‘000] ↕ nota 30.06.2025 31.12.2024 Equity and liabilities Equity Share capital 20 635 20 635 Supplementary capital 706 380 704 295 Dividend fund 500 785 305 843 Capital from conversion of foreign units (1 438) (219) Retained earnings - 194 942 Net profit 58 328 2 085 1 284 690 1 227 581 Long-term liabilities Loans, borrowings and bonds 12 1 314 804 1 384 869 including from subsidiaries 197 678 153 559 Deffered income tax provison 13 67 240 68 979 Deposits and advances received 14 2 311 3 481 Lease liabilities 12 44 202 46 997 Other liabilities 14 18 082 19 586 1 446 640 1 523 912 Short-term liabilities Loans, borrowings and bonds 12 431 246 355 131 - including from subsidiaries 32 875 14 191 Income tax payable 14 3 421 Other taxes liabilities 14 1 148 1 179 Trade payable 14 54 052 41 707 Deposits and advances received 14 330 798 206 055 Lease liabilities 12 26 377 23 441 Short-term provision 15 8 083 10 821 Other liabilities 14 41 598 59 308 893 305 698 063 Total equity and liabilities 3 624 635 3 449 556 Off-balance sheet items [PLN ‘000] nota 30.06.2025 31.12.2024 Off-balance sheet liabilities 16 2 454 180 2 639 630 Total equity and liabilities 2 454 180 2 639 630
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145 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Condensed interim separate statement of changes in equity [PLN'000] Note Share capital Supple- mentary capital Dividend fund Capital from conversion of foreign units Advance payment on account of dividend Profit for the current year Equity total As at 1 January 2025 20 635 704 295 305 843 (219) - 197 027 1 227 581 Changes during the period: Distribution of the result from previo - us years - 2 085 194 942 - - (197 027) - Exchange differences on translation of foreign entities - - - (1 219) - - (1 219) Net profit for the period - - - - - 58 328 58 328 Total changes - 2 085 194 942 (1 219) - (138 699) 57 109 Balance at the end of the period as of 30 June 2025 20 635 706 380 500 785 (1 438) - 58 328 1 284 690 1 January 2024 (previously anno - unced) 20 635 704 295 305 589 - (50 000) 50 254 1 030 773 - Changes in adopted accounting policies - - 194 943 194 943 1 January 2024 (previously anno - unced) 20 635 704 295 305 589 - (50 000) 245 197 1 225 716 Changes during the period: - - Distribution of the result from previo - us years - - 254 - 50 000 (50 254) - Exchange differences on translation of foreign entities - - - (103) - - (103) Net profit: - - - - - 91 630 91 630 - previously announced - - - - - 42 484 42 484 - change in adopted accounting principles - - - - - 49 146 49 146 - after transformation - - - - - 91 630 91 630 Changes in total - - 254 (103) 50 000 41 376 91 527 Balance at the end of the period as of 30 June 2025 20 635 704 295 305 843 (103) - 286 573 1 317 243
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146 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Condensed interim standalone cash flow statement [PLN ‘000] ↕ 1.01.2025- 30.06.2025 1.01.2024- 30.06.2024 adjusted Operating cash flow – indirect method I. Profit before tax 56 373 97 262 II. Adjustments (76 376) (126 726) Depreciation 2 909 2 934 Foreign exchange gains / (losses) (2 157) 964 Interest and profit sharing (dividends) (102 930) (63 001) Profit / (loss) on revaluation of assets and liabilities 20 593 (8 853) Profit / (loss) from the net share of jointly controlled entities 5 215 (60 675) Profit (loss) on sale of fixed assets and investment properties (6) - Profit / (loss) from the settlement of financial instruments - 1 905 III. Changes in working capital 37 175 147 127 Change in provisions (2 738) 737 Change in inventory (87 929) (65 464) Change in receivables (3 846) 123 292 Change in short–term liabilities, except for loans and borrowings 116 673 97 748 Change in restricted cash 15 015 (9 186) IV. Net cash generated from operating activities (I +/- II +/- III) 17 172 117 663 V. Income tax paid (1 620) 3 793 VI. Net cash generated from operating activities (IV+/-V) 15 552 121 456 Cash flows from investing activities I. Inflows 166 613 228 074 Disposal of intangible assets and PP&E - 2 From financial assets, including: 166 613 228 072 a) in affiliated entities 166 613 228 072 disposal of financial assets - 17 358 dividends and profit sharing 135 119 - repayment of loans granted 31 304 199 552 interest 190 11 162 II. Outflows (144 710) (323 101) Purchase of intangible assets and PP&E - (35) On financial assets, including: (141 210) (203 473) a) in affiliated entities (141 210) (203 473) acquisition of financial assets - - loans granted (141 210) (203 473) b) in other entities - - acquisition of financial assets - - loans granted - - Other investment outflows (3 500) (119 593) Net cash flow from investment activities 21 903 (95 027) Net cash flow from financing activities (I – II) I. Inflows 120 977 305 404 Net inflows from issuing of shares and other capital instruments as well as capital surcharge - - Loans and borrowings 120 977 2 352 Issue of debt securities - 300 000 Other investment inflows - 3 052 II. Outflows (203 419) (276 939) Repayment of loans and borrowings (64 442) (21 747) Redemption of debt securities (50 000) (170 330) Payments of liabilities under lease contracts (6 978) (6 162)
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147 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Condensed interim standalone cash flow statement [PLN ‘000] ↕ 1.01.2025- 30.06.2025 1.01.2024- 30.06.2024 adjusted Interests (81 383) (74 606) Other investment outflows (616) (4 094) Net cash flow from financing activities (82 442) 28 465 Total net cash flows (44 987) 54 894 Balance sheet change in cash, including: (44 987) 54 894 change in cash due to foreign exchange gains/losses - - Cash and cash equivalents at the beginning of the period 67 149 101 552 Cash and cash equivalents at the end of the period 22 162 156 446
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148 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Explanatory note
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149 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Explanatory notes to standalone profit and loss account Operating income material structure - types of activity [PLN '000] 1.01.2025- 30.06.2025 1.01.2024- 30.06.2024 przekształcone Revenues due to contracts with clients 96 384 58 134 Development services 72 250 37 011 including from related entities 72 149 37 011 from subsidiaries 48 461 15 535 from joint-ventures 23 688 21 476 Legal, accounting, consulting and IT services 585 626 icluding from related entities 365 622 from subsidiaries 286 591 from joint-ventures 79 31 Financial, marketing, security services and other revenue 23 549 20 497 icluding from related entities 22 761 18 847 from subsidiaries 18 466 18 219 from joint-ventures 4 295 628 Revenues due to lease contracts 4 444 3 787 Lease services 4 444 3 787 icluding from related entities 699 135 from subsidiaries 699 135 Total operating income 100 828 61 921 icluding from related entities 95 974 56 615 from subsidiaries 67 912 34 480 from joint-ventures 28 062 22 135 NOTA 1A
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150 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 The Company did not enter into contracts with affiliated entities on terms and conditions other than at arm's length. Contracts relating to significant transactions with the affiliated entities executed in 2025 are presented by the Company in the additional notes. Revenue related to development services as 31 December 2025 [PLN ‘000] Project Targeted completion Total value deferred revenue related to liabilities resulting from concluded agreements Total value of revenue to be recognized in the future related to the contractual obliga- tions to perform the agreement. Received advanced payments Nowa Dzielnica, Łódź completed 30 434 1 121 112 Empark, Warszawa under construction 590 163 590 163 168 248 Total 620 597 591 284 168 360 Revenue related to development services as 30 June 2025 [PLN ‘000] Project Targeted completion Total value deferred revenue related to liabilities resulting from concluded agreements Total value of revenue to be recognized in the future related to the contractual obliga- tions to perform the agreement. Received advanced payments Nowa Dzielnica, Łódź completed 30 255 1 120 - Empark, Warszawa under construction 593 070 593 070 315 817 Total 623 325 594 190 315 817 The total amount of revenue to be recognized in the future related to obligations to deliver residential and commercial units under signed contracts as of the reporting date, 30 June 2025, amounts to PLN 594,190 thousand, of which the Company has received advances of PLN 315,817 thousand as of the reporting date. This revenue will be recognized at the moment the properties are handed over to the buyers, following the completion of construction and obtaining the necessary administrative approvals, which typically occurs approximately 1 to 3 months after the completion of construction. NOTA 1B
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151 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 NOTA 1C Operating revenue - territorial structure [PLN ‘000] 1.01.2025- 30.06.2025 1.01.2024- 30.06.2024 adjusted Domestic 100 828 61 921 icluding from related entities 95 974 56 615 Abroad - - icluding from related entities - - Total net revenue from sale of products 100 828 61 921 icluding from related entities 95 974 56 615
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152 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Other operating revenue [PLN ‘000] 1.01.2025- 30.06.2025 1.01.2024- 30.06.2024 adjusted Released provisions 3 618 2 633 due to receivables 1 886 561 for expected costs 1 732 2 072 Other, including: 263 43 contractual penalties and compensation 257 43 profit from sale of debt 6 - Interest on borrowings and bonds 15 675 27 509 from related entities, including: 15 675 27 509 from subsidiaries 9 370 27 509 from joint-ventures 6 305 - Depreciation - reversal (1 640) 9 544 on loans and bonds (1 640) 9 544 Other interests 127 768 from other entities 127 768 Profit from the sale of shares - 1 810 Total 18 043 42 307 NOTA 2A Other operating income from dividends and profit shares [PLN ‘000] 1.01.2025- 30.06.2025 1.01.2024- 30.06.2024 adjusted From related entities including 168 686 113 005 from subsidiaries 168 686 113 005 From other entities - - Total 168 686 113 005 NOTA 2B
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153 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Other operating expenses [PLN ’000] 1.01.2025- 30.06.2025 1.01.2024- 30.06.2024 adjusted Other, including: 6 725 1 995 donations 94 93 cost of note proceedings sale - 753 other 6 631 1 134 compensation due to rent gurantee agreements - 15 Revaluation of investments, including 15 704 3 878 .- shares 15 704 3 878 Other operating expenses in total 22 429 5 873 NOTA 2C
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154 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Financial costs of interest [PLN’ 000] 1.01.2025- 30.06.2025 1.01.2024- 30.06.2024 adjusted Interests and depreciation of loans, borrowings and bonds - for related entities 11 010 2 668 - for subsidiaries 11 010 2 668 - for other entities 68 038 67 618 79 048 70 286 Other interest for other entities 8 12 8 12 On lease for other entities 2 882 (2 220) 2 882 (2 220) Total financial costs on interests 81 938 68 078 NOTA 3A As at 30 June 2025, the amount of external financing costs capitalized to the value of inventories amounted to PLN 1,832 thousand (capitalization rate 2.41%), and as at 31 December 2024, PLN 8,377 thousand (capitalization rate 2.75%) Other financial costs [PLN ‘000] 1.01.2025- 30.06.2025 1.01.2024- 30.06.2024 adjusted Foreign exchange losses 2 097 1 979 executed (63) (324) non-executed 2 160 2 303 Total 2 097 1 979 NOTA 3B
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155 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Income tax - effective tax rate [PLN ‘000] 1.01.2025- 30.06.2025 1.01.2024- 30.06.2024 adjusted Profit before tax 56 373 97 262 Income tax according to the national rates 19% 10 711 18 480 Dividends received (32 050) (21 471) Distribution of profit from limited partnerships (Sp.K.) + JV 42 - Tax loss 254 35 Representation costs and other non-deductible costs during the year 16 990 9 733 Provision for expected cost (496) 76 Measurement of interests of a subsidiary representing a permanent difference 2 984 737 Write-downs on loans granted due to which deferred tax was not recognised (118) (1 976) Adjustment from previous years recognized in the result (current year) (271) 18 Charges on the financial result due to income tax (1 955) 5 632 NOTA 4
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156 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 The Company did not make any impairment losses on property, plant and equipment in the periods covered by these financial statements. The Company has no collateral established on fixed assets. Property, plant and equipment [PLN ‘000] 30.06.2025 31.12.2024 PP&E, including: 23 743 24 662 buildings, premises, civil and water engineering structures 19 121 20 686 plant and machinery 377 402 means of transport 3 900 3 134 other PP&E 345 440 Total property, plant and equipment 23 743 24 662 NOTA 5A
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157 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 NOTA 5B Changes in property, plant, and equipment – by category groups [PLN’000] For the period 1.01.2025 – 30.06.2025 Own land Buildings and struc- tures Technical equipment Means of transport Other PP&E Total Gross value of PP&E at the beginning of the period - 36 055 2 130 7 428 3 725 49 338 Increases - 322 - 1 753 - 2 075 - due to lease - 322 - 1 753 - 2 075 Decreases - - - (1 137) (61) (1 198) - due to lease - - - (1 137) - (1 137) - due to sale - - - - (61) (61) Gross PP&E at the end of the period - 36 377 2 130 8 044 3 664 50 215 Accumulated depreciation at the beginning of the period - (15 369) (1 728) (4 294) (3 285) (24 676) Depreciation for the period - (1 887) (25) (895) (34) (2 841) - due to depreciation - (111) (25) - (95) (231) - due to sale - - - - 61 61 - due to lease - (1 776) - (895) - (2 671) - due to liquidation - - - - - - Decreases - - - 1 045 - 1 045 - due to liquidation - - - 1 045 - 1 045 Accumulated depreciation at the end of the period - (17 256) (1 753) (4 144) (3 319) (26 472) Net value of fixed assets at the end of the period - 19 121 377 3 900 345 23 743 Including right-of-use assets - 17 570 - 3 900 - 21 470 There are no contractual obligations incurred in connection with the acquisition of property, plant, and equipment.
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158 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Changes in property, plant, and equipment – by category groups [PLN’000] For the period 1.01.2024 – 31.12.2024 Own land Buildings and struc- tures Technical equipment Means of transport Other PP&E Total Gross value of PP&E at the beginning of the period - 28 952 2 130 7 731 3 640 42 453 Increases - 8 499 - 1 891 127 10 517 - due to purchase - - - - 127 127 - due to lease - 8 499 - 1 891 - 10 390 Decreases - (1 396) - (2 194) (42) (3 632) - due to liquidation - (1 396) - - - (1 396) - due to lease - - - (1 937) - (1 937) - due to sale - - - (257) (42) (299) Gross PP&E at the end of the period - 36 055 2 130 7 428 3 725 49 338 Accumulated depreciation at the beginning of the period - (12 339) (1 677) (4 723) (3 123) (21 862) Depreciation for the period - (3 030) (51) (1 508) (162) (4 751) - due to depreciation - (256) (51) - (204) (511) - due to sale - - - 257 42 299 - due to lease - (3 415) - (1 765) - (5 180) - due to liquidation - 641 - - - 641 Decreases - - - 1 937 - 1 937 - due to lease - - - 1 937 - 1 937 Accumulated depreciation at the end of the period - (15 369) (1 728) (4 294) (3 285) (24 676) Net value of fixed assets at the end of the period - 20 686 402 3 134 440 24 662 Including right-of-use assets - 19 025 - 3 134 - 22 159
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159 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 In accordance with IAS 36, the Company has analyzed external and internal factors and did not identify any indications of impairment of assets; therefore, an impairment test was not prepared as at 30 June 2025. Shares and stocks in subsidiaries [PLN’000] 30.06.2025 31.12.2024 Investments in subsidiaries 1 728 557 1 745 169 Total interests and shares 1 728 557 1 745 169 NOTA 6A Change in the balance of shares and stocks in subsidiaries [PLN’000] 1.01.2025- 30.06.2025 1.01.2024- 31.12.2024 Opening balance, including: 1 745 169 1 552 382 shares and interests 1 745 169 1 552 382 Increases 3 500 417 822 due to purchase of interests - 1 769 due to capital increase 3 500 202 053 due to advanced payments for capital increas - 214 000 Decreases (15 704) (225 035) due to sale of interests - (82 782) due to write–down on assets (15 704) (142 253) Closing balance, including: 1 732 965 1 745 169 shares and interests 1 965 553 1 962 053 shares and interests (232 588) (216 884) NOTA 6B
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160 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Change in the state of shares and stocks in 2025 Change Company Value [PLN '000] Capital increase CitySpace - Management Sp. z o.o. 3 500 Write-downs on interests "Taśmowa - Projekt Echo - 116 Sp. z o.o." S.K.A. 5 079 Echo - Arena Sp. z o.o. 4 625 CitySpace - Management Sp. z o.o. 3 500 Wołoska Development Capital Prosta S.A. 1 769 Projekt Echo - 111 Sp. z o.o. 721 Projekt Echo - 144 Sp. z o.o. 10 Change in the state of shares and stocks in 2024 Change Company Value [PLN '000] Acquisition of shares Wołoska Development Capital Prosta S.A. 1 769 Sale of shares Service Hub Sp. z o. o. - Projekt 140 - Grupa Echo Sp. z o. o. Sp.k. 15 006 Archicom S.A. 67 725 Echo Investment ACC-GE Sp. z o.o. Sp.k. 51 Capital increase Service Hub Sp. z o. o. 2 053 Finar Investments Sp. z o.o. 93 000 Strood Sp. z o.o. 95 000 Projekt 17 - Grupa Echo Sp. z o.o. S.K.A. 12 000 Write-downs on interests PHS - Projekt CS Sp. z o.o - Sp.k. 307 Echo - Property Poznań 1 Sp. z o.o. 61 Avatar - PE-119 Sp. z o.o SKA 7 116 Projekt Echo - 144 Sp. z o.o. 40 Projekt Echo - 145 Sp. z o.o. 21 Projekt Echo - 115 Sp. z o.o. (3 370) Malta Office Park - GE Sp. z o.o S.K.A 7 Galeria Tarnów - GE Sp. z o.o S.K.A. 29 Echo - Arena Sp. z o.o. 40 375 Echo - Galaxy Sp. z o.o S.K.A. (7 318) DKR Echo Investment Sp. z o.o. 104 984 Liquidation Echo - Arena Sp. z o.o. 45 000 DKR Echo Investment Sp. z o.o. 169 000
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161 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 NOTA 6C Condensed financial information relating to jointly controlled entities [PLN '000] Rosehill Invest- ments Sp. z o.o., Berea Sp. z o.o. (Galeria Młociny) SGE JV co S. a r. l. (StudentSpace) R4R Poland Sp. z o.o. (Resi4Rent) Total As at 1 January 1 2024 281 303 - 259 814 541 117 - Acquisition of shares - 48 - 48 - Increase in capital - 100 045 - 100 045 - Echo Group’s share of the net profit/loss of the joint venture (4 086) 18 493 71 172 85 579 - Elimination of transactions between the entity and the Gro - up (revenues, costs, and profits from sales amounting to 30%) - (219) - (219) - Settlement of the withdrawal of contributions in the joint venture - 38 7 432 7 470 - Other - (84) - (84) As at 31 December 2024 277 217 118 321 338 418 733 956 - Echo Group’s share of the net profit/loss of the joint venture (5 013) 2 825 (2 845) (5 033) - Elimination of transactions between the entity and the Gro - up (revenues, costs, and profits from sales amounting to 30%) - (1 438) - (1 438) - Settlement of the withdrawal of contributions in the joint venture - - (264) (264) As at 30 June 2025 272 204 119 708 335 309 727 221 NOTA 7 Long-term anf short-term financial assets [PLN ‘000] 30.06.2025 31.12.2024 In the remaining entities 7 605 5 825 RMK - insurance 2 274 820 D365 program 5 331 5 005 Total long and short-term financial assets 7 605 5 825 long-term 5 315 5 825 short-term 2 290 -
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162 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 The loans meet the SPPI test and are held in accordance with a business model whose objective is to hold financial assets in order to collect contractual cash flows in accordance with IFRS 9 and are therefore measured at amortized cost rather than fair value. The measurement does not differ significantly from fair value measurement. The maximum credit risk associated with loans is equal to their carrying amount. The loans granted are unsecured, not past due, and there has been no significant impairment. The loans were granted to related entities in good financial standing. In relation to related entities, the Management Board believes that credit risk is minimized through ongoing control of operating activities and assessment of the investment projects of these companies. In the opinion of the Management Board, through the ability to monitor the activities of subsidiaries and periodically confirm the profitability of their projects, the Company is able to assess and identify loans for which the credit risk has increased significantly. The Management Board of the Company has not identified any such loans. The Management Board assessed the loans in terms of creating a provision for expected credit losses based on the assessment of the creditworthiness of the Echo Investment Capital Group. In accordance with the requirements of IFRS 9 , a provision for expected credit losses was created; as at 30 June 2025, in the amount of PLN 1,882 thous, and as at 31 December 2024, in the amount of PLN 1,614 thous. NOTA 8A Loans granted [PLN ‘000] 30.06.2025 31.12.2024 Long-term loans granted [PLN ‘000] in subsidiaries 142 934 108 289 in joint-ventures 335 175 312 167 478 109 420 456 Total long-term loans granted loans granted 120 243 53 881 120 243 53 881 Total short-term loans granted 598 352 474 337
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163 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 NOTA 8B Loans granted – currency structure [PLN ‘000] 30.06.2025 31.12.2024 Long-term loans granted In Polish currency (PLN) 478 109 420 456 478 109 420 456 Short-term loans granted In the Polish currency (PLN) 120 243 53 881 120 243 53 881 Total loans granted 598 352 474 337 The granted loans are presented in accordance with the actual repayment term. Key figures on long-term borrowings without interest as at 30 June 2025 [PLN ‘000] Kontrahent Amount Interest rate Repayment date Galeria Libero Sp. z o.o. Sp. k. 77 875 Wibor 3M + margin 31.12.2029 R4R Poland Sp. z o.o. 61 518 fixed rate 31.03.2029 R4R Poland Sp. z o.o. 49 584 fixed rate 31.03.2030 R4R Poland Sp. z o.o. 131 580 fixed rate 31.03.2031 R4R Poland Sp. z o.o. 35 151 fixed rate 30.09.2026 Midpoint 71 Grupa Echo Sp. z o. o. S.K.A. 30 793 Wibor 3M + margin 31.03.2027 Loans without interest and write-offs 386 501 interest 91 608 Total loans with interest and write-offs 478 109 Basic data on major short-term borrowings, without interest, as at 30 June 2025 [PLN ‘000] Contractor's name Amount Interest rate Repayment date Projekt Echo- 143 Sp. z o.o. 39 426 Wibor 3M + margin 31.12.2025 Villea Investments Sp. z o.o. 40 750 Wibor 3M + margin 31.12.2025 Elektrownia Sp. z o.o. 22 155 Wibor 3M + margin 30.06.2026 Rondo 1 CitySpace - GP Sp. z o.o. Sp. k. 4 051 Wibor 3M + margin 31.12.2025 Projekt Saska Sp. z o.o. 3 360 Wibor 3M + margin 30.06.2026 CitySpace Management Sp. z o. o. 600 Wibor 3M + margin 30.06.2026 Borrowings without interests and write-offs 110 342 interests 20 186 write-offs (10 285) Total borrowings with interest and write-offs 120 243
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164 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Basic information about long-term loans as at 31 December 2024 [PLN ‘000] Contractor's name Amount Interest rate Repayment date Galeria Libero Sp. z o.o. Sp. k. 77 875 Wibor 3M + margin 10.10.2026 R4R Poland Sp. z o.o. 61 518 fixed rate 31.03.2029 R4R Poland Sp. z o.o. 49 584 fixed rate 31.03.2030 R4R Poland Sp. z o.o. 116 580 fixed rate 31.03.2031 R4R Poland Sp. z o.o. 35 151 fixed rate 30.09.2026 Elektrownia Sp. z o.o. 355 Wibor 3M + margin 30.06.2026 Loans without interest and write-offs 341 063 interest 79 393 write-offs - Total loans with interest and write-offs 420 456 Basic data on major short-term borrowings, without interest, as at 31 December 2024 [PLN ‘000] Contractor's name Amount Interest rate Repayment date Projekt Echo- 143 Sp. z o.o. 39 023 Wibor 3M + margin 30.06.2025 CitySpace Management Sp. z o.o. 2 800 Wibor 3M + margin 30.06.2025 Rondo 1 CitySpace - GP Sp. z o.o. Sp. k. 4 051 Wibor 3M + margin 31.12.2025 Borrowings without interests and write-offs 45 874 interests 16 921 write-offs (8 914) Total borrowings with interest and write-offs 53 881
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165 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 NOTA 10A Inventory [PLN ‘000] 30.06.2025 31.12.2024 Semi-finished products and work-in-progress 366 117 274 534 land usufruct asset 20 187 16 532 Finished products 1 274 1 274 Inventory in total 367 391 275 808 NOTA 9 Leasing receivables [PLN '000] 30.06.2025 31.12.2024 up to 1 year 3 685 3 177 1 to 3 years 8 716 8 528 3 to 5 years 9 760 9 503 over 5 years 4 449 7 026 Total 26 610 28 234 The company estimated an ECL copy, due to the intangible amount of the amount, it decided not to enter it into the registers. Receivables from leasing in the statement of financial position are presented in current assets under trade and other receivables - short-term portion, and in non- current assets under receivables from leasing - long- term portion.
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166 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Short-term trade receivables, taxes and other [PLN ‘000] 30.06.2025 31.12.2024 Trade and other receivables Receivables from subsidiaries 91 955 53 772 Trade, with maturity: 53 532 51 652 up to 12 months 53 532 51 652 Other: 38 423 2 120 due to profit from limited partnerships 33 566 - Receivables from other entities 8 167 11 087 Trade, with maturity: 245 1 871 up to 12 months 245 1 871 Other 7 922 9 216 security deposits paid 2 011 1 017 lease receivables 3 685 3 177 bid bonds paid 2 131 4 941 advances for deliveries 95 81 100 122 64 859 Tax receivables, total tax receivables 8 376 3 981 8 376 3 981 Total net short-term trade receivables, taxes and other 108 498 68 840 total write-downs for expected credit losses of receivables (1 188) (3 100) Total gross short-term trade receivables, taxes and other receivables 109 686 71 940 The maximum credit risk exposure related to trade receivables does not differ materially from their carrying amount. The estimated fair value of trade receivables is the present value of future expected discounted cash flows and does not differ materially from their carrying amount. Receivables from related parties are unsecured. With respect to related entities, credit risk is, in the Management Board’s view, minimized through ongoing monitoring of operating activities and assessment of investment projects undertaken by those entities. According to the Management Board, due to the ability to monitor the operations of subsidiaries and periodically confirm the profitability of their projects, the Company is able to assess receivables for which credit risk has significantly increased. The Management Board has not identified such receivables, even with respect to receivables past due by more than 30 days, based on the evaluation of the subsidiaries’ investment projects. Trade receivables from other entities arise from the lease of office space and residential premises, the provision of investment implementation services, and other services. The Company continuously monitors the financial condition and creditworthiness of its counterparties. There is no significant concentration of risk with respect to any customer outside the Echo Group. As at 30 June 2024, the Company estimated the impairment allowance for trade receivables using a provision matrix developed on the basis of historical data regarding payments from customers. In addition, when calculating the impairment allowance, other factors that may affect its value are also taken into account, such as the financial situation of customers, macroeconomic conditions, and industry-specific circumstances. NOTA 11
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167 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Loans, borrowings, and bonds [PLN ‘000] 30.06.2025 31.12.2024 Long-term loans, borrowings, and bonds Due to subsidiaries credits and loans 197 678 153 559 197 678 153 559 Towards other entities due to debt security issue 1 117 126 1 231 310 1 117 126 1 231 310 Short-term loans, borrowings and bonds [PLN ‘000] Due to subsidiaries borrowings 32 875 14 191 32 875 14 191 Due to other entities loans and borrowings 152 836 156 010 due to issue of debt securities 245 535 184 930 398 371 340 940 Total short-term loans, borrowings and bonds 1 746 050 1 740 000 Long-term 1 314 804 1 384 869 Short-term 431 246 355 131 Interest rates used to discount expected lease cash flows: od 2,68% do 12,05% od 1,77% do 12,05% NOTA 12A According to the best information and data available to the Company during the financial year and up to the date of signing the financial statements, there have been no breaches of the terms of the loan agreements or established collateral levels. Echo Investment S.A. has concluded loan agreements for current financing and issued bonds that contain requirements for the Company to maintain appropriate levels of financial covenants. In loan agreements for financing current operations, these are mainly capital and debt ratios. In the case of bonds, these are debt ratios. These ratios are calculated based on data included in the consolidated financial statements as at a given balance sheet date. The Company is obliged to maintain the levels of indicators required in the loan agreements and bond issue conditions. In the event of a breach of covenants, the lenders have the right, in accordance with the provisions of the loan agreements, to call on the borrower to repair the indicator, increase the margins on the loan, and the bondholders have the right to request early redemption of the bonds. The Management Board of the Company monitors compliance with the covenants on an ongoing basis to ensure their fulfillment. As at the balance sheet date, the Company meets all the required covenant conditions. As at the balance sheet date and the date of preparation of the financial statements, the Management Board is not aware of any facts or circumstances that would indicate that there would be difficulties in meeting the terms of the covenants.
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168 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 The Company presented long-term liabilities at nominal value in Notes 12E and 12F. Long-term liabilities without income tax provision with remaining maturities from the balance sheet date [PLN ‘000] 30.06.2025 31.12.2024 1-3 years 605 212 584 776 3-5 years 765 557 856 665 Over 5 years 8 630 13 492 Total long-term liabilities 1 379 399 1 454 933 Interest rates used to discount expected cash flows: from 2.68% to 12.05% from 1.77% to 12.05% NOTA 12B Long-term liabilities without provision for income tax - currency structure [PLN '000] 30.06.2025 31.12.2024 In Polish currency (PLN) 957 815 1 070 733 In other currencies (recalculated into PLN) 421 584 384 200 Total long-term liabilities 1 379 399 1 454 933 Short-term loans, borrowings and bonds - currency structure [PLN ‘000] 30.06.2025 31.12.2024 In the Polish currency (PLN) 423 997 347 977 In other currencies (recalculated into PLN) 7 249 7 154 Total short-term loans, borrowings and bonds 431 246 355 131 NOTA 12C
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169 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 NOTA 12D Long-term liabilities - change due to leasing [PLN '000] 30.06.2025 31.12.2024 Opening balance 70 438 68 034 Changes in the period 141 2 404 new purchases 6 242 18 895 financial costs 879 (3 816) payment (6 980) (12 675) Closing balance 70 579 70 438 Long-term 44 202 46 997 Short-term 26 377 23 441 NOTA 12E Echo Investment S.A.’s lines of credit as of 30 June 2025 [PLN ‘000] Bank Contractual amount of loan Outstanding loan amount Interest rate Repayment deadline PKO BP S.A.* 75 000 63 362 Wibor 1M + marża 31.10.2025 Alior Bank S.A. 30 000 30 000 Wibor 3M + marża 08.09.2025 SANTANDER BANK POLSKA S.A.** 90 000 59 473 Wibor 1M + marża 31.05.2027 Razem 195 000 152 835 *The amount of credit available as at 30 June 2025, reduced by the drawn credit and issued guarantees, amounts to PLN 4.9 million. **The amount of credit available as at 30 June 2025, reduced by the drawn credit and issued guarantees, amounts to PLN 5.5 million Echo Investment S.A.’s lines of credit as of 31 December 2025 [PLN ‘000] Bank Contractual amount of loan Outstanding loan amount Interest rate Repayment deadline PKO BP S.A.* 75 000 62 754 Wibor 1M + marża 31.10.2025 Alior Bank S.A. 30 000 30 000 Wibor 3M + marża 08.09.2025 SANTANDER BANK POLSKA S.A.** 90 000 63 256 Wibor 1M + marża 31.05.2025 Razem 195 000 156 010 * The available loan amount as at 31 December 2024 is reduced by the guarantees issued and amounts to PLN 3 million. ** The available loan amount as at 31 December 2024 is reduced by the guarantees issued and amounts to PLN 1,7 million. The value of the loan corresponds to the nominal amount of the utilized credit line.
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170 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 NOTA 12F The change in business and economic conditions had no significant impact on the fair value of financial liabilities. The fair value measurement for listed bonds has been classified at level 1, and for unlisted bonds at level 2 in the fair value hierarchy defined by accounting standards. Long-term and short-term liabilities from issued debt financial instruments as at 31 December 2024 Series ISIN Code Bank / Brokerage House Nominal Value Currency Maturity Date Interest Rate Terms 6I/2024 PLO017000129 IPOPEMA 200 000 PLN 1.08.2029 Wibor 6M + marża 1I/2022 PLO017000079 IPOPEMA 180 000 PLN 08.12.2027 Wibor 6M + marża 2I/2023 PLO017000087 IPOPEMA 140 000 PLN 24.05.2028 Wibor 6M + marża 4I/2024 PLO017000103 IPOPEMA 100 000 PLN 27.02.2029 Wibor 6M + marża 5I/2024 PLO017000111 IPOPEMA 100 000 PLN 13.05.2029 Wibor 6M + marża Bonds for institutional investors 720 000 Emisja Serii S PLECHPS00399 DM PKO BP S.A. 70 000 PLN 31.01.2028 Wibor 6M + marża Emisja Serii S2 PLECHPS00399 DM PKO BP S.A. 70 000 PLN 31.01.2028 Wibor 6M + marża Emisja Serii L PLECHPS00332 DM PKO BP S.A. 50 000 PLN 22.02.2026 Wibor 6M + marża Emisja Serii M PLECHPS00340 DM PKO BP S.A. 40 000 PLN 27.04.2026 Wibor 6M + marża Emisja Serii N PLECHPS00357 DM PKO BP S.A. 40 000 PLN 27.06.2026 Wibor 6M + marża Emisja Serii O PLECHPS00365 DM PKO BP S.A. 25 000 PLN 6.09.2026 Wibor 6M + marża Emisja serii P i P2 PLECHPS00373 DM PKO BP S.A. 50 000 PLN 28.06.2027 Wibor 6M + marża Emisja serii R PLECHPS00381 DM PKO BP S.A. 50 000 PLN 15.11.2027 Wibor 6M + marża Emisja serii T PLECHPS00415 DM PKO BP S.A. 60 000 PLN 26.04.2028 Wibor 6M + marża Bonds for individual investors 455 000 Total 1 175 000 Series ISIN Code Bank / Brokerage House Nominal Value Currency Maturity Date Interest Rate Terms 3I Series issue PLO017000095 IPOPEMA 43 000 EUR 27.10.2028 fixed rate: 7.4% Bonds for institutional investors – denominated in EUR 43 000 Bonds for institutional investors PLN 182 402
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171 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Long-term and short-term liabilities arising from issued debt financial instruments as as at 31 December 2024. Series ISIN Code Bank / Brokerage House Nominal Value Currency Maturity Date Interest Rate Terms 6I/2024 PLO017000129 IPOPEMA 200 000 PLN 1.08.2029 WIBOR 6M + margin 1I/2022 PLO017000079 IPOPEMA 180 000 PLN 8.12.2027 WIBOR 6M + margin 2I/2023 PLO017000087 IPOPEMA 140 000 PLN 24.05.2028 WIBOR 6M + margin 4I/2024 PLO017000103 IPOPEMA 100 000 PLN 27.02.2029 WIBOR 6M + margin 5I/2024 PLO017000111 IPOPEMA 100 000 PLN 13.05.2029 WIBOR 6M + margin Bonds for institutional investors 720 000 Emisja Serii S PLECHPS00399 DM PKO BP S.A. 70 000 PLN 31.01.2028 WIBOR 6M + margin Emisja Serii S2 PLECHPS00399 DM PKO BP S.A. 70 000 PLN 31.01.2028 WIBOR 6M + margin Emisja Serii K PLECHPS00324 DM PKO BP S.A. 50 000 PLN 10.01.2025 WIBOR 6M + margin Emisja Serii L PLECHPS00332 DM PKO BP S.A. 50 000 PLN 22.02.2026 WIBOR 6M + margin Emisja Serii M PLECHPS00340 DM PKO BP S.A. 40 000 PLN 27.04.2026 WIBOR 6M + margin Emisja Serii N PLECHPS00357 DM PKO BP S.A. 40 000 PLN 27.06.2026 WIBOR 6M + margin Emisja Serii O PLECHPS00365 DM PKO BP S.A. 25 000 PLN 6.09.2026 WIBOR 6M + margin Emisja serii P i P2 PLECHPS00373 DM PKO BP S.A. 50 000 PLN 28.06.2027 WIBOR 6M + margin Emisja serii R PLECHPS00381 DM PKO BP S.A. 50 000 PLN 15.11.2027 WIBOR 6M + margin Emisja serii T PLECHPS00415 DM PKO BP S.A. 60 000 PLN 26.04.2028 WIBOR 6M + margin Bonds for individual investors 505 000 Total 1 225 000 Series ISIN Code Bank / Brokerage House Nominal Value Currency Maturity Date Interest Rate Terms 3I Series issue PLO017000095 IPOPEMA 43 000 EUR 27.10.2028 fixed rate: 7.4% Bonds for institutional investors – denominated in EUR 43 000 Bonds for institutional investors – denominated in PLN 183 739 Dłużne instrumenty finansowe [tys. PLN] 30.06.2025 31.12.2024 Wartość bilansowa 1 357 402 1 408 739 Wartość godziwa 1 366 287 1 427 248 NOTA 12G
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172 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Movement in deferred tax assets/provision [PLN ‘000] 1.01.2025- 30.06.2025 1.01.2024- 31.12.2024 Deferred tax asset/provision at the beginning of the period (68 979) (50 355) financial instruments - (1 784) investment property 513 513 receivables and liabilities due to borrowings (19 330) (21 498) liabilities due to loan and bonds (3 662) (2 357) tax loss 10 366 15 897 inventory 3 375 3 362 interests and shares (60 918) (44 091) leasing 1 353 950 other (676) (1 347) Increases 7 888 7 359 financial instruments - 1 784 receivables and liabilities due to borrowings 588 2 765 tax loss 5 383 - inventory - 13 interests and shares 999 - leasing 918 2 126 other - 671 Decreases (6 149) (25 983) receivables and liabilities due to borrowings (2 945) (597) liabilities due to loan and bonds (405) (1 305) tax loss - (5 531) inventory (1 019) - interests and shares - (16 827) leasing (1 207) (1 723) other (573) - Deferred tax asset/provision at the end of the period (67 240) (68 979) investment property 513 513 receivables and liabilities due to borrowings (21 687) (19 330) liabilities due to loan and bonds (4 067) (3 662) tax loss 15 749 10 366 inventory 2 356 3 375 interests and shares (58 319) (60 918) leasing 1 064 1 353 other (1 249) (676) NOTA 13 The Company has no tax loss for the years 2021–2025 for which no deferred tax asset has been recognized. The right to utilize the tax loss carryforward expires in 2030. The Company plans to settle the tax loss in 2025 and 2026.
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173 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Trade liabilities, taxes, received deposits, received advances, and other – excluding provisions [PLN’000] 30.06.2025 31.12.2024 Long-term liabilities: received deposits, received advances, and others – without provision for income tax - deposits and advance payments received Due to other entities - lease 44 202 46 997 - security deposits and advances received 2 311 3 481 - bonuses for the management board + retirement severance pay 18 082 19 586 64 595 70 064 Short-term trade liabilities, taxes, security deposits received, advances received and other Total short-term trade liabilities Trade, due to subsidiaries, with maturity: 14 129 12 454 up to 12 months 14 129 12 454 Trade, due to other entities, with maturity: 39 923 29 253 up to 12 months 39 923 29 253 54 052 41 707 Received deposits and received advances Advances received (liability related to contract) 322 998 201 987 Deposits received 7 800 4 068 330 798 206 055 Tax liability Due to other taxes 1 148 1 179 Due to current portion of income tax 3 421 1 151 1 600 Lease liability Liability due to PWUG (Property User’s Right) 15 633 13 082 Liability due to car leases 1 505 1 372 Liability due to property leases 9 239 8 987 26 377 23 441 Other short-term liabilities Other liabilities 41 598 59 308 payroll 50 - - other (by title): 41 548 59 308 - cash in trust accounts 13 315 28 330 - other, including: 28 233 30 978 bonuses for management and employees 6 291 4 088 41 598 59 308 Total short-term trade liabilities, taxes, received deposits, received advances and other [PLN'000] 518 572 402 175 Long-term 64 595 70 064 Short-term 453 977 332 111 Interest rates used to discount expected cash flows for leasing: od 2,68% do 12,05% od 1,77% do 12,05% NOTA 14 Fair value of trade and other liabilities does not differ materially from their carrying value.
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174 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Movement in short-term provisions – by types [PLN ‘000] 30.06.2025 31.12.2024 Opening balance provisions for guarantees 2 448 1 636 provisions for repairs 1 466 1 238 court proceedings 3 297 2 900 provision for costs 3 610 3 499 10 821 9 273 Increases provisions for guarantees - 812 provisions for repairs 44 228 provision for costs - 111 court proceedings 953 397 997 1 548 - - Release due to provision for costs (3 610) - provisions for guarantees (125) - (3 735) - Closing balance provisions for repairs 1 510 1 466 provisions for guarantees 2 323 2 448 court proceedings 4 250 3 297 provision for costs - 3 610 8 083 10 821 NOTA 15
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175 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Off-balance sheet items [PLN ‘000] 30.06.2025 31.12.2024 Contingent receivables - - Contingent liabilities To related entities 2 446 928 2 632 772 due to guarantees and sureties granted 2 446 928 2 632 772 2 446 928 2 632 772 Other due to court proceedings against Echo Investment 7 252 6 858 7 252 6 858 Total 2 454 180 2 639 630 NOTA 16 Financial guarantee agreements are recognized as financial liabilities at the moment the guarantee is issued. The liability is initially recognized at its fair value. In accordance with the requirements of IFRS 9 , a provision for expected credit losses has been recognised at 31 December 2025 in the amount of PLN 2 389 thousand and at 31 December 2024 in the amount of - PLN 2,448 thousand.
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176 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Sureties and guarantees of the Echo Investment S.A. Financial surety Issuer Entity receiving the surety Beneficiary Value [PLN ‘000] Validity Description Echo Investment S.A. Dellia Investments – Projekt Echo – 115 Sp. z o.o. Sp.k. Hpo Aep Sp. z o.o. Sp.j. 10 605 7.12.2031 Surety for liabilities of the entity, as a collateral of liabilities resulting from the good neighbourhood agreement of 7.12.2016. Mutual surety issued in EUR. Echo Investment S.A. Midpoint 71 – Corn - wall Investments Sp. z o.o. S.K.A. Archicom S.A. 3 660 31.01.2030 Joint and several liability of Echo Invest - ment S.A. in connection with the rent guarantee. Echo Investment S.A. CitySpace Manage - ment Sp. z o.o. Bletwood Investments Sp. z o.o. 2 445 22.11.2029 Surety for liabilities, as a collateral of liabilities resulting from the lease agreement of 6.11.2015. Surety issued in EUR. Echo Investment S.A. CitySpace Manage - ment Sp. z o.o. SCI Nowo Societe civile Immobiliere a capital variable 2 295 10.02.2032 Surety guarantee for obligations arising from the lease agreement of 10.06.2024 regarding office space in the Nowo - grodzka Square building Echo Investment S.A. Projekt 139 – Grupa Echo Sp. z o.o. Sp.k. Konsorcjum Stali S.A. 1 800 31.12.2025 Surety for settlements resulting from the steel sales agreement for the construc - tion of the Swobodna Spot project. Total sureties 20 805 Surety issued by Echo Investment S.A. as at 30 June 2025 [PLN ‘000] Changes in surety agreements issued by Echo Investment S.A. in 2025 [PLN '000] Change Issuer Entity receiving the surety Beneficiary Value [PLN ‘000] Validity Description Expiry Echo Investment S.A. Echo – Arena Sp. z o.o. Volvo Car Poland Sp. z o.o. 3 610 30.06.2025 Surety for the lessor's obli - gation to pay contractual penalties specified in the lease agreement.
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177 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Financial guarantees ↕ Guarantor Entity receiving the guarantee Beneficiary Value [PLN ‘000] Validity Description Echo Investment S.A. React - Dagnall Sp. z o.o. S.K.A. Maggiora Sp. z o.o. 138 103 17.12.2027 Security for the proper performance of obligations arising from the agreement related to the sale of the React office building. Echo Investment S.A. Face2Face – Stranra- er Sp. z o.o. S.K.A. Huramitell Invest- ments Sp. z o.o. 94 785 23.02.2029 Security for the proper performance of obligations arising under the sale agreement of Face2Face office buildin - gs. Issued in EUR. Echo Investment S.A. DelliaInvestments – Projekt Echo- 115 Sp. z o.o. Sp.k. LUX Europa III S.a.r.l. 46 661 3.03.2027 "Security for the proper performance of the liabilities arising from the sale contract of the Gatehouse Offices buil - ding being part of the Warsaw Brewery complex. Guarantee issued in EUR." Echo Investment S.A. Echo – Arena Sp. z o.o. Powszechna Kasa Oszczędności Bank Polski S.A. 42 419 30.06.2026 Guarantee to ensure that the debt service ratio is maintained. Guarantee issued in EUR. Echo Investment S.A. Projekt Beethovena – Projekt Echo -122 Sp. z o.o. S.K.A. TAL Poland Sp. z o.o. 33 924 30.04.2029 Security for the proper performance of obligations arising under the sale agreement of the My Place II office building. Issued in EUR. Echo Investment S.A. Projekt 17 – Grupa Echo Sp. z o.o. S.K.A. Barcarrota Sp. z o.o. 30 015 31.12.2027 "Security for the proper performance of obligations arising under the sale agreement of the building West 4 Business Hub I. Guarantee issued in EUR." Echo Investment S.A. Midpoint 71 – Cornwall Investments Sp. z o.o. S.K.A. A19 Sp. z o.o. 25 451 4.07.2038 Guarantee for the obligations arising from the good neighborly agreement concluded at 4.07.2018 with Midpoint 71 project. Guarantee issued in EUR. Santander Bank Polska S.A. Centrum Obsługi Trade Finan- ce i Kredytów. Zespół Obsługi Gwarancji Echo Investment S.A. Miasto Stołeczne Warszawa 25 000 30.10.2025 Guarantee securing obligation to performance of the accompanying investment under the special housing act - building a primary school and transferring it to the City of Warsaw. Echo Investment S.A. Project Towarowa 22 Sp. z o.o. Projekt Echo – 137 Sp. z o.o. 15 875 8.12.2029 Securing the payment of the pri - ce increase resulting from the sales agreement for quarter G at Towarowa 22. Echo Investment S.A. DelliaInvestments – Projekt Echo – 115 Sp. z o.o. S.K.A. WestInvest Gesel- lschaft für Invest- mentfonds mbH Sp. z o.o. o/Polska 15 164 5.11.2031 Security for the proper performance of obligations arising under rental gu - arantee and coverage of service char - ges related to the office space in the Malthouse Offices (building GH), being a part of the Warsaw Brewery complex. Rent guarantee issued in EUR. Echo Investment S.A. Projekt Towarowa 22 Sp. z o.o. Miasto Stołeczne Warszawa 13 500 26.06.2034 Guarantee regarding the waiver of claims related to the planned adoption of the local spatial development plan for the area of Twarda Street. Guarantees issued by Echo Investment S.A. as at 30 June 2025 Guarantees
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178 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Financial guarantees ↕ Guarantor Entity receiving the guarantee Beneficiary Value [PLN ‘000] Validity Description Echo Investment S.A. Projekt 17 – Grupa Echo Sp. z o.o. S.K.A. Barcarrota Sp. z o.o. 10 958 20.01.2028 "Security for the proper performance of obligations arising under fit-out works agreement re. West 4 Business Hub I. Guarantee issued in EUR." Echo Investment S.A. Face2Face – Stranra- er Sp. z o.o. S.K.A. Huramitell Invest- ments Sp. z o.o. 9 861 23.02.2030 Security for the proper performan - ce of obligations arising under rental guarantee related to sale of Face2Fa - ce office buildings. Issued in EUR. The maximum amount of the liability redu - ces during given calendar year, as the amount of the liability that is secured by the guarantee decreases. Echo Investment S.A. DelliaInvestments – Projekt Echo – 115 Sp. z o.o. Sp.k. WestInvest Gesel- lschaft für Invest- mentfonds mbH Sp. z o.o. o/Polska 7 635 30.11.2026 "Security for the proper performance of obligations arising under the sale agreement of the building """"Villa Schiele"""", being part of the Warsaw Brewery complex. Guarantee issued in EUR." Echo Investment S.A. Archicom Nowy Moko - tów Sp. z o.o. Sp.k. Miasto Stołeczne Warszawa 5 000 30.04.2029 Guarantee of reimbursement of com - pensation taking into account claims regarding plot 11/19 at ul. Chłodna. Echo Investment S.A. Projekt Beethovena – Projekt Echo-122 Sp. z o.o. S.K.A. PORTFEL2 PH5 Sp. z o.o. 3 494 21.11.2026 "Security for the proper performance of obligations arising under fit-out agreement related to sale of Moje MIejsce I office building. Guarantee issued in EUR." Echo Investment S.A. DelliaInvestments – Projekt Echo – 115 Sp. z o.o. Sp.k. WestInvest Gesel- lschaft für Invest- mentfonds mbH Sp. z o.o. o/Polska 3 268 5.11.2031 "Security for the proper performance of obligations arising under: (i) fit-out works agreement re. Malthouse Offices (building GH), being a part of the Warsaw Brewery complex, and (ii) rental guarantee related to the retail space in the Malthouse Offices (building GH), being a part of the Warsaw Brewery complex. Issued in EUR. Guarantee issued in EUR." Echo Investment S.A. Projekt 17 – Grupa Echo Sp. z o.o. S.K.A. Barcarrota Sp. z o.o. 2 014 20.01.2028 "Security for the proper performan - ce of obligations arising under rental guarantee related to the office space and coverage of service charges in the West 4 Business Hub I. Rent guarantee issued in EUR." Echo Investment S.A. Fianar Investments Sp. z o.o. Kaufland Polska Mar- kety Sp. z o.o. Sp.j. 2 500 2.11.2036 Conditional guarantee of the payment of the contractual penalty resulting from the lease agreement for premi - ses at Kapelanka shopping centre in Cracow. Echo Investment S.A. Archicom Potton Sp. z o.o. Kaufland Polska Mar- kety Sp. z o.o. Sp.k. 2 500 29.03.2036 Conditional guarantee of the payment of the contractual penalty resulting from the lease agreement for premises at Pasaż Opieńskiego shoping centre in Poznań. Echo Investment S.A. Rondo 1 CitySpace – GP Sp. z o.o. Sp.k. Rondo 1 UG (haftun - gsbeschränkt) & Co. KG 1 857 1.03.2031 Corporate guarantee granted to secu - re the obligations arising from the lease agreement of 24.05.2015 regarding the lease of the office in Rondo 1 Echo Investment S.A. CitySpace Manage - ment Sp. z o.o. Midpoint 71 Sp. z o.o. 1 527 31.12.2025 "Corporate guarantee securing the CitySpace Management lease agreement. Guarantee issued in EUR." Echo Investment S.A. CitySpace Manage - ment Sp. z o.o. Maggiora Sp. z o.o. 1 176 29.11.2025 corporate guarantee to secure obliga - tion arising from the lease agreement from 19.09.2015 concerning office space in React office in Łódź
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179 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Financial guarantees ↕ Guarantor Entity receiving the guarantee Beneficiary Value [PLN ‘000] Validity Description Echo Investment S.A. CitySpace Manage - ment Sp. z o.o. Huramitell Invest- ments Sp. z o.o. 1 243 30.04.2026 "Security for liabilities resulting from the lease agreement concluded on 30.09.2020. Guarantee issued in EUR." Echo Investment S.A. Midpoint 71 – Cornwall Investments Sp. z o.o. S.K.A. SER Poland Sp. z o.o. 1 018 21.12.2033 "Unconditionally and irrevocably guarantees of full, due and punctual performance of all payment obliga - tions under the lease agreement. Guarantee issued in EUR.""" Echo Investment S.A. CitySpace Manage - ment Sp. z o.o. Barcarrota Sp. z o.o. 929 31.12.2025 Bank guarantee securing the liabilities under the lease agreement. Echo Investment S.A. Midpoint 71 – Cornwall Investments Sp. z o.o. S.K.A. SER Poland Sp. z o.o. 864 30.09.2029 Corporate guarantee securing the rent guarantee and coverage of service charges related to the sale of Midpoint 71 in Wroclaw. The maximum amount of liability will be gradually reduced along with the decrease in the amount of liability secured by the guarantee. Rent guarantee issued in EUR. Nank PKO S.A. / Departament Ban - kowości Międzynaro - dowej i Finansowania Handlu Echo Investment S.A. APAK Grundstücks- gesellschaft mbH & Co. KG 676 31.08.2025 "Guarantee of proper performance of the terms of the Lease Agreement, which in particular includes the pay - ment of rent, service charges, claims for payment of contractual penalties, payment of a guarantee deposit, possible interest to the space lease agreement" Echo Investment S.A. Archicom S.A. EPP Office – Astra Park Sp. z o.o. 634 26.12.2025 Corporate guarantee securing the Archicom obligations arising from lease agreement concerning firts flor of Astra Park office in Kielce Echo Investment S.A. CitySpace Manage - ment Sp. z o.o. Farkas Grundstücks - gesellschaft mbH & Co. KG 572 27.02.2026 Corporate guarantee securing pay - ment of rent and service charges regarding the lease agreement of 17.09.2021. Merger J. Echo Investment S.A. Nobilis-CitySpace GP Sp. z o.o. Sp.k. Nobilis Business Ho - use Sp. z o.o. 553 31.10.2027 Guarantee securing liabilities resulting from the annex to leasing agreement. Issued in EUR. Echo Investment S.A. Projekt Echo – 130 Sp. z o.o. Farkas Grundstücks - gesellschaft mbH & Co. KG 551 30.06.2031 Corporate guarantee securing the rent guarantee and coverange of service charges related to the sale of Fuzja CDJ in Lodz (office part). Rent guaran - tee issued in EUR. Echo Investment S.A. Projekt Echo – 130 Sp. z o.o. Farkas Grundstücks - gesellschaft mbH & Co. KG 373 30.06.2031 Corporate guarantee securing the rent guarantee related to the sale of Fuzja CDJ in Lodz (office part). Guarantee issued in EUR. Echo Investment S.A. Face2Face – Stranra- er Sp. z o.o. S.K.A. Huramitell Invest- ments Sp. z o.o. 234 23.02.2030 Security for the proper performan - ce of obligations arising under rental guarantee related to sale of Face2Fa - ce office buildings. Issued in EUR. The maximum amount of the liability redu - ces during given calendar year, as the amount of the liability that is secured by the guarantee decreases. Echo Investment S.A. Projekt 17 – Grupa Echo Sp. z o.o. S.K.A. Barcarrota Sp. z o.o. 218 20.01.2028 Security for the proper performan - ce of obligations arising under rental guarantee related to the office space and coverage of service charges in the West 4 Business Hub I.
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180 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Financial guarantees ↕ Guarantor Entity receiving the guarantee Beneficiary Value [PLN ‘000] Validity Description Echo Investment S.A. Midpoint 71 – Cornwall Investments Sp. z o.o. S.K.A. SER Poland Sp. z o.o. 23 30.09.2029 Corporate guarantee securing the rent guarantee related to the sale of Midpoint 71 in Wroclaw. Issued in EUR and PLN. The maximum amount of liability will be successively reduced as the amount of liability secured by the guarantee decreases: (a) until 31 July 2023: EUR 9,612,802.06 and PLN 925,117.13; (b) until 31 July 2024: EUR 8,239,544.62 and PLN 792,957.54; (c) until 31 July 2025: EUR 6,866,287.18 and PLN 660,797.95; (d) until 31 July 2026: EUR 5,493,029.75 and PLN 528,638.36; (e) until 31 July 2027: EUR 4,119,772.31 and PLN 396,478.77; (f) until 31 July 2028: EUR 2,746,514.87 and PLN 264,319.18; (g) until 30 September 2029: EUR 1,373,257.44 and PLN 132,159.59. Gwarancja bliźniacza do: Z202200178 Echo Investment S.A. React - Dagnall Sp. z o.o. S.K.A. Maggiora Sp. z o.o. 6 7.06.2028 Security for the proper performance of obligations arising from the rent gu - arantee related to the sale of React. Echo Investment S.A. React - Dagnall Sp. z o.o. S.K.A. Maggiora Sp. z o.o. 2 7.06.2028 Security for the proper performance of obligations arising from the rent gu - arantee related to the sale of React. Total 540 583
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181 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Performance and other guarantees ↕ Guarantor Entity receiving the guarantee Beneficiary Value [PLN ‘000] Validity Description Echo Investment S.A. Face2Face – Stranraer Sp. z o.o. S.K.A. Huramitell Invest- ments Sp. z o.o. 302 747 22.10.2033 Security for the proper performance of obligations arising under quality guarantee agreement related to sale of Face2Face office buildings. Issued in PLN. The maximum amount of the liabili - ty reduces as follows: from 22.12.2025, the Total Limit will be reduced to PLN 201,409,247.00; from 22.12.2026, the Total Limit will be reduced to PLN 123,224,353.00; from 22.12.2028, the Total Limit will be reduced to PLN 98,760,259.00; from 22.12.2030, the Total Limit will be reduced to PLN 78,663,658.00 Echo Investment S.A. Dellia Investments - Projekt Echo - 115 Sp. z o.o. Sp.k. WestInvest Gesel- lschaft für Invest- mentfonds mbH Sp. z o.o. o/Polska 200 486 5.08.2031 Security for the proper performance of obligations arising under quality guarantee agreement regarding to the Malthouse Offices (building GH), being part of the Warsaw Brewery complex. Echo Investment S.A. Midpoint 71 – Cornwall Investments Sp. z o.o. S.K.A. SER Poland Sp. z o.o. 179 242 30.09.2032 Corporate guarantee securing the quality guarantee related to the sale of Midpoint 71 in Wroclaw. Echo Investment S.A. DelliaInvestments - Projekt Echo - 115 Sp. z o.o. Sp.k. WestInvest Gesel- lschaft für Invest- mentfonds mbH Sp. z o.o. o/Polska 164 946 5.08.2026 "Security for the proper performance of obligations arising under the sale agreement of the Malthouse Offices (building GH) being part of the Warsaw Brewery complex. Guarantee issued in EUR." Echo Investment S.A. DelliaInvestments - Projekt Echo - 115 Sp. z o.o. Sp.k. Lux Europa III S.à r.l. 163 550 30.06.2030 Security for the proper performan - ce liabilities arising from the quality guarantee agreement related to sale agreement of the Gatehouse Office building in the Warsaw Brewery com - plex. Echo Investment S.A. Projekt Echo – 130 Sp. z o.o. Farkas Grund- stücksgesellschaft mbH & Co. KG 103 221 30.06.2033 Security for the proper performance of obligations arising under quality guarantee agreement related to sale of Fuzja CD office buildings. Echo Investment S.A. Dellia Investments - Projekt Echo - 115 Sp. z o.o. Sp.k. APAK Grundstücks- gesellschaft mbH & Co KG 96 611 11.03.2032 Security for the proper performance of obligations arising under quality guarantee agreement regarding to the Villa Offices (building K), being part of the Warsaw Brewery complex. Echo Investment S.A. Projekt Beethovena - Projekt Echo-122 Sp. z o.o. S.K.A. Portfel2 PH5 Sp. z o.o. 93 482 28.05.2030 "Security for the proper performance of obligations arising from the quality guarantee agreement, related to sale of Moje Miejsce I office building. The maximum amount of the liability reduces, that is: (i) from 21.10.2023 to PLN 93,482,250, (ii) from 02.01.2026 to PLN 63,321,500, (iii) from 15.03.2028 to PLN 31.160.750." Echo Investment S.A. React - Dagnall Sp. z o.o. S.K.A. Maggiora Sp. z o.o. 90 560 30.06.2032 Security for the proper performance of obligations arising from the building quality guarantee related to the sale of the React office building. Echo Investment S.A. Projekt Beethovena - Projekt Echo-122 Sp. z o.o. S.K.A. TAL Poland Sp. z o.o. 90 353 30.03.2032 Security for the proper performance of obligations arising under quality guarantee agreement regarding to My Place II office building. The maximum amount of the liability reduces, as the amount of the liability that is secured by the guarantee decreases.
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182 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Performance and other guarantees ↕ Guarantor Entity receiving the guarantee Beneficiary Value [PLN ‘000] Validity Description Echo Investment S.A. Projekt 17 – Grupa Echo Sp. z o.o. S.K.A. Barcarrota Sp. z o.o. 82 498 20.01.2032 Security for the proper performance of obligations arising under quality gu - arantee agreement regarding building West 4 Business Hub I. Echo Investment S.A. ZAM Archicom Projekt 127 Sp. z o.o. Sp.k. Tryton Business Park Sp. z o.o. 40 375 21.12.2026 Corporate guarantee regarding mone - tary obligations under the construction guarantee. Guarantee issued in EUR. Echo Investment S.A. Echo Investment S.A. Nobilis Business House Sp. z o.o. 40 000 31.10.2026 Quality guarantee for construction work related to the Nobilis office building in Wrocław. Echo Investment S.A. Opolska Business Park – Grupa Echo Sp. z o.o. Sp.k. EPP Office – O3 Business Campu Sp. z o.o. 38 706 21.12.2026 Corporate guarantee regarding monetary obligations arising from the construction guarantee. Guarantee issued in EUR. Echo Investment S.A. Opolska Business Park – Grupa Echo Sp. z o.o. Sp.k. EPP Office – O3 Business Campu Sp. z o.o. 36 904 21.12.2027 Construction guarantee related to the sale of the O3 Business Campus II office building in Kraków. The guarantee is se - cured by a corporate guarantee issued by Echo Investment S.A. Guarantee issued in EUR. Echo Investment S.A. Opolska Business Park – Grupa Echo Sp. z o.o. Sp.k. EPP Office – O3 Business Campus III Sp. z o.o. 34 218 9.08.2028 Construction guarantee related to the sale of the O3 Business Campus III office building in Kraków. The guarantee is se - cured by a corporate guarantee issued by Echo Investment S.A. Guarantee issued in EUR. Echo Investment S.A. Projekt Echo – 130 Sp. z o.o. Farkas Grund- stücksgesellschaft mbH & Co. KG 30 111 30.06.2032 Security for the proper performance of obligations arising under fit-out agreement related to sale of Fuzja CDJ office buildings. Guarantee isued in EUR.. Echo Investment S.A. Projekt Echo - 135 Sp. z o.o. Sp.k. A4 BUSINESS PARK Sp. z o.o. 23 331 26.04.2027 Construction guarantee related to the sale of the A4 Business Park III office building in Katowice. The guarantee is secured by a corporate guarantee issued by Echo Investment S.A. Guarantee issued in EUR. Echo Investment S.A. Symetris – Grupa Echo Sp. z o.o. Sp.k. EPP Office – Syme- tris Business Park Sp. z o.o. 17 271 21.12.2026 Corporate guarantee regarding monetary obligations arising from the construction guarantee. Guarantee issued in EUR. Echo Investment S.A. Midpoint 71 – Cornwall Investments Sp. z o.o. S.K.A. SER Poland Sp. z o.o. 14 067 31.03.2030 Corporate guarantee securing the sale agreement of Midpoint 71 in Wroclaw. Issued in EUR. Echo Investment S.A. Echo – Arena Sp. z o.o. Sp.k. PKO BP S.A. 10 000 30.06.2026 Securing the coverage of project cost overruns. Echo Investment S.A. Projekt Echo – 130 Sp. z o.o. Farkas Grund- stücksgesellschaft mbH & Co. KG 9 717 30.06.2033 Security for the proper performance of obligations arising under quality guarantee agreement related to sale of Fuzja J office building. Echo Investment S.A. DelliaInvestments – Projekt Echo - 115 Sp. z o.o. Sp.k. WestInvest Gesel- lschaft für Invest- mentfonds mbH Sp. z o.o. o/Polska 9 159 30.11.2031 Security for the proper performance of obligations arising under quality guarantee agreement regarding to the sale of Schiele Willa building, being part of the Warsaw Brewery complex. Sopockie Towarzy- stwo Ubezpieczeń ERGO Hestia S.A. Projekt Beethovena – Projekt Echo-122 Sp. z o.o. S.K.A. Portfel2 PH5 Sp. z o.o. 6 232 6.10.2026 Securing the proper performance of obligations arising from the quality gu - arantee agreement, related to the sale of Moje Miejsce I office building.
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183 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Performance and other guarantees ↕ Guarantor Entity receiving the guarantee Beneficiary Value [PLN ‘000] Validity Description Generali Towarzystwo Ubezpieczeń S.A. Echo Investment S.A. Miasto Stołeczne Warszawa 2 925 31.12.2025 Guarantee of proper performance of the 2KDD road contract. Total 1 880 712 Total financial, performance and other guarantees 2 421 297 Changes in guarantee agreements issued by Echo Investment S.A. in 2025 [PLN ‘000] Change Guarantor Entity receiving the guarantee Beneficiary Value [PLN ‘000] Validity Description Extension Echo Investment S.A. Echo – Arena Sp. z o.o. Sp.k. PKO BP S.A. 10 000 30.06.2026 Securing the coverage of project cost overruns. Extension Echo Investment S.A. Echo – Arena Sp. z o.o. Powszechna Kasa Oszczęd- ności Bank Polski S.A. 42 419 30.06.2026 Guarantee to ensure that the debt service ratio is maintained. Guarantee issued in EUR. Extension Echo Investment S.A. CitySpace Manage - ment Sp. z o.o. Farkas Grund- stücksgesell- schaft mbH & Co. KG 572 27.02.2026 Corporate guarantee securing payment of rent and service charges regarding the lease agreement of 17.09.2021. Merger J. Expiry Echo Investment S.A. DelliaInvestments – Projekt Echo – 115 Sp. z o.o. Sp.k. Lux Europa III S.à r.l. 93 750 31.12.2024 Security for the proper performance arising from the sale contract of the Gatehouse Offices building being part of the Warsaw Brewery complex. Guarantee issued in EUR. Expiry PKO BP S.A. CitySpace Manage - ment Sp. z o.o. S.K.A. Aquarius SR Sp. z o.o. 29 31.12.2024 Bank guarantee securing the liabi - lities under the lease agreement of 5.09.2018. Expiry PKO BP S.A. CitySpace Manage - ment Sp. z o.o. Aquarius SR Sp. z o.o. 738 31.12.2024 Bank guarantee issued securing the liabilities under the lease agreement of 5.09.2018. Expiry Echo Investment S.A. Projekt 17 – Grupa Echo Sp. z o.o. S.K.A. Archicom Nieru - chomości 6 Sp. z o.o. 44 280 30.06.2026 The corporate guarantee covers the refund of the advance payment upon the preliminary sales agreement. Expiry Echo Investment S.A. Projekt Echo – 130 Sp. z o.o. Farkas Grund- stücksgesell- schaft mbH & Co. KG 879 30.06.2025 Corporate guarantee securing the rent guarantee related to the sale of Fuzja CDJ in Lodz (retail part). Guarantee issued in EUR.
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184 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Information about financial instruments [PLN’000] Balance value Type of instrument Note Classification according to IFRS 9 at 30.06.2025 at 31.12.2024 Financial assets Borrowings and receivables 678 738 556 095 Long-term borrowings 8 zamortyzowany koszt 478 109 420 456 Short-term borrowings 8 zamortyzowany koszt 120 243 53 881 Trade payables 11 zamortyzowany koszt 53 776 53 523 Leasing 9,11 zamortyzowany koszt 26 610 28 234 Loans granted wartość godziwa - - Cash and other monetary assets 35 477 95 479 Other financial assets zamortyzowany koszt 13 315 28 330 Cash and cash equivalents zamortyzowany koszt 22 162 67 149 Financial liabilities Other financial liabilities 1 870 681 1 852 144 Liabilities due to issue of debt securities 12 zamortyzowany koszt 1 362 661 1 416 240 Trade liabilities 14 zamortyzowany koszt 54 052 41 707 Liabilities from loans 12 zamortyzowany koszt 230 554 167 750 Liabilities from credit facilities 12 152 835 156 010 Liabilities from leases 12 zamortyzowany koszt 70 579 70 438 NOTA 17 IFRS 9 , which replaced IAS 39 , defines three categories of financial assets, depending on the business model in terms of asset management and the characteristics of cash flows resulting from the agreement: − assets measured after initial recognition at amortized cost – if financial assets are held according to the business model, the purpose of which is to maintain financial assets to obtain cash flows arising from the agreement and the contractual terms relating to those financial assets give rise to cash flows that are only repayment of the principal and the interest, − assets measured after initial recognition at fair value through other comprehensive income – if financial assets are held according to the business model, the purpose of which is both to maintain financial assets to obtain contractual cash flows and to sell financial assets and the contractual terms relating to those financial assets give rise to cash flows, which are only repayment of the principal and the interest, − assets measured at fair value through the profit and loss account - all other financial assets. The fair values of financial instruments do not differ significantly from their carrying amounts. Due to the fact that the interest rate on financial instruments is related to the WIBOR and EURIBOR rates, the Company's Management Board estimates that their fair value is approximately equal to the book value, taking into account accrued interest. Amendments to IFRS 9 , IAS 39 , IFRS 7 , IFRS 4 and IFRS 16 in relation to the IBOR reform. In response to the expected reform of reference rates (IBOR reform), the International Accounting Standards Board has published the second part of the amendments to IFRS 9 , IAS 39 , IFRS 7 , IFRS 4 and IFRS 16. The amendments address accounting issues that will arise when IBOR-based financial instruments transition to new interest rates. The amendments, effective from 1 January 2021, introduced a number of guidelines and exemptions, in particular a practical simplification for contract modifications required by the reform, which will be recognised through the update of the effective interest rate, exemption from the obligation to terminate hedge accounting, temporary exemption from the requirement to identify the risk component, and the obligation to include additional disclosures. The above changes have been analysed by the Company's Management Board and do not have a significant impact on the financial situation, results of the Company's operations, or the scope of information presented in these interim condensed financial statements. The interest rates on which the financial instruments are based continue to be published and are consistent with the BMR Regulation.
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185 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 The National Working Group on Benchmark Reform (NGR), established by the Polish Financial Supervision Authority, has implemented a new RFR benchmark – WIRON (Warsaw Interest Rat Overnight), which is to replace WIBOR and WIBID. However, due to the ongoing work of the NGR, as at the date of publication of this report, no changes have been made to the applicable benchmarks. Overnight), which is to replace WIBOR and WIBID. However, due to the ongoing work of the NWG, as at the date of publication of this report, no changes in the applicable indices have been noted. The Roadmap assumptions indicate that the WIBOR and WIBID reference rates will cease to be published from the beginning of 2027 . Structure of financial instruments bearing a variable interest rate [PLN’000] Variable-rate instruments at 30.06.2025 at 31.12.2024 Financial assets 633 829 569 816 Financial liabilities 1 746 050 1 740 000 Total net (1 112 221) (1 170 184)
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186 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 NOTA 18 The business model of the Company and the Capital Group involves investments in joint ventures (and associates) in special purpose vehicles whose sole asset is investment property measured at fair value, generating rental income and a financial liability related to the financing of this investment. In connection with new projects, the Company's Management Board decided to change the accounting policy for the measurement of such investments from historical cost to the equity method in accordance with IAS 28. The change in accounting policies was introduced in 2024 and was applied retrospectively. The impact of the change in accounting policies on the separate statement of financial position and separate income statement as at 30 June 2024 is presented below. The change in accounting policies affected the separate cash flow statement and was presented in the line items “gross profit” and “profit/(loss) in net share of jointly controlled entities”. In the case of the separate statement of changes in equity, the change in accounting policies was presented in the separate statement of changes in equity in the line ‘changes in accounting policies adopted’. As a result of applying the equity method, gains and losses arising from mutual transactions between the Company and the joint venture are recognised in the Company's financial statements only to the extent that they reflect the share of unrelated investors in the joint venture. Therefore, unrealised gains on mutual transactions with the joint venture were eliminated to the extent corresponding to the Company's share in the joint venture. The impact of the change on the lines that have changed is presented below; there are no changes for the remaining lines. Major changes in comparative figures as at 30 June 2024 (PLN ’000) Separate statement of financial position [PLN’000] 30.06.2024 published data adjustment 30.06.2024 restated data Assets Investments in subsidiaries, jointly controlled entities 1 854 387 (318 715) 1 535 672 Investments in jointly controlled entities accounted for using the equity method - 619 956 619 956 Deferred income tax asset 1 339 (1 339) - Liabilities Accumulated profit - 194 942 194 942 Net profit 42 484 49 146 91 630 Deferred income tax provision - 55 918 55 918
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187 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Separate profit and loss account [PLN’000] 1.01.2024- 30.06.2024 published data adjustment 1.01.2024- 30.06.2024 restated data Revenue from sales 63 757 (1 836) 61 921 Cost of sales (47 951) 1 493 (46 458) Gross profit on sales 15 806 (343) 15 463 Other operating income, including: 155 643 (331) 155 312 -interest and adjusted purchase price (SCN) valuation on loans and bonds 27 840 (331) 27 509 Share in JV profits/losses - equity method - 61 350 61 350 Operating profit 106 128 60 676 166 804 Gross profit 36 588 60 674 97 262 Income tax 5 896 (11 528) (5 632) Net profit 42 484 49 146 91 630
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188 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Information on financial statement of the Company • Warsaw Breweries, Warszawa
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189 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Declaration of conformity The condensed standalone financial statement of Echo Investment S.A. presenting financial data for H1 2025, covering the period from 1 January 2024 to 30 June 2025 have been drawn up in accordance with MSR 34 “Interim Financial Reporting” endorsed for use in the European Union. In order to fully understand the financial position and performance of the Company, as the parent company of the Echo Group, these financial statements should be read in conjunction with the annual consolidated financial statements for the financial year ended on 31 December 2024. These consolidated financial statements are available on the Company's website, at www. echo.com.pl. The condensed standalone financial statement of Echo Investment S.A. presents financial data for the 6-month period ending on 30 June 2025 and comparative data for the 12-month period ending on 31 December 2024 and for the 6-month period ending on 30 June 2024. This financial statement was prepared with the historical cost principle with the exception of investment property, which was measured at fair value. The reporting currency in the financial statements and the functional currency of Echo Investment S.A. is Polish zloty (PLN). Unless indicated otherwise, all financial data in the Company’s financial statements has been presented in thousand zlotys (PLN). Assumption of continuity in operations The statements for the H1 2025 were prepared on the assumption of continuing business operations in the foreseeable future, taking into account the fact that there are no circumstances indicating a threat to the Company's continued operations. Approval of financial statements The Company drew up the Separate Financial Statement for the half year ended 30 June 2025, which was approved for publication on 17 September 2025. The Management Board of the Company has used its best judgment regarding the application of standards and interpretations, as well as the methods and principles of measurement of individual items of separate financial statements. Principles adopted in financial report of the Company 3.1
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190 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Material agreements concluded with related entities and performed in 2025 [‘000 PLN] Subject of the contract Counterparty - Ivestor Tran- saction Value Agreement on general implementation of the investment Villea Investments Sp. z o.o. 25 956 Agreement on the division of investment costs Archicom Perth Sp. z o.o. 14 147 Development Management Agreement Project Towarowa 22 Sp. z o.o. 5 186 Strategic cooperation agreement Archicom S.A. 4 867 Agreement on the division of investment costs Archicom Lofty Platinum1 Sp. z o.o. 4 455 Development Support Agreement Sge Propco 7 societe a responsabilite limitee 3 808 Development Management Agreement R4R Gdańsk Stocznia Sp. z o.o. 2 883 Development Management Agreement Hotel Wrocław Bardzka Sp. z o.o. 2 843 Development Support Agreement Hotel Kraków Romanowicza Sp. z o.o. 2 310 Development Support Agreement Sge Propco 3 societe a responsabilite limitee 2 005 Apartment sale process management R4R Warszawa Browary Sp. z o.o. 1 999 Investment project management agreement Projekt 139 - Grupa Echo Sp. z o.o. Sp. k. 1 977 Development Management Agreement Hotel Gdańsk Zielont Trójkąt Sp. z o.o. 1 773 Development Support Agreement Sge Propco 2 societe a responsabilite limitee 1 532 Property management services Galeria Libero - Projekt Echo - 120 Sp. z o.o. Sp. k. 1 146 Apartment sale process management R4R Wrocław Kępa Sp. z o.o. 1 130 Transactions with related entities detailed in the financial statement pertain to subsidiaries. According to the Echo Investment S.A. Group’s strategy for building shopping centres, office buildings and selected residential buildings through a separate subsidiary, a large portion of Echo Investment’s transactions is concluded with related parties. Significant contracts concluded with related entities Significant contracts concluded with related entities 3.2
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191 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Transactions with related entities as at 31 December 2025 [PLN ‘000] An affiliated entity Sale Purchase Receivables Write-downs Liabilities Subsidiaries 67 912 20 997 300 400 10 931 242 788 Trade 67 912 20 997 37 223 646 12 234 Loans - - 263 177 10 285 230 554 Jointly controlled entities 28 062 4 139 351 485 - - Trade 28 062 4 139 16 310 - - Loans - - 335 175 - - Owners - 4 742 - - 1 895 Trade - 4 742 - - 1 895 Company Management - - - - 20 747 Incentive program - - - - 20 747 Total 95 974 29 878 651 885 10 931 265 430 Transactions with related entities as at 31 December 2024 [PLN ‘000] An affiliated entity Sale Purchase Receivables Write-downs Liabilities Subsidiaries 85 928 45 145 193 017 9 190 180 204 Trade 85 928 45 145 30 847 276 12 454 Loans - - 162 170 8 914 167 750 Jointly controlled entities 50 683 385 332 972 2 307 1 905 Trade 50 683 385 20 805 2 307 1 905 Loans 312 167 - - Owners - 18 165 - - - Trade - 18 165 - - - Company Management - - - - 21 308 Incentive program - - - - 21 308 Total 136 611 63 695 525 989 11 497 203 417 The impairment allowance on assets arising from transactions with related entities as at 31 December 2025, amounted to PLN 11,497 thous.
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192 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Methods for determining the financial result as at 30 June 2025 are not changed compared to the last audited financial report as of 31 December 2024, are described in parts 3 and 4 of the Company's financial statements. Methods of determining the financial result3.3
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193 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 To prepare the financial statements, the Company’s Management Board had to make certain estimates and assumptions, which are reflected in the statements. The actual re-sults may differ from the estimates. Assump- tions and estimates are based on manage-ment’s best knowledge of current and future events and activities, however actual results may differ from expectations. The estimates and related assumptions are subject to ongoing verification. A change in accounting estimates is recognized in the period in which they were changed, if it con-cerns this period only, or in the current and future period, if the changes apply to both the current and future periods. The main areas where the Management Board’s estimates materially affect the finan-cial statements: Inventory When estimating the write-down on invento-ry held by the Company as of the balance sheet date, information from the active mar-ket regarding the expected sales prices and current market trends as well as information from preliminary sales agreements concluded by the Company is analysed. Assumptions used when calculating the write-down mainly relate to market prices of prop-erty applicable in a given market segment. According to the Management Board, a change of these assumptions would not mate-rially affect the value of the inventory write- down as of the balance sheet date because the adopted assumptions and information on the value of the write-down were largely based on the concluded sales agreements. In the case of land recognised under inventory, the value of the write-downs results from the usefulness of land for the Company’s current and prospective business estimated by the Management Board. Leasing The implementation and application of IFRS 16 required the Company to make various estimates and commit professional judgment. The main area in which it concerned the as-sessment of lease periods, in case of contracts for an indefinite period and contracts for which the Company was entitled to extend the contract. When determining the leasing period, the Company had to consider all facts and circumstances, including the existence of economic incentives to use or not to extend the contract and any termination option. The Company also estimated the discount rate used in the calculation of the lease liability - as a risk-free rate increased by the character-istic margin for the given asset component to which the lease relates. Impairment of interests in subsidiaries, joint-ly controlled entities and associates An impairment test is conducted when there are indications that the carrying value of an investment will not be recovered. The as-sessment of the impairment of interests in subsidiaries, jointly-controlled and associated companies is based on an analysis of the fair value of assets and liabilities held by the companies and the expected prospective cash flows from the operations of such com-panies. In the course of the assessment, the Company also evaluates the duration and extent to which the current value of the shares is lower than its purchase price and a company’s perspectives and plans for its in-vestment developments. All material impair- ment of the fair value of assets in subsidiaries have been regarded to be longterm by the Management Board and have resulted in im-pairment losses on interests in subsidiaries. In particular, for material subsidiaries Estimates of the Company’s management board 3.4
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194 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 which, as at 31 December 2024, did not run any mate-rial operating activity, the value of the recog-nised write- downs corresponds to the total difference between the net value of the sub-sidiary’s assets and the purchase price of the interests. Deferred income tax The Company’s Management Board is obliged to assess the probability of the realisation of deferred income tax assets. When preparing the financial statements, the Company esti-mates the value of the deferred income tax provision and asset based on, among other things, the value of prospective income tax burdens. The process involves analysing current in-come tax burden and the value of temporary differences from different treatment of trans-actions in terms of fiscal and accounting as-pects, resulting in the creation of deferred income tax assets and provisions. A number of assumptions are adopted for determining the value of deferred income tax assets and pro-visions in the assessment process described above. The above estimates take account of fiscal forecasts, historic tax burden, currently available strategies for planning the Compa-ny’s operating activity and timelines for real-ising the individual temporary differences. Since the above estimates may change due to external factors, the Company may periodical-ly adjust the deferred income tax assets and provisions, which in turn may affect the Com-pany’s financial standing and performance.
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195 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 The following standards and amendments to stand-ards became effective on 1 January 2025: Amendments to IAS 21 – The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability published on 15 August 2023 Applicable for annual reporting periods be-ginning on or after 1 January 2025. The above amendments did not have a material impact on the Company's H1 2025 standalone financial statements. New standards and interpretations that are effective as of 1 January 2025 3.5
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196 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Published standards and interpretations which are not effective yet and have not been adopted 3.6 New standards and amendments to existing stand- ards issued by the IASB but not yet approved for use in the EU IFRS as approved by the EU does not currently differ significantly from the regulations issued by the Inter- national Accounting Standards Board (IASB), with the exception of the following new standards and amendments to standards that, as of 30 June 2025, have not yet been approved for use in the EU (the effective dates below refer to standards in their full version): IFRS 14 "Deferred balances from regulated activi-ties" Effective for annual periods beginning on or after 1 January 2016. The European Commission has decided not to initiate the endorsement process for this tem- porary standard for use in the EU until the final ver-sion of IFRS 14 is issued. IFRS 18 Presentation and disclosures in financial statements (published on 9 April 2024) Not approved by the EU as of the date of approval of these financial statements - effective for annual peri-ods beginning on or after 1 January 2027 . IFRS 19 Subsidiaries Not Subject to Public Oversight Requirements: Disclosures (published on 9 May 2024) Not approved by the EU as of the date of approval of these financial statements - effective for annual peri-ods beginning on or after 1 January 2027 .
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197 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Amendments to IFRS 9 and IFRS 7: Classification and Measurement of Financial Instruments (issued on 30 May 2024) Not approved by the EU as of the date of approval of these financial statements - effective for annual peri-ods beginning on or after 1 January 2026. Annual Improvements to IFRS (published on 18 July 2024) These amendments apply to the following standards: IFRS 1 "First-time Adoption of International Financial Reporting Standards," IFRS 7 "Financial Instruments: Disclosures," IFRS 9 "Financial Instruments," IFRS 10 "Consolidated Financial Statements," and IAS 7 "Statement of Cash Flows." As of the preparation date of this consolidated finan- cial statement, these amendments have not yet been approved by the European Union. Amendments to IFRS 9 and IFRS 7 regarding agree- ments related to electricity dependent on natural factors (published on 18 December 2024) As of the preparation date of this {consolidated} finan- cial statement, these amendments have not yet been approved by the European Union. finansowe” oraz MSR 7 „Sprawozdanie z przepływów pieniężnych”. Na dzień sporządzenia niniejszego skonsolidowanego sprawozdania finansowego, zmiany te nie zostały jeszcze zatwierdzone przez Unię Europejską. Zmiany do MSSF 9 oraz MSSF 7 Umowy odnoszące się do energii elektrycznej zależnej od czynników naturalnych (opublikowane 18 grudnia 2024 r.) Na dzień sporządzenia niniejszego {skonsolidowanego} sprawozdania finansowego, zmiany te nie zostały jeszcze zatwierdzone przez Unię Europejską. According to the Company’s estimates, the above- mentioned new standards and changes to the existing standards would not have a significant impact on the financial statements, if they had been applied by the Company as at the balance sheet date. Hedge accounting of the portfolio of financial assets and liabilities, the principles of which have not been approved for use in the EU, still remain outside the regulations approved by the EU.
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198 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Significant for Echo Investment S.A. events after the balance sheet day are described in the consolidated financial statements in section “1.9 Significant events after the balance sheet day”. Significant events after the balance sheet day Significant events after the balance sheet day3.7 Nicklas Lindberg President of the Board, CEO Maciej Drozd Vice-President of the Board, CFO Artur Langner Vice-President of the Board Rafał Mazurczak Member of the Board Małgorzata Turek Member of the Board Anna Gabryszewska-Wybraniec Chief Accountant Kielce, 17 September 2025 The document is signed with qualified electronic signature
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199 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Statement of the Management Board • CitySpace Face2Face, Katowice
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200 FINANCIAL REPORT OF ECHO INVESTMENT S.A. AND ITS GROUP | THE 1ST HALF-YEAR OF 2025 Kielce, 17 September 2025 Nicklas Lindberg President of the Board, CEO Maciej Drozd Vice-President of the Board, CFO Artur Langner Vice-President of the Board Rafał Mazurczak Member of the Board Małgorzata Turek Member of the Board Statement of the Management Board The Management Board of Echo Investment S.A. declares that, to the best of its knowledge, the interim financial statements of Echo Investment S.A. and its Group for H1 2025 and comparative data have been presented in compliance with the applicable accounting principles, and that they reflect in a true, reliable and transparent manner the economic and financial situation of Echo Group and its financial result. The management report on operations of the Echo Investment S.A. and its Group provides a true view of the development and achievements and standing, including the description of major threats and risks. The document is signed with qualified electronic signature
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Contact Echo Investment Warsaw office, Villa Offices ul. Grzybowska 60, 00-844 Warszawa Projekt layoutu i skład: Damian Chomątowski be.net/chomatowski