Pro Kapital Grupp As · OMXTSE:PKG1T
Pro Kapital Grupp As — AS Pro Kapital Grupp — Debt Investor Presentation (September 2026)
31 slides from Pro Kapital Grupp As's debt investor presentation, September 2026
Slide 1: 32 years of experience in developing real estate across the Baltics
BALTIC REAL ESTATE · EST. 1994 32 years of experience in developing real estate across the Baltics.
Slide 2: Important Information
IMPORTANT INFORMATION By accessing, downloading or reading this document (the Presentation), in whole or in part, you hereby agree to be bound by the terms and conditions as set out below. You are authorized to view, print and retain a copy of this Presentation) solely for your own use. This is a se
Slide 3: Executive Summary
EXECUTIVE SUMMARY Pro Kapital is one of the longest-established real estate developers in the Baltics, focused on INDICATIVE KEY TERMS OF THE BOND ISSUE premium residential and mixed-use projects in Tallinn, Riga and Vilnius. ISSUER AS Pro Kapital Grupp While the Group's primary focus remains on the
Slide 4: Table of Contents
TABLE OF CONTENTS 1. OVERVIEW OF PRO KAPITAL 2. DEVELOPMENT PORTFOLIO 3. MARKET OVERVIEW 4. FINANCIAL INFORMATION 5. BOND ISSUE Kalaranna Kvartal, Tallinn, Estonia 4
Slide 5: Pro Kapital Group at a Glance
O V E R V I E W O F P R O K A P I TA L PRO KAPITAL GROUP AT A GLANCE One of the oldest and leading real estate development companies in the Baltic States, focused on premium residential and commercial districts in the capitals of Estonia, Latvia and Lithuania. 32 years of experience Listed since 201
Slide 6: Corporate Structure
AS Pro Kapital Grupp Pro Kapital Germany Holdings OÜ PK Hotel Management Services GmbH O V E R V I E W O F P R O K A P I TA L Pro Kapital Germany GmbH Pro Kapital Vilnius Real Estate UAB CORPORATE STRUCTURE In Vitam UAB PK Invest UAB AS Pro Kapital Grupp is the listed parent company, coordinating re
Slide 7: H1 2026 & FY 2025 – Strong Profitability
O V E R V I E W O F P R O K A P I TA L · F Y 2 0 2 5 R E S U LT S H1 2026 & FY 2025 – STRONG PROFITABILITY 2025 was a strong and profitable year for Pro Kapital, marked by a significant increase in real estate sales and KEY FIGURES H1 2026 FY 2025 successful execution across all three Baltic countri
Slide 8: Three Decades of Landmark Projects
O V E R V I E W O F P R O K A P I TA L · T I M E L I N E THREE DECADES OF LANDMARK PROJECTS Pro Kapital founded — first professional real Kristiine Keskus shopping centre Five A++ buildings completed in Completion of final Kindrali Houses Completion of Miestos Vilos in Vilnius. estate developer in E
Slide 9: Management Team
O V E R V I E W O F P R O K A P I TA L · L E A D E R S H I P MANAGEMENT TEAM CHIEF EXECUTIVE OFFICER GENERAL MANAGER CHIEF FINANCIAL OFFICER MANAGING DIRECTOR · LATVIA MANAGING DIRECTOR · VILNIUS Edoardo Axel Preatoni Andrus Laurits Ann-Kristin Kuusik Mārtiņš Kusiņš Neringa Rasimavičienė Edoardo is
Slide 10: Table of Contents
TABLE OF CONTENTS 1. OVERVIEW OF PRO KAPITAL 2. DEVELOPMENT PORTFOLIO 3. MARKET OVERVIEW 4. FINANCIAL INFORMATION 5. BOND ISSUE 10 Blue Marine Residence in Riga, Latvia
Slide 11: Development Portfolio – Baltics Overview
DEVELOPMENT PORTFOLIO • BALTICS OVERVIEW DEVELOPMENT PORTFOLIO • BALTICS OVERVIEW ESTONIA · Tallinn LATVIA · Riga LITHUANIA · Vilnius 4 ONGOING 6 UPCOMING 1 ONGOING 9 UPCOMING 1 ONGOING 1 UPCOMING Two key ongoing developments in Tallinn: Kalaranna Kvartal and The key ongoing Latvian development is K
Slide 12: Development Portfolio – Estonia
DEVELOPMENT PORTFOLIO · ONGOING AND UPCOMING PROJECTS · ESTONIA ESTONIA Beginning of Nr. Project Type of development Status construction End of construction buildings Total Units Total GBA Kalaranna Kvartal III apartments completed- sales phase 2023 2025 4 151 16850 Uus-Kindrali houses white buildin
Slide 13: Development Portfolio – Latvia and Lithuania
DEVELOPMENT PORTFOLIO · ONGOING AND UPCOMING PROJECTS · LATVIA LITHUANIA DEVELOPMENT PORTFOLIO · ONGOING AND UPCOMING PROJECTS · LATVIA & LITHUANIA LATVIA Beginning of Nr. Project Type of development Status construction End of construction buildings Total Units Total GBA Blue Marine Residence apartm
Slide 14: Ongoing Projects – Estonia
DEVELOPMENT PORTFOLIO · ONGOING PROJECTS · ESTONIA DEVELOPMENT PORTFOLIO · ONGOING PROJECTS · ESTONIA KALARANNA KVARTAL ÜLEMISTE 5 MUSKETÄRI MAJAD UUS-KINDRALI MAJAD KRISTIINE CITY BLACK AND RED BUILDING, WHITE BUILDING, 93 APARTMENTS II PHASE, 151 APARTMENTS, 145 APARTMENTS BLACK BUILDING, 90 APART
Slide 15: Ongoing Projects – Latvia
DEVELOPMENT PORTFOLIO · ONGOING PROJECTS · LATVIA DEVELOPMENT PORTFOLIO · ONGOING PROJECTS · LATVIA CITY OASIS 96 APARTMENTS, 1 BUILDING ARCHITECT: Grietēns and Kagainis MAIN CONTRACTOR: Pro Kapital Latvia Engineering CONSTRUCTION: 2025-2027 BLUE MARINE RESIDENCE KLIVERSALA BAY bluemarine.lv UPCOMIN
Slide 16: Ongoing Projects – Lithuania
DEVELOPMENT PORTFOLIO · ONGOING PROJECTS · LITHUANIA DEVELOPMENT PORTFOLIO · ONGOING PROJECTS · LITHUANIA BORGO MIESTO VILOS | ATTICO BOUTIQUE 59 APARTMENTS, 5 BUILDINGS ARCHITECT: Flexiforma UAB CONSTRUCTION: 2023-2026 MIESTO VILOS | ATTICO BOUTIQUE saltiniunamai.lt BORGO UPCOMING PROJECTS: • BORGO
Slide 17: D Parkhotel Kurhaus, Germany
DEVELOPMENT PORTFOLIO · ONGOING PROJECTS · GERMANY - D PARKHOTEL KURHAUS DEVELOPMENT PORTFOLIO · ONGOING PROJECTS · GERMANY - D PARKHOTEL KURHAUS D PARKHOTEL KURHAUS THE PARKHOTEL KURHAUS – WHERE HISTORY MEETS ELEGANCE Parkhotel Kurhaus is a gracious hotel built in 1913 and situated in the SPA-Garde
Slide 18: Table of Contents
TABLE OF CONTENTS 1. OVERVIEW OF PRO KAPITAL 2. DEVELOPMENT PORTFOLIO 3. MARKET OVERVIEW 4. FINANCIAL INFORMATION 5. BOND ISSUE Saltiniu Namai Attico, Vilnius, Lithuania 18
Slide 19: Macroeconomic Overview
MARKET OVERVIEW · MACROECONOMIC OVERVIEW 1. GDP growth recovery supports buyer confidence BALTIC MACRO OUTLOOK SUPPORTS RESIDENTIAL HOUSING DEMAND AND AFFORDABILITY Baltic GDP growth stays positive through 2027F, with Estonia rebounding REAL GDP GROWTH (%) INFLATION (%) from 0.6% to 2.5% — a direct
Slide 20: What the macro means by market
MARKET OVERVIEW · COUNTRY SNAPSHOTS — 2027F OUTLOOK What the macro Estonia Latvia Lithuania means Home market · sharpest rebound Steady · balanced growth Largest · strongest momentum by market GDP growth 2.5% GDP growth 2.3% GDP growth 2.3% Inflation 2.9% Inflation 3.0% Inflation 2.5% Pro Kapital Gr
Slide 21: Financing & housing backdrop
MARKET OVERVIEW · FINANCING & HOUSING MARKET BACKDROP Financing & THE TRANSMISSION FROM MACRO TO THE REAL-ESTATE MARKET: CHEAPER CREDIT AND A PRICE RECOVERY REINFORCE THE DEMAND THESIS. housing backdrop HOUSING-LOAN PORTFOLIO GROWTH (%, Y/Y) RESIDENTIAL PRICE GROWTH (%) Mortgage lending re-accelerat
Slide 22: Why this backdrop supports the offering
MARKET OVERVIEW · MACRO → DEMAND → COVERAGE HOW THE MACRO OUTLOOK SUPPORTS PROKAPITAL'S SRATEGY Why this backdrop supports the offering +2.0–2.5% ~2.5% Baltic real GDP by 2027F 6-month Euribor, as of June 2026 Demand recovery Improving affordability Renewed growth across all three markets drives Sta
Slide 23: Baltic primary market recovery
MARKET OVERVIEW · NEW APARTMENT SALES — BALTIC CAPITALS 2024 VS 2025 Baltic primary Tallinn Riga Vilnius market recovery Estonia · moderate recovery Latvia · solid growth Lithuania · dominant rebound Units New residential Units New residential dev. Units New residential dev. dev. m² price m² price m
Slide 24: Table of Contents
TABLE OF CONTENTS 1. OVERVIEW OF PRO KAPITAL 2. DEVELOPMENT PORTFOLIO 3. MARKET OVERVIEW 4. FINANCIAL INFORMATION 5. BOND ISSUE Blue Marine Residence in Riga, Latvia 24
Slide 25: Historical Financials 2023–2025 and H1 2026
FINANCIAL INFORMATION · INCOME STATEMENT HISTORICAL FINANCIALS 2023–2025 AND H1 2026 REVENUE BY SEGMENT, EUR Income statement 2023 2024 2025 H1 2025 H1 2026 60000 Revenue 23 021 18 158 53 162 28 519 26 087 Cost of goods sold -15 993 -12 735 -34 367 -18 286 -16 526 40000 Gross profit 7 028 5 423 18 7
Slide 26: Financial Position 2023–2025 and Q2 2026
FINANCIAL INFORMATION · BALANCE SHEET FINANCIAL POSITION 2023–2025 AND Q2 2026 TOTAL ASSETS, EQUITY AND EQUITY RATIO Balance sheet 2023 2024 2025 Q2 2026 140000 54 60 51 51 Current assets 54 307 62 539 68 578 75 565 43 105000 Non-current assets 50 595 56 219 54 012 46 186 40 Assets held for sale 2 3
Slide 27: Asset Breakdown – Q2 2026
FINANCIAL INFORMATION · ASSET BREAKDOWN ASSET BREAKDOWN – Q2 2026 ASSET COMPOSITION Project / asset Value (EUR '000) % of assets Kalaranna Kvartal 10 646 Uus-Kindrali / white building 2 112 12% Miesto Vilos and Attico Boutique— Villas & Commercial 13 911 7% Apartment, Milan 330 Total completed inven
Slide 28: Funding Mix and Leverage
FINANCIAL INFORMATION · CAPITAL STRUCTURE & DEBT FUNDING MIX AND LEVERAGE 2023–2025 AND Q2 2026 INTEREST-BEARING DEBT BY INSTRUMENT AND LTV Debt structure 2023 2024 2025 Q2 2026 60000 60 55 Bank loans 4 380 17 771 23 552 18 570 49 44 40 Secured bonds 28 450 21 672 11 414 11 316 40000 40 Unsecured bo
Slide 29: Table of Contents
TABLE OF CONTENTS 1. OVERVIEW OF PRO KAPITAL 2. DEVELOPMENT PORTFOLIO 3. MARKET OVERVIEW 4. FINANCIAL INFORMATION 5. BOND ISSUE Kalaranna Kvartal in Tallinn, Estonia 29
Slide 30: Indicative Bond Issue Terms Sheet
INDICATIVE BOND ISSUE TERMS SHEET ISSUER AS Pro Kapital Grupp DEBT INSTRUMENT Unsecured bonds ISIN [●] TYPE OF PLACEMENT Public offering in Estonia, Latvia, Lithuania ISSUE SIZE EUR 6 000 000 (with possibility to increase up to EUR 10 000 000) COUPON RATE 8.3% p.a., paid quarterly INTEREST PAYMENT D
Slide 31: Thank You
PRO KAPITAL · EST. 1994 Thank You For questions, please contact investor relations. PRO KAPITAL · EST. 1994 Thank You For questions, please contact investor relations. Saltiniu Namai Attico in Vilnius, Lithuania
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