Afi Properties Ltd · TASE:AFPR
Afi Properties — H1 2025 Earnings Presentation
31 slides from Afi Properties's earnings presentation, Aug 21, 2025
Slide 1: Building Long Term Value
August 2025 Building Long Term Value Capital market presentation * AFI financial reporting is in NIS. For convenience purposes the financial data in the slides on AFI was translated with EUR-NIS 3.93 exchange rate (1-6/25 average) for income items and 3.95 exchange rate (as of 30.06.25) for balance
Slide 2: Legal Disclaimer
Legal Disclaimer • This presentation has been prepared by AFI Properties Ltd. (the "Company") as a presentation about the Company. • This presentation is not intended to replace the need to review the reports published by the Company to the public, including the periodic report for the year 2024, wh
Slide 3: Table of Contents
Table of Contents AFI at a Glance 04 Growing portfolio 08 Operational success 13 Liquidity and debt structure 18 Projects under development 20 Annex 25
Slide 4: AFI at a Glance
AFI at a Glance 4
Slide 5: Continuing to Grow at a Strong Pace
Continuing to Grow at a Strong Pace Income-Producing Property Resi for rent units active & GLA (company share)* Value (company share)* under construction* EUR 4,346 Million 1,379 thousands sqm Appx. 4,000 units 6% 2% No change Occupancy* H1 / 25 90% No change NOI Company share EUR 134 Million ↑ 11%
Slide 6: Strong Presence in Israel and CEE Countries
Strong Presence in Israel and CEE Countries In the office, retail, and residential for rent sectors. A diversified portfolio with high-quality assets. Poland Income-Producing Property 11% Value (company share) 36.7 Czech Republic EUR 4,346 Million 13% Romania 10.9 34% 17.0% 20.2% 62.8% 19.0 Israel S
Slide 7: Developments in 2025
Developments in 2025 • Completion of the First Phase of the AFI Home North C Project in Bucharest, Romania (80 units) Residential for rent • After the balance sheet date, the construction of the AFI Home Lazurowa project in Warsaw, Poland was completed (517 units) • Commencement of construction of a
Slide 8: Growing portfolio
AFI ing portfolio Grow
Slide 9: Consistent Portfolio Growth
Strategy Income-Producing Property Value (EUR Million) 4,346 Consistent Portfolio Growth 4,101 3,418 2,840 2,429 31.12.21 31.12.22 31.12.23 31.12.24 30.06.25 GLA of Income-Producing Properties (Thousands of sqm) 1,350 1,379 1,209 1,046 956 31.12.21 31.12.22 31.12.23 31.12.24 30.06.25 9
Slide 10: Consistent Improvement in Results
Consistent Improvement in Results [EUR Million] As a Result of Effective Portfolio Management, Alongside New Developments and Targeted Acquisitions AFFO NOI Company share 112 257 88 209 81 69 160 61 142 45 52 112 121 134 2020 2021 2022 2023 2024 1-6/24 1-6/25 2020 2021 2022 2023 2024 1-6/24 1-6/25 Q
Slide 11: Breakdown of the Change in NOI
Breakdown of the Change in NOI [EUR Million, company share] 11% 8.4 4.2 2.1 133.7 120.5 -1.4 NOI 1-6/2024 New assets Leasing activity Indexation & other EUR-NIS FX rate NOI 1-6/2025 11
Slide 12: Shareholder Equity Development
Shareholder Equity Development [EUR Million] Shareholder Equity Development Over the Years Change in Shareholders’ Equity in H1 2025 1,848 1,733 1,666 1,495 1,129 31.12.21 31.12.22 31.12.23 31.12.24 30.06.25 12
Slide 13: Operational success
Operational success 13
Slide 14: Looking Ahead – NOI Potential
Looking Ahead – NOI Potential (1)(3) Company share, EUR Millions Representative NOI Future NOI (Until 2027) )4( )2( Normalizing NOI for full year NOI H1/25 NOI Occupancy Increase Representative Adding assets Future NOI (Annualized) of completed assets NOI under (Annualized) development (1(The expect
Slide 15: Looking Ahead – AFFO Potential
Looking Ahead – NOI Potential (1)(3) Company share, EUR Millions Representative AFFO Future AFFO (Until 2027) )4( )2( Normalizing AFFO for full year AFFO H1/25 AFFO Occupancy Increase Representative Adding assets Future AFFO (Annualized) of completed assets AFFO under development (Annualized) (1) Th
Slide 16: Malls [AFI Cotroceni, AFI Brasov & AFI Ploiesti]
Malls [AFI Cotroceni, AFI Brasov & AFI Ploiesti] Rigorous and Efficient Management by a Local Team in Romania, Maintaining appx. 100% Occupancy NOI AFI Share (EUR Millions) Turnover (EUR Millions) 63 67 55 520 573 456 32 33 270 256 2022 2023 2024 H1 24 H1 25 2022 2023 2024 H1 24 H1 25 OCR Footfall (
Slide 17: Partners Contributing to Our Success
Partners Contributing to Our Success Office Retail 17
Slide 18: Liquidity and debt structure
Liquidity and debt structure 18
Slide 19: Liquidity and debt structure
Liquidity and debt structure Providing Stability and Supporting the Company’s Growth Rating S&P Maalot ilA+ stable 4.5% Weighted Average Interest Rate 4.8% 4.4% 84% 2.8% From Debt with Fixed or A1.il 2.1% 2.5% Midroog Hedged Interest Rate stable )Moody’s( 2023 2024 H1 2025 Rest of Debt - ● | CPI-Lin
Slide 20: Projects under development
Projects under development The information regarding the expected completion dates of the development projects and the anticipated annual rental income from income-producing properties under development constitutes forward-looking information, which may not materialize or may materialize differently
Slide 21: Looking ahead: Projects under development
Looking ahead Projects under development 162K sqm Office Office Home Offices and residential for rent 43M EUR Weizmann 3 Ness Ziona Landmark B Tel Aviv Nova Elektra Prague Rent income in full Holding % 60% Holding % 50% Holding % 100% occupancy (2) (1) GLA (sqm) 22,027 GLA (sqm) 23,200 GLA (291 unit
Slide 22: Looking ahead [cont.]
Looking ahead [cont.] Projects under development Home Office AFI Home North A Business Avenue Office 3 AC Hotel by Marriott Bucharest Belgrade Belgrade Holding % 100% Holding % 100% Holding % 100% GLA (244 units) 10,691 GLA 13,108 GLA 11,222 Book Value 30.06.25 (in EUR Millions) (1) 30.6 Book Value
Slide 23: Looking ahead [cont.]
Looking ahead [cont.] Projects under development Home Office Office AFI Home Lazurowa AFI Brasov Tower 2 AFI Central Tower Warsaw Brasov Bucharest Holding % 100% Holding % 100% Holding % 100% GLA (517 units) 24,150 GLA 11,757 GLA 27,940 Book Value 30.06.25 (in EUR Millions) (1) 81.0 Book Value 30.06
Slide 24: Estimated Delivery
Estimated Delivery [company share] 2025 2026 2027 GLA +35k sqm +59k sqm +67k sqm GLA 30.06.25 after 1,379 development thousands AFI Park Brasov Tower 2 Landmark B 23.2k sqm AFI Central Tower 27.9k sqm 1,540 sqm 11.8k sqm thousands sqm ACB Business Weizmann 3 Avenue Office 3 22.0k sqm 13.1k sqm ACB B
Slide 25: Annex
Annex 25
Slide 26: Income Producing Property in Israel
Income Producing Property in Israel As of 30.06.25 Book value as at Revenues for Total GLA Holding Occupancy Property name Country City Property Type (1) 30.06.25 (EUR 1-6/25 (EUR (m2) % rates 30.06.25 Thousands) (1) thousands)(1) Kiryat Weizmann Israel Ness Ziona Science Park 83,610 60% 271,082 8,2
Slide 27: Income Producing Property in Europe
Income Producing Property in Europe Offices, Malls and retail as of 30.06.25 Book Value as Revenues for (1) Occupancy Property Name Country City Type GLA Holding % of 30.06.25 1-6/25 (1) rates 30.06.25 (EUR K) (EUR K) (1) AFI Palace Cotroceni Romania Bucharest Retail 86,353 99% 583,435 22,678 99% AF
Slide 28: Income Producing Property in Europe: Residential for rent
Income Producing Property in Europe Residential for rent (AFI Home) as of 30.06.25 Book Value as Revenues for Occupancy Number of Property Name Country City Type GLA (1) Holding % of 30.06.25 1-6/25 rates 30.06.25 Apartments (EUR K) (1) (EUR K) (1) AFI Home Kolbenova D+E Czechia Prague Resi for Rent
Slide 29: Countries of Operation (Primarily CEE)
Countries of Operation (Primarily CEE) Increase in Office Occupancy Rates in Capital Cities – Return to the Office Office vacancy rate (end of period) 10.4% Warsaw 10.6% 10.8% 7.2% Prague 7.4% 6.6% 14.7% Bucharest 12.1% 11.8% 10.3% Belgrade 4.3% 2.6% 2023 2024 Q2/25 Source: CBRE 29
Slide 30: Countries of Operation (Continued)
Countries of Operation (Continued) Stabilization in Prime Office Yields Poland - ● | Czech Republic - ● | Romania - ● | Serbia - ● Source : CBRE, IMF 30
Slide 31: Countries of Operation (Continued)
Countries of Operation (Continued) Decline in Inflation Rate Alongside Decrease in Central Bank Interest Rates Central Bank key rate (end of period) 7.50% 7.00% 6.50% 6.00% 5.50% 5.00% 4.50% 4.00% 3.50% 3.00% 2.50% 2.00% ● EU27 1.50% 1.00% 0.50% ● EUR 5Y IRS 0.00% 2021 2022 2023 2024 Q2/25 Poland -