Trade Estates REIC Income Statement

Financials in millions EUR. Fiscal year is January - December.

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '25 Jun 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Rental Revenue	39.61	37.52	23.92	18.89	13.3
Other Revenue	11.3	8.09	2.92	3.09	0.45
Total Revenue	50.9	45.61	26.84	21.98	13.75
Revenue Growth (YoY	40.83%	69.94%	22.10%	59.88%	-
Property Expenses	12.94	11.37	4.71	3.57	0.78
Selling, General & Administrative	1.33	1.06	1.31	0.42	-
Depreciation & Amortization	0.59	0.5	0.28	0.19	0.03
Other Operating Expenses	4.61	4.74	3.74	2.47	1.39
Total Operating Expenses	19.46	17.67	10.04	6.66	2.2
Operating Income	31.44	27.93	16.8	15.32	11.55
Interest Expense	-14.17	-15.32	-7.22	-3.52	-1.01
Interest & Investment Income	4.88	4.54	0.59	0.27	-
Currency Exchange Gain (Loss)	-0.01	-0.01	-0.01	-	-
Other Non-Operating Income	-1.93	-0.63	-0.29	-0.53	-0.02
EBT Excluding Unusual Items	20.21	16.52	9.87	11.53	10.52
Asset Writedown	7.98	10.95	30.24	13.58	6.07
Pretax Income	28.19	27.47	40.11	25.11	16.59
Income Tax Expense	3.12	3.44	2.4	1.1	0.99
Net Income	25.07	24.04	37.71	24.01	15.6
Net Income to Common	25.07	24.04	37.71	24.01	15.6
Net Income Growth	-32.76%	-36.26%	57.09%	53.86%	-
Basic Shares Outstanding	121	121	94	87	87
Diluted Shares Outstanding	121	121	94	87	87
Shares Change (YoY)	11.02%	28.83%	7.83%	-	-
EPS (Basic)	0.21	0.20	0.40	0.28	0.18
EPS (Diluted)	0.21	0.20	0.40	0.28	0.18
EPS Growth	-39.43%	-50.53%	45.68%	53.88%	-
Dividend Per Share	0.052	0.100	0.080	-	0.120
Dividend Growth	-59.05%	25.00%	-	-	-
Operating Margin	61.76%	61.25%	62.59%	69.69%	83.98%
Profit Margin	49.25%	52.70%	140.51%	109.22%	113.49%
EBITDA	31.5	28.13	16.91	15.37	11.55
EBITDA Margin	61.89%	61.68%	63.00%	69.93%	83.98%
D&A For Ebitda	0.06	0.2	0.11	0.05	-
EBIT	31.44	27.93	16.8	15.32	11.55
EBIT Margin	61.76%	61.25%	62.59%	69.69%	83.98%
Funds From Operations (FFO)	17.89	15.23	8.91	9.87	10.83
Adjusted Funds From Operations (AFFO)	-	15.23	8.91	9.87	-
FFO Payout Ratio	67.36%	63.32%	83.88%	52.73%	-
Effective Tax Rate	11.08%	12.50%	5.99%	4.38%	5.96%
Revenue as Reported	49.56	46.19	26.69	20.81	13.98

Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.