Branicks Group (DIC) Investor presentation summary

Restructuring and liquidity

• Updated restructuring assessment reflects slightly lower proceeds from advanced disposals, FY26 impairment losses, and higher near-term advisory, restructuring, and management costs.

• Offsetting measures include further disposals through 2028, additional recurring income, higher assumed rent indexation, and operating-cost efficiencies.

• With these measures, restructuring viability remains positively assessed and funding is projected to extend through 2030; Senior Secured Principal covenants are slightly amended to provide headroom and flexibility.

• Externally validated liquidity planning through the week commencing 14 Dec 2026 includes ~€20m of net disposal proceeds, all at VIB, and €95m of interim funding across the relevant entities.

Operating plan

• Gross rental income declines after asset sales in FY25-FY27, with recovery in outer years supported by indexation and assumed reletting.

• Real estate management fees are driven by higher assets under management and transaction activity; EBITDA reflects net rental income and fee development.

• The plan includes investment-property disposal profits of ~€6m in FY26, ~€16m in FY27, and ~€12m in FY28.

• Operating cash flow is projected to remain near €80m annually in FY27-FY30; FFO declines through FY29 before stabilizing at ~€46m in FY30.

• Capex is elevated in FY26-FY28 due to project development; adjusted net income turns positive at the end of the plan, while FY26 net losses reflect impairment and disposal effects.

Credit profile

• The plan anticipates significant deleveraging from the transaction structure and subsequent disposals to support refinancing in FY28.

• Repayment of standalone unsecured debt starts in FY28; ICR development follows the earnings profile and excludes interest on Subordinated Principal and capitalized refinancing costs.

• Cash is projected to build through disposals, followed by a sweep under the excess-cash mechanism; restricted cash declines from ~€50m at FY26-end to ~€25m by FY30.

• Net debt declines in FY26 due to transaction effects and excludes Subordinated Principal; book equity excluding Subordinated Principal decreases with asset disposals and portfolio depreciation.

• FY25 actuals are preliminary, and the business plan is preliminary, subject to change, and incorporates the proposed transaction on the basis of heads of terms.