MAIN EVENTS IN Q4 2023

October 17, 2023

Ülemiste City Laid the Cornerstone of the Educational Quarter

On October 17, the cornerstone was laid for the new Educational Quarter of Ülemiste City, where, upon completion of the first stage, the International School of Tallinn will begin work in early 2025, and the Ülemiste community building will be opened. It is the largest privately funded educational development in Estonia.

Last summer, NOBE won the new construction contract accompanying the modification of the original project of the Ülemiste Educational Quarter, which, in the first stage, will build the building part of the Tallinn International School with a gross area of ​​6,000 square meters and the Ülemiste community building at the address Valukoja 9. The total cost of the construction is approximately 11.5 million euros, without VAT.

Currently, the Estonian Entrepreneurship University of Applied Sciences (Mainor), International School of Tallinn, offering services from kindergarten to high school, Emili School, and Kalli-kalli kindergarten are located in Ülemiste City. However, due to the planned construction of the Rail Baltica terminal and the growing demand for educational services, new educational facilities are being built in the heart of the Ülemiste campus.

3+1 Architects created the architectural design for the Ülemiste educational quarter project, while TajuRuum landscape architects shaped the outdoor space.

October 18, 2023

Sten Pärnits Joined the Management Board of Mainor Ülemiste

With the decision of the Supervisory Board of Mainor Ülemiste, Sten Pärnits, who had previously fulfilled the duties of a member of the Supervisory Board, started in his new role on October 21. His areas of responsibility are sales, customer experience management, and campus administrative issues.

Sten Pärnits has been an active member of the company's Supervisory Board for the last 10 years but has been actively involved in everyday work, having led the development of Ülemiste City's Health Centers and bringing attractive health service providers to the campus. "However, as a member of the board of Major Ülemiste, I can use my previous experience even more in my new area of ​​responsibility. My goal as the owner's representative is to keep a clear focus on consistently implementing the long-term strategy," added Pärnits.

Julius Stokas, the current customer experience manager, has left Mainor Ülemiste's Management Board and the company. The Management Board of Mainor Ülemiste will continue with three members. In addition to Pärnits, it includes the Chairman of the Board and the company's CEO Ursel Velve and the Head of Development Rauno Mätas.

November 2, 2023

Mainor Ülemiste the TOP1 of Äripäev Real Estate Companies

Based on the 2022 results of Äripäev, Mainor Ülemiste became the first in the ranking of Estonian real estate companies.

The honorable first place was brought by bold decisions in development. After the first lockdown period of the 2020 pandemic, the company's management decided to start the construction of Alma Tomingas buidling on Sepise 7 property. The new 20,000 m2 office building designed by Pluss architects and built by Nordecon and NOBE consortium was finalized at the end of 2022. Top local and international companies such as Skeleton, Breakwater, Fujitsu Estonia, NOBE, CF&S and the joint institution of EAS and KredEx moved into the building.

The occupancy rate of the Mainor Ülemiste office buildings is high at 93% and results from strong customer satisfaction – over 70%.

Several other developments added even more importance to 2022 - the construction of the new Health Center and the first stage of Educational Quarter with the Ülemiste community building.

Ülemiste City Key Figures (as of 31.12.2023)

Leasable space                          197,600 square meters

Incl. leasable office space          164,000 square meters

Occupancy rate                          91.7%

Incl. office's occupancy rate       90.7%

FINANCIAL PERFORMANCE

4Q 2023 - Net profit EUR 662 thousand

Net Sales and Net Profit

• Net sales amounted to EUR 4,867 th in the 4^th quarter, increase of 5.6% compared to the 4^th quarter of 2022
• Operating profit amounted to EUR 2,476 th in the 4^th quarter, increase of 4.3% compared to the 4^th quarter of 2022
• Net profit amounted to EUR 662 th.

Expenses

• Operating expenses decreased from EUR 3,217 th (4^th quarter 2022) to EUR 3,029 th in the 4^th quarter of 2023
• Interest expense on loans and issued bonds increased from EUR 963 th (4^th quarter 2022) to EUR 2,171 th.

Interest-bearing liabilities

• Mainor Ülemiste AS interest-bearing liabilities amounted to EUR 124,273 th. The Company's five largest creditors at the end of period were SEB Pank AS, Luminor Bank AS, OP Corporate Bank Plc, LHV Pank AS and COOP Pank AS.
• At the end of the reporting period, Mainor Ülemiste AS had EUR 23,615 th in untapped credit facilities.

Statement of the management board

The financial and other additional information published in the Interim Report October-December 2023 is true and complete. Consolidated financial statements give a true and fair view of the actual financial position, results of operation and cash flows of the group.

Consolidated financial statements in the report for the period October-December 2023 are not audited.

Ursel Velve
CEO
Tallinn, 30.01.2024

CONSOLIDATED INCOME STATEMENT

(According to IFRS)                                                                              In thousands Euros

* Without change of valuation of Mainor Ülemiste AS's and associate companies' investments properties.

CONSOLIDATED BALANCE SHEET

(According to IFRS)                                                                           In thousands Euros

* Without change of valuation of Mainor Ülemiste AS's and associate companies' investments properties.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

In thousands of Euros

CONSOLIDATED CASH FLOW STATEMENT

In thousands Euros