Eurocastle Releases Second Quarter and First Half 2026 Financial Results

EUROCASTLE INVESTMENT LIMITED

                                       FOR IMMEDIATE RELEASE
Contact:        
Oak Fund Services (Guernsey) Limited
Company Administrator
Attn: Nicole Barnes
Tel: +44 1481 723450        

Eurocastle Releases Second Quarter and First Half 2026 Financial Results

Guernsey, 7 August 2026 – Eurocastle Investment Limited (Euronext Amsterdam: ECT) (“Eurocastle” or the “Company”) today has released its financial report for the six months ended 30 June 2026.

Q2 NAV increase of 4% to €22.0 million, or €21.81 per share: Driven by the sale of an underlying real estate investment in EPIF at a significant premium, resulting in a 26% quarter-on-quarter increase in the value of Eurocastle’s interest in EPIF.

      Under the Company’s New Investment Strategy, Eurocastle launched the European Properties Investment Fund (“EPIF” or the “Fund”) with a focus on opportunistic real estate across Southern Europe. The Company intends to launch further funds through which it will invest and earn management fees and incentive income.

      As at 30 June 2026, the Company’s assets mainly comprise:

1. €14.4 million, or €14.24 per share, of net corporate cash¹ of which €6.7 million is Eurocastle’s remaining uncalled commitment in EPIF.
   1. €3.2 million, or €3.19 per share, in EPIF, where the Company generates returns through its ~10% interest in the Fund and certain subsidiaries earn asset management fees and incentive income from third party investors.
   2. A tax asset of €4.2 million, or €4.17 per share, representing amounts paid (and associated interest) in relation to additional tax assessed against a former German property subsidiary where the Company won the first instance of its appeal in December 2024 and is awaiting the next appeal hearing. The Company also benefits from a contractual arrangement under which it would expect to be reimbursed for its estimated exposure should the matter ultimately not be resolved in its favour.
   3. Residual interests in two legacy Italian Real Estate Fund Investments with a NAV of €0.2 million, or €0.21 per share, where the underlying apartments are now all sold and both funds are in liquidation.

   Q2 2026 BUSINESS UPDATES

   • New Investment Strategy

   The second quarter of 2026 marked a significant milestone for EPIF. In addition to completing its fifth investment, the Fund successfully realised its interest in the largest underlying asset within its Italian real estate portfolio investment, generating a 3.8x multiple on invested capital for that asset. The disposal followed a favourable leasing outcome and resulted in a significant distribution to EPIF’s investors, validating the Fund’s opportunistic investment strategy and demonstrating its ability to crystallise value. As a result, EPIF’s NAV increased by 16% during the second quarter of 2026. Eurocastle’s share of EPIF’s NAV increased by €0.8 million, or €0.80 per share, over the period, representing a 26% increase, including the impact of additional incentive income that would be payable to a subsidiary of Eurocastle if EPIF were realised at its current NAV. As at the end of the first half of 2026, EPIF had called €22.7 million of capital from its investors, representing 28% of total investor commitments, primarily to acquire five investments. Since inception, the Fund has returned €9.1 million to investors and at 30 June 2026 had a remaining NAV of €22.8 million, representing a life-to-date multiple of 1.40x on called capital. Of the total capital called, Eurocastle has contributed €2.2 million, or €1.3 million net of distributions received to date. As at June 30 2026, Eurocastle’s share of EPIF’s NAV was €3.2 million, of which €0.9 million represented implied incentive income. To date, EPIF has completed five investments, including one new investment in the second quarter of 2026 of €1 million:

   • Investments 1 & 2 – €7.2 million invested in two separate transactions in October 2024 and April 2025 in two commercial real estate properties in Athens, Greece, reflecting its focus on opportunistic investments with strong value-creation potential.
   • Investment 3 – €11.5 million invested in August 2025 to acquire an interest in a large portfolio of Italian real estate assets predominantly comprising office properties leased to government agencies. The assets are currently undergoing a disposal process, with EPIF acquiring its stake at a significant discount to the portfolio’s reported value. As highlighted above, the Fund has successfully disposed of its interest in the largest underlying asset at 3.8x capital invested, following a favourable development in the asset’s leasing status.
   • Investment 4 – €1.4 million invested in March 2026 to acquire a residential property in Athens from a distressed seller, with a primary strategy to sell on as a development project.
   • Investment 5 – €1.0 million invested in June 2026 to acquire a non-performing loan secured by a centrally located parking garage in Piraeus.

         While encouraged by the performance of the existing portfolio, EPIF’s focus continues to be on capital deployment. The pipeline has grown to over €40 million, comprising a range of opportunities with a primary focus in Greece where we are beginning to see signs of increased transaction activity as banks and loan servicers increasingly explore ways to monetise the significant proportion of distressed real estate assets associated with their non-performing loan portfolios.

   • Legacy Italian Real Estate Funds

         During the period, one of these funds reached a favourable settlement on a long-running dispute with a contractor, resulting in an additional €150,000 of value to Eurocastle that had not previously been recognized. Income Statement for the Quarter ended 30 June 2026 and First Six Months of 2026 (unaudited) Income

   Statement Income

   Statement Q2 2026 H1 2026   € Thousands € Thousands Portfolio Returns New Investment Strategy – EPIF unrealised fair value movement 813 1,359 Legacy Italian Real Estate Funds unrealised fair value movement 150 150      Additional compensation – EPIF 32 66 Total movement on Investments 995 1,575 Other income – 1 Interest income 94 187   Total income 1,089 1,763 Operating Expenses Manager base and incentive fees 20 39 Remaining operating expenses 175 350 Total expenses 195 389 Profit for the period 894 1,374 € per share 0.89 1.37 Balance Sheet and Adjusted NAV Reconciliation as at 30 June 2026 and as at 31 December 2025    

   New Investment Strategy

   – EPIF

      € Thousands

   Legacy Italian Investments

      € Thousands

   Corporate

      € Thousands 30 June 2026

   Total

      € Thousands 31 December 2025

   Total

   € Thousands Assets     Other assets – – 236 236 436 Legacy German tax asset – – 4,199 4,199 4,049 Investments – New Investment Strategy – EPIF 3,219 – – 3,219 1,838 Investments – Legacy Real Estate Funds – 214 – 214 64 Cash and cash equivalents – – 14,465 14,465 15,847 Total assets 3,219 214 18,900 22,333 22,234 Liabilities     Trade and other payables – – 234 234 349   Manager base and incentive fees – – 123 123 663 Total liabilities – – 357 357 1,012 Net Asset Value 3,219 214 18,543 21,976 21,222 Net Asset Value (€ per Share) 3.19 0.21 18.41 21.81 21.19 ADDITIONAL INFORMATION For investment portfolio information, please refer to the Company’s most recent Financial Report, which is available on the Company’s website (www.eurocastleinv.com). Terms not otherwise defined in this announcement shall have the meaning given to them in the Circular. ABOUT EUROCASTLE Eurocastle Investment Limited (“Eurocastle” or the “Company”) is a publicly traded closed-ended investment company. On 8 July 2022, the Company announced the relaunch of its investment activity and is currently in the early stages of pursuing its new strategy by initially focusing on opportunistic real estate in Greece with a plan to expand across Southern Europe. For more information regarding Eurocastle Investment Limited and to be added to our email distribution list, please visit www.eurocastleinv.com. FORWARD LOOKING STATEMENTS This release contains statements that constitute forward-looking statements. Such forward-looking statements may relate to, among other things, future commitments to sell real estate and achievement of disposal targets, availability of investment and divestment opportunities, timing or certainty of completion of acquisitions and disposals, the operating performance of our investments and financing needs. Forward-looking statements are generally identifiable by use of forward-looking terminology such as “may”, “will”, “should”, “potential”, “intend”, “expect”, “endeavour”, “seek”, “anticipate”, “estimate”, “overestimate”, “underestimate”, “believe”, “could”, “project”, “predict”, “project”, “continue”, “plan”, “forecast” or other similar words or expressions. Forward-looking statements are based on certain assumptions, discuss future expectations, describe future plans and strategies, contain projections of results of operations or of financial condition or state other forward-looking information. The Company’s ability to predict results or the actual effect of future plans or strategies is limited. Although the Company believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, its actual results and performance may differ materially from those set forth in the forward-looking statements. These forward-looking statements are subject to risks, uncertainties and other factors that may cause the Company’s actual results in future periods to differ materially from forecasted results or stated expectations including the risks regarding Eurocastle’s ability to declare dividends or achieve its targets regarding asset disposals or asset performance.
   ¹ Reflects corporate cash net of accrued liabilities and other assets.