New Risk • Apr 15
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 44% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (39% net profit margin). Market cap is less than US$100m (€49.5m market cap, or US$58.3m). New Risk • Feb 02
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 27% Last year net profit margin: 78% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risks Profit margins are more than 30% lower than last year (27% net profit margin). Market cap is less than US$100m (€55.0m market cap, or US$65.2m). Valuation Update With 7 Day Price Move • Nov 24
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to лв1.47, the stock trades at a trailing P/E ratio of 6x. Average trailing P/E is 20x in the REITs industry in Bulgaria. Total returns to shareholders of 71% over the past three years. Reported Earnings • Nov 03
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: лв2.60m (down 15% from 3Q 2024). Net income: лв972.0k (down 11% from 3Q 2024). Profit margin: 37% (up from 36% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to лв1.62, the stock trades at a trailing P/E ratio of 6.6x. Average trailing P/E is 18x in the REITs industry in Bulgaria. Total returns to shareholders of 98% over the past three years. Announcement • Jul 31
Fairplay Properties REIT, Annual General Meeting, Sep 10, 2025 Fairplay Properties REIT, Annual General Meeting, Sep 10, 2025, at 10:00 FLE Standard Time. Location: sofia at 51b cherni vrah blvd., fpi business center, fl. 1, Bulgaria New Risk • Jul 30
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 27% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. High level of non-cash earnings (27% accrual ratio). Minor Risk Market cap is less than US$100m (лв121.7m market cap, or US$71.9m). Reported Earnings • Jul 30
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: лв42.0m (up лв39.9m from 2Q 2024). Net income: лв10.1m (up лв9.27m from 2Q 2024). Profit margin: 24% (down from 37% in 2Q 2024). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Jun 20
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to лв1.36, the stock trades at a trailing P/E ratio of 10.5x. Average trailing P/E is 26x in the REITs industry in Bulgaria. Total returns to shareholders of 100% over the past three years. Declared Dividend • Jun 16
Dividend increased to лв0.02 Dividend of лв0.02 is 96% higher than last year. Ex-date: 26th June 2025 Payment date: 1st January 1970 Dividend yield will be 1.7%, which is lower than the industry average of 3.3%. Announcement • Jun 14
Fairplay Properties REIT announces Annual dividend Fairplay Properties REIT announced Annual dividend of BGN 0.0200 per share, ex-date on June 26, 2025 and record date on June 27, 2025. Announcement • Jun 05
First Big Orange Garden EOOD acquired Office Building in Sofia from Fairplay Properties REIT (BUL:FPP) for €23 million. First Big Orange Garden EOOD acquired Office Building in Sofia from Fairplay Properties REIT (BUL:FPP) for €23 million on June 4, 2025. A cash consideration of €23 million will be paid by First Big Orange Garden EOOD. As part of consideration, €23 million is paid towards assets of Office Building in Sofia.
First Big Orange Garden EOOD completed the acquisition of Office Building in Sofia from Fairplay Properties REIT (BUL:FPP) on June 4, 2025. Valuation Update With 7 Day Price Move • Jun 04
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to лв1.32, the stock trades at a trailing P/E ratio of 21.2x. Average trailing P/E is 20x in the REITs industry in Bulgaria. Total returns to shareholders of 129% over the past three years. Reported Earnings • Feb 05
Full year 2024 earnings released: EPS: лв0.057 (vs лв0.039 in FY 2023) Full year 2024 results: EPS: лв0.057 (up from лв0.039 in FY 2023). Revenue: лв12.0m (up 14% from FY 2023). Net income: лв4.45m (up 48% from FY 2023). Profit margin: 37% (up from 29% in FY 2023). Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 16% per year. Reported Earnings • Nov 03
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: лв3.12m (up 11% from 3Q 2023). Net income: лв1.10m (up 34% from 3Q 2023). Profit margin: 35% (up from 29% in 3Q 2023). The increase in margin was driven by higher revenue. Reported Earnings • Jul 30
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: лв2.22m (up 6.5% from 2Q 2023). Net income: лв797.0k (up 26% from 2Q 2023). Profit margin: 36% (up from 30% in 2Q 2023). The increase in margin was primarily driven by higher revenue. Reported Earnings • May 05
First quarter 2024 earnings released First quarter 2024 results: Revenue: лв2.40m (down 8.2% from 1Q 2023). Net income: лв1.08m (up 71% from 1Q 2023). Profit margin: 45% (up from 24% in 1Q 2023). The increase in margin was driven by lower expenses. Board Change • Apr 22
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Member of the Board of Directors Svetla Angelova was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Apr 02
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Member of the Board of Directors Svetla Angelova was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Mar 14
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Member of the Board of Directors Svetla Angelova was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Feb 01
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 28% Last year net profit margin: 55% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risks Profit margins are more than 30% lower than last year (28% net profit margin). Shareholders have been diluted in the past year (7.5% increase in shares outstanding). Market cap is less than US$100m (лв74.6m market cap, or US$41.5m). Board Change • Jan 18
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Member of the Board of Directors Svetla Angelova was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Dec 01
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Member of the Board of Directors Svetla Angelova was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Oct 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Member of the Board of Directors Svetla Angelova was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Sep 29
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Member of the Board of Directors Svetla Angelova was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jun 16
Fairplay Properties REIT, Annual General Meeting, Jun 27, 2022 Fairplay Properties REIT, Annual General Meeting, Jun 27, 2022, at 10:00 E. Europe Standard Time. Location: 76A James Bourchier Blvd Sofia Bulgaria Agenda: To consider determination of the remuneration to a member of the Board of Directors; and to consider determination of the guarantee for the management to a member of the Board of Directors. Board Change • Jan 14
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). CFO & Member of the Board of Directors Miglena Dimitrova was the last director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Sep 28
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). CFO & Member of the Board of Directors Miglena Dimitrova was the last director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Aug 12
Fairplay Properties REIT (BUL:FPP) agreed to acquire an office building in Sofia, Bulgaria. Fairplay Properties REIT (BUL:FPP) agreed to acquire an office building in Sofia, Bulgaria on August 11, 2021. The transaction is being funded through the proceeds generated from a capital increase of BGN 12.5 million as a result of the exercise of rights under a warrants issue. The transaction is expected to be completed by the end of August 2021. 
