New Risk • May 24
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 26% 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 Risk High level of non-cash earnings (26% accrual ratio). Minor Risks Shareholders have been diluted in the past year (28% increase in shares outstanding). Revenue is less than US$5m (RON13m revenue, or US$3.0m). Market cap is less than US$100m (RON70.2m market cap, or US$15.5m). Reported Earnings • May 24
First quarter 2026 earnings released First quarter 2026 results: Revenue: RON2.05m (down 25% from 1Q 2025). Net income: RON1.49m (down 3.0% from 1Q 2025). Profit margin: 73% (up from 56% in 1Q 2025). The increase in margin was driven by lower expenses. Announcement • Mar 27
Meta Estate Trust S.A. announces Annual dividend, payable on July 31, 2026 Meta Estate Trust S.A. announced Annual dividend of RON 0.3268 per share payable on July 31, 2026, ex-date on July 29, 2026 and record date on July 30, 2026. New Risk • Mar 04
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: 42% Last year net profit margin: 82% 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: Minor Risks Profit margins are more than 30% lower than last year (42% net profit margin). Shareholders have been diluted in the past year (29% increase in shares outstanding). Market cap is less than US$100m (RON72.7m market cap, or US$16.5m). Announcement • Jan 31
Meta Estate Trust S.A., Annual General Meeting, Apr 29, 2026 Meta Estate Trust S.A., Annual General Meeting, Apr 29, 2026. Buy Or Sell Opportunity • Dec 02
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at RON0.65. The fair value is estimated to be RON0.82, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 16%. Buy Or Sell Opportunity • Oct 28
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 17% to RON0.62. The fair value is estimated to be RON0.78, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Oct 06
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to RON0.62. The fair value is estimated to be RON0.78, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Aug 26
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: RON6.22m (up 22% from 2Q 2024). Net income: RON3.11m (down 28% from 2Q 2024). Profit margin: 50% (down from 85% in 2Q 2024). The decrease in margin was driven by higher expenses. Announcement • Jul 03
Meta Estate Trust S.A. announces Annual dividend, payable on November 14, 2025 Meta Estate Trust S.A. announced Annual dividend of RON 0.0500 per share payable on November 14, 2025, ex-date on November 10, 2025 and record date on November 11, 2025. Announcement • Jul 02
Meta Estate Trust S.A., Annual General Meeting, Aug 01, 2025 Meta Estate Trust S.A., Annual General Meeting, Aug 01, 2025, at 10:00 E. Europe Standard Time. Location: hybrid and physical, at the companys headquart located at, 4-10 muntii tatra street, 4th floor sector 1, bucharest, Romania New Risk • Jun 03
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 40% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 0% Cash payout ratio: 377% Minor Risks High level of debt (40% net debt to equity). Revenue is less than US$5m (RON13m revenue, or US$2.8m). Market cap is less than US$100m (RON63.8m market cap, or US$14.3m). Reported Earnings • May 28
First quarter 2025 earnings released First quarter 2025 results: Revenue: RON3.87m (up 14% from 1Q 2024). Net income: RON1.54m (down 23% from 1Q 2024). Profit margin: 40% (down from 59% in 1Q 2024). The decrease in margin was driven by higher expenses. New Risk • Apr 06
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. The company is paying a dividend despite having no free cash flows. Dividend yield: 60% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks 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. High level of non-cash earnings (25% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (47% net profit margin). Revenue is less than US$5m (RON21m revenue, or US$4.5m). Market cap is less than US$100m (RON57.4m market cap, or US$12.6m). Announcement • Mar 27
Meta Estate Trust S.A. announces Annual dividend, payable on July 02, 2025 Meta Estate Trust S.A. announced Annual dividend of RON 0.3800 per share payable on July 02, 2025, ex-date on June 30, 2025 and record date on July 01, 2025. New Risk • Mar 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Romanian stocks, typically moving 6.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (25% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.6% average weekly change). Profit margins are more than 30% lower than last year (47% net profit margin). Revenue is less than US$5m (RON21m revenue, or US$4.5m). Market cap is less than US$100m (RON51.1m market cap, or US$11.0m). Announcement • Jan 30
Meta Estate Trust S.A., Annual General Meeting, Apr 28, 2025 Meta Estate Trust S.A., Annual General Meeting, Apr 28, 2025. Reported Earnings • Nov 18
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: RON10.4m (up 217% from 3Q 2023). Net income: RON1.05m (down 75% from 3Q 2023). Profit margin: 10% (down from 127% in 3Q 2023). New Risk • Oct 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Romanian stocks, typically moving 5.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (5.9% average weekly change). Profit margins are more than 30% lower than last year (62% net profit margin). Revenue is less than US$5m (RON21m revenue, or US$4.6m). Market cap is less than US$100m (RON62.0m market cap, or US$13.8m). New Risk • Sep 16
New major risk - Revenue and earnings growth Revenue has declined by 100% over the past year. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Revenue has declined by 100% over the past year. Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (RON57.4m market cap, or US$12.9m). New Risk • Sep 03
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: 56% Last year net profit margin: 100% 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: Minor Risks Profit margins are more than 30% lower than last year (56% net profit margin). Market cap is less than US$100m (RON60.0m market cap, or US$13.3m). New Risk • May 23
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: 46% Last year net profit margin: 80% 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: Minor Risks Profit margins are more than 30% lower than last year (46% net profit margin). Market cap is less than US$100m (RON63.3m market cap, or US$13.8m). Reported Earnings • May 22
First quarter 2024 earnings released First quarter 2024 results: Revenue: RON5.16m (up 378% from 1Q 2023). Net income: RON2.00m (up 204% from 1Q 2023). Profit margin: 39% (down from 61% in 1Q 2023). The decrease in margin was driven by higher expenses. Board Change • Mar 11
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 11 experienced directors. No highly experienced directors. 1 independent director (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. 
