Implementation of the Investment Plan Begins

The first half of 2025 was, above all, a period during which the Company continued the review of strategic options that began in 2023, with the aim of identifying and evaluating possible directions for the development of CPD S.A.

As a result of these efforts, even before the review was completed, in the first half of
2025, the Company entered into an agreement with FR Investments Wrocław Sp. z o.o. regarding the planned indirect acquisition of a commercial and office building located in the center of Wrocław, operating under the name “Wratislavia Tower,” with an estimated value of approximately 35,000,000 EUR. The Company is currently in the process of negotiating the terms of the transaction. Options for securing financing for this purpose are also being evaluated.

Furthermore, in the first half of 2025, Mr. Jarosław Tadla—an experienced investor and owner of a significant portfolio of residential real estate in the United States—joined the Company’s group of significant shareholders. According to the notification submitted, Mr. Jarosław Tadla acquired 650,000 Series B shares, representing 12.1% of the Company’s share capital.

“The addition of such an experienced real estate investor to our shareholder base may contribute to the more efficient implementation of the Company’s investment plan,” says Rafał Kijonka, President of the Management Board of CPD S.A.

Shortly after the end of the first half of 2025, the process of reviewing strategic options was completed. As a result of this review, the Company set a goal to establish the first Polish REIT [Real Estate Investment Trust], listed on the Warsaw Stock Exchange, investing in long-term leased commercial real estate in Poland, commercial real estate designated for data centers and AI facilities in Poland, long-term leased hotel properties in Europe, and leased residential properties in the United States.

Furthermore, following the end of the first half of 2025, the Company undertook further activities in the commercial real estate market in Poland. On September 16, 2025, CPD S.A. acquired control of Wielki Bór Sp. z o.o., the owner of two commercial properties in Częstochowa, located in the vicinity of Bór Street, with a total built-up area of over 4,000 m², intended for retail, service, warehouse, and office use. The company currently holds a 78.2% stake in this entity and intends to raise funds for the remaining shares through a stock offering.

The company also entered into an agreement to establish the terms of a transaction to acquire another property in Częstochowa by purchasing a majority stake in Osiedle Kmicica Sp. z o.o., the owner of a land parcel with a total area of 1.1245 ha, located near Św. Kingi Street, with an estimated market value of 6,869,900.00 PLN. A zoning decision was issued for the property in 2018, designating it for multi-family residential and commercial development, providing for the construction of up to six multi-family residential buildings and one commercial building—an aparthotel. The company plans to pay for the shares both in cash and by raising funds through a share offering for this purpose.

A good location—that is, its proximity to Jasna Góra in Częstochowa—as well as the conditions regarding its development potential, offer CPD S.A. the potential to use the property for one of the purposes specified in the Company’s development plan adopted on July 10, 2025, which provides, among other things, for the launch of operations in the area of long-term leasing of hotel properties, says Rafał Kijonka, President of the Management Board of CPD S.A.

“In the second half of 2025, CPD S.A. intends to continue implementing its approved investment plan. We have convened an Extraordinary General Meeting of the Company for October 20, 2025, during which a resolution is expected to be adopted regarding an increase in the share capital through the issuance of Series D shares, with the aim of raising funds for planned investments in Częstochowa”, adds Rafał Kijonka.