Financial analysis by Corporate Director Victor Martín

The first half of the year marks a turning point in CLERHP Estructuras S.A.'s trajectory and the evolution of the Larimar City & Resort project. The numbers reflect an undeniable reality: the group has reached a level of maturity that translates into a stronger balance sheet, revalued assets, and a record sales pace.

The group's balance sheet grew 21%, from €67.7 million to €82 million, driven by the revaluation of Larimar City assets and the increase in inventory (+49%). Just the appraised value of the land — USD 220 million, equivalent to €188 million — represents potential capital gains of €136 million over cost, consolidating the project's asset strength.

This growth is backed by unprecedented commercial momentum. Accumulated sales reach USD 289 million, with USD 153 million from the B2C channel and USD 136 million from the B2B segment. Customer advance payments, rising from €33.7 to €44.5 million, are the clearest proof of real, sustained demand for Larimar City & Resort in the international market.

On the financial side, CLERHP has strengthened its strategic alliances in the region and with international markets. During the half, it consolidated bank financing with Banco Mercantil of Panama for USD 15 million and launched the issuance of up to USD 75 million on the Panama Stock Exchange, structured by Mercantil Servicios Financieros Internacional.
The working capital, standing at €8.2 million, will continue to strengthen thanks to capital increases totaling €8.98 million, reflecting an increasingly solid financial position ready for expansion.

In parallel, the company has shown a growing capacity for operational execution. Tower construction continues to progress steadily, accompanied by substantial improvements in infrastructure. In addition, the incorporation of new key roles in engineering, processes, investor relations, and sales has allowed the group to strengthen its organizational structure, giving it greater agility and efficiency.

On top of all this, a half-year EBITDA of €2.9 million, with a 40% increase over the previous period, is clear evidence of operational efficiency achieved even in a challenging global scenario.

The result is a group that not only grows but creates value and consolidates trust. CLERHP and its flagship project, Larimar City & Resort, face this new phase with the goal of turning the latent value of its assets into sustained profitability, while keeping the market's confidence in the potential of its long-term vision intact.

Victor Martín

Corporate Director

CLERHP