5 September 2025 · Corporate Update

Board reviews Lisbon hospitality portfolio performance and occupancy metrics

The Board of Directors of Kashmir Limited has conducted its quarterly review of the group’s Lisbon hospitality portfolio, operated through the Portuguese subsidiary Na Luz de Portugal, Unipessoal Lda. The review confirmed continued strong operational performance, with portfolio-wide occupancy rates exceeding 95 per cent during the peak summer season and sustained high guest satisfaction ratings across all managed properties.

The Portuguese hospitality market continues to demonstrate robust demand fundamentals, supported by Lisbon’s growing status as a premium European destination and Portugal’s favourable tourism infrastructure investments. The Board noted that the group’s portfolio benefits from its positioning in high-demand central Lisbon locations, with properties consistently outperforming market benchmarks for both occupancy and average daily rates.

Revenue performance for the quarter exceeded management projections, reflecting both strong seasonal demand and the positive impact of operational improvements implemented during the first half of 2025. The Board reviewed detailed property-level financial reports and confirmed that all properties are operating within approved budget parameters, with operating margins aligned with the group’s target range for its hospitality division.

The Board reaffirmed its commitment to the Lisbon hospitality portfolio as a core component of the group’s diversified revenue strategy, noting the portfolio’s consistent contribution to group cash flow generation and its alignment with the broader strategic objective of building sustainable European operating businesses.