Hamborner Reit Ag · XETR:HABA
Hamborner Reit — Investor Presentation (April 2026)
38 slides from Hamborner Reit's investor presentation, April 2026
Slide 1: Company Presentation
Company Presentation April 2026 Retail property in Lengerich
Slide 2: HAMBORNER at a glance
HAMBORNER at a glance Portfolio Overview Asset / Property Management Financials Sustainability / ESG Appendix Office property in Ratingen
Slide 3: HAMBORNER at a glance
HAMBORNER at a glance Company headquarter in Duisburg
Slide 4: HAMBORNER at a glance | Key Data as of December 2025
HAMBORNER at a glance | Key Data as of 31 December 2025 Geographical Shareholder Structure Key Investment Highlights Portfolio Structure ▪ A high-yield and diversified real estate portfolio 87.8% 81,343,348 12.2% ▪ Stable cash flow with long-term predictability shares Free float RAG-Stiftung ▪ Stron
Slide 5: Portfolio Overview
Portfolio Overview Office property ‚Nu-Office‘ in Munich
Slide 6: Portfolio development
Portfolio development Portfolio value & average property value 2.000 50 1,589 1,625 1,604 1,609 1,517 1,471 40 1.500 1,441 1,363 1,349 1,115 30 1.000 900 23.6 24.4 22.0 20 20.3 21.8 21.0 18.4 19.5 19.4 500 16.2 13.0 10 0 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Portfolio value in €m
Slide 7: Geographical portfolio structure
Geographical portfolio structure State Share of portfolio volume1 North Rhine-Westphalia 28.5% Baden-Württemberg 19.6% Bavaria 18.7% Hesse 11.9% Berlin 9.7% Lower Saxony 4.1% Bremen 1.8% Saxony 1.8% Schleswig-Holstein 1.6% Rhineland-Palatinate 1.5% Hamburg 0.9% Retail Office Retail Office 1 As of 31
Slide 8: Portfolio valuation as of December 2025
Portfolio valuation as of 31 December 2025 Portfolio development full-year 2025 ▪ Value development influenced by disposal of two properties (-€27.3m1) as well as decline in like-for-like portfolio value €763.7m €584.8m 56.6% 43.4% of -4.6% (-€65.1m) year-on-year ▪ Marginal decline in total value du
Slide 9: Sales activities
Sales activities 2025 2026 Lübeck Osnabrück Ditzingen Asset class Retail (High-Street) Office Retail (DIY) Year of acquisition 2016 2008 2016 Leased area ~13,500 m2 ~3,800 m2 ~10,000 m2 Annualized rent ~€2.3m ~€0.6m ~€0.9m Recent fair value ~€21.0m ~€6.5m ~€10.8m Selling price ~€20.9m ~€6.5m ~€11.9m
Slide 10: Portfolio key metrics as of December 2025
Portfolio key metrics as of 31 December 2025 Asset class Total portfolio Investment approach Retail % Office % Split Core % Manage-to-Core1 % Number of properties 38 59.4% 26 40.6% 64 58 90.6% 6 9.4% Fair value €763.7m 56.6% €584.8m 43.4% €1,348.5m €1,260.6m 93.5% €88.0m 6.5% Leased area 380,124 m²
Slide 11: Rent development
Rent development Development of annualized rents (year-on-year)1 +€2.0m -€1.6m -€2.8m €90.8m -1.7% €88.4m +2.2% -3.1% Annualized rents Indexation Re-lettings / Property disposals Annualized rents 31 December 2024 Vacancy change 31 December 2025 Rent development like-for-like (year-on-year)1 Asset cl
Slide 12: Strategy Update (1/3)
Strategy Update (1/3) Strategic framework Key elements ▪ Local supply with fast moving consumer goods (FMCG) – ▪ Strategic focus on retail properties in the local supply sector especially concerning food - overall characterized by stable and DIY stores structural demand, high cash-flow visibility an
Slide 13: Strategy Update (2/3)
Strategy Update (2/3) Adjustment of Portfolio Structure Updated acquisition profile (excerpt) ▪ Expansion of search profile on Core+ properties − stable and long-standing retail occupancy 10-20% − dominant positioning in the catchment area 43% − good visibility and transport links ▪ Geographical add
Slide 14: Strategy Update (2/3)
Strategy Update (2/3) Property profile Locations, volume and risk classes FMCG properties Location qualities ▪ Fast-moving consumer goods are retail properties whose main tenants sell everyday ▪ Retail properties in retail park agglomerations, central city centre locations, goods. These include, in
Slide 15: Asset-/Property Management
Asset-/Property Management Retail property ‚Rondo Steinheim‘ in Hanau
Slide 16: Tenant structure
Tenant structure Top-10 tenants1 Sector distribution1 Tenant Sector Rent Sector Rent EDEKA Food retail 14.0% Food 34.3% Kaufland Food retail 7.6% DIY 11.3% REWE Food retail / DIY 7.0% IT / Communication 11.1% OBI DIY 6.8% Finance / Insurance 7.3% Globus Food retail / DIY 4.4% Agentur für Arbeit Auth
Slide 17: Leasing situation
Leasing situation Weighted average lease expiry1 Letting result 2025 39,025 m² 34,589 m² 77% 79% 6.6 years 5.3 years 3.8 years 59% 4,436 m² 41% 21% 23% Retail Office Total New lettings Contract extension Total Retail Office 30,0% Lease expiry schedule2 25,0% 4.9% 20,0% 15,0% 5.1% 23.3% 10,0% 8.3% 8.
Slide 18: Financials
Financials Office property / specialist medical centre in Regensburg
Slide 19: Key figures 2025
Key figures 2025 Key figures 2025 2024 Change From the income statement Income from rents and leases €90.3m €93.0m -2.9% Operating result €23.2m €24.7m -6.3% Period result €12.5m €16.3m -23.2% Key earnings figures Funds from Operations (FFO) €48.6m €51.6m -5.7% Funds from Operations (FFO) per share
Slide 20: Funds from Operations (FFO)
Funds from Operations (FFO) In k€ 2025 2024 Change ▪1 Decline mainly due to asset disposals in 2025 1 Income from rents and leases 90,321 92,987 -2.9% ▪2 Decrease results from property disposals as well as restructuring of external facility management 2 Income from passed on costs 11,485 12,697 -9.6
Slide 21: EPRA NAV & NTA 2025
EPRA NAV & NTA 2025 +€48.6m -€39.0m €796.3m -€65.1m -€1.7m €738.1m €0.0m €738.1m NAV FFO Dividend Like-for-like Other NAV Intangible NTA 31 Dec 2024 Portfolio effects 31 Dec 2025 Assets 31 Dec 2025 Revaluation NAV/share NAV/share NTA/share -7.4% €9.79 €9.07 €9.07 > Development in 2025 particularly i
Slide 22: Financial situation
Financial situation Expiration of financial liabilities1 54.7% REIT-equity ratio 25,0% 2026 44.3% 20,0% LTV 15,0% 9.8x Net debt / EBITDA2 20.4% 21.5% 10,0% 5.0x EBITDA / Interest coverage 11.8% 12.9% 11.4% 5,0% 8.3% 5.7% 6.1% €639.9m 0.9% 1.0% Financial liabilities 0,0% Q1 Q2 Q3 Q4 2027 2028 2029 20
Slide 23: Adjusted dividend strategy
Adjusted dividend strategy Dividend history Selected criteria for determining dividend amount Ø Payout ratio ~74% ▪ Business figures for the respective financial year ▪ Overall development of operational and financial figures ▪ FFO remains key influencing factor 96% 80% 69% 69% 68% 72% 75% 72% 76% 6
Slide 24: Dividend 2025 and full-year forecast for 2026
Dividend 2025 and full-year forecast for 2026 Dividend proposal 2025 Main influencing factors (Payout ratio based on adjusted dividend strategy: 60% – 70% of Funds from Operations (FFO)) ▪ Recent property disposals 1 FFO per share ▪ Increased cost structure 1 €0.60 − maintenance (tenant improvements
Slide 25: Sustainability / ESG
Sustainability / ESG Office property in Neu-Isenburg
Slide 26: ESG strategy
ESG strategy Strategy development and guidelines Key action areas ▪ Integration of sustainability / ESG criteria into overall strategy ▪ Implementation of strategic sustainability programme ▪ Planning and controlling of sustainability activities by internal sustainability committee Corporate Environ
Slide 27: ESG organization
ESG organization Supervisory Board Internal Sustainability Management ▪ Sustainability Committee consisting of Management Board Management Board members and the Supervisory Board ESG Officers from individual business Management Sustainability ESG Committee areas Board & ESG ▪ Advising and monitoring
Slide 28: Decarbonisation strategy | GHG-balance
Decarbonisation strategy | GHG-balance1 GHG-balance for base year 2021 Share of emission sources in the GHG-balance in tCO2e 42,130 0.5% 28,747 11.0% 7,109 4,415 4,242 16.7% 2,867 4,484 1,820 71.8% 69 38 10 0 131 8 69 0 199 Direct Energy Services, Energy Mobility Tenant Total energy use supply Mater
Slide 29: Decarbonisation strategy | Decarbonisation targets and milestones
Decarbonisation strategy | Decarbonisation targets and milestones Level Scope Target 2030 Target 2045 -50.0% to 28.2 kgCO2e/m2 Reduction of energy related emissions Energy Portfolio related1 Net Zero Greenhouse gas emissions Corporate Total balance > Net Zero targets are associated with a small amou
Slide 30: Decarbonisation strategy | Decarbonisation pathway
Decarbonisation strategy | Decarbonisation pathway Milestones along CRREM decarbonisation pathway1 70 Scope 1, 2, 3 energy related 60 Scope 3 other 50 CRREM V.2, 2°C (cross-portfolio) kgCO2e/m² 40 30 20 10 - Base year 56.4 Target 28.2 -50% 2021 kgCO2e/m² 2030 kgCO2 e/m² Base year 62.9 Target 1.8 -97
Slide 31: Decarbonisation strategy | Areas of action and cost indication
Decarbonisation strategy | Areas of action and cost indication Cost indication for property and building maintenance Areas of action to reduce emissions Maintenance expenses1 €0.2m – €0.6m €1.1m – €1.5m €1.5m – €2.5m €1.5m – €2.5m Modernisation of technical building systems €0.6m €1.1m Expansion of
Slide 32: Decarbonisation strategy | Development of portfolio-wide emissions
Decarbonisation strategy | Development of portfolio-wide emissions1 ▪ Over the past three years since development of the HAMBORNER decarbonization strategy the Base year total energy-related emissions have been 56.4 substantially reduced and remain below yearly 2024 reduction pathway 60 45.1 ▪ Our d
Slide 33: Appendix
Appendix Retail property in Lengerich
Slide 34: Top-10 Properties (1/2)
Top-10 Properties (1/2) Mannheim Munich Berlin Cologne Karlsruhe Asset type Retail Office Office Office Retail Year of acquisition 2016 2013 2013 2017 2012 Purchase price €80.0m €40.2m €33.0m €49.0m €37.0m Fair Value1 €69.7m €58.2m €56.8m €53.2m €48.4m Annual rents €4.0m €3.0m €2.7m €3.4m €3.0m WALT
Slide 35: Top-10 Properties (2/2)
Top-10 Properties (2/2) Hanau Hallstadt Celle Aachen Erlangen Asset type Retail Retail Retail Office Office Year of acquisition 2017 2017 2015 2020 2011 Purchase price €37.5m €40.4m €35.2m €37.4m €27.9m Fair Value1 €40.3m €35.5m €34.5m €33.4m €32.8m Annual rents €2.3m €2.1m €2.1m €2.4m €2.2m WALT1 7
Slide 36: Real Estate Investment Trust (REIT) Main requirements for G-REITs
Real Estate Investment Trust (REIT) Main requirements for G-REITs stock exchange > 15% < 10% > 45% > 75% > 75% > 90% listing Free float directly held Equity ratio of assets of earnings payout of profit shares per invested from (German GAAP) shareholder in properties property management Exemption fro
Slide 37: Further information for investors
Further information for investors The HAMBORNER share Trading volume Current share price €4.48 (as of 31 December 2025) 186 176 166 Market capitalisation €364.7m (as of 31 December 2025) 135 139 130 121 122 114 WKN/ISIN A3H233 / DE000A3H2333 97 Ticker symbol HABA Class of shares Registered Share Exc
Slide 38: Contact
Contact Niclas Karoff Sarah Verheyen Christoph Heitmann CEO COO/CIO Head of Capital Markets, Financing & Sustainability E-Mail E-Mail E-Mail n.karoff@hamborner.de s.verheyen@hamborner.de c.heitmann@hamborner.de Disclaimer This presentation has been prepared and/or issued by HAMBORNER REIT AG (herein