Business
Branicks : Q3 report 2025 Quarterly Statement
Branicks : Q3 report 2025 Quarterly
About this update from Branicks Group Ag
Quarterly statement 3 / 2025 Dear Shareholders, despite a persistently challenging environment and geo-political uncertainty, the first nine months of 2025 were stable and successful overall for Branicks, as our operational strength and the systematic implementation of our financial strategy continued to bear fruit. We further consolidated our debt situation by repaying all of the promissory note loans due in 2025, a total of more than EUR 293 million, while our strong relationships with financial institutions enabled us to refinance our real estate bank loans. The stable performance of our operations in the first half of the year continued through the first three quarters, with funds from operations (FFO) after non-controlling interests coming to EUR 33.4 million after the first nine months of the year. Our operational strength is still evident in our letting performance, which saw rents in the Commercial Portfolio grow by 1.0 % on a like-for-like basis. We once again increased our average rent per square metre in the Commercial Portfolio to EUR 10.34 by the end of September 2025. Demand for our high-quality office and logistics properties remains strong, reflecting the strong appeal of our portfolio. Our letting performance improved by an impressive 18 % from 218,000 sqm in the previous year to 256,500 sqm in the first nine months of 2025. This total consists of 113,900 sqm in new leases and 142,600 sqm in lease renewals. Our transaction activities followed the usual seasonal patterns in the first nine months of the year, with activity increasing markedly in line with expectations in Q2 and Q3. After we were able to report the signing of the sale of one logistics property from the Commercial Portfolio and the closing of the sale of a logistics property from our Institutional Business in the first quarter, we notarised the sale of nine properties from our proprietary portfolio in the second quarter. We announced a total of four notarised sales in the third quarter, three of which were also completed during the third quarter. Our stable operational performance, strong transaction record even in challenging market conditions, and clear strategic focus on optimising the Group's structure are what sets Branicks apart. On behalf of my Management Board colleagues, I would like to thank all of our employees for their dedication and commitment and would also like to thank you, our shareholders, for placing your continued trust in our company. Kind regards, Frankfurt am Main, November 2025 Sonja Wärntges Chief Executive Officer Sonja Wärntges Chief Executive Officer Branicks Quarterly statement 3/2025 2 We stay steadily on track and have a solid plan Well-stocked sales pipeline ensures a strong Q3 transaction performance Sale of 14 properties (COP) worth EUR 386 million signed by Q3, of which sales worth EUR 381 million have been completed by Q3 Branicks is confident of meeting its guidance of generating sales volume of EUR 600 to 800 million in its overall portfolio Financial consolidation fully on track: all promissory note loans due in 2025 have been repaid as planned Promissory note loan totalling EUR 225 million repaid in the first half of 2025; further repayment of EUR 68 million made at the end of July The loan amounts granted under the promissory note loan agreements in 2024, which were the subject of the StaRUG procedure at that time, have been fully repaid. Debt reduction remains a high priority, with all covenants having been met Commercial portfolio drives sustainable cash flows Stable and robust rental growth (thanks to a high-quality portfolio and rent indexation) ensures consistent and predictable cash flows. Ongoing portfolio optimisation shows like-for-like rental growth of 1.0 % Continued strategic focus on office and logistics properties (81 % of market value as of 30 September 2025) Increase in average rent from EUR 9.63/sqm in the previous year to EUR 10.34/sqm as of 30 September 2025 Institutional Business remains a stabilising factor Focus on assets under management (EUR 8.4 billion as of 30 September 2025) Like-for-like rental growth at 0.1 % Strong and robust positioning; ready for the market upswing (especially regarding transaction fees) On track with cost discipline that contributes to an increase in FFO Significantly reduced cost base achieved through various measures; continued cost discipline OPEX as of 30 September 2025 down 5.8 % year-on-year Branicks Quarterly statement 3/2025 3 Portfolio optimisation driven by sales Assets under management total EUR 10.7 billion Assets under management Assets under management (AuM) on the Branicks platform as of the end of September 2025 came to EUR 10.7 billion, down EUR 1.4 billion on the previous year (30 September 2024: EUR 12.1 billion). Of this total, EUR 2.3 billion was attributable to the proprietary A key highlight in the third quarter was the sale of a majority stake in a building complex in Offenbach's Kaiserlei district by way of a club deal. The complex has a fully let area of 14,000 square meters. There was also the completion of the transfer of possession, benefits and associated risks for a sale notarised in November 2024 in the Assets under Management in EUR billion Institutional Business Commercial Portfolio portfolio (Commercial Portfolio) and EUR 8.4 billion to the third-party business for institutional investors (Institutional Business). On 30 September of the previous year, EUR 3.2 billion was in the Commercial Portfolio and EUR 8.9 billion in the Institutional Business. The decreases are mainly due to successfully completed transaction activities. The regional portfolio structure at the end of the period under first quarter of 2025 in the Institutional Business Segment. EUR 77 million was executed in the third quarter . 8.9 8.8 8.4 Portfolio by segments 3.2 2.8 2.3 One purchase in the Institutional Business segment worth around 12.1 11.6 10.7 review was very similar to that reported for the third quarter of 30.09.2025 30.09.2024 31.12.2024 30.09.2025 2024, with 7 % of assets under management in the North region, Commercial Institutional Total 13 % in the East region, 31 % in the Central region, 26 % in the West Portfolio Business region and 23 % in the South region (30 September 2024: 8 %, 12 %, Number of properties 125 148 273 28 %, 25 % and 27 % respectively). Market value in EUR million 1 2,343.7 8,369.3 10,713.0 Rental space in sqm 1,107,600 2,611,100 3,718,700 Transactions 30.09.2024 Sales from the proprietary portfolio with a total value of around EUR 131 million were notarised in the third quarter of 2025, with three of the sales having already completed the transfer of possession, benefits and associated risks in the same quarter. The most recent sale is a partial sale, which is expected to see its closing in December 2025. Since the third quarter usually is stronger in terms of sales than Q1 and Q2, its performance is therefore in line with the usual quarterly distribution. Overall, notarisations as of 30 September 2025 came to EUR 386 million, with the transfer of possession, benefits and associated risks having already been completed for transactions worth EUR 381 million. Commercial Portfolio Institutional Business Total Number of properties 144 179 323 Market value in EUR million 1 3,222.8 8,879.4 12,102.2 Rental space in sqm 1,430,700 2,812,900 4,243,600 1 Market value as at 31.12. of the previous year, later acquisition generally considered at cost. Letting performance remains strong Like-for-like rental income up 0.3 % Letting business In the third quarter of 2025, letting performance by area at around 256,500 sqm was up 18 % year-on-year (previous year: around 218,000 sqm). Annualised rental income amounted to around EUR 38.2 million (previous year: around EUR 31.5 million). This 21 % year-on-year increase was driven by both new leases and lease renewals, with the office asset class accounting for 68 % of annualised rental income, while 16 % of the rents contracted came from the warehouse and logistics asset class. This distribution highlights the attractiveness of Branicks' core asset classes. Of the rental income contracted in the reporting period, around EUR 14.2 million relates to the Commercial Portfolio and around Letting performance in sqm 256,500 181,500 36,500 + 18 % 218,000 113,900 142,600 New lettings Renewals Letting by type of use contracted annualised rents Annualised rental income EUR 38.2 million 3 % Retail 13 % Other commercial 16 % Logistics 68 % Office EUR 24.0 million to the Institutional Business (previous year: EUR 7.0 million and EUR 24.5 million, respectively). 9M 2024 9M 2025 Renewals accounted for a rental volume of EUR 24.1 million and new leases for EUR 14.1 million (previous year: EUR 26.2 million and EUR 5.3 million, respectively). Like-for-like rental income (not including portfolio additions and disposals) for the entire portfolio under management rose by 0.3 % in the 12 months to 30 September 2025. Like-for-like growth reached 1.0 % in the Commercial Portfolio and 0.1 % in the Institutional Business. Around 65 % of the lease expiry volume relates to 2029 onwards. Branicks is already holding proactive discussions with users regarding larger leases set to expire in 2025 and 2026 in particular. Like-for-like rental income annualised, in EUR million + 0.3 % 125.6 124.4 416.6 + 0.1 % 416.0 542.2 540.4 + 1 .0% Institutional Business Commercial Portfolio Lease expiry volume in % of annualised rental income 1.7 % 11.3 % 13.3 % 8.9 % 64.8 % 30.09.2024 30.09.2025 2025 2026 2027 2028 2029 ff. Commercial Portfolio Strategic focus on logistics and office Types of use Commercial Portfolio 1 Type of use No. of properties Market value in EUR m Market value % of total Rental income EUR m Rental income % of total EPRA vacancy rate % of total WALT Office 54 1,227.4 52 % 65.5 52 % 12.1 % 5.0 Logistics 40 675.8 29 % 34.2 27 % 4.3 % 3.7 Mixed-Use 12 221.8 10 % 12.0 10 % 11.5 % 4.1 Retail 7 185.1 8 % 12.4 10 % 13.7 % 2.2 Other 10 28.8 1 % 1.5 1 % 11.0 % 4.2 Project Developments 2 4.8 0 % n.a. n.a. n.a. n.a. The Commercial Portfolio segment represents the Branicks Group's proprietary real estate portfolio, where Branicks generates steady cash flows from rental income, optimises the value of its portfolio assets, and realises gains from well-timed sales. Branicks also generates income from equity investments. As of 30 September 2025, the directly held portfolio consisted of 125 properties (30 September 2024: 144). The market value of the portfolio was EUR 2,343.7 million (30 September 2024: 3,222.8 million) and the rental space totalled around 1,107,600 sqm (30 September 2024: around 1,430,700 sqm). Based on annualised rental income of EUR 125.6 million (excluding project developments and repositioning properties), this corresponds to a gross rental yield of 5.4 % (30 September 2024: EUR 156.0 million and 5.1 %). The EPRA vacancy rate was 9.8 % (30 September 2024: 7.0 %), with the weighted average lease term (WALT) remaining 1 All figures without project developments and repositioning properties, except for number of properties and market value. unchanged from the previous year at 4.3 years. As part of the ongoing optimisation of its portfolio, Branicks is increasingly focusing on the two strategic asset classes of logistics and office properties, which collectively accounted for 81 % of the Commercial Portfolio's market value as of the 30 September 2025 reporting date (30 September 2024: 79 %). The office properties asset class is the largest asset class at 52 % of market value. At EUR 65.5 million, it accounts for around 52 % of annualised rents. Logistics properties follow in second place, representing a share of 29 % of the portfolio's market value or 27 % of rents. Retail properties only represent 8 % of market value and 10 % of rents. The proportion of Green Buildings within the Commercial Port-folio's market value (Green Building ratio) stood at 50.1 % at the end of September 2025 (31 December 2024: 52.9 %). Although additional properties obtained certification, the ratio decreased as a result of portfolio sales of certified green buildings. As of 30 September 2025, the ten largest tenants in the Commercial Portfolio collectively accounted for 31.5 % of annualised rent. The focus on office and logistics properties is also reflected in these top tenants. Institutional Business Focus on optimising the portfolio As of 30 September 2025, assets under management in the third-party business totalled EUR 8,369.3 million for 148 properties (30 September 2024: EUR 8,879.4 million for 179 properties). The decrease in the number of properties is mainly due to the expiry of the VIB Retail Balance I mandate. The Branicks Group currently manages 30 vehicles (16 pool funds totalling EUR 5.3 billion, nine club deals totalling EUR 1.7 billion and five separate accounts totalling EUR 1.4 billion) for a total of 169 institutional investors. Around 59 % of equity comes from investors who have invested in more than one Branicks investment product. Asset classes, Institutional Business Based on AuM in EUR billion as at 30.09.2025 AuM EUR 8.4 billion 80 % Office 13 % Logistics 2 % Retail 4 % Mixed-Use 1 % Other Investment partners Based on subscribed equity as at 30.09.2025 27 % Savings banks and other banks 35 % Superannuation schemes 12 % Businesses/foundations/ family offices 26 % Insurers PCL - Commercial Portfolio segment Rental income impacted by sales Segment Reporting Commercial Portfolio in EUR million Commercial Portfolio 9M 2025 Institutional Business Total Commercial Portfolio 129.7 112.9 0.5 2.8 -183.4 1.1 -83.1 -20.6 -11.1 -9.5 24.8 37.8 27.4 38.3 27.9 9M 2024 Institutional Business 37.4 2.2 -7.3 -0.2 -1.0 -27.9 -10.1 -17.8 0.0 10.5 8.7 10.5 8.7 Total 129.7 112.9 0.5 37.4 5.0 -190.7 0.9 -84.1 -48.5 -21.2 -27.3 24.8 48.3 36.1 48.8 36.6 Gross rental income (GRI) 106.8 106.8 Net rental income (NRI) 96.3 96.3 Profits on property disposals 10.7 10.7 Real estate management fees 30.2 30.2 Share of the profit or loss of associates 0.0 3.2 3.2 Depreciation and amortisation -215.4 -5.5 -220.9 Net other income -4.6 0.3 -4.3 Net interest result -47.5 0.0 -47.5 Operational expenditure (OPEX) -19.4 -26.3 -45.7 - of which admin costs -9.5 -10.4 -19.9 - of which personnel costs -9.9 -15.9 -25.8 Other adjustments 17.3 1.4 18.7 Funds from Operations (FFO) 42.1 8.8 50.9 Funds from Operations (excluding non-controlling interest) 28.1 5.3 33.4 Funds from Operations II (FFO II) 52.9 8.7 61.6 Funds from Operations II (excluding non-controlling interest, including profit on disposals) 38.8 5.3 44.1 Net rental income at EUR 96.3 million decreased by EUR 16.6 million year-on-year (previous year: EUR 112.9 million), mainly due to sales. Depreciation, amortisation and impairment losses were impacted by write-downs of EUR 178.2 million due to sales. The segment's operating expenses decreased by around 5.8 % to EUR 19.4 million (previous year: EUR 20.6 million), driven mainly by a significant drop in administrative costs, which were down EUR 1.6 million to EUR 9.5 million (previous year: EUR 11.1 million). This was partially offset by a slight increase in personnel costs to EUR 9.9 million (previous year: EUR 9.5 million). The net interest result improved considerably to EUR − 47.5 million (previous year: EUR − 83.1 million), mainly due to lower interest costs as a result of the on-time repayment of promissory note loans totalling EUR 293 million in the first three quarters and the bridging loan in financial year 2024. The segment's FFO contribution after deducting non-controlling interests rose to EUR 28.1 million (previous year: EUR 27.4 million) despite lower rental income, primarily on account of the improved net interest result and significantly lower operating expenses (OPEX). PCL - Institutional Business Segment Current fees affected by sales Segment Reporting Institutional Business in EUR million Commercial Portfolio 9M 2025 Institutional Business Total Commercial Portfolio 129.7 112.9 0.5 2.8 -183.4 1.1 -83.1 -20.6 -11.1 -9.5 24.8 37.8 27.4 38.3 27.9 9M 2024 Institutional Business 37.4 2.2 -7.3 -0.2 -1.0 -27.9 -10.1 -17.8 0.0 10.5 8.7 10.5 8.7 Total 129.7 112.9 0.5 37.4 5.0 -190.7 0.9 -84.1 -48.5 -21.2 -27.3 24.8 48.3 36.1 48.8 36.6 Gross rental income (GRI) 106.8 106.8 Net rental income (NRI) 96.3 96.3 Profits on property disposals 10.7 10.7 Real estate management fees 30.2 30.2 Share of the profit or loss of associates 0.0 3.2 3.2 Depreciation and amortisation -215.4 -5.5 -220.9 Net other income -4.6 0.3 -4.3 Net interest result -47.5 0.0 -47.5 Operational expenditure (OPEX) -19.4 -26.3 -45.7 - of which admin costs -9.5 -10.4 -19.9 - of which personnel costs -9.9 -15.9 -25.8 Other adjustments 17.3 1.4 18.7 Funds from Operations (FFO) 42.1 8.8 50.9 Funds from Operations (excluding non-controlling interest) 28.1 5.3 33.4 Funds from Operations II (FFO II) 52.9 8.7 61.6 Funds from Operations II (excluding non-controlling interest, including profit on disposals) 38.8 5.3 44.1 In a persistently challenging market environment, real estate management fees came to a solid EUR 30.2 million compared with the previous year (previous year: EUR 37.4 million). Recurring asset, property and development fees at EUR 28.2 million decreased primarily due to the conclusion of the asset management mandate in the VIB Retail Balance I fund (previous year: EUR 30.9 million). The prior-year period included the performance fee due to the successful conclusion of the Global Tower mandate. Branicks generated EUR 2.0 million in transaction-based fees and performance fees in the reporting period (previous year: EUR 6.5 million). The share of the profit or loss of associates increased slightly to EUR 3.2 million (previous year: EUR 2.2 million). Operating expenses decreased by EUR 1.6 million overall to EUR 26.3 million (previous year: EUR 27.9 million), mainly due to the EUR 1.9 million decline in personnel costs to EUR 15.9 million (previous year: EUR 17.8 million). The segment's FFO contribution after non-controlling interests decreased to EUR 5.3 million, primarily on account of a decrease in assets under management resulting from transactions, and lower transaction-based fees and performance fees (previous year: EUR 8.7 million). Balance sheet Dominated by sales activities Balance Sheet overview in EUR million 30.09.2025 31.12.2024 Total assets 3,057.5 1 3,741.6 Total non-current assets 2,831.4 2 3,268.8 - thereof goodwill 190.2 190.2 Total current assets 226.1 3 472.8 Equity 950.8 4 1,128.5 Total non-current financial liabilities 1,174.5 1,824.0 Total current financial liabilities 664.1 444.8 Other liabilities 268.1 344.3 Total liabilities 2,106.7 5 2,613.1 Balance sheet equity ratio 31.1 % 4 30.2 % ➊ As of 30 September 2025, total assets decreased by EUR 684.1 million compared to the end of 2024 due to sales and loan repayments in particular. ➋ The drop in non-current assets by EUR 437.4 million compared with 31 December 2024 is mainly attributable to the decline in investment property resulting from sales. ➌ The decrease in current assets by EUR 246.7 million compared with 31 December 2024 is mainly attributable to the reduction in cash and cash equivalents by EUR 153.7 million, particularly due to loan repayments. The main drivers here were the repayment of the promissory note loans due in the first half of the year amounting to EUR 225 million and further repayments of EUR 68 million made in July 2025. ➍ Equity as of 30 September 2025 was EUR 177.7 million lower than at the end of 2024, with the loss for the period having an impact of EUR -160.5 million (previous year: EUR -153.2 million). At a solid 31.1 %, the equity ratio was slightly up on the figure as of 31 December 2024 (30.2 %). ➎ Liabilities declined by a total of EUR 506.4 million compared with the end of 2024. The increase in current loans and bor- rowings is mainly attributable to the reclassification of the EUR 398.0 million Green Bond maturing in September 2026 to current loans and borrowings. 2025 Guidance Guidance EUR 125-135 million EUR 45-55 million before tax) EUR 40-55 million EUR 100-200 million (Institutional Business only) EUR 600-800 million, of which: Commercial Portfolio: EUR 500-600 million Institutional Business: EUR 100-200 million Branicks Quarterly statement 3/2025 11 Balance sheet figures Key financial figures in EUR million 9M 2025 9M 2024 |Δ| Q3 2025 Q3 2024 |Δ| Gross rental income 106.8 129.7 22.9 34.5 40.6 6.1 Net rental income 96.3 112.9 16.6 32.9 35.8 2.9 Real estate management fees 30.2 37.4 7.2 9.4 16.6 7.2 Proceeds from sales of property 293.1 367.0 73.9 215.1 349.9 134.8 Profits on property disposals 10.7 0.5 10.2 7.7 0.0 7.7 Share of the profit or loss of associates 3.2 5.0 1.8 1.1 1.6 0.1 Funds from Operations excluding non-controlling interest (FFO) 33.4 36.1 2.7 10.7 16.7 6.0 Funds from Operations II (excluding non-controlling interest, including profit on disposals) 44.1 36.6 7.5 18.4 16.7 1.7 EBITDA 90.3 108.1 17.8 30.6 38.7 8.1 EBIT -130.5 -82.6 47.9 -140.1 5.0 145.1 Result for the period -160.5 -153.2 7.3 -137.1 -21.6 115.5 Cash flow from operating activities 25.4 43.5 18.1 0.6 24.4 23.8 Key figures Key earnings figures per share in EUR 1 9M 2025 9M 2024 |Δ| Q3 2025 Q3 2024 |Δ| FFO per share (excluding non-controlling interest) 0.40 0.43 0.03 0.13 0.20 0.07 FFO II per share (excluding non-controlling interest) 0.53 0.44 0.09 0.22 0.20 0.02 Earnings per share (excluding non-controlling interest) -1.63 -1.53 0.10 -1.36 -0.32 1.04 1 All per share figures adjusted in accordance with IFRSs (average number of shares 9M 2025: 83,565,510; 9M 2024: 83,565,510). in EUR million 30.09.2025 31.12.2024 Investment property 2,223.9 2,663.6 Non-current assets held for sale (IFRS 5) 35.8 120.2 Equity 950.8 1,128.5 Financial liabilities (incl. IFRS 5) 1,838.7 2,307.7 Total assets 3,057.5 3,741.6 Loan-To-Value ratio (LTV) 2 60.1 % 61.0 % Adjusted LTV 2, 4 56.1 % 57.5 % NAV per share (in Euro) 1 9.35 10.27 Adjusted NAV per share (in Euro) 4 11.64 12.55 Key operating figures 30.09.2025 31.12.2024 Number of properties 273 317 Assets under Management in EUR billion 10.7 11.6 Rental space in sqm 3,718,638 4,096,179 Letting result in sqm 256,500 387,700 Key operating figures (Commercial Portfolio) 3 30.09.2025 31.12.2024 Annualised rental income in EUR million 125.6 147.7 EPRA vacancy rate in % 9.8 7.4 WALT in years 4.3 4.6 Avg. rent per sqm in EUR 10.34 10.20 Gross rental yield in % 5.4 5.4 1 All per share figures (number of shares 30.09.2025: 83,565,510; 31.12.2024: 83,565,510). 2 Adjusted for warehousing. 3 Calculated for the Commercial Portfolio only, without repositioning and warehousing. 4 Incl. full value of Institutional Business. Consolidated income statement for the period from 1 January to 30 September 2025 in EUR thousand 9M 2025 9M 2024 Q3 2025 Q3 2024 Gross rental income 106,806 129,670 34,517 40,565 Ground rents -147 -147 -56 -50 Service charge income on principal basis 22,566 23,842 7,898 7,686 Service charge expenses on principal basis -23,726 -26,900 -8,042 -8,174 Other property-related expenses -9,195 -13,600 -1,425 -4,217 Net rental income 96,304 112,865 32,892 35,810 Administrative expenses -19,917 -21,282 -8,801 -6,718 Personnel expenses -25,743 -27,264 -8,604 -8,951 Depreciation and amortisation -220,846 -190,712 -170,668 -33,679 Real estate management fees 30,175 37,412 9,407 16,600 Other operating income 2,725 1,312 1,300 386 Other operating expenses -7,067 -378 -4,364 -15 Net other income -4,342 934 -3,064 371 Net proceeds from disposal of investment property 293,141 366,987 215,116 349,902 Carrying amount of investment property disposed -282,432 -366,476 -207,409 -349,902 Profit on disposal of investment property 10,709 511 7,707 0 Net operating profit before financing activities -133,660 -87,536 -141,131 3,433 Share of the profit of associates 3,156 4,965 1,052 1,611 Interest income 9,231 13,230 2,848 4,301 Interest expense -56,686 -97,371 -14,688 -33,859 Profit / loss before tax -177,959 -166,712 -151,919 -24,514 Current Income tax expense -7,899 -19,478 -1,855 -9,964 Deferred tax expense 25,407 33,021 16,698 12,842 Profit for the period -160,451 -153,169 -137,076 -21,636 Attributable to equity holders of the parent -136,301 -128,119 -113,435 -26,525 Attributable to non-controlling interest -24,150 -25,050 -23,641 4,889 Basic (= diluted) earnings per share (EUR) 1 -1.63 -1.53 -1.36 -0.32 1 Calculated with the average number of shares in accordance with IFRS. Consolidated statement of comprehensive income for the period from 1 January to 30 September 2025 in EUR thousand 9M 2025 9M 2024 Q3 2025 Q3 2024 Profit / loss for the period -160,451 -153,169 -137,076 -21,636 Other comprehensive income Items that may be reclassified subsequently to profit or loss Fair value measurement of hedging instruments Cash flow hedges -22 -23 -7 -8 Items that shall not be reclassified subsequently to profit or loss Gain / losses on financial instruments classified as measured at fair value through other comprehensive income -3,151 -1,279 0 -168 Other comprehensive income 1 -3,173 -1,302 -7 -176 Comprehensive income -163,624 -154,471 -137,083 -21,812 Attributable to equity holders of the parent -139,448 -129,717 -113,429 -26,701 Attributable to non-controlling interest -24,176 -24,754 -23,654 4,889 1 After tax. Consolidated statement of cash flow for the period from 1 January to 30 September 2025 in EUR thousand 9M 2025 9M 2024 Operating Activities Net operating profit before interest and taxes paid -106,293 -96,442 Realised gains / losses on disposals of investment property -10,709 -511 Depreciation and amortisation 220,846 190,712 Changes in receivables, payables and provisions 305 39,567 Other non-cash transactions -24,557 -33,051 Cash generated from operations 79,592 100,275 Interest paid -48,926 -77,150 Interest received 1,651 7,104 Income taxes received / paid -6,881 13,319 Cash flows from operating activities 25,436 43,548 Investing activities Proceeds from disposal of investment property 293,141 366,987 Acquisition of investment property 0 -48,331 Capital expenditure on investment properties -37,768 -20,481 Disposal of other investments 13,322 12,129 Acquisition of office furniture and equipment, software -53 28 Cash flows from investing activities 268,642 310,332 Financing activities Repayment of minority interest -1,904 -8,368 Proceeds from other non-current borrowings 112,909 94,495 Repayment of borrowings -261,001 -575,097 Repayment of corporate bonds / promissory notes -293,000 -23,000 Lease payments -2,487 -2,603 Payment of transaction costs -2,250 -15,269 Cash flows from financing activities -447,733 -529,842 Net increase in cash and cash equivalents -153,655 -175,962 Cash and cash equivalents as at 1 January 250,720 345,550 Cash and cash equivalents as at 30 September 97,065 169,588 Consolidated balance sheet As of 30 September 2025 in EUR thousand 30.09.2025 31.12.2024 Goodwill 190,243 190,243 Investment property 2,223,892 2,663,564 Property, plant and equipment 36,180 42,252 Investments in associates 118,896 118,750 Loans to related parties 114,142 107,623 Other investments 94,070 88,035 Intangible assets 23,223 27,573 Deferred tax assets 30,745 30,746 Total non-current assets 2,831,391 3,268,786 Receivables from sale of investment property 3,378 685 Trade receivables 22,324 23,945 Receivables from related parties 23,338 21,573 Income tax receivable 13,464 22,886 Other receivables 27,051 29,722 Other current assets 3,663 3,074 Cash and cash equivalents 97,065 250,720 190,283 352,605 Non-current assets held for sale 35,787 120,200 Total current assets 226,070 472,805 Total assets 3,057,461 3,741,591 in EUR thousand 30.09.2025 31.12.2024 Equity Issued capital 83,566 83,566 Share premium 836,118 836,118 Hedging reserve 302 324 Reserve for financial instruments classified as at fair value through other comprehensive income -21,137 -17,986 Actuarial gains / losses pensions 465 465 Retained earnings -286,202 -149,901 Total shareholders' equity 613,112 752,586 Non-controlling interest 337,694 375,896 Total equity 950,806 1,128,482 Liabilities Corporate bonds 0 382,570 Non-current interest-bearing loans and borrowings 1,174,531 1,441,381 Deferred tax liabilities 130,609 159,167 Pension provisions 3,400 3,415 Other non-current liabilities 20,950 23,089 Total non-current liabilities 1,329,490 2,009,622 Corporate bonds 398,037 0 Current interest-bearing loans and borrowings 266,098 444,759 Trade payables 5,111 10,555 Liabilities to related parties 9,751 7,229 Income taxes payable 26,708 33,239 Other liabilities 71,460 68,717 777,165 564,499 Liabilities related to non-current assets held for sale 0 38,988 Total current liabilities 777,165 603,487 Total liabilities 2,106,655 2,613,109 Total equity and liabilities 3,057,461 3,741,591 Assets Equity and liabilities Consolidated statement of changes in equity for the period from 1 January to 30 September 2025 in EUR thousand Issued capital Share premium Hedging reserve Reserve for financial instruments classified as at fair value through other comprehensive income Actuarial gains / losses pensions Retained earnings Total shareholders' equity Non-con-trolling interest Total Balance at 31 December 2024 83,566 836,118 324 -17,986 465 -149,901 752,586 375,896 1,128,482 Profit / loss for the period -136,301 -136,301 -24,150 -160,451 Other comprehensive income 1 Items that may be reclassified subsequently to profit or loss Gains / losses from cash flow hedges -22 -22 -22 Items that shall not be reclassified subsequently to profit or loss Gains / losses on financial instruments classified as measured at fair value through other comprehensive income -3,151 -3,151 -3,151 Actuarial gains / losses pensions Comprehensive income -22 -3,151 -136,301 -139,474 -24,150 -163,624 Change of non-controlling interest -14,052 -14,052 Balance at 30 September 2025 83,566 836,118 302 -21,137 465 -286,202 613,112 337,694 950,806 1 Net of deferred taxes. Consolidated statement of changes in equity for the period from 1 January to 31 December 2024 in EUR thousand Issued capital Share premium Hedging reserve Reserve for financial instruments classified as at fair value through other comprehensive income Actuarial gains / losses pensions Retained earnings Total shareholders' equity Non-con-trolling interest Total Balance at 31 December 2023 83,566 914,800 354 -8,449 709 53,761 1,044,741 482,398 1,527,139 Profit / loss for the period -128,119 -128,119 -25,050 -153,169 Other comprehensive income 1 Items that may be reclassified subsequently to profit or loss Gains / losses from cash flow hedges -23 -23 -23 Items that shall not be reclassified subsequently to profit or loss Gains / losses on financial instruments classified as measured at fair value through other comprehensive income -1,279 -1,279 -1,279 Comprehensive income -23 -1,279 -128,119 -129,421 -25,050 -154,471 Change of non-controlling interest -6,367 -6,367 Balance at 30 September 2024 83,566 914,800 331 -9,728 709 -74,358 915,320 450,981 1,366,301 Profit / loss for the period -152,994 -152,994 -59,373 -212,367 Other comprehensive income 1 Items that may be reclassified subsequently to profit or loss Gains / losses from cash flow hedges -7 -7 -7 Items that shall not be reclassified subsequently to profit or loss Gains / losses on financial instruments classified as measured at fair value through other comprehensive income -8,258 -8,258 -8,258 Actuarial gains / losses pensions -244 -244 -244 Comprehensive income -7 -8,258 -244 -152,994 -161,503 -59,373 -220,876 Withdrawn from share premium -78,682 78,682 Change of non-controlling interest -1,231 -1,231 -15,712 -16,943 Balance at 31 December 2024 83,566 836,118 324 -17,986 465 -149,901 752,586 375,896 1,128,482 1 Net of deferred taxes. Segment reporting for the period from 1 January to 30 September 2025 in EUR million Commercial Portfolio 9M 2025 Institutional Business Total Commercial Portfolio 9M 2024 Institutional Business Total Key earnings figures Gross rental income (GRI) 106.8 106.8 129.7 129.7 Net rental income (NRI) 96.3 96.3 112.9 112.9 Profits on property disposals 10.7 10.7 0.5 0.5 Real estate management fees 30.2 30.2 37.4 37.4 Share of the profit or loss of associates 0.0 3.2 3.2 2.8 2.2 5.0 Depreciation and amortisation -215.4 -5.5 -220.9 -183.4 -7.3 -190.7 Net other income -4.6 0.3 -4.3 1.1 -0.2 0.9 Net interest result -47.5 0.0 -47.5 -83.1 -1.0 -84.1 Operational expenditure (OPEX) -19.4 -26.3 -45.7 -20.6 -27.9 -48.5 of which admin costs -9.5 -10.4 -19.9 -11.1 -10.1 -21.2 of which personnel costs -9.9 -15.9 -25.8 -9.5 -17.8 -27.3 Other adjustments 17.3 1.4 18.7 24.8 0.0 24.8 Funds from Operations (FFO) 42.1 8.8 50.9 37.8 10.5 48.3 Funds from Operations (excluding non-controlling interest) 28.1 5.3 33.4 27.4 8.7 36.1 Funds from Operations II (FFO II) 52.9 8.7 61.6 38.3 10.5 48.8 Funds from Operations II (excluding non-controlling interest, including profit on disposals) 38.8 5.3 44.1 27.9 8.7 36.6 EBITDA 83.0 7.3 90.3 96.6 11.5 108.1 EBIT -132.4 1.9 -130.5 -86.8 4.2 -82.6 Segment assets Number of properties 125 148 273 144 179 323 Assets under Management (AuM) 2,343.7 8,369.3 10,713.0 3,222.8 8,879.4 12,102.2 Rental space in sqm 1,107,578 2,611,060 3,718,638 1,430,710 2,812,947 4,243,657 Transactions in 2025 in EUR million (number of properties) Notarisations 2025 YTD thereof: Notarisations 2025 YTD with Transfer until 30.09.2025 Prior-year Notarisa- tions with Transfer until 30.09.2025 Acquisitions Balance Sheet Portfolio 0 (0) 0 (0) 0 (0) Institutional Business 77 (1) 77 (1) 0 (0) Total 77 (1) 77 (1) 0 (0) Sales Commercial Portfolio 386 (14) 381 (13) 0 (0) Institutional Business 0 (0) 0 (0) 15 (1) Total 386 (14) 381 (13) 15 (1) Loan to value (LTV) in EUR thousand 30.09.2025 31.12.2024 Asset values Carrying amount of Properties 2,223,892 2,663,564 Carrying amount of properties under IFRS 5 6,145 87,495 Fair value adjustment 81,241 41,574 Fair value of investment properties, total 2,311,278 2,792,633 Fair value of investments (indirect property) 1, 2 227,954 221,544 Goodwill 190,243 190,243 Service agreements 21,774 25,821 Carrying amount of loans / receivables due to related parties 137,480 129,196 Fair value of assets (value) 2,888,729 3,359,437 Less goodwill -190,243 -190,243 Less service agreements -21,774 -25,821 Add fair value of Institutional Business 421,094 421,094 Adjusted fair value of assets (value) 3,097,806 3,564,467 Liabilities Non-current interest-bearing loans and borrowings 2 1,159,878 1,426,728 Current interest-bearing loans and borrowings 266,098 444,759 Liabilities related to non-current assets held for sale (IFRS 5) 0 38,988 Related party liabilities 9,751 7,229 Corporate Bonds 398,037 382,570 Less cash and cash equivalents -97,065 -250,720 Net liabilities (loan) 1,736,699 2,049,554 LTV 2 60.1 % 61.0 % Adjusted LTV 2 56.1 % 57.5 % 1 Includes shares in associated companies and other investments. 2 Adjusted for warehousing. EPRA key figures in EUR million 30.09.2025 31.12.2024 |Δ| EPRA Net Reinstatement Value (EPRA-NRV) 844.8 951.6 11 % EPRA Net Disposal Value (EPRA-NDV) 632.6 800.5 21 % EPRA Net Tangible Assets (EPRA-NTA) 498.5 588.5 15 % EPRA net initial yield (in %) 1 4.7 4.5 4 % EPRA "topped up" net initial yield (in %) 1 4.8 4.6 4 % EPRA vacancy rate (in %) 2 9.8 7.4 32 % EPRA-LTV (%) 63.4 62.9 1 % 9M 2025 9M 2024 |Δ| EPRA earnings 45.4 61.5 26 % EPRA cost ratio incl. direct vacancy costs (in %) 1 23.8 25.1 5 % EPRA cost ratio incl. direct vacancy costs (in %) 1 20.9 23.2 10 % EPRA earnings per share 3 0.54 0.74 27 % 30.09.2025 31.12.2024 |Δ| NAV per share 9.35 10.27 9 % Adjusted NAV per share 4 11.64 12.55 7 % 1 Calculated for the Commercial Portfolio only. 2 Calculated for the Commercial Portfolio only, without warehousing, project developments and repositioning. 3 All per share figueres (number of shares 9M 2025: 83,565,100; 9M 2024: 83,565,100). 4 Incl. Full value of Institutional Business. Contact Investor Relations Tel. +49 69 9454858-0 Fax +49 69 9454858-9399 [email protected] Imprint Branicks Group AG Neue Mainzer Straße 32-36 60311 Frankfurt am Main Tel. +49 69 9454858-0 Fax +49 69 9454858-9399 [email protected] https://www.branicks.com For more informations: https://www.branicks.com/en/ir/ overview The quarterly report is also available in German (binding version). Financial calendar 2026 29.04.2026 Annual Report 2025 06.05.2026 2025 Sustainability Report 20.05.2026 Q1 2026 Statement 12.08.2026 Annual General Meeting 26.08.2026 H1 2026 Report 05.11.2026 Q3 2026 Statement Disclaimer This quarterly statement contains forward-looking statements including associated risks and uncertainties. These statements are based on the Management Board's current experience, assumptions and forecasts and the information currently available to it. The forward-looking statements are not to be interpreted as guarantees of the future developments and results mentioned therein. The actual business performance and results of Branicks Group AG and of the group are dependent on a multitude of factors that contain various risks and uncertainties. In the future, these might deviate significantly from the underlying assumptions made in this quarterly statement. Said risks and uncertainties are discussed in detail in the risk report as part of financial reporting. This quarterly statement does not constitute an offer to sell or an invitation to make an offer to buy shares of Branicks Group AG. Branicks Group AG is under no obligation to adjust or update the forward-looking statements contained in this quarterly statement. For computational reasons, rounding differences from the exact mathematical values calculated (in EUR thousand, %, etc.) may occur in tables and cross-references.