Presentation Interim Results Q1 2026

Results Call

Q1 2026

7 May 2026

Table of Contents

1. Executive summary

2. Portfolio highlights

3. Financial highlights

   
   
   

   01

   Executive summary

   
   
   

   01 Executive summary

   
   
   

   Reduced portfolio affects portfolio KPI's, financials in line with expectations

   Asset Management

   • Annualised contractual rent as of 31 March 2026 at € 45.7m, lower compared

     to year-end 2025 (€ 51.3m) given disposals and increased vacancy

   • Letting performance down to 2.700sqm with expectation to significantly improve until year-end

   • EPRA-Vacancy1) increased to 21.0% on 31 March 2026 mainly driven by two assets becoming fully vacant during Q1 2026, WALT materially improved by 0.5 years to 5.2 years

     proceeds of € 17.5m

     Transactions

     • Closing of the disposals of one asset in Flensburg and in Bonn in Q1 for overall

   • Continued focus on opportunistic disposals of smaller non-strategic assets and mature assets

     primarily due to divestments over the course of last year

     • FFO I2) at € 0.3m reduced due to declining rental income

     • Net-LTV3) at 41.2% marginally improved compared to year-end 2025 (41.8%)

       Processes

       Financials

       • Rental income with € 11.6m c. 17% lower compared to the previous period,

     • Reduction of the management board from three to two members including a

reallocation of departmental responsibilities

1. Excl. assets classified as project developments

   5

2. After taxes, before minorities and shareholder loan interest

3. According to bond 19/27 definition

02

Portfolio highlights

Lower asset base impacts annualised contractual rents, letting performance expected to improve over the course of the year

Annualised contractual rent (€ m)

Letting performance (sqm)

45.7

56.4

25,530

2,710

FY 2025 Q1 2026

• Reduction mainly driven by the smaller asset base following disposals throughout 2025 and increased vacancy

  Q1 2025 Q1 2026

• Letting performance of comparative period mainly driven by two larger prolongations, while no comparable effects in Q1 2026

• Expectation to realise some larger lettings over the course of the year to

  make up some ground to last years performance

  Occupancy rate impacted by two larger drivers, WALT materially improved

  EPRA-Vacancy1) (%)

  Weighted average lease term (years)

  21.0

  16.4

  FY 2025 Q1 2026

• Increase of vacancy primarily a consequence of two assets becoming fully vacant since January 2026

  5.2

  4.7

  FY 2025 Q1 2026

• Improved WALT primarily reflects the conversion of the master lease to individual rental contracts in the asset in Neuss

1) Excl. assets classified as project developments

03

Financial highlights

Shortened P&L statement & FFO-bridge: Lower profit a consequence of reduced portfolio, G&A expenses stable

Q1 2026

Rental income 11.6 14.0 (17.3)

(€ m)

Q1 2025

(€ m)

Change

(%)

1.

1. Lower profit from the rental of real estate mainly driven by disposals

   Income from utility and service charges 4.2 4.7 (11.4)

   Operating expenses to generate rental income		(8.2)	(9.7)	15.4
   Profit / loss from the rental of real estate	1	7.6	9.0	(15.6)
   Profit / loss from fair value adjustments in properties	2	(0.6)	(8.9)	93.3

   Profit / loss from the sale of real estate (1.0) (0.2) <-100

   Impairment of financial and other receivables		(0.4)	(1.0)	62.0
   Other operating income / expenses (net)	3	0.0	0.5	(99.5)
   General and administrative expenses	4	(2.9)	(2.9)	(2.0)

   Earnings before interest and taxes (EBIT) 2.7 (3.4) >100

   throughout 2025

   2.

2. No material devaluations in Q1 2026, previous year impacted by various adjustments of book values

   3.

3. No extraordinary income/expense items (net) in Q1 2026

   4.

   4

G&A expenses stable

Finance expenses

(14.0)

(13.1)

(7.2)

± Profit / loss from the sale of real estate

1.1

0.2

>100

± Other adjustments

3.9

3.7

4.2

± Interest on shareholder loan and (current) income taxes

5.0

3.9

29.3

FFO I after taxes, before min. and shareholder loan interest 0.3 2.1 (85.7)

FFO I before taxes, before min., after shareholder loan int. (4.7) (1.8) <-100

Earnings before taxes and minority interests (EBTM) (10.2) (14.6) 30.2

Financial income 1.1 1.8 (37.1)

Shortened balance sheet: no material changes compared to year-end 2025

1.

Net-LTV and Cost of debt slightly improved

Net-LTV1) (%)

Average cost of debt2) (% p.a.)

41.8 41.2

FY 2025 Q1 2026

• Net-LTV virtually unchanged

  4.83 4.74

  FY 2025 Q1 2026

• Average cost of debt slightly lower driven by the (partial) redemption of the loan secured with the asset in Flensburg

1) In accordance with bond 19/27 terms and conditions

Guidance FY 2026 for rental income and FFO confirmed

1) After taxes, before minorities and shareholder loan interest

Q&A

Thank you!