DEMIRE Deutsche Mittelstand Real Estate : Presentation Interim Results Q1 2026

About this update from Demire Deutsche Mittelstand Real Estate Ag

Results Call Q1 2026 7 May 2026 Table of Contents Executive summary Portfolio highlights 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-Vacancy 1) 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 I 2) at € 0.3m reduced due to declining rental income Net-LTV 3) 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 Excl. assets classified as project developments 5 After taxes, before minorities and shareholder loan interest 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-Vacancy 1) (%) 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. 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. No material devaluations in Q1 2026, previous year impacted by various adjustments of book values 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 ± Profit / loss from fair value adjustments in properties 0.6 8.9 (93.3) 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. Q1 2026 (€ m) FY 2025 (€ m) Change (%) Investment properties 593.4 591.9 0.2 Non-current assets held for sale 1 85.4 103.5 (17.5) Lendings and financial assets 83.8 83.8 0.0 Other non-current assets 0.3 0.3 0.0 Total non-current assets 763.0 779.6 (2.1) Other current assets 15.9 15.4 3.8 Cash and cash equivalents 53.7 54.2 (1.0) Total current assets 69.6 69.6 0.0 TOTAL ASSETS 832.6 849.2 (2.0) Subscribed capital 105.5 105.5 0.0 Reserves 2 14.9 23.6 (37.2) Equity attributable to parent company shareholders 120.4 129.1 (6.8) Non-controlling interests 21.7 21.7 0.0 TOTAL EQUITY 142.0 150.8 (5.8) Long-term financial and lease liabilities 447.5 437.2 2.3 Other non-current liabilities 134.1 136.2 (1.5) Mainly driven by the disposal of one asset in Flensburg 2. Decline as a consequence of negative profit for the period 3. Predominantly driven by the (partial) redemption of the mortgage loan secured with the asset in Flensburg Total non-current liabilities 581.5 573.4 1.4 Short-term financial and lease liabilities 3 58.3 73.8 (21.1) Other current liabilities 50.7 51.2 (0.9) Total current liabilities 109.0 125.0 (12.8) TOTAL LIABILITIES 690.5 698.4 (1.1) TOTAL EQUITY AND LIABILITIES 832.6 849.2 (2.0) Net-LTV and Cost of debt slightly improved Net-LTV 1) (%) Average cost of debt 2) (% 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 Rental income: € 41.5-43.5m FFO I 1) : +/-€ 1.0m 1) After taxes, before minorities and shareholder loan interest Q&A Thank you! Attention : This is an excerpt of the original content. 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