Demire Deutsche Mittelstand Real Estate AgXETR: DMRE

Q1 2026 Interim Statement

· Issued by Demire Deutsche Mittelstand Real Estate Ag

INTERIM REPORT



1 JANUARY - 31 MARCH 2026



INTERIM REPORT

1 JANUARY - 31 MARCH 2026



HIGHLIGHTS 3M 2026

KEY EARNINGS FIGURES

11.6

KEY FINANCIAL INDICATORS

41.2

PORTFOLIO DEVELOPMENT

670 5.2

in EUR million

RENTAL INCOME

compared to EUR 14.0 million in 3M 2025

in %

NET LOAN-TO-VALUE1 (NET LTV),

compared to 41.8% at the end of 2025

in EUR million

PORTFOLIO VALUE,

compared to EUR 688 million as at year-end 2025

in years

WALT

compared to 4.7 years as at year-end 2025

0.3 4.74 45.7 21.0

in EUR million

FFO I (after taxes,

before minority interests and interest on shareholder loans), compared to EUR 2.1 million in 3M 2025

in % p. a.

AVERAGE NOMINAL INTEREST COSTS,2

compared to 4.83% as at year-end 2025

in EUR million

ANNUALISED RENTAL INCOME,

compared to EUR 51.3 million as at year-end 2025

in %

EPRA VACANCY RATE,3

compared to 16.4% as at year-end 2025

1.48 -5.2 2,700

1 According to the definition of the 2019/2027 bond

2 Excluding shareholder loans

3 Excluding project developments

in EUR

NET ASSET VALUE (PER SHARE, BASIC)

compared to EUR 1.59 as at year-end 2025

in %

LIKE-FOR-LIKE CHANGE

in annualised contractual rent, compared to -6.9% in 3M 2025

in m2

LETTING PERFORMANCE,

compared to 25,500 m² in 3M 2025

‌Key for navigating the interim report:

CONTENTS

Reference to table of contents

Reference to another page in the interim report



Reference to websites

FOREWORD BY THE EXECUTIVE BOARD 2

DEMIRE AT A GLANCE 3

Key Group figures 4

Portfolio highlights 5

INTERIM GROUP MANAGEMENT REPORT 6

Overview 7

Economic report 10

Opportunities and risks 19

Subsequent events 19

INTERIM CONSOLIDATED FINANCIAL

STATEMENTS 20

Consolidated statement of income 21

Consolidated statement of

comprehensive income 22

Consolidated balance sheet 23

Consolidated statement of cash flows 25

Consolidated statement of

changes in equity 27

Notes to the consolidated

financial statements 28

IMPRINT 39

‌FOREWORD BY THE EXECUTIVE BOARD‌

FOREWORD BY THE

EXECUTIVE BOARD 2

DEMIRE AT A GLANCE 3

INTERIM GROUP

MANAGEMENT REPORT 6

INTERIM CONSOLIDATED

FINANCIAL STATEMENTS 20

IMPRINT 39

Dear Shareholders, dear Readers,

The first quarter of the 2026 financial year was generally strong for DEMIRE, although the persistently weak economic environment had a moderately negative impact on our key performance indicators. In particular, rental income and funds from operations (FFO I) were down as expected.

At an operational level, we faced noticeably tepid tenant demand in the reporting period, which is clearly reflected in a significant decline in letting performance. In addition, during the first quarter two properties that had already been sold -including a partial sale - were handed over to the new owners as planned.



As expected, rental income totalled EUR 11.6 million following the aforementioned sales, down from EUR 14.0 million in the same period of the previous year. Funds from operations (FFO I after taxes, before minority interests and interest on shareholder loans) amounted to EUR 0.3 million, as planned, compared with EUR 2.1 million in the previous year. Letting performance amounted to approximately 2,700 m², which was significantly lower than the previous year's figure of approximately 25,500 m².

The decrease in rental income and funds from operations is primarily attributable to the property sales carried out previously. In contrast, rent indexation had a positive effect, partially offsetting the decrease.

Despite the ongoing challenging conditions in the commercial property lettings and transaction markets, we remain optimistic about the rest of the financial year. The results for the first three months are in line with our expectations and highlight DEMIRE's strong position.

In light of this, we are in a position to confirm our forecast for the 2026 financial year following the conclusion of the first quarter. We expect rental income to be in the range of EUR 41.5 million to EUR 43.5 million (2025: EUR 53.5 million). We also expect funds from operations (FFO I after taxes, before minority interests and interest on shareholder loans) to be between EUR -1.0 million and EUR 1.0 million (2025: EUR 10.1 million).

Frankfurt am Main, 6 May 2026

The EPRA vacancy rate (excluding project developments) rose to 21.0% (31 December 2025: 16.4%). At the same time, we were able to improve the WALT to 5.2 years compared with the end of 2025. NAV per share (basic) was slightly down at EUR 1.48, a decrease of EUR 0.11 compared to the end of 2025. The net loan-to-value ratio1 (Net LTV) fell slightly to 41.2%, while liquidity remained virtually unchanged at EUR 53.7 million.

Dr Dirk Rüffel (CEO)



Tim Brückner (CFO)

1 According to the definition of the 2019/2027 bond

‌DEMIRE AT A GLANCE‌

Key Group figures 4

Portfolio highlights 5

FRANKFURT AM MAIN



FOREWORD BY THE

Key earnings figures

Rental income

11,583

14,014

Profit/loss from the rental of real estate

7,561

9,034

EBIT

2,653

-3,388

Financial result

-13,709

-12,562

EBT

-11,056

-15,950

Net profit/loss for the period

-8,641

-15,498

Net profit/loss for the period attributable to parent company shareholders

-8,797

-15,490

Net profit/loss for the period per share (basic/diluted) (in EUR)

-0.08/-0.08

-0.15/-0.15

FFO I (after taxes, before minorities and interests on shareholder loans)

298

2,079

FFO I per share (basic/diluted) (in EUR)

0.00/0.00

0.02/0.02

EXECUTIVE BOARD 2

KEY GROUP FIGURES

DEMIRE AT A GLANCE 3

Key Group figures 4

Portfolio highlights 5

INTERIM GROUP

MANAGEMENT REPORT 6

INTERIM CONSOLIDATED

FINANCIAL STATEMENTS 20

IMPRINT 39

in EUR thousand

01/01/2026 - 31/03/2026

01/01/2025 - 31/03/2025

in EUR thousand 31/03/2026 31/12/2025

in EUR thousand 31/03/2026 31/12/2025

Key portfolio indicators

Properties (number)

42

43

Market value (in EUR million)¹

670.2

688.3

Annualised contractual rents (in EUR million)

45.7

51.3

Rental yield

6.8%

7.5%

EPRA vacancy rate2

21.0%

16.4%

WALT (in years)

5.2

4.7

1 The market value (in EUR million) represents the total fair value of DEMIRE's property portfolio

as of the reporting date. In contrast to the balance sheet total of the "Total portfolio", no leaseholds or operating facilities are recognised.

2 Excluding project developments

Key balance sheet figures

Total assets

832,571

849,190

Investment property

593,381

591,946

Non-current assets held for sale

85,440

103,540

Total real estate portfolio

678,821

695,486

Financial and lease liabilities

505,749

511,063

Cash and cash equivalents

53,680

54,241

Net financial liabilities

452,069

456,822

Net loan-to-value¹ (Net LTV) (in %)

41.2%

41.8%

Equity according to Group balance sheet

142,027

150,810

Equity ratio

17.1%

17.8%

Net Asset Value (NAV)

120,367

129,148

NAV (basic/diluted)

156,470/156,470

168,105/168,105

Number of shares (basic/diluted)

105,513/105,513

105,513/105,513

EPRA NAV per share (basic/diluted)

1.48/1.48

1.59/1.59

¹ According to the definition of the 2019/2027 bond

as at 31 March 2026

FOREWORD BY THE

EXECUTIVE BOARD 2

DEMIRE AT A GLANCE 3

Key Group figures 4

Portfolio highlights 5

PORTFOLIO HIGHLIGHTS

INTERIM GROUP

MANAGEMENT REPORT 6

INTERIM CONSOLIDATED

in EUR million

670 9.97

MARKET VALUE OF THE PROPERTY PORTFOLIO

in EUR/m²

Schleswig-Holstein

Mecklenburg-Western Pomerania

Bremen

Hamburg

Lower Saxony

Berlin

Brandenburg

Saxony-Anhalt

North Rhine-Westphalia

Saxony

Thuringia

Hesse

Rhineland-Palatinate

Office Retail

Logistics and others

Saarland

Bavaria

Corporate locations

Baden-Wuerttemberg



AVERAGE RENT

across the portfolio

FINANCIAL STATEMENTS 20

IMPRINT 39

42 21.0

ASSETS

at 35 locations

in 9 federal states

in %

EPRA VACANCY RATE1

across the portfolio

45.7 6.8

in EUR million

ANNUALISED CONTRACTUAL RENTS

in %

GROSS RENTAL RETURNS

-5.2 5.2

in %

LIKE-FOR-LIKE CHANGE

in annualised contractual rent

in years

WEIGHTED AVERAGE

residual lease term (WALT)

1 Excluding project developments

‌KEMPTEN

INTERIM GROUP MANAGEMENT REPORT

for the reporting period from 1 January to 31 March 2026

Overview 7

Economic report 10

Opportunities and risks 19

Subsequent events 19



FOREWORD BY THE

EXECUTIVE BOARD 2

DEMIRE AT A GLANCE 3

INTERIM GROUP

MANAGEMENT REPORT 6

Overview 7

Economic report 10

Opportunities and risks 19

Subsequent events 19

INTERIM CONSOLIDATED

FINANCIAL STATEMENTS 20

IMPRINT 39

OVERVIEW

BUSINESS PERFORMANCE

DEMIRE performed well in the first three months of 2026. The Group's rental income decreased, in particular due to property sales, and is therefore in line with expectations. The difficult economic environment is leading to rising vacancy rates and poor letting performance. The decrease in funds from operations (FFO I) is primarily due to a smaller portfolio base compared to the same period of the previous year. In summary, the business development is in line with the expectations and planning of the Executive Board.

The company will continue to focus on reducing its debt ratio throughout the remainder of the 2026 financial year. This will be achieved by, among other things, focusing on the opportunistic sale of properties. Additional priorities include increasing letting performance and maintaining a high level of cost discipline.

During the reporting period, the previously announced changes to the Executive Board's structure were put in motion as planned. The Executive Board was reduced from three to two members, and the responsibilities of the various departments were reorganised accordingly. Ralf Bongers, Head of Transactions, left the company upon the expiry of his contract. CEO Dr Dirk Rüffel will assume the role of Head of Transactions.

These measures will lead to long-term savings in administrative costs, which are already having a positive impact on the cost base in the current financial year.

DEMIRE's key indicators developed as follows in the first three months of 2026:

  • Rental income totalled EUR 11.6 million (previous year: EUR 14.0 million), in line with expectations.

  • Funds from operations (FFO I, after taxes, before minority interests and interest on shareholder loans) decreased, as planned, to EUR 0.3 million compared with EUR 2.1 million in the previous year.

  • At around 2,700 m², letting performance is down significantly on the previous year's figure of around 25,500 m².

  • Like-for-like rental growth amounted to -5.2%, compared to -6.9% in the prior-year period.

  • The EPRA vacancy rate (excluding project developments) rose to 21.0% (31 December 2025: 16.4%).

  • The WALT increased by 0.5 years compared to the end of 2025 to 5.2 years.

  • NAV per share (basic) fell slightly to EUR 1.48, compared to EUR 1.59 at the end of 2025.

  • Net loan-to-value¹ (net LTV) fell slightly to 41.2% (31 December 2025: 41.8%), with liquidity remaining around EUR 53.7 million as at the reporting date.

  • The average nominal cost of funding2 has fallen slightly to 4.74% per annum.

  1. According to the definition of the 2019/2027 bond

  2. Excluding shareholder loans

FOREWORD BY THE

EXECUTIVE BOARD 2

DEMIRE AT A GLANCE 3

PERFORMANCE IN LINE WITH FORECAST FOR THE 2026 FINANCIAL YEAR

In light of the development in the first quarter of 2026, the Executive Board can confirm the forecast for the 2026 financial year: rental income will be between EUR 41.5 million

TOP TEN TENANTS (AS AT 31 MARCH 2026)

Contractual

INTERIM GROUP

MANAGEMENT REPORT 6

Overview 7

Economic report 10

Opportunities and risks 19

Subsequent events 19

INTERIM CONSOLIDATED

FINANCIAL STATEMENTS 20

IMPRINT 39

and EUR 43.5 million (2025: EUR 53.5 million). FFO I (after taxes, before minority interests and interest on shareholder loans) is expected to be between EUR -1.0 million and EUR 1.0 million (2025: EUR 10.1 million).

PROPERTY PORTFOLIO

Compared with the end of 2025, the portfolio decreased by one property following the handover of the property in Flensburg, which was sold in the fourth quarter of 2025. The partial sale of the property in Bonn is not taken into account in this analysis. One residential property was sold separately. As at the reporting date of 31 March 2026, the portfolio consists of 42 commercial properties with lettable floor space of around 512,370 m² and a total market value of around EUR 670.2 million. The last external property valuation of the entire portfolio was performed on 31 December 2025.

The EPRA vacancy rate of the portfolio (excluding project developments) was 21.0% as at the reporting date of 31 March 2026, a slight increase of 4.7 percentage points compared with the level as at 31 December 2025. The increase is mainly due to higher vacancy rates in the properties in Schwerin and Leipzig. The WALT amounts to

5.2 years as at 31 March 2026, an increase of 0.5 years compared to the end of 2025. In the reporting period, DEMIRE achieved a letting performance of around 2,700 m² (previous year: 25,500 m²), of which around 75.7% was attributable to new lettings and around 24.3% to contract extensions.

No. Tenant Type of use

1

GMG/Dt. Telekom

Office

3.9

8.5

2

Bima Bundesanstalt für Immobilienaufgaben

Office

2.6

5.7

3

Roomers

Hotel

2.2

4.7

4

GALERIA Karstadt Kaufhof

Retail

1.8

3.9

5

comdirect bank AG

Office

1.4

3.0

6

BWI GmbH

Office

1.3

2.8

7

CFH Penta Rostock GmbH

Hotel

1.3

2.8

8

Stadt Leverkusen

Office

1.2

2.6

9

toom Baumarkt GmbH

Retail

1.1

2.5

10

Landesbetrieb Bau und Immobilien

Office

1.1

2.4

Total

Other

Total

17.7

38.9

27.9

61.1

45.7

100.0

1 Based on annualised contractual rents, excluding ancillary costs

rents p.a.1 in EUR million

in % of total

FOREWORD BY THE

EXECUTIVE BOARD 2

DEMIRE AT A GLANCE 3

INTERIM GROUP

MANAGEMENT REPORT 6

Overview 7

Economic report 10

Opportunities and risks 19

Subsequent events 19

INTERIM CONSOLIDATED

FINANCIAL STATEMENTS 20

IMPRINT 39

PORTFOLIO BY ASSET CLASS

Number of properties

Market value¹ in EUR million

Share by market value

in %

Lettable space in thousand m2

Market Contractual rent value/m2 in EUR million p.a.

Contractual rent

per m²

Rental returns

in %

EPRA

vacancy rate2

in %

WALT

in years

Office

27

406.8

60.7

319.3

1,274

26.0

9.98

6.4

27.2

3.7

Retail

11

210.3

31.4

164.2

1,281

16.2

9.60

7.7

12.9

5.8

Other

4

53.1

7.9

28.8

1,842

3.5

11.94

6.6

10.4

13.8

Total 31 March 2026

42

670.2

100.0

512.4

1,308

45.7

9.97

6.8

21.0

5.2

Total 31 December 2025

43

688.3

100.0

536.8

1,282

51.3

9.80

7.5

16.4

4.7

Change (in %/pp)

-1

-2.6%

0

-4.5%

2.0%

-11.0%

1.7%

-0.6

4.7

0.5

  1. The market value (in EUR million) represents the total fair value of DEMIRE's property portfolio as of the reporting date. In contrast to the balance sheet total of the "Total portfolio", no leaseholds or operating facilities are recognised.

  2. Excluding project developments

FOREWORD BY THE

EXECUTIVE BOARD 2

DEMIRE AT A GLANCE 3

INTERIM GROUP

MANAGEMENT REPORT 6

Overview 7

Economic report 10

Opportunities and risks 19

Subsequent events 19

INTERIM CONSOLIDATED

FINANCIAL STATEMENTS 20

IMPRINT 39

ECONOMIC REPORT

Results of operations, net assets and financial position

RESULTS OF OPERATIONS

In the first three months of 2026, the DEMIRE Group generated rental income totalling EUR 11.6 million (previous year: EUR 14.0 million). Rental income fell by 17.3% compared to the same period of the previous year, mainly due to property sales. This was offset by rent indexations. Profit/loss from the rental of real estate decreased by 16.3% to EUR 7.6 million (previous year: EUR 9.0 million).

The result from the sale of real estate amounted to EUR -1.0 million (previous year: EUR -0.2 million). This is largely due to the costs associated with the sales in Flensburg and Bonn.

As usual, no valuation of investment property was carried out in the first quarter of 2026 (EUR 0 million; previous year: EUR 1.9 million). Assets held for sale, in contrast, were written down slightly by EUR 0.6 million (previous year: EUR -10.8 million) based on current purchase offers.

Impairments on financial and other receivables totalled EUR 0.4 million (previous year: EUR 1.0 million). General administrative expenses remained almost constant at around EUR 2.9 million in the first three months of 2026 (previous year: EUR 2.9 million). Other operating expenses fell slightly to EUR 0.2 million (previous year: EUR 0.4 million). Earnings before interest and taxes (EBIT) rose to EUR 2.7 million (previous year: EUR -3.4 million), primarily due to the lower devaluation of assets held for sale.

The financial result amounted to EUR -13.7 million, compared to EUR -12.6 million in the prior-year period. This reflects higher financing costs associated with the shareholder loan. The average nominal interest rate on liabilities (excluding shareholder loans) as at 31 March 2026 fell slightly compared to the end of 2025 to a nominal 4.74% per annum (31 December 2025: 4.83% per annum).

Earnings before taxes (EBT) improved to EUR -11.1 million in the reporting period, compared with EUR -16.0 million in the previous year. The net loss for the first three months of 2026 was EUR -8.6 million, compared with EUR -15.5 million in the same period last year.

FOREWORD BY THE

EXECUTIVE BOARD 2

CONSOLIDATED INCOME STATEMENT

DEMIRE AT A GLANCE 3

INTERIM GROUP

MANAGEMENT REPORT 6

Overview 7

Economic report 10

Opportunities and risks 19

Subsequent events 19

INTERIM CONSOLIDATED

FINANCIAL STATEMENTS 20

IMPRINT 39

(selected information in EUR thousand)

Rental income

Income from utility and service charges Operating expenses to generate rental income Impairment of trade receivables

Profit/loss from the rental of real estate

Income from the sale of real estate and real estate companies Expenses related to the sale of real estate and real estate companies Profit/loss from the sale of real estate and real estate companies Profit/loss from fair value adjustments of investment properties Result from the fair value adjustment of assets held for sale Impairment of receivables

Other operating income

General and administrative expenses Other operating expenses

Earnings before interest and taxes

Financial result Earnings before taxes Current income taxes Deferred taxes

Net profit/loss for the period

Thereof attributable to parent company shareholders Basic earnings per share (in EUR)

Weighted average number of shares outstanding Diluted earnings per share (in EUR)

Weighted average number of shares outstanding (diluted)

01/01/2026 - 31/03/2026

01/01/2025

11,583

14,014

-2,431

-17.3

4,189

4,726

-537

-11.4

-7,893

-9,232

1,339

-14.5

-318

-474

156

-32.9

7,561

9,034

-1,473

-16.3

17,655

4,780

12,875

>100

-18,666

-4,956

-13,710

>100

-1,011

-176

-835

>100

0

1,883

-1,883

-100.0

-600

-10,816

10,216

-94.5

-379

-997

618

-62.0

194

916

-722

-78.8

-2,921

-2,864

-57

2.0

-191

-368

177

-48.1

2,653

-3,388

6,041

>100

-13,709

-12,562

-1,147

9.1

-11,056

-15,950

4,894

-30.7

-439

-954

515

-54.0

2,854

1,406

1,448

>100

-8,641

-15,498

6,857

-44.2

-8,797

-15,490

6,693

-0

-0.08

-0.15

0.06

-43.5

105,513

105,513

-0

-0

-0.08

-0.15

0.06

-43.5

105,513

105,513

0

0

- 31/03/2025 Change in %

FOREWORD BY THE

EXECUTIVE BOARD 2

DEMIRE AT A GLANCE 3

INTERIM GROUP

MANAGEMENT REPORT 6

Overview 7

Economic report 10

Opportunities and risks 19

Subsequent events 19

INTERIM CONSOLIDATED

FINANCIAL STATEMENTS 20

IMPRINT 39

NET ASSETS

As at 31 March 2026, total assets had decreased slightly by EUR 16.6 million compared with the end of 2025, to around EUR 832.6 million. The value of investment property amounted to EUR 593.4 million as at 31 March 2026 (31 December 2025: EUR 591.9 million). The slight increase compared with the figure at the end of 2025 is attributable to investments in the real estate portfolio that have increased its value. As at the reporting date, a total of five properties were held for sale. The value of assets held for sale fell to EUR 85.4 million (31 December 2025: EUR 103.5 million), primarily as a result the sale of the property in Flensburg, and is therefore a key factor in the decrease in total assets.

Group equity as at 31 March 2026 totalled EUR 142.0 million, which was lower compared to 31 December 2025 (EUR 150.8 million) due to the negative result for the period. The equity ratio fell slightly to 17.1% (31 December 2025: 17.8%). It should be noted that the non-controlling interests of approximately EUR 69.3 million (31 December 2025: EUR 68.5 million) reported under non-controlling interests are classified as non-current liabilities rather than equity in accordance with IAS 32, solely due to the legal form of Fair Value REIT's fund investments, which are partnerships. The corresponding adjusted Group equity totalled EUR 211.3 million (31 December 2025: EUR 219.3 million).

As at 31 March 2026, total liabilities amounted to EUR 690.5 million, having fallen slightly compared with 31 December 2025 (EUR 698.4 million), primarily due to the repayment of property loans as part of sales.

FOREWORD BY THE EXECUTIVE BOARD

2

CONSOLIDATED BALANCE SHEET - ASSETS

DEMIRE AT A GLANCE

3

(selected information in EUR thousand)

31/03/2026

31/12/2025

Change

in %

Assets

Total non-current assets

677,516

676,052

1,464

0.2

Total current assets

69,615

69,598

17

0.0

Assets held for sale

85,440

103,540

-18,100

-17.5

INTERIM GROUP

MANAGEMENT REPORT 6

Overview 7

Economic report

10

Total assets

832,571

849,190

-16,619

-2.0

Opportunities and risks

19

Subsequent events

19

INTERIM CONSOLIDATED FINANCIAL STATEMENTS

20

CONSOLIDATED BALANCE SHEET - EQUITY AND LIABILITIES

IMPRINT

39

(selected information in EUR thousand)

31/03/2026

31/12/2025

Change

in %

Equity and liabilities

Equity

Equity attributable to parent company shareholders

120,367

129,148

-8,781

-6.8

Non-controlling interests

21,660

21,662

-2

-0.0

Total equity

142,027

150,810

-8,783

-5.8

Liabilities

Total non-current liabilities

581,538

573,380

8,158

1.4

Total current liabilities

109,006

125,000

-15,994

-12.8

Total liabilities

690,544

698,380

-7,836

-1.1

Total equity and liabilities

832,571

849,190

-16,619

-2.0

FOREWORD BY THE

EXECUTIVE BOARD 2

FINANCIAL POSITION

Cash flow from operating activities came to EUR 4.1 million (previous year:

CONSOLIDATED STATEMENT OF CASH FLOWS

DEMIRE AT A GLANCE 3

INTERIM GROUP

MANAGEMENT REPORT 6

Overview 7

Economic report 10

Opportunities and risks 19

Subsequent events 19

INTERIM CONSOLIDATED

EUR 4.1 million) in the first three months of 2026, reflecting the Company's operating result.

4,143

14,793

-19,497

Cash flow from investing activities amounted to EUR 14.8 million in the reporting period, compared with EUR 4.0 million in the previous year, and was primarily driven by proceeds from the sale of the properties in Flensburg and the partial sale in Bonn.

Cash flow from financing activities amounted to EUR -19.5 million, compared to EUR -6.7 million in the same prior-year period. This increase is primarily attributable to the repayment of the loans used to finance the properties in Flensburg and Bonn

(selected information in EUR thousand)

Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities Net change in cash and cash equivalents Cash and cash equivalents

at the end of the period

Funds from operations (FFO)

01/01/2026 - 31/03/2026

01/01/2025

- 31/03/2025 Change

4,097 45

3,999 10,795

-6,723 -12,774

-561

53,680

1,373 -1,934

46,189 7,491

FINANCIAL STATEMENTS 20

IMPRINT 39

following their sale.

Cash and cash equivalents amounted to EUR 53.7 million on 31 March 2026 (31 March 2025: EUR 46.2 million).

Funds from operations I (after taxes, before minority interests and interest on shareholder loans), the key operating performance indicator, fell to EUR 0.3 million in the first quarter of 2026, compared with EUR 2.1 million in the same period of the previous year. On a diluted basis, this corresponds to an FFO I per share of EUR 0.00, compared to EUR 0.02 in the same period of the previous year.

FOREWORD BY THE

EXECUTIVE BOARD 2

DEMIRE AT A GLANCE 3

INTERIM GROUP

FFO CALCULATION

01/01/2026

01/01/2025

(selected information in EUR thousand)

- 31/03/2026

- 31/03/2025

Change

in %

Earnings before taxes

-11,056

-15,949

4,893

-30.7

MANAGEMENT REPORT

6

Minority interests

836

1,305

-469

-35.9

Overview

7

Earnings before taxes (EBT)

-10,220

-14,644

4,424

-30.2

Economic report

10

± Profit/loss from the sale of real estate

1,010

176

835

>100

Opportunities and risks

19

± Profit/loss from the valuation of investment properties

600

8,933

-8,333

-93.3

Subsequent events

19

± Other adjustments 1

3,887

3,731

156

4.2

FFO I before taxes

-4,723

-1,805

-2,918

>100

INTERIM CONSOLIDATED

± (Current) income taxes

-378

-672

294

-43.8

FINANCIAL STATEMENTS

20

FFO I after taxes

-5,101

-2,477

-2,624

>100

Thereof attributable to parent company shareholders

-6,093

-3,437

-2,656

77.3

IMPRINT

39

Thereof attributable to non-controlling interests

992

960

32

3.4

± Interest expenses from shareholder loans (including effect on current income taxes)

5,399

4,556

843

18.5

FFO I after taxes, before minorities and interest on shareholder loans²

298

2,079

-1,782

-85.7

Thereof attributable to parent company shareholders

-694

1,119

-1,814

>100

Thereof attributable to non-controlling interests

992

960

32

3.4

FFO I after taxes

-5,101

-2,477

-2,624

>100

± Profit/loss from the sale of real estate and real estate companies (after taxes)

-1,011

-176

-835

>100

FFO II after taxes

-6,112

-2,653

-3,459

>100

Thereof attributable to parent company shareholders

-7,150

-3,623

-3,527

97.4

Thereof attributable to non-controlling interests

1,038

970

68

7.0

± Interest expenses from shareholder loans (including effect on current income taxes)

5,399

4,556

843

18.5

FFO II after taxes, before minorities and interest on shareholder loans²

-713

1,903

-2,617

>100

Thereof attributable to parent company shareholders

-1,751

933

-2,685

>100

Thereof attributable to non-controlling interests

1,038

970

68

7.0

FFO I after taxes and minority interests

-6,093

-3,437

-2,656

77.3

Basic earnings per share (in EUR)

-0.06

-0.03

-0.03

77.3

Weighted average number of shares outstanding

105,513

105,513

0

0.0

Diluted earnings per share (in EUR)

-0.06

-0.03

-0.03

77.3

Weighted average number of shares outstanding (diluted)

105,513

105,513

0

0.0

FFO II after taxes and minority interests

-7,150

-3,623

-3,527

97.4

Basic earnings per share (in EUR)

-0.07

-0.03

-0.03

97.4

Weighted average number of shares outstanding

105,513

105,513

0

0.0

FOREWORD BY THE

EXECUTIVE BOARD 2

DEMIRE AT A GLANCE 3

INTERIM GROUP

MANAGEMENT REPORT 6

Overview 7

Economic report 10

Opportunities and risks 19

FFO CALCULATION

(selected information in EUR thousand)

Diluted earnings per share (in EUR)

Weighted average number of shares outstanding (diluted)

  1. Other adjustments include:

    • One-time refinancing costs and effective interest payments (EUR 2.8 million, previous year: EUR 3.2 million)

    • One-time transaction, legal and consultancy fees (EUR 0.2 million, previous year: EUR 0.1 million)

    • Non-period expenses/income (EUR -0.9 million, previous year: EUR -0.4 million)

      01/01/2026 - 31/03/2026

      01/01/2025

      -0.07

      -0.03

      -0.03

      97.4

      105,513

      105,513

      0

      0.0

      - 31/03/2025 Change in %

      Subsequent events 19

      INTERIM CONSOLIDATED

      FINANCIAL STATEMENTS 20

      IMPRINT 39

  2. When calculating FFO I after tax but before interest on shareholder loans, it was assumed that the shareholder loan should be treated as equity. Accordingly, interest expenses were not taken into account here. To determine the potential tax burden resulting from the reduction in interest expenses, a simplified calculation was used to approximate this tax burden. A complex Group-wide calculation was not performed for reasons of cost and simplification.

Net asset value (NAV)

The basic net asset value fell to EUR 156.5 million as at 31 March 2026, largely due to the net loss for the period of EUR 168.1 million as at 31 December 2025. On a per-share basis, basic NAV amounted to EUR 1.48 per share on the reporting date (31 December 2025: EUR 1.59 per share).

NET ASSET VALUE (NAV)

120,367

129,148

-8,781

-6.8

36,103

38,957

-2,854

-7.3

0

0

0

0.0

156,470

168,105

-11,635

-6.9

105,513

105,513

0

0.0

1.48

1.59

-0.11

-6.9

0

0

0

0.0

156,470

168,105

-11,635

-6.9

105,513

105,513

0

0.0

1.48

1.59

-0.11

-6.9

in EUR thousand 31/03/2026 31/12/2025 Change in %

Net asset value (NAV) Deferred taxes

Goodwill resulting from deferred taxes

NAV (basic)

Number of outstanding shares (basic) (in thousands)

NAV per share (basic) (in EUR)

Effect of the conversion of convertible bonds and other equity instruments

NAV (diluted)

Number of outstanding shares (diluted) (in thousands)

NAV per share (diluted) (in EUR)

FOREWORD BY THE

EXECUTIVE BOARD 2

DEMIRE AT A GLANCE 3

INTERIM GROUP

MANAGEMENT REPORT 6

Overview 7

Economic report 10

Opportunities and risks 19

Subsequent events 19

INTERIM CONSOLIDATED

FINANCIAL STATEMENTS 20

IMPRINT 39

NET LOAN-TO-VALUE RATIO

The DEMIRE Group's net loan-to-value ratio is defined in the 2019/2027 bond prospectus as the ratio of net financial liabilities excluding shareholder loans to the sum of all assets less intangible assets and cash and cash equivalents. The net debt ratio fell from 41.8% at the end of 2025 to 41.2% as at 31 March 2026.

NET LOAN-TO VALUE (NET LTV)

in EUR thousand 31/03/2026 31/12/2025

Financial liabilities and lease liabilities

374,470

386,539

Cash and cash equivalents

53,680

54,241

Net financial debt

320,790

332,298

Total assets

832,571

849,190

Intangible assets

0

0

Cash and cash equivalents

-53,680

-54,241

Total assets less intangible assets and cash and cash equivalents

778,891

794,949

Net LTV (in %)

41.2

41.8

COVENANTS FOR THE 2019/2027 CORPORATE BOND

Within the scope of issuing the 2019/2027 corporate bond, DEMIRE undertook to comply with and regularly report on various covenants. The definition of the covenants to be reported on is listed in the offering prospectus for the 2019/2027 corporate bond.

As at the reporting date, five properties were held for sale. A letter of intent (LOI) has been issued for these properties.

The weighted average lease term (WALT) of the 20 largest properties increased to

5.3 years as of 31 March 2026. A key factor in this increase was the new and extended leases in Rostock, as well as the transition of the leases in Neuss from a master lease to individual leases at the start of the year.

As at 31 March 2026, DEMIRE had complied with all covenants of the 2019/2027 corporate bond. The planning for the 2026 financial year assumes that the covenants can be complied with.

BOND COVENANTS 31/03/2026

NET LTV

ICR

Covenant

max. 70%

min. 1.50

Value

41.2%

2.00

FOREWORD BY THE

Property

Rostock (Kröpeliner Straße 26-28)

9.0

8.8

Bonn (Bonner Talweg 100/Reuterstraße)

3.9

4.1

Neuss (Breslauer Straße 8)

2.3

0.0

Bad Vilbel (Konrad-Adenauer-Allee 1-11)

5.1

5.2

Düsseldorf (Wiesenstraße 70)

2.9

3.0

Frankfurt (Gutleutstraße 85)

13.8

14.0

Leipzig (Gutenbergplatz 1 a-e)

2.4

1.6

Eschborn (Frankfurter Straße 29-35)

3.7

4.0

Lutherstadt Wittenberg (Lerchenbergstraße 112/113, Annendorfer Straße 15/16)

5.7

5.9

Zittau (Hochwaldstraße 20)

6.5

6.6

Langen (Robert-Bosch-Straße 11)

3.8

3.7

Quickborn (Pascalkehre 15/15a)

1.7

1.9

Meckenheim (Auf dem Steinbüchel 20)

4.8

5.0

Dresden (Königsbrücker Straße 121 a)

19.8

20.0

Stralsund (Tribseer Damm 76)

4.7

4.8

Dresden (Nossener Brücke 8-12)

2.6

2.8

Bayreuth (Nürnberger Straße 38)

2.2

1.9

Leverkusen (Goetheplatz 1-4)

3.7

4.0

Cologne (Colonia-Allee 11)

0.0

0.0

Leonberg (Neue Ramtelstraße 4)

3.2

2.9

Average

5.3

4.9

EXECUTIVE BOARD 2

WALT TOP 20 ASSETS

DEMIRE AT A GLANCE

3

in years

31/03/2026

31/12/2025

INTERIM GROUP

MANAGEMENT REPORT

6

Overview

7

Economic report

10

Opportunities and risks

19

Subsequent events

19

INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

20

IMPRINT

39

FOREWORD BY THE

EXECUTIVE BOARD 2

DEMIRE AT A GLANCE 3

INTERIM GROUP

MANAGEMENT REPORT 6

Overview 7

Economic report 10

Opportunities and risks 19

Subsequent events 19

INTERIM CONSOLIDATED

FINANCIAL STATEMENTS 20

IMPRINT 39

Opportunities and risks

Please refer to the disclosures made in the opportunities and risks report included within the

consolidated financial statements as at 31 December 2025 for information on the opportunities and risks of future business development.

In addition to the opportunities and risks identified as at 31 December 2025, the first three months of 2026 were largely dominated by continued weak economic development and low revenue in the property transaction markets. These factors continue to create a high degree of uncertainty in the property market and lead to low demand for rental space, which is having a negative impact on DEMIRE's operating figures. However, both rental income and funds from operations (after taxes, before minority interests and interest on shareholder loans) are in line with our expectations.

Nevertheless, DEMIRE's Executive Board is closely monitoring whether and how the economic environment is changing and whether this could have a negative impact on the performance of the portfolio and rental income. The risks are reviewed continuously and in a structured process.

Subsequent events

On 27 April 2026, DEMIRE's Supervisory Board resolved to extend the contract of CFO Tim Brückner ahead of schedule. The new contract runs until 30 June 2028.

From today's perspective, this development has no material impact on the Group's net assets, financial position and results of operations.

No further events that are of relevance to DEMIRE's net asset, financial position and results of operations have occurred since the interim reporting date.

Frankfurt am Main, 6 May 2026

DEMIRE Deutsche Mittelstand Real Estate AG





Dr Dirk Rüffel (CEO)

Tim Brückner (CFO)

‌MECKENHEIM

INTERIM CONSOLIDATED FINANCIAL STATEMENTS

Consolidated statement of income 21

Consolidated statement of

comprehensive income 22

Consolidated balance sheet 23

Consolidated statement of cash flows 25

Consolidated statement of

changes in equity 27

Notes to the consolidated

financial statements 28



CONSOLIDATED STATEMENT OF INCOME

‌for the reporting period from 1 January to 31 March 2026

FOREWORD BY THE

EXECUTIVE BOARD 2

DEMIRE AT A GLANCE 3

INTERIM GROUP

MANAGEMENT REPORT 6

INTERIM CONSOLIDATED

FINANCIAL STATEMENTS 20

Consolidated statement of

income 21

Consolidated statement of comprehensive income 22

Consolidated balance sheet 23

Consolidated statement of

cash flows 25

Consolidated statement of

changes in equity 27

Notes to the consolidated

financial statements 28

IMPRINT 39

in EUR thousand NOTE

01/01/2026 - 31/03/2026

01/01/2025 - 31/03/2025

Rental income

11,583

14,014

Income from utility and service charges

4,189

4,726

Operating expenses to generate rental income

-7,893

-9,232

Impairment of trade receivables

-318

-474

Profit/loss from the rental of real estate

7,561

9,034

Income from the sale of real estate and real estate companies

17,655

4,780

Expenses related to the sale of real estate and real estate companies

-18,666

-4,956

Profit/loss from the sale of real estate and real estate companies

-1,011

-176

Profit/loss from fair value adjustments of investment properties

0

1,883

Result from fair value adjustment of assets held for sale

-600

-10,816

Impairment of financial and other receivables

-379

-997

Other operating income

194

916

General and administrative expenses

-2,921

-2,864

Other operating expenses

-191

-368

Earnings before interest and taxes D 1

2,653

-3,388

Financial income

1,149

1,827

Financial expenses

-14,022

-13,084

Minority interests

-836

-1,305

Financial result D 2

-13,709

-12,562

Earnings before taxes

-11,056

-15,950

Current income taxes

-439

-954

Deferred taxes

2,854

1,406

Net profit/loss for the period

-8,641

-15,498

Thereof attributable to:

Non-controlling interests

156

-7

Parent company shareholders

-8,797

-15,490

Basic/diluted earnings per share (in EUR) D 3

-0.08

-0.15

FOREWORD BY THE

EXECUTIVE BOARD 2

Net profit/loss for the period

-8,641

-15,498

Other comprehensive income

0

0

Total comprehensive income

-8,641

-15,498

Thereof attributable to:

Non-controlling interests

156

-7

Parent company shareholders

-8,797

-15,490

DEMIRE AT A GLANCE 3

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

for the reporting period from 1 January to 31 March 2026

INTERIM GROUP

MANAGEMENT REPORT 6

INTERIM CONSOLIDATED

FINANCIAL STATEMENTS 20

Consolidated statement of

income 21

Consolidated statement of comprehensive income 22

Consolidated balance sheet 23

Consolidated statement of

cash flows 25

Consolidated statement of

changes in equity 27

Notes to the consolidated

financial statements 28

IMPRINT 39

in EUR thousand

01/01/2026 - 31/03/2026

01/01/2025 - 31/03/2025

FOREWORD BY THE‌

EXECUTIVE BOARD 2

DEMIRE AT A GLANCE 3

INTERIM GROUP

MANAGEMENT REPORT 6

INTERIM CONSOLIDATED

FINANCIAL STATEMENTS 20

Consolidated statement of

income 21

Consolidated statement of comprehensive income 22

Consolidated balance sheet 23

Consolidated statement of

cash flows 25

Consolidated statement of

changes in equity 27

Notes to the consolidated

financial statements 28

IMPRINT 39

ASSETS

Assets

Non-current assets

Property, plant and equipment

80

88

Investment property E 1

593,381

591,946

Shares in companies accounted for using the equity method

260

260

Loans to companies accounted for using the equity method

22,259

22,259

Loans and financial assets

61,536

61,499

Other assets

0

0

Total non-current assets

677,516

676,052

Current assets

Trade accounts receivable

9,066

10,373

Financial assets

1,566

1,043

Other assets

1,968

603

Tax refund claims

3,335

3,338

Cash and cash equivalents

53,680

54,241

Total current assets

69,615

69,598

Non-current assets held for sale

85,440

103,540

Total assets

832,571

849,190

in EUR thousand NOTE 31/03/2026 31/12/2025

FOREWORD BY THE

EXECUTIVE BOARD 2

DEMIRE AT A GLANCE 3

INTERIM GROUP

MANAGEMENT REPORT 6

INTERIM CONSOLIDATED

FINANCIAL STATEMENTS 20

Consolidated statement of

income 21

Consolidated statement of comprehensive income 22

Consolidated balance sheet 23

Consolidated statement of

cash flows 25

Consolidated statement of

changes in equity 27

Notes to the consolidated

financial statements 28

IMPRINT 39

EQUITY AND LIABILITIES

Equity and liabilities

Equity

Subscribed capital

105,513

105,513

Reserves E 2

14,854

23,635

Equity attributable to parent company shareholders

120,367

129,148

Non-controlling interests

21,660

21,662

Total equity

142,027

150,810

Liabilities

Non-current liabilities

Deferred tax liabilities

36,103

38,957

Minority interests

69,281

68,502

Financial liabilities E 3

439,387

429,121

Lease liabilities

8,067

8,100

Market values of options

28,700

28,700

Total non-current liabilities

581,538

573,380

Current liabilities

Provisions

1,089

1,791

Trade payables

10,349

10,872

Other liabilities

11,215

10,141

Tax liabilities

28,058

28,354

Financial liabilities E 3

57,957

73,527

Lease liabilities

338

315

Total current liabilities

109,006

125,000

Total liabilities

690,544

698,380

Total equity and liabilities

832,571

849,190

in EUR thousand NOTE 31/03/2026 31/12/2025

FOREWORD BY THE‌

EXECUTIVE BOARD 2

DEMIRE AT A GLANCE 3

INTERIM GROUP

MANAGEMENT REPORT 6

INTERIM CONSOLIDATED

FINANCIAL STATEMENTS 20

Consolidated statement of

income 21

Consolidated statement of comprehensive income 22

Consolidated balance sheet 23

Consolidated statement of

cash flows 25

Consolidated statement of

changes in equity 27

Notes to the consolidated

financial statements 28

IMPRINT 39

in EUR thousand

01/01/2026 - 31/03/2026

01/01/2025 - 31/03/2025

Earnings before taxes

-11,056

-15,950

Financial expenses

14,022

13,084

Financial income

-1,149

-1,827

Minority interests

836

1,305

Change in trade accounts receivable

989

-1,468

Change in other receivables and other assets

-1,532

-1,755

Change in provisions

-962

-1,059

Change in trade payables and other liabilities

841

721

Profit/loss from fair value adjustments of investment properties

600

8,933

Profit/loss from the sale of real estate and real estate companies

1,010

176

Interest proceeds from loans and receivables

84

99

Interest received from loans to companies accounted for using the equity method

260

90

Income tax payments

-750

109

Depreciation and amortisation and impairment

979

1,652

Distributions from companies accounted for using the equity method

0

64

Other non-cash items

-30

-75

FOREWORD BY THE

EXECUTIVE BOARD 2

DEMIRE AT A GLANCE 3

INTERIM GROUP

MANAGEMENT REPORT 6

INTERIM CONSOLIDATED

FINANCIAL STATEMENTS 20

Consolidated statement of

income 21

Consolidated statement of comprehensive income 22

Consolidated balance sheet 23

Consolidated statement of

cash flows 25

Consolidated statement of

changes in equity 27

Notes to the consolidated

financial statements 28

IMPRINT 39

in EUR thousand

01/01/2026 - 31/03/2026

01/01/2025 - 31/03/2025

Cash flow from operating activities

4,143

4,097

Payments for the acquisition of/investments in investment properties, incl. prepayments, refurbishment measures and prepayments for property, plant and equipment

-1,733

-1,450

Proceeds from the sale of real estate

16,527

5,449

Cash flow from investing activities

14,793

3,999

Payments for borrowing costs

0

-5,217

Proceeds from borrowings

0

3,727

Interest paid on financial liabilities

-1,649

-1,380

Payments for the purchase of additional shares in a subsidiary

-38

0

Payments for the redemption of financial liabilities

-17,800

-3,793

Payment for the redemption of lease liabilities

-10

-60

Cash flow from financing activities

-19,497

-6,723

Net change in cash and cash equivalents

-561

1,373

Cash and cash equivalents at the start of the period

54,241

44,816

Cash and cash equivalents at the end of the period

53,680

46,189

FOREWORD BY THE

EXECUTIVE BOARD 2

DEMIRE AT A GLANCE 3

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the reporting period from 1 January to 31 March 2026

INTERIM GROUP

MANAGEMENT REPORT 6

INTERIM CONSOLIDATED

Consolidated statement of income

21

Consolidated statement of

comprehensive income

22

Consolidated balance sheet

23

Consolidated statement of

cash flows

25

Consolidated statement of changes in equity

27

Notes to the consolidated

financial statements

28

Share capital

Reserves

IMPRINT

39

Retained earnings

Equity attributable to parent company

Non-controlling

Total

in EUR thousand

Subscribed capital

Capital reserves

incl. Group profit/loss

shareholders

interests

equity

01/01/2025

105,513

89,767

22,825

218,105

23,818

241,923

Net profit/loss for the period

0

0

-15,490

-15,490

-7

-15,497

Total comprehensive income

0

0

-15,490

-15,490

-7

-15,497

Other changes

0

0

0

0

-196

-196

31/03/2025

105,513

89,767

7,335

202,616

23,615

226,230

FINANCIAL STATEMENTS 20

Share capital Reserves

Retained earnings

Equity attributable to parent company

Non-controlling

Total

in EUR thousand Subscribed capital Capital reserves

incl. Group profit/loss

shareholders

interests

equity

01/01/2026

105,513

89,767

-66,132

129,148

21,662

150,810

Net profit/loss for the period

0

0

-8,797

-8,797

156

-8,641

Total comprehensive income

0

0

-8,797

-8,797

156

-8,641

Other changes

0

0

16

16

-158

-142

31/03/2026

105,513

89,767

-74,913

120,367

21,660

142,027

FOREWORD BY THE

EXECUTIVE BOARD 2

DEMIRE AT A GLANCE 3

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

for the reporting period from 1 January to 31 March 2026

INTERIM GROUP

MANAGEMENT REPORT 6

INTERIM CONSOLIDATED

FINANCIAL STATEMENTS 20

Consolidated statement of

income 21

Consolidated statement of comprehensive income 22

Consolidated balance sheet 23

Consolidated statement of

cash flows 25

Consolidated statement of

changes in equity 27

Notes to the consolidated

financial statements 28

IMPRINT 39

A. General information

1. Basis of preparation

DEMIRE Deutsche Mittelstand Real Estate AG (hereafter "DEMIRE AG") is recorded in the commercial register in Frankfurt am Main, Germany, the location of the Company's headquarters, under the number HRB 89041. The Company's registered office is located in Frankfurt am Main, Germany, and the Company's business address is Robert-Bosch-Straße 11, Langen, Germany.

The Company's shares are listed in the Prime Standard segment of the Frankfurt Stock Exchange.

The subject of these condensed interim consolidated financial statements as at 31 March 2026 is DEMIRE AG and its subsidiaries (hereafter "DEMIRE").

DEMIRE AG itself has not carried out any investments in real estate or real estate projects to date. Investments are generally processed through real estate companies. Interests in these property companies are held by DEMIRE AG either directly or indirectly (through intermediate holding companies). DEMIRE focuses on the German commercial real estate market, where it is an active investor and portfolio manager. DEMIRE itself carries out the acquisition, management and leasing of commercial properties. Value appreciation is to be achieved through active real estate management. This may also include the targeted sale of properties when they are no longer a strategic fit or have exhausted their potential for value appreciation.

The condensed interim consolidated financial statements for the period from 1 January to 31 March 2026 were prepared in accordance with the requirements of IAS 34 Interim Financial Reporting (hereafter IAS 34). This report has not been audited or subjected to audit review, and for this reason does not contain an auditor's opinion.

The condensed interim consolidated financial statements of DEMIRE AG were prepared in accordance with the International Financial Reporting Standards (IFRS) published by the International Accounting Standards Board (IASB), as adopted by the European Union (EU), applying Section 315e of the German Commercial Code (HGB). All International Financial Reporting Standards (IFRS), International Accounting Standards (IAS) and interpretations of the IFRS Interpretations Committee (IFRS IC) -formerly the International Financial Reporting Interpretations Committee (IFRIC) and the Standing Interpretations Committee (SIC) - that were mandatory for the 2025 financial year have been taken into consideration. Furthermore, all disclosure and explanation requirements under German law above and beyond the provisions of the IASB have been fulfilled.

Under IAS 34, the condensed interim consolidated financial statements are intended to be an update of the most recent annual financial statements. They therefore do not contain all of the information and disclosures required for consolidated financial statements but rather concentrate on new activities, events and circumstances. The aim is to not repeat information that has already been reported. The condensed interim consolidated financial statements of DEMIRE AG as at 31 March 2026 should therefore be viewed in conjunction with the

consolidated financial statements as at 31 December 2025.

The euro (EUR) is the reporting currency of DEMIRE AG's condensed interim consolidated financial statements. Unless otherwise stated, all amounts are expressed in thousands of euros (EUR thousand). For computational reasons, rounding differences of one unit (EUR, %, etc.) may occur in the information presented in these financial statements. The consolidated statement of income has been prepared according to the cost-of-sales method.

FOREWORD BY THE

EXECUTIVE BOARD 2

DEMIRE AT A GLANCE 3

B. Scope and principles of consolidation

There were no changes to the scope of consolidation in the reporting period.

INTERIM GROUP MANAGEMENT REPORT

INTERIM CONSOLIDATED

6 C. Accounting policies

The accounting policies applied to these interim consolidated financial statements

FINANCIAL STATEMENTS 20

Consolidated statement of

income 21

Consolidated statement of comprehensive income 22

Consolidated balance sheet 23

Consolidated statement of

cash flows 25

Consolidated statement of

changes in equity 27

Notes to the consolidated

financial statements 28

IMPRINT 39

are the same as those applied to the consolidated financial statements as at 31 December 2025. There were no material changes in estimates compared to those in the

consolidated financial statements as at 31 December 2025.

The first-time application of the amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7 has no impact on DEMIRE's consolidated financial statements.

FOREWORD BY THE

EXECUTIVE BOARD 2

DEMIRE AT A GLANCE 3

INTERIM GROUP

MANAGEMENT REPORT 6

D. Notes to the consolidated statement of income

  1. Earnings before interest and taxes

    Net rent

    11,583

    14,014

    Income from utility and service charges

    4,189

    4,726

    Rental revenue from real estate

    15,772

    18,740

    Allocable operating expenses to generate rental income

    -6,189

    -6,786

    Non-allocable operating expenses to generate rental income

    -1,704

    -2,446

    Impairment of receivables

    -318

    -474

    Operating expenses to generate rental income

    -8,211

    -9,706

    Profit/loss from the rental of real estate

    7,561

    9,034

    01/01/2026

    01/01/2025

    Of the operating expenses, an amount of EUR -6,189 thousand (Q1 2025: EUR -6,786 thousand) is generally allocable and can be charged on to tenants. The decrease is primarily due to the sale of properties in the previous financial year and the reporting period. The decline in allocable operating expenses is also reflected in lower income from ancillary cost allocations amounting to EUR 4,189 thousand (Q1 2025: EUR 4,726 thousand).

    INTERIM CONSOLIDATED

    FINANCIAL STATEMENTS 20

    Consolidated statement of

    income 21

    Consolidated statement of comprehensive income 22

    Consolidated balance sheet 23

    Consolidated statement of

    cash flows 25

    Consolidated statement of

    changes in equity 27

    Notes to the consolidated

    in EUR thousand

    - 31/03/2026

    - 31/03/2025

    Non-recoverable operating expenses amounting to EUR -1,704 thousand (Q1 2025: EUR -2,446 thousand) have also decreased due to the sale of properties during the previous financial year and the reporting period. The decrease in non-allocable operating expenses is largely due to lower maintenance costs of EUR -892 thousand (Q1 2025: EUR -1,190 thousand).

    The result from the sale of properties and real estate companies as at 31 March 2026 was EUR -1,011 thousand (Q1 2025: EUR -176 thousand) and includes the sale of the properties in Flensburg and Bonn, Reuterstraße 99 (partial sale of a residential building).

    financial statements 28

    IMPRINT 39

    Rental revenue in the interim reporting period resulted exclusively from the rental of commercial real estate and is free from seasonal effects.

    The decrease in income from the rental of real estate to EUR 7,561 thousand (Q1 2025: EUR 9,034 thousand) is due to lower rental income of EUR 11,583 thousand (Q1 2025: EUR 14,014), primarily due to the sale of the properties at the following addresses in the previous financial year: Dortmund, Aldinghofer Straße 13; Bad Kreuznach, Brückes 2-8; Hamburg, Kandinskyallee 14-28, Lichtenfels, Bamberger Straße 20, Freiburg, Berliner Allee 1, Goslar, Rosentorstraße 15, Querfurt, Vor dem Nebraer Tor 5, as well as the properties in Flensburg, Eckernförder Landstraße 65, and Bonn, Reuterstraße 99 (partial sale of residential building), which were sold in the current interim reporting period.

    No revaluation of investment properties was performed as at the 31 March 2026 reporting date. In addition, a property in Kempten, which was at an advanced stage of the sale process as at the balance sheet date, was classified as held for sale in accordance with IFRS 5 and revalued. This resulted in a valuation loss on the trading portfolio of EUR -600 thousand.

    Impairment losses on trade receivables amounted to EUR -318 thousand in the reporting period (Q1 2025: EUR -474 thousand) and, as in the comparative period, relate to various rent receivables from different tenants in DEMIRE's real estate portfolio.

    FOREWORD BY THE

    EXECUTIVE BOARD 2

    DEMIRE AT A GLANCE 3

  2. Financial result

    01/01/2026

    01/01/2025

  3. Deferred taxes

Income from changes in deferred tax liabilities is mainly the result of the sale of the properties in Flensburg and Bonn amounting to EUR 1,391 thousand, the increase in

INTERIM GROUP

in EUR thousand - 31/03/2026 - 31/03/2025

deferred tax assets relating to tax loss carry-forwards amounting to EUR 1,347 thou-

MANAGEMENT REPORT 6

INTERIM CONSOLIDATED

FINANCIAL STATEMENTS 20

Consolidated statement of

income 21

Financial income Financial expenses Minority interests Financial result

1,827

-13,709

1,149

-14,022

-836

-13,084

-1,305

-12,562

sand, and the recognition of effective interest expense for the 2019/2027 bond in the amount of EUR 780 thousand. In contrast, deferred tax liabilities increased by EUR -671 thousand due to straight-line depreciation of property, which led to a reduction in the tax carrying amounts.

Consolidated statement of comprehensive income 22

Consolidated balance sheet 23

Financial income consists primarily of loans to RFR 5 Immobilien GmbH amounting 4. Earnings per share

to EUR 757 thousand (Q1 2025: EUR 757 thousand) and to the joint venture JV Theodor-Heuss-Allee GmbH amounting to EUR 260 thousand (Q1 2025:

Consolidated statement of

cash flows 25

Consolidated statement of

changes in equity 27

Notes to the consolidated

financial statements 28

IMPRINT 39

EUR 260 thousand).

A significant component of financial expenses consists of interest on the 2019/2027 corporate bond amounting to EUR -5,747 thousand (Q1 2025: EUR -6,037 thousand) and from interest on shareholder loans amounting to EUR -6,755 thousand (Q1 2025: EUR -5,480 thousand).

The interests of minority shareholders in the amount of EUR -836 thousand (Q1 2025: EUR -1,305 thousand) relate to shares of profit of minority shareholders of Fair Value REIT-AG's subsidiaries, which are managed in the form of partnerships and must be recognised as liabilities in accordance with IAS 32.

Net profit/loss for the period (in EUR thousand)

-8,641

-15,498

Profit/loss for the period less non-controlling interests

-8,797

-15,490

Number of shares (in thousands)

Number of shares outstanding as at the reporting date

105,513

105,513

Weighted average number of shares outstanding

105,513

105,513

Weighted average number of shares (diluted)

105,513

105,513

Earnings per share (in EUR)

Basic/diluted earnings per share

-0.08

-0.15

in EUR thousand

01/01/2026 - 31/03/2026

01/01/2025 - 31/03/2025

FOREWORD BY THE

EXECUTIVE BOARD 2

DEMIRE AT A GLANCE 3

INTERIM GROUP

MANAGEMENT REPORT 6

INTERIM CONSOLIDATED

E. Notes to the consolidated balance sheet

  1. Investment property and non-current assets held for sale

    Investment property is accounted for at fair value. This developed as follows during the interim reporting period:

    FINANCIAL STATEMENTS 20

    Consolidated statement of

    income 21

    Consolidated statement of comprehensive income 22

    Consolidated balance sheet 23

    Consolidated statement of

    cash flows 25

    in EUR thousand Office Retail Other Total

    591,946

593,381

1,435

Fair value at the beginning of the 2026 financial year 349,076 217,872 24,998 Additions of properties 1,274 158 2 Fair value as at 31/03/2026 350,351 218,030 25,000

Consolidated statement of

changes in equity 27

Notes to the consolidated

financial statements 28

IMPRINT 39

Additions to investment property amounting to EUR 1,435 thousand (Q1 2025: EUR 23,093 thousand) are primarily the result of recognised ongoing capital expenditure (CapEx) of EUR 1,406 thousand and the recognition and amortisation of rental incentives amounting to EUR 29 thousand.

The fair value measurement of investment property is allocated to Level 3 of the valuation hierarchy in accordance with IFRS 13. DEMIRE determines the fair values within the framework of IAS 40 accounting. No revaluation of investment properties was performed as at the 31 March 2026 reporting date.

  1. Equity

Subscribed capital amounted to EUR 107,777 thousand (31 December 2025: EUR 107,777 thousand). This was EUR 105,513 thousand after the deduction of treasury shares (31 December 2025: EUR 105,513 thousand).

FOREWORD BY THE

EXECUTIVE BOARD 2

DEMIRE AT A GLANCE 3

INTERIM GROUP

MANAGEMENT REPORT 6

INTERIM CONSOLIDATED

FINANCIAL STATEMENTS 20

Consolidated statement of

income 21

Consolidated statement of comprehensive income 22

Consolidated balance sheet 23

Consolidated statement of

cash flows 25

Consolidated statement of

changes in equity 27

3. Financial liabilities

Financial liabilities consisted of the following:

FINANCIAL LIABILITIES

in EUR thousand 31/03/2026 31/12/2025

2019/2027 corporate bond

244,807

238,519

Shareholder loan

131,279

124,524

Other financial liabilities

121,258

139,605

Total

497,344

502,648

The following table shows the nominal value of financial liabilities:

With the exception of the loan from DEMIRE AN BN R PM FR FL GmbH, all of the Group's borrowings bear fixed interest. The nominal interest rate of the 2019/2027 corporate bond is 5% per annum. The increase is due to the recognition of accrued interest as at the balance sheet date. Other financial liabilities mainly include bank liabilities with a weighted average nominal interest rate of 4.21% per annum as at 31 March 2026 (31 December 2025: 4.54% per annum). The average nominal interest rate on debt across all financial liabilities was 9.11% per annum as at 31 March 2025 (31 December 2025: 8.35% per annum).

The change in other financial liabilities during the interim period under review is due to current repayments.

Notes to the consolidated financial statements 28

IMPRINT 39

FINANCIAL LIABILITIES

in EUR thousand 31/03/2026 31/12/2025

2019/2027 corporate bond

250,437

246,853

Shareholder loan

131,279

124,524

Other financial liabilities

120,299

137,906

Total

502,015

509,283

The difference between the carrying amounts of financial liabilities and their nominal values is due to the subsequent measurement of financial liabilities at amortised cost using the effective interest method in accordance with IFRS 9.

FOREWORD BY THE

EXECUTIVE BOARD 2

F. Condensed Group segment reporting

DEMIRE AT A GLANCE 3

INTERIM GROUP

01/01/2026 - 31/03/2026

Corporate

01/01/2025 - 31/03/2025

Corporate

MANAGEMENT REPORT 6

in EUR thousand

Core

Portfolio Fair Value REIT

functions/

Total revenue

27,610

5,817

0

33,427

Segment revenue

27,739

5,849

33

33,621

Segment expenses

-24,684

-2,806

-3,478

-30,968

EBIT

3,055

3,043

-3,445

2,653

Net profit/loss for the period

2,192

1,126

-11,959

-8,641

Segment assets 31/03/2026

462,187

280,349

90,035

832,571

Thereof tax assets

1,076

111

2,149

3,335

Thereof additions to non-current assets

1,291

144

0

1,435

Thereof non-current assets held for sale

81,240

4,200

0

85,440

Segment liabilities 31/03/2026

175,185

154,132

361,226

690,544

Thereof non-current financial liabilities

42,883

59,868

336,636

439,387

Thereof lease liabilities

8,364

0

41

8,405

Thereof current financial liabilities

51,598

6,360

0

57,957

Thereof tax liabilities

6,127

0

21,931

28,058

others Group

in EUR thousand

Core

Portfolio Fair Value REIT

functions/

others Group

INTERIM CONSOLIDATED

FINANCIAL STATEMENTS 20

Consolidated statement of

income 21

Consolidated statement of comprehensive income 22

Consolidated balance sheet 23

Consolidated statement of

cash flows 25

Consolidated statement of

changes in equity 27

Notes to the consolidated

financial statements 28

IMPRINT 39

Total revenue 17,419 6,101 0 23,520

Segment revenue 19,461 6,756 103 26,319

Segment expenses -22,733 -3,137 -3,837 -29,707

EBIT -3,272 3,618 -3,734 -3,388

Net profit/loss for the period -5,345 2,049 -12,202 -15,498 Segment assets

31/03/2025 566,279 285,517 90,907 942,704

1,262

231

0

1,493

78,400

0

0

78,400

233,949

158,511

324,014

716,474

Thereof tax assets 1,526 161 1,283 2,971 Thereof additions to

non-current assets

Thereof non-current assets held for sale

Segment liabilities 31/03/2025

Thereof non-current

financial liabilities 85,279 30,002 295,568 410,849

Thereof lease liabilities 27,226 0 27 27,253 Thereof current

financial liabilities 50,380 36,390 0 86,770

Thereof tax liabilities 6,058 451 18,395 24,904

FOREWORD BY THE

EXECUTIVE BOARD 2

DEMIRE AT A GLANCE 3

INTERIM GROUP

MANAGEMENT REPORT 6

INTERIM CONSOLIDATED

FINANCIAL STATEMENTS 20

Consolidated statement of

income 21

Consolidated statement of comprehensive income 22

Consolidated balance sheet 23

Consolidated statement of

cash flows 25

Consolidated statement of

changes in equity 27

Notes to the consolidated

financial statements 28

IMPRINT 39

The segmentation of the data in the financial statements is based on the internal alignment according to strategic business segments pursuant to IFRS 8. The segment information presented represents the information to be reported to the Executive Board.

The DEMIRE Group is divided into the two reportable business segments Core Portfolio and Fair Value REIT.

The joint venture JV Theodor-Heuss-Allee-GmbH, Frankfurt am Main, accounted for using the equity method, and the fully consolidated company Cielo BVO GmbH, Frankfurt am Main, were allocated to the Core Portfolio operating segment due to their similar commercial characteristics.

More than 10% of total revenue was generated from one customer in the Core Portfolio segment. This amounted to a total of EUR 3,539 thousand in the reporting period.

FOREWORD BY THE

EXECUTIVE BOARD 2

DEMIRE AT A GLANCE 3

INTERIM GROUP

MANAGEMENT REPORT 6

G. Other disclosures

  1. Related party disclosures

    DEMIRE AG has a loan receivable in the amount of EUR 25,150 thousand from the joint venture JV Theodor-Heuss-Allee GmbH. The interest income from this loan in the reporting period amounted to EUR 260 thousand. In addition, DEMIRE AG

  2. Financial instruments

    The carrying amounts of the following financial instruments carried at cost or amortised cost do not correspond to their fair values:

    INTERIM CONSOLIDATED

    FINANCIAL STATEMENTS 20

    and the purchasing company JV Theodor-Heuss-Allee GmbH have entered into an asset management agreement and an agency agreement, which generate income

    Consolidated statement of

    income 21

    Consolidated statement of comprehensive income 22

    Consolidated balance sheet 23

    Consolidated statement of

    cash flows 25

    Consolidated statement of

    changes in equity 27

    Notes to the consolidated

    financial statements 28

    IMPRINT 39

    of EUR 19 thousand.

    Following deconsolidation, business relationships with the Limes subsidiaries continue to exist in the form of investments, as there is neither control nor significant influence over their decision-making processes. The former intra-group loans and the associated interest receivables from these companies were written off in full as at 31 December 2025, meaning that no interest income was recognised in the reporting period. In addition, income from agency agreements amounted to EUR 150 thousand.

    Furthermore, there were no business transactions with members in key Company positions during the reporting period, except for the remuneration of the Executive Board mentioned in

    Section G. 5.

    31/03/2026 31/12/2025

    Carrying amount

    in EUR thousand under IFRS 9

    Loans to companies accounted for using the equity method

    Loans and financial assets

    Fair value under IFRS 9 Fair value

    Carrying amount

    22,259

    24,171

    62,543 60,514

    21,968

    56,996

    22,259

    63,102

    31/03/2026 31/12/2025

    Carrying

    in EUR thousand

    amount under IFRS 9

    Fair value

    Carrying amount

    under IFRS 9 Fair value

    Bonds Shareholder loan

    Other financial liabilities

    239,060

    124,524

    232,315

    105,995

    140,452

    128,970

    224,555

    113,255

    110,045

    244,807

    131,279

    122,542

    FOREWORD BY THE

    EXECUTIVE BOARD 2

    DEMIRE AT A GLANCE 3

    INTERIM GROUP

    MANAGEMENT REPORT 6

    INTERIM CONSOLIDATED

    FINANCIAL STATEMENTS 20

    Consolidated statement of

    income 21

    Consolidated statement of comprehensive income 22

    Consolidated balance sheet 23

    Consolidated statement of

    cash flows 25

    Consolidated statement of

    changes in equity 27

    Notes to the consolidated

    financial statements 28

    IMPRINT 39

  3. Risk report

    Please refer to the disclosures made in the risk reporting included in the

    consolidated financial statements as at 31 December 2025 for information on the risks of future business performance. In addition to the opportunities and risks recorded as at 31 December 2025, the current financial year was largely determined by the continued weak economic development. This results in a high degree of uncertainty for DEMIRE and a deterioration in the outlook for its operating environment. Both rental payments and funds from operations (after taxes, before minority interests), however, are in line with our expectations. Nevertheless, DEMIRE's Executive Board is closely monitoring whether and how the economic environment is changing and may possibly have an impact on the performance of the portfolio, for example. The risks are reviewed continuously and in a structured process. From today's perspective, no risks that could endanger the Company have been identified.

  4. Further explanations

    As at the reporting date, there were no financial obligations stemming from purchase agreements for properties and real estate companies which are not yet due.

    Contractual obligations for modification and expansion measures as well as maintenance and modernisation obligations for the properties totalled EUR 9,437 thousand as at 31 March 2026 (Q1 2025: EUR 17,330 thousand).

    Purchase order commitments for maintenance and modernisation, as well as modification and expansion measures, totalled EUR 5,189 thousand as at the interim reporting date (Q1 2025: EUR 7,284 thousand).

    As at 31 March 2026, unused credit lines in the amount of EUR 2,500 thousand (31 December 2025: EUR 2,500 thousand) were available.

  5. Governing bodies and employees

    In accordance with DEMIRE AG's Articles of Association, the Executive Board is responsible for managing business activities.

    The members of the Executive Board during the interim reporting period were: Dr Dirk Rüffel (CEO since 1 February 2026; contract term until 31 January 2027) Mr Frank Nickel (CEO from 3 April 2024; contract term until 19 January 2026)

    Mr Tim Brückner (CFO since 1 February 2019, contract term until 31 December 2026)

    Mr Ralf Bongers (Member of the Executive Board responsible for Transactions since 1 April 2023; contract term until 31 March 2026)

    For the interim reporting period, the Executive Board of DEMIRE AG received performance-related remuneration of EUR 162 thousand (Q1 2025: EUR 143 thousand), non-performance-related remuneration of EUR 351 thousand (Q1 2025: EUR 281 thousand) and share-based payments of EUR 73 thousand (Q1 2025: EUR 58 thousand).

    No loans or advances were granted to the members of the Executive Board, nor were any contingent liabilities in favour of the members of the Executive Board entered into.

    FOREWORD BY THE

    EXECUTIVE BOARD 2

    DEMIRE AT A GLANCE 3

    INTERIM GROUP

    MANAGEMENT REPORT 6

    INTERIM CONSOLIDATED

    FINANCIAL STATEMENTS 20

    Consolidated statement of

    income 21

    Consolidated statement of comprehensive income 22

    Consolidated balance sheet 23

    Consolidated statement of

    cash flows 25

    Consolidated statement of

    changes in equity 27

    Notes to the consolidated

    financial statements 28

  6. Events after the interim reporting date of 31 March 2026

On 27 April 2026, DEMIRE's Supervisory Board resolved to extend the contract of CFO Tim Brückner ahead of schedule. The new contract runs until 30 June 2028.

From today's perspective, this development has no material impact on the Group's net assets, financial position and results of operations.

No further events of material significance for DEMIRE's net assets, financial position and results of operations occurred after the reporting date.

Frankfurt am Main, 6 May 2026





DEMIRE Deutsche Mittelstand Real Estate AG

Declaration by the executive directors

As members of the Executive Board of DEMIRE Deutsche Mittelstand Real Estate AG, we hereby affirm that, to the best of our knowledge, the interim consolidated financial statements give a true and fair view of the Group's net assets, financial position and results of operations in accordance with the applicable accounting principles and that the Group management report gives a true and fair view of the development and performance of the business, including the business results and the position of the Group, together with a description of the principal opportunities and risks associated with the Group's expected development.

Frankfurt am Main, 6 May 2026

DEMIRE Deutsche Mittelstand Real Estate AG





IMPRINT 39

Dr Dirk Rüffel (CEO)

Tim Brückner (CFO)

Dr Dirk Rüffel (CEO)

Tim Brückner (CFO)

Earlier from Demire Deutsche Mittelstand Real Estate

All Demire Deutsche Mittelstand Real Estate news releases