HAMBORNER REIT AG demonstrates resilience in a challenging market environment – preliminary figures confirm stable business development in line with plans in 2025 – dividend proposal: €0.39 per share

PRESS RELEASE

HAMBORNER REIT AG demonstrates resilience in a persistently challenging market environment – preliminary figures confirm stable business development in line with plans in 2025 – dividend proposal at €0.39 per share

• Decrease in rental income by 2.9% to €90.3million
• FFO decline by 5.7% to €48.6 million
• Reduction in market value of real estate portfolio by 4.6% (Like-for-like) following year-end revaluation
• Net asset value (NAV) per share at €9.07 (-7.3% YOY)
• Loan-to-value (LTV) with 44.3% slightly above last year's level
• Intended distribution of 65% of operating income - Dividend proposal at €0.39 per share
• Full-year forecast for 2025 influenced by property disposals and increased expenses

PRELIMINARY BUSINESS FIGURES AS AT 31 DECEMBER 2025

Duisburg, 26 February 2026 – With today's publication of the preliminary unaudited financial results, HAMBORNER REIT AG is looking back on another business year characterized by uncertainties and negative influencing factors. Regardless of this, operational business development was in line with planning and proved robust overall.

Income from rents and leases amounted to €90.3 million, down 2.9% on the previous year's level. The decline is primarily attributable to the disposal of properties in the first half of 2025.

Influenced by the decline in rents, increased cost burdens, particularly in the areas of personnel and other operating expenses, as well as reduced interest income and other operating income, funds from operations (FFO) fell by 5.7% year-on-year to €48.6 million or €0.60 per share. This figure was above the range of €44.0 million to €46.0 million forecasted at the beginning of last year. Contrary to original expectations, maintenance expenses remained largely stable in 2025, which is attributable to a proportionate postponement of planned measures to the current 2026 financial year. In addition, the integration of new external facility management service providers in the 2025 financial year resulted in positive one-off effects that contributed to the development of current operating expenses.

The company's financial situation remains solid. The REIT equity ratio remained at a consistently high level of 54.7% as at 31 December 2025. The loan-to-value ratio (EPRA LTV) increased slightly to 44.3% (previous year: 43.7%) over the course of the year, influenced by the revaluation of the property portfolio and the dividend payment made in the second quarter.

PORTFOLIO DEVELOPMENT

At the beginning of the second quarter of 2025, two properties – the retail property in Lübeck and the office property in Osnabrück – were transferred to the respective buyers. The total selling price of €27.4 million was in line with the most recently determined market values.

After conducting a comprehensive market survey and as part of its commitment to maintaining a high level of transparency, the company changed its external appraiser last year and had the regular year-end valuation of its property portfolio carried out by Savills for the first time.

Based on the initial valuation, the market value of the real estate portfolio (like-for-like) decreased by €65.1 million or 4.6%. This was mainly due to property-specific value adjustments, which were primarily attributable to market developments and increased investment requirements at individual property locations.

Considering the year-end valuation and completed transactions, HAMBORNER had 64 properties with a total market value of €1.349 billion as at 31 December 2025. Net asset value (NAV) per share fell by 7.3% year-on-year to €9.07.

In addition, the company signed a sales agreement for a retail property in Ditzingen at the end of 2025. The sold property is a DIY store that was acquired in 2016 and most recently contributed around €0.9 million to annual rental income. The property was sold as part of the active portfolio management, taking into account the location assessment. The sale price amounted to €11.9 million, which was around 10% above the most recently determined market value. The transfer of ownership is expected to take place during the first quarter of 2026.

OPERATIONAL BUSINESS DEVELOPMENT

At the operational level, business development also proved to be largely stable and in line with plans. In the 2025 financial year, numerous leasing successes were achieved and contracts for rental space totaling around 39,000 m² were concluded (previous year: around 49,000 m²), with the vast majority of these being contract extensions with existing tenants within the office portfolio.

The average remaining lease term (WALT) declined slightly over the course of the year and stood at 5.3 years as at 31 December 2025 (previous year: 5.8 years). The terms within the retail and office portfolios amounted to 6.6 and 3.8 years, respectively. The EPRA vacancy rate increased slightly over the course of the year and remained at a low level of 3.5% at the end of 2025 (previous year: 2.8%).

DIVIDEND

In the first half of 2025, the Management and Supervisory Board of HAMBORNER REIT AG discussed the company's dividend policy and announced that in future between 60% and 70% of the operating result (FFO) generated in the respective financial year would be distributed to the shareholders.

Taking into account the business performance in 2025, the Management and Supervisory Board have agreed to propose a distribution of 65% of operating income or a dividend of €0.39 per share at this year's Annual General Meeting. Based on the current share price, this would correspond to a dividend yield of around 8.4%. The company's Annual General Meeting will take place on 3 June 2026 as an in-person event.

GUIDANCE 2025 & OUTLOOK

At the beginning of this week, the company issued an initial assessment of its expected business performance for the current year:

• Income from rents and leases: €87.5 – €89.5 million
• Funds from operations (FFO): €38.0 – €42.0 million

The expected decrease in rental income compared with the previous year is mainly attributable to the disposal of properties in the 2025 financial year.

Given the continuing uncertainties and limited momentum in the real estate investment market, it is currently difficult to predict the timing and volume of possible property acquisitions and disposals and the resulting effects on revenue and earnings. The company has therefore decided not to include any acquisitions and disposals in its forecasts.

The decline in operating profit (FFO) currently forecasted is reflected, on the one hand, in reduced rental income as a result of property disposals and, on the other hand, in higher expenses compared with the previous year.

A significant part of the increasing cost burden is attributable to maintenance. This is due, on the one hand, to a postponement of measures originally planned for 2025 and, on the other hand, to additional expenses for ongoing maintenance as well as for measures in connection with letting activities in 2026, which are reflected in increased costs for tenant improvements.

In addition, the company anticipates an increase in real estate operating expenses, which is primarily attributable to positive one-time effects from the previous year. During the 2025 financial year, the integration of new external facility management service providers led to a temporary reduction in services and associated costs during the transition phase. In the 2026 financial year, the company expects services to return to regular levels or to be selectively expanded, with corresponding effects on current operating expenses.

Following a reduction in total liabilities and the associated interest costs in 2025, which resulted from the repayment of loans, an increase in interest expenses is expected for the current financial year. This is largely due to the refinancing of several mortgage-backed loans at higher interest rates in the second half of 2025.

Further effects on operating result arise from increasing personnel capacities and filling vacant positions throughout 2025 and the first half of 2026, which is reflected in a projected increase in personnel costs.

ADJUSTMENT OF THE PORTFOLIO STRATEGY

In addition, the company announced an adjustment to its portfolio strategy at the beginning of this week. In view of the structural changes in the office market, the Management and Supervisory Board of HAMBORNER REIT AG have agreed to focus the company's strategy on retail properties in the local supply sector and on DIY stores. In this context, the acquisition profile will be specifically expanded, including the addition of core plus properties and in terms of lot sizes, tenant structure and regional locations within Germany, in order to tap additional growth and diversification potential.

The strategic realignment is linked to the medium-term goal of reducing the proportion of office properties in the total portfolio volume to 10 – 20%. The adjustment is to be carried out gradually and results- and value-optimized and envisages a step-by-step replacement of selected office properties with retail properties.

By reducing the office share and focusing on the retail properties described above, the company aims to maximize the growth potential of its platform, which has been further developed over recent years through an extensive transformation process, while maintaining an attractive risk and return profile.

PRELIMINARY KEY FINANCIAL AND PORTFOLIO FIGURES AS OF 31 DECEMBER 2025

The company will publish the final financial figures for the year 2025 as part of the publication of the annual report on 22 April 2026. The full report will be made available for download in the Financial Reports section of the company's website. Further information on the key figures presented can be found in the glossary.

ABOUT HAMBORNER REIT AG

HAMBORNER REIT AG a public company listed in the SDAX that operates exclusively in the property sector and is positioned as a portfolio holder for high-yield commercial properties. The company generates sustainable rental income on the basis of a diversified portfolio of properties distributed throughout Germany with a total value of around €1.3 billion. The portfolio focuses on attractive local supply properties such as large-scale retail assets, retail parks and DIY stores in city-centre locations, district centres and highly frequented edge-of-town sites in large and medium-sized German cities, as well as modern office properties in established locations.

HAMBORNER REIT AG is distinguished by its many years of experience on the property and capital market, its consistent and sustainably attractive dividend strategy and its lean and transparent corporate structure. The company is a registered real estate investment trust (REIT) and benefits from corporation and trade tax exemption at company level.

CONTACT

Christoph Heitmann
Head of Capital Markets, Financing & Sustainability
Tel.: +49 (0)203 54405-32
Mail: info@ir.hamborner.de
Web: www.hamborner.de

DISCLAIMER

This press release has been issued by HAMBORNER REIT AG (hereinafter "HAMBORNER") solely for information purposes. This press release may contain statements, assumptions, opinions and predictions about the anticipated future development of HAMBORNER ("forward-looking statements") that reproduce various assumptions regarding, e.g., results derived from HAMBORNER's current business or from publicly available sources that have not been subject to an independent audit or in-depth evaluation by HAMBORNER and that may turn out to be incorrect at a later stage. All forward-looking statements express current expectations based on the current business plan and various other assumptions and therefore come with risks and uncertainties that are not insignificant. All forward-looking statements should therefore not be taken as a guarantee for future performance or results and, furthermore, do not necessarily constitute exact indicators that the forecast results will be achieved. All forward-looking statements relate solely to the day on which this press release was issued to its recipients. It is the responsibility of the recipients of this press release to conduct a more detailed analysis of the validity of forward-looking statements and the underlying assumptions. HAMBORNER accepts no responsibility for any direct or indirect damages or losses or subsequent damages or losses, as well as penalties that the recipients may incur by using the press release, its contents and, in particular, all forward-looking statements or in any other way, as far as this is legally permissible. HAMBORNER does not provide any guarantees or assurances (either explicitly or implicitly) in respect of the information contained in this press release. HAMBORNER is not obliged to update or correct the information, forward-looking statements or conclusions drawn in this press release or to include subsequent events or circumstances or to report inaccuracies that become known after the date of this press release.