EQS-News: Noratis AG publishes figures as of June 30, 2024

Noratis AG publishes figures as of June 30, 2024

2nd creditors' meeting for the 2020/2025 bond on October 8, 2024

Eschborn, September 30, 2024 - Noratis AG (share: ISIN: DE000A2E4MK4 / WKN: A2E4MK), a leading portfolio developer of residential real estate in Germany, has closed the first half of 2024 in line with the preliminary figures published on August 14, 2024. According to IFRS, earnings before interest and taxes (EBIT) amounted to EUR -17.2 million, compared to EUR 2.6 million in the first half of 2023. Earnings before taxes (EBT) amounted to EUR -24.9 million, compared to EUR -4.4 million in the same period of the previous year.

The significant deterioration compared to the previous year is the result of earnings-relevant but non-cash write-downs based on the property values determined as of June 30, 2024 in the amount of EUR 19.6 million as well as significantly lower proceeds from the sale of properties due to the low transaction activity on the real estate market. Noratis AG was only able to sell 68 units in the reporting period, after 176 units in the first half of 2023. No acquisitions were made. With a property portfolio that had fallen to 4,197 units as of June 30, 2024 after 4,390 units a year earlier, rental income still increased. This rose to EUR 16.0 million, up from EUR 15.6 million, due to the continued high demand for residential space in Germany and the company's increased asset management activities. For the full year 2024, Noratis AG assumes a clearly negative EBIT and EBT.

The half-year report 2024 of Noratis AG is available on the website - http://www.noratis.de- in the Investor Relations section.

On October 8, 2024, the 2nd bondholders' meeting of Noratis AG for the bond 2020/2025 (ISIN DE000A3H2TV6 / WKN A3H2TV) will take place in Eschborn. As part of the restructuring, the term of the bond is to be extended until December 31, 2028 at an unchanged interest rate under the following conditions:

• The Noratis bond 2021/2027 (ISIN DE000A3E5WP8 / WKN A3E5WP), issue volume EUR 10 million, held by one creditor, must be extended until December 31, 2029 under unchanged conditions.
• In addition, the capital increase of at least EUR 10 million announced by anchor shareholder Merz Real Estate must be carried out.

Furthermore, e.Anleihe GmbH, Stuttgart, is to be appointed as the joint representative of all bondholders. The 2nd bondholders' meeting is quorate if at least 25% of the outstanding bond is represented.

The proposed extension of the maturities is intended to give Noratis AG more flexibility in order to be able to realize the real estate sales necessary for the repayment of the bonds without short-term time pressure. Furthermore, the anchor shareholder Merz Real Estate has declared the proposed extensions of the bonds at an unchanged interest rate as an essential condition with regard to a further capital increase of up to EUR 16 million after 2024. The planned extension of the term and the associated greater flexibility in the planned sales of real estate portfolios in combination with the planned capital increases secures substance in Noratis AG and thus also the repayment of the bonds after the extension.

Schutzgemeinschaft der Kapitalanleger e.V. (SdK) recommends approval of the restructuring of the corporate bonds.

Bondholders are requested to attend the meeting. Registration by post (Noratis AG, c/o Computershare Operations Center, 80249 Munich) or by e-mail to noratis@computershare.de is also required for the 2nd bondholders' meeting. Investors also require a “special proof and blocking notice” for participation, which must be requested from the custodian bank. A corresponding sample form is available on the Noratis AG website at https://noratis.de/investor-relations/ in the “Bondholders' Meeting” section, as is a proxy form with instructions to the company's proxies in the event that bondholders are unable to attend in person in Eschborn.

Further information on the creditors' meeting can be found at https://noratis.de/investor-relations/.

About Noratis:

Noratis AG (www.noratis.de) (ISIN: DE000A2E4MK4, WKN: A2E4MK, “Noratis”) is a leading portfolio developer of residential properties in Germany. The company identifies and realizes potentials for tenants and investors, thereby creating and preserving attractive and at the same time affordable living space throughout Germany. Noratis specializes in the upgrading of ageing residential portfolios, mostly company-owned apartments, residential areas, or housing estates in cities with more than 10,000 inhabitants and in peripheral areas of conurbations. After a successful development, the properties remain in the company's portfolio or are sold in the medium term to investors and/or individually to existing tenants, capital investors and owner-occupiers. In this way, Noratis creates a noticeable and sustainable added value for all stakeholders: Investors/shareholders, buyers/sellers, service providers, employees through to current and future tenants. Noratis AG is listed on the Frankfurt Stock Exchange.

Contact for bondholders:

IR.on AG

Jonas Schneider, Fabian Kirchmann

Tel: 0221/91 40 97-33

E-Mail: agv24@noratis.de

Investor & Public Relations Contact:

edicto GmbH

Dr. Sönke Knop

+49 (0)69 905 505 51

noratis@edicto.de

Eschersheimer Landstraße 42

60322 Frankfurt am Main