EQS-News: HAMBORNER REIT AG: Business performance as expected in the first quarter of 2025

PRESS RELEASE

HAMBORNER REIT AG: Business performance as expected in the first quarter of 2025

• Operational business development in line with expectations in a persistently challenging market environment
• Income from rents and leases decreased by 1.7% to €23.0 million
• FFO down by 15.2% to €11.9 million
• Net asset value (NAV) per share at €9.93 (+1.4% YTD)
• Further reduction of loan-to-value (LTV) to 41.1%
• Confirmation of forecast for full-year 2025

OVERVIEW OF KEY FIGURES FOR THE FIRST QUARTER OF 2025

Duisburg, 8 May 2025 – HAMBORNER REIT AG's operating business developed as expected in the first quarter of the current financial year.

Income from rents and leases amounted to €23.0 million, down 1.7% on the same period of the previous year. The decline is due in particular to lower revenue-based rental payments, which will not be realised until the second quarter of the current financial year. The disposal of an office property in Hamburg in December 2024 is also reflected in the revenue development.

As a result of the increased costs for maintenance, administration and personnel already forecasted in the full-year outlook as well as higher other operating expenses, funds from operations fell by 15.2% to €11.9 million compared to the same quarter of the previous year. FFO per share decreased accordingly to €0.15 (previous year: €0.17).

The company's financial situation remains comfortable. Influenced by the stable revenue development and a reduction in financial liabilities, including in connection with recent property disposals, the loan-to-value (EPRA LTV) ratio decreased to 41.1% compared to the end of 2024 (31 December 2024: 43.7%). The REIT equity ratio increased accordingly over the course of the first quarter and remains at a high level of 56.0% as at 31 March 2025 (31 December 2024: 55.2%).

PORTFOLIO DEVELOPMENT

There were no changes to the property portfolio during the first quarter of 2025. Therefore during this period, the portfolio continued to comprise 66 office and retail properties with a total volume of €1,441.0 million. At €9.93, the net asset value (NAV) per share as at 31 March 2025 was 1.4% above the level at the end of 2024 (€9.79). The transfer of ownership of the properties most recently sold in Lübeck and Osnabrück took place at the beginning of the second quarter of 2025.

OPERATING PERFORMANCE

The company was also able to continue its steady business development at an operational level. In the first three months of the financial year, contracts were concluded for rental space totalling around 3,600 m² (Q1 2024: around 19,000 m²), with office space accounting for around 86%. At around 87%, the tenant retention rate was once again very high, demonstrating the quality of the location and the satisfaction of the tenants. In terms of rental volume, only 2.5% of income is available for new or follow-up lettings over the remainder of the year.

The average remaining term of the rental agreements (WALT) was largely stable and stood at 5.7 years as at 31 March 2025, with the terms within the retail and office portfolios being 6.9 and 4.1 years respectively. The EPRA vacancy rate remained at a low level of 3.0%.

OUTLOOK

The company remains fundamentally positive about the further course of 2025 and confirms the estimates published in the 2024 Annual Report with regard to future business development. Taking into account the forecast assumptions presented in the annual report, the company expects income from rents and leases of between €87.5 million and €89.0 million in the 2025 financial year. The operating result (FFO) is expected to be between €44.0 million and €46.0 million.

DIVIDEND & ANNUAL GENERAL MEETING

This year's Annual General Meeting of the company will take place on 26 June 2025 as an in-person event in Mülheim an der Ruhr. The Management Board and Supervisory Board intend to propose the distribution of a dividend at the previous year's level of €0.48 per share. Taking into account the current share price, this would correspond to a dividend yield of around 7.6%. The Annual General Meeting is expected to be convened in the Federal Gazette and the agenda and relevant documents published on the company's website next Tuesday, 13 May 2025.

KEY FINANCIAL AND PORTFOLIO FIGURES AS OF 31 MARCH 2025

The full interim statement for the first quarter of 2025 is available to download from the Financial Reports section of the company’s website. Further information on the key performance indicators 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 €1.4 billion. The portfolio focuses on modern office properties at established locations as well as attractive local supply properties as large-scale retail assets, retail parks and DIY stores in central inner-city locations, district centres and highly frequented edge-of-town sites of major German cities and mid-sized centres.

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 Investor Relations, Financing & Corporate Communications

T.: +49 (0)203 54405-32

M: info@ir.hamborner.de

W: 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.