Interim report
Page 1
2025 CONSOLIDATED INTERIM STATEMENT as of September 30, 2025 (unaudited)
Page 2
alstria Interim Report 9M 2025 2 ALSTRIA OFFICE AG (FORMERLY ALSTRIA OFFICE REIT-AG), HAMBURG GROUP FINANCIALS Revenues and earnings (unaudited) January 1 − Sept. 30, 2025 January 1 − Sept. 30, 2024 Change Revenues (EUR k) 146,233 148,581 -1.6 % Net rental income (EUR k) 126,218 130,568 -3.3 % Consolidated profit for the period (EUR k) 98,910 -154,563 n/a % FFO (EUR k)1) 39,929 53,998 -26.1 % Earnings per share (EUR) 2) 0.82 -1.28 n/a % FFO per share (EUR)2) 0.33 0.45 -26.1% 1) Excluding minorities. Balance sheet (unaudited) Sept. 30, 2025 December 31, 2024 Change Investment property (EUR k) 4,182,499 4,127,431 1.3 % Total assets (EUR k) 4,461,916 4,348,967 2.6 % Equity (EUR k) 1,613,888 1,506,869 7.1% Liabilities (EUR k) 2,848,028 2,842,098 0.2 % Net asset value (NAV) per share (EUR) 2) 13.32 12.44 7.1 % Net loan-to-value (Net LTV, %)3) 55.2 54.8 0.4 pp EPRA figures4) (unaudited) Sept. 30, 2025 December 31, 2024 Change EPRA NTA per share (EUR) 2) 13.72 13.49 1.7 % EPRA vacancy rate (%) 8.8 7.9 0.9 pp 1) The previous year's figure differs from the figure reported in 9M 2024 (EUR k 61,979), which is due to a change in the accounting method. De- tailed information can be found in the disclosures on changes in accounting policies. 2) On July 28, 2025, alstria carried out a capital reduction to 121,166,781 shares (previously: 178,561,572 shares). The share -based key figures for financial years 2024 and 2025 are based on the new number of shares. 3) For reasons of consistency with covenant reporting, the balance sheet net LTV is calculated here. Previously, the property-related net LTV was reported (September 30, 2025: 57.8%, December 31, 2024: 56.5%). 4) For further information, please refer to EPRA Best Practices Recommendations, www.epra.com.
Page 3
alstria Interim Report 9M 2025 3 INFORMATION ON THE BUSINESS PERFORMANCE, THE GROUP'S FINANCIAL POSITION AND THE OUTLOOK 1 PORTFOLIO OVERVIEW Key metrics1) Sept. 30, 2025 Dec. 31, 2024 Number of properties 104 106 Market value (EUR bn) 4,2 4.1 Annual contractual rent (EUR m) 201.3 203.2 Valuation yield (%, contractual rent/market value) 4.8 4.9 Lettable area (m²) 1,390,000 1,395,000 EPRA vacancy rate (%) 8.8 7.9 WAULT (weighted average unexpired lease term in years) 5.8 5.2 Average value per m² (EUR) 3,000 2,970 Average rent/m² (EUR/month)2) 15.37 15.23 1) Including assets held for sale. 2) Average rent of office space. Real estate operations Letting metrics (m²) Jan. 1 − Sept. 30, 2025 Jan. 1 − Sept. 30, 2024 Change (m²) New leases 83,000 37,600 45,400 Renewals of leases1) 125,800 56,700 69,100 Total 208,800 94,300 114,500 1) Including option drawings of existing tenants. Transactions In the first nine months of 2025 alstria carried out the following transactions. Disposals Adress City Disposal price (in EUR k) Gain/loss to book value (in EUR k)1) Signing SPA Transfer of benefit and burdens Borsteler Chaussee 111-113 Hamburg 11,550 -280 Mar. 14, 2025 May 1, 2025 Kampstr. 36 Dortmund 5,000 -2,872 Mar. 14, 2025 May 1, 2025 Maxstr. 3a Berlin 8,300 148 Jul. 22, 2025 Feb. 28, 2026 Total disposals 24,850 -3,004 1) Different from the position ‘Net result from the disposal of investment property’ in the income statement.
Page 4
alstria Interim Report 9M 2025 4 2 CORPORATE CHANGES At the beginning of the third quarter of 2025, the company's operating activities were spun off as planned into the newly founded alstria advisors GmbH, headquartered in Hamburg . alstria advisors GmbH will be acting as an advisor to alstria office AG with regard to the management and financing of the real estate portfolio. Preparations for the relocation of alstria office AG's (formerly alstria office REIT-AG, hereinafter alstria) registered office to Luxembourg continued and are expected to be com- pleted in early 2026. The change in legal form of alstria office AG from a German stock corporation to a Luxembourg S.à r.l. is expected to take place in the first quarter of 2026. The spin-off of asset management operations to alstria advisors GmbH has changed the structure of the consolidated balance sheet , therefore comparability with prior periods is limited . With regard to the consolidated income statement, the main change can be found in the operating cost items. Instead of the previous personnel and administrative costs, advisory costs (Q3 2025: EUR k 8,784) are reported. These represent the remuneration paid by alstria office AG to alstria advisors GmbH. A one-off valuation gain of EUR k 5,995, representing the difference between the cost and the fair value of the at equity accounted investment in alstria advisors GmbH, was recognized in other operating income. Further- more, the item ‘Result of equity accounted investments’ (EUR k 729) is reported in the consolidated income statement of alstria office AG going forward. As the real estate assets remain with alstria office AG and its subsidiaries, the deconsolidation of alstria advisors GmbH has only a limited impact on the financial positions . On the assets side, the owner - occupied space previously reported as property, plant and equipment is now reported as investment properties (EUR k 23.500). alstria office AG's equity was positively impacted by a revaluation gain of EUR k 7.105, which was directly recorded in the equity. The owner-occupied space had previously been recognised at book value. Finally, receivables (EUR k 656) and liabilities (EUR k 8,201) relating to alstria advisors GmbH are included in the balance sheet of alstria office AG. As a result of the squeeze -out, which took place in early June 2025, Deutsche Börse, in cons ent with the company, discontinued trading in the shares of alstria office AG and the stock exchange listing. 3 EARNINGS POSITION As a result of the acquisition of the majority of shares in alstria office AG and the associated consoli- dation in the Brookfield Group, alstria's reporting was adjusted to the Brookfield Group guidelines start- ing in the first quarter of 2023. Following the deconsolidation of alstria from the Brookfield Group in the course of 2024, alstria returned to the previous reporting (up to December 31, 2022) as of the first quarter of 2025. An explanation of the adjustments can be found in this interim report under s ection ‘Further notes’. alstria's earnings position has developed according to plan in the year to date. Revenues fell slightly by 1.6% to EUR 146,233 in the reporting period (9M 2024: EUR k 148,581). Rent increases on existing leases and the start of new rental agreements did not fully offset revenue losses resulting from the scheduled termination of rental agreements and property sales.
Page 5
alstria Interim Report 9M 2025 5 Consolidated net income totaled EUR k 98,910 in the reporting period (9M 2024: EUR k -154,563). The substantial improvement in earnings was mainly driven by the group’s tax position. In the previous year tax expenses amounted to EUR k -217,563 and were d riven by a significant increase in deferred tax liabilities due to the first-time recognition as result of the anticipated loss of the company’s REIT status. In the reporting period, however, the company recorded deferred tax income of EUR k 57,811 as a result of the anticipated change of future corporate tax rates in Germany , which resulted in total tax income of EUR k 50,090. The operating result (FFO after minority interests) tot aled EUR k 39,929 in the reporting period and was therefore 26.1% below the previous year's level (EUR k 53,998). This was due in particular to a lower net rental income and increased interest expenses resulting from the refinancing of financial liabilities at higher market interest rates, which had a corresponding impact on the financial result. The reconciliation from consolidated net income for the period to FFO is based on the elimination of non-cash income/cost items that are not expected to recur annually and do not relate to the operating business, as well as income taxes. The adjustments be tween the income/cost figures in the income statement and FFO are shown in the following table. The most significant adjustments (> EUR k 1,000) in the reporting period related to the non -annually recurring net result from the sale of investment property (EUR k -1,610), as well as the non-annually recurring result from the acquisition of own bonds on the capital market below their nominal value (EUR k 14,301). An amount of EUR k 5,995, represent- ing the difference between the cost and the fair value of the at equity accounted investment in alstria advisors GmbH, was recognized in other operating income . Furthermore, other operating expenses in- clude a non-cash expense of EUR k 1,063 resulting from the valuation of the minority interests in alstria office Prime Portfolio GmbH & Co. KG. The non-cash net result from the valuation of financial deriva- tives (EUR k -11,053) was also adjusted, as well as the impact of the tax result.
Page 6
alstria Interim Report 9M 2025 6 EUR k1) (unaudited) IFRS P&L Adjustments FFO Jan. 1 − Sept. 30, 2025 FFO3) Jan. 1 − Sept. 30, 2024 Revenues 146,233 - 146,233 148,581 Revenues from service charge income 31,529 - 31,529 32,255 Real estate operating expenses -51,544 273 -51,271 -49,862 Net rental income 126,218 273 126,492 130,974 Administrative expenses -4,958 782 -4,176 -5,032 Personnel expenses -11,426 - -11,426 -16,587 Advisory expenses -8,784 - -8,784 - Other operating income 9,076 -6,347 2,729 4,879 Other operating expenses -4,889 1,063 -3,826 -2,605 Net result from fair value adjustments to investment property -160 160 - - Net result from the disposal of investment property -1,610 1,610 - - Net operating result 103,468 -2,459 101,009 111,630 Net financial result2) -44,324 -14,301 -58,625 -54,651 Share of the result of companies accounted for at equity 729 - 729 - Net result from fair value adjustments on finan- cial derivatives -11,053 11,053 - - Pretax income/Pretax FFO2) 48,820 -5,706 43,113 56,979 Income tax expenses -7,721 7,721 - - Deferred tax result 57,811 -57,811 - - Consolidated profit/FFO (before minorities) 98,910 -55,796 43,113 59,979 Minority interests - -3,184 -3,184 -2,981 Consolidated profit/FFO (after minorities) 98,910 -58,980 39,929 53,998 Number of outstanding shares (k) 121,167 121,167 FFO per share (EUR) 4) 0.33 0.45 1) Numbers may not sum up due to rounding. 2) FFO is not a measure of operating performance or liquidity under generally accepted accounting principles — in particular, IFRS — and should not be considered an alternative to the Company’s income or cash flow measures as determined in accordance with IFR S. Furthermore, there is no standard definition for FFO. Thus, alstria’s FFO values and the measures with similar names presented by other companies m ay not be com- parable. 3) The calculation of FFO was adjusted for the same period of the previous year in accordance with the reporting standard applic able from the first quarter of 2025. FFO (after minority interests) of EUR k 61,979 was recognized in the prior-year period. 4) Based on 121,166,781 shares after capital reduction (prior number of shares: 178,561,572).
Page 7
alstria Interim Report 9M 2025 7 4 FINANCIAL AND ASSET POSITION Investment property At EUR k 4,182,499 as per September 30, 2025, the fair value of investment property was slightly above the level as per December 31, 2024 (EUR k 4,127,431). Capital expenditures totaling EUR k 59,128 made in the reporting period were partially offset by the sale of three smaller buildings. One of them is held as asset held for sale. The real estate portfolio previously reported as owner-occupied property is now also reported under investment properties, following the deconsolidation of alstria advisors GmbH. EUR k (unaudited) Investment property as of December 31, 2024 4,127,431 Investments 59,128 Acquisitions - Acquisition costs - Disposals -19,500 Transfers to assets held for sale -7,900 Transfers from property, plant, and equipment (owner-occupied properties) 23,500 Net loss/gain from the fair value adjustment on investment property -160 Investment property as of September 30, 2025 4,182,499 Further information on the investment properties can be found in the Group Management Report 2024. Further key figures of the financial and asset position As of September 30, 2025, alstria ’s cash and cash equivalents amounted to EUR k 91,709 (Decem- ber 31, 2024: EUR k 80,233). Total equity increased by 7.1% to EUR k 1,613,888 as of September 30, 202 5 (December 31, 2024: EUR k 1,506,869). This development was mainly due to the consolidated result in the first nine months of 202 5. Furthermore, alstria office AG's equity was positively impacted by a revaluation gain of EUR k 7.105, which was directly recorded in the equity. The owner-occupied space had previously been recognised at book value. On July 28, 2025, alstria carried out a capital reduction to 121,166,781 shares (previously: 178,561,572 shares).
Page 8
alstria Interim Report 9M 2025 8 Debt As at the reporting date, alstria's debt portfolio was structured as follows: Liabilities Maturity Principal amount drawn as of Sept. 30, 2025 (EUR k) LTV1) as of Sept. 30, 2025 (%) LTV covenant (%) Principal amount drawn as of Dec. 31,2024 (EUR k) Loan #1 Jun. 30, 2031 125,000 - 63.0 125,000 Loan #2 Mar. 29, 2030 90,000 - - 90,000 Loan #3 Sep. 29, 2028 97,000 - 65.0 97,000 Loan #4 Sep. 30, 2027 480,000 73.5 75.0 480,000 Loan #5 Aug. 29, 2025 - - - 107,000 Loan #6 Apr. 26, 2030 188,000 - 65.0 188,000 Loan #7 Aug. 31, 2028 100,000 - 65.0 100,000 Loan #8 Jun. 30, 2028 100,000 - 70.0 100,000 Loan #9 Dec. 28, 2029 120,000 - 70.0 120,000 Loan #10 Sep. 30, 2031 94,500 - 70.0 - Loan #11 Dec. 31, 2029 70,000 - 60.0 - Loan #12 Sep. 30, 2030 45,000 75.0 - Loan #13 Sep. 17, 2032 108,000 70.0 - Total secured loans 1,617,500 - – 1,407,000 Bond #3 Nov. 15, 2027 167,200 - - 311,400 Bond #4 Sep. 26, 2025 - - - 335,200 Bond #5 Jun. 23, 2026 186,300 - - 334,100 Bond #6 Mar. 30, 2031 500,000 - - - Schuldschein 10y/fix May 6, 2026 40,000 - - 40,000 Revolving credit line2) Apr. 29, 2028 - - - - Total unsecured loans 893,500 - - 1,020,700 Total 2,511,000 – 2,427,700 Balance sheet Net LTV3) 55.2 1) Calculation based on the market values of the properties serving as collateral in relation to the loan amount drawn down. The LTV is only shown here for loans for which a reporting obligation existed on the reporting date . 2) Agreement of a revolving credit line on April 29, 2022: term of EUR 150 million until April 29, 2028 and a further EUR 50 million until Apri l 29, 2026. 3) For reasons of consistency with the covenant reporting , the balance sheet net LTV is calculated here. Previously, the property -related net LTV was stated (September 30, 2025: 57.8%, December 31, 2024: 56.5%). During the first quarter of 2025, alstria issued a new capital market bond (Bond #6) with a volume of EUR 500 million with a maturity of 6 years and a coupon of 5.5%. In addition, the two loans #10 and #11 already signed at the end of 2024 were drawn down in a total amount of EUR 164.5 million. Two further loans (loan #12 and #13) with a combined volume of EUR 153 million were signed and drawn down in the course of 2025. The proceeds from the new financing instruments served mainly to repay loan #5 with a volume of EUR 107 million, the partial repurchase of bond #3 and #5 and the full repayment of bond #4.
Page 9
alstria Interim Report 9M 2025 9 5 COVENANT REPORT Compliance with and calculation of the Covenants referring to §11 of the Terms and Conditions * In case of the incurrence of new Financial Indebtedness that is not drawn for the purpose of refinancing existing liabilities, alstria needs to comply with the following covenants: ▪ The ratio of the Consolidated Net Financial Indebtedness over Total Assets will not exceed 60 % ▪ The ratio of the Secured Consolidated Net Financial Indebtedness over Total Assets will not exceed 45 % ▪ The ratio of Unencumbered Assets over Unsecured Consolidated Net Financial Indebtedness will be more than 150 % After the reporting date , alstria has issued a new corporate bond, the proceeds of which are, to a limited extent, used for General Corporate purposes. As such, the incurrence covenants are being tested in this reporting period. EUR k (unaudited) September 30, 2025 Consolidated Net Financial Indebtedness as of the reporting date 2,411,002 Net Financial Indebtedness incurred since the reporting date 50,000 Sum Consolidated Net Financial Indebtedness 2,461,002 Total Assets as of the reporting date (less cash) 4,370,207 Purchase price of any Real Estate Property acquired or contracted for acquisition since the reporting date - Proceeds of any Financial Indebtedness incurred since the reporting date that were not used to acquire Real Estate Property or to reduce Financial Indebtedness 50,000 Sum Total Assets 4,420,207 Ratio of the Consolidated Net Financial Indebtedness over Total Assets (max. 60 %) 56 % EUR k (unaudited) September 30, 2025 Secured Consolidated Net Financial Indebtedness as of the reporting date 1,591,174 Secured Net Financial Indebtedness incurred since the reporting date - Sum Secured Consolidated Net Financial Indebtedness 1,591,174 Total Assets as of the reporting date (less cash attributable to secured debt) 4,450,541 Purchase price of any Real Estate Property acquired or contracted for acquisition since the reporting date - Proceeds of any Financial Indebtedness incurred since the reporting date that were not used to acquire Real Estate Property or to reduce Financial Indebtedness 50,000 Sum Total Assets 4,500,541 Ratio of the Secured Consolidated Net Financial Indebtedness over Total Assets (max. 45 %) 35 % * The following section refers to the Terms and Conditions of the Fixed Rate Notes as well as to the Terms and Conditions of the Schuldschein (for further information, please refer to www.alstria.com). Capitalized terms have the meanings defined in the Terms and Conditions.
Page 10
alstria Interim Report 9M 2025 10 EUR k (unaudited) September 30, 2025 Value of Unencumbered Real Estate Property 1,751,835 Value of all other assets 191,104 Unencumbered Assets as of the reporting date 1,942,940 Net Unencumbered Assets recorded since the reporting date -8,300 Sum Unencumbered Assets 1,934,640 Unsecured Consolidated Net Financial Indebtedness as of the reporting date 819,828 Net Unsecured Financial Indebtedness incurred since the reporting date 50,000 Sum Unsecured Consolidated Net Financial Indebtedness 869,828 Ratio of Unencumbered Assets over Unsecured Consolidated Net Financial Indebtedness (min. 150 %) 222 % Furthermore, alstria needs to maintain a ratio of the Consolidated Adjusted EBITDA over Net Cash Interest of no less than 1.80 to 1.00. The ratio should be calculated and published at every reporting date following the issuance of the bond or the Schuldschein. EUR k (unaudited) Q4 2024 -Q3 2025 cumulative Earnings Before Interest and Taxes (EBIT) 166,970 Net profit / loss from fair value adjustments to investment property -60,734 Net profit / loss from fair value adjustments to financial derivatives 11,610 Profit / loss from the disposal of investment property 1,610 Other adjustments1) 20,171 Fair value and other adjustments in joint venture - Consolidated Adjusted EBITDA 139,627 Net Cash Interest -65,752 Consolidated Coverage Ratio (min. 1.80 to 1.00) 2.1 1) Depreciation, amortization, and nonrecurring or exceptional items. On September 30, 2025 alstria complied with all its covenants under the loan agreements and / or the terms and conditions of the bonds and Schuldschein.
Page 11
alstria Interim Report 9M 2025 11 6 SUBSEQUENT EVENTS After the reporting date alstria issued a nother new capital market bond ( bond #7) with a volume of EUR 500 million, a maturity of 4 years and a coupon of 4.25%. The proceeds of this bond will be used for the refinancing of upcoming maturities. The holders of bonds#3 and #5 were offered a repurchase of their bonds. In this process, the outstanding volume of bond#3 decreased to EUR k 91,300 and that of bond#5 to EUR k 153,300. The remaining cash proceeds will mainly serve to repay maturing debt in 2026 and 2027. Furthermore, the RCF (Revolving Credit Facility) with a volume of EUR 200 million has been extended until April 29, 2029. 7 OUTLOOK Operationally, the first nine months of the financial year 202 5 went according to plan. Against this backdrop, alstria confirms the forecast for the expected revenues for the financial year 202 5 of ap- proximately EUR 192 million and an operating result (FFO) of EUR 52 million. In the fourth quarter o f 2025, the company is continuing to prepare to migrate its registered office from Hamburg to Luxembourg and to change its legal form from a German stock corporation to a Lux- embourg S.à r.l., which is expected to be completed in early 2026.However, the long-term strategy of the Group will remain unchanged. 8 RISK MANAGEMENT alstria is exposed to various risks through its business activities. Please refer to the detailed descriptions in the Annual Report 202 4. There have been no significant changes to the risk situation described in the 2024 consolidated financial statements, except that part of the operational related risks have been shifted to alstria advisors GmbH due to the carve out. 9 PRINCIPLES OF THE CONSOLIDATED INTERIM STATEMENT The consolidated interim statement of alstria office AG was prepared in accordance with International Financial Reporting Standards (IFRS) , as published by the International Accounting Standards Board (IASB), which the European Union adopted as European law. DISCLAIMER The consolidated interim statement contains statements relating to anticipated future developments. These statements are based on current assessments and are, by their very nature, exposed to risks and uncertainty. Actual developments may differ from those predicted in these statements. This 9M Interim Report, including the following financial information, has been prepared voluntarily and has not been subject to a review or audit by an external auditor.
Page 12
alstria Interim Report 9M 2025 12 CONSOLIDATED INCOME STATEMENT For the period from January 1 to September 30, 2025 EUR k (unaudited) Q1-Q3 2025 Q1-Q3 2024* adjusted Revenues 146,233 148,581 Revenues from service charge income 31,529 32,255 Real estate operating expenses -51,544 -50,268 Net rental income 126,218 130,568 Administrative expenses -4,958 -6,301 Advisory and asset management expenses -8,784 0 Personnel expenses -11,426 -16,586 Other operating income 9,077 3,369 Other operating expenses -4,889 -3,522 Net result from fair value adjustments to investment property -160 -161 Net result from the disposal of investment property -1,610 0 Net operating result 103,468 107,366 Net financial result -44,324 -42,860 Share of the result of equity-accounted investments 729 0 Net result from fair value adjustments on financial deriva- tives -11,053 -1,506 Pretax result 48,820 63,000 Income tax expenses -7,721 1,937 Deferred tax result 57,811 -219,500 Consolidated profit for the period 98,910 -154,563 Attributable to: Shareholders of alstria office AG 98,910 -154,563 Earnings per share in EUR Basic earnings per share 0,60 -0,87 Diluted earnings per share 0,60 -0,87 * adjusted, see below "Section 2 - Disclosure relating to adjustments of accounting policy" on page 19.
Page 13
alstria Interim Report 9M 2025 13 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the period from January 1 to September 30, 2025 EUR k (unaudited) Q1-Q3 2025 Q1-Q3 2024 Consolidated profit for the period 98,910 154,563 Other comprehensive income for the period (items that can be reclassified to net income): Market valuation cash flow hedges 127 -10,059 Amortization of OCI from terminated hedging instruments (with underlying exposure still outstanding) 1,798 0 Income tax relating to items that may be reclassified sub- sequently to profit or loss. -921 0 Other comprehensive income 1,004 -10,059 Total comprehensive income for the period 99,914 -164,623 Total comprehensive income attributable to Shareholders of alstria office AG 99,914 -164,623
Page 14
alstria Interim Report 9M 2025 14 CONSOLIDATED STATEMENT OF FINANCIAL POSITION As of September 30, 2025 ASSETS EUR k (unaudited) September 30, 2025 Dec. 31, 2024 Noncurrent assets Investment property 4,182,499 4,127,431 Equity-accounted investments 8,753 0 Property, plant, and equipment 548 20,719 Intangible assets 0 342 Deferred tax assets 7,980 7,321 Financial assets 95,521 94,432 Derivatives 21,027 4,961 Total noncurrent assets 4,316,328 4,255,206 Current assets Trade receivables 6,464 4,836 Income tax receivables 167 90 Other receivables 8,709 6,026 Derivatives 29,583 2,576 Receivables from equity-accounted investments 656 0 Cash and cash equivalents 91,709 80,233 thereof restricted 11,371 7,448 Investment properties held for sale 8,300 0 Total current assets 145,588 93,761 Total assets 4,461,916 4,348,967
Page 15
alstria Interim Report 9M 2025 15 EQUITY AND LIABILITIES EUR k (unaudited) September 30, 2025 Dec. 31, 2024 Equity Share capital 121,167 178,562 Capital surplus 303,356 245,961 Hedging reserve -11,536 -12,540 Retained earnings 1,190,311 1,091,401 Revaluation surplus 10,590 3,485 Total equity 1,613,888 1,506,869 Noncurrent liabilities Limited partnership capital noncontrolling interests 97,921 101,038 Long-term loans and bonds, net of current portion 2,258,319 1,971,926 Deferred tax liabilities 174,154 230,387 Other provisions 187 1,673 Other liabilities 12,086 13,932 Derivatives 5,513 8,134 Total noncurrent liabilities 2,548,180 2,327,090 Current liabilities Limited partnership capital noncontrolling interests 21 21 Short-term loans 244,392 445,958 Trade payables 5,480 3,410 Liabilities to equity-accounted subsidiaries 8,201 0 Derivatives 6,991 5,190 Income tax liabilities 8,220 440 Other provisions 900 2,974 Other current liabilities 25,643 57,015 Total current liabilities 299,848 515,008 Total liabilities 2,848,028 2,842,098 Total equity and liabilities 4,461,916 4,348,967
Page 16
alstria Interim Report 9M 2025 16 CONSOLIDATED STATEMENT OF CASH FLOWS For the period ending September 30, 2025 EUR k (unaudited) Q1-Q3 2025 Q1-Q3 2024 1. Cash flows from operating activities Consolidated profit or loss for the period 98,910 -154,563 Interest income -18,689 -17,439 Interest expense 63,013 60,299 Result from income taxes 7,721 217,563 Result from deferred taxes -57,811 0 Unrealized valuation movements -8,122 13,366 Other noncash income (−)/expenses (+) 4,293 -619 Gain (−)/loss (+) on disposal of investment properties 1,610 -1 Depreciation and impairment of fixed assets (+) 858 1,269 Increase (−)/decrease (+) in trade receivables and other assets not attributed to investing or financing activities -3,561 4,466 Increase (+)/decrease (−) in trade payables and other liabilities not attributed to investing or financing activities -17,119 -6,158 Cash generated from operations 71,103 118,184 Interest received 2,268 3,811 Interest paid -50,833 -53,458 Income taxes paid 56 1,144 Net cash generated from operating activities 22,594 69,680 2. Cash flows from investing activities Acquisition of investment properties -57,968 -74,319 Proceeds from sale of investment properties 16,550 0 Payment of transaction cost in relation to the sale of investment properties -220 0 Acquisition of other property, plant, and equipment -418 0 Proceeds from the disposal of property, plant and equipment 2,835 0 Payments for investment in financial assets -1,089 0 Net cash used in investing activities -40,310 -74,319
Page 17
alstria Interim Report 9M 2025 17 EUR k Q1-Q3 2025 Q1-Q3 2024 3. Cash flows from financing activities Proceeds from the issue of bonds and borrowings 817,500 120,000 Payments of transaction costs for taking out loans -17,450 -7,223 Payments for the redemption portion of leasing obligations -518 -567 Payments due to the redemption of bonds and borrowings -719,899 -110,950 Payments to limited partners of non controlling interest -4,179 -3,815 Payments for the acquisition/redemption/adjustment of financial derivatives -46,225 -1,552 Net cash generated from/ used in financing activities 29,229 -4,107 4. Cash and cash equivalents at the end of the period Change in cash and cash equivalents (subtotal of 1 to 3) 11,513 -8,746 Effect of changes in consolidated group on cash and cash equivalents -37 0 Cash and cash equivalents at the beginning of the period 80,233 116,282 Cash and cash equivalents at the end of the period thereof restricted: EUR 11,371 k; previous year: EUR 7,503 k 91,709 107,536
Page 18
alstria Interim Report 9M 2025 18 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the period from January 1 to September 30, 2025 EUR k Share capital Capital surplus Hedging reserve Retained earnings Revaluation surplus Total equity As of Dec. 31, 2024 178,562 245,961 -12,540 1,091,401 3,485 1,506,869 Changes Q1-Q3 2025 Consolidated profit 0 0 0 98,910 0 98,910 Other comprehensive income 0 0 1,004 0 0 1,004 Total comprehensive income 0 0 -1,004 98,910 0 99,914 Reduction of Share ca- pital -57,395 57,395 0 0 0 0 Termination of own used property 0 0 0 0 7,105 7,105 As of September 30, 2025 121,167 303,356 -11,536 1,190,311 10,590 1,613,888 For the period from January 1 to September 30, 2024 EUR k Share capital Capital surplus Hedging reserve Retained earnings Revaluation surplus Total equity As of Dec. 31, 2023 178,562 245,961 -6,408 1,195,947 3,485 1,617,547 Changes Q1-Q3 2024 Consolidated profit 0 0 0 -154,563 0 -154,563 Other comprehensive income 0 0 -10,059 0 0 -10,059 Total comprehensive income 0 0 -10,059 -154,563 0 -164,622 As of September 30, 2024 178,562 245,961 -16,467 1,041,383 3,485 1,452,924
Page 19
alstria Interim Report 9M 2025 19 FURTHER INFORMATION Disclosures on matters with material impact on the accounting in the consolidated interim finan- cial statements as of September 30, 2025 1. IMPACT OF THE RESTRUCTURING As of July 11, 2025, the operational activities of alstria office AG were spun off into the newly estab- lished alstria advisors GmbH, based in Hamburg. Due to the transfer of personnel, contracts, and internal functions, alstria advisors GmbH qualifies as a deconsolidated entity under IFRS 10. Accord- ingly, the company has no longer been consolidated in the consolidated financial statements of alstria office AG since that date. The deconsolidation has significantly changed the structure of the consolidated balance sheet. The remaining assets and liabilities now primarily relate to the real estate portfolio and central financing. Comparability with prior periods is therefore limited. In preparation of the carve out the share capital was reduced by EUR 57,395 k from EUR 178,562 k to EUR 121,167 k in favor of the capital surplus that increased by the same amount from EUR 245,961 k to EUR 303,356 k. 2. DISCLOSURE RELATING TO ADJUSTMENTS OF ACCOUNTING POLICIES As of January 1, 2025, the company reverted to its previous presentation system applied through the end of 2022. The changes mainly affect the classification of certain expenses (e.g., property operating expenses, administrative expenses) and the treatment of project-related costs in development pro- jects. These changes have no impact on the consolidated profit or loss but only represent reclassifi- cations between line items in the income statement. A quantitative overview of the effects is pro- vided in the 2025 half-year financial report. Hamburg, Germany, November 3, 2025 Olivier Elamine Chief Executive Officer
Page 20
alstria Interim Report 9M 2025 20