Interim report
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INTERIM REPORT 1 JANUARY TO 30 SEPTEMBER 2026
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HIGHLIGHTS 9M 2026 KEY EARNINGS FIGURES 33.9 in EUR million RENTAL INCOME, compared to EUR 41.4 million in 9M 2025 2.8 in EUR million FFO I (after taxes, before minority interests), compared to EUR 8.3 million in 9M 2025 KEY FINANCIAL INDICATORS 40.1 in % NET LOAN-TO-VALUE1 (NET L TV), compared to 41.8% at the end of 2025 4.69 in % p.a. AVERAGE NOMINAL INTEREST COSTS, compared to 4.83% p.a. as at year-end 2025 1.28 in EUR NET ASSET VALUE (PER SHARE, BASIC), compared to EUR 1.59 at year-end 2025 PORTFOLIO DEVELOPMENT 6 27. 0 4.6 in EUR million PORTFOLIO VALUE, compared to EUR 688.3 million at year-end 2025 in years WAL T , compared to 4.7 years at year-end 2025 42.0 22.6 in EUR million ANNUALISED RENTAL INCOME, compared to EUR 51.3 million at year-end 2025 in % EPRA VACANCY RATE2, compared to 16.4% at year-end 2025 –6.3 34,100 in % LIKE-FOR-LIKE DECLINE in annualised rental income, compared to –3.0% in 9M 2025 in m 2 LETTING PERFORMANCE, compared to 56,200 m² in 9M 2025 1 According to the definition of the 2019/2027 bond 2 Excluding project developments DEMIRE INTERIM REPORT 1 JANUARY TO 30 SEPTEMBER 2026
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Key for navigating the interim report: Reference to another page in the interim report Reference to table of contents Reference to websites CONTENTS 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 20 Subsequent events and related party transactions 20 INTERIM CONSOLIDATED FINANCIAL STATEMENTS 21 Consolidated statement of income 22 Consolidated statement of comprehensive income 23 Consolidated balance sheet 24 Consolidated statement of cash flows 26 Consolidated statement of changes in equity 28 Notes to the consolidated financial statements 29 IMPRINT 41 1 DEMIRE INTERIM REPORT 1 JANUARY TO 30 SEPTEMBER 2026
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FOREWORD BY THE EXECUTIVE BOARD Dear Shareholders, dear Readers, The current year continues to be defined by a challenging economic environment, which is having a negative impact on the commercial real estate market. DEMIRE has not been able to escape the subdued demand for rental space entirely. Signifi- cantly less space was let in the first nine months than in the previous year, and apart from larger letting enquiries from the public sector, interest in larger office spaces remains weak. Nevertheless, in addition to the letting of over 10,000 m² to the United Nations in Bonn, which has already been finalised, we are in advanced negotiations regarding further large-scale lettings, which we expect to announce in the coming months. Against the backdrop of continued subdued activity in the commercial property investment markets, we have pursued our chosen course consistently. Even in this challenging market environment, we managed to carry out further targeted disposals and further streamline our portfolio. In the current financial year, we have already generated sales proceeds of around EUR 61 million through the sale of four properties and the partial sale of the residential building associated with the property in Bonn. These transactions also enable us to strengthen our financial flexibility. The pro - ceeds from these sales will support the further reduction of our debt and help to improve our balance sheet structure in the long term. By doing so, we are laying the foundations for further strengthening our capital structure and systematically expanding our financial flexibility for future business development. DEMIRE has continued to deliver solid results despite the persistently challenging market environment. As expected, rental income in the first nine months of the financial year was below the previous year’s level, which is primarily attributable to the targeted disposals of properties and the resulting reduction in the portfolio. Consequently, rental income for the first nine months of 2026 fell by 18.1% to EUR 33.9 million. At the same time, funds from operations I after taxes and before minority interests and interest on shareholder loans (FFO I) fell by 66.7% compared with the previous year to EUR 2.8 million. Our sustainability report and the EPRA metrics published as part of our annual report were once again awarded a gold rating by the European Public Real Estate Association (EPRA) in September. This recognition confirms the high quality of our reporting and underlines our commitment to transparency and accountability. At the same time, we are consistently driving forward the implementation of our sustainability strategy. The focus here is on expanding the charging infrastructure for electric vehicles at our sites and on the data-driven optimisation of heating con- trol systems. Our aim is to reduce energy consumption and the associated CO₂ emissions, whilst at the same time further improving the energy efficiency of our properties. Following the first nine months, the Executive Board confirms its guidance for the 2026 financial year: rental income is expected to be between EUR 42.5 and 44.5 mil- lion (2025: EUR 53.5 million). FFO I performed positively in the first nine months of the financial year and has already exceeded the range projected for the full year. Nevertheless, we are maintaining our existing guidance for the full year, as we ex - pect to make further investments in our property portfolio in the fourth quarter. FFO I (after taxes, before minority interests and interest on shareholder loans) is therefore still expected to be between EUR 0.5 million and EUR 2.5 million (2025: EUR 10.1 million). We hope you find this an interesting read and look forward to continuing our dia- logue with you. Frankfurt am Main, 4 November 2026 Dr Dirk Rüffel (CEO) Tim Brückner (CFO) 2 DEMIRE INTERIM REPORT 1 JANUARY TO 30 SEPTEMBER 2026 FOREWORD BY THE EXECUTIVE BOARD 2 DEMIRE AT A GLANCE 3 INTERIM GROUP MANAGEMENT REPORT 6 INTERIM CONSOLIDATED FINANCIAL STATEMENTS 21 IMPRINT 41
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DEMIRE AT A GLANCE FRANKFURT AM MAIN Key Group figures 4 Portfolio highlights 5
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FOREWORD BY THE EXECUTIVE BOARD 2 DEMIRE AT A GLANCE 3 Key Group figures 4 Portfolio highlights 5 INTERIM GROUP MANAGEMENT REPORT 6 INTERIM CONSOLIDATED FINANCIAL STATEMENTS 21 IMPRINT 41 KEY GROUP FIGURES in EUR thousand 01/01/2026 – 30/09/2026 01/01/2025 – 30/09/2025 Key earnings figures Rental income 33,903 41,400 Profit/loss from the rental of real estate 22,857 27,945 EBIT 10,888 – 28,050 Financial result – 41,782 – 38,252 EBT – 30,894 – 66,302 Net profit/loss for the period – 26,151 – 60,695 Net profit/loss for the period attributable to parent company shareholders – 26,485 – 60,570 Net profit/loss for the period per share (basic/diluted) (in EUR) – 0.25/– 0.25 – 0.57/– 0.57 FFO I (after taxes, before interests on shareholders loan and minority interests) 2,769 8,312 30/09/2026 31/12/2025 Key portfolio indicators Properties (number) 39 43 Market value (in EUR million)¹ 627.0 688.3 Annualised contractual rents (in EUR million) 42.0 51.3 Rental yield 6.7% 7.5% EPRA vacancy rate 2 22.6% 16.4% WAL T (in years) 4.6 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 in EUR thousand 30/09/2026 31/12/2025 Key balance sheet figures Total assets 819,483 849,190 Investment property 623,568 591,946 Non-current assets held for sale 15,300 103,540 Total real estate portfolio 638,868 695,486 Financial and lease liabilities 524,101 511,063 Cash and cash equivalents 82,621 54,241 Net financial liabilities 441,480 456,822 Net loan-to-value¹ (Net L TV) 40.1% 41.8% Equity according to Group balance sheet 124,500 150,810 Equity ratio 15.2% 17.8% Net Asset Value (NAV) 102,518 129,148 EPRA NAV (basic/diluted) 135,373/135,373 168,105/168,105 Number of shares (basic/diluted) 105,513/105,513 105,513/105,513 EPRA NAV per share (basic/diluted) 1.28/1.28 1.59/1.59 ¹ According to the definition of the 2019/2027 bond 4 DEMIRE INTERIM REPORT 1 JANUARY TO 30 SEPTEMBER 2026
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Office Retail Other Corporate location Sachsen-Anhalt Brandenburg Berlin Mecklenburg- Western Pomerania Schleswig- Holstein Hamburg Bremen Lower Saxony North Rhine- Westphalia Hesse Saarland Rhineland- Palatinate Baden- Wuerttemberg Bavaria Thuringia Saxony FOREWORD BY THE EXECUTIVE BOARD 2 DEMIRE AT A GLANCE 3 Key Group figures 4 Portfolio highlights 5 INTERIM GROUP MANAGEMENT REPORT 6 INTERIM CONSOLIDATED FINANCIAL STATEMENTS 21 IMPRINT 41 PORTFOLIO HIGHLIGHTS as at 30 September 2026 6 27. 0 9.89 in EUR million MARKET VALUE OF THE PROPERTY PORTFOLIO in EUR/m² AVERAGE RENT across the portfolio 39 22.6 assets at 33 LOCATIONS in 9 federal states in % EPRA VACANCY RATE1 across the portfolio 42.0 6.7 in EUR million ANNUALISED CONTRACTUAL RENTS in % GROSS RENTAL YIELD –6.3 4.6 in % LIKE-FOR-LIKE DECREASE in annualised contractual rent in years WEIGHTED AVERAGE lease term (WAL T) 1 Excluding project developments 5 DEMIRE INTERIM REPORT 1 JANUARY TO 30 SEPTEMBER 2026
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INTERIM GROUP MANAGEMENT REPORT for the reporting period from 1 January to 30 September 2026 BAD VIBEL Overview 7 Economic report 10 Opportunities and risks 20 Subsequent events and related party transactions 20
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OVERVIEW BUSINESS PERFORMANCE DEMIRE’s business performed as expected in the first nine months of 2026. Funds from operations fell, partly as a result of the property sales that took place. Letting performance fell compared with the previous year due to continued weakness in the letting markets. The increase in vacancies, particularly in the properties in Schwerin and Leipzig, has had a corresponding effect on the vacancy rate and the like-for-like development of annualised contractual rents. Overall, the Group’s key figures are solid, taking into account property sales and against the backdrop of the weak economic environment, and are in line with the Company’s expectations. DEMIRE’s key indicators developed as follows in the first nine months of 2026: — Rental income decreased to EUR 33.9 million (previous year: EUR 41.4 million). — Profit from rental income amounted to EUR 22.9 million, compared to EUR 27.9 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 2.8 million, compared with EUR 8.3 million in the previous year. — The letting performance decreased to around 34,100 m² compared to 56,200 m² in the same period of the previous year. — The like-for-like development in annualised contractual rents since 30 Septem- ber 2025 was –6.3 %. The decline is primarily due to the rise in vacancy rates in Neumünster, Schwerin and Leipzig. — The EPRA Vacancy Rate1 rose to 22.6 % (31 December 2025: 16.4 %), whilst the WAL T remained virtually unchanged at 4.6 years (31 December 2025: 4.7 years). — The NAV per share (basic) fell to EUR 1.28, compared to EUR 1.59 at the end of 2025. — The net loan-to-value ratio² (net L TV) fell to 40.1% (31 December 2025: 41.8%), while liquidity increased to EUR 82.6 million as at the reporting date (31 Decem- ber 2025: EUR 54.2 million). — The average nominal financing costs (excluding shareholder loans) are 4.69% per annum (31 December 2025: 4.83% p.a.). GUIDANCE FOR THE 2026 FINANCIAL YEAR CONFIRMED In light of the development in the first nine months of 2026, the Executive Board can confirm the guidance for the 2026 financial year: rental income will be between EUR 42.5 million and EUR 44.5 million (2025: EUR 53.5 million). FFO I (after taxes, before minority interests and interest on shareholder loans) is still expected to be between EUR 0.5 million and EUR 2.5 million (2025: EUR 10.1 million). Although FFO I is already above the range of the annual guidance after nine months, the guidance remains unchanged due to the investments in the property portfolio expected in the fourth quarter of 2026. 1 Excluding project developments 2 According to the definition of the 2019/2027 bond 7 DEMIRE INTERIM REPORT 1 JANUARY TO 30 SEPTEMBER 20267 FOREWORD BY THE EXECUTIVE BOARD 2 DEMIRE AT A GLANCE 3 INTERIM GROUP MANAGEMENT REPORT 6 Overview 7 Economic report 10 Opportunities and risks 20 Subsequent events and related party transactions 20 INTERIM CONSOLIDATED FINANCIAL STATEMENTS 21 IMPRINT 41
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PROPERTY PORTFOLIO Between the end of the previous financial year and the reporting date, the property portfolio decreased to 39 properties (31 December 2025: 43 properties) as a result of sales. Since the start of the year, the properties in Flensburg, Kempten, Frankfurt and Chemnitz (Hartmannstr. 3a–7) have been sold. In addition, the residential building forming part of the property in Bonn was sold. The lettable area of the buildings in the portfolio is around 480,930 m² (31 December 2025: 536,790 m²) and the total market value is approximately EUR 627.0 million (31 December 2025: approximately EUR 688.3 million). The last external property valuation of the entire portfolio was performed on 31 December 2025. The EPRA Vacancy Rate1 increased as at the reporting date of 30 September 2026 to 22.6%, following 16.4% on 31 December 2025. The increase is largely attributable to the additional vacancies in the properties in Schwerin and Leipzig, as well as the sale of properties with low vacancy rates, such as those in Flensburg and Frankfurt am Main. WAL T was 4.6 years as at 30 September 2026, compared to 4.7 years as at year- end 2025. In the period under review, DEMIRE achieved a letting performance of around 34,100 m² (9M 2025: 56,200 m²). 64% of the letting performance was attribut- able to new lettings and 36% to contract extensions. Letting performance was driven, inter alia, by a lease extension covering around 10,500 m² in Quickborn, as well as new lettings totalling around 10,000 m² in Bonn and around 2,300 m² in Celle. 1 Excluding project developments TOP TEN TENANTS (AS AT 30 SEPTEMBER 2026) No. Tenant Type of use Contractual rents p.a. in EUR million in % of total 1 GMG/Dt. Telekom Office 3.3 7.8 2 Bima Bundesanstalt für Immobilien- aufgaben Office 2.7 6.4 3 GALERIA Karstadt Kaufhof Retail 1.8 4.2 4 comdirect bank AG Office 1.4 3.3 5 BWI GmbH Office 1.3 3.2 6 CFH Penta Rostock GmbH Hotel 1.3 3.0 7 Stadt Leverkusen Office 1.2 2.8 8 Landesbetrieb Bau und Immobilien Office 1.2 2.8 9 toom Baumarkt GmbH Retail 1.1 2.7 10 Contipark International Parking 0.9 2.1 Total 16.1 38.2 Other 26.0 61.8 Total 42.0 100.0 8 DEMIRE INTERIM REPORT 1 JANUARY TO 30 SEPTEMBER 20268 FOREWORD BY THE EXECUTIVE BOARD 2 DEMIRE AT A GLANCE 3 INTERIM GROUP MANAGEMENT REPORT 6 Overview 7 Economic report 10 Opportunities and risks 20 Subsequent events and related party transactions 20 INTERIM CONSOLIDATED FINANCIAL STATEMENTS 21 IMPRINT 41
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PORTFOLIO BY ASSET CLASS Number of properties Market value¹ in EUR million Share by market value in % Lettable space in thousand m2 Market value/m2 Contractual rent in EUR million p.a. Contractual rent per m² Rental returns in % EPRA vacancy rate2 in % WAL T in years Office 25 391.5 62.4 293.8 1,333 24.6 10.46 6.3 28.4 3.6 Retail 11 210.3 33.5 164.4 1,280 16.1 9.57 7.6 13.4 5.4 Other 3 25.1 4.0 22.8 1,103 1.4 6.21 5.4 22.3 13.5 Total 30 September 2026 39 627.0 100.0 480.9 1,304 42.0 9.89 6.7 22.6 4.6 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) – 4 – 8.9% 0 – 10.4% 1.7% – 18.1% 0.9% – 0.8 6.2 – 0.1 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 9 DEMIRE INTERIM REPORT 1 JANUARY TO 30 SEPTEMBER 20269 FOREWORD BY THE EXECUTIVE BOARD 2 DEMIRE AT A GLANCE 3 INTERIM GROUP MANAGEMENT REPORT 6 Overview 7 Economic report 10 Opportunities and risks 20 Subsequent events and related party transactions 20 INTERIM CONSOLIDATED FINANCIAL STATEMENTS 21 IMPRINT 41
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Results of operations, net assets and financial position RESUL TS OF OPERATIONS In the first nine months of 2026, the DEMIRE Group generated rental income total- ling EUR 33.9 million (previous year: EUR 41.4 million). Rental income fell, mainly due to a smaller portfolio base following sales. Rent indexations had an offsetting effect. As a result of property sales in previous quarters, profit/loss from the rental of real estate also decreased by 18.2% to EUR 22.9 million (previous year: EUR 27.9 million). The result from the sale of real estate amounted to EUR –2.2 million in the first nine months of 2026 (previous year: EUR 0.7 million) and is attributable to the disposal of five properties in Flensburg, Kempten, Frankfurt and Chemnitz ( Hartmannstr. 3a–7), as well as the partial sale of the property in Bonn. The result from fair value adjust- ments of investment properties amounted to EUR –0.2 million (previous year: EUR 0 million). The last external property valuation of the entire portfolio was per- formed on 31 December 2025. Changes in assets held for sale resulting from sales, value adjustments and reclassifications amounted to EUR –0.2 million (previous year: EUR –29.9 million). Impairments on financial and other receivables decreased significantly and amounted to EUR 1.1 million in the first nine months of 2026 (previous year: EUR 19.5 million). In the previous year, write-downs had been recognised on loans granted to the Limes companies, which have now been deconsolidated. General administrative expenses remained stable in the first nine months of 2026 at EUR 7.8 million (previous year: EUR 7.8 million). As a result, earnings before interest and taxes (EBIT) rose to EUR 10.9 million (previ- ous year: EUR –28.1 million). In the previous year, depreciation and write-downs on the property portfolio had adversely affected earnings. The financial result fell to EUR –41.8 million (previous year: EUR –38.3 million). The year-on-year decline is primarily due to higher finance costs resulting from interest accrued on the shareholder loan. At the same time, financial income fell by EUR 1.8 million to EUR 3.6 million. The average nominal interest rate on borrowings (excluding shareholder loans) is 4.69% per annum (previous year: 4.43% per an- num). The profit attributable to minority interests fell slightly to EUR 2.4 million (previous year: EUR 2.5 million). Earnings before taxes (EBT) rose to EUR –30.9 million in the reporting period, com- pared to EUR –66.3 million in the previous year. Current income taxes decreased to EUR 1.4 million (previous year: EUR 2.1 million). Income from changes in deferred taxes arose primarily from property disposals, the increase in deferred tax assets on tax loss carry-forwards, and the effective interest expense on the corporate bond. This was offset in particular by depreciation on property, resulting in a net positive contribution from deferred tax of EUR 6.1 mil- lion (previous year: EUR 7.7 million). The net result for the first nine months of 2026 amounted to EUR –26.2 million, compared with EUR –60.7 million in the same period of the previous year. ECONOMIC REPORT 10 DEMIRE INTERIM REPORT 1 JANUARY TO 30 SEPTEMBER 202610 FOREWORD BY THE EXECUTIVE BOARD 2 DEMIRE AT A GLANCE 3 INTERIM GROUP MANAGEMENT REPORT 6 Overview 7 Economic report 10 Opportunities and risks 20 Subsequent events and related party transactions 20 INTERIM CONSOLIDATED FINANCIAL STATEMENTS 21 IMPRINT 41
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CONSOLIDATED INCOME STATEMENT (selected information in EUR thousand) 01/01/2026 – 30/09/2026 01/01/2025 – 30/09/2025 Change in % Rental income 33,903 41,400 – 7,497 – 18.1 Income from utility and service charges 9,865 9,616 249 2.6 Operating expenses to generate rental income – 20,487 – 21,717 1,230 5.7 Impairment of trade receivables – 424 – 1,354 930 68.7 Profit/loss from the rental of real estate 22,857 27,945 – 5,088 – 18.2 Income from the sale of real estate and real estate companies 61,398 18,911 42,487 >100 Expenses related to the sale of real estate and real estate companies – 63,591 – 18,203 – 45,388 < – 100 Profit/loss from the sale of real estate and real estate companies – 2,193 708 – 2,901 < – 100 Profit/loss from fair value adjustments of investment properties – 210 0 – 210 Result from the fair value adjustment of assets held for sale – 180 – 29,861 29,681 99.4 Impairment of financial and other receivables – 1,149 – 19,521 18,372 94.1 Other operating income 770 1,358 – 588 – 43.3 General and administrative expenses – 7,759 – 7,847 88 1.1 Other operating expenses – 1,248 – 832 – 416 – 50.1 Earnings before interest and taxes 10,888 – 28,050 38,938 >100 Financial result – 41,782 – 38,252 – 3,530 – 9.2 Earnings before taxes – 30,894 – 66,302 35,408 53.4 Current income taxes – 1,359 – 2,110 751 35.6 Deferred taxes 6,102 7,717 – 1,615 – 20.9 Net profit/loss for the period – 26,151 – 60,695 34,544 56.9 Thereof attributable to parent company shareholders – 26,485 – 60,570 34,085 56.3 Basic earnings per share (in EUR) – 0.25 – 0.57 0.32 56.3 Weighted average number of shares outstanding 105,513 105,513 – 0 – 0.0 Diluted earnings per share (in EUR) – 0.25 – 0.57 0.32 56.3 Weighted average number of shares outstanding (diluted) 105,513 105,513 0 0.0 11 DEMIRE INTERIM REPORT 1 JANUARY TO 30 SEPTEMBER 202611 FOREWORD BY THE EXECUTIVE BOARD 2 DEMIRE AT A GLANCE 3 INTERIM GROUP MANAGEMENT REPORT 6 Overview 7 Economic report 10 Opportunities and risks 20 Subsequent events and related party transactions 20 INTERIM CONSOLIDATED FINANCIAL STATEMENTS 21 IMPRINT 41
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NET ASSETS As at 30 September 2026, the total assets decreased by EUR 29.7 million to EUR 819.5 million compared to year-end 2025. This was mainly due to property sales. The value of investment property stood at EUR 623.6 million as at 30 Sep - tember 2026, representing an increase of EUR 31.6 million compared with 31 De - cember 2025. A key driver of the increase was the reclassification of property held for sale to investment property. As a result of this reclassification and the sale of five properties, the balance sheet item for property held for sale fell by a further EUR 88.2 million to EUR 15.3 million. Group equity as at 30 September 2026 totalled EUR 124.5 million, compared with EUR 150.8 million as at 31 December 2025. The main reason for the decline was the net loss for the period. The equity ratio came to 15.2% (31 December 2025: 17.8%). It should be noted that non-controlling minority interests reported as liabilities in the Group balance sheet of around EUR 70.8 million (31 December 2025: EUR 68.5 million) are recognised as non-current liabilities and not as equity in accordance with IFRS, solely as a result of the legal form of Fair Value REIT’s fund participations as partnerships. The corresponding adjusted Group equity totalled approximately EUR 195.3 million (31 December 2025: EUR 219.3 million). Total liabilities as at 30 September 2026 amounted to EUR 695.0 million. These decreased by EUR 3.4 million compared to 31 December 2025. Following the exten- sion of a bank loan, current liabilities decreased to EUR 91.9 million (previous year: EUR 125.0 million). 12 DEMIRE INTERIM REPORT 1 JANUARY TO 30 SEPTEMBER 202612 FOREWORD BY THE EXECUTIVE BOARD 2 DEMIRE AT A GLANCE 3 INTERIM GROUP MANAGEMENT REPORT 6 Overview 7 Economic report 10 Opportunities and risks 20 Subsequent events and related party transactions 20 INTERIM CONSOLIDATED FINANCIAL STATEMENTS 21 IMPRINT 41
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CONSOLIDATED BALANCE SHEET – ASSETS (selected information in EUR thousand) 30/09/2026 31/12/2025 Change in % Assets Total non-current assets 707,451 676,052 31,399 4.6 Total current assets 96,732 69,598 27,134 39.0 Assets held for sale 15,300 103,540 – 88,240 – 85.2 Total assets 819,483 849,190 – 29,707 – 3.5 CONSOLIDATED BALANCE SHEET – EQUITY AND LIABILITIES (selected information in EUR thousand) 30/09/2026 31/12/2025 Change in % Equity and liabilities Equity Equity attributable to parent company shareholders 102,518 129,148 – 26,630 – 20.6 Non-controlling interests 21,982 21,662 320 1.5 Total equity 124,500 150,810 – 26,310 – 17.4 Liabilities Total non-current liabilities 603,049 573,380 29,669 5.2 Total current liabilities 91,934 125,000 – 33,066 – 26.5 Total liabilities 694,983 698,380 – 3,397 – 0.5 Total equity and liabilities 819,483 849,190 – 29,707 – 3.5 13 DEMIRE INTERIM REPORT 1 JANUARY TO 30 SEPTEMBER 202613 FOREWORD BY THE EXECUTIVE BOARD 2 DEMIRE AT A GLANCE 3 INTERIM GROUP MANAGEMENT REPORT 6 Overview 7 Economic report 10 Opportunities and risks 20 Subsequent events and related party transactions 20 INTERIM CONSOLIDATED FINANCIAL STATEMENTS 21 IMPRINT 41
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FINANCIAL POSITION Cash flow from operating activities in the first nine months of 2026 amounted to EUR 5.8 million (previous year: EUR 20.4 million). Cash flow from investing activities amounted to EUR 52.7 million in the reporting period, compared to EUR 8.6 million in the previous year. The difference compared with the previous period is mainly attributable to higher proceeds from the sale of real estate. Cash flow from financing activities came to EUR –30.1 million, compared to EUR –24.1 million in the same period of the previous year. The main drivers of change were higher debt repayments and lower cash inflows from the incurrence of financial liabilities in connection with new property loans. Cash and cash equivalents amounted to EUR 82.6 million on 30 September 2026 (30 September 2025: EUR 49.8 million). CONSOLIDATED STATEMENT OF CASH FLOWS (selected information in EUR thousand) 01/01/2026 – 30/09/2026 01/01/2025 – 30/09/2025 Change Cash flow from operating activities 5,772 20,422 – 14,650 Cash flow from investing activities 52,743 8,592 44,151 Cash flow from financing activities – 30,135 – 24,052 – 6,083 Net change in cash and cash equivalents 28,380 4,961 23,419 Cash and cash equivalents at the end of the period 82,621 49,777 32,844 Funds from operations (FFO) Funds from operations I (after tax, before minority interests and interest on share - holder loans), the key operating performance indicator, fell by EUR 5.5 million to EUR 2.8 million in the first nine months of 2026, compared with EUR 8.3 million in the same period of the previous year. 14 DEMIRE INTERIM REPORT 1 JANUARY TO 30 SEPTEMBER 202614 FOREWORD BY THE EXECUTIVE BOARD 2 DEMIRE AT A GLANCE 3 INTERIM GROUP MANAGEMENT REPORT 6 Overview 7 Economic report 10 Opportunities and risks 20 Subsequent events and related party transactions 20 INTERIM CONSOLIDATED FINANCIAL STATEMENTS 21 IMPRINT 41
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FFO CALCULATION (selected information in EUR thousand) 01/01/2026 – 30/09/2026 01/01/2025 – 30/09/2025 Change in % Earnings before taxes – 30,894 – 66,302 35,406 53.4 Minority interests 2,391 2,492 – 101 – 4.1 Earnings before taxes (EBT) – 28,505 – 63,810 35,305 55.3 ± Profit/loss from the sale of real estate 2,193 – 708 2,901 >100 ± Profit/loss from the valuation of investment properties 390 29,861 – 29,470 – 98.7 ± Other adjustments 1 12,648 30,518 – 17,870 – 58.6 FFO I before taxes – 13,272 – 4,139 – 9,133 < – 100 ± (Current) income taxes – 1,134 – 2,016 882 43.7 FFO I after taxes – 14,406 – 6,155 – 8,251 < – 100 Thereof attributable to parent company shareholders – 17,181 – 8,313 – 8,867 < – 100 Thereof attributable to non-controlling interests 2,774 2,158 616 28.5 ± Interest expenses from shareholder loans (including effect on current income taxes) 17,175 14,468 2,708 18.7 FFO I after taxes, before interest on shareholder loans 2,769 8,312 – 5,543 – 66.7 Thereof attributable to parent company shareholders – 5 6,154 – 6,160 < – 100 Thereof attributable to non-controlling interests 2,774 2,158 616 28.5 FFO I after taxes – 14,406 – 6,155 – 8,251 < – 100 ± Profit/loss from the sale of real estate and real estate companies (after taxes) – 2,193 708 – 2,901 < – 100 FFO II after taxes – 16,599 – 5,447 – 11,152 < – 100 Thereof attributable to parent company shareholders – 19,461 – 7,441 – 12,020 < – 100 Thereof attributable to non-controlling interests 2,862 1,993 868 43.6 ± Interest expenses from shareholder loans (including effect on current income taxes) 17,175 14,468 2,708 18.7 FFO II after taxes, before interest on shareholder loans 576 9,020 – 8,444 – 93.6 Thereof attributable to parent company shareholders – 2,285 7,027 – 9,313 < – 100 15 DEMIRE INTERIM REPORT 1 JANUARY TO 30 SEPTEMBER 202615 FOREWORD BY THE EXECUTIVE BOARD 2 DEMIRE AT A GLANCE 3 INTERIM GROUP MANAGEMENT REPORT 6 Overview 7 Economic report 10 Opportunities and risks 20 Subsequent events and related party transactions 20 INTERIM CONSOLIDATED FINANCIAL STATEMENTS 21 IMPRINT 41
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FFO CALCULATION (selected information in EUR thousand) 01/01/2026 – 30/09/2026 01/01/2025 – 30/09/2025 Change in % Thereof attributable to non-controlling interests 2,862 1,993 868 43.6 FFO I after taxes and minority interests – 17,181 – 8,313 – 8,867 < – 100 Basic earnings per share (in EUR) – 0.16 – 0.08 – 0.08 < – 100 Weighted average number of shares outstanding 105,513 105,513 0 0.0 Diluted earnings per share (in EUR) – 0.16 – 0.08 – 0.08 < – 100 Weighted average number of shares outstanding (diluted) 105,513 105,513 0 0.0 FFO II after taxes and minority interests – 19,461 – 7,441 – 12,020 < – 100 Basic earnings per share (in EUR) – 0.18 – 0.07 – 0.11 < – 100 Weighted average number of shares outstanding 105,513 105,513 0 0.0 Diluted earnings per share (in EUR) – 0.18 – 0.07 – 0.11 < – 100 Weighted average number of shares outstanding (diluted) 105,513 105,513 0 0.0 1 Other adjustments include: — One-time refinancing costs and effective interest payments (EUR 8.9 million, previous year: EUR 10.7 million) — One-time transaction, legal, consultancy and administrative fees (EUR 0.5 million, previous year: EUR 1.1 million) — Non-period expenses/income (EUR -3.2 million, previous year: EUR 2.1 million) — Depreciation and extraordinary write-offs (EUR 0.0 million, previous year: EUR 16.5 million) 16 DEMIRE INTERIM REPORT 1 JANUARY TO 30 SEPTEMBER 202616 FOREWORD BY THE EXECUTIVE BOARD 2 DEMIRE AT A GLANCE 3 INTERIM GROUP MANAGEMENT REPORT 6 Overview 7 Economic report 10 Opportunities and risks 20 Subsequent events and related party transactions 20 INTERIM CONSOLIDATED FINANCIAL STATEMENTS 21 IMPRINT 41
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Net asset value (NA V) The basic net asset value decreased from EUR 129.1 million as at 31 December 2025 to EUR 102.5 million as at 30 September 2026, primarily due to the net loss for the period. Basic NAV as at the reporting date stood at EUR 1.28 per share (31 Decem- ber 2025: EUR 1.59 per share). NET ASSET VALUE (NAV) in EUR thousand 30/09/2026 31/12/2025 Change in % Net Asset Value (NAV) 102,518 129,148 – 26,630 – 20.6 Deferred taxes 32,855 38,957 – 6,102 – 15.7 Goodwill resulting from deferred taxes 0 0 0 NAV (basic) 135,373 168,105 – 32,733 – 19.5 Number of outstanding shares (basic) (in thousands) 105,513 105,513 0 0.0 NAV per share (basic) (in EUR) 1.28 1.59 – 0.31 – 19.5 Effect of the conversion of convertible bonds and other equity instruments 0 0 0 NAV (diluted) 135,373 168,105 – 32,733 – 19.5 Number of outstanding shares (diluted) (in thousands) 105,513 105,513 0 0.0 NAV per share (diluted) (in EUR) 1.28 1.59 – 0.31 – 19.5 17 DEMIRE INTERIM REPORT 1 JANUARY TO 30 SEPTEMBER 202617 FOREWORD BY THE EXECUTIVE BOARD 2 DEMIRE AT A GLANCE 3 INTERIM GROUP MANAGEMENT REPORT 6 Overview 7 Economic report 10 Opportunities and risks 20 Subsequent events and related party transactions 20 INTERIM CONSOLIDATED FINANCIAL STATEMENTS 21 IMPRINT 41
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NET LOAN-TO-VALUE RATIO The DEMIRE Group’s net loan-to-value ratio is defined in the 2019/2027 bond pro - spectus as the ratio of net financial liabilities to the sum of all assets less intangible assets and cash and cash equivalents. The net loan-to-value ratio fell moderately to 40.1% (from 41.8% at the end of 2025). NET LOAN-TO VALUE (NET L TV) in EUR thousand 30/09/2026 31/12/2025 Financial liabilities and lease liabilities 378,334 386,539 Cash and cash equivalents 82,621 54,241 Net financial debt 295,713 332,298 Total assets 819,483 849,190 Intangible assets 0 0 Cash and cash equivalents – 82,621 – 54,241 Total assets less intangible assets and cash and cash equivalents 736,862 794,949 Net L TV (in %) 40.1 41.8 Covenants for the 2019/2027 corporate bond Within the scope of extending the 2019/2027 corporate bond, DEMIRE undertook to comply with and regularly report on various covenants. The definitions of the cove- nants to be reported on are listed in the terms and conditions for the 2019/2027 corporate bond. As at the reporting date, one property was held for sale. A Letter of Intent (LOI) has been signed for this property. The weighted average lease term (WAL T) of the 20 largest properties increased to 4.7 years as of 30 September 2026. The new and/or extended leases in Neuss and Quickborn account for a significant portion of this increase. BOND COVENANTS 30/09/2026 NET L TV ICR Covenant max. 70% min. 1.50 Value 40.1% 2.09 As at 30 September 2026, DEMIRE had complied with all covenants of the 2019/2027 corporate bond. The planning for the 2026 financial year and beyond assumes that the covenants will be complied with at all times. 18 DEMIRE INTERIM REPORT 1 JANUARY TO 30 SEPTEMBER 202618 FOREWORD BY THE EXECUTIVE BOARD 2 DEMIRE AT A GLANCE 3 INTERIM GROUP MANAGEMENT REPORT 6 Overview 7 Economic report 10 Opportunities and risks 20 Subsequent events and related party transactions 20 INTERIM CONSOLIDATED FINANCIAL STATEMENTS 21 IMPRINT 41
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WAL T TOP 20 ASSETS in years 30/09/2026 31/12/2025 Property Rostock (Kröpeliner Straße 26–28) 8.6 8.8 Bonn (Bonner Talweg 100/Reuterstraße) 3.4 4.1 Neuss (Breslauer Straße 8) 2.1 0.0 Bad Vilbel (Konrad-Adenauer-Allee 1–11) 4.6 5.2 Düsseldorf (Wiesenstraße 70) 2.6 3.0 Leipzig (Gutenbergplatz 1 a–e) 2.2 1.6 Eschborn (Frankfurter Straße 29–35) 3.2 4.0 Lutherstadt Wittenberg (Lerchenbergstraße 112/113, Annendorfer Straße 15/16) 5.3 5.9 Zittau (Hochwaldstraße 20) 6.1 6.6 Langen (Robert-Bosch-Straße 11) 3.7 3.7 Quickborn (Pascalkehre 15/15a) 6.8 1.9 Meckenheim (Auf dem Steinbüchel 20) 4.3 5.0 Dresden (Königsbrücker Straße 121 a) 19.3 20.0 Stralsund (Tribseer Damm 76) 4.9 4.8 Dresden (Nossener Brücke 8–12) 2.1 2.8 Bayreuth (Nürnberger Straße 38) 1.9 1.9 Leverkusen (Goetheplatz 1–4) 3.2 4.0 Cologne (Colonia-Allee 11) 0.0 0.0 Leonberg (Neue Ramtelstraße 4) 2.7 2.9 Offenburg (Lindenplatz 3) 8.8 9.5 Average 4.7 4.4 19 DEMIRE INTERIM REPORT 1 JANUARY TO 30 SEPTEMBER 202619 FOREWORD BY THE EXECUTIVE BOARD 2 DEMIRE AT A GLANCE 3 INTERIM GROUP MANAGEMENT REPORT 6 Overview 7 Economic report 10 Opportunities and risks 20 Subsequent events and related party transactions 20 INTERIM CONSOLIDATED FINANCIAL STATEMENTS 21 IMPRINT 41
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Opportunities and risks For information on the opportunities and risks of future business performance, please refer to the disclosures made in the opportunities and risks report included within the consolidated financial statements as at 31 December 2025. In addition to the opportunities and risks identified as at 31 December 2025, the first nine months of 2026 were significantly influenced by the continuing reluctance of banks to provide financing and by a weak capital market for high-yield bonds. The real estate transaction markets continue to record low transaction volumes, with a discernible trend towards stabilising prices. All these factors continue to cause a high degree of uncertainty in the real estate market. The continuing weak economic environment is causing subdued demand for rental space, which is hav- ing a negative impact on DEMIRE’s operating figures. Nevertheless, DEMIRE’s Executive Board is closely monitoring changes in the economic environment and any potential negative impacts on the value of the portfolio and rental income. The risks are reviewed continuously and in a structured process. Subsequent events and related party transactions Information on transactions with related parties and events after the balance sheet date can be found in Section G. 1 and Section G. 6 of the notes. Frankfurt am Main, 4 November 2026 DEMIRE Deutsche Mittelstand Real Estate AG Dr Dirk Rüffel (CEO) Tim Brückner (CFO) 20 DEMIRE INTERIM REPORT 1 JANUARY TO 30 SEPTEMBER 202620 FOREWORD BY THE EXECUTIVE BOARD 2 DEMIRE AT A GLANCE 3 INTERIM GROUP MANAGEMENT REPORT 6 Overview 7 Economic report 10 Opportunities and risks 20 Subsequent events and related party transactions 20 INTERIM CONSOLIDATED FINANCIAL STATEMENTS 21 IMPRINT 41
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MECKENHEIM INTERIM CONSOLIDATED FINANCIAL STATEMENTS Consolidated statement of income 22 Consolidated statement of comprehensive income 23 Consolidated balance sheet 24 Consolidated statement of cash flows 26 Consolidated statement of changes in equity 28 Notes to the consolidated financial statements 29
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FOREWORD BY THE EXECUTIVE BOARD 2 DEMIRE AT A GLANCE 3 INTERIM GROUP MANAGEMENT REPORT 6 INTERIM CONSOLIDATED FINANCIAL STATEMENTS 21 Consolidated statement of income 22 Consolidated statement of comprehensive income 23 Consolidated balance sheet 24 Consolidated statement of cash flows 26 Consolidated statement of changes in equity 28 Notes to the consolidated financial statements 29 IMPRINT 41 CONSOLIDATED STATEMENT OF INCOME for the reporting period from 1 January to 30 September 2026 in EUR thousand NOTE 01/01/2026 – 30/09/2026 01/01/2025 – 30/09/2025 01/07/2026 – 30/09/2026 01/07/2025 – 30/09/2025 Rental income 33,903 41,400 10,862 13,606 Income from utility and service charges 9,865 9,616 3,221 1,711 Operating expenses to generate rental income – 20,487 – 21,717 – 7,003 – 5,601 Impairment of trade receivables – 424 – 1,354 49 – 417 Profit/loss from the rental of real estate 22,857 27,945 7,129 9,299 Income from the sale of real estate and real estate companies 61,398 18,911 43,560 10,249 Expenses related to the sale of real estate and real estate companies – 63,591 – 18,203 – 44,559 – 11,240 Profit/loss from the sale of real estate and real estate companies – 2,193 708 – 999 – 991 Profit/loss from fair value adjustments of investment properties – 210 0 23 0 Result from fair value adjustment of assets held for sale – 180 – 29,861 – 300 – 1,930 Impairment of financial and other receivables – 1,149 – 19,521 – 387 – 7,005 Other operating income 770 1,358 237 196 General and administrative expenses – 7,759 – 7,847 – 2,503 – 2,464 Other operating expenses – 1,248 – 832 – 354 – 242 Earnings before interest and taxes D 1 10,888 – 28,050 2,846 – 3,137 Financial income 3,618 5,412 1,238 1,800 Financial expenses – 43,009 – 41,172 – 14,931 – 14,750 Minority interests – 2,391 – 2,492 – 724 – 1,171 Financial result D 2 – 41,782 – 38,252 – 14,417 – 14,121 Earnings before taxes – 30,894 – 66,302 – 11,571 – 17,258 Current income taxes – 1,359 – 2,110 – 151 – 707 Deferred taxes 6,102 7,717 1,313 3,090 Net profit/loss for the period – 26,151 – 60,695 – 10,409 – 14,875 Thereof attributable to: Non-controlling interests 333 – 125 140 28 Parent company shareholders – 26,485 – 60,570 – 10,551 – 14,903 Basic/diluted earnings per share (in EUR) D 3 – 0.25 – 0.57 – 0.10 – 0.14 22 DEMIRE INTERIM REPORT 1 JANUARY TO 30 SEPTEMBER 202622
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FOREWORD BY THE EXECUTIVE BOARD 2 DEMIRE AT A GLANCE 3 INTERIM GROUP MANAGEMENT REPORT 6 INTERIM CONSOLIDATED FINANCIAL STATEMENTS 21 Consolidated statement of income 22 Consolidated statement of comprehensive income 23 Consolidated balance sheet 24 Consolidated statement of cash flows 26 Consolidated statement of changes in equity 28 Notes to the consolidated financial statements 29 IMPRINT 41 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME for the reporting period from 1 January to 30 September 2026 in EUR thousand 01/01/2026 – 30/09/2026 01/01/2025 – 30/09/2025 01/07/2026 – 30/09/2026 01/07/2025 – 30/09/2025 Net profit/loss for the period – 26,151 – 60,695 – 10,409 – 14,875 Other comprehensive income 0 0 0 0 Total comprehensive income – 26,151 – 60,695 – 10,409 – 14,875 Thereof attributable to: Non-controlling interests 333 – 125 140 28 Parent company shareholders – 26,485 – 60,570 – 10,551 – 14,903 23 DEMIRE INTERIM REPORT 1 JANUARY TO 30 SEPTEMBER 202623
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FOREWORD BY THE EXECUTIVE BOARD 2 DEMIRE AT A GLANCE 3 INTERIM GROUP MANAGEMENT REPORT 6 INTERIM CONSOLIDATED FINANCIAL STATEMENTS 21 Consolidated statement of income 22 Consolidated statement of comprehensive income 23 Consolidated balance sheet 24 Consolidated statement of cash flows 26 Consolidated statement of changes in equity 28 Notes to the consolidated financial statements 29 IMPRINT 41 CONSOLIDATED BALANCE SHEET as at 30 September 2026 ASSETS in EUR thousand NOTE 30/09/2026 31/12/2025 Assets Non-current assets Property, plant and equipment 45 88 Investment property E 1 623,568 591,946 Shares in companies accounted for using the equity method 0 260 Loans to companies accounted for using the equity method 22,259 22,259 Loans and financial assets 61,579 61,499 Total non-current assets 707,451 676,052 Current assets Trade accounts receivable 8,083 10,373 Financial assets 2,131 1,043 Other assets 1,012 603 Tax refund claims 2,885 3,338 Cash and cash equivalents 82,621 54,241 Total current assets 96,732 69,598 Non-current assets held for sale 15,300 103,540 Total assets 819,483 849,190 24 DEMIRE INTERIM REPORT 1 JANUARY TO 30 SEPTEMBER 202624
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FOREWORD BY THE EXECUTIVE BOARD 2 DEMIRE AT A GLANCE 3 INTERIM GROUP MANAGEMENT REPORT 6 INTERIM CONSOLIDATED FINANCIAL STATEMENTS 21 Consolidated statement of income 22 Consolidated statement of comprehensive income 23 Consolidated balance sheet 24 Consolidated statement of cash flows 26 Consolidated statement of changes in equity 28 Notes to the consolidated financial statements 29 IMPRINT 41 EQUITY AND LIABILITIES in EUR thousand NOTE 30/09/2026 31/12/2025 Equity and liabilities Equity Subscribed capital 105,513 105,513 Reserves E 2 – 2,995 23,635 Equity attributable to parent company shareholders 102,518 129,148 Non-controlling interests 21,982 21,662 Total equity 124,500 150,810 Liabilities Non-current liabilities Deferred tax liabilities 32,855 38,957 Minority interests 70,836 68,502 Financial liabilities E 3 462,657 429,121 Lease liabilities 8,001 8,100 Market values of options 28,700 28,700 Total non-current liabilities 603,049 573,380 Current liabilities Provisions 1,493 1,791 Trade payables 11,017 10,872 Other liabilities 9,517 10,141 Tax liabilities 16,464 28,354 Financial liabilities E 3 53,052 73,527 Lease liabilities 391 315 Total current liabilities 91,934 125,000 Total liabilities 694,983 698,380 Total equity and liabilities 819,483 849,190 CONSOLIDATED BALANCE SHEET as at 30 September 2026 25 DEMIRE INTERIM REPORT 1 JANUARY TO 30 SEPTEMBER 202625
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FOREWORD BY THE EXECUTIVE BOARD 2 DEMIRE AT A GLANCE 3 INTERIM GROUP MANAGEMENT REPORT 6 INTERIM CONSOLIDATED FINANCIAL STATEMENTS 21 Consolidated statement of income 22 Consolidated statement of comprehensive income 23 Consolidated balance sheet 24 Consolidated statement of cash flows 26 Consolidated statement of changes in equity 28 Notes to the consolidated financial statements 29 IMPRINT 41 CONSOLIDATED STATEMENT OF CASH FLOWS for the reporting period from 1 January to 30 September 2026 in EUR thousand 01/01/2026 – 30/09/2026 01/01/2025 – 30/09/2025 Earnings before taxes – 30,894 – 66,302 Financial expenses 43,009 41,172 Financial income – 3,618 – 5,412 Minority interests 2,391 2,492 Change in trade accounts receivable 1,535 70 Change in other receivables and other assets – 470 – 1,307 Change in provisions – 298 – 64 Change in trade payables and other liabilities 815 – 904 Profit/loss from fair value adjustments of investment properties 390 29,861 Profit/loss from the sale of real estate and real estate companies 2,194 – 708 Interest received on loans and receivables 650 221 Interest received from loans to companies accounted for using the equity method 612 792 Income tax payments – 12,873 – 925 Depreciation and amortisation and impairment 2,376 21,436 Distributions from companies accounted for using the equity method 0 64 Other non-cash items – 46 – 63 Cash flow from operating activities 5,772 20,422 26 DEMIRE INTERIM REPORT 1 JANUARY TO 30 SEPTEMBER 202626
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FOREWORD BY THE EXECUTIVE BOARD 2 DEMIRE AT A GLANCE 3 INTERIM GROUP MANAGEMENT REPORT 6 INTERIM CONSOLIDATED FINANCIAL STATEMENTS 21 Consolidated statement of income 22 Consolidated statement of comprehensive income 23 Consolidated balance sheet 24 Consolidated statement of cash flows 26 Consolidated statement of changes in equity 28 Notes to the consolidated financial statements 29 IMPRINT 41 CONSOLIDATED STATEMENT OF CASH FLOWS for the reporting period from 1 January to 30 September 2026 in EUR thousand 01/01/2026 – 30/09/2026 01/01/2025 – 30/09/2025 Payments for the acquisition of/investments in investment properties, incl. prepayments, refurbishment measures and prepayments for property, plant and equipment – 5,767 – 6,564 Proceeds from the sale of real estate 58,510 15,156 Cash flow from investing activities 52,743 8,592 Payments to obtain financial debts 0 – 6,679 Proceeds obtaining financial debts 3,192 10,077 Distributions to minority shareholders / dividends 0 – 3,327 Interest paid on financial liabilities – 10,721 – 11,182 Payments for the purchase of additional shares in a subsidiary – 38 0 Payments for the redemption of financial liabilities – 22,545 – 12,828 Payment for the redemption of lease liabilities – 23 – 114 Cash flow from financing activities – 30,135 – 24,052 Net change in cash and cash equivalents 28,380 4,961 Cash and cash equivalents at the start of the period 54,241 44,816 Cash and cash equivalents at the end of the period 82,621 49,777 27 DEMIRE INTERIM REPORT 1 JANUARY TO 30 SEPTEMBER 202627
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FOREWORD BY THE EXECUTIVE BOARD 2 DEMIRE AT A GLANCE 3 INTERIM GROUP MANAGEMENT REPORT 6 INTERIM CONSOLIDATED FINANCIAL STATEMENTS 21 Consolidated statement of income 22 Consolidated statement of comprehensive income 23 Consolidated balance sheet 24 Consolidated statement of cash flows 26 Consolidated statement of changes in equity 28 Notes to the consolidated financial statements 29 IMPRINT 41 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the reporting period from 1 January to 30 September 2026 Share capital Reserves in EUR thousand Subscribed capital Capital reserves Retained earnings incl. Group profit/loss Equity attributable to parent company shareholders Non-controlling interests Total equity 01/01/2026 105,513 89,767 – 66,132 129,148 21,662 150,810 Net profit/loss for the period 0 0 – 26,485 – 26,485 333 – 26,152 Other comprehensive income 0 0 0 0 0 0 Total comprehensive income 0 0 – 26,485 – 26,485 333 – 26,151 Dividend payments/distributions 0 0 0 0 0 0 Other changes 0 0 – 145 – 145 – 13 – 158 30/09/2026 105,513 89,767 – 92,762 102,518 21,982 124,500 Share capital Reserves in EUR thousand Subscribed capital Capital reserves Retained earnings incl. Group profit/loss Equity attributable to parent company shareholders Non-controlling interests Total equity 01/01/2025 105,513 89,767 22,825 218,105 23,818 241,923 Net profit/loss for the period 0 0 – 60,570 – 60,570 – 125 – 60,695 Other comprehensive income 0 0 0 0 0 0 Total comprehensive income 0 0 – 60,570 – 60,570 – 125 – 60,695 Dividend payments/distributions 0 0 0 0 – 574 – 574 Other changes 0 0 – 161 – 161 – 34 – 195 30/09/2025 105,513 89,767 – 37,906 157,374 23,085 180,459 28 DEMIRE INTERIM REPORT 1 JANUARY TO 30 SEPTEMBER 202628
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FOREWORD BY THE EXECUTIVE BOARD 2 DEMIRE AT A GLANCE 3 INTERIM GROUP MANAGEMENT REPORT 6 INTERIM CONSOLIDATED FINANCIAL STATEMENTS 21 Consolidated statement of income 22 Consolidated statement of comprehensive income 23 Consolidated balance sheet 24 Consolidated statement of cash flows 26 Consolidated statement of changes in equity 28 Notes to the consolidated financial statements 29 IMPRINT 41 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 head- quarters, 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 30 Sep- tember 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 30 September 2026 were prepared in accordance with the requirements of IAS 34 Inter- im 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 inter- pretations 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 2026 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 con- tain 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 re- peat information that has already been reported. The condensed interim consolidated financial statements of DEMIRE AG as at 30 September 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 consol- idated statement of income has been prepared according to the cost-of-sales method. Reference is made to the information on DEMIRE’s business performance in accordance with IAS 34.16A(b) in the “Overview” section on page 8 of the interim Group manage- ment report. These condensed interim consolidated financial statements of DEMIRE AG were approved for publication by a resolution of the Executive Board on 5 November 2026. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the reporting period from 1 January to 30 September 2026 29 DEMIRE INTERIM REPORT 1 JANUARY TO 30 SEPTEMBER 202629
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D. Notes to the consolidated statement of income 1. Earnings before interest and taxes in EUR thousand 01/01/2026 – 30/09/2026 01/01/2025 – 30/09/2025 Net rent 33,903 41,400 Income from utility and service charges 9,865 9,616 Rental revenue from real estate 43,768 51,016 Allocable operating expenses to generate rental income – 14,715 – 13,863 Non-allocable operating expenses to generate rental income – 5,772 – 7,854 Impairment of receivables – 424 – 1,354 Operating expenses to generate rental income – 20,911 – 23,071 Profit/loss from the rental of real estate 22,857 27,945 Rental revenue in the interim reporting period resulted exclusively from the rental of real estate and was not subject to seasonal fluctuations. The result from the rental of real estate decreased to EUR 22,857 thousand (9M 2025: EUR 27,945 thousand). The decline is primarily attributable to the disposal of properties sold during the corresponding period of the previous year and in the course of the 2026 financial year. This relates to the following properties: Dortmund, Aldinghofer Straße 13, Bad Kreuznach, Brückes 2–8, Trier, Simeonstraße 46, Celle, Bergstraße 1 (multi-storey car park), Hamburg, Kandinskyallee 14–28, Lichtenfels, Bamberger Straße 20, Freiburg, Berliner Allee 1, Goslar, Rosentorstraße 15, Querfurt, Vor dem Nebraer Tor 5, Flensburg, Eckernförder Landstraße 65, Bonn, Reuterstraße 99 ( partial sale of the residential building), Kempten, Alpenstraße, Bahnhofstraße and Hirschstraße, Frankfurt, Gutleutstraße 85, and Chemnitz, Hartmannstraße 3a–7. The last-mentioned property continued to contribute to the B. Scope and principles of consolidation During the reporting period, the subsidiaries DEMIRE Apolda Wurzen GmbH, DEMIRE Worms Liebenauer Straße GmbH, DEMIRE Betriebsvorrichtungen Nr. 1 GmbH, DEMIRE Bayreuth Nürnberger Straße 38 GmbH, DEMIRE Bad Kreuznach Brückes Hochstr. GmbH, DEMIRE BT HB DO H CLZ KS KO GmbH, DEMIRE Lichtenfels Bamberger Straße 20 GmbH, DEMIRE Betriebsvorrichtungen No. 2 GmbH and DEMIRE Trier Simeonstraße 46 GmbH were merged with other companies of the DEMIRE Group. In addition, the shares in G+Q Effizienz GmbH, which had until now been accounted for using the equity method, were sold. Furthermore, the Group acquired a further 5.1% of the shares in DEMIRE Apolda Wurzen GmbH, Frankfurt am Main, for EUR 16 thousand, thereby increasing its stake to 100%. Moreover, a 0.1% stake in BBV Immobilien-Fonds Nr. 14 GmbH & Co. KG, Langen, was acquired for EUR 38 thousand, thereby increasing the share - holding to 46.34%. The increase in the proportion of shareholdings has not resulted in any change in the nature of involvement. C. Accounting policies The accounting policies applied to these interim consolidated financial statements are the same as those applied to the consolidated financial statements as at 31 De- cember 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 had no impact on DEMIRE’s consolidated financial statements in the reporting period or as at the reporting date. FOREWORD BY THE EXECUTIVE BOARD 2 DEMIRE AT A GLANCE 3 INTERIM GROUP MANAGEMENT REPORT 6 INTERIM CONSOLIDATED FINANCIAL STATEMENTS 21 Consolidated statement of income 22 Consolidated statement of comprehensive income 23 Consolidated balance sheet 24 Consolidated statement of cash flows 26 Consolidated statement of changes in equity 28 Notes to the consolidated financial statements 29 IMPRINT 41 30 DEMIRE INTERIM REPORT 1 JANUARY TO 30 SEPTEMBER 202630
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result throughout the reporting period, owing to the transfer of benefits and liabil- ities as at the reporting date. Furthermore, higher vacancy rates compared with the same period last year had a dampening effect on rental income. This was due in particular to the expiry of the lease with Sparkasse in Neumünster, the leases with the Jobcenter and the Federal Employment Agency in Schwerin, and the lease for the hotel premises in Leipzig used as refugee accommodation. Despite the disposal of properties in the previous period and during the current financial year, income from service charge allocations has risen compared with the previous period. The increase, despite the reduced property portfolio, was primarily due to the change in the operating model for the property in Neuss. Until 31 Decem- ber 2025, the master tenant predominantly covered the property’s operating costs itself and settled these directly with the centre’s tenants. Since 1 January 2026, operating costs have been paid in full by DEMIRE and passed on to the tenants. Of the operating expenses, an amount of EUR –14,715 thousand (9M 2025: EUR –13,863 thousand) was, in principle, allocable and could be passed on to the tenants. The increase in expenses is also largely attributable to the change in the operating model for the property in Neuss. Non-recoverable operating expenses fell to EUR –5,772 thousand (9M 2025: EUR –7,854 thousand). The higher expenses in the corresponding period of the pre- vious year were primarily due to a provision for the expected proportionate share of vacancy costs arising from the 2024 service charges statement of the purchaser of the property at Am alten Flughafen in Leipzig. Apart from that, the decline is attrib- utable to lower expenses resulting from the reduced property portfolio. The result from the sale of property and property companies amounted to EUR –2,193 thousand as at 30 September 2026 (9M 2025: EUR 708 thousand) and includes various income and expenses related to the real estate sold. As at 30 September 2026, a property previously classified as held for sale and a property acquired as part of an intra-group transaction were revalued. The revalu- ations resulted in a total valuation loss of EUR 210 thousand. Several properties that were in an advanced stage of a sales process as at the bal- ance sheet date were reclassified as held for sale and revalued in accordance with IFRS 5. This resulted in a valuation loss on the sales portfolio of EUR –180 thousand (9M 2025: EUR –29,861 thousand). Impairments on rental receivables amounted to EUR –424 thousand in the report - ing period (9M 2025: EUR –1,354 thousand). These related to receivables from various tenants across DEMIRE’s entire property portfolio and resulted predomi- nantly from flat-rate individual value adjustments based on the age profile of the receivables. In the corresponding period of the previous year, EUR –227 thousand of this amount related to receivables from the tenant Imotex in Neuss. Impairments on financial and other receivables in the reporting period amounted to EUR –1,149 thousand (9M 2025: EUR –19,521 thousand). The impairments in the comparative period mainly comprised former loans from the Limes subsidiaries amounting to EUR –16,517 thousand. FOREWORD BY THE EXECUTIVE BOARD 2 DEMIRE AT A GLANCE 3 INTERIM GROUP MANAGEMENT REPORT 6 INTERIM CONSOLIDATED FINANCIAL STATEMENTS 21 Consolidated statement of income 22 Consolidated statement of comprehensive income 23 Consolidated balance sheet 24 Consolidated statement of cash flows 26 Consolidated statement of changes in equity 28 Notes to the consolidated financial statements 29 IMPRINT 41 31 DEMIRE INTERIM REPORT 1 JANUARY TO 30 SEPTEMBER 202631
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2. Financial result in EUR thousand 01/01/2026 – 30/09/2026 01/01/2025 – 30/09/2025 Financial income 3,618 5,412 Financial expenses – 43,009 – 41,172 Minority interests – 2,391 – 2,492 Financial result – 41,782 – 38,252 Financial income arises primarily from the loan to RFR 5 Immobilien GmbH amounting to EUR 2,297 thousand (9M 2025: EUR 2,297 thousand) and to the joint venture JV Theodor-Heuss-Allee GmbH amounting to EUR 789 thousand (9M 2025: EUR 789 thousand). Significant components of financial expenses arise from interest on the 2019/2027 corporate bond in the amount of EUR –17,686 thousand (9M 2025: EUR –16,312 thou- sand) and from interest on the shareholder loan in the amount of EUR –21,243 thou- sand (9M 2025: EUR –17,240 thousand). The interests of minority shareholders in the amount of EUR –2,391 thousand (9M 2025: EUR –2,492 thousand) relate to shares of profit/loss attributable to minority shareholders of Fair Value REIT-AG’s subsidiaries, which are managed in the form of partnerships and are recognised as liabilities in accordance with IAS 32. 3. Deferred taxes Income from changes in deferred taxes is mainly the result of the sale of the prop - erties in Flensburg, Bonn and Kempten amounting to EUR 1,760 thousand, the increase in deferred tax assets relating to tax loss carry-forwards amounting to EUR 2,483 thousand, and the recognition of effective interest expense for the 2019/2027 bond in the amount of EUR 2,470 thousand. Furthermore, the adjust - ment to the valuation of investment property and property held for sale, resulting in a corresponding reduction in the carrying amount, led to a decrease in deferred taxes of EUR 799 thousand. In contrast, deferred taxes increased by EUR 1,466 thou- sand due to depreciation of property, which led to a reduction in the tax carrying amounts. 4. Earnings per share in EUR thousand 01/01/2026 – 30/09/2026 01/01/2025 – 30/09/2025 Net profit/loss for the period (in EUR thousand) – 26,151 – 60,695 Profit/loss for the period less non-controlling interests – 26,485 – 60,570 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) – 0.25 – 0.57 FOREWORD BY THE EXECUTIVE BOARD 2 DEMIRE AT A GLANCE 3 INTERIM GROUP MANAGEMENT REPORT 6 INTERIM CONSOLIDATED FINANCIAL STATEMENTS 21 Consolidated statement of income 22 Consolidated statement of comprehensive income 23 Consolidated balance sheet 24 Consolidated statement of cash flows 26 Consolidated statement of changes in equity 28 Notes to the consolidated financial statements 29 IMPRINT 41 32 DEMIRE INTERIM REPORT 1 JANUARY TO 30 SEPTEMBER 202632
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E. Notes to the consolidated balance sheet 1. Investment properties and non-current assets held for sale Investment property is accounted for at fair value, and developed as follows during the interim reporting period: in EUR thousand Office Retail Other Total Fair value at the beginning of the 2026 financial year 349,076 217,872 24,998 591,946 Additions of properties 3,590 1,264 – 23 4,832 Reclassifications from non-current assets held for sale 27,000 0 0 27,000 Unrealised losses from fair value measurement – 210 0 0 – 210 Fair value as at 30/09/2026 379,455 219,136 24,975 623,568 Additions to investment property amounting to EUR 4,832 thousand (9M 2025: EUR 4,944 thousand) are primarily the result of recognised ongoing capital expenditure (CapEx) of EUR 3,486 thousand and the recognition of rental incentives amounting to EUR 689 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. As at 30 September 2026, a property that had previously been classified as held for sale was reclassified as investment property, as a sale within twelve months was no longer considered highly probable. For further details, please refer to Section D.1. 2. 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). 3. Non-current borrowings Financial liabilities consisted of the following: FINANCIAL LIABILITIES in EUR thousand 30/09/2026 31/12/2025 2019/2027 corporate bond 250,591 238,519 Shareholder loan 145,767 124,524 Other financial liabilities 119,351 139,605 Total 515,709 502,648 The increase in the carrying amount of the 2019/2027 corporate bond during the reporting period is primarily attributable to accrued interest and to changes in as - sumptions regarding future cash flows under the current terms of the 2019/2027 corporate bond. FOREWORD BY THE EXECUTIVE BOARD 2 DEMIRE AT A GLANCE 3 INTERIM GROUP MANAGEMENT REPORT 6 INTERIM CONSOLIDATED FINANCIAL STATEMENTS 21 Consolidated statement of income 22 Consolidated statement of comprehensive income 23 Consolidated balance sheet 24 Consolidated statement of cash flows 26 Consolidated statement of changes in equity 28 Notes to the consolidated financial statements 29 IMPRINT 41 33 DEMIRE INTERIM REPORT 1 JANUARY TO 30 SEPTEMBER 202633
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The following table shows the nominal value of financial liabilities: FINANCIAL LIABILITIES in EUR thousand 30/09/2026 31/12/2025 2019/2027 corporate bond 250,471 246,853 Shareholder loan 145,767 124,524 Other financial liabilities 110,539 137,906 Total 506,776 509,283 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. With the exception of a 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 corpo - rate bond is 5% per annum. Other financial liabilities mainly include bank liabilities with a weighted average nominal interest rate of 4.05% per annum as at 30 Septem- ber 2026 (31 December 2025: 4.54% per annum). The average nominal interest rate on debt across all financial liabilities was 9.4% per annum as at 30 September 2026 (31 December 2025: 8.7% per annum). The change in other financial liabilities during the interim reporting period is attrib- utable to ongoing repayments and to the capitalisation of interest on the share - holder loan (in accordance with the terms of the agreement, interest is payable upon maturity). FOREWORD BY THE EXECUTIVE BOARD 2 DEMIRE AT A GLANCE 3 INTERIM GROUP MANAGEMENT REPORT 6 INTERIM CONSOLIDATED FINANCIAL STATEMENTS 21 Consolidated statement of income 22 Consolidated statement of comprehensive income 23 Consolidated balance sheet 24 Consolidated statement of cash flows 26 Consolidated statement of changes in equity 28 Notes to the consolidated financial statements 29 IMPRINT 41 34 DEMIRE INTERIM REPORT 1 JANUARY TO 30 SEPTEMBER 202634
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F. Condensed Group segment reporting 01/01/2026 – 30/09/2026 in EUR thousand Core Portfolio Fair Value REIT Corporate functions/ others Group Total revenue 84,126 21,040 0 105,166 Segment revenue 84,733 21,075 128 105,936 Segment expenses – 73,546 – 12,504 – 8,998 – 95,048 EBIT 11,187 8,571 – 8,870 10,888 Net profit/loss for the period 9,682 3,776 – 39,610 – 26,151 Segment assets 30/09/2026 401,701 289,862 127,921 819,483 Thereof tax assets 625 111 2,149 2,885 Thereof additions to non-current assets 3,040 1,017 0 4,057 Thereof non-current assets held for sale 15,300 0 0 15,300 Segment liabilities 30/09/2026 157,021 163,568 374,394 694,983 Thereof non-current financial liabilities 35,479 71,051 356,127 462,657 Thereof lease liabilities 8,359 0 33 8,392 Thereof current financial liabilities 50,749 2,303 0 53,052 Thereof tax liabilities 740 0 15,724 16,464 01/01/2025 – 30/09/2025 in EUR thousand Core Portfolio Fair Value REIT Corporate functions/ others Group Total revenue 51,569 18,357 0 69,927 Segment revenue 52,080 19,035 170 71,285 Segment expenses – 61,505 – 10,764 – 27,066 – 99,335 EBIT – 9,423 8,270 – 26,896 – 28,050 Net profit/loss for the period – 10,863 4,883 – 54,715 – 60,695 Segment assets 30/09/2025 531,369 283,401 71,271 886,040 Thereof tax assets 1,276 173 2,131 3,580 Thereof additions to non-current assets 3,130 1,814 0 4,944 Thereof non-current assets held for sale 117,550 3,500 0 121,050 Segment liabilities 30/09/2025 175,068 154,782 375,731 705,581 Thereof non-current financial liabilities 43,859 31,321 354,080 429,260 Thereof lease liabilities 8,366 0 11 8,377 Thereof current financial liabilities 56,458 33,813 0 90,272 Thereof tax liabilities 5,952 0 19,700 25,652 FOREWORD BY THE EXECUTIVE BOARD 2 DEMIRE AT A GLANCE 3 INTERIM GROUP MANAGEMENT REPORT 6 INTERIM CONSOLIDATED FINANCIAL STATEMENTS 21 Consolidated statement of income 22 Consolidated statement of comprehensive income 23 Consolidated balance sheet 24 Consolidated statement of cash flows 26 Consolidated statement of changes in equity 28 Notes to the consolidated financial statements 29 IMPRINT 41 35 DEMIRE INTERIM REPORT 1 JANUARY TO 30 SEPTEMBER 202635
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The financial statement data is segmented in accordance with IFRS 8 based on the Group's internal management structure and strategic business segments. 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 economic characteristics. No customer accounted for 10% or more of total revenue (rental revenue) in the reporting period. FOREWORD BY THE EXECUTIVE BOARD 2 DEMIRE AT A GLANCE 3 INTERIM GROUP MANAGEMENT REPORT 6 INTERIM CONSOLIDATED FINANCIAL STATEMENTS 21 Consolidated statement of income 22 Consolidated statement of comprehensive income 23 Consolidated balance sheet 24 Consolidated statement of cash flows 26 Consolidated statement of changes in equity 28 Notes to the consolidated financial statements 29 IMPRINT 41 36 DEMIRE INTERIM REPORT 1 JANUARY TO 30 SEPTEMBER 202636
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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. Interest income from this loan for the reporting period amounted to EUR 789 thousand; the outstanding interest receiv - able in respect of this loan amounts to EUR 266 thousand. During the reporting period, a deferral agreement was reached with the joint venture, meaning that interest on this loan will not be due for payment until the end of 2027. In addition, DEMIRE AG and the purchasing company JV Theodor-Heuss-Allee GmbH have entered into an asset management agreement and an agency agreement, which generate income of EUR 63 thousand. DEMIRE AG has a loan liability of EUR 138,109 thousand (31 December 2025: EUR 124,524 thousand) to AEPF III 15 S.à r.l. The increase in the loan liability results from a partial capitalisation of accrued interest in accordance with the terms of the loan, the details of which can be found in the 2025 Annual Report. The interest expense or interest liability arising from this shareholder loan, which has not yet been capitalised, amounts to EUR 7,658 thousand as at 30 September 2026. Total interest expense amounted to EUR 21,243 thousand in the reporting period. The total carrying amount of the shareholder loan, including accrued interest, therefore amounts to EUR 145,767 thousand. Following deconsolidation, business relationships continued in the form of agency agreements, which were terminated as at 30 September 2026. 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 agree - ments amounted to EUR 450 thousand. Furthermore, with the exception of the compensation of the Executive Board as set out in Section G. 5, there were no business transactions with key management per- sonnel during the reporting period. 2. Financial instruments The carrying amounts of the following financial instruments carried at cost or am- ortised cost do not correspond to their fair values: 30/09/2026 31/12/2025 in EUR thousand Carrying amount under IFRS 9 Fair value Carrying amount under IFRS 9 Fair value Loans to companies accounted for using the equity method 22,259 19,957 22,259 24,171 Loans and financial assets 63,710 60,349 62,543 60,514 30/09/2026 31/12/2025 in EUR thousand Carrying amount under IFRS 9 Fair value Carrying amount under IFRS 9 Fair value Bonds 250,591 221,543 239,060 232,315 Shareholder loan 145,767 129,177 124,524 105,995 Other financial liabilities 119,351 103,347 139,065 127,582 Other financial liabilities 263 263 1,389 1,389 FOREWORD BY THE EXECUTIVE BOARD 2 DEMIRE AT A GLANCE 3 INTERIM GROUP MANAGEMENT REPORT 6 INTERIM CONSOLIDATED FINANCIAL STATEMENTS 21 Consolidated statement of income 22 Consolidated statement of comprehensive income 23 Consolidated balance sheet 24 Consolidated statement of cash flows 26 Consolidated statement of changes in equity 28 Notes to the consolidated financial statements 29 IMPRINT 41 37 DEMIRE INTERIM REPORT 1 JANUARY TO 30 SEPTEMBER 202637
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3. Risk report For information on the opportunities and risks of future business performance, please refer to the disclosures made in the opportunities and risks report included within the consolidated financial statements as at 31 December 2025. In addition to the opportunities and risks identified as at 31 December 2025, the first nine months of 2026 were significantly influenced by the continuing reluctance of banks to provide financing and by a weak capital market for high-yield bonds. The real estate transaction markets continue to record low transaction volumes, with a discernible trend towards stabilising prices. All these factors continue to cause a high degree of uncertainty in the real estate market. The continuing weak economic environment is causing subdued demand for rental space, which is having a negative impact on DEMIRE’s operating figures. The Executive Board continues to closely monitor developments in the economic environment and any potential negative impacts on the value of the portfolio or rental income. For a general overview of risks, please refer to the report on risks and opportunities in the 2025 Annual Report. 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. As at 30 September 2026, contractual obligations for modification and expansion measures, as well as maintenance and modernisation work on the properties, totalled EUR 10,067 thousand (9M 2025: EUR 15,311 thousand). The scope of these commitments has been defined. Outstanding commitments arising from contracted maintenance and modernisation work, as well as refurbishment and extension work, amounted to EUR 6,785 thou - sand as at the interim reporting date (9M 2025: EUR 11,643 thousand). The decline is primarily attributable to the fire safety refurbishment at the property in Eschborn, which is nearing completion, as well as the largely completed Kaufland project, which centred on the refurbishment of the car park in Lutherstadt Wittenberg. As at 30 September 2026, unused credit lines in the amount of EUR 2,308 thousand (31 December 2025: EUR 2,500 thousand) were available. FOREWORD BY THE EXECUTIVE BOARD 2 DEMIRE AT A GLANCE 3 INTERIM GROUP MANAGEMENT REPORT 6 INTERIM CONSOLIDATED FINANCIAL STATEMENTS 21 Consolidated statement of income 22 Consolidated statement of comprehensive income 23 Consolidated balance sheet 24 Consolidated statement of cash flows 26 Consolidated statement of changes in equity 28 Notes to the consolidated financial statements 29 IMPRINT 41 38 DEMIRE INTERIM REPORT 1 JANUARY TO 30 SEPTEMBER 202638
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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 (Chairman of the Board since 1 February 2026, contractual term until 31 January 2027) Mr Tim Brückner (CFO since 1 February 2019, contractual term until 30 June 2028) For the interim reporting period, performance-based remuneration of EUR 577 thousand (9M 2025: EUR 367 thousand) and fixed remuneration of EUR 765 thousand (9M 2025: EUR 753 thousand) were recognised for DEMIRE AG’s Executive Board. Share-based payments were recognised in the amount of EUR 148 thousand (9M 2025: EUR 1 thousand). No loans or advances were granted to the members of the Executive Board, nor were any contingent liabilities assumed in their favour. 6. Events after the interim reporting date of 30 September 2026 No events of material significance to the DEMIRE Group’s financial position, results of operations or cash flows have occurred since 30 September 2026. Frankfurt am Main, 4 November 2026 DEMIRE Deutsche Mittelstand Real Estate AG Dr Dirk Rüffel (CEO) Tim Brückner (CFO) FOREWORD BY THE EXECUTIVE BOARD 2 DEMIRE AT A GLANCE 3 INTERIM GROUP MANAGEMENT REPORT 6 INTERIM CONSOLIDATED FINANCIAL STATEMENTS 21 Consolidated statement of income 22 Consolidated statement of comprehensive income 23 Consolidated balance sheet 24 Consolidated statement of cash flows 26 Consolidated statement of changes in equity 28 Notes to the consolidated financial statements 29 IMPRINT 41 39 DEMIRE INTERIM REPORT 1 JANUARY TO 30 SEPTEMBER 202639
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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 finan- cial 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 develop - ment and performance of the business, including the business results and the posi- tion of the Group, together with a description of the principal opportunities and risks associated with the Group’s expected development. Frankfurt am Main, 4 November 2026 DEMIRE Deutsche Mittelstand Real Estate AG Dr Dirk Rüffel (CEO) Tim Brückner (CFO) FOREWORD BY THE EXECUTIVE BOARD 2 DEMIRE AT A GLANCE 3 INTERIM GROUP MANAGEMENT REPORT 6 INTERIM CONSOLIDATED FINANCIAL STATEMENTS 21 Consolidated statement of income 22 Consolidated statement of comprehensive income 23 Consolidated balance sheet 24 Consolidated statement of cash flows 26 Consolidated statement of changes in equity 28 Notes to the consolidated financial statements 29 IMPRINT 41 40 DEMIRE INTERIM REPORT 1 JANUARY TO 30 SEPTEMBER 202640
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COMPANY CONTACT DEMIRE Deutsche Mittelstand Real Estate AG Robert-Bosch-Straße 11 63225 Langen Germany T + 49 (0) 6103 – 372 49 – 0 F + 49 (0) 6103 – 372 49 – 11 ir@demire.ag www.demire.ag PUBLISHER The Executive Board of DEMIRE Deutsche Mittelstand Real Estate AG CONCEPT AND LAYOUT Berichtsmanufaktur GmbH, Hamburg PUBLICATION DATE 5 November 2026 IMPRINT FOREWORD BY THE EXECUTIVE BOARD 2 DEMIRE AT A GLANCE 3 INTERIM GROUP MANAGEMENT REPORT 6 INTERIM CONSOLIDATED FINANCIAL STATEMENTS 21 IMPRINT 41 41 DEMIRE INTERIM REPORT 1 JANUARY TO 30 SEPTEMBER 2026