Interim report
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HALF- YEAR FINANCIAL REPORT SECOND QUARTER OF 2024
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FINANCIAL INDICA TORS IN € THOUSAND 1. JAN. TO 30. JUNE 2025 1. JAN. TO 30. JUNE 2024 From the income statement Income from rents and leases 45,651 46,650 Net rental income 37,321 39,659 Operating result 10,522 13,746 Financial result –6,199 –6,160 EBITDA 33,278 34,442 EBIT 12,717 13,732 Funds from operations (FFO) 24,884 28,296 Period result 6,518 7,572 of which resulting from the sale of investment property 2,195 –14 30 JUNE 2025 31 DEC. 2024 From the statement of financial position Total assets 1,049,537 1,133,474 Non-current assets 1,034,499 1,050,961 Equity 378,771 411,166 Equity ratio in % 36.1 36.3 REIT equity ratio in % 55.0 55.2 EPRA Loan-to-value (LTV) in % 44.3 43.7 30 JUNE 2025 30 JUNE 2024 On HAMBORNER shares Number of shares outstanding 81,343,348 81,343,348 Basic = diluted earnings per share in € 0.08 0.09 Funds from operations (FFO) per share in € 0.31 0.35 Stock price per share (Xetra) in € 5.96 6.52 Market capitalisation 484,806 530,359 30 JUNE 2025 31 DEC. 2024 On the HAMBORNER portfolio Number of properties 64 66 Fair value of the property portfolio 1,406,330 1,441,010 EPRA vacancy rate in % 3.5 2.8 Weighted remaining term of leases in years 5.7 5.8 Other data Net asset value (NAV) 773,703 796,348 Net asset value per share in € 9.51 9.79 EPRA Net Tangible Assets (NTA) 773,660 796,291 EPRA Net Tangible Assets per share (NTA) in € 9.51 9.79 Number of employees including Management Board 61 55 €45.7 MILLION Income from rents and leases €24.9 MILLION Funds from operations 2 HAMBORNER REIT AG Half-year financial report as at 30 June 2025 FINANCIAL INDICA TORS INTERIM MANAGEMENT REPORT CONDENSED INTERIM FINANCIAL ST A TEMENTS FURTHER INFORMA TION
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INTERIM MANAGEMENT REPORT 4 CONDENSED INTERIM FINANCIAL STATEMENTS 8 Income statement 8 Statement of comprehensive income 8 Statement of financial position 9 Statement of cash flows 10 Statement of changes in equity 10 Notes 11 FURTHER INFORMATION 12 Responsibility statement 12 Additional information 13 Financial calendar / publication details 15 CONTENTS 3 HAMBORNER REIT AG Half-year financial report as at 30 June 2025
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Report on results of operations, net asset situation and financial position RESULTS OF OPERATIONS In the first half of 2025, HAMBORNER REIT generated rental income of €45,651 thousand from managing its properties. Compared with the previous year period (€46,650), the decline is mainly due to stra- tegic property disposals, which generated income of €848 thousand. Rental income from the property portfolio was stable on a like-for- like basis, with just a slight decline of €151 thousand or 0.3%. The vacancy rate remains at a low level. It came to 2.1% in the report- ing period (previous year period: 2.7%). The EPRA vacancy rate as at the reporting date is 3.5% (31 December 2024: 2.8%). Income from incidental costs passed on to tenants amounted to €5,538 thousand (previous year: €6,449 thousand) and was down by €385 thousand, partly due to property disposals. Current operating expenses for property management came to €10,341 thousand as at the end of June 2025 (previous year: €10,660 thousand), a decline of €575 thousand due to property disposals. Services that cannot be charged to tenants, including the presentation and analysis of consumption figures, also increased operating expenses but did not contribute to higher income from incidental costs passed on to tenants. The expenses for the maintenance of the land and property portfolio rose by €747 thousand over the previous year period to €3,527 thousand (previous year: €2,780 thousand). The expenses in the first half of 2025 relate to minor ongoing maintenance and various planned maintenance measures. At €37,321 thousand, the net rental income derived from the above items was €2,338 thousand or 5.9% lower than the value for the same period of the previous year (€39,659 thousand). Administrative and personnel expenses totalled €5,066 thousand, up €673 thousand or 15.3% on the previous year’s level (€4,393 thousand). Administrative expenses rose by €161 thousand to €1,111 thousand (previous year: €950 thousand). Personnel expenses rose year-on-year by €512 thousand to €3,955 thousand (previous year: €3,443 thousand). This is mainly the result of changes in the workforce. The operating cost ratio, i.e. administrative and personnel expenses to income from rents and leases, rose to 11.1% (previous year: 9.4%). Depreciation and amortisation decreased by €149 thousand to €20,561 thousand in the reporting period (previous year: €20,710). Impairment losses of €2,354 thousand based on the valuation as at 30 June 2025 relate to the properties in Münster (Robert-Bosch- Straße) and Stuttgart (Schockenriedstraße). Impairment losses of €2,117 thousand were recognised in the previous year period. INTERIM MANAGEMENT REPORT Macroeconomic conditions Germany’s economic performance recovered slightly in the first half of 2025. Having previously declined, gross domestic product (GDP) rose by 0.4% on the previous quarter in Q1 2025. A number of adverse factors continue to weigh on the property sector, however, including the still high cost of construction, an ongoing shortage of qualified staff, and challenging financing conditions in some cases. These factors are having a negative impact on performance in certain market segments. The ifo Institute is expecting gross domestic product to increase moderately by 0.3% over the full year 2025. The inflation rate in June 2025 was around 2.0%, which was below the previous year’s figure of 2.5%. For the full year the ifo Institute is currently forecasting an average inflation rate of 2.3%. The unemployment rate in June 2025 was 6.2%, which was slightly up on the previous year (June 2024: 5.8%). 4 HAMBORNER REIT AG Half-year financial report as at 30 June 2025 Macroeconomic conditions│ Report on result of operations, net asset situation and financial position FINANCIAL INDICA TORS INTERIM MANAGEMENT REPORT CONDENSED INTERIM FINANCIAL ST A TEMENTS FURTHER INFORMA TION
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Other operating income came to €797 thousand in the first half-year (previous year: €302 thousand) and stemmed largely (€395 thousand) from the derecognition of a liability. Other operating expenses amounted to €1,969 thousand in the first half of 2025 (previous year: €1,112 thousand). The item also includes legal and consultancy costs of €931 thousand (previous year: €528 thousand). These particularly include expenses in connection with IT consultancy (€307 thousand), sustainability (€171 thousand) and external personnel (€240 thousand). The item also includes write-downs and depreciation/amortisation on trade receivables of €492 thousand (previous year: €171 thousand), mainly resulting from a settlement with a tenant. It also includes expenses of €228 thousand (previous year: €280 thousand) for investor relations and public relations work. The company’s operating result in the first half of 2025 came to €10,522 thousand, after €13,746 thousand in the same period of the previous year. A result of €2,195 thousand (previous year: €–14 thousand) was generated from the disposal of properties. This mainly relates to the proceeds from the sale of the property in Osnabrück. The transfer of ownership took place on 1 April 2025. The financial result is €–6,199 thousand in the first half of 2025 as against €–6,160 thousand in the same period of the previous year. Interest income came to €531 thousand (previous year: €842 million). Interest income in the first six months of the reporting year stems mainly from overnight cash deposits. Interest expenses of €–6,730 thousand (previous year: €–7,002 thousand) consist mainly of interest expenses on borrowing of €–6,244 thousand (previous year: €–6,510 thousand). This was €266 thousand lower than in the previous year. The decline was caused partly by lower interest expenses following the repayment of loans (€166 thousand). As a result of the total income and expenses, the net profit for the first half-year amounts to €6,518 thousand (previous year: €7,572 thousand). Funds from operations (FFO), i.e. the operating result before depreciation and amortisation expenses and not in- cluding proceeds from disposals, decreased by 12.1% and amounted to €24,884 thousand in the reporting period (previous year: €28,296 thousand). This corresponds to FFO per share of 31 cents (previous year: 35 cents). NET ASSET SITUATION AND FINANCIAL POSITION Investment property amounted to €1,018.1 million as at 30 June 2025 (31 December 2024: €1,037.9 million). The fall of €19.8 million in the carrying amount is mainly due to depreciation and impairment losses. The updated fair value of the developed property portfolio as at 30 June 2025 was €1,406,3 million (31 December 2024: €1,441.0 million). As such, the fair value calculated by an expert as at 31 December 2024 was maintained for the most part. The €34.7 million decline in portfolio volume is mainly attributable to the disposal of the properties in Lübeck and Osnabrück with a total market value of €27.4 million. Furthermore, market value adjust - ments were made as of 30 June 2025 for the properties in Münster (Robert-Bosch-Straße), Stuttgart (Schockenriedstraße), Munich (Domagkstraße) and Neu- Isenburg (Schleussnerstraße), which are attributable, among other things, to market-related adjustments to the changed discount and capitalisation rates and rental factors. In total, this led to a decline in market value of €7.3 million. Non-current and current financial assets came to €6.3 million (31 De- cember 2024: €2.8 million) and include a bank balance of €3.6 million on a restricted account, which has been pledged to the financing bank as temporary collateral for a loan for the property in Osnabrück that has been sold. The item also includes rent deposits of €2.2 million (31 December 2024: €2.4 million). Non-current and current other assets amounted to €9.4 million (31 December 2024: €8.9 million) and mainly consisted of building cost subsidies of €8.5 million paid in the context of lease renewals in Celle, Gießen and Mannheim. Of this total, one amount of €7.8 million has a remaining term of more than one year. The agreed amounts will be spread out on a straight-line basis over the term of the leases in the form of a reduction in rents. 5 HAMBORNER REIT AG Half-year financial report as at 30 June 2025 FINANCIAL INDICA TORS INTERIM MANAGEMENT REPORT CONDENSED INTERIM FINANCIAL ST A TEMENTS FURTHER INFORMA TION Report on result of operations, net asset situation and financial position
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Trade receivables amounted to €3.9 million (31 December 2024: €4.7 million). They include gross receivables from rent in arrears and billed incidental costs totalling €2.7 million (31 December 2024: €3.3 million). Expected losses of €1.1 million (31 December 2024: €0.8 million) were recognised on the gross receivables as part of the valuation as at 30 June 2025. The item also includes receivables from future incidental cost invoices of €1.6 million (31 December 2024: €2.1 million). The company had cash and cash equivalents of €9.3 million on 30 June 2025 (31 December 2024: €51.8 million). No properties were presented in the item “Non-current assets held for sale” as at 30 June 2025. The transfer of ownership of the proper- ties in Lübeck and Osnabrück, which made up this item as at 31 December 2024, was transferred on 1 April 2025. The sales price for the property in Lübeck was €20.9 million, and the carrying amount was the same. The sales price for the property in Osnabrück was €6.5 million, and the carrying amount was €4.0 million. Equity amounted to €378.8 million as at 30 June 2025, following a value of €411.2 million as at 31 December 2024. The reported equity ratio was 36.1% as at the end of the period after 36.3% as at 31 December 2024. The REIT equity ratio was 55.0% following a value of 55.2% as at 31 December 2024. At the Annual General Meeting on 26 June 2025, it was decided that €39.0 million of the net distributable profit under German commer - cial law (HGB) for the 2024 financial year should be used to distribute a dividend of €0.48 per share. The dividend was paid out after the Annual General Meeting. Current and non-current financial liabilities, including liabilities in connection with assets held for sale, declined by €48.5 million as against 31 December 2024 in the first quarter of 2025, and amounted to €632.7 million as at 30 June 2025 (31 December 2024: €681.2 million). In addition to the scheduled repayment of loans, this was mainly due to the repayment of a borrower’s note loan of €12.5 million taken out in 2018 and a loan repayment in connection with the disposal of the property in Lübeck that took place in the first half of 2025. The average borrowing rate for all loans in place is 1.9%. The corresponding average remaining term is 3.1 years. Current and non-current trade payables and other liabilities de - creased by €3.0 million compared with 31 December 2024, falling from €30.6 million to €27.6 million. The item also includes lease liabilities pursuant to IFRS 16 for leaseholds of €14.7 million (31 December 2024: €14.8 million). The item also includes liabilities from rent deposits of €2.2 million (31 December 2024: €2.4 million), liabilities for operating costs of €1.9 million (31 December 2024: €1.6 million) and from maintenance measures carried out and not yet invoiced of €1.5 million (31 December 2024: €4.0 million) and price retentions of €0.9 million (31 December 2024: €1.0 million). Current and non-current provisions amounted to €6.1 million (31 December 2024: €5.9 million). Of this amount, €3.2 million is at- tributable to provisions for mining damage (31 December 2024: €3.1 million). The provision for refunding operating costs to tenants amounts to €0.9 million. The existing provisions for Management Board bonuses from short-term remuneration (STI) amount to €0.2 million, and from long-term share-based remuneration (LTI) to €0.3 million. The net asset value (NAV) of the company was €773.7 million at the end of the first half of the year (31 December 2024: €796.3 million). This corresponds to NAV per share of €9.51, down on €9.79 as at 31 December 2024. 6 HAMBORNER REIT AG Half-year financial report as at 30 June 2025 FINANCIAL INDICA TORS INTERIM MANAGEMENT REPORT CONDENSED INTERIM FINANCIAL ST A TEMENTS FURTHER INFORMA TION Report on result of operations, net asset situation and financial position
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Report on risks and opportunities As a real estate company with a portfolio distributed across the whole of Germany, HAMBORNER REIT AG is exposed to a number of risks and opportunities that could affect its results of operations, net asset situation and financial position. With the exception of the mat- ters described below, there are currently no significant changes in the assessment of the risks to, and opportunities for, the business development of the company as against 31 December 2024. The comments made therefore still apply, with the following amendments: NATIONAL AND INTERNATIONAL MARKET ENVIRONMENT RISKS The national and international market environment remained sub - ject to great uncertainty in the second quarter of 2025. Key factors include global monetary policies, geopolitical tensions and phases of slow growth in important economies. Geopolitical tensions increased in the Middle East, amid concerns about their effect on the oil price. Geopolitical risk is also partly determined by the discussion about US tariffs and uncertainty concerning global trade. The European Central Bank (ECB) cut its interest rate again in June 2025, to 2.00%. The justification for this move was an ongoing reluc- tance to invest, as well as a weak domestic economy, particularly in Germany. By contrast, the US central bank (Fed) remained cautious, leaving its target range for the Federal Funds Rate at 4.25% to 4.50%, although some members of the Open Market Committee are no lon- ger ruling out interest rate cuts for the second half of the year. Central banks in the major industrialised countries (G10), including the UK, Canada, Sweden and Norway, remained fundamentally cautious following a series of interest rate cuts, and recently have left rates unchanged in the face of global turbulence. The German economy is showing signs of stabilising. The DIW barometer climbed to 94.2 points in June, its highest figure in more than two years, and the ifo economic survey stood at 88.4 points in June, pointing to an improvement in business confidence. These developments are also reflected in the ifo economic forecast of summer 2025. Growth in price-adjusted gross domestic product of 0.3% is predicted for the current year, with growth of 1.5% expected in 2026. The German Economic Institute (IW) saw things differently just a month ago. In its economic forecast published on 13 May 2025 the institute expected the German economy to contract by 0.2%. According to the ifo economic forecast from 12 June 2025, trade conflicts are threatening the global outlook, with global economic output only expected to grow by 2.1% in 2025. The OECD predicts faster growth, but cut its forecast for global GDP growth again on 3 June 2025 as a result of escalating trade wars. It currently stands at 2.9% for 2025 and 2026. The inflation rate in Germany fell again in June to 2.0%, which is exactly within the ECB’s target range. Despite this decline, inflation rates for services and rents in particular remained high. Forecast report Regardless of the persistently challenging macroeconomic conditions and the uncertainties mentioned in the report on risks and opportu- nities, the company is confident as regards the second half of 2025 and stands by the outlook published in the 2024 Annual Report regarding future business performance. Taking into account the forecast assumptions presented in the Annual Report, the company anticipates income from rents and leases of between €89.5 million and €90.5 million in the 2025 financial year (previously: €87.5 million to €89.0 million). The higher forecast is particularly due to the sale of a portfolio property that was included in the original guidance for the full year but was not completed, and higher income from tenancy agreements signed in the course of the year. The operating result (FFO) is expected to be between €44.0 million and €46.0 million. 7 HAMBORNER REIT AG Half-year financial report as at 30 June 2025 FINANCIAL INDICA TORS INTERIM MANAGEMENT REPORT CONDENSED INTERIM FINANCIAL ST A TEMENTS FURTHER INFORMA TION Report on risks and opportunities │ Forecast Report
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CONDENSED INTERIM FINANCIAL ST A TEMENTS AS A T 30 JUNE 2025 Statement of comprehensive income FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2025 Income statement FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2025 IN € THOUSAND 1. JAN. TO 30. JUNE 2025 1. JAN. TO 30. JUNE 2024 1. APR. TO 30. JUNE 2025 1. APR. TO 30. JUNE 2024 Income from rents and leases 45,651 46,650 22,608 23,205 Income from incidental costs passed on to tenants 5,538 6,449 2,864 3,644 Real estate operating expenses –10,341 –10,660 –4,578 –5,047 Property and building maintenance –3,527 –2,780 –1,920 –1,594 Net rental income 37,321 39,659 18,974 20,208 Administrative expenses –1,111 –950 –579 –531 Personnel expenses –3,955 –3,443 –1,982 –1,675 Amortisation of intangible assets, depreciation of property, plant and equipment and investment property –20,561 –20,710 –11,468 –11,418 Other operating income 797 302 469 123 Other operating expenses –1,969 –1,112 –807 –619 –26,799 –25,913 –14,367 –14,120 Operating result 10,522 13,746 4,607 6,088 Result from the sale of investment property 2,195 –14 2,463 –14 Earnings before interest and taxes (EBIT) 12,717 13,732 7,070 6,074 Interest income 531 842 224 396 Interest expenses –6,730 –7,002 –3,285 –3,598 Financial result –6,199 –6,160 –3,061 –3,202 Period result 6,518 7,572 4,009 2,872 Basic = diluted earnings per share (in €) 0.08 0.09 0.05 0.04 IN € THOUSAND 1. JAN. TO 30. JUNE 2025 1. JAN. TO 30. JUNE 2024 1. APR. TO 30. JUNE 2025 1. APRIL. TO 30. JUNE 2024 Period result as per the income statement 6,518 7,572 4,009 2,872 Items not subsequently reclassified to profit or loss in future: Actuarial gains / losses (–) on defined pension obligations 132 108 –11 71 Other comprehensive income 132 108 –11 71 TOTAL COMPREHENSIVE INCOME 6,650 7,680 3,998 2,943 Other comprehensive income for the current period relates to the actuarial gains on defined-benefit pension commitments of €132 thousand due to the increase in the actuarial interest rate to 3.72% as at 30 June 2025 (31 December 2024: 3.37%; 30 June 2024: 3.76%). Condensed interim financial statements 8 HAMBORNER REIT AG Half-year financial report as at 30 June 2025 FINANCIAL INDICA TORS INTERIM MANAGEMENT REPORT CONDENSED INTERIM FINANCIAL ST A TEMENTS FURTHER INFORMA TION Income statement | Statement of comprehensive income
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Statement of financial position Statement of financial position – liabilitiesStatement of financial position – assets AS AT 30 JUNE 2025 30 JUNE 2025 31 DEC. 2024 Non-current assets Intangible assets 43 57 Property, plant and equipment 2,530 2,545 Investment property 1,018,135 1,037,925 Financial assets 2,248 2,355 Other assets 7,898 8,079 1,030,854 1,050,961 Current assets Trade receivables 3,867 4,667 Financial assets 4,003 399 Other assets 1,497 787 Cash and cash equivalents 9,316 51,766 Non-current assets held for sale 0 24,894 18,683 82,513 TOTAL ASSETS 1,049,537 1,133,474 IN € THOUSAND 30 JUNE 2025 31 DEC. 2024 Equity Issued capital 81,343 81,343 Capital reserves 276,271 300,454 Retained earnings 21,157 29,369 378,771 411,166 Non-current liabilities and provisions Financial liabilities 504,400 511,611 Trade payables and other liabilities 16,245 16,348 Pension provisions 4,297 4,564 Other provisions 3,398 3,346 528,340 535,869 Current liabilities and provisions Financial liabilities 128,341 141,031 Trade payables and other liabilities 11,355 14,285 Other provisions 2,730 2,516 Liabilities related to assets held for sale 0 28,607 142,426 186,439 1,049,537 1,133,474 9 HAMBORNER REIT AG Half-year financial report as at 30 June 2025 FINANCIAL INDICA TORS INTERIM MANAGEMENT REPORT CONDENSED INTERIM FINANCIAL ST A TEMENTS FURTHER INFORMA TION Statement of financial position
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Statement of changes in equityStatement of cash flows IN € THOUSAND 1. JAN. TO 30. JUNE 2025 1. JAN. TO 30. JUNE 2024 Cash flow from operating activities Period result 6,518 7,572 Financial result 6,335 5,774 Depreciation and amortisation (+) / reversals (–) 20,561 20,710 Change in provisions 130 –649 Gains (–) / losses (+) (net) on the disposal of property, plant and equipment and investment property –2,496 0 Change in receivables and other assets not attributable to investing or financing activities 313 –1,893 Change in liabilities not attributable to investing or financing activities –1,867 –3,559 29,494 27,955 Cash flow from investing activities Investments in intangible assets, property, plant and equipment and investment property –1,572 –1,821 Proceeds from disposals of property, plant and equipment and investment property 27,390 0 Payments (–) for cash collateral for financial liabilities –3,645 0 22,173 –1,821 Cash flow from financing activities Dividends paid –39,045 –39,045 Proceeds from borrowings of financial liabilities 12,000 26,800 Repayments of borrowing –60,395 –16,878 Repayments of lease liabilities –214 –205 Interest payments –6,463 –6,810 –94,117 –36,138 Cash-effective changes to cash funds –42,450 –10,004 Cash funds on 1 January 51,766 43,304 Cash funds on 30 June 9,316 33,300 IN € THOUSAND ISSUED CAPITAL CAPITAL RESERVES RETAINED EARNINGS EQUITY TOTAL IAS 19 Reserve Pension provisions Other retained earnings As at 1 January 2024 81,343 335,573 –3,772 20,974 434,118 Withdrawal from capital reserves –35,119 35,119 0 Distribution of profit for 2023 (€0.47 per share) –39,045 –39,045 Net profit for the period 1 Jan. to 30 June 2023 7,572 7,572 Other comprehensive income 1 Jan. to 30 June 2023 108 108 Total comprehensive income 1 Jan. to 30 June 2023 108 24,620 7,680 As at 30 June 2023 81,343 300,454 –3,664 24,620 402,753 Net profit for the period 1 Jul. to 31 Dec. 2024 8,698 8,698 Other comprehensive income 1 Jul. to 31 Dec. 2024 –285 –285 Total comprehensive income 1 Jul. to 31 Dec. 2024 –285 8,698 8,413 As at 31 December 2024 81,343 300,454 –3,949 33,318 411,166 Withdrawal from capital reserves –24,183 24,183 0 Distribution of profit for 2024 (€0.48 per share) –39,045 –39,045 Net profit for the period 1 Jan. to 30 June 2025 6,518 6,518 Other comprehensive income 1 Jan. to 30 June 2025 132 132 Total comprehensive income 1 Jan. to 30 June 2025 132 6,518 6,650 As at 30 June 2025 81,343 276,271 –3,817 24,974 378,771 10 HAMBORNER REIT AG Half-year financial report as at 30 June 2025 FINANCIAL INDICA TORS INTERIM MANAGEMENT REPORT CONDENSED INTERIM FINANCIAL ST A TEMENTS FURTHER INFORMA TION Statement of cash flows | Changes in equity
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Notes INFORMATION ON HAMBORNER REIT HAMBORNER REIT AG is a listed corporation (securities identification number A3H233) headquartered in Duisburg, Germany. This HAMBORNER REIT AG interim report for the first half of 2025 will be published on 5 August 2025. The interim financial statements are presented in euros (€). All amounts are presented in thousands of euros (€ thousand) unless stated otherwise. Minor rounding differ - ences can occur in totals and percentages. PRINCIPLES OF REPORTING This HAMBORNER REIT AG interim report as at 30 June 2025 was prepared on the basis of IFRSs as applicable in the European Union and insofar as they apply to interim financial statements (IAS 34), and in accordance with the requirements on interim reporting of German Accounting Standard no. 16 of the Accounting Standards Committee of Germany (ASCG) and takes into account the requirements under section 37w of the German Securities Trading Act (WpHG). It contains a condensed version of the individual financial statements prepared in accordance with IFRS as at 31 December 2024. The interim financial statements as at 30 June 2025 are based on the same accounting policies and principles as the separate financial statements according to IFRS as at 31 December 2024. This interim report has not been audited by an auditor in accordance with section 317 HGB, nor has it undergone an auditor’s review. In the opinion of the Management Board, the interim report contains all material information necessary for an understanding of the changes to the results of operations, net asset situation and financial position of HAMBORNER REIT AG since the last reporting date of 31 December 2024. This report contains forward-looking statements, for example concerning general economic developments in Germany, the future situation of the property industry and the forecast business perfor - mance of HAMBORNER REIT AG. These statements are based on current assumptions and estimates by the company, which were made carefully on the basis of information available as at the reporting date. If the assumptions on which statements and forecasts are based are not accurate, the actual results may differ from those currently anticipated. OTHER SELECTIVE EXPLANATORY NOTES As at 30 June 2025, the fair value of the property portfolio decreased by €34.7 million to €1,406.3 million compared with 31 December 2024 (31 December 2024: €1,441.0 million). This was in part down to the sale of the properties in Lübeck and Osnabrück in the amount of €27.4 million and the fair value adjustments carried out as at 30 June 2025 for the properties in Münster (Robert-Bosch-Straße), Stuttgart (Schockenriedstraße), Munich (Domagkstraße) and Neu-Isenburg (Schleussnerstraße) in the total amount of €7.3 million, which were attributable to market-related adjustments to the changed discount and capitalisation rates and occupancy factors. The valuation of the properties was carried out by an external expert. The discount rate used to measure pension obligations was increased to 3.72% as at 30 June 2025 (31 December 2024: 3.37%; 30 June 2024: 3.76%) due to higher capital market interest rates. This interest rate adjustment caused a €132 thousand decline in pension provi - sions, which was recorded directly in equity under retained earnings. All assets and liabilities are valued at amortised cost. With the exception of financial liabilities, the carrying amounts of the financial assets and liabilities recognised at amortised cost in the statement of financial position constitute a reliable approximation of the fair value. There were no material contingent liabilities or other financial obligations as at the reporting date. SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES There were no reportable transactions with related parties in the first half of the 2025 financial year. 11 HAMBORNER REIT AG Half-year financial report as at 30 June 2025 Notes FINANCIAL INDICA TORS INTERIM MANAGEMENT REPORT CONDENSED INTERIM FINANCIAL ST A TEMENTS FURTHER INFORMA TION
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Further Information RESPONSIBILITY ST A TEMENT To the best of our knowledge, and in accordance with the applicable reporting principles for half-yearly financial reporting, the half-year financial statements give a true and fair view of the net asset situation, financial position and results of operations of the company, and the interim management report of the company includes a fair review of the development and performance of the business and the position of the company, together with a description of the principal opportunities and risks associated with the expected development of the company for the remainder of the financial year. Duisburg, 4 August 2025 The Management Board Niclas Karoff Sarah Verheyen 12 HAMBORNER REIT AG Half-year financial report as at 30 June 2025 FINANCIAL INDICA TORS INTERIM MANAGEMENT REPORT CONDENSED INTERIM FINANCIAL ST A TEMENTS FURTHER INFORMA TIONResponsibility Statement
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ADDITIONAL INFORMA TION General performance on the capital market The stock markets performed well overall in 2024 and the upswing on national and international markets continued into the first half of 2025. Driven by the solid business performance of its – mostly international – companies, a stable interest rate environment and a stable global economic recovery, the DAX index set a succession of records over the course of the year, reaching a new all-time high of 24,479 in early June. Notwithstanding the existing uncertainties – concerning potential US tariffs and monetary policy decisions by the major central banks, for example – market sentiment remained largely positive. The DAX saw an increase of 20.1% in total over the first six months. The mid-cap indices also reported positive performance in the first half of 2025. The MDAX in particular benefited from solid corporate figures for the first quarter and increased demand for medium-sized companies with international operations, closing the first half of the year with an increase of 19.1%. Buoyed by equally stable performance, the SDAX index of growth- oriented smaller companies reported a similar upwards trend over the year to date. Following losses in the previous year, the index recovered sharply and saw an increase of 28.1% in the first half-year. HAMBORNER REIT AG shares SHARE PERFORMANCE IN 2025 Sales in thousand Price at month-end (XETRA) in € 10 8 6 4 2 0 3,717 3,759 4,790 5,304 4, 115 4, 139 4,931 10 8 6 4 2 0 Dec. 24 Jan. 25 Feb. 25 Mar. 25 Apr. 25 May 25 June 25 Shares in German property companies were not able to match the positive performance of the market as a whole in the first half of 2025. Although property valuations and interest rates have stabilised recently, share prices mostly moved sideways and so were still signifi- cantly lower than when the property crisis began in 2022. As a result, the price of the HAMBORNER share also declined slightly over the course of 2025. Having closed 2024 at a price of €6.30, the publication of the full-year guidance in connection with the an - nounced review of the dividend strategy produced increased market uncertainty, which was reflected in a fall in the share price to below €6.00. The share price recovered gradually once the amended dividend strategy was published in April, however, and was higher than the previous year by the time of the company’s annual general meeting in late June. The price fell again after the dividend payment and at the end of the first half-year stood at €5.96 or 5.4% down on year- end 2024. The trading volumes of HAMBORNER shares increased again in the first half of 2025 and, with an average of around 216,000 shares trad- ed per trading day, were significantly above the average level for 2024 (158,000 shares). Market capitalisation amounted to €448.8 million as at 30 June 2025 (31 December 2024: €512.5 million). HAMBORNER SHARES Name / code HAMBORNER REIT AG / HABA Share class Registered share SCN / ISIN A3H233 / DE000A3H2333 Number of shares 81,343,348 Share capital €81,343,348 Listing segment Prime Standard Indices SDAX / EPRA index Designated sponsors MM Warburg / Baader Bank Free float 82.7% Share price as at 30 June 2025 (XETRA) €5.96 Market capitalisation as at 30 June 2025 €448.8 million 13 HAMBORNER REIT AG Half-year financial report as at 30 June 2025 FINANCIAL INDICA TORS INTERIM MANAGEMENT REPORT CONDENSED INTERIM FINANCIAL ST A TEMENTS FURTHER INFORMA TIONAdditional Information
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SHAREHOLDER STRUCTURE AS A T 30 JUNE 2025 81,343,348 SHARES 100 % 82.7 % FREE FLOAT 5.1 % BLACKROCK, WILMINGTON 12.2 % RAG STIFTUNG, ESSEN of which 2.6 % via RAG AG ANNUAL GENERAL MEETING & DIVIDEND The company’s Annual General Meeting for this year took place in the physical presence of shareholders in Mülheim an der Ruhr on 26 June 2025. At the Annual General Meeting, all resolutions pro - posed by the Management Board and the Supervisory Board were adopted by a large majority. The resolutions related, among other things, to the discharging of the Management Board and Supervisory Board for the 2024 financial year, the approval of the Remuneration Report and the revised remuneration system for the Management Board members, and the election of Supervisory Board members. Dr Andreas Mattner, Claus-Matthias Böge, Maria Teresa Dreo-Tempsch, Rolf Glessing and Ulrich Graebner were re-elected in the scheduled election, and Dr Mattner was again elected as Chair of the Supervisory Board at its constitutive meeting held directly after the Annual General Meeting. Claus-Matthias Böge was re-elected as Deputy Chair of the Supervisory Board. Christel Kaufmann-Hocker resigned from the Supervisory Board after 15 years and the Annual General Meeting elected the candidate proposed by the Supervisory Board, Martina Williams, Head of Work Dynamics DACH and Managing Director of Jones Lang LaSalle SE, as a new Supervisory Board member. An employee representative also left the Supervisory Board at the close of the Annual General Meeting and was replaced by a new HAMBORNER employee. The Annual General Meeting also confirmed the dividend suggested by the Management Board and the Supervisory Board and resolved to pay a dividend of €0.48 per share for the 2024 financial year. Based on the XETRA closing price for HAMBORNER shares at the end of 2024, this corresponded to a dividend yield of around 7.6%. 14 HAMBORNER REIT AG Half-year financial report as at 30 June 2025 FINANCIAL INDICA TORS INTERIM MANAGEMENT REPORT CONDENSED INTERIM FINANCIAL ST A TEMENTS FURTHER INFORMA TIONAdditional Information
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FINANCIAL CALENDAR / PUBLICA TION DET AILS FINANCIAL CALENDAR 2025/2026 5 August 2025 Half-yearly financial report 2025 6 November 2025 Interim statement, 30 September 2025 26 February 2026 Provisional figures for the 2025 financial year 22 April 2026 2025 Annual Report 7 May 2026 Interim statement, 31 March 2026 3 June 2026 2026 Annual General Meeting PUBLICATION DETAILS Published by The Management Board of HAMBORNER REIT AG, Duisburg, Germany Published 4 August 2025 HAMBORNER REIT AG Goethestraße 45 47166 Duisburg Germany Tel.: +49 203 54405-0 Fax: +49 203 54405-49 info@hamborner.de www.hamborner.de/en Layout Berichtsmanufaktur GmbH www.berichtsmanufaktur.de 15 HAMBORNER REIT AG Half-year financial report as at 30 June 2025 Financial calendar | Publication details FINANCIAL INDICA TORS INTERIM MANAGEMENT REPORT CONDENSED INTERIM FINANCIAL ST A TEMENTS FURTHER INFORMA TION
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