Interim report
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Half-Year Report 2026
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LIMES Schlosskliniken Half-Year Report 2026 2 LIMES Schlosskliniken AT A GLANCE Group performance indicators January - June January – June Change 2026 2025 Total revenues 30,650 kEUR 23,884 kEUR 28.3% Patient days 31,552 26,853 17.5% Gross earnings (EBITDA) 7,011 kEUR 6,244 kEUR 12.3% EBITDA margin 22.9% 26.1% -12.5% Amortisation 1,968 kEUR 1,334 kEUR 47.5% Operating result (EBIT) 5,042 kEUR 4,910 kEUR 2.7% EBIT margin 16.5% 20.6% -20.0% Financial result -184 kEUR 3 kEUR > 100.0% Earnings before taxes 4,858 kEUR 4,913 kEUR -1.1% Result for shareholders of the parent company during the period 3,125 kEUR 3,313 kEUR -5.7% Long-term assets 24,187 kEUR 23,025 kEUR 5.0% Short-term assets 19,268 kEUR 20,699 kEUR -6.9% Balance sheet total 43,455 kEUR 43,724 kEUR -0.6% Equity 25,580 kEUR 23,564 kEUR 9.7% Equity ratio 59.5% 53.9 % 10.4% Equity-like funds/shareholder loans 515 kEUR 1,487 kEUR -65.4% Expanded equity ratio 60.7% 57.3 % 5.9% Liquid assets 8,245 kEUR 11,105 kEUR -25.8% Result per share as per DVFA* (German Association for Financial Analysis and Asset Management) 10.49 EUR 11.30 EUR -7.2% Employees at end of period 314 237 32.5% No-par shares 297,952 293,192 1.6% * based on number of no -par value shares in cisculation 297,952 293,192 1.6%
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LIMES Schlosskliniken Half-Year Report 2026 3 Business performance from 1 January to 30 June 2026 • Total revenues EUR 30.7 million + 28 % • Gross earnings (EBITDA) 7,011 kEUR + 12 % • Operating result (EBIT) 5,042 kEUR + 3 % • Earnings before taxes (EBT) 4,858 kEUR - 1 % • Result for shareholders during the period (EAT) 3,125 kEUR - 6 % • Result per share 10,49 EUR - 7 % • The two new clinics, Abtsee and Bergisches Land, are running according to schedule Dear shareholders and interested parties of LIMES Schlosskliniken , in the first six months, the LIMES Group continued to show strong growth. In the first half of 2026, we recorded growth of +28%. The strain associated with the launch of the two new clinics is gradually decreasing. The range of treatments offered was well received by our patients. Compared to the same period last year, the number of billed patient days at the clinics increased by 17.5%. Occupancy rates at the Mecklenburgische Schweiz and Fürstenhof clinics were temporarily slightly lower than in the same period last year. However, this was offset by strong performance at the Paracelsus Recovery Clinic in Zurich. The start -up risks associated with the two new clinics are decreasing and are generating increasing opportunities for growth and earnings for the LIMES Group. Given this scenario, we have decided to move forward with our plans for European expansion. With our future location at Clinica Villa Boccella near Lucca, Tuscany, we will be able to treat international patients. This will allow us to bridge the gap between the PRC Group in Zurich and the LIMES Schlosskliniken in Germany. We are pleased that the LIMES Group is recognized as a provider of high -quality psychiatric services covering a range of conditions, including stress -related disorders, depression, trauma, and personality disorders, and is receiving an increasingly positiv e response in the market.
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LIMES Schlosskliniken Half-Year Report 2026 4 Revenue development On a consolidated basis, we generated total revenue of EUR 30.7 million (+28%) in the first half of 2026. The total number of patient days accounted for was 31,552 (PY: 26,853). The clinic in Mecklenburgische Schweiz experienced a temporary dip in occupancy. The LIMES Schlossklinik Fürstenhof also saw a slight decline in occupancy compared to the previous year, although it returned to strong occupancy levels by mid-year. The PRC in Zurich recorded the strongest performance, posting a 25% year -over-year increase in revenue in the first half of 2026. Demand for the second half of the year also remains positive. The two new clinics, Abtsee and Bergisches Land, contributed EUR 7.4 million to consolidated revenue in the first six months. Going forward, we expect the two new clinics to generate the largest revenue growth. Earnings performance Earnings for the first six months are still being impacted by the start-up costs of the two new clinics, LIMES Schlossklinik Bergisches Land and LIMES Schlossklinik Abtsee. Overall, the clinics’ start-up is proceeding in line with our projections. The start -up of the Abtsee clinic has progressed more strongly than planned, while that of the Bergisches Land clinic has been slightly weaker than planned. On an EBITDA basis, the LIMES Schlossklinik Bergisches Land posted a slight profit in the first half of the year. The LIMES Schlossklinik Abtsee is already in the positive in terms of pre -tax profit. We recorded the strongest revenue growth in the first half of 2026 at the Paracelsus Recovery Clinic in Zurich. At the corporate level, gross earnings (EBITDA) for the first half of the current fiscal year amounted to 7,011 kEUR (PY: 6,244 kEUR). Depreciation and amortization increased significantly by 47.6% to 1,968 kEUR in the first six months due to the opening of the two new clinics. Operating result (EBIT) at the Group level amounted to 5,042 kEUR (PY: 4,910 kEUR). The financial result amounted to -184 kEUR (PY: +3 kEUR). Consolidated net income for the period, or net income attributable to the parent company's shareholders, amounted to + 3,125 kEUR for the first six months of the current fiscal year (PY: + 3,313 kEUR). Cash flow from operating activities amounted to 5.483 kEUR in the first half of the year (PY: 3,183 kEUR). The cash flow from investing activities was -658 kEUR (PY: -3,876 kEUR). The cash flow from financing activities was -6,915 kEUR (PY: + 937 kEUR).
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LIMES Schlosskliniken Half-Year Report 2026 5 Assets and financial position The LIMES Schlosskliniken have a solid financial foundation. With total assets of 43.5 million EUR (PY: 43.7 million EUR), equity —including shareholder loans —amounts to 60.7% (PY: 57.3%). At the end of the first half of the year, the company had cash and cash equivalents of 8.2 million EUR (PY: 11.1 million EUR). Given this and our free cash flow, we are well positioned for further growth. Long-term assets total 24,187 kEUR (PY: 23,025 kEUR) This item consists primarily of goodwill in the amount of 6,034 kEUR arising from the initial consolidation of Klinik Mecklenburgische Schweiz and goodwill from the acquisition of the Swiss PRC Group and Clinicum Alpinum Liechtenstein. Goodwill is amortized over a period of 10 years. Property, plant, an d equipment total 17,724 kEUR (PY: 15,028 kEUR) A large portion of this relates to the property on Lake Abtsee, which we have completely renovated and own outright. Current assets total 19,268 kEUR (PY: 20,699 kEUR). AGM On June 19, 2026, we held our annual general meeting at the Sofitel Opera Hotel in Frankfurt. We welcomed the opportunity for direct dialogue with our shareholders. All items on the agenda were discussed and approved by our shareholders. Employees As of June 30, 2026, LIMES Schlosskliniken employed a total of 314 employees (PY: 237). Risks and opportunities The risks and opportunities to which our company's business activities are exposed are described in detail in the Group Status Report, which we have published alongside our Consolidated Financial Statements for 2025. These Consolidated Financial Statements are available on the company's website (www.limes -schlosskliniken.de/en/). In the reporting period, there were no significant changes to the opportunities and risks described in this report. Outlook Performance in the second half of 2026 will be largely influenced by the continued establishment of the two new clinics. We expect weaker performance at the Mecklenburgische Schweiz Clinic. One of the reasons is a malfunction in the swimming pool area. The installation of new swimming pool equipment will be completed by the end of the second half of 2026.
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LIMES Schlosskliniken Half-Year Report 2026 6 Effective August 1, 2026, Mr. Marcus Quintus (47), an experienced hospital manager, has assumed the role of managing director at the LIMES Schlossklinik Bergisches Land. Plans are also in place to expand the medical leadership team in the near future. For our new clinic location in Tuscany, we expect to receive the final documents for the acquisition of the Villa Boccella facility by the end of the second half of 2026. Assuming this takes place, we will work on the clinic layout and the application for the clinic license during the winter months. We anticipate opening the new location in the summer of 2027. This would also align with our expansion strategy, as we expect the LIMES Schlossklinik Abtsee and the LIMES Schlossklinik Bergisches Land to have stabilized by then. We are pleased to be able to offer our patients the best treatment options in unique settings, in line with our Healing Environment approach and personalized psychiatry. Cologne, 31 August 2026 Dr. Gert Frank Dr. Kjell Brolund-Spaether Board of Directors Board of Directors
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LIMES Schlosskliniken Half-Year Report 2026 7 Consolidated balance sheet as per 30 June 2026 Assets 30 Jun 26 30 Jun 25 Change EUR EUR A. Long-term assets I. Intangible assets 1. Concessions/rights/licenses 429,330 462,579 -7.2% 2. Goodwill 6,033,690 7,534,263 -19.9% 6,463,020 7,996,843 -19.2% II. Fixed assets 1. Properties and buildings 10,963,958 4,185,446 > 100.0% 2. Technical equipment, plant and machinery 481,268 503,972 -4.5% 3. Other plant, operating and business equipment 6,014,620 2,302,697 > 100.0% 4. Assets under construction 263,827 8,036,239 -96.7% 17,723,673 15,028,353 17.9% 24,186,693 23,025,196 5.0% B. Short-term assets I. Inventories 156,610 92,242 69.8% II. Receivables and other assets 1. Trade receivables 9,773,040 7,262,346 34.6% 2. Other assets 684,889 1,854,816 -63.1% 10,457,930 9,117,161 14.7% III. Cash in hand and bank balances 8,244,747 11,104,723 -25.8% IV. Prepaid Expensens 409,003 384,765 6.3% 19,268,290 20,698,892 -6.9% Total assets 43,454,983 43,724,087 -0.6% Equity and liabilities A. Equity I. Subscribed capital 297,952 293,192 1.6% II. Non-controlling interests 1,513,888 1,513,888 0.0% III. Capital reserves 7,996,626 7,536,186 5.7% IV. Revenue reserves 3,029,936 2,153,007 40.7% V. Balance sheet profit 13,041,290 12,067,849 8.1% Total Equity 25,849,692 23,564,121 9.7% B. Long-term provisions 4,500 4,500 0.0% C. Short-term provisions 2,172,062 1,161,965 86.9% D. Long-term liabilities 1. Liabilities to financial institutions 8,760,214 12,294,223 -28.7% 2. Other Liabilities 515,000 1,486,855 -65.4% Of which to shareholders (515,000) (1,486,855) -65.4% 9,275,214 13,781,078 -32.7% E. Short-term liabilities 1. Liabilities to financial institutions 0 0 0.0% 2. Advance payments received 468,192 6,100 > 100.0% 3. Trade payables 1,310,823 1,892,198 -30.7% 4. Other liabilities 4,374,500 3,314,124 32.0% 6,153,514 5,212,423 18.1% Total Equity and liabilities 43,454,983 43,724,087 -0.6%
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LIMES Schlosskliniken Half-Year Report 2026 8 Consolidated income statement 1 January to 30 June 2026 Jan-Jun 2026 Jan-Jun 2025 Change EUR EUR Total revenues 30,649,954 23,883,530 28.3% of which sales revenue 29,723,744 23,004,865 29.2% of which other operating income 926,209 878,665 5.4% Expenditure on raw materials, auxiliary materials and consumables 1,340,480 1,102,202 21.6% Expenditure on services received 889,863 609,844 45.9% Personell expenses 13,481,934 10,454,721 29.0% Amortization of intangible assets and depreciation of property, plant and equipment 1,968,440 1,333,979 47.6% Other operating expenses 7,926,813 5,472,568 53.6% of which rent / cost of rooms 3,523,535 2,170,920 84.4% of which marketing expenses 2,436,439 1,796,550 35.6% Operating result (EBIT) 5,042,424 4,910,217 2.7% Financial result -183,937 2,527 > 100.0% Profit from ordinary operations 4,858,487 4,912,745 -1.1% Taxes on income and earnings 1,106,425 962,315 15.0% Consolidated net income for the period 3,752,062 3,950,430 -5.0% Earnings from non-controlling interests 627,181 637,069 -1.6% Result for sharehodlers of the parent company during the period 3,124,881 3,313,361 -5.7% Gross earnings in the period (EBITDA) 7,010,864 6,244,196 12.3% Result per share (undiluted) 10.49 11.30 -7.2%
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LIMES Schlosskliniken Half-Year Report 2026 9 Consolidated cash flow statement 1 January to 30 June 2026 Jan-Jun 2026 Jan-Jun 2025 Change EUR EUR Consolidated net income for the period 3,752,062 3,950,430 -5.0% Amortisation and depreciation of assets 1,968,440 1,333,979 47.6% Increase/decrease in Provisions -365,224 77,450 > 100.0% Decrease/increase in inventories -76,671 -5,978 > 100.0% Decrease/increase in receivables -1,538,152 -1,700,563 -9.6% Decrease/increase in other assets that are not attributable to investment or financial activities -195,772 67,594 > 100.0% Decrease/increase in liabilities -332,828 -622,980 -46.6% Decrease/increase in other liabilities that are not attributable to investment or financial activities 1,565,979 -221,585 > 100.0% Profit/loss from the disposal of fixed assets -3,187 -1,081 > 100.0% Interest income -14,416 -151,236 -90.5% Interest costs 193,318 148,708 30.0% Balance of income tax expense and payments 529,055 308,407 71.5% Cash flow from operating activities 5,482,606 3,183,145 72.8% Investments in intangible fixed assets -6,293 -2,535 > 100.0% Disposals from items of tangible fixed assets 2,548 642 > 100.0% Investments in tangible fixed assets -668,440 -4,025,312 -83.4% Interest received 14,416 151,236 -90.5% Cash flow from investing actvities -657,769 -3,875,969 -82.7% Cash inflows/outflows from the assumption/repayment of loan liabilities -1,993,733 1,316,221 > 100.0% Interest paid -193,318 -148,708 30.0% Payment to owners / minority shareholders -4,727,668 -230,020 > 100.0% Cash flow from financing activities 6,914,740 937,493 > 100.0% Change in cash and cash equivalents -2,089,902 244,669 > 100.0% Cash in hand and bank balances at start of period 10,314,579 10,882,280 -5.2% Further cash and cash equivalents at start of period 44,578 -16,750 > 100.0% Cash and cash equivalents at start of period 10,359,157 10,865,530 -4.7% Cash and cash equivalents at end of period 8,269,254 11,110,199 -25.6% Cash in hand and bank balances at end of period 8,244,747 11,104,723 -25.8% Further cash and cash equivalents at end of period 24,507 5,476 20.7%
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LIMES Schlosskliniken Half-Year Report 2026 10 Notes on the interim consolidated financial statements for the period 1 January 2026 to 30 June 2026 Accounting principles The interim consolidated financial statements of LIMES Schlosskliniken AG as per 30 June 2026 were prepared in compliance with the accounting principles set out in the German Commercial Code (HGB). As described in the notes to the consolidated financial statements for 2025, the principles governing accounting and consolidation were observed. Consolidated companies The consolidated companies are defined pursuant to Arts. 294 -296 of the German Commercial Code. Thus the interim consolidated financial statements apply to the following companies: Company Stake 30.06.2026 Stake 30.06.2025 LIMES Schlossklinik Mecklenburgische Schweiz GmbH, Teschow 100 % 100 % LIMES Schlossklinik Fürstenhof GmbH, Bad Brückenau 100 % 100 % LIMES Schlossklinik Bergisches Land GmbH, Lindlar 100 % 100 % LIMES Schlossklinik Abtsee GmbH 100 % 100 % LIMES Properties GmbH 100 % 100 % LIMES Prime GmbH 100 % 100 % Swiss Clinic Group AG 56 % 56 % Paracelsus Recovery Group AG 56 % 56 % Clinicum Alpinum AG 51 % 51 % Clinica Villa Boccella S.R.L. 100 % n.a. Swiss Clinic Group AG and Paracelsus Recovery Group AG were consolidated for the first time as of December 31, 2021. Clinicum Alpinum AG was consolidated for the first time as of December 31, 2023. The Swiss subsidiaries were consolidated as of June 30, 2026, at an exchange rate of 1.0841 CHF/EUR. LIMES Prime GmbH was founded on March 5, 2024, as a shell company for potential acquisitions.
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LIMES Schlosskliniken Half-Year Report 2026 11 Equity As of June 30, 2026, the subscribed capital of LIMES Schlosskliniken AG totaled 297,952 EUR (PY: 293,192 EUR) and is divided into 297,952 (PY: 293,192) no-par bearer shares. On July 17, 2019, 15,555 new shares were issued and subscribed to by investors as part of a capital increase. On July 25, 2025, 4,760 new shares were issued and subscribed to by investors as part of a capital increase. Since July 25, 2025, the Company’s subscribed capital has totaled 297,952 EUR. The subscribed capital is fully paid in. As of the balance sheet date, the Company did not hold any shares. These interim consolidated financial statements as of June 30, 2026, have not been reviewed by an auditing firm. Cologne, 31 August 2026 Dr. Gert Frank Dr. Kjell Brolund-Spaether Board of Directors Board of Directors
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LIMES Schlosskliniken Half-Year Report 2026 12 2026 CORPORATE CALENDAR Limes Schlosskliniken AG Kaiser-Wilhelm-Ring 26 50672 Köln Phone: +49 (0)221 669 615 0 Fax: +49 (0)221 669 615-99 E-Mail: kontakt@limes.care Internet: www.limes-schlosskliniken.de/en 2025 Consolidated financial statements 11. Mai 2026 ✓ 2026 AGM 19. Juni 2026 ✓ 2026 Half-Year Report 31. August 2026 ✓