Interim report
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German High Street Properties A/S August 31, 2026 Interim Report for January 1 – June 30, 2026
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Table of contents Company Information Group Structure Company presentation Management’s review The German economy Property value development Expectations for 2026 Subsequent events Accounting Reporting Process Key Figures (Group) Income Statement (Group) 2 3 4 6 7 8 9 10 10 11 12 Income Statement (cont.) Balance sheet (Group) Cash flow (Group) Ownership and Related Parties Financial Calendar Management’s Statement Income Statement (Group) Balance Sheet (Group) Statement of Equity (Group) Statement of Cash Flow (Group) Notes 13 14 15 16 17 18 19 20 21 22 23 1 Interim Report – First Half 2026 │ Table of Contents
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Company Information Company German High Street Properties A/S Mosehøjvej 17 DK-2920 Charlottenlund Denmark Company registration number: 30691644 Financial year: January 1 – December 31 Registered office: Gentofte Municipality Auditor Beierholm Godkendt Revisionspartnerselskab Ndr. Ringgade 70A 4200 Slagelse, Denmark Deloitte Statsautoriseret Revisionspartnerselskab Weidekampsgade 6 2300 København S Managing Director Martin Ernst Board of Directors Hans Thygesen Nikolaj Claude Olof Zethraeus René Angenend 2 Interim Report – First Half 2026 │ Company Information
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German High Street Properties A/S GHSP Erste Holding GmbH GHSP Zweite Holding ApS & Co.KG. GHSP Dritte Holding GmbH Apreit Two Grundbesitz GmbH 100% Minority shareholders GHSP Grundbesitz I GmbH (Pforzheim) 6% 94%94% 100% 10.4% Braunschweig Frankfurt Hamburg Kassel Koblenz Rosenheim GHSP Grundbesitz III GmbH (Aachen) GHSP Grundbesitz IV GmbH (Essen, Leverkusen) GHSP Grundbesitz V GmbH (Braunschweig) GHSP Grundbesitz VI GmbH (Essen) GHSP Grundbesitz VII GmbH (Gütersloh) 6% 89.6% 100% GHSP - Odense, Danmark ApS Group Structure As of June 30, 2026, the Group consisted of German High Street Properties A/S (“Company”), one Danish company, seven German GmbHs and three holding companies in Germany. 3 Interim Report – First Half 2026 │ Group Structure
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Company presentation The Group aims to invest in well-located properties in cities with economic and demographic growth in Scandinavia, Germany, Switzerland, and England. As of June 30, 2026, the Group has 13 German high street properties located in the 11 cities of Aachen, Braunschweig (2), Essen (2), Frankfurt, Gütersloh, Hamburg, Kassel, Koblenz, Leverkusen, Pforzheim, Rosenheim and a Danish property located in Odense. The Group was established in 2007, and its Parent Company, German High Street Properties A/S, was listed on Nasdaq Copenhagen on September 20, 2007. The Group is managed by Administrationsselskabet Gambit ApS. STRABAG Property and Facility Services GmbH in Stuttgart, in cooperation with the Group's employees, handles the property management in Germany. The Group has three employees. Photo: Frankfurt, Goethestrasse 4Photo: Frankfurt, Schillerstrasse Interim Report – First Half 2026 │ Company presentation
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20 Years of Experience Established in 2007 and listed on Nasdaq Copenhagen September 20, 2007. 14 Properties in Portfolio German high street properties in 11 cities in Germany and 1 in Denmark. Value of EUR 83.6 million Value of property portfolio as of June 30, 2026. ● Hamburg ● Pforzheim Rosenheim ● ● Frankfurt ● Braunschweig ● Gütersloh ● Kassel ● Koblenz ● Essen ● Aachen ● Leverkusen ● Odense 5 Interim Report – First Half 2026 │ Company presentation
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Management’s Review Financial development in the first half of 2026 Earnings. Revenue increased 2.0% to TEUR 2,478, while the result before value adjustments and interest declined to TEUR 548 from TEUR 794, mainly due to higher administrative and staff expenses, including extraordinary costs relating to shareholder enquiries. Result. Negative value adjustments of the property portfolio of EUR 4.5 million, of which EUR 1.0 million in the second quarter, resulted in a loss after tax of EUR 3.8 million (2025: EUR 2.4 million) and earnings per share of EUR -1.03 (EUR -0.66). Extraordinary costs relating to the scrutiny of and replies to questions from certain shareholders. In addition to the negative value adjustments, the result for the period was also significantly affected by extraordinary costs relating to the scrutiny of and replies to questions from certain shareholders. The result for the period thus includes extraordinary legal costs of TEUR 268 in total, as well as extraordinary audit costs of TEUR 26, which mainly relate to the scrutiny of and replies to questions from certain shareholders, cf. note 3. Further extraordinary legal costs as well as audit costs relating to the scrutiny of and replies to questions from certain shareholders are expected in the third quarter of 2026. These expected costs are reflected in the guidance for 2026 maintained below. 6 Interim Report – First Half 2026 │ Management’s review 6 Balance sheet. The property portfolio is valued at EUR 83.6 million and total assets at EUR 89.5 million. Equity amounts to EUR 53.4 million, corresponding to an equity ratio of 59.7%. Financing. Financial debt of EUR 30.2 million corresponds to a loan-to-value ratio of 34.3%, of which only TEUR 814 falls due within one year. Operating cash flow after interest and tax was EUR 0.3 million and liquid assets EUR 3.4 million. Conclusion. Management considers the result before value adjustments and tax of TEUR 12 as expected and maintains the guidance for 2026 of a positive result before value adjustments and taxes of TEUR 0 - 500. Management nevertheless considers it unsatisfactory that the result for the period as well as the Company’s liquidity have been so markedly and adversely affected by these extraordinary costs. Had the extraordinary legal and audit costs not been incurred, the result before value adjustments and tax would have amounted to approximately TEUR 300 instead of the reported TEUR 12 — funds that would otherwise have benefited the Company and its shareholders. Detailed comments on the income statement, balance sheet and cash flow are provided on pages 12-15. 6
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7 The German economy Germany's economic outlook for the remainder of 2026 remains challenging, but forecasters still expect weak-to-moderate growth rather than a renewed recession. Expansionary fiscal policy, defence spending and infrastructure investment support activity, while the energy price shock from the Middle East conflict, renewed inflation and higher financing costs pull in the opposite direction. The ifo Institute describes an economy currently shaped by conflicting forces. (ifo Institute, June 2026) Growth expectations for 2026 have been revised down and now cluster in a range of around 0.6%-0.9%. The European Commission expects real GDP growth of 0.6% in 2026 and 0.9% in 2027 (Spring Forecast, May 2026), the OECD projects 0.7% and 1.1% (Economic Outlook, June 2026), the ifo Institute forecasts 0.8% for both years, and the IWH summer forecast is 0.9%, conditional on the Gulf conflict easing and energy prices not rising further. This is materially below the 1.0%-1.4% expected at the start of the year. The composition of growth remains skewed towards the public sector. Public investment and defence spending are set to rise strongly, whereas exports are projected to broadly stagnate after three years of contraction, held back by tariffs and geopolitical uncertainty, and private investment is expected to recover only gradually. (European Commission, May 2026; OECD, June 2026) Inflation forecasts have been raised: ECB staff projections put euro area headline inflation at 2.6% in 2026 before returning to 2.0% in 2027, mainly reflecting higher energy prices. (ECB, March 2026) Interim Report – First Half 2026 │ The German economy Interest-rate expectations have shifted accordingly. The rate cuts previously priced in for 2026 have given way to tightening: the ECB raised its deposit facility rate to 2.25% in June 2026, and the base case for the remainder of the year is a hold at that level with a material probability of one further 25 bp increase, with the Governing Council stressing a data-dependent, meeting-by-meeting approach. Ten- year German government bond yields rose temporarily above 3.0% during 2026, the highest level since 2011. (ECB, June 2026; JLL, Q1 2026) Domestic demand is expected to improve only gradually. Private consumption is supported by rising wages, but higher energy prices and inflation are eroding real income growth and households remain cautious. Business investment stays subdued in export-oriented and energy-intensive industries, and the labour market is expected to improve only with a lag, keeping unemployment elevated through the remainder of 2026. (OECD; ifo Institute, June 2026) Overall, the German economy is expected to remain in a fragile stabilisation phase for the rest of 2026 rather than entering a strong recovery. Euro area growth expectations for 2026 have been cut by 0.3 percentage points to 0.9%, and the OECD stresses that the outcome for the second half of the year depends on whether the energy supply disruption proves time-limited or prolonged. (ECB Survey of Professional Forecasters, Q2 2026; OECD, June 2026). It is the general opinion of the management that, despite the above predictions, the rental market is characterized by a very negative mood, which may continue to affect the rent level and capitalization factors in a further negative direction.
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Development of the property value For the remainder of 2026, expectations for the German commercial real estate market remain cautious, although first-half data show that the gradual recovery is continuing. Investment transaction volume reached EUR 16.2 billion in the first half of 2026, up 13% year-on-year, of which just under EUR 13 billion related to commercial real estate, and a full-year volume just over EUR 35 billion is considered achievable. The recovery is, however, driven by office and logistics assets, whereas retail transaction volume declined 13% year-on-year in the first quarter to EUR 1.1 billion. (CBRE, 2026) Pricing has stabilised, but the scope for value uplift is limited. Prime yields were broadly unchanged during the first half across office and retail, with prime net initial office yields in the Top 7 markets at 4.31% and prime high street yields in top locations at 3.5%-4.0%, and prime yields in some asset classes are now expected to tick up slightly in the second half rather than compress. Ten-year German government bond yields temporarily exceeded 3.0%, compressing the office risk premium to around 146 basis points from 159 basis points at year-end 2025. (JLL; CBRE, 2026) The market remains highly segmented. Grade-A high street assets in prime locations of the largest cities are returning to transaction pipelines, with prime rents and yields stabilising on scarce supply and returning international retailers, while secondary locations and structurally obsolete concepts remain difficult to place. Food-anchored retail dominates investor demand with 52%-58% of retail volume. Stable prime yields do not extend to the wider high street segment, where yield requirements have risen and transactions have slowed - the conditions reflected in the valuation of the Group's portfolio. (CBRE; neospaces; Unique Retail, 2026) Photo: Braunschweig Palace in Braunschweig 8 Interim Report – First Half 2026 │ Development of the property value 8 The Company's Board of Directors has assessed the German real estate portfolio at EUR 80.0 million and the Danish real estate portfolio at EUR 3.6 million as of June 30, 2026, resulting in a total negative fair market value adjustment of EUR 1.0 million in the second quarter of 2026 and a total fair market value of the Group's property portfolio of EUR 83.6 million as of June 30, 2026 cf. Stock Exchange announcement No. 298. Together with the adjustment recognised in the first quarter, this brings the total negative fair market value adjustment for the first half of 2026 to EUR 4.5 million. The decrease in property values during the second quarter of 2026 is primarily attributable to a combination of higher yield requirements for German high street properties and a significant slowdown in the number of German property transactions. This development has been driven by the current geopolitical situation, general economic uncertainty, the risk of potentially higher interest rates, and declining consumer confidence.
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Expectations for 2026 Guidance for 2026. Management expects a result before value adjustments and tax for the financial year 2026 in the range of TEUR 0–500, cf. Stock Exchange announcement No. 293. The result before value adjustments and tax amounted to TEUR 12 in the first half of 2026, and delivering a result within the announced range depends on continued cost control and stable net financial expenses in the second half of the year. Further negative value adjustments would not affect this measure, but would reduce retained earnings, which amounted to TEUR 1,007 on June 30, 2026. Financial position. The Group enters the second half of 2026 with a solid balance sheet: an equity ratio of 59.7%, a loan-to-value ratio of 34.3% , and only TEUR 814 of interest-bearing debt falling due within one year. The Group is therefore not exposed to any significant short-term refinancing risk, although higher market interest rates continue to weigh financing costs and property valuations in a cautious and selective investment market. Market conditions. German GDP growth for 2026 is forecast at 0.6%–0.9%, euro area headline inflation at 2.6%, and the ECB raised its deposit facility rate to 2.25% in June 2026, with a further increase possible before year-end. Long-term market interest rates have risen accordingly, and financing costs are expected to remain elevated for longer than previously anticipated, continuing to weigh on property yields, refinancing conditions and investment activity across the German real estate market. 9 Strategy. Management will formulate and approve a new four-year business plan during 2026. This work will outline the near-term execution plan and the strategy for the period from 2027 to 2030. Growth is intended to be achieved through a combination of continued optimization of the existing portfolio and acquisitions of new properties in Scandinavia, Germany, Switzerland and England. No properties were acquired in the first half of 2026, and further acquisitions will depend on new financing or divestment proceeds, as liquid assets amounted to EUR 3.4 million on June 30, 2026. Interim Report – First Half 2026 │ Expectations for 2026
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Subsequent events No events have occurred after the balance sheet date and up to the date of approval of this Interim Report that would materially affect the assessment of the Group’s/Company’s financial position at the balance sheet date or require additional disclosures in this Interim Report. Accounting Reporting Process To ensure high quality in the Group's financial reporting, the management has adopted several procedures and guidelines for accounting and internal controls which must be followed by the subsidiaries in their reporting, including: Quarterly follow-up on achieved goals and results at the Group level includes: • Prepared estimates for income statements, balance sheets, cash flow, and key figures at the Group level. • Ongoing follow-up on projects, including handling of risks and accounting treatment thereof. • Accounting closing instructions. • Reporting instructions. 10 Schillerstrasse 4, 60313 Frankfurt am Main, Germany Interim Report – First Half 2026 │ Subsequent events and Accounting Reporting Process
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11 Key Figures (Group) Interim Report – First Half 2026 │ Key Figures (Group) Income Statement (EUR m) 30/6 2026 30/6 2025 FY 2025 FY 2024 FY 2023 Revenue 2.5 2.4 5.0 4.7 4.5 Result before fair market value adjustments and interests 0.5 0.8 1.8 1.8 1.6 Fair market value adjustment of investment properties -4.5 -3.1 -7.2 -0.2 -5.1 Net financial expenses -0.5 -0.6 -1.1 -1.8 -1.3 Result of continuing activities before tax -4.5 -2.9 -6.5 -0.1 -4.8 Result of continuing activities after tax -3.8 -2.4 -5.9 -0.1 -4.0 Result of discontinued activities after tax 0.0 0.0 0.0 -0.3 0.5 Result for the period -3.8 -2.4 -5.9 -0.5 -3.5 Balance sheet (EUR m) Investment properties 83.6 88.5 88.1 91.1 91.0 Total non-current assets 84.8 89.7 89.3 92.4 92.5 Total assets 89.5 94.5 94.3 97.7 102.1 Total equity 53.4 60.7 57.2 63.1 57.7 Total non-current liabilities 33.8 31.9 34.8 32.8 38.9 Statement of cash flow (EUR m) 30/6 2026 30/6 2025 FY 2025 FY 2024 FY 2023 Net cash flow from operating activities 0.3 0.5 1.4 0.5 0.0 Net cash flows from investing activities 0.0 -0.5 -4.2 4.3 -4.9 Cash flow from financing activities -0.4 -0.4 2.7 -3.9 -0.3 Net cash flow for the period -0.1 -0.3 -0.1 0.9 -5.1 Key figures Equity ratio % 59.7 64.2 60.6 64.6 56.5 Loan to value % 34.3 30.2 33.6 30.7 39.2 Return on property portfolio % 1.7 1.7 3.7 3.6 3.1 Return on equity before fair market value adjustments and interests % 1.0 1.3 2.9 3.2 2.6 Interest coverage ratio 1.0 1.3 1.6 1.0 1.2 Earnings per share (DKK), continuing activity -7.7 -4.9 -12.1 -0.3 -9.8 Earnings per share (EUR), continuing activity -1.0 -0.7 -1.6 0.0 -1.3 Earnings per share (DKK), discontinuing activity 0.0 0.0 0.0 -0.7 1.2 Earnings per share (EUR), discontinuing activity 0.0 0.0 0.0 -0.1 0.2 Equity per share, DKK 109.3 123.8 116.8 128.8 141.2 Equity per share, EUR 14.6 16.6 15.6 17.3 18.9 Stock price DKK 65.0 68.0 60.5 79.0 103.0 Stock price EUR 8.7 9.1 8.1 10.6 13.8 Number of employees 3 3 3 3 3
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12 Revenue The rental revenue incl. “service charge and other” for the period from January 1 to June 30, 2026 was EUR 2.478 million compared to EUR 2.430 million in the same period from January 1 to June 30, 2025 (a total increase of 2.0%), cf. note 2. Total rental revenue excl. service charges amounts to EUR 2.148 million for the period January 1 to June 30, 2026, compared to EUR 2.076 million in the same period of 2025, a total increase of 3.5%. In the second quarter of 2026 alone, revenue amounted to TEUR 1,236 compared to TEUR 1,248 in the second quarter of 2025, a decrease of 1.0%. Result before value adjustments and interest The result before value adjustments and interest from January 1 to June 30, 2026 amounted to TEUR 548 (EUR 0.5 million) after property operation expenses, staff expenses and administrative expenses of total EUR 1.9 million compared to TEUR 794 (EUR 0.8 million) after total expenses of EUR 1.6 million in 2025. In the second quarter alone, the result was TEUR 227 compared to TEUR 415, after operating income of TEUR 752 against TEUR 807. Administrative expenses from January 1 to June 30, 2026 increased to TEUR 696 from TEUR 497 in 2025, mainly due to legal costs of TEUR 268 relating to the scrutiny of and replies to questions from certain shareholders (2025: TEUR 67), cf. note 3. Staff expenses increased to TEUR 286 from TEUR 247. The result from January 1 to June 30, 2026 before value adjustments and tax, amounted to TEUR 12 compared to TEUR 214 in 2025. Result before financial items The result from January 1 to June 30, 2026 before financial items, was a loss of EUR 4.0 million after a net value adjustment of EUR -4.5 million on the property portfolio. In the same period in 2025, the result before financial items was a loss of EUR 2.3 million after a net value adjustment of EUR -3.1 million on the property portfolio. The net total negative value adjustment for the period January 1 to June 30, 2026 of EUR - 4.5 million, of which EUR -1.0 million in the second quarter, reflects higher yield requirements for German high street properties and a significant slowdown in the number of German property transactions, cf. note 4 and Stock Exchange announcement No. 298. Income Statement (Group) Interim Report – First Half 2026 │ Income Statement (Group)
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Result of continuing activities before tax The result from January 1 to June 30, 2026 before tax, amounted to EUR -4.5 million after financial items of net EUR -0.5 million. In the same period in 2025, the result was a loss of EUR 2.9 million after financial items of net EUR -0.6 million. Net financial items comprise financial income of TEUR 72 and financial expenses of TEUR 608. Financial expenses thereby absorb almost the entire result before value adjustments and interest of TEUR 548. Result of continuing activities after tax The result of continuing activities after tax was a loss of EUR 3.8 million, after tax income of TEUR 712 (H1 2025: loss of EUR 2.4 million) Earnings per share amounted to EUR -1.03 for the first half of 2026 compared to EUR -0.66 in the same period in 2025, and to EUR -0.23 in the second quarter alone (Q2 2025: EUR -0.03). Given the current economic conditions, interest rate developments, and market conditions in Germany and higher administrative expenses, including extraordinary costs related to enquiries from shareholders of TEUR 268 (2025: TEUR 67), cf. note 3, the management considers the result before value adjustments and tax of TEUR 12 as expected. 13 Interim Report – First Half 2026 │ Income statement (Group) Münchener Str. 20, 83022 Rosenheim, Germany
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14 Assets The management assessed the property value of the German properties at EUR 80.0 million as of June 30, 2026, compared to EUR 84.5 million as of December 31, 2025. Together with the Danish property of EUR 3.6 million, total investment properties amounted to EUR 83.6 million as of June 30, 2026, compared to EUR 88.1 million at the beginning of the year. From January 1 to June 30, 2026, the property value of the Group's investment properties decreased by net EUR -4.5 million, of which EUR -1.0 million in the second quarter, reflecting higher yield requirements for German high street properties and a significant slowdown in the number of German property transactions, cf. note 4 and Stock Exchange announcement No. 298. As of June 30, 2026, total assets amounted to EUR 89.5 million, compared to EUR 94.3 million at the beginning of the year, and liquid assets to EUR 3.4 million (EUR 3.5 million). Equity and Liabilities As of June 30, 2026 the equity was EUR 53.4 million, corresponding to an equity ratio of 59.7%. As of June 30, 2025 the equity was EUR 60.7 million, corresponding to an equity ratio of 64.2%, and EUR 57.2 million at the beginning of the year corresponding to an equity ratio of 60.6%. The equity decreased from the beginning of the year to June 30, 2026 by EUR - 3.8 million, primarily due to the value adjustment of the properties of EUR -4.5 million, cf. note 4. Retained earnings amounted to TEUR 1,007 after the loss for the period, while share premium of TEUR 47,379 remains unchanged. As of June 30, 2026, financial debt obligations were EUR 30.2 million (EUR 27.5 million June 30, 2025), corresponding to a loan-to-value ratio of 34,3%. Of the debt, only TEUR 814 falls due within one year, and the Group is therefore not exposed to any significant short-term refinancing risk. Balance sheet (Group) Interim Report – First Half 2026 │ Balance sheet (Group)
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Cash flow (Group) From January 1 to June 30, 2026 net cash flow from operating activities after interest and taxes paid amounted to EUR 0.3 million, compared to EUR 0.5 million in the same period in 2025. The decline reflects the lower result before value adjustments, including higher administrative expenses. Net cash flow from investing activities was EUR 0.0 million, as no properties were acquired and no additions were made to investment property in the period, compared to EUR -0.5 million in the same period in 2025 relating to additions to investment property. Net cash flow from financing activities was EUR -0.4 million, related to scheduled repayments of the Group’s financial debt obligations, compared to net EUR -0.4 million in the same period in 2025 also relating to repayment of borrowings. No new loans were raised in the period. As a result, cash and cash equivalents decreased by net EUR -0.1 million in the period, from EUR 3.485 million as of December 31, 2025 to EUR 3.439 million as of June 30, 2026, including a positive exchange rate effect of TEUR 24. With liquid assets of EUR 3.4 million and only TEUR 814 of financial debt falling due within one year, the Group's liquidity is considered adequate for the remainder of 2026. Photo: Berliner Strasse – Gütersloh, Germany 15 Interim Report – First Half 2026 │ Cash flow (Group)
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Ownership and Related Parties According to the Companies Act § 55, the following shareholders have reported owning more than 5% of the share capital at the end of the accounting period: The Group is controlled by Alexander and Kristoffer Thygesen through Drot ApS and Marsk ApS, which are the controlling shareholders in Kartago Property ApS and Kartago ApS, owning respectively 41.78% and 11.99% of the share capital, totalling 53.77% of the share capital in German High Street Properties A/S. The Group's related parties also include the Parent Company's Board of directors, executive management, and these people’s close family members. Related parties also include companies where the Group of people has control or significant influence. In addition to the shareholdings mentioned above controlled by Alexander and Kristoffer Thygesen, the Board of directors, executive management, and companies where this Group has a controlling influence hold no shares. Investor relations Stock exchange announcements, annual reports, etc., are published on the Company’s website: https://www.germanhighstreet.com/ Shareholders: Municipality Share capital Kartago Property ApS Gentofte 41.78 % Olav W. Hansen A/S Horsens 16.05 % Sparekassen Danmark Vrå 12.77 % Kartago ApS Gentofte 11.99 % OTK Holding Hjørring 6.24 % 16 Interim Report – First Half 2026 │ Ownership and Related Parties and Investor relations
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17 Financial Calendar 2025 and 2026 November 28, 2025: Holding of the extraordinary general meeting March 23, 2026: Deadline for submission of proposals for voting at the Company's annual general meeting. March 31, 2026: Annual Report 2025. March 31, 2026: Expected date for convening the annual general meeting. April 30, 2026: Holding of the annual general meeting/or notification of the general meeting. May 29, 2026: Interim report for the period January 1 to March 31, 2026. August 31, 2026: Half-year report for the period January 1 to June 30, 2026. November 30, 2026: Interim report for the period January 1 to September 30, 2026. Interim Report – First Half 2026 │ Financial Calendar and Company Announcements Company Announcements August 28, 2025: Financial report January 1 - June 30 2025 October 9, 2025: Request for scrutiny and request to convene an extraordinary general meeting October 23, 2025: Extraordinary general meeting of German High Street Properties A/S November 11, 2025: Planned acquisition of Property leased to Burger King, Odense SØ Denmark November 17, 2025: Financial calendar 2025 and 2026 November 20, 2025: Acquisition of Property Located at Ørbækvej 232, 5220 Odense SØ, Denmark November 26, 2025: Updated financial calendar 2025 and 2026 November 28, 2025: Results of extraordinary general meeting November 28, 2025: Value adjustment of properties November 28, 2025: Interim Report for the period January 1 – September 30, 2025 November 28, 2025: Financial expectations 2026 December 18, 2025: Planned change in the position of Chief Executive Officer March 31, 2026: Results 2025 March 31, 2026: Financial calendar 2025 and 2026 April 10, 2026: Notice of Ordinary General Meeting April 28, 2026: Financial expectations 2026 April 30, 2026: Proceedings of the ordinary general meeting May 19, 2026: Value adjustment of properties May 29, 2026: Interim Report for the period January 1 – March 31, 2026 July 2, 2026: Request to the Danish Business Authority July 29, 2026: Value adjustment of properties
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Management’s Statement The Board of Directors and the Executive Board have today considered and adopted the Interim Financial Report of German High Street Properties A/S for the period January 1 – June 30, 2026. The Interim Financial Report, which has not been audited or reviewed by the Company’s auditor, has been prepared in accordance with IAS 34 ‘Interim Financial Reporting’ as adopted by the European Union and further requirements in the Danish Financial Statements Act. Management’s review has been prepared in accordance with the Danish Financial Statements Act. In our opinion, the Interim Financial Statements give a true and fair view of the financial position on June 30, 2026 and the results of the Group’s operations and net cash flow for the period January 1 – June 30, 2026. 18 Interim Report – First Half 2026 │ Management’s Statement In our opinion, Management’s review includes a fair review of the development in the operations and financial circumstances of the Group, of the results for the period January 1 – June 30, 2026 and of the financial position of the Group as well as a description of the most significant risks and elements of uncertainty, which the Group is facing. Aside from the disclosures in the Interim Financial Report, no changes in the Group’s most significant risks and uncertainties have occurred relative to the disclosures in the Annual Report for 2025. Charlottenlund, August 31, 2026 Executive management Martin Ernst Board of Directors Hans Thygesen Nikolaj Claude Olof Zethraeus René Angenend Chairman Vice Chairman
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Income Statement (Group) Other comprehensive income 19 Interim Report – First Half 2026 │ Income Statement (Group) EUR 1.000 Note Jan-June 2026 Jan-June 2025 Q2 2026 Q2 2025 FY 2025 Revenue 2 2,478 2,430 1,236 1,248 4,976 Property operation expenses 2 -948 -892 -484 -441 -1,630 Operating income 1,530 1,538 752 807 3,346 Staff expenses -286 -247 -135 -124 -500 Administrative expenses 3 -696 -497 -390 -268 -1,047 Result before fair market value adjustments and interests 548 794 227 415 1,799 Fair market value adjustment of investment properties 4 -4,500 -3,112 -1,000 -203 -7,244 Result before interests and tax -3,952 -2,318 -773 212 -5,445 Financial income 72 65 40 30 131 Financial expenses -608 -645 -292 -366 -1,220 Result of continuing activities before tax -4,488 -2,898 -1,025 -124 -6,534 Tax of continuing activities 712 490 183 32 607 Result for the period -3,776 -2,408 -842 -92 -5,927 The Parent Company’s shareholders -3,796 -2,395 -846 -93 -5,893 The minority interests' share 20 -13 4 1 -34 Result for the period -3,776 -2,408 -842 -92 -5,927 Earnings per share (EUR), continuing activity -1.03 -0.66 -0.23 -0.03 -1.62 EUR 1.000 Jan-June 2026 Jan-June 2025 Q2 2026 Q2 2025 FY 2025 Result for the period -3,776 -2,408 -842 -92 -5,927 Items that may be reclassified to profit/loss for the year Exchange differences on translation of foreign operations 24 11 2 0 -3 Tax on other comprehensive income, income/expense 0 0 0 0 0 Other comprehensive income, net of tax 24 11 2 0 -3 Total comprehensive income for period -3,752 -2,397 -840 -92 -5,930 The Parent Company’s shareholders -3,772 -2,384 -844 -93 -5,896 The minority interests' share 20 -13 4 1 -34 Total comprehensive income for period -3,752 -2,397 -840 -92 -5,930
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Equity and liabilities Balance Sheet (Group) 20 Interim Report – First Half 2026 │ Balance Sheet (Group) Assets EUR 1.000 Note 30/6 2026 30/6 2025 31/12 2025 Investment properties 4 83,582 88,500 88,082 Other receivables 1,222 1,219 1,222 Total non-current assets 84,804 89,719 89,304 Assets held for sales 0 0 0 Trade receivables 61 25 226 Income tax receivables 69 97 184 Other receivables 1,096 1,390 1,093 Liquid assets 3,439 3,259 3,485 Total current assets 4,665 4,771 4,988 Total assets 89,469 94,490 94,292 EUR 1.000 Note 30/6 2026 30/6 2025 31/12 2025 Share capital 4,900 4,900 4,900 Foreign currency translation reserve 34 24 10 Share premium 47,379 47,379 47,379 Retained earnings 1,007 8,301 4,803 Equity attributable to shareholders of the Parent Company 53,320 60,604 57,092 The minority interests' share 100 101 80 Total equity 53,420 60,705 57,172 Borrowings 8 29,385 26,902 29,780 Deferred tax liabilities 4,422 5,038 5,030 Total non-current liabilities 33,807 31,940 34,810 Borrowings 8 814 646 814 Trade payables 235 289 443 Other payables 1,193 910 1,053 Total current liabilities 2,242 1,845 2,310 Total equity and liabilities 89,469 94,490 94,292
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Statement of Equity (Group) 21 Interim Report – First Half 2026 │ Statement of Equity (Group) EUR 1.000 Share capital Foreign currency translation reserve Share premium Retained earnings Equity attributable to shareholders of the Parent Company The minority interests' share Total equity Total equity at the beginning 2026 4,900 10 47,379 4,803 57,092 80 57,172 Result for the period 0 0 0 -3,796 -3,796 20 -3,776 Other comprehensive income, net of tax 0 24 0 0 24 0 24 Total equity June 30, 2026 4,900 34 47,379 1,007 53,320 100 53,420 Total equity at the beginning 2025 4,900 13 47,379 10,696 62,988 114 63,102 Result for the period 0 0 0 -2,395 -2,395 -13 -2,408 Other comprehensive income, net of tax 0 11 0 0 11 0 11 Total equity June 30, 2025 4,900 24 47,379 8,301 60,604 101 60,705 Total equity at the beginning 2025 4,900 13 47,379 10,696 62,988 114 63,102 Result for the period 0 0 0 -5,893 -5,893 -34 -5,927 Other comprehensive income, net of tax 0 -3 0 0 -3 0 -3 Total equity December 31, 2025 4,900 10 47,379 4,803 57,092 80 57,172
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Statement of Cash Flow (Group) 22 Interim Report – First Half 2026 │ Statement of Cash Flow (Group) EUR 1.000 Note 30/6 2026 30/6 2025 31/12 2025 Sale of investment property 0 0 0 Purchase of investment property 4 0 0 -3,582 Additions during the year related to investment property 4 0 -512 -644 Net cash flows from investment activities 0 -512 -4,226 Proceeds from borrowings 0 0 3,354 Repayment of borrowings -395 -367 -675 Cash flow from financing activities -395 -367 2,679 Net cash flow for the period -70 -342 -102 Cash and cash equivalents 1 January 3,485 3,590 3,590 Effects of exchange rate changes on cash and cash equivalents 24 11 -3 Cash and cash equivalents end of the period 3,439 3,259 3,485 EUR 1.000 Note 30/6 2026 30/6 2025 31/12 2025 Profit/loss for the period -3,776 -2,408 -5,927 Gain/losses from subsidiaries 0 0 0 Fair market value adjustment of investment properties 4,500 3,112 7,244 Fair market value adjustment from assets held for sales 0 0 0 Financial income -72 -65 -131 Financial expenses 608 645 1,220 Tax for the period -712 -490 -607 Net cash flow from operating activities before change in net working capital 548 794 1,799 Change in receivables 278 251 206 Change in trade and other payables -68 22 319 Net cash flow from operating activities before interest and taxes paid 758 1,067 2,324 Finance expenses – net -536 -580 -1,089 Income tax paid/received 103 50 210 Net cash flow from operating activities after interest and taxes paid 325 537 1,445
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Note 1 – Applied accounting policies Note 2 – Segment Information Note 3 – Administrative Expenses Note 4 – Investment Properties Note 5 – Related Parties Note 6 – Pledges and Security Arrangements Note 7 – Contingent Liabilities Note 8 – Fair value hierarchy for investment properties and financial instruments 24 25 27 28 29 30 31 32 Notes Photo: Frankfurt, Börsenplatz 23 Interim Report – First Half 2026 │ Notes
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Note 1 – Applied accounting policies General This interim report covers the period January 1 – June 30, 2026. The interim report has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU and with additional requirements of the Danish Financial Statements Act. The financial part of the interim report follows the provisions of IAS 34 for condensed interim financial statements. The accounting policies applied in the interim financial statements are consistent with those applied in the Group’s annual report for 2025. The consolidated financial statements and the annual report for 2025 contain a full description of the applied accounting policies. Interim Report – First Half 2026 │ Note 1 – Applied accounting policies 24 24
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Note 2 – Segment Information The Group holds 13 German retail properties located in major cities across Germany, as well as one property in Denmark. Business activities are managed, reported, and presented in terms of revenue and operating income within the following segments: Commercial, Residential, Office, Service Charge and other. Consequently, the income statement for the period from January 1 to June 30, 2026, is divided into these specific segments. 25 Unallocated costs relate to Group-level items that cannot be directly attributed to individual segments. Segment assets, segment liabilities and related information are not regularly reported to the Board of Directors and other Management Levels and are therefore not disclosed in the segment information. Interim Report – First Half 2026 │ Note 2 – Segment Information EUR 1000 Commercial Residential Office Service charge Group Revenue 1,714 267 167 330 2,478 Property operation expenses -730 -85 -133 0 -948 Operating income 984 182 34 330 1,530 Staff expenses -286 Administrative expenses -696 Result before fair market value adjustment and interests 548 Fair market value adjustment of investment properties -4,500 Result before interests and tax -3,952 Financial expenses, net -536 Result of continuing activities before tax -4,488 Profit January 1 to June 30, 2026, Segment Information EUR 1000 Commercial Residential Office Service charge Group Revenue 1,629 272 175 354 2,430 Property operation expenses -687 -80 -125 0 -892 Operating income 942 192 50 354 1,538 Staff expenses -247 Administrative expenses -497 Result before fair market value adjustment and interests 794 Fair market value adjustment of investment properties -3,112 Result before interests and tax -2,318 Financial expenses, net -580 Result of continuing activities before tax -2,898 Profit January 1 to June 30, 2025, Segment Information
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26 Wandsbeker Königstraße 2, Hamburg, Germany Interim Report – First Half 2026 │ Note 2 – Segment Information EUR 1000 Commercial Residential Office Service charge Group Revenue 3,338 549 349 740 4,976 Property operation expenses -1,255 -147 -228 0 -1,630 Operating income 2,083 402 121 740 3,346 Staff expenses -500 Administrative expenses -1,047 Result before fair market value adjustment and interests 1,799 Fair market value adjustment of investment properties -7,244 Result before interests and tax -5,445 Financial expenses, net -1,089 Result of continuing activities before tax -6,534 Profit January 1 to December 31, 2025, Segment Information
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Note 3 – Administrative Expenses 27 Interim Report – First Half 2026 │ Note 3 – Administrative Expenses Fee to the Auditor Elected by the General Assembly EUR 1.000 Jan-Jun 2026 Jan-Jun 2025 Q2 2026 Q2 2025 FY 2025 Audit fee 54 39 27 20 76 Declaration tasks with certainty 0 0 0 0 0 Tax advice 0 0 0 0 0 Other 0 0 0 0 0 Total Fee to the Auditor Elected by the General Assembly: 54 39 27 20 76 Group EUR 1.000 Jan-Jun 2026 Jan-Jun 2025 Q2 2026 Q2 2025 FY 2025 Administration agreement 283 315 160 178 576 Legal costs (relating to advice concerning the scrutiny and replies to questions from certain shareholders) 268 67 168 67 163 Stock exchange fees 37 32 13 14 51 Fee to the Auditor Elected by the General Assembly 54 39 27 20 76 Insurance 10 23 0 0 62 Other administration costs 44 21 22 -11 119 Administration costs total: 696 497 390 268 1,047 Group
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Note 4 – Investment Properties 28 The Company's Board of Directors has assessed the German real estate portfolio at EUR 80.0 million and the Danish real estate portfolio at EUR 3.6 million as of June 30, 2026, resulting in a total negative fair market value adjustment of EUR 1.0 million in the second quarter of 2026 and a total fair market value of the Group's property portfolio of EUR 83.6 million as of June 30, 2026 cf. Stock Exchange announcement No. 298. Together with the adjustment recognised in the first quarter, this brings the total negative fair market value adjustment for the first half of 2026 to EUR 4.5 million. The decrease in property values during the second quarter of 2026 is primarily attributable to a combination of higher yield requirements for German high street properties and a significant slowdown in the number of German property transactions. This development has been driven by the current geopolitical situation, general economic uncertainty, the risk of potentially higher interest rates, and declining consumer confidence. Investment properties are pledged as security for financial liabilities, EUR 30.2 million. Interim Report – First Half 2026 │ Note 4 – Investment Properties EUR 1.000 30/6 2026 30/6 2025 31/12 2025 Cost price beginning of the year 61,283 57,057 57,057 Additions during the year 0 0 3,582 Improvements during the year 0 309 644 Cost price end of the year 61,283 57,366 61,283 Value adjustments beginning of the year 26,799 34,043 34,043 -4,500 -2,909 -7,244 Value adjustments end of the year 22,299 31,134 26,799 Book value at the end of the period 83,582 88,500 88,082 Fair market value adjustment of investment properties, net Group
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Note 5 – Related Parties Alexander and Kristoffer Thygesen control the Group through Drot ApS and Marsk ApS which are the controlling shareholders in Kartago Property ApS and Kartago ApS, owning 41.78% and 11.99% of the share capital and votes, respectively. The accounts for German High Street Properties Aare included in the consolidated accounts of Kartago Property ApS. The Group's related parties also include the Parent Company's Board of directors, executive management, and their close family members. Related parties also include companies in which the individuals mentioned above have control or joint control. In addition to the shareholdings controlled by Alexander and Kristoffer Thygesen, the Board of directors, executive management, and companies where this Group of people has a controlling influence hold 0 shares. 29 Besides remuneration of the director in accordance with the management agreement, transactions with companies controlled by the Thygesen family comprised administration fees of TEUR 283 and commercial rent of TEUR 8, as specified below Interim Report – First Half 2026 │ Note 5 – Related Parties EUR 1.000 Jan-Jun 2026 Jan-Jun 2025 Q2 2026 Q2 2025 FY 2025 Administration agreement 283 315 160 178 576 Commercial rent 8 8 4 4 15 Costs related to amendment of the existing loan agreement 0 0 0 0 0 Transaction costs related to sale of investment property 0 0 0 0 0 Transaction costs related to the acquisition of investment property 0 0 0 0 163 Group
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Note 6 – Pledges and Security Arrangements The Group's investment properties with an accounting value as of June 30, 2026, of EUR 83.6 million are pledged as security for EUR 30.2 million in bank loans. • Towards the company Hesselvang 11 A/S (CVR no. 44093227), the Parent Company German High Street Properties A/S has undertaken towards Ringkjøbing Landbobank A/S, in the event of a forced sale of the property located at Hesselvang 22, 8500 Grenaa, Denmark, land registry no. 1rl, Hessel Hgd., Ålsø, to bid Ringkjøbing Landbobank A/S home at the outstanding debt owed to the Bank at any given time pursuant to the Loan Agreement and the security documents. The outstanding debt on the property as of June 30, 2026 totals EUR 2.6 million. • Towards the company Kartago Capital – Stockholm A/S (CVR no. 43265474) and its subsidiary Kartago Stockholm AB, the Parent Company German High Street Properties A/S has undertaken towards Ringkjøbing Landbobank A/S, in the event of a forced sale of the property located at Tomtbergavägen 2, 145 67 Norsborg, Botkyrka, Sweden, to bid Ringkjøbing Landbobank A/S home at the outstanding debt owed to the Bank at any given time pursuant to the Loan Agreement and the security documents. The outstanding debt on the property as of June 30, 2026 totals EUR 3.4 million. • The Parent Company German High Street Properties A/S has acted as surety for the loan granted to its subsidiary, GHSP – Odense, Danmark ApS, by Ringkjøbing Landbobank A/S in the total amount of EUR 3.3 million (DKK 24.4 million). There are no other security arrangements. 30 Interim Report – First Half 2026 │ Note 6 – Pledges and Security Arrangements
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Note 7 – Contingent Liabilities The Parent Company is jointly and severally liable for the tax on the taxable income of the Danish Group taxation members. It is also jointly and severally liable for Danish withholding taxes, such as dividend and interest taxes. Any subsequent corrections to corporate taxes and withholding taxes may result in the Group's liability being larger. The Group must pay the company administrator for 12 months of administration after the property is disposed of. This obligation ceases when the management agreement expires in 2028. 31 Ørbækvej 232, 5220 Odense, Denmark Interim Report – First Half 2026 │ Note 7 – Contingent Liabilities
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Note 8 – Fair value hierarchy for investment properties and financial instruments The table below shows classifications of investment properties and financial instruments measured at fair market value*, divided according to the fair market value hierarchy: • Level 1: Quoted prices in active markets for identical assets/liabilities. • Level 2: Based on inputs other than listed prices that are observable for the asset or liability, either direct (as prices) or indirect (derived from prices). • Level 3: Based on data that is not observable in the market. When calculating the fair value of the Group's liabilities in accordance with level 3 of the fair market value hierarchy, a correction is made for the Group's own credit rating, taking into account the legal status of the liabilities and the security in the assets measured at fair value. Consequently, no direct assumptions of discount factors, etc., are included when measuring liabilities to credit institutions in accordance with level 3 of the fair value hierarchy for bank loans. There have been no significant transfers between levels during the period. *Bank loans are measured at amortized cost 32 Interim Report – First Half 2026 │ Note 8 – Fair value hierarchy for investment properties and financial instruments Group - June 30, 2026 EUR 1000 Level 1 Level 2 Level 3 Long-term assets Investment properties 83,582 83,582 Long-term liabilities Bank loans* 29,385 29,385 Short-term liabilities Bank loans* 814 814 Group - June 30, 2025 EUR 1000 Level 1 Level 2 Level 3 Long-term assets Investment properties 88,500 88,500 Long-term liabilities Bank loans* 26,902 26,902 Short-term liabilities Bank loans* 646 646 Group - December 31, 2025 EUR 1000 Level 1 Level 2 Level 3 Long-term assets Investment properties 88,082 88,082 Long-term liabilities Bank loans* 29,780 29,780 Short-term liabilities Bank loans* 814 814 Balance sheet total Balance sheet total Balance sheet total