Interim report
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IREIT GLOBAL ( a real estate investment trust constituted on 1 November 2013 under the laws of the Republic of Singapore ) IREIT GLOBAL CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE HALF YEAR ENDED 30 JUNE 2026 Page Introduction Summary of Consolidated Results of IREIT Global 2 3 Condensed Consolidated Statement of Total Return and Other Comprehensive Income 4 Condensed Consolidated Statement of Distribution 5 Condensed Statements of Financial Position 6 Condensed Statements of Changes in Net Assets Attributable to Unitholders 7 Condensed Consolidated Statement of Cash Flows 8 Statement of Portfolio Notes to the Condensed Interim Financial Statements Other Information 9-11 12-27 28-31 1
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IREIT GLOBAL CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 30 JUNE 2026 2 Introduction IREIT Global (“IREIT”) is a Singapore real estate investment trust established with the investment strategy of principally investing, directly or indirectly, in a portfolio of income-producing real estate in Europe which is or will be primarily used for office, retail, industrial (including logistics and business parks), hospitality, hospitality-related and other accommodation and/or lodging purposes, as well as real estate-related assets. IREIT is managed by IREIT Global Group Pte. Ltd. (the “Manager”). IREIT’s current portfolio comprises fifty-three properties in Germany, Spain and France. German Portfolio As at 30 June 2026, IREIT’s portfolio in Germany comprises five office properties namely Bonn Campus located in Bonn, Berlin Campus located in Berlin, Darmstadt Campus located in Darmstadt, Münster Campus located in Münster and Concor Park located in Munich (the “German Portf olio”). The German Portfolio has an aggregate net lettable area of approximately 201,103 square metres (“sqm”). The Manager has undertaken a repositioning project since 2025 to convert Berlin Campus from a single-use property into a dynamic, mixed use, multi-let asset (“Project RE(O”). Spanish Portfolio As at 30 June 2026, IREIT’s portfolio in Spain comprises f our office properties, namely Delta Nova IV and Delta Nova VI located in Madrid, as well as Sant Cugat Green and Parc Cugat Green located in Barcelona (the “Spanish Portfolio”). The Spanish Portfolio has an aggregate net lettable area of approximately 66,904 sqm. French Portfolio As at 30 June 2026, IREIT’s portfolio in France comprises twenty-seven out-of-town retail properties leased to Decathlon (the “Decathlon Portfolio”) and seventeen out -of-town retail properties leased to B&M (the “B&M Portfolio”), (collectively, the “French Portfolio”) located across France with an aggregate net lettable area of approximately 157,256 sqm.
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IREIT GLOBAL CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 30 JUNE 2026 3 SUMMARY OF CONSOLIDATED RESULTS OF IREIT GLOBAL Footnotes: (1) The income to be distributed to Unitholders was after the retention of 10% of income for working capital and capital expenditure. The S$85.0 million fixed rate green notes issued on 22 May 2025 (“ fixed rate green notes”) were used to fund Project RE(O, thus the associated net finance costs of the fixed rate green notes were capitalised as part of Berlin Campus and adjusted out from the distribution to conserve cash and fund Project RE(O. (2) DPU w as computed based on income to be distributed to Unitholders over the total issued Units of 1,344,837,568. Distribution policy IREIT’s distribution policy is to distribute on a semi-annual basis its annual distributable income for each financial year, with retention of 10% for working capital and capital expenditure . The actual level of distribution will be determined at the Manager’s discretion, taking into consideration the funding requirements , other capital management considerations and ensuring the overall stability of distributions. IREIT’s distribution currency is in €. Gross revenue Net property income Income to be distributed to Unitholders(1) Distribution per Unit ("DPU") (€ cents)(2) (2.3) (5.1) (47.5) (47.9) (€’000) 0.37 5,017 17,086 25,965 (€’000) 26,566 18,002 9,549 0.71 (%) 1 January - 30 June 1H 2026 1H 2025 Increase/ (Decrease)
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IREIT GLOBAL CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 30 JUNE 2026 4 Condensed Consolidated Statement of Total Return and Other Comprehensive Income Half year ended 30 June 2026 Footnote: (1) The income to be distributed to Unitholders was after the retention of 10% of income for working capital and capital expenditure. The associated net finance costs of the fixed rate green notes were capitalised as part of Berlin Campus and adjusted out from the distribution to conserve cash and fund Project RE(O. NM denotes “Not meaningful”. The accompanying notes form an integral part of these condensed interim financial statements. Note Gross revenue 5 Property operating expenses 6 Net property income Finance income 7 Finance costs 8 Management fees 9 Trustee’s fees Administrative costs and other trust expenses 10 Foreign exchange (loss)/gain 11 Net income before tax and changes in fair value Change in fair value of financial derivatives 12 Change in fair value of investment properties 13 Total (loss)/return before tax Income tax expense 14 Total (loss)/return attributable to Unitholders for the period Distributions to Unitholders(1) 15 Total loss for the period, after distributions to Unitholders, representing total comprehensive loss for the period Earnings per Unit Basic and diluted (loss)/earnings per Unit (€ cents) 16 (48.8) NM (47.5) (8,829) 720 211.2 NM (53.6) NM 510.4 NM (41.7) (6.3) 6.3 (96) (2,018) 1,829 13,280 (6,287) (4,813) 2,180 (1,460) NM (1.67) (29,378) (21,710) (748) (22,458) (1,217) 6,157 1,511 (1,061) 0.05 (9,549) (5,017) (27,475) (619) (90) (2,146) 93.1 (3,633) (7,017) 160 257 3.7 (5.1) 26,566 (8,564) 18,002 (37.7) 25,965 (2.3) (8,879) 17,086 1H 2026 1H 2025 Group (€’000) (€’000) Increase/ (Decrease) (%)
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IREIT GLOBAL CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 30 JUNE 2026 5 Condensed Statement of Distribution Half year ended 30 June 2026 Footnote: (1) In 1H 2026, n et finance costs on the fixed rate green notes were capitalised as part of Berlin Campus and adjusted out from the distribution to conserve cash and finance Project RE(O. The accompanying notes form an integral part of these condensed interim financial statements. Total (loss)/return for the period attributable to Unitholders Adjustments: Amortisation of debt upfront transaction costs Net finance costs on fixed rate green notes(1) Unrealised foreign exchange loss/(gain) Effects of recognising rental-income on a straight line basis over the lease term Change in fair value of financial derivatives Change in fair value of investment properties, excluding change in fair value of right-of-use of leasehold land Deferred tax benefit Total distribution adjustments Amount available for distribution Amount retained for working capital and capital expenditure Income to be distributed to Unitholders Distribution paid/payable to Unitholders Total Unitholders' distribution Units in issue at the end of the period (‘000) Distribution per Unit (€ cents) 1,344,838 1,344,838 - (9,549) (9,549) - (5,017) 0.37 0.71 5,017 9,549 (1,061) (557) 28,032 9,890 5,574 10,610 58 310 (1,730) (5,017) 1,214 391 29,287 (1,482) 42 422 - (1,835) 261 6,287 4,697 Distribution of €0.37 cents per Unit for the period from 1 January 2026 to 30 June 2026 Distribution of €0.71 cents per Unit for the period from 1 January 2025 to 30 June 2025 1H 2026 1H 2025 Group (€’000)(€’000) (22,458) 720
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IREIT GLOBAL CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 30 JUNE 2026 6 Condensed Statements of Financial Position As at 30 June 2026 Footnote: (1) Adjusted for distribution payable to Unitholders. The accompanying notes form an integral part of these condensed interim financial statements. Note 30 Jun 2026 31 Dec 2025 30 Jun 2026 31 Dec 2025 (€'000) (€'000) (€'000) (€'000) Current assets Cash and cash equivalents 17 57,146 89,658 1,958 2,787 Trade and other receivables 18 12,508 10,662 4,272 3,253 Financial derivatives 19 2,853 3,507 - - 72,507 103,827 6,230 6,040 Non-current assets Investment properties 20 797,330 804,280 - - Investment in subsidiaries 22 - - 323,218 324,218 Other receivables 18 10,702 10,770 - - Financial derivatives 19 2,940 2,761 - - Loans to subsidiaries 23 - - 96,856 96,856 Deferred tax assets 4,300 4,668 - - 815,272 822,479 420,074 421,074 Total assets 887,779 926,306 426,304 427,114 Current liabilities Trade and other payables 19,306 18,262 1,974 1,801 Borrowings 24 52,810 62,672 - - Lease liabilities 25 195 253 - - Financial derivatives 19 165 271 165 271 Distribution payable 5,363 5,456 5,363 5,456 Income tax payable 1,421 2,684 - 88 79,260 89,598 7,502 7,616 Non-current liabilities Borrowings 24 345,800 344,122 57,183 55,846 Lease liabilities 25 5,065 5,887 - - Other payables 1,442 1,330 - - Financial derivatives 19 281 1,987 281 1,987 Deferred tax liabilities 32,613 32,589 - - 385,201 385,915 57,464 57,833 Total liabilities, excluding net assets attributable to Unitholders 464,461 475,513 64,966 65,449 Net assets attributable to Unitholders(1) 423,318 450,793 361,338 361,665 Unitholders' funds(1) 423,318 450,793 361,338 361,665 Units in issue and to be issued ('000) 26 1,344,838 1,344,838 1,344,838 1,344,838 Net asset value per Unit (€) attributable to Unitholders 27 0.31 0.34 0.27 0.27 Group Trust
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IREIT GLOBAL CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 30 JUNE 2026 7 Condensed Statements of Changes in Net Assets Attributable to Unitholders As at 30 June 2026 The accompanying notes form an integral part of these condensed interim financial statements. 1H 2026 1H 2025 1H 2026 1H 2025 (€’000) (€’000) (€’000) (€’000) Net assets attributable to Unitholders at beginning of the period 450,793 528,655 361,665 366,139 Operations Total (loss)/return for the period attributable to Unitholders (22,458) 720 4,690 8,074 Distribution to Unitholders (5,017) (9,549) (5,017) (9,549) Net decrease in net assets resulting from operations (27,475) (8,829) (327) (1,475) Net assets attributable to Unitholders as at end of period 423,318 519,826 361,338 364,664 Group Trust
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IREIT GLOBAL CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 30 JUNE 2026 8 Condensed Consolidated Statement of Cash Flows Half year ended 30 June 2026 The accompanying notes form an integral part of these condensed interim financial statements. Note 1H 2026 1H 2025 (€’000) (€’000) Cash flows from operating activities Total (loss)/return before tax (21,710) 2,180 Adjustments for: Effects of recognising rental income on a straight-line basis over the lease term 42 261 Finance income (160) (257) Finance costs 7,017 3,633 Unrealised foreign exchange loss/(gain) 1,214 (1,835) Change in fair value of financial derivatives (1,511) 6,287 Change in fair value of investment properties 29,378 4,813 Operating cash flows before working capital changes 14,270 15,082 Changes in working capital: Trade and other receivables (1,778) (6,049) Trade and other payables (3,038) 479 Cash generated from operations 9,454 9,512 Income taxes paid (1,619) (1,742) Net cash from operating activities 7,835 7,770 Cash flows from investing activities Interest received 160 257 Capital expenditure on investment properties 20 (17,838) (7,468) Net cash used in investing activities (17,678) (7,211) Cash flows from financing activities Proceeds from issuance of fixed rate green notes, net of costs related to the issuance 24 - 58,373 Proceeds from termination of interest rate cap 174 - Repayment of external borrowings 24 (10,000) (5,000) Transaction costs paid related to borrowings (68) - Payment of lease liabilities (334) (20) Distribution paid to Unitholders (5,110) (12,642) Interest paid (7,331) (2,951) Net cash (used in)/from financing activities (22,669) 37,760 Net (decrease)/increase in cash and cash equivalents (32,512) 38,319 Cash and cash equivalents at beginning of the period 89,658 72,172 Cash and cash equivalents at end of the period 17 57,146 110,491 Group
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IREIT GLOBAL CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE HALF YEAR ENDED 30 JUNE 2026 9 Statement of Portfolio as at 30 June 2026 The accompanying notes form an integral part of these condensed interim financial statements. Property Land Tenure Location (by Geography) 30 Jun 2026 31 Dec 2025 30 Jun 2026 31 Dec 2025 30 Jun 2026 31 Dec 2025 Years Years €’000 €’000 % % Germany Berlin Campus Freehold Schreiberhauer Straße 2, 4, 6, 8, 10, 12, 14, 16, 18, 20 and 22, Berlin 10317 n/a n/a 191,400 195,800 45.2 43.4 Bonn Campus Freehold Friedrich-Ebert-Allee,71, 73, 75, 77, Bonn n/a n/a 110,500 110,200 26.1 24.5 Darmstadt Campus Freehold Heinrich-Hertz-Straße 3, 5, 7, Darmstadt, Germany Mina-Rees- Straße 4, Darmstadt n/a n/a 52,100 51,800 12.3 11.5 Münster Campus Freehold Gartenstraße 215, 217, Münster n/a n/a 52,900 53,800 12.5 11.9 Concor Park Freehold Bahnhofstraße 12 and Dywidagstraße 1, Bahnhofstraße 16, 18, 20, München n/a n/a 54,300 58,700 12.8 13.0 Germany – Total 461,200 470,300 108.9 104.3 Spain Delta Nova IV Freehold Av. Manoteras, 46, Madrid n/a n/a 23,700 23,300 5.6 5.2 Delta Nova VI Freehold Av. Manoteras, 46BIS, Madrid n/a n/a 36,400 34,600 8.6 7.7 Sant Cugat Green Freehold Av. De La Generalitat, 163-167, Barcelona n/a n/a 45,500 44,600 10.8 9.9 Parc Cugat Green Freehold Can Fatjo Dels Urons 5, St Cugat del Valles, Barcelona n/a n/a 25,000 24,600 5.9 5.4 Spain – Total 130,600 127,100 30.9 28.2 France Abbeville Freehold 6 rue de l’Egalite n/a n/a 2,650 2,640 0.6 0.6 Aurillac Freehold Zone d’Activites Commerciales La Ponetie n/a n/a 4,420 4,430 1.1 1.0 Belfort Bessoncourt Freehold Zone Commerciale Porte des Vosges n/a n/a 4,280 4,280 1.0 0.9 Bergerac Freehold ZA les Sardines n/a n/a 3,500 3,510 0.8 0.8 Calais Freehold Rue Danton, ZAC des Cailloux, rue de Verdun n/a n/a 4,900 4,900 1.2 1.1 Cergy Freehold Pontoise FR, 2, avenue de la Plaine des Sports n/a n/a 9,210 9,230 2.2 2.0 Châteauroux Freehold ZAC Cap Sud n/a n/a 5,980 5,990 1.4 1.3 Châtellerault Freehold 25 rue de la Desiree n/a n/a 3,290 3,300 0.8 0.7 Cholet Freehold L ‘Autre Faubourg n/a n/a 10,700 10,690 2.5 2.4 Concarneau Freehold Rue Aime Cesaire, ZA du Colguen n/a n/a 2,640 2,640 0.6 0.6 51,570 51,610 12.2 11.4 France - carried forward to Unitholders Remaining Term of Carrying Value Percentage of Net Leasehold Assets attributable
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IREIT GLOBAL CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE HALF YEAR ENDED 30 JUNE 2026 10 Statement of Portfolio as at 30 June 2026 (continued) The accompanying notes form an integral part of these condensed interim financial statements. Property Land Tenure Location (by Geography) 30 Jun 2026 31 Dec 2025 30 Jun 2026 31 Dec 2025 30 Jun 2026 31 Dec 2025 Years Years €’000 €’000 % % 51,570 51,610 12.2 11.4 France Dinan Freehold Cap Rance, Route de Dinard n/a n/a 2,480 2,490 0.6 0.6 Douai Freehold 1 rue du Faubourg de Paris n/a n/a 3,330 3,330 0.8 0.7 Dreux Freehold Rue Henry Potez n/a n/a 3,760 3,770 0.9 0.8 Evreux Freehold Chemin des Coudres n/a n/a 6,690 6,720 1.6 1.5 Foix Freehold Zone Industrielle Foix Nord n/a n/a 4,600 4,590 1.1 1.0 Gap Freehold 65 avenue Emile Didier n/a n/a 4,490 4,490 1.1 1.0 Istres Freehold Zone du Tube, avenue Clement Ader n/a n/a 4,110 4,110 1.0 0.9 Lannion Freehold ZA Du Cruguil, rue Lucien Vidie n/a n/a 4,480 4,470 1.1 1.0 Laval Freehold Rue du Commandant Cousteau n/a n/a 6,400 6,400 1.5 1.4 Mâcon Freehold Route Nationale 6 Zone Jacquard n/a n/a 8,880 8,880 2.1 2.0 Pont-Audemer Freehold Avenue Jean Monnet n/a n/a 1,650 1,660 0.4 0.4 Pontivy Freehold 40, avenue des Cites Unies n/a n/a 2,500 2,500 0.6 0.6 Sables d’Olonne Freehold 32 boulevard du Vendee Globe n/a n/a 3,650 3,650 0.9 0.8 Sarrebourg Freehold Zone Artisanale Les Terrasses de la Sarre n/a n/a 2,790 2,800 0.6 0.6 Sens Freehold Zone Commerciale Porte de Bourgogne n/a n/a 3,580 3,580 0.7 0.8 Verdun Freehold Zone du Dragon n/a n/a 2,920 2,940 0.7 0.7 Vichy Freehold Route de Charmeil n/a n/a 4,050 4,060 1.0 0.9 Noyelles-Godault Leasehold Centre Commercial Auchan 62950 8.0 8.5 3,246 3,662 0.8 0.8 Claye-Souilly Freehold Rue Jean Monnet - 77410 n/a n/a 8,760 8,730 2.1 1.9 Marseille Freehold CC Grand Littoral - 13015 n/a n/a 7,900 7,920 1.9 1.8 Essey-lès-Nancy Freehold Rue Georges Brassens - 54270 n/a n/a 6,010 6,010 1.4 1.3 Saint-Cyr-sur-Loire Freehold 14 Rue de la Pinauderie - 37540 n/a n/a 5,730 5,740 1.3 1.3 Maizières-lès-Metz Leasehold Centre commercial Auchan RD112 - 57210 16.5 17.0 3,758 4,083 0.9 0.9 157,334 158,195 37.3 35.1 to Unitholders France - brought forward France - carried forward Carrying Value Percentage of Net Leasehold Assets attributable Remaining Term of
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IREIT GLOBAL CONDENSED INTERIM FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT FOR THE HALF YEAR ENDED 30 JUNE 2026 11 Statement of Portfolio as at 30 June 2026 (continued) As at 30 June 2026, the total carrying value of investment properties was €792,070,000 (31 December 2025: €798,140,000) based on independent external valuation. The right- of-use assets value of the leasehold properties was €5,260,000 (31 December 2025: €6,140,000). The Group has recognised and included right-of-use of leasehold land based on the present value of the remaining lease payments, discounted using the incremental borrowing rate at the date of initial application or the lease commencement date. The Group is required to pay land rent periodically for the leasehold properties in its portfolio. The accompanying notes form an integral part of these condensed interim financial statements. Property Land Tenure Location (by Geography) 30 Jun 2026 31 Dec 2025 30 Jun 2026 31 Dec 2025 30 Jun 2026 31 Dec 2025 Years Years €’000 €’000 % % France - brought forward 157,334 158,195 37.3 35.1 France Bruay-la-Buissière Freehold Rue Jean Joseph Etienne Lenoir - 62700 n/a n/a 5,790 5,790 1.4 1.3 St Etienne du Rouvray Freehold 77 rue de Docteur Cotoni - 76800 n/a n/a 5,510 5,360 1.3 1.2 Brive-la-Gaillarde Freehold Avenue Pierre Mendes France - 19100 n/a n/a 4,730 4,750 1.1 1.1 Fayet Leasehold Centre commercial Auchan RN29 - 02100 25.6 26.1 4,471 4,642 1.0 1.0 Marsac Freehold CC Auchan - 24430 n/a n/a 5,390 5,580 1.3 1.2 St-Mitre-les-Remparts Freehold ZAC des Etangs 13920 n/a n/a 5,380 5,380 1.3 1.2 Viriat Freehold Rue Gay Lussac - 01440 n/a n/a 4,470 4,490 1.0 1.0 Forbach Freehold Rue de Guise n/a n/a 3,850 3,880 0.9 0.9 Golbey Freehold CC Leclerc – Rue du General Leclerc - 88190 n/a n/a 3,930 3,910 0.9 0.9 Saint-Maur Freehold CC Cap Sud, 36250 n/a n/a 2,830 2,960 0.7 0.6 Blois Leasehold 3 Avenue Robert Schuman, 41000 29.4 29.9 1,845 1,943 0.4 0.4 France – Total 205,530 206,880 48.6 45.9 797,330 804,280 188.4 178.4 (374,012) (353,487) (88.4) (78.4) 423,318 450,793 100.0 100.0 Other assets and liabilities, net Net assets attributable to Unitholders to Unitholders Investment properties, including right-of-use assets Percentage of Net Leasehold Assets attributable Remaining Term of Carrying Value
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IREIT GLOBAL CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 30 JUNE 2026 12 Notes to the Condensed Interim Financial Statements 1. Corporate information IREIT Global (“IREIT”) is a real estate investment trust constituted by a trust deed dated 1 November 2013 (as amended) made between the Manager and DBS Trustee Limited, as the trustee of IREIT (the “Trustee”). IREIT was listed on the Singapore Exchange Securities Trading Limited (the “SGX-ST”) on 13 August 2014 (“Listing Date”). The registered office and principal place of business of the Manager is 1 Wallich Street, #15 -03, Guoco Tower, Singapore 078881. The registered office and principal place of business of the Trustee is 12 Marina Boulevard, Level 44, Marina Bay Financial Centre Tower 3, Singapore 018982. The condensed interim financial statements of IREIT as at and for the half year ended 30 June 2026 comprise IREIT and its subsidiaries (together referred to as the “Group”). The financial statements are presented in Euro (“€” or “EUR”). 2. Basis of preparation The condensed interim financial statements for the half year ended 30 June 2026 have been prepared in accordance with International Accounting Standards (IAS) 34 Interim Financial Reporting issued by the International Accounting Standards Board and the recommendations of Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” issued by the Institute of Singapore Chartered Accountants (“RAP 7”) and are drawn up in accordance with the relevant provisions of the trust deed dated 1 November 2013 and as amended and restated by an amending and restating deed dated 14 July 2014, supplemented by the first supplemental deed dated 6 November 2015 , second supplemental deed dated 9 May 2018 and third supplemental deed dated 30 March 2020 (collectively, the “Trust Deed”) and the relevant requirements of the Code of Collective Investment Schemes issued by the Monetary Authority of Singapore. The condensed interim financial statements do not include all the information required for a complete set of financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the financial position and performance of the Group since the last annual financial statements for the year ended 31 December 2025. As at 30 June 2026, the Group's current liabilities exceeded its current assets by €6.8 million, primarily due to €52.8 million of borrowings relating to the Spanish Portfolio maturing in Dec 2026 . The lenders have confirmed that the required covenant conditions as at 30 June 2026 for the proposed extension to December 2029 have been met on a forward-looking basis. The Manager expects to finalise the refinancing in second half of 2026. Had the €52.8 million of borrowings relating to the Spanish Portfolio been refinanced as at 30 June 2026, the Group will be in net current asset position. Hence, Management has assessed the Group's cash flow forecasts, available liquidity, refinancing plans and covenant compliance, and believes the Group will be able to meet its obligations as they fall due for at least 12 months from the date of approval of the financial statements. Accordingly, the financial statements have been prepared on a going concern basis. For the current reporting period, the Group has applied the same accounting policies and methods of computation as those applied in its audited financial statements for the financial year ended 31 December 2025. 2.1 New and amended standards adopted by the Group A number of amendments to Standards have become applicable for the current reporting period. The Group did not have to change its accounting policies or make retrospective adjustments as a result of adopting those standards.
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IREIT GLOBAL CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 30 JUNE 2026 13 Notes to the Condensed Interim Financial Statements (continued) 2.2 Use of judgements and estimates In preparing the condensed interim financial statements as at 30 June 2026 , the Manager has made estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. In preparing this financial information, significant judgements made by the Manager in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those that were described in the audited financial statements as at and for the full year ended 31 December 2025. 2.3 Contingent liabilities On 12 June 2025, the Group received a legal letter from the lawyer of the Group’s former tenant (“former tenant”) at Berlin Campus, claiming for partial repayment of the €15.5 million previously paid to IREIT, as compensation for the dilapidation costs to reinstate Berlin Campus back to its original state. The claim is for the amount of €8.4 million and its legal costs (the “Claim”)(1). The Group, through its original legal counsel, has issued a formal response rejecting the Claim on 25 June 2025. Subsequently, the former tenant applied for payment orders against the Group for a total of €8 .5 million, which were issued on 11 August 2025. The payment orders were served to the Group on 10 September 2025 to which the Group lodged an objection to the orders for payment on 16 September 2025. The Group has appointed another external legal counsel (“Legal Counsel”) to obtain a second opinion against the payment orders. Similarly, the Legal Counsel also assessed that the Group has a strong ground for successful defence and considers it highly probable that the former tenant will not be able to successfully claim partial repayment of the dilapidation costs from the Group. On 19 May 2026, the LRs (the wholly-owned subsidiaries of IREIT holding Berlin Campus), had been served with a statement of claim (the “Statement of Claim”) filed by the former tenant with the regional court of Berlin (the “Regional Court”), in pursuit of the Claim. On 16 July 2026, the LRs submitted a statement of defence (the “Statement of Defence”) to the Regional Court in response to the Statement of Claim. The Legal Counsel maintains that the Statement of Defence comprehensively sets out why the claim asserted by the former tenant is unfounded and provides further strong arguments for the defence of the LRs. Hence, the Manager, in concurrence with the Legal Counsel, continues to maintain that the LRs have a high chance of successfully defending against the Claim. Accordingly, no provision for the Claim is required in IREIT’s financial results as at 30 June 2026. Footnote: (1) Please refer to SGX -ST announcement dated 28 July 2025 , 4 June 2026 and 17 July 2026 for more details.
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IREIT GLOBAL CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 30 JUNE 2026 14 Notes to the Condensed Interim Financial Statements (continued) 3. Seasonal operations The businesses of IREIT are not significantly affected by seasonal or cyclical factors during the financial period. 4. Segment and revenue information Operating segments are identified based on internal reports on components of the Group that are regularly reviewed by the Group’s Chief Operating Decision Maker (“CODM”), which is the management of the Manager, to allocate resources to segments and to assess their performance. The Group’s operating segments are its property portfolio by geographic location as each of these property portfolios have different performance characteristics. The segments below are reported in a manner consistent with the internal reporting provided to CODM. Segment revenue comprises mainly income generated from its tenants. Segment net property income represents the income earned by each segment after allocating property operating expenses. This is the measure reported to the CODM for the purpose of assessment of segment performance. Segment results, assets and liabilities include items directly attributable to segment as well as those that can be allocated on a reasonable basis.
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IREIT GLOBAL CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 30 JUNE 2026 15 Notes to the Condensed Interim Financial Statements (continued) 4. Segment and revenue information (continued) Major customers There are certain major customers of the Group, being tenants of the properties in Germany and France that each account for 10% or more of the Group’s gross revenue. As at 30 June 2026, gross revenue derived from 3 such tenants (30 June 2025: 3 such tenants) amounted to €13.7 million (30 June 2025: €13.8 million). Segment assets and liabilities Germany Spain France Group Germany Spain France Group (€’000) (€’000) (€’000) (€’000) (€’000) (€’000) (€’000) (€’000) Gross revenue 11,109 5,067 9,789 25,965 11,796 4,959 9,811 26,566 Property operating expenses (4,844) (2,171) (1,864) (8,879) (4,806) (2,222) (1,536) (8,564) Net property income 6,265 2,896 7,925 17,086 6,990 2,737 8,275 18,002 Finance income 140 7 13 160 159 21 77 257 Finance costs (4,876) (971) (1,170) (7,017) (1,491) (972) (1,170) (3,633) Foreign exchange (loss)/gain (1,242) - - (1,242) 1,800 - - 1,800 Changes in fair value of financial derivatives 2,258 (384) (363) 1,511 (4,162) (860) (1,265) (6,287) Changes in fair value of investment properties (31,423) 2,778 (733) (29,378) (4,895) 81 1 (4,813) (Loss)/return before income tax (28,878) 4,326 5,672 (18,880) (1,599) 1,007 5,918 5,326 Unallocated items: Management fees - Base fee (619) (1,061) Trustee's fees (90) (96) Administrative costs and other trust expenses (2,146) (2,018) Foreign exchange gain 25 29 Total (loss)/return before tax (21,710) 2,180 Income tax expense (748) (1,460) Total (loss)/return after tax for the period (22,458) 720 1H 2026 1H 2025 Germany Spain France Group Germany Spain France Group (€’000) (€’000) (€’000) (€’000) (€’000) (€’000) (€’000) (€’000) Assets 526,501 137,416 219,835 883,752 558,922 135,579 224,613 919,114 Unallocated assets 4,027 7,192 Total assets 887,779 926,306 Liabilities 292,148 56,039 109,102 457,289 290,538 66,087 111,652 468,277 Unallocated liabilities 7,172 7,236 Total liabilities 464,461 475,513 30 Jun 2026 31 Dec 2025
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IREIT GLOBAL CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 30 JUNE 2026 16 Notes to the Condensed Interim Financial Statements (continued) 5. Gross Revenue Gross revenue includes the following items: Gross revenue for 1H 2026 decreased by 2.3% year-on-year, mainly due to lower service charge income on lower recovery of expenses. 6. Property operating expenses Property operating expenses include the following items: Property operating expenses for 1H 2026 increase by 3.7% year-on-year, mainly due to higher expenses from the French Portfolio in relation to energy consumption monitoring. 7. Finance income Finance income comprises interest income earned on bank deposits. 8. Finance costs Finance costs comprise interest expenses on loans and interest rate swaps, amortisation of upfront debt transaction costs and interest expense on lease liabilities. Finance costs were higher in 1H 2026 compared to 1H 2025 mainly due to the increase in loan margin post- refinancing of the German Portfolio on 10 October 2025 . Further, new interest rate swaps had higher swap rates which were effective from January 2026 following the expiration of old interest rate swaps in relation to the German Portfolio. Finance costs for the Spanish Portfolio remained stable despite the changes in loan margin from 1 April 2025 and 18 December 2025 following the waiver from fulfilling a revised set of financial covenants till December 2026. Voluntary partial loan repayments of €10.0 million and €5.0 million for the Spanish Portfolio were paid on 16 March 2026 and 31 March 2025 respectively. 1H 2026 1H 2025 Increase/ (Decrease) (€’000) (€’000) (%) Rental income 19,641 19,574 0.3 Service charge income 4,948 5,475 (9.6) Carpark income 1,371 1,307 4.9 Other income 5 210 (97.6) Total 25,965 26,566 (2.3) Group 1H 2026 1H 2025 Increase/ (Decrease) (€’000) (€’000) (%) Service charge expenses 4,735 4,922 (3.8) Non-recoverable expenses 3,646 3,206 13.7 Property management expenses 498 436 14.2 Total 8,879 8,564 3.7 Group
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IREIT GLOBAL CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 30 JUNE 2026 17 Notes to the Condensed Interim Financial Statements (continued) 9. Management fees Base management fees are determined based on 10.0% per annum of the annual distributable income of IREIT (calculated before accounting for the base and performance management fees). Base management fees for 1H 2026 were lower year-on-year due to lower distributable income. There was no performance management fee payable to the Manager for the half year ended 30 June 2026 as the eligibility for the performance management fee would be evaluated at the end of the financial year. The Manager has elected to receive the base management fees in cash for both financial periods. 10. Administrative costs and other trust expenses Administrative costs and other trust expenses include fees for professional services and administrative expenses. The expenses for 1H 202 6 were 6.3% higher year-on-year, mainly due to the increase in professional fees for the German Portfolio, partially offset by lower trust expenses. 11. Foreign exchange (loss)/gain Foreign exchange (loss)/gain arose mainly from the translation of Singapore dollars denominated balances to the functional currency. There was an unrealised exchange loss of €1.2 million (1H 2025: unrealised exchange gain of €1.8 million) arising from the translation of Singapore dollar denominated fixed rate green notes as at 30 June 2026. The Trust has entered into two 3-year cross currency swaps to hedge against the volatility of the currency and interest rate risks associated with the fixed rate green notes. This unrealised exchange loss offset the fair value gains of the two cross currency swaps as reflected in the net change in fair value of financial derivatives. 12. Net change in fair value of financial derivatives The net change in fair value of financial derivatives for 1H 2026 arose from the revaluation of interest rate swaps, interest rate caps and cross currency swaps to hedge against the volatility of the currency and interest rate risks on borrowings. This has no impact on the distributable income. 13. Net change in fair value of investment properties The net change mainly reflects the fair value of investment properties based on independent valuations by external valuer. 14. Income tax expense Income tax expense comprises current tax, withholding tax and deferred tax expenses. Current tax expense was mainly due to the provision of tax for the German Portfolio and French Portfolio. In 1H 2025, there was a one-off tax provision of €1.0 million. Deferred tax expense in 1H 2026 was primarily due to the utilisation of prior-years tax losses while 1H 2025 was mainly due to the temporary differences arising from the net change in fair value of the investment properties.
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IREIT GLOBAL CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 30 JUNE 2026 18 Notes to the Condensed Interim Financial Statements (continued) 14. Income tax expense (continued) Income tax expense includes the following items: 15. Distributions to Unitholders Distributions to Unitholders for 1H 2026 decreased by 47.5% compared to 1H 2025, mainly due to lower net property income and higher finance costs, partially offset by lower taxation. 16. Earnings Per Unit (“EPU”) and Distribution Per Unit (“DPU”) Footnote: (1) Income to be distributed to Unitholders had taken into account 10% of income retained for working capital and capital expenditure. 1H 2026 1H 2025 (€’000) (€’000) Current taxation 286 1,331 Deferred taxation 391 58 Withholding tax 71 71 Total 748 1,460 Group 1H 2026 1H 2025 EPU Total (loss)/return for the year before transactions w ith Unitholders (€’000) (22,458) 720 Weighted average number of Units ('000) 1,344,838 1,344,838 Earnings per Unit Basic and Diluted (€ cents) (1.67) 0.05 DPU Income to be distributed to Unitholders (€’000)(1) 5,017 9,549 Number of Units entitled to distribution ('000) 1,344,838 1,344,838 Distribution per Unit (€ cents) 0.37 0.71 Group
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IREIT GLOBAL CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 30 JUNE 2026 19 Notes to the Condensed Interim Financial Statements (continued) 17. Cash and cash equivalents The Group’s cash and cash equivalents as at 30 June 2026 were €32.5 million lower than on 31 December 2025, mainly due to the payment of capital expenditure on Project RE(O as well as a voluntary partial loan repayment of €10.0 million for the Spanish Portfolio. Restricted cash mainly relates to the funds required to be maintained with banks in accordance with the terms of the secured bank loans and includes proceeds from the fixed rate green notes for Project RE(O. Please refer to the condensed consolidated statement of cashflows on Page 8 for further details on the movement of the Group’s cash and cash equivalents during the respective reporting periods. 18. Trade and other receivables The Group’s total trade and other receivables as at 30 June 2026 were €1.8 million higher as compared to 31 December 202 5. The increase was mainly due to higher prepayments and other receivables, partially offset by lower trade receivables. 19. Financial derivatives This represents the fair values of interest rate swaps, interest rate caps and cross currency swaps as at the reporting date, which are used to hedge the interest rate risk on floating -rate bank borrowings and the currency and interest rate risks associated with the fixed rate green notes. In connection with the issuance of the S$85 million fixed rate green notes in May 2025 , the Trust entered into two 3-year cross currency swaps to convert the Singapore dollar proceeds and the Singapore dollar coupon into an average Euro fixed rate of approximately 6.17%. The total notional amount of outstanding interest rate cap contracts , interest rate swap contracts and cross currency swap contracts to which the Group is committed to are as follows: Footnote: (1) As at 31 December 2025, the interest rate swap contracts include two new contracts entered into as part of the refinancing of the German Portfolio on 10 October 2025, which became effective after the existing contracts expired in January 2026. 30 Jun 2026 31 Dec 2025 30 Jun 2026 31 Dec 2025 (€'000) (€'000) (€'000) (€'000) Cash at banks 23,894 39,125 1,958 2,787 Restricted cash 33,252 50,533 - - Cash and cash equivalents 57,146 89,658 1,958 2,787 Group Trust 30 Jun 2026 31 Dec 2025 (€’000) (€’000) Interest rate cap contracts 133,034 143,034 Interest rate swap contracts (1) 200,760 401,520 Cross currency swap contracts 58,783 58,783 Group
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IREIT GLOBAL CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 30 JUNE 2026 20 Notes to the Condensed Interim Financial Statements (continued) 20. Investment properties (a) Reconciliation of carrying amount of investment properties (b) Movements in investment properties Investment properties were accounted for at fair value based on valuations undertaken by independen t valuers as at 30 June 2026. Please refer to Note 21 on the details for the fair value measurement of investment properties. Movement during the period/year: 30 Jun 2026 Independent Right-of-use Carrying valuation assets amount (€’000) (€’000) (€’000) Group Germany 461,200 - 461,200 Spain 130,600 - 130,600 France 200,270 5,260 205,530 Total 792,070 5,260 797,330 31 Dec 2025 Independent Right-of-use Carrying valuation assets amount (€’000) (€’000) (€’000) Group Germany 470,300 - 470,300 Spain 127,100 - 127,100 France 200,740 6,140 206,880 Total 798,140 6,140 804,280 30 Jun 2026 31 Dec 2025 (€'000) (€'000) Beginning of year: 804,280 863,708 Capital expenditure on investment properties 23,259 22,842 Re-measurement due to change in lease rates (789) - Lease incentives and rent straight-lining (42) (300) Change in fair value of investment properties during the period/year (29,378) (81,970) End of period/year 797,330 804,280 Group
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IREIT GLOBAL CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 30 JUNE 2026 21 Notes to the Condensed Interim Financial Statements (continued) 21. Fair value measurement Fair value hierarchy The Group categorises fair value measurements using a fair value hierarchy that is dependent on the valuation input used as follow: Level 1: inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Group can access at the measurement date; Level 2: inputs other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and Level 3: inputs are unobservable inputs for the asset or liability. Assets and liabilities carried at fair value Group Level 1 Level 2 Level 3 (€’000) (€’000) (€’000) 30 Jun 2026 Current assets Financial derivatives - 2,853 - Non-current assets Financial derivatives - 2,940 - Investment properties - - 797,330 Current liabilities Financial derivatives - 165 - Non-current liabilities Financial derivatives - 281 - Group Level 1 Level 2 Level 3 (€’000) (€’000) (€’000) 31 Dec 2025 Current assets Financial derivatives - 3,507 - Non-current assets Financial derivatives - 2,761 - Investment properties - - 804,280 Current liabilities Financial derivatives - 271 - Non-current liabilities Financial derivatives - 1,987 -
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IREIT GLOBAL CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 30 JUNE 2026 22 Notes to the Condensed Interim Financial Statements (continued) 21. Fair value measurement (continued) Level 2 fair value measurements The fair value of derivative financial instruments such as interest rate swaps, interest rate caps and cross currency swaps are based on banks’ quotes. Level 3 fair value measurements The fair value of the Group’s investment properties had been determined on the basis of valuations carried out as at 30 June 2026 (2025: 31 December 2025) by independent valuers, having appropriate recognised professional qualifications and recent experience in the location and category of the properties being valued, and are not related to the Group. The fair value was determined using the discounted cash flow method. For the valuations as at 30 June 2026 and 31 December 202 5, the independent valuer for the investment properties located in Germany, Spain and France was, Jones Lang LaSalle Expertises SAS. The valuation of certain properties includes special assumptions related to leases and related risks within these properties. In particular, the valuation of Berlin Campus has assumed that (i) the lease with a major prospective office tenant that the Manag er is currently finalising with has been entered into, (ii) the refurbishment cost as provided by the Manager has been used and (iii) no adjustment for construction cost or risk has been applied in the cash flows. In the event that any of these assumptions are different from the actual situation, these could affect the valuation of Berlin Campus. The appropriateness of the valuation methodologies and assumptions adopted were reviewed by the Manager along with the appropriateness and reliability of the inputs used in the valuations. Significant changes in fair value measurements from period to period are evaluated for reasonableness. Key drivers of the changes are identified and assessed for reasonableness against relevant information from independent sources, or internal sources, if necessary. In relying on the valuation reports, the Manager ha d exercised its judgement and was satisfied that the independent valuers have the appropriate professional qualifications and experience in the location and category of the properties being valued and the valuation estimates were reflective of the current m arket conditions. Trust Level 1 Level 2 Level 3 (€’000) (€’000) (€’000) 30 Jun 2026 Current liabilities Financial derivatives - 165 - Non-current liabilities Financial derivatives - 281 - Trust Level 1 Level 2 Level 3 (€’000) (€’000) (€’000) 31 Dec 2025 Current liabilities Financial derivatives - 271 - Non-current liabilities Financial derivatives - 1,987 -
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IREIT GLOBAL CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 30 JUNE 2026 23 Notes to the Condensed Interim Financial Statements (continued) 21. Fair value measurement (continued) Level 3 fair value measurements Valuation method Discount rate Exit capitalisation rate 30 Jun 2026 31 Dec 2025 30 Jun 2026 31 Dec 2025 Discounted cash flow 7.00% to 9.00% per annum 6.75% to 9.00% per annum 0% to 19.51%(1) per annum 0% to 18.39%(1) per annum There are inter-relationships between the above significant unobservable inputs. An increase/(decrease) in the discount rate, exit capitalisation rate or income capitalisation rate will result in a (decrease)/increase to the fair value of the investment properties. Footnote: (1) The range reflects the length of the remaining leasehold tenure of certain properties within the B&M Portfolio. Categories of financial instruments 22. Investments in subsidiaries Investments in subsidiaries relate to entities owned by the Trust. 23. Loans to subsidiaries These relate to the shareholder loans granted by the Trust to its subsidiaries in connection with Project RE(O and the acquisition of the Spanish Portfolio. 30 Jun 2026 31 Dec 2025 30 Jun 2026 31 Dec 2025 (€’000) (€’000) (€’000) (€’000) Financial assets At amortised cost - Cash and cash equivalents 57,146 89,658 1,958 2,787 - Trade and other receivables 6,889 7,286 99,984 99,322 64,035 96,944 101,942 102,109 Fair value through profit or loss Derivative financial instruments 5,793 6,268 - - Financial liabilities At amortised cost - Trade and other payables 17,405 13,757 1,974 1,801 - Distribution payable 5,363 5,456 5,363 5,456 - Borrowings 398,610 406,794 57,183 55,846 421,378 426,007 64,520 63,103 - Lease liabilities 5,260 6,140 - - 426,638 432,147 64,520 63,103 Fair value through profit or loss Derivative financial instruments 446 2,258 446 2,258 Group Trust
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IREIT GLOBAL CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 30 JUNE 2026 24 Notes to the Condensed Interim Financial Statements (continued) 24. Borrowings (a) Aggregate Amount of Borrowings As part of the refinancing process for the Spanish Portfolio, the Manager previously obtained a waiver in December 2025 in respect of the revised financial covenant requirements through December 2026. The Manager has since received confirmation from the lenders that the required covenant conditions as at 30 June 2026 for the proposed extension of the existing borrowings to December 2029 have been met on a forward-looking basis, subject to the entry into applicable interest rate hedging arrangements. The Manager is progressing the refinancing documentation and expects to finalise the refinancing in second half of 2026. As at 30 June 2026, t he Group’s aggregate leverage was 45.5% (31 December 202 5: 44.6%). The interest coverage ratio (“ICR”) of the Group was 1.8 times for the trailing 12-month period from 1 July 2025 to 30 June 2026 (1 January 2025 to 31 December 2025: 2.7 times). The Manager continues to monitor the ICR through prudent capital management and portfolio optimisation. To optimise the capital structure, the Manager will explore various available options including but not limited to managing interest rate and currency risks through hedging policies, divestment opportunities and value creation of existing portfolio. Concurrently, the Manager will also enhance the performance of the portfolio through active leasing efforts to maximise occupancy coupled with asset management team’s drive to enhance value and realise the full potential of the current portfolio to improve the results. Realisation of such efforts are demonstrated through the commencement of hospitality leases under Project RE(O, which would improve the operational results in 2027. The Manager reviews the Group’s capital management and financing policy regularly so as to optimise the Group’s funding structure. The aggregate leverage and interest coverage ratio are calculated based on the respective definitions under the Monetary Authority of Singapore’s Code on Collective Investment Schemes, Property Funds Appendix 6. The Group monitors its compliance with those covenants and has met the required conditions throughout the reporting periods. Footnotes: (1) Quantum related to the Spanish Portfolio , refinancing documentation progressing and expected to finalise the refinancing documentation in second half of 2026. (2) Upfront debt transaction costs include the costs related to the issuance of fixed rate green notes and are amortised over the life of the loan facilities and fixed rate green notes. 30 Jun 2026 31 Dec 2025 (€’000) (€’000) Repayable within one year Borrow ings (secured)(1) 53,500 63,500 Less: Upfront debt transaction costs (2) (690) (828) Total 52,810 62,672 Repayable after one year Borrow ings (secured) 290,574 290,574 Fixed rate green notes (unsecured) 57,619 56,376 348,193 346,950 Less: Upfront debt transaction costs (2) (2,393) (2,828) Total 345,800 344,122 Total borrowings 398,610 406,794 Group
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IREIT GLOBAL CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 30 JUNE 2026 25 Notes to the Condensed Interim Financial Statements (continued) 24. Borrowings (continued) Sensitivity analysis on the impact of changes in EBITDA and interest rates on ICR With a 10% decrease in EBITDA and interest expense and borrowing -related fees held constant, ICR for the trailing 12-month period ended 30 June 2026 would be 1.7 times. With a 100 basis points increase in weighted average interest rate and EBITDA held constant, ICR for the trailing 12-month period ended 30 June 2026 would be 1.3 times. (b) Details of borrowings and collaterals The Group’s secured borrowings comprised the following facilities (“the Facilities”): (i) Term loan facility of €200.8 million and capex facility of €20.0 million (1) secured on German Portfolio; (ii) Term loan facility of €51.6 million(2) and capex facility of €1.8 million(3) secured on Spanish Portfolio; (iii) Term loan facility of €51.4 million secured on Decathlon Portfolio in France; and (iv) Term loan facility of €38.4 million secured on B&M Portfolio in France. The Facilities are secured by way of the following: • land charges over investment properties; • pledges over the rent and other relevant bank accounts in relation to the properties; • assignments of claims under the lease agreements, insurance agreements, sale and purchase agreements, property management agreements and other key agreements in relation to the properties; • pledges over the shares in the borrowing entities; • assignments of claims under the hedging agreements in relation to the Facilities; and • assignment of claims over the intra-group loans granted to the borrowing entities (where applicable). The Group’s unsecured borrowings comprised the following: (i) S$85 million fixed rate green notes which was issued in May 2025. The fixed rate green notes carry a fixed interest rate of 6.0% per annum, payable semi -annually each year and has a maturity date on 22 May 2028. (ii) Term loan facility of €12.5 million(1). The interest rate per annum of the loan facility is based on the aggregate of the loan margin of 3.55% and EURIBOR. Footnotes: (1) The capex facility of €20.0 million and term loan fa cility of €12.5 million are purposed to finance Project RE(O and are unutilised as at the reporting date. (2) A voluntary partial repayment of €10.0 million on the borrowings for the Spanish Portfolio was made on 16 March 2026. (3) As at the reporting date, the capex facility has been fully utilised for the Spanish Portfolio.
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IREIT GLOBAL CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 30 JUNE 2026 26 Notes to the Condensed Interim Financial Statements (continued) 25. Lease liabilities The Group recognised the right -of-use of leasehold land and the associated obligation for the lease payments as lease liability, which was based on the present value of the remaining lease payments, discounted using the incremental borrowing rate for borrowings of similar amounts and tenure at the date of initial application or the lease commencement date. The Group is required to pay land rent periodically for the leasehold properties in its portfolio. 26. Units in issue 27. Net asset value (“NAV”)/Net Tangible asset (“NTA”) per Unit based on Units in issue at end of the period/year The NAV and NTA per Unit were computed based on the net asset attributable to Unitholders (after distribution payable) as at 30 June 2026 and 31 December 2025 over the Units in issue as at 30 June 2026 of 1,344,837,568 (31 December 2025: 1,344,837,568). 30 Jun 2026 31 Dec 2025 (Units) (Units) Units in issue and to be issued ('000) Beginning and end of the period/year 1,344,838 1,344,838 Group 30 Jun 2026 31 Dec 2025 NAV (€'000) 423,318 450,793 NTA (€'000) 423,318 450,793 Number of Units in issue and to be issued at end of the period/year ('000) 1,344,838 1,344,838 NAV per Unit (€) 0.31 0.34 NTA per Unit (€) 0.31 0.34 Group
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IREIT GLOBAL CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 30 JUNE 2026 27 Notes to the Condensed Interim Financial Statements (continued) 28. Financial ratios Footnotes: (1) The annualised ratios are computed in accordance with the guidelines of Investment Management Association of Singapore. The expenses used in the computation relate to expenses of the Group, excluding property operating expenses, finance costs, net foreign exchange differences and income tax expense. The Group did not pay any performance fee in the period from 1 January 2025 to 30 June 2026. (2) The annualised ratio is computed based on the lesser of purchase or sales of underlying investment properties of the Group expressed as a percentage of weighted average net asset value. There were no purchase or sales of underlying investment properties in the period from 1 January 2025 to 30 June 2026. 29. Subsequent event IREIT announced distribution of € 0.37 cents per unit, for the period from 1 January 2026 to 30 June 2026. 1H 2026 1H 2025 % % Expenses to weighted average net assets (1) - including performance component of Manager's management fees 0.65 0.61 - excluding performance component of Manager's management fees 0.65 0.61 Portfolio turnover ratio(2) - - Group
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IREIT GLOBAL CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 30 JUNE 2026 28 OTHER INFORMATION 1. Review Whether the figures have been audited, or reviewed and in accordance with which standard, (e.g. the Singapore Standard on Auditing 2410 (Engagements to Review Financial Statements), or an equivalent standard). The Condensed Interim financial statements of the Group as at and for the half year ended 30 June 2026, including certain explanatory notes have not been audited but were reviewed by the auditors in accordance with Singapore Standard on Review Engagements 2410. 2. Review of performance of IREIT Global Review of performance 1H 2026 versus 1H 2025 Refer to the notes to Condensed Interim financial statements for the review of performance. 3. Review of balance sheet of IREIT Global Refer to the notes to Condensed Interim financial statements for the review of balance sheet. 4. Variance from Previous Forecast/Prospect Statement Not applicable as no forecast has been previously disclosed. 5(i) To show the total number of issued shares excluding treasury shares as at the end of the current financial year and as at the end of the immediately preceding year There are no treasury Units in issue as at 30 June 2026 and 31 December 2025 . The total number of issued Units are as disclosed in Note 26. 5(ii) A statement showing all sales, transfers, cancellation and/or use of treasury shares as at the end of the current financial year reported on Not applicable. 5(iii) A statement showing all sales, transfers, cancellation and/or use of subsidiary holdings as at the end of the current financial year reported on Not applicable.
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IREIT GLOBAL CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 30 JUNE 2026 29 OTHER INFORMATION (continued) 6. Commentary on the competitive conditions of the industry in which the group operates and any known factors or events that may affect the group in the next reporting and next 12 months The European real estate market has shown cautious but sustained improvement in its investment and letting activities, driven by supportive economic conditions and monetary policies of varying momentum across countries.(1) The Manager has remained active on its asset management and leasing efforts in order to upkeep IREIT’s portfolio properties, diversify its tenant mix and improve its portfolio occupancy and yield. As at 30 June 2026, IREIT’s portfolio occupancy rate was 94.4%, an improvement from 8 9.4% as at 31 December 2025.(2) In the first half of 2026, the Manager has secured a 10-year lease with a federal tenant at Darmstadt Campus and additional leases which are expected to raise the occupancy rate at the property from 41.3% to 71.9%. Furthermore, the Manager has also secured additional leases in Spain which are expected to raise the occupancy rate of our Spanish portfolio from 80.3% to 92.6%. The French portfolio remains at 100% occupancy. This positive outcome should contribute to the long-term stability of IREIT’s portfolio. On the repositioning of Berlin Campus, construction works for the hospitality segments are on schedule and the first phase of the repositioning project is targeted to complete in the third quarter of 2027. The Manager is in ongoing discussions with potential office tenant s to secure lease commitment s for substantial portions of the office space, which will entail a launch of the capital expenditure for the second phase. On the capital management front, the Manager has completed a successful refinancing of the German Portfolio in October 2025 to extend its maturity to July 2029 and is targeting to finalise the refinancing agreement for the Spanish Portfolio in the second h alf of 2026, upon fulfilling certain conditions set out by the incumbent bank. Finance costs are projected to increase with the refinancing exercises and drawdown of more borrowings for the repositioning project at Berlin Campus. The Manager is assessing all the strategic and funding options to support the Berlin Campus repositioning. Footnotes: (1) Cushman & Wakefield European Outlook 2026 (2) Including committed leases and e xcluding Berlin Campus which is undergoing repositioning. Occupancy rate including Berlin Campus would be 76.9% as at 30 June 2026.
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IREIT GLOBAL CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 30 JUNE 2026 30 OTHER INFORMATION (continued) 7. Distributions (a) Current financial period Any distributions declared for the current financial period? Yes Name of distribution Distribution for the period from 1 January 2026 to 30 June 2026 Distribution Type Tax-exempt Capital Total Amount (€ cents per Unit) 0.36 0.01 0.37 Tax rate Tax-exempt income distribution The tax-exempt income distribution component is exempt from Singapore income tax in the hands of all unitholders, regardless of their nationality, corporate identity or tax residence status. No tax will be deducted from such component. Capital distribution The capital distribution component represents a return of capital to Unitholders for Singapore income tax purposes. The amount of the capital distribution component will be applied to reduce the cost base of Unitholders’ Units for Singapore income tax purposes. For Unitholders who are liable to Singapore income tax on profits from the sale of their Units, the reduced cost base of their Units will be used to calculate any taxable trading gains arising from the disposal of the Units. (b) Corresponding period of the preceding financial period Any distributions declared for the corresponding period of the immediate preceding financial period? Yes Name of distribution Distribution for the period from 1 January 2025 to 30 June 2025 Distribution Type Tax-exempt Capital Total Amount (€ cents per Unit) 0.60 0.11 0.71 Tax rate Tax-exempt income distribution The tax -exempt income distribution component is exempt from Singapore income tax in the hands of all Unitholders, regardless of their nationality, corporate identity or tax residence status. No tax will be deducted from such component. Capital distribution The capital distribution component represents a return of capital to Unitholders for Singapore income tax purposes. The amount of the capital distribution component will be applied to reduce the cost base of Unitholders’ Units for Singapore income tax purposes. For Unitholders who are liable to Singapore income tax on profits from the sale of their Units, the reduced cost base of their Units will be used to calculate any taxable trading gains arising from the disposal of the Units.
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IREIT GLOBAL CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 30 JUNE 2026 31 OTHER INFORMATION (continued) 7. Distributions (continued) (c) Books closure date 14 August 2026 (d) Date payable 27 August 2026 8. If no distribution has been declared/(recommended), a statement to that effect. Not applicable. 9. If IREIT has obtained a general mandate from shareholders for IPTs, the aggregate value of each transaction as required under Rule 920(i)(a)(ii). If no IPT mandate has been obtained, a statement to that effect. IREIT has not obtained a general mandate from Unitholders for Interested Person Transactions. 10. Confirmation that the issuer has procured undertakings from all its directors and executive officers under Rule 720(1) The Manager confirms that it has procured undertakings from all its directors and executive officers in the format set out in Appendix 7.7 under Rule 720(1) of the Listing Manual. 11. Confirmation pursuant to Rule 705(5) of the Listing Manual The Board of Directors of the Manager has confirmed that, to the best of their knowledge, nothing has come to their attention which may render these financial results to be false or misleading in any material aspect. BY ORDER OF THE BOARD OF DIRECTORS IREIT Global Group Pte. Ltd. (Company Registration No. 201331623K) (As manager for IREIT GLOBAL) Ms Lee Sock Wei Company Secretary 5 August 2026 This announcement may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward -looking statements as a result of a number of risks, uncert ainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from other companies and venues for the sal e/ distribution of goods and services, shifts in customer demands, customers and partners, changes in operating expenses, including employee wages, benefits and training, governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. You are cautioned not to place undue reliance on these forward looking statements, which are based on current view of management of future events. Any discrepancies in the tables included in this announcement between the listed amounts and total thereof are due to rounding.
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Deloitte & Touche LLP (Unique Entity No. T08LL0721A) is an accounting limited liability partnership registered in Singapore under the Limited Liability Partnerships Act (Chapter 163A). Deloitte & Touche LLP Unique Entity No. T08LL0721A 6 Shenton Way OUE Downtown 2 #33-00 Singapore 068809 Tel: +65 6224 8288 Fax: +65 6538 6166 www.deloitte.com/sg The Board of Directors IREIT Global Group Pte. Ltd. (as Manager of IREIT Global) (the “Manager”) 1 Wallich Street, #15-03 Guoco Tower Singapore 078881 DBS Trustee Limited (in its capacity as trustee of IREIT) (the “Trustee”) 12 Marina Boulevard, Level 44, Marina Bay Financial Centre Tower 3 Singapore 018982 Attention: Mr. Peter Viens Dear Sirs We have reviewed the accompanying Condensed Interim Financial Statements of IREIT Global ("IREIT") and its subsidiaries (the "Group") which comprise the Statements of Financial Position of the Group and IREIT and the Statement of Portfolio of the Group as of 30 June 2026, and the Consolidated Statement of Total Return and Other Comprehensive Income of the Group, the Statements of Changes in Net Assets Attributable to Unitholders of the Group and IREIT, Consolidated Statement of Distribution of the Group and Consolidated Statement of Cash Flows of the Group for the six months then ended, and Notes to the Condensed Interim Financial Statements (“condensed interim financial statements”). The management of IREIT Global Group Pte. Ltd. (the “Manager” of IREIT) is responsible for the preparation and fair presentation of this condensed interim financial statements in accordance with the International Accounting Standard 34 Interim Financial Reporting (“IAS 34”) and the recommendations of Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” (“RAP 7”) issued by the Institute of Singapore Chartered Accountants. Such condensed interim financial statements has been prepared by the Manager for announcement on the Singapore Exchange Securities Trading Limited. Our responsibility is to express a conclusion on this condensed interim financial statements based on our review.
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Deloitte & Touche LLP (Unique Entity No. T08LL0721A) is an accounting limited liability partnership registered in Singapore under the Limited Liability Partnerships Act (Chapter 163A). Scope of Review We conducted our review in accordance with Singapore Standard on Review Engagements 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of condensed interim financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Singapore Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed interim financial statements of IREIT and the Group does not present fairly, in all material respects, in accordance with IAS 34 and the provisions of RAP 7. Restriction of Use The condensed interim financial statements is prepared for IREIT to meet the requirements of paragraph 3 of Appendix 7.2 of the Singapore Exchange Limited Listing Manual. As a result, the condensed interim financial statements for the period ended 30 June 2026 may not be suitable for another purpose. Our report is intended solely for the Board of Directors and Trustee should not be used by parties other than the Board of Directors and Trustee. Public Accountants and Chartered Accountants Singapore 5 August 2026