Hamborner REIT (HAB2) investor relations material

Executive summary

• Rental income for H1 2026 was €45.1 million, down 1.3% year-on-year due to property disposals, but like-for-like rental income increased by 1.7%.

• FFO reached €23.8 million (€0.29 per share), a 4.4% decrease year-on-year.

• Operating performance remained resilient with a low vacancy rate of 4.1% and a weighted average lease term (WALT) of five years.

• Net rental income was €37.3 million, nearly flat year-over-year.

• Operating result dropped to €-6.6 million from €10.5 million, mainly due to €19.2 million in impairment losses on six properties.

Financial highlights

• Income from passed on costs rose 7.3% due to higher ancillary tenant payments.

• Operating expenses decreased 2.1% to €10.1 million, mainly from property disposals.

• Maintenance expenses increased slightly to €3.6 million, with a 30% rise expected for the full year.

• Interest expenses rose 8% due to refinancing at higher rates; interest income fell 15%.

• EBITDA was €30.4 million (H1 2025: €33.3 million); EBIT was €-6.9 million (H1 2025: €12.7 million).

Outlook and guidance

• Full-year 2026 guidance confirmed: rental income expected between €87.5–89.5 million, FFO between €38–42 million.

• Guidance reflects recent disposals, higher maintenance, interest, and personnel expenses.

• Maintenance costs projected to increase by about 30% in 2026, with higher financing costs also anticipated.

• Company maintains confidence in its business outlook despite macroeconomic and geopolitical uncertainties.

• Strategic focus remains on retail properties and gradual reduction of office exposure.