DEFAMA Deutsche Fachmarkt (DEF) investor relations material

Executive summary

• Revenue for Q1 2026 reached €7.7 million, up from €7.4 million year-over-year.

• Net income was €925,000, compared to €893,000 in the prior year period.

• Five acquisitions totaling €8.5 million set a record for Q1 transaction activity, adding €850k in annual net cold rent, 86% from food retailers.

• Portfolio expanded to 98 properties, with significant new long-term leases, major vacancy reductions, and modernization projects securing long-term rental income.

• Full-year guidance for net income, FFO, and dividend increase confirmed.

Financial highlights

• EBITDA rose to €4.9 million from €4.5 million year-over-year.

• Funds From Operations (FFO) totaled €2.6 million, down from €2.7 million year-over-year, mainly due to tenant insolvency and vacancies.

• FFO per share was €0.54, down from €0.56 in Q1 2025.

• Portfolio value increased 10% to €361 million as of March 31, 2026, compared to €327 million a year earlier.

• Loan-to-value (LTV) ratio at 59% as of March 31, 2026.

Outlook and guidance

• 2026 targets: net income (HGB) > €5 million, FFO > €10.8 million, dividend > €0.63 per share, and occupancy rate >96%.

• FFO expected to decrease by €1 million due to Hammer insolvency and B1 tenant exit.

• Ongoing inflation-driven rent indexation and cost discipline expected to support earnings.

• Optimism for continued high acquisition volume in 2026.

• Long-term plan aims for €500 million portfolio value, €42 million annualized rent, and €19 million FFO by 2030.