DEFAMA Deutsche Fachmarkt (DEF) investor relations material

Executive summary

• Focus on acquiring established retail and shopping centers with strong anchor tenants and low vacancy, primarily in small to mid-sized towns.

• Buy-and-hold strategy aims for sustainable double-digit equity returns.

• Portfolio reached 98 properties as of June 30, 2026, with six acquisitions and three disposals year-to-date, streamlining the portfolio and generating liquidity.

• Major leasing successes and long-term contracts secured, with significant investments in property upgrades and energy efficiency.

Financial highlights

• Revenue for H1 2026 was €15.8M, up 4% year-over-year, with EBITDA rising to €9.2M.

• Funds From Operations (FFO) for H1 2026 was €5.1M, down 8% year-over-year.

• Net income for H1 2026 was €1.2M, a decrease mainly due to tenant insolvency and property sales.

• Portfolio value increased to €357M, up 4% from the previous year.

• Net Asset Value (NAV) per share increased to €30.67.

Outlook and guidance

• 2026 targets: net income (HGB) of €2–3M (excluding major sales), FFO of €10.8M (-4% to -6% vs. prior year), minimum 96% occupancy, and dividend above €0.63 per share.

• FFO expected to decline by about €1M due to tenant insolvency and lease exits.

• Ongoing review of medium-term strategy in response to market conditions.