German High Street Properties (GERHSP) investor relations material

Executive summary

• Revenue increased by 5.1% year-over-year to EUR 1.24 million in Q1 2026, but the period ended with a net loss of EUR 2.9 million, mainly due to a negative fair value adjustment of EUR 3.5 million on investment properties.

• Property portfolio value declined to EUR 84.6 million as of March 31, 2026, reflecting higher interest rates, inflation, and geopolitical uncertainty.

• Equity stood at EUR 54.3 million (equity ratio 59.9%), and loan-to-value increased to 34.3%.

Financial highlights

• Operating income rose to EUR 778,000 from EUR 731,000 year-over-year.

• Result before value adjustments and tax was EUR 37,000, down from EUR 135,000 in Q1 2025, due to higher administrative expenses.

• Earnings per share (EPS) was EUR -0.80, compared to EUR -0.63 in Q1 2025.

• Net cash flow from operating activities was EUR 0.1 million, unchanged year-over-year.

Outlook and guidance

• Market conditions in Germany are expected to remain challenging for the rest of 2026, with stabilization in select property segments.

• Revised guidance: positive result before value adjustments and taxes for 2026 expected in the range of EUR 0–500,000.

• Management plans to approve a new four-year business plan in 2026, focusing on earnings growth and shareholder value.