Hamborner REIT (HAB2) investor relations material

Executive summary

• H1 2026 saw a slight decline in rental income and FFO, mainly due to asset disposals and increased costs, while like-for-like rental income increased by 1.7%.

• Strategic realignment included the disposal of office properties, with proceeds intended for reinvestment in high-yield retail assets.

• Portfolio remains diversified, with food retail as the largest tenant sector and a well-balanced lease expiry profile.

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

• Net income for H1 2026 was €-13.7 million, compared to €6.5 million in H1 2025.

Financial highlights

• Rental income for H1 2026 was €45.1 million, down 1.3% year-over-year.

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

• FFO decreased by 4.4% to €23.8 million; FFO per share at €0.29.

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

• EPRA NAV and NTA per share both declined by 3.9% to €8.72.

Outlook and guidance

• Full-year 2026 rental income forecasted at €87.5 million–€89.5 million, down from €90.3 million in 2025.

• FFO expected between €38.0 million–€42.0 million, compared to €48.6 million in the previous year.

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

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