Hamborner REIT (HAB2) investor relations material

Executive summary

• Rental income for Q1 2026 declined 1.9% year-over-year to €22.6 million, mainly due to property disposals in 2025 and Q1 2026, while like-for-like rental income increased by 2.6%.

• FFO decreased 1.6% year-over-year to €11.7 million (FFO per share €0.14), with stable portfolio and financial metrics.

• Operating result improved to €6.1 million, up 2.6% year-over-year, and period result rose 10.7% to €2.8 million.

• Portfolio comprised 63 assets valued at approximately €1.34 billion as of March 2026.

• High tenant retention (89%) and stable vacancy rate (3.5%) support resilient operating performance.

Financial highlights

• Net rental income was €18.4 million, nearly flat year-over-year, with EBITDA at €15.2 million and EBIT at €6.2 million.

• Income from ancillary cost allocations rose 16% due to higher prepayments and facility management restructuring.

• Operating expenses increased 2.1%, while maintenance expenses declined by 11.6% to €1.4 million.

• Personnel and admin expenses rose by 5% and 12%, respectively, due to staff expansion and AGM-related costs.

• Interest expenses increased by 5.4% in early 2026 due to refinancing at higher rates; interest income declined.

Outlook and guidance

• Full-year 2026 rental income expected between €87.5 million and €89.5 million; FFO guidance €38–42 million.

• Dividend proposal of €0.39 per share (65% payout of 2025 operating income).

• Guidance does not include further transactions; operational performance in line with plans.

• Management remains confident in the business outlook despite macroeconomic uncertainties.

• Cost discipline in maintenance, personnel, and interest to balance financial burdens and future growth.