Hamborner REIT (HAB2) Company presentation summary

Portfolio structure and strategy

• Portfolio consists of 64 properties valued at €1,348.5m, split 57% office and 43% retail by value as of December 2025.

• Retail focus is increasing, with a mid-term target of 80-90% retail and 10-20% office exposure.

• Portfolio is geographically diversified, with significant holdings in North Rhine-Westphalia, Bavaria, and Baden-Württemberg.

• Active asset rotation includes recent disposals in Lübeck, Osnabrück, and Ditzingen to optimize the portfolio.

• Strategic focus is on local supply retail, DIY stores, and mixed-use properties, aiming for stable cash flows and risk diversification.

Financial performance and outlook

• Income from rents and leases declined by 2.9% to €90.3m in 2025, with FFO at €48.6m, down 5.7% year-on-year.

• EPRA NAV per share decreased by 7.4% to €9.07, mainly due to dividend payments and portfolio revaluation.

• Loan-to-value ratio stands at 44.3%, with a REIT equity ratio of 54.7% and average cost of debt at 2.1%.

• Dividend proposal for 2025 is €0.39 per share, reflecting a 65% payout ratio.

• 2026 forecast anticipates FFO between €38.0m and €42.0m, with income from rents and leases projected at €87.5m–€89.0m.

Asset and property management

• Occupancy rate remains high at 96.5%, with a weighted average lease term (WALT) of 5.3 years.

• Top tenants are primarily in food retail and DIY sectors, with EDEKA, Kaufland, and REWE among the largest.

• Annualized rent totals €88.4m, with food retail accounting for over one-third of total rents.

• Letting activity in 2025 covered 39,025 m², mainly through contract extensions in the office segment.

• Only 7.6% of total rents are set to expire in 2026, indicating a well-balanced lease profile.