DEMIRE Deutsche Mittelstand Real Estate AG

Interim / Quarterly Report • Sep 30, 2024

HIGHLIGHTS H1 2024

KEY EARNINGS FIGURES

15.5

in EUR million
FFO I (after taxes,
before minority interests),
compared to EUR 19.3 million
in H1 2023

in $1 / 4$ in $1 / 2$ in $1 / 3$ in $1 / 4$ in $1 / 5$ in $1 / 6$ in $1 / 7$ in $1 / 8$ in $1 / 9$ in $1 / 10$ in $1 / 11$ in $1 / 12$ in $1 / 13$ in $1 / 14$ in $1 / 15$ in $1 / 16$ in $1 / 17$ in $1 / 18$ in $1 / 19$ in $2 / 20$ in $2 / 21$ in $2 / 22$ in $2 / 23$ in $2 / 24$ in $2 / 25$ in $2 / 26$ in $2 / 27$ in $2 / 28$ in $2 / 29$ in $2 / 30$ in $3 / 31$ in $3 / 32$ in $3 / 33$ in $3 / 34$ in $3 / 35$ in $3 / 36$ in $3 / 37$ in $3 / 38$ in $3 / 39$ in $4 / 40$ in $4 / 41$ in $4 / 42$ in $4 / 43$ in $4 / 44$ in $4 / 45$ in $4 / 46$ in $4 / 47$ in $4 / 48$ in $4 / 49$ in $4 / 50$ in $4 / 51$ in $4 / 52$ in $4 / 53$ in $4 / 54$ in $4 / 55$ in $4 / 56$ in $4 / 57$ in $4 / 58$ in $4 / 59$ in $4 / 60$ in $4 / 61$ in $4 / 62$ in $4 / 63$ in $4 / 64$ in $4 / 65$ in $4 / 66$ in $4 / 67$ in $4 / 68$ in $4 / 69$ in $4 / 70$ in $4 / 71$ in $4 / 72$ in $4 / 73$ in $4 / 74$ in $4 / 75$ in $4 / 76$ in $4 / 78$ in $4 / 80$ in $4 / 81$ in $4 / 82$ in $4 / 83$ in $4 / 84$ in $4 / 85$ in $4 / 86$ 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167$ in $4 / 168$ in $4 / 169$ in $4 / 170$ in $4 / 171$ in $4 / 172$ in $4 / 173$ in $4 / 174$ in $4 / 175$ in $4 / 176$ in $4 / 178$ in $4 / 179$ in $4 / 180$ in $4 / 181$ in $4 / 182$ in $4 / 183$ in $4 / 184$ in $4 / 185$ in $4 / 186$ in $4 / 187$ in $4 / 188$ in $4 / 189$ in $4 / 190$ in $4 / 191$ in $4 / 192$ in $4 / 193$ in $4 / 194$ in $4 / 195$ in $4 / 196$ in $4 / 197$ in $4 / 198$ in $4 / 199$ in $4 / 200$ in $4 / 201$ in $4 / 202$ in $4 / 203$ in $4 / 204$ in $4 / 205$ in $4 / 206$ in $4 / 207$ in $4 / 208$ in $4 / 209$ in $4 / 210$ in $4 / 211$ in $4 / 212$ in $4 / 213$ in $4 / 214$ in $4 / 215$ in $4 / 216$ in $4 / 217$ in $4 / 218$ in $4 / 219$ in $4 / 220$ in $4 / 221$ in $4 / 222$ in $4 / 223$ in $4 / 224$ in $4 / 225$ in $4 / 226$ in $4 / 227$ in $4 / 228$ in $4 / 229$ in $4 / 230$ in $4 / 231$ in $4 / 232$ in $4 / 233$ in $4 / 234$ in $4 / 235$ in $4 / 236$ in $4 / 237$ in $4 / 238$ in $4 / 239$ in $4 / 240$ in $4 / 241$ in $4 / 242$ in $4 / 243$ in $4 / 244$ in $4 / 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CONTENTS

FOREWORD BY THE EXECUTIVE BOARD	2	INTERIM CONSOLIDATED
		FINANCIAL STATEMENTS
DEMIRE AT A GLANCE	3	Consolidated statement of income
Key group figures	4	Consolidated statement of comprehensive income
Portfolio Highlights	5	Consolidated balance sheet
DEMIRE on the capital market	6	Consolidated statement of cash flows
		Consolidated statement of changes in equity
INTERIM GROUP MANAGEMENT REPORT	10	Notes to the consolidated financial statements
Overview	11
Economic report	13	FURTHER INFORMATION
Opportunities and risks	21	Declaration by the executive directors
Subsequent events and related		EPRA disclosures
party transactions	21	Imprint

FOREWORD BY THE EXECUTIVE BOARD

Dear Shareholders, dear Readers,

The first half of 2024 continued to be dominated by weak economic conditions, which curbed demand in the rental markets. Uncertainty about the medium-term interest rate trend continued to have a negative impact on transaction dynamics in the real estate markets.

However, the significantly lower key Group figures in the first half of 2024 are not a result of the economic conditions described above, but are due to the property sales made in order to build up a liquidity reserve for the refinancing of the 2019/24 bond. Rental income fell 13.1\% to EUR 35.5 million. FFO I after tax declined by $19.7 \%$ to EUR 15.5 million compared to the previous period.

With the receipt of the purchase price following the transfer of our LogPark logistics property in Leipzig at the end of the first quarter of 2024, there was a further cash inflow into our liquidity reserve for the refinancing of the 2019/24 bond. In the second quarter of 2024 we focused entirely on refinancing our bond, which matures in October 2024. In June 2024, we announced the agreement to extend the bond until the end of 2027. At the time of publication of this report, formal consent from more than $90 \%$ of the bondholders in accordance with the German Bond Act (SchVG) had been obtained for the extension of the bond to the beginning of September 2024. The technical implementation of the bond extension will now be carried out in the fourth quarter of 2024. We are very pleased with the outcome of what was a complex negotiation process involving a large number of parties. We have obtained financial planning security at good conditions and can now fully concentrate on the operational performance of our portfolio again.

In September, we bolstered our asset management team by appointing a new manager and making organisational improvements. This reflects our increased focus on asset management as of the second quarter of 2024. On top of that, we rented out a good third more floor space in the first half of the year than in the same period of the previous year. Over the next few quarters, we want to do our utmost to leverage the potential of our portfolio and further increase our letting performance.

In June, we published our third sustainability report, which was externally validated, as was last year's report. We have been able to reduce our own emissions by $39 \%$ since last year. These savings were achieved through various individual measures, which were only possible to such an extent thanks to the great support of the DEMIRE team. At DEMIRE, we are committed to the goals of the Paris Agreement and want to implement the specified climate path as part of our operational strategy over the long term. We will therefore develop a comprehensive climate plan for our assets as a matter of urgency.

During the first half of the year, we also conducted a materiality analysis to determine our reporting obligations under the EU's Corporate Sustainability Reporting Directive (CSRD) and will put the results into practice as part of a data collection project. From the 2025 reporting year onwards, we will report even more extensively on sustainability topics and integrate them into our annual report.

Frankfurt am Main, 30 September 2024

DEMIRE AT A GLANCE

Key Group figures 4
Portfolio highlights 5
DEMIRE on the capital market 6

DEMIRE ON THE CAPITAL MARKET

An overview of DEMIRE shares

The share capital of DEMIRE Deutsche Mittelstand Real Estate AG consists of a total of 107.78 million no-par value bearer shares that are admitted for trading on the Frankfurt Stock Exchange and the XETRA electronic trading platform.

DEMIRE key share data

DEMIRE KEY SHARE DATA
Share	30/06/2024	31/12/2023
ISIN	DE000A0XFSF0	DE000A0XFSF0
Symbol/ticker	DMRE	DMRE
Stock exchange	Frankfurt Stock Exchange (FSE), XETRA Open markets in Suttgart Berlin, Düsseldorf	Frankfurt Stock Exchange (FSE), XETRA Open markets in Suttgart Berlin, Düsseldorf
Market segment	Regulated Market (Prime Standard)	Regulated Market (Prime Standard)
Designated sponsors	BaaderBank, Pareto Securities AS	BaaderBank, Pareto Securities AS
Share capital	EUR 107,777	EUR 107,777
Number of shares	107,777,324	107,777,324
Closing (XETRA)	EUR 1.00	EUR 1.08
$\emptyset$ daily trading volume 1 Jan. to 31 Dec.	14,297	9,760
Market capitalisation	EUR 108 Millionen	EUR 116 Millionen
Free float $<3 \%$ (in \%)	7.15	7.15

Development of the stock market and DEMIRE shares

So far, the development of the 2024 stock market year in Germany and Europe has been characterised by the negative geopolitical effects of the war in Ukraine, interest rates that remain high and the ECB's interest rates not being cut as quickly as originally expected in spite of a falling rate of inflation and an economic environment marked by fears of recession and uncertain business prospects. Nevertheless, the DAX recorded an $8.9 \%$ increase. DEMIRE shares, on the other hand, have fallen by $9.4 \%$ since the beginning of the year. At the same time, the prices of European property shares, as summarised in the EPRA Developed Europe Index, fell by 6.3\%.

SHARE DEVELOPMENT IN THE FIRST HALF OF 2024

是

FOREWORD BY THE EXECUTIVE BOARD

DEMIRE AT A GLANCE
Key group figures
Portfolio Highlights
DEMIRE on the capital market

INTERIM GROUP MANAGEMENT REPORT

INTERIM CONSOLIDATED
FINANCIAL STATEMENTS

FURTHER INFORMATION

Dividend

DEMIRE did not pay out a dividend for the 2023 financial year (previous year: no dividend). In the first half of 2024, the focus remained on creating additional liquidity to refinance the 2019/24 bond, which is set to expire in October 2024.

Development of the DEMIRE bond

In the first half of 2024, the bond market was characterised by the central banks' anticipated interest rate cuts, with the ECB making its first move in June. Yields developed positively overall in Germany in the first half of 2024. The DEMIRE bond was being traded at a price of EUR 62.9 on 1 January 2024. As at 30 June 2024, it was being traded at a price of EUR 83.6. The price increase is attributable in particular to an agreement having been reached in the meantime with bondholders regarding refinancing of the bond set to expire in October 2024.

2019/24 CORPORATE BOND
Name	DEMIRE Senior Notes 2019/24
Issuer	DEMIRE Deutsche Mittelstand Real Estate AG
Rating	Caa3 (Moody's)
Stock exchange listing/trading	Open market of the Luxembourg Stock Exchange (Euro MTF)
Applicable law	German law
ISIN	DEIII0A2YPAK1
WKN	A2YPA
Issue volume	600,000,000
Denomination	100,000
Coupon	$1.875 \%$
Interest payments	On 15 April and 15 October, starting on 15 April 2020
Maturity date	15 Oktober 2024
Repayment	Non Call Life (including 3-month option for early repayment)
Distribution	Regulation 5, excluding registration rights
Change of control	$101 \%$ plus accrued and not yet paid interest
Closing price
28 June 2024	$83.60 \%$

Rating

With the rating assessments, DEMIRE strengthens transparency and supports the independent assessment of its business activities.

The Moody's rating assessments remained unchanged in the first half of 2024. The Company has had a rating of Caa2 with a negative outlook since November 2023. The bond was given a Caa3 rating. This rating was founded first and foremost on uncertainties regarding a possible repayment of the bond.

The rating reports are available on $\bigcirc$ DEMIRE's website.

DEMIRE RATING - AS AT 30 JUNE 2024

		Company	Bonds
Rating agency	Rating	Outlook	Rating
Moody's	Caa2	negative	Caa3

Annual General Meeting

The most recent DEMIRE Annual General Meeting was held online on 17 May 2023. All items on the agenda proposed by the management were approved by a large majority.

Shareholder structure

The DEMIRE shareholder structure remained largely unchanged in the first half of 2024. Apollo and the Wecken Group remain the Company's major shareholders and still hold around $90.7 \%$ of the shares in the Company between them.

SHAREHOLDER STRUCTURE AS AT 30 JUNE 20232024

${ }^{1}$ Including subsidiaries
Acting in concert
Source: Notifications from WpHG (German Securities Trading Act) and own calculations

IR activities

The Investor Relations department is responsible for approaching investors and analysts in a professional manner and communicating with debt specialists. The department thus handles communication for all capital market activities and is responsible for the reporting requirements for equity and bond investors as well as for the rating agencies.

DEMIRE did not take part in any German or international equity and debt capital market conferences in the first half of 2024 due to the ongoing process of refinancing the 2019/24 bond. However, the Company did regularly present its latest developments to existing and new equity and bond investors and the rating agency Moody's.

DEMIRE regularly and comprehensively informs its stakeholders of the Company's latest developments. This includes publishing its results as at the reporting date and organising telephone conferences for interested investors, analysts and the media, and reporting in detail on the results.

On the capital market, DEMIRE relies on active and transparent dialogue with all current and potential investors. With the support of existing shareholders and further growth that the Company is aiming to achieve in the long run, DEMIRE's market capitalisation and visibility on the capital market are expected to continue to rise in the future.

FOREWORD BY THE EXECUTIVE BOARD	2
DEMIRE AT A GLANCE	3
Key group figures	4
Portfolio Highlights	5
DEMIRE on the capital market	6
INTERIM GROUP
MANAGEMENT REPORT	10
INTERIM CONSOLIDATED
FINANCIAL STATEMENTS	22
FURTHER INFORMATION	42

Comprehensive informational documents are available to all investors, analysts and the media in the $\bigcirc$ Investor Relations section of DEMIRE's website. The documents available include all published annual reports, half-year reports and quarterly statements. The website also provides summary presentations of these, as well as recordings of conference calls, the latest company presentations and additional information. With respect to its communications policy, DEMIRE is committed to the equal treatment of bond investors and analysts, as well as equity investors and analysts.

Analyst coverage

DEMIRE's shares are currently covered and valued by two financial analysts.

DEMIRE BATING - AS AT SEPTEMBER 2024

Bank/Smoker	Analyst	Current rating	Current target price
Hauck \& Aufhäuser	Philipp Sennewald	Hold	1.20
Baader Bank	Andre Remke	Reduce	1.25

INTERIM GROUP MANAGEMENT REPORT

for the reporting period from
1 January to 30 June 2024

Overview	11
Economic report	13
Opportunities and risks	21
Subsequent events and
related party transactions	21

ㄷ

FOREWORD BY THE EXECUTIVE BOARD

DEMIRE AT A GLANCE

INTERIM GROUP MANAGEMENT REPORT 10

Overview 11
Economic report 13
Opportunities and risks 21
Subsequent events and related party transactions 21

INTERIM CONSOLIDATED FINANCIAL STATEMENTS 22

FURTHER INFORMATION

OVERVIEW

BUSINESS PERFORMANCE

Overall, DEMIRE's business performance was mixed in the first half of 2024 due to the weak economic situation in Germany and the difficult market environment. The Group's key figures are below those in the same period of the previous year, in some cases due to a reduced portfolio base following disposals. They are nevertheless in line with the Company's plans and expectations. The weak economic environment in the reporting period is already reflected in DEMIRE's forecast figures.

DEMIRE's key figures thus developed as expected overall in the first half of 2024, considering the market environment and the economic situation, as well as the property sales:

• Rental income totalled EUR 35.5 million (previous year: EUR 40.8 million).
• Profit from rental income amounted to EUR 23.5 million, compared to EUR 30.2 million in the same period of the previous year.
• Funds from operations (FFO I, after taxes, before minority interests) decreased by $19.7 \%$ to EUR 15.5 million.
• The rental performance remains weak, but has improved by $37.4 \%$ year-on-year to around $25,000 \mathrm{~m}^{2}$.
• The like-for-like development in annualised contractual rents was $-5.5 \%$ compared to 30 June 2023 (previous year: 5.6\%). The increased vacancy rate in the reporting period has had a negative impact here.
• The EPRA Vacancy Rate ${ }^{1}$ rose to 15.5\% (31 December 2023: 13.1\%), and WALT fell slightly to 4.3 years.
• The NAV per share (basic) fell to EUR 3.02, compared to EUR 3.24 at the end of 2023.
• Net loan-to-value2 (net LTV) fell to 55.6\% due to the sale of LogPark in Leipzig, with liquidity totalling EUR 167.1 million as at the reporting date.
• The average nominal financing costs are almost unchanged at 1.78\% per annum Financing costs will only increase significantly once the 2019/24 bond has been extended.

FORECAST FOR THE 2024 FINANCIAL YEAR

Against the background of the development in the first half of 2024, the Executive Board can confirm the forecast for the 2024 financial year: rental income will be between EUR 64.0 million and EUR 66.0 million (2023: EUR 78.5 million). As there is no set date for the official implementation of the new bond conditions as yet, it is not possible to make a meaningful interim forecast regarding FFO I (after taxes, before minority interests) at this time. However, FFO I (after taxes, before minority interests) is expected to be significantly lower than in the previous year (2023: EUR 36.7 million).

FOREWORD BY THE EXECUTIVE BOARD

DEMIRE AT A GLANCE
INTERIM GROUP MANAGEMENT REPORT 10
Overview 11
Economic report 13
Opportunities and risks 21
Subsequent events and related party transactions 21
INTERIM CONSOLIDATED FINANCIAL STATEMENTS 22
FURTHER INFORMATION 42

PROPERTY PORTFOLIO

Between the end of the previous year and the reporting date, the property portfolio decreased to 58 properties ( 31 December 2023: 59 properties). The lettable area of the buildings in the portfolio is 697.3 thousand $\mathrm{m}^{2}$ ( 31 December 2023: 858.4 thousand $\left.\mathrm{m}^{2}\right)$ and the total market value is approximately EUR 949.8 million ( 31 December 2023: EUR 1,075.6 million). The last external property valuation of the portfolio, excluding the properties held for sale, was carried out on 31 December 2023.

The EPRA Vacancy Rate 2 improved to $15.5 \%$ as at the reporting date of 30 June 2024, compared to $13.1 \%$ on 31 December 2023. WALT was 4.3 years as at 30 June 2024, compared to 4.6 years as at year-end 2023. In the period under review, DEMIRE achieved a rental performance of $25,000 \mathrm{~m}^{2}$ (H1 2023: $18,200 \mathrm{~m}^{2}$ ), thus attesting to a slight recovery in the rental performance. $29 \%$ of the letting performance was attributable to new lettings and $71 \%$ to follow-on lettings. The rental performance was driven, inter alia, by an extension relating to around $6,000 \mathrm{~m}^{2}$ in Schwerin and an extension of around $2,800 \mathrm{~m}^{2}$ in Freiburg. There was additionally a new letting of approximately $2,000 \mathrm{~m}^{2}$ in Essen.

TOP TEN TENANTS (AS AT 30 JUNE 2024)

No.	Tenant	Type of use	Contractual rents p.a. in EUR million	in \% of total
1	GMG/Dr. Telekom	Office	7.3	11.0
2	IWOTEX	Retail	5.4	6.1
3	Bima Bundesanstalt für Immobilienaufgaben	Office	3.2	4.8
4	Roomers	Hotel	2.1	3.2
5	GALERIA Karstadt Kaufhof	Retail	2.1	3.1
6	Sparkasse Südholstein	Office	1.8	2.8
7	comdirect bank AG	Office	1.4	2.1
8	Die Autobahn GmbH des Bundes	Office	1.3	1.9
9	BWI GmbH	Office	1.2	1.8
10	CFH Penta Rostock GmbH	Hotel	1.2	1.8
Total			27.1	40.5
Other			20.9	50.5
Total			66.9	100.0

PORTFOLIO BY ASSET CLASS

	Number of properties	Market value ${ }^{1}$ in EUR million	Share by market value in $\%$	Lettable space in thousand $\mathrm{m}^{2}$	Market value $/ \mathrm{lm}^{2}$	Contractual rent in EUR million p.a.	Contractual rent per $\mathrm{m}^{2}$	Rental returns in $\%$	$\begin{gathered} \text { EPRA } \ \text { rate } / \ \text { in } \% \end{gathered}$	WALT in years
Office	38	609.0	64.1	453.9	1,342	43.3	10.08	7.1	14.1	3.2
Retail	16	278.9	29.4	214.5	1,301	20.5	10.18	7.3	17.7	5.0
Other	4	61.8	6.5	28.8	2,143	3.2	12.51	5.1	15.9	16.1
Total 30 June 2024	58	949.8	100.0	697.3	1,362	66.9	10.20	7.0	15.5	4.3
Total 31 December 2023	59	1,075.6	100.0	858.4	1,253	76.7	9.00	7.1	13.1	4.6
Change (in \%/pp)	$-1$	$-11.7 \%$	-	$-18.8 \%$	8.7\%	$-12.7 \%$	13.3\%	$-0.1$	2.4	$-0.3$

[^0]
[^0]: 1 The market value (in EUR million) represents the total fair value of DEMIRE's property portfolio as at the reporting date. In contrast to the balance sheet item "Total Core Portfolio", no heritable building rights or operating facilities are recognised.
${ }^{2}$ Excluding properties classified as a project development

ECONOMIC REPORT

Results of operations, net assets and financial position

RESULTS OF OPERATIONS

In the first half of 2024, the DEMIRE Group generated rental income totalling EUR 35.5 million (previous year: EUR 40.8 million). The decline is mainly due to property sales with the goal of building up a liquidity reserve for the refinancing of the 2019/24 bond. The result from the rental of real estate likewise fell significantly by $22.0 \%$ to EUR 23.6 million (previous year: EUR 30.2 million), largely due to the property sales mentioned above, as well as, to a lesser extent, higher management expenses and greater impairments on receivables. Profit/loss from the sale of real estate totalled EUR -5.3 million (previous year: EUR - 18.8 million). The LogPark logistics property in Leipzig was sold in the first half of 2024. In connection with the looming insolvency of the Limes portfolio, the four properties in Essen, Kassel, Aschheim and Cologne (Max-Glomsda-Straße) were revalued as at 30 June 2024. This resulted in a fair value adjustment of the investment properties of EUR - 17.9 million (previous year: EUR -59.7 million). The adjustment to the assets held for sale - the properties in the sales portfolio - was EUR -8.0 million (previous year: EUR -9.4 million).

Impairments on financial and other receivables totalled EUR 0.7 million (previous year: EUR 0.5 million). General administrative expenses in the first half of 2024 increased marginally to EUR 5.9 million (previous year: EUR 5.6 million). Earnings before interest and taxes (EBIT) amounted to EUR - 14.1 million, significantly above the previous year's figure of EUR -65.0 million. The previous year's EBIT was more heavily impacted by the negative valuation result.

The financial result came to EUR - 7.0 million in the first half of 2024 (previous year: EUR 10.0 million). In the previous year, financial income generated by the bond buyback under par in April played a considerable part in the positive result. The average nominal interest on borrowed capital was $1.78 \%$ per annum (previous year: $1.74 \%$ per annum). After a positive contribution to earnings made by minority shareholders of EUR 0.5 million in the previous year due in particular to the lower value of the real estate portfolio, there was a negative contribution from minority shareholders in the amount of EUR 2.4 million in the first half of 2024.

Current income taxes fell to EUR 2.4 million (previous year: EUR 6.7 million), mainly due to reduced fiscal sales revenues from real estate.

Deferred taxes totalled EUR -4.2 million (previous year: EUR 15.0 million). The distinctly negative result of the property valuation led to a positive contribution in the previous year.

Earnings before taxes (EBT) rose to EUR - 21.1 million in the reporting period, compared to EUR - 55.0 million in the previous year. The previous year's figure was burdened by the negative result of the property valuation. The net result for the first half of 2024 was EUR - 27.6 million, compared to EUR - 46.7 million in the same period of the previous year.

NET ASSETS

As at 30 June 2024, the total assets decreased by EUR 64.5 million to EUR 1,263.0 million compared to year-end 2023. This resulted primarily from the sale of LogPark in Leipzig. The value of investment property was EUR 890.6 million as at 30 June 2024, compared to EUR 947.3 million as at 31 December 2023. As at the reporting date, the assets for sale totalled EUR 82.6 million (31 December 2023: EUR 149.1 million).

Group equity as at 30 June 2024 totalled EUR 303.3 million, compared with EUR 333.3 million as at 31 December 2023. The main reasons for the decline were the sale of LogPark at a markdown price compared to the property valuation performed at the end of 2023 and the revaluation of the Limes portfolio as at 30 June 2024. The equity ratio came to $24.0 \%$ (31 December 2023: $25.1 \%$ ). It should be noted that non-controlling minority interests reported in the Group's borrowed capital of around EUR 72.2 million (31 December 2023: EUR 72.2 million) are carried as non-current liabilities and not as equity in accordance with IFRS, solely as a result of the legal form of Fair Value REIT's fund participations as partnerships. The corresponding adjusted Group equity totalled approximately EUR 375.5 million (31 December 2023: EUR 405.3 million).

Total financial liabilities as at 30 June 2024 amounted to EUR 750.9 million. These decreased by EUR 40.1 million compared to 31 December 2023. Repayment of the loan for LogPark in Leipzig as part of the sale of the property was instrumental here.

FUNDATION OPRINT

Funds from operations I (after taxes, before minority interests), the key operating performance indicator, decreased by $19.7 \%$ to EUR 15.5 million in the first six months of 2024, compared to EUR 19.3 million in the same period of the prior year. On a diluted basis, FFO I per share came to EUR 0.15, compared to EUR 0.18 in the same period of the previous year.

Opportunities and risks

Please refer to the disclosures made in the opportunities and risks report included within the $\bigcirc$ consolidated financial statements as at 31 December 2023 for information on the opportunities and risks of future business performance. In addition to the opportunities and risks recorded as at 31 December 2023, the first half of 2024 was largely dominated by higher interest rates and reduced willingness to finance, both in the banking and capital markets. The transaction markets continue to record low transaction volumes and falling prices. All these factors continue to generate a high degree of uncertainty in the property market and a weak economic environment, having a negative impact on DEMIRE's key operating figures such as the vacancy rate and rental growth. However, both rental payments and funds from operations (after taxes, before minority interests) are in line with our expectations.

The risk of insolvency of the Limes portfolio comprising four property companies covering the assets in Essen, Kassel, Aschheim and Max-Glomsda-Straße in Cologne materialised at the end of the first half of the year and has already been recognised in full in the balance sheet.

Nevertheless, DEMIRE's Executive Board is closely monitoring whether and how the economic environment is changing and may possibly have a negative impact on the performance of the portfolio. The risks are reviewed continuously and in a structured process. From today's perspective, no risks that could endanger the Company have been identified.

Subsequent events and related party transactions

Information on transactions with related parties and events after the balance sheet date can be found in $\square$ Section G. 1 and $\square$ Section G. 6 of the notes.

Frankfurt am Main, 30 September 2024
DEMIRE Deutsche Mittelstand Real Estate AG

Frank Nickel (CEO)

Tim Brückner (CFO)

Ralf Bongers (Member of the Executive Board)

INTERIM CONSOLIDATED FINANCIAL STATEMENTS

Consolidated statement of income ..... 23
Consolidated statement of comprehensive income ..... 24
Consolidated balance sheet ..... 25
Consolidated statement of cash flows ..... 27
Consolidated statement of changes in equity ..... 29
Notes to the consolidated financial statements ..... 30

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

for the reporting period from 1 January to 30 June 2024

A. General information

1. Basis of preparation

DEMIRE Deutsche Mittelstand Real Estate AG (hereafter "DEMIRE AG") is recorded in the commercial register in Frankfurt am Main, Germany, the location of the Company's headquarters, under the number HRB 89041. The Company's registered office is located in Frankfurt am Main, Germany, and the Company's business address is Robert-Bosch-Straße 11, Langen, Germany.

The Company's shares are listed in the Prime Standard segment of the Frankfurt Stock Exchange.

The subject of these condensed interim consolidated financial statements as at 30 June 2024 is DEMIRE AG and its subsidiaries (hereafter "DEMIRE").

DEMIRE AG itself has not carried out any investments in real estate or real estate projects to date. Investments are generally processed through real estate companies. Interests in these property companies are held by DEMIRE AG either directly or indirectly (through intermediate holding companies). DEMIRE focuses on the German commercial real estate market, where it is an active investor and portfolio manager. DEMIRE itself carries out the acquisition, management and leasing of commercial properties. Value appreciation is to be achieved through active real estate management. This may also include the targeted sale of properties when they are no longer a strategic fit or have exhausted their potential for value appreciation.

The condensed interim consolidated financial statements for the period from 1 January to 30 June 2024 were prepared in accordance with the requirements of IAS 34 Interim Financial Reporting (hereafter IAS 34). This report has not been audited or subjected to audit review, and for this reason does not contain an auditor's opinion.

The condensed interim consolidated financial statements of DEMIRE AG were prepared in accordance with the International Financial Reporting Standards (IFRS) published by the International Accounting Standards Board (IASB), as adopted by the European Union (EU), applying Section 315e of the German Commercial Code (HGB). All International Financial Reporting Standards (IFRS), International Accounting Standards (IAS) and interpretations of the IFRS Interpretations Committee (IFRS IC) - formerly the International Financial Reporting Interpretations Committee (IFRIC) and the Standing Interpretations Committee (SIC) - that were mandatory for the 2023 financial year have been taken into consideration. Furthermore, all disclosure and explanation requirements under German law above and beyond the provisions of the IASB have been fulfilled.

Under IAS 34, the condensed interim consolidated financial statements are intended to be an update of the most recent annual financial statements. They therefore do not contain all of the information and disclosures required for consolidated financial statements but rather concentrate on new activities, events and circumstances, so as not to repeat information that has already been reported. The condensed interim consolidated financial statements of DEMIRE AG as at 30 June 2024 should therefore be viewed in conjunction with the consolidated financial statements as at 31 December 2023.

The euro (EUR) is the reporting currency of DEMIRE AG's condensed interim consolidated financial statements. Unless otherwise stated, all amounts are expressed in thousands of euros (EUR thousand). For computational reasons, rounding differences of $\pm$ one unit (EUR, \%, etc.) may occur in the information presented in these financial statements. The consolidated statement of income has been prepared according to the cost-of-sales method.

$\equiv$
FOREWORD BY THE EXECUTIVE BOARD

DEMIRE AT A GLANCE
INTERIM GROUP MANAGEMENT REPORT

INTERIM CONSOLIDATED FINANCIAL STATEMENTS Consolidated statement of income Consolidated statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the consolidated financial statements

FURTHER INFORMATION

Adjustment of the previous year's figures

In the consolidated statement of income, the item "Impairment of trade receivables" has been incorporated into "Profit/loss from the rental of real estate" and "impairment of financial and other receivables" has been incorporated into "Earnings before interest and taxes".

The previous year's presentation of the item "General administrative expenses" in the statement of income has been reduced by legal and consultancy fees in the amount of EUR - 243 thousand and by general administrative expenses associated with consultancy services in the area of asset management in the amount of EUR - 466 thousand as these are now recognised under "Operating expenses to generate rental income".

In addition, the previous year's "Impairment of trade receivables" item has been reduced by EUR - 855 thousand. The previous year's "Impairment of financial and other receivables" item only includes impairments for loans in the amount of EUR - 519 thousand.

These condensed interim consolidated financial statements of DEMIRE AG were approved for publication by a resolution of the Executive Board on 30 September 2024.

B. Scope and principles of consolidation

There were no changes in the scope of consolidation in the 2024 reporting period.

C. Accounting policies

The accounting policies applied to these interim consolidated financial statements are the same as those applied to the $\bigcirc$ consoldated financial statements as at 31 December 2023. There were no material changes in estimates compared to those in the consolidated financial statements as at 31 December 2023.

The first-time application of amendments to IAS 1 and 7, IFRS 7 and 16 have no effect on the consolidated financial statements of DEMIRE.

$\qquad$

FOREWORD BY THE EXECUTIVE BOARD

DEMIRE AT A GLANCE

INTERIM GROUP MANAGEMENT REPORT

INTERIM CONSOLIDATED FINANCIAL STATEMENTS

Consolidated statement of income
Consolidated statement of comprehensive income Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in equity

Notes to the consolidated financial statements

FURTHER INFORMATION
different tenants in DEMIRE's entire property portfolio and predominantly result from the flat-rate individual value adjustments made on the basis of the age structure of the receivables.

Impairments on financial and other receivables totalled EUR -726 thousand in the reporting period (H1: EUR - 519 thousand) and include impairments for loans.

2. Financial result

in EUR thousand	$01 / 01 / 2024$	$01 / 01 / 2022$
Financial income	$30 / 06 / 2024$	$-30 / 06 / 2023$
Financial expenses	3,779	16,112
Minority interests	-8,395	-8,588
Financial result	$\mathbf{- 2 , 3 8 1}$	461
	$\mathbf{- 6 , 9 9 7}$	$\mathbf{9 , 9 8 5}$

Significant components of the financial income result from the granting of loans to the joint venture JV Theodor-Heuss-Allee GmbH in the amount of EUR 526 thousand (H1 2023: EUR 516 thousand) and its shareholder RFR 5 Immobilien GmbH in the amount of EUR 1,604 thousand (H1 2023: EUR 1,609 thousand) as well as interest from fixed-term deposits totalling EUR 1,533 thousand (H1 2023: EUR 179 thousand) and profit from the buyback of the corporate bond at a price below the nominal value in the amount of EUR 62 thousand (H1 2023: EUR 15,683 thousand).

Financial expenses recorded a year-on-year decrease of EUR 193 thousand, due primarily to the early repayment of a loan in the course of the disposal of the logistics park in Leipzig.

Minority interests totalling EUR - 2,381 thousand (H1 2023: EUR 461 thousand) relate to the share of profits of minority shareholders in Fair Value REIT-AG's subsidiaries, which are recognised as liabilities in accordance with IAS 32. The year-on-year decline in minority interests is primarily the result of pro rata valuation losses on the properties in the first half of 2023.

3. Earnings per share

in EUR thousand	$01 / 01 / 2024$	$01 / 01 / 2022$
Net profit/loss for the period (in EUR thousand)	$-27,629$	$-46,688$
Profit/loss for the period less non-controlling interests	$-28,054$	$-44,039$
Number of shares (in thousands)
Number of shares outstanding as at the reporting date	105,513	105,513
Weighted average number of shares outstanding	105,513	105,513
Impact of conversion of convertible bonds and the
subscription under the 2015 Stock Option Programme	510	510
Weighted average number of shares (diluted)	106,023	106,023
Earnings per share (in EUR)
Basic earnings per share	-0.27	-0.42
Diluted earnings per share	-0.27	-0.42

As at 30 June 2024, the Company had potential ordinary shares outstanding from the 2015 Stock Option Programme entitling the owners to subscribe to 510,000 shares.

The additions to investment property totalling EUR 5,965 thousand consist of capitalisations for current investments.

The fair value measurement of investment property is allocated to Level 2 of the valuation hierarchy in accordance with IFRS 13. DEMIRE determines the fair values within the framework of IAS 40 accounting. A partial revaluation of investment properties was performed as at the 30 June 2024 reporting date and resulted in impairment losses of EUR - 17,923 thousand (H1 2023: EUR - 59,680 thousand). The revaluation affected four properties in Aschheim (Max-Planckstraße), Essen (Hatzper Str. Theodor-Althoff-Str.), Kassel (Kölnische Str. Mauerstr. Spohrstr.) and Cologne (Max-Glomsda-Straße 4).

The reclassification of properties held for sale relates to several properties for which it is assumed (in accordance with IFRS 5) that a sale will be completed within one year.

2. Equity

Subscribed capital amounted to EUR 107,777 thousand (31 December 2023: EUR 107,777 thousand). This was EUR 105,513 thousand after the deduction of treasury shares (31 December 2023: EUR 105,513 thousand).

The difference between the carrying amounts of financial liabilities and their nominal values is due to the subsequent measurement of financial liabilities at amortised cost using the effective interest method in accordance with IFRS 9.

All of the Group's financial liabilities have fixed interest rates. The nominal interest rate of the 2019/24 corporate bond is $1.875 \%$ per annum Other financial liabilities mainly include financial liabilities to banks at a weighted average nominal interest rate of $1.58 \%$ per annum as at 30 June 2024 (31 December 2023: 1.51\% per annum). The average nominal interest rate on debt across all financial liabilities was $1.78 \%$ per annum as at 30 June 2024 (31 December 2023: 1.74\% per annum).

The change in other financial liabilities during the interim period under review is due to current repayments and repayment of the loan to finance LogPark.

The segmentation of the data in the financial statements is based on the internal alignment according to strategic business segments pursuant to IFRS 8. The segment information presented represents the information to be reported to the Executive Board.

The DEMIRE Group is divided into the two reportable business segments Core Portfolio and Fair Value REIT.

The joint venture JV Theodor-Heuss-Allee GmbH, Frankfurt am Main, accounted for using the equity method, and the fully consolidated company Cielo BVO GmbH, Frankfurt am Main, were allocated to the Core Portfolio operating segment due to their similar commercial characteristics.

No customer accounted for $10 \%$ or more of total revenue in the reporting period.

$\qquad$

FOREWORD BY THE EXECUTIVE BOARD

DEMIRE AT A GLANCE

INTERIM GROUP MANAGEMENT REPORT

INTERIM CONSOLIDATED FINANCIAL STATEMENTS

Consolidated statement of income

Consolidated statement of comprehensive income

Consolidated balance sheet

Consolidated statement of cash flows

Consolidated statement of changes in equity

Notes to the consolidated financial statements

FURTHER INFORMATION

DEMIRE's material assets. For this collateralisation, a large part of the DEMIRE real estate companies will be transferred to a LuxCo structure. Furthermore, the Company is expected to pay an additional fee of $3 \%$ to the bondholders if it fails to reduce the outstanding principal amount of the bond by EUR 50 million of the nominal amount by the end of 2025. An additional fee of $2 \%$ is provided for in the event that the Company does not succeed in reducing the outstanding principal amount of the bond by a further EUR 50 million of the nominal amount by the end of 2026. In addition, payment-in-kind interest (PIK) of 3\% will be charged on the outstanding bond amount from 2027. All additional interest payments are to be made at maturity, i.e. at the end of 2028 at the latest, taking into account compound interest accrued in the meantime. If the refinancing cannot be carried out as planned, this will jeopardise the Company's ability to continue as a going concern.

Limes subsidiaries

The Executive Board and the management of the Limes subsidiaries were in very promising negotiations for a long time regarding the extension of the loan agreement between the four Limes subsidiaries (DEMIRE Aschheim Max-Planckstraße GmbH, DEMIRE Essen Hatzper Str. Theodor-Althoff-Str. GmbH, DEMIRE Kassel Kölnische Str. Mauerstr. Spohrstr. GmbH and DEMIRE Köln Max-Glomsda-Straße 4 GmbH ) and DZ HYP AG for an outstanding loan amount of approximately EUR 83 million, which expired on 30 June 2024. However, the offers that had been exchanged in the past could not be accepted due to the outcome of the negotiations with the bondholders, resulting in the insolvency of the Limes subsidiaries at the end of 30 June 2024. After further unsuccessful negotiations, the management was forced to file for insolvency for these four companies on 22 July 2024. Since then, these companies have been under their own management. The opening of the insolvency proceedings is expected to take place in early October 2024. As a result, these
companies are no longer controlled in accordance with IAS 10.21 and were deconsolidated in the third quarter of 2024. This resulted in a deconsolidation loss of EUR 5.1 million. In addition, due to developments during the year in the leasing and contractual situation of the affected properties, a revaluation of the LIMES properties was carried out as at 30 June 2024 and a write-down of EUR 18 million was recognised.

Frankfurt am Main, 30 September 2024
DEMIRE Deutsche Mittelstand Real Estate AG

Frank Nickel (CEO)

Tim Brückner (CFO)

Ralf Bongers
(Member of the Executive Board)

FURTHER INFORMATION

Declaration by the executive directors ..... 43
EPRA disclosures ..... 44
Imprint ..... 57

DECLARATION BY THE EXECUTIVE DIRECTORS

As members of the Executive Board of DEMIRE Deutsche Mittelstand Real Estate AG, we hereby affirm that, to the best of our knowledge, the consolidated financial statements give a true and fair view of the Group's net assets, financial position and results of operations in accordance with the applicable accounting principles and that the Group management report gives a true and fair view of the development and performance of the business, including the business results and the position of the Group, together with a description of the principal opportunities and risks associated with the Group's expected development.

Frankfurt am Main, 30 September 2024
DEMIRE Deutsche Mittelstand Real Estate AG

Frank Nickel (CEO)

Tim Brückner (CFO)

Ralf Bongers
Member of the Executive Board)

$\equiv$

FOREWORD BY THE EXECUTIVE BOARD

DEMIRE AT A GLANCE
INTERIM GROUP MANAGEMENT REPORT

INTERIM CONSOLIDATED
FINANCIAL STATEMENTS

FURTHER INFORMATION
Declaration by the executive directors

EPRA disclosures
Imprint

EPRADISCLOSURES

General overview

DEMIRE AG supplements its reporting in accordance with International Financial Reporting Standards (IFRS) with the best practice recommendations of the European Public Real Estate Association (EPRA).

We report on the following key figures: EPRA Net Reinstatement Value (EPRA NRV), EPRA Net Tangible Assets (EPRA NTA), EPRA Net Disposals Value (EPRA NDV), EPRA Net Initial Yield (EPRA NIY or "Topped-Up" NIY), EPRA Loan-to-Value (EPRA LTV), EPRA Cost Ratios and EPRA Earnings. We also supplement the key figures with a breakdown of capital expenditure and a detailed overview of like-for-like rental growth in the DEMIRE portfolio.

OVERVIEN OF EPRA KEY FIGURES

in EUR thousand	$30 / 06 / 2024$	$31 / 12 / 3025$
EPRA Net Asset Value (EPRA NAV)	319,604	342,014
EPRA Triple Net Asset Value (EPRA-NNAAV)	335,349	442,601
EPRA Net Reinstatement Value (EPRA-NRV)	418,177	443,561
EPRA Net Tangible Assets (EPRA-NTA)	305,431	331,409
EPRA Net Disposal Value (EPRA-NDV)	334,839	442,091
EPRA Net Initial Yield (in \%)	5.7	5.9
EPRA "topped-up" Net Initial Yield (in \%)	5.8	5.9
EPRA Vacancy Rate² (in \%)	15.5	13.1
EPRA Loan-to-Value (EPRA LTV) (in \%)	69.8	70.7
	$\mathrm{H} 12024$	$\mathrm{H} 12025$
EPRA Earnings	7,043	18,902
EPRA Cost Ratio including direct vacancy costs (in \%)	42.5	37.7
EPRA Cost Ratio excluding direct vacancy costs (in \%)	33.1	32.8

Excluding properties held for sale and project developments

[^0]
[^0]: ${ }^{1}$ Plus $=$ assets ( + ) liabilities ( - ), whether on or off the balance sheet
${ }^{2}$ Less $=$ assets ( - ); liabilities ( + ) (part of balance sheet)

$\equiv$

FOREWORD BY THE EXECUTIVE BOARD

DEMIRE AT A GLANCE

INTERIM GROUP MANAGEMENT REPORT

INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FURTHER INFORMATION
Declaration by the executive directors
EPRA disclosures
Imprint

EPRA Capital Expenditure

There were no acquisitions in the Core Portfolio or the joint venture in the first half of 2022 or the first half of 2023.

The investments under "Core Portfolio" and "Other" mainly relate to value-enhancing conversion and expansion measures at various properties in our portfolio.

EPRA CAPITAL EXPENDITURE ANALYSE
	H1 2024
in EUR thousand	DEMIRE Portfolio	Joint Venture	Total
Acquisitions	0	0	0
Development portfolio ${ }^{1}$	0	0	0
Core Portfolio ${ }^{2}$	5,965	0	5,965
Additional lettable space	3,285	0	3,285
Without additional lettable space	2,680	0	2,680
Building lease incentives / construction cost subsidies	968	0	968

H1 2023

in EUR thousand	DEMIRE Portfolio	Joint Venture	Total
Acquisitions	0	0	0
Development portfolio ${ }^{1}$	0	0	0
Core Portfolio ${ }^{2}$	5,307	0	5,307
Additional lettable space	1,032	0	1,032
Without additional lettable space	4,275	0	4,275
Building lease incentives / construction
cost subsidies	1,325	0	1,325

EPRA Vacancy Rate

The EPRA Vacancy Rate is the ratio of market rent for vacant space to the market rent for the total space in the portfolio (as at the reporting date).

EPRA VACANCY RATE ${ }^{1}$
in EUR thousand	30/06/2024		31/12/2023	Change	in \%
Estimated market rent for vacancies	11,239		10,470	769	7.3
Estimated market rent for total portfolio	72,440		79,697	$-7,257$	$-9.1$
EPRA Vacancy Rate (in \%)	15.5		13.1	2.4	16.3

Excluding properties held for sale and project developments
${ }^{1}$ Estimated AG does not engage in real estate development.
${ }^{2}$ No capitalised interest.

	IMPRINT
COMPANY CONTACT
DEMIRE Deutsche Mittelstand Real Estate AG
Robert-Bosch-Straße 11
D-63225 Langen
T+49 (0) 6103-372 49-0
F+49 (0) 6103-372 49-11
ir@demire.ag
(5) www.demire.ag
DEMIRE
PUBLISHER
The Executive Board of
DEMIRE Deutsche Mittelstand Real Estate AG
CONCEPT AND LAYOUT
Berichtsmanufaktur GmbH, Hamburg

PUBLICATION DATE
30 September 2024