Value Adjustment Of Properties

Charlottenlund, May 19, 2026

Announcement no. 295

Value adjustment of properties

Based on information received from the German commercial real estate appraiser that normally evaluates the Group's German properties, the Board of Directors has assessed the German High Street Properties Group's German real estate portfolio at EUR 81.0 million as of 31 March 2026. The valuation of the Group's Danish property remains unchanged at EUR 3.6 million, resulting in a total negative fair value adjustment of EUR 3.5 million in the first quarter of 2026 and a total fair market value of the Group's properties as of 31 March 2026 of EUR 84.6 million.

The decrease in property values during the first quarter of 2026 is attributable to discussions with German commercial real estate appraiser, from whom the Group has received information that gross capitalization factors for German properties have declined by 0.25–0.50 percentage points compared to 31 December 2025. This development is driven by the current geopolitical situation, general economic uncertainty, the risk of potentially higher interest rates, and declining consumer confidence.

Any questions can be directed to the undersigned on +45 8110 0800.

Sincerely, German High Street Properties A/S

Hans Thygesen
Chairman of the Board

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