Value adjustment of properties

Nasdaq OMX Copenhagen A/S

Charlottenlund, November 28, 2025

Announcement no. 286

Value adjustment of properties

Based on information from the German commercial real estate agent who normally evaluates our properties, the company's board of directors has assessed the German High Street Properties Group's real estate portfolio at EUR 84.5 million as of September 30, 2025, resulting in a negative value adjustment of EUR 4.0 million in the 3rd quarter of 2025 compared to the most recent property value in 1st quarter report of 2025 and a negative gross value adjustment of EUR -7.1 million as of September 30, 2025 compared to December 31, 2024.

German properties valued at EUR 84.5 million as of September 30, 2025.

The net total negative value adjustment for the period January 1 to September 30, 2025, is EUR -6.6 million, which is the sum of the negative gross value adjustment of EUR -7.1 million in 2024 as mentioned above adjusted for the period's building improvements totaling EUR 0.5 million.

The reason for the decreased property value in the 3rd quarter of 2025 is due to dialogue with Ralph Hagedorn GmbH, from whom we have received information that the gross capitalization factors for German properties, due to the current geopolitical situation and general economic uncertainty, including declining consumer confidence, have decreased by 1.0 – 1,5 points compared to December 31, 2024.

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