German High Street Properties A/S
August 31, 2026
Interim Report for
January 1 – June 30, 2026
Table of contents
Company Information
Group Structure
Company presentation
Management’s review
The German economy
Property value development
Expectations for 2026
Subsequent events
Accounting Reporting Process
Key Figures (Group)
Income Statement (Group)
2
3
4
6
7
8
9
10
10
11
12
Income Statement (cont.)
Balance sheet (Group)
Cash flow (Group)
Ownership and Related Parties
Financial Calendar
Management’s Statement
Income Statement (Group)
Balance Sheet (Group)
Statement of Equity (Group)
Statement of Cash Flow (Group)
Notes
13
14
15
16
17
18
19
20
21
22
23
1
Interim Report – First Half 2026 │ Table of Contents
Company Information
Company
Denmark
Company registration number: 30691644
Financial year: January 1 – December 31
Registered office: Gentofte Municipality
Auditor
Beierholm
Godkendt Revisionspartnerselskab
Ndr. Ringgade 70A
4200 Slagelse, Denmark
Deloitte Statsautoriseret Revisionspartnerselskab
Weidekampsgade 6
2300 København S
Managing Director
Martin Ernst
Board of Directors
Hans Thygesen
Nikolaj Claude Olof Zethraeus
René Angenend
2
Interim Report – First Half 2026 │
Company Information
German High Street Properties A/S
GHSP Erste Holding GmbH
GHSP Zweite Holding ApS & Co.KG.
GHSP Dritte Holding GmbH
Apreit Two Grundbesitz GmbH
100%
Minority shareholders
GHSP Grundbesitz I GmbH (Pforzheim)
6%
94%
94%
100%
10.4%
Braunschweig
Frankfurt
Hamburg
Kassel
Koblenz
Rosenheim
GHSP Grundbesitz III GmbH (Aachen)
GHSP Grundbesitz IV GmbH (Essen,
Leverkusen)
GHSP Grundbesitz V GmbH (Braunschweig)
GHSP Grundbesitz VI GmbH (Essen)
GHSP Grundbesitz VII GmbH (Gütersloh)
6%
89.6%
100%
GHSP - Odense, Danmark ApS
Group Structure
As of June 30, 2026, the Group consisted of
German High Street Properties A/S (“Company”),
one Danish company, seven German GmbHs
and three holding companies in Germany.
3
Interim Report – First Half 2026 │ Group Structure
Company presentation
The Group aims to invest in well-located properties in cities with economic and
demographic growth in Scandinavia, Germany, Switzerland, and England.
As of June 30, 2026, the Group has 13 German high street properties located in the 11
cities of Aachen, Braunschweig (2), Essen (2), Frankfurt, Gütersloh, Hamburg, Kassel,
Koblenz, Leverkusen, Pforzheim, Rosenheim and a Danish property located in
Odense.
The Group was established in 2007, and its Parent Company, German High Street
Properties A/S, was listed on Nasdaq Copenhagen on September 20, 2007.
The Group is managed by Administrationsselskabet Gambit ApS. STRABAG Property
and Facility Services GmbH in Stuttgart, in cooperation with the Group's employees,
handles the property management in Germany. The Group has three employees.
Photo: Frankfurt, Goethestrasse 4
Photo: Frankfurt, Schillerstrasse
Interim Report – First Half 2026 │ Company presentation
20 Years of Experience
Established in 2007 and listed on Nasdaq Copenhagen September 20, 2007.
14 Properties in Portfolio
German high street properties in 11 cities in Germany and 1 in Denmark.
Value of EUR 83.6 million
Value of property portfolio as of June 30, 2026.
● Hamburg
● Pforzheim
Rosenheim ●
● Frankfurt
● Braunschweig
● Gütersloh
● Kassel
● Koblenz
● Essen
● Aachen
● Leverkusen
● Odense
5
Interim Report – First Half 2026 │ Company presentation
Management’s Review
Financial development in the first half of 2026
Earnings. Revenue increased 2.0% to TEUR 2,478, while the result before value adjustments and
interest declined to TEUR 548 from TEUR 794, mainly due to higher administrative and staff
expenses, including extraordinary costs relating to shareholder enquiries.
Result. Negative value adjustments of the property portfolio of EUR 4.5 million, of which EUR 1.0
million in the second quarter, resulted in a loss after tax of EUR 3.8 million (2025: EUR 2.4 million)
and earnings per share of EUR -1.03 (EUR -0.66).
Extraordinary costs relating to the scrutiny of and replies to questions from certain
shareholders. In addition to the negative value adjustments, the result for the period was also
significantly affected by extraordinary costs relating to the scrutiny of and replies to questions from
certain shareholders. The result for the period thus includes extraordinary legal costs of TEUR 268
in total, as well as extraordinary audit costs of TEUR 26, which mainly relate to the scrutiny of and
replies to questions from certain shareholders, cf. note 3. Further extraordinary legal costs as well as
audit costs relating to the scrutiny of and replies to questions from certain shareholders are expected
in the third quarter of 2026. These expected costs are reflected in the guidance for 2026 maintained
below.
6
Interim Report – First Half 2026 │ Management’s review
6
Balance sheet. The property portfolio is valued at EUR 83.6 million and total assets at EUR 89.5
million. Equity amounts to EUR 53.4 million, corresponding to an equity ratio of 59.7%.
Financing. Financial debt of EUR 30.2 million corresponds to a loan-to-value ratio of 34.3%, of
which only TEUR 814 falls due within one year. Operating cash flow after interest and tax was EUR
0.3 million and liquid assets EUR 3.4 million.
Conclusion. Management considers the result before value adjustments and tax of TEUR 12 as
expected and maintains the guidance for 2026 of a positive result before value adjustments and
taxes of TEUR 0 - 500.
Management nevertheless considers it unsatisfactory that the result for the period as well as the
Company’s liquidity have been so markedly and adversely affected by these extraordinary costs.
Had the extraordinary legal and audit costs not been incurred, the result before value adjustments
and tax would have amounted to approximately TEUR 300 instead of the reported TEUR 12 —
funds that would otherwise have benefited the Company and its shareholders.
Detailed comments on the income statement, balance sheet and cash flow are provided on pages
12-15.
6
7
The German economy
Germany's economic outlook for the remainder of 2026 remains challenging, but forecasters still expect
weak-to-moderate growth rather than a renewed recession. Expansionary fiscal policy, defence spending
and infrastructure investment support activity, while the energy price shock from the Middle East conflict,
renewed inflation and higher financing costs pull in the opposite direction. The ifo Institute describes an
economy currently shaped by conflicting forces. (ifo Institute, June 2026)
Growth expectations for 2026 have been revised down and now cluster in a range of around 0.6%-0.9%.
The European Commission expects real GDP growth of 0.6% in 2026 and 0.9% in 2027 (Spring Forecast,
May 2026), the OECD projects 0.7% and 1.1% (Economic Outlook, June 2026), the ifo Institute forecasts
0.8% for both years, and the IWH summer forecast is 0.9%, conditional on the Gulf conflict easing and
energy prices not rising further. This is materially below the 1.0%-1.4% expected at the start of the year.
The composition of growth remains skewed towards the public sector. Public investment and defence
spending are set to rise strongly, whereas exports are projected to broadly stagnate after three years of
contraction, held back by tariffs and geopolitical uncertainty, and private investment is expected to
recover only gradually. (European Commission, May 2026; OECD, June 2026)
Inflation forecasts have been raised: ECB staff projections put euro area headline inflation at 2.6% in
2026 before returning to 2.0% in 2027, mainly reflecting higher energy prices. (ECB, March 2026)
Interim Report – First Half 2026 │ The German economy
Interest-rate expectations have shifted accordingly. The rate cuts previously priced in for 2026 have
given way to tightening: the ECB raised its deposit facility rate to 2.25% in June 2026, and the base
case for the remainder of the year is a hold at that level with a material probability of one further 25 bp
increase, with the Governing Council stressing a data-dependent, meeting-by-meeting approach. Ten-
year German government bond yields rose temporarily above 3.0% during 2026, the highest level
since 2011. (ECB, June 2026; JLL, Q1 2026)
Domestic demand is expected to improve only gradually. Private consumption is supported by rising
wages, but higher energy prices and inflation are eroding real income growth and households remain
cautious. Business investment stays subdued in export-oriented and energy-intensive industries, and
the labour market is expected to improve only with a lag, keeping unemployment elevated through the
remainder of 2026. (OECD; ifo Institute, June 2026)
Overall, the German economy is expected to remain in a fragile stabilisation phase for the rest of 2026
rather than entering a strong recovery. Euro area growth expectations for 2026 have been cut by 0.3
percentage points to 0.9%, and the OECD stresses that the outcome for the second half of the year
depends on whether the energy supply disruption proves time-limited or prolonged. (ECB Survey of
Professional Forecasters, Q2 2026; OECD, June 2026).
It is the general opinion of the management that, despite the above predictions, the rental market is
characterized by a very negative mood, which may continue to affect the rent level and capitalization
factors in a further negative direction.
Development of the property value
For the remainder of 2026, expectations for the German commercial real estate market remain
cautious, although first-half data show that the gradual recovery is continuing. Investment
transaction volume reached EUR 16.2 billion in the first half of 2026, up 13% year-on-year, of
which just under EUR 13 billion related to commercial real estate, and a full-year volume just over
EUR 35 billion is considered achievable. The recovery is, however, driven by office and logistics
assets, whereas retail transaction volume declined 13% year-on-year in the first quarter to EUR
1.1 billion. (CBRE, 2026)
Pricing has stabilised, but the scope for value uplift is limited. Prime yields were broadly
unchanged during the first half across office and retail, with prime net initial office yields in the Top
7 markets at 4.31% and prime high street yields in top locations at 3.5%-4.0%, and prime yields in
some asset classes are now expected to tick up slightly in the second half rather than compress.
Ten-year German government bond yields temporarily exceeded 3.0%, compressing the office
risk premium to around 146 basis points from 159 basis points at year-end 2025. (JLL; CBRE,
2026)
The market remains highly segmented. Grade-A high street assets in prime locations of the
largest cities are returning to transaction pipelines, with prime rents and yields stabilising on
scarce supply and returning international retailers, while secondary locations and structurally
obsolete concepts remain difficult to place. Food-anchored retail dominates investor demand with
52%-58% of retail volume. Stable prime yields do not extend to the wider high street segment,
where yield requirements have risen and transactions have slowed - the conditions reflected in the
valuation of the Group's portfolio. (CBRE; neospaces; Unique Retail, 2026)
Photo: Braunschweig Palace in Braunschweig
8
Interim Report – First Half 2026 │ Development of the property value
8
The Company's Board of Directors has assessed the German real estate portfolio at EUR 80.0
million and the Danish real estate portfolio at EUR 3.6 million as of June 30, 2026, resulting in a
total negative fair market value adjustment of EUR 1.0 million in the second quarter of 2026 and a
total fair market value of the Group's property portfolio of EUR 83.6 million as of June 30, 2026 cf.
Stock Exchange announcement No. 298.
Together with the adjustment recognised in the first quarter, this brings the total negative fair
market value adjustment for the first half of 2026 to EUR 4.5 million.
The decrease in property values during the second quarter of 2026 is primarily attributable to a
combination of higher yield requirements for German high street properties and a significant
slowdown in the number of German property transactions. This development has been driven by
the current geopolitical situation, general economic uncertainty, the risk of potentially higher
interest rates, and declining consumer confidence.
Expectations for 2026
Guidance for 2026. Management expects a result before value adjustments and tax for the
financial year 2026 in the range of TEUR 0–500, cf. Stock Exchange announcement No. 293.
The result before value adjustments and tax amounted to TEUR 12 in the first half of 2026, and
delivering a result within the announced range depends on continued cost control and stable net
financial expenses in the second half of the year. Further negative value adjustments would not
affect this measure, but would reduce retained earnings, which amounted to TEUR 1,007 on June
30, 2026.
Financial position. The Group enters the second half of 2026 with a solid balance sheet: an
equity ratio of 59.7%, a loan-to-value ratio of 34.3% , and only TEUR 814 of interest-bearing debt
falling due within one year. The Group is therefore not exposed to any significant short-term
refinancing risk, although higher market interest rates continue to weigh financing costs and
property valuations in a cautious and selective investment market.
Market conditions. German GDP growth for 2026 is forecast at 0.6%–0.9%, euro area headline
inflation at 2.6%, and the ECB raised its deposit facility rate to 2.25% in June 2026, with a further
increase possible before year-end. Long-term market interest rates have risen accordingly, and
financing costs are expected to remain elevated for longer than previously anticipated, continuing
to weigh on property yields, refinancing conditions and investment activity across the German real
estate market.
9
Strategy. Management will formulate and approve a new four-year business plan during 2026.
This work will outline the near-term execution plan and the strategy for the period from 2027 to
2030.
Growth is intended to be achieved through a combination of continued optimization of the existing
portfolio and acquisitions of new properties in Scandinavia, Germany, Switzerland and England. No
properties were acquired in the first half of 2026, and further acquisitions will depend on new
financing or divestment proceeds, as liquid assets amounted to EUR 3.4 million on June 30, 2026.
Interim Report – First Half 2026 │ Expectations for 2026
Subsequent events
No events have occurred after the balance sheet date and up to the date of approval of
this Interim Report that would materially affect the assessment of the Group’s/Company’s
financial position at the balance sheet date or require additional disclosures in this Interim
Report.
Accounting Reporting Process
To ensure high quality in the Group's financial reporting, the management has adopted
several procedures and guidelines for accounting and internal controls which must be
followed by the subsidiaries in their reporting, including:
Quarterly follow-up on achieved goals and results at the Group level includes:
• Prepared estimates for income statements, balance sheets, cash flow, and key
figures at the Group level.
• Ongoing follow-up on projects, including handling of risks and accounting treatment
thereof.
• Accounting closing instructions.
• Reporting instructions.
10
Schillerstrasse 4, 60313 Frankfurt am Main, Germany
Interim Report – First Half 2026 │ Subsequent events and Accounting Reporting Process
11
Key Figures (Group)
Interim Report – First Half 2026 │ Key Figures (Group)
Income Statement (EUR m)
30/6
2026
30/6
2025
FY 2025 FY 2024 FY 2023
Revenue 2.5 2.4 5.0 4.7 4.5
Result before fair market value adjustments and interests 0.5 0.8 1.8 1.8 1.6
Fair market value adjustment of investment properties -4.5 -3.1 -7.2 -0.2 -5.1
Net financial expenses -0.5 -0.6 -1.1 -1.8 -1.3
Result of continuing activities before tax -4.5 -2.9 -6.5 -0.1 -4.8
Result of continuing activities after tax -3.8 -2.4 -5.9 -0.1 -4.0
Result of discontinued activities after tax 0.0 0.0 0.0 -0.3 0.5
Result for the period -3.8 -2.4 -5.9 -0.5 -3.5
Balance sheet (EUR m)
Investment properties 83.6 88.5 88.1 91.1 91.0
Total non-current assets 84.8 89.7 89.3 92.4 92.5
Total assets 89.5 94.5 94.3 97.7 102.1
Total equity 53.4 60.7 57.2 63.1 57.7
Total non-current liabilities 33.8 31.9 34.8 32.8 38.9
Statement of cash flow (EUR m)
30/6
2026
30/6
2025
FY 2025 FY 2024 FY 2023
Net cash flow from operating activities 0.3 0.5 1.4 0.5 0.0
Net cash flows from investing activities 0.0 -0.5 -4.2 4.3 -4.9
Cash flow from financing activities -0.4 -0.4 2.7 -3.9 -0.3
Net cash flow for the period -0.1 -0.3 -0.1 0.9 -5.1
Key figures
Equity ratio % 59.7 64.2 60.6 64.6 56.5
Loan to value % 34.3 30.2 33.6 30.7 39.2
Return on property portfolio % 1.7 1.7 3.7 3.6 3.1
Return on equity before fair market value adjustments and
interests %
1.0 1.3 2.9 3.2 2.6
Interest coverage ratio 1.0 1.3 1.6 1.0 1.2
Earnings per share (DKK), continuing activity -7.7 -4.9 -12.1 -0.3 -9.8
Earnings per share (EUR), continuing activity -1.0 -0.7 -1.6 0.0 -1.3
Earnings per share (DKK), discontinuing activity 0.0 0.0 0.0 -0.7 1.2
Earnings per share (EUR), discontinuing activity 0.0 0.0 0.0 -0.1 0.2
Equity per share, DKK 109.3 123.8 116.8 128.8 141.2
Equity per share, EUR 14.6 16.6 15.6 17.3 18.9
Stock price DKK 65.0 68.0 60.5 79.0 103.0
Stock price EUR 8.7 9.1 8.1 10.6 13.8
Number of employees 3 3 3 3 3
12
Revenue
The rental revenue incl. “service charge and other” for the period from January 1 to June 30, 2026
was EUR 2.478 million compared to EUR 2.430 million in the same period from January 1 to June
30, 2025 (a total increase of 2.0%), cf. note 2.
Total rental revenue excl. service charges amounts to EUR 2.148 million for the period January 1 to
June 30, 2026, compared to EUR 2.076 million in the same period of 2025, a total increase of 3.5%.
In the second quarter of 2026 alone, revenue amounted to TEUR 1,236 compared to TEUR 1,248
in the second quarter of 2025, a decrease of 1.0%.
Result before value adjustments and interest
The result before value adjustments and interest from January 1 to June 30, 2026 amounted to
TEUR 548 (EUR 0.5 million) after property operation expenses, staff expenses and administrative
expenses of total EUR 1.9 million compared to TEUR 794 (EUR 0.8 million) after total expenses of
EUR 1.6 million in 2025. In the second quarter alone, the result was TEUR 227 compared to TEUR
415, after operating income of TEUR 752 against TEUR 807.
Administrative expenses from January 1 to June 30, 2026 increased to TEUR 696 from
TEUR 497 in 2025, mainly due to legal costs of TEUR 268 relating to the scrutiny of and
replies to questions from certain shareholders (2025: TEUR 67), cf. note 3. Staff expenses
increased to TEUR 286 from TEUR 247.
The result from January 1 to June 30, 2026 before value adjustments and tax, amounted to
TEUR 12 compared to TEUR 214 in 2025.
Result before financial items
The result from January 1 to June 30, 2026 before financial items, was a loss of EUR 4.0
million after a net value adjustment of EUR -4.5 million on the property portfolio. In the
same period in 2025, the result before financial items was a loss of EUR 2.3 million after a
net value adjustment of EUR -3.1 million on the property portfolio.
The net total negative value adjustment for the period January 1 to June 30, 2026 of EUR -
4.5 million, of which EUR -1.0 million in the second quarter, reflects higher yield
requirements for German high street properties and a significant slowdown in the number
of German property transactions, cf. note 4 and Stock Exchange announcement No. 298.
Income Statement (Group)
Interim Report – First Half 2026 │ Income Statement (Group)
Result of continuing activities before tax
The result from January 1 to June 30, 2026 before tax, amounted to EUR -4.5
million after financial items of net EUR -0.5 million. In the same period in 2025, the
result was a loss of EUR 2.9 million after financial items of net EUR -0.6 million.
Net financial items comprise financial income of TEUR 72 and financial expenses of
TEUR 608. Financial expenses thereby absorb almost the entire result before value
adjustments and interest of TEUR 548.
Result of continuing activities after tax
The result of continuing activities after tax was a loss of EUR 3.8 million, after tax
income of TEUR 712 (H1 2025: loss of EUR 2.4 million)
Earnings per share amounted to EUR -1.03 for the first half of 2026 compared to
EUR -0.66 in the same period in 2025, and to EUR -0.23 in the second quarter
alone (Q2 2025: EUR -0.03).
Given the current economic conditions, interest rate developments, and market
conditions in Germany and higher administrative expenses, including extraordinary
costs related to enquiries from shareholders of TEUR 268 (2025: TEUR 67), cf. note
3, the management considers the result before value adjustments and tax of TEUR
12 as expected.
13
Interim Report – First Half 2026 │ Income statement (Group)
Münchener Str. 20, 83022 Rosenheim, Germany
14
Assets
The management assessed the property value of the German properties at EUR
80.0 million as of June 30, 2026, compared to EUR 84.5 million as of December 31,
2025. Together with the Danish property of EUR 3.6 million, total investment
properties amounted to EUR 83.6 million as of June 30, 2026, compared to EUR
88.1 million at the beginning of the year.
From January 1 to June 30, 2026, the property value of the Group's investment
properties decreased by net EUR -4.5 million, of which EUR -1.0 million in the
second quarter, reflecting higher yield requirements for German high street
properties and a significant slowdown in the number of German property
transactions, cf. note 4 and Stock Exchange announcement No. 298.
As of June 30, 2026, total assets amounted to EUR 89.5 million, compared to EUR
94.3 million at the beginning of the year, and liquid assets to EUR 3.4 million (EUR
3.5 million).
Equity and Liabilities
As of June 30, 2026 the equity was EUR 53.4 million, corresponding to an equity
ratio of 59.7%. As of June 30, 2025 the equity was EUR 60.7 million,
corresponding to an equity ratio of 64.2%, and EUR 57.2 million at the beginning
of the year corresponding to an equity ratio of 60.6%.
The equity decreased from the beginning of the year to June 30, 2026 by EUR -
3.8 million, primarily due to the value adjustment of the properties of EUR -4.5
million, cf. note 4. Retained earnings amounted to TEUR 1,007 after the loss for
the period, while share premium of TEUR 47,379 remains unchanged.
As of June 30, 2026, financial debt obligations were EUR 30.2 million (EUR 27.5
million June 30, 2025), corresponding to a loan-to-value ratio of 34,3%. Of the
debt, only TEUR 814 falls due within one year, and the Group is therefore not
exposed to any significant short-term refinancing risk.
Balance sheet (Group)
Interim Report – First Half 2026 │ Balance sheet (Group)
Cash flow (Group)
From January 1 to June 30, 2026 net cash flow from operating activities after interest and taxes
paid amounted to EUR 0.3 million, compared to EUR 0.5 million in the same period in 2025. The
decline reflects the lower result before value adjustments, including higher administrative
expenses.
Net cash flow from investing activities was EUR 0.0 million, as no properties were acquired and
no additions were made to investment property in the period, compared to EUR -0.5 million in the
same period in 2025 relating to additions to investment property.
Net cash flow from financing activities was EUR -0.4 million, related to scheduled repayments of
the Group’s financial debt obligations, compared to net EUR -0.4 million in the same period in
2025 also relating to repayment of borrowings. No new loans were raised in the period.
As a result, cash and cash equivalents decreased by net EUR -0.1 million in the period, from
EUR 3.485 million as of December 31, 2025 to EUR 3.439 million as of June 30, 2026, including
a positive exchange rate effect of TEUR 24.
With liquid assets of EUR 3.4 million and only TEUR 814 of financial debt falling due within one
year, the Group's liquidity is considered adequate for the remainder of 2026.
Photo: Berliner Strasse – Gütersloh, Germany
15
Interim Report – First Half 2026 │ Cash flow (Group)
Ownership and Related Parties
According to the Companies Act § 55, the following shareholders have reported owning more
than 5% of the share capital at the end of the accounting period:
The Group is controlled by Alexander and Kristoffer Thygesen through Drot ApS and Marsk ApS,
which are the controlling shareholders in Kartago Property ApS and Kartago ApS, owning
respectively 41.78% and 11.99% of the share capital, totalling 53.77% of the share capital in
German High Street Properties A/S.
The Group's related parties also include the Parent Company's Board of directors, executive
management, and these people’s close family members. Related parties also include companies
where the Group of people has control or significant influence.
In addition to the shareholdings mentioned above controlled by Alexander and Kristoffer
Thygesen, the Board of directors, executive management, and companies where this Group has
a controlling influence hold no shares.
Investor relations
Stock exchange announcements, annual reports, etc., are published on the Company’s website:
https://www.germanhighstreet.com/
Shareholders: Municipality Share capital
Kartago Property ApS Gentofte 41.78 %
Olav W. Hansen A/S Horsens 16.05 %
Sparekassen Danmark Vrå 12.77 %
Kartago ApS Gentofte 11.99 %
OTK Holding Hjørring 6.24 %
16
Interim Report – First Half 2026 │ Ownership and Related Parties and Investor relations
17
Financial Calendar 2025 and 2026
November 28, 2025:
Holding of the extraordinary general meeting
March 23, 2026:
Deadline for submission of proposals for voting at the
Company's annual general meeting.
March 31, 2026:
Annual Report 2025.
March 31, 2026:
Expected date for convening the annual general
meeting.
April 30, 2026:
Holding of the annual general meeting/or notification of
the general meeting.
May 29, 2026:
Interim report for the period January 1 to March 31,
2026.
August 31, 2026:
Half-year report for the period January 1 to June 30,
2026.
November 30, 2026:
Interim report for the period January 1 to September 30,
2026.
Interim Report – First Half 2026 │ Financial Calendar and Company Announcements
Company Announcements
August 28, 2025: Financial report January 1 - June 30 2025
October 9, 2025: Request for scrutiny and request to convene an extraordinary general meeting
October 23, 2025:
Extraordinary general meeting of German High Street Properties A/S
November 11, 2025:
Planned acquisition of Property leased to Burger King, Odense SØ Denmark
November 17, 2025: Financial calendar 2025 and 2026
November 20, 2025:
Acquisition of Property Located at Ørbækvej 232, 5220 Odense SØ, Denmark
November 26, 2025: Updated financial calendar 2025 and 2026
November 28, 2025:
Results of extraordinary general meeting
November 28, 2025: Value adjustment of properties
November 28, 2025: Interim Report for the period January 1 – September 30, 2025
November 28, 2025: Financial expectations 2026
December 18, 2025: Planned change in the position of Chief Executive Officer
March 31, 2026: Results 2025
March 31, 2026: Financial calendar 2025 and 2026
April 10, 2026: Notice of Ordinary General Meeting
April 28, 2026: Financial expectations 2026
April 30, 2026: Proceedings of the ordinary general meeting
May 19, 2026: Value adjustment of properties
May 29, 2026: Interim Report for the period January 1 – March 31, 2026
July 2, 2026: Request to the Danish Business Authority
July 29, 2026: Value adjustment of properties
Management’s Statement
18
Interim Report – First Half 2026 │ Management’s Statement
Executive management
Board of Directors
Income Statement (Group) Other comprehensive income
19
Interim Report – First Half 2026 │ Income Statement (Group)
EUR 1.000
Note
Jan-June
2026
Jan-June
2025
Q2 2026 Q2 2025 FY 2025
Revenue 2 2,478 2,430 1,236 1,248 4,976
Property operation expenses
2 -948 -892 -484 -441 -1,630
Operating income 1,530 1,538 752 807 3,346
Staff expenses -286 -247 -135 -124 -500
Administrative expenses 3 -696 -497 -390 -268 -1,047
Result before fair market value adjustments
and interests
Fair market value adjustment of investment
properties
4 -4,500 -3,112 -1,000 -203 -7,244
Result before interests and tax -3,952 -2,318 -773 212 -5,445
Financial income 72 65 40 30 131
Financial expenses -608 -645 -292 -366 -1,220
Result of continuing activities before tax -4,488 -2,898 -1,025 -124 -6,534
Tax of continuing activities 712 490 183 32 607
Result for the period -3,776 -2,408 -842 -92 -5,927
The Parent Company’s shareholders -3,796 -2,395 -846 -93 -5,893
The minority interests' share
Result for the period -3,776 -2,408 -842 -92 -5,927
Earnings per share (EUR), continuing activity -1.03 -0.66 -0.23 -0.03 -1.62
EUR 1.000
Jan-June
2026
Jan-June
2025
Q2 2026 Q2 2025 FY 2025
Result for the period -3,776 -2,408 -842 -92 -5,927
Items that may be reclassified to profit/loss
for the year
Exchange differences on translation of foreign
operations
Tax on other comprehensive income,
income/expense
Other comprehensive income, net of tax 24 11 2 0 -3
Total comprehensive income for period -3,752 -2,397 -840 -92 -5,930
The Parent Company’s shareholders -3,772 -2,384 -844 -93 -5,896
The minority interests' share 20 -13 4 1 -34
Total comprehensive income for period -3,752 -2,397 -840 -92 -5,930
Equity and liabilities
Balance Sheet (Group)
20
Interim Report – First Half 2026 │ Balance Sheet (Group)
Assets
EUR 1.000 Note
30/6
2026
30/6
2025
31/12 2025
Investment properties 4 83,582 88,500 88,082
Other receivables 1,222 1,219 1,222
Total non-current assets
Assets held for sales 0 0 0
Trade receivables 61 25 226
Income tax receivables 69 97 184
Other receivables 1,096 1,390 1,093
Liquid assets 3,439 3,259 3,485
Total current assets
Total assets 89,469 94,490 94,292
EUR 1.000 Note
30/6
2026
30/6
2025
31/12 2025
Share capital 4,900
Foreign currency translation reserve 34 24 10
Share premium 47,379 47,379 47,379
Retained earnings 1,007 8,301 4,803
Equity attributable to shareholders of the
Parent Company
The minority interests' share 100 101 80
Total equity 53,420 60,705 57,172
Borrowings 8 29,385 26,902 29,780
Deferred tax liabilities 4,422 5,038 5,030
Total non-current liabilities 33,807 31,940 34,810
Borrowings
8 814 646 814
Trade payables 235 289 443
Other payables 1,193 910 1,053
Total current liabilities 2,242 1,845 2,310
Total equity and liabilities 89,469 94,490 94,292
Statement of Equity (Group)
21
Interim Report – First Half 2026 │ Statement of Equity (Group)
EUR 1.000
Share
capital
Foreign
currency
translation
reserve
Share
premium
Retained
earnings
Equity
attributable
to
shareholders
of the Parent
Company
The
minority
interests'
share
Total
equity
Total equity at the beginning 2026 4,900 10 47,379 4,803 57,092 80 57,172
Result for the period 0 0 0 -3,796 -3,796 20 -3,776
Other comprehensive income, net of tax 0 24 0 0 24 0 24
Total equity June 30, 2026 4,900 34 47,379 1,007 53,320 100 53,420
Total equity at the beginning 2025 4,900 13 47,379 10,696 62,988 114 63,102
Result for the period 0 0 0 -2,395 -2,395 -13 -2,408
Other comprehensive income, net of tax
Total equity June 30, 2025 4,900 24 47,379 8,301 60,604 101 60,705
Total equity at the beginning 2025 4,900 13 47,379 10,696 62,988 114 63,102
Result for the period 0 0 0 -5,893 -5,893 -34 -5,927
Other comprehensive income, net of tax 0 -3 0 0 -3 0 -3
Total equity December 31, 2025 4,900 10 47,379 4,803 57,092 80 57,172
Statement of Cash Flow (Group)
22
Interim Report – First Half 2026 │ Statement of Cash Flow (Group)
EUR 1.000
Note
30/6
2026
30/6
2025
31/12 2025
Sale of investment property
Purchase of investment property
4 0 0 -3,582
Additions during the year related to investment
property
4 0 -512 -644
Net cash flows from investment activities
Proceeds from borrowings
Repayment of borrowings -395 -367 -675
Cash flow from financing activities -395 -367 2,679
Net cash flow for the period -70 -342 -102
Cash and cash equivalents 1 January 3,485 3,590 3,590
Effects of exchange rate changes on cash and
cash equivalents
Cash and cash equivalents end of the period
EUR 1.000 Note
30/6
2026
30/6
2025
31/12 2025
Profit/loss for the period
-3,776
-2,408
-5,927
Gain/losses from subsidiaries
Fair market value adjustment of investment
properties
Fair market value adjustment from assets held
for sales
Financial income -72 -65 -131
Financial expenses 608 645 1,220
Tax for the period -712 -490 -607
Net cash flow from operating activities
before change in net working capital
Change in receivables 278 251
Change in trade and other payables -68 22
Net cash flow from operating activities
before interest and taxes paid
Finance expenses – net -536 -580 -1,089
Income tax paid/received 103 50 210
Net cash flow from operating activities after
interest and taxes paid
Note 1 – Applied accounting policies
Note 2 – Segment Information
Note 3 – Administrative Expenses
Note 4 – Investment Properties
Note 5 – Related Parties
Note 6 – Pledges and Security Arrangements
Note 7 – Contingent Liabilities
Note 8 – Fair value hierarchy for investment properties and financial instruments
24
25
27
28
29
30
31
32
Notes
Photo: Frankfurt, Börsenplatz
23
Interim Report – First Half 2026 │ Notes
Note 1 – Applied accounting policies
General
This interim report covers the period January 1 – June 30, 2026.
The interim report has been prepared in accordance with IAS 34 Interim Financial
Reporting as adopted by the EU and with additional requirements of the Danish Financial
Statements Act.
The financial part of the interim report follows the provisions of IAS 34 for condensed
interim financial statements.
The accounting policies applied in the interim financial statements are consistent with
those applied in the Group’s annual report for 2025.
The consolidated financial statements and the annual report for 2025 contain a full
description of the applied accounting policies.
Interim Report – First Half 2026 │ Note 1 – Applied accounting policies
24
24
Note 2 – Segment Information
The Group holds 13 German retail properties located in major cities across Germany, as well as
one property in Denmark. Business activities are managed, reported, and presented in terms of
revenue and operating income within the following segments: Commercial, Residential, Office,
Service Charge and other. Consequently, the income statement for the period from January 1 to
June 30, 2026, is divided into these specific segments.
25
Unallocated costs relate to Group-level items that cannot be directly attributed to individual segments.
Segment assets, segment liabilities and related information are not regularly reported to the Board of
Directors and other Management Levels and are therefore not disclosed in the segment information.
Interim Report – First Half 2026 │ Note 2 – Segment Information
EUR 1000 Commercial Residential Office Service charge Group
Revenue 1,714 267 167 330 2,478
Property operation expenses -730
-85 -133 0 -948
Operating income 984 182 34 330 1,530
Staff expenses -286
Administrative expenses -696
Result before fair market value
adjustment and interests
548
Fair market value adjustment of
investment properties
-4,500
Result before interests and tax -3,952
Financial expenses, net -536
Result of continuing activities before
tax
-4,488
Profit January 1 to June 30, 2026, Segment Information
EUR 1000
Commercial Residential Office Service charge Group
Revenue 1,629 272 175 354 2,430
Property operation expenses -687
-80 -125 0 -892
Operating income 942 192 50 354 1,538
Staff expenses -247
Administrative expenses -497
Result before fair market value
adjustment and interests
794
Fair market value adjustment of
investment properties
-3,112
Result before interests and tax
-2,318
Financial expenses, net -580
Result of continuing activities before
tax
-2,898
Profit January 1 to June 30, 2025, Segment Information
26
Wandsbeker Königstraße 2, Hamburg, Germany
Interim Report – First Half 2026 │ Note 2 – Segment Information
EUR 1000
Commercial Residential Office Service charge Group
Revenue
3,338
549 349 740 4,976
Property operation expenses -1,255
-147 -228 0 -1,630
Operating income
2,083 402 121 740 3,346
Staff expenses -500
Administrative expenses -1,047
Result before fair market value
adjustment and interests
1,799
Fair market value adjustment of
investment properties
-7,244
Result before interests and tax -5,445
Financial expenses, net -1,089
Result of continuing activities before
tax
-6,534
Profit January 1 to December 31, 2025, Segment Information
Note 3 – Administrative Expenses
27
Interim Report – First Half 2026 │
Note 3 – Administrative Expenses
Fee to the Auditor Elected by the General Assembly
EUR 1.000
Jan-Jun
2026
Jan-Jun
2025
Q2 2026 Q2 2025 FY 2025
Audit fee 54 39 27 20 76
Declaration tasks with certainty 0 0 0 0 0
Tax advice 0 0 0 0 0
Other 0 0 0 0 0
Total Fee to the Auditor Elected by
the General Assembly:
54
39 27 20 76
Group
EUR 1.000
Jan-Jun
2026
Jan-Jun
2025
Q2 2026 Q2 2025
FY 2025
Administration agreement
283 315 160 178 576
Legal costs (relating to advice
concerning the scrutiny and replies
to questions from certain
shareholders)
268 67 168
67 163
Stock exchange fees
37 32 13
14 51
Fee to the Auditor Elected by the
General Assembly
54 39 27 20 76
Insurance 10 23 0 0 62
Other administration costs 44 21
22 -11 119
Administration costs total: 696 497
390 268 1,047
Group
Note 4 – Investment Properties
28
The Company's Board of Directors has assessed the German real estate portfolio at
EUR 80.0 million and the Danish real estate portfolio at EUR 3.6 million as of June 30,
2026, resulting in a total negative fair market value adjustment of EUR 1.0 million in the
second quarter of 2026 and a total fair market value of the Group's property portfolio of
EUR 83.6 million as of June 30, 2026 cf. Stock Exchange announcement No. 298.
Together with the adjustment recognised in the first quarter, this brings the total negative
fair market value adjustment for the first half of 2026 to EUR 4.5 million.
The decrease in property values during the second quarter of 2026 is primarily
attributable to a combination of higher yield requirements for German high street
properties and a significant slowdown in the number of German property transactions.
This development has been driven by the current geopolitical situation, general
economic uncertainty, the risk of potentially higher interest rates, and declining
consumer confidence.
Investment properties are pledged as security for financial liabilities, EUR 30.2 million.
Interim Report – First Half 2026 │ Note 4 – Investment Properties
EUR 1.000
30/6
2026
30/6
2025
31/12
2025
Cost price beginning of the year 61,283 57,057 57,057
Additions during the year 0 0 3,582
Improvements during the year 0 309 644
Cost price end of the year 61,283 57,366 61,283
Value adjustments beginning of the
year
26,799 34,043 34,043
-4,500 -2,909 -7,244
Value adjustments end of the year 22,299 31,134 26,799
Book value at the end of the period 83,582 88,500 88,082
Fair market value adjustment of investment
properties, net
Group
Note 5 – Related Parties
Alexander and Kristoffer Thygesen control the Group through Drot ApS and Marsk ApS
which are the controlling shareholders in Kartago Property ApS and Kartago ApS, owning
41.78% and 11.99% of the share capital and votes, respectively.
The accounts for German High Street Properties Aare included in the consolidated
accounts of Kartago Property ApS.
The Group's related parties also include the Parent Company's Board of directors,
executive management, and their close family members. Related parties also include
companies in which the individuals mentioned above have control or joint control.
In addition to the shareholdings controlled by Alexander and Kristoffer Thygesen, the
Board of directors, executive management, and companies where this Group of people
has a controlling influence hold 0 shares.
29
Besides remuneration of the director in accordance with the management agreement, transactions
with companies controlled by the Thygesen family comprised administration fees of TEUR 283 and
commercial rent of TEUR 8, as specified below
Interim Report – First Half 2026 │ Note 5 – Related Parties
EUR 1.000
Jan-Jun
2026
Jan-Jun
2025
Q2 2026 Q2 2025 FY 2025
Administration agreement 283 315 160 178 576
Commercial rent 8 8 4 4 15
Costs related to amendment of the
existing loan agreement
0 0 0 0 0
Transaction costs related to sale of
investment property
0 0 0 0 0
Transaction costs related to the
acquisition of investment property
0 0 0 0 163
Group
Note 6 – Pledges and Security Arrangements
The Group's investment properties with an accounting value as of June 30, 2026, of
EUR 83.6 million are pledged as security for EUR 30.2 million in bank loans.
• Towards the company Hesselvang 11 A/S (CVR no. 44093227), the Parent
Company German High Street Properties A/S has undertaken towards
Ringkjøbing Landbobank A/S, in the event of a forced sale of the property
located at Hesselvang 22, 8500 Grenaa, Denmark, land registry no. 1rl, Hessel
Hgd., Ålsø, to bid Ringkjøbing Landbobank A/S home at the outstanding debt
owed to the Bank at any given time pursuant to the Loan Agreement and the
security documents. The outstanding debt on the property as of June 30, 2026
totals EUR 2.6 million.
• Towards the company Kartago Capital – Stockholm A/S (CVR no. 43265474)
and its subsidiary Kartago Stockholm AB, the Parent Company German High
Street Properties A/S has undertaken towards Ringkjøbing Landbobank A/S, in
the event of a forced sale of the property located at Tomtbergavägen 2, 145 67
Norsborg, Botkyrka, Sweden, to bid Ringkjøbing Landbobank A/S home at the
outstanding debt owed to the Bank at any given time pursuant to the Loan
Agreement and the security documents. The outstanding debt on the property
as of June 30, 2026 totals EUR 3.4 million.
• The Parent Company German High Street Properties A/S has acted as surety for the loan
granted to its subsidiary, GHSP – Odense, Danmark ApS, by Ringkjøbing Landbobank A/S in
the total amount of EUR 3.3 million (DKK 24.4 million).
There are no other security arrangements.
30
Interim Report – First Half 2026 │
Note 6 – Pledges and Security Arrangements
Note 7 – Contingent Liabilities
The Parent Company is jointly and severally liable for the tax on the taxable income of the Danish
Group taxation members. It is also jointly and severally liable for Danish withholding taxes, such as
dividend and interest taxes.
Any subsequent corrections to corporate taxes and withholding taxes may result in the Group's
liability being larger.
The Group must pay the company administrator for 12 months of administration after the property
is disposed of. This obligation ceases when the management agreement expires in 2028.
31
Ørbækvej 232, 5220 Odense,
Denmark
Interim Report – First Half 2026 │ Note 7 – Contingent Liabilities
Note 8 – Fair value hierarchy for investment properties and financial
instruments
The table below shows classifications of investment properties and financial instruments measured at
fair market value*, divided according to the fair market value hierarchy:
• Level 1: Quoted prices in active markets for identical assets/liabilities.
• Level 2: Based on inputs other than listed prices that are observable for the asset or liability, either
direct (as prices) or indirect (derived from prices).
• Level 3: Based on data that is not observable in the market.
When calculating the fair value of the Group's liabilities in accordance with level 3 of the fair market
value hierarchy, a correction is made for the Group's own credit rating, taking into account the legal
status of the liabilities and the security in the assets measured at fair value. Consequently, no direct
assumptions of discount factors, etc., are included when measuring liabilities to credit institutions in
accordance with level 3 of the fair value hierarchy for bank loans.
There have been no significant transfers between levels during the period.
*Bank loans are measured at amortized cost
32
Interim Report – First Half 2026 │ Note 8 – Fair value hierarchy for investment properties and financial instruments
Group - June 30, 2026
EUR 1000
Level 1 Level 2 Level 3
Long-term assets
Investment properties
83,582 83,582
Long-term liabilities
Bank loans* 29,385 29,385
Short-term liabilities
Bank loans* 814 814
Group - June 30, 2025
EUR 1000
Level 1 Level 2 Level 3
Long-term assets
Investment properties 88,500 88,500
Long-term liabilities
Bank loans* 26,902 26,902
Short-term liabilities
Bank loans*
646
646
Group - December 31, 2025
EUR 1000
Level 1 Level 2 Level 3
Long-term assets
Investment properties 88,082 88,082
Long-term liabilities
Bank loans* 29,780 29,780
Short-term liabilities
Bank loans* 814 814
Balance sheet
total
Balance sheet
total
Balance sheet
total