EQS-News: IMMOFINANZ with strong half-year performance
   EQS-News: IMMOFINANZ AG / Key word(s): Half Year Results/Real Estate
   IMMOFINANZ with strong half-year performance

   28.08.2024 / 19:53 CET/CEST
   The issuer is solely responsible for the content of this announcement.

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   Press Release | Corporate News 
   Vienna, 28 August 2024

    

   IMMOFINANZ with strong half-year performance

    

     • Substantial growth in all relevant indicators
     • Rental income up 13.0% to EUR 292.5 million
     • Results of asset management increased by 15.2% to EUR 249.8 million
     • Results of operations rose significantly by 88.0% to EUR 221.9 million
     • EBT (EUR 97.7 million) and net profit (EUR 43.0 million) clearly in
       the plus zone
     • FFO 1 increased by 46.6% to EUR 149.9 million
     • Cash and cash equivalents were at a high level of EUR 767.9 million
     • Very robust financial basis with equity ratio of 47.7% and net LTV of
       41.6%

    

    
   KEY INDICATORS (IN MEUR)        Q1-2 2024 Δ IN % Q1-2 2023
   Rental income                       292.5   13.0     258.9
   Results of asset management         249.8   15.2     216.8
   Results of property sales             5.5  n. a.     -53.0
   Results of property development      -0.3   93.7      -4.0
   Results of operations               221.9   88.0     118.0
   Revaluations                        -81.6   58.6    -197.2
   EBIT                                139.4  n. a.     -73.0
   Financial results                   -41.7   42.7     -72.8
   EBT                                  97.7  n. a.    -145.8
   Net profit                           43.0  n. a.    -144.5
   FFO 1 (after tax)                   149.9   46.6     102.2

    

   IMMOFINANZ Group delivered very good results for the first six months of
   2024. Rental income reached a high level of EUR 292.5 million (+13.0%).
   The results of asset management increased by 15.2% over the previous year
   to EUR 249.8 million, and the results of operations improved by a strong
   88.0% to EUR 221.9 million. FFO 1 after tax was 46.6% higher at EUR 149.9
   million.

   “We achieved significant growth in all relevant key figures in the first
   six months of 2024 despite a persistently volatile market environment.
   This positive development was based on our outstanding operating
   performance and our value-creating portfolio strategy,“ commented Radka
   Doehring, member of the IMMOFINANZ Executive Board.

   “Our portfolio strategy is based on two key elements: growth in selected
   areas and the focused reorientation of the portfolio. The strong
   performance shows that we are making very good progress,” explained Pavel
   Mechura, member of the IMMOFINANZ Executive Board, on the development of
   business.

   Revaluations (including property development and property sales) totalled
   EUR -81,6 million, compared with
   EUR -197.2 million in the first half of 2023, as valuation declines were
   limited due to a more stable interest rate environment. Financial results
   improved to EUR -41.7 million (Q1-2 2023: EUR -72.8 million). Net profit
   for IMMOFINANZ Group rose from EUR -144.5 million in the first half of the
   previous year to EUR 43.0 million, and earnings per share increased to EUR
   0.19 (Q1-2 2023: EUR -0.59).

   High occupancy rate and successful portfolio optimisation

   IMMOFINANZ Group’s property portfolio included 491 properties as of 30
   June 2024 with a combined value of EUR 8.2 billion. Of this total,
   EUR 7.9 billion represent standing investments with 3.6 million sqm of
   rentable space and a gross return of 7.3%. The occupancy rate remained
   stable at 92.2%. The weighted average unexpired lease term (WAULT) for
   IMMOFINANZ Group equalled 3.8 years.

   IMMOFINANZ Group continued its strategic portfolio optimisation during the
   first half of 2024, with sales totalling EUR 446.6 million. The properties
   sold included office buildings in Austria, Croatia, Poland and Germany. In
   April, the Group also acquired attractive office buildings and retail
   parks in the Czech Republic from CPI Property Group.

   Robust balance sheet

   IMMOFINANZ Group has a robust capital and financing structure with an
   equity ratio of 47.7%, a net loan-to-value ratio (net LTV) of 41.6%, and
   cash and cash equivalents of EUR 767.9 million (as of end of June 2024).
   Roughly 96% of financial liabilities are hedged against interest rate
   increases.

   The IFRS book value per share improved by 1.0% to EUR 26.85 (31 December
   2023: EUR 26.60). The EPRA NTA equalled EUR 28.25 per share as of 30 June
   2024, compared with EUR 28.00 at the end of December 2023.

   Outlook

   IMMOFINANZ Group remains optimistic for the future in spite of current
   challenges. Its flexible and resilient real estate products together with
   a first-rate team create an optimal position, also in the present market
   environment. From today’s point of view, IMMOFINANZ Group is well
   positioned to continue its growth course over the medium to long term.

   The value-creating growth strategy will continue to focus on the further
   expansion of the retail portfolio and the squeeze out for S IMMO AG
   currently in preparation.

   IMMOFINANZ also signed a framework agreement with CPI Property Group to
   examine the feasibility, advantages and disadvantages of a potential
   business combination, cross-border merger or other form of integration or
   combination of assets, functions and key corporate entities of the two
   groups with the aim of optimising the group’s capital structure to capture
   both operating and cost efficiencies for the benefit of all stakeholders.

   This interim report by IMMOFINANZ AG on the first half of 2024 as of 30
   June 2024 will be available on the company’s website under
   https://immofinanz.com/en/investor-relations/financial-reports starting on
   28 August 2024.

    

   On IMMOFINANZ

   IMMOFINANZ is a commercial real estate group whose activities are focused
   on the office and retail segments of eight core markets in Europe:
   Austria, Germany, Poland, Czech Republic, Slovakia, Hungary, Romania and
   the Adriatic region. The core business covers the management and
   development of properties, whereby IMMOFINANZ relies on its established
   real estate brands – STOP SHOP (retail), VIVO! (retail) and myhive
   (office) – and also on complementary products and portfolios that include
   S IMMO. IMMOFINANZ owns more than 50% of the shares in S IMMO and fully
   consolidates this company.  IMMOFINANZ Group holds roughly 490 properties
   with a combined value of approximately EUR 8.2 billion. The company is
   listed on the stock exchanges in Vienna (leading ATX index) and Warsaw.
                
   Further information under: (1)https://immofinanz.com

    

   For additional information contact:
   Simone Korbelius
   Investor Relations and Corporate Communications
   T +43 (0)1 88 090 2291
   M +43 (0)699 1685 7291
   (2)communications@immofinanz.com
   (3)investor@immofinanz.com
   1100 Vienna, Wienerbergstraße 9, Austria
   www.immofinanz.com

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   28.08.2024 CET/CEST This Corporate News was distributed by EQS Group AG.
   www.eqs.com

   ══════════════════════════════════════════════════════════════════════════

   Language:    English
   Company:     IMMOFINANZ AG
                Wienerbergstraße 9
                1100 Vienna
                Austria
   Phone:       +43 (0) 1 88090 - 2291
   Fax:         +43 1 88090 - 8291
   E-mail:      investor@immofinanz.com
   Internet:    http://www.immofinanz.com
   ISIN:        AT0000A21KS2
   WKN:         A2JN9W
   Listed:      Regulated Unofficial Market in Berlin, Frankfurt, Munich,
                Stuttgart, Tradegate Exchange; Warschau, Vienna Stock
                Exchange (Official Market)
   EQS News ID: 1976955


    
   End of News EQS News Service


   1976955  28.08.2024 CET/CEST

References

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   2. mailto:communications@immofinanz.com
   3. mailto:investor@immofinanz.com

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