S IMMO : Interim Financial Statements Q1 2024 (

Making

an impact

Interim Financial Statements as of 31 March 2024

Key figures

				01.01.-31.03.2024		01.01.-31.03.2023
Revenues		EUR m	93.5	80.0
EBITDA		EUR m	44.6	31.4
EBIT		EUR m	20.0	19.0
EBT		EUR m	6.5	5.8
Consolidated net income for the period		EUR m	0.5	-1.2
NOI ratio		in %	55.7	49.6
FFO I		EUR m	32.3	25.0
Earnings per share		EUR	0.09	0.01
Operating cash flow		EUR m	43.8	30.4
Operating cash flow per share		EUR	0.62	0.43
Cash flow from investing activities		EUR m	34.8	303.0
Cash flow from financing activities	EUR m	-163.8	-60.7

				31 March 2024 31 December 2023
Total assets	EUR m	4,029.1	4,179.9
Equity	EUR m	1,707.1	1,701.8
Equity ratio	in %	42.4	40.7
Liabilities1		EUR m	2,322.0	2,478.0
Net loan-to-value ratio (net LTV)		in %	48.2	49.0
Cash and cash equivalents at the end of the quarter1		EUR m	350.6	445.6
Closing price at the end of the quarter		EUR	17.62	12.50
EPRA NTA per share		EUR	25.17	25.00
Book value per share		EUR	23.66	23.43
Share price discount on book value per share		in %	-26	-47
Property assets1		EUR m	3,428.3	3,477.6
whereof properties under construction and undeveloped land		EUR m	82.0	88.0

1 Including held for sale

S IMMO | Interim financial statements as of 31 March 2024 | Contents

1

Contents

p. 2  - Letter from the management p. 4  - S IMMO in the capital market

p. 10  - Business development and performance

p. 12  - Condensed consolidated interim financial

statements as of 31 March 2024

p. 23  - Financial calendar 2024 p. 24  - Contact/publication details

2	S IMMO | Interim financial statements as of 31 March 2024 | Letter from the management
To table of contents

S IMMO has begun the new financial year full of vigour and drive. In these interim financial statements, we will therefore be reporting on various exciting transactions, our operational achievements and the accordingly positive trends in our key performance indicators for the first quarter.

In the first quarter of 2024, we significantly increased total revenues from EUR 80.0m in the prior-year period to EUR 93.5m. This improvement is mainly due to acquisitions of profitable properties in the Czech Republic and Austria in the previous year, but also to a good like-for-like performance. Gross profit improved significantly from EUR 40.3m to EUR 54.2m, which corresponds to an increase of 35%. The result from property valuation, which is primarily due to market-related valuations in Germany, amounted to EUR -22.6m (Q1 2023: EUR -10.0m). Overall, we were therefore able to achieve a net result for the period of EUR 0.5m (Q1 2023: EUR -1.2m) - the result of a strong operating result, property valuation and non-cash effects in the financial result.

Capital market

S IMMO's share price performed extremely well in the first quar- ter. With a year-to-date performance of 40.96%, the share was trading at EUR 17.62 as of 31 March 2024. A new share buy- back programme was resolved at the start of the year with an authorised share buyback volume of up to 0.5% of share cap­ ital. By the end of the programme on 31 March 2024, 50,152 shares worth EUR 745,196 were bought back, with the result that S IMMO held a total of 3,316,689 treasury shares at the end of the first quarter.

"The success of our ­strategy is plain to see in our ­operating performance indicators.

Our business­ model­ is

already ­safeguarding our ­future

income today."

Radka Doehring

S IMMO | Interim financial statements as of 31 March 2024 | Letter from the management	3
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Transactions

We began the year by optimising our portfolio strategy. The

focus­ is on the gradual streamlining of the portfolio, particularly small and mid-sized office properties with limited development potential. Disposals are planned in Croatia, Slovakia and Austria in particular. Moreover, the disposal programme that has been running in Germany since autumn 2022 has been widened to include the entire German portfolio. In line with our strategy, the proceeds from the disposals will be reinvested in high-yielding office and commercial properties in the CEE region.

We have already successfully put this strategy into practice several times. At the end of March, for example, we signed the contract to sell the Zagrebtower in Croatia. Meanwhile, at the end of February, we signed a declaration of intent, followed by the agreement to acquire a port­folio from CPI Property Group S.A. in the Czech Republic at the end of April. The acquisitions comprise four office and four ­commercial properties with a total leas- able area of around 136,000 m², a property value of around EUR 463m and annual rental income of around EUR 28.3m.

"The acquisitions in the Czech Republic mean additional rental income of around EUR 28.3m per year. Meanwhile, we have also had great success in our sales transactions."

Tomáš Salajka

Outlook

We are very satisfied with the company's performance and are convinced of the value-adding potential of our strategy. Against this backdrop, we will continue to work on implementing it with all our energy and dedication. This will allow us to safeguard our future income and continue our operating success.

As always, we would like to take this opportunity to thank you for the trust you have placed in us.

The Management Board team

Radka Doehring

Tomáš Salajka

4

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S IMMO | Interim financial statements as of 31 March 2024 | S IMMO in the capital market

S IMMO in the capital market

International capital market environment

The first quarter of 2024 began hesitantly on the capital markets, impacted by geopolitical conflicts such as the ongoing war of aggression in Ukraine and the war in Gaza, fears of recession and uncertainty regarding possible political upheavals in the current bumper election year. Despite the many negative fac- tors, the general sentiment was positively influenced by the prospect of interest rate cuts in the near future, manageable ­inflation rates, increased investor confidence and resilient consumer spending.

For example, the Dow Jones index (DJIA) closed the first quarter with a year-to-date performance of 5.62%, while the broad- based S&P 500 index in the US gained 10.16%. The German benchmark index DAX also performed well, with an increase of 10.39%. Austria's benchmark ATX index posted a modest performance of 2.94%, while the Austrian IATX sector index closed the first quarter with a price increase of 10.01%. An overview of the development of the S IMMO share and of the indices relevant to the company is shown in the table below.

S IMMO share and share buyback ­programme

S IMMO's share price enjoyed an extremely positive trend in the first quarter. With a year-to-date performance of 40.96%, the share was trading at EUR 17.62 as of 31 March 2024. This meant that the S IMMO share significantly outperformed the IATX and ATX indices. Analysts covering the S IMMO share gave it a positive "BUY" recommendation. Their price targets are

between­ EUR 17.00 and EUR 20.00.

Share price development 

indexed 01 January 2024 to 31 March 2024     S IMMO share      ATX      IATX

140

130

120

110

100

90

01/2402/2403/24

At the beginning of the year, another share buyback programme was resolved, which was scheduled to run from 15 January 2024 to 31 March 2024, but actually ended on 15 February 2024 when the maximum permitted buyback price of EUR 15.00 was reached. The authorised volume for the share buyback was up to 0.5% of the share capital. 50,152 shares worth EUR 745,196 were bought back, meaning that S IMMO held a total of 3,316,689 treasury shares as of 31 March 2024.

The market capitalisation of S IMMO AG as of 31 March 2024 was EUR 1,296.99m, and the company's share capital amounted to EUR 267.5m divided into 73,608,896 bearer shares.

Overview of S IMMO share and indices

			S IMMO share		ATX	IATX		DAX		DJIA		S&P 500
31	December 2023	12.50	3,434.97		320.93	16,751.64	37,689.54	4,769.83
31	March 2024	17.62	3,535.79		353.04	18,492.49	39,807.37	5,254.35
Year-to-date performance	40.96%	2.94%		10.01%	10.39%	5.62%	10.16%

S IMMO | Interim financial statements as of 31 March 2024 | S IMMO in the capital market

Performance as of 31 March 2024

S IMMO share
Three months	40.96%
One year	32.68%
Three years, p.a.	0.34%

S IMMO share information

5

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ISIN

Ticker symbols

Market

Market segment

Index

Market capitalisation (31 March 2024)

Number of securities (31 March 2024)

Market makers

AT0000652250/SPI

Reuters: SIAG.VI/Bloomberg: SPI:AV

Vienna Stock Exchange

Prime Market

IATX/GPR General

EUR 1,296.99m

73,608,896

Hauck Aufhäuser Lampe Privatbank AG

S IMMO bonds as of 31 March 2024

							Total nominal value
ISIN		Maturity		Coupon		EUR '000
AT0000A1DBM5		09 April 2025	3.250%	15,890.00
AT0000A285H4		22 May 2026	1.875%	150,000.00
AT0000A2UVR4 (green bond)	11	January 2027	1.250%	25,058.50
AT0000A1DWK5		21 April 2027	3.250%	34,199.00
AT0000A2MKW4 (green bond)		04 February 2028	1.750%	70,449.50
AT0000A35Y85 (green bond)	12	July 2028	5.500%	75,000.00
AT0000A2AEA8	15	October 2029	2.000%	100,000.00
AT0000A1Z9C1		06 February 2030	2.875%	50,000.00

The corporate bond with a volume of EUR 100m and a coupon of 1.75% p.a. that matured in February 2024 was repaid entirely using cash and cash equivalents.

Extraordinary General Meeting and changes on the Management Board

At the request of CPI Property Group S.A., an Extraordinary General Meeting was held on 29 January 2024. A resolution was passed to revoke the appointment of Ulrich Steffen Ritter, John Verpeleti and Martin Němeček and to fill their positions as well as that of Karin Rest, who had resigned her mandate with effect from 15 January 2024. The following persons were newly elected to the Supervisory Board: Martin Matula (chairman of the

Supervisory Board), Vladislav Jirka
(first deputy chairman), Matej Csenky	Website:
(second deputy chairman) and Vít	www.simmoag.at/en
Urbanec.

An amendment to the articles of association was also resolved, under which the Management Board may in the future hold the General Meeting as a virtual or hybrid event as an alternative to a purely physical meeting, subject to the approval of the Supervisory Board.

In addition to changes on the Supervisory Board, there were also changes on the Management Board in the first quarter. The Supervisory Board and Herwig Teufelsdorfer agreed to termi-

6

contents

S IMMO | Interim financial statements as of 31 March 2024 | S IMMO in the capital market

Share data

To table of

Earnings per share (EPS)

FFO I per share

Closing price

Average daily turnover for the last 100 days

EPRA NTA per share

Book value per share

Share price discount on book value per share

		31 March 2024		31 March 2023
EUR	0.09	0.01
EUR	0.46	0.35
				31 December
		31 March 2024	2023
EUR	17.62	12.50
shares1	23,442	25,100
EUR	25.17	25.00
EUR	23.66	23.43
in %	-26	-47

1 Double counting

Shareholder structure

Free float	CPI Property Group S.A.
11.63%	88.37%1, of which 50.00%
	plus 1 share
	indirectly via
	IMMOFINANZ AG

1 Based on the number of share capital held as reported by IMMOFINANZ AG and CPI Property Group S.A. on 28 December 2022.

As of 28 December 2022

nate his Management Board contract with effect from 02 Febru- ary 2024. Tomáš ­Salajka, who is also a member of the Management Board of CPI, was appointed to the Management Board to replace Mr Teufelsdorfer.

Annual General Meeting 2024 and allocation of profits

The 35th Annual General Meeting of S IMMO AG was held in person on 03 May 2024. According to the agenda, a resolution was passed not to distribute a dividend and to carry the entire distributable net profit forward to new account so that the funds can be used to strengthen the balance sheet. All voting results from the Annual General Meeting can be found on the com­ pany's website at www.simmoag.at/agm.

Shareholder structure

No changes in the company's shareholder structure were reported to S IMMO AG in the first quarter. According to a shareholding notification dated 28 December 2022, CPI Property Group S.A. thus still held 88.37% of the voting rights in S IMMO AG as of 31 March 2024, thereof 50% plus one share indirectly via IMMOFINANZ AG. The corresponding shareholding notifications can be viewed at www.simmoag.at/en/investor-­relations/s-immo-share.html.The current shareholder structure of S IMMO AG as of 31 March 2024 is shown in the chart on the left.

S IMMO | Interim financial statements as of 31 March 2024 | S IMMO in the capital market

Calculation of FFO I

in EUR '000		31 March 2024		31 March 2023
Net income for the period	477	-1,168
Non-cash taxes	5,235	5,916
Adjusted net income for the period	5,712	4,748
Non-cash revaluation result	22,560	10,023
Non-cash depreciation and amortisation	1,999	2,367
Income from property disposals	0	0
Other non-cash/non-recurring effects	3,613	2,804
Non-cash valuation of financial instruments	-9,084	6,149
Non-cash FX result	7,471	-1,115
FFO I (without results from disposals)	32,271	24,975
FFO I per share in EUR	0.46	0.35

EPRA key figures

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in EUR

EPRA NRV per share

EPRA NTA per share

EPRA NDV per share

EPRA net initial yield in %

EPRA LTV in %

		31 December
31 March 2024	2023

1. 28.01

1. 25.00

1. 25.77

1. 5.6

1. 47.8

in EUR '000

EPRA earnings and EPRA earnings per share (EPRA EPS)

Earnings for the period according to IFRS income

Results from property valuations

Income from property disposals (including transaction costs)

Tax on income from disposals

31 March 2024 31 March 2023

6,375444

22,56010,023

00

1,27622,752

in EUR '000

Fair value investment properties

Annualised cash rental income (gross)

Non-recoverable property operating expenses

Annualised cash rental income (net)

EPRA net initial yield in %

31 March 2024

3,248,928

226,827

-38,628

188,198

5.8

31 December 2023

3,335,992

224,472

-37,785

186,687

5.6

Changes in fair value of financial instruments

Deferred taxes in respect of EPRA adjustments

EPRA adjustments for companies measured according to the equity method

Minority interests in respect of the above

EPRA earnings

EPRA earnings per share (EPRA EPS) in EUR

-4,2536,149

1,665-17,093

00

-2,421-1,117

25,202 21,157

0.360.30

EPRA key figures

S IMMO publishes EPRA key figures such as EPRA Net Re­ instatement Value (EPRA NRV), EPRA Net Tangible Assets (EPRA NTA) and EPRA Net Disposal Value (EPRA NDV). Due to the change in the portfolio strategy and the increased market uncertainties, the adjustment of the deferred taxes in

EPRA NTA is carried out in such a way that only 50% of the ­relevant deferred taxes are added as a lump sum. The exact description of the key figures can be found on the EPRA website (www.epra.com).

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S IMMO | Interim financial statements as of 31 March 2024 | S IMMO in the capital market

EPRA NRV, EPRA NTA, EPRA NDV

31 March 2024

in EUR '000		EPRA NRV	EPRA NTA		EPRA NDV
Equity attributable to shareholders	1,663,421		1,663,421	1,663,421
Per share in EUR	23.66		23.66	23.66
Intangible assets	0		-1,044	0
Revaluation of other non-current investments	132,638		132,638	112,395
Fair value of derivative financial instruments	-93,805		-93,805	0
Deferred taxes on derivative financial instruments	5,101		5,101	0
Other deferred taxes	138,989		62,721	0
Fair value of liabilities	0		0	51,547
Deferred taxes on adjustments of liabilities	0		0	-11,856
Ancillary acquisition costs	132,256		0	0
Calculated EPRA key figure	1,978,599		1,769,032	1,815,507
Calculated EPRA key figure per share in EUR	28.15		25.17	25.83

31 December 2023

in EUR '000		EPRA NRV	EPRA NTA	EPRA NDV
Equity attributable to shareholders	1,648,388	1,648,388		1,648,388
Per share in EUR	23.43	23.43	23.43
Intangible assets	0	-1,194		0
Revaluation of other non-current investments	130,981	130,981		111,006
Fair value of derivative financial instruments	-87,059	-87,059	0
Deferred taxes on derivative financial instruments	3,665	3,665	0
Other deferred taxes	140,251	63,452	0
Fair value of liabilities	0	0	69,519
Deferred taxes on adjustments of liabilities	0	0	-15,989
Ancillary acquisition costs	134,292	0	0
Calculated EPRA key figure	1,970,519	1,758,233	1,812,923
Calculated EPRA key figure per share in EUR	28.01	25.00	25.77