^ Original-Research: DEMIRE AG - from NuWays AG

07.11.2025 / 09:00 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

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Classification of NuWays AG to DEMIRE AG

Company Name: DEMIRE AG ISIN: DE000A0XFSF0

Reason for the research: Update Recommendation: Buy from: 07.11.2025 Target price: EUR 1.00 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald

Q3 results broadly in line as outlook remains muted / Chg.

Yesterday, DEMIRE released Q3 results, which came in largely as expected on the top-line, but provided a beat on FFO. In detail:

Q3 rental income declined 10% yoy to EUR 13.6m (eNuW: EUR 13.5m), reflecting the smaller asset base following several disposals as well as an inflated vacancy level of 17.4%. Positively, the company was able to stabilize and even slightly improve the NOI margin on a sequential basis (+1.2 pp vs H1), as it came in at 68.3%. In our view, this underlines effective cost control as well as the indexation impact, which partly offset the higher vacancy.

Q3 FFO came in at EUR 3.4m, very much ahead of our estimated EUR 1.5m but still down 55% yoy. The sharp decline is mainly based on the lower rental income as well as increased interest payments following the refinancing of the corporate bond. Disciplined cost management on the other hand only partly offset those effects, resulting in a significantly reduced FFO margin of 24.8%.

Guidance confirmed. Following the results, management confirmed the FY25 outlook of EUR 52-54m sales and EUR 5-7m FFO. Our estimates are positioned 12% above the upper end of the FFO range, considering the 9m FFO of EUR 8.3m, and even despite higher expected maintenance expenses in Q4, and slightly ahead of the rental income guidance, which would need additional disposals in our view.

Disposals postponed. Management confirmed last week's ad-hoc that planned asset sales have been postponed into 2026, as current market bids remain below acceptable price levels. As a result, the company will not repay the mandatory EUR 50m of the corporate bond this year, thus triggering the 3% penalty fee (eNuW: EUR 7.4m), which is however only partially P&L relevant in FY25 and only cash relevant at maturity. Yet, management struck a slightly optimistic tone, that the situation might ease going forward in order to provide another penalty payment in FY26.

Overall, while the situation for DEMIRE remains challenging amid constrained financial and operating flexibility due to obligations connected to the bond refinancing framework, the company is still able to post solid operational performances visible in the stable NOI margin and FFO profitability. Against this backdrop, shares continue to trade at a substantial discount to the NAV of EUR 1.80 per share, which we regard as unjustified even in this situation. We hence confirm BUY with a new PT of EUR 1.00 (old: EUR 1.20) based on our NAV model.

You can download the research here: https://eqs-cockpit.com/c/fncls.ssp?u=a0508ed15cc53ab5d06a40624540492c For additional information visit our website: https://www.nuways-ag.com/research-feed

Contact for questions: NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++

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2225670 07.11.2025 CET/CEST

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Quelle: dpa-Afx