Operator

Welcome to the Hamborner REIT Q1 2026 Financial Results Conference Call. [Operator Instructions]

Now I will hand the conference over to the speakers. Please go ahead.

Niclas Karoff
CEO & Chairman of Management Board

Good morning, ladies and gentlemen. This is Niclas Karoff for Hamborner REIT. Thank you for joining our conference call regarding our figures for the first quarter of 2026. I'm pleased to be here today together with members of our team, including my colleague, Christoph from IR. As usual, I will begin with a brief presentation, after which, we will open the floor for a Q&A session. We hope everything will run smoothly from a technical standpoint, and look forward to engaging with you.

Let's start with an overview of the key figures as of 31st of March 2026. Influenced by our disposals over the past 12 months, the income from rents and leases declined moderately by 1.9% to EUR 22.6 million in the first quarter. FFO decreased by 1.6% year-on-year and amounted to EUR 11.7 million or EUR 0.14 per share.

During the first quarter, financial and portfolio figures overall showed a positive development. EPRA NAV and LTV were positively influenced by the stable revenue and also the earnings development as well as value adjustment within the property portfolio, resulting in a value of EUR 9.27 per share and 43.1%, respectively. Operating performance remained resilient, with a vacancy rate and total portfolio WALT at solid levels of 3.5% and 5.2 years. As always, we are going to provide more details on the next slides.