EQS-Adhoc

InCity Immobilien AG: ON THE BASIS OF PRELIMINARY FIGURES FOR 2023, INCITY ACHIEVES A CONSOLIDATED NET LOSS FOR THE YEAR OF APPROXIMATELY EUR 6.0 M AND A SINGLE-ENTITY NET LOSS FOR THE YEAR OF APPROXI

EQS-Ad-hoc: InCity Immobilien AG / Key word(s): Preliminary Results InCity Immobilien AG: ON THE BASIS OF PRELIMINARY FIGURES FOR 2023, INCITY ACHIEVES A CONSOLIDATED NET LOSS FOR THE YEAR OF APPROXIMATELY EUR 6.0 M AND A SINGLE-ENTITY NET LOSS FOR THE YEAR OF APPROXI 05-Apr-2024 / 11:28 CET/CEST Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.

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Schönefeld, 5. April 2024: In the past fiscal year 2023, InCity Immobilien AG (“InCity AG”) generated a consolidated net loss for the year (pursuant to the German Commercial Code, HGB) of approximately EUR 6.0 m, based on unaudited preliminary figures. This falls below the earnings forecast, which was revised last December and posited a consolidated net loss for the year of between EUR 5.0 m and EUR 5.5 m for 2023 as a whole. The net loss for the year (pursuant to HGB) in the company’s single-entity annual financial statements for fiscal year 2023, which amounts to approximately EUR 9.7 m, is considerably below the revised forecast (between EUR -2.3 m and EUR 2.8 m).

On 15 December 2023, InCity AG announced that an external third party’s early assessment of the portfolio property at “Stiftstrasse 18/20” in Frankfurt am Main meant that the property had to undergo a non-liquidity-related extraordinary depreciation of EUR 1.9 m within the InCity Group in FY 2023. As a result, the Group’s earnings forecast for FY 2023 has been revised to a consolidated net loss of between EUR 5.0 m and EUR 5.5 m. The external market valuation reports for the other six portfolio properties are also available as of 31 December last year. Overall, the externally assessed market value of all seven of the InCity Group’s portfolio properties (including “Stiftstrasse 18/20”) fell by around 14% from EUR 207.0 m (31 December 2022) to EUR 177.5 m as of the balance sheet date. This decrease is mainly attributable to an increase in the capitalisation rates used (or the decrease of the multipliers used on the market rents achievable for the portfolio properties). In addition to the portfolio property at “Stiftstrasse 18/20” in Frankfurt, it was necessary for another portfolio property (“Oranienburger Strasse 39” in Berlin) to undergo a non-liquidity-related extraordinary depreciation of around EUR 1.2 m. This goes a significant way to explaining the increase in the consolidated net loss for the year to approximately EUR 6.0 m compared to the higher end of the adjusted Group forecast from December 2023 (EUR 5.5 m).