Greenman OPEN Monthly Update: December 2025

This is the first of our monthly updates that we have committed to providing during the fund's gating period. Our aim is to provide clear information on two fronts: the process to address liquidity and the ongoing operational performance of the portfolio.

Update on the Liquidity Process

The planned disposal of 14 properties is underway and the timing is on schedule. As this is an orderly sales process in its early stages, there are no significant transactional developments to report this month. We will continue to provide further details as the process advances and material updates become available.

Operational Performance: Key Figures for 2025

While the gating mechanism manages investor liquidity, the core operations of the fund continue independently. Below is a summary of key operational metrics for 2025, which demonstrate the continued function of the fund:

• Portfolio Income: Total rent collected for 2025 was c. €57.6 million, achieved with a high rental collection rate of 97.8%. Through active asset management, we added c. 300 sqm of new rental space via redevelopments.
• Strategic Progress: Work continues on Project Heiko (lease renegotiations) and the rollout of the edyfi data platform, which are foundational to long-term value.

Greenman Energy Growth: Our utility division made substantial progress:

• Renewable energy generation is now active at 13 locations, producing 1.38 million kWh in 2025 – enough electricity to power about 350 households for a year.
• The direct utility service, launched in Q3, now supplies 27 customers (20 commercial, 7 residential).
• The EV charging network operates 17 hubs with 42 hyper-fast chargers, recording 39,000 charging sessions with a 25% customer return rate, underlining the importance of providing a trusted and preferred choice for EV drivers at grocery-retail locations.

Looking Ahead

We will provide our next update in January 2026. The fund continues to meet all its operational and financial commitments.

For direct access to updates, please ensure you have the Greenman OPEN mobile app installed with notifications enabled.