9 Net Income from Fair Value Adjustment of Investment Properties

The measurement of the investment properties led to a valuation gain as of June 30, 2026, of € 848.1 million (H1 2025: € 520.3 million) (see explanatory information in chapter [D18] Investment Properties). This includes € 7.7 million (H1 2025: € -16.3 million) for the measurement of right-of-use assets (IFRS 16).

Buildings under construction (New construction/Development to hold) were completed during the reporting period and moved to the Rental portfolio. A fair value measurement is performed for the first time when the properties are completed. This resulted in a valuation effect of € 0.8 million as of June 30, 2026 (H1 2025: € 0.5 million).

The recognition and valuation of investment properties are explained in detail in the consolidated financial statements for 2025.