Greenman OPEN Monthly Update – March 2026

This is the fourth of our monthly updates that we have committed to providing during OPEN’s gating period.

OPEN’s Operational Performance
The underlying portfolio of OPEN continues to perform well in line with sector standards. Business operations continue as usual across OPEN’s portfolio, with ongoing progress across each of OPEN’s investment zones.

Real Assets
The underlying real estate portfolio continues to perform strongly. Rent collection stands at c.98.9% with further CPI-linked increases expected in Q2. All debt facilities remain compliant with obligations met, and operational expenditure continues in line with the 2026 budget.

Construction finance facilities of approximately €18 million and €22 million are targeted to commence in April and June respectively across two of OPEN’s properties, Dinkelsbuhl and Datteln.

The ongoing strategic Project HEIKO, which includes the renegotiation of 23 leases across OPEN’s portfolio, is on track to deliver a c. 25% rent to term (RTT) increase (c. €150 million) by Q1 2027, underpinned by the long-term framework agreement with Germany’s largest grocer, EDEKA.

Utilities
Greenman Energy (GME) reached a landmark milestone in March having generated €1 million in EV-charging revenue. GME’s network now spans 20 locations with 45 hyper-fast chargers, having completed approximately 46,000 charging sessions to date. Around 13,500 people have used GME’s network with approximately 35% returning users, reflecting the growing role of EV charging across OPEN’s properties and the increased footfall it brings for retailers.

13 photovoltaic locations are actively generating approximately 2.91 MWh or renewable energy per day, with 38% consumed behind the meter (BTM) via Power Purchase Agreements, which allow OPEN’s tenants to purchase renewable energy directly from the solar installations on site.

Networks
edyfi, continues to expand OPEN’s live building data infrastructure across the portfolio. The 2026 forecast for energy consumption is approximately 99,000 MWh (c. €17 million), with forecast carbon emissions of approximately 3.2t CO₂ per m² of let area. This data allows tenants and property managers to better identify efficiency opportunities, helping to prioritise maintenance and future CAPEX.

Resources
Potager Farm, continues to grow, having sold approximately 1.75 tonnes of leafy greens (c. 38,000 plants) across 2025, with Q1 2026 sales running approximately 15% ahead of the prior quarter. EDEKA is set to launch its first in-store Potager sales in May 2026, a significant step in scaling volumes through the partnership with one of Germany’s largest supermarkets.

OPEN’s Disposal Update
The sale process of a property portfolio continues to progress in line with our previously disclosed timelines. OPEN is currently in a binding exclusivity agreement and once further information is available will continue to provide regular monthly updates.

Looking Ahead
Key upcoming dates for investors to note is the finalisation of the 2025 financial audit and announcement of the Q4-25 NAV and the Q1-26 NAV in May.

We will continue to provide monthly updates on the disposal process and on OPEN’s continued operations. For direct access to updates, please ensure you have the Greenman OPEN mobile app installed with notifications enabled.