Slides
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27 August 2026 Results presentation
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2 Content Eichborndamm 89, Berlin 1 Disposal Update 2 Q2 2026 Key Figures 3 Portfolio & Operational Performance 4 Financial Update 5 Guidance & Concluding Remarks 6 Appendix
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3 1 Disposal Update
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4 Development projects and yielding assets sold post Q2 ’26 Following significant disposals in Q1, Adler Group has made further progress to partially redeem its 1L New Money Facility in Q2 Disposal Update 1 | Disposal Update The company’s holdback of disposal proceeds (max. amount of €250m) remains filled with €245m Other yielding asset disposals Development projects and yielding assets sold in Q2 ’26
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5 2 Q2 2026 Key Figures
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6 The Berlin-anchored yielding asset portfolio continued to perform strongly in H1 2026 H1 2026 Key Figures 2 | Q2 2026 Key Figures PORTFOLIO PERFORMANCE FINANCIAL OVERVIEW 3.0% like-for-like (l-f-l) rental growth on a year-on-year basis driven by increases in current rental contracts and reletting activities Avg. residential rent increased to €8.68/sqm/month as per Jun- 2026 Vacancy remained at a very low level of 0.9% Like-for-like rental portfolio revaluation of 0.5% in H1 2026 Like-for-like development portfolio unchanged in H1 20261 Net rental income: €63m Adj. EBITDA Rental: €37m Adj. EBITDA Total: €29m FFO 1: (€40m) Total equity: €0.7bn LTV stands at 79.2% Cash position of €155m 1. Only taking into account development projects that were part of the portfolio as per Jun-2026 and are not signed for sale
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7 3 Portfolio & Operational Performance
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8 Berlin-anchored Yielding Asset Portfolio Number of rental units 1 Residential units including ground level commercial units, comprises 17,416 units in Berlin and 49 units in other locations which are earmarked for sale; 2. Includes current locations with at least 100 rental units 3.5 3.5 Dec-25 (0.0) Disposals 0.0 Revaluation Mar-26 (0.0) Disposals 0.0 Revaluation Jun-26 3.5 Gross asset value (GAV) in €bn Residential portfolio as per Jun-20262 BERLIN €3.5bn GAV 17,416 units Berlin Adler Group’s residential portfolio is almost entirely concentrated in Berlin and has a total gross asset value of €3.5bn 2,875 2,886 GAV in €/sqm 2,870 Dec-25 (21) Disposals Mar-26 (18) Disposals Jun-26 17,504 17,483 17,4651 3 | Portfolio & Operational Performance
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9 Like-for-like fair value development until Q2 2026 (%) General note: Historic numbers as reported, i.e. not adjusted for disposals 1. Calculated as annualised monthly in-place rent divided by the fair value at the reporting date The positive revaluation mainly stems from rent increases realised in H1 2026 Yielding Portfolio Valuation Rental yield (%)1 Jun-25 Jun-26 3.5% 3.6% 10,1% (1,9%) (12,8%) (2,2%) 1,0% FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 H1 2026 0,5% 3 | Portfolio & Operational Performance
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10 3.0%1.4% 0.4% 0.3% Average rent (€/sqm/month) Like-for-like rental growth (%)2 General notes: KPIs presented on this page include ground level commercial units and exclude units under renovation and development projects; historic numbers as reported, i.e. not adjusted for disposals 1. Jun-2026 figure excluding 49 non-Berlin units which are earmarked for sale; Operational vacancy excludes unavailable units, i.e., units under refurbishment and decommissioned units; Total vacancy rate amounting to 1.8% as per Jun- 2026; 2. Like-for-like rental growth calculated on a year-on-year basis; 3. Units that are vacant now but were rented out last year; 4. Units that are rented out now but were vacant last year; 5. Units that are rented out now as well as last year, but to a different tenant; 6. Total Consumer price index (CPI)-linked leases amount to 29.4% based on total rental units and 30.2% based on NRI The like-for-like rental growth of 3.0% was driven by the increase of current rental contracts and vacancy reduction Operational Performance Jun-25 Jun-26 Jun.25 Jun-26 3.4% 3.0% Detailed breakdown of the like-for-like rental growth as per Jun-2026 (%) New Vacancy3 0.8% 1.6 Vacancy reduction4 Re-letting5 Rent increase6 Total rental growth (1.6) 0.8% 0.7% CAPEXWithout CAPEX Operational vacancy rate(%)1 Jun-25 Jun-26 3 | Portfolio & Operational Performance 8,45 8,68 2,0% 0,9%
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4 Financial Update
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12 3.5 3.5 0.4 GAV (€bn)1 Comments General note: Rounding errors may occur 1. Based on externally appraised values, may slightly differ from IFRS accounting values; 2. Excludes disposals that are either signed, closed or handed-over as per Jun-2026; 3. Includes value adjustments of developmentprojects reflecting prices agreed with buyers (sales contract signed or letter of intent), as also reflected on the balance sheet as per Jun-2026 Development of GAV in Q2 2026 4 | Financial Update 1 In the second quarter 2026, 18 condominium units were sold 1 2 No disposals were closed in the second quarter2 Total portfolio GAV reduced slightly due to selective yielding asset disposals 3 During the second quarter, a positive result was realised as part of the semi-annual revaluation process of the yielding portfolio, translating into a like-for-like increase of 0.5%, compared to prior values 3 Mar-26 (0.0) Disposals yielding assets (0.0) Disposals development projects 0.0 Revaluation yielding assets 0.0 Revaluation development projects3 0.42 Jun-26 3.9 3.9 Development projects Yielding portfolio 4 For the development projects, on a like-for-like basis, valuations remained unchanged compared to Q1 2026 figures 4 Thereof: €0.3bn upfront sale projects €0.1bn forward & condo sale projects
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13 Partial redemptions, i.e. proceeds returned to the holders of the 1L New Money Facility in the total amount of €116m in Q2 2026: − €93m repaid on 2 Apr-2026 after proceeds received from the sale of the Holsten development project − €11m repaid on 2 Apr-2026 after proceeds received from the sale of the Kornversuchsspeicher − €4m repaid on 2 Apr-2026 after proceeds received from Berlin condo sales − €3m repaid on 7 Apr-2026 after proceeds received from the sale of the Hedemannstrasse − €5m repaid on 13 May-2026 after proceeds received from the sale of Hansastrasse Further redemptions, i.e. proceeds returned to other lenders in Q2 2026: − €15m repaid in Apr-2026 after proceeds received from the sale of Hedemannstrasse Partial redemptions, i.e. proceeds returned to the holders of the 1L New Money Facility in the total amount of €4m in Q3 2026: − €4m repaid on 5 Aug-2026 after proceeds received from the sale of the Hansastrasse DEBT REPAYMENTS The redemption of the 1L New Money Facility continues with the inflow of disposal proceeds Financing Update 4 | Financial Update Completed prolongation of a €6m secured bank loan originally due in Q3 and Q4 2026 to Q4 2028. The loan is provided by a German bank, financing certain of Adler's property companies in Berlin The remaining 2026 bank maturities in the volume of €12m are under discussion regarding prolongation with the respective lenders MATURITIES IN 2026
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14 29,7% 30,0% 20,4% 19,9%Total nominal interest-bearing debt (€m)1 3,515 LTV2 79.2% Fixed / hedged debt 99.2% Weighted average cost of debt 7.1% Weighted average maturity (years) 2.9 Issuer credit rating S&P B- (stable outlook) 1L New Money Facility rating S&P B 1.5L Notes ratings S&P CCC Reinstated 2L Notes3 rating S&P CCC General notes: Not including the Perpetual Notes as they are treated as equity under IFRS; S&P ratings as per date of this presentation 1. Excluding payment-in-kind (PIK) interest; 2. The LTV differs from the bond covenant LTV; 3. Excl. Perpetual Notes Following further partial redemptions of the 1L New Money Facility in Q2 2026, the total nominal interest -bearing debt reduced to €3.5bn Overview of Debt KPIs as per Jun-2026 Debt KPIs as per Jun-2026 Sources of funding 29,7% 70,3% Secured bank debt 1L Notes 1.5L Notes Reinstated 2L Notes3 Bank debt Corporate bonds 4 | Financial Update
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15 88 1.055 717 118 12 796 2026 2027 2028 2029 29 2030 2031 1,850 729 Overview of debt maturities1 as per Jun-2026 (€m) Comments The company’s 2026 maturities have now been fully addressed Debt Maturity Schedule % of total debt maturingBank debt Corporate bonds General notes: Rounding errors may occur; not including the Perpetual Notes as they are treated as equity under IFRS 1. Figures based on nominal values as per 30 Jun-2026, not including accrued payment-in-kind (PIK) interest 700 Reinstated 2L Notes 1L New Money Facility 1.5L 4 | Financial Update 0% 3% 53% 20% 21% 3% The remaining 2026 bank maturities in the volume of €12m are under discussion regarding prolongation with the respective lenders
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16 LTV evolution (%) The mostly non-cash effective interest expenses led to an increase of the LTV in the quarter Loan to value (LTV) –Development in Q2 2026 4 | Financial Update Mar-26 Project disposal Interest expenses CAPEX Revaluation yielding disposal other Jun-26 77.1% (0%) (0.4%) 79.2% 1.5% 1.0%
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17 301 0 Cash position (€m) The cash position decreased due to high inflows from disposals in Q1 and corresponding repayments in Q2 Development of Cash Position – Development in Q2 2026 4 | Financial Update Net cash interest paid 1 Yielding asset disposals Development asset disposals (19) Mar-26 0 (116) Debt repayment incl. PIK - 1L Jun-26 3 Operating cash flow (21) Net cash flow from forward sales (6) Net cash flow from other development projects (9) Yielding capex (6) Tax incomeOther (e.g. litigation) (11) Bank loan repayments 1. Restricted cash mainly includes deposits for guarantees, short-term CAPEX and rolling interest reserves related to associatedfinancing 51 35 155 301 51
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18 5 Guidance & Concluding Remarks
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19 Full-year 2026 guidance Concluding remarks Net rental income (€m) €124-129m 5 | Guidance & Concluding Remarks Berlin-based rental portfolio with a strong full year 2026 outlook supported by new Mietspiegel Direction of the German residential real estate market remains uncertain Continued progress on asset disposals and debt redemption of €201m ytd Progress in prevention of expropriation; election in Berlin on 20 September No capital market indebtedness maturing before the end of 2028 Solid cash position maintained Guidance and Concluding Remarks
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20 Q&A
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21 Appendix 21-22 Portfolio & Operational Performance 23-27 Financials 28 Debt Overview 29-30 Development Projects 31-32 Corporate Governance 33 Corporate Agenda
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22 CAPEX and maintenance (€m) Maintenance expense (€/sqm) Yielding Asset Portfolio – 6M CAPEX and Maintenance Appendix CAPEX invested (€/sqm) 9.7 4.2 5.9 FY 2025 6M 2025 6M 2026 28 14 17 13 7 7 FY 2025 6M 2025 6M 2026 41 21 12 Maintenance CAPEX 20.6 8.5 13.6 FY 2025 6M 2025 6M 2026 24
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23 1. As appraised by CBRE as per Jun-2026; condo units and units that have been sold but not yet transferred are included but not revalued as per Jun-2026; 2. As appraised by NAI Apollo as per Jun-2026, including projects signed but not yet transferred. Please note that the externally appraised values may slightly differ from IFRS accounting values Portfolio Breakdown of Standing Assets and Developments Appendix Yielding portfolio per city1 Development projects per city2 # City Value (€m) Value (%) 1 Berlin 3,486 2 Other cities 1 Total 3,487 100.0% # City Value (€m) Value (%) 1 Berlin 188 2 Stuttgart 85 3 Frankfurt 78 4 Düsseldorf 73 5 Leipzig 52 6 München 24 7 Hamburg 18 8 Dresden 5 Total 523 100.0% 35,9 16,3 14,9 14,0 10,0 4,6 3,4 1,0 0,0 100.0
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24 In €m 6M 2026 6M 2025 Net rental income 63 68 Income from facility services and recharged utilities costs 27 38 Income from property development 13 (1) Other revenue 182 1 Revenue 284 107 Costs of operations (246) (179) Gross profit 39 (72) General and administrative expenses (43) (60) Other expenses (24) (63) Other income 21 43 Changes in fair value of investment properties 2 (63) Results from operating activities (6) (215) Net finance income / (expenses) (154) (177) Net result from investments in associated companies 0 (0) Net tax income / (expenses) (1) 11 Profit (loss) for the period (160) (381) Compared to H1 2025, net rental income decreased due to the lack of rental income from the NRW-based portfolio disposed. Other revenue mainly includes the completed upfront sales of various projects. Costs of operations include costs of property development (€25m) including total inventory write- downs on project developments. Furthermore, this position includes cost of real estate inventories disposed (€179m), costs of utilities recharged (€25m), costs of property operations and maintenance (€8m) as well as salaries and other expenses (€8m). General and administrative expenses largely referring to prior periods, salaries and related expenses (€11m), as well as office, communication and IT expenses (€5m). Excluding non- recurring items1, G&A expenses would be €21m lower. Other expenses includes non-recurring items as well as expenses from prior periods. Other income mainly relates to the reversal of provisions, the derecognition of liabilities and income from prior periods. Changes in the fair value of investment properties include the revaluation results relating to all real estate assets accounted for under investment properties. Net finance income is broken down in the adjacent table. P&L statement 1. Including impairments or the addition/release of provisions for contingent losses Profit and Loss Statement Net finance income - in €m 6M 2026 6M 2025 Finance income 10 15 Finance cost (164) (192) thereof other finance costs (5) (41) thereof interest expenses (159) (151) thereof accrued (111) (113) thereof payable (21) (18) thereof amortization (27) (20) Net finance income (154) (177) Comments 1 3 4 5 6 7 1 4 3 6 5 8 Appendix 8 7 2 2
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25 In €m 6M 2026 6M 2025 Net rental income 63 68 Income from facility services and recharged utilities costs 27 38 Income from rental activities 90 106 Costs from rental activities (34) (45) Net operating income (NOI) from rental activities 56 62 Overhead costs from rental activities (19) (21) Adj. EBITDA Rental1 37 40 FFO 1 net interest expenses (77) (68) Current income taxes (0) (2) Interest of minority shareholders - - FFO 1 (from rental activities) (40) (29) Adj. EBITDA Rental and FFO 1 calculation 1. Adj. EBITDA Rental is calculated by deducting the overhead costs from net operating income and used as a proxy to assess the recurring earnings potential of the letting business Appendix Adj. EBITDA Rental and FFO 1 Comments Income from rental activities decreased due to the sale of the NRW-based “Cosmopolitan portfolio” at the end of Feb-2025. Costs from rental activities include costs of utilities recharged in the amount of €20m, property operations and maintenance of €8m as well as salaries and other expenses of €6m. Overhead costs from rental activities include primarily salaries and related expenses of €9m, legal, accounting and other professional services of €4m and office and IT expenses of €3m. FFO 1 net interest expenses were slightly higher than in the previous year as costs of refinanced debt on subsidiary level increased. The total PIK interest amount included in FFO 1 amounts to €72m. 1 2 3 1 2 3 4 4
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26 In €m 6M 2026 6M 2025 Income from rental activities 90 106 Income from property development 13 (1) Income from other services 0 1 Income from real estate inventory disposed of 179 - Income from sale of trading properties 2 - Revenue 284 107 Cost from rental activities (34) (45) Other operational costs from development and privatisation sales (201) (56) Net operating income (NOI) 50 6 Overhead costs from rental activities (19) (21) Overhead costs from development and privatisation sales (2) (4) Adj. EBITDA Total 29 (20) FFO 2 net interest expenses (122) (120) Current income taxes (5) (4) Interest of minority shareholders - - FFO 2 (98) (143) Adj. EBITDA Total and FFO 2 calculation Adj. EBITDA Total and FFO 2 Appendix Comments Compared to the previous year, total revenue increased due to higher income from real estate inventory disposed of following the project disposals completed in H1. The increase in other operational costs from development and privatisation sales is due to the derecognition of the projects sold on the balance sheet and, correspondingly, an increase in costs. FFO 2 net interest expenses were higher than in the previous year as the cost of debt has increased as outlined on the previous slide alongside with lower interest income from deposits. The total PIK interest amount included in FFO 2 amounts to €111m. 1 3 2 3 1 2
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27 In €m Jun-26 Dec-25 Investment properties including advances 3,655 3,640 Other non-current assets 163 141 Non-current assets 3,818 3,781 Cash and cash equivalents 155 214 Inventories 173 217 Other current assets 177 187 Current assets 505 618 Non-current assets held for sale 128 308 Total assets 4,451 4,707 Interest-bearing debt 3,374 3,442 Other liabilities 211 235 Deferred tax liabilities 166 170 Liabilities classified as held for sale - - Total liabilities 3,752 3,848 Total equity attributable to owners of the Company 745 841 Non-controlling interests (46) 18 Total equity 699 860 Total equity and liabilities 4,451 4,707 Investment properties remained unchanged with no significant transfer of assets from investment properties to assets classified as held-for-sale. Other non-current assets include other financial assets of €123m (mainly comprising loans against non-controlling shareholders of subsidiaries), property and equipment of €10m, restricted bank deposits of €10m and investments in financial instruments of €8m. Inventories primarily include upfront sale projects and the land value of forward sale projects. Other current assets include other receivables (€62m), trade receivables (€60m) and restricted bank deposits (€28m). Non-current assets held for sale reduced significantly following the completed disposals of projects. The composition of interest-bearing debt is presented in more detail on page 28 of this presentation. Other liabilities include provisions (€46m), other current payables (€121m) and trade payables (€42m). Non-controlling interests decreased as a result of write-downs in certain subsidiaries. Balance sheet Comments Balance Sheet Appendix 1 2 3 4 5 6 7 8 1 2 4 3 6 7 8 5
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28 In €m Jun-26 Dec-25 Borrowings from Financial Institutions 3,019 3,119 Bond loans 356 323 Net payables 12 25 Cash and cash equivalents (155) (214) Net Debt 3,231 3,253 Investment properties at fair value 3,655 3,640 Properties held for sale 301 525 Financial assets 123 97 Total Property Value 4,079 4,262 LTV 79.2% 76.3% LTV LTV – Overview Appendix Comments 1 Total interest-bearing debt of €3,375m decreased compared to the Dec-2025 value mainly following certain debt repayments partially offset by accruing interests. 3 As of 30 Jun-2026, the Company’s combined LTV amounts to 79.2%. 1 1 3 2 2 Properties held for sale decreased significantly following the completed sales development projects and yielding assets..
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29 Breakdown of Debt Maturities per Jun-2026 Appendix 1. Nominal interest rate for totals and subtotals is calculated by using day count convention, based on act/360, and might therefore differ from the nominal interest of the individual debt instruments Nominal amount (€m) IFRS (€m) Maturity Nominal interest rate Adler Group Bonds 1L New Money Facility 1,055 1,163 31 Dec-28 8.25% 1.5L 717 811 31 Dec-29 10.00% Reinstated 2L Notes 700 355 14 Jan-30 6.25% Total 2,471 2,330 3.1 years 8.35% Bank debt 1,044 1,044 2.5 years 4.03% Total interest-bearing debt 3,515 3,374 2.9 years 7.06%1
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30 OTHER Upfront Sale Projects Appendix # Project name Entity City Zoning Building permit Construc. started Land plot (k sqm) Area (k sqm) Actual CAPEX 6M 20261 (€m) Budget CAPEX 6M 20261 (€m) 1 Eurohaus Adler Frankfurt 14 27 0 0 2 Grand Central Consus Düsseldorf 34 76 0 0 3 SLT 107 Schwabenlandtower Consus Stuttgart 8 16 0 0 4 VAI Campus Stuttgart-Vaihingen Consus Stuttgart 195 181 0 0 5 Covent Garden Consus München 18 26 0 0 6 Schönefeld Nord Residential & Commercial Adler Berlin 316 187 0 0 7 Steglitzer Kreisel Tower Consus Berlin 5 24 4 5 8 Steglitzer Kreisel Parkdeck + Sockel Consus Berlin 13 49 0 0 9 Hufewiesen (Trachau) Adler Dresden 23 – 0 0 Total 626 587 5 6 General note: Status of projects as per the publication date of H12026 results; note that projects #1-2 are not included in the Jun-2026 GAV as shown on slide 12 1. Actual CAPEX spent during H1 2026 and company’s CAPEX forecast for remaining 6M 2026 EXCLUSIVITY PROJECT DISPOSALS SIGNED
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31 Forward Sale and Condominium Projects Appendix # Project name Project category Entity City Expected year of completion Zoning Building permit Construc. started Land plot (k sqm) Area (k sqm) GAV1 (€m) GDV1 (€m) Actual CAPEX 6M 20262 (€m) Budget CAPEX 6M 20262 (€m) 1 Ostforum3 Forward sale Consus Leipzig 2026 9 18 53 92 11 11 2 Westend Ensemble - Grand Ouest - LEA A Condominium Consus Frankfurt 2026 14 9 62 92 14 9 Total 23 27 111 184 25 20 General note: Status of projects as per the publication date of H1 2026 results 1. Based on H1 2026 appraisal valuation reports; 2. Actual CAPEX spent during H1 2026 and company’s CAPEX forecast for remaining 6M 2026; 3. The project is currently in the remarketing phase
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32 Dr. Karl Reinitzhuber Chief Executive Officer Member of the Board Chairman of the Ad Hoc Committee Composition of the Board of Directors Corporate Governance – Composition of the Board of Directors Appendix Thilo Schmid Member of the Board Chairman of the Audit Committee Member of the Nomination & Compensation Committee Thorsten Arsan Chief Financial Officer Member of the Board Member of the Ad Hoc Committee Stefan Brendgen Chairman of the Board Member of the Audit Committee Chairman of the Nomination & Compensation Committee Matthias Moser Member of the Board Member of the Audit Committee Member of the Nomination & Compensation Committee Paul Copley Member of the Board Member of the Audit Committee Member of the Nomination & Compensation Committee
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33 Adler Group shareholder composition1 Corporate Governance – Shareholder and Voting Securities Composition Vonovia Free Float 15.9% 84.1% Appendix 1. Based on c.151.6m voting rights attached to the share capital (ISIN LU1250154413); according to the official notifications received from the shareholders; based on the German stock exchange’s definition, the free float refers to shares that are not owned by major shareholders holding more than 5% of the total shares 2. Based on c.454.9m voting rights attached to the voting securities (parts bénéficiaires; ISIN LU2900363131); according to the official notifications received from the holders of voting securities (parts bénéficiaires) 3. Based on c.606.5m total voting rights attached to both the share capital and the voting securities (parts bénéficiaires); according to the official notifications received from the shareholders and holders of voting securities (parts bénéficiaires) Adler Group composition of total voting rights3 PIMCO Taconic Capital Advisors Sculptor Capital Management Arini Capital Management4.0% Vonovia Other 18.0% 10.0% 9.0% 6.5% 52.6% Adler Group holder of voting securities composition2 PIMCO Taconic Capital Advisors Sculptor Capital ManagementArini Capital Management Other 24.0% 12.3% 11.1% 8.7% 44.0% 151.6m voting rights 454.9m voting rights 606.5m voting rights General Note: As part of the comprehensive recapitalisation completed in Sep-2024, holders of the Investor Notes received new voting securities that represent 75% of the voting rights in Adler Group S.A. (but 0% of the distribution rights). Common shares to represent 25% of the voting rights in Adler Group S.A. and 100% of the distribution rights.
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34 Adler Group S.A. financial calendar 2026 26 November 2026 Publication Q3 2026 Results Corporate Agenda Appendix Online Financial Calendar www.adler-group.com Imprint Adler Group S.A. 55 Allée Scheffer 2520 Luxembourg Grand Duchy of Luxembourg investorrelations@adler-group.com www.adler-group.com Investor relations contacts Sven Döbeling Head of Finance, Investor Relations & Communication investorrelations@adler-group.com
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Disclaimer THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, JAPAN OR ANY JURISDICTION WHERE SUCH DISTRIBUTION IS UNLAWFUL. This presentation (“Presentation”) was prepared by ADLER Group S.A. (“ADLER”) solely for informational purposes and has not been independently verified and no representation or warranty, express or implied, is made or given by or on behalf of ADLER Group. Nothing in this Presentation is, or should be relied upon as, a promise or representation as to the future. 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