Slides
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左岸 6M 2026 results 6th August 2026 Dr Christian Ricken ( CEO ) Andy Halford ( CFO ) Aareal YOUR COMPETITIVE ADVANTAGE .
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1. Highlights 2. Group Financials 3. Business Segments 4. Outlook 5. Key Takeaways Appendix Agenda 1
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2 Highlights
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Aareal Bank well on track at half-year Increased net interest income driven by both loan and deposit growth Adjusted operating profit of € 208 mn BDS housing deposits exceeded € 15 bn1 for the first time in June SPF new business strong and in line with portfolio target 3 Solid funding, liquidity and capital position supporting financial resilience 1) Monthly average for June 2026
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Core KPI’s 4 Adjusted Return on Equity3 Deposits4 Cost Income Ratio5 Capital Ratio2Loan PortfolioAdjusted Operating Profit1 1) Adjusted for costs relating to efficiency measures, IT infrastructure investments and other material non-recurring effects 2) CET1 ratio (fully phased) 3) Post tax, annualized, adjusted for costs relating to efficiency measures, IT infrastructure investments and other material non-recurring effects 4) 6M average 5) Excluding bank levy/deposit guarantee scheme and non-recurring items € 208 mn € 34.4 bn 15.6 % 8.3 % € 17.5 bn 31%
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5 Results as of 31 December 2025 € 625 mn with a six-year maturity 57% orders from green investors ~ 3 x oversubscription of the orderbook Sustainability deeply embedded in core business Green mortgage Pfandbrief further diversifies funding mix and broadens investor base Issue in line with the standards of the Association of German Pfandbrief Banks (vdp) Green Bond allocation and impact report published annually Successful issuance of inaugural green mortgage Pfandbrief
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BDS: Positive development of housing deposits continues 6 13.6 13.7 14.1 14.7 2.6 3.5 3.2 2.8 2023 2024 2025 6M/2026 Deposits1 € bn BDS is a growing earnings and stability anchor Strong deposit franchise reinforces the group’s solid funding position Quality of the housing deposit mix continue to improve, duration of retail deposits extended BDS is creating additional growth opportunities beyond its German core market Housing industry Retail 17.517.216.5 17.3 1) Annual average, 2026: 6M average
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SPF: Stable overall portfolio; current re-positioning towards Europe 7 High quality target portfolio of ~ € 34 bn Focus on Aareal specific sweet spots Cross-border and portfolio financings Hospitality European centric 32.9 33.5 34.3 34.4 12/2023 12/2024 12/2025 06/2026 Real Estate Financing Portfolio € bn 8.3 7.7 6.3 6.3 12/2023 12/2024 12/2025 06/2026 US portfolio € bn 1) 12/2023 vs. 06/2026 US portfolio reduced by 24% since 2023, the US office segment by ~ 40% Share down from 25% to 18%1 of total portfolio Reduction of € 0.3 bn in H1 largely offset by FX Further reduction planned
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8 Implementation of our Aareal Ambition strategy on track SPF BDS Risk, funding & capital Infrastructure 8 ▪ Diversified portfolio; volume on target ▪ New business focus on Europe ▪ New US leadership team in place, executing portfolio strategy ▪ Housing deposits now exceed € 15 bn1, while quality of deposit mix continues to improve ▪ Strong momentum in client acquisition and partner network expansion ▪ Successful market entry in the Netherlands ▪ Strong capital and liquidity position supporting financial resilience ▪ Continued focus on NPL reduction, targeting below 3% ▪ First green mortgage Pfandbrief benchmark successfully issued ▪ Transformation program delivering efficiency gains and cost savings ▪ Modernization of IT architecture and cloud transformation on track ▪ AI and automation enhancing operational efficiency 1) Average BDS deposit volume for June 2026
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9 Group Financials
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▪ Increased net interest income driven by both loan and deposit growth, compensate lower interest rates ▪ Loan impairment charges at expected level ▪ Efficiency measures and cost discipline lowered admin expenses, cost-income ratio3 at 31% ▪ Other components include valuation changes and repayment effects4 ▪ AT1 costs normalised in 2026 after overlapping AT1-replacement in 2025 ▪ Adjusted return on equity of 8.3% ▪ CET1 ratio (fully phased) at 15.6% (12/2025: 15.5%) Profit & loss (€ mn) 6M/2025 6M/2026 ∆ Net interest income 473 474 0% Net commission income 3 -7 Loan impairment charges (LICs) -116 -127 9% Administrative expenses1 -162 -155 -4% Other components 25 23 -8% Adjusted operating profit1 223 208 -7% Non-recurring items -15 -9 -40% Operating profit 208 199 -4% Income taxes -52 -54 4% Consolidated net income 156 145 -7% Interest on AT1 bonds -23 -19 -17% Net profit 133 126 -5% Adjusted return on equity (RoE)1,2 9.1% 8.3% 1) Adjusted for costs relating to efficiency measures, IT infrastructure investments and other material non-recurring effects 2) Post tax, based on IFRS equity 3) Excluding bank levy/deposit guarantee scheme and non-recurring items 4) 6M/2025: € 20 mn positive one-off from restructured former legacy NPL10 Adjusted operating profit of € 208 mn
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1) Adjusted for costs relating to efficiency measures, IT infrastructure investments and other material non-recurring effects 2) Excluding bank levy/deposit guarantee scheme and non-recurring items11 Net interest income growing, cost discipline maintained ▪ Strict cost discipline maintained ▪ Efficiency measures lowered admin expenses ▪ Cost income ratio2 at 31% Administrative expenses1 € mn Net interest income: year on year development € mn ▪ Gross loan margin benefitted from higher loan portfolio ▪ BDS contribution increased by higher deposit volume ▪ Effect of lower interest rates, as expected ▪ Interest on Aareon sale proceeds was a 2025 one-off BDS 47411 -9 -8 Interest rate Aareon proceeds473 Gross loan margin 8 6M/2025 6M/2026 6M/2025 6M/2026 155-4%162
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19.9 18.9 18.7 18.9 12/2023 12/2024 12/2025 06/2026 Note: Phase-in ratios: CET1 20.8%, Tier 1 23.7%, Total capital 28.3%; following a regular ECB review of the Banks Internal Rating Based-models it is likely that future phase-in ratios will be closer to the equivalent fully phased ratios12 Solid capital ratios CET1 ratio (fully phased) RWA (fully phased) € bn ▪ Conservative capital management based of fully phased ratios ▫ Stable CET 1 ratio ▫ Tier1 ratio at 17.7%, TC ratio at 21.1% ▪ Significant CET1 buffer and disciplined RWA management ▪ T1-Leverage ratio at 7.0% (12/2025: 7.2%) 13.4% 15.2% 15.5% 15.6% 12/2023 12/2024 12/2025 06/2026 15.6% 9.3% 06/2026 SREP 2026 CET1 ratio (fully phased) vs. SREP CET1 requirements Significant buffer of 6.3%pt
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37% 6% 2% 34% 9% 6% 2% 3% 1% 1) Q2 average 2) As at 30.06.2026 3) Issuer Default Rating, Senior Preferred (LT) Rating, Derivative Counterparty Rating13 Solid funding and liquidity position 1.6 1.7 0.1 0.4 6M/2025 6M/2026 Senior unsecuredMortgage Pfandbriefe Tier 2 AT1 2.1 ▪ Funding based on two strong pillars ▫ Deposits ▫ Mortgage Pfandbriefe ▪ Diversified funding mix with balanced maturity profile ▪ Solid liquidity ratios ▫ NSFR 115%2 ▫ LCR 201%1 Liability structure ▪ Three benchmark Mortgage Pfandbriefe issued ▫ EUR 750 mn and GBP 250 mn ▫ EUR 625 mn; first green mortgage Pfandbrief ▪ Mortgage Pfandbriefe private placements (< EUR 100 mn in total) ▪ Total funding volume well ahead of pro rata plan ▪ Additional mortgage Pfandbrief planned for H2 ▪ Potential pre-funding activities subject to market environment ▪ Upgrade of Fitch ratings3 to ‘A-’ (positive) in May 2026 Capital market funding activities € bn Deposits housing ind.1 Deposits retail (Raisin) Deposits institutional Mortgage Pfandbriefe Senior Unsecured (SP) Senior Unsecured (SNP) Public-sector Pfandbriefe Subordinated Capital ECP (SP) >0.0 Total Deposits: 45%€ 39.6 bn
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14 Business Segments
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1) H1/2026 average, including retail deposits 2) FY 2025 3) Adjusted operating profit 4) 2025 figures restated based on new transfer pricing 5) As at 30.06.202615 Business segments highly diversified with different products and clients Leading provider of payment transaction services to the German housing industry Deposit, investment and cash management for the housing industry and retail clients Strong customer loyalty of 29 years on average Starting to develop an international presence Deposit volume1 € 17.5 bn Clients ~ 4,300 Transaction volume2 ~ € 167 bn p.a. FTE ~ 400 Financing of large-scale commercial property investments Services to customers in Europe, North America and Asia / Pacific Focus on Alternative Living, Hotels, Logistics, Offices and Retail Combining specialised sectoral expertise and deep understanding of local markets Loan volume5 € 34.4 bn Countries >20 Property types 5 FTE ~750 Profit contribution3,4 € mn SPFBDS 0 50 100 150 200 2022 2023 2024 2025 BDS SPF Banking & Digital Solutions (BDS) Structured Property Financing (SPF)
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▪ Adjusted operating profit up by 15% in H1 2026 ▪ Operating leverage increasing ▪ Growing housing deposits combined with positive margin development ▪ Strong deposit franchise reinforces the Group’s funding position ▪ Additional growth opportunities beyond the German core market 1) 2025 figures restated based on new transfer pricing 2) Quarterly average 3) Adjusted for costs relating to efficiency measures, IT infrastructure investments and other material non-recurring effects16 BDS: Adjusted operating profit reflects scalability Adjusted operating profit1,2 € mn 31 33 34 34 37 Q2/2025 Q3/2025 Q4/2025 Q1/2026 Q2/2026 Profit & loss (€ mn) 6M/20251 6M/2026 ∆ Net interest income 114 125 10% Net commission income -5 -6 20% Administrative expenses3 -48 -50 4% Other components 1 2 Adjusted operating profit3 62 71 15% Non-recurring items -2 -4 Operating profit 60 67 12% 14.0 14.2 14.7 14.6 14.8 3.2 3.2 3.1 2.9 2.6 Q2/2025 Q3/2025 Q4/2025 Q1/2026 Q2/2026 Deposit volume2 € bn Housing industry 17.417.2 Retail 17.8 17.417.5
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WAL (years) Rental deposits 1) Annual average, 2026: 6M average 2) Annual average, 2026: as at 30.06.2026 3) Monthly average for June 202617 BDS: Strong deposit franchise reduces dependence on capital markets ▪ Housing industry deposits exceeded € 15 bn3 for the first time in June ▪ Increase from new and existing customers ▪ Combined sight and term deposits growth due to strong sales activities ▪ Share of particularly sticky rental deposits and maintenance reserves constantly increasing to 41% in 6M/2026 (from 35% in 2022) Housing industry deposits1 € bn 2.5 2.7 2.9 3.1 3.3 2.2 2.2 2.5 2.6 2.70.1 1.9 2.9 3.1 3.38.6 6.8 5.4 5.3 5.4 2022 2023 2024 2025 6M/2026 13.713.6 14.7 Maintenance reserves SightTerm 14.1 Retail deposits2 and maturity € bn ▪ Retail deposits as additional funding source further structurally improved ▪ Initial weighted average lifetime maturity (WAL) more than doubled ▪ Tool to finetune liability management ▪ Target volume: € 2-3 bn 0.6 2.6 3.5 3.2 2.6 1.8 2.2 2.9 4.0 4.5 2022 2023 2024 2025 Q2/2026 13.4
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1) Adjusted for costs relating to efficiency measures, IT infrastructure investments and other material non-recurring effects 2) 2025 figures restated based on new transfer pricing18 SPF: Real estate financing portfolio volume on target Profit & loss (€ mn) 6M/20252 6M/2026 ∆ Net interest income 359 349 -3% Net commission income 8 -1 Loan impairment charges (LICs) -116 -127 9% Administrative expenses1 -114 -105 -8% Other components 24 21 Adjusted operating profit1 161 137 -15% Non-recurring items -13 -5 -62% Operating profit 148 132 -11% ▪ Segment profit developing as expected ▪ US portfolio reducing according to Aareal Ambition ▪ Financing of refurbishments supports green transition ▪ Green loan volume of € 12.2 bn (12/2025: € 11.3 bn) ▪ Stringent risk management: proactive risk controls and NPL-management ▪ Share of portfolio financings > 50% of total portfolio volume ▪ Cross collateralization significantly reducing single asset risks Real Estate Financing Portfolio by region Europe West: 41% USA: 18%Europe South: 11% Germany: 10% CEE: 9% Europe North: 5% Canada: 3% Asia / Pacific: 3% 06/2026 (12/2025) (19%) (40%) (9%) (10%) (11%) (3%) € 34.4 bn (5%) (3%) Real Estate Financing Portfolio € bn 12.0 11.7 11.8 12.0 9.1 8.9 8.1 7.8 4.3 5.0 4.9 4.7 4.7 5.2 6.1 6.2 2.3 2.3 3.0 3.10.5 0.4 0.4 0.6 12/2023 12/2024 12/2025 06/2026 Hotel Office LogisticsRetail Residential others 33.532.9 34.434.3
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Europe West: 54% CEE: 13% Germany: 10% USA: 7% Asia / Pacific: 7% Europe North: 5% Europe South: 4% 1) Newly acquired business 2) Governed by “Green Finance Framework” 19 SPF: New business with good margins and low LTVs New business by region New business by property type ▪ Selective new business approach: ‘quality over quantity’ ▪ Lending policies proactively managed across key risk indicators ▪ Margins1 at 242 bps (FY 2025: 234 bps), above plan ▪ For the rest of the year margins expected slightly below FY 2025 level ▪ Conservative average LTV of 55% (FY 2025: 57%) ▪ New business includes € 1.9 bn green loans2 (6M/2025: € 1.1 bn) ▪ New business in US with renewals only € 4.7 bn Hotel: 31% Logistics: 19% Residential: 19% Retail: 16% Office: 15% others: 0% € 4.7 bn 2.8 0.8 1.4 2.9 1.9 0.6 2.1 1.8 1.2 6M/2025 Q1/2026 Q2/2026 6M/2026 4.74.7 Newly acquired business Renewals New business € bn (44%) (6%) (1%) (2%) (10%) (36%) (16%) (3%) (22%) (21%) 6M/2026 (6M/2025) 6M/2026 (6M/2025) Canada: 0% (7%) 1.4 3.3 (1%)> (7%) (23%)
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▪ Active NPL-management further reduced non-performing US office loans ▪ Coverage ratios (incl. FVPL) ▫ Stage 2: 3.0% (12/2025: 3.1%) ▫ Stage 3: 30% (12/2025: 29%) ▪ Non-performing loan ratio: 3.3% (12/2025: 3.2%) 1,041 835 632 554 565 546 513 617 12/2023 12/2024 12/2025 06/2026 20 SPF: 2026 NPL target of < € 1 bn confirmed Note: Non-performing exposure ratio according to EBA Risk Dashboard definition: 2.9% (12/2025: 3.1%) US office others NPL volume: US office vs. others € mn 1,381 1,171 1,606 1,145 ▪ Loan impairment charges continue overall positive downward trend ▪ Mainly relate to US office exposure ▪ Rest of world stays below long-term average ▪ Real estate markets for distressed assets remain challenging ▪ Aareal well on track to execute solutions Loan impairment charges € mn 510 396 322 2023 2024 2025 6M/2026 127
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21 Outlook
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Outlook 2026 22 Adjusted operating profit1 € 326 mn Approaching € 400 mn Structured Property Financing Banking & Digital Solutions REF-portfolio4 Deposits3 € ~34 bn € ~17.5 bn € 34.3 bn € 17.3 bn Metric Outlook 20262025 Adjusted return on equity (RoE)1,2 4.9% Approaching 8% 1) Adjusted, excluding one-off charges for costs relating to efficiency measures, IT infrastructure investments and other material non-recurring effects 2) Post tax, based on IFRS equity 3) Annual average, including retail deposits 4) Subject to FX development
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Ambitious financial targets 23 1) Post tax, adjusted, based on standardised 13.5% CET1-ratio (fully phased) 2) Excluding bank levy/deposit guarantee scheme and non-recurring items Financial targets 2027 ≥ 13.5% CET1 ratio (fully phased) < 3% NPL ratio ~ 13% RoE1 ~ 30% Cost-Income ratio2
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24 Key Takeaways
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Key takeaways 25 Aareal Ambition is proceeding on schedule Aareal Bank well on track at half-year Strong performance in both business segments Well positioned due to resilient and balanced business model Aim to maintain business momentum to achieve full year targets
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Appendix Asset Quality 26
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Note: others, including countries with a portfolio below € 500 mn 1) Including undrawn commitments, performing only 2) Performing only27 Structured Property Financing € 34.4 bn well diversified by country 6,262 6,001 4,670 3,474 2,877 2,173 1,775 1,570 1,138 656 597 535 500 2,186 US UK FR DE PL ES NL IT CA SE FI MV BE others 65% 53% 59% 56% 54% 49% 55% 51% 54% 50% 59% 37% 56% 56% US UK FR DE PL ES NL IT CA SE FI MV BE others € 34.4 bn 12/2025: € 34.3 bn REF portfolio € mn LTV1 YoD2 Ø LTV: 56% 12/2025: 56% Ø YoD: 9.9% 12/2025: 9.7% 10.0% 9.4% 8.2% 8.9% 11.1% 12.4% 9.4% 8.9% 11.6% 9.2% 8.7% 23.8% 9.4% 9.6% US UK FR DE PL ES NL IT CA SE FI MV BE others
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1) Including undrawn commitments, performing only 2) Performing only28 Structured Property Financing Continues focus on LTV and YoD 56% 57% 56% 56% 12/2023 12/2024 12/2025 06/2026 9.6% 9.6% 9.7% 9.9% 12/2023 12/2024 12/2025 06/2026 Performing portfolio yield-on-debt (YoD)2 Performing portfolio loan-to-value (LTV)1 Loan-to-value (LTV) by property type % 12/2022 12/2023 12/2024 12/2025 06/2026 Hotel 56 54 53 53 53 Logistics 52 55 58 58 59 Office 57 62 64 61 62 Retail 56 58 56 55 54 Residential 48 48 51 54 54 Yield-on-debt (YoD) by property type % 12/2022 12/2023 12/2024 12/2025 06/2026 Hotel 9.0 10.6 10.4 10.7 11.4 Logistics 9.0 9.3 9.4 8.8 8.9 Office 6.9 7.5 7.6 7.9 7.9 Retail 9.8 11.3 12.0 11.9 11.9 Residential 8.0 8.7 7.8 8.0 7.7
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29 ▪ US office portfolio down by 40% since end of 2023 ▪ New York represents 44% of the total US office portfolio ▪ Rest largely spread throughout major US cities ▪ Loans are being monitored closely on a regular basis ▪ ~91% of US office portfolio has a (layered) LTV < 70% 4,016 3,560 2,443 2,423 12/2023 12/2024 12/2025 06/2026 -40% 8,247 7,722 6,346 6,262 12/2023 12/2024 12/2025 06/2026 -24% 1,041 835 632 554 12/2023 12/2024 12/2025 06/2026 US office NPLs € mn US office portfolio € mn US total portfolio € mn -47% Structured Property Financing Reduced presence in challenging US office market
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1) Including undrawn commitments, performing only30 Structured Property Financing Presence in US office market Performing US office portfolio1 by top 5 cities Performing US office portfolio1 by (layered) LTVs ▪ New York represents 58% of the performing US office portfolio ▪ Rest largely spread throughout major US cities ▪ Loans are being monitored closely on a regular basis ▪ ~ 97% of portfolio has a (layered) LTV < 80% ▫ (Layered) LTV 80 - 100%: < 3% (€ 46 mn) ▫ (Layered) LTV above 100%: none New York: 58% Atlanta: 8% Chicago: 7% Philadelphia: 7% Miami: 5% others: 15% 0 - 50%: 69% 50 - 60%: 11% 60 - 70%: 10% 70 - 80%: 7% 80 - 90%: 2% > 90%: 0% € 1.8 bn € 1.8 bn (avg. LTV: 74% 12/2025: 75%) LTV < 60%: 80% >
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31 Structured Property Financing Non-performing loans < €1.0 bn expected in 2026 Non-performing loans € mn Non-performing loans by country € mn Non-performing loans by property type € mn 1,606 1,381 1,145 1,171 2023 2024 2025 06/2026 Office: 554 Hotel: 442 Retail: 99 Logistics: 40 Residential: 28 others: 8 USA: 1,094 Italy: 40 Germany: 29 France: 8 € 1,171 mn € 1,171 mn
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32 Sustainability strategy deeply embedded in business strategy, addresses expectations of key stakeholders “WE ARE THE LEADING REAL ESTATE EXPERTS WITH GLOBAL REACH AND LOCAL EXPERTISE“ “We pursue a business strategy that is designed for the long term and attractive for all stakeholders. We offer our clients sustainable and forward-looking solutions in the property sector – responsible, transparent and resilient“ Group Strategy Sustainability mission Clients RegulatorsEquity-, Debt Investors Employees & Local CommunityStakeholder Support clients in their sustainable transformation Ensure stability, resilience and compliance Offer attractive working conditions and engage with our local community Expand our investor base while continuing to create value § Our aspiration “E”: Green Finance and decarbonisation “S”: Employee development & corporate social responsibility “G”: Sustainable corporate governance Strategic priorities
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Clear sustainability targets to meet requirements of key stakeholder groups 33 § Clients Equity-, Debt Investors Employees & Local Community Regulators Maintain a high level of green loans and enable decarbonisation € 10 - 12 bn green loan portfolio by 2028 Expand Green Funding € 0.5 bn new green long-term funding per year -40% Reduction of carbon intensity of CRE portfolio to 33 kg CO₂/m² by 2030 Successful issuance of inaugural green covered bond in May 2026. Recruit young talent & support female leaders Sharpen risk culture & embed ESG component in Management Board remuneration 10% share of variable remuneration 25% share of young talents >20% female leaders Green Loans: ~ € 11 bn Carbon intensity: 50 kg CO2/m2 Green funding: ~ € 1.5 bn (outstanding volume) Young talents: 25% Female leaders: ~ 20% ~ 10% 12/2025 Target
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Note: Portfolio data as at 30.06.2026 1) Excluding business not directly collateralized by properties 2) Valid certificate is documented34 44% of REF portfolio classified as Green Property Financings REF1 portfolio Green Property Financings2 by property type REF portfolio Green Property Financings2 by region 44% € 7.8 bn € 7.3 bn Green Properties Green Asset Pool Included in green asset pool Free capacity € 15.1 bn Green Property Financings Office: 30% Logistics: 27% Retail: 21% Hotel: 12% Residential: 10% others: 0% € 15.1 bn Europe West: 32% Europe South: 19%CEE: 18% Germany: 10% USA: 10% Europe North: 8% Canada: 2% Asia / Pacific: 1% € 15.1 bn > ▪ € 15.1 bn1 (44%) classifying as “Green Property Financings” ▫ € 7.3 bn included in green asset pool for Green bond issues ▫ € 7.8 bn green property financings - free capacity
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Note: Results and Benchmarks as of 09.07.202635 ESG Rating results rewarding Aareal’s sustainability performance ‘A’ rating shows solid ESG performance in managing the most significant ESG risks and opportunities relative to industry peers since 2024 B BB BBB AA AAACCC A since 2022 Aareal is at low risk of experiencing material financial impacts from ESG factors, due to its medium exposure and strong management of material ESG issues (negligible or low risk rating in six out of eight material ESG issues) Still “Low” risk classification (17.2), Rank 192 of 971 in Sector Banks, 11 of 101 in Thrifts and Mortgages LOW (20-10) SEVERE (40+) HIGH (40-30) MEDIUM (30-20) NEGLIGIBLE (10-0) since 2025 Awareness Level C affirms recognition of linkage between environmental issues and business activities D- D C- B- B A- A C Prime Status confirms ESG performance above sector-specific Prime threshold: Aareal fulfils ambitious absolute performance requirements Range of 122 rated companies in the Mortgage & Public Sector Finance sector between D and B, Aareal on Decile Rank 2 since 2024 D- D D+ C- C+ B- B B+ A- A A+ Prime threshold C
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Appendix Funding, Liquidity & Capital 36
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As of 30.06.2026 – all numbers refer to nominal amounts 1) Composite Rating 2) High-quality liquid assets37 Funding, Liquidity & Capital Treasury portfolio of € 10.4 bn ensures comfortable liquidity buffer Treasury portfolio by rating1 Treasury portfolio by asset class ▪ Additional HQLA2 increase to optimise liquidity buffer ▪ Asset-swap purchases ensure low-interest rate risk exposure ▪ Well-balanced maturity profile Strong liquidity profile due to highly rated ▪ Supranationals, Sub-Sovereigns and Agencies (SSAs) ▪ Government bonds ▪ Covered bonds AAA: 56% AA: 31% A: 9% BBB: 4% Public Sector: 69% Covered Bonds / Financials: 31% € 10.4 bn € 10.4 bn
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38 Funding, Liquidity & Capital Diversified funding base and distribution channels Senior unsecured PfandbriefeDeposits: Housing industry Deposits: Retail clients Deposits: Inst. customers
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1) Incl. € 0.7 bn substitute assets, as at 30.06.202639 Funding, Liquidity & Capital Strong Mortgage Cover Pool and Aaa Rating for Pfandbriefe Pfandbrief funding cornerstone of wholesale issuance ▪ Cover pool of € 19.4 bn1 incl. € 0.7 bn substitute assets ▪ High diversification within property types and countries ▪ Mortgage loans with mortgage-lending-value of only 57% ▪ Mortgage-lending-value with high discount from market-value ▪ Average loan-to-value of the mortgage cover pool: 35% ▪ Pfandbriefe are rated 'Aaa’ by Moody`s ▪ Over-collateralisation as of 30.06.2026: 15.9% (on a present value basis) ▪ High diversification within property types and countries Cover Pool by Country € mn Cover Pool by Property Type Share within cover pool Hotel: 28% Office: 23%Logistics: 18% Retail: 18% Residential: 12% Others: 1% € 18.7 bn 1,679 470 2,341 3,842 1,001 562 1,056 1,964 335 1,709 2,425 1,225 0% 5% 10% 15% 20% 25% 0 1,000 2,000 3,000 4,000 DE FI FR UK IT CA NL PO SE ES US others
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5% 15% 25% 35% 45% Market value Safety buffer 1) Source: VDP, Association of German Pfandbrief Banks 2) As of 30.06.2026: Ratios based on the current average structure of Aareal cover pool assets (individual cases may vary)40 Funding, Liquidity & Capital German Pfandbrief Act provides additional protection Cover mortgage’s loan-to-value ratio ≤ 60% of the conservatively calculated mortgage lending value1 Mortgage lending value limit: 60% of MLV Mortgage lending value (MLV) Time Value 100% 60% 36% 35% 31% Market value (MV) Mortgage lending value (MLV) Mortgage lending value limit (by law) Loan share in mortgage cover pool incl. over- collaterisation Aareal Bank cover pool2 Safety buffer 60% of MLV -65% of MV -70% Pfandbrief provides protection above other covered-bond regimes ▪ Obligation to calculate property values conservatively; law determines mortgage lending value (MLV) ▪ MLV based on the long-term sustainable characteristics of the property ▪ Mortgage lending value limit of MLV: 60% ▪ Potential over-collateralisation as additional protection ▪ Regular review of MLV Aareal Bank: Strong buffer against property value declines ▪ Average MLV at 60% of property market value ▪ Average loan share in mortgage cover pool: 35% (cover mortgage’s loan-to-value)
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1) Pfandbriefe are rated by Moody´s41 Funding, Liquidity & Capital Aareal Bank`s outstanding Pfandbrief Benchmark Transactions Product Ratings1) Currency Volume Maturity Coupon ISIN Pfandbriefe Aaa EUR 500,000,000 08/03/26 0.010% DE000AAR0272 Pfandbriefe Aaa EUR 500,000,000 02/01/27 2.250% DE000AAR0348 Pfandbriefe Aaa EUR 500,000,000 07/08/27 0.010% DE000AAR0256 Pfandbriefe Aaa EUR 750,000,000 10/11/27 3.000% DE000AAR0371 Pfandbriefe Aaa EUR 500,000,000 02/01/28 0.010% DE000AAR0280 Pfandbriefe Aaa GBP 325,000,000 03/10/28 5.000% XS2941482486 Pfandbriefe Aaa EUR 500,000,000 05/10/28 2.875% DE000AAR0405 Pfandbriefe Aaa EUR 500,000,000 09/15/28 0.010% DE000AAR0306 Pfandbriefe Aaa EUR 750,000,000 02/01/29 1.375% DE000AAR0330 Pfandbriefe Aaa GBP 250,000,000 03/16/29 4.125% XS3293865625 Pfandbriefe Aaa EUR 500,000,000 05/17/29 3.250% DE000AAR0421 Pfandbriefe Aaa EUR 750,000,000 09/14/29 2.375% DE000AAR0363 Pfandbriefe Aaa EUR 750,000,000 02/01/30 0.125% DE000AAR0314 Pfandbriefe Aaa EUR 500,000,000 04/10/30 2.625% DE000AAR0447 Pfandbriefe Aaa EUR 750,000,000 10/08/30 2.750% DE000AAR0462 Pfandbriefe Aaa EUR 500,000,000 02/03/31 2.625% DE000AAR0470 Pfandbriefe Aaa EUR 750,000,000 08/05/31 3.000% DE000AAR0454 Pfandbriefe Aaa EUR 625,000,000 05/28/32 3.250% DE000AAR0496 Pfandbriefe Aaa EUR 750,000,000 02/01/33 3.000% DE000AAR0488 Outstanding Pfandbrief Benchmark Transactions
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1) (Subordinated) MREL Requirements came into effect as of December 16, 2025 MREL-TREA requirement includes the combined buffer requirement (CBR). 2) Based on 2025 requirements in relation to current RWAs (phase-in) and leverage ratio exposure42 Funding, Liquidity & Capital MREL capacity well above regulatory requirements 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 overall subordinated TREA LRE MREL requirements2MREL capacity MREL capacity vs. requirements (31.12.2025) € mn Subordinated Liabilities (1-5y) Subordinated Liabilities (> 5y) Own Funds Ample buffer ▪ Senior Preferred benefit from subordinated liabilities and own funds ▪ Run-down of subordinated liabilities well manageable, after 5 years cet.par. still comfortably complying with requirements ▪ (Subordinated) MREL ratios as at 31.12.2025:1 % TREA LRE Actual 48.96 13.97 Requirements1 24.56 7.61
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Fitch Ratings Issuer default rating (positive) A- Short-term issuer rating F2 Senior preferred A- Senior non preferred BBB Deposit rating A- Viability rating BBB Subordinated debt (Tier 2) BB+ Additional Tier 1 BB- Moody‘s Issuer rating (stable) Baa1 Short-term issuer rating P-2 Senior preferred Baa1 Senior non preferred Baa3 Bank deposit rating Baa1 BCA Ba1 Mortgage Pfandbriefe Aaa Note: ESG-Ratings and Benchmarks as at 09.07.202643 Funding, Liquidity & Capital Financial ratings reflect strong credit profile Financial Ratings ESG-Ratings MSCI A ISS-ESG prime (C) Sustainalytics Low (20-10) CDP Awareness Level C
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Note: Calculation refers to unrounded numbers44 Funding, Liquidity & Capital Interest payments and ADI of Aareal Bank AG € mn 31.12.2022 31.12.2023 31.12.2024 31.12.2025 Net Retained Profit 61 452 2,440 418 Net income 61 391 1,988 -81 Profit carried forward from previous year - 61 452 499 Net income attribution to revenue reserves - - - - + Other revenue reserves after net income attribution 936 936 936 936 = Total dividend potential before amount blocked 997 1.388 3.376 1.354 ./. Dividend amount blocked under section 268 (8) of the German Commercial Code 466 487 503 454 ./. Dividend amount blocked under section 253 (6) of the German Commercial Code 24 6 - - = Available Distributable Items 507 895 2,873 899 + Increase by aggregated amount of interest expenses relating to Distributions on Tier 1 Instruments 21 29 33 41 = Amount referred to in the relevant paragraphs of the terms and conditions of the respective Notes as being available to cover Interest Payments on the Notes and Distributions on other Tier 1 instruments 529 924 2,906 940
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Appendix Aareal Ambition 45
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46 Successful launch of Aareal Ambition in 2025 Strategic targets Strengthening the core Expanding beyond Maintaining discipline Enhancing efficiency Infrastructure Exploit scalability SPF Deliver focused growth for on- and off-balance sheet business Risk, funding & capital Maintain discipline on capital and liquidity ratios BDS Increase share of wallet and expand into adjacent markets People Drive high performance We are the leading real estate experts with global reach and local expertise.
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47 Two growth engines, one bank We will sharpen our focus on SPF and accelerate BDS growth Accelerate deposit growth nationally and internationally Complement product range with lending Build an integrated deposit management platform serving corporate and retail clients via different channels SPF Focus on our competitive strengths of hospitality and Europe Adjust business mix and size of our US business BDS Risk, funding & capital Infrastructure Strong capital generation and solid capital ratios… … while further reducing non-performing assets AI and cloud-led technology transformation for resilient, efficient and modern platform… …enabling continued execution of structural cost efficiency measures
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48 SPF: Growth focus on competitive strengths Overall volumes to remain stable Maintaining disciplineStrengthening the core Expanding beyond Enhancing efficiency KPIs 2027E vs 2025 … globally (incl. the US) in the hospitality sector and across asset classes in Europe US office business volume to be reduced Grow business in line with competitive strengths at attractive risk-return profiles… Continuously leverage and broaden our capital-light initiatives On-balance volume Off-balance volume ~ € 34 bn ~ € 7 bn ~ € 34 bn ~ € 7 bn
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1) Annual average, including retail deposits49 BDS: Accelerate deposit growth and expand our product range New customers, new markets, new channels KPIs 2027E vs 2025 Expand customer base with value-added offers for further B2B segments in Germany and internationally Expand into lending for the housing industry within our relationship-driven approach New customers (small property managers, retail), new markets (Netherlands, France, Spain), new channel (own retail platform) & new ERP partners Investments to achieve digitized end-to-end bank processes, digital product offering Deposits1) Lending volume > € 18 bn ~ € 1 bn ~ € 17 bn ~ € 0.4 bn Maintaining disciplineStrengthening the core Expanding beyond Enhancing efficiency
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50 Risk, Funding & Capital: Strong capital generation Solid capital ratios while further reducing our non-performing assets KPIs 2027E vs 2025 Further optimize funding sources and risk return of our treasury portfolio Preserve our conservative risk appetite and pro-active credit risk management to maintain a fortress balance sheet Strong capital generation supported by continued capital management Continue to actively reduce our non-performing assets CET1 ratio (fully phased) NPL ratio ≥ 13.5% < 3% 15.5% 3.2% Maintaining disciplineStrengthening the core Expanding beyond Enhancing efficiency
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51 Infrastructure: AI and cloud-led transformation Continued execution of structural cost efficiency measures KPIs 2027E vs 2025 AI and cloud-led technology transformation for resilient, efficient and modern platform Actively driving technology and efficiency mindset across the bank Continued execution of our efficiency program to streamline operations, digitize processes Create a state-of-the-art platform supporting the business Adj. CIR1) Gross savings (p.a.) ~ 30% ~ € 40 mn ~ 33% ~ € 15 mn Maintaining disciplineStrengthening the core Expanding beyond Enhancing efficiency 1) Excluding bank levy/deposit guarantee scheme and one-offs
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RoE 2025 reported Extra charges Tax normalization RoE 2025 pro-forma Improved risk profile BDS initiatives Standardised capital base RoE 2027e1 32 1) Post tax, adjusted 2) Standardised 13.5% CET1-ratio (fully phased) 3) Post tax, adjusted, based on standardised 13.5% CET1-ratio (fully phased)52 Return on equity target in 2027: ~13% schematic ~ 5% ~ 13% US Management actions ~ 7.5%
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Financial targets 2027 NPL ratio CET1 ratio (fully phased)RoE1 Cost-Income Ratio2 ~ 13% ≥ 13.5% ~ 30% < 3% 1) Post tax, adjusted, based on standardised 13.5% CET1-ratio (fully phased) 2) Excluding bank levy/deposit guarantee scheme and one-offs53 Ambitious mid-term Targets We continue to be on track to deliver our ~13% RoE target in 2027
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Appendix Group Results 54
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1) Adjusted for costs relating to efficiency measures, IT infrastructure investments and other material non-recurring effects55 Group Results Financial performance 6M 2026 € mn 01.01.- 30.06.2025 01.01.- 30.06.2026 Net interest income 473 474 Net commission income 3 -7 Loan impairment charges (LICs) -116 -127 Administrative expenses (adjusted)1 -162 -155 Other items 25 23 Adjusted operating profit1 223 208 Non-recurring items -15 -9 Operating profit 208 199 Income taxes -52 -54 Consolidated net income (from continuing operations) 156 145 Interest on AT1 bond -23 -19 Net profit 133 126
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56 Group Results Financial performance 6M 2026 Structured Property Financing Banking & Digital Solutions Consolidation Aareal Bank € mn 01.01.- 30.06.2025 01.01.- 30.06.2026 01.01.- 30.06.2025 01.01.- 30.06.2026 01.01.- 30.06.2025 01.01.- 30.06.2026 01.01.- 30.06.2025 01.01.- 30.06.2026 Net interest income1 359 349 114 125 0 0 473 474 Net commission income 8 -1 -5 -6 0 0 3 -7 Loan impairment charges -116 -127 0 0 0 0 -116 -127 Administrative expenses (adjusted) -114 -105 -48 -50 0 0 -162 -155 Other items 24 21 1 2 0 0 25 23 Adjusted operating profit 161 137 62 71 0 0 223 208 Non-recurring items -13 -5 -2 -4 0 0 -15 -9 Operating profit 148 132 60 67 0 0 208 199 Income taxes -34 -33 -18 -21 0 0 -52 -54 Consolidated net income (from continuing operations) 114 99 42 46 0 0 156 145 Interest on AT1 bond -18 -15 -5 -4 0 0 -23 -19 Net profit 96 84 37 42 0 0 133 126 1) 2025 figures restated based on new transfer pricing
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1) 2025 figures restated based on new transfer pricing57 Group Results Results - quarter by quarter Structured Property Financing Banking & Digital Solutions Consolidation Aareal Bank € mn Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Net interest income1 167 160 183 176 173 57 58 60 61 64 0 0 0 0 0 224 218 243 237 237 Net commission income 5 3 3 0 -1 -3 -2 -3 -3 -3 0 0 0 0 0 2 1 0 -3 -4 Loan impairment charges -61 -74 -132 -58 -69 0 0 0 0 0 0 0 0 0 0 -61 -74 -132 -58 -69 Administrative expenses (adjusted) -50 -45 -64 -51 -54 -23 -24 -24 -25 -25 0 0 0 0 0 -72 -69 -88 -76 -79 Other items 25 5 -5 20 1 0 1 1 1 1 0 0 0 0 0 25 6 -4 21 2 Adjusted operating profit 86 49 -15 87 50 31 33 34 34 37 0 0 0 0 0 118 82 19 121 87 Non-recurring items -8 -8 -3 -2 -3 -1 -1 -1 -2 -2 0 0 0 0 0 -10 -9 -4 -4 -5 Operating profit 78 41 -18 85 47 30 32 33 32 35 0 0 0 0 0 108 73 15 117 82 Income taxes -16 -14 -32 -22 -11 -9 -10 -10 -10 -11 0 0 0 0 0 -25 -24 -42 -32 -22 Consolidated net income (from continuing operations) 62 27 -50 63 36 21 22 23 22 24 0 0 0 0 0 83 49 -27 85 60 Interest on AT1 bond -8 -7 -7 -7 -8 -2 -2 -2 -2 -2 0 0 0 0 0 -9 -10 -9 -9 -10 Net profit 54 20 -57 56 28 19 20 21 20 22 0 0 0 0 0 74 39 -36 76 50
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Appendix Definitions & Contacts 58
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59 Definitions New Business Newly acquired business + renewals Common Equity Tier 1 ratio CET 1 / Risk weighted assets CIR Admin expenses (Excluding bank levy/deposit guarantee scheme and non-recurring items) / Net income Net income Net interest income + Net commission income + Net derecognition gain or loss + Net gain or loss from financial instruments (fvpl) + Net gain or loss on hedge accounting + Net gain or loss from investments accounted for using the equity method + Net other operating income Net stable funding ratio Available stable funding / Required stable funding Liquidity coverage ratio Total stock of high-quality liquid assets / Net cash outflows under stress Yield on Debt Net operating income (12-months forward looking) x 100 / Outstanding incl. prior/pari-passu loans (without development financings) CREF-portfolio Commercial real estate finance portfolio exclusive private client business and WIB’s public sector loans REF-portfolio Real estate finance portfolio inclusive private client business and WIB’s public sector loans Exposure (performing) Maximum (actual commitment and outstanding) = = = = = = = = = =
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Contacts Jürgen Junginger Head of Debt Investor Relations Managing Director Phone: +49 611 348 2636 juergen.junginger@aareal-bank.com Sebastian Götzken Director Debt Investor Relations Phone: +49 611 348 3337 sebastian.goetzken@aareal-bank.com Carsten Schäfer Director Debt Investor Relations Phone: +49 611 348 3616 carsten.schaefer@aareal-bank.com Ralf Löwe Head of Treasury Managing Director Phone: +49 611 348 3001 ralf.loewe@aareal-bank.com Christopher Linnert Head of Funding Director Treasury Phone: +49 611 348 3889 christopher.linnert@aareal-bank.com Sandro Wieandt Vice President Treasury Phone: +49 611 348 3883 sandro.wieandt@aareal-bank.com 60
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Disclaimer © 2026 Aareal Bank AG. All rights reserved. This document has been prepared by Aareal Bank AG, exclusively for the purposes of a corporate presentation by Aareal Bank AG. This presentation may contain forward-looking statements. Forward looking statements are statements that are not historical facts; they include statements about Aareal Bank AG's beliefs and expectations and the assumptions underlying them; and they are subject to known and unknown risks and uncertainties, most of them being difficult to predict and generally beyond Aareal Bank AG’s control. This could lead to material differences between the actual future results, performance and/or events and those expressed or implied by such statements. Aareal Bank AG assumes no obligation to update any forward-looking statement or any other information contained herein. This presentation is provided for general information purposes only. It does not constitute an offer to enter into a contracton the provision of advisory services or an offer to purchase securities. As far as this presentation contains information from third parties, this information has merely been compiled without having been verified. Therefore, Aareal Bank AG does not give any warranty, and makes no representation as to the completeness or correctness of any such information or opinion contained herein. Aareal Bank AG accepts no responsibility or liability whatsoever for any expense, loss or damages arising out of, or in any way connected with, the use of all or any part of this presentation. The securities of Aareal Bank AG are not registered in the United States of America and may not be offered or sold except under an exemption from, or pursuant to, registration under the United States Securities Act of 1933, as amended. 61
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62 Thank you!