Slides
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA H1 2026 FINANCIAL RESULTS AUGUST 2026 CRETE
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA AMSTERDAM TABLE OF CONTENTS HIGHLIGHTS OPERATIONS AND PORTFOLIO FINANCIAL RESULTS BALANCE SHEET & CAPITAL STRUCTURE 2 GUIDANCE APPENDIX o PORTFOLIO & CAPITAL MARKETS o ESG o MARKET DATA
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA LONDON 3 HIGHLIGHTS
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA H1 2026 FINANCIAL HIGHLIGHTS 4 GREEN CERTIFICATES 76% Commercial 81% Office 72% Hotel OPERATIONAL RESULTS CONSERVATIVE DEBT PROFILE & FINANCIAL DISCIPLINE NET RENTAL INCOME €591m 0% YOY RENT LIKE-FOR-LIKE 2.7% ADJUSTED EBITDA €500m 0% YOY FFO I per share €0.13 -7% YOY FFO I €144m -4% YOY LIQUIDITY €3.9bn +€1.0bn undrawn RCF JUN 2026 EPRA LTV LTV UNENCUMBERED INVESTMENT PROPERTIES €17.0bn (69% of rent) JUN 2026 COST OF DEBT 2.4% INTEREST COVER RATIO AVERAGE DEBT MATURITY S&P Investment Grade Credit Rating BBB/STABLE outlook Affirmed in Dec 2025 SHAREHOLDER RETURN €340m Following share buyback program and dividend 43% JUN 2026 41% DEC 2025 59% JUN 2026 58% DEC 2025 3.3x H1 2026 3.9x FY 2025 3.4y JUN 2026 4.3y Excluding debt covered by cash and liquid assets +6% vs FY 2025 report INVESTMENT PROPERTIES €25.2bn VALUE LIKE-FOR-LIKE +0.1% / +0.9% (incl capex) EPRA NTA €9.1bn +6% vs Dec 2025 8.0 +3% vs Dec 2025 EPRA NTA per share
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA WELL-POSITIONED FOR FURTHER FFO I GENERATION 5 SEVERAL FFO GROWTH DRIVERS TO OFFSET INCREASING FINANCE EXPENSES • Capturing window of opportunity stemming from market volatility to drive accretive per-share growth with partial impact in 2026, and full impact in 2027 • Share buyback program initiated in January and nearly completed ACCRETIVE SHARE BUY BACK + €10m post 2026 Full year FFO I impact as a result of the increased stake in GCP • Higher contribution from residential asset class, benefitting from strong cash generation and solid fundamentals • Attractive 10% FFO yield HIGHER FFO THROUGH INCREASED STAKE IN GCP • Continued rental growth reflected in solid like-for-like performance among all asset types from re- letting and indexation CONTINUED EXTRACTION OF TOP -LINE GROWTH ~ €100m Rental income from expected 2-3% like- for-like growth in the next 3-4 years • Rent upside extracted through conversions, development, and refurbishment, at attractive yield on capex on current projects CONVERSION, DEVELOPMENT AND REPOSITIONING + €55m Expected annualized rental upside until 20301) ONCE COMPLETED, THE COMBINED MEASURES ARE EXPECTED TO OFFSET INCREASE IN FINANCE EXPENSES 2) 1) See more info on slide 11 2) Under assumption that refinancing rates stay on current levels ↑ FFO I per share Further impact on a per-share basis from buy-back
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA Hotel 71% Dev & invest 12% Non-core / other 43% Leipzig 25% Berlin 11% 6 SELLING AROUND BOOK VALUES, CHANNELING FUNDS INTO ACCRETIVE BUYBACK, OPPORTUNISTIC ACQUISITIONS, CONVERSIONS AND REPOSITIONINGS DISCIPLINED CAPITAL RECYCLING DRIVING ACCRETIVE PER -SHARE GROWTH SELECTIVE DISPOSALS ACQUISITIONS H1 2026 >7% YIELD Comprising high quality residential assets DISPOSALS H1 2026 Closed at -1% to book value Disposals around book validate the balance sheet. Proceeds were recycled into repurchasing AT shares at a ~67% discount to NAV, and into opportunistic accretive acquisitions as well as capex investments, supporting long term growth while returning capital to shareholders. DISPOSALS BY ASSET TYPE AND REGION H1 2026 closed HELD-FOR-SALE PROPERTIES The Company holds ca. €400 million of properties classified as held for sale, of which 19% in Residentials, 15% in Offices, and 13% Logistics, Retail & other, with an EPRA vacancy rate of 33%. 53% are Development rights & invest which includes 100k sqm of existing sqm which is fully vacant. ~€350m ACCRETIVE USE OF PROCEEDS BUYBACK DISCOUNT ~67% to EPRA NTA per share avg €2.54/share OFFICE CONVERSION 14% YIELD Converting to serviced apartments and residential HOTEL REPOSITIONINGS 13% YIELD Unlocking further upside in hotel portfolio ~€390m signed to date
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA DORTMUND 7 OPERATIONS AND PORTFOLIO
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA 89% IN GERMANY , THE NL & LONDON, well-diversified across top tier cities with a focus on central locations HIGH DIVERSIFICATION, BALANCED ACROSS STRONG ASSET TYPES IN STRONG LOCATIONS 8 1) excluding assets held for sale 2) including development rights & invest and excluding assets held for sale 87% OFFICE/RESIDENTIAL/HOTEL, well-balanced with strong diversification among asset types with diverse fundamentals Actively reducing office exposure into asset classes with more stable long-term fundamentals
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA PORTFOLIO OVERVIEW JUNE 2026 9 Portfolio by asset type not incl. held for sale Investment property (€m)3) Lettable area (k sqm) EPRA Vacancy1)4) Annualized net rent (€m) 5) In-place rent/sqm (€) Value/sqm (€) Rental Yield WALT (years) Office 8,428 2,875 13.6% 421 13.8 2,932 5.0% 4.3 Residential 8,326 3,477 3.3% 409 10.0 2,395 4.9% NA Hotel 5,042 1,477 2.2% 249 14.6 3,414 4.9% 13.1 Logistics/Other 447 376 7.0% 25 5.6 1,189 5.5% 5.1 Retail 1,113 483 12.4% 54 10.5 2,305 4.8% 5.1 Development rights & Invest2) 1,885 Total 25,241 8,688 7.6% 1,158 11.8 2,688 5.0% 7.3 1) EPRA Vacancy including the held for sale portfolio is 7.8%. More information on held-for-sale can be found on slide 6. 2) EPRA Vacancy rate is excluding “Development rights & Invest” properties which includes around 700k of existing sqm with ca. 9 0% vacancy. Not including those which are in held for sale. 3) The Group obtains its property valuations from internationally recognized valuators such as JLL, Savills, PWC, Cushman & Wake field, Wüest Partner, and CBRE. Such reports are updated semi-annually and are based on the international RICS standard, which uses mainly common market figures for similar properties in similar locations. 4) Based on existing leases 5) Based on current rent, i.e., not including contractual future step rents BERLINLEIPZIGDUSSELDORF COLOGNE More details can be found in slide 34
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA CONTINUED SOLID OPERATIONAL GROWTH, WITH FURTHER UPSIDE 10 H1 2026 LIKE-FOR-LIKE +2.7% organic rental growth RESIDENTIAL +3.5% 33% of portfolio ▸ 20% reversionary upside ▸ Low vacancy ▸ Significant supply-demand gap HOTEL +4.4% 20% of portfolio ▸ Indexed & ramp-up leases ▸ Repositioning upside ▸ New hotel openings OFFICE +0.9% 34% of portfolio ▸ Indexation-led ▸ Gap-to-market reversion ▸ Conversion optionality EMBEDDED UPSIDE THROUGH DEVELOPMENT, CONVERSIONS AND INVESTMENT Further upside in Development & Invest (7% of portfolio) as well as through targeted investment measures within the operating portfolio POTENTIAL Office conversions to serviced apartments, residential and data centres ▸ Bau-Turbo: faster conversion of office-to-residential (~120k sqm in discussion) ▸ Data-centre conversions progressing in Berlin, Munich and London with power and permit approvals expected this year ▸ Hotel reopenings and repositioning, ramp up of completed projects ▸ Ongoing conversion of office space into serviced apartments ▸ Densification and addition of new space in existing properties
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA 11 RENTAL UPSIDE UNTIL 2030 – FURTHER SUPPORTED BY CONVERSION AND REPOSITIONING PIPELINE Project Location Delivery date Asset type / use TOTAL OFFICE → SERVICED APARTMENT CONVERSIONS Karl-Liebknecht-Str. 33 (Alexanderplatz) Berlin 2026/2027 Office → serviced apartments Hansastr. 95 Dortmund 2026/2027 Mixed-use / serviced apts + office Stuttgarter Str. 18 Frankfurt 2027 Office → serviced apartments Köpenicker Str. 30 Berlin 2027 Office → serviced apartments Marburger Str. 12-13 Berlin 2027 Office → serviced apartments Wiechert-Allee 18-22 Hannover 2027 Office → serviced apartments Bleichstraße 64–66 Frankfurt 2028 Office → serviced apartments HOTEL Hannover Prime Center Hotel Hannover 2026/2027 Extensive refurbishment Frankfurt – Former Intercontinental Frankfurt 2028/2029 Extensive refurbishment Cardo Roma Rome 2026/2027 Extensive refurbishment of additional rooms Hotel Bristol Berlin Berlin 2026/2027 Extensive refurbishment Paris Marriott Paris 2028/2029 Extensive refurbishment Several further hotel projects Germany 2026-2030 Targeted modernization and refurbishment of several hotels 1) yield on capex is based on either pre-signed leases, stabilized contractual rent after potential ramp-up phase, assumptions based on comparable rents More details on the Development & Invest and the condo & build to sell residential projects are available in the appendix, and on the Company’s website MAIN PIPELINE EXPECT TO BE COMPLETED GRADUALLY OVER THE NEXT ~3 YEARS €55 MILLION RENTAL UPSIDE UNTIL 2030, FROM RENT RAMP-UP OF COMPLETED PROJECTS + ADDITIONAL PROJECTS CURRENTLY IN EXECUTION ~12% EXPECTED YIELD ON TOTAL CAPEX 1) ~€225m REMAINING CAPEX €55m EXPECTED RENTAL UPLIFT FROM RAMP-UPS OF COMPLETED + ADDITIONAL PROJECTS IN EXECUTION
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA SELECTED CASE STUDIES – VALUE CREATION THROUGH REPOSITIONING AND CONVERSION 12 Coolse Poort Rotterdam, NL Cardo Roma Rome, IT Serviced Apartments Dortmund, GER Hotel Bristol Berlin, GER ► Former single-tenant office building on Rotterdam's Coolsingel, facing a soft office market with difficult reletting potential in its original form. ► Redevelopment repositioned ca. 28k sqm into mixed-use: serviced apartments, offices, leisure. ► Ca. 16.8k sqm let, anchored by 240 serviced apartments. ► Former office building near Dortmund's main station, underused office space in a prime central location. ► Conversion delivered 52 serviced apartments. ► A landmark hotel on the Kurfürstendamm, with a prime location. However, at acquisition the hotel was outdated and in need for modernization and repositioning. ► Modernisation of all rooms and suites, both ballrooms, restaurant and 14 meeting rooms, and relaunched it as a luxury-lifestyle hotel. ► First German hotel in IHG's Vignette Collection and BREEAM-certified. ► Former Sheraton Roma, the largest hotel situated in Rome’s prime business district. ► Comprehensive repositioning with room upgrades, new F&B, and wellness offers. ► Relaunched under Marriott’s Autograph Collection. ► Further rooms undergoing refurbishment, to be opened by 2027 82% pre-let1 15-year anchor lease 19% yield on capex2 18-year lease 11% stabilized yield on cost 15-year lease 10% yield on capex 21-year lease 19% yield on capex CONVERSION CONVERSIONHOTEL REPOSITIONING HOTEL REPOSITIONING 1) Serviced apartment conversion and office, office refurbishment is ongoing and expected to be completed by end of 2026 2) Expected once fully completed and let, currently signed leases already 16% on full capex
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA HOTEL PORTFOLIO – TENANT DIVERSIFICATION 13 1) Excluding Center Parcs, the tenants’ Gross operating profit before rent (GOP) covers the rent (rent -cover) at an estimated ratio range of 1.1 – 1.5. 2) The largest tenant, Pierre et Vacances SA-center parcs (PVCP) has an exceptionally high rent-cover of almost 2x. PVCP is a publicly listed European resorts group operating across many countries. PVCP has strengthened its financial position significantly after the Covid crisis. It currently has more cash than financial debt and a market cap close to €1bn. With our lease remaining 12 years, it gives stability to the hotel portfolio and was proven resilient and successful during the Covid crisis. 3) Several hotels (1.4% of Group rental income) are rented to cities (mainly in Berlin and Dortmund) primarily used for social or refugee accommodation. 4) AT’s priority is to rent hotels to an experienced operator, but at times uses its internal capabilities to operate hotels on an interim basis. HOTEL BRISTOL, BERLIN CARDO ROMA, ROME CARDO BRUSSELS, BRUSSELS More information on the hotel tenants is available on the Company’s website HOTEL BRISTOL, BERLIN CARDO ROMA, ROME CARDO BRUSSELS, BRUSSELS SEVERAL NEW LEASES SIGNED RECENTLY STRENGTHENING THE TENANT MIX
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA FEDERAL GOVERNMENT TO INTRODUCE LAW TO BAN EXPROPRIATION 14 REFERENDUM INITIATIVE The “Deutsche Wohnen & Co. enteignen” campaign secured support for socialising portfolios held by landlords with more than 3,000 units. The result was advisory only, and there is no legal clarity whether such a measure is constitutional. BERLIN SOCIALIZATION FRAMEWORK Berlin’s state parliament adopted a socialisation framework, requiring a common-good purpose, proportionality and appropriate compensation for expropriation under the framework. The law enters into force on 28 Mar 2028, leaving time for prior constitutional review. FEDERAL BAN ON EXPROPRIATION Following the Conference of Construction Ministers, the federal coalition committed to introducing nationwide legislation preventing individual states from expropriating privately owned rental housing. SEP 2021 13 MAR 2026 JUL 2026 MAR 2026 The initiative aims to safeguard housing investment and establishes clearer legal certainty materially lowering the perceived expropriation risk
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA UNLOCKING HIGHER VALUE THROUGH ESG INVESTMENTS IN LEIPZIG 15 REDUCING FINAL ENERGY DEMAND BY OVER 75% A 2025 43.7 kWh/(m2a) B C D E F G H REDUCING PRIMARY ENERGY DEMAND BY OVER 85% A+ 2021 181 kWh/(m2a) 128 kWh/(m2a) 2021 15.0 kWh/(m2a) 2025 BEFORE AFTER THERMAL ENVELOPE ROOF INSULATION PIPES INSULATION FLOOR HEATING IMPLEMENTING TARGETED MEASURES TO REFURBISH BUILDING IN CORE LEIPZIG LOCATION, IMPROVING ENERGY PERFORMANCE, LOWERING COSTS AND UNLOCKING HIGHER RENTS €2m KFW SUBSIDY €3.8m TOTAL INVESTMENT AFTER SUBSIDIES F → A EPC RATING KFW 40 EE ENERGY STANDARD RESULTING IN ✓ Redevelopment to additional 26 units with over 2.1k lettable sqm ✓ Lower energy costs ✓ Higher reletting rent & modernization surcharge BERLINER STR. 12, LEIPZIG Capex to improve sustainability of the building integrated into planned major refurbishment works, resulting in highly cost-effective measures TARGETED MEASURES ✓ Conversion and refurbishment of façade and roof fully re-insulated ✓ New windows ✓ Floor heating ✓ Airtightness blower-door ✓ Balcony extensions and a barrier-free lift
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA BREEAM CERTIFICATION PROGRESS & STRATEGY 16 CORE STRATEGY IMPROVING SCORE THROUGH TARGETED MEASURES UPON RECERTIFICATION 9% 21% 47% 70% 76% Full portfolio FY 2022 Report FY 2023 Report FY 2024 Report FY 2025 Report Current Target SHARE OF COMMERCIAL PORTFOLIO CERTIFIED 2% 16% 68% 12% 3% Acceptable Pass Good Very Good Excellent & Outstanding CURRENT SHARE OF CERTIFIED PORTFOLIO PER SCORE* *Including small number of Non-BREEAM certificate equivalent scores **Only considering the part of the portfolio which have had a recertification ✓ A clear pathway to portfolio sustainability BREEAM methodology maps the “as-is”, pinpoints potential, and lifts scores at recertification. ✓ Certifications to support the letting process Transparent, shared targets with (prospective) tenants – supporting satisfaction and retention. ✓ Gradually improving scores through targeted measures Goal to achieve full certification of commercial portfolio, improving progressively to at least BREEAM “Very Good”. Berlin Frankfurt ✓ First AT building to achieve highest BREEAM score "Outstanding” ✓ Only the 4th building in Germany to reach Outstanding ✓ First recertification in Germany ever to achieve this rating GOOD 2023 EXCELLENT 2026 GOOD 2023 OUTSTANDING 2026 Leipzig PASS 2023 VERY GOOD 2026 24% 63% 11% 2% 0%2% 2% 47% 41% 7% Acceptable Pass Good Very Good Excellent & Outstanding PORTFOLIO SCORE IMPROVEMENT THROUGH RECERTIFICATIONS** Initial certificate Current certificate
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA BRUSSELS 17 FINANCIAL RESULTS
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA PROFIT AND LOSS 18 1-6/2026 1-6/2025 in € millions NET RENTAL INCOME 590.6 590.5 Operating and other income 171.1 167.9 REVENUE 761.7 758.4 PROPERTY REVALUATIONS AND CAPITAL GAINS 1.7 383.2 Share of profit from investment in equity-accounted investees 10.6 13.9 Property operating expenses (270.7) (260.1) Administrative and other expenses (31.2) (31.3) OPERATING PROFIT 472.1 864.1 Finance expenses (142.3) (112.6) Other financial results (28.5) (17.1) Current tax expenses (63.8) (60.8) Deferred tax expenses (19.4) (95.6) PROFIT FOR THE PERIOD 218.1 578.0 Basic earnings per share (in €) 0.08 0.32 LFL Net rental income growth +2.7% Total LFL Net rental income growth Jun 2026 +0.9% LFL Office Jun 2026 +3.5% LFL Resi Jun 2026 +4.4% LFL Hotel Jun 2026 LFL Valuation result Excluding capex Including capex TOTAL +0.1% +0.9% OFFICE +0.2% +1.0% RESIDENTIAL +0.2% +0.7% HOTEL +0.2% +0.9% RETAIL, LOGISTICS, DEVELOPMENT, OTHER -0.7% +1.2%
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA 473 473 H1 2025 H1 2026 150 144 H1 2025 H1 2026 0.14 0.13 H1 2025 H1 2026 ADJUSTED EBITDA, FFO I & FFO II 19 1-6/2026 1-6/2025 in € millions Operating profit 472.1 864.1 Total depreciation and amortization 10.5 5.4 EBITDA 482.6 869.5 Property revaluations and capital gains (1.7) (383.2) Share of profit from investment in equity-accounted investees (10.6) (13.9) Other adjustments 2.5 1.1 Contribution of assets held for sale - (0.5) Adjusted EBITDA before JV contribution 472.8 473.0 Contribution of joint ventures’ adjusted EBITDA 27.2 27.6 Adjusted EBITDA 500.0 500.6 Adjusted EBITDA before JV contribution 472.8 473.0 Finance expenses (142.3) (112.6) Current tax expenses (63.8) (60.8) Contribution to minorities (47.8) (66.2) Adjustments related to assets held for sale - 0.4 Perpetual notes attribution (94.5) (104.8) FFO I before JV contribution 124.4 129.0 Contribution of joint ventures' FFO I 19.4 21.4 FFO I 143.8 150.4 FFO I per share (in €) 0.13 0.14 Weighted average basic shares (in millions) 1,092.2 1,093.8 FFO I 143.8 150.4 Result from the disposal of properties 124.6 49.2 FFO II 268.4 199.6 Adjusted EBITDA before JV contribution (in €m) FFO I (in €m) 0% -4% FFO I per share (in €) -7%
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA BERLIN 20 BALANCE SHEET & CAPITAL STRUCTURE
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA Jun 2026 Dec 2025 in € millions unless otherwise indicated EPRA NTA EQUITY ATTRIBUTABLE TO THE OWNERS OF THE COMPANY 8,517.3 8,005.1 Deferred tax liabilities 1,359.6 1,259.4 Fair value measurement of derivative financial instruments 56.1 116.7 Goodwill in relation to TLG (445.2) (445.2) Goodwill in relation to GCP (413.7) (413.7) Intangibles as per the IFRS balance sheet (19.7) (19.8) EPRA NTA 9,054.4 8,502.5 Number of shares (in millions) 1,133.0 1,096.9 EPRA NTA PER SHARE (IN €) 8.0 7.8 EPRA NAV KPI’S 21 EPRA NAV KPI’s (in €m) & EPRA NAV per share KPI’s (in €) +6% +6% +2% +3% 10,289 10,929 Dec 2025 Jun 2026 EPRA NRV 8,503 9,054 Dec 2025 Jun 2026 EPRA NTA 9.4 9.6 Dec 2025 Jun 2026 EPRA NRV per share 7.8 8.0 Dec 2025 Jun 2026 EPRA NTA per share NET ASSET VALUE POSITIVELY IMPACTED BY OPERATIONAL RESULTS, OFFSET BY DIVIDEND. SHARE BUYBACK NEGATIVELY IMPACTED TOTAL NAVs, BUT HIGHLY ACCRETIVE ON A PER SHARE BASIS.
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA FURTHER DEMONSTRATED BROAD AND DIVERSIFIED CAPITAL MARKETS ACCESS 22 NON -EUR BOND ISSUANCES CHF Series 46 7-year maturity CHF 160 million ¹ 1.82% coupon Jan 2026 AUD Series 47 5-year maturity AUD 300 million ² 1.268% + 6M Euribor Jan 2026 AUD Series 48 10-year maturity AUD 300 million ³ 3.9% for first 5 years Jan 2026 CHF Series 49 7-year maturity CHF 180 million 4 Third CHF issuance in less than a year, further underscoring Aroundtown’s ability to issue in non-EUR currencies. FIRST EUR BOND ISSUANCE IN 2026 EUR Series 50 5-year maturity EUR 850 million Launched in conjunction with a tender offer including bonds bought back amounting to ca. €700 million. PERPETUAL NOTES ISSUANCES AT 5.125% coupon €750 million Jan 2026 GCP 5.25% coupon €600 million Apr 2026 Full perpetual notes stack refinanced, with proceeds used to buy back perpetual notes with 2026 call dates as well as higher coupon notes. MULTI-CURRENCY & MULTI -INSTRUMENT ISSUANCES HIGHLIGHT DIVERSE & STRONG INVESTOR BASE 1) currency hedge to € of notional amount until maturity 2) full currency hedge to € until maturity, with effective € coupon of 1.268% + 6M Euribor, capped at 3.5% 3) full currency hedge to € until maturity with fixed coupon until 2031, afterwards 1.658% + 6M Euribor 4) full currency hedge to € of notional amount 5) settlement in July 2026 1.9406% Jun 20265 3.625% coupon Jul 2026
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 2026 2027 2028 2029 2030 2031 2032 2033 ≥2034 Millions Straight bond (AT) Bank debt (AT) Straight bond (GCP) Bank debt (GCP) AT Bond issuances after June AT Bond buybacks & Redemptions after June GCP Bond buybacks & Redemptions after June DEBT MATURITY SCHEDULE 23 2.6% Avg. Cost of Debt Pro-forma1 3.9y / 4.7y (incl. cash) Avg. Debt Maturity Pro-forma1 95%* *92% fixed & swapped / 3% capped / 5% variable Hedging Ratio €1.0 billion* *average maturity in the first half of 2029 Undrawn RCFs Bank debt and Straight Bonds + average cost of maturing debt PRO-FORMA DEBT MATURITY PROFILE – excluding perpetual notes €0.3bn / 1.5% €2.0bn / 1.8% €3.0bn / 1.4% €1.8bn / 3.3% €2.1bn / 3.5% €2.4bn / 3.4% €1.6bn / 2.5% €0.6bn / 2.5% €1.1bn / 3.0% Information on AT’s bond covenants is available on slide 62. AT maintains significant headroom to all covenant thresholds. €3.9 billion Cash and liquid assets 1) Including impact of refinancing after the reporting period 2.4% Avg. Cost of Debt June 2026 3.4y / 4.3y (incl. cash) Avg. Debt Maturity June 2026
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA CONSERVATIVE CAPITAL STRUCTURE 24 3.9 3.3 FY 2025 H1 2026 LOW LEVERAGE (LTV) UNENCUMBERED INVESTMENT PROPERTIES €17.0bn €17.0bn Dec 2025 Jun 2026 69% of rent 70% of rent FINANCING SOURCES MIX 41% 43% Company BOD guidance of 45% Dec 2025 Jun 2026 50% €15.0bn 49% €14.6bn 8% €2.5bn 9% €2.6bn 42% €12.4bn 42% €12.6bn Dec 2025 Jun 2026 Straight bonds Loans & borrowings Equity Perpetual notes HIGH ICR NET DEBT / EBITDA 10.9x 11.3x FY 2025 H1 2026 HEALTHY BALANCE SHEET & DEBT METRICS Information on AT’s bond covenants is available on slide 62. AT maintains significant headroom to all covenant thresholds.
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA RESUMPTION OF DIVIDEND FROM STRONG FINANCIAL POSITION 25 FOLLOWING PROACTIVE MEASURES OVER PAST PERIODS, AROUNDTOWN RESUMED DISTRIBUTION OF DIVIDENDS UNDER AN UPDATED POLICY THAT BALANCES AN ATTRACTIVE RETURN WHILE PROVIDING HEADROOM TO SUPPORT FURTHER GROWTH 2025 DIVIDEND PER SHARE €0.08 Paid in July 2026 UPDATED DIVIDEND POLICY 50% Of FFO I per share from 2026 onwards
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA CENTER PARCS 26 GUIDANCE
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA 2026 GUIDANCE 27 FY 2026 GUIDANCE FFO I €275 million – €305 million FFO I per share €0.24 – €0.27 Dividend per share* €0.120 – €0.135 *subject to AGM approval, based on updated dividend policy to 50% of FFO I from 2026 onward o Conservative rent increase o Impact from acquisitions o Lower minority contribution due to increased stake in GCP o Cost efficiency measures and efficient cost structure o Perpetual note transactions resulting in lower total coupon o Share buyback o Full year impact of 2025 disposals o 2026 YTD closed disposals, and additional disposals from the held- for-sale o Refinancing above current cost of debt POSITIVE DRIVERS NEGATIVE DRIVERS
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA LEIPZIG 28 APPENDIX
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA COMPANY OVERVIEW 29 ▪ Third largest listed real estate company in Europe ▪ Central/Local business model, with experienced local teams LARGE SCALE WITH LOCAL KNOW-HOW ▪ Founded in 2004 ▪ Highly experienced management team and employees with experience across the real estate value chain EXPERIENCED TRACK RECORD ▪ Aroundtown’s portfolio comprises a strong mix of mainly Offices, Residential* and Hotels, mainly in central locations of top tier cities in Germany, the Netherlands & London WELL BALANCED PORTFOLIO ▪ Secure cash-flow with no dependency on single tenants, large share of governmental tenants and further supported by the granular residential market SECURE CASH FLOWS ▪ Large deal sourcing network, supporting acquisition and disposal activities ▪ Strong access to capital markets and large network of banks ACTIVE MARKET PLAYER *mainly through Grand City Properties (GCP)
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA ROADMAP GROUP DEVELOPMENT 30 See slide 42
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA FOCUS ON STRONGEST ASSET TYPES IN TOP TIER LOCATIONS 31 GERMANY & THE NETHERLANDS o Two of the strongest economies in Europe with AAA credit rating o Together making up more than a quarter of the EU’s economy o 7 of the 15 largest metropolitan areas by GDP in the EU are in Germany and the Netherlands o Among the lowest unemployment levels in Europe o Among the lowest Debt/GDP levels in Europe POPULATION DENSITY IN GERMANY & THE NETHERLANDS 36 – 100 100 – 150 150 – 300 300 – 1,000 1,000 – 5,500 Inhabitants per sqkm (Destatis; CBS)
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA Two decades of business partners relationships AROUNDTOWN IS AN ACTIVE MARKET PLAYER 32 Acquisition criteria o Focus on locations with strong fundamentals and market dynamics o Value-add potential through operational improvements and repositioning o Rent level per sqm below market level (under-rented properties) o Purchase price below replacement cost and below market prices o Attractive NOI yield compared to cost of capital Strong presence in Capital Markets The Aroundtown Group is one of the largest capital market issuers among European Real estate companies, issuing over €40 billion across numerous transactions since 2012 including GCP’s capital market activity. Issuances executed across all main capital market instruments; Equity, Perpetual Notes, Convertible Notes, Straight Bonds and Schuldscheins, as well as bank financing from a large number of lenders. Institutional investors Private Equity Banks Broker network Funds Real Estate owners “cherry-pick” best deals Receivers Public Companies The group has bought, sold and joint ventured with long term business relationships
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA DIVERSIFIED ASSET BASE OFFERS SYNERGIES AND DOWNSIDE PROTECTION 33 AT’S DIVERSIFIED ASSET STRATEGY AS A CLEAR COMPETITIVE ADVANTAGE o AT can better benefit from an asset‘s best use o Asset‘s best use may evolve over time or differ from current use o AT‘s deep expertise across asset classes allows it to find the most optimal positioning for its portfolio o AT is undertaking conversions where better returns can be found, such as commercial to serviced apartments, residential and data centers o Innovations/advantages are scaled across asset types o Unified tenant experience: Cross-asset workspace access and hotel benefits increase utilization o Customer Operations: Residential Service Center playbooks underpin commercial tenant support, reducing cost -to-serve o ESG Certification & Energy: Standardized templated and retrofits accelerate office certifications and enable hotel portfolio rollout SYNERGIES o Lower sensitivity to one industry or one asset class specific impacts o Lower sensitivity to the economic cycle o Resi more stable during economic downturns o Office and hotel offer greater upside potential during periods of strong growth o Different fundamental drivers support stability of operational cashflows o Capital allocation flexibility due to expertise in many asset types o Capital can be reallocated to the most promising sectors based on market conditions o Allows AT to take advantage of market dislocations and cherry pick opportunities as they arise DOWNSIDE PROTECTION
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA Portfolio by region not incl. held for sale Investment property (€m)3) Lettable area (k sqm) EPRA Vacancy1)4) Annualized net rent (€m) 5) In-place rent/sqm (€) Value/sqm (€) Rental Yield Berlin 5,459 1,381 8.5% 222 14.3 3,951 4.1% NRW 3,366 1,720 8.5% 172 8.7 1,958 5.1% London 2,129 251 3.6% 118 41.4 8,473 5.5% Dresden/Leipzig/Halle 1,778 1,078 5.3% 89 7.1 1,649 5.0% Munich 1,446 482 11.9% 51 9.7 3,002 3.5% Frankfurt 1,220 354 15.3% 56 15.2 3,445 4.6% Wiesbaden/Mainz/Mannheim 583 219 11.2% 29 11.9 2,658 5.0% Hamburg/LH 553 209 4.2% 32 12.8 2,650 5.8% Amsterdam 431 136 8.7% 26 16.8 3,179 6.1% Hannover 323 167 13.6% 18 10.2 1,936 5.5% Rotterdam 276 100 7.5% 18 15.5 2,761 6.5% Stuttgart/BB 199 87 7.2% 10 10.0 2,284 5.1% Utrecht 181 69 7.0% 12 14.3 2,628 6.5% Other 5,412 2,435 5.8% 305 11.1 2,223 5.6% Development rights & Invest2) 1,885 Total 25,241 8,688 7.6% 1,158 11.8 2,688 5.0% INVESTMENT PROPERTIES JUNE 2026 34 Portfolio by asset type not incl. held for sale Investment property (€m)3) Lettable area (k sqm) EPRA Vacancy1)4) Annualized net rent (€m) 5) In-place rent/sqm (€) Value/sqm (€) Rental Yield WALT (years) Office 8,428 2,875 13.6% 421 13.8 2,932 5.0% 4.3 Residential 8,326 3,477 3.3% 409 10.0 2,395 4.9% NA Hotel 5,042 1,477 2.2% 249 14.6 3,414 4.9% 13.1 Logistics/Other 447 376 7.0% 25 5.6 1,189 5.5% 5.1 Retail 1,113 483 12.4% 54 10.5 2,305 4.8% 5.1 Development rights & Invest2) 1,885 Total 25,241 8,688 7.6% 1,158 11.8 2,688 5.0% 7.3 1) EPRA Vacancy including the held for sale portfolio is 7.8%. More information on held -for-sale can be found on slide 6. 2) EPRA Vacancy rate is excluding “Development rights & Invest” properties which includes around 700k of existing sqm with ca. 9 0% vacancy. Not including those which are in held for sale. 3) The Group obtains its property valuations from internationally recognized valuators such as JLL, Savills, PWC, Cushman & Wake field, Wüest Partner, and CBRE. Such reports are updated semi-annually and are based on the international RICS standard, which uses mainly c ommon market figures for similar properties in similar locations. See page 246 of the Consolidated Annual Report 2025 for more deta ils. 4) Based on existing leases 5) Based on current rent, i.e., not including contractual future step rents
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA DEFENSIVE PORTFOLIO WITH STRONG TENANT STRUCTURE 35 Large tenant base with limited dependency on single tenants, with around 3,000 commercial tenants and highly granular residential segment Top 10 Tenants: 20% of Group rental income HIGH TENANT QUALITY Well-distributed commercial lease expiry profile, providing flexibility in uncertain times Downside protection as the portfolio has +25% reversionary potential including vacancy reduction (including residential portfolio) *Until first break, not considering contractual extension options 3% 13% 14% 9% 7% 7% 4% 5% 3% 4% 32% June-Dec 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 >2036 LEASE EXPIRY PROFILE*
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA 15% of the Group portfolio is well located primarily in Spandau, Reinickendorf, Hellersdorf/Marzahn & Treptow/Köpenick Strongly benefiting from the unique dynamics & growth of Berlin’s most in demand neighborhoods, business areas & tourist centers Located in the best neighborhoods of BERLIN BEST-IN-CLASS BERLIN PORTFOLIO 36 85% of the Group portfolio is located in top tier neighborhoods: Charlottenburg, Wilmersdorf, Mitte, Kreuzberg, Friedrichshain, Lichtenberg, Schöneberg, Neukölln, Steglitz and Potsdam With €5.8 billion of portfolio across all asset types, AT is a leading landlord in Berlin among publicly listed peers 85% TOP TIER
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA GRAND CITY PROPERTIES S.A. 37 GCP IS CONSOLIDATED AND THE CURRENT HOLDING RATE IS 84% o Residential asset class is the Group’s second largest asset type, providing the Group with a well-balanced portfolio located across densely populated areas in Germany and London with a granular tenant base SOLID PERFORMANCE o 3.5% LFL rental growth o Low 3.3% vacancy as of June 2026 o German and London residential provide stable and resilient cash flows and are a strong addition to the commercial portfolio. o Increasing demand and decreasing supply drive stable operational performance. The residential portfolio’s vacancy is historically low. o German residential portfolio is mainly in the affordable segment that is well-insulated from economic conditions. Long average tenancy length which is expected to increase further due to low supply and increasing rents SENIOR HOMES o The Group owns several senior homes assets, with the largest location in Berlin. These holdings provide stable income and offer additional diversification within the residential segment. The assets are operated by 3rd party operators (e.g. Curata, AlexA, Korian, Pro Seniore, Giomi) with fixed rental contracts and amount to ca. 2.4% of Group rental income (of which 35% are Curata Senior Homes, representing 0.8% of Group rental income). SHORT STAY / SERVICED APARTMENTS o The Group utilizes short stay or serviced apartments which are let through long term fixed leases and/or management agreements with third party operators (e.g. Vonder, Bob W, Nena, Numa, adagio). More information can be found on slide 41. LONDON RESIDENTIAL INCLUDES SOCIAL TENANTS (HMO) o Additional cash flow stability through social tenants/HMO, amounting to 3.5% of Group rental income. o These houses are rented to local operators, with stable rents usually index linked. The rents benefit from local increasing demand and backed by 50 local authorities within the London social tenant market. The largest tenant is Stef & Philips, a well-established local business with two decades of deep knowledge and experience within London social tenant market. Stef & Philips accounts for 2.8% of Group rental income. RESIDENTIAL: 33% OF THE PORTFOLIO STABLE CASH FLOWS FROM AFFORDABLE RESIDENTIAL ▪ Declining supply vs increasing demand ▪ Number of approved apartments in 2025 was 232k1) MARKET ▪ Further widening of supply-demand gap Expected to increase to 830k2) units by 2027 at current construction levels ▪ Long-term cash flow growth Rent increase in Germany will continue to be captured at a high rate Less strict regulation in London results in capturing market rents faster TAILWINDS 1) Federal Statistical Office (Destatis) 2) Germany: ZIA, press release dated 16 May 2025
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA 38 OFFICE PORTFOLIO o 34% of total portfolio, with a focus on central locations of top tier cities o Top 4 Cities: 58% (Berlin, Frankfurt, Munich, Amsterdam) o Largest landlord in Berlin, Frankfurt and Munich, among listed European real estate ▪ 0.9% LFL Rental growth, driven by indexation ▪ Office vacancy at 13.6% as of June 2026 ▪ 81% Green Certified, with first re-certifications achieving higher scores PERFORMANCE TAILWINDS ▪ Over 600k sqm of office space take up in Germany’s Big 7 in Q1 20261) ▪ Market vacancies at 8.9%1) around historic levels ▪ Supply in the European office space has reached its lowest level since 20202) MARKET More details on the office portfolio and key tenants is available in the appendix ▪ Bau-Turbo regulation creates a strong opportunity. Aroundtown is currently analyzing many office properties for potential value-add conversion. Initial positive feedback from municipalities for existing 120k sqm received. Next steps is to assess feasibility and file for conversion. ▪ Economic growth from German government stimulus package ▪ +0.5% growth expected in 2026 vs +0.2% growth in 2025 3)4) 1) BNP Paribas Real Estate, Office Market Germany Q1 2026; 2) CBRE, 2026 Real Estate Market Outlook 3) DIW 10+11 2025; 4) Destatis o Strong tenant base ~75% of tenants are public sector, multi-national and large domestic corporations (>30% governmental tenants) o Bauturbo: initial positive feedback from municipalities 34% portfolio share
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA OFFICE PORTFOLIO LOCATED IN TOP TIER CITIES 39 WELL-DIVERSIFIED o No dependency on a single location, single tenant, single asset or single industry. Long lease structure with 4.3y WALT STRONG AND DIVERSE TENANT BASE o Public sector, multi-national and large domestic corporations: ca. 75% of office tenants. o Public sector (>30%) such as German & Dutch Govt., Deutsche Bundesbank, Deutsche Bahn. Multi-national and large domestic corporations such as Siemens, Orange, KPN, etc. o Top 20 Office tenants include: Siemens, German Federal Gov, Bundesbank, Berlin Regional Gov, Orange (telecommunications), Deutsche Bahn, NRW Regional Gov, KPN (telecommunications), VBG (insurance), Global University Germany (university), UK Gov, Universität Zu Köln (university), Bankia (banking), Hessen Regional Gov, Municipality Amsterdam, Vivantes (health care), Koelnmesse (conference organiser), Allianz (insurance), Municipality Rotterdam, NinjaOne (IT) and make up 40% of total office income o Top 10 office tenants represent less than 12% of Group rental income, remaining 88% is let to about 3,000 tenants (RE-)LETTING STRATEGY IS ONGOING PROCESS, STARTING WELL PRIOR TO TENANT DEPARTURES o Tailor made rental and marketing strategy on an asset basis o Comprehensive vacancy analysis – conducting usability studies/letting concepts of vacant spaces in order to attract a large pool of diverse tenants o Under-rented properties and high reversionary provide flexibility in attracting new tenants and in extending leases. o Optimizing the usage of each asset and fitting to the demand and supply in the market o Market and benchmark analysis – enabling the management to execute optimal decision making and to closely track macro and micro developments o Combination of various channels to cover the broadest market to let space way in advance prior to tenants’ departures More details can be found in slide 73 BERLIN COLOGNE UTRECHT
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA CONVERSIONS TO UNLOCK UNTAPPED POTENTIAL TO DRIVE FFO 40 AROUNDTOWN’S PRESENCE IN CENTRAL LOCATIONS WITH STRONG AND DIVERSE DEMAND DRIVERS POSITIONS THE PORTFOLIO ESPECIALLY WELL FOR CONVERSION LEVERAGING IN-HOUSE CAPABILITIES AND EXPERTISE WHILE TAKING ADVANTAGE OF FAST-TRACK REGULATIONS TO STREAMLINE CONVERSION PROCESS, ACTIVELY OPTIMIZING THE ASSET ALLOCATION AND EXTRACTING ADDITIONAL VALUE DATA CENTERS ▪ Presence in locations with strongest demand for Data Centers in Germany and London ▪ High growth potential, with stronger revenue potential, with value driven by location and access to grid. ▪ Advancing Edge and Colocation Data Centers as part of mixed-use assets with pathway to unlock conversion to full Hyperscalers. SERVICED APARTMENTS ▪ Portfolio overlap with strong demand, converting assets to serve the location dynamics and extract higher rental income at long leases (up to 20 year lease terms). ▪ Executing either as fully serviced apartment, or mixed-use with dynamic environment supporting office within the property ▪ Active constructions with solid track record and pipeline: ✓ Ca. 1,000 rooms initiated ✓ Ca. 500 rooms under review ✓ Reviewing pipeline of potential projects BAU-TURBO / RESIDENTIAL ▪ Converting commercial properties to regular residential, transforming into one of highest demand asset class with long-term cashflow stability, supporting strong value creation. ▪ Status: ✓ Discussions with municipalities with encouraging feedback for 120k sqm of office space (e.g. Berlin, Hamburg) ✓ Sizeable additional pipeline under review More details on slide 46More details on slide 41
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA SHORT STAY AND SERVICED APARTMENTS TO UNLOCK VALUE AND GENERATE FFO 41 Timeline & Upside: ❑ Majority of projects expected to begin operations in 2026 & 2027 Market Opportunity: ❑ Capturing the increasing demand for other uses such as hotels, serviced apartments and long-stay accommodations that better serve the location dynamics Strategic Asset Selection: ❑ Focusing on centrally located properties which are under rented to maximize rental income Secured Leases: ❑ Signed leases with serviced apartment operators across seven assets in Berlin, Frankfurt, Dortmund and Hannover ❑ Representing ca. 1,000 rooms under conversion OVERVIEW OF SELECTED CONVERSION PROJECTS WITH RENTAL UPSIDE OF CA. €15 MILLION Address City No. of Rooms Status Expected Handover Date Hansastraße 95, 44137 Dortmund 134 In construction 2026 Karl-Liebknecht-Str. 33, 10178 Berlin 285 In construction 2026 Wiechert-Allee 18-22, 30625 Hannover 83 In construction 2027 Marburger Str. 12-13, 10789 Berlin 84 In construction 2027 Stuttgarter Str. 18, 60329 Frankfurt 188 Permit obtained 2027 Köpenicker Str. 30, 10179 Berlin 161 Permit obtained 2027 Bleichstraße 64–66, 60313 Frankfurt 86 Permit applied 2028 ADDITIONAL CONVERSIONS UNDER REVIEW, PROVIDING FURTHER VACANCY REDUCTION POTENTIAL SHORT STAY / SERVICED APARTMENTS The group has long term fixed leases and/or management agreements with third-party operators for its short stay and serviced apartments. The total rent from the tenants of this segment is €14 million, which is 1.2% of Group rental income. THE COMPANY HAS EXISTING ASSETS AND FUTURE DEVELOPMENTS OF SHORT-STAY AND SERVICED APARTMENTS CONVERSION INTO SERVICED APARTMENTS AS A STRONG INTERNAL GROWTH DRIVER The largest tenant is Numa with 0.4% of Group rental income.
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA HOTEL PORTFOLIO – LOCATION AND BRAND DIVERSIFICATION 42 HOTEL: 20% OF THE PORTFOLIO AROUND 150 HOTELS: Mainly in top tier European cities WITH >25K ROOMS o The Company maintains the ability to replace its tenant and has the inhouse capability to operate in the interim if necessary 72% green certified HOTEL PORTFOLIO WITH LONG TERM LEASES – 13.1 YEARS WALT Long fixed contracts with over 25 third-party hotel operators. AT has built up good business relationships for over a decade with many of the operators as well as franchise/brand/management companies. GCH Hotel Group is a third-party management company, managing 28 small hotels (3.4k hotel rooms) of AT's operating tenants which are composed of ca. 1% of AT's total rent. Until 2014, GCH was a related party of AT (see slide 30) ▪ 4.4% LFL Rental growth ▪ Additional rent upside to be captured over the next years from completed hotel repositioning’s PERFORMANCE ▪ Demand drivers remain strong and predictable, supporting stable hotel performance1) ▪ Europe-wide RevPAR is expected to increase 1-3% in 2026, driven mainly by ADR gains rather than occupancy, which has largely stabilized1) ▪ Hotels are increasingly adopting AI, automation and smart technology to optimize operations and manage costs2) MARKET OUTLOOK 1) European Real Estate Market Outlook 2026, CBRE 2) The 2025 European Hotel Industry and Investment Survey 20% portfolio share More details on the hotel portfolio and tenants is available on the Company’s website
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA STRATEGIC TOP TIER HOTELS IN STRONG LOCATIONS 43 Hotel Rooms Brand Center Parcs (7 locations) ca. 5,000 Hilton Berlin Gendarmenmarkt Prime Center 623 Bristol Berlin Ku’damm Prime Center (Vignette Collection by IHG) 301 Die Welle Berlin Alexanderplatz 624 Marriott Conference Hotel Paris City Center 757 Steigenberger Hotel Cologne Prime Center 305 Cardo Brussels Prime Center (Autograph Collection by Marriott) 532 Cardo Roma (Autograph Collection by Marriott) 584 NH Hotel Dortmund Prime Center 190 Davos Seehof Hotel 113 Hilton Beach Resort Corinthia (Curio by Hilton) 166 Aulus Chania Crete (Curio by Hilton) 218 Sheraton Hotel Hannover Business District 147 Manchester City Center Hotel 228 InterCity Hotel Dresden City Center 162 Prime Center Baden-Baden 162 Mercure Munich Conference Center Messe 167 Seminaris Campus Hotel Berlin 186 Mercure Liverpool Prime Center Hotel 225 Complete refurb, repositioning and rebranding into Cardo Roma, Autograph collection by Marriot. Further potential by upgrading ca. 260 rooms Cardo-Marriott Roma: Complete refurb, repositioning and rebranding into Cardo Brussels, Autograph collection by Marriot; largest hotel in Brussels with over 500 rooms Cardo-Marriott Brussels: Soft refurb under the existing core ‘red’ Marriott brand; Re-opened before the Olympics; Largest hotel events and conference space in Paris. AT transformed an underutilized basement floor into a profitable immersive events/conference space. This strategic conversion turns previously unused space into a new revenue stream and a unique demand driver for the property. Marriott Paris: Conversion of underutilized public & back-office spaces into 22 high-end serviced apartments better serving prime central location demand. Room upgrades ongoing in phases, in combination with upgrades to common areas as well as creation of high-end co-working area in underutilized lobby space. See slide 48 for further upside potential through development. Hilton Berlin: Soft refurb and re-brand to re-align with updated post-pandemic key demand drivers such as digital services, serviced apartments and long-stays Re-branding several hotels: Conversion and full refurb/modernization of former hotel into serviced apartment offering rented to Bob W. across two properties in London with combined 70 apartments, tailored to strong local demand London Kensington: Rebranding to Vignette collection by IHG and rooms upgrades with refreshed restaurant concept. Further potential for adding more rooms Hotel Bristol Berlin: MAJORITY OF PROJECTS FINALIZED OR IN FINAL STAGES, AND MOST CAPEX ALREADY RECORDED SIGNIFICANT INTERNAL GROWTH POTENTIAL FROM SUCCESSFUL HOTEL REPOSITIONINGS Extensive refurbishment of this iconic 162 room spa hotel in central Baden-Baden, combined with rebranding to Leonardo Limited Edition. Badischer Hof Baden-Baden: Complete refurbishment, repositioning and rebranding of this large 330 room hotel, located in central Hannover opposite Hannover’s state hall. Hannover Prime Center Hotel:
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA RETAIL: 5.1 YEAR WALT LOGISTICS: 5.1 YEAR WALT LOGISTICS AND RETAIL PORTFOLIO: 6% OF THE PORTFOLIO 44 ESSENTIAL GOODS & GROCERY-ANCHORED o Ca. 40% of the portfolio is essential goods (grocery-anchored, pharmacies, drugstores, etc). Grocery- anchored: mainly long-leased retail boxes such as EDEKA, Netto, Rewe, Penny, Lidl, Kaufland Over 1/4 is part of other asset types (ground floor retail, service areas, etc.)
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA Office 46% Hotel 24% Residential 14%Retail/ Logistics/ Other 1% Land 15% Office 25% Hotel 21% Residential 24% Serviced Apartments 20% Data Center 8% Retail/ Logistics/ Other 2% DEVELOPMENT & INVEST PORTFOLIO: 7% OF PORTFOLIO 45 THE GROUP CONTINOUSLY IDENTIFIES PROJECTS FOR DEVELOPMENT WITHIN ITS PORTFOLIO, CLASSIFIES THEM TO DEVELOPMENT ASSET TYPE AND IN PARALLEL, PROPERTIES THAT COMPLETE THEIR REPOSITIONING ARE CLASSIFIED BACK INTO THE PORTFOLIO CURRENT USE (BY VALUE) Frankfurt 24% Berlin 20% Munich 16% Hannover 7% NRW 4% Rotterdam 4%London 5% Other 16%Wiesbaden/ Mainz/ Mannheim 3% Stuttgart/BB 2% Dresden/ Leipzig/ Halle 1% Hamburg/LH 0.3% GEOGRAPHICAL DISTRIBUTION (BY VALUE) ENVISIONED ASSET TYPE AFTER DEVELOPMENT (BY VALUE) 1 ▪ Identification of embedded development potential across land banks and existing assets ▪ Value crystallization through selective asset sales, reducing risk and recycling capital, as reflected in €1bn of disposals since 2020 ▪ Targeted development focused on high-quality locations and disciplined execution ▪ Additional growth lever supporting growth and portfolio optimization ▪ Around 700k of existing sqm with ca. 90% vacancy*, representing significant repositioning and development potential at an average value of €2.5k per sqm** ▪ Land represents ca. 15% of the total Development & Invest portfolio, with the remaining portfolio comprising assets with existing built structures, offering embedded value creation opportunities GROWTH OPPORTUNITY DEVELOPMENT AND REPOSITIONING POTENTIAL *excluding those which are in held for sale **Value per sqm calculated on built assets only More details on the Development & Invest and the condo & build to sell residential projects are available in the appendix, and on the Company’s website 1 disregarding permit status
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA DATA CENTERS – OPPORTUNITY , STRATEGY & PROGRESS 46 AT’S PORTFOLIO STRONGLY OVERLAPS WITH TOP 5 DATA CENTER MARKETS IN GERMANY >50% of AT’s commercial portfolio is in these markets* OPPORTUNITY: ❑ Taking advantage of AT‘s location of office and development assets in key data center markets for usage conversion into hyperscalers, co-location and edge data centers to generate strong returns and stable cash flows ❑ Become involved in fastest growing asset class in the real estate sector *Not all commercial portfolio properties are suitable for data center use HAMBURG BERLIN NRW FRANKFURT MUNICH STRATEGY TO EXTRACT VALUE ▪ Short-term (Hybrid Network strategy in city center locations) ▪ Partial conversion of commercial assets into edge or co-location data centers ▪ Leverages incremental grid approvals and existing building infrastructure to enable low-latency compute ▪ Mid-to-Long-term strategy: ▪ Unlock development potential for larger-scale deployments including hyperscaler or wholesale colocation use ▪ Secure higher energy capacity and full permitting ▪ Exploring partnerships: ▪ Capturing full upside potential along the entire value chain ▪ Providing the ability to raise specific capital to that vehicle to fund the development ▪ Accessing additional know-how PROGRESS AND NEXT STEPS ▪ Progressing in several of portfolio locations, namely assets in Berlin, Munich and London of which some have sufficient power available and other we have received indicative incremental allocation, subject to signing binding agreements. Additionally checking on-site power generation options in selected locations. ▪ Received initial power allocation in Berlin including costs for connectivity. ▪ Entered discussion with developers and potential operators and first data center operational within 3 years ▪ Next steps: Submit additional power applications for selected sites securing higher energy capacity, secure full permitting, continue to review the pipeline in other regions and conduct test fits to validate site suitability for upcoming phases ▪ Plans and projections remain subject to regulatory approvals, including further power allocations, as well as economic feasibility
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA PROVEN TRACK RECORD OF CONTINUOUS DISPOSAL ACHIEVEMENT 47 Disposals by asset type (2020 – H1 2026) Disposal Volume Book value Total Cost (incl. Capex) margin over book value margin over total cost # Properties Office €3,237 €3,229 €2,338 0% 38% 127 Residential €2,044 €1,983 €1,508 3% 36% 267 Hotel €1,587 €1,567 €1,233 1% 29% 50 Logistics/Other €1,064 €1,033 €875 3% 22% 61 Retail €1,668 €1,647 €1,420 1% 17% 304 Development rights & Invest €1,030 €969 €882 6% 17% 63 Total €10,630m €10,428m €8,256m 2% 29% 872 SINCE 2020 AROUNDTOWN HAS EXECUTED OVER €10 BILLION OF DISPOSALS ABOVE BOOK VALUES ACROSS HUNDREDS OF TRANSACTIONS DISPOSALS ACROSS ALL ASSET TYPES AND ACROSS PORTFOLIO LOCATIONS TO THIRD PARTIES, HIGHLIGHTING ABILITY TO DISPOSE PROPERTIES UNDER A RANGE OF MARKET CONDITIONS VENDOR LOAN UPDATE – LESS THAN €0.03 BILLION OF VENDOR LOANS REMAIN OUTSTANDING AS OF JUNE 2026 DISPOSALS SINCE 2020 INCLUDED €0.8 BILLION OF VENDOR LOANS, CONNECTED TO €1.4 BILLION OF DISPOSALS. AT TIME OF DISPOSAL €0.6 BILLION WAS RECEIVED AND THE REMAINING (<60%) WAS SECURED AGAINST THE ASSETS. AS OF JUNE 2026: *including payment at time of disposal, interest received, and repayments >€1.1bn total cash collected to date* <€0.3bn has been converted into properties €0.03bn remains outstanding as of June 2026, with maturity in 2026
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA OVERVIEW OF MAIN DEVELOPMENT AND CONVERSION PROJECTS 48 Above projects reflect a mix of scope, scale and types of projects within the portfolio, a comprehensive overview of projects is available on the Company's website. Berlin Kreuzberg Berlin Baerwaldstraße 36-37, 10961 Conversion with space addition Residential Pre-permit obtained 3k sqm Berlin Prime Center Office Ku'damm / Uhlandstr. Berlin Uhlandstraße 165,166; Lietzenburger Str. 72, 10719 Refurbishment with space addition Office Pre-permit obtained 6k sqm Berlin Prime Center Alexanderplatz Berlin Rathausstraße 1, 10178 Conversion with space addition Hotel Pre-permit obtained 11k sqm Berlin Tiergarten Office/Resi Berlin Englische Straße 29, 10587 Refurbishment Resi In planning 4k sqm Berlin Prime Center Ku'Damm Berlin Kurfürstendamm 72, 10709 Conversion with space addition Office under construction 1k sqm Hilton Berlin Prime Center Gendarmenmarkt Berlin Anton-Wilhelm-Amo-Straße 30, 10117 Refurbishment and new build Hotel & serviced apt Full permit obtained 50k sqm Berlin Marzahn-Hellersdorf Berlin Stendaler Str. 24, 12627 New build Residential Pre-permit obtained 9k sqm Berlin Prenzlauer-Berg Berlin Greifswalder Str. 89, 10409 New build Mixed-use (office, hotel, retail) Pre-permit obtained 7k sqm Berlin Ostbahnhof Berlin Str. der Pariser Kommune 10, 10243 New build Mixed-use (resi, hotel, office) Pre-permit obtained 6k sqm Kassel Logistics/Industrial Center Kassel Henschelplatz 1, 34127 New build Logistics Pre-permit obtained 4.5k sqm Kassel Logistics/Industrial Center Kassel Henschelplatz 1, 34127 New build Logistics Under Construction 7.5k sqm Berlin Prime Center Ku'Damm Berlin Kurfürstendamm 27, 10719 Space addition Mixed-use (hotel, retail) Pre-permit obtained 4k sqm Berlin West Berlin Forckenbeckstr 9-13, 14199 Conversion Data center Pre-permit obtained 15 MW** Frankfurt City Center Frankfurt Bleichstraße 64-66, 60313 Partial conversion Serviced Apartments Permit filed 5k sqm Project name City Address Project type Planned use Status Lettable area / capacity Berlin Tempelhof-Schöneberg Logistics Berlin Teilestraße 34-38, 12099 New build Mixed-use (logistics, office) Pre-permit obtained/ In planning 8k sqm Berlin Tempelhof-Schöneberg Logistics Berlin Industriestraße 32-43, 12099 New build Logistics Pre-permit obtained / In planning 7k sqm Frankfurt Prime Center Frankfurt Wilhelm-Leuschner-Straße 43, 60329 Refurbishment Mixed-use (hotel, resi) In preparation to start refurbishment 37k sqm Berlin Alexanderplatz Prime City Center Office Berlin Kleine Alexanderstraße, 10178 New build Office/Residential Pre-permit obtained 6k sqm Frankfurt Main Central Train Station Frankfurt Adam-Riese-Platz 1, 60327 Refurbishment & conversion with space addition Mixed-use (Office, serviced apartments) Building permit filed 17k sqm Hannover Prime Center Hotel Hannover Friedrichswall 11, 30159 Refurbishment Hotel under construction (expected completion 26/27) 16k sqm London Canary Wharf London Jemstock 2, Jemstock Estate, Canary Wharf Conversion Residential/Serviced Apartment In planning Delayed due to legal dispute with neighbor 10k sqm Rotterdam Prime Center Promenade Rotterdam Coolsingel 139, 3012 Conversion (completed) with refurbishment (ongoing) Mixed-use (office, serviced apartments completed) under construction 28k sqm Frankfurt Prime Center Frankfurt Stuttgarter Str. 18-24, 60329 Conversion Serviced apartments Building permit obtained 8k sqm Dortmund City Center Dortmund Hansastraße 95-97, 44137 Partial conversion with refurbishment Mixed-use (office, serviced apartments) under construction 18k sqm Berlin Prime Center Kurfürstendamm Berlin Marburger Straße 12-13, 10789 Partial conversion Serviced apartments under construction 4k sqm Berlin Alexanderplatz Prime City Center Office Berlin Liebknecht-Straße 33, 10178 Partial conversion Serviced apartments under construction 9k sqm Frankfurt Data Center Hub Frankfurt Wilhelm-Fay-Straße 30-34, 65936 Conversion Data Center Pre-permit obtained 20 MW*** Frankfurt Central Train Station Frankfurt Karlstraße 16, 60329 Conversion Hospitality/Serviced apartments In planning 3k sqm Frankfurt Merton District Frankfurt Olof-Palme-Straße 35, 60439 Partial conversion with refurbishment Mixed use (office, residential) In planning 24k sqm Berlin Ostkreuz Berlin Buchberger Straße 4a, 10365 Conversion Data center In permit process 7 MW** PROJECTS WHICH ARE PART OF THE PORTFOLIO PROJECTS CLASSIFIED AS DEVELOPMENT ** the power is indicatively allocated by the distribution grid operator and subject to infrastructure built-out and contractual closing *** initial assessment based on early analysis, subject to change
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA THE GROUP SELECTIVELY ENGAGES IN CONDO & BUILD TO SELL RESIDENTIAL PROJECTS 49 1) The projects are being held and executed together with experienced partners Project name Project Description Status Berlin Reinickendorf Construction of 36 units. Sale of the project following completion. Sold Berlin Mitte & Prenzlauer Berg 105 units in three buildings purchased in 2016, followed by complete refurbishment and sale. Sold Hamburg-Harburg Following development in the surroundings and in talks with the planning authorities the Group was able to establish a potential for new built mixed-use quarter of residential and commercial. The plot was subsequently sold in the end of 2021 for a price reflecting this upside. Sold Berlin Lichtenberg Permit for 480 residential units in several buildings, alongside other commercial uses. Sold in 2023 after securing the building permit Sold Milan Refurbishment of former student accommodation to 228 units – of which 156 apartments and 66 room hotel. Sales ongoing, majority of units have been sold to date. Sales ongoing Warsaw A 115-unit newly built residential building, acquired after completion of the main construction phase. The Group oversaw fittings of the units, proceeding to letting and individual unit sales. Sold 52 units up to date, the remaining units are serviced apartments managed by Vonder. Renting and opportunistic sales Berlin Charlottenburg Refurbishment of 194 units in 3 towers. Subsequently individual sales of about 52 units, the rest held and leased. In part disposed, rest held long term Berlin Kreuzberg Full refurbishment of a 120-unit building. 15 units were subsequently sold, with the remainder held for lease. In part disposed, rest held long term Berlin Friedrichshain Construction of additional units and full refurbishment of a 43-unit building to a new-build condition. 24 units sold individually following completion. In part disposed, rest held long term London Southwark Acquisition of 49 units, subsequent selling of individual units. 12 units sold to date opportunistically; the remaining is being leased. Renting and opportunistic sales London, Canary Wharf New acquisition of 115 units. Renting and opportunistic sales Zakaki, Limasol, Cyprus 1) 144 units under construction (to be built in two phases), with 35% of the project pre-sold. The Group is a majority holder with 70% of the project. In construction, sales ongoing Athens 1) 6 residential projects (>60 units) of which two are under construction (34 units, 75% pre-sold) with expected completion date in mid-2026/2027. The Group is a majority holder with 65% of the project. In construction & in permit process Berlin Schöneberg The building is undergoing conversion from office to 66 flats. construction started. In construction Meneou, The Ring, Larnaca, Cyprus 1) 770 units under permit process. The Group is a minority holder with one third of the project. The Group invested <€10 million until 12/25 and total expected investment is <€30 million. In permit process Agya Fyla, Limasol, Cyprus 1) A brown field land that was acquired a few years ago with the potential to be licensed into 1.8k units and 100k sqm of commercial space. The Group is a majority holder with 80% of the project. The project is in the permitting process. €36 million invested as of Dec 25. Figures subject to permit approval. In permit process
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA OFFICE CONVERSION INTO SERVICED APARTMENTS: A ROTTERDAM CASE STUDY 50 ❑ 28k sqm office property in the heart of Rotterdam’s CBD, positioned directly on the pedestrian promenade. ❑ Exceptional connectivity with an underground station at the entrance and strong access to all major transport links. ❑ Originally retail on the ground floor and office space on the upper floors. ❑ Mixed-use concept strong fit to vibrant location. THE PROPERTY THE PROJECT ❑ Partial conversion and full refurbishment of the existing structure. ❑ Floors 4–9: Converted from office use into serviced apartments, now leased to Numa. ❑ Full delivery later in 2026, partially signed leases and advanced negotiations ongoing with several other interested tenants. ❑ Renovation designed to meet Paris Proof 2050 requirements. ❑ Post-renovation, the building is expected to be WELL Platinum ready and eligible for a BREEAM Excellent certification. ❑ Enhances long-term operational efficiency and strengthens ESG credentials. SUSTAINABILITY MAXIMIZING VALUE THROUGH CONVERSION AND SUSTAINABLE TRANSFORMATION Serviced Apartment Serviced Apartment
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA ❖ After obtaining the building rights, the Company converted the attic of the standing property, thereby adding 10 new units, which are barrier free on each floor and accessible by elevators. A rooftop terrace was added as well, accessible for the top floor units. ❖ In addition, the empty plot adjacent the property was newly developed, adding 14 residential and 2 commercial units across 6 storeys. The existing property was fully renovated to modern standard. REFURBISHMENT & CONVERSION CASE STUDY: REFURBISHMENT & DENSIFICATION IN BERLIN FRIEDRICHSHAIN 51 ACQUISITION IN PRIME RESIDENTIAL AREA ❖ The property was acquired in 2013, and is situated in a highly demanded residential area, in close proximity to one of Berlin’s most prime office districts, MediaSpree. ❖ The property benefits from excellent public transport, and the area surrounding the property provides many leisure destinations ❖ The newly developed units built as condominiums were sold ❖ The Company continues to rent out the renovated residential and commercial units and has the option to sell the remaining units as condominiums in the future. PART DISPOSAL OF THE CONDOMINIUMS AND REALISATION OF VALUE Before repositioning After repositioning 2 New floors New built
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA ❖ The property underwent a full refurbishment, including upgrades to all mechanical, electrical, and plumbing systems. ❖ The façade, entrances, halls, corridors, terraces, common areas, and security systems were refreshed to create a clean and updated look. ❖ All units were modernized, fully furnished, and delivered, supporting the successful repositioning of the property and its lease-up to student housing operators. ❖ The property now offers 156 residential units, 66 hotel rooms, and roughly 1,800 sqm of commercial space, forming a well-rounded mixed-use asset. REFURBISHMENT & RESPOSITIONING CASE STUDY: REFURBISHMENT IN MILAN 52 ACQUISITION IN RESIDENTIAL AREA ❖ The property, acquired in 2020, is located in the southern outskirts of Milan within a predominantly residential district. ❖ At acquisition, the asset was equipped with obsolete, non-functional systems requiring modernization. ❖ The location benefits from strong public transport connections providing direct access to the city center and is situated near Bocconi University. PART DISPOSAL OF THE RESIDENTIAL UNITS AND REALISATION OF VALUE ❖ Most of the residential units have already been successfully sold. ❖ The Company continues to lease the modernized residential and commercial units, ensuring ongoing operational activity. Before refurbishment After refurbishment
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA ❖ The two land plots had a development potential of over 85k sqm ❖ GCP successfully obtained the permits, and the project was split into two separate developments with the ability to execute them separately, further enhancing optionality SECURING DEVELOPMENT RIGHTS TO EXTRACT THE FULL POTENTIAL CASE STUDY: EXTRACTING VALUE FROM BUILD-TO-SELL DEVELOPMENT RIGHTS IN BERLIN LICHTENBERG 53 ACQUIRING LAND PLOTS IN A PRIME LOCATION ❖ Acquisition of two adjacent land plots as part of a larger transaction in the high-demand Berlin-Lichtenberg district, directly next to Sportforum Berlin ❖ Unique location with strong fundamentals, driven by limited land availability in central districts, as most new construction projects are located in Berlin’s most outer districts ❖ Comparable valuations indicated strong upside valuation for new builds DISPOSAL OF THE PROJECT AND REALISATION OF VALUE ❖ The first project under development comprised 3 large residential buildings covering 5 storeys with 30k sqm in total, with 480 units and 170 underground parking spaces ❖ The second project allowed for further commercial uses ❖ After securing the rights for the two projects, the Company successfully completed the cycle of the transaction ❖ The transaction enabled the Company to capture the upside faster when the higher value was priced in
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA • Target size: €1bn equity • First close: €400m equity • Investment period: 36 months from first close date • Fund term: 7yrs (from first close) + 1yr extension option • Exit strategy: Sale as single asset/sub-portfolio/whole portfolio • Group commitment: €250m (currently 62.5% holding) 54 European real estate faces pressure from debt refinancings, post-COVID capex backlogs, ESG demands, and fund lifecycle ends, thereby driving price dislocations and forcing liquidations MARKET DYNAMICS AND OPPORTUNITY TAC aims to seize this market opportunity by acquiring quality real estate properties in strong locations at attractive price levels, with high upside potential using AT’s strong network and management capabilitiesINVESTMENT STRATEGY • Investing across major asset types – residential, hotel, industrial/logistics, office & mixed-use • Primary target markets – Germany, The Netherlands and the UK • Secondary target markets are in other EU countries • TAC is not allowed to acquire existing AT Group properties (incl. GCP), and can’t sell to AT Group during the Fund term INVESTMENT CRITERIA • General Partner of the fund and aims to be a minority holder • Through the fund, AT leverages its extensive sourcing network and investment expertise to co-invest alongside other investors, driving external growth while supporting its deleveraging efforts • Benefit from o acquisition opportunities, enabling it to extract upside potential at low leverage o fund management fees o controlled capital allocation AROUNDTOWN KEY TERMS INVESTED AMOUNTS TO DATE Around €350m invested and signed TURNAROUND CAPITAL (TAC): EUROPEAN OPPORTUNISTIC REAL ESTATE FUND BACKED BY AROUNDTOWN
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA VALUE-ADD NON-CONTROLLING INVESTMENTS 55 BUCHARESTWARSAW STAKE o AT’s holding makes up over 30% of GWI which is only ca. 1.5% of AT’s total assets, providing complementary diversification to the Group. PRIME ASSETS & STRONG TENANT BASE o GWI is a leader in the Polish & Romanian office markets with best quality & modern energy efficient buildings, located in prime CBD areas of key cities such as Warsaw and Bucharest. o Tenant base of mostly blue-chip international tenants, with long-term, euro-denominated triple-net and inflation linked leases. RIGHT INVESTMENT VEHICLE IN THE CEE MARKET o GWI is the right investment vehicle in growing CEE market. o Poland & Romania: The largest countries in CEE with two of the lowest debt-to-GDP and unemployment levels in Europe. Long-term investment in which the Group has a significant influence, but which are not consolidated and amount to €1 billion (Jun 26). The largest position (ca. half) is AT’s stake in Globalworth, a leading publicly listed office landlord in Central Eastern European markets. The remaining balance are mainly several JV positions in office properties, the biggest one in Frankfurt (88k sqm office campus at the Frankfurt central train station leased long term to the German State of Hesse). Additional offices are in Amsterdam, Munich and Stuttgart, hotel properties in Athens as well as investments in PropTech VC funds, investments in the co-working company Mindspace Germany (see slide 66), and energy projects (PV, storage and power station - see slide 82). EQUITY ACCOUNTED INVESTEES WARSAW FINANCIAL INVESTMENTS Financial investments comprise more than 20 investments mainly in real estate related funds incl. co-investments and investment in funds specialized among others in Proptech, digitalization and technology in the real estate and energy sectors of which the main are: GLOBALWORTH
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA EQUITY ACCOUNTED INVESTEES MAIN REAL ESTATE PROPERTIES 56 This large office complex, which covers 88k sqm on a 50 dunam land plot, is situated in the center of Frankfurt, next to the main central train station (Hauptbahnhof), one of Germany’s most important transportation hubs, and walking distance from the old city center (Altstadt) and CBD. Due to its proximity to the train station as well as good road connections and parking facilities the property benefits from good connectivity. The complex consists of large modern office buildings which cover several wings, as well as an iconic red brick building which faces the main street on Gutleutstraße, 112-138, 60327 Frankfurt am Main. The area surrounding the property has a mixed use, with mainly offices and hotels. The many restaurants provide further amenities to tenants. FRANKFURT CENTRAL STATION The 34k sqm property is an iconic landmark creating a destination for tenants. The building is one of very few large scale buildings in the immediate vicinity of Amsterdam city center, situated on Jacob Bontiusplaats 9, 1018 Amsterdam, and has good accessibility by car and public transportation, few minutes distance from Amsterdam central train station. AMSTERDAM CITY CENTER This large office complex covers 64k sqm and is situated in the Paris district of Bezons, which neighbors the La Défense & Nanterre regions, at the main traffic conjunction adjacent the Pont de Bezons bridge on the bank of the river Seine. The property is well connected, with a tram station short walking distance from the property and the ramp to the A86 inner-city highway just across the bridge. The district surrounding the property on 80 Quai Voltaire, Bezons 95870 has a mixed use of residential and commercial, with the immediate area mainly used for office and logistics. The property additionally includes parking facilities with approx. 1.5k parking units. PARIS OFFICE COMPLEX
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA EQUITY ACCOUNTED INVESTEES MAIN REAL ESTATE PROPERTIES 57 The 14k sqm office property is a modern building consisting of four parts covering 6 floors. The property is located in Stuttgart’s Vaihingen district, south of the city center, where Stuttgart’s university and regional government are located. The property is located on Heßbrühlstraße 21, 70565 Stuttgart next to the train station, S and U-bahn and benefits from easy and fast access to the city center. The area is home to offices of large German companies such as Siemens, Dekra, Daimler and more. STUTTGART OFFICE The office complex is located in the Munich area Aschheim, with proximity to Munich city center. The transport links are excellent; close to the S-Bahn station with frequent trains to the city center and the Greater Munich area. The highway runs just south of the commercial estate on Heisenbergbogen 1-3, 85609 München, providing fast access to the Munich city center and the surrounding closely-knit road network. Additionally, the area is close to the New Munich Trade Fair in Riem. The asset is an office complex with modern office space of over 33k sqm. MUNICH OFFICE – MUNICH MESSE
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA SHARE INFORMATION 58 KEY INDEX INCLUSIONS THE SHARE SHAREHOLDER STRUCTURE AS OF AUGUST 2026 Placement Frankfurt Stock Exchange (Prime Standard) Incorporation Luxembourg First equity issuance 13.07.2015 (€3.2 per share) Number of shares (basic) 1,537,025,609 Number of shares, base for share KPI calculations (excluding suspended voting rights) 1,129,451,330 (As of 25.08.2026) Symbol (Xetra) AT1 Market cap €3.1 bn/ €2.3 bn (excl. treasury shares) (As of 25.08.2026) 1) 12% are held through TLG Immobilien AG, voting rights suspended 2) a trust settled by Yakir Gabay, represented by its trustee Line Trust Corporation Limited 3) controlled by Georg Stumpf Free float 48% Shares held in treasury 27% The Avisco Trust 15% Stumpf Capital GmbH 10% -Global -Developed Europe -Eurozone -Germany -Green Indexes -GPR 250 -GPR 100 FTSE EPRA/ NAREIT MDAX ESG+ GPR DJSI Europe MDAX MSCI World Small Cap 1) 2) 3)
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA HIGHEST RATED GERMAN COMMERCIAL REAL ESTATE COMPANY 59 1 Minim al 2 Modest 3 Intermediate 4 Significant 5 Aggressi ve 6 High Levera ged 1 Excellent aaa/ aa+ aa a+/a a- bbb bbb- /bb+ 2 Strong aa/ aa- a+/a A- BBB+ BBB bb+ bb 3 Satisfactory a/a- bbb+ BBB/BBB- bbb-/bb+ bb b+ 4 Fair bbb/ bbb- bbb- bb+ bb bb- b 5 Weak bb+ bb+ bb bb- b+ b/b- 6 Vulnerable bb- bb- bb- b+ b b- Financial risk profile Business risk profile (DW)4) (Vonovia BBB+)2) (Aroundtown) (Gecina A-)3) (Covivio)(Klepierre) 1) GCP’s stand-alone rating and anchor rating of GCP is “bbb+”. Following S&P’s group rating methodology, GCP is assigned Aroundtown’s corporate credit rating of BBB 2) Rating anchor of Vonovia is “A-”, their final rating after the effect of modifiers is “BBB+” 3) Rating anchor of Gecina is “BBB+”, their final rating after the effect of modifiers is “A-” 4) Stand-alone credit profile of Deutsche Wohnen is “A-” but their final rating is “BBB+” to reflect their parent Vonovia’s rating 5) Rating anchor of URW is “BBB”, their final rating after the effect of modifiers is “BBB+” 6) Rating anchor of Merlin is “BBB”, their final rating after the effect of modifiers is “BBB+” 7) Rating anchor of TAG is BBB-, after the effects of modifiers, is BBB S&P Ratings Matrix FINANCIAL POLICY o LTV guidance below 45% on a sustainable basis o Debt to debt-plus-equity ratio at 45% (or lower) on a sustainable basis o Maintaining conservative financial ratios with strong ICR o Unencumbered assets above 50% of total assets o Long debt maturity profile o Good mix of long-term unsecured bonds & bank loans o Dividend distribution of 50% of FFO I per share * (URW BBB+)5) * Dividend is subject to market condition and AGM approval. Aroundtown has adjusted its dividend policy to 50% of FFO I from 2026 onward. (Icade) (Merlin BBB+)6 (GCP)1) (TAG,BBB)7) (Alstria)
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA Capital market activity per year CAPITAL MARKET ACTIVITY 60 o AT has been the largest listed European RE capital market issuer in 2016, 2017, 2019, 2020 and 2024. o Issuances via different instruments and different currencies, with currency hedges to Euro in place, demonstrate AT’s broad and diverse investor base as well as strong demand to AT’s instruments. These not only provide diversification of the investor base but also eliminate dependency on any single markets, instruments or currencies. Material currency risks are hedged through the use of derivatives. Majority of the issuances were under EMTN programme which facilitates this diversity and flexibility Best-in-class capital market access €1.2bn €2.6bn €4.2bn €4.2bn €4.6bn €4.0bn €1.9bn €3.8bn €4.6bn €2.2bn 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 YTD Equity Mandatory Conv. Notes Perpetual Conv. Bond Str. Bond Capital market activity per issuance type 2015-2026 YTD1) €6.5bn €0.8bn €17.3bn €8.5bn €0.2bnEquity Conv. Bond Str. Bond Equity (incl. Conversions) Perpetual notes Mandatory conv. Notes Equity and Bond Bookrunners 1) Including issuances for refinancing purposes
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA PERPETUAL NOTES OVERVIEW 61 OUTSTANDING PERPETUAL NOTES AMOUNT COUPON NEXT RESET DATE RESET RATE** 494m USD 5.836%* 07 Nov 2029 3.163% + 5Y MS 67m USD 5.756%* 21 July 2028 3.796% + 5Y MS 60m EUR 5.871% 12 Jan 2030 3.71% + EUR 5Y MS 94m EUR 4.542% 17 Jan 2029 2.25% + 5Y MS 618m EUR 5.000% 16 Jul 2029 2.349% + 5Y MS 700m EUR 5.250% 30 May 2031 3.431% + EUR 5Y MS 750m EUR 5.125% 03 Aug 2031 3.041% + 5Y MS 600m EUR (GCP) 4.750% 09 Apr 2031 2.719% + 5Y MS 600m EUR (GCP) 5.250% 05 Aug 2031 2.949% + 5Y MS €3.9bn *Euro hedged coupon rate ** MS = Mid-swap rate FOLLOWING THE FULL REDEMPTION OF THE 2026 NOTES, AROUNDTOWN HAS COMPLETED THE REFINANCING OF ITS PERPETUAL NOTES STACK, PROVIDING ENHANCED CLARITY ON THE TRAJECTORY OF COUPON EXPENSES IN THE FOLLOWING YEARS
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA HIGH DEBT COVENANT HEADROOM 62 o Covenants are calculated based on IFRS reported figures, treating the perpetuals as 100% Equity. Thus, perpetuals are not part of covenants, whether called or not called o The classification of the equity content on the perpetual notes of the rating agencies has no impact here o Aroundtown has one of the highest headroom among listed European real estate companies 1) Certain bonds issued under Aroundtown’s EMTN programme also require a ratings downgrade to trigger a Change of Control Event COVENANTS EMTN PROGRAMME COVENANT CURRENT (JUN 2026) TOTAL NET DEBT / TOTAL NET ASSETS <=60% 38% SECURED NET DEBT / TOTAL NET ASSETS <=45% N/A (Liquidity is larger than secured debt) NET UNENCUMBERED ASSETS / NET UNSECURED DEBT >= 125% 243% ADJUSTED EBITDA / NET CASH INTEREST >=1.8x 3.5x CHANGE OF CONTROL PROVISION 1) ✓ ✓ ✓ ✓ OVERVIEW o Each of the bond covenants is met with a significant headroom. Internal financial policy is set at stricter levels. o Covenant headroom to be supported by expected disposals proceeds from signed deals and maturity of vendor loans. o The bonds are unsecured and have the covenant packages as described to the left. In addition to these financial covenants, there is also change of control provision. ✓
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA FROM TRADITIONAL REAL ESTATE TO REAL ESTATE-ANCHORED TECHNOLOGY PLATFORM 63 Technology and tech-enabled servicing to become a structural lever of NOI uplift, risk mitigation, and capital efficiency PLATFORM OUTCOMES ▪ Higher NOI per sqm through revenue uplift and cost optimization ▪ Faster execution cycles without proportional headcount growth ▪ Scalable, resilient operations with built-in ESG compliance THREE VALUE PILLARS: Enabled by a common data foundation, interoperable systems, and digitally embedded workflows REVENUE & TENANT PLATFORMS Example – ATworld ▪ Flexible workspace and service access across assets ▪ Digitalized tenant journeys (leasing, services, community) ▪ Monetizes underutilized space and services ▪ Data-driven pricing, upsell, and retention Direct revenue & tenant retention OPERATIONAL INTELLIGENCE & AUTOMATION Digital, robotic & smart building solutions ▪ SaaS incl. AI applications (e.g. Luca): faster letting, automated processes, reduced friction ▪ Robotics (e.g. Bellboy): service quality, labor efficiency ▪ Smart buildings: predictive maintenance, tenant service, energy optimization Lower OpEx, faster cycles, scalable operations SUSTAINABILITY & ENERGY INTELLIGENCE Examples – PassiveLogic, Varm, Enter ▪ Autonomous building control and optimization ▪ Portfolio-level energy and carbon transparency ▪ Decarbonization at asset level Cost stability, future-proofing, ESG compliance STRATEGIC INTENT ▪ Real estate as the foundation to utilize technology as a value driver ▪ Evolving from asset-centric ownership to performance centric data driven operating platform where operations, tenant services, and energy systems are digitally orchestrated across the portfolio See appendix for selected case studies and pilot results ATechX provides a structured, scalable pipeline for identifying, testing, and rolling out technologies that enhance operational performance and accelerate innovation across the portfolio. More information on slide 67
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA FOCUS ON INNOVATION IN REAL ESTATE - SCALING FLEXIBLE WORKSPACE PLATFORM 64 ➢ Utilizing underused lobby space. ➢ Users can flexibly access space for work or meetings, with seamless booking via the ATworld app. ➢ The location combines workspace with additional services such as fitness, meeting rooms and hospitability offerings. Mindspace - Hilton Berlin (part of the ATworld network) RAPIDLY EXPANDING WITH ca. 2,500 LOCATIONS AND AIRPORT LOUNGES WORLDWIDE ➢ ATworld continues to scale rapidly and now spans ca. 2,500 locations and airport lounges worldwide, highlighting strong demand for flexible workplace solutions. REVENUE GENERATING PROPTECH SOLUTION FLEXIBLE OFFERING ALIGNED WITH MODERN WORK TRENDS ➢ The platform provides a broad range of work environments tailored to different needs, from premium office settings to more informal and spontaneous spaces. ➢ Ideally suited for Remote Workers, Business Travelers, Freelancers, Startups etc. EMBEDDING ATWORLD WITHIN AROUNDTOWN’S STRATEGY ➢ Starting in Aroundtown's portfolio, the platform scaled through additions of mainly third-party spaces LEVERAGING UNDERUTILIZED PREMIUM SPACE IN BERLIN ➢ The partnership with Dragonpass expands ATworld's offering with access to airport lounges worldwide, enabling users to make better use of their travel time through dedicated workspaces, connectivity, and premium lounge amenities. Ahlan Business Class Lounge (Terminal 1), Dubai International Airport (part of the ATworld network) GROWTH AT SCALE: PARTNERSHIP WITH DRAGONPASS, ACCESS TO >1,400 AIRPORT LOUNGES
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA FOCUS ON INNOVATION IN REAL ESTATE: ATWORLD EXPANSION 65 ATworld is the scalable workspace platform initiated by Aroundtown with currently ca. 2,500 locations, expanding across the globe more info on https://thisisatworld.com/ Initially launched with AT’s portfolio, the scalable platform is expanding through additions of third- party spaces such as co-working operators, hotels, cafes, airport lounges, etc. (listing fees from space providers, membership check-in payments to space providers) Continuous expansion of spaces available on the platform, at the same time shifting focus to expand user memberships. Membership model (monthly fees) where members can access hundreds workspaces unlimited.
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA ADDITIONAL REVENUE GENERATION ON UNDERUTILIZED SPACE AND SUBSCRIPTION MODELS 66 Home 1 Explore 2 Select 3 Book 4 Check-in 5 Share feedback 6 Step by step in the app BERLIN Global and scalable workspace platform based on subscription model for B2B and B2C across hundreds of locations. Workspace network includes coworking, hotel and office lobbies, and cafes. Hotel Lobby working space more info on https://thisisatworld.com/ Mindspace hospitality-driven workspaces Mindspace is a global co-working space provider with 45+ locations in 20 cities worldwide. AT has a joint venture with the German operations of Mindspace. In Germany Mindspace is operating 15 locations out of which 2 assets are rented from AT properties at market rent (5,200 sqm), which is 0.1% of Group rental income ATworld (Snapdesk GmbH) is occupying 1k lettable sqm of AT's office portfolio for over €200k p.a and is present in 83 hotel lobbies and 8 office lobbies of AT's portfolio
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA ATECHX – AROUNDTOWN’S ENGINE FOR SCALABLE TECHNOLOGY-DRIVEN VALUE CREATION 67 Turning innovation into portfolio-wide financial impact ATechX is Aroundtown’s platform to identify, test, and scale technologies that improve asset performance and platform capabilities, and is a cornerstone of AT’s strategy to become a real estate anchored technology platform What is ATechX How it works ✓ Early access • Direct access to PropTech startups and scaleups • Focus on solutions with direct operational or revenue impact ✓ Controlled Piloting • 4-month accelerator program • Testing in live assets and operations • Clear success metrics (cost, speed, revenue, ESG) ✓ Scale Readiness • Startups co-develop market-ready products • Solutions designed for deployment across large portfolios Why this matters ✓ For Aroundtown and its partners • Faster innovation cycles • Identify the best startups and products • Reduced implementation risk • Optionality to scale, partner or invest ✓ For Startups • Real-world data and complex portfolios • Access to decision-makers and mentoring from market leaders • Proof of scalability Ecosystem Power Partner Real Estate Groups: Vonovia | LEG | Roundhill Capital | Stoneweg | Supernova | Apleona | Prologis VC Network: Fifthwall | noa | Realyze Ventures | Zacua Ventures | The Bau Ventures | Schwarz Digits Creates a de facto European proptech go-to-market platform ATechX ensures that innovation is not isolated experimentation, but a repeatable pipeline for value creation at scale
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA SHAPING THE FUTURE OF REAL ESTATE: ATECHX, AROUNDTOWN’S PROPTECH ACCELERATOR 68 Partnering with prominent global RE Investors & PropTech VCs VCs largest and strongest built world VCs RE Investors providing startups access to a portfolio value of over €400 billion Strategic Benefits to AT: - Realizing value in scale to enhance NOI through tech & innovation - Access to promising PropTech solutions that have the potential to create a positive impact on AT’s operations - Create risk mitigated investment opportunities for outsized financial returns - Establish AT as an Innovation-First Real Estate Company Goal: - Accelerating the growth of innovative PropTech startups by providing access to a vast partner portfolio, network, resources and expertise - Making a substantial impact in the real estate industry, foster breakthroughs and enable rapid scale Focus Areas: - Asset optimization, tenant satisfaction, energy efficiency, material science, heating/cooling efficiency, CO2 reduction, and optimized decarbonization LAUNCH OF FOURTH COHORT The fourth cohort of AtechX has been launched. It includes eleven selected international start-ups that will spend the next four months developing technological solutions for key challenges in the real estate industry - with direct access to real-world applications and operational processes. NAVOU – Develops solutions for transforming existing buildings into energy-efficient, affordable housing, based on a proprietary modular timber construction system and a fully digitized, data-driven refurbishment process. SCALE ENERGY – Develops full-stack battery storage solutions and its own energy management algorithm for industrial and commercial sites, tapping unused potential in existing grid connections to build one of Europe's largest decentralised battery storage networks. TEQUS – Develops patented, F-gas-free, CO₂-based high-temperature heat pumps for cooling and heating that can replace gas and oil boilers in commercial and industrial buildings. REMEDY SCIENTIFIC – Develops environmental remediation technology using automated, sensor- controlled systems based on chemistry and AI to decontaminate polluted sites, including PFAS, and return them to productive real estate use. MUVAN – Offers an AI-based platform for asset and property management, supporting leasing, finance and operations through automated reporting and tracking dashboards. PARSEWISE – AI infrastructure company that structures unstructured real estate documents into a common, traceable data layer, creating the foundation for workflow automation and portfolio-wide analytics on trusted, machine-readable data. ORIGIN TECH – Physical AI company building general-purpose robots for the built environment, automating repetitive, labour-intensive construction tasks with hardware and engineered AI. REPERKS – AI-led platform for utility cost billing, automating the complex, error-prone work of calculating and reconciling service charges for residential and commercial real estate. SMART SITE – Develops an IoT and agentic-AI platform that digitizes the "vertical mobility arteries" of construction sites (lifts, cranes, stairwells). Retrofit edge devices track people, materials and tools in real time, feeding a cloud platform with KPI dashboards, predictive maintenance and an agentic-AI copilot. EMULATE – Develops AI-supported software for planning and permitting that automates building applications, review processes, design reviews and code audits. ASTRACITE – Produces climate-positive anode material for lithium-ion batteries from captured CO₂ and recycled battery graphite, reducing dependency on mined or imported graphite.
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA SHAPING THE FUTURE OF REAL ESTATE: HARDWARE, SOFTWARE AND TECH-ENABLED SERVICES 69 INVESTING DIRECTLY AND INDIRECTLY IN PROPTECH / ENERGY TECH TO ENHANCE VALUE AND EFFICIENCY IN THE GROUP’S PROPERTIES WHILE PROFITTING FROM THE TECH INVESTMENTS INVESTING IN PROPTECH FUNDS AS WELL AS CO- INVESTING WITH FUNDS* Fifth Wall is the world’s largest venture capital firm focused on the built environment. The VC invests globally in technology transforming real estate, construction, energy, and infrastructure, and is backed by a strategic consortium of leading real estate owners, developers, and operators. fifthwall.com noa is a London-headquartered venture capital fund focused on the built world, investing in early-stage technology companies transforming real estate, construction, and infrastructure. The firm partners with founders to scale category-defining businesses, leveraging deep sector expertise and a strong international network. noavc.com DEPLOYING INNOVATIVE SOLUTIONS WITHIN THE PORTFOLIO ABOUT VALUE PROP SEGMENTS Digital customer journey enablement platform HOSPITALITY Streamlined hotel operations and enhanced guest experience Hotel portfolio | Active rollout Autonomous Building Managament System and Digital Twin solution SMART BUILDINGS Energy efficiency, perfomance insights & predicability, tenant comfort Commercial portfolio | Active rollout Building insulation services and network BUILDING INSULATION Energy efficiency and streamlined service delivery Residential portfolio | Active rollout Energy audits incl. EPC ratings & decarbonization pathway planning ENERGY SERVICES Optimized planning capabilities and portfolio level insights Residential portfolio | Active rollout General-purpose robotic operations platform for built environments ROBOTICS Scalable automation of physical workflows for enhanced efficiency and service. Hotel portfolio | Active rollout * shown startups represent illustrative examples and overview is non-exhaustive
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA Company HQ Salt Lake City, UT, USA Founded 2016 Use Case Building Management System & Digital Twin Platform Strategic Project Snapshot: PassiveLogic | Commercial Portfolio 70 Autonomous Building Management Platform • Energy cost stabilization and predictability • Tenant health, comfort and control experience • Labor productivity and FM-operation automation leverage • Compliance readiness and stranding risk mitigation across regulation (e.g. EPBD) and ESG reporting requirements • HVAC performance intelligence and CapEx optimization Tackle Core Challenges Roll-out in selected assets of Aroundtown’s commercial portfolio Strategic Objective: Reduce energy consumption and enhance asset resilience Roll-Out Status: First executed project in office asset in Amsterdam, with active roll-out planning for installation in 15+ assets across Netherlands and Germany, providing interoperable data layer integrating HVAC, meters, sensors, and FM systems and centralized performance dashboard for asset management oversight Impact Thesis: Up to 30% consumption savings through real-time optimization of heating, cooling and ventilation and automated energy balancing based on usage patterns; AI-driven predictive maintenance across critical equipment driving CapEx transparency and OpEx reduction; EPC and BREEAM certification improvement; increased tenant comfort levels About
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA Strategic Project Snapshot: Luca | Hotel Portfolio 71 Company HQ Stuttgart, Germany Founded 2020 Use Case Digital Customer Journey Enablement Platform & Payments About Roll-out in selected assets of Aroundtown’s hotel portfolio Strategic Objective: Increase RevPAR resilience for higher stabilized NOI and improve EBITDA margin without structural lease changes Roll-Out Status: Rollout of Luca App across 30+ Aroundtown hotels with integrations into Operator PMS / POS in Germany, Greece, Austria with live features such as payments processing and digitally-enabled ordering, digital check-in and AI powered concierge services, self service kiosks, upsell and loyalty CRM with multi-channel communication, Impact Thesis: Revenue uplift directly applicable to landlord through upsell conversions; streamlined hotel operations through seamless PMS synchronization driving operational cost savings; enhanced guest experience and satisfaction; ROI targets Digital Guest Journey in Hotels • Operational inefficiencies • Frictional guest journey experience (decentralized management and communication) • Labor shortage • Limited digital upselling options Tackle Core Challenges
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA About Strategic Project Snapshot: Bellboy | Hotel Portfolio 72 Company HQ Tel Aviv, Israel Founded 2020 Use Case Robotics for Hospitality and Maintenance Services Roll-out in selected assets of Aroundtown’s hotel portfolio Strategic Objective: Enhance operator margin resilience to protect landlord income stability and establish operational readiness for scalable robotics deployment Roll-Out Status: Rollout of Billie initiated in prime locations and planned for across hotel portfolio in Europe to perform various housekeeping tasks with iterative feature learning on a daily basis, integrating directly with housekeeping staff and task coordination Impact Thesis: Improved labor cost efficiency coupled with productivity increase and lower error rate; brand enhancement (operator upside) Robotics Services in Hotels • Operational inefficiencies and low levels of automation • Labor shortage • Budget optimization planning Tackle Core Challenges
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA TENANT, LEASE & LETTING MANAGEMENT 73 Aroundtown’s tenant management focusses on high tenant satisfaction o Localized one team touchpoint approach – building strong and long-term relationships with tenants. Teams become specialized with the individual asset, the tenants and the regional markets – proactively meeting tenants on a regular basis o Establishing and maintaining an open line of communication at all times – short reaction times to tenants’ concerns ensure short business interruption o Analyzing tenant satisfaction levels and understanding their needs vs ongoing analysis of the team’s performance. Proactive approach ensures tenant satisfaction and high tenant retention rate o Ongoing WALT analysis and forming a strategy on a tenant’s basis – either sign an extension in advance or letting expiries depending on factors such as demand factors, gap to market rent, tenant structure etc. o Smart Capex and conversion planning maximizing the potential of the asset with scrutiny on execution o Tailor made rental and marketing strategy on an asset basis o Comprehensive vacancy analysis – conducting usability studies/letting concepts of vacant spaces in order to attract a large pool of diverse tenants o Under-rented properties and high reversionary provide flexibility in attracting new tenants and in extending leases. o Optimizing the usage of each asset and fitting to the demand and supply in the market o Market and benchmark analysis – enabling the management to execute optimal decision making and to closely track macro and micro developments o Combination of various channels to cover the broadest market to let space way in advance prior to tenants’ departures o Negotiations with existing tenants: business plans/perspective and development expectations o Online listing platforms (Immoscout24, Ebay Kleinanzeigen) o Signage & On-Site Visibility o Partnership and Broker-to-Broker Channels - Regional and national networks o Governmental database (local economic promotion) o Direct Outreach & Prospecting o Prospective tenant screening o Credit worthiness: credit rating, business plan plausibility check, online screening o Tenant structure adaptability: competition protection, tenant type mix o KYC o Contract negotiations o Promotion incentives, adaptation to tenants’ future plans etc. Pro-active letting management approach Increasing rents and occupancy through pro-active management and by tapping each asset’s full potential
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA MUNICH 74 APPENDIX - ESG
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA ESG RATINGS OVERVIEW - PERFORMANCE AT A GLANCE 75 Rating Past Rating* Direction Current Rating Competitive Ranking 64 Improved 68 ▪ Top 7% of Real Estate Management & Development Industry ▪ 2025 & 2026 Sustainability Yearbook Member B B ▪ Not Publicly Available 10.1 Improved 8.7 ▪ Top 2% Globally & Top 4% of Real Estate Industry ▪ Negligible ESG risk. ▪ 2026 Sustainalytics Global ESG Leader Badge AA Improved AAA ▪ Among the Leaders in the MSCI Real Estate Management and Service Universe C Improved C+ ▪ Top 20% of Real Estate Sector in the ISS ESG Corporate Rating Universe ▪ Prime Status (Performance Score: 59.44) Gold Gold ▪ 9th Consecutive EPRA BPR Gold Award ▪ 8th Consecutive EPRA sBPR Gold Award INCLUDED IN DOW JONES BEST-IN-CLASS EUROPE INDEX FOR THE 4TH CONSECUTIVE YEAR • 68/100 CSA Score (+4 pts YoY) • Top 7% globally in Real Estate • Top 17% among DJBIC eligible European companies • Ranked ahead of major European peers Key Improvement Areas • Human capital & KPI-based development • Smart water meter pilot rollout • Enhanced OHS and wellbeing programs • Updated Environmental & Energy Policy S&P GLOBAL SUSTAINABILITY YEARBOOK 2026 MEMBER Recognition awarded to the world’s leading sustainability performers based on the 2025 Corporate Sustainability Assessment (CSA). MORNINGSTAR SUSTAINALYTICS ESG LEADER AWARD AT GLOBAL, INDUSTRY, AND REGIONAL LEVELS *Past ratings reflects the rating/score of the last rating prior to the latest score received. ESG ratings generally update annually but at different points in the year • Top 2% globally and top 4% in real estate industry
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA COMMITMENT TO ESG 76 S SOCIALLY RESPONSIBLE G HIGH LEVEL OF GOVERNANCE Maintain high-level of compliance framework, including anti- corruption and fair business practices with suppliers. Management oversight from Board of Directors (BoD), with 71% of BoD is independent/non-executive directors, supported by dedicated committees, including Audit Committee, Risk Committee, Nomination Committee, Remuneration committee, and ESG Committee (more info on AT’s website) CLEARLY SET TARGETSE Maintain high standards of IT and data security We apply a modular approach to analysis, implement targeted interventions utilizing cost-effective technologies Promote sustainable water consumption and maintain high water quality Reduce GHG emissions by 40% by 2030 Increase employee retention and training opportunities Pro-actively engage with & support local communities of portfolio's locations Increase share of green building certificates of commercial portfolio to ~100%. Investments focused on heat pumps, insulations, LED upgrades, PV systems and digitalisation Promotion of an inclusive workplace with focus on non- discrimination, diversity and equal opportunities Compliance enforced through comprehensive set of policies: Employee Code of Conduct, Business Partner Code of Conduct, Anti-Discrimination Policy, Diversity Policy, Human Rights Policy, Occupational Health & Safety Policy, Anti Corruption Policy, Anti-Money Laundering Policy, Whistleblower Guidelines, Internal Investigation and Sanction Policy, Related Party Transaction Policy, KYC Policy, KYB Policy, Data Privacy Policy, Data Security and Data Protection, Global Information Security Policy and Acceptable Use Policy, Water Management Policy, Environmental & Energy Policy, Biodiversity Policy, Community Involvement and Development Guidelines
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA AT’S LONG-TERM ESG TARGETS 77 ESG TOPICS UN Sustainable Development Goals (see here) Sub-topics Long-term targets E Environmental Matters 7, 11, 12,13 Climate Change Mitigation • Achieve a 40% reduction in CO2 intensity by 2030 against the 2019 baseline, measured in CO2-equivalent emissions intensity, CO2e/m2 • Achieve a 20% reduction in energy intensity by 2030 against the 2019 baseline, measured in kWh/m2 • Switch electricity to Power Purchasing Agreements (PPAs) certified renewable electricity from wind, hydro-electric and solar PV sources by 2027 Climate Change Adaptation • Ensure our portfolio’s increasing resilience to climate-related risks through the implementation of adaptation solutions and retrofitting of our assets • Continue building climate risk assessment capacities and data collection to allow asset specific and forward-looking planning and actions • Follow technological developments in the real estate sector, as well as products and services offered by prop-tech companies to adopt cutting-edge climate change adaptation solutions Environmental Protection • Focus on refurbishment over demolition and new construction • Waste minimization and separation by professional and environmentally friendly waste disposal • Stronger consideration of biodiversity topics in refurbishment projects and upgrading of assets • Continue efforts towards sustainable water consumption, maintain a high level of water quality, and lower water- and wastewater-related operating costs • Continue increasing green building certifications for the commercial portfolio S Tenant Matters 3, 9, 11 Tenant Satisfaction • Retain strong performance in the area of tenant orientated customer service • Continually increase tenant satisfaction Tenant Health and Safety • Guarantee relevant health & safety standards and ensure compliance with all statutory norms and safety requirements in Aroundtown’s countries of operation • Ensure the highest health & safety standards following national laws • Improve the monitoring of compliance with safety measures through the ongoing centralization and standardization of management processes Labor Standards and Employee Matters 3, 4, 5, 8, 10 Employee Satisfaction, Training & Development, Occupational Health & Safety • Be among the top ten most attractive employers in the commercial real estate sector by 2030 • Maintain zero incidents of discrimination • Offer a minimum of 12hrs of training and development opportunities per FTE per year Local Communities & Neighborhood Development 3, 4, 10, 11, 17 Neighborhood Development, Charity Contributions, Affordable Housing, etc. • Invest up to €1 million p.a. in community projects via the Aroundtownand GCP Foundations • Build partnerships with local stakeholders to achieve targeted impact with communities around Group assets • Support measures that aim to achieve several of the United Nations Sustainable Development Goals (UN SDGs) G Governance Matters 8, 16, 17 Fair Business & Compliance • Keep our level of fair business relationships with our customers and suppliers • Maintain zero tolerance towards compliance violations Supply Chain & Human Rights • Maintain zero human rights violations in the supply chain • Maintain our high standard of business partner scrutiny Data Protection • Identify risks proactively, to detect and eliminate weaknesses before they can become threats • Embed a culture of awareness and vigilance throughout our staff, through consistent and regular training • Pursue continual improvement of the security of our digital systems
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA ENVIRONMENTAL PROGRESS AND DECARBONIZATION 78 ENVIRONMENTAL TARGET WAS ACHIEVED IN 2025 SOONER THAN INITIALLY PLANNED ▪ The company has achieved a 40% reduction in emissions in 2025, ahead of schedule ▪ This achievement demonstrates the effectiveness of Aroundtown’s strategy and the quality of its portfolio. ▪ Result achieved through combined impact of targeted investments across the portfolio, further supported by decarbonization of Europe’s electricity and district heating grid. ▪ In addition to tangible sustainability benefits, the lower emissions contribute to lowering future CO₂ tax exposure. ▪ Aroundtown will continue with its efforts to reduce emissions further. The current progress positions the Company well to face emerging regulatory changes, such as EPBD. 41% KgCO₂e (Scopes 1, 2 and 3) vs. 2019 achieved in 2025—policy target met ahead of 2030. EV charging rollout: >1000 sockets electrified (DE+NL, as of today), across >100 assets On-site PV (installed/DC-completed): 15 MWp High-efficiency energy: Establishment of the heat pump program, piloted in 2025 and set to scale from 2026 onwards 2019: 51.5 2025: 30.2 20 25 30 35 40 45 50 55 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Emissions Taget level 40% target level (by 2030): 30.88 KgCO2e Reduction of 21.3 KgCO2e achieved Reflecting 41% reduction compared to 2019 Portfolio-wide Efficiency Improvements Shift toward Lower-carbon Energy Sourcing Improved Purchased Energy Emissions Factors
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA GREEN CERTIFICATES CASE STUDY: AMSTERDAM WESTPOORT BUILDING RECERTIFICATION AMSTERDAM WESTPOORT The 6k sqm office building is situated in the district Westpoort, a major business district in the Netherlands, close to the harbor and short walking distance to the Amsterdam Sloterdijk train station, which services train-, underground-, tram- and bus lines. Furthermore, the A5 and A10 highways which lie close to the property on Naritaweg 106-120 Amsterdam provide good connectivity with the rest of the region including Amsterdam Schiphol Airport, Europe’s third largest airport, which is around 15 minutes by car. LOCATION VERY GOOD PASS PROPERTY 79 MEASURES ✓ Sustainability measures include: ✓ Improvement of energy management system ✓ Installation of LED lighting, Solar panels and EV chargers ✓ Improved certification process measures ✓ Some measures were executed in connection with tenant requests resulting in securing leases and thus deriving in direct income-yielding sustainability investment OUTCOME ✓ Energy consumption further reduced ✓ Upgrade to Energy Label A+++ ✓ Broadens suitability for tenants that follow sustainability policies ✓ Increases attractiveness and quality of the building ✓ Positive feedback from existing tenants and closer alignment to high sustainability needs of main tenant
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA GREEN CERTIFICATES CASE STUDY: DUTCH PORTFOLIO BUILDINGS RECERTIFICATIONS GOOD PASS ROTTERDAM PASS PASS VERY GOOD PASS VERY GOOD GOOD PASS VERY GOOD ROTTERDAM AMSTERDAM ROTTERDAM UTRECHT ✓ Continuing to gradually improve the portfolio on top of existing measures ✓ Improving certification process to support further efficiency score increases in the future ✓ Executing measures in connection with tenant requests, securing immediate income from investments ✓ Reducing energy consumption further and upgrading Energy Labels ✓ Broadening suitability for tenants that follow sustainability policies ✓ Increasing attractiveness and quality of the buildings
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA GHG EMISSION REDUCTION ESG – ENVIRONMENT PART 1: CONSERVING ENERGY MEASURES, REDUCING CARBON FOOTPRINT 81 ENERGY-IMPROVING INVESTMENTS Installation of Photovoltaics (PV), Combined Heat and Power (CHP), Combined Cooling, Heat & Power (CCHP), EV charging stations, smart meters, AI SWITCHING TO CLIMATE NEUTRAL ENERGY Replacing/upgrading fossil fuel heating systems and switching to climate neutral energy providers ENERGY EFFICIENT FACILITIES Efficient facilities, heat pumps and building management systems to reduce consumption of water, waste, heating and energy GREEN LEASE CLAUSES Tenant incentives through green lease elements in the lease contracts
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA ESG – ENVIRONMENT PART 1: ENERGY IMPROVING INVESTMENTS 82 ELECTRIC VEHICLE INFRASTRUCTURE PHOTOVOLTAIC INSTALLATIONS Deployment of PV systems across approximately 150 rooftops, with a total installed capacity exceeding 15 MWp AT has partnered with DEPA (the national Greek energy company) and other investors to establish a strong local presence and holds a minority stake in a project to develop a power plant. The expected capex commitment is less than €50 million over the project’s lifetime Development of an 870 MW power plant in combination with a potential large-scale data center in Greece The Group is in discussions to secure part of the capacity to a data center to be built in the proximity of the power plant. Construction of the power plant is scheduled to commence in 2026, with completion targeted for 2030. POWER GENERATION AND DATA CENTER DEVELOPMENT (GREECE): Installation of more than 1,000 EV charging sockets across 100+ assets, including offices, hotels, and other commercial properties. The Company has a strategic JV and cooperation with IP Innovative Power (IP) for energy projects such as PV, EV, power stations and more. IP is a leading Energy as a Service (EaaS) platform, working with some of Europe’s largest real estate groups. IP is part of a wider energy group with significant cross-border operations, focusing on the international development and investment of energy projects. IP Innovative Power's website
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA ESG – ENVIRONMENT PART 1: REGULAR / MAINTENANCE CAPEX UPGRADE ENERGY EFFICIENCY 83* Roof refurbishments can save ca. 60% of the energy loss that is caused by those specific inefficient insulation units. LED lighting replacements can reduce energy consumption of the lighting units by ca. 95%. REGULAR / MAINTENANCE CAPEX UPGRADE ENERGY EFFICIENCY Regular refurbishments such as roof, façade, window and lighting replacements. These can save ca. 60%-95%* of the energy loss from inefficient insulation/lighting. Reducing energy consumption & CO2 tax, benefitting both the landlord & tenants. Improving energy labels and resulting in higher tenant demand & value. Roof, façade and basement insulation Window replacements Water and waste management Interior fitout Green facilities Improved energy efficiency through better building envelopes Solar PV Smart meters Heating, ventilation & Air-Con systems EV Charging LED systems Renewable energy systems and technological upgrading
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA ESG – ENVIRONMENT PART 2: WATER AND WASTE MANAGEMENT 84 ➢ Further optimizing waste and operational costs through waste management systems (i.e., obtaining and sharing waste data with tenants) ➢ Waste separation is incentivized in Germany & other portfolio locations (no charge for recycling and paper) ➢ Engagement with contractors for better recycling of demolition waste and data gathering WATER CONSUMPTION WASTE MANAGEMENT ➢ Remote water meters create awareness, influence tenant behavior and help detect water leaks and unusual water usage ➢ Installation of water-efficient appliance retrofits in sanitary facilities of German properties
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA ESG – SOCIAL PART 1: COMMUNITY BUILDING 85 AROUNDTOWN FOUNDATION LOCAL PARTNERSHIPS ❑ AT focuses on establishing productive partnerships with local stakeholders to ensure that corporate activities are aligned to the tenants and communities ❑ Numerous charities across portfolio’s locations, working in close contact with local partners such as Berliner Stadt Mission, German Red Cross, Die Arche, GG Striesen Pentagon e.V., Treberhilfe etc. ❑ Local projects aimed at improving child and youth education & healthcare, eliminating child poverty, preparing disadvantaged young people for the job market, providing solidarity to the ethnic minorities, etc. Image rights: GCP/Aroundtown, Berliner Stadtmission
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA ESG – SOCIAL PART 2: TENANT MANAGEMENT 86 ENGAGEMENT Tailor-made approach, customized leases, balancing tenants’ and the Company’s requirements ENFORCEMENT Main tool to monitor and enforce tenant satisfaction, Annual Tenant Surveys QUALITY High quality support with Service Centers for residential and commercial tenants POLICY Introduced green lease clauses in new contracts which set standardized goals and ensure commitment of all parties involved
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA ESG - SOCIAL PART 3: GOAL TO BECOME TOP EMPLOYER 87 Goal to become top employer in commercial real estate to attract best new talent TRAINING Employee training programs to ensure knowledge sharing and increasing the skill pool COLLABORATION Dynamic & open corporate culture, promoting personal development and collaboration among employees RETENTION Performance based incentives to enhance talent attraction and retention DIVERSITY & ANTI- DISCRIMINATION POLICY Diversity Training sessions to foster awareness and create a more inclusive workplace EMPLOYEE SATISFACTION SURVEY Annual surveys and regular HR roundtables ensures feedback on satisfaction & identification of improvement opportunities HEALTH, SAFETY & SECURITY Workplace safety is reinforced through regular H&S risk assessments, emergency drills, and cyber security measures Target: Attractive employer who maintains a strong employee base at a low turnover rate with an open culture leaving no room for discrimination
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA ESG - SOCIAL PART 3: 2025 HUMAN CAPITAL ACHIEVEMENTS & VALUE CREATION 88 Internal Hires 30% +2% YoY Training Participation 87% +7% YoY Women in Management Top 17% (+6% YoY) Senior 32% (-8% YoY) Junior 44% (+8% YoY) Share of women by management level Certified First Aiders 10% +1% YoY Value Creation Outcomes ❑ Strengthening leadership pipeline & retention ❑ Upskilling workforce & improving operational resilience ❑ Promoting diversity & inclusion in management ❑ Building a proactive health & safety culture ❑ Supporting long-term talent retention & satisfaction Career Paths Training Internal Hires Women in Management First Aiders Structured Career Development Paths In progress Design Rollout Embedded 2025 rollout underway; program maturity tracked as implementation progresses. 74%
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA BOARD OF DIRECTORS 89 o Board of Directors – 5/7 members are independent/non-executive o Diverse mix of professionals with strong & long experience, focus on real estate industry & financing MARKUS LEININGER- INDEPENDENT DIRECTOR FORMER SENIOR BANKER WITH A FOCUS ON FINANCING, PRIVATE EQUITY AND REAL ESTATE. SERVED AS HEAD OF OPERATIONS WITH EUROHYPO AG AND RHEINHYP AG (COMMERZBANK) AND A MEMBER OF THE ADVISORY BOARD AND INVESTMENT COMMITTEE OF REVETAS CAPITAL ADVISORS. DIPLOMA IN B.A. SIMONE RUNGE-BRANDNER - INDEPENDENT DIRECTOR HER PAST POSITIONS INCLUDE DEAL MANAGER (DIRECTOR) AT UBS DEUTSCHLAND AG, VICE PRESIDENT REAL ESTATE FINANCE/ INVESTMENT FUNDS, CREDIT MANAGER AT DEKABANK FRANKFURT AND CREDIT MANAGER REAL ESTATE FINANCE AT HELABA FRANKFURT. DIPLOMA IN INTERNATIONAL BUSINESS ADMINISTRATION MARKUS KREUTER - INDEPENDENT DIRECTOR SPECIALIZED IN REAL ESTATE DEBT ADVISORY THROUGH HIS OVER 18 YEARS OF EXPERIENCE IN AMONG OTHERS NATIONAL DIRECTOR DEBT ADVISORY AT JLL, HEAD OF GERMAN COMMERCIAL REAL ESTATE LENDING AT DEUTSCHE BANK, GROUP HEAD OF DEBT FUNDING AT CA IMMO. DEGREE IN REAL ESTATE ECONOMICS DANIEL MALKIN - INDEPENDENT DIRECTOR HIGHLY EXPERIENCED WITH A TRACK RECORD IN FUND MANAGEMENT AND REAL ESTATE, PREVIOUSLY SERVED AS A FUND MANAGER OF FIXED INCOME INVESTMENT FUNDS IN EXCELLENCE INVESTMENT BANK. BA IN BUSINESS MANAGEMENT JELENA AFXENTIOU – EXECUTIVE DIRECTOR SINCE 2011 IN THE MANAGEMENT OF AROUNDTOWN AND ITS SUBSIDIARIES AND HAS 20 YEAR OF EXPERIENCE IN THE REAL ESTATE AND THE HOTEL BUSINESS, SPECIALIZING IN FINANCE AND ACCOUNTING. MBA FRANK ROSEEN – EXECUTIVE DIRECTOR HIGHLY EXPERIENCED WITH A TRACK RECORD OF 30 YEARS IN THE REAL ESTATE INDUSTRY. HELD VARIOUS SENIOR MANAGEMENT POSITIONS, INCLUDING, CEO OF GERMANY & CENTRAL EASTERN EUROPE OF GE CAPITAL AND REAL ESTATE. MBA RAN LAUFER - NON-EXECUTIVE DIRECTOR FORMER POSITIONS INCLUDE CEO OF ADO PROPERTIES, DEPUTY CEO OF GRAND CITY PROPERTIES S.A. AND CHIEF OFFICER OF MARKETING AND SALES OF AIRPORT CITY LTD. MBA
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA BOARD COMMITTEES AND THE ADVISORY BOARD 90 AUDIT COMMITTEE (Maintaining the integrity of the financial statements and internal systems controlling the financial reporting processes) RISK COMMITTEE (Assessing, monitoring and mitigating any potential risk and keeping any possible failure to minimum) NOMINATION COMMITTEE (Identifying suitable candidates for director positions and examining their skills and characteristics) REMUNERATION COMMITTEE (Determining and recommending remuneration policy for the board and senior management) ESG COMMITTEE (Reviewing shareholder proposals and recommendations that relate to ESG matters) ALL COMMITTEES ARE IN PLACE WITH INDEPENDENT MEMBERS IN PLACE ADDITIONAL OVERSIGHT PROVIDED BY THE ADVISORY BOARD DR. GERHARD CROMME - CHAIRMAN OF THE ADVISORY BOARD DR. CROMME HAS A LONG AND IMPRESSIVE TRACK RECORD WITH TOP POSITIONS IN GERMANY’S BLUE CHIP COMPANIES, INCLUDING CHAIRMAN OF THE SUPERVISORY BOARD OF SIEMENS, CHAIRMAN OF THE EXECUTIVE BOARD AND CHAIRMAN OF THE SUPERVISORY BOARD OF THYSSENKRUPP, AS WELL AS MEMBERSHIP ON THE SUPERVISORY BOARDS OF OTHER LEADING COMPANIES SUCH AS VOLKSWAGEN, LUFTHANSA, ALLIANZ, BNP PARIBAS, E.ON AND AXEL SPRINGER AND CURRENTLY CO-CHAIRMAN OF THE SUPERVISORY BOARD OF ODDO BHF GROUP. IN ADDITION, DR. CROMME HOLDS THE GERMAN DISTINCTION COMMANDER'S CROSS OF THE ORDER OF MERIT AND THE FRENCH DISTINCTION GRAND OFFICER OF THE LEGION OF HONOR. YAKIR GABAY - ADVISORY BOARD DEPUTY CHAIRMAN DEPUTY CHAIRMAN, FOUNDER OF THE GROUP IN 2004. WAS PREVIOUSLY THE CHAIRMAN & MANAGING PARTNER OF AN INVESTMENT COMPANY WHICH MANAGED OVER $30 BILLION OF ASSETS, AND BEFORE THAT THE CEO OF THE INVESTMENT BANKING OF BANK LEUMI. MBA, BA IN ACCOUNTING/ECONOMICS, AND CPA CLAUDIO JARCZYK- ADVISORY BOARD MEMBER JOINED THE GROUP’S ADVISORY BOARD SINCE 2013. SERVED AS AN EXECUTIVE DIRECTOR AT BERLINHYP BANK SPECIALIZING IN REAL ESTATE FINANCING WITH A FOCUS ON INTERNATIONAL CLIENTS, AS A CHIEF INTERNATIONAL EXECUTIVE AT LANDESBANK BERLIN AND AS AN INTERNATIONAL DIVISION-DEPARTMENT MANAGER AT BAYERISCHE VEREINSBANK MUNICH. DIPL.KFM. / MBA
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA MANAGEMENT TEAM – MANAGEMENT BODY 91 o Management body is supervised by the board of directors BARAK BAR-HEN – CO-CEO & COO (CO-CHIEF EXECUTIVE OFFICER & CHIEF OPERATING OFFICER) SINCE 2020 IN THE MANAGEMENT OF AROUNDTOWN AND ITS SUBSIDIARIES. LLB AND CERTIFIED ATTORNEY LIMOR BERMANN – CSO (CHIEF SUSTAINABILITY OFFICER) SINCE 2024 IN THE MANAGEMENT OF AROUNDTOWN AND ITS SUBSIDIARIES. IN THE COMPANY SINCE 2018 MA HONORS IN EDUCATIONAL ADMINISTRATION TIMOTHY WRIGHT – CCMO (CHIEF CAPITAL MARKETS OFFICER) SINCE 2025 IN THE MANAGEMENT OF AROUNDTOWN AND ITS SUBSIDIARIES. IN THE COMPANY SINCE 2012 MASTERS/DIPLOMA, BUSINESS ADMINISTRATION, ACCOUNTING, AND FINANCE JONAS TINTELNOT – CFO (CHIEF FINANCIAL OFFICER) SINCE 2025 IN THE MANAGEMENT OF AROUNDTOWN AND ITS SUBSIDIARIES DEPUTY CFO FOR THE PRIOR 3 YEARS AND IN THE COMPANY SINCE 2015 CHARTERED FINANCIAL ANALYST (CFA), MSC TRADE AND FINANCE, BSC BUSINESS ECONOMICS
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA MANAGEMENT TEAM – SENIOR MANAGEMENT 92 IDAN KAPLAN - HEAD OF TRANSACTION MANAGEMENT BEFORE JOINING AROUNDTOWN, MR. KAPLAN SERVED AS AN AUDITOR IN AN ACCOUNTING FIRM. BA IN ACCOUNTING AND BUSINESS ADMINISTRATION CHRISTIAN HUPFER - CHIEF COMPLIANCE OFFICER SINCE 2008 IN THE MANAGEMENT OF AROUNDTOWN AND ITS SUBSIDIARIES. IS SPECIALIZED IN TAX STRUCTURING, FINANCIAL STATEMENT AND CASH FLOW ANALYSIS. MR. HUPFER WORKED FO R RÖVERBRÖNNER KG STEUERBERATUNGS UND WIRTSCHAFTSPRÜFUNGSGESELLSCHAFT IN THE AUDIT AND TAX DEPARTMENT. DIPLOMA OF ECONOMICS WITH A FOCUS ON TAX AND FINANCIAL AUDITING NIKOLAI WALTER- HEAD OF ASSET & PROPERTY MANAGEMENT 20+ YEARS EXPERIENCE IN THE REAL ESTATE INDUSTRY. BEFORE JOINING THE GROUP, WAS A MANAGING DIRECTOR OF FORTRESS INVESTMENT GROUP, RESPONSIBLE FOR THE ASSET MANAGEMENT OF THE GERMAN COMMERCIAL WITH A MARKET VALUE OF € 5.6 BN. ALSO HELD POSITIONS AT DEUTSCHE BANK G ROUP INCLUDING HEAD OF ASSET MANAGEMENT GERMANY AT DEUTSCHE ASSET AND WEALTH MANAGEMENT. MBA AND DEGREE IN REAL ESTATE ECONOMICS ALON LEVY – HEAD OF DUTCH OPERATIONS 15+ YEARS EXPERIENCE IN THE EUROPEAN REAL ESTATE INDUSTRY, PRIMARILY IN THE NETHERLANDS AND GERMANY. MR. LEVY JOINED THE GROUP IN 2017 AND HAS BEEN MANAGING THE DUTCH OPERATIONS SINCE 2020. BEFORE JOINING THE GROUP MR. LEVY WAS A MANAGER AND A BOARD MEMBER OF AN INTERNATIONAL REAL ESTATE GROUP. MBA AND CPA FRIDERIKE PABST – GROUP HEAD OF HR / CHIEF DIVERSITY OFFICER MORE THAN 25 YEARS OF EXPERIENCE IN HR AND MORE THAN 15 YEARS OF HR EXPERIENCE IN REAL ESTATE. IN THE GROUP SINCE 2014. DIPLOMA IN BUSINESS ADMINISTRATION (FH) WITH A FOCUS ON HUMAN RE SOURCE MANAGEMENT & COMPANY ORGANIZATION KAMALDEEP MANAKTALA – DEPUTY CEO 20+ YEARS OF EXPERIENCE IN REAL ESTATE INVESTMENT MANAGEMENT WITH A FOCUS ON THE LIVING SECTOR (HOTELS & RESIDENTIAL) IN BOTH THE PRIVATE AND PUBLIC MARKETS GLOBALLY. PREVIOUSLY HELD MANAGERIAL ROLES IN DUET PRIVATE EQUITY, GOLDMAN SACHS, JP MORGAN. MBA IN INTERNATIONAL HOSPITALITY MANAGEMENT FROM IMHI – CORNELL UNIVERSITY-ESSEC BUSINESS SCHOOL AND BA IN ECONOMICS (HONOURS) FROM UNIVERSITY OF DELHI. KAY ENGBRING - HEAD OF LEGAL MORE THAN 20 YEARS OF EXPERIENCE IN THE REAL ESTATE SECTOR. HE IS ADVISING THE BOARD OF DIRECTORS AND THE SENIOR MANAGEMENT IN THE FIELDS OF CORPORATE LAW AND CAPITAL MARKETS. PRIOR TO JOINING AROUNDTOWN, AMONG OTHER POSITIONS, HE SERVED AS GENERAL COUNSEL AT ADO PROPERTIES S.A. AND GSW IMMOBILIEN AG. LAW DEGREE FROM THE FREIE UNIVERSITY OF BERLIN (GERMANY) AND IS ADMITTED TO THE BERLIN BAR ASSOCIATION
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA ESG AWARDS & INDICES 93 CONSECUTIVE EPRA AWARDS AT received EPRA BPR Gold award for the 9th time and EPRA sBPR Gold award for the 8th time consecutively, for high standards of financial transparency and sustainability reporting 2024: 2023: 2022: 2021: 2020: 2019: 2018: 2017: SUSTAINABILITY INDICES o Included in the MDAX ESG+ index and Dow Jones Best-In- Class Index Europe (formerly known as Dow Jones Sustainability Index Europe) o S&P Global Sustainability Yearbook 2026, which includes 848 Companies out of over 9,200 companies o Sustainalytics’ 2026 Global ESG Leader Badge, as well as Regional and Industry Leader badges 2025:
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA A FOUNDING MEMBER OF THE ASSOCIATION “UNITED NATIONS GLOBAL COMPACT GERMANY e. V.” 94
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA ROTTERDAM 95 MARKET DATA
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA REGIONAL MARKET OVERVIEW 96 Hannover ◼ GDP/capita: €80k (2021) ◼ Net migration: 16k p.a. (avg 2018-2022) ◼ Population density: 0.5k per km2 (2021) Dresden/Leipzig/Halle ◼ GDP/capita: €70k (2021) ◼ Net migration: 23k p.a. (avg 2018-2022) ◼ Population density: 1.8k per km2 (2021) Berlin ◼ GDP/capita: €79k (2021) ◼ Net migration: 30k p.a. (avg 2018-2022) ◼ Population density: 4.1k per km2 (2021) Hamburg ◼ GDP/capita: €101k (2021) ◼ Net migration: 11k p.a. (avg 2018-2022) ◼ Population density: 2.5k per km2 (2021) Munich ◼ GDP/capita: €135k (2021) ◼ Net migration: 6k p.a. (avg 2018-2022) ◼ Population density: 4.8k per km2 (2021) Nuremberg/Fuerth ◼ GDP/capita: €81k (2021) ◼ Net migration: 3k p.a. (avg 2018-2022) ◼ Population density: 2.4k per km2 (2021) Stuttgart ◼ GDP/capita: €103k (2021) ◼ Net migration: 18k p.a. (avg 2018-2022) ◼ Population density: 3.0k per km2 (2021) Frankfurt ◼ GDP/capita: €101k (2021) ◼ Net migration: 2k p.a. (avg 2018-2022) ◼ Population density: 3.1k per km2 (2021) Wiesbaden/Mainz/Mannheim ◼ GDP/capita: €111k (2021) ◼ Net migration: 3k p.a. (avg 2018-2022) ◼ Population density: 1.9k per km2 (2021) Amsterdam ◼ GDP/capita: €102k (2022) ◼ Net migration: 9k p.a. (avg 2018-2022) ◼ Population density: 5.3k per km2 (2022) Utrecht ◼ GDP/capita: €65k (2022) ◼ Net migration: 7k p.a. (avg 2018-2022) ◼ Population density: 3.9k per km2 (2022) Rotterdam ◼ GDP/capita: €61k (2022) ◼ Net migration: 9k p.a. (avg 2018-2022) ◼ Population density: 3.0k per km2 (2022) Bremen ◼ GDP/capita: €81k (2021) ◼ Net migration: 2k p.a. (avg 2018-2022) ◼ Population density: 1.8k per km2 (2021) NRW ◼ GDP/capita: €77k (2021) ◼ Net migration: 91k p.a. (avg 2018-2022) ◼ Population density: 0.5k per km2 (2021) Sources: Germany: Statistische Ämter Des Bundes Und Der Länder. Netherlands: CBS, GDP per capita on municipality level, others on COROP level
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA IMPROVED ECONOMIC OUTLOOK FROM GOVERNMENT’S SPENDING BOOST AND REFORM IN GERMANY 97 OFFICE MARKET PERFORMANCE CLOSELY LINKED TO ECONOMIC GROWTH Main changes: ❑ Amendment changes the structural deficit cap, allowing unlimited defense spending ❑ Establishes off-budget special fund for infrastructure of €500 billion Economic impacts: ❑ Planned fiscal expansion could increase GDP growth by 2% per year over the next 10 years1) ❑ Long-term productivity gains via upgraded transport, energy grids, and R&D ❑ Added Europe wide defense spending ramp-up to have additional positive spillover effects GERMAN GOVERNMENT STIMULUS PACKAGE AIMED AT SUPPORTING ECONOMIC GROWTH Economic growth outlook – affected by disruptions in the Middle East ❑ GDP is expected to grow by about 0.5% in 2026, by 0.9% in 20274) ❑ Geopolitical headwinds and the severe impact of energy shocks have dampened economic growth expectations4) Specifically for the office market: ❑ Office investment volume up ca. 5% YOY5) -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 500 1,000 1,500 2,000 2,500 Office Take-up K sqm2)3) Annual GDP Growth 1) DIW 10+11 2025 2) Colliers; 3) Top 6: Berlin, Frankfurt, Munich, Hamburg, Stuttgart, and Dusseldorf; 4) Federal Ministry of Economic Affairs and Energy; 5) BNP Paribas, Office Investment Market Q1 2026 ❑ New regulation, called Bau-Turbo, put into place: ❑ Accelerates housing construction to address Germany’s deepening housing shortage. ❑ Unlocks conversion potential, by enabling more economical transformation of commercial spaces into residential units and supporting densification. ❑ Streamlines approvals through fast-track building permits and reduced bureaucratic hurdles. ❑ Cuts complexity and timelines, improving affordability and speeding project delivery. ❑ Applies to new builds and alterations, including simplified change-of-use processes. ❑ Subsidies: ❑ €360 million, connected to special infrastructure fund, currently in discussion, expected starting from summer 2026 ❑ No rent cap for newly converted space CONVERSION OF COMMERCIAL INTO RESIDENTIAL
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA OFFICE: HEALTHY FUNDAMENTALS IN GERMAN & NL, WELL-POSITIONED FOR GROWTH WHEN ECONOMY ACCELERATES 98 German & Dutch office markets are well-positioned for growth once the economy picks up pace • While the economic recovery in Germany has been slow, strong fundamentals kept vacancy at healthy levels, benefitting from limited supply of new offices and broader industry diversification with higher office attendance rates. • Decrease in work from home also seen in US & UK markets, with a high share of employers demanding a return to office. • European office development completions remain tight, with deliveries for new offices reaching a 10-year low and speculative pipeline as a percentage of total stock halving over the last three years. • Prime and average rents continue to rise, with notable increase in Frankfurt. Prime rents expected to continue to rise in the coming years1) • Improved macro sentiment is supporting the recovery of the office sector Source: 1) C&W, Marketbeat Germany: Top 5, Q4 2025 2) JLL, Colliers, Bloomberg Terminal, City and County of San Francisco, 3) Savills European office development completions/ pipeline 3) 2022/23 3.1% 2023/24 2.6% 2024/25 2.1% 2025/26 1.6% Speculative pipeline as a % of stock (%) San Francisco, 34.4% New York London, 9% Amsterdam, 9% Germany Big 7, 8%0% 5% 10% 15% 20% 25% 30% 35% 40% Q4 18 Q4 19 Q4 20 Q4 21 Q4 22 Q4 23 Q4 24 Q2 25 Q3 25 Q4 25 Office market vacancy: Germany & NL at healthy levels compared to US & UK2) Amsterdam, 9% Germany Big 7, 8% Germany 10y avg ('09-'18), 7% Amsterdam 10y avg ('09- '18), 13% 0% 3% 6% 9% 12% 15% Q4 18 Q4 19 Q4 20 Q4 21 Q4 22 Q4 23 Q4 24 Q2 25 Q3 25 Q4 25 Office market vacancy: Germany & NL2)
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA ▪ Traditional office work patterns are returning, as witnessed by recent announcements from large corporations, demanding full office attendance. ▪ Return-to-office rate (average attendance current vs pre-pandemic) is 89% in Germany, with an average attendance rate of 72% in Germany’s top 7 cities, which is approaching the pre-coronavirus level of 79% ▪ The number of “office days” is increasing again – currently, employees come to the office for an average of 3.6 days in a typical working week. OFFICE: NORMALIZING WORK PATTERNS 99 74% 74% 71% 72% 56% 37% 28% European avg: 60% Berlin Frankfurt Munich Big 7 London New York San Francisco Average Office Attendance by Geography Sources: JLL, Savills, Placer.ai 87% 92% 90% 89% 78% Berlin Frankfurt Munich Big 7 USA Return to Office Rate
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA POSITIVE NET MIGRATION RESULTS IN HIGH DEMAND RESILIENT GERMAN RESIDENTIAL MARKET 100 REDUCTION OF HOUSEHOLD SIZE RESULTS IN HIGH DEMAND SIGNIFICANT UNDERSUPPLY Positive Net Migration in Germany 1) Increase in the share of 1 person households1) Building permits at low levels, significantly below demand levels, resulting in low market vacancy 2) 3) 4) 5) -200k 0k 200k 400k 600k 800k 1,000k 1,200k 1,400k 1,600k 2000 2005 2010 2015 2020 2024 Forecast 180k 290k 400k Forecast scenarios 1) 38% 41% 43% 42% 43% 43% 44% 45% 34% 34% 34% 34% 34% 34% 33% 33% 14% 13% 12% 12% 11% 11% 11% 10% 11% 10% 9% 9% 9% 9% 8% 8% 4% 3% 3% 3% 3% 3% 3% 3% 2005 2010 2015 2020 2025E 2030E 2035E 2040E 1 person 2 persons 3 persons 4 persons 5 or more persons Sources: 1) Destatis. Forecast scenarios are based on high, low or moderate migration balance; 2024 2) Source: Destatis (actuals), target level of completions of the German government and 600k required level stated by the Minister for Housing 3) ifo Institute, press release dated 20 February 2024 4)Statista Research Department, 3 January 2024 5) BNP Paribas Spike in 2022 mainly as a result of Ukraine conflict 2.5% 2.7% 2.9% 3.1% 3.3% 3.5% 3.7% 3.9% 4.1% 4.3% 50k 150k 250k 350k 450k 550k 650k 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Construction permits (lhs) Completions (lhs) Vacancy (rhs) Target level of completions: 400K Est. new required level due to migration: 600K
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA 101 EUROPEAN HOTEL MARKET ▪ Europe’s hotel sector is expected to see measured, moderate growth in 2026, following the strong post-pandemic rebound in 2022-20241) ▪ Inbound international travel is the main driver of demand1) ▪ Europe-wide RevPAR growth in 2026 is expected at 1-3%, driven mostly by ADR increases1) ▪ Hotels increasingly invest in AI-driven pricing, automation, forecasting, and personalization2) MARKET OUTLOOK Sources: 1) CBRE RESEARCH, European Real Estate Market Outlook 2026 ; 2) Deloitte, The 2025 European Hotel Industry and Investment Survey 3) MKG destination, Hotelverband Deutschland 20 40 60 80 100 120 2019 2020 2021 2022 2023 2024 2025 European hotel market KPI’s have now stabilized to a moderate growth (RevPAR +1.7% YOY)3) Occupancy ADR RevPAR
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA ALTERNATIVE PERFORMANCE MEASURES 102 For enhanced transparency and more industry specific comparative basis, the Company provides market and industry standard performance indicators. These measures provide more clarity on the business and enables benchmarking and comparability to market levels. Reconciliations of these APMs can be found in the consolidated financial statements of the Company. Reconciliation of APMs not disclosed in the financial statements are presented below. Reconciliation of Net Debt-to-EBITDA The Net debt-to-EBITDA is used in the real estate industry to measure the leverage position of a company. This KPI highlights the ratio of financial liabilities to the Company’s recurring operational profits and thereby indicates how much of the recurring operational profits are available to debt holders. Aroundtown calculates its Net debt-to-EBITDA ratio by dividing the Net financial debt as at the balance sheet date by the adjusted EBITDA (annualized). The Net financial debt is defined above under Loan-to-Value ratio. The adjusted EBITDA (annualized) includes contributions from assets held for sale and joint venture positions and excludes extraordinary expenses for uncollected hotel rents. The adjusted EBITDA (annualized) is calculated by adjusting the adjusted EBITDA to reflect a theoretical full year figure. This is done by multiplying the adjusted EBITDA of the period by 4 if it is the three month period result, by 2 if it is the six-month period result and by 4/3 if it is the nine-month period result. For the full year, there is no adjustment made. Net-Debt-to-EBITDA Reconciliation (A) Net Debt(1) (B) Adjusted EBITDA (annualised)(2) (=) (A/B) Net debt-to-EBITDA 1) See LTV calculation in the financial statements for the breakdown 2) Including the contributions from assets held for sale and joint venture positions, excluding extraordinary expenses for un collected hotel rents
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA This presentation has been provided for information purposes only and is being circulated on a confidential basis. This presentation shall be used only in accordance with applicable law, e.g. regarding national and international insider dealing rules, and must not be distributed, published or reproduced, in whole or in part, nor may its contents be disclosed by the recipient to any other person. Receipt of this presentation constitutes an express agreement to be bound by such confidentiality and the other terms set out herein. This presentation includes statements, estimates, opinions and projections with respect to anticipated future performance of the Group ("forward- looking statements"). All forward-looking statements contained in this document and all views expressed and all projections, forecasts or statements relating to expectations regarding future events or the possible future performance of Aroundtown SA or any corporation affiliated with Aroundtown SA (the “Group”) only represent the own assessments and interpretation by Aroundtown SA of information available to it as of the date of this document. They have not been independently verified or assessed and may or may not prove to be correct. Any forward-looking statements may involve significant risks and uncertainties and should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. No representation is made or assurance given that such statements, views, projections or forecasts are correct or that they will be achieved as described. Tables and diagrams may include rounding effects. This presentation is intended to provide a general overview of the Group's business and does not purport to deal with all aspects and details regarding the Group. Accordingly, neither the Group nor any of its directors, officers, employees or advisers nor any other person makes any representation or warranty, express or implied, as to, and accordingly no reliance should be placed on, the accuracy or completeness of the information contained in the presentation or of the views given or implied. Neither the Group nor any of its directors, officers, employees or advisors nor any other person shall have any liability whatsoever for any errors or omissions or any loss howsoever arising, directly or indirectly, from any use of this information or its contents or otherwise arising in connection therewith. Aroundtown SA does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of this presentation. The information contained in this release is based on a thorough and detailed review, analysis and estimation performed by Aroundtown SA based on existing public sources of data and does not take into consideration ongoing discussions with tenants. As a result of the continuously changing economic environment and uncertainty in the market, the liquidity risk of tenants may vary significantly from Aroundtown’s current estimations and eventual impacts could be quite different from existing estimates. DISCLAIMER 103 IMPORTANT: