Slides
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ResultsPresentationQ3-2025 Essen, 6 November 2025
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Q3 2025 Highlights 2© Instone Group
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Q3 highlights & outlookContinued strong demand from retail investors; institutional deals are progressingRetail: Strong demand from private investors (+88% yoy); strong momentum in Q4 with tailwind from sales starts and seasonalityInstitutional: negotiations for institutional deals are making progress (deal of €55m signed in Q3); speed of market recovery still muted Acquisitions: Project with GDV of >€1.1bn secured ytd; additional extensive deal pipeline Revenues:€347.5m (-9.6% yoy)Gross profit margin: 23.9% (9M-2024: 24.2%)EAT: €21.4m (-26.2% yoy)Sales:€229.0m (+46.2% yoy)larger institutional deal Revenues:€500-600mGross profit margin: ~23%EAT:€25-35mSales: >€500m 3© Instone Group1 Adjusted results Sales recovery continues - Further growth acceleration in private customer business9M-2025 results: Very solid profitability maintained Outlook: On track for full year 2025 targets Operational Highlights 9M-2025Results1 Outlook1
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6.214.518.542.825.532.031.460.438.751.975.9Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Demand from private investors on a clear growth trajectoryIn % Long term Instone sales ratioSales ratio 4© Instone Group1 Retail sales ratio = weekly number of units sold/total number of units on offer (four week moving average) Retail sales ratio1 Continued dynamic sales recovery (private sales up from €88.7m to €166.5m in 9M-2025, +88% yoy) Around a handful of additional sales launches and seasonality will provide support for accelerating sales momentum in Q4Retail sales of >€300m expected in 2025Sales ratio: 1.8%(43 CW), 9.5 avg. weekly number of units sold / 537 avg. number of units on offerInstitutional market: severaldeals with sales volume of around €120m in advanced negotiation phaseIn €mQuarterly development of retail sales(0.5)0.00.51.01.52.02.53.0Jun 22 Nov 22 Apr 23 Sep 23 Feb 24 Jul 24 Dez 24 Mai 25 Okt 25Jun-22Nov-22Apr-23Sep-23Feb-24Jul-24Dec-24May-25Oct-25
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© Instone Group Sales starts ytd: Boost in demand due to attractive post tax-returns LAHNWARTE (FRANKFURT)Total apartments: 149First sale: February 2025Apartments in sales process: 149Sold: 38%KANT & GLORIA (HOFHEIM)Total apartments: 109First sale: July 2025Apartments in sales process: 88Sold: 10% INS new products are ideally tailored to the support schemes of the Growth Opportunities Act (“Wachstumchancengesetz”) with 5% degressive tax depreciation + 5% linear tax depreciation for energy efficient buildings (“QNG 40” standard) allowing for highly attractive post tax-returnsFurther sales starts catered to buy-to-let investors planned for the coming monthsAs of 26 October 20255 Total apartments: 187First sale: February 2025Apartments in sales process: 101Sold: 73%NYOO BERRY (DUISBURG) THUMENBERGER (NUREMBERG)Total apartments: 214First sale: October 2025Apartments in sales process: 181Reservations, notary appointments & sales: 8%KÖSLINGER WEG (HAMBURG)Total apartments: 198First sale: marketing just startedApartments in sales process: 198Reservations & notary appointments: 14% GEFYLDE (STUTTGART)Total apartments: 178First sale: June 2025Apartments in sales process: 82Sold: 29%PARKRESIDENZ AB3 (LEIPZIG)Total apartments: 33First sale: September 2025Apartments in sales process: 33Reservations, notary appointments & sales: 91%
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Strong rent growth persists; prices on moderate upward trend7.6%6.4%7.3%7.2%4.3%2.8%0.1%(2.2%)(3.3%)(4.1%)(2.7%)(1.6%)0.6%1.8%1.6%1.4%0.6%1.8%1.6%1.3%2.3%(0.5%)0.2%(1.3%)(0.6%)(1.6%)(0.7%) 0.2%0.4%0.7%0.4%0.1% 0.3%0.0% Q3-21Q4-21Q1-22Q2-22Q3-22Q4-22Q1-23Q2-23Q3-23Q4-23Q1-24Q2-24Q3-24Q4-24Q1-25Q2-25Q3-25y-o-yq-o-qIn % 6© Instone Group House price inflation (new builds)1 4.0%3.5%3.1%2.7% 2.7%4.2%4.6%5.3%5.2%4.3%4.5%3.8%4.2%5.0% 5.1% 4.9%4.6%Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25y-o-yNew-build rent development–Accelerating positive momentum1 Prices with moderate upward trend on a year-on-year basis despite macro uncertainties Rent growth remains at elevated levels due to further rising scarcity for energy efficient apartments in good quality locations1 Bulwiengesa data; for house price &rent index, quarterly data condo prices& rents in top 7 cities (new build)
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Moderate CPI growth – INS with unrivalled low construction costs 7© Instone Group 0.0%(0.1)%3.1%6.4%12.6%14.4%14.3%17.6%16.5%16.9%15.1%8.8%6.4%4.3%2.8%2.7%3.1%3.1%3.2% 3.2%3.1%(2.2%)0.4%4.5%3.6%3.5%2.1%4.4%6.6%2.6%2.5%2.7%0.8%0.2%0.4%1.2%0.7% 0.7%0.4%1.4%0.8%0.5%Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25y-o-yq-o-q Construction price inflation1 Overall construction price inflation rather stable at moderate levels CPI for larger projects is lower due to rising competition leading to costs remaining largely stable for Instone1 Statistisches Bundesamt (Federal Statistical Office)
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Projects with GDV of c.€2.7bn are “under construction” of which 91% already soldSold volume of c.€2.6bn - thereof outstanding revenues of >€350m Some c.€1.9bn of land bank with zoning rights obtainedLand value ~€460m + outstanding land payment c.€124m (c.14% of pre-sale GDV) Under construction projects de-risked with 91% sold 8© Instone Group t/o sold €2.4bnt/o sold c.€0.2bnUnder construction: €2.7bnPre-construction: €0.2bnPre-sale: €4.2bnTotal GDV €7.1bn 10%10.0%23%25.0%67% Kategorie 1Kategorie 2Master planin preparationMaster planin progressMaster plan grantedBuilding permit application in preparationBuilding permit application filedBuilding permit granted~81%~7%~12% 77%6%17%Project portfolio as of 30/09/2025 by development (GDV) Project portfolio as of 30/09/2025 by building right status (GDV)
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Q3 2025 Financial Performance & Outlook © Instone Group9
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Adjusted Results of Operations: Solid profitability maintained€mRevenuesProject costGross profitGross MarginPlatform costShare of results of JVsEBITEBIT MarginFinancial & other resultsEBTEBT MarginTaxesTax rateEATEAT MarginEAT post minoritiesEPS1 ChangeQ3 2024Q3 2025(7.3%)129.1116.5(7.1%)(101.8)(91.9)(7.6%)27.324.521.1%21.0%(12.0%)(18.9)(19.8)3.61.6(9.1%)12.06.39.3%5.4%(0.0)(0.9)(9.9%)11.95.49.2%4.6%(3.3)(1.1)28.1%20.4%(11.0%)8.54.26.6%3.6%(13.4%)8.24.1(13.4%)0.190.06 Change9M-20249M-2025(9.6%)384.5347.5(9.3%)(291.6)(264.4)(10.7%)92.983.024.2%23.9%(2.5%)(55.8)(54.4)8.36.6(22.5%)45.435.211.8%10.1%(5.7)(5.9)(26.2%)39.729.310.3%8.4%(10.6)(7.8)26.8%26.8%(26.2%)29.021.47.5%6.2%(26.9%)28.721.0(26.9%)0.660.48 10© Instone Group1 Weighted average number of shares 42.323m Lower construction output, in line with expectations – bulk of revenues derived from pre-sold units under constructionSustained high margin level reflects quality of projects, cost control with inhouse construction management and prudent cost assumptions Platform costs: slightly decreasing mainly due to lower LTIP provisions and FTE reductionJV result reflects positive contribution of Berlin JV which has been completedMarginally higher net interest expenses du to slightly rising net debt 11 22345 345
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Very strong balance sheet is paying off31/12/202430/09/2025€m 106.6Corporate debt274.5Project debt1 398.7381.2Financial debt1 221.5Cash and cash equivalents and term deposits1 132.5159.7Net financial debt1 1,178.2Inventories and contract asset / liabilities10.5%13.6%LTC1,2 47.3Adjusted EBIT (LTM)3 51.4Adjusted EBITDA (LTM)3 2.1x3.1xNet financial debt1/ adjusted EBITDA11© Instone Group1 Q3/25: Excl. €120.6m restricted cash and €87.3m financial debt in connection with Project Westville client related subsidized KfW loan 2 Loan-to-Cost: Net financial debt/(Inventories + Contract assets/liabilities)3 LTM: Last twelve months LTC (loan-to-cost ratio) remains ata very low level of only 13.6%...… as well as the net debt/adjusted EBITDA ratio of 3.1x Balance sheet offers ample headroom for growth investments in a buyers’ market for land plots
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t/o availablet/o drawnTotalLiquidity (€m)Corporate debt-105.0105.0Promissory notes138.3-138.3Revolving Credit Facilities221.5Cash and cash equivalents and term deposits2 359.8Total corporate funds availableProject debt2 181.7223.8405.5Project finance2,3 Strong financial firepower - increasing utilisation for growth Very strong cash generation in 2023 & 2024 (total operating CF of approx. €210m) has created significant scope for growth investmentsOngoing positive underlying cash flow generation in 9M 2025 (pre land investments) further supporting scope for growthLiquidity: Significant net cash position on corporate level (c.€115m) plus c. 140m RCF generates significant financial flexibility providing Instone a major competitive advantage in market consolidation phaseNine acquisitions (Top 8 cities) with GDV of >€1.1m secured ytdExtensive acquisition pipeline promises signing of further attractive land purchases in the coming months (acquisition target for 2025 & 2026: projects with total GDV of €2bn)12© Instone Group1 RETT: Real Estate Transfer Tax2 Q3/25 Excl. €120.6m restricted cash and €87.3m financial debt in connection with Project Westville client related subsidized KfW loan3 Net available project financing 9M 20249M 2025Q3 2024Q3 2025Cash Flow (€m)49.238.113.17.4EBITDA adj.(5.4)12.0(1.8)21.9Other non-cash items(12.4)(17.1)(4.7)(1.7)Taxes paid95.7(34.6)101.1(28.7)Change in working capital127.1(1.6)107.8(1.1)Operating cash flow3.427.81.610.3Land plot acquisition payments (incl. RETT)1 130.526.2109.49.2Operating cash flow excl. investments
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Financing: Strong access to debt financing in still tough markets 31.9%68.1%0.037.550.017.52025 2026 2027 2028Total:€328.8mProject debt, securedCorporate debt 1.8 yearsWeighted average corporate debt maturity4.88%Weighted average corporate interest costs0%Share of corporate debt with floating interest 13© Instone Group Maturity profile (corporate debt) as of 30/09/2025 Secured/unsecured as of 30/09/2025 1 Refinancing promissory note in 2024: repayment of €35m in 2024, €30m in 2025 and extension of €17.5m to 2026 & 2028 respectively; interest step-up from 4.0% to 4.5% in 08/2025, from 4.5% to 5.25% in 08/2026Majority of financial debt is project related Significant net cash position (approx. €130m) on corporate level
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Outlook: Full year targets confirmed 14© Instone Group Forecast 2025€m 500-600Revenues (adjusted)~23%Gross profit margin (adjusted)25-35EAT (adjusted)>500Volume of concluded sales contracts
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Appendix © Instone Group15
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Awards & RatingsBEST MANAGED COMPANY AWARD 2025The award recognises excellently managed companies with strategic vision, innovative strength, a sustainable management culture and good corporate governance. © Instone Group16 EXTEL IR-RATING 2025Real Estate Sector (Developed Europe)# 1 RE Developer Europe# 1 RE Small Cap Europe# 2 RE Germany# 6 RE Europe EUROPEAN REAL ESTATE BRAND AWARD 2025Strongest Brand Germany in the category Developers Residential2ndyear running SUSTAINALYTICS ESG RATINGInstone among the top 2% of the 275 global real estate development companies, improved score 2024 vs. 2023. Top 5% across all sectors.Country (all sectors)# 3 Small Caps Germany
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Project portfolio key figuresQ3 2023Q4 2023Q1 2024Q2 2024Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025€m 20.2120.188.033.934.7173.641.654.6132.8Volume of sales contracts7,015.56,972.06,885.87,124.97,111.06,891.16,971.46,840.77,076.8Project Portfolio 2,822.72,693.42,781.12,784.82,675.82,755.02,796.42,470.52,603.3thereof already sold 2,089.42,022.52,140.72,246.32,231.62,281.82,385.22,132.02,249.7thereof already realized revenuesQ3 2023Q4 2023Q1 2024 Q2 2024Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025Units 37195213685536676106268Volume of sales contracts14,26914,25214,25214,76014,65014,24314,23613,79314,187Project Portfolio6,5886,2176,4306,4486,0746,1886,2645,5555,823.0thereof already sold (Unless otherwise stated, the figures are quarterly values)17© Instone Group
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Diversified project portfolio across most attractive German regionsIn %Rhine-Main41.2 NRW20.1Nuremberg8.5Leipzig9.7Stuttgart6.7Hamburg4.7Hanover2.4Munich2.8Berlin4.0Total:€7.1bn 18© Instone Group 46 projects / 14,187 units / ~1,259m sqm of saleable space98% in metropolitan regions~78 average sqm / unit~€5,958 ASP / sqmAdditional five JV projects (Instone share of GDV: ~€670m) Project portfolio as of 30/09/2025 by region (GDV)
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Expected future cash flows suggest significant upside(As of 30 September 2025; in €)~210mDe-risked free cash flow from projects under construction1~500mUnsold land bank at cost2 >710mNotional gross asset value-160mNet debt>550mNotional value to shareholders3 Pre-sold projectsc.€2.7bn currently under constructiont/o c.€2.4bn pre-sold (91%)In addition, c.€170m pre-construction already pre-soldTangible and substantially de-risked cash-flow profileLand bankResidual unsold and paid land bank recognised at cost² of ~€500m Substantial incremental value Upside from construction starts and acquisitionsCF potential from new construction starts which will increase as of H2-25 Ability to source new projects with very attractive future CF potentialCurrent window of opportunity for acquisitions is intended to be exploited19© Instone Group1 Free cash flow post platform cost and taxes; Incl. proportionate share of at-equity JVs2 Note: "unsold land bank at cost" excluding unsold portion of projects under construction & at equity investments3 Note: 43.32m shares issued and outstanding (excluding Treasury shares) Fundamental Instone value rests on three distinct pillars
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Growth Opportunities Act with attractive tax incentives for new-build properties (scenario analysis) © Instone Group 20 Model assumptions5,700 € Price /sqm85 sqmLettable space484,500 € Purchase price38,760 € Ancillary costs94,187 € Land (18% of total purchase price)429,073 € Buidling costs5,048 € Buidling costs per sqm4%Rental yield2.5%Rental growth p.a.156,978 € Equity ratio (30%)3.5%Debt interest rate44%Income taxTax incentives allow for fast payback of capital and highly attractive, inflationprotected, post tax returns for buy-to-let investorsTax free diposal gains after 10 yearsGrowth Opportunities Act:5% degressive depreciation on new build propertiesplus additional 5% linear depreciation over 4 years (according to§7 EstG) if tax relevant building costs are <5,200 €/sqm and energy standard ofQNG 40 certification is met> 90% of Instone project pipeline ready for construction meets relevant criteria Payback of capital from tax incentives10 years4 years218,532 € 142,658 € Total depreciation 41.8%27.3%Depreciation as % of total purchase price96,831 € 63,212 € Tax incentive18.5%12.1%Tax incentive as % of total purchase price62%40.3%Tax incentive as % of equityAttractive post tax returns9.5%12.8%Average RoE (cash returns)Tax free disposal gains after 10 years
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Project portfolio as of 30/09/2025 21© Instone Group Projects > €30m sales volume, representing total: ~ €7.1bn – JVs are not included Note: Semi-filled circle means that the milestone has already been achieved for sections of the project (land plot acquisition, start of sales or construction). Concerning the building rights the semi-filled circle means that the zoning process has been initiated. No circle for “land plot acquired” means that the land has not yet been purchased but secured by contract Project LocationSales volume (expected)Lettable space (sqm)Land plot acquiredPlanning right obtainedSales startConstruction startedHamburg Kösliner Weg Norderstedt 106m € 24,539 2025 RBO Hamburg 224m € 29,876 Büntekamp Hanover 169m € 24,314 2026Berlin Nauen Nauen 169m € 28,686 2026NRW Unterbach Düsseldorf 189m € 40,229 Literaturquartier Essen N/A 18,178 Gartenstadt Dortmund 104m € 23,031 2026 Bickendorf Cologne 651m € 172,488 2029 6-Seen Wedau Duisburg 88m € 16,600 Kempen Kempen 58m € 11,548 2026 Grafental Düsseldorf 189m € 29,966 Vogelsanger Weg Düsseldorf 65m € 11,379 2026
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22© Instone GroupNote: Semi-filled circle means that the milestone has already been achieved for sections of the project (land plot acquisition, start of sales or construction). Concerning the building rights the semi-filled circle means that the zoning process has been initiated. No circle for “land plot acquired” means that the land has not yet been purchased but secured by contract Projects > €30m sales volume, representing total: ~ €7.1bn – JVs are not included Project portfolio as of 30/09/2025 Project LocationSales volume (expected)Lettable space (sqm)Land plot acquiredPlanning right obtainedSales startConstruction startedRhine-Main Delkenheim Wiesbaden 114m € 51,524 Schönhof-Viertel Frankfurt 623m € 91,503 Friedberger Landstr. Frankfurt 323m € 38,241 2028 Elisabethenareal Frankfurt 82m € 9,989 2027 Steinbacher Hohl Frankfurt N/A 13,848 Westville Frankfurt N/A 101,443 Heusenstamm Heusenstamm 180m € 39,364 2028 Kesselstädter Maintal 235m € 38,316 2026 Polaris Hofheim 67m € 10,215 Rheinblick Wiesbaden 332m € 51,751 2028 Eichenheege Maintal 122m € 18,055 2028 Lahnstraße Frankfurt 81m € 10,489Leipzig Parkresidenz Leipzig 291m € 66,376 Semmelweis 9 Leipzig 85m € 24,257 2026 Rosa-Luxemburg Leipzig 185m € 26,863 2026 Heide Süd Halle 60m € 10,534 2026
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© Instone Group Projects > €30m sales volume, representing total: ~ €7.1bn – JVs are not included Note: Semi-filled circle means that the milestone has already been achieved for sections of the project (land plot acquisition, start of sales or construction). Concerning the building rights the semi-filled circle means that the zoning process has been initiated. No circle for “land plot acquired” means that the land has not yet been purchased but secured by contract23 Project portfolio as of 30/09/2025 Project LocationSales volume (expected)Lettable space (sqm)Land plot acquiredPlanning right obtainedSales startConstruction startedBaden-Wurttemberg Rottenburg Rottenburg 172m € 33,934 Herrenberg III, SL Herrenberg 81m € 14,399 2026 Herrenberg II, ZS Herrenberg 89m € 15,177 Schorndorf II - VS66 Schorndorf 51m € 7,610 2027Bavaria South Ottobrunner Munich 91m € 10,870 2025 Unterschleißheim Unterschleißheim 110m € 11,427 2027Bavaria North Eslarner Straße Nuremberg N/A 12,570 Lagarde Bamberg 90m € 17,773 Boxdorf Nuremberg 66m € 10,098 Thumenberger Nuremberg 145m € 16,668 2025 Worzeldorf Nuremberg 71m € 11,428 2026 Lichtenreuth Nuremberg 92m € 11,557 2026 Regensburgerstraße Nuremberg 73m € 9,721 2026Acquisitions w/ pending closing253m € 36,848
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Favourable regulatory framework leading to attractive cashflow profile 30%58%77%86%88%96%100%Start ofconstructionShellconstructionRoof, basicinstallationsand windowsInteriorplaster,screed, tilesFacade OccupancyreadinessCompletion% paid by customer% remaining to be paid by customer5% upfront10% upfront10% upfront35% upfront10% over construction period65% over construction period80% at completion95% at completion90% at completionSignificant amount of construction costs covered by customers' regular payments24© Instone Group1 MaBV - Real estate agent and commercial construction industry ordinance ("Makler- und Bauträgerverordnung“) De risked: B2C development process per se low-risk via regulatory framework ("MaBV")1Certainty:No cancellation possibilitiesCapital-light:Predefined payment schedule limiting equity requirement from InstoneVery favourable payment schedules vs. other European countries, particularly UK, Ireland and Spain Private Customer’s Payment Profile for German residentialdevelopment projects German regulatory framework for customer payments compared toother European markets
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Funding requirements minimized due to high pre-sales levels (40)(20)020406080100 0 6 12 18 24 30 36 42Completion in %DebtEquitySales ratioCumulative Cash inflowsCumulative Cash outflowsCumulative Net cash flow48 Notarised landacquisitionStart ofsales & marketingStart ofconstructionCash inflow >cash outflowSalescompletionConstructioncompletionLand plotacquisitioncostsTypically 30%pre-sales atConstruction startFunding requirementCumulative net cash flow generationMonth 25© Instone Group Illustrative cumulative financing profile of a typical B2C Instone projectDebt financing land c.50% (with zoning c.75%)Debt financing construction up to c.80%Revenue recognition: GDV x Sales Progress (%) x Construction Progress (%)
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Supportive German subsidy schemesThe German government increases tax depreciation and invests >€1bn p.a. to support owner-occupiers (help-to-buy) and new build of rental apartments 26© Instone Group Key positives from new subsidy schemeName:“Klimafreundlicher Neubau imNiedrigpreissegment” = climate friendly new-build in the affordable segmentVolume: €2bnStart: Oct-24 - Dec-25Name: “Klimafreundlicher Neubau” = climate friendly new-buildVolume: €0.76bn (KFN)2Start: 2023; Renewal: February-2024 Name:“Wohneigentum für Familien” = homes for families Volume: €350mStart: 16/10/2023Name: Degressive Depreciation (Growth Opportunities Act)Volume: 5% depreciation p.a.; can be combined with 5% special depreciation (§ 7 EstG) if tax relevant selling price excl. land is below €5,200 / sqm (QNG criteria must be met)Name: Social housing subsidiesBudget: €3.15bn in 2024 (€18.15bn total volume until 2027)40% of investment born by the federal states (additionally)Programme details Private investor, corporates or other investorsResi landlords, other institutional or private investorsFamilieswith at least 1 child <18 years living in their householdHousehold income of max. €90,000 (up from €60,000 previously) plus €10,000 per childRequired to own at least 50% of the building (as only home in Germany)Buy-to-let investorsFor newly built residential propertiesBeneficiary: Housing companies, institutional and private investorsEligibility:New construction, extension or conversion of new living spaceModernisation of existing space Social rental apartments or owner-occupied residential properties RecipientIncrease supply in the affordable rental segment (space efficient and climate friendly)Energy efficiency:Energy standard 55 (no fossil fuels)Emission targets over the life cycle have to be met (including construction) – QNG Cap for construction costs and floor space New buildof energy efficient buildingsEnergy efficiencyAt least energy standard KfW40 (plus additional requirements regarding GHG emissions defined in regulation “Qualitätssiegel NachhaltigesGebäude”)Higher subsidies possible with additional certificate for sustainable buildings “QNG”Use of fossil fuels not allowedHelp-to-buy: Build or buy new home/condominium for own use for the first time (for at least 10 years)Energy efficiency:At least energy standard KfW40 (plus additional requirements regarding GHG emissions defined in regulation “Qualitätssiegel NachhaltigesGebäude”)Higher subsidies possible with the additional certificate for sustainable buildings “QNG”Expected to have a positive impact on the returnexpectationsIncreased willingness to pay from private buy-to-let investors (due to full tax deductibility from personal income)Boost construction of rental apartmentsSupport the construction and modernisation of social housing ObjectiveNo direct grantSubsidized loans €100,000 per apartmentDifferent durations (e.g. 1.13% for 10 yrs)No direct grantSubsidized mortgages (2.33%- 3.00%) by federal KfW Bank (volumes per unit)Max. €100,000 loan volumeUp to €150,000 with QNG certificateNo direct grant; max. one housing unitSubsidized mortgages, reduced interest costs (0.34%-3.43%1) by federal KfW Bank€90–270k loan volume (with QNG certificate)Will be accepted as equity substituteIncrease of depreciation on newly built residential properties from (currently) 3% linear to 5% degressive p.a.; threshold for special depreciation from €4,800 to 5,200 / sqmLoan per apartment: €200kAmortisation discount: 30-35%Interest rate: 0-0.5%Required minimum energy standard of 55Subsidies1 Relates to annuity mortgages (10-year fixed rates). Bullet repayments at end of term priced at 1.15% p.a.2 Includes Klimafreundlicher Neubau (KFN)
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Coalition agreement of new German government containspositive elements – first positive steps taken © Instone Group27 Agreement contains ideas for new construction that point in the right directionDraft law reform to speed up construction processes introducedLocal authorities will be able to waive the requirement to draw up zoning plan under certain circumstances (§ 246e Building Code)Housing construction turboBuilding standards are planned to be simplified and the "building type E" will be legally securedPolitical target to reduce construction costs (incl. modular and serial construction)Building typesTax incentives, equity-replacing measures and state guarantees for mortgages will be examinedSubsidies for owner occupiersIncrease in investments in social housing Social housingSupport of new construction of municipal housing companies (equity replacing measures)MunicipalhousingTemporary reintroduction of subsidies for KfW55 standardKfW55
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Driving sustainable success: how value creation is linked to sustainability Continuous expansion of ESG governance EU Taxonomy-compliant revenues: 94.7% in 2024(up from 90% in 2023)Share of projects/objects with energy requirements at least NZEB -10%: 100% GHG emissions scope 1 and 2 reduced by 62.3%from the base year 2020, in line with SBTiImplementation of 7 working groups with focus on ESG topics (predominantly reduction Scope 3 emissions) comprising 30 employees Social impact scoring model which is applied to each projectOn track with implementation of voluntary1CSRD/ESRS reporting28© Instone Group Major ESG-KPIs achievementsPredominantly EU taxonomy-compliant100% of project/object portfolio with energy requirements of NZEB-10% by 2030GHG emissions scope 1 and 2 reduction target of 42% reached.Net Zero climate neutrality by 2045 Key objectives 1 Final EU decision regarding CSRD reporting is pending
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ESG: Top rating underscores commitment to industry leadership Instone among the top 2% of the 275 global real estate development companies, improved score vs. 2023Top 5% across all sectors 29© Instone Group
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Major ESG-KPIs – achievements20232024Major KPIs90.094.7Taxonomy-compliant revenues (in %)E 197,657 t CO2e178.174 t CO2eGHG emissions / scope 1 - 3 abs.1,437 t CO2e1,001 t CO2eGHG emissions / scope 1 - 2 abs.20% (1st) / 28% (2nd)/ 16.7% (1st) / 33.3% (2nd)/Share of female employees in management positions (below C-level)S 100%100%Code of Conduct for employees and contractors (UN Charter)100%100%Employee compliance and data protection trainingG 00Compliance cases (suspected) 30© Instone Group
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Instone shareISIN: DE000A2NBX80Ticker symbol: INSNo of shares: 43.323m (excl. treasury shares)Market cap: €359mAverage daily trading volume: €0.1mMarket segment: Prime Standard, Frankfurt 31© Instone Group1 Based on closing price on 31/10/ 2025 at €8.29 Shareholder structure (October 2025)Basic dataActivum25.95%DAMAC Properties10.04%FMR7.41%Easterly4.04%Helikon3.68%Treasury Shares7.80%Others41.08%
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Financial calendar 32© Instone Group Publication quarterly group statement as of 30 September 2025Nov. 202506Roadshow Paris, ODDO BHFNov. 202512Münchner Kapitalmarkt Konferenz, MunichNov. 202513Kepler Cheuvreux Pan-European Real Estate Conference, LondonNov. 202520Deutsches Eigenkapitalforum, FrankfurtNov. 202524UBS Global Real Estate Conference (Kepler Cheuvreux), LondonDec. 2025 02 2025 2026Publication Annual Report as of 31 December 2025Mar. 202617
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The Instone Management Board 33© Instone Group Kruno CrepuljaCEOCEO since 2008 (of Instone’s predecessor formart)Comprehensive experience as an engineer, site manager and project developer17-year career on the management boards of large development companiesAppointed until 30 June 2029 David DreyfusCFOCFO, since 2023>28 years of experience in corporate finance and capital markets, including as Director with Lazard and Senior Partner of Lilja & Co. Mr. Dreyfus already advised Instone in preparation and execution of its IPO in 2017 and 2018Appointed until 31 December 2027 Andreas GräfCOOCOO since 2008 (of Instone’s predecessor formart)Established the residential development as a standalone business model at HOCHTIEF Working in the construction and real estate sector for 30 yearsAppointed until 31 December 2027
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Burkhard SawazkiHead of IR and Capital Market Communication & StrategyT +49 201 45355-137 M +49 173 2606034burkhard.sawazki@instone.de Tania HansonRoadshows & Investor EventsT +49 201 45355-311 M +49 152 53033602tania.hanson@instone.de34© Instone Group Investor Relations Contact
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DisclaimerBY VIEWING THIS PRESENTATION, YOU AGREE TO BE BOUND BY THE FOLLOWING TERMS AND CONDITIONS REGARDING THE INFORMATION DISCLOSED IN THIS PRESENTATION. THIS PRESENTATION HAS BEEN PREPARED BY INSTONE REAL ESTATE GROUP SE (THE "COMPANY", TOGETHER WITH ITS SUBSIDIARIES, "INSTONE").For the purposes of this notice, “presentation” means this document, its contents or any part of it. This presentation does not, and is not intended to, constitute or form part of, and should not be construed as, an offer to sell, or a solicitation of an offer to purchase, subscribe for or otherwise acquire, any securities of the Company, nor shall it or any part of it form the basis of or be relied upon in connection with or act as any inducement to enter into any contract or commitment or investment decision whatsoever. This presentation is neither an advertisement nor a prospectus and recipients should not purchase, subscribe for or otherwise acquire any securities of the Company. This presentation is made available on the express understanding that it does not contain all information that may be required to evaluate, and will not be used by the attendees / recipients in connection with, the purchase of, or investment in, any securities of the Company. This presentation is accordingly not intended to form the basis of any investment decision and does not constitute or contain any recommendation by the Company, its shareholders or any other party. The information and opinions contained in this presentation are provided as at the date of this presentation, are subject to change without notice and do not purport to contain all information that may be required to evaluate the Company. The information in this presentation is in draft form and has not been independently verified. Parts of the financial information in this presentation are preliminary and unaudited. Certain financial information (including percentages) in this presentation has been rounded according to established commercial standards. As a result, the aggregate amounts (sum totals or sub totals or differences or if numbers are put in relation) may not correspond in all cases to the aggregated amounts of the underlying (unrounded) figures appearing elsewhere in this presentation. No reliance may or should be placed for any purpose whatsoever on the information contained in this presentation or on its completeness, accuracy or fairness. None of the Company, its shareholders, or any other party accepts any responsibility whatsoever for the contents of this presentation, and no representation or warranty, express or implied, is made by any such person in relation to the contents of this presentation. The information in this presentation is of a preliminary and abbreviated nature and may be subject to updating, revision and amendment, and such information may change materially. None of the Company, its shareholders, or any other party undertakes or is under any duty to update this presentation or to correct any inaccuracies in any such information which may become apparent or to provide you with any additional information. Recipients should not construe the contents of this presentation as legal, tax, regulatory, financial or accounting advice and are urged to consult with their own advisers in relation to such matters. In particular, no representation or warranty is given as to the achievement or reasonableness of, and no reliance should be placed on any projections, targets, ambitions, estimates or forecasts contained in this presentation and nothing in this presentation is or should be relied on as a promise or representation as to the future. This presentation may contain forward looking statements. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes," "estimates," “anticipates,” "expects," "intends," "may," "will" or “should” or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this presentation and include statements regarding our intentions, beliefs or current expectations concerning, among other things, our prospects, growth, strategies, the industry in which Instone operates and potential or ongoing acquisitions or sales. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance and that the development of our prospects, growth, strategies, the industry in which Instone operates, and the effect of acquisitions or sales on Instone may differ materially from those made in or suggested by the forward-looking statements contained in this presentation. In addition, even if the development of Instone’s prospects, growth, strategies and the industry in which Instone operates are consistent with the forward-looking statements contained in this presentation, those developments may not be indicative of our results, liquidity or financial position or of results or developments in subsequent periods not covered by this presentation. Nothing that is contained in this presentation constitutes or should be treated as an admission concerning the financial position of the Company and/or Instone.© Instone Group35
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Thank youInstone Real Estate Group SEGrugaplatz 2-445131 Esseninvestorrelations@instone.deinstone-group.de/en36© Instone Group