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Instone Real Estate Group SE Investor Presentation August 2026 Instone Group
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1. 2. 3. 4. 5. 6. 7. Agenda 2 Key Investment Highlights Q2 2026 Highlights Q2 2026 Financial Performance & Outlook Market Environment nyoo: Growth Perspective ESG Strategy Appendix © Instone Group
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Key Investment Highlights © Instone Group
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with a proven track record of >40 years of value generation Management team GDV project portfolio as of 30/06/2026 ~€7.1 bn Successfully developed and marketed since 1991+ >1m sqm As of 30/06/2026 442 employees Presence in all German metropolitan regions 8 branches + HQ Instone is a Leading Residential Developer in Germany 4© Instone Group Leading homebuilding platform in Germany Addressing fundamental structural undersupply in German residential market Comprehensive product portfolio from customised apartments to affordable housing units (nyoo) Attractive business model based on covering entire real estate development value chain Instone at a Glance Proven track record of >30 years
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Investment highlights Leading German residential developer - Key beneficiary from structural housing shortage1 Healthy profitability on the basis of cost leadership and attractive project portfolio2 nyoo product as growth pillar with unrivalled low costs due to innovative digital planning 3 Sound balance sheet and strong cash position as foundation for sustainable growth4 Clear commitment to climate neutrality targets - Strong focus on energy efficient buildings5 5© Instone Group
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Covering the entire value chain with deeply rooted construction expertise Completion Positive track-record concerning on time deliveries Planning application High building density assessment Internal/external experts Sales 30% pre-sale hurdle rate prior to construction Internal/external sales teams Acquisition No speculative land banking Fully in- house 6© Instone Group Construction Strong construction management background External contractors 6-12 months 12-48 months Dependent on project size
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Frankfurt | Lahnwarte Hamburg | Nordlicht 7Hofheim | Kant & GloriaNuremberg | Seepalais Düsseldorf | Mosaik 7© Instone Group
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Q2 2026 Highlights 8© Instone Group
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Q2 highlights & outlook − Demand: Recovery following temporary weakness, progress in institutional business − Retail: sales ratio returning towards normalised levels, but prolonged uncertainty has weighed on demand − Institutional: increasing institutional demand with several transactions in advanced stages (total volume c. €150m); product offering with high share of subsidised units is seeing strong demand − Construction costs: rising cost for building materials but overall costs well within budget, strong negotiation power persist s − Signing of JV agreement for Düsseldorf -Benrath project (GDV c.€480m) with international financial investor − Revenues: €184.2m (-20.3% yoy) − Gross profit margin: 27.9% (H1-2025: 25.3%) − EAT: €1.3m (-92.4% yoy); sharp earnings recovery in H2 expected driven by operating & financial leverage − Sales: €114.8m (+19.2% yoy ; retail sales +26%); strong growth acceleration expected (institutional deals, seasonality, sales starts) − Operating cash flow: €42.7m; Substantial operating cash flow further strengthening firepower − Revenues: €550-600m − Gross profit margin: >24% − EAT: €35-40m − Sales: €650-750m 9© Instone Group 1 Adjusted results Demand returning to growth path H1-2026 results: Strong growth acceleration in H2 expected Outlook for 2026 – Confirmed at lower end of the range Operational Highlights H1-2026 Results1 Outlook1
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6.2 14.5 18.5 42.8 25.5 32.0 31.4 60.4 38.7 51.9 75.9 133.0 41.0 73.2 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Return to normalised sales levels after temporary weakness In % Long term Instone sales ratio Sales ratio 10© Instone Group 1 Retail sales ratio = weekly number of units sold/total number of units on offer (four week moving average) Retail sales ratio1 – Return to long term mean − Sales ratio reverting to LT mean after temporary dip due to macroeconomic and geopolitical uncertainty (private sales up from €90.6m to €114.2m in H1- 2026; +26.0% yoy; +41.0% in Q2 yoy) − Attractive product supply for institutional demand (mainly “subsidised product” in metropolitan areas), stronger seasonality and additional sales starts pave way for significant growth acceleration in H2 − Several institutional transactions in advanced stages (volume c.€150m) indicate improving market momentum In €m Quarterly development of retail sales – Recovery is gathering speed 322 596 393 675 Supply (in units) (0.5) 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 Sep 22 Apr 23 Dez 23 Jul 24 Mrz 25 Nov 25 Jun 26
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German residential prices withstand macro uncertainties 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% 0.7% 0.4% 0.7% 0.9% 2.3% (0.5%) 0.2% (1.3%) (0.6%) (1.6%) (0.7%) 0.2% 0.4% 0.7% 0.4% 0.1% 0.2% 0.1% 0.0% 0.4% 0.4% 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 Q3-25 Q4-25 Q1-26 Q2-26 y-o-y q-o-q In % 11© Instone Group House price inflation (new builds)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% 5.1% 4.5% 3.7% 2.5% 2.0% 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 Q3-25 Q4-25 Q1-26 Q2-26 y-o-y New-build rent development1 − House prices remain stable or are moderately growing despite macro uncertainties and volatility in interest rates − Sound rent growth for energy efficient apartments in good quality locations 1 Bulwiengesa data; house price & rent indices for new build condominiums in top-7 cities
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Rising Inflation – Instone benefits from strong market position 12© Instone Group 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% 3.2% 3.3% 5.1% 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% 0.5% 1.5% 2.4% 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 Q3-25 Q4-25 Q1-26 Q2-26 y-o-y q-o-q Construction price inflation1 − Accelerated construction price inflation fueled by sharp rise in costs for energy related building materials − Still limited pricing power of medium-sized construction companies; costs are very well within budget and margin forecast 1 Statistisches Bundesamt (Federal Statistical Office)
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− Projects with GDV of c. €2.9bn are “under construction” of which 87% already sold − Total sold volume of c. €2.7bn (incl. pre -construction) – thereof outstanding revenues of c. €403m − Land bank of c. €2.0bn GDV with zoning rights obtained (+~€300m yoy) − Acquisitions of c. €1.9bn with above average margins (incl. approx. 1.0bn JVs) since start of 2025 − Land value ~€520m + outstanding land payments c.€94m (c.15% of pre -sale GDV) Adding new high margin projects 13© Instone Group t/o sold €2.5bn t/o sold c.€0.1bn Under construction: €2.9bn Pre-construction: €0.1bn Pre-sale: €4.0bn Total GDV €7.1bn (excl. €1.3bn JVs) 1 10% 31.0% 19% 71% Kategorie 1 Kategorie 2 Master plan in preparation Master plan in progress Master plan granted Building permit application in preparation Building permit application filed Building permit granted ~ 7 % 73% 7% 20% Project portfolio as of 30/06/2026 by development (GDV) Project portfolio as of 30/06/2026 by building right status (GDV) 1 At-equity investments take into account the current INS share, which can change over time
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Q2 2026 Financial Performance & Outlook © Instone Group 14
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Adjusted Results of Operations: Solid profitability maintained €m Revenues Project cost Gross profit Gross Margin Platform cost Share of results of JVs EBIT EBIT Margin Financial & other results EBT EBT Margin Taxes Tax rate EAT EAT Margin EAT post minorities EPS1 Q2 2026 Q2 2025 Change 104.9 126.0 (16.7%) (75.3) (95.6) (21.2%) 29.5 30.4 (3.0%) 28.1% 24.1% (19.3) (16.9) 14.2% 0.7 2.4 10.9 16.0 (31.9%) 10.4% 12.7% (10.4) (2.3) 0.5 13.7 (96.4%) 0.5% 10.9% (0.2) (3.9) (25.3%) (29.0%) 0.4 9.7 (94.9%) 0.4% 7.7% 0.4 9.6 (94.9%) 0.01 0.22 (94.9%) H1-2026 H1-2025 Change 184.2 231.0 (20.3%) (132.8) (172.5) (23.0%) 51.4 58.5 (12.1%) 27.9% 25.3% (39.2) (34.6) 13.3% 3.3 5.0 15.5 28.9 (46.4%) 8.4% 12.5% (13.6) (5.0) 1.9 23.9 (92.1%) 1.0% 10.3% (0.6) (6.7) 29.7% 28.2% 1.3 17.2 (92.4%) 0.7% 7.4% 1.3 16.9 (92.2%) 0.03 0.39 (92.2%) 15© Instone Group 1 Weighted average number of shares 43.323m H1 topline affected by negative demand effect from macro uncertainties and temporary lower weather- related construction output - Strong growth acceleration in H2 expected High gross margin maintained – margin forecast of >24% clearly reaffirmed despite rising costs for building materials Platform costs: moderate increase is partly driven by non-recurring effects Higher net interest expenses mainly due to the release of previously capitalised interest expenses (construction starts) and also due to slightly rising net debt Slightly higher tax rate due to lower expected profit share from JVs 1 1 1 2 2 3 4 5 3 4 5
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Very strong balance sheet is paying off €m 30/06/2026 31/12/2025 Corporate debt 159.7 106.1 Project debt1 272.5 298.0 Financial debt1 432.3 404.1 Cash and cash equivalents and term deposits1 (257.9) (252.6) Net financial debt1 174.4 151.5 Assets 1,033.7 1,358.4 LTC1,2 16.9% 11.2% Adjusted EBIT (LTM)3 37.8 51.1 Adjusted EBITDA (LTM)3 42.2 54.8 Net financial debt1 / adjusted EBITDA 4.2x 2.8x 16© Instone Group 1 Q2/26: Excl. €33.5m restricted cash and €28.8m financial debt in connection with Project Westville client related subsidized KfW loan 2 Loan-to-Cost: Net financial debt/(Inventories + Contract assets/liabilities + interest in JVs + receivables from investments) 3 LTM: Last twelve months − LTC (loan-to-cost ratio) remains at a low level of 16.9%... − … while net debt/adjusted EBITDA ratio remains at a sound level of 4.2x at the trough of the earnings cycle… − Balance sheet offers headroom for further growth investments in a buyer’s market for land − Temporary increase in financial leverage expected during the investment cycle
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Liquidity ( €m) Total t/o drawn t/o available Corporate debt Promissory notes 180.5 157.0 23.5 Revolving Credit Facilities 110.0 - 110.0 Cash and cash equivalents and term deposits 2 257.9 Total corporate funds available 391.4 Project debt2 Project finance2,3 425.4 230.7 194.7 Strong financial position – Increased investments in accelerated future growth − Very strong cash generation in 2023 & 2024 (total operating CF of approx. €210m) has created significant scope for growth investments − Ongoing positive cash flow generation in H1 2026 despite increased land investments and construction starts further supporting scope for growth − Liquidity: Significant net cash position on corporate level (c. €100m) plus c. 130m undrawn credit lines generate significant financial flexibility as a major competitive edge in market consolidation phase − Five acquisitions in different metropolitan areas with GDV of c. €685m signed or close to signing (year -to-date, including JVs) − Significant acquisition pipeline: Increase in supply of attractive acquisition opportunities; on track for acquisition target of > €2bn for 2025 & 2026 (c.€1.9bn reached) 17© Instone Group 1 RETT: Real Estate Transfer Tax 2 Q2/26 Excl. €33.5m restricted cash and €28.8m financial debt in connection with Project Westville client related subsidized KfW loan 3 Net available project financing Cash Flow ( €m) Q2 2026 Q2 2025 H1 2026 H1 2025 EBITDA adj. 11.7 16.8 17.1 30.7 Other non-cash items (4.1) (12.3) 24.4 (9.9) Taxes paid (0.4) (12.0) (11.0) (15.4) Change in working capital 39.5 24.0 12.2 (5.9) Operating cash flow 46.7 16.4 42.7 (0.5) Land plot acquisition payments (incl. RETT)1 20.7 4.8 30.9 17.5 Operating cash flow excl. investments 67.4 21.2 73.6 17.0
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Financing: Strong access to debt financing in still tough markets 36.9% 63.1% 20.5 50.0 41.5 45.0 2026 2027 2028 2029 Total: €432.3m Project debt, secured Corporate debt Weighted average corporate debt maturity 1.9 years Weighted average corporate interest costs 5.01% Share of corporate debt with floating interest 0% 18© Instone Group Maturity profile (drawn corporate debt) as of 30/06/2026 Secured/unsecured as of 30/06/2026 Majority of financial debt is project related Significant net cash position (approx. €100m) on corporate level Refinancing of promissory note in June 2026 - increased volume of €45m (up from €20m) at lower financing costs.
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Outlook: Confirmation of lower end of guidance range 19© Instone Group €m Forecast 2026 Revenues (adjusted) 550-600 Gross profit margin (adjusted) >24% EAT (adjusted) 35-40 Volume of concluded sales contracts 650-750 Guidance assumes no significant deterioration of macro conditions and no prolonged escalation of geopolitical conflicts affecting consumer confidence.
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Market Environment © Instone Group 20
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Structural supply shortage in German resi continues to widen German housing shortage 1,2 Continued growth in demand for residential space in urban areas Increa se of 600,000 households in past years driven by continued migration especially from Ukraine Stable trend of internal migration to metropolitan areas further increases demand in cities New housing completions consistently below government target; 37% drop in new housing expected between 2023 -2026 Forecasted cumulative deficit building up to > 800k cumulative units in 2026E 21© Instone Group 1 Pestel Institute, cumulative deficit c.700k 2025E (cumulative demand for construction less building completions) 2 Demand (ZIA Spring Report); completions 2022A (EIU) 2023-2026E (ifo Institut); government housing target for supply (Deutsche Bundesbank) 3 Includes 100k deficit reduction p.a. 4 Average demand for newbuild, considering migration and overall population development 287 294.3 251.9 206.6 185 2022 2023 2024 2025 2026E Completions Expected demand new construction (last year deficit plus 300k) 400k prev. g ov’t target 3 Continuous increase in the structural housing shortage >800k units of cumulative deficit Corresponding to 300k additional annual demand newbuild 4 plus 100k deficit reduction p.a.
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New-builds steadily gaining relative attractiveness Discounts vs. reference category in % Stronger price correction for non-renovated existing buildings Price premium for energy -certified properties continues to increase — even higher for new builds WirtschaftsWoche 01/2026: “Price premium for highly energy efficient buildings rises” Instone with leading position for energy efficient buildings ~80%+ Below German avg. carbon emissions of existing properties New products largly comply with very high QNG- 40 energy standard 22© Instone Group Source: ING Research & Savills Offer prices for multi -family homes: discounts per energy efficiency category 1 Further widening of price differential according to energy efficiency (50) (40) (30) (20) (10) 0 10 A B C D E F G H 2021 2022 2023“Instone product”
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Industry leading gross margins (23.8% in 2025) Cost leader in the industry: strong inhouse construction expertise & innovative nyoo product Affordable selling prices (c.3,000 €/sqm) for third party turnkey developments (incl. margin, VAT, high QNG-40 energy standard) Robust balance sheet (LTC 16.9%), strong cash position & access to debt financing in tight lending markets Strong cash generation from projects under construction Projects with GDV of c.€1.9bn and significant value potential acquired since Q1-2025 Projects offer potential for significantly above average margins & returns Exploiting partially distressed situations Focus on projects with short term EPS accretion/ high IRRs Extensive pipeline for acquisitions in 2026 (target volume 2025 & 2026: GDV >€2bn) INS key beneficiary of accelerating market consolidation Players with weak balance sheet and/or lower margins are suffering most Many players bought land at peak of cycle with high financial leverage (permitted land without operational upside) 23 © Instone Group Instone is acting from a clear position of strength in a highly fragmented and consolidating market Larger landlords are abandoning or shrinking the business , SME developers: wave of insolvencies (20 -25% of industry)
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nyoo: Growth Perspective © Instone Group 24
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Mid to long-term opportunity: nyoo Instone’s nationwide platform and innovative approach for affordable housing offer opportunity to fill demand gap Key challenges for reduced construction costs Key pathways for cost -efficiency Solutions —How does Instone do it? Simplification of product Standardisation of planning Industrialisation of development and construction Standardisation Digital modular planning process High architectural and ESG standards Target locations in B cities Target lower-mid markets— between social housing and core business Expand addressable market Scalability & growth potential Competitive positioning Strong margins & capital returns Benefits Highly fragmented market1 Government requisites for building and social housing 2 Federal states with their individual housing regulations (and also municipalities) 3 Highly qualified staff required due to construction complexity and customer individualisation 4 Low innovation spirit5 25© Instone Group
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First projects confirm INS’s competitive edge Land plot ~5,300 sqm Living space: ~5,000 sqm 66 units (52 publicly subsidized) Energy efficiency standard KfW 55 Completed in May 2023 DUS 19, Düsseldorf (Unterbach) Land plot ~5,400 sqm Living space: ~6,200 sqm 78 units (46-125 sqm) Energy efficiency standard KfW 55, green roofs Completed in September 2023 DUI 76, Duisburg (Buchholz) Joint project with INS Development (core product). nyoo part includes: − Land plot ~5,760 sqm − Living space ~12,470 sqm − 167 units (49-103 sqm) − High energy efficiency standard Effizienzhaus-NH-40 Grafental , Düsseldorf Land plot ~15,800 sqm Living space ~16,000 sqm 155 apartments, 26 town houses High energy efficiency standard Effizienzhaus-NH-40, green roofs nyoo berry, Duisburg (Wedau) 26© Instone Group Affordable housing segment — recent track record
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Unrivalled low production costs achievable Cost savings by standardisation − ~50% of selling expenses − ~50% of personnel expenses − ~50% of planning costs − Reducing underground construction − Optimised floor planning − Standardisation of materials ~20% reduction of building costs − Prefabrication − Scalability potential Further potential − Reduction of total production cost including planning, marketing, sales etc. Around 25% cost saving potential 27© Instone Group PROJECT COSTS INDIVIDUAL MODULAR Land acquisition Preparation costs Building costs (-20%) € Selling expenses (-50%) Personnel expenses (-50%) Planning costs (-50%) Outdoor facilities Around 25% cost saving potential Ancillary costs
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Considerable savings in project duration resulting in superior project IRR Up to 30% time saving potential Land acquisition >> >> >> >> Handover Project duration 28© Instone Group Individual Modular − ~ 6m of planning and approval process − Up to 12m of construction process Time savings − Prefabrication / industrialisation reaching critical mass in scale − Type approval Additional potential
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Target IRR/ ROCE Highly attractive project economics Target gross margin ~20% Target EBIT margin In line with core product Exceeding core product €20-50mProject size 29© Instone Group − Standardised planning and simplified execution provides for attractive economics in smaller size projects − Accelerated planning, reduced complexity, minimized underground construction as well as sales more geared towards institutions result in improved project IRR and superior ROCE − Projects gross margins expected to be lower compared to target margins for INS core product − Lower margin reflects reduced capital intensity, platform costs and risk profile of nyoo product − EBIT margin in line with core product − Standardised planning and more efficient / repetitive construction works allow for leaner nyoo platform costs vs INS core product Project related economics
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Comparison of products Traditional Instone Product Instone nyoo − Lower to mid-price segment (between social housing and Instone core product) − Approx. €4,000/sqm–5,000/sqm − Standardisation and low optionality − Minimising underground construction − Focused on well-connected B locations − >€20m − Less complex projects − Municipal housing companies − Professional landlords; lessowner occupiers − Institutional investors − Mid to high price segment − €5,000/sqm–9,000/sqm − Customization and optionality − Includes underground construction − Focused on largest metropolitan areas − >€50m − Development of entire residential quarters; including master planning process − Mid-high income owner occupiers and buy-to-let investors − Institutional investors 30© Instone Group Complexity Location Project size Target customer Price
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ESG Strategy © Instone Group 31
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Driving sustainable success: how value creation is linked to sustainability Continuous expansion of ESG governance − First listed German property company adopting TNFD reporting (published report) − Share of projects/objects with energy requirements at least NZEB -10%: 100% − GHG emissions scope 1 and 2 reduced by 70.3% from the base year 2020, in line with SBTi − Implementation of 7 working groups with focus on ESG topics (predominantly reduction Scope 3 emissions) comprising 35 employees − Social impact scoring model which is applied to each project − On track with implementation of voluntary1 CSRD/ESRS reporting 32© Instone Group Major ESG-KPIs achievements High level of ESG reporting/disclosure 100% of project/object portfolio with energy requirements of NZEB-10% by 2030 GHG 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. 2023 − Top 5% across all sectors 33© Instone Group
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Major ESG-KPIs – achievements Major KPIs 2025 2024 E Intensity Scope 3 greenhouse gas emissions for completed buildings 22.2 kgCO2e/m2*a 25.7 kgCO2e/m2*a GHG emissions / scope 1 - 2 abs. 791.8 t CO2e 1,001.5 t CO2e S Share of female employees in management positions (below C-level) 16.7% (1st) / 33.3% (2nd)/ 16.7% (1st) / 28% (2nd)/ Code of Conduct for employees and contractors (UN Charter) 100% 100% G Employee compliance and data protection training 100% 100% Compliance cases (suspected) 0 0 34© Instone Group
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Duisburg, 6-Seen-Wedau © Instone Group 35 nyoo lime – living space between the city and the lake landscape 16 townhouses (solid timber) and 69 apartments in 4 apartment buildings (timber hybrid) QNG certification expected, DGNB Gold/Platinum envisaged, distinction as KlimaQuartier.NRW District heating and photovoltaic tenant electricity, Efficiency House 40 Green roofs, facades, balconies, Water- sensitive drainage, natural seepage, naturalistic design courtyards
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Appendix © Instone Group 36
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Awards & Ratings BEST MANAGED COMPANY AWARD 2026 The award recognises excellently managed companies with strategic vision, innovative strength, a sustainable management culture and good corporate governance. 2nd year running © Instone Group 37 EXTEL IR-RATING 2025 Real Estate Sector (Developed Europe) # 1 RE Developer Europe # 1 RE Small Cap Europe # 2 RE Germany # 6 RE Europe EUROPEAN REAL ESTATE BRAND AWARD 2026 Strongest Brand Germany in the category Developers Residential 3 rd year running SUSTAINALYTICS ESG RATING Instone 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 figures €m Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Volume of sales contracts 73.1 41.7 273.3 132.8 54.6 41.6 173.6 34.7 33.9 88.0 Project Portfolio 7,062.5 7,023.8 7,095.4 7,076.8 6,840.7 6,971.4 6,891.1 7,111.0 7,124.9 6,885.8 thereof already sold 2,652.9 2,580.0 2,727.0 2,603.3 2,470.5 2,796.4 2,755.0 2,675.8 2,784.8 2,781.1 thereof already realised revenues 2,250.3 2,145.8 2,255.8 2,249.7 2,132.0 2,385.2 2,281.8 2,231.6 2,246.3 2,140.7 Units Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Volume of sales contracts 138 83 352 268 106 76 366 55 68 213 Project Portfolio 14,230 13,975 14,089 14,187 13,793 14,236 14,243 14,650 14,760 14,252 thereof already sold 5,638 5,500 5,784 5,823.0 5,555 6,264 6,188 6,074 6,448 6,430 (Unless otherwise stated, the figures are quarterly values) 38© Instone Group
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Diversified project portfolio across most attractive German regions In % Rhine-Main 40.5 NRW 16.9 Nuremberg 9.1 Leipzig 9.6 Stuttgart 9.1 Hamburg 5.8 Hanover 2.4 Munich 2.6 Berlin 4.0 Total: €7.1bn 39© Instone Group − 50 projects / 14,230 units / ~1,215m sqm of saleable space − 100% in metropolitan regions − ~74 average sqm / unit − ~€6,169 ASP / sqm − Additional seven JV projects (Instone share of GDV: ~€1,347m) Project portfolio as of 30/06/2026 by region (GDV)
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Further growth planned; well prepared to seize market opportunities Updated project assessment Completed projects 06/202612/2025 2 40© Instone Group In €bn 7.11 1 excluding GDV of at-equity JVs (proportionate share of €1,347m at 30/06/2026) 7.11 0.2 Acquisitions Project portfolio development (GDV) (0.2)
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Expected future cash flows suggest significant upside (As of 30 June 2026; in €) De-risked free cash flow from projects under construction1 ~230m Unsold land bank at cost2 ~520m Notional gross asset value ~750m Net debt -174m Notional value to shareholders 3 ~580m Pre-sold projects − c.€2.9bn currently under construction − t/o c.€2.5bn pre-sold (87%) − In addition, c.€100m pre-construction already pre-sold → Tangible and substantially de-risked cash-flow profile Land bank − Residual unsold and paid land bank recognised at cost² of ~€520m → Substantial incremental value Upside from construction starts and acquisitions − CF potential from new construction starts − Ability to source new projects with very attractive future CF potential − Exploiting the current window of opportunity for acquisitions 41© Instone Group 1 Free cash flow post platform cost and taxes; Incl. proportionate share of at-equity JVs 2 Note: "unsold land bank at cost" excluding unsold portion of projects under construction & at equity investments 3 Note: 43.323m 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 42 Model assumptions Price / sqm €5,700 Lettable space 85 sqm Purchase price €484,500 Ancillary costs €38,760 Land (18% of total purchase price) €94,187 Building costs €429,073 Building costs per sqm €5,048 Rental yield 4% Rental growth p.a. 2.5% Equity ratio (20%) 104,652 € Debt interest rate1 3.1% Income tax 44% Payback of capital from tax incentives 4 years 10 years Total depreciation €142,658 €218,532 Depreciation as % of total purchase price 27.3% 41.8% Tax incentive €63,212 €96,831 Tax incentive as % of total purchase price 12.1% 18.5% Tax incentive as % of equity 46.6% 71% Attractive post tax returns Average RoE (cash returns) 19.1% 14.2% Tax free disposal gains after 10 years Tax incentives allow for fast payback of capital and highly attractive inflation protected post tax returns for buy -to-let investors Tax free disposal gains after 10 years Growth Opportunities Act: 5% degressive on new build properties plus additional 5% linear depreciation over 4 years (according to § 7) if tax relevant building costs are <5,200 €/sqm and energy standard of QNG 40 certification is met 1 Weighted average cost of capital of 3.1% (subsidized loan of 150k € at 1.4% + 10 year mortgage rate of 4.0%)
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Project portfolio consolidated as of 30/06/2026 43© 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 Location Sales volume (expected) Lettable space (sqm) Land plot acquired Planning right obtained Sales start Construction started Hamburg Kösliner Norderstedt 106m € 24,539 RBO Hamburg 224m € 29,876 Büntekamp Hanover 169m € 24,883 2026 Marckmann West Hamburg 44m € 5,563 2026 Marckmann Ost Hamburg 37m € 6,196 2026 Berlin Nauen Nauen 169m € 28,686 2026 NRW Gartenstadt Dortmund 105m € 23,032 2026 Bickendorf Cologne 655m € 172,488 2029 6-Seen Wedau Duisburg 89m € 16,600 Kempen Kempen 58m € 11,542 Grafental Düsseldorf 188m € 30,068 Vogelsanger Düsseldorf 61m € 11,379 2026
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44© Instone Group 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 Projects > €30m sales volume, representing total: ~ €7.1bn – JVs are not included Project portfolio consolidated as of 30/06/2026 Project Location Sales volume (expected) Lettable space (sqm) Land plot acquired Planning right obtained Sales start Construction started Rhine-Main Delkenheim Wiesbaden 115m € 51,524 Schönhof-Viertel Frankfurt 626m € 90,299 Friedberger Frankfurt 324m € 38,242 2030 Elisabethenareal Frankfurt 89m € 9,988 2027 Westville Frankfurt N/A 101,577 Heusenstamm Heusenstamm 208m € 33,381 2028 Maintal KES Maintal 212m € 32,650 2026 Hofheim Hofheim 67m € 10,216 Rheinblick Wiesbaden 332m € 51,751 2028 Eichenheege Maintal 122m € 18,055 2028 Lahnstraße Frankfurt 81m € 10,385 Leipzig Parkresidenz Leipzig 279m € 66,376 Semmelweis 9 Leipzig 85m € 24,256 2026 Rosa Leipzig 189m € 27,047 2026 Heide Süd Halle 61m € 10,534 2027 Löwitz Quartier Leipzig 63m € 9,643 2027
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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 contract 45 Project portfolio consolidated as of 30/06/2026 Project Location Sales volume (expected) Lettable space (sqm) Land plot acquired Planning right obtained Sales start Construction started Baden-Wurttemberg Rottenburg Rottenburg 172m € 33,839 Herrenberg III, SL Herrenberg 81m € 14,400 2026 Herrenberg II, ZS (Gefylde) Herrenberg 89m € 15,284 Remshalden Remshalden 56m € 8,248 2027 Schorndorf II - VS66 Schorndorf 52m € 7,794 2027 Schorndorf III Schorndorf 56m € 9,030 2027 Bavaria South Ottobrunner Munich N/A N/A Unterschleißheim Unterschleißheim 105m € 11,429 2026 Bavaria North Eslarner Nuremberg N/A 12,740 Lagarde Bamberg 90m € 17,774 Boxdorf Nuremberg 66m € 10,100 Thumenberger Nuremberg 144m € 16,668 Worzeldorf Nuremberg 71m € 11,428 2027 Lichtenreuth Nuremberg 92m € 11,675 2026 Regensburger Nuremberg 63m € 9,461 2026 Lochner Nuremberg 57m € 9,761 2026 Acquisitions w/ pending closing 223m € 30,346
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Project portfolio not consolidated as of 30/06/2026 46© Instone Group 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 At-equity investments take into account the current INS share, which can change over time (Acquisitions with pending closing areaccounted with a 100% share) Project Location Sales volume (expected) Lettable space (sqm) Land plot acquired Planning right obtained Sales start Construction started Share of capital (%) Berlin FHP Berlin 488m € 61,256 50.0% NRW Benrath Düsseldorf 481m € 104,240 2028 40.0% Rhine-Main Procom Heusenstamm 186m € 30,360 2029 50.1% Aukamm Wiesbaden 251m € 29,488 51.0% Baden-Wurttemberg Europaviertel Stuttgart 380m € 40,401 2027 50.1% Acquisitions w/ pending closing 509m € 62,860
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Favourable regulatory framework leading to attractive cash flow profile 30% 58% 77% 86% 88% 96% 100% Start of construction Shell construction Roof, basic installations and windows Interior plaster, screed, tiles Facade Occupancy readiness Completion % paid by customer % remaining to be paid by customer 5-10% upfront 10% upfront 20% upfront 35% upfront 10% over construction period 60% over construction period 70% at completion90-95% at completion 90% at completion Significant amount of construction costs covered by customers' regular payments 47© Instone Group 1 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")1 − Certainty: No cancellation possibilities − Capital-light: Predefined payment schedule limiting equity requirement from Instone − Very favourable payment schedules vs. other European countries, particularly UK, Ireland and Spain Private Customers’ Payment Profile for German residential development projects German regulatory framework for customer payments compared to other European markets 5% at completion
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Funding requirements minimized due to high pre-sales levels (40) (20) 0 20 40 60 80 100 0 6 12 18 24 30 36 42 Completion in % Debt Equity Sales ratio Cumulative Cash inflows Cumulative Cash outflows Cumulative Net cash flow 48 Notarised land acquisition Start of sales & marketing Start of construction Cash inflow > cash outflow Sales completion Construction completion Land plot acquisition costs Typically 30% pre-sales at Construction start Funding requirement Cumulative net cash flow generation Month 48© Instone Group Illustrative cumulative financing profile of a typical B2C Instone project − Debt 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 schemes The German government increases tax depreciation and invests > €1bn p.a. to support owner -occupiers (help -to-buy) and new build o f rental apartments 49© Instone Group Key positives from new subsidy schemes Programme details − Name: Social housing subsidies − Budget: €3.5bn in 2025 (€23.5bn total volume until 2029) − 40% of investment born by the federal states (additionally) − Name: 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: “Wohneigentum für Familien ” = homes for families − Volume: €350m − Start: 16/10/2023 − Name: “Klimafreundlicher Neubau ” = climate friendly new-build − Volume: €0.76bn (KFN)2 − Start: 2023; Renewal: February-2024 − Name: “Klimafreundlicher Neubau im Niedrigpreissegment” = climate friendly new-build in the affordable segment − Volume: €2bn − Start: Oct-24 Recipient − Beneficiary: Housing companies , institutional and private investors − Eligibility: − New construction, extension or conversion of new living space − Modernisation of existing space − Social rental apartments or owner- occupied residential properties − Buy-to-let investors − For newly built residential properties − Families with at least 1 child <18 years living in their household − Household income of max. €90,000 (up from €60,000 previously) plus €10,000 per child − Required to own at least 50% of the building (as only home in Germany) − Resi landlords, other institutional or private investors − Private investor, corporates or other investors Objective − Support the construction and modernisation of social housing − Expected to have a positive impact on the return expectations − Increased willingness to pay from private buy -to-let investors (due to full tax deductibility from personal income) − Boost construction of rental apartments − Help-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 Nachhaltiges Gebäude”) − Higher subsidies possible with the additional certificate for sustainable buildings “QNG” − New build of energy efficient buildings − Energy efficiency − At least energy standard KfW55 (Higher subsidies possible with additional certificate for sustainable buildings “QNG” − Use of fossil fuels not allowed − Increase 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 Subsidies − Subsidies in NRW: − Loan: €1,920-3,490 /sqm (dep. on rent) − Amortisation discount: 30-50% − Interest rate: 0-0.5% − Required minimum energy standard of 55 − Increase 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 / sqm − Additional KfW loan (€150k for 1.34%) − No direct grant; max. one housing unit − Subsidized mortgages, reduced interest costs (0.01% 1) by federal KfW Bank − €170–270k loan volume (with QNG certificate) − Will be accepted as equity substitute − No direct grant − Subsidized mortgages (1.00%- 2.57%) by federal KfW Bank (volumes per unit) − Max. €100,000 loan volume − Up to €150,000 with QNG certificate − No direct grant − Subsidized loans − €100,000 per apartment − Different durations (e.g. 0.01% for 10 yrs) 1 Relates to annuity mortgages (10-year fixed rates). Bullet repayments at end of term priced at 1.41% p.a. 2 Includes Klimafreundlicher Neubau (KFN)
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Coalition agreement of new German government contains positive elements – A reduction in costs for homebuyers key factor © Instone Group 50 Agreement contains ideas for new construction that point in the right direction Housing construction turbo − Draft law reform to speed up construction processes introduced − Local authorities will be able to waive the requirement to draw up zoning plan under certain circumstances (§246e Building Code) Building types − Building standards are planned to be simplified and the "building type E" will be legally secured − Political target to reduce construction costs (incl. modular and serial construction) Subsidies for owner occupiers − Tax incentives, equity-replacing measures and state guarantees for mortgages will be examined Social housing − Increase in investments in social housing Municipal housing − Support of new construction of municipal housing companies (equity replacing measures) KfW55 − Temporary reintroduction of subsidies for KfW55 standard
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Instone share − ISIN: DE000A2NBX80 − Ticker symbol: INS − No of shares: 43.323m (excl. treasury shares) − Market cap: €333m − Average daily trading volume: €0.1m − Market segment: Prime Standard, Frankfurt 51© Instone Group 1 Based on closing price on 04/08/2026 at €7.68 Shareholder structure (August2026)Basic data Activum 25.95% DAMAC Properties 10.04% FMR 7.41% Easterly 4.04% Helikon 3.68% Treasury Shares 7.80% Others 41.08%
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Financial calendar 52© Instone Group 06 August 2026 Group Interim Report for the first half of 2026 07 Sept 2026 Roadshow, London, Deutsche Bank 21 Sept 2026 Berenberg and Goldman Sachs 15th German Corporate Conference, Munich 22 Sept 2026 Baader Investment Conference, Munich 5-7 Oct 2026 EXPO REAL, Munich 22 Oct 2026 ODDO BHF, Autumn Round Table, Frankfurt 05 Nov 2026 Quarterly Group Statement as of 30.09.2026 2026
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The Instone Management Board 53© Instone Group Kruno Crepulja CEO − CEO since 2008 (of Instone’s predecessor formart) − Comprehensive experience as an engineer, site manager and project developer − 17-year career on the management boards of large development companies − Appointed until 30 June 2029 David Dreyfus CFO − CFO, 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 2018 − Appointed until 31 December 2027 Andreas Gräf COO − COO 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 years − Appointed until 31 December 2027
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Burkhard Sawazki Head of IR and Capital Market Communication & Strategy T +49 201 45355- 137 M +49 173 2606034 burkhard.sawazki@instone. de Tania Hanson Roadshows & Investor Events T +49 201 45355- 311 M +49 152 53033602 tania.hanson@instone.de 54© Instone Group Investor Relations Contact
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Disclaimer BY VIEWING THIS PRESENTATION, YOU AGREE TO BE BOUND BY THE FOLLOWING TERMS AND CONDITIONS REGARDING THE INFORMATION DISCLOSEDIN 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 contains 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 Group 55
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Thank you Instone Real Estate Group SE Grugaplatz 2-4 45131 Essen investorrelations@instone.de instone-group.de/en 56© Instone Group