Interim report
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Instone Group 30 JUNE 2026 Half - year financial report H1 2026
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Key indicators TABLE 001 In millions of euros 6M 2026 6M 2025 Key performance indicators Volume of sales contracts 114.8 96.3 Volume of new approvals1 176.4 287.9 Revenues adjusted 184.2 231.0 Key earnings figures Gross profit adjusted 51.4 58.5 Gross profit margin adjusted In % 27.9 25.3 EBIT adjusted 15.5 28.9 EBIT margin adjusted In % 8.4 12.5 EBT adjusted 1.9 23.9 EBT margin adjusted In % 1.0 10.3 EAT adjusted 1.3 17.2 EAT margin adjusted In % 0.7 7.4 Key liquidity figures Cash flow from operations 42.7 -0.5 Cash flow from operations without new investments 73.6 17.0 Free cash flow -72.2 4.9 1 Excluding volume of approvals from joint ventures consolidated at equity. Key indicators TABLE 001 In millions of euros 30/06/2026 31/12/2025 Key performance indicators Project portfolio 7,062.5 7,095.4 Key balance sheet figures Total assets 1,454.9 1,818.2 Equity 610.6 614.9 Carrying amount per share1 14.06 14.12 Cash and cash equivalents2 257.9 252.6 Net financial debt3 174.4 151.5 Leverage4 4.2 2.8 Loan-to-cost5, 6 In % 16.9 11.2 ROCE adjusted7 In % 4.9 7.1 Employees8 Number9 431 410 FTE10 359.7 339.6 1 Based on 43,322,575 shares as at 30 June 2026 and 31 December 2025 respectively. 2 Excluding €33.5 million (31 December 2025: €114.9 million) in restricted cash and cash equivalents from the “Westville” project subsidized loan. 3 Net financial debt = financial liabilities less cash and cash equivalents and term deposits. Excluding the €28.8 million (31 December 2025: €88.0 million) subsidized loan. 4 Leverage = net financial debt/12-month EBITDA adjusted. 5 Loan-to-cost = net financial liabilities/(inventories + contract assets/liabilities + financial assets accounted for at equity + financial receivables from financial assets accounted for at equity). 6 The loan-to-cost indicator was expanded in the reporting period to include information on at-equity financial assets and the corresponding loan receivables. The disclosure as of 31 December 2025 was amended accordingly. Under the previous calculation methodology, loan-to-cost as of 30 June 2026 would be 18.4% (31 December 2025: 11.9%). 7 Return on capital employed = LTM EBIT adjusted/(four-quarter average equity + net financial debt). 8 Annual average. 9 Average number of employees including trainees, interns and student trainees. 10 Full-time equivalent. Instone Group 2HALF-YEAR FINANCIAL REPORT H1 2026 Ñ Key indicators Interim group management report Condensed consolidated interim financial statements Other information
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TABLE OF CONTENTS 4 INTERIM GROUP MANAGEMENT REPORT 5 Results of operations, net assets and financial position 17 Project business at a glance 23 Risk and opportunities report 24 Outlook 25 CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 26 Condensed consolidated income statement 27 Condensed consolidated statement of comprehensive income 28 Condensed consolidated statement of financial position 30 Condensed consolidated statement of cash flows 32 Condensed consolidated statement of changes in equity 33 Selected explanatory notes to the condensed consolidated interim financial statements 46 OTHER INFORMATION 47 Insurance of legal representatives 48 Review report 49 Disclaimer 50 Quarterly comparison 51 Multi-year overview 53 Contact/Legal notice/Financial calendar Instone Group 3HALF-YEAR FINANCIAL REPORT H1 2026 Key indicators Interim group management report Condensed consolidated interim financial statements Other information
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INTERIM GROUP MANAGEMENT REPORT 5 Results of operations, net assets and financial position 17 Project business at a glance 23 Risk and opportunities report 24 Outlook Instone Group 4HALF-YEAR FINANCIAL REPORT H1 2026 Key indicators Ñ Interim group management report Results of operations, net assets and financial position Project business at a glance Risk and opportunities report Outlook Condensed consolidated interim financial statements Other information
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Results of operations, net assets and financial position Cumulative financial key performance indicators TABLE 002 In millions of euros 6M 2026 6M 2025 Change in % Revenues adjusted1 184.2 231.0 -20.3 Gross profit adjusted 51.4 58.5 -12.1 Gross profit margin adjusted1 In % 27.9 25.3 EBIT adjusted 15.5 28.9 -46.4 EBT adjusted 1.9 23.9 -92.1 EAT adjusted1 1.3 17.2 -92.4 1 Most important financial performance indicators. RESULTS OF OPERATIONS To present the results of operations, some items in the income statement are combined in the following items: – Cost of materials, changes in inventories, and non-recurring expenses related to the valuation of inventories are covered by the project costs item. – The Gross profit item is the balance of revenue and project costs. – Other operating income, staff costs, other operating expenses, and depreciation and amortization are summarized in platform costs. – The consolidated earnings from operating activities and share of results of joint ventures form earnings before interest and tax (EBIT). The results of operations show all income as positive and all expenses as negative. ADJUSTED RESULTS OF OPERATIONS Based on the results of operations, the following adjustments are made to the adjusted results of operations, which are relevant from the point of view of the management of the Instone Group: As part of the adjusted results of operations of the Instone Group, revenue recognition will continue to reflect both share deals and asset deals similarly in accordance with IFRS 15, irrespective of a decision by the IFRS IC to exempt share deals from revenue recognition over time under IFRS 15. Adjusted earnings after tax are intended to reflect the sustained profitability and are therefore adjusted for non-recurring effects relating to other periods. In particular, the following significant expenses are adjusted: Disposal losses from sales of tangible or financial assets or securities, unscheduled depreciation and amortization of tangible and financial assets, one-off expenses relating to the valuation of inventories, costs for acquisitions, contractual penalties, demands for additional taxes from the previous years (e.g. based on audits), severance payments to the Management Board and personnel reductions and restructuring to a greater extent, if these do not meet the strict criteria set out in IAS 37. The adjustment of material income includes, in particular, income from capital gains arising from the sale of non-current assets, compensation for damages, writeups on non-current assets, tax refunds from previous years based on audits, reversals of provisions for extraordinary events and merger gains. Instone Group 5HALF-YEAR FINANCIAL REPORT H1 2026 Key indicators Ñ Interim group management report Ñ Results of operations, net assets and financial position Project business at a glance Risk and opportunities report Outlook Condensed consolidated interim financial statements Other information
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The ongoing effects from purchase price allocations following the expansion of the scope of consolidation in previous years were also eliminated in the adjusted results of operations. The calculation of the individual adjusted items results from the following items in the income statement and the above-mentioned consolidated items: – Adjusted revenue is revenue adjusted for the effects from purchase price allocations, also taking into account effects from share deals. – The adjusted project costs include the project costs adjusted for the effects from purchase price allocations, the effects from share deals, other operating income after subtracting the cost of materials (income opposed by a directly attributable item in cost of materials), indirect selling expenses and capitalized interest. They thus reflect the external costs allocated to the project developments. – Adjusted gross profit is the result of adjusted revenue less adjusted project costs. – Adjusted platform costs are the platform costs less other operating income after subtracting the cost of materials and indirect sales expenses allocated to project costs and adjusted for non-recurring effects. – The adjusted share of results of joint ventures are the pro rata earnings contributions from joint venture companies which are included in the consolidated financial statements using the equity method. – Adjusted earnings before interest and tax are the adjusted gross profit reduced by the adjusted platform costs, plus the earnings of companies consolidated at equity. – The adjusted results from investments and financial result comprise the total of other results from investments, finance income, finance costs, and depreciation and amortization on securities classified as financial assets less capitalized interest. Adjusted results of operations TABLE 003 In millions of euros 6M 2026 6M 2025 Change in % Revenues adjusted 184.2 231.0 -20.3 Project costs adjusted -132.8 -172.5 -23.0 Gross profit adjusted 51.4 58.5 -12.1 Gross profit margin adjusted In % 27.9 25.3 Platform costs adjusted -39.2 -34.6 13.3 Share of results of joint ventures adjusted 3.3 5.0 -34.0 Earnings before interest and tax (EBIT) adjusted 15.5 28.9 -46.4 EBIT margin adjusted In % 8.4 12.5 Financial result adjusted -13.6 -5.0 172.0 Earnings before tax (EBT) adjusted 1.9 23.9 -92.1 EBT margin adjusted In % 1.0 10.3 Income taxes adjusted -0.6 -6.7 -91.0 Earnings after tax (EAT) adjusted 1.3 17.2 -92.4 EAT margin adjusted In % 0.7 7.4 – Adjusted earnings before tax results from adjusted earnings before interest and tax less the adjusted investment and financial result. – Adjusted income taxes correspond to income taxes adjusted for the tax effects of purchase price allocations, share deals and non-recurring effects. – Adjusted earnings after tax are the adjusted earnings before tax less the adjusted income taxes. Instone Group 6HALF-YEAR FINANCIAL REPORT H1 2026 Key indicators Ñ Interim group management report Ñ Results of operations, net assets and financial position Project business at a glance Risk and opportunities report Outlook Condensed consolidated interim financial statements Other information
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REVENUE Adjusted revenue for the first half of 2026 was €184.2 million (previous-year period: €231.0 million), around 20.3% below the previous year. The decline in adjusted revenue is due to lower construction output in the first quarter owing to the colder winter and to slow speed of sales. The decline in revenue from the “Westville” project due to the handover of sub-projects also had a negative impact on revenue in the first half of 2026. The adjustment of effects from purchase price allocations slightly changed the revenue by €3.3 million (previous-year period: €1.4 million). The separate valuation of share deals (“Westville” project) increased the revenue by €20.0 million (previous-year period: €57.0 million). Revenue TABLE 004 In millions of euros 6M 2026 6M 2025 Change in % Revenue 160.9 172.7 -6.8 + effects from purchase price allocations 3.3 1.4 135.7 + effects from share deal agreements 20.0 57.0 -64.9 Revenues adjusted 184.2 231.0 -20.3 The adjusted revenue of the Instone Group was almost exclusively generated in Germany and broken down across the regions as follows: Sales (adjusted) by region 6M 2026 FIGURE 001 In millions of euros 1 Includes Nuremberg und Bamberg. 2 Includes Hamburg and Norderstedt. 3 Includes Rottenburg and Herrenberg. 4 Includes Frankfurt a. M., Hofheim, Heusenstamm and Wiesbaden. Instone Group 7HALF-YEAR FINANCIAL REPORT H1 2026 Key indicators Ñ Interim group management report Ñ Results of operations, net assets and financial position Project business at a glance Risk and opportunities report Outlook Condensed consolidated interim financial statements Other information
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PROJECT COSTS The adjusted project costs, essentially consisting of cost of materials and changes in inventories, fell in the first half of 2026 to €-132.8 million (previous-year period: €-172.5 million). In particular, lower construction activity compared with the corresponding period of the previous year led to a reduction in the cost of materials to €-147.3 million (previous-year period: €-165.0 million). Due to the declining progress of as yet unsold projects that are currently being realized, changes in inventories reduced to €11.3 million (previous-year period: €43.3 million). Risk provision of €4.0 million was also made for a tendering project. Indirect sales expenses of €-3.3 million (previous-year period: €-3.4 million) and other operating income after subtracting the cost of materials of €13.1 million (previous-year period: €9.2 million), of which €6.7 million (previous-year period: €6.9 million) from grants, were allocated to adjusted project costs in the first half of 2026. The adjustment of the capitalized interest in the changes in inventories eased adjusted project costs in the amount of €3.5 million (previous-year period: negative impact of €-4.5 million). Effects from the amortization of purchase price allocations reduced adjusted project costs by €1.0 million (previous-year period: increase by €-6.0 million). The significant change compared to the previous-year period is based on project evaluations as at the respective reporting date. Due to the separate valuation of share deals, adjusted project costs again increased by €-11.1 million (previous-year period: €-46.2 million). This decline compared with the previous-year period is also characterized by the handover of sub-projects of the “Westville” project. Project costs TABLE 005 In millions of euros 6M 2026 6M 2025 Change in % Project costs -135.9 -121.7 11.7 + effects from purchase price allocations 1.0 -6.0 n/a + effects from reclassifications 13.2 1.3 n/a + effects from share deal agreements -11.1 -46.2 -76.0 Project costs adjusted -132.8 -172.5 -23.0 GROSS PROFIT Adjusted gross profit fell year-on-year to €51.4 millions (previous year: €58.5 million) due to lower construction output in the reporting period. Gross profit TABLE 006 In millions of euros 6M 2026 6M 2025 Change in % Gross profit 24.9 51.0 -51.2 + effects from purchase price allocations 4.3 -4.6 n/a + effects from reclassifications 13.2 1.3 n/a + effects from share deal agreements 8.9 10.8 -17.6 Gross profit adjusted 51.4 58.5 -12.1 The adjusted gross profit margin – calculated from the adjusted gross profit relating to the adjusted revenue – amounted to 27.9% in the reporting period (previous-year period: 25.3%). It thus remained at a very high, industry-leading level in the opinion of management. Instone Group 8HALF-YEAR FINANCIAL REPORT H1 2026 Key indicators Ñ Interim group management report Ñ Results of operations, net assets and financial position Project business at a glance Risk and opportunities report Outlook Condensed consolidated interim financial statements Other information
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PLATFORM COSTS At €-39.2 million (previous-year period: €-34.6 million), adjusted platform costs were higher than in the previous year, due mainly to the increase in staff costs. In the first half of 2026 indirect sales costs of €3.3 million (previous-year period: €3.4 million) and other operating income after subtracting the cost of materials (this includes income from released liabilities and income from grants) in the amount of €13.1 million (previous- year period: €9.2 million) were reclassified to project costs. In addition, income related to the sale of all shares in franky PropCo 2 GmbH & Co. KG (formerly: Westville 4 GmbH) and franky PropCo 3 GmbH & Co. KG (formerly: Westville 2 GmbH) totaling €34.0 million was adjusted because the Westville project development is accounted for in the adjusted earnings situation as a classic project development in accordance with IFRS 15. Platform costs TABLE 007 In millions of euros 6M 2026 6M 2025 Change in % Platform costs 4.2 -28.8 n/a + effects from reclassifications -9.8 -5.8 69.0 + non-recurring effects 0.4 0.0 n/a + effects from share deal agreements -34.0 0.0 n/a Platform costs adjusted -39.2 -34.6 13.3 The reported platform costs comprise the following: Platform costs TABLE 008 In millions of euros 6M 2026 6M 2025 Change in % Staff costs -27.6 -24.1 14.5 Other operating income 48.9 10.6 361.3 Other operating expenses -15.5 -13.6 14.0 Depreciation and amortization -1.6 -1.7 -5.9 Platform costs reported 4.2 -28.8 n/a The development of staff costs is largely due to negotiated salary increases, the Management Board’s long-term incentive plan, and staff- related provisions. The number of employees has moderately increased. The reported other operating income of €48.9 million (previous-year period: €10.6 million) was significantly above the previous year’s figure. The main factor behind this development is income related to the sale of shares in franky PropCo 2 GmbH & Co. KG (formerly: Westville 4 GmbH) and franky PropCo 3 GmbH & Co. KG (formerly: Westville 2 GmbH) totaling €34.0 million. Other operating income TABLE 009 In millions of euros 6M 2026 6M 2025 Change in % Income from sale of Westville project companies 34.0 0.0 n/a Income from released liabilities 6.4 2.3 178.3 Grant income 6.7 6.9 -2.9 Reversal of provisions 1.3 0.5 160.0 Other income 0.5 0.9 -44.4 Other operating income reported 48.9 10.6 361.3 At €-15.5 million (previous-year period: €-13.6 million), the reported other operating expenses were above the level of the previous year. Other operating expenses mainly include costs for warranties, consulting expenses, sales costs and IT costs, as well as court costs and attorneys’ and notaries’ fees. Instone Group 9HALF-YEAR FINANCIAL REPORT H1 2026 Key indicators Ñ Interim group management report Ñ Results of operations, net assets and financial position Project business at a glance Risk and opportunities report Outlook Condensed consolidated interim financial statements Other information
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SHARE OF RESULTS OF JOINT VENTURES The adjusted shares of results of joint ventures of €3.3 million (previous- year period: €5.0 million) during the reporting period was predominantly attributable to the construction activities and sale of the Berlin joint venture Friedenauer Höhe. EARNINGS BEFORE INTEREST AND TAX (EBIT) Adjusted earnings before interest and tax decreased to €15.5 million (previous-year period: €28.9 million) mainly due to the lower adjusted gross profit and increased platform costs. EBIT TABLE 010 In millions of euros 6M 2026 6M 2025 Change in % EBIT 32.4 27.2 19.1 + effects from purchase price allocations 4.3 -4.6 n/a + effects from reclassifications 3.5 -4.5 n/a + non-recurring effects 0.4 0.0 n/a + effects from share deal agreements -25.1 10.8 n/a EBIT adjusted 15.5 28.9 -46.4 EBIT margin adjusted In % 8.4 12.5 RESULTS FROM INVESTMENTS AND FINANCIAL RESULT As in the previous year, there was no materially adjusted income from investments in the first six months of 2026. The reported financial result declined in the reporting period to €-11.2 million (previous-year period: €-9.4 million). A key reason for this is the substantially lower financial income from the interest on bank deposits, which fell by €2.3 million. At €-13.4 million, the reported financial expenses are at the previous year’s level (previous-year period: €-13.9 million). The adjusted financial result declined significantly in the reporting period to €-13.6 million (previous-year period: €-5.0 million). The main reason for this is the substantial increase in interest, which is shown in the financial result starting from the commencement of sales of the projects. Due to the timely realization of land sales, the associated borrowing costs, which were previously reclassified to project costs, are recognized in full in financial income. These interest costs were capitalized as part of the multi- year construction phase and will now be recognized in profit or loss upon the sale of the property. Overall, capitalized interest from project financing prior to the start of sales in the amount of €-3.5 million (previous- year period: improvement of financial result of €4.5 million) is reclassified to project costs and has adversely affected the financial result. The increase in net debt due to investments in new land also leads to an increase in the adjusted financial result. In addition, a non-recurring effect of €1.1 million was recognized in connection with the valuation of non-interest-bearing loans to non- consolidated project companies. Financial result TABLE 011 In millions of euros 6M 2026 6M 2025 Change in % Financial result -11.2 -9.4 19.1 + effects from reclassifications -3.5 4.4 n/a + non-recurring effects 1.1 0.0 n/a Financial result adjusted -13.6 -5.0 172.0 Instone Group 10HALF-YEAR FINANCIAL REPORT H1 2026 Key indicators Ñ Interim group management report Ñ Results of operations, net assets and financial position Project business at a glance Risk and opportunities report Outlook Condensed consolidated interim financial statements Other information
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EARNINGS BEFORE TAX (EBT) Adjusted earnings before tax declined to €1.9 million (previous-year period: €23.9 million) mainly due to the much lower adjusted gross profit and the significantly higher adjusted financial result. EBT TABLE 012 In millions of euros 6M 2026 6M 2025 Change in % EBT 21.2 17.8 19.1 + effects from purchase price allocations 4.3 -4.6 n/a + non-recurring effects 1.4 0.0 n/a + effects from share deal agreements -25.1 10.8 n/a EBT adjusted 1.9 23.9 -92.1 EBT margin adjusted In % 1.0 10.3 Reconciliation EBIT to EBT TABLE 013 In millions of euros 6M 2026 6M 2025 Change in % EBIT adjusted 15.5 28.9 -46.4 Financial result -10.1 -9.4 7.4 Capitalized interest -3.5 4.4 n/a EBT adjusted 1.9 23.9 -92.1 INCOME TAXES The tax rate in the adjusted results of operations in the first half of 2026 was 29.7% (previous year: 28.2%). The tax rate increased as anticipated due to the fact that the contribution of results of joint ventures and share deals to earnings before tax is expected to decline in 2026 as a whole. Income taxes in the reported earnings amounted to an expense of €5.1 million (previous-year period: €4.5 million) in the reporting period. EARNINGS AFTER TAX (EAT) EAT TABLE 014 In millions of euros 6M 2026 6M 2025 Change in % EBT adjusted 1.9 23.9 -92.1 Income taxes adjusted -0.6 -6.7 -91.0 EAT adjusted 1.3 17.2 -92.4 As a result of the effects mentioned above, the Instone Group’s adjusted earnings after tax totaled €1.3 million (previous-year period: €17.2 million). EARNINGS AFTER TAX AND AFTER MINORITY INTERESTS Non-controlling interests in earnings after tax amounted to €0.0 million (previous-year period: €0.3 million). Non-controlling interests in adjusted earnings after tax also amounted to €0.0 million (previous-year period: €0.3 million). EARNINGS PER SHARE In the reporting period, adjusted earnings per share amounted to €0.03 (previous year: €0.39). Earnings per share TABLE 015 In millions of euros 6M 2026 6M 2025 Change in % Shares1 In thousands units 43,322.6 43,322.6 0.0 Group’s share in consolidated income 16.1 12.9 24.8 Earnings per share In euros 0.37 0.30 23.3 Group’s share in consolidated income (adjusted) 1.3 16.9 -92.3 Earnings per share adjusted In euros 0.03 0.39 -92.3 1 Average weighted number of shares as at 30 June 2026 and 30 June 2025. Instone Group 11HALF-YEAR FINANCIAL REPORT H1 2026 Key indicators Ñ Interim group management report Ñ Results of operations, net assets and financial position Project business at a glance Risk and opportunities report Outlook Condensed consolidated interim financial statements Other information
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NET ASSETS Condensed statement of financial position1 TABLE 016 In millions of euros 30/06/2026 31/12/2025 Change in % Non-current assets 100.2 95.2 5.3 Inventories 870.8 1,147.9 -24.1 Contract assets 78.2 131.0 -40.3 Other current assets 114.3 76.6 49.2 Cash and cash equivalents and term deposits 291.4 367.5 -20.7 Assets 1,454.9 1,818.2 -20.0 Equity 610.6 614.9 -0.7 Liabilities from corporate finance 159.7 106.1 50.6 Liabilities from project-related financing 301.3 386.0 -21.9 Long-term provisions and other liabilities 23.3 30.9 -24.6 Short-term provisions and other liabilities 360.1 680.3 -47.1 Equity and liabilities 1,455.0 1,818.2 -20.0 1 Items have been adjusted: Term deposits have been allocated to cash and cash equivalents due to short- to medium-term availability, and financial liabilities allocated on the basis of their use in corporate finance or project financing. The net assets as at 30 June 2026 are mainly impacted by the sale of shares in franky PropCo 2 GmbH & Co. KG (formerly: Westville 4 GmbH) and franky PropCo 3 GmbH & Co. KG (formerly: Westville 2 GmbH). The sale of the shares resulted in other income of €34.0 million. As a result of the deconsolidation, inventory assets of €288.5 million and bank balances of €89.3 million were no longer recognized on the asset side. On the liabilities side, the consolidated financial statements no longer included €59.5 million in financial liabilities (subsidized loans), €21.7 million in other liabilities related to subsidies associated with the loans, €5.6 million in trade payables, and €5.7 million in income tax liabilities. At the same time, advance payments received of €304.3 million were offset against the purchase price claim. The total of the assets of the Instone Group decreased as at 30 June 2026 to €1,455.0 million (31 December 2025: €1,818.2 million). This is attributable in particular to the decline in inventories and to the liquid funds and term deposits affected by the deconsolidation of the two Westville project companies, as described above. In addition, other contract assets have declined substantially. Inventories significantly reduced due to the deconsolidation of the two Westville project companies (effect: €288.5 million) as at 30 June 2026 to €870.8 million (31 December 2025: €1,147.9 million). As at 30 June 2026 acquisition costs and incidental acquisition costs for land in the amount of €572.6 million (31 December 2025: €654.9 million) are included in inventories. The entitlement to purchase price payments by our customers for already sold unfinished products (gross contract assets) that were assessed in relation to the current state of development increased to €359.3 million as at 30 June 2026 (31 December 2025: €322.1 million). This is due mainly to the start of sales of new development projects and the planned development of projects currently under construction. The advance payments received from customers were as at 30 June 2026 €-287.0 million (31 December 2025: €-196.3 million). Contract assets TABLE 017 In millions of euros 30/06/2026 31/12/2025 Change in % Contract assets (gross) 359.3 322.1 11.5 Payments received -287.0 -196.3 46.2 72.3 125.8 -42.5 Capitalized costs to obtain a contract 5.9 5.2 13.5 Contract assets (net) 78.2 131.0 -40.3 Other current assets in the amount of €114.3 million (31 December 2025: €76.6 million) mainly include trade receivables, current financial receivables, income tax assets, as well as other receivables and other assets. Instone Group 12HALF-YEAR FINANCIAL REPORT H1 2026 Key indicators Ñ Interim group management report Ñ Results of operations, net assets and financial position Project business at a glance Risk and opportunities report Outlook Condensed consolidated interim financial statements Other information
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Trade receivables reduced to €8.8 million (31 December 2025: €9.8 million) in the reporting period. Receivables include standard industry withholdings in residential project handovers and a not-yet-due purchase price installment from the sale of property. Current financial receivables in the amount of €42.2 million (31 December 2025: €5.2 million) mainly concern loans to joint ventures and other investments. The increase results from scheduled payments for short-term interim financing of land acquisitions. Income tax assets increased to €15.3 million in the reporting period (31 December 2025: €12.4 million) due to advance payments. Short-term other receivables and assets TABLE 018 In millions of euros 30/06/2026 31/12/2025 Change in % Grant receivables 18.9 33.4 -43.2 Receivable from sale of shares of Westville project companies 20.7 7.0 195.7 Upfront payments on land 7.1 6.7 5.7 Other 1.2 2.1 n/a Short-term other receivables and assets 48.0 49.2 -2.6 Other current receivables and other assets decreased slightly from €49.2 million to €48.0 million. This item consists largely of approved public subsidies of €18.9 million (31 December 2025: €33.4 million) for the construction of buildings, including the subsidy for the KfW efficiency program. This decrease is attributable to the corresponding payment of funds due to the fulfillment of eligibility criteria for completed projects. Furthermore, this item contains an other receivable from the sale of shares of the Westville project companies in the amount of €20.7 million (31 December 2025: €7.0 million). Prepayments for land for which the transfer of benefits and encumbrances takes place after the balance sheet date slightly increased to €7.1 million (31 December 2025: €6.7 million). In the reporting period, liquid assets and fixed-term deposits declined mainly due to the deconsolidation of the two Westville project companies (effect: €89.3 million), decreasing to €291.4 million (31 December 2025: €367.5 million). This includes restricted cash and cash equivalents from borrowed funds for customers of €33.5 million (31 December 2025: €114.9 million). In the balance sheet as at 30 June 2026, liabilities from corporate finance amounted to €159.7 million (31 December 2025: €106.1 million) and liabilities from project-related financing (including the subsidized loan for the “Westville” project) amounted to €301.3 million (31 December 2025: €386.0 million). Recognized total liabilities from financing operations therefore fell (due to the deconsolidation of the two “Westville” project companies) to €461.0 million on the reporting date (31 December 2025: €492.1 million). The non-current financial liabilities are down at €291.2 million as at 30 June 2026 (31 December 2025: €330.6 million). In the same period, current financial liabilities also declined to €169.9 million (31 December 2025: €161.5 million). The decline in liabilities resulted mainly from the deconsolidation of the two “Westville” project companies and the associated disposal of non-current financial liabilities (effect: €59.5 million). Non-current provisions and other liabilities in the amount of €23.3 million (31 December 2025: €30.9 million) mainly comprise non-current other liabilities and deferred tax liabilities of €7.1 million (31 December 2025: €4.2 million). Non-current other liabilities in the amount of €4.7 million (31 December 2025: €14.6 million) relate entirely to the interest and capital subsidy in connection with a promotional loan. The decrease is due to the deconsolidation of the two “Westville” project companies in the reporting period. Current provisions and other liabilities in the amount of €360.1 million (31 December 2025: €680.3 million) include mainly current other liabilities, trade payables, other provisions, contract liabilities and income tax liabilities. Instone Group 13HALF-YEAR FINANCIAL REPORT H1 2026 Key indicators Ñ Interim group management report Ñ Results of operations, net assets and financial position Project business at a glance Risk and opportunities report Outlook Condensed consolidated interim financial statements Other information
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The decline in current other liabilities to €194.2 million (31 December 2025: €500.4 million) results mainly from the decrease in advance payments received for the “Westville” project to €158.8 million (31 December 2025: €459.2 million) due to the deconsolidation of the two “Westville” project companies. In addition, from the sale of the two “Westville” project companies, other liabilities related to subsidies associated with the loans are no longer recognized. Trade payables fell in the reporting period to €104.4 million (31 December 2025: €120.2 million) and mainly included the services provided by contractors. The fall corresponds to the decreased construction output in the reporting period and is also affected by the deconsolidation of the two Westville project companies (effect: €5.6 million). The increase in other current provisions to €44.1 million (31 December 2025: €34.8 million) is mainly due to the increase in financial risk provisions for individual projects. As expected, contractual liabilities increased in line with the progress of the individual projects to €2.7 million (31 December 2025: €1.6 million). The equity ratio increased to 42.0% as at 30 June 2026 (31 December 2025: 33.8%). The number of shares held by the company as at 30 June 2026 remained unchanged at 3,665,761 which is 7.8% of the shares. Adjusted for treasury shares, the number of shares as at 30 June 2026 was 43,322,575 shares. With a slight increase in net debt and temporarily lower profitability, leverage is 4.2 times adjusted EBITDA. The ratio of net debt to inventories, contract assets and contractual liabilities increased to 16.9% (31 December 2025: 11.2%). In the opinion of management, leverage remains at a comfortable level. Investments in new properties will temporarily increase leverage, but a strong balance sheet remains a key pillar of the corporate strategy. Net financial debt and debt-to-equity ratio TABLE 019 In millions of euros 30/06/2026 31/12/2025 Change in % Non-current financial liabilities1 287.9 242.6 18.7 Current financial liabilities 144.4 161.5 -10.6 Financial liabilities 432.3 404.1 7.0 Cash and cash equivalents and term deposits2 -257.9 -252.6 2.1 Net financial debt (NFD) 174.4 151.5 15.1 Inventories and contract assets/liabilities 946.3 1,277.4 -25.9 Financial assets accounted for using the equity method 71.6 66.8 7.2 Financial receivables from financial assets accounted for using the equity method 15.8 14.0 12.9 Cost 1,033.7 1,358.2 -23.9 Loan-to-cost3, 4 In % 16.9 11.2 EBIT adjusted (LTM)5 37.8 51.1 -26.0 Depreciation and amortization (LTM)5 3.5 3.6 -2.8 EBITDA adjusted (LTM)5 41.2 54.8 -24.8 Leverage (NFD/EBITDA adjusted (LTM))5 4.2 2.8 1 Excluding financial liabilities of €28.8 million (31 December 2025: €88.0 million) from the subsidized loan for the ”Westville” project. 2 Excluding €33.5 million (31 December 2025: €114.9 million) in restricted cash and cash equivalents from the “Westville” subsidized loan. 3 Loan-to-cost = net financial liabilities/(inventories + contract assets/liabilities + financial assets accounted for at equity + financial receivables from financial assets accounted for at equity). 4 The loan-to-cost indicator was expanded in the reporting period to include information on at-equity financial assets and the corresponding loan receivables. The disclosure as of 31 December 2025 was amended accordingly. Under the previous calculation methodology, loan-to-cost as of 30 June 2026 would be 18.4% (31 December 2025: 11.9%). 5 LTM = last twelve months. Instone Group 14HALF-YEAR FINANCIAL REPORT H1 2026 Key indicators Ñ Interim group management report Ñ Results of operations, net assets and financial position Project business at a glance Risk and opportunities report Outlook Condensed consolidated interim financial statements Other information
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FINANCIAL POSITION Compared to 31 December 2025, the nominal value of financial liabilities from corporate financing is €157.0 million (31 December 2025: €105.0 million); as in the previous year, syndicated loans were not drawn. The increase in the reporting period largely results from the term loan of €47.5 million, of which €24.0 million had been drawn down as of the reporting date. Utilization of lines of project financing (excluding the subsidized loans for the “Westville” project) increased as planned to €230.7 million (31 December 2025: €262.4 million). The total funding available (excluding the subsidized loans for the “Westville” project) amounting to €692.4 million (31 December 2025: €709.6 million) increased slightly in the reporting period due to the scheduled new uptake of project financing. As at 30 June 2026, financial resources were available totaling €425.4 million (31 December 2025: €413.8 million) from project financing (excluding development loans for the Westville project) and in the amount of €267.0 million (31 December 2025: €295.8 million) from corporate financing. An interest rate swap for hedging the variable rate term loan amounting to €24.0 million was entered into in the reporting period for the first time. The maturities of the non-discounted repayment amounts are as follows: Financial liabilities TABLE 020 In millions of euros Corporate finance (promissory notes, term loan) Due in Credit line Term < 1 year 2026/2027 20.5 Term > 1 and < 2 years 2027/2028 50.0 Term > 2 and < 3 years 2028/2029 86.5 157.0 Corporate finance (syndicated loans) Utilization Due in Credit line 30/06/2026 Term < 1 year — 0.0 0.0 Term > 1 and < 2 years — 0.0 0.0 Term > 2 and < 3 years 2028/2029 110.0 0.0 110.0 0.0 Project financing Utilization Due in Credit line 30/06/2026 Term < 1 year 2026/2027 140.0 103.2 Term > 1 and < 2 years 2027/2028 106.0 55.9 Term > 2 and < 3 years 2028/2029 107.8 0.0 Term > 3 years >2029 71.6 71.6 425.4 230.7 Project financing (promotional loans for customers) Utilization1 Due in Credit line 30/06/2026 Term > 3 years 2031 43.5 33.5 43.5 33.5 1 Includes interest and repayment subsidy of €4.7 million that is recognized under other non-current liabilities. Instone Group 15HALF-YEAR FINANCIAL REPORT H1 2026 Key indicators Ñ Interim group management report Ñ Results of operations, net assets and financial position Project business at a glance Risk and opportunities report Outlook Condensed consolidated interim financial statements Other information
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Condensed statement of cash flows TABLE 021 In millions of euros 6M 2026 6M 2025 Change in % Cash flow from operations 42.7 -0.5 n/a Cash flow from investing activities -114.9 5.4 n/a Free cash flow -72.2 4.9 n/a Cash flow from financing activities -3.9 -5.8 -32.8 Cash change in cash and cash equivalents -76.1 -0.9 n/a Cash and cash equivalents at the beginning of the period 367.5 426.2 -13.8 Cash and cash equivalents at the end of the period 291.4 425.3 -31.5 The cash flow from ongoing business activities of the Instone Group in the amount of €42.7 million improved substantially year-on-year (previous- year period: €-0.5 million). The main reason for this strong performance is the significant improvement in net working capital in the second quarter of 2026. In addition, there was a marked increase in provisions with a positive effect of €10.7 million as the main driver of non-cash items. The volume of purchase price payments and land transfer tax payments for land is calculated at €30.9 million in total in the first half of 2026 (previous-year period: €17.5 million). Cash flow from operations TABLE 022 In millions of euros 6M 2026 6M 2025 Change in % EBITDA adjusted 17.1 30.7 -44.2 Other non-cash items 24.3 -9.9 n/a Taxes paid -11.0 -15.4 -28.6 Net working capital change1 12.3 -5.9 n/a Cash flow from operations 42.7 -0.5 n/a Payments for land 30.9 17.5 76.9 Cash flow from operations without new investments 73.6 17.0 333.8 1 Net working capital is made up of inventories, contract assets, trade receivables, other receivables less contract liabilities, and trade payables and other liabilities. The operating cash flow, adjusted for payments for land in the reporting period, was significantly above the previous year’s level at €73.6 million (previous-year period: €17.0 million) for reasons already explained. In the first half of 2026, cash flow from investing activities amounted to €-114.9 million (previous-year period: €5.4 million). This substantial decline can largely be explained by the planned disposal of liquid assets in connection with the sale of the two Westville project companies in the amount of €77.9 million. In addition, short-term loan payments were made to non-consolidated project companies in the amount of €37.3 million. As at 30 June 2026, cash flow from investing activities amounted to €-3.9 million (previous-year period: €-5.8 million). It mainly involved the net borrowing of existing financial loans of €26.8 million (previous-year period: net borrowing €28.4 million), consisting of payments received from new finance facilities in the amount of €95.0 million (previous year: €65.7 million) and repayments for due financial loans of €68.2 million (previous-year period: €37.3 million). In the reporting period, payments for interest amounting to €10.5 million (previous-year period: €10.5 million) are included in cash flow from financing activities. A dividend of €-18.6 million (previous-year period: €-21.7 million) was distributed to shareholders in June 2026. As at 30 June 2026, financial resources declined to €291.4 million (previous- year period: €425.3 million). Instone Group 16HALF-YEAR FINANCIAL REPORT H1 2026 Key indicators Ñ Interim group management report Ñ Results of operations, net assets and financial position Project business at a glance Risk and opportunities report Outlook Condensed consolidated interim financial statements Other information
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Project business at a glance Real estate business key performance indicators TABLE 023 In millions of euros 6M 2026 6M 2025 Volume of sales contracts1 114.8 96.3 Volume of sales contracts In units 221 182 30/06/2026 30/06/2025 Project portfolio (existing projects)2 7,062.5 6,840.7 of which already sold 2,652.9 2,470.5 Project portfolio (existing projects) In units 14,230 13,793 of which already sold In units 5,638 5,555 1 Volume of sales contracts reflects the revenue-relevant (adjusted) volume of contracts of our projects. It mainly comprises all sales-related transactions, such as notarized real estate purchase agreements, individual orders from purchasers, works contracts with building commitments and rental income. Volume of sales contracts is also referred to as sales volume. 2 The project portfolio value as at the reporting date is the anticipated overall volume of revenue from all projects listed in the project portfolio. Instone Real Estate divides its project portfolio into three different groups depending on the stage of development: For projects with the status “pre-sale”, the land has been already purchased, secured, or claimed by us in a binding offer, but marketing has not yet begun. Following sales release and the initiation of marketing, projects are transferred to a “pre-construction” status. Projects with a completed start of construction have an “under construction” status until complete handover. Once structural obligations have been met, the entire sale is complete (exception: unit sale projects in which the share of units still to be sold is less than 2%) and all sub-projects are fully handed over, projects are removed from the project portfolio in the next reporting month. VOLUME OF SALES CONTRACTS The sales level of unit sales segment in the first half of 2026 (€114.2 million/221 units) increased year-on-year (previous-year period: €90.6 million/182 units). Four sales projects were launched in the reporting period and, for the remainder of the year, a substantial increase in the number of sales starts is planned compared to 2025. There were no institutional sales in the reporting period, but marketing to institutional investors is focused on the second half of the year. The realized marketing volume of investor goods of €0.6 million relates to supplements and purchase price adjustments for projects already sold as well as rental income. In total, sales of €114.8 million were achieved in the first half of 2026 with 221 sales units. This is higher than the same period of the previous year (previous-year period: €96.3 million/182 units). The volume of sales contracts realized as at 30 June 2026 focused on the most important metropolitan regions in Germany. Marketing in 6M 2026 by region FIGURE 002 In % 1 Includes Frankfurt a. M., Wiesbaden, Heusenstamm, Maintal and Hofheim. 2 Includes Hamburg and Norderstedt. 2 Includes Nuremberg und Bamberg. 2 Includes Stuttgart, Rottenburg and Herrenberg. Instone Group 17HALF-YEAR FINANCIAL REPORT H1 2026 Key indicators Ñ Interim group management report Results of operations, net assets and financial position Ñ Project business at a glance Risk and opportunities report Outlook Condensed consolidated interim financial statements Other information
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The following projects mainly contributed to successful marketing in the reporting period: Marketing 6M 2026/ Market offer as at 30/06/2026 TABLE 024 In millions of euros Individual sale Marketed volume Marketed units Units offered on market “Lahnwarte” Frankfurt a. M. 21.4 43 43 “Urban.Isle Campus” Hamburg 12.4 16 18 “Grafental” Dusseldorf 12.3 23 72 “nyoo berry and nyoo lime” Duisburg 11.3 24 79 “Parkresidenz” Leipzig 9.7 24 35 “Kant & Gloria” Hofheim 9.6 21 44 “Gefylde” Herrenberg 8.6 18 79 “Kempen” Kempen 6.1 11 25 Other Other 22.9 41 247 Gesamt 114.2 221 642 Investor goods Other1 Other 0.6 0 1 Including supplementary items, purchase price adjustments and rental income. The sales offer of our individual sales projects on the market as at 30 June 2026 included 642 units with an expected revenue volume of €390.0 million. The slight decrease in the sales offer compared to the 2025 end-year value (649 units and €403.7 million) is due mainly to the successful sale of a total of 221 individual sales units in the reporting period. The sales launch of four projects with a total of 206 units provided a boost. Development of the project portfolio, 30/06/2026 FIGURE 003 In millions of euros Instone Group 18HALF-YEAR FINANCIAL REPORT H1 2026 Key indicators Ñ Interim group management report Results of operations, net assets and financial position Ñ Project business at a glance Risk and opportunities report Outlook Condensed consolidated interim financial statements Other information
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PROJECT PORTFOLIO As at 30 June 2026, the Instone Group’s project portfolio comprised 50 projects, from which we currently anticipate a total volume of sales contracts of €7,062.5 million, a slight decline from 31 December 2025 (€7,095.4 million). This decline is due mainly to the successful completion of a project in Dusseldorf (€-189 million) and to changes in revenue (€-20.2 million). The new approvals of three projects in Waiblingen, Hamburg, and Cologne (totaling €176.4 million) had an increasing effect on the project portfolio value. We have already realized adjusted revenue of €2,250.3 million from the current project portfolio, of which some €1,688.0 million has already been handed over. As at 30 June 2026, the projected project gross profit margin on the project portfolio, excluding the Westville project in Frankfurt am Main, was approx. 24.1%.1 This means that it was at the level at the end of 2025. 1 If the large “Westville” project is taken into consideration, the expected project gross profit margin for the project portfolio as at 30 June 2026 is 23.3%. Project portfolio by region as of 30/06/2026 FIGURE 004 In % 1 Includes Berlin and Nauen. 2 Includes Hamburg and Norderstedt. 3 Includes Stuttgart Rottenburg, Herrenberg, Remshalden, Waiblingen and Schorndorf. 4 Includes Nuremberg und Bamberg. 5 Includes Leipzig and Halle. Instone Group 19HALF-YEAR FINANCIAL REPORT H1 2026 Key indicators Ñ Interim group management report Results of operations, net assets and financial position Ñ Project business at a glance Risk and opportunities report Outlook Condensed consolidated interim financial statements Other information
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The majority – approximately 98% – of anticipated overall volume of revenue from the project portfolio as at 30 June 2026 is located in the most important metropolitan regions of Germany: Berlin, Dusseldorf, Frankfurt am Main, Hamburg, Cologne/Bonn, Leipzig, Munich, Nuremberg and Stuttgart. Around 2% is attributable to other attractive, medium-sized cities. Project portfolio by groups as of 30/06/2026; Basis: Sales proceeds FIGURE 005 In % Internal sector: Sold Unsold 1 22.9% of the project portfolio has already been transferred. These projects are included in the “under construction” category. 2 1.0% of the project portfolio has already been transferred. These projects are included in the “pre-construction” category. 3 7.7% of the project portfolio has the status of “land acquisition”. These projects are included in the “pre-sale” category. As at 30 June 2026, the renewed focus on new approvals since 2025, as well as the ongoing completion of sold projects, continue to result in a high rate of portfolio projects with “pre-sale” status (around 57%). The categories shown in figure 005 are generally at a comparable level to the end of the previous year (31 December 2025: 55.9% pre-sale/37.5% under construction/6.7% pre-construction). However, there is a slight shift from the “pre-construction” category to the “under construction” category, mainly due to the construction starts achieved on a total of ten projects in the reporting period. The portfolio share of project parts already handed over (30 June 2026: 22.9%) included in the “under construction” category rose compared with the year-end 2025 figure (20.0%). In addition, the preceding diagram shows that, as at 30 June 2026, we had sold approximately 38% of the anticipated overall revenue volume of the project portfolio. In terms of the anticipated revenue volume from “under construction” and “pre-construction” projects, approximately 87% of projects had been sold as at 30 June 2026. Instone Group 20HALF-YEAR FINANCIAL REPORT H1 2026 Key indicators Ñ Interim group management report Results of operations, net assets and financial position Ñ Project business at a glance Risk and opportunities report Outlook Condensed consolidated interim financial statements Other information
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ADJUSTED REVENUE In the reporting period, we achieved adjusted revenue of €184.2 million (previous-year value: €231.0 million). The following projects contributed significantly to the adjusted revenue: Key projects revenue realization (adjusted) 6M 2026 TABLE 025 In millions of euros Revenue volume (adjusted) “Perlotti” Munich 24.6 “Urban.Isle Campus” Hamburg 22.5 “Westville” Frankfurt a. M. 20.3 “Parkresidenz” Leipzig 16.9 “Lahnwarte” Frankfurt a. M. 13.7 “nyoo berry and nyoo lime” Duisburg 12.8 “4Living” Nuremberg 10.7 “Schönhof-Viertel” Frankfurt a. M. 9.4 “Neckar.Au Viertel” Rottenburg 9.2 “Grafental” Dusseldorf 7.4 The building blocks of success for realizing the adjusted revenue were steady marketing progress and a further development process in the structural implementation of our projects. Therefore, in addition to the marketing progress achieved, it is progress relating to the projects under construction that has particularly contributed to the generation of revenue. In the reporting period, a total of 10 sub-projects with a total of 817 units were able to start construction. A total of 2,320 units are currently in the construction phase at the same time. At 806 units, the handovers in the reporting period totaled around €415 million. All developments in the challenging market environment are closely monitored with regard to our projects. Recognizable challenges are integrated into operational processes and the economic project forecasts are prepared in a correspondingly conservative/realistic manner. The completed projects of the Instone Group’s project portfolio continue to have a sales ratio of nearly 100%. Instone Group 21HALF-YEAR FINANCIAL REPORT H1 2026 Key indicators Ñ Interim group management report Results of operations, net assets and financial position Ñ Project business at a glance Risk and opportunities report Outlook Condensed consolidated interim financial statements Other information
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PROJECTS IN NON-FULLY-CONSOLIDATED COMPANIES The 50 projects from the consolidated project portfolio of the Instone Group (as shown in figure 004) are supplemented by seven additional projects that are being implemented in non-consolidated companies and have an expected total revenue volume of €2,295.3 million (Instone Group expected share: €1,347.0 million). This corresponds to a portfolio increase of €508.7 million compared with the end of 2025 resulting from two acquisitions in Berlin and Hamburg. The revenue volume of the Instone Group relative to the expected total revenue volume of the unconsolidated projects has not yet been contractually conclusively determined in every case. Negotiations are currently underway, particularly with regard to the 2026 new acquisitions, regarding the sale of a pro rata company share to potential at-equity partners, meaning that the Instone Group will act as a minority shareholder in these companies in the future. The resulting adjustment to Instone’s share of the “total revenue volume” and of the “portion of the total revenue volume yet to be realized” will be communicated with sufficient detail at this point. The part of the expected total revenue still to be realized is €1,799.3 million (Instone Group expected share: €1,109.2 million). In the reporting period, the projects in the non-consolidated companies realized revenue of €9.5 million (Instone Group share: €4.9 million). Project portfolio of non-fully-consolidated companies by region as at 30/06/2026 (100% view) FIGURE 006 In % Instone Group 22HALF-YEAR FINANCIAL REPORT H1 2026 Key indicators Ñ Interim group management report Results of operations, net assets and financial position Ñ Project business at a glance Risk and opportunities report Outlook Condensed consolidated interim financial statements Other information
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Risk and opportunities report Risk and opportunities management is a significant part of the Group-wide system of corporate governance at the Instone Group. For a detailed description of our risk and opportunities management processes and the risk and opportunities situation, please refer to the Risk and Opportunities Report on pages 43–61 of the combined management report in the 2025 Annual Report. There has been no material change to the risk and opportunities situation compared to what we presented in the 2025 Annual Report. The ongoing geopolitical tensions in the Middle East are currently having a noticeable impact on our business model. The heightened uncertainty caused by the geopolitical situation, in particular the volatility in interest rate markets and the downturn in consumer and investor confidence, has led to delayed purchasing behavior and dampened the recovery of demand in the private investor segment. In our project forecasts, we currently assume that this is a temporary effect that can be largely offset in subsequent periods by catch-up effects. Additional opportunities that are increasingly materializing in business with institutional customers are an important factor in this regard. As part of our risk management system, we have also taken a potentially greater increase in construction costs in account, even though the existing cost plan estimates have proved to be adequate so far this year. From today’s perspective, neither the temporary slowdown in demand nor the more conservative construction cost assumptions are resulting in significant changes in project evaluations or the Group’s risk-bearing capacity. The risk and opportunities situation is continuously monitored, assessed, and, if necessary, incorporated into the ongoing forecast. From today’s perspective, there are no discernible risks that jeopardize the continued existence of the Instone Group. Instone Group 23HALF-YEAR FINANCIAL REPORT H1 2026 Key indicators Ñ Interim group management report Results of operations, net assets and financial position Project business at a glance Ñ Risk and opportunities report Outlook Condensed consolidated interim financial statements Other information
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Outlook Our business performance forecast for 2026, which we issued with the publication of the 2025 Annual Report in March 2026, continues to be confirmed. According to current estimates, a result at the lower end of the range is anticipated for all key performance indicators, with the exception of gross profit margin (adjusted). The Management Board expects the financial and operating key performance indicators to develop as follows: Forecast TABLE 026 In millions of euros 2026 Revenue (adjusted) 550 to 600 Gross profit margin (adjusted) in % >24 Consolidated earnings after tax (adjusted) 35–40 Volume of sales contracts 650–750 The forecast assumes a significant recovery in demand, but it does not expect sales volumes to reach pre-crisis levels again in 2026. Due to the longer-term nature of the conflict in the Middle East, dampening effects on demand are being observed. Achieving our forecast presupposes that there will be no further escalation of geopolitical conflicts that would lead to a significant deterioration in macroeconomic framework conditions or to a lasting impairment of consumer and investor confidence. Instone Group 24HALF-YEAR FINANCIAL REPORT H1 2026 Key indicators Ñ Interim group management report Results of operations, net assets and financial position Project business at a glance Risk and opportunities report Ñ Outlook Condensed consolidated interim financial statements Other information
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CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 26 Condensed consolidated income statement 27 Condensed consolidated statement of comprehensive income 28 Condensed consolidated statement of financial position 30 Condensed consolidated statement of cash flows 32 Condensed consolidated statement of changes in equity 33 Selected explanatory notes to the condensed consolidated interim financial statements Instone Group 25HALF-YEAR FINANCIAL REPORT H1 2026 Key indicators Interim group management report Ñ Condensed consolidated interim financial statements Condensed consolidated income statement Condensed consolidated statement of comprehensive income Condensed consolidated statement of financial position Condensed consolidated statement of cash flows Condensed consolidated statement of changes in equity Selected explanatory notes to the condensed consolidated interim financial statements Other information
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Condensed consolidated income statement Consolidated income statement TABLE 027 In thousands of euros 01/01-30/06/2026 01/01-30/06/2025 Revenue 160,854 172,706 Changes in inventories 11,324 43,267 172,178 215,973 Other operating income 48,926 10,568 Cost of materials -147,266 -164,992 Staff costs -27,646 -24,052 Other operating expenses -15,508 -13,551 Depreciation and amortization -1,590 -1,767 Consolidated earnings from operating activities 29,094 22,179 Share of results of joint ventures 3,346 5,023 Other results from investments 5 0 Finance income 2,416 4,736 Finance costs -13,377 -13,920 Other financial result -262 -232 Consolidated earnings before tax (EBT) 21,222 17,787 Income taxes -5,135 -4,519 Consolidated earnings after tax (EAT) 16,086 13,267 Attributable to: Owners of the Company 16,051 12,922 Non-controlling interests 36 345 Weighted average number of shares (in units) 43,322,575 43,322,575 Basic and diluted earnings per share (in €) 0.37 0.30 Instone Group 26HALF-YEAR FINANCIAL REPORT H1 2026 Key indicators Interim group management report Ñ Condensed consolidated interim financial statements Ñ Condensed consolidated income statement Condensed consolidated statement of comprehensive income Condensed consolidated statement of financial position Condensed consolidated statement of cash flows Condensed consolidated statement of changes in equity Selected explanatory notes to the condensed consolidated interim financial statements Other information
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Condensed consolidated statement of comprehensive income Consolidated statement of comprehensive income TABLE 028 In thousands of euros 01/01-30/06/2026 01/01-30/06/2025 Consolidated earnings after tax 16,086 13,267 Items which are not reclassified into the consolidated earnings in future periods Actuarial gains and losses 439 839 Change in fair value of hedging transactions -64 0 Income tax effects -139 -213 Income and expenses after tax recognized directly in equity 236 625 Total comprehensive income for the financial year after tax 16,322 13,893 Attributable to: Owners of the Company 16,287 13,548 Non-controlling interests 36 345 16,322 13,893 Instone Group 27HALF-YEAR FINANCIAL REPORT H1 2026 Key indicators Interim group management report Ñ Condensed consolidated interim financial statements Condensed consolidated income statement Ñ Condensed consolidated statement of comprehensive income Condensed consolidated statement of financial position Condensed consolidated statement of cash flows Condensed consolidated statement of changes in equity Selected explanatory notes to the condensed consolidated interim financial statements Other information
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Condensed consolidated statement of financial position Consolidated statement of financial position TABLE 029 In thousands of euros 30/06/2026 31/12/2025 ASSETS Non-current assets Goodwill 6,056 6,056 Right of use assets 7,823 8,031 Property, plant and equipment 289 264 Financial assets accounted for using the equity method 71,639 66,776 Other investments 440 440 Financial receivables 12,121 8,961 Other receivables 1,396 1,230 Deferred tax 441 3,439 100,204 95,198 Current assets Inventories 870,758 1,147,926 Financial receivables 42,237 5,188 Contract assets 78,222 130,995 Trade receivables 8,837 9,756 Other receivables and other assets 47,973 49,239 Income tax assets 15,293 12,369 Cash and cash equivalents 291,435 367,481 1,354,755 1,722,954 TOTAL ASSETS 1,454,959 1,818,151 Instone Group 28HALF-YEAR FINANCIAL REPORT H1 2026 Key indicators Interim group management report Ñ Condensed consolidated interim financial statements Condensed consolidated income statement Condensed consolidated statement of comprehensive income Ñ Condensed consolidated statement of financial position Condensed consolidated statement of cash flows Condensed consolidated statement of changes in equity Selected explanatory notes to the condensed consolidated interim financial statements Other information
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Condensed consolidated statement of financial position (continued) Consolidated statement of financial position TABLE 029 In thousands of euros 30/06/2026 31/12/2025 EQUITY AND LIABILITIES Equity Share capital 46,988 46,988 Capital reserves 358,983 358,983 Consolidated retained equity 237,084 239,662 Accumulated reserves recognized in other comprehensive income 2,972 2,736 Treasury shares at acquisition costs -36,697 -36,697 Equity attributable to shareholders 609,330 611,672 Non-controlling interests 1,230 3,265 610,559 614,937 Non-current liabilities Provisions for pensions and similar obligations 0 317 Other provisions 5,893 6,270 Financial liabilities 291,152 330,601 Liabilities from net assets attributable to non-controlling interests 2 7 Leasing liabilities 5,469 5,375 Other liabilities 4,829 14,618 Deferred tax 7,079 4,221 314,423 361,408 Current liabilities Other provisions 44,070 34,787 Financial liabilities 169,897 161,463 Leasing liabilities 2,637 3,127 Contract liabilities 2,703 1,561 Trade payables 104,433 120,159 Other liabilities 194,181 500,352 Income tax liabilities 12,056 20,357 529,977 841,806 TOTAL EQUITY AND LIABILITIES 1,454,959 1,818,151 Instone Group 29HALF-YEAR FINANCIAL REPORT H1 2026 Key indicators Interim group management report Ñ Condensed consolidated interim financial statements Condensed consolidated income statement Condensed consolidated statement of comprehensive income Ñ Condensed consolidated statement of financial position Condensed consolidated statement of cash flows Condensed consolidated statement of changes in equity Selected explanatory notes to the condensed consolidated interim financial statements Other information
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Condensed consolidated statement of cash flows Consolidated statement of cash flows TABLE 030 In thousands of euros 01/01-30/06/2026 01/01-30/06/2025 Consolidated earnings after tax 16,086 13,267 (+) Depreciation and amortization/(-) reversal of impairments of property, plant and equipment 1,590 1,767 (+) Increase/(-) decrease in provisions 9,014 -1,682 (+) Current income tax income/(-) current income tax expense 2,478 9,699 (+) Deferred income tax income/(-) deferred income tax expense 2,657 -5,101 (+) Expense/(-) income from interests in joint ventures -3,346 -5,023 (+/–) Change in net assets attributable to non-controlling interests -5 0 (+) Interest expenses/(-) interest income 11,223 9,416 (+) Proceeds from government grants 2,185 0 (+) Other non-cash expenses/(-) income -375 -1,572 (+/-) Change in net working capital1 12,260 -5,916 (+) Income tax reimbursements/(-) income tax payments -11,042 -15,362 = Cash flow from operations 42,726 -509 (-) Outflows for investments in property, plant and equipment -122 -21 (+) Proceeds from disposals of investments 0 1,780 (-) Outflows for investments in financial assets -37,308 -25 (-) Outflows for investments in unconsolidated companies and other companies -1,290 -752 (+/-) Cash flow from the loss of control of subsidiaries -77,938 0 (+) Interest received 1,794 4,454 = Cash flow from investing activities -114,864 5,436 Instone Group 30HALF-YEAR FINANCIAL REPORT H1 2026 Key indicators Interim group management report Ñ Condensed consolidated interim financial statements Condensed consolidated income statement Condensed consolidated statement of comprehensive income Condensed consolidated statement of financial position Ñ Condensed consolidated statement of cash flows Condensed consolidated statement of changes in equity Selected explanatory notes to the condensed consolidated interim financial statements Other information
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Condensed consolidated statement of cash flows (continued) Consolidated statement of cash flows TABLE 030 In thousands of euros 01/01-30/06/2026 01/01-30/06/2025 (+) Proceeds from loans and borrowings 95,006 65,709 (-) Repayments of loans and borrowings -68,203 -37,322 (-) Payments from lessees to repay liabilities from lease agreements -1,568 -1,984 (-) Interest paid -10,512 -10,535 (-) Dividends paid -18,629 -21,661 = Cash flow from financing activities -3,907 -5,793 Cash and cash equivalents at the beginning of the period 367,481 426,242 (+/-) Cash change in cash and cash equivalents -76,045 -865 = Cash and cash equivalents at the end of the period 291,435 425,377 1 Net working capital is made up of inventories, contract assets, trade receivables, other receivables less contract liabilities, and trade payables and other liabilities. Instone Group 31HALF-YEAR FINANCIAL REPORT H1 2026 Key indicators Interim group management report Ñ Condensed consolidated interim financial statements Condensed consolidated income statement Condensed consolidated statement of comprehensive income Condensed consolidated statement of financial position Ñ Condensed consolidated statement of cash flows Condensed consolidated statement of changes in equity Selected explanatory notes to the condensed consolidated interim financial statements Other information
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Condensed consolidated statement of changes in equity Date: 1 January 2025 593,371 46,988 358,983 216,742 1,361 -36,697 587,378 5,993 Consolidated earnings after tax 13,267 0 0 12,922 0 0 12,922 345 Changes in actuarial gains and losses 625 0 0 0 625 0 625 0 Total comprehensive income 13,893 0 0 12,922 625 0 13,548 345 Dividend payments -21,661 0 0 -21,661 0 0 -21,661 0 -21,661 0 0 -21,661 0 0 -21,661 0 Date: 30 June 2025 585,602 46,988 358,983 208,003 1,987 -36,697 579,264 6,338 Date: 31 December 2025 614,937 46,988 358,983 239,662 2,736 -36,697 611,672 3,265 Date: 1 January 2026 614,937 46,988 358,983 239,662 2,736 -36,697 611,672 3,265 Consolidated earnings after tax 16,086 0 0 16,051 0 0 16,051 36 Changes in actuarial gains and losses 300 0 0 0 300 0 300 0 Derivative financial instruments -64 0 0 0 -64 0 -64 0 Total comprehensive income 16,322 0 0 16,051 236 0 16,287 36 Capital increase 3 0 0 0 0 0 0 3 Changes to the scope of consolidation -2,074 0 0 0 0 0 0 -2,074 Dividend payments -18,629 0 0 -18,629 0 0 -18,629 0 -20,700 0 0 -18,629 0 0 -18,629 -2,071 Date: 30 June 2026 610,559 46,988 358,983 237,084 2,972 -36,697 609,330 1,230 Consolidated statement of changes in equity TABLE 031 In thousands of euros Total Share capital Capital reserves Consolidated retained equity Changes to accumulated equity recognized in other comprehensive income Treasury shares at acquisition cost Equity attributable to shareholders Non-controlling interests Instone Group 32HALF-YEAR FINANCIAL REPORT H1 2026 Key indicators Interim group management report Ñ Condensed consolidated interim financial statements Condensed consolidated income statement Condensed consolidated statement of comprehensive income Condensed consolidated statement of financial position Condensed consolidated statement of cash flows Ñ Condensed consolidated statement of changes in equity Selected explanatory notes to the condensed consolidated interim financial statements Other information
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Selected explanatory notes to the condensed consolidated interim financial statements BASIS OF THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS BASIS OF PREPARATION OF THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS The condensed consolidated interim financial statements of Instone Real Estate Group SE, Essen, and its subsidiaries as at 30 June 2026 were prepared in accordance with International Accounting Standard (IAS) 34 “Interim Financial Reporting” and with German Accounting Standard (DRS) 16 “Half-yearly Financial Reporting”. They are intended to be read in conjunction with the consolidated financial statements published in the Annual Report as at 31 December 2025, which were prepared in accordance with the International Financial Reporting Standards (IFRS® Accounting Standards) of the International Accounting Standards Board (IASB) and the related Interpretations (IFRIC ® Interpretations) of the IFRS Interpretations Committee (Committee) in force at the reporting date, as they apply in accordance with Regulation No 1606/2002 of the European Parliament and of the Council on the application of international accounting standards in the European Union, as well as the supplementary information pursuant to Section 315e of the German Commercial Code (HGB). During the reporting period, an interest rate hedging transaction (interest rate swap) was concluded for the first time for hedging future cash flows in connection with a variable interest loan in the amount of €24,000 thousand. The Instone Group has designated the concluded derivative as a hedging instrument as part of the hedging of cash flows (cash flow hedge). Initially, the hedging relationship between the underlying transaction and the hedging instrument was documented, including the risk management objectives and the corporate strategy underlying the establishment of hedging relationships. Both at the time the hedging relationship is entered into and throughout the course of the hedging relationship, it is regularly documented whether the hedging instrument designated in the hedging relationship is effective in offsetting changes in the cash flows of the hedged item according to the hedged risk. The hedging instrument is measured at fair value. The fair value to be recognized represents the full value of the hedging instrument and includes all value-determining components, including interest that has already accrued economically but not yet been settled. The inputs used to measure fair value (fair value hierarchy level 2) are directly or indirectly observable, such as quoted prices for similar instruments in active markets or yield curves, volatilities, and credit spreads derived from observable market data. The effective portion of the change in the fair value of the hedging instrument is recognized in Group equity without affecting the income statement. The gain or loss attributable to the ineffective portion is immediately recognized in the financial result. For an indication of the fair value of €147 thousand (previous year: €0 thousand) the derivative designated in the hedging relationship, see table 043. The development of the equity change is shown in the condensed consolidated statement of changes in equity and in the condensed statement of comprehensive income. The preparation of the interim financial report requires management to make a number of assumptions and estimates. This may result in differences between the figures reported in the interim financial report and the actual figures. Various items of the condensed consolidated statement of financial position and the condensed consolidated income statement are combined into one item for greater clarity. The condensed consolidated income statement is prepared according to the nature of expense method. The condensed consolidated interim financial statements are prepared in euros, which is the functional currency and the reporting currency of the Group. All amounts are expressed in thousands of euros (€ thousand) unless stated otherwise. Commercial rounding may lead to immaterial rounding differences in the totals when adding. Instone Group 33HALF-YEAR FINANCIAL REPORT H1 2026 Key indicators Interim group management report Ñ Condensed consolidated interim financial statements Condensed consolidated income statement Condensed consolidated statement of comprehensive income Condensed consolidated statement of financial position Condensed consolidated statement of cash flows Condensed consolidated statement of changes in equity Ñ Selected explanatory notes to the condensed consolidated interim financial statements Other information
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ACCOUNTING REGULATIONS APPLICABLE FOR THE FIRST TIME IN THE CURRENT FINANCIAL YEAR Amendments to the accounting regulations applicable from 1 January 2026 did not have any impact on these condensed consolidated interim financial statements. Based on the current status of our internal analysis, we expect the following impacts from the initial application of IFRS 18: The Instone Group carries out the business activity “Project Development” to which the revenues from leasing are also allocated. In addition to the explanation and reconciliation of the Management-defined Performance Measures (MPMs), we expect changes in the structure of the consolidated income statement and also in the presentation within the consolidated income statement. Overall, however, the change in presentation will not be material for the consolidated financial statements. We do not, however, expect there to be an impact on adjusted results of operations. SCOPE OF CONSOLIDATION As at 30 June 2026 a total of twelve (31 December 2025: twelve) domestic subsidiaries and two (31 December 2025: two) European foreign companies have been included and fully consolidated in the current condensed consolidated interim financial statements. As at 30 June 2026, nine joint venture companies (31 December 2025: nine) were valued using the equity method. In total, 18 affiliated companies (31 December 2025: 16) had a low business volume or no business operation and were not consolidated on grounds of materiality. They are recognized under other investments. With the change of form and renaming of Westville 4 GmbH to franky PropCo 2 GmbH & Co. KG and Westville 2 GmbH to franky PropCo 3 GmbH & Co. KG and the fulfillment of all other contractual requirements, the shares in the two companies were sold in the reporting period. These companies are therefore no longer part of the consolidated financial statements and are deconsolidated. Other operating income of €34.0 million was generated from the sale of the two companies. The shares in Westville 3 GmbH will be sold as planned in the third quarter of 2026. As a result of the share sale, the amount of share deal effects in adjusted sales revenue, adjusted gross profit and adjusted EAT will be smaller in the future. For the 2027 financial year, the overall “Westville” project will not contribute to earnings. Instone Group 34HALF-YEAR FINANCIAL REPORT H1 2026 Key indicators Interim group management report Ñ Condensed consolidated interim financial statements Condensed consolidated income statement Condensed consolidated statement of comprehensive income Condensed consolidated statement of financial position Condensed consolidated statement of cash flows Condensed consolidated statement of changes in equity Ñ Selected explanatory notes to the condensed consolidated interim financial statements Other information
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SEGMENT REPORTING Segment reporting in accordance with IFRS 8 is based on the management approach and thus corresponds to the management and reporting system that the Instone Group uses for its segments. The Instone Group operates in only one business segment and in one geographical segment. It generates revenue and holds assets mainly in Germany. However, the internal reporting for the single operating segment differs from the figures in IFRS accounting. In its internal reporting, the Instone Group focuses in particular on the development of housing projects. For this reason, the Instone Group conducts segment reporting for this one operating segment. Internal corporate governance for this segment is based in particular on the internal reporting system for the presentation of key developments relating to real estate business and financial business key performance indicators, supplemented by an examination of key project milestones and liquidity development. The Instone Group manages its segment via adjusted earnings with key performance indicator adjusted revenue, adjusted gross profit, and adjusted earnings after interest and tax. Adjusted revenue The performance of the operating segment is reported on adjusted revenue based on revenue recognition over time. Adjusted revenue is calculated by adding revenue realized from share deals in the same way as from asset deals without the effects from purchase price allocations. Adjusted gross profit Adjusted gross profit is used to analyze project-based business success and is determined from the adjusted revenue less cost of materials, changes in inventories, material-costs related other operating income (e.g. income in connection with grants), indirect sales costs, and capitalized interest, but without considering the effects from purchase price allocations and share deals. Adjusted earnings after tax Adjusted earnings after tax is calculated on the basis of adjusted gross profit less platform costs, consisting of staff costs, other operating income and expenses, depreciation and amortization, investment and other income, financial result and income taxes, but is also adjusted for the effects from purchase price allocations and share deals, as well as any non-recurring effects, where applicable, including the resulting tax effects. The results of joint ventures are included in adjusted earnings before interest and tax, as future earnings of project companies to be recorded under this item are to be allocated to operating earnings. Instone Group 35HALF-YEAR FINANCIAL REPORT H1 2026 Key indicators Interim group management report Ñ Condensed consolidated interim financial statements Condensed consolidated income statement Condensed consolidated statement of comprehensive income Condensed consolidated statement of financial position Condensed consolidated statement of cash flows Condensed consolidated statement of changes in equity Ñ Selected explanatory notes to the condensed consolidated interim financial statements Other information
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The effects on adjusted earnings result from the following: SHARE DEAL EFFECTS The project companies franky PropCo 2 GmbH & Co. KG (formerly: Westville 4 GmbH), franky PropCo 3 GmbH & Co. KG (formerly: Westville 2 GmbH) and Westville 4 GmbH are conceived as asset management companies under German commercial law and constitute one major project in Frankfurt am Main. The Instone Group sold these project companies in the form of a share deal with the obligation to build a residential complex. In the adjusted results, the overall “Westville” project is managed with revenue recognition over time in accordance with IFRS 15, in line with the other Instone Group projects. In the consolidated financial statements, these companies are measured and included in accordance with IAS 2. The effects of this differing measurement are reflected in the adjusted revenue at €20,033 thousand (previous-year period: €56,963 thousand) and the adjusted project costs at €-11,097 thousand (previous-year period: €-46,157 thousand). EFFECTS FROM PURCHASE PRICE ALLOCATIONS Due to the first-time consolidation of Instone Real Estate Development GmbH in 2014 and Instone Real Estate Leipzig GmbH in 2015, as well as the business activities of S&P Stadtbau GmbH in the 2020 financial year, inventories and contract assets as at 30 June 2026 still included writeups of €2,073 thousand (31 December 2025: €1,301 thousand) from purchase price allocations. The ongoing amortization of these purchase price allocations on the basis of the progressive implementation of the projects included in these initial consolidations is adjusted for internal reporting. The adjustment of amortization of purchase price allocations amounted to € 3,313 thousand (previous-year period: €1,367 thousand) in revenue and €1,012 thousand (previous-year period: €-6,010 thousand) in changes in inventory. Based on current estimates, the Instone Group expects these effects to expire in 2028. RECLASSIFICATIONS AND NON-RECURRING EFFECTS As at 30 June 2026, indirect sales expenses of €-3,305 thousand (previous- year period: €-3,394 thousand) and other operating income after subtracting the cost of materials of €13,059 thousand (previous-year period: €9,200 thousand) were allocated to project costs. The adjustment of the capitalized interest in the changes in inventories in the amount of €3,472 thousand (previous-year period: €4,456 thousand) impacted project costs. As a non-recurring effect, expenses in connection with the valuation of non- interest-bearing loans to non-consolidated project companies in the amount of €1,066 thousand were adjusted in the financial result in the reporting period. In addition, consulting expenses of €352 thousand were adjusted. The table below shows the differences resulting from the measurement of the individual items, transferred from adjusted earnings to consolidated reporting: Instone Group 36HALF-YEAR FINANCIAL REPORT H1 2026 Key indicators Interim group management report Ñ Condensed consolidated interim financial statements Condensed consolidated income statement Condensed consolidated statement of comprehensive income Condensed consolidated statement of financial position Condensed consolidated statement of cash flows Condensed consolidated statement of changes in equity Ñ Selected explanatory notes to the condensed consolidated interim financial statements Other information
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Reconciliation of adjusted results of operations 01/01–30/06/2026 TABLE 032 In thousands of euros Adjusted results of operations Share deal effects Non-recurring effects Reclassifications Effects from PPA Reported results of operations Revenue 184,201 -20,033 0 0 -3,313 160,854 Project costs -132,800 11,097 0 -13,226 -1,012 -135,942 Cost of materials -137,511 0 0 -9,754 0 -147,266 Changes in inventories 4,711 11,097 0 -3,472 -1,012 11,324 Gross profit 51,401 -8,937 0 -13,226 -4,326 24,912 Platform costs -39,213 33,991 -352 9,754 0 4,181 Staff costs -27,646 0 0 0 0 -27,646 Other operating income 1,875 33,991 0 13,059 0 48,926 Other operating expenses -11,852 0 -352 -3,305 0 -15,508 Depreciation and amortization -1,590 0 0 0 0 -1,590 Share of results of joint ventures 3,346 0 0 0 0 3,346 EBIT 15,534 25,055 -352 -3,472 -4,326 32,439 Financial result -13,630 0 -1,066 3,472 0 -11,223 EBT 1,910 25,055 -1,417 0 -4,326 21,222 Tax -567 -5,135 EAT 1,343 16,086 Instone Group 37HALF-YEAR FINANCIAL REPORT H1 2026 Key indicators Interim group management report Ñ Condensed consolidated interim financial statements Condensed consolidated income statement Condensed consolidated statement of comprehensive income Condensed consolidated statement of financial position Condensed consolidated statement of cash flows Condensed consolidated statement of changes in equity Ñ Selected explanatory notes to the condensed consolidated interim financial statements Other information
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Reconciliation of adjusted results of operations 01/01–30/06/2025 TABLE 033 In thousands of euros Adjusted results of operations Share deal effects Non-recurring effects Reclassifications Effects from PPA Reported results of operations Revenue 231,036 -56,963 0 0 -1,367 172,706 Project costs -172,542 46,157 0 -1,349 6,010 -121,725 Cost of materials -159,186 0 0 -5,805 0 -164,992 Changes in inventories -13,356 46,157 0 4,456 6,010 43,267 Gross profit 58,493 -10,806 0 -1,349 4,643 50,981 Platform costs -34,608 0 0 5,805 0 -28,802 Staff costs -24,052 0 0 0 0 -24,052 Other operating income 1,368 0 0 9,200 0 10,568 Other operating expenses -10,157 0 0 -3,394 0 -13,551 Depreciation and amortization -1,767 0 0 0 0 -1,767 Share of results of joint ventures 5,023 0 0 0 0 5,023 EBIT 28,909 -10,806 0 4,456 4,643 27,202 Financial result -4,959 0 0 -4,456 0 -9,416 EBT 23,950 -10,806 0 0 4,643 17,787 Tax -6,745 -4,519 EAT 17,205 13,267 Instone Group 38HALF-YEAR FINANCIAL REPORT H1 2026 Key indicators Interim group management report Ñ Condensed consolidated interim financial statements Condensed consolidated income statement Condensed consolidated statement of comprehensive income Condensed consolidated statement of financial position Condensed consolidated statement of cash flows Condensed consolidated statement of changes in equity Ñ Selected explanatory notes to the condensed consolidated interim financial statements Other information
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INFORMATION ON THE CONDENSED CONSOLIDATED INCOME STATEMENT REVENUE Revenue is spread across the following regions: Revenue by region TABLE 034 In thousands of euros 01/01-30/06/2026 01/01-30/06/2025 Germany 160,854 172,706 160,854 172,706 The composition of revenue by revenue type is shown in the following table: Revenue by revenue type TABLE 035 In thousands of euros 01/01-30/06/2026 01/01-30/06/2025 Revenue from building contracts Over-time revenue recognition 114,160 168,017 Point-in-time revenue recognition 43,209 1,422 157,369 169,439 Income from leases 3,320 3,127 Other services 166 140 160,854 172,706 The point-in-time revenue essentially results from the sale of a plot of land on which the Instone Group will implement a district development project in the coming years, as well as from the sale of surplus. The total amount of unfulfilled or partly unfulfilled performance obligations from notarized purchase agreement as at the balance sheet date is €353,635 thousand (31 December 2025: €365,776 thousand). DEPRECIATION AND IMPAIRMENT There was no impairment on leased assets, property, plant and equipment, or intangible assets. Depreciation and amortization TABLE 036 In thousands of euros 01/01-30/06/2026 01/01-30/06/2025 Right of use assets -1,493 -1,554 Property, plant and equipment -97 -176 Intangible assets 0 -36 -1,590 -1,767 INCOME TAXES Income taxes TABLE 037 In thousands of euros 01/01-30/06/2026 01/01-30/06/2025 Current income tax German trade tax -2 -3,705 Corporation tax -2,476 -5,994 -2,478 -9,699 Deferred tax Deferred tax -2,657 5,180 -2,657 5,180 -5,135 -4,519 Instone Group 39HALF-YEAR FINANCIAL REPORT H1 2026 Key indicators Interim group management report Ñ Condensed consolidated interim financial statements Condensed consolidated income statement Condensed consolidated statement of comprehensive income Condensed consolidated statement of financial position Condensed consolidated statement of cash flows Condensed consolidated statement of changes in equity Ñ Selected explanatory notes to the condensed consolidated interim financial statements Other information
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INFORMATION ON THE CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION INVENTORIES Work-in-progress totaling €501,110 thousand (31 December 2025: €541,755 thousand) is subject to disposal restrictions due to project financing by banks. Borrowing costs of €41,361 thousand (31 December 2025: €44,812 thousand) were capitalized as part of production costs recognized for inventories attributable to project financing based on individual agreements with external lenders. The inventories were subject to impairment of €23,414 thousand (31 December 2025: €23,062 thousand). In the reporting period, reversals of impairments were €1,615 thousand (previous-year period: €9,268 thousand). CONTRACT ASSETS The structure of contract assets is composed as follows: Contract assets TABLE 038 In thousands of euros 30/06/2026 31/12/2025 Contract assets 359,313 322,099 Payments received -287,005 -196,313 72,308 125,786 Capitalized costs to obtain a contract 5,913 5,209 78,222 130,995 The change in contract assets is due to the increase in the fulfillment of the underlying contracts with customers and the parallel increase in the associated prepayments. The cycle of contract assets is – equivalent to the project term – an average of three years. The amortization of the costs to obtain a contract in the amount of €6,673 thousand (previous-year period: €6,133 thousand) offsets the fulfillment of the underlying contracts with customers. CASH AND CASH EQUIVALENTS Cash and cash equivalents of €55,992 thousand (31 December 2025: €125,701 thousand) are subject to disposal restrictions. They result from project financing from banks that is not yet due and from bank project financing that has been arranged for customers. FINANCIAL LIABILITIES Financial liabilities TABLE 039 In thousands of euros 30/06/2026 31/12/2025 Non-current To financial institutions from project financing 155,421 263,475 To financial institutions from corporate financing 69,000 0 Loans from third parties 66,731 67,126 291,152 330,601 Current To financial institutions from project financing 102,921 85,548 To financial institutions from corporate financing 3,272 20,134 Loans from third parties 63,704 55,781 169,897 161,463 461,049 492,064 Instone Group 40HALF-YEAR FINANCIAL REPORT H1 2026 Key indicators Interim group management report Ñ Condensed consolidated interim financial statements Condensed consolidated income statement Condensed consolidated statement of comprehensive income Condensed consolidated statement of financial position Condensed consolidated statement of cash flows Condensed consolidated statement of changes in equity Ñ Selected explanatory notes to the condensed consolidated interim financial statements Other information
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Financial liabilities 2026 TABLE 040 In thousands of euros 30/06/2026 01/01/2026 Cash flow from financing activities Non-cash changes Neutral offsetting Accrued interest Amortization from the valuation using the effective interest method Loans from banks 330,614 369,157 -41,751 0 2,699 509 Loans from third parties 130,435 122,906 7,515 0 7 7 Liabilities to minority shareholders 0 0 0 0 0 0 461,049 492,064 -34,237 0 2,706 516 Liabilities from leases 8,106 8,502 -396 0 0 0 Financial liabilities 2025 TABLE 041 In thousands of euros 31/12/2025 01/01/2025 Cash flow from financing activities Non-cash changes Neutral offsetting Accrued interest Amortization from the valuation using the effective interest method Loans from banks 369,157 376,918 -7,257 0 -1,459 955 Loans from third parties 122,906 134,291 -11,561 0 88 88 Liabilities to minority shareholders 0 45 0 0 -45 0 492,064 511,255 -18,817 0 -1,416 1,043 Liabilities from leases 8,502 11,559 -3,058 0 0 0 At €59,518 thousand (previous year: franky PropCo 1 GmbH & Co. KG: €27,352 thousand), the change in loans from banks relates to the deconsolidation of franky PropCo 2 GmbH & Co. KG and franky PropCo 3 GmbH & Co. KG. Adjusting for these effects would result in an increase in loans from banks of €17,730 thousand (previous year: €20,095 thousand). A corresponding adjustment has been made to the statement of cash flows, reclassifying the amount from cash flow from financing activities to cash flow from investing activities. Current and non-current loans from banks consisted of fixed and variable interest rate loans issued by various banks. The Instone Group’s loans from banks are usually not the subject of contractual assurances and are instead secured by land charges. The subsidised loans taken up were secured by corresponding bank deposits. Instone Group 41HALF-YEAR FINANCIAL REPORT H1 2026 Key indicators Interim group management report Ñ Condensed consolidated interim financial statements Condensed consolidated income statement Condensed consolidated statement of comprehensive income Condensed consolidated statement of financial position Condensed consolidated statement of cash flows Condensed consolidated statement of changes in equity Ñ Selected explanatory notes to the condensed consolidated interim financial statements Other information
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OTHER DISCLOSURES DISCLOSURES ABOUT RELATED PERSONS AND COMPANIES Key related persons and companies include the material at-equity valued companies and persons from Management and the Supervisory Board. DEALINGS WITH JOINT VENTURES Dealings with joint ventures TABLE 042 In thousands of euros 30/06/2026 31/12/2025 Receivables/loans to joint ventures FHP Friedenauer Höhe Dritte GmbH & Co. KG 377 383 FHP Friedenauer Höhe Erste GmbH & Co. KG 297 294 FHP Friedenauer Höhe Sechste GmbH & Co. KG 633 643 FHP Friedenauer Höhe Vierte GmbH & Co. KG 455 439 NREP NSF V Lux 10 S.à r.l. 3,394 0 Projekt Am Sonnenberg Wiesbaden GmbH 13,061 11,376 VESTWAY GmbH 336 0 beeboard GmbH 660 895 19,214 14,031 Liabilities to joint ventures FHP Friedenauer Höhe Dritte GmbH & Co. KG 13,964 11,591 FHP Friedenauer Höhe Erste GmbH & Co. KG 6,609 6,550 FHP Friedenauer Höhe Sechste GmbH & Co. KG 23,145 19,212 FHP Friedenauer Höhe Vierte GmbH & Co. KG 455 570 Westville Vermietungs GmbH 4 0 VESTWAY GmbH 35 0 44,212 37,923 The receivables from NREP NSF V Lux 10. S.à r.l. result from the sale of a plot of land to this company. Liabilities to the three project companies FHP Friedensauer Höhe Dritte GmbH & Co. KG, FHP Friedensauer Höhe Erste GmbH & Co. KG and FHP Friedensauer Höhe Sechste GmbH & Co. KG consist of interest-bearing loans with remaining terms to maturity up to 31 December 2026. DEALINGS WITH RELATED PERSONS There were no material transactions between Instone Real Estate Group SE, Essen, Germany, or a Group company and persons from the Management or related persons or companies during the reporting period. No conflicts of interest arose regarding the members of the Management Board or the Supervisory Board. FURTHER DISCLOSURES ON FINANCIAL INSTRUMENTS The carrying amounts for individual classes of financial instruments and the carrying amounts for individual categories are shown below in accordance with IFRS 7: Instone Group 42HALF-YEAR FINANCIAL REPORT H1 2026 Key indicators Interim group management report Ñ Condensed consolidated interim financial statements Condensed consolidated income statement Condensed consolidated statement of comprehensive income Condensed consolidated statement of financial position Condensed consolidated statement of cash flows Condensed consolidated statement of changes in equity Ñ Selected explanatory notes to the condensed consolidated interim financial statements Other information
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Carrying amounts of financial instruments in 2026 (according to the assessment categories of IFRS 9) TABLE 043 In thousands of euros Carrying amount 30/06/2026 Fair value through profit and loss At amortized costs Not within the scope of application of IFRS 9 ASSETS Financial assets Financial receivables Non-current 12,121 0 12,121 0 Current 42,237 0 42,237 0 54,358 0 54,358 0 Other investments 440 440 0 0 Contract assets 78,222 0 0 78,222 Trade receivables 8,837 0 8,837 0 Other receivables and other assets 49,369 0 23,326 26,043 Cash and cash equivalents 291,435 0 291,435 0 482,661 440 377,956 104,265 EQUITY AND LIABILITIES Financial liabilities Financial liabilities Non-current 291,152 0 291,152 0 Current 169,897 0 169,897 0 461,049 0 461,049 0 Contract liabilities 2,703 0 0 2,703 Liabilities from net assets attributable to non-controlling interests 2 0 2 0 Trade payables 104,433 0 104,433 0 Other liabilities Non-current 4,829 147 0 4,682 Current 194,181 0 24,714 169,467 199,010 147 24,714 174,149 767,196 147 590,197 176,852 Instone Group 43HALF-YEAR FINANCIAL REPORT H1 2026 Key indicators Interim group management report Ñ Condensed consolidated interim financial statements Condensed consolidated income statement Condensed consolidated statement of comprehensive income Condensed consolidated statement of financial position Condensed consolidated statement of cash flows Condensed consolidated statement of changes in equity Ñ Selected explanatory notes to the condensed consolidated interim financial statements Other information
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Carrying amounts of financial instruments in 2025 (according to the assessment categories of IFRS 9) TABLE 044 In thousands of euros Carrying amount 30/06/2025 Fair value through profit and loss At amortized costs Not within the scope of application of IFRS 91 ASSETS Financial assets Financial receivables Non-current 1,873 0 1,873 0 Current 25,639 0 25,639 0 27,512 0 27,512 0 Other investments 400 400 0 0 Contract assets 92,841 0 0 92,841 Trade receivables 13,276 0 13,276 0 Other receivables and other assets 107,036 0 1,731 105,306 Cash and cash equivalents 425,377 0 425,377 0 666,443 400 467,896 198,146 EQUITY AND LIABILITIES Financial liabilities Financial liabilities Non-current 391,075 0 391,075 0 Current 152,001 0 152,001 0 543,077 0 543,077 0 Contract liabilities 8,754 0 0 8,754 Liabilities from net assets attributable to non-controlling interests 6 0 6 0 Trade payables 130,205 0 130,205 0 Other liabilities Non-current 39,929 0 0 39,929 Current 609,639 0 15,600 594,039 649,568 0 15,600 633,968 1,331,610 0 688,888 642,722 1 Previous year adjusted. Instone Group 44HALF-YEAR FINANCIAL REPORT H1 2026 Key indicators Interim group management report Ñ Condensed consolidated interim financial statements Condensed consolidated income statement Condensed consolidated statement of comprehensive income Condensed consolidated statement of financial position Condensed consolidated statement of cash flows Condensed consolidated statement of changes in equity Ñ Selected explanatory notes to the condensed consolidated interim financial statements Other information
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With the short-term financial instruments accounted for at amortized costs, the carrying amount corresponds to the fair value, due to the short remaining term to maturity. In the case of non-current financial liabilities, the carrying amount of a part corresponds to the fair value due to the variable interest rate. For the fixed-interest non-current liabilities, fair value was calculated which 30 June 2026 exceeds the carrying value by €852 thousand. As at 31 December 2025, the fair value exceeded the carrying amount by €4,353 thousand. Long-term liabilities fall under fair value hierarchy Level 2. Fair value was determined using a present value method applying entity-specific current market-derived interest rates. Non- current financial receivables are recognized at amortized cost. Their fair value is €1,272 thousand (31 December 2025: €0 thousand) lower than their book value. These bonds fall under fair value hierarchy Level 2 and were determined using a present value method taking into account current market interest rates. As at 30 June 2026 the Instone Group recognizes a promotional loan of €33.5 million (31 December 2025: €114.9 million). This decline results from the deconsolidation of two Westville companies and from the granting of an amortization grant in the reporting period. These loans were measured at fair value as of the respective acquisition date. This was derived from observable market input parameters (fair value hierarchy Level 2). The difference compared to the respective payout amounts is treated as a government grant in accordance with IAS 20 and allocated over the term of the grant. The loan is measured at amortized cost as part of the subsequent measurement and presented as other non-current liabilities in the amount of €4.7 million. EVENTS AFTER THE REPORTING DATE There were no events of particular significance to report after the reporting date of 30 June 2026. DISCLOSURES ON PREPARATION AND APPROVAL The Management Board of Instone Real Estate Group SE has prepared the consolidated interim financial statements on 5 August 2026 and approved them for forwarding to the Supervisory Board. Essen, 5 August 2026 The Management Board Kruno Crepulja David Dreyfus Andreas Gräf Instone Group 45HALF-YEAR FINANCIAL REPORT H1 2026 Key indicators Interim group management report Ñ Condensed consolidated interim financial statements Condensed consolidated income statement Condensed consolidated statement of comprehensive income Condensed consolidated statement of financial position Condensed consolidated statement of cash flows Condensed consolidated statement of changes in equity Ñ Selected explanatory notes to the condensed consolidated interim financial statements Other information
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OTHER INFORMATION 47 Insurance of legal representatives 48 Review report 49 Disclaimer 50 Quarterly comparison 51 Multi-year overview 53 Contact/Legal notice/Financial calendar Instone Group 46HALF-YEAR FINANCIAL REPORT H1 2026 Key indicators Interim group management report Condensed consolidated interim financial statements Ñ Other information Insurance of legal representatives Review report Disclaimer Quarterly comparison Multi-year overview Contact / Legal notice / Financial calendar
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Insurance of legal representatives To the best of our knowledge, we hereby declare that the semi-annual report for the interim consolidated financial statements accurately reflects the results of operations, net assets and the financial position of the Group in accordance with applicable accounting principles and that the Company’s management report together with the combined management report accurately reflect the business performance, including the operating result and financial position, of the Group, and that it also describes the significant opportunities and risks associated with the anticipated development of the Group during the remainder of the financial year. Essen, 5 August 2026 The Management Board Kruno Crepulja David Dreyfus Andreas Gräf Instone Group 47HALF-YEAR FINANCIAL REPORT H1 2026 Key indicators Interim group management report Condensed consolidated interim financial statements Ñ Other information Ñ Insurance of legal representatives Review report Disclaimer Quarterly comparison Multi-year overview Contact / Legal notice / Financial calendar
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Review report To Instone Real Estate Group SE, Essen/Germany We have reviewed the condensed interim consolidated financial statements of Instone Real Estate Group SE, Essen/Germany, which comprise the consolidated statement of financial position as of 30 June 2026, the consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of cash flows, the consolidated statement of changes in equity as well as selected explanatory notes, and the interim group management report of Instone Real Estate Group SE, Essen/Germany, for the period from 1 January to 30 June 2026, that are part of the half-year financial information under Section 115 German Securities Trading Act (WpHG). The preparation of the condensed interim consolidated financial statements in accordance with the IFRS® Accounting Standards issued by the International Accounting Standards Board (IFRS Accounting Standards) applicable to interim financial reporting, as adopted by the EU, and of the interim group management report in accordance with the requirements of the WpHG applicable to interim group management reports is the responsibility of the executive directors of the Company. Our responsibility is to issue a review report on the condensed interim consolidated financial statements and on the interim group management report based on our review. We conducted our review of the condensed interim consolidated financial statements and of the interim group management report in compliance with the German Generally Accepted Standards for Reviews of Financial Statements promulgated by the Institut der Wirtschaftsprüfer (IDW). Those standards require that we plan and perform the review to obtain a certain level of assurance to preclude through critical evaluation that the condensed interim consolidated financial statements have not been prepared, in material respects, in accordance with the IFRS Accounting Standards applicable to interim financial reporting, as adopted by the EU, or that the interim group management report has not been prepared, in material respects, in accordance with the requirements of the WpHG applicable to interim group management reports. A review is limited primarily to inquiries of company personnel and to analytical procedures applied to financial data and thus provides less assurance than an audit. Since, in accordance with our engagement, we have not performed an audit, we do not express an audit opinion. Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed interim consolidated financial statements of Instone Real Estate Group SE, Essen/Germany, have not been prepared, in material respects, in accordance with the IFRS Accounting Standards applicable to interim financial reporting, as adopted by the EU, or that the interim group management report has not been prepared, in material respects, in accordance with the requirements of the WpHG applicable to interim group management reports. Düsseldorf/Germany, 5 August 2026 Deloitte GmbH Wirtschaftsprüfungsgesellschaft Signed: Signed: (Rolf Künemann) (Nicole Meyer) Wirtschaftsprüfer Wirtschaftsprüferin (German Public Auditor) (German Public Auditor) Instone Group 48HALF-YEAR FINANCIAL REPORT H1 2026 Key indicators Interim group management report Condensed consolidated interim financial statements Ñ Other information Insurance of legal representatives Ñ Review report Disclaimer Quarterly comparison Multi-year overview Contact / Legal notice / Financial calendar
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Disclaimer Forward-looking statements This half-year financial report contains forward-looking statements that are based on Management’s current plans, targets and forecasts. However, these statements are based only on information that was available up to the date on which this half-year financial report was prepared. Management assumes no responsibility for ensuring that these forward-looking statements will materialize. Actual future developments and the results actually achieved are subject to various risks and may therefore differ significantly from the forward-looking statements. Many of the risk factors cannot be influenced by the Instone Group and therefore cannot be definitively assessed in advance. These include, among others, changes in the economic environment and the competitive environment, legislative amendments, fluctuations in interest rates or exchange rates, legal disputes and investigative procedures, and the availability of financial resources. These and other risks are set out in the 2025 Group management report combined with the Company’s management report and in this half-year financial report. Other factors may also have an adverse impact on business performance and economic results. Following the publication of this half-year financial report, there is no intention whatsoever to update the forward-looking statements made or to adapt them to events and developments. Rounding Some of the figures in this half-year financial report are commercially rounded. As a result, there may be minor deviations between figures in tables and their respective analyses in the body of the text of the half-year financial report, as well as between totals of individual amounts in tables and the total values similarly provided in the text. All key figures and percentage changes listed are calculated on the basis of the underlying data in the unit “thousand euros”. Instone Group 49HALF-YEAR FINANCIAL REPORT H1 2026 Key indicators Interim group management report Condensed consolidated interim financial statements Ñ Other information Insurance of legal representatives Review report Ñ Disclaimer Quarterly comparison Multi-year overview Contact / Legal notice / Financial calendar
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Quarterly comparison TABLE 045 In millions of euros Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Real estate business key performance indicators Volume of sales contracts 73.1 41.7 273.3 132.7 54.7 Volume of sales contracts In units 138 83 352 268 106 Project portfolio (existing projects) 7,062.5 7,023.8 7,095.4 7,076.8 6,840.7 of which already sold 2,652.9 2,580.0 2,727.0 2,603.3 2,470.5 Project portfolio (existing projects) In units 14,230 13,975 14,089 14,187 13,793 of which already sold In units 5,638 5,500 5,784 5,823 5,555 Volume of new approvals1 64.4 112.0 176.4 255.6 216.7 Volume of new approvals In units 153 242 405 636 397 Cash flow from operations 46.7 -4.0 -25.6 -1.1 16.4 Adjusted results of operations Revenues adjusted 104.9 79.3 156.9 116.5 126.0 Project costs adjusted -75.3 -57.5 -119.8 -91.9 -95.6 Gross profit adjusted 29.5 21.9 37.2 24.5 30.4 Gross profit margin adjusted In % 28.1 27.6 23.7 21.0 24.1 Platform costs adjusted -19.3 -19.9 -23.3 -19.8 -16.9 Share of results of joint ventures adjusted 0.7 2.6 2.0 1.6 2.4 Earnings before interest and tax (EBIT) adjusted 10.9 4.6 15.9 6.3 16.0 EBIT margin adjusted In % 10.4 5.8 10.1 5.4 12.7 Results from investments adjusted 0.0 0.0 0.0 0.0 0.0 Financial result adjusted -10.4 -3.2 -3.7 -0.9 -2.3 Earnings before tax (EBT) adjusted 0.5 1.4 12.2 5.4 13.7 EBT margin adjusted In % 0.5 1.8 7.8 4.6 10.9 Income taxes adjusted -0.2 -0.4 -2.1 -1.1 -3.9 Earnings after tax (EAT) adjusted 0.4 0.9 10.2 4.2 9.7 EAT margin adjusted In % 0.4 1.1 6.5 3.6 7.7 Earnings per share (adjusted) In euros 0.01 0.02 0.23 0.09 0.22 1 Excluding volume of approvals from joint ventures consolidated at equity. Instone Group 50HALF-YEAR FINANCIAL REPORT H1 2026 Key indicators Interim group management report Condensed consolidated interim financial statements Ñ Other information Insurance of legal representatives Review report Disclaimer Ñ Quarterly comparison Multi-year overview Contact / Legal notice / Financial calendar
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Key liquidity figures Real estate business key performance indicators Cash flow from operations 42.7 -14.8 102.5 107.7 70.2 Volume of sales contracts 114.8 502.3 330.2 211.4 292.1 Cash flow from operations without new investments 73.6 55.2 148.0 118.1 187.2 Volume of sales contracts In units 221 802 702 370 530 Free cash flow -72.2 -16.9 116.6 119.2 79.6 Project portfolio (existing projects) 7,062.5 7,095.4 6,891.1 6,972.0 7,668.8 Cash and cash equivalents and term deposits1 257.9 252.6 266.2 267.7 255.6 of which already sold 2,652.9 2,727.0 2,755.0 2,693.4 2,980.5 Project portfolio (existing projects) In units 14,230 14,089 14,243 14,252 16,209 Key balance sheet figures of which already sold In units 5,638 5,784 6,188 6,217 7,309 Total assets 1,454.9 1,818.2 1,939.0 1,839.6 1,780.3 Volume of new approvals7 176.4 719.9 261.6 0.0 336.7 Inventories 870.8 1,147.9 1,188.1 1,085.8 967.3 Volume of new approvals In units 395 1,547 566 0 749 Contract assets 78.2 131.0 91.1 177.1 333.6 Equity 610.6 614.9 593.4 576.0 573.0 Adjusted results of operations Financial liabilities 461.0 492.1 511.3 532.6 520.6 Revenues adjusted 184.2 504.4 527.2 616.0 621.0 of which corporate finance 159.7 106.1 137.2 176.8 179.7 Project costs adjusted -132.8 -384.2 -408.0 -461.5 -463.8 of which project financing 301.3 386.0 374.1 355.8 341.0 Gross profit adjusted 51.4 120.2 119.2 154.5 157.2 Gross profit margin adjusted In % 27.9 23.8 22.6 25.1 25.3 Net financial debt2 174.4 151.5 132.5 186.8 265.1 Platform costs adjusted -39.2 -77.7 -72.9 -76.5 -72.5 Leverage 4.2 2.8 2.1 2.1 2.8 Share of results of joint ventures adjusted 3.3 8.6 11.2 8.1 3.9 Loan-to-cost3, 4 In % 16.9 11.2 10.5 15.1 20.8 Earnings before interest and tax (EBIT) adjusted 15.5 51.1 57.5 86.1 88.6 ROCE adjusted5 In % 4.9 7.1 8.1 10.3 10.2 EBIT margin adjusted In % 8.4 10.1 10.9 14.0 14.3 Results from investments adjusted 0.0 0.0 0.0 0.0 0.0 Employees Financial result adjusted -13.6 -9.6 -6.9 -14.9 -15.9 Number 431 410 417 468 486 Earnings before tax (EBT) adjusted 1.9 41.5 50.6 71.2 72.7 FTE6 359.7 339.6 341.9 382.5 409.4 EBT margin adjusted In % 1.0 8.2 9.6 11.6 11.7 Income taxes adjusted -0.6 -9.9 -13.7 -23.1 -22.6 Multi-year overview TABLE 046 in millions of euros in millions of euros 6M 2026 2025 2024 2023 2022 6M 2026 2025 2024 2023 2022 Instone Group 51HALF-YEAR FINANCIAL REPORT H1 2026 Key indicators Interim group management report Condensed consolidated interim financial statements Ñ Other information Insurance of legal representatives Review report Disclaimer Quarterly comparison Ñ Multi-year overview Contact / Legal notice / Financial calendar
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Earnings after tax (EAT) adjusted 1.3 31.6 36.9 48.2 50.0 EAT margin adjusted In % 0.7 6.3 7.0 7.8 8.1 Earnings per share (adjusted) In euros 0.03 0.71 0.84 1.14 1.11 Dividend per share In euros 0.43 0.50 0.33 0.35 Distribution amount 18.60 21.70 14.30 15.16 1 Term deposits comprise cash investments of more than three months. Excluding restricted cash and cash equivalents of €33.5 million from the “Westville” project subsidized loan (31 December 2025: €114.9 million) in restricted cash and cash equivalents from the “Westville” subsidized loan. 2 Net financial debt = financial liabilities less cash and cash equivalents and term deposits. Excluding the €28.8 million (31 December 2025: €88.0 million) from the subsidized loan for the ”Westville” project. 3 Loan-to-cost = net financial debt/(inventories + contract assets). 4 The loan-to-cost indicator was expanded in the reporting period to include information on at-equity financial assets and the corresponding loan receivables. The disclosure as of 31 December 2025 was amended accordingly. Under the previous calculation methodology, loan-to-cost as of 30 June 2026 would be 18.4% (31 December 2025: 11.9%). 5 Return on capital employed = LTM EBIT adjusted/(four-quarter average equity + net financial debt). 6 Full-time equivalent. 7 Excluding volume of approvals from joint ventures consolidated at equity. Multi-year overview TABLE 046 in millions of euros in millions of euros 6M 2026 2025 2024 2023 2022 6M 2026 2025 2024 2023 2022 Instone Group 52HALF-YEAR FINANCIAL REPORT H1 2026 Key indicators Interim group management report Condensed consolidated interim financial statements Ñ Other information Insurance of legal representatives Review report Disclaimer Quarterly comparison Ñ Multi-year overview Contact / Legal notice / Financial calendar
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Contact Head of IR and Capital Market Communication & Strategy Burkhard Sawazki Instone Real Estate Group SE Grugaplatz 2–4, 45131 Essen, Germany Phone: +49 201 45355-137 Fax: +49 201 45355-904 Email: burkhard.sawazki@instone.de Legal notice Instone Real Estate Group SE Grugaplatz 2–4 45131 Essen Germany Phone: +49 201 45355-0 Fax: +49 201 45355-934 Email: info@instone.de Management Board Kruno Crepulja (Chairman/CEO) David Dreyfus Andreas Gräf Chairman of the Supervisory Board Stefan Brendgen Commercial Register Registered in the Commercial Register of the Essen Local Court under HRB 32658 VAT ID number DE 300512686 Concept, design and implementation RYZE Digital www.ryze-digital.de Financial calendar 06/08/2026 Publication of half-year report as at 30 June 2026 05/11/2026 Publication of quarterly statement as at 30 September 2026 Instone Group 53HALF-YEAR FINANCIAL REPORT H1 2026 Key indicators Interim group management report Condensed consolidated interim financial statements Ñ Other information Insurance of legal representatives Review report Disclaimer Quarterly comparison Multi-year overview Ñ Contact / Legal notice / Financial calendar
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Instone Real Estate Group SE Grugaplatz 2–4 45131 Essen Germany Email: info@instone.de www.instone-group.de/en