Slides
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Results Presentation Q3-2026 Essen, 5 November 2026
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Q3 2026 Highlights 2© Instone Group
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Q3 highlights & outlook − Demand: Slowdown retail sales in Q3 amidst rise in rates − Retail: Surge in rates triggered decrease in sales in Q3; B2C sales expected to be below the previous year − Institutional: first deal signed in November ( €45m) and further transactions ahead of notarisation (c.€150m), additionally c. €200m in advanced negotiations; demand for subsidized housing resilient but reduced visibility on timeline − Financing: Successful extension of corporate credit lines to 2029 (term loan and RCF lines) underscores INS’s strong financial profile − Revenues: €288.1m ( -17.1% yoy) − Gross profit margin 2: 29.4% (9M-2025: 23.3%) 1 − EAT: €12.2m (-42.4% yoy) − Sales: €173.3m ( -24.3% yoy; B2C sales stable; institutional sales geared towards Q4) − Book value per share: €14.11 (2025: €14.12) 3© Instone Group 1 Adjusted results 2 according to new definition Macro headwinds pose significant short-term burden; demand recovery pushed further out 9M-2026 results: Lower B2C sales impacting top & bottom-line; High margins based on strong project execution Outlook for 2026 – Revised targets due to macro headwinds Operational Highlights 9M-2026 Results1 Outlook1 − Revenues: c.€450m − Gross profit margin: >28% − EAT: €25-30m − Sales: €500-600m − DPS: Planned minimum dividend of EUR 0.43 per share confirmed
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Demand recovery pushed out due to macro headwinds In % Long term Instone sales ratio Sales ratio 4© Instone Group 1 Retail sales ratio = weekly number of units sold/total number of units on offer (four week moving average) Retail sales ratio1 – Return to long term mean − Retail: Retail sales hit by sharp rise in rates in Q3 − 9M-2026 retail sales stable €167.3m vs. €166.5 in 9M-2025 but down -30% yoy (€53.1m) in Q3 − Institutional: Attractive product offering (mainly “subsidised housing”) is seeing good underlying demand - decision/ negotiation processes take time − Institutional deal of €45m signed in November and c.€350m in advanced stages but with uncertainty mainly on timeline due to market conditions In €m Institutional sales (0.5) 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 Sep 22 Mrz 23 Okt 23 Apr 24 Nov 24 Jun 25 Dez 25 Jul 26 Oct-26 Expected signing in 2026 €200-350m~400 45 150 200 Deals in negotiation process Signed deal Close to signed deals Deals in advanced negotiations
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German residential prices are proving resilient 4.3% 2.8% 0.1% (2.2%) (3.3%) (4.1%) (2.7%) (1.6%) 0.6% 1.8% 1.6% 1.4% 0.7% 0.4% 0.7% 0.9% 0.7% (0.5%) 0.2% (1.3%) (0.6%) (1.6%) (0.7%) 0.2% 0.4% 0.7% 0.4% 0.1% 0.2% 0.1% 0.0% 0.4% 0.4% (0.1%) Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 y-o-y q-o-q In % 5© Instone Group House price inflation (new builds)1 2.7% 4.2% 4.6% 5.3% 5.2% 4.3% 4.5% 3.8% 4.2% 5.0% 5.1% 5.1% 4.5% 3.7% 2.5% 2.0% 2.30% Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 y-o-y New-build rent development1 − House prices for new-build properties are proving generally stable despite rising interest rates 1 Bulwiengesa data; house price & rent indices for new build condominiums in top-7 cities − Sound rent growth for energy efficient apartments in good quality locations − Slight rent acceleration in Q3 (+0.9% qoq)
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Rising Inflation – Instone benefits from strong market position 6© Instone Group 14.4% 14.3% 17.6% 16.5% 16.9% 15.1% 8.8% 6.4% 4.3% 2.8% 2.7% 3.1% 3.1% 3.2% 3.2% 3.1% 3.2% 3.3% 5.1% 5.5% 2.1% 4.4% 6.6% 2.6% 2.5% 2.7% 0.8% 0.2% 0.4% 1.2% 0.7% 0.7% 0.4% 1.4% 0.8% 0.5% 0.5% 1.5% 2.4% 1.0% Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 y-o-y q-o-q Construction price inflation1 − Accelerated construction price inflation fueled by sharp rise in costs for energy related building materials − Still limited pricing power of medium-sized construction companies; costs are very well within our budget and margin forecast 1 Statistisches Bundesamt (Federal Statistical Office)
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− Projects with GDV of c. €3.0bn are “under construction” of which 89% already sold − Total sold volume of c. €2.7bn (incl. pre -construction) – thereof outstanding revenues of c. €360m − Land bank of c. €2.6bn GDV with zoning rights obtained (+~€700m yoy) − Acquisitions of c. €2.3bn with above average margins (incl. approx. 0.8bn JVs) since start of 2025 − Land value ~€610m + outstanding land payments c.€165m (c.16% of pre -sale GDV) Adding attractive new high margin projects 7© Instone Group t/o sold €2.6bn t/o sold c.€0.1bn Under construction: €3.0bn Pre-construction: €0.1bn Pre-sale: €4.6bn Total GDV €7.7bn (excl. >€1.0bn JVs) 1 9% 20.0% 17% 74% Kategorie 1 Kategorie 2 Master plan in preparation Master plan in progress Master plan granted Building permit application in preparation Building permit application filed Building permit granted ~ 7 % 69% 5% 26% Project portfolio as of 30/09/2026 by development (GDV) Project portfolio as of 30/09/2026 by building right status (GDV) 1 JV investments take into account the current INS share, which can change over time
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Q3 2026 Financial Performance & Outlook © Instone Group 8
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Adjusted Results of Operations: Lower topline partly offset by strong gross margin €m Revenues Project cost Gross profit 1 Gross Margin Platform cost Share of results of JVs EBIT EBIT Margin Financial & other results EBT EBT Margin Taxes Tax rate EAT EAT Margin EAT post minorities EPS2 Q3 2026 Q3 2025 Change 103.9 116.5 (10.8%) (70.5) (94.0) (24.9%) 33.4 22.5 48.4% 32.1% 19.3% (16.2) (17.8) (9.5%) 0.3 1.6 17.5 6.3 177.8% 16.8% 5.4% (2.5) (0.9) 15.0 5.4 (177.8%) 14.4% 4.6% (4.1) (1.1) (27.3%) (20.4%) 10.9 4.2 (159.5%) 10.5% 3.6% 10.2 4.1 (80.4%) 0.24 0.09 (80.4%) 9M-2026 9M-2025 Change 288.1 347.5 (17.1%) (203.3) (266.4) (23.7%) 84.8 81.1 4.6% 29.4% 23.3% (55.4) (52.4) 5.7% 3.6 6.6 33.0 35.2 (6.3%) 11.5% 10.1% (16.2) (5.9) 16.9 29.3 (42.3%) 5.9% 8.4% (4.7) (7.9) 27.5% 26.8% 12.2 21.4 (43.0%) 4.2% 6.2% 11.5 21.0 (44.9%) 0.27 0.48 (44.9%) 9© Instone Group 1 According to KPI new definition with more precise allocation of project related costs (sales & legal costs, warranties) 2 Weighted average number of shares 43.323m 9M revenues affected by lower sales due to macro uncertainties Very high gross margin, supported inter alia by prudent construction cost assumptions and partly non-recurring cost reserve releases upon handover of larger projects More precise allocation of project related costs results in shift from platform to project costs - 9M-25 restated: +€2m higher project costs and equivalent reduction in platform costs (effect in Q3 26: €4.8m) Moderate increase in platform costs, partly due to the planned higher share of affordable housing (nyoo) with in-house planning – which are more than offset by lower project costs Higher net interest expenses mainly due to the release of previously capitalised interest expenses (construction starts) and due to slightly rising average net debt 1 1 2 2 3 4 3 4
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Very strong balance sheet is paying off €m 30/09/2026 31/12/2025 Corporate debt 155.2 106.1 Project debt1 325.7 298.0 Financial debt1 481.0 404.1 Cash and cash equivalents and term deposits1 (239.1) (252.6) Net financial debt1 241.9 151.5 Assets 1,245.8 1,344.2 LTC1,2 19.4% 11.3% Adjusted EBIT (LTM)3 49.0 51.1 Adjusted EBITDA (LTM)3 52.0 54.8 Net financial debt1 / adjusted EBITDA 4.7x 2.8x 10© Instone Group 1 Q3/26: Excl. €33.5m restricted cash and €29.2m financial debt in connection with Project Westville client related subsidized KfW loan 2 Loan-to-Cost: Net financial debt/(Inventories + Contract assets/liabilities + interest in JVs + receivables from investments) 3 LTM: Last twelve months − LTC (loan-to-cost ratio) remains at a low level of 19.4% despite accelerated growth investments... − … and net debt/adjusted EBITDA ratio of 4.7x reflecting a very solid level − Temporary Increase in financial leverage expected during the current growth and investment cycle
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Liquidity ( €m), 30/09/2026 Total t/o drawn t/o available Corporate debt Promissory notes, Term Loan 155.0 155.0 - Revolving Credit Facilities 110.0 - 110.0 Cash and cash equivalents and term deposits 2 239.1 Total corporate funds available 394.1 Project debt2 Project finance2,3 488.1 291.8 196.3 Strong financial position – Increased investments in accelerated future growth − Very strong cash generation in 2023 & 2024 (total operating CF of approx. €210m) had created significant scope for growth investments in 2025 & 2026 − Positive operating cash flow in 9M -2026 further increased financial headroom for acquisitions − Liquidity: Net cash position on corporate level (c.€84m) plus c. 110m undrawn credit lines also contributes a very strong financial profile − Seven acquisitions in different metropolitan areas with GDV of c.€1.1bn signed year -to-date, including JVs; projects with GDV of c.€2.3bn acquired since early 2025 pave way for future growth 11© Instone Group 1 RETT: Real Estate Transfer Tax 2 Q3/26 Excl. €33.5m restricted cash and €29.2m financial debt in connection with Project Westville client related subsidized KfW loan 3 Net available project financing Cash Flow ( €m) Q3 2026 Q3 2025 9M-2026 9M-2025 EBITDA adj. 18.2 7.4 35.3 38.1 Other non-cash items (15.9) 21.9 8.5 12.0 Taxes paid (4.1) (1.7) (15.1) (17.1) Change in working capital (87.0) (28.7) (74.7) (34.6) Operating cash flow (84.3) (1.1) (46.0) (1.6) Land plot acquisition payments (incl. RETT)1 69.9 10.3 100.8 27.8 Operating cash flow excl. investments (18.8) 9.2 54.8 26.2
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Financing: Strong access to debt financing in tough markets 32.3% 67.7% 3.0 50.0 41.51 60.0 2026 2027 2028 2029 Total: €481.0m Project debt, secured Corporate debt Weighted average corporate debt maturity 2.0 years Weighted average corporate interest costs 5.23% Share of corporate debt with floating interest 0% 12© Instone Group Maturity profile (drawn corporate debt) as of 30/09/2026 Secured/unsecured as of 30/09/2026 Majority of financial debt is project related Net cash position (approx. €84m) on corporate level Extension of corporate credit lines (term loan €47.5m and RCF lines €110) until 2029 and new term loan (€15m) underline strong financial profile 1 Of which €24m already extended to 2029
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Outlook: Revised targets reflect adverse market development 13© Instone Group €m Forecast 2026 Previous Forecast Revenues (adjusted) c.450 550-600 (lower end) Gross profit margin (adjusted) >28% >24% EAT (adjusted) 25-30 35-40 (lower end) Volume of concluded sales contracts 500-600 650-750 (lower end)
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Appendix © Instone Group 14
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Awards & Ratings BEST MANAGED COMPANY AWARD 2026 The award recognises excellently managed companies with strategic vision, innovative strength, a sustainable management culture and good corporate governance. 2nd year running © Instone Group 15 EXTEL IR-RATING 2025 Real Estate Sector (Developed Europe) # 1 RE Developer Europe # 1 RE Small Cap Europe # 2 RE Germany # 6 RE Europe EUROPEAN REAL ESTATE BRAND AWARD 2026 Strongest Brand Germany in the category Developers Residential 3 rd year running SUSTAINALYTICS ESG RATING Instone among the top 2% of the 275 global real estate development companies, improved score 2024 vs. 2023. Top 5% across all sectors. Country (all sectors) # 3 Small Caps Germany
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Project portfolio key figures €m Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Volume of sales contracts 58.5 73.1 41.7 273.3 132.8 54.6 41.6 173.6 34.7 33.9 Project Portfolio 7,653.3 7,062.5 7,023.8 7,095.4 7,076.8 6,840.7 6,971.4 6,891.1 7,111.0 7,124.9 thereof already sold 2,715.2 2,652.9 2,580.0 2,727.0 2,603.3 2,470.5 2,796.4 2,755.0 2,675.8 2,784.8 thereof already realised revenues 2,356.1 2,250.3 2,145.8 2,255.8 2,249.7 2,132.0 2,385.2 2,281.8 2,231.6 2,246.3 Units Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Volume of sales contracts 100 138 83 352 268 106 76 366 55 68 Project Portfolio 15,697 14,230 13,975 14,089 14,187 13,793 14,236 14,243 14,650 14,760 thereof already sold 5,738 5,638 5,500 5,784 5,823.0 5,555 6,264 6,188 6,074 6,448 (Unless otherwise stated, the figures are quarterly values) 16© Instone Group
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Diversified project portfolio across most attractive German regions In % Rhine-Main 40.6% NRW 15.5% Nuremberg 8.4% Leipzig 8.7% Stuttgart 8.4% Hamburg 5.4% Hanover 2.2% Munich 2.4% Berlin 8.6% Total: €7.7bn 17© Instone Group − 54 projects / 15, 697 units / ~1,330m sqm of saleable space − ~73 average sqm / unit − ~€6,211 ASP / sqm − Additional nine JV projects (Instone share of GDV: ~€1,040m) Project portfolio as of 30/09/2026 by region (GDV)
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Significant pipeline for future growth Updated project assessment Completed projects 09/202612/2025 2 18© Instone Group In €bn 7.11 1 excluding GDV of at-equity JVs (proportionate share of c.€1bnm at 30/09/2026) 7.71 0.4 Acquisitions Project portfolio development (GDV) (0.2) 0.3
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Expected future cash flows suggest significant upside (As of 30 September 2026; in €) De-risked free cash flow from projects under construction1 ~270m Unsold land bank at cost2 ~610m Notional gross asset value ~880m Net debt -242m Notional value to shareholders 3 ~630m Pre-sold projects − c.€3.0bn currently under construction − t/o c.€2.6bn pre-sold (89%) − In addition, c.€0.1m pre-construction already pre-sold → Tangible and substantially de-risked cash-flow profile Land bank − Residual unsold and paid land bank recognised at cost² of ~€610m → Substantial incremental value Upside from construction starts and acquisitions − CF potential from new construction starts − Ability to source new projects with very attractive future CF potential − Exploiting the current window of opportunity for acquisitions 19© Instone Group 1 Free cash flow post platform cost and taxes; Incl. proportionate share of at-equity JVs 2 Note: "unsold land bank at cost" excluding unsold portion of projects under construction & at equity investments 3 Note: 43.323m shares issued and outstanding (excluding treasury shares) Fundamental Instone value rests on three distinct pillars
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Growth Opportunities Act with attractive tax incentives for new- build properties (scenario analysis) © Instone Group 20 Model assumptions Price / sqm €5,700 Lettable space 85 sqm Purchase price €484,500 Ancillary costs €38,760 Land (18% of total purchase price) €94,187 Building costs €429,073 Building costs per sqm €5,048 Rental yield 4% Rental growth p.a. 2.5% Equity ratio (20%) 104,652 € Debt interest rate1 3.6% Income tax 44% Payback of capital from tax incentives 4 years 10 years Total depreciation €142,658 €218,532 Depreciation as % of total purchase price 27.3% 41.8% Tax incentive €63,212 €96,831 Tax incentive as % of total purchase price 12.1% 18.5% Tax incentive as % of equity 60.4% 93.0% Attractive post tax returns Average RoE (cash returns) 18.0% 13.2% Tax free disposal gains after 10 years Tax incentives allow for fast payback of capital and highly attractive inflation protected post tax returns for buy -to-let investors Tax free disposal gains after 10 years Growth Opportunities Act: 5% degressive on new build properties plus additional 5% linear depreciation over 4 years (according to § 7) if tax relevant building costs are <5,200 €/sqm and energy standard of QNG 40 certification is met 1 Weighted average cost of capital of 3.1% (subsidized loan of 150k € at 1.94% + 10 year mortgage rate of 4.5%)
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Project portfolio consolidated as of 30/09/2026 21© Instone Group Projects > €30m sales volume, representing total: ~ €7.6bn – JVs are not included Note: Semi-filled circle means that the milestone has already been achieved for sections of the project (land plot acquisition, start of sales or construction). Concerning the building rights the semi-filled circle means that the zoning process has been initiated. No circle for “land plot acquired” means that the land has not yet been purchased but secured by contract Project Location Sales volume (expected) Lettable space (sqm) Land plot acquired Planning right obtained Sales start Construction started Hamburg Kösliner Norderstedt 106m € 24,539 RBO Hamburg 224m € 29,876 Büntekamp Hanover 167m € 24,881 Marckmann West Hamburg 43m € 5,563 2026 Marckmann Ost Hamburg 37m € 6,167 2026 Berlin Nauen Nauen 168m € 28,686 2027 Schlosspark Berlin 384m € 42,529 2027 NRW Gartenstadt Dortmund 112m € 23,016 2026 Bickendorf Cologne 636m € 172,488 2029 6-Seen Wedau Duisburg 88m € 16,600 Kempen Kempen 58m € 11,605 Grafental Düsseldorf 189m € 30,068 Vogelsanger Düsseldorf 60m € 11,555 2026
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22© Instone Group Note: Semi-filled circle means that the milestone has already been achieved for sections of the project (land plot acquisition, start of sales or construction). Concerning the building rights the semi-filled circle means that the zoning process has been initiated. No circle for “land plot acquired” means that the land has not yet been purchased but secured by contract Projects > €30m sales volume, representing total: ~ €7.6bn – JVs are not included Project portfolio consolidated as of 30/09/2026 Project Location Sales volume (expected) Lettable space (sqm) Land plot acquired Planning right obtained Sales start Construction started Rhine-Main Delkenheim Wiesbaden 115m € 51,524 Schönhof-Viertel Frankfurt 620m € 89,994 Friedberger Frankfurt 320m € 38,242 2031 Elisabethenareal Frankfurt 86m € 9,988 2027 Westville Frankfurt N/A 101,577 Heusenstamm Heusenstamm 207m € 34,889 2028 Maintal KES Maintal 204m € 33,026 2026 Hofheim Hofheim 67m € 10,216 Rheinblick Wiesbaden 327m € 51,751 2028 Eichenheege Maintal 121m € 18,055 2029 Lahnstraße Frankfurt 81m € 10,385 Niederrad (Vollkonsolidiert) Frankfurt 115m € 16,448 2026 Leipzig Parkresidenz Leipzig 279m € 66,403 Semmelweis 9 Leipzig 84m € 24,256 2027 Rosa Leipzig 179m € 27,047 2027 Heide Süd Halle 62m € 10,534 2028 Löwitz Quartier Leipzig 60m € 9,643 2027
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© Instone Group Projects > €30m sales volume, representing total: ~ €7.6bn – JVs are not included Note: Semi-filled circle means that the milestone has already been achieved for sections of the project (land plot acquisition, start of sales or construction). Concerning the building rights the semi-filled circle means that the zoning process has been initiated. No circle for “land plot acquired” means that the land has not yet been purchased but secured by contract 23 Project portfolio consolidated as of 30/09/2026 Project Location Sales volume (expected) Lettable space (sqm) Land plot acquired Planning right obtained Sales start Construction started Baden-Wurttemberg Rottenburg Rottenburg 172m € 33,839 Herrenberg III, SL Herrenberg 86m € 14,937 2026 Herrenberg II, ZS (Gefylde) Herrenberg 89m € 15,284 Remshalden Remshalden 55m € 8,248 2027 Schorndorf II - VS66 Schorndorf 51m € 7,779 2027 Schorndorf III Schorndorf 55m € 9,030 2027 Oppenländer Waiblingen 110m € 15,465 2027 Bavaria South Ottobrunner Munich N/A N/A Unterschleißheim Unterschleißheim 105m € 11,382 2026 Bavaria North Eslarner Nuremberg N/A 12,740 Lagarde Bamberg 90m € 17,774 Boxdorf Nuremberg 66m € 10,101 Thumenberger Nuremberg 144m € 16,669 Worzeldorf Nuremberg 70m € 11,428 2027 Lichtenreuth Nuremberg 90m € 11,675 2028 Regensburger Nuremberg 69m € 9,470 2027 Lochner Nuremberg 53m € 9,702 2026 Acquisitions w/ pending closing 255m € 37,451
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Project portfolio not consolidated as of 30/09/2026 24© Instone Group Note: Semi-filled circle means that the milestone has already been achieved for sections of the project (land plot acquisition, start of sales or construction). Concerning the building rights the semi-filled circle means that the zoning process has been initiated. No circle for “land plot acquired” means that the land has not yet been purchased but secured by contract Project Location Sales volume (expected) Lettable space (sqm) Land plot acquired Planning right obtained Sales start Construction started Share of capital (%) Berlin FHP Berlin 488m € 61,255 50.0% NRW Benrath Düsseldorf 481m € 104,240 2028 40.0% Rhine-Main Aukamm Wiesbaden 251m € 29,488 51.0% Niederrad Total1 Frankfurt 174m € 26,518 2026 100.0% Baden-Wurttemberg Europaviertel Stuttgart 378m € 39,473 2028 50.1% Acquisitions w/ pending closing 121m € 20,300 1 The total value includes four separate project companies.
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Favourable regulatory framework leading to attractive cash flow profile 30% 58% 77% 86% 88% 96% 100% Start of construction Shell construction Roof, basic installations and windows Interior plaster, screed, tiles Facade Occupancy readiness Completion % paid by customer % remaining to be paid by customer 5-10% upfront 10% upfront 20% upfront 35% upfront 10% over construction period 60% over construction period 70% at completion90-95% at completion 90% at completion Significant amount of construction costs covered by customers' regular payments 25© Instone Group 1 MaBV - Real estate agent and commercial construction industry ordinance ("Makler- und Bauträgerverordnung“) − De risked : B2C development process per se low -risk via regulatory framework (" MaBV")1 − Certainty: No cancellation possibilities − Capital-light: Predefined payment schedule limiting equity requirement from Instone − Very favourable payment schedules vs. other European countries, particularly UK, Ireland and Spain Private Customers’ Payment Profile for German residential development projects German regulatory framework for customer payments compared to other European markets 5% at completion
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Funding requirements minimised due to high pre-sales levels (40) (20) 0 20 40 60 80 100 0 6 12 18 24 30 36 42 Completion in % Debt Equity Sales ratio Cumulative Cash inflows Cumulative Cash outflows Cumulative Net cash flow 48 Notarised land acquisition Start of sales & marketing Start of construction Cash inflow > cash outflow Sales completion Construction completion Land plot acquisition costs Typically 30% pre-sales at Construction start Funding requirement Cumulative net cash flow generation Month 26© Instone Group Illustrative cumulative financing profile of a typical B2C Instone project − Debt financing land c.50% (with zoning c.75%) − Debt financing construction up to c.80% − Revenue recognition: GDV x Sales Progress (%) x Construction Progress (%)
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Supportive German subsidy schemes The German government increases tax depreciation and invests > €1bn p.a. to support owner -occupiers (help -to-buy) and new build o f rental apartments 27© Instone Group Key positives from new subsidy schemes Programme details − Name: Social housing subsidies − Budget: €3.5bn in 2025 (€23.5bn total volume until 2029) − 40% of investment born by the federal states (additionally) − Name: Degressive Depreciation (Growth Opportunities Act) − Volume: 5% depreciation p.a.; can be combined with 5% special depreciation (§ 7 EstG) if tax relevant selling price excl. land is below €5,200 / sqm (QNG criteria must be met) − Name: “Wohneigentum für Familien ” = homes for families − Volume: €350m − Start: 16/10/2023 − Name: “Klimafreundlicher Neubau ” = climate friendly new-build − Volume: €0.76bn (KFN)2 − Start: 2023; Renewal: February-2024 − Name: “Klimafreundlicher Neubau im Niedrigpreissegment” = climate friendly new-build in the affordable segment − Volume: €2bn − Start: Oct-24 Recipient − Beneficiary: Housing companies , institutional and private investors − Eligibility: − New construction, extension or conversion of new living space − Modernisation of existing space − Social rental apartments or owner- occupied residential properties − Buy-to-let investors − For newly built residential properties − Families with at least 1 child <18 years living in their household − Household income of max. €90,000 (up from €60,000 previously) plus €10,000 per child − Required to own at least 50% of the building (as only home in Germany) − Resi landlords, other institutional or private investors − Private investor, corporates or other investors Objective − Support the construction and modernisation of social housing − Expected to have a positive impact on the return expectations − Increased willingness to pay from private buy -to-let investors (due to full tax deductibility from personal income) − Boost construction of rental apartments − Help-to-buy: Build or buy new home/condominium for own use for the first time (for at least 10 years) − Energy efficiency: − At least energy standard KfW40 (plus additional requirements regarding GHG emissions defined in regulation “Qualitätssiegel Nachhaltiges Gebäude”) − Higher subsidies possible with the additional certificate for sustainable buildings “QNG” − New build of energy efficient buildings − Energy efficiency − At least energy standard KfW55 (Higher subsidies possible with additional certificate for sustainable buildings “QNG” − Use of fossil fuels not allowed − Increase supply in the affordable rental segment (space efficient and climate friendly) − Energy efficiency: − Energy standard 55 (no fossil fuels) − Emission targets over the life cycle have to be met (including construction) – QNG − Cap for construction costs and floor space Subsidies − Subsidies in NRW: − Loan: €1,920-3,490 /sqm (dep. on rent) − Amortisation discount: 30-50% − Interest rate: 0-0.5% − Required minimum energy standard of 55 − Increase of depreciation on newly built residential properties from (currently) 3% linear to 5% degressive p.a.; threshold for special depreciation from €4,800 to 5,200 / sqm − Additional KfW loan (€150k for 1.94%, 10 yrs) − No direct grant; max. one housing unit − Subsidized mortgages, reduced interest costs (0.01% 1) by federal KfW Bank − €170–270k loan volume (with QNG certificate) − Will be accepted as equity substitute − No direct grant − Subsidized mortgages (10 yrs: 1.00%- 1.94%) by federal KfW Bank (volumes per unit) − Max. €100,000 loan volume − Up to €150,000 with QNG certificate − No direct grant − Subsidized loans − €100,000 per apartment − Different durations (e.g. 0.01% for 10 yrs) 1 Relates to annuity mortgages (10-year fixed rates). Bullet repayments at end of term priced at 1.41% p.a. 2 Includes Klimafreundlicher Neubau (KFN)
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Coalition agreement of new German government contains positive elements – A reduction in costs for homebuyers key factor © Instone Group 28 Agreement contains ideas for new construction that point in the right direction Housing construction turbo − Draft law reform to speed up construction processes introduced − Local authorities will be able to waive the requirement to draw up zoning plan under certain circumstances (§246e Building Code) Building types − Building standards are planned to be simplified and the "building type E" will be legally secured. Draft act published end ofOctober. − Political target to reduce construction costs (incl. modular and serial construction) Subsidies for owner occupiers − Tax incentives, equity-replacing measures and state guarantees for mortgages will be examined Social housing − Increase in investments in social housing Municipal housing − Support of new construction of municipal housing companies (equity replacing measures) KfW55 − Temporary reintroduction of subsidies for KfW55 standard
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Instone share − ISIN: DE000A2NBX80 − Ticker symbol: INS − No of shares: 43.323m (excl. treasury shares) − Market cap: €235.7m − Average daily trading volume: €0.1m − Market segment: Prime Standard, Frankfurt 29© Instone Group 1 Based on closing price on 03/111/2026 at €5.44 Shareholder structure (November 2026)Basic data Activum 25.95% Helikon 10.23% DAMAC Properties 10.04% FMR 7.41% Easterly 4.04% Treasury Shares 7.80% Others 34.53%
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Financial calendar 30© Instone Group 05 Nov 2026 Quarterly Group Statement as of 30.09.2026 09 Nov 2026 Roadshow, Frankfurt 10 Nov 2026 Roadshow, Paris, Kepler Cheuvreux 11 Nov 2026 Münchner Kapitalmarkt Konferenz (MKK), Munich 13 Nov 2026 Pan-European Real Estate Conference, Kepler Cheuvreux, London 23-24 Nov 2026 Deutsches Eigenkapitalforum, Frankfurt 01 Dec 2026 ICF BANK AG Small-/Midcap Konferenz, Düsseldorf 2026
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The Instone Management Board 31© Instone Group Kruno Crepulja CEO − CEO since 2008 (of Instone’s predecessor formart) − Comprehensive experience as an engineer, site manager and project developer − 17-year career on the management boards of large development companies − Appointed until 30 June 2029 David Dreyfus CFO − CFO, since 2023 − >28 years of experience in corporate finance and capital markets, including as Director with Lazard and Senior Partner of Lilja & Co. − Mr. Dreyfus already advised Instone in preparation and execution of its IPO in 2017 and 2018 − Appointed until 31 December 2027 Andreas Gräf COO − COO since 2008 (of Instone’s predecessor formart) − Established the residential development as a standalone business model at HOCHTIEF − Working in the construction and real estate sector for 30 years − Appointed until 31 December 2027
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Burkhard Sawazki Head of IR and Capital Market Communication & Strategy T +49 201 45355- 137 M +49 173 2606034 burkhard.sawazki@instone. de Tania Hanson Roadshows & Investor Events T +49 201 45355- 311 M +49 152 53033602 tania.hanson@instone.de 32© Instone Group Investor Relations Contact
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Disclaimer BY VIEWING THIS PRESENTATION, YOU AGREE TO BE BOUND BY THE FOLLOWING TERMS AND CONDITIONS REGARDING THE INFORMATION DISCLOSEDIN THIS PRESENTATION. THIS PRESENTATION HAS BEEN PREPARED BY INSTONE REAL ESTATE GROUP SE (THE "COMPANY", TOGETHER WITH ITS SUBSIDIARIES, "INSTONE"). For the purposes of this notice, “presentation” means this document, its contents or any part of it. This presentation does not, and is not intended to, constitute or form part of, and should not be construed as, an offer to sell, or a solicitation of an offer to purchase, subscribe for or otherwise acquire, any securities of the Company, nor shall it or any part of it form the basis of or be relied upon in connection with or act as any inducement to enter into any contract or commitment or investment decision whatsoever. This presentation is neither an advertisement nor a prospectus and recipients should not purchase, subscribe for or otherwise acquire any securities of the Company. This presentation is made available on the express understanding that it does not contain all information that may be required to evaluate, and will not be used by the attendees / recipients in connection with, the purchase of, or investment in, any securities of the Company. This presentation is accordingly not intended to form the basis of any investment decision and does not constitute or contain any recommendation by the Company, its shareholders or any other party. The information and opinions contained in this presentation are provided as at the date of this presentation, are subject to change without notice and do not purport to contain all information that may be required to evaluate the Company. The information in this presentation is in draft form and has not been independently verified. Parts of the financial information in this presentation are preliminary and unaudited. Certain financial information (including percentages) in this presentation has been rounded according to established commercial standards. As a result, the aggregate amounts (sum totals or sub totals or differences or if numbers are put in relation) may not correspond in all cases to the aggregated amounts of the underlying (unrounded) figures appearing elsewhere in this presentation. No reliance may or should be placed for any purpose whatsoever on the information contained in this presentation or on its completeness, accuracy or fairness. None of the Company, its shareholders, or any other party accepts any responsibility whatsoever for the contents of this presentation, and no representation or warranty, express or implied, is made by any such person in relation to the contents of this presentation. The information in this presentation is of a preliminary and abbreviated nature and may be subject to updating, revision and amendment, and such information may change materially. None of the Company, its shareholders, or any other party undertakes or is under any duty to update this presentation or to correct any inaccuracies in any such information which may become apparent or to provide you with any additional information. Recipients should not construe the contents of this presentation as legal, tax, regulatory, financial or accounting advice and are urged to consult with their own advisers in relation to such matters. In particular, no representation or warranty is given as to the achievement or reasonableness of, and no reliance should be placed on any projections, targets, ambitions, estimates or forecasts contained in this presentation and nothing in this presentation is or should be relied on as a promise or representation as to the future. This presentation may contain forward looking statements. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes," "estimates," “anticipates,” "expects," "intends," "may," "will" or “should” or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this presentation and include statements regarding our intentions, beliefs or current expectations concerning, among other things, our prospects, growth, strategies, the industry in which Instone operates and potential or ongoing acquisitions or sales. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance and that the development of our prospects, growth, strategies, the industry in which Instone operates, and the effect of acquisitions or sales on Instone may differ materially from those made in or suggested by the forward-looking statements contained in this presentation. In addition, even if the development of Instone’s prospects, growth, strategies and the industry in which Instone operates are consistent with the forward-looking statements contained in this presentation, those developments may not be indicative of our results, liquidity or financial position or of results or developments in subsequent periods not covered by this presentation. Nothing that is contained in this presentation constitutes or should be treated as an admission concerning the financial position of the Company and/or Instone. © Instone Group 33
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Thank you Instone Real Estate Group SE Grugaplatz 2-4 45131 Essen investorrelations@instone.de instone-group.de/en 34© Instone Group