Interim report
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Key indicators TABLE 001 In millions of euros 9M 2026 9M 2025 Key performance indicators Volume of sales contracts 173.3 229.0 Volume of new approvals1 445.7 543.5 Revenues adjusted 288.1 347.5 Key earnings figures Gross profit adjusted2 84.8 81.1 Gross profit margin adjusted2 In % 29.4 23.3 EBIT adjusted 33.0 35.2 EBIT margin adjusted In % 11.5 10.1 EBT adjusted 16.9 29.3 EBT margin adjusted In % 5.9 8.4 EAT adjusted 12.2 21.4 EAT margin adjusted In % 4.2 6.2 Key liquidity figures Cash flow from operations -46.0 -1.6 Cash flow from operations without new investments 54.8 26.2 Free cash flow -133.6 -25.7 1 Excluding volume of approvals from joint ventures consolidated at equity. 2 Previous year period adjusted. Key indicators TABLE 001 In millions of euros 30/09/2026 31/12/2025 Key performance indicators Project portfolio 7,653.3 7,095.4 Key balance sheet figures Total assets 1,616.3 1,818.2 Equity 613.0 614.9 Carrying amount per share1 14.11 14.12 Cash and cash equivalents2 239.1 252.6 Net financial debt3 241.9 151.5 Leverage4 4.7 2.8 Loan-to-cost5, 6 In % 19.4 11.2 ROCE adjusted7 In % 6.2 7.1 Employees8 Number9 433 410 FTE10 362.5 339.6 1 Based on 43,322,575 shares as at 30 September 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 €29.2 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. This means the project assets in the at-equity companies are appropriately represented. The disclosure as of 31 December 2025 was amended accordingly. Under the previous calculation methodology, loan-to-cost as of 30 September 2026 would be 21.0% (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 QUARTERLY STATEMENT Q3 2026 | Key indicators 2
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Table of contents 4 Report on the Group’s position 5 Results of operations, net assets and financial position 17 Project business at a glance 22 Risk and opportunities report 23 Outlook 24 Consolidated financial statements 25 Consolidated income statement 26 Consolidated statement of comprehensive income 27 Consolidated statement of financial position 29 Consolidated statement of cash flows 30 Segment reporting 33 Appendix (methods, addendum) 34 Other information 35 Disclaimer 36 Quarterly comparison 37 Multi-year overview 39 Contact/Legal notice/Financial calendar INSTONE GROUP QUARTERLY STATEMENT Q3 2026 3
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Report on the Group’s position 5 Results of operations, net assets and financial position 17 Project business at a glance 22 Risk and opportunities report 23 Outlook INSTONE GROUP QUARTERLY STATEMENT Q3 2026 | Report on the Group’s position 4
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Results of operations, net assets and financial position Cumulative financial key performance indicators TABLE 002 In millions of euros 9M 2026 9M 2025 (adjusted) 9M 2025 (reported) Change in % Revenues adjusted1 288.1 347.5 347.5 -17.1 Gross profit adjusted 84.8 81.0 83.0 4.7 Gross profit margin adjusted1 In % 29.4 23.3 23.9 EBIT adjusted 33.0 35.2 35.2 -6.3 EBT adjusted 16.9 29.3 29.3 -42.3 EAT adjusted1 12.2 21.4 21.4 -43.0 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 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 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 QUARTERLY STATEMENT Q3 2026 | Report on the Group’s position | Results of operations, net assets and financial position 5
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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. – Project-related platform expenses of €4.8 million were reclassified to project costs in the reporting period. Accordingly, the previous year’s figures were also adjusted in the financial statements, improving platform expenses by €2.0 million and causing project costs to fall accordingly by this amount. In a cost allocation review, expenses were identified that had previously been recognized as platform costs; however, these can be directly attributed to individual projects. To ensure a presentation that reflects actual causation, these expenses are reported in project costs. – 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 9M 2026 9M 2025 (adjusted) 9M 2025 (reported) Change in % Revenues adjusted 288.1 347.5 347.5 -17.1 Project costs adjusted -203.3 -266.5 -264.4 -23.7 Gross profit adjusted 84.8 81.0 83.0 4.7 Gross profit margin adjusted In % 29.4 23.3 23.9 Platform costs adjusted -55.4 -52.4 -54.4 5.7 Share of results of joint ventures adjusted 3.6 6.6 6.6 -45.5 Earnings before interest and tax (EBIT) adjusted 33.0 35.2 35.2 -6.3 EBIT margin adjusted In % 11.5 10.1 10.1 Results from investments adjusted -0.1 0.0 0.0 n/a Financial result adjusted -16.1 -5.9 -5.9 172.9 Earnings before tax (EBT) adjusted 16.9 29.3 29.3 -42.3 EBT margin adjusted In % 5.9 8.4 8.4 Income taxes adjusted -4.7 -7.8 -7.8 -39.7 Earnings after tax (EAT) adjusted 12.2 21.4 21.4 -43.0 EAT margin adjusted In % 4.2 6.2 6.2 – 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 QUARTERLY STATEMENT Q3 2026 | Report on the Group’s position | Results of operations, net assets and financial position 6
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REVENUE Adjusted revenue in the first three quarters of 2026 amounted to €288.1 million (previous- year period: €347.5 million), around 17.1% below the previous year’s figure. The decline in adjusted revenue is due to reduced construction activity and to the lower volume of sales contracts compared with the same period of the previous year. The lower revenue from the “Westville” project due to the handover of subprojects also had a negative impact on sales revenue in the first three quarters of 2026. The adjustment of effects from purchase price allocations meant revenue changed slightly by €3.2 million (previous-year period: €0.3 million). The separate valuation of share deals (“Westville” project) increased the revenue by €36.5 million (previous-year period: €72.5 million). Revenue TABLE 004 In millions of euros 9M 2026 9M 2025 Change in % Revenue 248.5 274.7 -9.5 + effects from purchase price allocations 3.2 0.3 n/a + effects from share deal agreements 36.5 72.5 -49.7 Revenues adjusted 288.1 347.5 -17.1 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 9M 2026 FIGURE 001 In millions of euros 1 Includes Nuremberg and Bamberg. 2 Includes Hamburg and Norderstedt. 3 Includes Stuttgart, Schorndorf, Rottenburg and Herrenberg. 4 Includes Frankfurt a. M., Hofheim, Heusenstamm and Wiesbaden. INSTONE GROUP QUARTERLY STATEMENT Q3 2026 | Report on the Group’s position | Results of operations, net assets and financial position 7
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PROJECT COSTS The adjusted project costs, essentially consisting of the cost of materials and changes in inventories, fell in the first three quarters of 2026 to €-203.3 million (previous-year period adjusted: €-266.5 million). In particular, the reduced construction activity compared to the same period of the previous year led to a reduction in the adjusted cost of materials (excluding property purchases) to €-245.4 million (previous-year period: €-281.8 million). Expenses of €-138.9 million (previous-year period: €-4.3 million) were incurred in connection with the purchase of land. Changes in inventories increased to €188.4 million (previous-year period: €38.1 million) due to land purchases. Indirect sales expenses of €-5.0 million (previous-year period: €-5.3 million) and other operating income after subtracting the cost of materials of €21.1 million (previous-year period: €15.7 million), of which €10.4 million (previous-year period: €12.7 million) from grants, were allocated to adjusted project costs in the first three quarters of 2026. The adjustment of the capitalized interest in the changes in inventories eased adjusted project costs by €1.5 million (previous-year period: negative impact of €-6.2 million). Effects from the amortization of purchase price allocations reduced the adjusted project costs by €1.0 million (previous-year period: increase of €-4.9 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 €-12.8 million (previous-year period: €-60.4 million). This decline compared with the same period of the previous year is also characterized by the handover of subprojects from the “Westville” project. Project costs TABLE 005 In millions of euros 9M 2026 9M 2025 (adjusted) 9M 2025 (reported) Change in % Project costs -204.3 -203.4 -203.4 0.4 + effects from purchase price allocations 1.0 -4.9 -4.9 n/a + effects from reclassifications 12.8 2.2 4.2 481.8 + effects from share deal agreements -12.8 -60.4 -60.4 -78.8 Project costs adjusted -203.3 -266.5 -264.4 -23.7 GROSS PROFIT In the reporting period, adjusted gross profit increased year-on-year to €84.8 million (previous-year period: €81.0 million). Despite declining adjusted revenue, this increase resulted from a disproportionate decrease in adjusted project costs, which is attributable in particular to reduced construction activity compared with the same period of the previous year and higher other operating income after subtracting the cost of materials. Gross profit TABLE 006 In millions of euros 9M 2026 9M 2025 (adjusted) 9M 2025 (reported) Change in % Gross profit 44.2 71.3 71.3 -38.0 + effects from purchase price allocations 4.2 -4.5 -4.5 n/a + effects from reclassifications 12.8 2.2 4.2 481.8 + effects from share deal agreements 23.7 12.1 12.1 95.9 Gross profit adjusted 84.8 81.0 83.0 4.7 The adjusted gross profit margin – calculated from the adjusted gross profit relating to the adjusted revenue – amounted to 29.4% in the reporting period (previous-year period adjusted: 23.3%) and thus remained at a very high, industry-leading level in management’s view. The significant increase in the adjusted gross profit margin reflects the targeted operational improvements to our project portfolio. Key margin drivers during the reporting period were the release of risk provisions upon project handover, which, due to the low reported revenue in the third quarter, had a disproportionately positive margin effect. Additionally, winning bids for construction services and the successful securing of KfW funding for projects in the third quarter of 2026 – made possible by timely completion within the granted extension period – contributed to the positive margin development. Furthermore, the growing number of nyoo projects in the implementation phase also had a moderately positive impact on margins, as their cost profile, facilitated by the use of internal planners, reduced project expenses. INSTONE GROUP QUARTERLY STATEMENT Q3 2026 | Report on the Group’s position | Results of operations, net assets and financial position 8
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PLATFORM COSTS At €-55.4 million (previous-year period adjusted: €-52.4 million), adjusted platform costs were higher than the previous year, due mainly to increased staff costs. In the first three quarters of 2026, indirect sales expenses of €5.0 million (previous-year period: €5.3 million), other operating income after subtracting the cost of materials (including income from released liabilities and income from grants) in the amount of €21.1 million (previous-year period: €15.7 million), and project-related other operating expenses of €4.8 million (previous-year period: €2.0 million) were reclassified as 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 (previous-year period: €13.1 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 (adjusted) TABLE 007 In millions of euros 9M 2026 9M 2025 (adjusted) 9M 2025 (reported) Change in % Platform costs -10.6 -31.2 -31.2 -66.0 + effects from reclassifications -11.3 -8.4 -10.4 8.7 + non-recurring effects 0.4 0.3 0.3 33.3 + effects from share deal agreements -34.0 -13.1 -13.1 159.5 Platform costs adjusted -55.4 -52.4 -54.4 1.8 The reported platform costs comprise the following: Platform costs (reported) TABLE 008 In millions of euros 9M 2026 9M 2025 Change in % Staff costs -40.8 -36.7 11.2 Other operating income 57.7 30.0 92.3 Other operating expenses -25.1 -21.6 16.2 Depreciation and amortization -2.3 -2.9 -20.7 Platform costs reported -10.6 -31.2 -66.2 The development of staff costs is mainly due to negotiated salary increases and the increasing number of employees. At €57.7 million (previous-year period: €30.0 million), reported other operating income was significantly above the previous year. Income related to the sale of the shares in franky PropCo 2 GmbH & Co. KG (formerly: Westville 4 GmbH) and franky PropCo 3 GmbH & Co. KG (formerly: Westville 2 GmbH) in the total amount of €34.0 million is the main factor behind this development. Other operating income TABLE 009 In millions of euros 9M 2026 9M 2025 Change in % Income from sale of Westville project companies 34.0 13.1 159.5 Income from released liabilities 10.7 3.1 245.2 Grant income 10.4 12.7 -18.1 Reversal of provisions 1.9 0.7 171.4 Other income 0.7 0.4 75.0 Other operating income reported 57.7 30.0 92.3 The reported other operating expenses were higher than the previous year at €-25.1 million (previous-year period: €-21.6 million). 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 QUARTERLY STATEMENT Q3 2026 | Report on the Group’s position | Results of operations, net assets and financial position 9
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SHARE OF RESULTS OF JOINT VENTURES The adjusted shares of results of joint ventures of €3.6 million (previous-year period: €6.6 million) was mostly 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 fell slightly to €33.0 million (previous-year period: €35.2 million) mainly due to increased adjusted platform costs and significantly lower earnings from results of joint ventures. EBIT TABLE 010 In millions of euros 9M 2026 9M 2025 Change in % EBIT 37.2 46.7 -20.3 + effects from purchase price allocations 4.2 -4.5 n/a + effects from reclassifications 1.5 -6.3 n/a + non-recurring effects 0.4 0.3 33.3 + effects from share deal agreements -10.3 -0.9 n/a EBIT adjusted 33.0 35.2 -6.3 EBIT margin adjusted In % 11.5 10.1 RESULTS FROM INVESTMENTS AND FINANCIAL RESULT As in the previous year, there was no materially adjusted income from investments in the first three quarters of 2026. The reported financial result declined in the reporting period to €-14.5 million (previous- year period: €-12.2 million). A key reason for this is the decrease of €1.2 million in financial income derived from interest on bank deposits. The reported financial expenses are slightly higher than the previous year at €-19.6 million (previous-year period: €-18.4 million). Adjusted financial income declined significantly reporting period to €-16.1 million (previous- year period: €-5.9 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 be recognized in profit or loss from the point the property is sold. Overall, capitalized interest from project financing prior to the start of sales in the amount of €-1.5 million (previous-year period: improvement of financial result of €6.3 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 led to a negative adjusted financial result. Financial result TABLE 011 In millions of euros 9M 2026 9M 2025 Change in % Financial result -14.5 -12.2 18.9 + effects from reclassifications -1.5 6.3 n/a Financial result adjusted -16.1 -5.9 172.9 INSTONE GROUP QUARTERLY STATEMENT Q3 2026 | Report on the Group’s position | Results of operations, net assets and financial position 10
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EARNINGS BEFORE TAX (EBT) Adjusted earnings before tax fell to €16.9 million (previous-year period: €29.3 million) mainly due to increased adjusted platform costs, significantly lower adjusted earnings from results of joint ventures, and the higher negative financial result. EBT TABLE 012 In millions of euros 9M 2026 9M 2025 Change in % EBT 22.6 55.3 -59.1 + effects from purchase price allocations 4.2 -4.5 n/a + non-recurring effects 0.4 0.3 33.3 + effects from share deal agreements -10.3 -21.8 -52.8 EBT adjusted 16.9 29.3 -42.3 EBT margin adjusted In % 5.9 8.4 Reconciliation EBIT to EBT TABLE 013 In millions of euros 9M 2026 9M 2025 Change in % EBIT adjusted 33.0 35.2 -6.3 Financial result -14.6 -12.2 19.7 Capitalized interest -1.5 6.3 n/a EBT adjusted 16.9 29.3 -42.3 INCOME TAXES The tax rate in the adjusted results of operations in the first three quarters of 2026 was 27.5% (previous-year period: 26.8%). The tax rate increased as anticipated. This is 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. In the reporting period, income taxes on the reported earnings amounted to €4.5 million (previous-year period: €12.4 million). EARNINGS AFTER TAX (EAT) EAT TABLE 014 In millions of euros 9M 2026 9M 2025 Change in % EBT adjusted 16.9 29.3 -42.3 Income taxes adjusted -4.7 -7.8 -39.7 EAT adjusted 12.2 21.4 -43.0 As a result of the effects mentioned above, the Instone Group’s adjusted earnings after tax totaled €12.2 million in the first three quarters (previous-year period: €21.4 million). EARNINGS AFTER TAX AND AFTER MINORITY INTERESTS Non-controlling interests in earnings after tax amounted to €0.7 million (previous-year period: €0.5 million). By contrast, non-controlling interests in adjusted earnings after tax amounted to €0.7 million (previous-year period: €0.5 million). EARNINGS PER SHARE In reporting period, adjusted earnings per share amounted to €0.27 (previous-year period: €0.48). Earnings per share TABLE 015 In millions of euros 9M 2026 9M 2025 Change in % Shares1 In thousands units 43,322.6 43,322.6 0.0 Group’s share in consolidated income 17.5 42.4 -58.7 Earnings per share In euros 0.40 0.98 -59.2 Group’s share in consolidated income (adjusted) 11.5 21.0 -45.2 Earnings per share adjusted In euros 0.27 0.48 -43.8 1 Average weighted number of shares as at 30 September 2026 respectively 30 September 2025. INSTONE GROUP QUARTERLY STATEMENT Q3 2026 | Report on the Group’s position | Results of operations, net assets and financial position 11
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NET ASSETS Condensed statement of financial position1 TABLE 016 In millions of euros 30/09/2026 31/12/2025 Change in % Non-current assets 87.8 95.2 -7.8 Inventories 1,053.9 1,147.9 -8.2 Contract assets 100.6 131.0 -23.2 Other current assets 101.4 76.6 32.4 Cash and cash equivalents and term deposits 272.6 367.5 -25.8 Assets 1,616.3 1,818.2 -11.1 Equity 613.0 614.9 -0.3 Liabilities from corporate finance 155.2 106.1 46.3 Liabilities from project-related financing 354.9 386.0 -8.1 Long-term provisions and other liabilities 21.7 30.9 -29.8 Short-term provisions and other liabilities 471.5 680.3 -30.7 Equity and liabilities 1,616.3 1,818.2 -11.1 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. Net assets as at 30 September 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 the subsidies of 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 September 2026 to €1,616.3 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, 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 September 2026 to €1,053.9 million (31 December 2025: €1,147.9 million). As at 30 September 2026, acquisition costs and incidental acquisition costs for land amounting to €685.5 million (31 December 2025: €654.9 million) are included in inventories. This decline is a result of marketing in the reporting period. 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 as at 30 September 2026 to €342.0 million (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 September 2026 €-246.7 million (31 December 2025: €-196.3 million). Contract assets TABLE 017 In millions of euros 30/09/2026 31/12/2025 Change in % Contract assets (gross) 342.0 322.1 6.2 Payments received -246.7 -196.3 25.7 95.3 125.8 -24.2 Capitalized costs to obtain a contract 5.3 5.2 1.9 Contract assets (net) 100.6 131.0 -23.2 Other current assets in the amount of €101.4 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 QUARTERLY STATEMENT Q3 2026 | Report on the Group’s position | Results of operations, net assets and financial position 12
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Trade receivables reduced to €7.8 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 €25.1 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 €20.1 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 30/09/2026 31/12/2025 Change in % Grant receivables 19.0 33.4 -43.0 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 1.5 2.1 -29.0 Short-term other receivables and assets 48.4 49.2 -1.8 Other current receivables and other assets decreased slightly from €49.2 million to €48.4 million. This item consist largely of approved public subsidies of €19.0 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 another 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 increased slightly 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 €272.6 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 September 2026, liabilities from corporate finance amounted to €155.2 million (31 December 2025: 106.1 million) and liabilities from project-related financing (including the subsidized loan for the Westville project) amounted to €354.9 million (31 December 2025: €386.0 million). Recognized total liabilities from financing operations therefore increased to €510.1 million on the reporting date (31 December 2025: €492.1 million). The non-current financial liabilities down at €302.8 million as at 30 September 2026 (31 December 2025: €330.6 million). In the same period, current financial liabilities also rose to €207.4 million (31 December 2025: €161.5 million). The decline in non-current 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). Excluding the “Westville” subsidized KfW loans, long-term financial liabilities have increased to €273.6 million (31 December 2026: €242.6 million). Non-current provisions and other liabilities in the amount of €21.7 million (31 December 2025: €30.9 million) comprise non-current other liabilities, leasing liabilities, non-current other provisions, and deferred tax liabilities. Non-current other liabilities of €4.3 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 €471.5 million (31 December 2025: €680.3 million) include mainly current other liabilities, trade payables, other provisions, contract liabilities, and income tax liabilities. INSTONE GROUP QUARTERLY STATEMENT Q3 2026 | Report on the Group’s position | Results of operations, net assets and financial position 13
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The decline in current other liabilities to €206.9 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 increased in the reporting period to €204.2 million (31 December 2025: €120.2 million) and mainly included the services provided by contractors as well as outstanding land purchase price payments. The increase despite the deconsolidation of the two “Westville” project companies (effect: €5.6 million) is due to the reporting date. The increase in other current provisions to €42.0 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 €2.9 million (31 December 2025: €1.6 million). As at 30 September 2026, the equity ratio increased to 37.9% (31 December 2025: 33.8%). The number of shares held by the company as at 30 September 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 September 2026 was 43,322,575 shares. With increased net debt and temporarily lower profitability, leverage is 4.7 times adjusted EBITDA. The ratio of net debt to inventories, contract assets and liabilities, financial assets accounted for at equity, and financial receivables from financial assets accounted for at equity increased 19.4% (31 December 2025: 11.2%). In management’s opinion, leverage remains at a comfortable level. Investments in new land 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 30/09/2026 31/12/2025 Change in % Non-current financial liabilities1 273.6 242.6 12.8 Current financial liabilities 207.4 161.5 28.4 Financial liabilities 481.0 404.1 19.0 Cash and cash equivalents and term deposits2 -239.1 -252.6 -5.3 Net financial debt (NFD) 241.9 151.5 59.7 Inventories and contract assets/liabilities 1,151.6 1,277.4 -9.8 Financial assets accounted for using the equity method 67.7 66.8 1.3 Financial receivables from financial assets accounted for using the equity method 26.5 14.0 0.0 Cost 1,245.8 1,358.2 -7.3 Loan-to-cost3, 4 In % 19.4 11.2 EBIT adjusted (LTM)5 49.0 51.1 -4.1 Depreciation and amortization (LTM)5 3.0 3.6 -16.7 EBITDA adjusted (LTM)5 52.0 54.8 -5.1 Leverage (NFD/EBITDA adjusted (LTM))5 4.7 2.8 1 Excluding financial liabilities of €29.2 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” project 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. This means the project assets in the at-equity companies are appropriately represented. The disclosure as of 31 December 2025 was amended accordingly. Under the previous calculation methodology, loan-to-cost as of 30 September 2026 would be 21.0% (31 December 2025: 11.9%). 5 LTM = last twelve months. INSTONE GROUP QUARTERLY STATEMENT Q3 2026 | Report on the Group’s position | Results of operations, net assets and financial position 14
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FINANCIAL POSITION Compared to 31 December 2025 (€105.0 million), the nominal value of financial liabilities from corporate financing is €155.0 million; as in the previous year, syndicated loans were not drawn. The increase in the reporting period largely results from two term loans in the amount of €62.5 million, of which €39.0 million had been drawn down as of the reporting date. At the same time, a promissory note loan of €17.5 million was repaid. Utilization of lines of project financing (excluding the subsidized loans for the “Westville” project) decreased as planned to €291.8 million (31 December 2025: €262.4 million). The total funding available (excluding the subsidized loans for the “Westville” project) increased slightly during the reporting period to €753.1 million (31 December 2025: €709.6 million) due to the scheduled new uptake of project financing. As at 30 September 2026 financial resources were available totaling €488.1 million (31 December 2025: €413.8 million) from project financing (excluding development loans for the Westville project) and in the amount of €265.0 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 June 2026 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 53.0 Term > 1 and < 2 years 2027/2028 17.5 Term > 2 and < 3 years 2028/2029 69.5 Term > 3 years >2029 15.0 155.0 Corporate finance (RCF line) Utilization Due in Credit line 30/09/2026 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 30/09/2026 Term < 1 year 2027 152.0 117.9 Term > 1 and < 2 years 2027/2028 157.6 95.1 Term > 2 and < 3 years 2028/2029 106.9 7.2 Term > 3 years >2029 71.6 71.6 488.1 291.8 Project financing (promotional loans for customers) Utilization1 Due in Credit line 30/09/2026 Term > 3 years 2031 43.5 33.5 43.5 33.5 1 Includes interest and repayment subsidy of €4.3 million that is recognized under other non-current liabilities. INSTONE GROUP QUARTERLY STATEMENT Q3 2026 | Report on the Group’s position | Results of operations, net assets and financial position 15
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Condensed statement of cash flows TABLE 021 In millions of euros 9M 2026 9M 2025 Change in % Cash flow from operations -46.0 -1.6 n/a Cash flow from investing activities -87.6 -24.1 263.5 Free cash flow -133.6 -25.7 419.8 Cash flow from financing activities 38.7 -58.4 n/a Cash change in cash and cash equivalents -94.9 -84.1 12.8 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 272.6 342.1 -20.3 The cash flow from ongoing business activities of the Instone Group in the amount of €-46.0 million deteriorated significantly year-on-year (previous-year period: €-1.6 million). The main reason for this development is the marked deterioration in net working capital due to land acquisitions and the increased number of construction starts in the reporting period. In the first three quarters of 2026, purchase price payments and land transfer tax payments for land amounted to €100.8 million in total (previous-year period: €27.8 million). Cash flow from operations TABLE 022 In millions of euros 9M 2026 9M 2025 Change in % EBITDA adjusted 35.3 38.1 -7.3 Other non-cash items 8.5 12.0 -29.4 Taxes paid -15.1 -17.1 -11.7 Net working capital change1 -74.7 -34.6 115.9 Cash flow from operations -46.0 -1.6 n/a Payments for land 100.8 27.8 262.9 Cash flow from operations without new investments 54.8 26.2 109.4 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 €54.8 million (previous-year period: €26.2 million) for reasons already explained. In the first three quarters of 2026, cash flow from investing activities amounted to €-87.6 million (previous-year period: €-24.1 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 of €11.6 million were made to non-consolidated project companies. As at 30 September 2026, cash flow from financing activities amounted to €38.7 million (previous-year period: €-58.4 million). It mainly involved the net borrowing of existing financial loans of €78.2 million (previous-year period: net borrowing €-15.1 million), consisting of payments received from new finance facilities in the amount of €222.2 million (previous year: €89.2 million) and repayments for due financial loans of €144.0 million (previous-year period: €104.3 million). In the reporting period, payments for interest amounting to €18.5 million (previous-year period: €18.9 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 September 2026, financial resources declined to €272.6 million (previous-year period: €342.1 million). INSTONE GROUP QUARTERLY STATEMENT Q3 2026 | Report on the Group’s position | Results of operations, net assets and financial position 16
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Project business at a glance Real estate business key performance indicators TABLE 023 In millions of euros 9M 2026 9M 2025 Volume of sales contracts1 173.3 229.0 Volume of sales contracts In units 321 450 30/09/2026 31/12/2025 Project portfolio (existing projects)2 7,653.3 7,095.4 of which already sold 2,715.2 2,727.0 Project portfolio (existing projects) In units 15,697 14,089 of which already sold In units 5,738 5,784 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 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 in the first three quarters of 2026 (€167.3 million/319 units) is comparable with the same period of last year (previous-year period: €166.5 million/ 333 units). Sales were primarily driven by capital investors, who accounted for nearly 90% of the sales volume at €150.3 million. Five sales segments with a total of 322 units were launched in the reporting period. The number of sales starts thus falls short of previous planning, largely due to the strategic prioritization of institutional sales. Consequently, several projects are not being positioned in traditional unit sales but instead as part of institutional transactions. There were no institutional sales during the reporting period apart from the sale of two smaller partial plots of land (€4.3 million). Marketing to institutional investors is focused on the fourth quarter. In addition to land sales, the realized marketing volume of investor goods of €6.0 million also relates to supplements and purchase price adjustments for projects already sold, as well as rental income. In total, sales of €173.3 million were achieved in the first three quarters of 2026 with 321 sales units. This is lower than the same period of the previous year (previous-year period: €229.0 million/450 units). This decline is due to a lower sales volume of investor projects to date. Last year, this was mainly attributable to the partial sale of “Grafental” in Düsseldorf (€55.4 million). The volume of sales contracts realized as at 30 September 2026 focused almost entirely on the most important metropolitan regions in Germany. Marketing in 9M 2026 by region FIGURE 002 In % 1 Includes Frankfurt a. M., Wiesbaden, Heusenstamm, Maintal and Hofheim. 2 Includes Hamburg and Norderstedt. 3 Includes Nuremberg and Bamberg. 4 Includes Stuttgart, Schorndorf, Rottenburg and Herrenberg. INSTONE GROUP QUARTERLY STATEMENT Q3 2026 | Report on the Group’s position | Project business at a glance 17
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The following projects mainly contributed to successful marketing in the reporting period: Marketing in 9M 2026/ Market offer as at 30/09/2026 TABLE 024 In millions of euros Individual sale Marketed volume Marketed units Unites offered on market “Lahnwarte” Frankfurt a. M. 31.2 65 21 “Grafental” Dusseldorf 21.6 40 55 “Urban.Isle Campus” Hamburg 20.4 26 8 “nyoo berry and nyoo lime” Duisburg 17.0 36 67 “Parkresidenz” Leipzig 12.0 29 30 “Kant & Gloria” Hofheim 11.6 24 41 “Thumenberger Weg” Nuremberg 11.6 20 137 “Gefylde” Herrenberg 8.7 18 79 Other Other 33.2 61 222 Total 167.3 319 660 Investor goods Other1 Other 6.0 2 1 Including land sales, supplementary items, purchase price adjustments, and rental income. The sales offer of our individual sales projects on the market as at 30 September 2026 included 660 units with an expected revenue volume of €385.8 million. The increase in the sales offer compared to the 2025 end-year value (649 units and €403.7 million) is primarily due to the start of sales of five projects with a total of 322 units in the reporting period. The successful sale of a total of 319 units had a reducing effect. Development of the project portfolio, 30/09/2026 FIGURE 003 In millions of euros INSTONE GROUP QUARTERLY STATEMENT Q3 2026 | Report on the Group’s position | Project business at a glance 18
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PROJECT PORTFOLIO As at 30 September 2026, the Instone Group’s project portfolio comprised 54 projects, from which we currently anticipate a total volume of sales contracts of €7,653.3 million, an increase from 31 December 2025 (€7,095.4 million). The new approvals of five projects in Waiblingen, Hamburg, Cologne, and Frankfurt am Main contributed €445.7 million to this increase, of which €269.3 million in the third quarter related to two projects in Frankfurt am Main. Changes in revenue also had a positive impact of €301.4 million on the portfolio. The effect results primarily from changing the valuation method for two companies. The “Schlosspark” project in Berlin (€384.3 million) and the “Procom” project in Heusenstamm (€8.4 million) are accounted for in fully consolidated companies as of 30 September 2026. However, the reduction in revenue from existing projects (€-91.4 million) had the opposite effect due to further specification of planning. The successful completion of the “Wohnen im Hochfeld” project in Düsseldorf further reduced the portfolio value by €189.1 million. We have already realized adjusted revenue of €2,356.1 million from the current project portfolio, of which some €1,822.9 million has already been handed over. As at 30 September 2026, the projected project gross profit margin on the project portfolio, excluding the Westville project in Frankfurt am Main, was approx. 22.6%.1 This means it was lower than at the end of 2025. This decline is mainly due to the revision of valuation assumptions in light of ongoing challenging market conditions in the real estate market. In this context, reduced sales price forecasts for projects not yet on the market, as well as price assumptions for projects currently being marketed, were factored in to support faster marketability. A more conservative assumption was also made regarding the future trajectory of construction costs. 1 If the large “Westville” project is taken into consideration, the expected project gross profit margin for the project portfolio as at 30 September 2026 is 22.2%. Project portfolio by region as of 30/09/2026 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 and Bamberg. 5 Includes Leipzig and Halle. INSTONE GROUP QUARTERLY STATEMENT Q3 2026 | Report on the Group’s position | Project business at a glance 19
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The majority – approximately 98% – of anticipated overall volume of revenue from the project portfolio as at 30 September 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 30/09/2026 Basis: Sale proceeds FIGURE 005 In % Internal sector: Sold Unsold 1 23.2% of the project portfolio has already been transferred. These projects are included in the “under construction” category. 2 0.6% of the project portfolio has already been transferred. These projects are included in the “pre-construction” category. 3 7.5% of the project portfolio has the status of “land acquisition”. These projects are included in the “pre-sale” category. As at 30 September 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 (59.5%). 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 “pre-sale” category. The portfolio share of project parts already handed over (30 September 2026: 23.2%) 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 September 2026, we had sold approximately 35% 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 88% of projects had been sold as at 30 September 2026. ADJUSTED REVENUE In the reporting period, we achieved adjusted revenue of €288.1 million (previous-year value: €347.5 million). The following projects contributed significantly to the adjusted revenue: Key projects revenue realization (adjusted) 9M 2026 TABLE 025 In millions of euros Revenue volume (adjusted) “Urban.Isle Campus” Hamburg 38.4 “Westville” Frankfurt a. M. 36.9 “Perlotti” Munich 26.7 “Parkresidenz” Leipzig 25.8 “Lahnwarte” Frankfurt a. M. 22.9 “Grafental” Dusseldorf 20.0 “nyoo berry” and “nyoo lime” Duisburg 19.9 “4Living” Nuremberg 16.8 “Neckar.Au Viertel” Rottenburg 12.6 “Lagarde” Bamberg 11.5 INSTONE GROUP QUARTERLY STATEMENT Q3 2026 | Report on the Group’s position | Project business at a glance 20
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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 11 sub-projects with a total of 853 units were able to start construction. A total of 1,823 units are currently in the construction phase at the same time. At 1,111 units, the handovers in the reporting period totaled around €549 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 approximately 98%. PROJECTS IN NON-FULLY CONSOLIDATED COMPANIES The 54 projects from the consolidated project portfolio of the Instone Group (as shown in figure 004) are supplemented by nine additional projects that are being implemented in non-fully consolidated companies and have an expected total revenue volume of €1,893.6 million (Instone Group expected share: €1,039.5 million). This corresponds to a portfolio increase of €132.1 million compared with the end of 2025 resulting from acquisitions in Frankfurt am Main and Hamburg and reflecting a countereffect from the removal of the “Procom” project in Heusenstamm as part of full consolidation. Compared with the situation as at 30 June 2026, the “Schlosspark” project company in Berlin is now managed in the fully consolidated project portfolio (see figure 003). In August 2026, Instone Real Estate and the Gingko Fund formed a joint venture for the “Benrather Gärten” project in Düsseldorf. The sale of the company shares to Gingko was anticipated in the planning, meaning that the Instone Group’s share of the expected total revenue volume has not changed. 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 for each project. Negotiations are currently underway, particularly with regard to most of 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 the Instone Group’s share of the “total revenue volume” and of the “portion of the total revenue 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 €1,395.5 million (Instone Group expected share: €800.4 million). In the reporting period, the projects in the non-consolidated companies realized revenue of €13.1 million (Instone Group share: €6.9 million). Project portfolio of non-fully consolidated companies by region as at 30/09/2026 (100% view) FIGURE 006 In % INSTONE GROUP QUARTERLY STATEMENT Q3 2026 | Report on the Group’s position | Project business at a glance 21
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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 this context 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 into account, even though so far this year the existing cost plan estimates have proved to be adequate. From today’s perspective, neither the current 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 QUARTERLY STATEMENT Q3 2026 | Report on the Group’s position | Risk and opportunities report 22
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Outlook Against the backdrop of the adverse effects of increased geopolitical and macroeconomic uncertainties on demand, including the rise in interest rates, particularly in the third quarter, the Management Board lowered its forecast for the current fiscal year 2026 on 29 October 2026. Due to the uncertain market environment, the timing of transaction completions is subject to a lower degree of forecast certainty. The Management Board expects now the financial and operating key performance indicators to develop as follows: Forecast TABLE 026 In millions of euros Adjusted Forecast Old Forecast Revenue (adjusted) approx. 450 550 to 600 Gross profit margin (adjusted) in % >28 >24 Consolidated earnings after tax (adjusted) 25-30 35–40 Volume of sales contracts 500-600 650–750 INSTONE GROUP QUARTERLY STATEMENT Q3 2026 | Report on the Group’s position | Outlook 23
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Consolidated financial statements 25 Consolidated income statement 26 Consolidated statement of comprehensive income 27 Consolidated statement of financial position 29 Consolidated statement of cash flows 30 Segment reporting 33 Appendix (methods, addendum) INSTONE GROUP QUARTERLY STATEMENT Q3 2026 | Consolidated financial statements 24
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Consolidated income statement Consolidated income statement TABLE 027 In thousands of euros 01/01/-30/09/2026 01/01/-30/09/2025 Revenue 248,461 274,656 Changes in inventories 188,367 38,081 436,828 312,737 Other operating income 57,659 30,037 Cost of materials -392,632 -241,445 Staff costs -40,841 -36,687 Other operating expenses -25,080 -21,612 Depreciation and amortization -2,309 -2,971 Consolidated earnings from operating activities 33,626 40,058 Share of results of joint ventures 3,609 6,600 Other results from investments -61 20,857 Finance income 5,340 6,479 Finance costs -19,638 -18,440 Other financial result -250 -220 Consolidated earnings before tax (EBT) 22,626 55,334 Income taxes -4,459 -12,442 Consolidated earnings after tax (EAT) 18,166 42,892 Attributable to: Owners of the Company 17,469 42,407 Non-controlling interests 697 486 Weighted average number of shares (in units) 43,322,575 43,322,575 Basic and diluted earnings per share (in €) 0.40 0.98 INSTONE GROUP QUARTERLY STATEMENT Q3 2026 | Consolidated financial statements | Consolidated income statement 25
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Consolidated statement of comprehensive income Consolidated statement of comprehensive income TABLE 028 In thousands of euros 01/01/-30/09/2026 01/01/-30/09/2025 Consolidated earnings after tax 18,166 42,892 Items which are not reclassified into the consolidated earnings in future periods Actuarial gains and losses 176 1,120 Change in fair value of hedging transactions 472 0 Income tax effects -56 -252 Income and expenses after tax recognized directly in equity 592 868 Total comprehensive income for the financial year after tax 18,759 43,761 Attributable to: Owners of the Company 18,061 43,275 Non-controlling interests 697 486 18,759 43,761 INSTONE GROUP QUARTERLY STATEMENT Q3 2026 | Consolidated financial statements | Consolidated statement of comprehensive income 26
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Consolidated statement of financial position Consolidated statement of financial position TABLE 029 In thousands of euros 30/09/2026 31/12/2025 ASSETS Non-current assets Goodwill 6,056 6,056 Right of use assets 7,304 8,031 Property, plant, and equipment 262 264 Financial assets accounted for using the equity method 67,714 66,776 Other investments 415 440 Financial receivables 3,606 8,961 Other receivables 1,745 1,230 Deferred tax 718 3,439 87,821 95,198 Current assets Inventories 1,053,875 1,147,926 Financial receivables 25,055 5,188 Contract assets 100,601 130,995 Trade receivables 7,804 9,756 Other receivables and other assets 48,356 49,239 Income tax assets 20,148 12,369 Cash and cash equivalents 272,614 367,481 1,528,454 1,722,954 TOTAL ASSETS 1,616,275 1,818,151 INSTONE GROUP QUARTERLY STATEMENT Q3 2026 | Consolidated financial statements | Consolidated statement of financial position 27
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Consolidated statement of financial position (continued) Consolidated statement of financial position TABLE 029 In thousands of euros 30/09/2026 31/12/2025 EQUITY AND LIABILITIES Equity Share capital 46,988 46,988 Capital reserves 358,983 358,983 Consolidated retained equity 238,502 239,662 Accumulated reserves recognized in other comprehensive income 3,329 2,736 Treasury shares at acquisition costs -36,697 -36,697 Equity attributable to shareholders 611,105 611,672 Non-controlling interests 1,891 3,265 612,996 614,937 Non-current liabilities Provisions for pensions and similar obligations 0 317 Other provisions 5,627 6,270 Financial liabilities 302,752 330,601 Liabilities from net assets attributable to non-controlling interests 69 7 Leasing liabilities 5,453 5,375 Other liabilities 4,282 14,618 Deferred tax 6,259 4,221 324,441 361,408 Current liabilities Other provisions 41,974 34,787 Financial liabilities 207,365 161,463 Leasing liabilities 2,351 3,127 Contract liabilities 2,887 1,561 Trade payables 204,214 120,159 Other liabilities 206,942 500,352 Income tax liabilities 13,106 20,357 678,838 841,806 TOTAL EQUITY AND LIABILITIES 1,616,275 1,818,151 INSTONE GROUP QUARTERLY STATEMENT Q3 2026 | Consolidated financial statements | Consolidated statement of financial position 28
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Consolidated statement of cash flows Consolidated statement of cash flows TABLE 030 In thousands of euros 01/01/-30/09/2026 01/01/-30/09/2025 Consolidated earnings after tax 18,166 42,892 (+) Depreciation and amortization/(-) reversal of impairments of property, plant, and equipment 2,309 2,971 (+) Increase/(-) decrease in provisions 6,453 -1,344 (+) Current income tax income/(-) current income tax expense 2,757 31,049 (+) Deferred income tax income/(-) deferred income tax expense 1,644 -18,455 (+) Expense/(-) income from interests in joint ventures -3,609 -6,600 (+/–) Change in net assets attributable to non-controlling interests 61 1 (+) Interest expenses/(-) interest income 14,548 12,181 (+) Proceeds from public grants 2,167 0 (+) Other non-cash income/(-) expenses -666 -12,617 (+/-) Change in net working capital1 -74,722 -34,560 (+) Income tax reimbursements/(-) income tax payments -15,127 -17,087 = Cash flow from operations -46,018 -1,569 (-) Outflows for investments in property, plant, and equipment -144 -21 (+) Proceeds from disposals of investments 0 1,673 (-) Outflows for investments in financial assets -11,586 -65 (-) Outflows for investments in unconsolidated companies and other companies -1,290 -752 (+/-) Cash flow from the loss of control of subsidiaries -77,938 -31,196 (+) Interest received 3,399 6,250 = Cash flow from investing activities -87,560 -24,111 (+) Proceed from loans and borrowings 222,154 89,244 (-) Repayments of loans and borrowings -143,971 -104,318 (-) Payments from lessees to repay liabilities from lease agreements -2,352 -2,801 (-) Interest paid -18,491 -18,909 (-) Dividends paid -18,629 -21,661 = Cash flow from financing activities 38,711 -58,445 Cash and cash equivalents at the beginning of the period 367,481 426,242 (+/-) Cash change in cash and cash equivalents -94,867 -84,125 = Cash and cash equivalents at the end of the period 272,614 342,117 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 QUARTERLY STATEMENT Q3 2026 | Consolidated financial statements | Consolidated statement of cash flows 29
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Segment reporting Reconciliation of adjusted results of operations 01/01–30/09/2026 TABLE 031 In thousands of euros Adjusted results of operations Share deal effects Non-recurring effects Reclassifications Effects from PPA Reported results of operations Revenue 288,107 -36,484 0 0 -3,162 248,461 Project costs -203,269 12,803 0 -12,786 -1,014 -204,265 Cost of materials -381,356 0 0 -11,275 0 -392,632 Changes in inventories 178,087 12,803 0 -1,511 -1,014 188,367 Gross profit 84,838 -23,680 0 -12,786 -4,176 44,196 Platform costs -55,430 33,978 -407 11,289 0 -10,570 Staff costs -40,841 0 0 0 0 -40,841 Other operating income 2,554 33,978 0 21,127 0 57,659 Other operating expenses -14,835 0 -407 -9,838 0 -25,080 Depreciation and amortization -2,309 0 0 0 0 -2,309 Share of results of joint ventures 3,609 0 0 0 0 3,609 EBIT 33,017 10,298 -407 -1,497 -4,176 37,236 Other results from investments -61 0 0 0 0 -61 Financial result -16,059 0 0 1,511 0 -14,548 EBT 16,897 10,298 -407 13 -4,176 22,626 Tax -4,655 -4,459 EAT 12,242 18,166 INSTONE GROUP QUARTERLY STATEMENT Q3 2026 | Consolidated financial statements | Segment reporting 30
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Reconciliation of adjusted results of operations 01/01–30/09/2025 (adjusted) 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 347,468 -72,483 0 0 -329 274,656 Project costs -266,489 60,367 0 -2,117 4,876 -203,364 Cost of materials -233,051 0 0 -8,395 0 -241,445 Changes in inventories -33,439 60,367 0 6,278 4,876 38,081 Gross profit 80,978 -12,116 0 -2,117 4,546 71,292 Platform costs -52,407 13,051 -272 8,395 0 -31,233 Staff costs -36,687 0 0 0 0 -36,687 Other operating income 1,245 13,051 0 15,741 0 30,037 Other operating expenses -13,994 0 -272 -7,346 0 -21,612 Depreciation and amortization -2,971 0 0 0 0 -2,971 Share of results of joint ventures 6,600 0 0 0 0 6,600 EBIT 35,171 935 -272 6,278 4,546 46,658 Other results from investments 0 20,857 0 0 0 20,857 Financial result -5,903 0 0 -6,278 0 -12,181 EBT 29,269 21,792 -272 0 4,546 55,334 Tax -7,830 -12,442 EAT 21,438 42,892 INSTONE GROUP QUARTERLY STATEMENT Q3 2026 | Consolidated financial statements | Segment reporting 31
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Reconciliation of adjusted results of operations 01/01–30/09/2025 (reported) 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 347,468 -72,483 0 0 -329 274,656 Project costs -264,450 60,367 0 -4,157 4,876 -203,364 Cost of materials -231,011 0 0 -10,435 0 -241,445 Changes in inventories -33,439 60,367 0 6,278 4,876 38,081 Gross profit 83,018 -12,116 0 -4,157 4,546 71,292 Platform costs -54,447 13,051 -272 10,435 0 -31,233 Staff costs -36,687 0 0 0 0 -36,687 Other operating income 1,245 13,051 0 15,741 0 30,037 Other operating expenses -16,033 0 -272 -5,307 0 -21,612 Depreciation and amortization -2,971 0 0 0 0 -2,971 Share of results of joint ventures 6,600 0 0 0 0 6,600 EBIT 35,171 935 -272 6,278 4,546 46,658 Other results from investments 0 20,857 0 0 0 20,857 Financial result -5,903 0 0 -6,278 0 -12,181 EBT 29,269 21,792 -272 0 4,546 55,334 Tax -7,830 -12,442 EAT 21,438 42,892 INSTONE GROUP QUARTERLY STATEMENT Q3 2026 | Consolidated financial statements | Segment reporting 32
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Appendix (methods, addendum) BASIS OF THE QUARTERLY STATEMENT For the quarterly statement as at 30 September 2026, the accounting policies applied when preparing the consolidated financial statements as at 31 December 2025 were generally adopted without change. The consolidated financial statements for the Instone Group as at 31 December 2025 were prepared on the reporting date on the basis of section 315e(1) HGB in accordance with the International Financial Reporting Standards (IFRS) of the International Accounting Standards Board (IASB) and the related Interpretations (IFRIC) of the IFRS Interpretations Committee (IFRS IC) 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. The quarterly statement is 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. EVENTS AFTER THE BALANCE SHEET DATE There were no events of particular significance to report after the reporting date of 30 September 2026. INSTONE GROUP QUARTERLY STATEMENT Q3 2026 | Consolidated financial statements | Appendix (methods, addendum) 33
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Other information 35 Disclaimer 36 Quarterly comparison 37 Multi-year overview 39 Contact/Legal notice/Financial calendar INSTONE GROUP QUARTERLY STATEMENT Q3 2026 | Other information 34
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Disclaimer Forward-looking statements This quarterly statement 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 quarterly statement 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 changes in economic conditions and the competitive environment, legislative amendments, fluctuations in interest 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 that is combined with the Company’s management report, as well as in this quarterly statement. Other factors may also have an adverse impact on business development and economic results. Following the publication of this quarterly statement, 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 quarterly statement are commercially rounded. As a result, there may be minor deviations between figures in tables and their respective analyses in the text of the quarterly statement, as well as between totals of individual amounts in tables and the total values provided in the text. All key figures and percentage changes listed are calculated on the basis of the underlying data and shown in the unit “thousands of euros”. INSTONE GROUP QUARTERLY STATEMENT Q3 2026 | Other information | Disclaimer 35
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Quarterly comparison TABLE 034 In millions of euros Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Real estate business key performance indicators Volume of sales contracts 58.5 73.1 41.7 273.3 132.7 Volume of sales contracts In units 100 138 83 352 268 Project portfolio (existing projects) 7,653.3 7,062.5 7,023.8 7,095.4 7,076.8 of which already sold 2,715.2 2,652.9 2,580.0 2,727.0 2,603.3 Project portfolio (existing projects) In units 15,697 14,230 13,975 14,089 14,187 of which already sold In units 5,738 5,638 5,500 5,784 5,823 Volume of new approvals1 269.3 64.4 112.0 176.4 255.6 Volume of new approvals In units 806 153 242 405 636 Cash flow from operations -88.7 46.7 -4.0 -25.6 -1.1 Adjusted results of operations Revenues adjusted 103.9 104.9 79.3 156.9 116.5 Project costs adjusted -70.5 -75.3 -57.5 -119.8 -91.9 Gross profit adjusted 33.4 29.5 21.9 37.2 24.5 Gross profit margin adjusted In % 32.1 28.1 27.6 23.7 21.0 Platform costs adjusted -16.2 -19.3 -19.9 -23.3 -19.8 Share of results of joint ventures adjusted 0.3 0.7 2.6 2.0 1.6 Earnings before interest and tax (EBIT) adjusted 17.5 10.9 4.6 15.9 6.3 EBIT margin adjusted In % 16.8 10.4 5.8 10.1 5.4 Results from investments adjusted -0.1 0.0 0.0 0.0 0.0 Financial result adjusted -2.5 -10.4 -3.2 -3.7 -0.9 Earnings before tax (EBT) adjusted 15.0 0.5 1.4 12.2 5.4 EBT margin adjusted In % 14.4 0.5 1.8 7.8 4.6 Income taxes adjusted -4.1 -0.2 -0.4 -2.1 -1.1 Earnings after tax (EAT) adjusted 10.9 0.4 0.9 10.2 4.2 EAT margin adjusted In % 10.5 0.4 1.1 6.5 3.6 Earnings per share (adjusted) In euros 0.24 0.01 0.02 0.23 0.09 1 Excluding volume of approvals from joint ventures consolidated at equity. INSTONE GROUP QUARTERLY STATEMENT Q3 2026 | Other information | Quarterly comparison 36
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Key liquidity figures Real estate business key performance indicators Cash flow from operations -46.0 -14.8 102.5 107.7 70.2 Volume of sales contracts 173.3 502.3 330.2 211.4 292.1 Cash flow from operations without new investments 54.8 55.2 148.0 118.1 187.2 Volume of sales contracts In units 321 802 702 370 530 Free cash flow -133.6 -16.9 116.6 119.2 79.6 Project portfolio (existing projects) 7,653.3 7,095.4 6,891.1 6,972.0 7,668.8 Cash and cash equivalents and term deposits1 239.1 252.6 266.2 267.7 255.6 of which already sold 2,715.2 2,727.0 2,755.0 2,693.4 2,980.5 Project portfolio (existing projects) In units 15,697 14,089 14,243 14,252 16,209 Key balance sheet figures of which already sold In units 5,738 5,784 6,188 6,217 7,309 Total assets 1,616.3 1,818.2 1,939.0 1,839.6 1,780.3 Volume of new approvals7 445.7 719.9 261.6 0.0 336.7 Inventories 1,053.9 1,147.9 1,188.1 1,085.8 967.3 Volume of new approvals In units 1,201 1,547 566 0 749 Contract assets 100.6 131.0 91.1 177.1 333.6 Equity 613.0 614.9 593.4 576.0 573.0 Adjusted results of operations Financial liabilities 510.1 492.1 511.3 532.6 520.6 Revenues adjusted 288.1 504.4 527.2 616.0 621.0 of which corporate finance 155.2 106.1 137.2 176.8 179.7 Project costs adjusted -203.3 -384.2 -408.0 -461.5 -463.8 of which project financing 354.9 386.0 374.1 355.8 341.0 Gross profit adjusted5 84.8 120.2 119.2 154.5 157.2 Gross profit margin adjusted In % 29.4 23.8 22.6 25.1 25.3 Net financial debt2 241.9 151.5 132.5 186.8 265.1 Platform costs adjusted5 -55.4 -77.7 -72.9 -76.5 -72.5 Leverage 4.7 2.8 2.1 2.1 2.8 Share of results of joint ventures adjusted 3.6 8.6 11.2 8.1 3.9 Loan-to-cost3, 4 In % 19.4 11.2 10.5 15.1 20.8 Earnings before interest and tax (EBIT) adjusted 33.0 51.1 57.5 86.1 88.6 ROCE adjusted5 In % 6.2 7.1 8.1 10.3 10.2 EBIT margin adjusted In % 11.5 10.1 10.9 14.0 14.3 Results from investments adjusted -0.1 0.0 0.0 0.0 0.0 Employees Financial result adjusted -16.1 -9.6 -6.9 -14.9 -15.9 Number 433 410 417 468 486 Earnings before tax (EBT) adjusted 16.9 41.5 50.6 71.2 72.7 FTE6 362.5 339.6 341.9 382.5 409.4 EBT margin adjusted In % 5.9 8.2 9.6 11.6 11.7 Income taxes adjusted -4.7 -9.9 -13.7 -23.1 -22.6 Multi-year overview TABLE 035 In millions of euros In millions of euros 9M 2026 2025 2024 2023 2022 9M 2026 2025 2024 2023 2022 INSTONE GROUP QUARTERLY STATEMENT Q3 2026 | Other information | Multi-year overview 37
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Earnings after tax (EAT) adjusted 12.2 31.6 36.9 48.2 50.0 EAT margin adjusted In % 4.2 6.3 7.0 7.8 8.1 Earnings per share (adjusted) In euros 0.27 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 (31 December 2025: €114.9 million) in restricted cash and cash equivalents from the “Westville” project subsidized loan. 2 Net financial debt = financial liabilities less cash and cash equivalents and term deposits. Excluding the €29.2 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. This means the project assets in the at-equity companies are appropriately represented. The disclosure as of 31 December 2025 was amended accordingly. Under the previous calculation methodology, loan-to-cost as of 30 September 2026 would be 21.0% (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. 8 Adjusted accordingly for the reporting period from 1 January 2026 to 30 September 2026 Multi-year overview TABLE 035 In millions of euros In millions of euros 9M 2026 2025 2024 2023 2022 9M 2026 2025 2024 2023 2022 INSTONE GROUP QUARTERLY STATEMENT Q3 2026 | Other information | Multi-year overview 38
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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 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 05/11/2026 Publication of quarterly statement as at 30 September 2026 11/03/2027 Publication of annual report as at 31 December 2026 05/05/2027 Publication of quarterly statement as at 31 March 2027 05/08/2027 Publication of half-year report as at 30 June 2027 11/11/2027 Publication of quarterly statement as at 30 September 2027 INSTONE GROUP QUARTERLY STATEMENT Q3 2026 | Other information | Contact/Legal notice/Financial Calendar 39
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Instone Real Estate Group SE Grugaplatz 2–4 45131 Essen Germany Email: info@instone.de www.instone-group.de