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LEG Immobilien SE H1-2025 Results 7 August 2025 H1- 2025
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H1-2025 Results – Agenda H1-2025 Results – LEG Immobilien SE 2 Highlights H1-20251 Portfolio & Operating Performance2 Financial Performance3 Outlook4 Appendix5
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Disclaimer LEG Immobilien SE (“The Company”) has taken all reasonable care to ensure that the facts stated in this presentation are accurate and that the opinions expressed therein are fair and reasonable. However, this presentation is selective in nature and does not purport to contain all information that may be required to evaluate the Company and/or its securities, but is intended to provide an introduction and overview of the Company’s business . Where this presentation quotes any information or statistics from any external sources, this shall not be interpreted as the Company adopting or endo rsing such information or statistics as being accurate. This presentation may contain forward-looking statements that are subject to risks and uncertainties, including those pertaining to the anticipated benefits to be realised from the proposals described herein. Forward-looking statements may include, in particular, statements, estimates, opinions and projections about future events, future financial performance, plans, strategies, prospects, competitive environment, regulation, and supply and demand. The Company has based these forward-looking statements on its current views and assumptions with respect to future events and financial performance and they shall not be construed as guarantees of future developments and results. In particular, the actual financial performance could differ materially fro m that projected or implied in the forward-looking statements due to the inherent uncertainty of estimates, forecasts and projections, and financial performance ma y be better or worse than anticipated. Given these uncertainties, readers should not put undue reliance on any forward -looking statements. The information contained in this presentation is subject to change without notice and the Company does not intend or assume any obligation to update or keep up to date the information and forward-looking statements, and the estimates and assumptions associated with them, except to the extent required by applicable laws and regulations. This presentation does not, and is not intended to, constitute or form part of, and should not be construed as, an offer to p urchase or sell or a solicitation of an offer to purchase or sell any securities of the Company and neither this presentation nor anything in it shall form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. LEG Immobilien SE H1-2025 Results – LEG Immobilien SE 3
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Highlights Q2-2025 H1-2025 Results – LEG Immobilien SE 4 1
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Financial Summary H1-2025 H1-2025 Results – LEG Immobilien SE 5 Highlights 1 No steering KPI for 2024/2025 – for informational purpose only. 2 Excl. new construction activities on own land, own work c apitalised, consolidation effects and after subsidies. 3 Including short-term deposits of €130.3m as of Q2 -2025 (FY-2024: €607.4m). 4 Excl. lease liabilities according to IFRS 16 and incl. short -term deposits. Operating results H1-2025 H1-2024 change Net cold rent €m 457.8 427.9 +7.0% NOI (recurring) €m 383.8 350.2 +9.6% EBITDA (adjusted) €m 360.0 323.9 +11.1% FFO I1 €m 241.2 217.9 +10.7% FFO I per share €m 3.24 2.94 +10.2% AFFO €m 126.6 109.7 +15.4% AFFO per share € 1.70 1.48 +14.9% Operating cashflow € 276.5 278.0 –0.5% NOI margin (recurring) % 83.8 81.8 +200bps EBITDA margin (adjusted) % 78.6 75.7 +290bps FFO I margin % 52.7 50.9 +180bps AFFO margin % 27.7 25.6 +210bps Portfolio 30.06.2025 30.06.2024 change Residential units number 171,598 165,823 +3.5% In-place rent (l-f-l) €/sqm 6.93 6.72 +3.2% Investments (adj.)2 €/sqm 16.51 15.41 +7.1% EPRA vacancy rate (l-f-l) % 2.4 2.5 –10bps Balance sheet 30.06.2025 31.12.2024 change Investment properties €m 19,183.2 17,853.3 +7.4% Cash and cash equivalents3 €m 763.9 914.3 –16.4% Equity €m 7,756.2 7,396.5 +4.9% Total financing liabilities €m 10,032.0 9,718.6 +3.2% Net debt4 €m 9,223.5 8,756.9 +5.3% LTV % 47.6 47.9 –30bps Average debt maturity years 5.5 5.7 –0.2 years Average debt interest cost % 1.54 1.49 +5ps Equity ratio % 37.6 37.8 –20bps EPRA NTA, diluted €m 9,746.2 9,375.4 +4.0% EPRA NTA per share, diluted € 130.87 125.90 +3.9%
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Strong momentum continues AFFO guidance specified towards upper half of original range - pointing to c.10% AFFO and c.5% FFO I growth1 Financials AFFO +15.4% to €126.6m FFO I +10.7% to €241.2m Adj. EBITDA-Margin 78.6% LTV 47.6% Debt @ 1.54% for Ø 5.5y Equity ratio at 37.6% NTA p.s. €130.87 ESG SVB member Katrin Suder appointed member of the Government Commission on the German Corporate Governance Code LEG-study on promoting ownership & stabilizing neighborhoods: North Rhine- Westphalia state parliament adopts state guarantee programs according to LEG’s proposal 2 LEG to be proud member of the BRYCK start- up alliance to support proptech innovation H1-2025 Results – LEG Immobilien SE 6 Highlights Operations Net cold rent +7.0% l-f-l rental growth +3.2%, thereof free-financed +3.7% l-f-l vacancy 2.4% (–10bps) 1 Based on midpoint of 2025 guidance range vs. 2024. 2. Link to the study (German): https://bit.ly/LEGEigentumsstudie H1- 2025 Updated guidance of €215 – 225m AFFO for 2025 FFO I 2025 to be back at FY-2022 level, i.e. in a range of €470 – 490m Ongoing improvement in an undersupplied market Portfolio valuation effect of +1.2% in H1-2025 EBITDA margin of c.77% (+100bps) expected for 2025 Guidance raise based on seamless BCP integration and value-add Steady ramp up towards guidance throughout the year Rent increases on track for target range of 3.4% – 3.6%
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0 1 2 3 4 5 6 7 2020 2021 2022 2023 2024 2025e AFFO per share FFO I per share FFO I per share – back at pre-crisis earnings level High stability of earnings throughout the cycle H1-2025 Results – LEG Immobilien SE 7 Highlights Historical development of earnings per share1 (€) Managing the cycle via non-complex measures and strict cash focus Shift to cashflow/ AFFO steering Dividend suspension for FY-2022 – €337m retained2 Run-down of LEG new development pipeline since 2023 Portfolio management at work: Disposal of >5,700 units since 2023 until H1-2025 for >€550m total proceeds with weak asset and/ or location characteristics or from new development Disposals at or slightly above book value No disposal of core assets Acquisition of 9,100 residential units via BCP No structured deals, i.e. no complexity and minorities added to the balance sheet Opportunistic refinancing kept financing terms at attractive levels with 1.54% on average as at H1-2025 Scrip dividend for FY-2023 and FY-2024 supported cash preservation with >€100m at limited dilutive effects of 2.0% LTV remains work in progress with 47.6% 1. Shaded areas reflect the AFFO guidance of €215 – 225m as well as the FFO I indication of €470 – 490m for 2025. 2. Based on 70% pay-out ratio on FFO I 2022.
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Seamless integration of BCP leads to AFFO impact of >€5m in 2025 Faster execution allows for profit contribution in year 1 H1-2025 Results – LEG Immobilien SE 8 Highlights Fast and smooth integration of 9,100 units Fast execution on synergies: Refinanced vast majority of outstanding debt (total as of YE 2024 of c.€570m), esp. c. €220m in 4.7% ILS CPI-linked bonds 34 out of 80 employees onboarded Operational synergies from integration of data and processes into LEG state-of-the-art ERP and admin systems Financial effect 2025e: Net cold rent contribution 2025e: €49m EBITDA-margin developed towards LEG level AFFO contribution >€5m (vs. original target of AFFO neutral) Simplification of corporate structure ongoing Vivid interest for Eastern German portfolio with c. 1,350 units Portfolio broken down into sub portfolios to address demand for regionally focused and smaller portfolios and optimize shareholder value Total BCP residential portfolio by units Hannover, Göttingen ~1,000 Kiel ~1,000 Bremen, Bremerhaven ~1,100 Leipzig ~800 Magdeburg, Halle (Saale) ~550 North Rhine- Westphalia (c. 4,650 units / c. 50%) c. 9,100 units High-Growth Stable Higher-Yielding
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Portfolio & Operating Performance H1-2025 Results – LEG Immobilien SE 9 2
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–434 –232 –165 –578 –594 –136 –529 –311 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY Q1 Q2 –1,234 –1,456 Ʃ–2,493 €180m of disposals - transaction activity expected to increase €143m of disposal proceeds in H1-2025, €37m to come until Q4-2025 H1-2025 Results – LEG Immobilien SE 10 Portfolio & Operating Performance 1 Net proceeds = Disposal price less redemption of underlying secured financing, transaction fees and calculatory taxes. Portfolio development – Divestments Number of units Transfer of ownership for c. 1,800 units in H1-2025 for disposal proceeds of €143m Additional >300 units for proceeds of c.€37m to be transferred in Q4-2025 Increased disposal programme includes now additionally c. 1,350 units in Eastern Germany from BCP and adds up to a total disposal programme of c. 5,000 units Transaction activity muted in Q2-2025 due to macro and geopolitical headwinds, but expected to pick up in Q3/Q4-2025 substantially After first round of non-binding offers Eastern German portfolio broken down into regional portfolios (Leipzig/ Halle/ Magdeburg) in order to maximize total disposal price Unchanged strategy: Disposals of non-core assets at low end as well as high end of quality spectrum (new built/ new development projects) Rigorous price discipline continued – in total disposals transacted above book values Buyers range from HNWIs, pension funds to smaller domestic and international institutionals Disposal proceeds €255m €180mNet proceeds1 €125m €61m 2023 2024 2025 €18m €13m
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6.93 6.72 H1-2025 H1-2024 8.40 8.11 7.03 6.76 6.56 6.35 H1-2025 H1-2024 H1-2025 H1-2024 H1-2025 H1-2024 Rent growth is gaining momentum Overall on track for guidance range H1-2025 Results – LEG Immobilien SE 11 Portfolio & Operating Performance l-f-l rent development €/sqm/month l-f-l free financed rent development €/sqm/month Stable +4.0% Higher-yielding +3.3% +3.6% High-growth +3.7% Free financed rent +3.2% Residential rent Rent table +1.8% Modernisation/Re-letting +1.4% 7.30 7.04 H1-2025 H1-2024 Free-financed part increased by 3.7%, i.e. +30bps vs H1-2024 – momentum to increase further, supporting group guidance range of 3.4% – 3.6% No cost rent adjustment in 2025; next increase will be in 2026 Tenant fluctuation stays at low level of 9.4% yoy Rent table publications in Q2 show underlying market dynamics, e.g. Hamm +5%
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Capex and Maintenance Investments expected to increase in Q3/Q4-2025 to target level of >€35/sqm H1-2025 Results – LEG Immobilien SE 12 Portfolio & Operating Performance 1 Excl. new construction activities on own land, own work capitalised and consolidation effects. 2 Relates to adjusted investments. 26.6 23.4 75.0 81.5 91.6 102.9 H1-2024 H1-2025 €15.41/sqm €16.51/sqm Adjusted investments per sqm increased by 7.1% yoy to €16.51/sqm BCP projects gradually added to the capex pipeline On track for >35€/sqm investment guidance Capitalisation rate2 of 55.9% (+90 bps yoy) continues to reflect cash-focussed steering Investments into construction on own land of €2.3m – completion of last new development project is in sight Total Invest €m Adj. Invest per sqm 1 per sqm H1-2024 H1-2025 % Adj. Capex €8.47 €9.21 +8.7% Adj. Maintenance €6.94 €7.30 +5.2% Adj. Investment1 €15.41 €16.51 +7.1% +7.1% Adj. Capex Adj. Maintenance New construction & other Adj. Invest €m1: €166.6m €193.2m €207.8m €184.4m
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LEG value add with strong momentum in H1-2025 Energy services and refurbishment steering as key growth driver 13 Portfolio & Operating Performance Multimedia (WSP) Multimedia, internet, telephone service Technician/ craftsmen services (TSP) Maintenance and service organisation Project management services (LWS Plus) Steering of external and internal capacities on refurbishments B2B-platform : Connecting service providers (e.g. gardening) with LEG and 3 rd party landlords Energy and heating (ESP) Providing energy (heating, electricity, gas) and related services Electricians (Leitwerk) Specialised craftsmen organisation for electrical works and installation FFO I contribution services – Value Add & Green Ventures1 €m 15 16 23 31 39 50 51 50 19 26 2017 2018 2019 2020 2021 2022 2023 2024 H1 24 H1 25 Smart thermostats Hydraulic optimisation by digitising radiators Serial refurbishment Insulation of the building shell, incl. windows and doors Green heating Widespread adoption of Air2Air heat pumps H1-2025 Results – LEG Immobilien SE 1 Green Ventures to be reported only with year end figures.
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Financial Performance H1-2025 Results – LEG Immobilien SE 14 3
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323.9 360.0 H1-2024 H1-2025 217.9 241.2 H1-2024 H1-2025 350.2 383.8 H1-2024 H1-2025 52.7% (81.8%) 83.8% 78.6% Net cold rent €m 427.9 457.8 H1-2024 H1-2025 Net cold rent €29.9m net cold rent growth (+7.0%) driven by the acquisition of BCP (€24.7m) and the 3.2% l-f-l rent growth Disposals had a negative impact of €8.7m Net operating income (recurring) With 9.6%, stronger growth than net cold rent, due to e.g. energy services EBITDA (adjusted) and FFO I/ AFFO Increase in EBITDA by 11.1% supported by almost stable administrative expenses Evidence of strict cost focus FFO I increase of 10.7% AFFO increase of 15.4% H1-2025 Results – LEG Immobilien SE 15 Net operating income (recurring) €m EBITDA (adjusted) €m FFO I AFFO €m €m +9.6% Margin Margin (75.7%) Margin (50.9%) +10.7% Financial highlights H1-2025 Margins expand based on seamless BCP integration and better value-add business Financial Performance +7.0% +11.1% 109.7 126.6 H1-2024 H1-2025 27.7% Margin (25.6%) +15.4%
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AFFO Bridge H1-2025 AFFO rises driven by strong rent growth while investments are gradually increasing H1-2025 Results – LEG Immobilien SE 16 Financial Performance €m Overall rising level of maintenance and capex (–€15.7m) Organic rent growth (+€13.9m) Acquisition BCP (+€24.7m) Disposals (–€8.7m) +15.4% 109.7 29.9 3.2 –6.0 5.5 –5.1 –10.6 126.6 AFFO H1-2024 Higher net cold rents Higher operating and administrative results Higher net cash interests Others Higher maintenance (externally procured) Higher capex (recurring) after subsidies AFFO H1-2025
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Total change Total change Portfolio valuation H1-2025 Recovery gaining further momentum – H1-2025 with another increase of +1.2% 17 Financial Performance 1 Property valuation with cut-off date as of 31 March 2025 and revaluation date as of 30 June 2025. Valuation decline by markets1 % –4.1 +0.5 –15.8% –18.8% –16.7% –13.8% Total High-growth Stable Higher-yielding H2 22 H1 23 H2 23 H1 24 H2 24 H1 25 Highlights Devaluation cycle came to an end – recovery ongoing with +1.2% in H1-2025 following an increase of +0.4% in H2-2024 Slightly above the original guidance of +0.5% to +1.0% Recovery in particular in the high-growth and stable markets Going forward u-shaped recovery expected Average object-specific discount rate increased to 5.2% (H2-2024 5.1%), cap rate declined to 5.7% (H2-2024 5.9%) H2 22 H1 23 H2 23 H1 24 H2 24 H1 25 H2 22 H1 23 H2 23 H1 24 H2 24 H1 25 H2 22 H1 23 H2 23 H1 24 H2 24 H1 25 +1.6% +1.8% +1.9% +0.8% H1-2025 Results – LEG Immobilien SE
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Highlights All 2025 maturities addressed – opportunistic refinancing, in particular focus on 2026 maturities Only €60m left over for repayment in 2025 beside the €400m convertible (due 1 September) Undrawn RCFs amounting to €750m as of the reporting date, along with an unused commercial paper program of €600m Strong liquidity position of > €750m as of 30 June 20251 c.60% of the 2026 maturities covered via liquidity and signed loans Average interest hedging rate of c. 97.6% LTV ratio of 47.6% Interest Coverage Ratio (ICR) at 4.4x 689 901 1.001 776 952 1.231 877 1.128 1.087 966 460 2035+ 2034 2033 2032 2031 2030 2029 2028 2027 2026 2025 Loans Bonds Convertibles Sustainable bonds Financial profile 2025 maturities fully addressed – 2026 maturities now in focus 18 Financial Performance 47.9 47.6 FY-2024 H1-2025 1.49% 1.54% FY-2024 H1-2025 Loan-to-Value % 5.7 5.5 FY-2024 H1-2025 1 Cash and cash equivalents. Average debt maturity years Average interest cost % Maturity profile €m Weighted avg. interest 0.98% 1.12% 1.50% 1.21% 1.08% 1.78% 0.89% 2.23% 1.74% 1.81% 2.80% H1-2025 Results – LEG Immobilien SE c. 60% covered
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Outlook H1-2025 Results – LEG Immobilien SE 19 4
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Guidance 2025 updated towards upper half of original AFFO range Indication for FFO I provided – reflecting improved market conditions H1-2025 Results – LEG Immobilien SE 20 Outlook 1. Based on 171k units. 2 Mid -point of range. For more details see remuneration report . Guidance/ Indication 20251 AFFO Update €215m – 225m (prev. €205m – 225m) FFO I New indication €470m – 490m Adj. EBITDA margin Update c. 77% (prev. c. 76%) l-f-l rent growth 3.4% – 3.6% Investments > 35€/sqm LTV Medium-term target level max. 45% Dividend 100% AFFO as well as a part of the net proceeds from disposals Disposals Not reflected1 Environment 2025–2028 €20m of profit and disposal results of Green Ventures2 2025 6,000 tonnes CO2 reduction from modernisation projects and customer behaviour change
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H1-2025 Results H1-2025 Results – LEG Immobilien SE 21 Appendix Financials1 Market2 Portfolio3 ESG4 Financing5 Share Information6 5
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FFO I/ AFFO calculation H1-2025 Results – LEG Immobilien SE 22 Appendix – Financials New line item from 2025 for the AFFO calculation from 2025 onwards: Profit from Green Ventures which will capture the pro rata p rofits and disposal results of the Green Ventures and contribute to FFO I and accordingly to AFFO. Net cold rent +€29.9m or +7.0% driven by the acquisition of BCP (+€24.7m) and residential rent increases (+3.2% l-f-l or +€13.9m) Disposals had a negative impact of –€8.7m Net cash interest expenses and income Small increase (–€6.0m) as total debt increased due to BCP consolidation while average interest costs remained low at 1.54% Subsidies & Investments (maintenance and capex) Investment volumes gradually ramping up as BCP projects add to the investment pipeline Subsidies for 2025 expected to be in the lower end of our guidance range of around €20 – €25m €m H1-2025 H1-2024 Net cold rent 457.8 427.9 Profit from operating expenses –10.0 –10.7 Personnel expenses (rental and lease) –57.3 –57.5 Allowances on rent receivables -9.8 –7.9 Other income (rental and lease) –0.2 –5.9 Non-recurring special effects (rental and lease) 3.3 4.3 Net operating income (recurring) 383.8 350.2 Net income from other services (recurring) 2.2 –0.5 Personnel expenses (admin.) –19.7 –18.6 Non-personnel operating costs –15.2 –11.5 Non-recurring special effects (admin.) 8.5 4.2 Administrative expenses (recurring) –26.4 –25.9 Other income (admin.) 0.4 0.1 EBITDA (adjusted) 360.0 323.9 Net cash interest expenses and income FFO I –73.9 –67.9 Net cash income taxes FFO I -1.6 –0.1 Maintenance (externally-procured services) –55.4 –50.2 Subsidies recognised in profit or loss 3.3 7.0 Own work capitalised 9.7 6.3 FFO I (including non-controlling interests) 242.1 219.4 Non-controlling interests –0.9 –1.5 FFO I (excluding non-controlling interests) 241.2 217.9 FFO II (including disposal of investment property) 239.0 216.6 Capex (recurring) –114.6 –108.2 AFFO (capex-adjusted FFO I) 126.6 109.7
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EPRA NRV – NTA – NDV H1-2025 Results – LEG Immobilien SE 23 Appendix – Financials €m 30.06.2025 31.12.2024 EPRA NRV – diluted EPRA NTA – diluted EPRA NDV – diluted EPRA NRV – diluted EPRA NTA – diluted EPRA NDV – diluted IFRS equity attributable to shareholders (before minorities) 7,693.7 7,693.7 7,693.7 7,371.5 7,371.5 7,371.5 Hybrid instruments 29.2 29.2 29.2 29.2 29.2 29.2 Diluted NAV (at Fair Value) 7,722.9 7,722.9 7,722.9 7,400.7 7,400.7 7,400.7 Deferred tax in relation to fair value gains of IP and deferred tax on subsidised loans and financial derivatives 2,111.4 2,072.7 – 2,034.8 2,025.7 – Fair value of financial instruments –44.5 –44.5 – –44.8 –44.8 – Intangibles as per the IFRS balance sheet – –4.9 – – –6.2 – Fair value of fixed interest rate debt – – 353.2 – – 383.7 Deferred taxes of fixed interest rate debt – – –80.7 – – –168.6 Estimated ancillary acquisition costs (real estate transfer tax) 1,848.1 – – 1,721.4 – – NAV 11,637.9 9,746.2 7,995.4 11,112.1 9,375.4 7,615.8 Fully diluted number of shares 74,469,665 74,469,665 74,469,665 74,469,665 74,469,665 74,469,665 NAV per share (€) 156.28 130.87 107.36 149.22 125.90 102.27
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Equity ratio: 37.6% (FY-2024: 37.8%) Investment property BCP: +€999.3m and other +€20.1m Valuation: +€222.1m Capex: +€106.1m Disposals: –€17.7m Receivables and other assets Mainly release of short-term deposits (€477.0m) Cash and cash equivalents Operating activities: +€276.5m Investing activities: +€324.5m Investments into the portfolio: –€136.1m BCP shares (net of cash): –€147.4m Disposals: +€125.4m Release of short-term deposits: +€477.0m Financing activities: –€274.3m Financing liabilities Bond issuance (+€298.9m) BCP financings (+€176.4m) Bank loans (+€60.0m) Repayments (–€242.4m) Balance sheet H1-2025 Results – LEG Immobilien SE 24 Appendix – Financials €m 30.06.2025 31.12.2024 Investment property 19,183.2 17,853.3 Other non-current assets 427.9 529.9 Non-current assets 19,611.1 18,383.2 Receivables and other assets 383.7 754.1 Cash and cash equivalents 633.6 306.9 Current assets 1,017.3 1,061.0 Assets held for sale 26.2 141.0 Total Assets 20,654.6 19,585.2 Equity 7,756.2 7,396.5 Non-current financing liabilities 7,250.2 7,796.6 Other non-current liabilities 2,265.5 2,115.0 Non-current liabilities 9,515.7 9,911.6 Current financing liabilities 2,781.8 1,922.0 Other current liabilities 600.9 355.1 Current liabilities 3,382.7 2,277.1 Total Equity and Liabilities 20,654.6 19,585.2
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Loan to Value H1-2025 Results – LEG Immobilien SE 25 Appendix – Financials Loan to Value Decline by 30bps to 47.6% Ongoing high level of cash and cash equivalents in the amount of €763.9m leave room for pay back of maturing financial instruments. Decline vs. 31.12.2024 mainly driven by the payment of the acquisition price for BCP (€222.8m less BCP’s cash position of €75.4m) Participation in other residential companies Decline due to full consolidation of BCP stake. As of 31.12.2024 a stake of 35.7% with a market value of €124.1m was recognised €m 30.06.2025 31.12.2024 Financial liabilities 10,032.0 9,718.6 Excluding lease liabilities (IFRS 16) 44.6 47.4 Cash & cash equivalents1 763.9 914.3 Net Debt 9,223.6 8,756.9 Investment properties 19,183.2 17,853.3 Properties held for sale 26.2 141.0 Participation in other residential companies 174.5 298.7 Property values 19,383.9 18,293.0 Loan to Value (LTV) in % 47.6 47.9 1 Including short-term deposits.
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Evaluation of the new coalition agreement of CDU, CSU and SPD 26 Appendix – Market Topic Explanation Evaluation LEG Abolition of the Building Energy Act (GEG); greater openness to technology and innovation Reduction of detailed specifications and expensive insulation standards, reliance on the steering effect of the CO2 price, consideration of innovative, green and efficient solutions Enabling of cost-efficient decarbonisation of existing buildings and support for LEG green ventures. Right shift from energy efficiency to emission efficiency when it comes to decarbonization Flexible and practical implementation of the EU Energy Performance of Buildings Directive (EPBD) Planned alignment of German building efficiency classes with those of neighbouring European countries. Rapid implementation of EU ETS II. Use of all leeway in national implementation Creating a level playing for German Buildings and their efficiency on EU level; enabling of EU-wide cost-efficient decarbonisation of existing buildings Extension of the rental brake until end of 2029 New rentals in so-called ‘tight markets’ may still only exceed the local comparative rent by a maximum of 10%. Fines for non - compliance with the rent brake. An expert group is to develop proposals for the concrete implementation of these measures by the end of 2026 Imbalance between supply and demand remains. Originally introduced in 2015 as a temporary measure to dampen rent increases in tight markets without having significant effects on the supply. Both the renewed extension as well as interference in property rights raise concern on constitutionality in general. Additional restrictions for specific types of use or rental contracts Disadvantage for furnished/temporary rentals/index-linked rents (a rent that is linked to inflation). An expert group is to develop proposals for the concrete implementation of these measures by the end of 2026 LEG not affected as it does not offer those rent types. Introduction of a "residential construction turbo“ Significant simplification of building regulations. Reduction of standards. Promotion of new construction as part of the infrastructure package Influence at federal level limited; funding volume not significantly increased; cost reductions not sufficient to increase profitability of new development product and therefore no significant incentives to support construction activity H1-2025 Results – LEG Immobilien SE 1. Extension of rental brake to 57 communities in NRW and Lower Saxony respectively to affect rent growth by -0.1% to -0.2%.
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German residential market A highly fragmented market – dominated by private owners H1-2025 Results – LEG Immobilien SE 27 Appendix – Market Source: Savills/ destatis Total market 43.4m units 66% Private owners 23% Associations of private home owners Professional owners 34% Public owner 11% Private companies 10% of which No. 1 1.1% LEG (No. 2) 0.4% Mutuals 9% Other private companies (insurers, funds etc.) 4% 43% Private Individuals
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0 100,000 200,000 300,000 400,000 2001 2005 2009 2013 2017 2021 175k Demand – supply imbalance will persist New supply continues to erode while population will remain at high level H1-2025 Results – LEG Immobilien SE 28 Appendix – Market Source: Destatis. 1 ifo Institut. German population at highest level ever in 2024 in million New apartments completed no. of units 20261 Target previous German government 400k 216k 2024 150,000 200,000 250,000 300,000 350,000 400,000 2001 2005 2009 2013 2017 2021 65 70 75 80 85 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 2024 83.6 No. of building permissions for apartments 2024 in units Lowest level since 2010
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LEG’s portfolio comprises of c. 171,600 residential units Well balanced portfolio H1-2025 Results – LEG Immobilien SE 29 Rhine-Neckar area ~4,400 Koblenz ~2,100 Hanover, Brunswick, Wolfsburg, Göttingen ~7,300 Schleswig- Holstein ~4,600 North Rhine-Westphalia (c.136,100 units / c.79%) Outside North Rhine-Westphalia (c.35,500 units / c.21%) High-Growth Stable Higher-Yielding Appendix – Portfolio Wilhelmshaven, Oldenburg, Bremen, Osnabrück etc ~15,400 1 Residential units. 2 Tense markets only allow for 15% rent increase on sitting tenants within three year while normal marke ts allow for 20% and rental break regulations for re -lettings applies. Total portfolio1 (c. 171,600 units) Eastern Germany ~1.700 30% 40% 30% 19% 38% 43% As at 30 June 2025 by units by GAV €m by rent regulation Normal vs. tense markets2 67% normal 33% tense
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Additions 915 1 6 5 2 14 9,123 175 9,298 Divestments –1,409 –594 –136 –529 –1,234 –2,493 –1,456 –311 –1,767 Change –494 –593 –130 –524 –1,232 –2,479 7,667 –136 7,531 166,546 –593 –130 –524 –1,232 164,067 7,667 –136 171,598 31.12.2023 Q1-2024 Q2-2024 Q3-2024 Q4-2024 31.12.2024 Q1-2025 Q2-2025 30.06.2025 Portfolio growth to >170k units driven by BCP integration BCP-units onboarded – disposal program ongoing H1-2025 Results – LEG Immobilien SE 30 Appendix – Portfolio 1 Residential units. 2 Note: The date of the transaction announcement and the transfer of ownership are usually several mo nths apart. The number of units may therefore differ from other disclosures, depending on the data basis. Portfolio changes ~9,100 additions from BCP-acquisition in Q1-2025 Additions in Q2-2025 mainly from finished new built projects Number of units based on date of transfer of ownership1,2
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Portfolio values H1-2025: Gross yield of c.5% for the portfolio Valuation effects of +1.2% in H1-2025 H1-2025 Results – LEG Immobilien SE 31 Appendix – Portfolio 0% 1% 2% 3% 4% 5% 6% 7% 2019 2020 2021 H1-2022 2022 H1-2023 2023 H1-2024 2024 H1-2025 High-Growth Stable Higher-Yielding LEG Gross yields 1 Including residential units categorised as “assets held for sale (IFRS 5)” or “owner-occupied property (IAS 16)”. Market segment Residential Units1 GAV Residential Assets (€m) GAV/ sqm (€) Gross yield In-Place Rent Multiple GAV Commercial/ Other (€m) Total GAV (€m) High- Growth Markets 51,974 7,719 2,261 4.1% 24.5x 353 8,071 Stable Markets 69,132 6,818 1,544 5.1% 19.5x 272 7,090 Higher- Yielding Markets 50,492 3,500 1,144 6.4% 15.7x 109 3,609 Total Portfolio 171,598 18,037 1,656 4.9% 20.4x 734 18,771
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Portfolio KPIs Rent increases alongside vacancy reduction Market split (GAV) % Vacancy, l-f-l % H1-2025 Results – LEG Immobilien SE 32 Appendix – Portfolio In-place rent, l-f-l €/m2 High-growth 43 Stable 38 Higher-yielding 19 7.78 6.70 6.32 High-growth Stable Higher-yielding Markets Total portfolio High-growth Stable Higher-yielding H1-2025 (YOY) H1-2025 (YOY) H1-2025 (YOY) H1-2025 (YOY) # of units 171,598 +3.5% 51,974 +4.4% 69,132 +3.7% 50,492 +2.3% GAV residential assets (€m) 18,037 +7.5% 7,719 +8.7% 6,818 +7.4% 3,500 +5.3% In-place rent (m2), l-f-l €6.93 +3.2% €7.78 +3.0% €6.70 +3.4% €6.32 +2.9% EPRA vacancy, l-f-l 2.4% –10bps 1.2% –20bps 2.4% –10bps 4.3% +20bps 1.2 2.4 4.3 High-growth Stable Higher-yielding
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83% 17% Rent regulation in Germany Only one third of units subject to stricter regulation H1-2025 Results – LEG Immobilien SE 33 Appendix – Portfolio 1 Based on rent table (Mietspiegel). 2 In NRW, 57 cities were identified as tense markets (from 1 March 2025 onwards), especially Düsseldorf, Cologne and Gr eater Cologne area, Bonn, Münster. Outside NRW and relevant for LEG are cities such as Brunswick, Hanover, Oldenburg, Osnabrück. Non-tense markets ~85,000 units Tense markets2 ~57,000 units Existing Contracts Rent increase Max. 20% within 3 years Max. increase to local reference rent1 Rent increase Max. 15% within 3 years (Kappungsgrenze ) Max. increase to local reference rent1 Modernisation levy Annual rent can be increased by 8% of modernisation costs Limit: €3 per sqm (rent/sqm/month > €7) or €2 per sqm (rent/sqm/month < €7) over 6 years New contracts No regulations Rental brake (Mietpreisbremse ) Increase of max. 10% on local reference rent1 Free-financed units (~142,000) + + Rent restricted units (~30,000) Cost rent adjustment Every third year (i.e. last was in 2023, next will be in 2026) After full repayment of the underlying subsidised loan, the residential unit gets out of rent restriction and regular code applies In the case of early repayment, rent restriction continues for another 10 years (tenant protection); then regular code for free-financed units applies 49% 33% 17%
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Top locations upcoming rent tables (MSP – Mietspiegel) Offering the basis for further growth H1-2025 Results – LEG Immobilien SE 34 Appendix – Portfolio 1 Publication delayed. Location # Residents LEG market segment # LEG free financed units Current MSP type Current MSP valid since New MSP expected type New MSP expected time of update Neuss >100,000 High-growth 668 Simple 01/2023 Qualified 01/20251 Siegen >100,000 Stable 1,360 Simple 01/2023 Simple 01/20251 Osnabrück >100,000 High-growth 692 Simple 08/2023 Simple 08/2025 Oldenburg >100,000 High-growth 1,377 Qualified 10/2023 Qualified 10/2025 Herford > 50,000 Stable 609 Simple 10/2023 Simple 10/2025 Hagen >100,000 Higher-yielding 1,429 Qualified 11/2023 Qualified 11/2025 Hannover >100,000 High-growth 533 Simple 12/2023 Qualified 12/2025 Iserlohn > 50,000 Higher-yielding 1,668 Simple 12/2023 Simple 12/2025 Leverkusen >100,000 High-growth 1,046 Qualified 12/2023 Qualified 12/2025 Menden > 50,000 Higher-yielding 879 Simple 12/2023 Simple 12/2025
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Subsidised units account for around 17% of the portfolio Reversionary potential amounts to 55% on average H1-2025 Results – LEG Immobilien SE 35 Appendix – Portfolio 1 Average rent value that could theoretically be achieved, not implying that an adjustment of the in -place rent to the market re nt is feasible, as stringent legal and contractual restrictions regarding rent increases exist. 2 Rent upside is defined as the difference between LEG in -place rent and market. 3 For example rent increase cap of 15% (tense markets) or 20% for three years. until 2029 2030 - 2034 2035 ff. In-place rent €5.37 €6.22 €5.39 Market rent1 €8.63 €8.86 €7.99 Upside potential2 61% 43% 48% Upside potential p.a.2 €53.5m €3.6m €16.5m Spread to market rent €/sqm/month 2.87 2.06 3.56 2.16 2.53 2.88 2.05 2.60 3.16 2.59 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 ff. Rent potential subsidised units Until 2028, around 18,400 units will come off rent restriction Units show significant upside to market rents The economic upside can theoretically be realised the year after restrictions expire subject to general legal and other restrictions3 Around 60% of units to come off restriction until 2028 until 2028 61.5% 2029 – 2034 12.1% 2035 ff. 26.4% Number of units coming off restriction and rent upside High-Growth Stable Higher-Yielding 329 1,955 16,077 1,919 602 373 108 511 101 7,866 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 ff.
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18 24 0 H1-2025 2025e 2026e New construction – finishing the last projects – small in volume Small size of projects and investment volume, cash potential from built to sell H1-2025 Results – LEG Immobilien SE 36 Appendix – Portfolio Completions1 number of units per year 160 236 0 H1-2025 H2-2025e 2026e Development on own land Acquisitions (3rd party developer) Investment volume per year1 €m Remaining completions in 2025 Remaining investment volume in 2025 236units €6m
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On track for our target towards climate neutrality Aiming for a reduction of 47% of our carbon footprint until 2030 H1-2025 Results – LEG Immobilien SE 37 Appendix – ESG 1 Extrapolation 2024, Market based (climate adjusted). LEG decarbonisation path Actual reduction SBTi target 2030 New ambition ~21 (prev. 22–23) 0 20 10 30 40 CO2e kg/m² 2024 2030 2035 204520402019 39.5 2028 Updated 2030 ambition: 2019 – 2030: –47% 0 – 5 24.3 LEG Commit- ment 2045 29.11 LEG fully committed to German Climate Change Act to achieve climate neutrality by 2045 Aligned with strategy via STI/ LTI-component of compensation scheme CO 2 reduction in 2024 by 2% to 29.1kg (market based) Key driver: 6,639t CO2 savings of which 1,088t from nudging-effects 5,551t from energetic refurbishments 2025 STI component: 6,000 tons CO2 reduction from modernisation projects and customer behavior change
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Transition roadmap towards climate neutrality by levers Energy transition remains the key driver as focus on emission efficiency puts less focus on expensive refurbishments H1-2025 Results – LEG Immobilien SE 38 Appendix – ESG 1 Extrapolation 2024, Market based (climate adjusted). 2019 39.4 2024 29.11 2030 20 – 21 2045 0 – 4.9 2035 13 – 14 2040 6 – 8 CO2e in kg /m² ESG-Agenda 2024: €1.4bn – 1.6bn Update 2023 : €1bn Update 2025: €1bn confirmed Energetic refurbishment Energy consumption Energy transition Difference towards net zero Focus is on Emission efficiency and not so much on energy efficiency Costs per ton of CO2 savings to also keep focus on affordability Energy transition will have the biggest lever on the decarbonisation of the portfolio Own solutions to the decarbonisation of the portfolio via the LEG Green ventures, e.g. Required investments 2020 – 2030
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ESG 2019 2020 2021 2022 2023 2024 ESG Rating ESG Rating 20.1 10.4 7.8 6.7 6.7 6.3 CDP Score SBTi target ISS ESG D+ C– C– C Prime sBPR Award ESG Index Among the best in class Reflecting LEG’s strong sustainability commitment H1-2025 Results – LEG Immobilien SE 39 Appendix – ESG AA AA AA AAA Top rating since 2022 SBTs submitted SBT‘s validated Gold standard since 2020 Since 2022 B-rated, score above sector (B–)B Prime Status since 2022 SBTs approved AAA Continuously improved Member since the beginning of the index B AAA Update approved B
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Comprehensive ESG update H1-2025 Results – LEG Immobilien SE 40 Appendix – ESG Published on the LEG webpage at ESG-Strategy - Factbook 2030
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Financing-KPIs as of Q2-2025 H1-2025 Results – LEG Immobilien SE 41 Appendix – Financing 1 Based on the adjusted EBITDA definition effective until business year 2022. Based on the adjusted EBITDA definition effecti ve since business year 2023, i.e., excluding maintenance (externally -procured services) and own work capitalized, KPI is 4.9x. 2 Average net debt last four quarters / adjusted EBITDA LTM. Unsecured financing covenants Financing mix Ratings (Moody’s) Key financial ratios Covenant Threshold Q2-2025 Consolidated Adjusted EBITDA / Net Cash Interest ≥1.8x 4.4x1 Unencumbered Assets / Unsecured Financial Indebtedness ≥125% 194.4% Net Financial Indebtedness / Total Assets ≤60% 45.5% Secured Financial Indebtedness / Total Assets ≤45% 15.5% Type Rating Outlook Long Term Rating Baa2 Stable Short Term Rating P-2 Stable Q2-2025 FY-2024 Net debt / adj. EBITDA2 13.4x 13.8x LTV 47.6% 47.9% Secured Debt / Total Debt 33.2% 33.8% Unencumbered Assets / Total Assets 48.8% 47.7% Equity ratio 37.6% 37.8% Fixed interest 91.2% Derivatives 6.4% Variable interest 2.4%
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Capital market financing Corporate bonds H1-2025 Results – LEG Immobilien SE 42 Appendix – Financing . Duration Issue Size Maturity Date Coupon Issue Price ISIN WKN 2019/2027 €500m 28 Nov 2027 0.875% p.a. 99.356% DE000A254P51 A254P5 2019/2034 €300m 28 Nov 2034 1.625% p.a. 98.649% DE000A254P69 A254P6 2021/2033 €700m 30 Mar 2033 0.875% p.a. 99.232% DE000A3H3JU7 A3H3JU 2021/2031 €700m 30 Jun 2031 0.750% p.a. 99.502% DE000A3E5VK1 A3E5VK 2021/2032 €500m 19 Nov 2032 1.000% p.a. 98.642% DE000A3MQMD2 A3MQMD 2022/2026 €500m 17 Jan 2026 0.375% p.a. 99.435% DE000A3MQNN9 A3MQNN 2022/2029 €700m 17 Jan 2029 0.875% p.a. 99.045% DE000A3MQNP4 A3MQNP 2022/2034 €500m 17 Jan 2034 1.500% p.a. 99.175% DE000A3MQNQ2 A3MQNQ 2025/2035 €300m 20 Jan 2035 3.875% p.a. 98.248% DE000A383YA0 A383YA Adj. EBITDA/ net cash interest ≥ 1.8x Unencumbered assets/ unsecured financial debt ≥ 125% Net financial debt/ total assets ≤ 60% Secured financial debt/ total assets ≤ 45% Financial Covenants
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Capital market financing Convertible bonds 43 Appendix – Financing 1 Dividend-protection: The conversion price will not be adjusted until the dividend exceeds €2.62 (2017/2025 convertible) and €3.5 62 (2020/2028 convertible). Full dividend protection of the 2024/2030 convertible. 2017/2025 2020/2028 2024/2030 Issue Size €400m €550m €700m Term / Maturity Date 8 years/ 1 September 2025 8 years/ 30 June 2028 6 years/ 4 September 2030 Coupon 0.875% p.a. (semi-annual payment: 1 March, 1 September) 0.400% p.a. (semi-annual payment: 15 January, 15 July) 1.000% p.a. (semi-annual payment: 4 March, 4 September) # of shares 3,541,148 3,580,370 6,189,919 Redemption Price 100.00% 100.00% 106.34% Initial Conversion Price €118.4692 €155.2500 €117.4748 (effective: €124.9227) Adjusted Conversion Price1 €112.9577 (since 12 June 2025) €153.6154 (since 7 June 2022) €113.0871 (since 16 June 2025) Issuer Call From 22 September 2022, if LEG share price >130% of the then applicable conversion price From 5 August 2025, if LEG share price >130% of the then applicable conversion price From 25 September 2028, if LEG share price >130% of the then applicable conversion price ISIN DE000A2GSDH2 DE000A289T23 DE000A3L21D1 WKN A2GSDH A289T2 A3L21D H1-2025 Results – LEG Immobilien SE
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LEG share information H1-2025 Results – LEG Immobilien SE 44 Appendix – Share information 1 Shareholdings according to latest voting rights notifications. Basic data Shareholder structure1 50 100 150 200 250 300 Feb-13 Feb-14 Feb-15 Feb-16 Feb-17 Feb-18 Feb-19 Feb-20 Feb-21 Feb-22 Feb-23 Feb-24 Feb-25 LEG EPRA Germany MDAX Stoxx Europe 600 Market segment Prime Standard Stock Exchange Frankfurt Total no. of shares 75,570,800 Ticker symbol LEG ISIN DE000LEG1110 Indices MDAX, FTSE EPRA/NAREIT, GPR 250, Stoxx Europe 600, DAX 50 ESG, i.a. MSCI Europe ex UK, MSCI World ex USA, MSCI World Custom ESG Climate Series Share (05.08.2025; indexed; in %; 01.02.2013 = 100) Amundi 3.1% Blackrock 10.1% Other free float 83.8% Norges 3.0%
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0 20 40 60 80 100 120 140 160 2,000 4,000 6,000 8,000 10,000 12,000 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Market capitalisation in €m LEG Closing price in € Share price and market capitalisation since IPO H1-2025 Results – LEG Immobilien SE 45 Appendix – Share information IPO = Initial Public Offering; CI = capital increase; CIK = capital increase in kind; CB = convertible bond; SD = stock divid end. 01.02.2013 €2.3bn +124% 01.02.2013 €44.00 +59% 05.08.2025 €5.2bn IPO (2/2013) 53.0m shares CI (10/2014) +4.1m shares CI (06/2015) +1.2m shares CI (11/2015) +4.5m shares CIK (05/2016) +0.4m shares CB (10/2019) +5.8m shares 08/2025 75.6m shares SD (09/2020) +0.7m shares SD (06/2021) +0.7m shares SD (06/2022) +1.3m shares CI (06/2020) +2.4m shares SD (06/2024) +0.4m shares 05.08.2025 €70.15 Share price in € Market Cap in €m SD (07/2025) +1.1m shares
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Financial calendar H1-2025 Results – LEG Immobilien SE 46 Appendix 7 August Quarterly Report Q2 as of 30 June 2025 13 May Quarterly Statement Q1 as of 31 March 2025 12 November Quarterly Statement Q3 as of 30 September 2025 2025 For our detailed financial calendar, please visit https://ir.leg-se.com/en/investor-relations/financial-calendar 10 March Annual Report 2024 28 May AGM Dusseldorf
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IR Contact H1-2025 Results – LEG Immobilien SE 47 Appendix Frank Kopfinger, CFA Head of Investor Relations & Strategy Tel: +49 (0) 211 4568 – 550 E-Mail: frank.kopfinger@leg-se.com Karin Widenmann Senior Manager Investor Relations Tel: +49 (0) 211 4568 – 458 E-Mail: karin.widenmann@leg-se.com Gordon Schönell, CIIA Senior Manager Investor Relations Tel: +49 (0) 211 4568 – 286 E-Mail: gordon.schoenell@leg-se.com Elke Franzmeier Corporate Access & Events Tel: +49 (0) 211 4568 – 159 E-Mail: elke.franzmeier@leg-se.com LEG Immobilien SE ǀ Flughafenstraße 99 ǀ 40474 Düsseldorf, Germany E-Mail: ir@ leg-se.com ǀ Internet: www.leg -se.com Investor Relations Team For questions please use ir@leg-se.com