Slide 1: Results presentation
Results presentation 27 August 2026
Slide 2: Content
Content 1 Disposal Update 2 Q2 2026 Key Figures 3 Portfolio & Operational Performance 4 Financial Update 5 Guidance & Concluding Remarks 6 Appendix 2 Eichborndamm 89, Berlin
Slide 3: Disposal Update
1 Disposal Update 3
Slide 4: Disposal Update
Disposal Update Following significant disposals in Q1, Adler Group has made further progress to partially redeem its 1L New Money Facility in Q2 Development projects Development projects Other yielding asset and yielding assets sold and yielding assets sold disposals in Q2 ’26 post Q2 ’26 1 | Dispos
Slide 5: Q2 2026 Key Figures
2 Q2 2026 Key Figures 5
Slide 6: H1 2026 Key Figures
H1 2026 Key Figures The Berlin-anchored yielding asset portfolio continued to perform strongly in H1 2026 FINANCIAL PORTFOLIO OVERVIEW PERFORMANCE Net rental income: €63m 3.0% like-for-like (l-f-l) rental growth on a year-on-year basis driven by increases in current rental contracts and relettin
Slide 7: Portfolio & Operational Performance
3 Portfolio & Operational Performance 7
Slide 8: Berlin-anchored Yielding Asset Portfolio
Berlin-anchored Yielding Asset Portfolio Adler Group’s residential portfolio is almost entirely concentrated in Berlin and has a total gross asset value of €3.5bn Number of rental units Residential portfolio as per Jun-20262 17,504 (21) 17,483 (18) 17,4651 Berlin Dec-25 Disposals Mar-26 Disposals Ju
Slide 9: Yielding Portfolio Valuation
Yielding Portfolio Valuation The positive revaluation mainly stems from rent increases realised in H1 2026 Like-for-like fair value development until Q2 2026 (%) Rental yield (%)1 10,1% 3.5% 3.6% 1,0% 0,5% 3 | Portfolio & Operational Performance Jun-25 Jun-26 (1,9%) (2,2%) (12,8%) FY 2021 FY 2022 FY
Slide 10: Operational Performance
Operational Performance The like-for-like rental growth of 3.0% was driven by the increase of current rental contracts and vacancy reduction Average rent (€/sqm/month) Like-for-like rental growth (%)2 Detailed breakdown of the like-for-like rental growth as per Jun-2026 (%) 8,45 8,68 Without CAPEX C
Slide 11: Financial Update
4 Financial Update
Slide 12: Development of GAV in Q2 2026
Development of GAV in Q2 2026 Total portfolio GAV reduced slightly due to selective yielding asset disposals GAV (€bn)1 Comments 1 In the second quarter 2026, 18 condominium units were sold 3.9 (0.0) (0.0) 0.0 0.0 3.9 Thereof: 2 No disposals were closed in the second quarter 0.4 0.42 €0.3bn upfront
Slide 13: Financing Update
Financing Update The redemption of the 1L New Money Facility continues with the inflow of disposal proceeds DEBT REPAYMENTS MATURITIES IN 2026 Partial redemptions, i.e. proceeds returned to the holders of the 1L Completed prolongation of a €6m secured bank loan originally due New Money Facility
Slide 14: Overview of Debt KPIs as per Jun-2026
Overview of Debt KPIs as per Jun-2026 Following further partial redemptions of the 1L New Money Facility in Q2 2026, the total nominal interest-bearing debt reduced to €3.5bn Debt KPIs as per Jun-2026 Sources of funding Reinstated 2L Notes3 Total nominal interest-bearing debt (€m)1 3,515 19,9% Secur
Slide 15: Debt Maturity Schedule
Debt Maturity Schedule The company’s 2026 maturities have now been fully addressed Overview of debt maturities1 as per Jun-2026 (€m) Comments 0% 3% 53% 20% 21% 3% The remaining 2026 bank maturities in the volume of €12m are under discussion regarding prolongation with the respective lenders 1,850
Slide 16: Loan to value (LTV) – Development in Q2 2026
Loan to value (LTV) – Development in Q2 2026 The mostly non-cash effective interest expenses led to an increase of the LTV in the quarter LTV evolution (%) 1.0% (0.4%) 79.2% 1.5% 77.1% (0%) 4 | Financial Update Mar-26 Project disposal Interest CAPEX Revaluation Jun-26 expenses yielding disposal othe
Slide 17: Development of Cash Position – Development in Q2 2026
Development of Cash Position – Development in Q2 2026 The cash position decreased due to high inflows from disposals in Q1 and corresponding repayments in Q2 Cash position (€m) 301 3 (21) 0 0 (6) (19) 301 (9) (6) (11) 35 1 (116) 155 4 | Financial Update 51 51 Mar-26 Operating Net cash flow Net cash
Slide 18: Guidance & Concluding Remarks
5 Guidance & Concluding Remarks 18
Slide 19: Guidance and Concluding Remarks
Guidance and Concluding Remarks Full-year 2026 guidance Concluding remarks Berlin-based rental portfolio with a strong full year 2026 outlook supported by new Net rental €124-129m Mietspiegel income (€m) Direction of the German residential real estate market remains uncertain Continued progress on a
Slide 20: Q&A
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Slide 21: Appendix
Appendix 21-22 Portfolio & Operational Performance 23-27 Financials 28 Debt Overview 29-30 Development Projects 31-32 Corporate Governance 33 Corporate Agenda 21
Slide 22: Yielding Asset Portfolio – 6M CAPEX and Maintenance
Yielding Asset Portfolio – 6M CAPEX and Maintenance CAPEX and maintenance (€m) Maintenance expense (€/sqm) CAPEX invested (€/sqm) 9.7 20.6 41 13.6 13 5.9 24 4.2 8.5 21 7 7 28 12 14 17 FY 2025 6M 2025 6M 2026 FY 2025 6M 2025 6M 2026 FY 2025 6M 2025 6M 2026 Maintenance CAPEX Appendix 22
Slide 23: Portfolio Breakdown of Standing Assets and Developments
Portfolio Breakdown of Standing Assets and Developments Yielding portfolio per city1 Development projects per city2 # City Value (€m) Value (%) # City Value (€m) Value (%) 1 Berlin 3,486 100.0 1 Berlin 188 35,9 2 Other cities 1 0,0 2 Stuttgart 85 16,3 Total 3,487 100.0% 3 Frankfurt 78 14,9 4 Düsseld
Slide 24: Profit and Loss Statement
Profit and Loss Statement P&L statement Comments In €m 6M 2026 6M 2025 Compared to H1 2025, net rental income decreased due to the lack of rental income from the 1 Net rental income 63 1 68 NRW-based portfolio disposed. Income from facility services and recharged utilities costs 27 38 Other revenue
Slide 25: Adj. EBITDA Rental and FFO
Adj. EBITDA Rental and FFO 1 Adj. EBITDA Rental and FFO 1 calculation Comments In €m 6M 2026 6M 2025 1 Income from rental activities decreased due to the sale of the NRW-based “Cosmopolitan Net rental income 63 68 portfolio” at the end of Feb-2025. Income from facility services and recharged utilit
Slide 26: Adj. EBITDA Total and FFO
Adj. EBITDA Total and FFO 2 Adj. EBITDA Total and FFO 2 calculation Comments In €m 6M 2026 6M 2025 1 Compared to the previous year, total revenue increased due to higher income from real estate Income from rental activities 90 106 inventory disposed of following the project disposals completed in H
Slide 27: Balance Sheet
Balance Sheet Balance sheet Comments In €m Jun-26 Dec-25 1 Investment properties remained unchanged with no significant transfer of assets from investment Investment properties including advances 3,655 1 3,640 properties to assets classified as held-for-sale. Other non-current assets 163 2 141 2 O
Slide 28: LTV – Overview
LTV – Overview LTV Comments In €m Jun-26 Dec-25 1 Total interest-bearing debt of €3,375m decreased compared to the Dec-2025 value mainly Borrowings from Financial Institutions 3,019 1 3,119 following certain debt repayments partially offset by accruing interests. Bond loans 356 1 323 Net payables 12
Slide 29: Breakdown of Debt Maturities per Jun-2026
Breakdown of Debt Maturities per Jun-2026 Nominal amount (€m) IFRS (€m) Maturity Nominal interest rate Adler Group Bonds 1L New Money Facility 1,055 1,163 31 Dec-28 8.25% 1.5L 717 811 31 Dec-29 10.00% Reinstated 2L Notes 700 355 14 Jan-30 6.25% Total 2,471 2,330 3.1 years 8.35% Bank debt 1,044 1,044
Slide 30: Upfront Sale Projects
Upfront Sale Projects Actual Budget Building Construc. Land plot Area # Project name Entity City Zoning CAPEX 6M CAPEX 6M permit started (k sqm) (k sqm) 20261 (€m) 20261 (€m) 1 Eurohaus Adler Frankfurt 14 27 0 0 PROJECT DISPOSALS SIGNED 2 Grand Central Consus Düsseldorf 34 76 0 0 3 SLT 1
Slide 31: Forward Sale and Condominium Projects
Forward Sale and Condominium Projects Actual Budget Project Expected year Building Construc. Land plot Area GAV1 GDV1 # Project name Entity City Zoning CAPEX 6M CAPEX 6M category of completion permit started (k sqm) (k sqm) (€m) (€m) 20262 (€m) 20262 (€m) 1 Ostforum3 Forward sale Consus Leipzig 2026
Slide 32: Corporate Governance – Composition of the Board of Directors
Corporate Governance – Composition of the Board of Directors Composition of the Board of Directors Stefan Brendgen Matthias Moser Thilo Schmid Paul Copley Chairman of the Board Member of the Board Member of the Board Member of the Board Member of the Audit Committee Member of the Audit Committee Cha
Slide 33: Corporate Governance – Shareholder and Voting Securities Composition
Corporate Governance – Shareholder and Voting Securities Composition Adler Group shareholder composition1 Adler Group composition of total voting rights3 Vonovia 15.9% PIMCO 151.6m 18.0% voting rights 84.1% 606.5m 10.0% Taconic Capital Advisors 52.6% voting rights Free Float 9.0% Adler Group holder
Slide 34: Corporate Agenda
Corporate Agenda Adler Group S.A. financial calendar 2026 Investor relations contacts 26 November 2026 Publication Q3 2026 Results Sven Döbeling Head of Finance, Investor Relations & Communication investorrelations@adler-group.com Imprint Adler Group S.A. Online Financial Appendix 55 Allée Scheffer
Slide 35: Disclaimer
Disclaimer THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, JAPAN OR ANY JURISDICTION WHERE SUCH DISTRIBUTION IS UNLAWFUL. This presentation (“Presenta