Leg Immobilien Se · XETR:LEG

Leg Immobilien — H1 2026 Earnings Presentation

49 slides from Leg Immobilien's earnings presentation, Aug 4, 2026

1. Slide 1: H1-2026 Results

   H1 2026 LEG Immobilien SE H1-2026 Results 4 August 2026

2. Slide 2: Disclaimer

   LEG Immobilien SE 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 co

3. Slide 3: Financial Summary

   Financial Performance Financial Summary Operating results H1-2026 H1-2025 change Balance sheet 30.06.2026 31.12.2025 change Net cold rent €m 473.4 457.8 +3.4% Investment properties €m 19,747.9 19,591.4 +0.8% NOI (recurring) €m 396.3 383.8 +3.3% Cash and cash equivalents2 €m 473.9 816.8 –42.0% EBITDA

4. Slide 4: Highlights H1-2026

   Highlights H1-2026 H1-2026 Results – LEG Immobilien SE 4

5. Slide 5: Highlights H1-2026

   Highlights H1-2026 Highlights H1-2026 01 Rent 02 EPRA vacancy 03 Adj. EBITDA +3.7% l-f-l 2.3% +2.3% +50bps positive impact Decline by –20bps Adj. EBITDA increased to from cost rent €368.1m 04 AFFO on track 05 Valuation 06 LTV €110.5m +0.7% 45.5% AFFO guidance of €220-240m Result in line with expecta

6. Slide 6: Efficient Capital Allocation

   Highlights H1-2026 Efficient Capital Allocation Multiple levers, one goal — capital deployed where it earns the most 2026 How We Get There Potential Options Once We Are There Ongoing AFFO focus – Organic growth positive cash flows Driven by modernisation and Green Ventures Disposals at/ H1’26 Acquis

7. Slide 7: Overview H1-2026

   Highlights H1-2026 Overview H1-2026 On track for the 2026 guidance H1-2026 Guidance 2026 Adj. EBITDA-margin: –80bps Adj. EBITDA-margin 77.8% c.78% Net cold rent €473.4m AFFO: –12.7% AFFO +3.4% €110.5m €220 – 240m FFO I: –4.4% FFO I €230.5m €475 – 495m Stronger H2-26 expected due to: +3.7% l-f-l Timi

8. Slide 8: Rent development

   Highlights H1-2026 Rent development Momentum to increase in H2 supporting guidance H1-2026 Guidance 2026 Residential rent total portfolio L-f-l rent growth €/sqm/month/l-f-l 6.96 7.21 Rent table +1.6% Modernisation/Re-letting +1.6% Cost rent +0.5% +3.7% 3.8% – 4.0% H1-2025 H1-2026 Free financed rent

9. Slide 9: Investments

   Highlights H1-2026 Investments Increase by +10% over lower previous year level – on track for >€35/sqm H1-2026 Guidance 2026 Adj. investments Adj. Investments 202.0 €m 184.4 €18.19/sqm +10% €16.51/sqm Adj. Capex 102.9 €9.21/sqm 112.3 €10.11/sqm >€35/sqm Adj. Maintenance 81.5 89.7 €7.30/sqm €8.08/sqm

10. Slide 10: LEG value add on track for another strong year

    Highlights H1-2026 LEG value add on track for another strong year Energy services and refurbishment steering as key growth driver FFO I1 from Value Add services €m Technician/ craftsmen services  Maintenance and service organisation 60 Serial refurbishment  Insulation of the building shell, Projec

11. Slide 11: Disposals

    Highlights H1-2026 Disposals YTD sales of > 1,000 units completed or fixed Divestments Number of units transferred  Q1 and Q2 with similar number of H2 transferred units Q1 Q2 Q3 Q4 FY-2025 Q1 Q2 2026e  Disposal proceeds of c.€42m in –56 H1-2026 –311 –429 –249 –237  Additional disposal contracts

12. Slide 12: Valuation

    Highlights H1-2026 Valuation Momentum positive with +0.7% for H1-2026 Valuation effect %  Pure valuation H1-effect of FY-2022 FY-2023 FY-2024 FY-2025 H1-20261 +0.7% or €135m respectively +1.9 +3.0  Result in line with forecast of up to +0.7 +1.0%  €1,735/sqm at 4.9% gross yield –1.2  Overall, Ge

13. Slide 13: AFFO bridge

    Highlights H1-2026 AFFO bridge Temporary AFFO decline driven by higher investments in the portfolio €m 15.6 Higher net cold rents 126.6 –5.3  Organic rent growth +€18.1m  Disposals –€2.5m –10.3 –2.8 110.5 Higher net cash interests  Driven by lower interest income –13.4 and increasing refinancing

14. Slide 14: Attractive financing structure

    Highlights H1-2026 Attractive financing structure Maturities until end of Q1-2027 covered – ongoing proactive approach for 2027 Loan-to-Value Debt maturities refinanced / covered 45.5% 47.6% 100% H1-2026 H1-2025 until end of Q1-2027 Average interest cost Average maturity ICR 1.82% 5.7 years 4.0x Str

15. Slide 15: Guidance 2026 unchanged and confirmed

    Highlights H1-2026 Guidance 2026 unchanged and confirmed Resilient business model in challenging times Guidance 20261 AFFO FFO I Adj. EBITDA margin L-f-l rent growth €220m – 240m €475m – 495m c.78% +3.8% – 4.0% Investments LTV Dividend Disposals c.45% 100% >€35/sqm in 2026 AFFO as well as a part of

16. Slide 16: H1-2026 Results

    01 H1-2026 Results Appendix 1 Financial Performance 2 Portfolio & Operations 3 Financing 4 ESG 5 Share information, Financial calendar & IR contact H1-2026 Results – LEG Immobilien SE 16

17. Slide 17: FFO I/ AFFO calculation

    Appendix – Financial Performance FFO I/ AFFO calculation €m H1-2026 H1-2025 Net cold rent 473.4 457.8 Net cold rent Profit from operating expenses –8.8 –10.0  +€15.6m or +3.4% driven by rent increases Personnel expenses (rental and lease) –59.5 –57.3 (+€18.1m) Allowances on rent receivables –5.5 –9

18. Slide 18: Loan to Value

    Appendix – Financial Performance Loan to Value €m 30.06.2026 31.12.2025 Loan to Value Financial liabilities 9,634.5 10,155.3  Decline by –130bps to 45.5% vs. FY-2025 Excluding lease liabilities (IFRS 16) 42.6 45.6  Decline by –210bps vs. H1-2025 Cash & cash equivalents1 473.9 816.8 Cash and cash e

19. Slide 19: Balance sheet

    Appendix – Financial Performance Balance sheet €m 30.06.2026 31.12.2025 Equity ratio: 42.4% (FY-2025: 41.6%) Investment properties 19,747.9 19,591.4 Investment properties Other non-current assets 413.8 421.2  Valuation: +€135.0m Non-current assets 20,161.7 20,012.6  Capex: +€116.3m Receivables and

20. Slide 20: EPRA NTA

    Appendix – Financial Performance EPRA NTA €m EPRA NTA – diluted EPRA NTA 30.06.2026 31.12.2025  The dividend was paid out after the balance sheet date IFRS equity attributable to shareholders (before minorities) 8,819.6 8,693.9  The acceptance rate amongst shareholders Hybrid instruments 38.2 38.1

21. Slide 21: H1-2026 Results

    02 H1-2026 Results Appendix 1 Financial Performance 2 Portfolio & Operations 3 Financing 4 ESG 5 Share information, Financial calendar & IR contact H1-2026 Results – LEG Immobilien SE 21

22. Slide 22: LEG's portfolio comprises of c.170,900 residential units

    Appendix – Portfolio & Operations LEG’s portfolio comprises of c.170,900 residential units Kiel, As of 30 June 2026 Flensburg Top 5 locations by market ~4,600 units High-Growth 51,547 Wilhelmshaven, Oldenburg, Bremen, Hanover, Brunswick, Outside North District of Mettmann 9,184 Wolfsburg, Goettingen

23. Slide 23: Portfolio valuation H1-2026

    Appendix – Portfolio & Operations Portfolio valuation H1-2026 Valuation effect by markets1 Highlights % Total FY FY FY H1  The recovery continues at a low level in H1-2026, up +0.7%, following an increase of +1.8% 23 24 25 26 in H2-2025  The result is in line with the forecast for the first half-y

24. Slide 24: Portfolio values H1-2026: Gross yield of 4.9%

    Appendix – Portfolio & Operations Portfolio values H1-2026: Gross yield of 4.9% Market segment Residential GAV Residential GAV/ Gross In-Place Rent GAV Commercial Total GAV2 Units1 Assets (€m) sqm (€) yield Multiple (€m) (€m) High-Growth 51,547 7,992 2,357 4.1% 24.6x 175 8,167 Markets Stable 69,206

25. Slide 25: Portfolio KPIs

    Appendix – Portfolio & Operations Portfolio KPIs Total portfolio Free-financed portfolio Subsidised portfolio In-place rent, l-f-l rent growth, l-f-l In-place rent, l-f-l In-place rent, l-f-l €/sqm €/sqm €/sqm High-Growth 8.08 +3.7% 8.67 5.97 Stable 6.99 +3.8% 7.32 5.52 Higher-Yielding 6.55 +3.4% 6.

26. Slide 26: Top locations upcoming rent tables (MSP – Mietspiegel)

    Appendix – Portfolio & Operations Top locations upcoming rent tables (MSP – Mietspiegel) LEG # LEG Current MSP Current MSP New MSP New MSP expected Location # Residents market segment free financed units type valid since expected type time of update Ratingen >50,000 High-Growth 1,277 Simple 01/2024

27. Slide 27: Rent regulation in Germany

    Appendix – Portfolio & Operations Rent regulation in Germany Free-financed units (c.141,500) Subsidised units (c.29,400) 83% 17% 50% 33% 17% Non-tense markets Tense markets1 Cost rent adjustment c.84,200 units c.57,300 units  Every third year (last was beginning of 2026, next will be in 2029) No re

28. Slide 28: Regulatory Environment (1/3)

    Appendix – Portfolio & Operations Regulatory Environment (1/3) Current Developments Topic Building Modernisation Act (GModG) Draft of Renewable Energy Sources Act (EEG 2027) Details  Elimination of the strict requirement to run new heating systems with at  Shift from fixed feed-in tariffs towards

29. Slide 29: Regulatory Environment (2/3)

    Appendix – Portfolio & Operations Regulatory Environment (2/3) Current Developments: Reform of Federal Building Efficiency Subsidy Programme (BEG) New BEG conditions effective from 21 July 2026 with adjustments in 2027ff.; programme structure (KfW/BAFA) retained Topic Whole-building renovation (KfW

30. Slide 30: Regulatory Environment (3/3)

    Appendix – Portfolio & Operations Regulatory Environment (3/3) Current Developments Topic Planned Federal Restriction on the Socialisation of Private Rental Housing Portfolios Details  Coalition's 34-point "Programme for Growth and Employment" (2 July 2026) includes federal legislation to prevent s

31. Slide 31: Subsidised units account for around 17% of the portfolio

    Appendix – Portfolio & Operations Subsidised units account for around 17% of the portfolio Rent potential subsidised units Number of units coming off restriction and rent upside Higher-Yielding 15,893  Until 2028, around 17,800 units will come 7,690 Stable off rent restriction High-Growth 1,932 1,8

32. Slide 32: Portfolio of 171k units

    Appendix – Portfolio & Operations Portfolio of 171k units Number of units based on date of transfer of ownership1,2 Portfolio changes 183 –421  486 sold and transferred units 7,667 –136 171,360 –244 –236 170,880 reduce portfolio size to slightly below 171 k units  Nearly all additions to the portf

33. Slide 33: Intensification of demand – supply imbalance

    Appendix – Portfolio & Operations Intensification of demand – supply imbalance New supply continues to erode while number of households should increase further base year 2000 = 1001 no. of units2 Target former Government 400,000 115 400,000 350,000 Target BBSR3 320,000 110 300,000 105 250,000 185,00

34. Slide 34: German residential transaction market H1-2026

    Appendix – Portfolio & Operations German residential transaction market Volume slightly below previous year’s level, small to mid-sized deals remain the sweet spot Investment volume Transactions by size H1-20261 Investors by geography H1-20261 German residential1 % % €bn Long-term average 34.0 50 ≥€

35. Slide 35: H1-2026 Results

    03 H1-2026 Results Appendix 1 Financial Performance 2 Portfolio & Operations 3 Financing 4 ESG 5 Share information, Financial calendar & IR contact H1-2026 Results – LEG Immobilien SE 35

36. Slide 36: Financing profile

    Appendix – Financing Financing profile Maturities until end of Q1-2027 covered – ongoing proactive refinancing for 2027 Maturity profile Q1 0 Ø Interest cost Ø Debt maturity Loan-to-Value Q2 0 Weighted in % in years in % €m avg. interest Q3 0 1.66 1.82 5.5 5.7 46.8 2026 1 1.71% Q4 1 45.5 2027 1,081

37. Slide 37: Financing-KPIs

    Appendix – Financing Financing-KPIs As of H1-2026 Bond Covenants1 Financing mix Covenant Threshold H1-2026 Consolidated Adjusted EBITDA / Net Cash Interest ≥1.8x 4.0x Fixed interest 93.5% Unencumbered Assets / Unsecured Financial Indebtedness ≥125% 199.9% Hedged 4.5% Net Financial Indebtedness / Tot

38. Slide 38: Capital market financing – Corporate bonds

    Appendix – Financing Capital market financing – Corporate bonds Maturity Date Issue Size Duration Coupon Issue Price ISIN WKN 28 Nov 2027 €500m 2019/2027 0.875% p.a. 99.356% DE000A254P51 A254P5 17 Jan 2029 €700m 2022/2029 0.875% p.a. 99.045% DE000A3MQNP4 A3MQNP 30 Jun 2031 €700m 2021/2031 0.750% p.a

39. Slide 39: Capital market financing – Convertibles

    Appendix – Financing Capital market financing – Convertibles 2020/2028 2024/2030 Issue Size €550m €700m Term / 8 years/ 6 years/ Maturity Date 30 June 2028 4 September 2030 0.400% p.a. 1.000% p.a. Coupon (semi-annual payment: (semi-annual payment: 15 January, 15 July) 4 March, 4 September) # of shar

40. Slide 40: H1-2026 Results

    04 H1-2026 Results Appendix 1 Financial Performance 2 Portfolio & Operations 3 Financing 4 ESG 5 Share information, Financial calendar & IR contact H1-2026 Results – LEG Immobilien SE 40

41. Slide 41: On track for our target towards climate neutrality

    Appendix – ESG On track for our target towards climate neutrality Aiming for a reduction of 47% of our carbon footprint until 2030 Updated 2030 ambition: LEG decarbonisation path  LEG fully committed to German Climate 2019 – 2030: –47% CO2e Actual reduction Change Act to achieve climate neutrality

42. Slide 42: Energy efficiency classes

    Appendix – ESG Energy efficiency classes Better than the market Distribution by energy efficiency classes LEG Reporting date 31.12.2025 Market 20251 A+ to D A+ to D 58.0% 49.6% 28.6% 19.2% 15.6% 20.3% 13.8% 14.2% 17.8% 11.4% 11.9% 9.1% 8.1% 8.1% 7.8% 4.1% 4.4% 4.6% 0.4% 0.6% A+ A B C D E F G H A+ A

43. Slide 43: Ratings

    Appendix – ESG Ratings We have managed to achieve or maintain good positions in all of our ratings ESG 2019 2020 2021 2022 2023 2024 2025 ESG AA AA AA AAA AAA AAA AAA Improved to AAA and maintained since 2022 Rating ESG Rating 20.1 10.4 7.8 6.7 6.7 6.3 10.1 Low scores in the ESG risk Rating CDP B B

44. Slide 44: Comprehensive ESG update

    Appendix – ESG Comprehensive ESG update Published on the LEG webpage at ESG-Strategy – Factbook 2030 H1-2026 Results – LEG Immobilien SE 44

45. Slide 45: H1-2026 Results

    05 H1-2026 Results Appendix 1 Financial Performance 2 Portfolio & Operations 3 Financing 4 ESG 5 Share information, Financial calendar & IR contact H1-2026 Results – LEG Immobilien SE 45

46. Slide 46: LEG share information

    Appendix – Share information, Financial calendar & IR contact LEG share information Basic data Shareholder structure1 Market segment Prime Standard Stock Exchange Frankfurt Blackrock 7.7% Total no. of shares 76,848,472 Norges 3.2% Ticker symbol LEG Goldman Sachs 2.9% ISIN DE000LEG1110 Indices MDAX,

47. Slide 47: Share price and market capitalisation since IPO

    Appendix – Share information, Financial calendar & IR contact Share price and market capitalisation since IPO IPO (2/2013) CI (06/2020) SD (09/2020) 8/2026 CI (06/2015) CI (11/2015) 53.0m shares +1.2m shares +4.5m shares +2.4m shares +0.7m shares 76.8m shares SD (06/2021) SD (07/2026) 12,000 +0.7m s

48. Slide 48: Financial calendar

    Appendix – Share information, Financial calendar & IR contact Financial calendar 27 May 12 November AGM Quarterly Statement Q3 Dusseldorf as of 30 September 2026 13 May 4 August Quarterly Statement Q1 Quarterly Report Q2 as of 31 March 2026 as of 30 June 2026 For our detailed financial calendar, ple

49. Slide 49: IR contact

    Appendix – Share information, Financial calendar & IR contact IR contact Investor Relations Team For questions please use Elke Franzmeier Corporate Access & Events ir@leg-se.com Tel: +49 (0) 211 4568 – 159 E-Mail: elke.franzmeier@leg-se.com Karin Widenmann Gordon Schönell, CIIA Senior Manager Invest

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