Slide 1: FY 2025 Results presentation
FY Results 2025 presentation 1 April 2026
Slide 2: Content
Content 1 Disposal Update 2 Q4 2025 Key Figures 3 Portfolio & Operational Performance 4 Financial Update 5 Guidance & Concluding Remarks 6 Appendix 2 Bundesallee 38, Berlin
Slide 3: Disposal Update
1 Disposal Update 3
Slide 4: Disposal Update
Disposal Update Successful signing and closing of multiple development project disposals in the recent months Development project Berlin yielding asset Other yielding asset disposals in Q4 ’25 disposals in Q4 ’25 disposals 1 | Disposal Update ➢ The company’s holdback of disposal proceeds (max. amoun
Slide 5: Q4 2025 Key Figures
2 Q4 2025 Key Figures 5
Slide 6: Q4 2025 Key Figures
Q4 2025 Key Figures The Berlin-anchored yielding asset portfolio continued to perform strongly in Q4 2025; Valuation improved slightly in H2 2025 for rental portfolio FINANCIAL PORTFOLIO OVERVIEW PERFORMANCE ◼ Net rental income: €132m ◼ 3.6% like-for-like (l-f-l) rental growth on a year-on-year basi
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 Dec-20252 17,929 17,695 17,5041 (234) (191) Berlin Dec-24 Disposals Sep-25 Disposals
Slide 9: Yielding Portfolio Valuation
Yielding Portfolio Valuation The slightly positive revaluation result mainly stems from sustainable rental growth rather than yield compressions Like-for-like fair value development until FY 2025 (%) Like-for-like Rental yield (%)1 10.1% 3.5% 3.6% H1 2025: 0.4% 1.0% H2 2025: 3 | Portfolio & Operatio
Slide 10: Operational Performance
Operational Performance The like-for-like rental growth of 3.6% was largely driven by the increase of current rental contracts Average rent (€/sqm/month) Like-for-like rental growth (%)2 Detailed breakdown of the like-for-like rental growth as per Dec-2025 (%) €8.30 8.61 8.29 like-for-like rent With
Slide 11: Financial Update
4 Financial Update
Slide 12: Development of GAV in Q4 2025
Development of GAV in Q4 2025 Total portfolio GAV reduced primarily due to the disposal of three development projects GAV (€bn)1 Comments 1 In the fourth quarter 2025, c. 189 rental units based both in 4.2 Berlin and in Eastern Germany were sold as part of a couple (0.0) (0.2) 4.0 smaller transactio
Slide 13: Financing Update
Financing Update While the redemption of the 1L New Money Facility continues with the inflow of disposal proceeds, the remaining maturities in 2026 have been largely addressed DEBT REPAYMENTS MATURITIES IN 2026 ◼ Partial redemptions, i.e. proceeds returned to the ◼ Remaining Adler RE bond in the amo
Slide 14: Overview of Debt KPIs as per Dec-2025
Overview of Debt KPIs as per Dec-2025 Further partial redemptions of the 1L New Money Facility in Q4 2025 slightly reduced the total nominal interest- bearing debt Debt KPIs as per Dec-2025 Sources of funding Reinstated 2L Notes3 Total nominal interest-bearing debt (€m)1 3,705 18.9% Secured bank deb
Slide 15: Debt Maturity Schedule
Debt Maturity Schedule The company’s 2026 maturities have been largely addressed Overview of debt maturities1 as per Dec-2025 (€m) Comments 1% 2% 54% 19% 20% 3% ◼ Following the completed refinancing of the Adler RE 2026 Notes in June 2025, the outstanding nominal bond volume of €15m due on 27 Apr-20
Slide 16: Loan to value (LTV) – Development in Q4 2025
Loan to value (LTV) – Development in Q4 2025 The mostly non-cash effective interest expenses led to an increase of the LTV in the quarter LTV evolution (%) 0.6% 76.3% 0.8% 1.5% 73.5% 72.7% 4 | Financial Update Dec-24 Sep-25 Interest CAPEX Other Dec-25 expenses 16
Slide 17: Development of Cash Position in Q4 2025
Development of Cash Position – Development in Q4 2025 The cash position slightly reduced in the quarter primarily as a result of capex and interest expenses Cash position (€m) 241 0 (14) (10) (4) 214 (7) 16 (6) (6) 6 (10) 8 4 | Financial Update 61 61 Sep-25 Operating Net cash flow Net cash flow Yiel
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 Moderate improvement in real estate market but uncertain interest outlook Net rental €124-129m The Berlin-based rental portfolio continues to develop strongly with 3.6% like-for-like income (€m) rental growth and operational
Slide 20: Q&A
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Slide 21: Appendix
Appendix 22-23 Portfolio & Operational Performance 24-28 Financials 29-30 Debt Overview 31-32 Development Projects 33-34 Corporate Governance 35 Corporate Agenda 21
Slide 22: Yielding Asset Portfolio – CAPEX and Maintenance
Yielding Asset Portfolio – CAPEX and Maintenance CAPEX and maintenance (€m) Maintenance expense (€/sqm) CAPEX invested (€/sqm) 47 9.7 20.6 18.9 41 8.6 15 13 32 28 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 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 3,480 100.0 1 Berlin 192 23.9 2 Other cities 1 0.0 2 Frankfurt / Offenbach 126 15.7 Total 3,482 100.0% 3 Hamburg 118 14
Slide 24: Profit and Loss Statement
Profit and Loss Statement P&L statement Comments In €m FY 2025 FY 2024 Compared to FY 2024, net rental income decreased due to the lack of rental income from the 1▪ Net rental income 132 1 208 disposals of BCP and the NRW-based portfolio, both completed in Q1 2025. Income from facility services and
Slide 25: Adj. EBITDA Rental and FFO
Adj. EBITDA Rental and FFO 1 Adj. EBITDA Rental and FFO 1 calculation Comments In €m FY 2025 FY 2024 ▪1 Income from rental activities decreased due to the sale of the subsidiary BCP at the beginning of Net rental income 132 208 Jan-2025 and the NRW-based “Cosmopolitan portfolio” at the end of Feb-20
Slide 26: Adj. EBITDA Total and FFO
Adj. EBITDA Total and FFO 2 Adj. EBITDA Total and FFO 2 calculation Comments In €m FY 2025 FY 2024 ▪1 Compared to the previous year, total revenue decreased due to lower income from rental activities Income from rental activities 197 310 following the portfolio sales completed in early 2025. This wa
Slide 27: Balance Sheet
Balance Sheet Balance sheet Comments In €m Dec-25 Dec-24 ▪1 Investment properties decreased mainly due to the transfer of certain assets from investment Investment properties including advances 3,640 1 3,964 properties to assets classified as held-for-sale and the negative fair value adjustments fol
Slide 28: LTV – Overview
LTV – Overview LTV Comments In €m Dec-25 Dec-24 Total interest-bearing debt of €3,442m significantly decreased compared to the Dec-2024 value 1 Borrowings from Financial Institutions 3,119 1 3,007 mainly following certain debt repayments Bond loans 323 1 528 Net payables 25 2 1,029 2 Net payables no
Slide 29: Breakdown of Debt Maturities per Dec-2025
Breakdown of Debt Maturities per Dec-2025 Nominal amount (€m) IFRS (€m) Maturity Nominal interest rate ADLER Real Estate Bonds SSNs 2018/26 15 15 27 Apr-26 3.00% Total 15 15 0.3 years 3.00%2 Adler Group Bonds 1L New Money Facility1 1,207 1,280 31 Dec-28 8.25% 1.5L 717 772 31 Dec-29 10.00% Reinstated
Slide 30: Capital Structure (excl. Intercompany Loans) per Dec-2025
Capital Structure (excl. Intercompany Loans) per Dec-2025 ADLER Real Estate GmbH – Capital structure Consus Real Estate GmbH – Capital structure Adler Group S.A. (standalone) – Capital structure In €m Amount O/S Maturity Interest In €m Amount O/S Maturity Interest In €m Amount O/S Maturity Interest
Slide 31: Upfront Sale Projects
Upfront Sale Projects Actual Budget Building Construc. Land plot Area # Project name Entity City Zoning CAPEX 12M CAPEX FY permit started (k sqm) (k sqm) 20251 (€m) 20261 (€m) 1 Eurohaus Adler Frankfurt ✓ 14 27 0 0 PROJECT DISPOSALS SIGNED 2 Grand Central Consus Düsseldorf ✓ ✓ 34 76 1 0 3 SLT
Slide 32: 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 12M CAPEX FY category of completion permit started (k sqm) (k sqm) (€m) (€m) 20252 (€m) 20262 (€m) 3 of 3 sections 1 Quartier Hoym Forward sal
Slide 33: 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 34: Corporate Governance – Shareholder and Voting Securities
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 35: Corporate Agenda
Corporate Agenda Adler Group S.A. financial calendar 2026 Investor relations contacts 28 May 2026 Publication Q1 2026 Results Sven Döbeling Head of Finance, Investor Relations & Communication 24 June 2026 Annual General Meeting 2026 s.doebeling@adler-group.com 27 August 2026 Publication Q2 2026 Resu
Slide 36: 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