Leg Immobilien Se · XETR:LEG

Leg Immobilien — H1 2025 Earnings Presentation

47 slides from Leg Immobilien's earnings presentation, Aug 7, 2025

  1. Slide 1: H1-2025 Results

    H1- 2025 LEG Immobilien SE H1-2025 Results 7 August 2025

  2. Slide 2: H1-2025 Results – Agenda

    H1-2025 Results – Agenda 1 Highlights H1-2025 3 Financial Performance 5 Appendix 2 Portfolio & Operating Performance 4 Outlook H1-2025 Results – LEG Immobilien SE 2

  3. Slide 3: 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

  4. Slide 4: Highlights Q2-2025

    1 Highlights Q2-2025 H1-2025 Results – LEG Immobilien SE 4

  5. Slide 5: Financial Summary

    Highlights Financial Summary H1-2025 Operating results H1-2025 H1-2024 change Balance sheet 30.06.2025 31.12.2024 change Net cold rent €m 457.8 427.9 +7.0% Investment properties €m 19,183.2 17,853.3 +7.4% NOI (recurring) €m 383.8 350.2 +9.6% Cash and cash equivalents3 €m 763.9 914.3 –16.4% EBITDA (a

  6. Slide 6: Strong momentum continues

    Highlights Strong momentum continues AFFO guidance specified towards upper half of original range - pointing to c.10% AFFO and c.5% FFO I growth1 Financials Operations ESG  AFFO +15.4% to €126.6m  Net cold rent +7.0%  SVB member Katrin Suder appointed member of the Government Commission on the 

  7. Slide 7: FFO I per share – back at pre-crisis earnings level

    Highlights FFO I per share – back at pre-crisis earnings level High stability of earnings throughout the cycle Historical development of earnings per share1 Managing the cycle via non-complex measures (€) and strict cash focus 7  Shift to cashflow/ AFFO steering  Dividend suspension for FY-2022 –

  8. Slide 8: Seamless integration of BCP leads to AFFO impact of >€5m in 2025

    Highlights Seamless integration of BCP leads to AFFO impact of >€5m in 2025 Faster execution allows for profit contribution in year 1  Fast and smooth integration of 9,100 units Total BCP residential portfolio by units Kiel  Fast execution on synergies: ~1,000  Refinanced vast majority of outstan

  9. Slide 9: Portfolio & Operating Performance

    2 Portfolio & Operating Performance H1-2025 Results – LEG Immobilien SE 9

  10. Slide 10: €180m of disposals - transaction activity expected to increase

    Portfolio & Operating Performance €180m of disposals - transaction activity expected to increase €143m of disposal proceeds in H1-2025, €37m to come until Q4-2025 Portfolio development – Divestments  Transfer of ownership for c. 1,800 units in H1-2025 for disposal proceeds of €143m Number of units

  11. Slide 11: Rent growth is gaining momentum

    Portfolio & Operating Performance Rent growth is gaining momentum Overall on track for guidance range l-f-l rent development l-f-l free financed rent development €/sqm/month €/sqm/month Residential rent H1-2025 8.40 High-growth +3.2% H1-2025 6.93 H1-2024 8.11 +3.6% Rent table +1.8% H1-2024 6.72 Mode

  12. Slide 12: Capex and Maintenance

    Portfolio & Operating Performance Capex and Maintenance Investments expected to increase in Q3/Q4-2025 to target level of >€35/sqm Adj. Invest per sqm1 €15.41/sqm +7.1% €16.51/sqm  Adjusted investments per sqm increased by 7.1% Adj. Invest €m1: €166.6m €184.4m yoy to €16.51/sqm Total Invest €m €193

  13. Slide 13: LEG value add with strong momentum in H1-2025

    Portfolio & Operating Performance LEG value add with strong momentum in H1-2025 Energy services and refurbishment steering as key growth driver FFO I contribution services – Value Add & Green Ventures1 €m Technician/ craftsmen services (TSP) 50 51 50  Maintenance and service organisation Serial ref

  14. Slide 14: Financial Performance

    3 Financial Performance H1-2025 Results – LEG Immobilien SE 14

  15. Slide 15: Financial highlights H1-2025

    Financial Performance Financial highlights H1-2025 Margins expand based on seamless BCP integration and better value-add business Net cold rent Net operating income (recurring) Net cold rent €m €m  €29.9m net cold rent growth (+7.0%) driven by 427.9 457.8 383.8 the acquisition of BCP (€24.7m) and t

  16. Slide 16: AFFO Bridge H1-2025

    Financial Performance AFFO Bridge H1-2025 AFFO rises driven by strong rent growth while investments are gradually increasing Organic rent growth (+€13.9m) Acquisition BCP (+€24.7m) Overall rising level of maintenance and Disposals (–€8.7m) capex (–€15.7m) €m 29.9 3.2 5.5 –10.6 126.6 –6.0 –5.1 109.7

  17. Slide 17: Portfolio valuation H1-2025

    Financial Performance Portfolio valuation H1-2025 Recovery gaining further momentum – H1-2025 with another increase of +1.2% Valuation decline by markets1 Highlights % Total High-growth  Devaluation cycle came to an end – recovery H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 22 23 23 24 24 25 22 23 23 24 24

  18. Slide 18: Financial profile

    Financial Performance Financial profile 2025 maturities fully addressed – 2026 maturities now in focus Maturity profile Average debt maturity Highlights Weighted years €m Loans Bonds avg. interest Convertibles Sustainable bonds  All 2025 maturities addressed – opportunistic H1-2025 5.5 refinancing,

  19. Slide 19: Outlook

    4 Outlook H1-2025 Results – LEG Immobilien SE 19

  20. Slide 20: Guidance 2025 updated towards upper half of original AFFO range

    Outlook Guidance 2025 updated towards upper half of original AFFO range Indication for FFO I provided – reflecting improved market conditions 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

  21. Slide 21: H1-2025 Results – Appendix

    5 H1-2025 Results Appendix 1 Financials 2 Market 3 Portfolio 4 ESG 5 Financing 6 Share Information H1-2025 Results – LEG Immobilien SE 21

  22. Slide 22: FFO I/ AFFO calculation

    Appendix – Financials FFO I/ AFFO calculation €m H1-2025 H1-2024 Net cold rent Net cold rent 457.8 427.9  +€29.9m or +7.0% driven by the acquisition of Profit from operating expenses –10.0 –10.7 BCP (+€24.7m) and residential rent increases Personnel expenses (rental and lease) –57.3 –57.5 (+3.2% l-

  23. Slide 23: EPRA NRV – NTA – NDV

    Appendix – Financials EPRA NRV – NTA – NDV €m 30.06.2025 31.12.2024 EPRA NRV EPRA NTA EPRA NDV EPRA NRV EPRA NTA EPRA NDV – diluted – diluted – diluted – diluted – diluted – 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 in

  24. Slide 24: Balance sheet

    Appendix – Financials Balance sheet €m 30.06.2025 31.12.2024 Equity ratio: 37.6% (FY-2024: 37.8%) Investment property 19,183.2 17,853.3 Investment property Other non-current assets 427.9 529.9  BCP: +€999.3m and other +€20.1m Non-current assets 19,611.1 18,383.2  Valuation: +€222.1m  Capex: +€106

  25. Slide 25: Loan to Value

    Appendix – Financials Loan to Value €m 30.06.2025 31.12.2024 Loan to Value Financial liabilities 10,032.0 9,718.6  Decline by 30bps to 47.6%  Ongoing high level of cash and cash Excluding lease liabilities (IFRS 16) 44.6 47.4 equivalents in the amount of €763.9m Cash & cash equivalents1 leave room

  26. Slide 26: Evaluation of the new coalition agreement of CDU, CSU and SPD

    Appendix – Market Evaluation of the new coalition agreement of CDU, CSU and SPD Topic Explanation Evaluation LEG Abolition of the Building Energy Reduction of detailed specifications and expensive insulation Enabling of cost-efficient decarbonisation of existing buildings Act (GEG); greater openness

  27. Slide 27: German residential market

    Appendix – Market German residential market A highly fragmented market – dominated by private owners Professional owners 34% 66% Private owners Public owner 11% 43% Private Individuals Private companies 10% of which  No. 1 1.1%  LEG (No. 2) 0.4% Total market Mutuals 9% 43.4m units Other private co

  28. Slide 28: Demand – supply imbalance will persist

    Appendix – Market Demand – supply imbalance will persist New supply continues to erode while population will remain at high level German population at New apartments completed highest level ever in 2024 no. of units Target previous German government 400k 400,000 in million 85 300,000 83.6 216k 175k

  29. Slide 29: LEG’s portfolio comprises of c. 171,600 residential units

    Appendix – Portfolio LEG’s portfolio comprises of c. 171,600 residential units Well balanced portfolio As at 30 June 2025 Total portfolio1 Schleswig- Holstein Outside North (c. 171,600 units) ~4,600 Rhine-Westphalia by units Wilhelmshaven, Oldenburg, Bremen, (c.35,500 units / c.21%) 30% 30% Osnabrüc

  30. Slide 30: Portfolio growth to >170k units driven by BCP integration

    Appendix – Portfolio Portfolio growth to >170k units driven by BCP integration BCP-units onboarded – disposal program ongoing Number of units based on date of transfer of ownership1,2 Portfolio changes 7,667 –136 171,598  ~9,100 additions from BCP-acquisition in Q1-2025 166,546 –593 –130 –524 –1,23

  31. Slide 31: Portfolio values H1-2025: Gross yield of c.5% for the portfolio

    Appendix – Portfolio Portfolio values H1-2025: Gross yield of c.5% for the portfolio Valuation effects of +1.2% in H1-2025 Market Residential GAV GAV/ Gross In-Place GAV Total GAV Gross yields segment Units1 Residential sqm (€) yield Rent Commercial/ (€m) Assets (€m) Multiple Other (€m) 7% High- 6%

  32. Slide 32: Portfolio KPIs

    Appendix – Portfolio Portfolio KPIs Rent increases alongside vacancy reduction Market split (GAV) In-place rent, l-f-l Vacancy, l-f-l % €/m2 % High-growth 43 High-growth 7.78 High-growth 1.2 Stable 38 Stable 6.70 Stable 2.4 Higher-yielding 19 Higher-yielding 6.32 Higher-yielding 4.3 Markets Total po

  33. Slide 33: Rent regulation in Germany

    Appendix – Portfolio Rent regulation in Germany Only one third of units subject to stricter regulation Free-financed units (~142,000) Rent restricted units (~30,000) 83% 17% 49% 33% 17% Non-tense markets Tense markets2 Cost rent adjustment ~85,000 units ~57,000 units  Every third year (i.e. last wa

  34. Slide 34: Top locations upcoming rent tables (MSP – Mietspiegel)

    Appendix – Portfolio Top locations upcoming rent tables (MSP – Mietspiegel) Offering the basis for further growth 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 Neuss >100,000 High-growt

  35. Slide 35: Subsidised units account for around 17% of the portfolio

    Appendix – Portfolio Subsidised units account for around 17% of the portfolio Reversionary potential amounts to 55% on average Rent potential subsidised units Number of units coming off restriction and rent upside Higher-Yielding  Until 2028, around 18,400 units will come off Stable 16,077 7,866 re

  36. Slide 36: New construction – finishing the last projects – small in volume

    Appendix – Portfolio New construction – finishing the last projects – small in volume Small size of projects and investment volume, cash potential from built to sell Completions1 Remaining completions number of units per year in 2025 Development on own land 236 units Acquisitions (3rd party develope

  37. Slide 37: 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 CO2e Actual reduction Change Act to achieve climate neutrality kg/m² 2019 – 2030:

  38. Slide 38: Transition roadmap towards climate neutrality by levers

    Appendix – ESG Transition roadmap towards climate neutrality by levers Energy transition remains the key driver as focus on emission efficiency puts less focus on expensive refurbishments CO2e in kg /m² 2019 2024 2030 2035 2040 2045 Focus is on 39.4 29.11 20 – 21 13 – 14 6–8 0 – 4.9  Emission effic

  39. Slide 39: Among the best in class ESG

    Appendix – ESG Among the best in class Reflecting LEG’s strong sustainability commitment ESG 2019 2020 2021 2022 2023 2024 ESG Rating AA AA AA AAA AAA AAA Top rating since 2022 ESG Rating 20.1 10.4 7.8 6.7 6.7 6.3 Continuously improved CDP Score B B B Since 2022 B-rated, score above sector (B–) SBTi

  40. Slide 40: Comprehensive ESG update

    Appendix – ESG Comprehensive ESG update Published on the LEG webpage at ESG-Strategy - Factbook 2030 H1-2025 Results – LEG Immobilien SE 40

  41. Slide 41: Financing-KPIs as of Q2-2025

    Appendix – Financing Financing-KPIs as of Q2-2025 Unsecured financing covenants Financing mix Covenant Threshold Q2-2025 Consolidated Adjusted EBITDA / Net Cash Interest ≥1.8x 4.4x1 Unencumbered Assets / Fixed interest 91.2% Unsecured Financial Indebtedness ≥125% 194.4% Derivatives 6.4% Net Financia

  42. Slide 42: Capital market financing

    Appendix – Financing Capital market financing Corporate bonds 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.

  43. Slide 43: Capital market financing

    Appendix – Financing Capital market financing Convertible bonds 2017/2025 2020/2028 2024/2030 Issue Size €400m €550m €700m Term / 8 years/ 8 years/ 6 years/ Maturity Date 1 September 2025 30 June 2028 4 September 2030 0.875% p.a. 0.400% p.a. 1.000% p.a. Coupon (semi-annual payment: (semi-annual paym

  44. Slide 44: LEG share information

    Appendix – Share information LEG share information Basic data Shareholder structure1 Market segment Prime Standard Stock Exchange Frankfurt Blackrock 10.1% Total no. of shares 75,570,800 Amundi 3.1% Ticker symbol LEG Norges 3.0% ISIN DE000LEG1110 Other free float 83.8% Indices MDAX, FTSE EPRA/NAREIT

  45. Slide 45: Share price and market capitalisation since IPO

    Appendix – Share information Share price and market capitalisation since IPO IPO (2/2013) CI (06/2020) SD (09/2020) 08/2025 CI (06/2015) CI (11/2015) 53.0m shares +1.2m shares +4.5m shares +2.4m shares +0.7m shares 75.6m shares SD (06/2021) 12,000 +0.7m shares 160 CI (10/2014) CIK (05/2016) CB (10/2

  46. Slide 46: Financial calendar

    Appendix Financial calendar 10 March 28 May 12 November Annual Report AGM Quarterly Statement Q3 2024 Dusseldorf as of 30 September 2025 2025 13 May 7 August Quarterly Statement Q1 Quarterly Report Q2 as of 31 March 2025 as of 30 June 2025 For our detailed financial calendar, please visit https://ir

  47. Slide 47: IR Contact

    Appendix IR Contact Investor Relations Team For questions please use ir@leg-se.com Frank Kopfinger, CFA Elke Franzmeier Head of Investor Relations & Strategy Corporate Access & Events Tel: +49 (0) 211 4568 – 550 Tel: +49 (0) 211 4568 – 159 E-Mail: frank.kopfinger@leg-se.com E-Mail: elke.franzmeier@l

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