Slide 1: FY-2025 Results
FY 2025 LEG Immobilien SE FY-2025 Results 5 March 2026
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
Slide 3: Financial Summary
Financial Performance Financial Summary Operating results FY-2025 FY-2024 change Balance sheet 31.12.2025 31.12.2024 change Net cold rent €m 919.9 859.4 +7.0% Investment properties €m 19,591.4 17,853.3 +9.7% NOI (recurring) €m 764.1 718.7 +6.3% Cash and cash equivalents2 €m 816.8 914.3 –10.7% EBITDA
Slide 4: Highlights FY-2025
01 Highlights FY-2025 FY-2025 Results – LEG Immobilien SE 4
Slide 5: Highlights FY-2025
Highlights FY-2025 Highlights FY-2025 01 2025 02 Dividend 03 LTV AFFO +10% proposal +8% improved AFFO with €220.5m at Dividend per share proposal LTV of 46.8% – on track for 45%, record level of €2.92 reflects 100% of AFFO 3.0% valuation effect 04 Disposals 05 2026 06 Mid-term guidance growth Sale o
Slide 6: Promised and delivered
Highlights FY-2025 Highlights FY-2025 Promised and delivered FY-2025 Guidance 2025 Adj. EBITDA-margin: +20bps Adj. EBITDA-margin 78.1% c.77% Net cold rent €919.9m AFFO: +10.0% AFFO +7.0% €220.5m €215 – 225m FFO I: +5.2% FFO I (indication) €481.5m €470 – 490m 3.5% l-f-l Average interest costs remaine
Slide 7: Growth from subsidised units from 2028 onwards
Highlights FY-2025 Growth from subsidised units from 2028 onwards Significant gap towards market level will drive growth on a recurring basis Total 16,065 €5.41 €9.05 Higher Expected rent increase in 2028e €4.66 €6.97 yielding 1/3 for units getting off restriction >12% Non- Stable €5.24 €8.28 tense
Slide 8: Tech drives service quality and efficiency of operating model
Highlights FY-2025 Tech drives service quality and efficiency of operating model Digitalisation to become relevant bottom-line contributor from 2028+ LEG heavily investing in tech initiatives… Digital Transformation through partnerships: Rather than diverting Major investments in tech projects in
Slide 9: Rent development
Highlights FY-2025 Rent development Free financed rents signal ongoing strong momentum FY-2025 Guidance 2025 Residential rent total portfolio L-f-l rent growth €/sqm/month/l-f-l 6.81 7.04 Rent table +2.0% Modernisation/Re-letting +1.5% +3.5% 3.4% – 3.6% FY-2024 FY-2025 Free financed rent €/sqm/month
Slide 10: Investments
Highlights FY-2025 Investments Significant investments into our portfolio with 36€/sqm FY-2025 Guidance 2026 Adj. investments Adj. Investments 402.8 €m / € per sqm 366.3 €36.11/sqm +10% €33.99/sqm Adj. Capex 210.8 €19.56/sqm 228.2 €20.46/sqm >€35/sqm Adj. Maintenance 155.5 174.6 €14.43/sqm €15.65/sq
Slide 11: LEG value add with strong growth in 2025
Highlights FY-2025 LEG value add with strong growth in 2025 Energy services and refurbishment steering as key growth driver FFO I1 from Value Add services €m Technician/ craftsmen services 60 Maintenance and service organisation 51 Serial refurbishment 50 50 Insulation of the building shell, inc
Slide 12: Disposals
Highlights FY-2025 Disposals Sale of 3,100 units for >€250m completed or agreed in 2025 Divestments Number of units transferred 2025 2,252 units for c.€190m transferred in FY-2025 FY-2024 Q4 FY-2025 Additional Disposal contracts for 950 units (c.€70m) signed with –429 transfer of ownership in Q1
Slide 13: Valuation
Highlights FY-2025 Valuation Markets further stabilising with +3.0% for FY-2025 of which +1.8% in H2-2025 Valuation effect % Pure valuation H2-effect of FY-2022 FY-2023 FY-2024 FY-20251 +1.8% or €349m respectively +1.9 +3.0 €1,710/sqm at 4.8% gross yield Valuation reflects positive market tren
Slide 14: AFFO bridge
Highlights FY-2025 AFFO bridge AFFO-growth driven by higher rents, cost discipline and limited interest cost effects €m 60.5 –13.4 Higher net cold rents 220.5 –12.0 –4.2 1.8 –7.1 –5.6 Organic rent growth +€27.9m 200.4 Acquisition BCP +€49.4m Disposals –€16.8m Higher net cash interests Driven
Slide 15: Attractive financing structure
Highlights FY-2025 Attractive financing structure 2026 maturities covered – on track for 45% LTV target in 2026 Loan-to-Value Debt maturities covered 46.8% 47.9% 100% FY-2025 FY-2024 FY-2026 Average interest cost Average maturity ICR 1.66% 5.5 years 4.3x Strong liquidity position of 2026: Redemption
Slide 16: Guidance 2026 confirmed
Highlights FY-2025 Guidance 2026 confirmed Further improving cash generation with AFFO of €220m – €240m 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
Slide 17: FY-2025 Results
02 FY-2025 Results Appendix 1 Financial Performance 2 Portfolio & Operations 3 Financing 4 ESG 5 Share information, Financial calendar & IR contact FY-2025 Results – LEG Immobilien SE 17
Slide 18: FFO I/ AFFO calculation
Appendix – Financial Performance FFO I/ AFFO calculation €m FY-2025 FY-2024 Net cold rent 919.9 859.4 Net cold rent Profit from operating expenses –17.3 –13.2 +€60.5m or +7.0% driven by the acquisition of Personnel expenses (rental and lease) –117.8 –115.1 BCP (+€49.4m) and residential rent increa
Slide 19: Loan to Value
Appendix – Financial Performance Loan to Value €m 31.12.2025 31.12.2024 Loan to Value Financial liabilities 10,155.3 9,718.6 Decline by 110bps to 46.8% vs. FY-2024 Decline by 150bps vs. 9M-2025 Excluding lease liabilities (IFRS 16) 45.6 47.4 Ongoing high level of cash and cash Cash & cash equi
Slide 20: Balance sheet
Appendix – Financial Performance Balance sheet €m 31.12.2025 31.12.2024 Equity ratio: 41.6% (FY-2024: 37.8%) Investment properties 17,853.3 Positive tax income of €364m mainly sourced 19,591.4 from decrease in deferred taxes (and respective Other non-current assets 421.2 529.9 increase in equity)
Slide 21: EPRA NTA
Appendix – Financial Performance EPRA NTA €m EPRA NTA – diluted 31.12.2025 31.12.2024 IFRS equity attributable to shareholders (before minorities) 8,693.9 7,371.5 Hybrid instruments 38.1 29.2 Diluted NTA (at Fair Value) 8,732.0 7,400.7 Deferred tax in relation to fair value gains of IP and deferred
Slide 22: FY-2025 Results
03 FY-2025 Results Appendix 1 Financial Performance 2 Portfolio & Operations 3 Financing 4 ESG 5 Share information, Financial calendar & IR contact FY-2025 Results – LEG Immobilien SE 22
Slide 23: LEG's portfolio comprises of c.171,400 residential units
Appendix – Portfolio & Operations LEG’s portfolio comprises of c.171,400 residential units Kiel, As of 31 December 2025 Flensburg Top 5 locations by market ~4,600 units High-Growth 51,685 Wilhelmshaven, Oldenburg, Bremen, Hanover, Brunswick, Outside North District of Mettmann 9,186 Wolfsburg, Göttin
Slide 24: Portfolio KPIs
Appendix – Portfolio & Operations Portfolio KPIs Total portfolio Free-financed portfolio Subsidised portfolio In-place rent, l-f-l L-f-l rent growth In-place rent, l-f-l In-place rent, l-f-l €/sqm €/sqm €/sqm High-Growth 7.90 +3.5% 8.56 5.71 Stable 6.82 +3.8% 7.18 5.34 Higher-Yielding 6.41 +3.1% 6.6
Slide 25: Top locations upcoming rent tables
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 Siegen >100,000 Stable 1,360 Simple 01/2023 Simple
Slide 26: Rent regulation in Germany
Appendix – Portfolio & Operations Rent regulation in Germany Free-financed units (~142,000) Subsidised units (~30,000) 83% 17% 50% 33% 17% Non-tense markets Tense markets1 Cost rent adjustment ~85,000 units ~57,000 units Every third year (i.e. last was in 2023, next will be in 2026) No regulations
Slide 27: 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 16,065 Until 2028, around 18,300 units will come 7,788 Stable off rent restriction High-Growth 2,081 1,8
Slide 28: Portfolio growth to >170k units driven by BCP integration
Appendix – Portfolio & Operations Portfolio growth to >170k units driven by BCP integration Number of units based on date of transfer of ownership1,2 Portfolio changes 7,667 –136 183 –421 171,360 ~9,100 additions from BCP- acquisition in Q1-2025 166,546 Nearly all additions to the portfolio 164,
Slide 29: German residential transaction market
Appendix – Portfolio & Operations German residential transaction market Volumes remain at 2024 level Investment volume Transactions by size FY-20251 Investors by geography FY-20251 German residential % % €bn Long-term average 60 33.5 50 ≥€100m 40 21.4 €50 – <100m Germany 66.1% 30 Europe 7.0% €25 – <
Slide 30: Portfolio valuation FY-2025
Appendix – Portfolio & Operations Portfolio valuation FY-2025 Valuation effect by markets1 Highlights % Total FY FY FY FY Devaluation cycle came to an end – recovery ongoing with +1.8% in H2-2025 following an 22 23 24 25 increase of +1.2% in H1-2025 Result in line with H2-guidance of +1.5% to +2
Slide 31: Portfolio values FY-2025: Gross yield of 4.8%
Appendix – Portfolio & Operations Portfolio values FY-2025: Gross yield of 4.8% Market segment Residential GAV Residential GAV/ Gross In-Place Rent GAV Commercial Total GAV2 Units1 Assets (€m) sqm (€) yield Multiple (€m) (€m) High-Growth 51,685 7,871 2,321 4.1% 24.7x 172 8,044 Markets Stable 69,302
Slide 32: Constructive views on German residential
Appendix – Portfolio & Operations Constructive views on German residential German Housing Market Germany Residential Overview – H2 2025 Market Q4 2025 Supply shortage to deepen, pushing prices upward: Market recovery expected: “The lowest number of completions is expected in 2026, meaning “For 2026,
Slide 33: LEG value add with strong growth in 2025
Appendix – Portfolio & Operations LEG value add with strong growth in 2025 Energy services and refurbishment steering as key growth driver Technician/ craftsmen services Maintenance and service organisation Serial refurbishment Project management services Insulation of the building shell, Stee
Slide 34: Regulatory Environment (1/2)
Appendix – Portfolio & Operations Regulatory Environment (1/2) Current Developments Topic Planned GModG (Building Modernisation Act): formerly GEG: EPBD Technology openness and innovation are possible again Flexible and practical implementation of the EU Building Directive Details Key issues paper o
Slide 35: Regulatory Environment (2/2)
Appendix – Portfolio & Operations Regulatory Environment (2/2) Current Developments Topic Rent Control (Mietpreisbremse): Tenancy Law Reform Extension until end of 2029 Threat of further tightening Details Law enacted (decision to extend until end of 2029 in § 565d Federal Ministry of Justice: Dra
Slide 36: FY-2025 Results
04 FY-2025 Results Appendix 1 Financial Performance 2 Portfolio & Operations 3 Financing 4 ESG 5 Share information, Financial calendar & IR contact FY-2025 Results – LEG Immobilien SE 36
Slide 37: Financing profile
Appendix – Financing Financing profile 2026 maturities fully covered while strong ICR stands at 4.3x Maturity profile Average interest cost Average debt maturity Loan-to-Value €m Weighted % years % Loans Bonds avg. interest 1.49 1.66 5.7 5.5 47.9 46.8 Convertibles Sustainable bonds 2026 965 1.10% 20
Slide 38: Financing-KPIs
Appendix – Financing Financing-KPIs as of FY-2025 Bond Covenants1 Financing mix Covenant Threshold FY-2025 Consolidated Adjusted EBITDA / Net Cash Interest ≥1.8x 4.3x Unencumbered Assets / Unsecured Financial Indebtedness ≥125% 177.0% Fixed interest 91.4% Net Financial Indebtedness / Total Assets ≤6
Slide 39: Capital market financing – Corporate bonds
Appendix – Financing Capital market financing – Corporate bonds Maturity Date Issue Size Duration Coupon Issue Price ISIN WKN 17 Jan 20261 €500m 2022/2026 0.375% p.a. 99.435% DE000A3MQNN9 A3MQNN 28 Nov 2027 €500m 2019/2027 0.875% p.a. 99.356% DE000A254P51 A254P5 17 Jan 2029 €700m 2022/2029 0.875% p.
Slide 40: 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
Slide 41: FY-2025 Results
05 FY-2025 Results Appendix 1 Financial Performance 2 Portfolio & Operations 3 Financing 4 ESG 5 Share information, Financial calendar & IR contact FY-2025 Results – LEG Immobilien SE 41
Slide 42: 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
Slide 43: 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
Slide 44: 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
Slide 45: Comprehensive ESG update
Appendix – ESG Comprehensive ESG update Published on the LEG webpage at ESG-Strategy – Factbook 2030 Update of Factbook available by the end of March 2026 FY-2025 Results – LEG Immobilien SE 45
Slide 46: FY-2025 Results
06 FY-2025 Results Appendix 1 Financial Performance 2 Portfolio & Operations 3 Financing 4 ESG 5 Share information, Financial calendar & IR contact FY-2025 Results – LEG Immobilien SE 46
Slide 47: 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 10.0% Total no. of shares 75,570,800 Norges 3.0% Ticker symbol LEG Amundi 3.0% ISIN DE000LEG1110 Indices MDAX, FTSE E
Slide 48: 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) 3/2026 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
Slide 49: Financial calendar
Appendix – Share information, Financial calendar & IR contact Financial calendar 5 March 27 May 12 November Publication Annual AGM Quarterly Statement Q3 Financial Report 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 2
Slide 50: IR contact
Appendix – Share information, Financial calendar & IR contact IR contact Investor Relations Team Frank Kopfinger, CFA Elke Franzmeier For questions please use Head of Investor Relations & Strategy Corporate Access & Events Tel: +49 (0) 211 4568 – 550 Tel: +49 (0) 211 4568 – 159 ir@leg-se.com E-Mail: