Aroundtown Sa · XETR:AT1
Aroundtown Sa — Aroundtown Sa Ord — FY 2025 Earnings Presentation
100 slides from Aroundtown Sa's earnings presentation, Mar 4, 2026
Slide 1: FY 2025 Financial Results
ROTTERDAM FY 2025 FINANCIAL RESULTS MARCH 2026 FY 2025 FINANCIAL RESULTS AROUNDTOWN SA
Slide 2: Table of Contents
BERLIN HIGHLIGHTS HIGHLIGHTS OPERATIONS AND PORTFOLIO OPERATIONS AND PORTFOLIO FINANCIAL RESULTS FINANCIAL RESULTS BALANCE SHEET CAPITAL STRUCTURE BALANCE SHEET & CAPITAL TABLE OF CONTENTS GUIDANCE STRUCTURE GUIDANCE APPENDIX APPENDIX o PORTFOLIO & CAPITAL MARKETS o ESG o MARKET DATA FY 2025 FINANCI
Slide 3: Highlights
FRANKFURT HIGHLIGHTS HIGHLIGHTS FY 2025 FINANCIAL RESULTS AROUNDTOWN SA 3
Slide 4: FY 2025 Financial Highlights
FY 2025 FINANCIAL HIGHLIGHTS RENT LIKE-FOR-LIKE FFO I EPRA NTA INVESTMENT PROPERTIES 3.0% €288m €8.5bn | €7.8 ps €25bn -9% YOY +4% vs Dec 2024 +5% vs Dec 2024 NET RENTAL INCOME FFO I per share Value L-F-L GREEN CERTIFICATES OPERATIONAL €1,183m €0.26 1.6% RESULTS +0% YOY -10% YOY 70% Commercial +23%
Slide 5: Positioned for 2026 Growth Through Operational Execution
POSITIONED FOR 2026 GROWTH THROUGH OPERATIONAL EXECUTION WELL-POSITIONED FOR 2026 AMSTERDAM ❑ Strong focus on driving internal and external growth ▪ Strong liquidity balance of €4 billion ▪ Continue extracting internal growth potential embedded in the portfolio, further supported by executing accret
Slide 6: Operations and Portfolio
BERLIN OPERATIONS AND PORTFOLIO OPERATIONS AND PORTFOLIO FY 2025 FINANCIAL RESULTS AROUNDTOWN SA 6
Slide 7: High Diversification, Balanced Across Strong Asset Types
HIGH DIVERSIFICATION, BALANCED ACROSS STRONG ASSET TYPES IN STRONG LOCATIONS 87% OFFICE/RESIDENTIAL/HOTEL, 89% IN GERMANY, THE NL & LONDON, well-balanced with strong diversification among asset types with diverse fundamentals well-diversified across top tier cities with a focus on central locations
Slide 8: Continued Solid Operational Growth
CONTINUED SOLID OPERATIONAL GROWTH 33% DRESDEN RESIDENTIAL portfolio share ❑ Strong market fundamentals supporting sustained rental growth LFL RENTAL GROWTH ❑ Continued rent increases driven by significant reversionary potential 2025 ❑ Ongoing success in reducing vacancy to record-low levels ❑ Growt
Slide 9: Portfolio Overview December 2025
PORTFOLIO OVERVIEW DECEMBER 2025 Portfolio by asset type not incl. held for Investment Lettable area Annualized In-place rent/sqm EPRA Vacancy1)4) Value/sqm (€) Rental Yield WALT (years) sale property (€m)3) (k sqm) net rent (€m) 5) (€) Office 8,397 2,907 13.0% 429 13.7 2,889 5.1% 4.3 Residential 8,
Slide 10: Defensive Portfolio With Strong Tenant Structure
DEFENSIVE PORTFOLIO WITH STRONG TENANT STRUCTURE Large tenant base with limited dependency on single tenants, with around 3,000 commercial tenants and highly granular residential segment, Top 10 Tenants: 20% of Group rental income LEASE EXPIRY PROFILE* Well-distributed commercial lease expiry profil
Slide 11: Disciplined Capital Recycling Driving Accretive Per-Share Growth
DISCIPLINED CAPITAL RECYCLING DRIVING ACCRETIVE PER-SHARE GROWTH DISPOSAL EXECUTION & PROGRESS SHARE BUYBACK PROGRAM RATIONALE €250 MILLION SHARE BUYBACK PROGRAM LAUNCHED IN • €790 MILLION CLOSED IN 2025 (around FEBRUARY 2026,TO BE EXECUTED AT A LARGE DISCOUNT TO book value) at rent multiple of 20x
Slide 12: Proven Track Record of Continuous Disposal Achievement
PROVEN TRACK RECORD OF CONTINUOUS DISPOSAL ACHIEVEMENT SINCE 2020 AROUNDTOWN HAS EXECUTED OVER €10 BILLION OF DISPOSALS ABOVE BOOK VALUES ACROSS HUNDREDS OF TRANSACTIONS Disposals by asset type Total Cost margin over book margin over total Disposal Volume Book value # Properties (2020 - 2025) (incl.
Slide 13: Accretive Acquisitions Support Long-Term Growth
ACCRETIVE ACQUISITIONS SUPPORT LONG-TERM GROWTH €500 MILLION OF ADDITIONS IN 2025, FURTHER €175 MILLION SIGNED ▪ Acquisitions comprise mainly residential, office and hotel assets, primarily located in Germany and London. LONDON - RESIDENTIAL LONDON - RESIDENTIAL ▪ Primary share of acquisitions compr
Slide 14: Office Portfolio
OFFICE PORTFOLIO o 34% of total portfolio, with a focus on central locations of top tier cities o Strong tenant base ~75% of tenants are public sector, multi-national o Top 4 Cities: 58% (Berlin, Frankfurt, Munich, Amsterdam) and large domestic corporations (>30% governmental tenants) o Largest land
Slide 15: Office Portfolio Located in Top Tier Cities
OFFICE PORTFOLIO LOCATED IN TOP TIER CITIES BERLIN WELL-DIVERSIFIED o No dependency on a single location, single tenant, single asset or single industry. Long lease structure with 4.3y WALT STRONG AND DIVERSE TENANT BASE o Public sector, multi-national and large domestic corporations: ca. 75% of off
Slide 16: Short Stay and Serviced Apartments to Unlock Value
SHORT STAY AND SERVICED APARTMENTS TO UNLOCK VALUE AND GENERATE FFO THE COMPANY HAS EXISTING ASSETS AND FUTURE DEVELOPMENTS OF SHORT-STAY AND SERVICED APARTMENTS SHORT STAY / SERVICED APARTMENTS The group has long term fixed leases and/or management agreements with third-party operators for its shor
Slide 17: Office Conversion Into Serviced Apartments: A Rotterdam Case Study
OFFICE CONVERSION INTO SERVICED APARTMENTS: A ROTTERDAM CASE STUDY THE PROPERTY THE PROJECT SUSTAINABILITY ❑ 28k sqm office property in the heart of Rotterdam’s CBD, positioned directly on the ❑ Partial conversion and full refurbishment of the existing ❑ Renovation designed to meet Paris Proof 2050
Slide 18: Residential Portfolio
RESIDENTIAL PORTFOLIO o 33% of total portfolio, with a focus on large metropolitan More details on the residential portfolio is available in the appendix o Across densely populated areas in Germany and London o Granular tenant base 33% portfolio PERFORMANCE share ▪ 3.6% LFL Rental growth ▪ 3.2% low
Slide 19: Hotel Portfolio
HOTEL PORTFOLIO o 20% of total portfolio o Well-diversified across large European tourism and business destinations o Over 150 hotels with >25K rooms with long-term fixed leases which are linked to inflation or have step up rents o Over 30 tenants, with Center Parcs as the largest tenant o €250 mill
Slide 20: Hotel Portfolio – Tenant Diversification
HOTEL PORTFOLIO – TENANT DIVERSIFICATION BRUSSELS BERLIN COLOGNE 1) Pro-forma, including impact of hotel lease changes as of February 2026, all else equal. 2) Excluding Center Parcs, the tenants’ Gross operating profit before rent (GOP) covers the rent (rent-cover) at an estimated ratio range of 1.1
Slide 21: Development & Invest Portfolio: 7% of Portfolio
DEVELOPMENT & INVEST PORTFOLIO: 7% OF PORTFOLIO THE GROUP CONTINOUSLY IDENTIFIES PROJECTS FOR DEVELOPMENT WITHIN ITS PORTFOLIO, CLASSIFIES THEM TO DEVELOPMENT ASSET TYPE AND IN PARALLEL, PROPERTIES THAT COMPLETE THEIR REPOSITIONING ARE CLASSIFIED BACK INTO THE PORTFOLIO CURRENT USE ENVISIONED ASSET
Slide 22: Data Centers – Opportunity, Strategy & Progress
DATA CENTERS – OPPORTUNITY, STRATEGY & PROGRESS AT’S PORTFOLIO STRONGLY OVERLAPS WITH TOP 5 DATA CENTER MARKETS IN GERMANY OPPORTUNITY: ❑ Taking advantage of AT‘s location of office and development assets in key data center markets for usage conversion into hyperscalers, co-location and edge data ce
Slide 23: Upgrading Portfolio Quality Through Capex Measures in 2025
UPGRADING PORTFOLIO QUALITY THROUGH CAPEX MEASURES IN 2025 ROTTERDAM €421m 1.7% FY 2025 of average investment property Activities that are targeted at creating additional income BERLIN drivers or significant value generation potential which may result in additional lettable space or enhancement of t
Slide 24: From Traditional Real Estate to Technology Platform
FROM TRADITIONAL REAL ESTATE TO REAL ESTATE-ANCHORED TECHNOLOGY PLATFORM Technology and tech-enabled servicing to become a structural lever of NOI uplift, risk mitigation, and capital efficiency STRATEGIC INTENT ▪ Real estate as the foundation to utilize technology as a value driver ATechX provides
Slide 25: Environmental Progress and Decarbonization
ENVIRONMENTAL PROGRESS AND DECARBONIZATION ENVIRONMENTAL TARGET WAS ACHIEVED IN 2025 SOONER THAN INITIALLY PLANNED Portfolio-wide Efficiency Improvements Portfolio-wide Efficiency Improvements KgCO2e Shift toward Lower‑carbon Energy Sourcing 55 2019: Shift toward Lower-carbon Energy Sourcing 51.5 Im
Slide 26: Asset Sustainability Strategy
ASSET SUSTAINABILITY STRATEGY Core BREEAM Strategy Strategic Objectives ❑ Asset Transformation: Aroundtown focuses on the refurbishment of existing buildings rather than ❑ Shifting the strategy from a compliance and new construction. This “circularity” approach aims to reduce lifetime CO2 emissions
Slide 27: ESG Ratings Overview - Performance at a Glance
ESG RATINGS OVERVIEW - PERFORMANCE AT A GLANCE Current Rating Competitive Ranking Rating Previous Rating Direction (Q4 2025) (Q4 2025) ▪ Top 6% of Real Estate Management & Development Industry 64 IMPROVED 68 ▪ Sustainability Yearbook Member B B ▪ Not Publicly Available ▪ Top 2% Globally & Top 4% of
Slide 28: Financial Results
HAMBURG FINANCIAL RESULTS FINANCIAL RESULTS FY 2025 FINANCIAL RESULTS AROUNDTOWN SA 28
Slide 29: Profit and Loss
PROFIT AND LOSS 1-12/2025 1-12/2024 LFL Net rental income growth in € millions NET RENTAL INCOME 1,182.9 1,180.9 Operating and other income 360.2 361.4 +3.0% Total LFL Net rental REVENUE 1,543.1 1,542.3 income growth Dec 2025 PROPERTY REVALUATIONS AND CAPITAL GAINS (LOSSES) 385.6 (125.4) Share of pr
Slide 30: Adjusted EBITDA, FFO I & FFO II
ADJUSTED EBITDA, FFO I & FFO II 1-12/2025 1-12/2024 in € millions Adjusted EBITDA before JV contribution (in €m) Operating profit 1,329.4 758.5 Total depreciation and amortization 17.7 20.2 0% EBITDA 1,347.1 778.7 946 946 Property revaluations and capital gains (losses) (385.6) 125.4 Share of profit
Slide 31: Balance Sheet & Capital Structure
DAVOS BALANCE SHEET CAPITAL STRUCTURE BALANCE SHEET & CAPITAL STRUCTURE FY 2025 FINANCIAL RESULTS AROUNDTOWN SA 31
Slide 32: EPRA NAV KPI's
EPRA NAV KPI’S EPRA NAV KPI’s (in €m) & EPRA NAV per share KPI’s (in €) Dec 2025 Dec 2024 +3% +4% in € millions unless otherwise indicated EPRA NTA EPRA NRV EPRA NTA 10,032 10,289 EQUITY ATTRIBUTABLE TO THE OWNERS OF THE COMPANY 8,005.1 7,630.2 8,503 8,165 Deferred tax liabilities 1,259.4 1,597.3 Fa
Slide 33: Debt Maturity Schedule
DEBT MATURITY SCHEDULE DEBT MATURITY PROFILE – excluding perpetual notes Avg. Cost of Debt Avg. Debt Maturity Hedging Ratio Undrawn RCFs 4,500 3.7y / 97%* €0.9 billion* 2.3% *94% fixed & swapped / *average maturity in the 4.6y (incl. cash) 3% capped / 3% variable second half of 2028 4,000 3,500 3,00
Slide 34: Proven Strong and Broad Capital Market Access
PROVEN STRONG AND BROAD CAPITAL MARKET ACCESS REPEATEDLY VALIDATED MARKET ACCESS ISSUING DEBT INSTRUMENTS ACROSS DIVERSE CURRENCIES WITH DECREASING RATES WHILE EXTENDING MATURITIES Bond Issuances Reducing coupon rates of new EUR issuances for comparable tenors July 2024 May 2025 September 2025 4.80%
Slide 35: Successful Perpetual Note Issuance and Proactive Refinancing
SUCCESSFUL PERPETUAL NOTE ISSUANCE AND PROACTIVE REFINANCING 2025 saw first perpetual notes issuances since 2021 ❑ In Oct 2025, issued €700 million perpetual note at 5.25% coupon, first call 5.6 years ❑ In Dec 2025, GCP issued €600 million perpetual note at 4.75% coupon, first call 5.3 years ❑ Throu
Slide 36: Conservative Capital Structure
CONSERVATIVE CAPITAL STRUCTURE HEALTHY BALANCE SHEET & DEBT METRICS LOW LEVERAGE (LTV) FINANCING SOURCES MIX Company BOD guidance of 45% Straight bonds 41% 42% 42% 41% €12.0bn €12.4bn Loans & borrowings 8% 8% €2.5bn €2.5bn Equity 51% 50% €15.0bn €15.0bn Perpetual notes Dec 2024 Dec 2025 Dec 2024 Dec
Slide 37: Guidance
AMSTERDAM GUIDANCE GUIDANCE FY 2025 FINANCIAL RESULTS AROUNDTOWN SA 37
Slide 38: 2026 Guidance
2026 GUIDANCE FY 2026 GUIDANCE FFO I €250 million – €280 million FFO I per share €0.24 – €0.27 Dividend per share* €0.120 – €0.135 *subject to AGM approval, based on updated dividend policy to 50% of FFO I from 2026 onward POSITIVE DRIVERS NEGATIVE DRIVERS o Conservative rent increase o Full year im
Slide 39: Appendix
BERLIN APPENDIX APPENDIX FY 2025 FINANCIAL RESULTS AROUNDTOWN SA 39
Slide 40: Company Overview
COMPANY OVERVIEW LARGE SCALE WITH LOCAL KNOW-HOW EXPERIENCED TRACK RECORD ▪ Third largest listed real estate company in Europe ▪ Founded in 2004 ▪ Central/Local business model, with experienced ▪ Highly experienced management team and local teams employees with experience across the real estate valu
Slide 41: Roadmap Group Development
ROADMAP GROUP DEVELOPMENT See slide 48 See slide 48 FY 2025 FINANCIAL RESULTS AROUNDTOWN SA 41
Slide 42: Focus on Strongest Asset Types in Top Tier Locations
FOCUS ON STRONGEST ASSET TYPES IN TOP TIER LOCATIONS GERMANY & THE NETHERLANDS o Two of the strongest economies in Europe with AAA credit rating o Together making up more than a quarter of the EU’s economy o 7 of the 15 largest metropolitan areas by GDP in the EU are in Germany and the Netherlands o
Slide 43: Aroundtown Is an Active Market Player
AROUNDTOWN IS AN ACTIVE MARKET PLAYER Acquisition criteria o Focus on locations with strong fundamentals and market dynamics o Value-add potential through operational improvements and repositioning o Rent level per sqm below market level (under-rented properties) o Purchase price below replacement c
Slide 44: Diversified Asset Base Offers Synergies and Downside Protection
DIVERSIFIED ASSET BASE OFFERS SYNERGIES AND DOWNSIDE PROTECTION SYNERGIES o AT can better benefit from an asset‘s best use o Asset‘s best use may evolve over time or differ from current use o AT‘s deep expertise across asset classes allows it to find the most optimal positioning for its portfolio o
Slide 45: Investment Properties December 2025
INVESTMENT PROPERTIES DECEMBER 2025 Portfolio by asset type not incl. held for Investment Lettable area Annualized EPRA Vacancy1)4) In-place rent/sqm (€) Value/sqm (€) Rental Yield WALT (years) sale property (€m)3) (k sqm) net rent (€m) 5) Office 8,397 2,907 13.0% 429 13.7 2,889 5.1% 4.3 Residential
Slide 46: Best-in-Class Berlin Portfolio
BEST-IN-CLASS BERLIN PORTFOLIO 85% Located in the best TOP TIER neighborhoods of BERLIN 85% of the Group portfolio is located in top Strongly benefiting from the unique tier neighborhoods: dynamics & growth of Berlin’s most in Charlottenburg, Wilmersdorf, Mitte, demand neighborhoods, business areas
Slide 47: Grand City Properties S.A.
GRAND CITY PROPERTIES S.A. GCP IS CONSOLIDATED AND THE CURRENT HOLDING RATE IS 63% RESIDENTIAL: o Residential asset class is the Group’s second largest asset type, providing the Group with a well- 33% OF THE PORTFOLIO balanced portfolio. STABLE CASH FLOWS FROM AFFORDABLE RESIDENTIAL o German and Lon
Slide 48: Hotel Portfolio – Location and Brand Diversification
HOTEL PORTFOLIO – LOCATION AND BRAND DIVERSIFICATION HOTEL: 20% OF THE PORTFOLIO 65% OVER 150 HOTELS: Mainly in top tier European cities green WITH >25K ROOMS certified 1) 1) Pro-forma, including impact of hotel lease changes as of February 2026, all else equal. HOTEL PORTFOLIO WITH LONG TERM LEASES
Slide 49: Strategic Top Tier Hotels in Strong Locations
STRATEGIC TOP TIER HOTELS IN STRONG LOCATIONS Hotel Rooms Brand SIGNIFICANT INTERNAL GROWTH POTENTIAL FROM SUCCESSFUL HOTEL REPOSITIONINGS Center Parcs (7 locations) ca. 5,000 Hilton Berlin Gendarmenmarkt Prime 623 Cardo-Marriott Complete refurb, repositioning and rebranding into Cardo Roma, Autogra
Slide 50: Logistics and Retail Portfolio: 6% of the Portfolio
LOGISTICS AND RETAIL PORTFOLIO: 6% OF THE PORTFOLIO LOGISTICS: RETAIL: 5.3 YEAR WALT 4.9 YEAR WALT Over 1/4 is part of other asset types (ground floor retail, service areas, etc.) ESSENTIAL GOODS & GROCERY-ANCHORED o Ca. 40% of the portfolio is essential goods (grocery-anchored, pharmacies, drugstor
Slide 51: Overview of Main Development and Conversion Projects
OVERVIEW OF MAIN DEVELOPMENT AND CONVERSION PROJECTS Lettable area Project name City Address Project type Planned use Status / capacity Berlin Tempelhof-Schöneberg Logistics Berlin Teilestraße 34-38, 12099 New build Mixed-use (logistics, office) Pre-permit obtained/ In planning 8k sqm Berlin Tempelh
Slide 52: The Group Selectively Engages in Condo and Build-to-Sell
THE GROUP SELECTIVELY ENGAGES IN CONDO & BUILD TO SELL RESIDENTIAL PROJECTS Project name Project Description Status Berlin Reinickendorf Construction of 36 units. Sale of the project following completion. Sold Berlin Mitte & Prenzlauer Berg 105 units in three buildings purchased in 2016, followed by
Slide 53: Refurbishment and Densification in Berlin Friedrichshain
CASE STUDY: REFURBISHMENT & DENSIFICATION IN BERLIN FRIEDRICHSHAIN ACQUISITION IN PRIME RESIDENTIAL AREA Before repositioning ❖ The property was acquired in 2013, and is situated in a highly demanded residential area, in close proximity to one of Berlin’s most prime office districts, MediaSpree. ❖ T
Slide 54: Refurbishment in Milan
CASE STUDY: REFURBISHMENT IN MILAN ACQUISITION IN RESIDENTIAL AREA ❖ The property, acquired in 2020, is located in the southern outskirts of Milan within a predominantly residential district. ❖ At acquisition, the asset was equipped with obsolete, non-functional systems requiring modernization. ❖ Th
Slide 55: Extracting Value From Build-to-Sell Development Rights
CASE STUDY: EXTRACTING VALUE FROM BUILD-TO-SELL DEVELOPMENT RIGHTS IN BERLIN LICHTENBERG ACQUIRING LAND PLOTS IN A PRIME LOCATION ❖ Acquisition of two adjacent land plots as part of a larger transaction in the high-demand Berlin-Lichtenberg district, directly next to Sportforum Berlin ❖ Unique locat
Slide 56: Turnaround Capital: European Opportunistic Real Estate Fund
TURNAROUND CAPITAL (TAC): EUROPEAN OPPORTUNISTIC REAL ESTATE FUND BACKED BY AROUNDTOWN MARKET DYNAMICS European real estate faces pressure from debt refinancings, post-COVID capex backlogs, ESG demands, and fund lifecycle ends, AND OPPORTUNITY thereby driving price dislocations and forcing liquidati
Slide 57: Value-Add Non-Controlling Investments
VALUE-ADD NON-CONTROLLING INVESTMENTS WARSAW BUCHAREST WARSAW EQUITY ACCOUNTED INVESTEES FINANCIAL INVESTMENTS Long-term investment in which the Group has a significant influence, but which Financial investments comprise more than 20 investments mainly in real are not consolidated and amount to €1 b
Slide 58: Equity Accounted Investees Main Real Estate Properties
EQUITY ACCOUNTED INVESTEES MAIN REAL ESTATE PROPERTIES FRANKFURT CENTRAL STATION AMSTERDAM CITY CENTER PARIS OFFICE COMPLEX This large office complex, which covers 88k sqm on a 50 dunam land plot, is situated in the center of Frankfurt, next to the main This large office complex covers 64k sqm and i
Slide 59: Equity Accounted Investees Main Real Estate Properties
EQUITY ACCOUNTED INVESTEES MAIN REAL ESTATE PROPERTIES STUTTGART OFFICE The 14k sqm office property is a modern building consisting of four parts covering 6 floors. The property is located in Stuttgart’s Vaihingen district, south of the city center, where Stuttgart’s university and regional governme
Slide 60: Share Information
SHARE INFORMATION THE SHARE SHAREHOLDER STRUCTURE Shares Frankfurt Stock Exchange Placement held in (Prime Standard) treasury 1) 30% Free float Incorporation Luxembourg 45% Avisco Group/ Vergepoint 2) 15% 13.07.2015 Stumpf Capital First equity issuance (€3.2 per share) GmbH 3) 10% 1) 12% are held th
Slide 61: Business Risk Profile
HIGHEST RATED GERMAN COMMERCIAL REAL ESTATE COMPANY S&P Ratings Matrix Financial risk profile FINANCIAL POLICY 1 2 3 4 5 6 Minim Modest Intermediate Significant Aggressi High al ve Levera ged o LTV guidance below 45% on a sustainable basis 1 aaa/ bbb- Excellent aa a+/a a- bbb aa+ (Vonovia BBB+)2) /b
Slide 62: Capital Market Activity
CAPITAL MARKET ACTIVITY Capital market activity per year Capital market activity per issuance type 2015-2026 YTD1) €4.6bn €4.6bn €4.2bn €4.2bn €4.0bn Str. Bond €3.8bn €17.3bn €2.6bn Conv. Bond €0.8bn €1.9bn €1.3bn €1.2bn Equity €6.2bn €7.9bn €0.2bn 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2
Slide 63: High Debt Covenant Headroom
HIGH DEBT COVENANT HEADROOM EMTN PROGRAMME CURRENT COVENANTS COVENANT (DEC 2025) o Covenants are calculated based on IFRS reported figures, treating the OVERVIEW perpetuals as 100% Equity. Thus, TOTEL NET DEBT / TOTAL NET ASSETS <=60% ✓ 37% o Each of the bond covenants is met with a perpetuals are n
Slide 64: Focus on Innovation in Real Estate: ATworld Expansion
FOCUS ON INNOVATION IN REAL ESTATE: ATWORLD EXPANSION ATworld is the scalable workspace platform initiated by Aroundtown with currently +600 workspace locations, expanding across the globe Initially launched with AT’s portfolio, the scalable platform is expanding through additions of third-party spa
Slide 65: Additional Revenue Generation on Underutilized Space
ADDITIONAL REVENUE GENERATION ON UNDERUTILIZED SPACE AND SUBSCRIPTION MODELS Hotel Lobby working space BERLIN Global and scalable workspace platform based on subscription model for B2B and B2C across hundreds of locations. Mindspace Workspace network includes coworking, hotel and office lobbies, and
Slide 66: ATechX – Engine for Scalable Technology-Driven Value Creation
ATECHX – AROUNDTOWN’S ENGINE FOR SCALABLE TECHNOLOGY-DRIVEN VALUE CREATION Turning innovation into portfolio-wide financial impact What is ATechX ATechX is Aroundtown’s platform to identify, test, and scale technologies that improve asset performance and platform capabilities, and is a cornerstone o
Slide 67: ATechX: Aroundtown's PropTech Accelerator
SHAPING THE FUTURE OF REAL ESTATE: ATECHX, AROUNDTOWN’S PROPTECH ACCELERATOR Goal: - Accelerating the growth of innovative PropTech startups by providing access to a vast partner portfolio, network, resources and expertise - Making a substantial impact in the real estate industry, foster breakthroug
Slide 68: Hardware, Software and Tech-Enabled Services
SHAPING THE FUTURE OF REAL ESTATE: HARDWARE, SOFTWARE AND TECH-ENABLED SERVICES INVESTING DIRECTLY AND INDIRECTLY IN PROPTECH / ENERGY TECH TO ENHANCE VALUE AND EFFICIENCY IN THE GROUP’S PROPERTIES WHILE PROFITTING FROM THE TECH INVESTMENTS INVESTING IN PROPTECH Fifth Wall is the world’s largest ven
Slide 69: Strategic Project Snapshot: PassiveLogic
Strategic Project Snapshot: PassiveLogic | Commercial Portfolio Autonomous Building Management Platform About Company HQ Salt Lake City, UT, USA Founded 2016 Use Case Building Management System & Digital Twin Platform Roll-out in selected assets of Aroundtown’s commercial portfolio Strategic Objecti
Slide 70: Strategic Project Snapshot: Luca
Strategic Project Snapshot: Luca | Hotel Portfolio Digital Guest Journey in Hotels About Company HQ Stuttgart, Germany Founded 2020 Use Case Digital Customer Journey Enablement Platform & Payments Roll-out in selected assets of Aroundtown’s hotel portfolio Strategic Objective: Increase RevPAR resili
Slide 71: Strategic Project Snapshot: Bellboy
Strategic Project Snapshot: Bellboy | Hotel Portfolio Robotics Services in Hotels About Company HQ Tel Aviv, Israel Founded 2020 Use Case Robotics for Hospitality and Maintenance Services Roll-out in selected assets of Aroundtown’s hotel portfolio Strategic Objective: Enhance operator margin resilie
Slide 72: Tenant, Lease and Letting Management
TENANT, LEASE & LETTING MANAGEMENT Aroundtown’s tenant management focusses on Pro-active letting management approach high tenant satisfaction o Tailor made rental and marketing strategy on an asset basis o Comprehensive vacancy analysis – conducting usability studies/letting concepts of vacant space
Slide 73: Appendix - ESG
MUNICH APPENDIX - ESG FY 2025 FINANCIAL RESULTS AROUNDTOWN SA 73
Slide 74: Commitment to ESG
COMMITMENT TO ESG E CLEARLY SET TARGETS S SOCIALLY RESPONSIBLE G HIGH LEVEL OF GOVERNANCE Management oversight from Board Reduce GHG emissions by 40% by of Directors (BoD), with 71% of BoD 2030 Increase employee retention and is independent/non-executive training opportunities directors, supported b
Slide 75: AT's Long-Term ESG Targets
AT’S LONG-TERM ESG TARGETS UN Sustainable Development ESG TOPICS Goals (see here) Sub-topics Long-term targets • Achieve a 40% reduction in CO2 intensity by 2030 against the 2019 baseline, measured in CO2-equivalent emissions intensity, CO2e/m2 Climate Change Mitigation • Achieve a 20% reduction in
Slide 76: Green Certificates Case Study: Amsterdam Westpoort
GREEN CERTIFICATES CASE STUDY: AMSTERDAM WESTPOORT BUILDING RECERTIFICATION PASS VERY GOOD AMSTERDAM WESTPOORT MEASURES • Sustainability measures include: The 6k sqm office building is situated in the district Westpoort, a major business district in the • Improvement of energy management system Neth
Slide 77: Green Certificates Case Study: Dutch Portfolio Buildings
GREEN CERTIFICATES CASE STUDY: DUTCH PORTFOLIO BUILDINGS RECERTIFICATIONS ✓ Continuing to gradually improve the portfolio on top of existing measures ✓ Improving certification process to support further efficiency score increases in the future ✓ Executing measures in connection with tenant requests,
Slide 78: ESG – Environment Part 1: Conserving Energy Measures
ESG – ENVIRONMENT PART 1: CONSERVING ENERGY MEASURES, REDUCING CARBON FOOTPRINT GHG EMISSION REDUCTION ENERGY-IMPROVING INVESTMENTS SWITCHING TO CLIMATE NEUTRAL ENERGY Installation of Photovoltaics (PV), Combined Heat and Replacing/upgrading fossil fuel heating systems and Power (CHP), Combined Cool
Slide 79: ESG – Environment Part 1: Energy Improving Investments
ESG – ENVIRONMENT PART 1: ENERGY IMPROVING INVESTMENTS PHOTOVOLTAIC ELECTRIC VEHICLE POWER GENERATION AND DATA CENTER INSTALLATIONS INFRASTRUCTURE DEVELOPMENT (GREECE): AT has partnered with DEPA (the national Greek energy company) and other investors to establish a strong local Deployment of PV sys
Slide 80: ESG – Environment Part 1: Regular Capex Upgrade
ESG – ENVIRONMENT PART 1: REGULAR / MAINTENANCE CAPEX UPGRADE ENERGY EFFICIENCY REGULAR / MAINTENANCE CAPEX UPGRADE ENERGY EFFICIENCY EV Charging LED systems Smart meters Regular refurbishments such as roof, façade, window and lighting replacements. Renewable energy systems and Heating, Solar PV ven
Slide 81: ESG – Environment Part 2: Water and Waste Management
ESG – ENVIRONMENT PART 2: WATER AND WASTE MANAGEMENT WATER CONSUMPTION WASTE MANAGEMENT ➢ Further optimizing waste and operational costs through waste management systems (i.e., obtaining and sharing waste data with tenants) ➢ Remote water meters create awareness, influence tenant behavior and help d
Slide 82: ESG – Social Part 1: Community Building
ESG – SOCIAL PART 1: COMMUNITY BUILDING AROUNDTOWN FOUNDATION Image rights: GCP/Aroundtown, Berliner Stadtmission LOCAL PARTNERSHIPS ❑ AT focuses on establishing productive ❑ Local projects aimed at improving child and partnerships with local stakeholders to ❑ Numerous charities across portfolio’s l
Slide 83: ESG – Social Part 2: Tenant Management
ESG – SOCIAL PART 2: TENANT MANAGEMENT ENGAGEMENT ENFORCEMENT QUALITY POLICY Introduced green lease Tailor-made approach, High quality support with Main tool to monitor and clauses in new contracts customized leases, balancing Service Centers for enforce tenant satisfaction, which set standardized g
Slide 84: ESG - Social Part 3: Goal to Become Top Employer
ESG - SOCIAL PART 3: GOAL TO BECOME TOP EMPLOYER Goal to become top employer in commercial real estate to attract best new talent EMPLOYEE TRAINING RETENTION SATISFACTION SURVEY Employee training Performance based incentives Annual surveys and regular programs to ensure to enhance talent attraction
Slide 85: ESG - Social Part 3: 2025 Human Capital Achievements
ESG - SOCIAL PART 3: 2025 HUMAN CAPITAL ACHIEVEMENTS & VALUE CREATION Internal Hires Training Participation Value Creation Outcomes 30% +2% YoY 87% +7% YoY ❑ Strengthening leadership pipeline & retention Internal Hires ❑ Upskilling workforce & improving operational resilience Women in Management Cer
Slide 86: Board of Directors
BOARD OF DIRECTORS MARKUS LEININGER- INDEPENDENT DIRECTOR o Board of Directors – 5/7 members are independent/non- FORMER SENIOR BANKER WITH A FOCUS ON FINANCING, PRIVATE EQUITY AND REAL ESTATE. SERVED AS HEAD OF OPERATIONS WITH EUROHYPO AG AND RHEINHYP AG executive (COMMERZBANK) AND A MEMBER OF THE
Slide 87: Board Committees and the Advisory Board
BOARD COMMITTEES AND THE ADVISORY BOARD ALL COMMITTEES ARE IN PLACE WITH INDEPENDENT MEMBERS IN PLACE AUDIT COMMITTEE RISK COMMITTEE NOMINATION COMMITTEE REMUNERATION COMMITTEE ESG COMMITTEE (Maintaining the integrity of the financial (Assessing, monitoring and mitigating any (Identifying suitable c
Slide 88: Management Team – Management Body
MANAGEMENT TEAM – MANAGEMENT BODY o Management body is supervised by the board of directors BARAK BAR-HEN – JONAS TINTELNOT – CFO TIMOTHY WRIGHT – CCMO LIMOR BERMANN – CSO (CHIEF FINANCIAL OFFICER) (CHIEF CAPITAL MARKETS OFFICER) (CHIEF SUSTAINABILITY OFFICER) CO-CEO & COO (CO-CHIEF EXECUTIVE OFFICE
Slide 89: Management Team – Senior Management
MANAGEMENT TEAM – SENIOR MANAGEMENT KAMALDEEP MANAKTALA – DEPUTY CEO CHRISTIAN HUPFER - CHIEF COMPLIANCE OFFICER 20+ YEARS OF EXPERIENCE IN REAL ESTATE INVESTMENT MANAGEMENT WITH A FOCUS ON THE LIVING SECTOR SINCE 2008 IN THE MANAGEMENT OF AROUNDTOWN AND ITS SUBSIDIARIES. IS SPECIALIZED IN TAX STRUC
Slide 90: ESG Awards and Indices
ESG AWARDS & INDICES 2025: CONSECUTIVE SUSTAINABILITY EPRA AWARDS INDICES AT received EPRA BPR Gold award for the 9th time and EPRA sBPR Gold award for the 8th time consecutively, for high o Included in the MDAX ESG+ index and Dow Jones Best- standards of financial transparency and sustainability In
Slide 91: A Founding Member of UN Global Compact Germany
A FOUNDING MEMBER OF THE ASSOCIATION “UNITED NATIONS GLOBAL COMPACT GERMANY e. V.” FY 2025 FINANCIAL RESULTS AROUNDTOWN SA 91
Slide 92: Market Data
FRANKFURT MARKET DATA FY 2025 FINANCIAL RESULTS AROUNDTOWN SA 92
Slide 93: Regional Market Overview
REGIONAL MARKET OVERVIEW Amsterdam Berlin ◼ GDP/capita: €102k (2022) ◼ GDP/capita: €79k (2021) ◼ Net migration: 9k p.a. (avg 2018-2022) ◼ Net migration: 30k p.a. (avg 2018-2022) ◼ Population density: 5.3k per km2 (2022) ◼ Population density: 4.1k per km2 (2021) Utrecht Hamburg ◼ GDP/capita: €65k (20
Slide 94: Improved Economic Outlook From Government's Spending Boost
IMPROVED ECONOMIC OUTLOOK FROM GOVERNMENT’S SPENDING BOOST AND REFORM IN GERMANY GERMAN GOVERNMENT STIMULUS OFFICE MARKET PERFORMANCE CLOSELY CONVERSION OF COMMERCIAL INTO PACKAGE AIMED AT SUPPORTING LINKED TO ECONOMIC GROWTH RESIDENTIAL ECONOMIC GROWTH 6.0% Main changes: ❑ Amendment changes the str
Slide 95: Office: Healthy Fundamentals in German and Netherlands
OFFICE: HEALTHY FUNDAMENTALS IN GERMAN & NL, WELL-POSITIONED FOR GROWTH WHEN ECONOMY ACCELERATES German & Dutch office markets are well-positioned for growth once the economy picks up pace o While the economic recovery in Germany has been slow, strong fundamentals kept vacancy at healthy levels, ben
Slide 96: Office: Normalizing Work Patterns
OFFICE: NORMALIZING WORK PATTERNS o Traditional office work patterns are returning, as witnessed by recent announcements from large corporations, demanding full office attendance. o Return-to-office rate (average attendance current vs pre-pandemic) is 89% in Germany, with an average attendance rate
Slide 97: Resilient German Residential Market
RESILIENT GERMAN RESIDENTIAL MARKET POSITIVE NET MIGRATION REDUCTION OF HOUSEHOLD SIZE SIGNIFICANT UNDERSUPPLY RESULTS IN HIGH DEMAND RESULTS IN HIGH DEMAND Positive Net Migration in Germany 1) Increase in the share of 1 person households1) Building permits at low levels, significantly below demand
Slide 98: European Hotel Market
EUROPEAN HOTEL MARKET Market Outlook European hotel market KPI’s have now stabilized to a moderate growth (RevPAR +1.7% YOY)3) 120 ❑ Europe’s hotel sector is expected to see measured, moderate growth in 2026, following the strong post-pandemic rebound in 100 2022-20241) 80 ❑ Inbound international tr
Slide 99: Alternative Performance Measures
ALTERNATIVE PERFORMANCE MEASURES For enhanced transparency and more industry specific comparative basis, the Company provides market and industry standard performance indicators. These measures provide more clarity on the business and enables benchmarking and comparability to market levels. Reconcil
Slide 100: Disclaimer
DISCLAIMER IMPORTANT: This presentation has been provided for information purposes only and is being neither the Group nor any of its directors, officers, employees or advisers nor any other circulated on a confidential basis. This presentation shall be used only in accordance person makes any repre