Instone Real Estate Group Se · XETR:INS

Instone Real Estate — Investor Presentation (August 2026)

56 slides from Instone Real Estate's investor presentation, August 2026

1. Slide 1: Instone Real Estate Group SE Investor Presentation

   Instone Real Estate Group SE Investor Presentation August 2026

2. Slide 2: Agenda

   Agenda 1. Key Investment Highlights 2. Q2 2026 Highlights 3. Q2 2026 Financial Performance & Outlook 4. Market Environment 5. nyoo: Growth Perspective 6. ESG Strategy 7. Appendix © Instone Group 2

3. Slide 3: Key Investment Highlights

   Key Investment Highlights © Instone Group

4. Slide 4: Instone is a Leading Residential Developer in Germany

   Instone is a Leading Residential Developer in Germany Instone at a Glance Proven track record of >30 years  Leading homebuilding platform in Germany >1m sqm Successfully developed and marketed since 1991+  Addressing fundamental structural undersupply in German residential ~€7.1 bn market GDV proj

5. Slide 5: Investment highlights

   Investment highlights 1 Leading German residential developer - Key beneficiary from structural housing shortage 2 Healthy profitability on the basis of cost leadership and attractive project portfolio 3 nyoo product as growth pillar with unrivalled low costs due to innovative digital planning 4 Soun

6. Slide 6: Covering the entire value chain with deeply rooted construction expertise

   Covering the entire value chain with deeply rooted construction expertise Acquisition Planning application Sales Construction Completion Fully in- Internal/external Internal/external External house experts sales teams contractors No 30% pre-sale hurdle Strong construction High building Positive trac

7. Slide 7: Project examples: Frankfurt, Hamburg, Nuremberg, Düsseldorf, Hofheim

   Frankfurt | Lahnwarte Hamburg | Nordlicht Nuremberg | Seepalais Düsseldorf | Mosaik Hofheim | Kant & Gloria 7 © Instone Group 7

8. Slide 8: Q2 2026 Highlights

   Q2 2026 Highlights © Instone Group 8

9. Slide 9: Q2 highlights & outlook

   Q2 highlights & outlook Demand returning to growth path − Demand: Recovery following temporary weakness, progress in institutional business − Retail: sales ratio returning towards normalised levels, but prolonged uncertainty has weighed on demand − Institutional: increasing institutional demand with

10. Slide 10: Return to normalised sales levels after temporary weakness

    Return to normalised sales levels after temporary weakness Retail sales ratio1 – Return to long term mean In % Supply (in units) Long term Instone sales ratio Sales ratio 4.0 322 596 393 675 − Sales ratio reverting to LT mean after 3.5 temporary dip due to macroeconomic 3.0 and geopolitical uncertai

11. Slide 11: German residential prices withstand macro uncertainties

    German residential prices withstand macro uncertainties House price inflation (new builds)1 In % 7.2% − House prices remain stable or are 4.3% 2.3% 2.8% moderately growing despite macro 1.8% 1.6% 1.4% (0.5%) 0.1% (0.6%) (1.6%) (0.7%) 0.2% 0.4% 0.6% 0.7% 0.4% 0.7% 0.9% uncertainties and volatility in

12. Slide 12: Rising Inflation – Instone benefits from strong market position

    Rising Inflation – Instone benefits from strong market position Construction price inflation1 17.6% 16.9% 16.5% 15.1% 14.4% 14.3% 12.6% 8.8% 6.4% 5.1% 4.3% 2.8% 2.7% 3.1% 3.1% 3.2% 3.2% 3.1% 3.2% 3.3% 6.6% 4.4% 3.5% 2.1% 2.6% 2.5% 2.7% 2.4% 1.2% 1.4% 1.5% 0.8% 0.2% 0.4% 0.7% 0.7% 0.4% 0.8% 0.5% 0.5%

13. Slide 13: Adding new high margin projects

    Adding new high margin projects Project portfolio as of 30/06/2026 by development (GDV) Project portfolio as of 30/06/2026 by building right status (GDV) Building permit 20% application in preparation 7% Building permit application filed Pre-sale: Under construction: Master plan 71% granted Building

14. Slide 14: Q2 2026 Financial Performance & Outlook

    Q2 2026 Financial Performance & Outlook © Instone Group 14

15. Slide 15: Adjusted Results of Operations: Solid profitability maintained

    Adjusted Results of Operations: Solid profitability maintained €m Q2 2026 Q2 2025 Change H1-2026 H1-2025 Change 1 H1 topline affected by negative demand effect from Revenues 104.9 126.0 (16.7%) 1 184.2 231.0 (20.3%) macro uncertainties and temporary lower weather- Project cost (75.3) (95.6) (21.2%)

16. Slide 16: Very strong balance sheet is paying off

    Very strong balance sheet is paying off €m 30/06/2026 31/12/2025 Corporate debt 159.7 106.1 − LTC (loan-to-cost ratio) remains at a low level of 16.9%... Project debt1 272.5 298.0 Financial debt1 432.3 − … while net debt/adjusted EBITDA 404.1 ratio remains at a sound level of Cash and cash equivalen

17. Slide 17: Strong financial position – Increased investments in accelerated future growth

    Strong financial position – Increased investments in accelerated future growth t/o t/o Cash Flow (€m) Q2 2026 Q2 2025 H1 2026 H1 2025 Liquidity (€m) Total drawn available EBITDA adj. 11.7 16.8 17.1 30.7 Corporate debt Other non-cash items (4.1) (12.3) 24.4 (9.9) Promissory notes 180.5 157.0 23.5 Tax

18. Slide 18: Financing: Strong access to debt financing in still tough markets

    Financing: Strong access to debt financing in still tough markets Maturity profile (drawn corporate debt) as of 30/06/2026 Secured/unsecured as of 30/06/2026 Project debt, secured Corporate debt 50.0 45.0 41.5 36.9% 20.5 Total: €432.3m 63.1% 2026 2027 2028 2029 Weighted average corporate debt maturi

19. Slide 19: Outlook: Confirmation of lower end of guidance range

    Outlook: Confirmation of lower end of guidance range €m Forecast 2026 Revenues (adjusted) 550-600 Gross profit margin (adjusted) >24% EAT (adjusted) 35-40 Volume of concluded sales contracts 650-750 Guidance assumes no significant deterioration of macro conditions and no prolonged escalation of geop

20. Slide 20: Market Environment

    Market Environment © Instone Group 20

21. Slide 21: Structural supply shortage in German resi continues to widen

    Structural supply shortage in German resi continues to widen Continuous increase in the structural housing shortage German housing shortage1,2 Continued growth in demand for residential space in urban areas >800k units of cumulative deficit Increase of 600,000 households in past years driven by cont

22. Slide 22: New-builds steadily gaining relative attractiveness

    New-builds steadily gaining relative attractiveness Offer prices for multi-family homes: discounts per energy Further widening of price differential according to energy efficiency category 1 efficiency Discounts vs. reference category in %  Stronger price correction for non-renovated existing build

23. Slide 23: INS key beneficiary of accelerating market consolidation

    INS key beneficiary of accelerating market consolidation Instone is acting from a clear position of strength in a highly fragmented and consolidating market  Industry leading gross margins (23.8% in 2025)  Projects with GDV of c.€1.9bn and significant value potential acquired since Q1-2025  Cost

24. Slide 24: nyoo: Growth Perspective

    nyoo: Growth Perspective © Instone Group 24

25. Slide 25: Mid to long-term opportunity: nyoo

    Mid to long-term opportunity: nyoo Instone’s nationwide platform and innovative approach for affordable housing offer opportunity to fill demand gap Key challenges for reduced construction costs Key pathways for cost-efficiency Solutions—How does Instone do it? 1 Highly fragmented market Simplificat

26. Slide 26: First projects confirm INS's competitive edge

    First projects confirm INS’s competitive edge Affordable housing segment — recent track record DUS 19, Düsseldorf (Unterbach) DUI 76, Duisburg (Buchholz) Grafental, Düsseldorf nyoo berry, Duisburg (Wedau)  Land plot ~5,300 sqm  Land plot ~5,400 sqm  Joint project with INS Development  Land plot

27. Slide 27: Unrivalled low production costs achievable

    Unrivalled low production costs achievable PROJECT COSTS Around 25% cost saving potential € Around 25% cost − Reduction of total production cost including planning, saving potential marketing, sales etc. Ancillary costs Cost savings by standardisation Selling expenses (-50%) − ~50% of selling expens

28. Slide 28: Considerable savings in project duration resulting in superior project IRR

    Considerable savings in project duration resulting in superior project IRR Up to 30% time saving potential Modular − ~ 6m of planning and approval Time process savings − Up to 12m of construction process Land acquisition >> >> >> >> Handover − Prefabrication / industrialisation Additional reaching c

29. Slide 29: Highly attractive project economics

    Highly attractive project economics Project related economics − Standardised planning and simplified execution provides for Project size €20-50m attractive economics in smaller size projects − Projects gross margins expected to be lower compared to target margins for INS core product Target gross ma

30. Slide 30: Comparison of products

    Comparison of products Traditional Instone Product Instone nyoo − Lower to mid-price segment (between social housing − Mid to high price segment Price and Instone core product) − €5,000/sqm–9,000/sqm − Approx. €4,000/sqm–5,000/sqm − Customization and optionality − Standardisation and low optionality

31. Slide 31: ESG Strategy

    ESG Strategy © Instone Group 31

32. Slide 32: Driving sustainable success: how value creation is linked to sustainability

    Driving sustainable success: how value creation is linked to sustainability Major ESG-KPIs achievements Key objectives − First listed German property company adopting TNFD reporting High level of ESG reporting/disclosure (published report) − Share of projects/objects with energy requirements at leas

33. Slide 33: ESG: Top rating underscores commitment to industry leadership

    ESG: Top rating underscores commitment to industry leadership − Instone among the top 2% of the 275 global real estate development companies, improved score vs. 2023 − Top 5% across all sectors © Instone Group 33

34. Slide 34: Major ESG-KPIs – achievements

    Major ESG-KPIs – achievements Major KPIs 2025 2024 22.2 kgCO2e/m2*a 25.7 kgCO2e/m2*a Intensity Scope 3 greenhouse gas emissions for completed buildings E GHG emissions / scope 1 - 2 abs. 791.8 t CO2e 1,001.5 t CO2e Share of female employees in management positions (below C-level) 16.7% (1st) / 33.3%

35. Slide 35: Duisburg, 6-Seen-Wedau

    Duisburg, 6-Seen-Wedau nyoo lime – living space between the city a nd the la ke landscape 16 townhouses (solid timber) and 69 apartments in 4 apartment buildings (timber hybrid) QNG certification expected, DGNB Gold/Platinum envisaged, distinction as KlimaQuartier.NRW District heating and photovolta

36. Slide 36: Appendix

    Appendix © Instone Group 36

37. Slide 37: Awards & Ratings

    Awards & Ratings BEST MANAGED COMPANY AWARD 2026 EUROPEAN REAL ESTATE BRAND AWARD 2026 The award recognises excellently managed companies with Strongest Brand Germany in the category Developers Residential strategic vision, innovative strength, a sustainable management culture and good corporate gov

38. Slide 38: Project portfolio key figures

    Project portfolio key figures €m Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Volume of sales contracts 73.1 41.7 273.3 132.8 54.6 41.6 173.6 34.7 33.9 88.0 Project Portfolio 7,062.5 7,023.8 7,095.4 7,076.8 6,840.7 6,971.4 6,891.1 7,111.0 7,124.9 6,885.8 thereof al

39. Slide 39: Diversified project portfolio across most attractive German regions

    Diversified project portfolio across most attractive German regions Project portfolio as of 30/06/2026 by region (GDV) In % Munich Berlin − 50 projects / 14,230 units / ~1,215m sqm of Hanover 2.6 4.0 saleable space 2.4 Hamburg 5.8 Rhine-Main 40.5 − 100% in metropolitan regions Stuttgart 9.1 Total: L

40. Slide 40: Further growth planned; well prepared to seize market opportunities

    Further growth planned; well prepared to seize market opportunities Project portfolio development (GDV) In €bn 7.11 (0.2) 0.2 7.11 2 12/2025 Completed Acquisitions Updated 06/2026 projects project assessment 1 excluding GDV of at-equity JVs (proportionate share of €1,347m at 30/06/2026) © Instone Gr

41. Slide 41: Expected future cash flows suggest significant upside

    Expected future cash flows suggest significant upside Fundamental Instone value rests on three distinct pillars (As of 30 June 2026; in €) Pre-sold projects − c.€2.9bn currently under construction − t/o c.€2.5bn pre-sold (87%) De-risked free cash flow from projects under construction1 ~230m − In add

42. Slide 42: Growth Opportunities Act with attractive tax incentives for new-build properties

    Growth Opportunities Act with attractive tax incentives for new- build properties (scenario analysis) Model assumptions Payback of capital from tax incentives Price / sqm €5,700 4 years 10 years Lettable space 85 sqm Total depreciation €142,658 €218,532 Purchase price €484,500 Depreciation as % of t

43. Slide 43: Project portfolio consolidated as of 30/06/2026

    Project portfolio consolidated as of 30/06/2026 Projects > €30m sales volume, representing total: ~ €7.1bn – JVs are not included Sales volume Lettable space Land plot Planning right Construction Project Location (expected) (sqm) acquired obtained Sales start started Hamburg Kösliner Norderstedt 106

44. Slide 44: Project portfolio consolidated as of 30/06/2026

    Project portfolio consolidated as of 30/06/2026 Projects > €30m sales volume, representing total: ~ €7.1bn – JVs are not included Sales volume Lettable space Land plot Planning right Construction Project Location (expected) (sqm) acquired obtained Sales start started Rhine-Main Delkenheim Wiesbaden

45. Slide 45: Project portfolio consolidated as of 30/06/2026

    Project portfolio consolidated as of 30/06/2026 Projects > €30m sales volume, representing total: ~ €7.1bn – JVs are not included Sales volume Lettable space Land plot Planning right Construction Project Location (expected) (sqm) acquired obtained Sales start started Baden-Wurttemberg Rottenburg Rot

46. Slide 46: Project portfolio not consolidated as of 30/06/2026

    Project portfolio not consolidated as of 30/06/2026 Sales volume Lettable space Land plot Planning right Construction Project Location (expected) (sqm) acquired obtained Sales start started Share of capital (%) Berlin FHP Berlin 488m € 61,256 50.0% NRW Benrath Düsseldorf 481m € 104,240 2028 40.0% Rh

47. Slide 47: Favourable regulatory framework leading to attractive cash flow profile

    Favourable regulatory framework leading to attractive cash flow profile Private Customers’ Payment Profile for German residential development projects − De risked: B2C development process per se low-risk via regulatory 86% 88% 96% 100% framework ("MaBV")1 77% 58% 30% Start of Shell Roof, basic Inter

48. Slide 48: Funding requirements minimized due to high pre-sales levels

    Funding requirements minimized due to high pre-sales levels Illustrative cumulative financing profile of a typical B2C Instone project Notarised land Start of Start of Cash inflow > Sales Construction acquisition sales & marketing construction cash outflow completion completion − Debt financing land

49. Slide 49: Supportive German subsidy schemes

    Supportive German subsidy schemes Key positives from new subsidy schemes The German− government increases Name: Social housing subsidiestax depreciation andDepreciation − Name: Degressive invests >€1bn−p.a. to “Wohneigentum Name: support owner-occupiers (help-to-buy) für Familien” = − Name: andNeuba

50. Slide 50: Coalition agreement of new German government contains positive elements

    Coalition agreement of new German government contains positive elements – A reduction in costs for homebuyers key factor Agreement contains ideas for new construction that point in the right direction Housing  construction turbo − Draft law reform to speed up construction processes introduced − Loc

51. Slide 51: Instone share

    Instone share Basic data Shareholder structure (August2026) − ISIN: DE000A2NBX80 − Ticker symbol: INS Activum 25.95% − No of shares: 43.323m (excl. treasury shares) Others 41.08% − Market cap: €333m DAMAC − Average daily trading volume: €0.1m Properties 10.04% − Market segment: Prime Standard, Frank

52. Slide 52: Financial calendar

    Financial calendar 2026 06 August 2026 Group Interim Report for the first half of 2026 07 Sept 2026 Roadshow, London, Deutsche Bank 21 Sept 2026 Berenberg and Goldman Sachs 15th German Corporate Conference, Munich 22 Sept 2026 Baader Investment Conference, Munich 5-7 Oct 2026 EXPO REAL, Munich 22 Oc

53. Slide 53: The Instone Management Board

    The Instone Management Board Kruno Crepulja David Dreyfus Andreas Gräf CEO CFO COO − CEO since 2008 (of Instone’s − CFO, since 2023 − COO since 2008 (of Instone’s predecessor formart) − >28 years of experience in predecessor formart) − Comprehensive experience as an corporate finance and capital − E

54. Slide 54: Investor Relations Contact

    Investor Relations Contact Burkhard Sawazki Tania Hanson Head of IR and Capital Market Communication & Strategy Roadshows & Investor Events T +49 201 45355-137 T +49 201 45355-311 M +49 173 2606034 M +49 152 53033602 burkhard.sawazki@instone.de tania.hanson@instone.de © Instone Group 54

55. Slide 55: Disclaimer

    Disclaimer BY VIEWING THIS PRESENTATION, YOU AGREE TO BE BOUND BY THE FOLLOWING TERMS AND CONDITIONS REGARDING THE INFORMATION DISCLOSED IN THIS PRESENTATION. THIS PRESENTATION HAS BEEN PREPARED BY INSTONE REAL ESTATE GROUP SE (THE "COMPANY", TOGETHER WITH ITS SUBSIDIARIES, "INSTONE"). For the purpo

56. Slide 56: Thank you

    Thank you Instone Real Estate Group SE Grugaplatz 2-4 45131 Essen investorrelations@instone.de instone-group.de/en © Instone Group 56

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