Slide 1: Q1-2026 Results
Q1 2026 LEG Immobilien SE Q1-2026 Results 13 May 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 Q1-2026 Q1-2025 change Balance sheet 31.03.2026 31.12.2025 change Net cold rent €m 237.1 229.5 +3.3% Investment properties €m 19,573.6 19,591.4 –0.1% NOI (recurring) €m 195.8 186.0 +5.3% Cash and cash equivalents2 €m 508.0 816.8 –37.8% EBITDA
Slide 4: Highlights Q1-2026
01 Highlights Q1-2026 Q1-2026 Results – LEG Immobilien SE 4
Slide 5: Highlights Q1-2026
Highlights Q1-2026 Highlights Q1-2026 01 Rent 02 EBITDA 03 AFFO on track +3.7% l-f-l margin +180bps €58.6m 50bps positive impact Positive operating leverage 2026 guidance of from cost rent with EBITDA margin of 77.4% €220 – 240m confirmed 04 Valuation 05 LTV outlook H1 –60bps Positive valuation resu
Slide 6: Simple and solid as a rock
Highlights Q1-2026 Simple and solid as a rock In highly uncertain times our business model stays robust – by design, not by chance 1 Resilient Business Model 2 Solid Funding & Liquidity 3 "Cash is King" – Capital Discipline 4 Strategic value orientation 5 Growth Despite Headwinds Continued supply
Slide 7: On track for the 2026 guidance
Highlights Q1-2026 Highlights Q1-2026 On track for the 2026 guidance Q1-2026 Guidance 2026 Adj. EBITDA-margin: +180bps Adj. EBITDA-margin 77.4% c.78% Net cold rent €237.1m AFFO: –5.9% AFFO +3.3% €58.6m €220 – 240m FFO I: +0.3% FFO I (indication) €114.7m €475 – 495m 3.7% l-f-l Average interest costs
Slide 8: Rent development
Highlights Q1-2026 Rent development Free financed rents signal ongoing strong momentum Q1-2026 Guidance 2026 Residential rent total portfolio L-f-l rent growth €/sqm/month/l-f-l 6.90 7.15 Rent table +1.9% Modernisation/Re-letting +1.3% Cost rent +0.5% +3.7% 3.8% – 4.0% Q1-2025 Q1-2026 Free financed
Slide 9: Investments
Highlights Q1-2026 Investments Increase by 17% over lower previous year level – on track for >35€/sqm Q1-2026 Guidance 2026 Adj. investments Adj. Investments 98.0 €m / € per sqm 84.4 €8.82/sqm +17% €7.51/sqm Adj. Capex 45.0 €4.00/sqm 52.8 €4.75/sqm >€35/sqm Adj. Maintenance 39.4 45.2 €3.51/sqm €4.07
Slide 10: Investments
Highlights Q1-2026 Investments A more linear spending pattern in 2026 with c.25% spent in Q1 €/sqm >35 Distribution of investments: 2023: Implementation of AFFO as new core KPI with lower investments in H1 2024: A more equal c.25% distribution of investments 2025: Integration of BCP units wi
Slide 11: Disposals
Highlights Q1-2026 Disposals YTD sales of c.1,000 units completed or fixed Divestments Number of units transferred 249 units for c.€18m transferred Q2–Q4 in Q1-2026 Q4 FY-2025 Q1 2026e Additional disposal contracts for 756 units (c.€56m) signed with –429 –249 transfer of ownership in 2026 Call
Slide 12: AFFO bridge
Highlights Q1-2026 AFFO bridge On track for guidance – AFFO-decline in Q1 driven by linear investment spending 3.0 Higher net cold rents €m 7.6 Organic rent growth +€8.9m 62.3 Disposals –€1.3m 58.6 –3.7 –1.7 –2.1 Higher net cash interests –6.8 Driven by lower interest income and increasing ref
Slide 13: Attractive financing structure
Highlights Q1-2026 Attractive financing structure 2026 maturities covered – LTV target of c.45% in 2026 ambitious but still in reach Loan-to-Value Debt maturities covered 46.2% 48.4% 100% Q1-2026 Q1-2025 FY-2026 Average interest cost Average maturity ICR 1.80% 5.8 years 4.2x Strong liquidity positio
Slide 14: Guidance 2026 unchanged and confirmed
Highlights Q1-2026 Guidance 2026 unchanged and confirmed Positive valuation result of up to 1% expected 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 15: Q1-2026 Results
02 Q1-2026 Results Appendix 1 Financial Performance 2 Portfolio & Operations 3 Financing 4 ESG 5 Share information, Financial calendar & IR contact Q1-2026 Results – LEG Immobilien SE 15
Slide 16: FFO I/ AFFO calculation
Appendix – Financial Performance FFO I/ AFFO calculation €m Q1-2026 Q1-2025 Net cold rent 237.1 229.5 Net cold rent Profit from operating expenses –5.3 –7.3 +€7.6m or +3.3% driven by rent increases Personnel expenses (rental and lease) –29.3 –28.9 (+€8.9m) Allowances on rent receivables –5.1 –5.9
Slide 17: Loan to Value
Appendix – Financial Performance Loan to Value €m 31.03.2026 31.12.2025 Loan to Value Financial liabilities 9,752.5 10,155.3 Decline by 60bps to 46.2% vs. FY-2025 Excluding lease liabilities (IFRS 16) 43.3 45.6 Decline by 220bps vs. Q1-2025 Cash & cash equivalents1 508.0 816.8 Cash and cash equi
Slide 18: Balance sheet
Appendix – Financial Performance Balance sheet €m 31.03.2026 31.12.2025 Equity ratio: 42.5% (FY-2025: 41.6%) Investment properties 19,573.6 19,591.4 Investment properties Other non-current assets 416.3 421.2 Capex: +€56.4m Non-current assets 19,989.9 20,012.6 Valuation: +€16.8m Receivables and o
Slide 19: EPRA NTA
Appendix – Financial Performance EPRA NTA €m EPRA NTA – diluted 31.03.2026 31.12.2025 IFRS equity attributable to shareholders (before minorities) 8,777.1 8,693.9 Hybrid instruments 38.1 38.1 Diluted NTA (at Fair Value) 8,815.2 8,732.0 Deferred tax in relation to fair value gains of IP and deferred
Slide 20: Q1-2026 Results
03 Q1-2026 Results Appendix 1 Financial Performance 2 Portfolio & Operations 3 Financing 4 ESG 5 Share information, Financial calendar & IR contact Q1-2026 Results – LEG Immobilien SE 20
Slide 21: LEG's portfolio comprises of c.171,100 residential units
Appendix – Portfolio & Operations LEG’s portfolio comprises of c.171,100 residential units Kiel, As of 31 March 2026 Flensburg Top 5 locations by market ~4,600 units High-Growth 51,660 Wilhelmshaven, Oldenburg, Bremen, Hanover, Brunswick, Outside North District of Mettmann 9,185 Wolfsburg, Göttingen
Slide 22: Portfolio values Q1-2026: Gross yield of 4.9%
Appendix – Portfolio & Operations Portfolio values Q1-2026: Gross yield of 4.9% Market segment Residential GAV Residential GAV/ Gross In-Place Rent GAV Commercial Total GAV2 Units1 Assets (€m) sqm (€) yield Multiple (€m) (€m) High-Growth 51,660 7,891 2,327 4.1% 24.4x 174 8,065 Markets Stable 69,262
Slide 23: 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 8.00 +3.6% 8.57 5.97 Stable 6.93 +4.0% 7.25 5.52 Higher-Yielding 6.50 +3.5% 6.7
Slide 24: Top locations upcoming rent tables (MSP)
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 Iserlohn >50,000 Higher-Yielding 1,668 Simple 12/2
Slide 25: Rent regulation in Germany
Appendix – Portfolio & Operations Rent regulation in Germany Free-financed units (~141,700) Subsidised units (~29,400) 83% 17% 50% 33% 17% Non-tense markets Tense markets1 Cost rent adjustment ~84,300 units ~57,400 units Every third year (last was beginning of 2026, next will be in 2029) No regula
Slide 26: Regulatory Environment (1/3)
Appendix – Portfolio & Operations Regulatory Environment (1/3) Current Developments Topic Draft of Building Modernisation Act (GModG) Draft of Renewable Energy Sources Act (EEG) Details Elimination of the strict requirement to run new heating systems with EEG 2025: acceleration of the energy tra
Slide 27: Regulatory Environment (2/3)
Appendix – Portfolio & Operations Regulatory Environment (2/3) Current Developments Topic Draft of Amendments to the German Civil Code (BGB) Details Measures to strengthen rent brake regulation (“Mietpreisbremse”) Stricter rules for furnished housing (transparency of furnishing Grace period pa
Slide 28: Regulatory Environment (3/3)
Appendix – Portfolio & Operations Regulatory Environment (3/3) Current Developments Topic National Building Renovation Plan (NBRP/EPBD) Draft for set-up of a federal construction company Details National Building Renovation Plan (NBRP) translates European Concept by Lars Klingbeil for the establ
Slide 29: 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 15,917 Until 2028, around 17,900 units will come 7,747 Stable off rent restriction High-Growth 1,931 1,8
Slide 30: Increasing spread between replacement cost and LEG value
Appendix – Portfolio & Operations Increasing spread between replacement cost and LEG value Construction costs rose by 53% between 2020 and 2025 New build in large German cities1 vs. LEG portfolio €/sqm New build multiplier/ spread €/sqm New builds require rents 2.8x 3.2x of 18 – 22€/sqm/month 2,39
Slide 31: Portfolio of 171k units
Appendix – Portfolio & Operations Portfolio of 171k units Number of units based on date of transfer of ownership1,2 Portfolio changes 249 sold and transferred units 7,667 –136 183 –421 171,360 –244 171,116 reduce portfolio size to 171.1 k units 166,546 164,067 Nearly all additions to the portfol
Slide 32: Intensification of demand – supply imbalance
Appendix – Portfolio & Operations Intensification of demand – supply imbalance New supply continues to erode while number of households should increase further base year 2000 = 1001 no. of units2 Target former Government 400,000 115 400,000 350,000 Target BBSR3 320,000 110 300,000 105 250,000 185,00
Slide 33: German residential transaction market Q1-2026
Appendix – Portfolio & Operations German residential transaction market Volume falls behind previous year level as small to mid-sized deals remain the sweet spot Investment volume Transactions by size Q1-20261 Investors by geography Q1-20261 German residential1 % % €bn Long-term average 30.0 60 50 ≥
Slide 34: Q1-2026 Results
04 Q1-2026 Results Appendix 1 Financial Performance 2 Portfolio & Operations 3 Financing 4 ESG 5 Share information, Financial calendar & IR contact Q1-2026 Results – LEG Immobilien SE 34
Slide 35: Financing profile
Appendix - Financing Financing profile 2026 maturities fully covered while strong ICR stands at 4.2x Maturity profile Q1 0 Ø Interest cost Ø Debt maturity Loan-to-Value Q2 232 Weighted in % in years in % €m avg. interest Q3 0 1.66 1.80 5.5 5.8 46.8 2026 233 1.88% Q4 1 46.2 2027 1,083 1.50% Q1 264 Q2
Slide 36: Financing-KPIs
Appendix – Financing Financing-KPIs as of Q1-2026 Bond Covenants1 Financing mix Covenant Threshold Q1-2026 Consolidated Adjusted EBITDA / Net Cash Interest ≥1.8x 4.2x Unencumbered Assets / Unsecured Financial Indebtedness ≥125% 188.4% Fixed interest 91.4% Net Financial Indebtedness / Total Assets ≤6
Slide 37: Capital market financing – Corporate bonds
Appendix – Financing Capital market financing – Corporate bonds Maturity Date Issue Size Duration Coupon Issue Price ISIN WKN 28 Nov 2027 €500m 2019/2027 0.875% p.a. 99.356% DE000A254P51 A254P5 17 Jan 2029 €700m 2022/2029 0.875% p.a. 99.045% DE000A3MQNP4 A3MQNP 30 Jun 2031 €700m 2021/2031 0.750% p.a
Slide 38: 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 39: Q1-2026 Results
05 Q1-2026 Results Appendix 1 Financial Performance 2 Portfolio & Operations 3 Financing 4 ESG 5 Share information, Financial calendar & IR contact Q1-2026 Results – LEG Immobilien SE 39
Slide 40: 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 41: 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 42: 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 43: Comprehensive ESG update
Appendix – ESG Comprehensive ESG update Published on the LEG webpage at ESG-Strategy – Factbook 2030 Q1-2026 Results – LEG Immobilien SE 43
Slide 44: Q1-2026 Results
06 Q1-2026 Results Appendix 1 Financial Performance 2 Portfolio & Operations 3 Financing 4 ESG 5 Share information, Financial calendar & IR contact Q1-2026 Results – LEG Immobilien SE 44
Slide 45: 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 9.5% Total no. of shares 75,570,800 Norges 3.0% Ticker symbol LEG Amundi 2.9% ISIN DE000LEG1110 Indices MDAX, FTSE EP
Slide 46: 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) 5/2026 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 47: Financial calendar
Appendix – Share information, Financial calendar & IR contact Financial calendar 27 May 12 November AGM Quarterly Statement Q3 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 2026 For our detailed financial calendar, ple
Slide 48: 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: