Slide 1: 9M-2025 Results
9M 2025 LEG Immobilien SE 9M-2025 Results 12 November 2025
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 9M-2025 9M-2024 change Balance sheet 30.09.2025 31.12.2024 change Net cold rent €m 687.7 643.8 +6.8% Investment properties €m 19,242.0 17,853.3 +7.8% NOI (recurring) €m 577.2 530.3 +8.8% Cash and cash equivalents2 €m 448.1 914.3 –51.0% EBITDA
Slide 4: Highlights 9M-2025
01 Highlights 9M-2025 9M-2025 Results – LEG Immobilien SE 4
Slide 5: Highlights 9M-2025
Highlights 9M-2025 Highlights 9M-2025 01 2025 02 2026 03 Valuation performance guidance effects On track for 2025 targets, New 2026 guidance Expected valuation result i.e. 10% AFFO growth1 points to 5% AFFO growth1 of +1.5 to +2.0% for H2-2025 04 Disposals 05 Positive rating 2,200 units sold – more
Slide 6: Highlights 9M-2025
Highlights 9M-2025 Highlights 9M-2025 Strong FFO I as well as AFFO growth powered by rental growth and BCP integration 9M-2025 Guidance 2025 Net cold rent Adj. EBITDA-margin Adj. EBITDA-margin €687.7m +280bps +6.8% 79.2% c.77% FFO I AFFO AFFO +12.6% +19.3% €370.7m €181.3m €215 – 225m 3.1% l-f-l rent
Slide 7: Bottom-line earnings with further progress
Highlights 9M-2025 Bottom-line earnings with further progress High stability of earnings throughout the cycle – further improving cash generation Historical development of earnings per share1 € Steady execution 7 EBITDA (adj.) – margin 6 to improve to c.78% in 2026 FFO I to remain at around 5 pe
Slide 8: Rent development
Highlights 9M-2025 Rent development On track for the target level of 3.4% – 3.6% l-f-l rent growth based on a stronger Q4-2025 Guidance 2025 Residential rent total portfolio L-f-l rent growth €/sqm/month/l-f-l 6.78 6.99 Rent table Modernisation/Re-letting +1.7% +1.4% +3.1% 3.4% – 3.6% 9M-2024 9M-202
Slide 9: Rental growth on track for the 3.4% - 3.6% target range
Highlights 9M-2025 Rental growth on track for the 3.4% - 3.6% target range A more even distribution in 2025 vs. front-end loaded 2024 Change in rent per sqm vs. previous quarter € Q1–3 of total Q4 of total 0.10 2024 2025 87% 75% 13% 25% 0,080.08 0,060.06 0,040.04 0,020.02 0,000.00 Q1 Q2 Q3 Q4 / Q4e
Slide 10: Investments
Highlights 9M-2025 Investments Further ramping up – on track for guidance level Guidance 2025 Investments development Adj. Investments 291.9 €m 266.0 €26.16/sqm +10% €24.63/sqm Adj. Capex 150.9 €13.97/sqm 165.4 €14.82/sqm >€35/sqm Adj. Maintenance 115.1 126.5 €10.66/sqm €11.34/sqm 9M-2024 9M-2025 In
Slide 11: Disposals
Highlights 9M-2025 Disposals 2,200 units sold in 2025 sold so far – c.€190m of proceeds – more to come until year-end Divestments 2025 2,200 units for c.€190m sold Number of units transferred FY-2024 Q3 Q4e FY-2025e so far –56 Substantial volume expected c. –400 to be signed until year-end Dis
Slide 12: AFFO bridge
Highlights 9M-2025 AFFO bridge AFFO-growth driven by higher rents, cost discipline and limited interest cost effects €m 7.1 Higher net cold rents 43.9 –5.9 –0.3 –3.4 Organic rent growth +€20.3m –12.2 152.0 181.3 Acquisition BCP +€37.0m Disposals –€13.4m Higher maintenance / capex (recurring)
Slide 13: Attractive financing structure
Highlights 9M-2025 Attractive financing structure 2026 maturities covered – target LTV of 45% expected in 2026 Loan-to-Value Debt maturities covered 48.3% 48.5% 100% €965m 9M-2025 9M-2024 2026 Average interest cost Average maturity ICR 1.59% 5.6 years 4.5x Still strong liquidity position of Redempti
Slide 14: New guidance 2026 – new record levels
Highlights 9M-2025 New guidance 2026 – new record levels Targeting 5% AFFO growth – reaching the 45% LTV target in 2026 Guidance 2026 AFFO FFO I Adj. EBITDA-margin €220m +5%1 €475m +1%1 c.78% +100bps2 – €240m – €495m L-f-l rent growth Adj. investments LTV 3.8% +40bps1 >€35/sqm stable c.45% –3pp3 – 4
Slide 15: Appendix: Financial Performance
02 9M-2025 Results Appendix 1 Financial Performance 2 Portfolio & Operations 3 Financing 4 ESG 5 Share information, Financial calendar & IR contact 9M-2025 Results – LEG Immobilien SE 15
Slide 16: FFO I/ AFFO calculation
Appendix – Financial Performance FFO I/ AFFO calculation €m 9M-2025 9M-2024 Net cold rent 687.7 643.8 Net cold rent Profit from operating expenses –15.4 –16.5 +€43.9m or +6.8% driven by the acquisition Personnel expenses (rental and lease) –85.9 –86.2 of BCP (+€37.0m) and residential rent Allowanc
Slide 17: Loan to Value
Appendix – Financial Performance Loan to Value €m 30.09.2025 31.12.2024 Loan to Value Financial liabilities 9,887.3 9,718.6 Increase by 40bps to 48.3% vs. FY2024 Decline by 20bps vs. 9M-2024 Excluding lease liabilities (IFRS 16) 45.4 47.4 Ongoing high level of cash and cash Cash & cash equival
Slide 18: Balance sheet
Appendix – Financial Performance Balance sheet €m 30.09.2025 31.12.2024 Equity ratio: 41.2% (FY-2024: 37.8%) Investment property 19,242.0 17,853.3 Positive tax income of >€430m mainly sourced from decrease in deferred taxes (and respective increase Other non-current assets 429.5 529.9 in equity) d
Slide 19: EPRA NTA
Appendix – Financial Performance EPRA NTA €m EPRA NTA – diluted 30.09.2025 31.12.2024 IFRS equity attributable to shareholders (before minorities) 8,375.6 7,371.5 Hybrid instruments 29.2 29.2 Diluted NAV (at Fair Value) 8,404.8 7,400.7 Deferred tax in relation to fair value gains of IP and deferred
Slide 20: Guidance 2025: Unchanged and confirmed
Appendix – Financial Performance Guidance 2025: Unchanged and confirmed Guidance 20251 AFFO FFO I Adj. EBITDA margin L-f-l rent growth €215m – 225m €470m – 490m c.77% 3.4% – 3.6% Investments LTV Dividend Disposals 45% 100% >35€/sqm Max. medium-term AFFO as well as a part of the Not reflected1 target
Slide 21: Guidance 2026: Improving cash generation with AFFO +5%
Appendix – Financial Performance Guidance 2026: Improving cash generation with AFFO +5% 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 the Not reflecte
Slide 22: Portfolio & Operations
02 9M-2025 Results Appendix 1 Financial Performance 2 Portfolio & Operations 3 Financing 4 ESG 5 Share information, Financial calendar & IR contact 9M-2025 Results – LEG Immobilien SE 22
Slide 23: LEG's portfolio comprises of c.171,800 residential units
Appendix – Portfolio & Operations LEG’s portfolio comprises of c.171,800 residential units Schleswig- As of 30 September 2025 Holstein Top 5 locations by market ~4,600 units High-Growth 51,967 Wilhelmshaven, Oldenburg, Bremen, Hanover, Brunswick, Outside North District of Mettmann 9,187 Wolfsburg, G
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 7.84 +3.0% 8.48 5.71 Stable 6.77 +3.4% 7.11 5.34 Higher-Yielding 6.36 +2.7% 6.6
Slide 25: Top locations upcoming rent tables (MSP – Mietspiegel)
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 Neuss >100,000 High-Growth 668 Simple 01/2023 Qual
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 9M-2025 Results – LEG ~85,000 units ~57,000 units Immobilien SE No regulations Rental brake (Mietpreisbremse) Cost rent adjustme
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 16,077 Until 2028, around 18,400 units will come off 7,866 Stable rent restriction 1,955 1,919 High-Grow
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 –136 183 171,781 ~9,100 additions from BCP- acquisition in Q1-2025 166,546 –593 –130 –524 Nearly all additions to the port
Slide 29: Portfolio values 9M-2025: Gross yield of c.5%
Appendix – Portfolio & Operations Portfolio values 9M-2025: Gross yield of c.5% Market segment Residential GAV Residential GAV/ Gross In-Place Rent GAV Commercial Total GAV2 Units1 Assets (€m) sqm (€) yield Multiple (€m) (€m) High-Growth 51,967 7,728 2,273 4.1% 24.4x 174 7,903 Markets Stable 69,349
Slide 30: Financing
02 9M-2025 Results Appendix 1 Financial Performance 2 Portfolio & Operations 3 Financing 4 ESG 5 Share information, Financial calendar & IR contact 9M-2025 Results – LEG Immobilien SE 30
Slide 31: Financing profile
Appendix – Financing Financing profile 2026 maturities fully covered while strong ICR stands at 4.5x Maturity profile Average interest cost Average debt maturity Loan-to-Value €m Weighted % years % Loans Bonds avg. interest 1.61 1.59 5.8 5.6 48.5 48.3 Convertibles Sustainable bonds 2025 44 1.34% 202
Slide 32: Financing-KPIs
Appendix – Financing Financing-KPIs as of Q3-2025 Bond Covenants1 Financing mix Covenant Threshold Q3-2025 Consolidated Adjusted EBITDA / Net Cash Interest ≥1.8x 4.5x Unencumbered Assets / Unsecured Financial Indebtedness ≥125% 178.6% Fixed interest 91.1% Net Financial Indebtedness / Total Assets ≤6
Slide 33: Capital market financing – Corporate bonds
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 €500m 28 Nov 2034 1.625% p.a. 98.649% DE000A254P69 A254P6 2021/2033 €700m 30 Mar 2033 0.875% p.a
Slide 34: 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 35: ESG
02 9M-2025 Results Appendix 1 Financial Performance 2 Portfolio & Operations 3 Financing 4 ESG 5 Share information, Financial calendar & IR contact 9M-2025 Results – LEG Immobilien SE 35
Slide 36: Among the best in class
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
Slide 37: Comprehensive ESG update
Appendix – ESG Comprehensive ESG update Published on the LEG webpage at ESG-Strategy – Factbook 2030 9M-2025 Results – LEG Immobilien SE 37
Slide 38: Share information, Financial calendar & IR contact
02 9M-2025 Results Appendix 1 Financial Performance 2 Portfolio & Operations 3 Financing 4 ESG 5 Share information, Financial calendar & IR contact 9M-2025 Results – LEG Immobilien SE 38
Slide 39: 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 10.1% Total no. of shares 75,570,800 Norges 3.1% Ticker symbol LEG Amundi 2.9% ISIN DE000LEG1110 Other free float 83.
Slide 40: 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) 11/2025 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
Slide 41: Financial calendar
Appendix – Share information, Financial calendar & IR contact Financial calendar 12 November 13 May 4 August Quarterly Statement Q3 Quarterly Statement Q1 Quarterly Report Q2 as of 30 September 2025 as of 31 March 2026 as of 30 June 2026 5 March 27 May 12 November Publication Annual AGM Quarterly St
Slide 42: 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: