Aroundtown Sa · XETR:AT1
Aroundtown Sa — Aroundtown Sa Ord — H1 2026 Earnings Presentation
103 slides from Aroundtown Sa's earnings presentation, Aug 26, 2026
Slide 1: H1 2026 Financial Results
CRETE H1 2026 FINANCIAL RESULTS AUGUST 2026 H1 2026 FINANCIAL RESULTS AROUNDTOWN SA
Slide 2: Table of Contents
AMSTERDAM HIGHLIGHTS TABLE OF CONTENTS OPERATIONS AND PORTFOLIO FINANCIAL RESULTS BALANCE SHEET & CAPITAL STRUCTURE GUIDANCE APPENDIX o PORTFOLIO & CAPITAL MARKETS o ESG o MARKET DATA H1 2026 FINANCIAL RESULTS AROUNDTOWN SA 2
Slide 3: Highlights
LONDON HIGHLIGHTS H1 2026 FINANCIAL RESULTS AROUNDTOWN SA 3
Slide 4: H1 2026 Financial Highlights
H1 2026 FINANCIAL HIGHLIGHTS RENT LIKE-FOR-LIKE FFO I EPRA NTA GREEN CERTIFICATES 2.7% €144m €9.1bn -4% YOY +6% vs Dec 2025 76% Commercial EPRA NTA per share +6% NET RENTAL INCOME FFO I per share OPERATIONAL 8.0 81% Office vs FY 2025 report RESULTS €591m €0.13 +3% vs Dec 2025 72% Hotel 0% YOY -7% YO
Slide 5: Well-Positioned for Further FFO I Generation
WELL-POSITIONED FOR FURTHER FFO I GENERATION SEVERAL FFO GROWTH DRIVERS TO OFFSET INCREASING FINANCE EXPENSES CONTINUED EXTRACTION OF CONVERSION, DEVELOPMENT HIGHER FFO THROUGH ACCRETIVE SHARE BUY BACK TOP-LINE GROWTH AND REPOSITIONING INCREASED STAKE IN GCP • Capturing window of opportunity • Highe
Slide 6: Disciplined Capital Recycling Driving Accretive Per-Share Growth
DISCIPLINED CAPITAL RECYCLING DRIVING ACCRETIVE PER-SHARE GROWTH SELLING AROUND BOOK VALUES, CHANNELING FUNDS INTO ACCRETIVE BUYBACK, OPPORTUNISTIC ACQUISITIONS, CONVERSIONS AND REPOSITIONINGS SELECTIVE DISPOSALS ACCRETIVE USE OF PROCEEDS DISPOSALS H1 2026 BUYBACK DISCOUNT ACQUISITIONS H1 2026 OFFIC
Slide 7: Operations and Portfolio
DORTMUND OPERATIONS AND PORTFOLIO H1 2026 FINANCIAL RESULTS AROUNDTOWN SA 7
Slide 8: 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 9: Portfolio Overview June 2026
PORTFOLIO OVERVIEW JUNE 2026 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 8,428 2,875 13.6% 421 13.8 2,932 5.0% 4.3 Residential 8,326
Slide 10: Continued Solid Operational Growth, With Further Upside
CONTINUED SOLID OPERATIONAL GROWTH, WITH FURTHER UPSIDE RESIDENTIAL HOTEL OFFICE H1 2026 LIKE-FOR-LIKE +3.5% +4.4% +0.9% 33% of portfolio 20% of portfolio 34% of portfolio +2.7% ▸ 20% reversionary upside ▸ Low vacancy ▸ Indexed & ramp-up leases ▸ Repositioning upside ▸ Indexation-led ▸ Gap-to-market
Slide 11: Rental Upside Until 2030
RENTAL UPSIDE UNTIL 2030 – FURTHER SUPPORTED BY CONVERSION AND REPOSITIONING PIPELINE €55 MILLION RENTAL UPSIDE UNTIL 2030, FROM RENT RAMP-UP OF COMPLETED PROJECTS + ADDITIONAL PROJECTS CURRENTLY IN EXECUTION ~€225m ~12% €55m REMAINING CAPEX EXPECTED YIELD EXPECTED RENTAL UPLIFT FROM ON TOTAL CAPEX
Slide 12: Selected Case Studies
SELECTED CASE STUDIES – VALUE CREATION THROUGH REPOSITIONING AND CONVERSION CONVERSION HOTEL REPOSITIONING CONVERSION HOTEL REPOSITIONING Coolse Poort Cardo Roma Serviced Apartments Hotel Bristol Rotterdam, NL Rome, IT Dortmund, GER Berlin, GER ► Former single-tenant office building on ► Former Sher
Slide 13: Hotel Portfolio - Tenant Diversification
HOTEL PORTFOLIO – TENANT DIVERSIFICATION SEVERAL NEW LEASES CARDO ROMA, ROME CARDO ROMA, ROME SIGNED RECENTLY STRENGTHENING THE TENANT MIX HOTEL BRISTOL, BERLIN HOTEL BRISTOL, BERLIN CARDO BRUSSELS, BRUSSELS CARDO BRUSSELS, BRUSSELS 1) Excluding Center Parcs, the tenants’ Gross operating profit befo
Slide 14: Federal Government to Introduce Law to Ban Expropriation
FEDERAL GOVERNMENT TO INTRODUCE LAW TO BAN EXPROPRIATION The initiative aims to safeguard housing investment and establishes clearer legal certainty materially lowering the perceived expropriation risk SEP 2021 REFERENDUM INITIATIVE The “Deutsche Wohnen & Co. enteignen” campaign secured support for
Slide 15: Unlocking Higher Value Through ESG Investments in Leipzig
UNLOCKING HIGHER VALUE THROUGH ESG INVESTMENTS IN LEIPZIG IMPLEMENTING TARGETED MEASURES TO REFURBISH BUILDING IN CORE LEIPZIG LOCATION, IMPROVING ENERGY PERFORMANCE, LOWERING COSTS AND UNLOCKING HIGHER RENTS REDUCING FINAL ENERGY DEMAND BY OVER 75% €2m €3.8m F→A KFW 40 EE 2025 2021 KFW SUBSIDY TOTA
Slide 16: BREEAM Certification Progress & Strategy
BREEAM CERTIFICATION PROGRESS & STRATEGY CORE STRATEGY IMPROVING SCORE THROUGH TARGETED MEASURES UPON RECERTIFICATION ✓ A clear pathway to portfolio sustainability BREEAM methodology maps the “as-is”, pinpoints potential, and lifts scores at recertification. ✓ First AT building to achieve highest BR
Slide 17: Financial Results
BRUSSELS FINANCIAL RESULTS H1 2026 FINANCIAL RESULTS AROUNDTOWN SA 17
Slide 18: Profit and Loss
PROFIT AND LOSS 1-6/2026 1-6/2025 LFL Net rental income growth in € millions NET RENTAL INCOME 590.6 590.5 Operating and other income 171.1 167.9 +2.7% Total LFL Net rental REVENUE 761.7 758.4 income growth Jun 2026 PROPERTY REVALUATIONS AND CAPITAL GAINS 1.7 383.2 Share of profit from investment in
Slide 19: Adjusted EBITDA, FFO I & FFO II
ADJUSTED EBITDA, FFO I & FFO II 1-6/2026 1-6/2025 in € millions Adjusted EBITDA before JV contribution (in €m) Operating profit 472.1 864.1 Total depreciation and amortization 10.5 5.4 473 0% 473 EBITDA 482.6 869.5 Property revaluations and capital gains (1.7) (383.2) Share of profit from investment
Slide 20: Balance Sheet & Capital Structure
BERLIN BALANCE SHEET & CAPITAL STRUCTURE H1 2026 FINANCIAL RESULTS AROUNDTOWN SA 20
Slide 21: EPRA NAV KPI's
EPRA NAV KPI’S Jun 2026 Dec 2025 EPRA NAV KPI’s (in €m) & EPRA NAV per share KPI’s (in €) in € millions unless otherwise indicated EPRA NTA +6% +6% EPRA NRV EPRA NTA 10,929 EQUITY ATTRIBUTABLE TO THE OWNERS OF THE COMPANY 8,517.3 8,005.1 10,289 9,054 8,503 Deferred tax liabilities 1,359.6 1,259.4 Fa
Slide 22: Further Demonstrated Broad and Diversified Capital Markets Access
FURTHER DEMONSTRATED BROAD AND DIVERSIFIED CAPITAL MARKETS ACCESS MULTI-CURRENCY & MULTI-INSTRUMENT ISSUANCES HIGHLIGHT DIVERSE & STRONG INVESTOR BASE NON-EUR BOND ISSUANCES CHF AUD AUD CHF Series 46 Series 47 Series 48 Series 49 Third CHF issuance in less than a year, further 7-year maturity 5-year
Slide 23: Debt Maturity Schedule
DEBT MATURITY SCHEDULE PRO-FORMA DEBT MATURITY PROFILE – excluding perpetual notes Avg. Cost of Debt Avg. Debt Maturity Hedging Ratio Undrawn RCFs Cash and liquid assets 4,500 June 2026 June 2026 3.4y / 95%* €1.0 billion* 2.4% *92% fixed & swapped / *average maturity in the €3.9 billion 4.3y (incl.
Slide 24: Conservative Capital Structure
CONSERVATIVE CAPITAL STRUCTURE HEALTHY BALANCE SHEET & DEBT METRICS LOW LEVERAGE (LTV) FINANCING SOURCES MIX Company BOD guidance of 45% Straight bonds 42% 42% 43% 41% €12.4bn €12.6bn Loans & borrowings 8% 9% €2.5bn €2.6bn Equity 49% 50% €15.0bn €14.6bn Perpetual notes Dec 2025 Jun 2026 Dec 2025 Jun
Slide 25: Resumption of Dividend From Strong Financial Position
RESUMPTION OF DIVIDEND FROM STRONG FINANCIAL POSITION FOLLOWING PROACTIVE MEASURES OVER PAST PERIODS, AROUNDTOWN RESUMED DISTRIBUTION OF DIVIDENDS UNDER AN UPDATED POLICY THAT BALANCES AN ATTRACTIVE RETURN WHILE PROVIDING HEADROOM TO SUPPORT FURTHER GROWTH 2025 DIVIDEND PER SHARE UPDATED DIVIDEND PO
Slide 26: Guidance
CENTER PARCS GUIDANCE H1 2026 FINANCIAL RESULTS AROUNDTOWN SA 26
Slide 27: 2026 Guidance
2026 GUIDANCE FY 2026 GUIDANCE FFO I €275 million – €305 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 Impact from
Slide 28: Appendix
LEIPZIG APPENDIX H1 2026 FINANCIAL RESULTS AROUNDTOWN SA 28
Slide 29: 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 30: Roadmap Group Development
ROADMAP GROUP DEVELOPMENT See slide 42 H1 2026 FINANCIAL RESULTS AROUNDTOWN SA 30
Slide 31: 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 32: 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 33: 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 34: Investment Properties June 2026
INVESTMENT PROPERTIES JUNE 2026 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 8,428 2,875 13.6% 421 13.8 2,932 5.0% 4.3 Residential 8,3
Slide 35: 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 32% LEASE EXPIRY PROFILE* Well-distributed commercial lease expiry pro
Slide 36: 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 37: Grand City Properties S.A.
GRAND CITY PROPERTIES S.A. GCP IS CONSOLIDATED AND THE CURRENT HOLDING RATE IS 84% RESIDENTIAL: o Residential asset class is the Group’s second largest asset type, providing the Group with a well-balanced 33% OF THE PORTFOLIO portfolio located across densely populated areas in Germany and London wit
Slide 38: 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 39: 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 40: Conversions to Unlock Untapped Potential to Drive FFO
CONVERSIONS TO UNLOCK UNTAPPED POTENTIAL TO DRIVE FFO AROUNDTOWN’S PRESENCE IN CENTRAL LOCATIONS WITH STRONG AND DIVERSE DEMAND DRIVERS POSITIONS THE PORTFOLIO ESPECIALLY WELL FOR CONVERSION SERVICED APARTMENTS BAU-TURBO / RESIDENTIAL DATA CENTERS ▪ Portfolio overlap with strong demand, ▪ Converting
Slide 41: 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 42: Hotel Portfolio - Location and Brand Diversification
HOTEL PORTFOLIO – LOCATION AND BRAND DIVERSIFICATION HOTEL: 20% OF THE PORTFOLIO 20% 72% AROUND 150 HOTELS: Mainly in top tier European cities portfolio green WITH >25K ROOMS share certified o The Company maintains the ability to replace its tenant and has the inhouse capability to operate in the in
Slide 43: 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 44: Logistics and Retail Portfolio: 6% of the Portfolio
LOGISTICS AND RETAIL PORTFOLIO: 6% OF THE PORTFOLIO LOGISTICS: RETAIL: 5.1 YEAR WALT 5.1 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 45: 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 46: 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 47: 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 – H1 2026) (in
Slide 48: 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 49: Condo & Build to Sell Residential Projects
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 50: Office Conversion Into Serviced Apartments
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 51: Case Study: Refurbishment & 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 52: Case Study: 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 53: Case Study: 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 54: Turnaround Capital (TAC): 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 55: 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 56: 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 57: 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 58: Share Information
SHARE INFORMATION THE SHARE SHAREHOLDER STRUCTURE AS OF AUGUST 2026 Frankfurt Stock Exchange Shares Placement held in (Prime Standard) treasury 1) 27% Free float Incorporation Luxembourg 48% The Avisco Trust 2) 15% 13.07.2015 Stumpf Capital First equity issuance (€3.2 per share) GmbH 3) 10% 1) 12% a
Slide 59: 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 60: 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 €2.2bn €2.6bn Conv. Bond €0.8bn €1.9bn €1.2bn Equity €6.5bn €8.5bn €0.2bn 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2
Slide 61: Perpetual Notes Overview
PERPETUAL NOTES OVERVIEW FOLLOWING THE FULL REDEMPTION OF THE 2026 NOTES, AROUNDTOWN HAS COMPLETED THE REFINANCING OF ITS PERPETUAL NOTES STACK, PROVIDING ENHANCED CLARITY ON THE TRAJECTORY OF COUPON EXPENSES IN THE FOLLOWING YEARS OUTSTANDING PERPETUAL NOTES AMOUNT COUPON NEXT RESET DATE RESET RATE
Slide 62: High Debt Covenant Headroom
HIGH DEBT COVENANT HEADROOM EMTN PROGRAMME CURRENT COVENANTS COVENANT (JUN 2026) o Covenants are calculated based on IFRS reported figures, treating the OVERVIEW perpetuals as 100% Equity. Thus, TOTAL NET DEBT / TOTAL NET ASSETS <=60% ✓ 38% o Each of the bond covenants is met with a perpetuals are n
Slide 63: From Traditional Real Estate to Real Estate-Anchored 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 64: Scaling Flexible Workspace Platform
FOCUS ON INNOVATION IN REAL ESTATE - SCALING FLEXIBLE WORKSPACE PLATFORM GROWTH AT SCALE: PARTNERSHIP LEVERAGING UNDERUTILIZED WITH DRAGONPASS, ACCESS TO PREMIUM SPACE IN BERLIN >1,400 AIRPORT LOUNGES RAPIDLY EXPANDING WITH ca. 2,500 LOCATIONS AND AIRPORT LOUNGES WORLDWIDE ➢ ATworld continues to sca
Slide 65: 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 ca. 2,500 locations, expanding across the globe Initially launched with AT’s portfolio, the scalable platform is expanding through additions of third- party spaces
Slide 66: Additional Revenue Generation on Underutilized Space and Subscription Models
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 67: 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 68: 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 69: 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 70: 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 71: 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 72: 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 73: Tenant, Lease & 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 74: Appendix - ESG
MUNICH APPENDIX - ESG H1 2026 FINANCIAL RESULTS AROUNDTOWN SA 74
Slide 75: ESG Ratings Overview - Performance at a Glance
ESG RATINGS OVERVIEW - PERFORMANCE AT A GLANCE S&P GLOBAL SUSTAINABILITY YEARBOOK 2026 MEMBER Past Current Rating Direction Competitive Ranking Recognition awarded to the world’s leading sustainability performers based on the 2025 Rating* Rating Corporate Sustainability Assessment (CSA). ▪ Top 7% of
Slide 76: 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 77: 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 78: Environmental Progress and Decarbonization
ENVIRONMENTAL PROGRESS AND DECARBONIZATION ENVIRONMENTAL TARGET WAS ACHIEVED IN 2025 SOONER THAN INITIALLY PLANNED Portfolio-wide Efficiency Improvements KgCO2e 55 2019: Shift toward Lower-carbon Energy Sourcing 51.5 50 Reduction of 21.3 KgCO2e achieved Reflecting 41% reduction compared to 2019 Impr
Slide 79: Green Certificates Case Study: Amsterdam Westpoort
GREEN CERTIFICATES CASE STUDY: AMSTERDAM WESTPOORT BUILDING RECERTIFICATION PASS VERY GOOD AMSTERDAM WESTPOORT MEASURES ✓ Sustainability measures include: ✓ Improvement of energy management system The 6k sqm office building is situated in the district Westpoort, a major business district in the Neth
Slide 80: Green Certificates Case Study: Dutch Portfolio Recertifications
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 81: 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 82: 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 83: Regular / Maintenance Capex Upgrade Energy Efficiency
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 84: 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 85: 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 86: 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 87: 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 88: 2025 Human Capital Achievements & Value Creation
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 89: Board of Directors
BOARD OF DIRECTORS MARKUS LEININGER- INDEPENDENT DIRECTOR o Board of Directors – 5/7 members are independent/non-executive FORMER SENIOR BANKER WITH A FOCUS ON FINANCING, PRIVATE EQUITY AND REAL ESTATE. SERVED AS HEAD OF OPERATIONS WITH EUROHYPO AG AND RHEINHYP AG (COMMERZBANK) AND A MEMBER OF THE A
Slide 90: 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 91: 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 92: 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 93: ESG Awards & 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-In- standards of financial transparency and sustainability
Slide 94: A Founding Member of UN Global Compact Germany e. V.
A FOUNDING MEMBER OF THE ASSOCIATION “UNITED NATIONS GLOBAL COMPACT GERMANY e. V.” H1 2026 FINANCIAL RESULTS AROUNDTOWN SA 94
Slide 95: Market Data
ROTTERDAM MARKET DATA H1 2026 FINANCIAL RESULTS AROUNDTOWN SA 95
Slide 96: 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 97: Improved Economic Outlook From Government's Spending Boost and Reform in Germany
IMPROVED ECONOMIC OUTLOOK FROM GOVERNMENT’S SPENDING BOOST AND REFORM IN GERMANY GERMAN GOVERNMENT STIMULUS OFFICE MARKET PERFORMANCE CONVERSION OF COMMERCIAL INTO PACKAGE AIMED AT SUPPORTING CLOSELY LINKED TO ECONOMIC RESIDENTIAL ECONOMIC GROWTH GROWTH 6.0% Main changes: ❑ Amendment changes the str
Slide 98: Office: Healthy Fundamentals in German & NL
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 • While the economic recovery in Germany has been slow, strong fundamentals kept vacancy at healthy levels, ben
Slide 99: Office: Normalizing Work Patterns
OFFICE: NORMALIZING WORK PATTERNS ▪ Traditional office work patterns are returning, as witnessed by recent announcements from large corporations, demanding full office attendance. ▪ Return-to-office rate (average attendance current vs pre-pandemic) is 89% in Germany, with an average attendance rate
Slide 100: 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 101: 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) ▪ Europe’s hotel sector is expected to see measured, moderate 120 growth in 2026, following the strong post-pandemic rebound in 100 2022-20241) 80 ▪ Inbound international tr
Slide 102: 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 103: 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