H12026FINANCIAL RESULTS AROUNDTOWN SA
H1 2026 FINANCIAL RESULTS
AUGUST 2026
CRETE
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA
AMSTERDAM
TABLE OF CONTENTS
HIGHLIGHTS OPERATIONS AND PORTFOLIO FINANCIAL RESULTS BALANCE SHEET & CAPITAL STRUCTURE GUIDANCE APPENDIX
• PORTFOLIO & CAPITAL MARKETS
• ESG
oMARKET DATA
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA
LONDON
HIGHLIGHTS
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA
H1 2026 FINANCIAL HIGHLIGHTS
GREEN CERTIFICATES
76% Commercial 81% Office72% HotelOPERATIONAL RESULTS
CONSERVATIVEDEBT PROFILE & FINANCIAL DISCIPLINE
NET RENTAL INCOME€591m0% YOY
RENT LIKE-FOR-LIKE2.7%
ADJUSTED EBITDA€500m0% YOY
FFO I per share€0.13-7% YOY
FFO I€144m -4% YOY
LIQUIDITY€3.9bn+€1.0bn undrawn RCFJUN 2026 EPRA LTV LTV
UNENCUMBERED INVESTMENT PROPERTIES
€17.0bn (69% of rent)JUN 2026
COST OF DEBT2.4%
INTEREST COVER RATIO
AVERAGE DEBT MATURITY
S&P Investment Grade Credit Rating BBB/STABLE outlook Affirmed in Dec 2025
SHAREHOLDER RETURN€340mFollowing share buyback program and dividend
43%JUN 2026 41% DEC 2025
59%JUN 2026 58% DEC 2025
3.3xH1 2026 3.9x FY 2025 3.4y JUN 2026 4.3y Excluding debt covered by cash and liquid assets +6% vs FY 2025 report INVESTMENT PROPERTIES €25.2bn VALUE LIKE-FOR-LIKE +0.1% / +0.9%
EPRA NTA€9.1bn+6% vs Dec 2025
8.0+3% vs Dec 2025EPRA NTA per share
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA
WELL-POSITIONED FOR FURTHER FFO I GENERATION
SEVERAL FFO GROWTH DRIVERS TO OFFSET INCREASING FINANCE EXPENSES
• Capturing window of opportunity stemming from market volatility to drive accretive per-share growth with partial impact in 2026, and full impact in 2027
• Share buyback program initiated in January and nearly completed
ACCRETIVE SHARE BUY BACK
+ €10m post 2026Full year FFO I impact as a result of the increased stake in GCP
• Higher contribution from residential asset class, benefitting from strong cash generation and solid fundamentals
• Attractive 10% FFO yield
HIGHER FFO THROUGH INCREASED STAKE IN GCP
• Continued rental growth reflected in solid like-for-like performance among all asset types from re-letting and indexation
CONTINUED EXTRACTION OF TOP-LINE GROWTH
~ €100mRental income from expected 2-3% like-for-like growth in the next 3-4 years
• Rent upside extracted through conversions, development, and refurbishment, at attractive yield on capex on current projects
CONVERSION, DEVELOPMENT AND REPOSITIONING
+ €55mExpected annualized rental upside until 2030
ONCE COMPLETED, THE COMBINED MEASURES ARE EXPECTED TO OFFSET INCREASE IN FINANCE EXPENSES
1) See more info on slide 11
2)Under assumption that refinancing rates stay on current levels
↑ FFO I per shareFurther impact on a per-share basisfrom buy-back
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA
Hotel 71%
Dev & invest 12%
Non-core / other 43%
Leipzig 25%
Berlin 11%
SELLING AROUND BOOK VALUES, CHANNELING FUNDS INTO ACCRETIVE BUYBACK, OPPORTUNISTIC ACQUISITIONS, CONVERSIONS AND REPOSITIONINGS
DISCIPLINED CAPITAL RECYCLING DRIVING ACCRETIVE PER-SHARE GROWTH
SELECTIVE DISPOSALS
ACQUISITIONS H1 2026>7%
YIELD
Comprising high quality residential assets
DISPOSALS H1 2026
Closed at -1% to book value
Disposals around book validate the balance sheet.
Proceeds were recycled into repurchasing AT shares at a ~67% discount to NAV, and into opportunistic accretive acquisitions as well as capex investments, supporting long term growth while returning capital to shareholders.
DISPOSALS BY ASSET TYPE AND REGION
H1 2026 closed
HELD-FOR-SALE PROPERTIESThe Company holds ca. €400 million of properties classified as held for sale, of which 19% in Residentials, 15% in Offices, and 13% Logistics, Retail & other, with an EPRA vacancy rate of 33%. 53% are Development rights & invest which includes 100k sqm of existing sqm which is fully vacant.
~€350m
ACCRETIVE USE OF PROCEEDS
BUYBACK DISCOUNT~67%
to EPRA NTA per share
avg €2.54/share
OFFICE CONVERSION 14%
YIELD
Converting to serviced apartments and residential
HOTEL REPOSITIONINGS 13%
YIELD
Unlocking further upside in hotel portfolio~€390m signed to date
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DORTMUND
OPERATIONS AND PORTFOLIO
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89% IN GERMANY, THE NL & LONDON,well-diversified across top tier cities with a focus on central locations
HIGH DIVERSIFICATION, BALANCED ACROSS STRONG ASSET TYPES IN STRONG LOCATIONS
1) excluding assets held for sale2) including development rights & invest and excluding assets held for sale
87% OFFICE/RESIDENTIAL/HOTEL,well-balanced with strong diversification among asset types with diverse fundamentals
Actively reducing office exposure into asset classes with more stable long-term fundamentals
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA
PORTFOLIO OVERVIEW JUNE 2026
Portfolio by asset type not incl. held for sale Investment property (€m) Lettable area (k sqm) EPRA Vacancy1)4) Annualized net rent (€m) In-place rent/sqm (€) Value/sqm (€) Rental Yield WALT (years)
Office 8,428 2,875 13.6% 421 13.8 2,932 5.0% 4.3
Residential 8,326 3,477 3.3% 409 10.0 2,395 4.9% NA
Hotel 5,042 1,477 2.2% 249 14.6 3,414 4.9% 13.1
Logistics/Other 447 376 7.0% 25 5.6 1,189 5.5% 5.1
Retail 1,113 483 12.4% 54 10.5 2,305 4.8% 5.1
Development rights & Invest 1,885
Total 25,241 8,688 7.6% 1,158 11.8 2,688 5.0% 7.3
1) EPRA Vacancy including the held for sale portfolio is 7.8%.
More information on held-for-sale can be found on slide 6.
2) EPRA Vacancy rate is excluding "Development rights & Invest" properties which includes around 700k of existing sqm with ca. 90% vacancy.
Not including those which are in held for sale.
3)The Group obtains its property valuations from internationally recognized valuators such as JLL, Savills, PWC, Cushman & Wakefield, Wüest Partner, and CBRE.
Such reports are updated semi-annually and are based on the international RICS standard, which uses mainly common market figures for similar properties in similar locations. 4)Based on existing leases5)Based on current rent, i.e., not including contractual future step rents
BERLINLEIPZIGDUSSELDORF COLOGNE
More details can be found in slide 34
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CONTINUED SOLID OPERATIONAL GROWTH, WITH FURTHER UPSIDE
H1 2026LIKE-FOR-LIKE +2.7%
organic rental growth
RESIDENTIAL +3.5%33% of portfolio
▸ 20% reversionary upside▸ Low vacancy▸ Significant supply-demand gap
HOTEL +4.4%20% of portfolio
▸ Indexed & ramp-up leases▸ Repositioning upside▸ New hotel openings
OFFICE +0.9%34% of portfolio
▸ Indexation-led ▸ Gap-to-market reversion ▸ Conversion optionality
EMBEDDED UPSIDE THROUGH DEVELOPMENT, CONVERSIONS AND INVESTMENTFurther upside in Development & Invest (7% of portfolio) as well as through targeted investment measures within the operating portfolio POTENTIAL
Office conversions to serviced apartments, residential and data centres
▸ Bau-Turbo: faster conversion of office-to-residential (~120k sqm in discussion)
▸ Data-centre conversions progressing in Berlin, Munich and London with power and permit approvals expected this year
▸ Hotel reopenings and repositioning, ramp up of completed projects▸ Ongoing conversion of office space into serviced apartments ▸ Densification and addition of new space in existing properties
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RENTAL UPSIDE UNTIL 2030 – FURTHER SUPPORTED BY CONVERSION AND REPOSITIONING PIPELINE
Project Location Delivery date Asset type / use
TOTALOFFICE → SERVICED APARTMENT CONVERSIONSKarl-Liebknecht-Str. 33 (Alexanderplatz) Berlin 2026/2027 Office → serviced apartments
Hansastr. 95 Dortmund 2026/2027 Mixed-use / serviced apts + office
Stuttgarter Str. 18 Frankfurt 2027 Office → serviced apartments
Köpenicker Str. 30 Berlin 2027 Office → serviced apartments
Marburger Str. 12-13 Berlin 2027 Office → serviced apartments
Wiechert-Allee 18-22 Hannover 2027 Office → serviced apartments
Bleichstraße 64–66 Frankfurt 2028 Office → serviced apartments
HOTEL Hannover Prime Center Hotel Hannover 2026/2027 Extensive refurbishment
Frankfurt – Former Intercontinental Frankfurt 2028/2029 Extensive refurbishment
Cardo Roma Rome 2026/2027 Extensive refurbishment of additional rooms
Hotel Bristol Berlin Berlin 2026/2027 Extensive refurbishment
Paris Marriott Paris 2028/2029 Extensive refurbishment
Several further hotel projects Germany 2026-2030 Targeted modernization and refurbishment of several hotels
1) yield on capex is based on either pre-signed leases, stabilized contractual rent after potential ramp-up phase, assumptions based on comparable rents
More details on the Development & Invest and the condo & build to sell residential projects are available in the appendix, and on the Company’s website
MAIN PIPELINE EXPECT TO BE COMPLETED GRADUALLY OVER THE NEXT ~3 YEARS
€55 MILLION RENTAL UPSIDE UNTIL 2030, FROM RENT RAMP-UP OF COMPLETED PROJECTS + ADDITIONAL PROJECTS CURRENTLY IN EXECUTION
~12%EXPECTED YIELDON TOTAL CAPEX
~€225mREMAINING CAPEX €55m EXPECTED RENTAL UPLIFT FROM RAMP-UPS OF COMPLETED + ADDITIONAL PROJECTS IN EXECUTION
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SELECTED CASE STUDIES – VALUE CREATION THROUGH REPOSITIONING AND CONVERSION
Coolse Poort Rotterdam, NL Cardo Roma Rome, IT Serviced Apartments Dortmund, GER Hotel Bristol Berlin, GER
• Former single-tenant office building on Rotterdam's Coolsingel, facing a soft office market with difficult reletting potential in its original form.
• Redevelopment repositioned ca. 28k sqm into mixed-use: serviced apartments, offices, leisure.
• Ca. 16.8k sqm let, anchored by 240 serviced apartments.
• Former office building near Dortmund's main station, underused office space in a prime central location.
• Conversion delivered 52 serviced apartments.
• A landmark hotel on the Kurfürstendamm, with a prime location.
• However, at acquisition the hotel was outdated and in need for modernization and repositioning.
• Modernisation of all rooms and suites, both ballrooms, restaurant and 14 meeting rooms, and relaunched it as a luxury-lifestyle hotel.
• First German hotel in IHG's Vignette Collection and BREEAM-certified.
• Former Sheraton Roma, the largest hotel situated in Rome’s prime business district.
• Comprehensive repositioning with room upgrades, new F&B, and wellness offers.
• Relaunched under Marriott’s Autograph Collection.
• Further rooms undergoing refurbishment, to be opened by 2027
82% pre-let 15-year anchor lease 19% yield on capex 18-year lease 11% stabilized yield on cost 15-year lease 10% yield on capex 21-year lease 19% yield on capex
CONVERSION CONVERSION HOTEL REPOSITIONING HOTEL REPOSITIONING
1) Serviced apartment conversion and office, office refurbishment is ongoing and expected to be completed by end of 20262) Expected once fully completed and let, currently signed leases already 16% on full capex
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HOTEL PORTFOLIO – TENANT DIVERSIFICATION
1) Excluding Center Parcs, the tenants’ Gross operating profit before rent (GOP) covers the rent (rent-cover) at an estimated ratio range of 1.1 – 1.5.
2) The largest tenant, Pierre et Vacances SA-center parcs (PVCP) has an exceptionally high rent-cover of almost 2x.
PVCP is a publicly listed European resorts group operating across many countries.
PVCP has strengthened its financial position significantly after the Covid crisis.
It currently has more cash than financial debt and a market cap close to €1bn.
With our lease remaining 12 years, it gives stability to the hotel portfolio and was proven resilient and successful during the Covid crisis.
3) Several hotels (1.4% of Group rental income) are rented to cities (mainly in Berlin and Dortmund) primarily used for social or refugee accommodation.
4)AT’s priority is to rent hotels to an experienced operator, but at times uses its internal capabilities to operate hotels on an interim basis.
HOTEL BRISTOL, BERLIN
CARDO ROMA, ROME
CARDO BRUSSELS, BRUSSELS
More information on the hotel tenants is available on the Company’s website
HOTEL BRISTOL, BERLIN
CARDO ROMA, ROME
CARDO BRUSSELS, BRUSSELS
SEVERAL NEW LEASES SIGNED RECENTLY STRENGTHENING THE TENANT MIX
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA
FEDERAL GOVERNMENT TO INTRODUCE LAW TO BAN EXPROPRIATION
REFERENDUM INITIATIVE
The "Deutsche Wohnen & Co. enteignen" campaign secured support for socialising portfolios held by landlords with more than 3,000 units.
The result was advisory only, and there is no legal clarity whether such a measure is constitutional.
BERLIN SOCIALIZATION FRAMEWORK
Berlin’s state parliament adopted a socialisation framework, requiring a common-good purpose, proportionality and appropriate compensation for expropriation under the framework.
The law enters into force on 28 Mar 2028, leaving time for prior constitutional review.
FEDERAL BAN ON EXPROPRIATION
Following the Conference of Construction Ministers, the federal coalition committed to introducing nationwide legislation preventing individual states from expropriating privately owned rental housing.
SEP 2021
13 MAR 2026
JUL 2026
MAR 2026
The initiative aims to safeguard housing investment and establishes clearer legal certaintymaterially lowering the perceived expropriation risk
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA
UNLOCKING HIGHER VALUE THROUGH ESG INVESTMENTS IN LEIPZIG
REDUCING FINAL ENERGY DEMAND BY OVER 75%
A
202543.7 kWh/(m2a)
B C D E F G H
REDUCING PRIMARY ENERGY DEMAND BY OVER 85%
A+
2021181 kWh/(m2a)
128 kWh/(m2a)202115.0 kWh/(m2a)2025
BEFORE AFTER THERMAL ENVELOPE ROOF INSULATION PIPES INSULATION FLOOR HEATING
IMPLEMENTING TARGETED MEASURES TO REFURBISH BUILDING IN CORE LEIPZIG LOCATION, IMPROVING ENERGY PERFORMANCE, LOWERING COSTS AND UNLOCKING HIGHER RENTS
€2m
KFW SUBSIDY €3.8m TOTAL INVESTMENT AFTER SUBSIDIES F → A EPC RATING KFW 40 EE ENERGY STANDARD
RESULTING IN✓Redevelopment to additional 26 units with over 2.1k lettable sqm✓Lower energy costs✓Higher reletting rent & modernization surcharge
BERLINER STR. 12, LEIPZIG
Capex to improve sustainability of the building integrated into planned major refurbishment works, resulting in highly cost-effective measures
TARGETED MEASURES✓Conversion and refurbishment of façade and roof fully re-insulated✓New windows✓Floor heating✓Airtightness blower-door✓Balcony extensions and a barrier-free lift
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA
BREEAM CERTIFICATION PROGRESS & STRATEGY
CORE STRATEGY IMPROVING SCORE THROUGH TARGETED MEASURES UPON RECERTIFICATION
9% 21% 47% 70% 76% Full portfolio
FY 2022Report FY 2023 Report FY 2024 Report FY 2025 Report Current Target
SHARE OF COMMERCIAL PORTFOLIO CERTIFIED
2% 16% 68% 12% 3%
Acceptable Pass Good Very GoodExcellent & Outstanding
CURRENT SHARE OF CERTIFIED PORTFOLIO PER SCORE*
*Including small number of Non-BREEAM certificate equivalent scores**Only considering the part of the portfolio which have had a recertification
✓A clear pathway to portfolio sustainability
BREEAM methodology maps the "as-is", pinpoints potential, and lifts scores at recertification.✓Certifications to support the letting process
Transparent, shared targets with (prospective) tenants – supporting satisfaction and retention.✓Gradually improving scores through targeted measures
Goal to achieve full certification of commercial portfolio, improving progressively to at least BREEAM "Very Good".
Berlin
Frankfurt ✓ First AT building to achieve highest BREEAM score "Outstanding"
✓Only the 4th building in Germany to reach Outstanding ✓ First recertification in Germany ever to achieve this rating GOOD 2023 EXCELLENT 2026 GOOD 2023 OUTSTANDING 2026
Leipzig
PASS
2023
VERY GOOD
2026 24%63%
11% 2% 0%
2% 2% 47% 41% 7%
Acceptable Pass Good Very GoodExcellent & Outstanding
PORTFOLIO SCORE IMPROVEMENT THROUGH RECERTIFICATIONS**
Initial certificate Current certificate
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA
BRUSSELS
FINANCIAL RESULTS
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA
PROFIT AND LOSS
1-6/2026 1-6/2025
in € millions
NET RENTAL INCOME 590.6 590.5
Operating and other income 171.1 167.9
REVENUE 761.7 758.4
PROPERTY REVALUATIONS AND CAPITAL GAINS 1.7 383.2
Share of profit from investment in equity-accounted investees 10.6 13.9
Property operating expenses (270.7) (260.1)
Administrative and other expenses (31.2) (31.3)
OPERATING PROFIT 472.1 864.1
Finance expenses (142.3) (112.6)
Other financial results (28.5) (17.1)
Current tax expenses (63.8) (60.8)
Deferred tax expenses (19.4) (95.6)
PROFIT FOR THE PERIOD 218.1 578.0
Basic earnings per share (in €) 0.08 0.32
LFL Net rental income growth +2.7% Total LFL Net rental income growth Jun 2026 +0.9% LFL Office Jun 2026 +3.5% LFL Resi Jun 2026 +4.4% LFL Hotel Jun 2026 LFL Valuation result
Excluding capex Including capex
TOTAL +0.1% +0.9%
OFFICE +0.2% +1.0%
RESIDENTIAL +0.2% +0.7%
HOTEL +0.2% +0.9%
RETAIL, LOGISTICS, DEVELOPMENT, OTHER -0.7% +1.2%
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA
473 473
H1 2025 H1 2026
150 144
H1 2025 H1 2026
0.14 0.13
H1 2025 H1 2026
ADJUSTED EBITDA, FFO I & FFO II
1-6/2026 1-6/2025
in € millions
Operating profit 472.1 864.1
Total depreciation and amortization 10.5 5.4
EBITDA 482.6 869.5
Property revaluations and capital gains (1.7) (383.2)
Share of profit from investment in equity-accounted investees (10.6) (13.9)
Other adjustments 2.5 1.1
Contribution of assets held for sale - (0.5)
Adjusted EBITDA before JV contribution 472.8 473.0
Contribution of joint ventures’ adjusted EBITDA 27.2 27.6
Adjusted EBITDA 500.0 500.6
Adjusted EBITDA before JV contribution 472.8 473.0
Finance expenses (142.3) (112.6)
Current tax expenses (63.8) (60.8)
Contribution to minorities (47.8) (66.2)
Adjustments related to assets held for sale - 0.4
Perpetual notes attribution (94.5) (104.8)
FFO I before JV contribution 124.4 129.0
Contribution of joint ventures' FFO I 19.4 21.4
FFO I 143.8 150.4
FFO I per share (in €) 0.13 0.14
Weighted average basic shares (in millions) 1,092.2 1,093.8
FFO I 143.8 150.4
Result from the disposal of properties 124.6 49.2
FFO II 268.4 199.6
Adjusted EBITDA before JV contribution (in €m) FFO I (in €m)
0% -4% FFO I per share (in €) -7%
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BERLIN
BALANCE SHEET & CAPITAL STRUCTURE
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA
Jun 2026 Dec 2025
in € millions unless otherwise indicated EPRA NTA
EQUITY ATTRIBUTABLE TO THE OWNERS OF THE COMPANY 8,517.3 8,005.1
Deferred tax liabilities 1,359.6 1,259.4
Fair value measurement of derivative financial instruments 56.1 116.7
Goodwill in relation to TLG (445.2) (445.2)
Goodwill in relation to GCP (413.7) (413.7)
Intangibles as per the IFRS balance sheet (19.7) (19.8)
EPRA NTA 9,054.4 8,502.5
Number of shares (in millions) 1,133.0 1,096.9
EPRA NTA PER SHARE (IN €) 8.0 7.8
EPRA NAV KPI’S
EPRA NAV KPI’s (in €m) & EPRA NAV per share KPI’s (in €)
+6% +6%
+2% +3%
10,289 10,929
Dec 2025 Jun 2026
EPRA NRV
8,503 9,054
Dec 2025 Jun 2026
EPRA NTA
9.4 9.6
Dec 2025 Jun 2026
EPRA NRV per share
7.8 8.0
Dec 2025 Jun 2026
EPRA NTA per share
NET ASSET VALUE POSITIVELY IMPACTED BY OPERATIONAL RESULTS, OFFSET BY DIVIDEND.
SHARE BUYBACK NEGATIVELY IMPACTED TOTAL NAVs, BUT HIGHLY ACCRETIVE ON A PER SHARE BASIS.
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FURTHER DEMONSTRATED BROAD AND DIVERSIFIED CAPITAL MARKETS ACCESS
NON-EUR BOND ISSUANCES
CHF Series 467-year maturity
CHF 160 million ¹ 1.82% coupon Jan 2026
AUD Series 475-year maturity
AUD 300 million ² 1.268% + 6M Euribor Jan 2026
AUD Series 4810-year maturity
AUD 300 million ³ 3.9% for first 5 years Jan 2026
CHF Series 497-year maturity
CHF 180 million
Third CHF issuance in less than a year, further underscoring Aroundtown’s ability to issue in non-EUR currencies.
FIRST EUR BOND ISSUANCE IN 2026
EUR Series 505-year maturity
EUR 850 million
Launched in conjunction with a tender offer including bonds bought back amounting to ca. €700 million.
PERPETUAL NOTES ISSUANCES
AT 5.125% coupon
€750 million Jan 2026
GCP 5.25% coupon
€600 million Apr 2026
Full perpetual notes stack refinanced, with proceeds used to buy back perpetual notes with 2026 call dates as well as higher coupon notes.
MULTI-CURRENCY & MULTI-INSTRUMENT ISSUANCES HIGHLIGHT DIVERSE & STRONG INVESTOR BASE
1) currency hedge to € of notional amount until maturity
2) full currency hedge to € until maturity, with effective € coupon of 1.268% + 6M Euribor, capped at 3.5%
3) full currency hedge to € until maturity with fixed coupon until 2031, afterwards 1.658% + 6M Euribor
4) full currency hedge to € of notional amount
5) settlement in July 2026
1.9406% Jun 2026 3.625% coupon Jul 2026
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05001,0001,5002,0002,5003,0003,5004,0004,500
2026 2027 2028 2029 2030 2031 2032 2033 ≥2034
Millions
Straight bond (AT) Bank debt (AT) Straight bond (GCP) Bank debt (GCP) AT Bond issuances after June AT Bond buybacks & Redemptions after June GCP Bond buybacks & Redemptions after June
DEBT MATURITY SCHEDULE
2.6%Avg.
Cost of DebtPro-forma 3.9y / 4.7y (incl. cash) Avg.
Debt Maturity Pro-forma 95%* *92% fixed & swapped / 3% capped / 5% variable Hedging Ratio €1.0 billion* *average maturity in the first half of 2029 Undrawn RCFs
Bank debt and Straight Bonds + average cost of maturing debt
PRO-FORMA DEBT MATURITY PROFILE – excluding perpetual notes
€0.3bn / 1.5% €2.0bn / 1.8% €3.0bn / 1.4% €1.8bn / 3.3% €2.1bn / 3.5% €2.4bn / 3.4% €1.6bn / 2.5% €0.6bn / 2.5% €1.1bn / 3.0%
Information on AT’s bond covenants is available on slide 62.
AT maintains significant headroom to all covenant thresholds.
€3.9 billionCash and liquid assets
1) Including impact of refinancing after the reporting period
2.4%Avg. Cost of DebtJune 2026 3.4y / 4.3y (incl. cash) Avg. Debt Maturity June 2026
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CONSERVATIVE CAPITAL STRUCTURE
3.9 3.3
FY 2025 H1 2026
LOW LEVERAGE (LTV)
UNENCUMBERED INVESTMENT PROPERTIES
€17.0bn €17.0bn
Dec 2025 Jun 2026 69% of rent
70%of rent
FINANCING SOURCES MIX
41% 43% Company BOD guidance of 45%
Dec 2025 Jun 2026 50% €15.0bn 49% €14.6bn
8%€2.5bn 9% €2.6bn
42%€12.4bn 42% €12.6bn
Dec 2025 Jun 2026
Straight bonds
Loans & borrowings
Equity
Perpetual notes
HIGH ICR NET DEBT / EBITDA 10.9x 11.3x
FY 2025 H1 2026
HEALTHY BALANCE SHEET & DEBT METRICS
Information on AT’s bond covenants is available on slide 62.
AT maintains significant headroom to all covenant thresholds.
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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€0.08Paid in July 2026
UPDATED DIVIDEND POLICY 50% Of FFO I per share from 2026 onwards
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CENTER PARCS
GUIDANCE
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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
oConservative rent increase
oImpact from acquisitions
oLower minority contribution due to increased stake in GCP
oCost efficiency measures and efficient cost structure
oPerpetual note transactions resulting in lower total coupon
oShare buyback
oFull year impact of 2025 disposals
o2026 YTD closed disposals, and additional disposals from the held- for-sale
oRefinancing above current cost of debt
POSITIVE DRIVERS NEGATIVE DRIVERS
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LEIPZIG
APPENDIX
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COMPANY OVERVIEW
• Third largest listed real estate company in Europe
• Central/Local business model, with experienced local teams
LARGE SCALE WITH LOCAL KNOW-HOW
• Founded in 2004
• Highly experienced management team and employees with experience across the real estate value chain
EXPERIENCED TRACK RECORD
• Aroundtown’s portfolio comprises a strong mix of mainly Offices, Residential* and Hotels, mainly in central locations of top tier cities in Germany, the Netherlands & London
WELL BALANCED PORTFOLIO
• Secure cash-flow with no dependency on single tenants, large share of governmental tenants and further supported by the granular residential market
SECURE CASH FLOWS
• Large deal sourcing network, supporting acquisition and disposal activities
• Strong access to capital markets and large network of banks
ACTIVE MARKET PLAYER
*mainly through Grand City Properties (GCP)
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA
ROADMAP GROUP DEVELOPMENT
See slide 42
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FOCUS ON STRONGEST ASSET TYPES IN TOP TIER LOCATIONS
GERMANY & THE NETHERLANDS
oTwo of the strongest economies in Europe with AAA credit rating
oTogether making up more than a quarter of the EU’s economy
o7 of the 15 largest metropolitan areas by GDP in the EU are in Germany and the Netherlands
oAmong the lowest unemployment levels in Europe
oAmong the lowest Debt/GDP levels in EuropePOPULATION DENSITY IN GERMANY & THE NETHERLANDS
36 – 100100 – 150150 – 300300 – 1,0001,000 – 5,500
Inhabitants per sqkm (Destatis; CBS)
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA
Two decades of business partners relationships
AROUNDTOWN IS AN ACTIVE MARKET PLAYER
Acquisition criteria
• Focus on locations with strong fundamentals and market dynamics
• Value-add potential through operational improvements and repositioning
• Rent level per sqm below market level (under-rented properties)
• Purchase price below replacement cost and below market prices
• Attractive NOI yield compared to cost of capital Strong presence in Capital Markets
The Aroundtown Group is one of the largest capital market issuers among European Real estate companies, issuing over €40 billion across numerous transactions since 2012 including GCP’s capital market activity.
Issuances executed across all main capital market instruments;
Equity, Perpetual Notes, Convertible Notes, Straight Bonds and Schuldscheins, as well as bank financing from a large number of lenders.
Institutional investors Private Equity Banks
Broker networkFunds
Real Estate owners
"cherry-pick"best deals Receivers
Public Companies
The group has bought, sold and joint ventured with long term business relationships
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H1 2026 FINANCIAL RESULTS AROUNDTOWN SA
DIVERSIFIED ASSET BASE OFFERS SYNERGIES AND DOWNSIDE PROTECTION
AT’S DIVERSIFIED ASSET STRATEGY AS A CLEAR COMPETITIVE ADVANTAGE
oAT can better benefit from an asset‘s best use oAsset‘s best use may evolve over time or differ from current useoAT‘s deep expertise across asset classes allows it to find the most optimal positioning for its portfoliooAT is undertaking conversions where better returns can be found, such as commercial to serviced apartments, residential and data centers
• Innovations/advantages are scaled across asset types oUnified tenant experience: Cross-asset workspace access and hotel benefits increase utilization
• Customer Operations: Residential Service Center playbooks underpin commercial tenant support, reducing cost-to-serve
• ESG Certification & Energy: Standardized templated and retrofits accelerate office certifications and enable hotel portfolio rollout
SYNERGIES
• Lower sensitivity to one industry or one asset class specific impacts
• Lower sensitivity to the economic cycle
• Resi more stable during economic downturns
oOffice and hotel offer greater upside potential during periods of strong growtho Different fundamental drivers support stability of operational cashflows
• Capital allocation flexibility due to expertise in many asset types
• Capital can be reallocated to the most promising sectors based on market conditions
oAllows AT to take advantage of market dislocations and cherry pick opportunities as they arise
DOWNSIDE PROTECTION
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Portfolio by region not incl. held for sale Investment property (€m) Lettable area (k sqm) EPRA Vacancy Annualized net rent (€m) In-place rent/sqm (€) Value/sqm (€) Rental Yield
Berlin 5,459 1,381 8.5% 222 14.3 3,951 4.1%
NRW 3,366 1,720 8.5% 172 8.7 1,958 5.1%
London 2,129 251 3.6% 118 41.4 8,473 5.5%
Dresden/Leipzig/Halle 1,778 1,078 5.3% 89 7.1 1,649 5.0%
Munich 1,446 482 11.9% 51 9.7 3,002 3.5%
Frankfurt 1,220 354 15.3% 56 15.2 3,445 4.6%
Wiesbaden/Mainz/Mannheim 583 219 11.2% 29 11.9 2,658 5.0%
Hamburg/LH 553 209 4.2% 32 12.8 2,650 5.8%
Amsterdam 431 136 8.7% 26 16.8 3,179 6.1%
Hannover 323 167 13.6% 18 10.2 1,936 5.5%
Rotterdam 276 100 7.5% 18 15.5 2,761 6.5%
Stuttgart/BB 199 87 7.2% 10 10.0 2,284 5.1%
Utrecht 181 69 7.0% 12 14.3 2,628 6.5%
Other 5,412 2,435 5.8% 305 11.1 2,223 5.6%
Development rights & Invest 1,885
Total 25,241 8,688 7.6% 1,158 11.8 2,688 5.0%
INVESTMENT PROPERTIES JUNE 2026
Portfolio by asset type not incl. held for sale Investment property (€m) Lettable area (k sqm) EPRA Vacancy Annualized net rent (€m) In-place rent/sqm (€) Value/sqm (€) Rental Yield WALT (years)
Office 8,428 2,875 13.6% 421 13.8 2,932 5.0% 4.3
Residential 8,326 3,477 3.3% 409 10.0 2,395 4.9% NA
Hotel 5,042 1,477 2.2% 249 14.6 3,414 4.9% 13.1
Logistics/Other 447 376 7.0% 25 5.6 1,189 5.5% 5.1
Retail 1,113 483 12.4% 54 10.5 2,305 4.8% 5.1
Development rights & Invest 1,885
Total 25,241 8,688 7.6% 1,158 11.8 2,688 5.0% 7.3
1) EPRA Vacancy including the held for sale portfolio is 7.8%.
More information on held-for-sale can be found on slide 6.
2) EPRA Vacancy rate is excluding "Development rights & Invest" properties which includes around 700k of existing sqm with ca. 90% vacancy.
Not including those which are in held for sale.
3) The Group obtains its property valuations from internationally recognized valuators such as JLL, Savills, PWC, Cushman & Wakefield, Wüest Partner, and CBRE.
Such reports are updated semi-annually and are based on the international RICS standard, which uses mainly common market figures for similar properties in similar locations.
See page 246 of the Consolidated Annual Report 2025 for more details.
4) Based on existing leases
5) Based on current rent, i.e., not including contractual future step rents
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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 segmentTop 10 Tenants: 20% of Group rental income
HIGH TENANT QUALITY
Well-distributed commercial lease expiry profile, providing flexibility in uncertain times
Downside protection as the portfolio has +25% reversionary potential including vacancy reduction (including residential portfolio)
*Until first break, not considering contractual extension options
3% 13% 14% 9% 7% 7% 4% 5% 3% 4% 32%
June-Dec2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 >2036
LEASE EXPIRY PROFILE*
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15% of the Group portfolio is well located primarily in Spandau, Reinickendorf, Hellersdorf/Marzahn & Treptow/Köpenick
Strongly benefiting from the uniquedynamics & growth of Berlin’s most in demand neighborhoods, business areas & tourist centers
Located in the best neighborhoods of BERLIN
BEST-IN-CLASS BERLIN PORTFOLIO
85% of the Group portfolio is located in top tier neighborhoods:Charlottenburg, Wilmersdorf, Mitte, Kreuzberg, Friedrichshain, Lichtenberg, Schöneberg, Neukölln, Steglitz and Potsdam
With €5.8 billion of portfolio across all asset types, AT is a leading landlord in Berlin among publicly listed peers
85% TOP TIER
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GRAND CITY PROPERTIES S.A.
GCP IS CONSOLIDATED AND THE CURRENT HOLDING RATE IS 84%
• Residential asset class is the Group’s second largest asset type, providing the Group with a well-balanced portfolio located across densely populated areas in Germany and London with a granular tenant base
SOLID PERFORMANCEo 3.5% LFL rental growth
• Low 3.3% vacancy as of June 2026
• German and London residential provide stable and resilient cash flows and are a strong addition to the commercial portfolio.
• Increasing demand and decreasing supply drive stable operational performance.
• The residential portfolio’s vacancy is historically low.
• German residential portfolio is mainly in the affordable segment that is well-insulated from economic conditions.
• Long average tenancy length which is expected to increase further due to low supply and increasing rents
SENIOR HOMESo The Group owns several senior homes assets, with the largest location in Berlin.
These holdings provide stable income and offer additional diversification within the residential segment.
The assets are operated by 3rd party operators (e.g.
Curata, AlexA, Korian, Pro Seniore, Giomi) with fixed rental contracts and amount to ca. 2.4% of Group rental income (of which 35% are Curata Senior Homes, representing 0.8% of Group rental income).
SHORT STAY / SERVICED APARTMENTSo The Group utilizes short stay or serviced apartments which are let through long term fixed leases and/or management agreements with third party operators (e.g.
Vonder, Bob W, Nena, Numa, adagio).
More information can be found on slide 41.
LONDON RESIDENTIAL INCLUDES SOCIAL TENANTS (HMO)o Additional cash flow stability through social tenants/HMO, amounting to 3.5% of Group rental income.
• These houses are rented to local operators, with stable rents usually index linked.
• The rents benefit from local increasing demand and backed by 50 local authorities within the London social tenant market.
• The largest tenant is Stef & Philips, a well-established local business with two decades of deep knowledge and experience within London social tenant market.
• Stef & Philips accounts for 2.8% of Group rental income.
RESIDENTIAL:33% OF THE PORTFOLIO
STABLE CASH FLOWS FROM AFFORDABLE RESIDENTIAL
• Declining supply vs increasing demand
• Number of approved apartments in 2025 was 232k MARKET
• Further widening of supply-demand gapExpected to increase to 830k units by 2027 at current construction levels
• Long-term cash flow growthRent increase in Germany will continue to be captured at a high rateLess strict regulation in London results in capturing market rents faster
TAILWINDS
1) Federal Statistical Office (Destatis) 2) Germany: ZIA, press release dated 16 May 2025
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OFFICE PORTFOLIO
o34% of total portfolio, with a focus on central locations of top tier citieso Top 4 Cities: 58% (Berlin, Frankfurt, Munich, Amsterdam)
• Largest landlord in Berlin, Frankfurt and Munich, among listed European real estate
• 0.9% LFL Rental growth, driven by indexation
• Office vacancy at 13.6% as of June 2026
• 81% Green Certified, with first re-certifications achieving higher scores
PERFORMANCE
TAILWINDS
• Over 600k sqm of office space take up in Germany’s Big 7 in Q1 2026
• Market vacancies at 8.9% around historic levels
• Supply in the European office space has reached its lowest level since 2020
MARKET
More details on the office portfolio and key tenants is available in the appendix
• Bau-Turbo regulation creates a strong opportunity.
• Aroundtown is currently analyzing many office properties for potential value-add conversion.
• Initial positive feedback from municipalities for existing 120k sqm received.
• Next steps is to assess feasibility and file for conversion.
• Economic growth from German government stimulus package
• +0.5% growth expected in 2026 vs +0.2% growth in 2025
1) BNP Paribas Real Estate, Office Market Germany Q1 2026; 2) CBRE, 2026 Real Estate Market Outlook 3) DIW 10+11 2025; 4) Destatis
• Strong tenant base ~75% of tenants are public sector, multi-national and large domestic corporations (>30% governmental tenants)
oBauturbo: initial positive feedback from municipalities
34%portfolio share
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OFFICE PORTFOLIO LOCATED IN TOP TIER CITIES
WELL-DIVERSIFIED
• 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
• Public sector, multi-national and large domestic corporations: ca. 75% of office tenants.
• Public sector (>30%) such as German & Dutch Govt., Deutsche Bundesbank, Deutsche Bahn.
• Multi-national and large domestic corporations such as Siemens, Orange, KPN, etc.
• Top 20 Office tenants include: Siemens, German Federal Gov, Bundesbank, Berlin Regional Gov, Orange (telecommunications), Deutsche Bahn, NRW Regional Gov, KPN (telecommunications), VBG (insurance), Global University Germany (university), UK Gov, Universität Zu Köln (university), Bankia (banking), Hessen Regional Gov, MunicipalityAmsterdam, Vivantes (healthcare), Koelnmesse (conferenceorganiser), Allianz (insurance), MunicipalityRotterdam, NinjaOne(IT) and makeup40% oftotal officeincome
• Top 10 officetenantsrepresent lessthan12% ofGroup rentalincome, remaining88% islettoabout3,000 tenants
(RE-)LETTING STRATEGY IS ONGOING PROCESS, STARTING WELL PRIOR TO TENANT DEPARTURES
• Tailor made rental and marketing strategy on an asset basis
• Comprehensive vacancy analysis – conducting usability studies/letting concepts of vacant spaces in order to attract a large pool of diverse tenants
• Under-rented properties and high reversionary provide flexibility in attracting new tenants and in extending leases.
• Optimizing the usage of each asset and fitting to the demand and supply in the market
oMarket and benchmark analysis – enabling the management to execute optimal decision making and to closely track macro and micro developments
• Combination of various channels to cover the broadest market to let space way in advance prior to tenants’ departures
More details can be found in slide 73
BERLIN
COLOGNE
UTRECHT
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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
LEVERAGING IN-HOUSE CAPABILITIES AND EXPERTISE WHILE TAKING ADVANTAGE OF FAST-TRACK REGULATIONS TO STREAMLINE CONVERSION PROCESS, ACTIVELY OPTIMIZING THE ASSET ALLOCATION AND EXTRACTING ADDITIONAL VALUE
DATA CENTERS
• Presence in locations with strongest demand for Data Centers in Germany and London
• High growth potential, with stronger revenue potential, with value driven by location and access to grid.
• Advancing Edge and Colocation Data Centers as part of mixed-use assets with pathway to unlock conversion to full Hyperscalers.
SERVICED APARTMENTS
• Portfolio overlap with strong demand, converting assets to serve the location dynamics and extract higher rental income at long leases (up to 20 year lease terms).
• Executing either as fully serviced apartment, or mixed-use with dynamic environment supporting office within the property
• Active constructions with solid track record and pipeline:✓Ca. 1,000 rooms initiated✓Ca. 500 rooms under review✓Reviewing pipeline of potential projects
BAU-TURBO / RESIDENTIAL
• Converting commercial properties to regular residential, transforming into one of highest demand asset class with long-term cashflow stability, supporting strong value creation.
• Status:✓Discussions with municipalities with encouraging feedback for 120k sqm of office space (e.g.
• Berlin, Hamburg)✓Sizeable additional pipeline under review
More details on slide 46More details on slide 41
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