Business
Aroundtown : H1 2026 Interim Consolidated Report 11.44 MB
Aroundtown : H1 2026 Interim Consolidated Report 11.44
About this update from Aroundtown Sa
For the six-month period ended June 30, 2026 InterimConsolidated Report Crete ~PAGE-BREAK~ Contents THE BUSINESS & OPERATIONS Key financials 4 Key achievements 5 The Company 7 Aroundtown’s quality portfolio 9 Capital markets 21 MANAGEMENT DISCUSSIONS AND ANALYSIS Notes on business performance 24 Alternative performance measures 38 Responsibility statement & disclaimer 45 INTERIM CONSOLIDATED FINANCIAL STATEMENTS Interim consolidated statement of profit or loss 48 Interim consolidated statement of other comprehensive income 49 Interim consolidated statement of financial position 50 Interim consolidated statement of changes in equity 52 Interim consolidated statement of cash flows 54 Notes to the interim consolidated financial statements 56 BOARD OF DIRECTORS´ REPORT INTERIM CONSOLIDATED FINANCIAL STATEMENTS ~PAGE-BREAK~ 2 AROUNDTOWN SA Board of Directors‘ Report Crete ~PAGE-BREAK~ 3 AROUNDTOWN SA Board of Directors‘ Report AROUNDTOWN SA Board of Directors‘ Report Board of Directors‘ Report ~PAGE-BREAK~ AROUNDTOWN SA Board of Directors‘ Report 4 AROUNDTOWN SA Board of Directors‘ Report Key Financials Net Asset Value in € millions unless otherwise indicated 1–6/2026 Change 1–6/2025 Net rental income 590.6 0% 590.5 Adjusted EBITDA (1) (2) 500.0 0% 500.6 FFO I (2) (3) 143.8 (4%) 150.4 FFO I per share (in €)(2) (3) 0.13 (7%) 0.14 FFO II (2) (3) 268.4 34% 199.6 ICR 3.3x -0.9x 4.2x Property revaluations and capital gains 1.7 (100%) 383.2 Profit for the period 218.1 (62%) 578.0 Basic earnings per share (in €) 0.08 (75%) 0.32 in € millions unless otherwise indicated EPRA NRV EPRA NTA EPRA NDV Jun 2026 10,929.1 9,054.4 7,781.0 Jun 2026 per share (in €) 9.6 8.0 6.9 Per share development 2% 3% 5% Dec 2025 10,288.6 8,502.5 7,215.1 Dec 2025 per share (in €) 9.4 7.8 6.6 (1) Including AT‘s share in the Adjusted EBITDA of companies in which AT has significant influence. For more details regarding the methodology, please see the Alternative Performance Measures section of this report (2) Prior to 2026, this item excluded contributions from properties held for sale. For more information, please see page 38-39 of Alternative Performance Measures section of the report (3) Including AT‘s share in the FFO I of companies in which AT has significant influence, excluding FFO I relating to minorities. For more details regarding the methodology, please see the Alternative Performance Measures section of this report Financial Position Highlights in € millions unless otherwise indicated Jun 2026 Dec 2025 Total Assets 33,921.0 33,690.6 Total Equity 14,649.6 15,021.8 Investment property 25,241.1 24,916.0 Investment property of assets held for sale 405.5 651.4 Cash and liquid assets (including those under held for sale) 3,859.3 4,033.5 Total financial debt (including those under held for sale) 15,169.4 14,951.2 Unencumbered assets ratio (by rent) 69% 70% Loan-to-Value 43% 41% ~PAGE-BREAK~ AROUNDTOWN SA Board of Directors‘ Report AROUNDTOWN SA Board of Directors‘ Report Solid performance with rental and value growth recorded across all asset types Continued extraction of top-line growth Continued rental growth reflected in solid like-for-like performance from re-letting and indexation Conversion, development and repositioning Rent upside extracted through conversions, development, and refurbishment, at attractive yield on capex Higher FFO through increased stake in GCP Increasing exposure to residential asset class, benefiting from strong cash generation and solid fundamentals Conducted at attractive 10% FFO yield Accretive share buyback Share buyback program initiated in January 2026 Capturing window of opportunity resulting from volatility in markets 5 AROUNDTOWN SA Board of Directors‘ Report With several catalysts to unlock further growth Like-for-Like Rental Growth +3.5% Residential +4.4% Hotel +0.9% Office +2.7% L-F-L rental growth H1 2026 ~PAGE-BREAK~ 6 AROUNDTOWN SA Board of Directors‘ Report Further demonstrated broad and diversified capital markets access (1) settlement in February 2026, currency hedge to € of notional amount until maturity(2) settlement in February 2026, full currency hedge to € until maturity, with effective € coupon of 1.268% +6M Euribor, capped at 3.5%(3) settlement in February 2026, full currency hedge to € until maturity with fixed coupon until 2031, afterwards 1.658% + 6M Euribor(4) settlement in July 2026, full currency hedge to € of notional amount (5) settlement in February 2026(6) settlement in May 2026 PERPETUAL NOTES ISSUANCES JAN 2026 APR 2026 AT5.125 coupon GCP 5.25 coupon €750 million €600 million NON-EUR BOND ISSUANCES FIRST EUR BOND ISSUANCE IN 2026 JUN 2026 CHF SERIES 49 7y maturity CHF 180 million1.9406% coupon JAN 2026 CHF SERIES 46 7y maturity CHF 160 million1.82% coupon JAN 2026 AUD SERIES 47 5y maturity AUD 300 million 1.268% + 6M Euribor JAN 2026 AUD SERIES 48 10y maturity AUD 300 million 3.9% for first 5 years JUL 2026 EUR SERIES 505y maturity €850 million3.625% coupon Launched in conjunction with a tender offer including bonds bought back amounting to ca. €700 million. Third CHF issuance in less than a year, further underscoring Aroundtown’s ability to issue in non-EUR currencies. Full perpetual notes stack refinanced, with proceeds used to buy back perpetual notes with 2026 call dates as well as higher coupon notes. ~PAGE-BREAK~ The Company The Board of Directors of Aroundtown SA and its investees (the "Company", "Aroundtown", "AT", or the "Group"), hereby submits the interim consolidated report as of June 30, 2026. The figures presented are based on the interim consolidated financial statements as of June 30, 2026, unless stated otherwise. Aroundtown SA is a real estate company with a focus on income generating quality properties with value-add potential in central locations in top tier European cities primarily in Germany, the Netherlands and London. Aroundtown invests in commercial and residential real estate which benefit from strong fundamentals and growth prospects. Aroundtown invests in residential real estate primarily through its subsidiary Grand City Properties S.A. ("GCP"), a publicly traded real estate company that focuses predominantly on the German residential real estate market, as well as on the London residential market. As of June 30, 2026, the Group’s holding in GCP is 83%. The Group’s unique business model and experienced management team led the Group to grow since 2004, navigating successfully through several economic cycles. Centrally located portfolio in top tier cities AROUNDTOWN SA Board of Directors‘ Report 7 AROUNDTOWN SA Board of Directors‘ Report Quality assets with a focus on large EU cities primarily in Germany, Netherlands, and in London Capital recycling by selling non-core/mature assets Attractive acquisitions below market value and below replacement costs Income generating portfolio with value-add potential Asset repositioning, increasing cash flow, quality, WALTs and value Healthy capital structure with a strong & conservative financial profile Extracting new building/conversion rights on existing and new land & buildings ~PAGE-BREAK~ AROUNDTOWN SA Board of Directors‘ Report AROUNDTOWN SA Board of Directors‘ Report Frankfurt CBD & HBF Approx. 200,000 sqm in Frankfurt prime centers, main central train station and banking district Banking district Central train station 88k sqm Frankfurt Office CampusGutleutstraße9k sqm Frankfurt HBF Stuttgarter Straße 37k sqm IntercontinentalFrankfurtWilhelm-Leuschner Straße 9k sqm Frankfurt StadtmitteBleichstraße 45k sqm Frankfurt Büro Center (FBC)Mainzer Landstraße View from Adam-Riese-Platz Office Tower 17k sqm Frankfurt HBFAdam-Riese-Platz 3k sqm Frankfurt HBFKarlstraße ~PAGE-BREAK~ 9 AROUNDTOWN SA Board of Directors‘ Report Well-diversified Group portfolio with focus on strong value drivers Group asset type breakdown, June 2026 by value* Aroundtown’s quality portfolio €25bn * Total portfolio: ASSET TYPE Strongly diversified portfolio with a focus on residential, hotels and offices. TENANT High tenant diversification with no material tenant or industry dependency. Commercial portfolio with around 3,000 tenants and residential portfolio with very granular tenant base. LOCATION The portfolio is focused on the strongest economies in Europe: 80% of the Group‘s portfolio is in Germany and the Netherlands, both AAA rated countries. Focus on top tier cities of Germany and the Netherlands and on London. Well-distributed across multiple regions with a large footprint in top tier cities such as Berlin, Munich, and Frankfurt. INDUSTRY Each location has different key industries and fundamentals driving the demand. Therefore, the Group‘s tenants are diversified into distinct sectors, eliminating the dependency on a single industry. Office 34% Residential 33% Hotel 20% Development rights & Invest 7% Retail, Logistics/Other 6% * excluding held for sale ~PAGE-BREAK~ 10 AROUNDTOWN SA Board of Directors‘ Report AROUNDTOWN SA Board of Directors‘ Report Group portfolio overview Two of the strongest economies in Europe with AAA credit rating Among the lowest unemployment levels in Europe Low debt/GDP levels compared to European average 7 of the 15 largest metropolitan areas by GDP in the EU are in Germany & The NL Together making up more than a quarter of the EU‘s economy inhabitants per sqkm(Destatis & CBS) Population density inGermany and The Netherlands Amsterdam Hamburg Hannover Berlin Halle NRW MainzFrankfurt Stuttgart Mannheim Nuremberg-Fuerth Leipzig Wiesbaden Dresden Bremen Munich RotterdamUtrecht 36 - 100 100 - 150 150 - 300 300 - 1,000 1,000 - 5,500 Germany & The Netherlands: 80% of the portfolio ~PAGE-BREAK~ 11 AROUNDTOWN SA Board of Directors‘ Report Group regional distribution, December 2025 by value* High geographical diversification Berlin is the single largest location. AT is a leading landlord in Berlin across multiple asset types. Düsseldorf Berlin 23% NRW 14% London 9% Frankfurt 6% Wiesbaden / Mainz / Mannheim 3% Hamburg/LH 2% Amsterdam 2% Hannover 2% Stuttgart/BB 1%Utrecht 1%Rotterdam 1% Others 20%Nuremberg 1%Bremen 1% Munich 7% Dresden / Leipzig / Halle 7% Group regional distribution June 2026 by value* *including development rights & invest and excluding held for sale ~PAGE-BREAK~ AT has approx. 140,000 sqm in the prime commercial and tourist center Alexanderplatz Berlin Alexanderplatz 11k sqm Alexanderplatz Rathausstraße 24k sqm AlexanderplatzKarl-Liebknecht-Straße 3k sqm Alte Schönhauser Straße 55k sqm Alexanderplatz Alexanderstraße 34k sqm Alexanderplatz Karl-Liebknecht- Straße 6k sqm Alexanderplatz Karl-Liebknecht- Straße 2k sqm Alexanderplatz Bernhard-Weiß- Straße Alexanderplatz train station Berlin TV tower AROUNDTOWN SA Board of Directors‘ Report 12 AROUNDTOWN SA Board of Directors‘ Report ~PAGE-BREAK~ 13 AROUNDTOWN SA Board of Directors‘ Report Reinickendorf Pankow SpandauLichtenberg Marzahn-Hellersdorf Treptow-Köpenick Steglitz-ZehlendorfTempelhof-Schöneberg Friedrichshain-Kreuzberg Charlottenburg-Wilmersdorf Neukölln Mitte SchönefeldTeltow Best-in-class Berlin portfolio of the portfolio is located in top tier neighborhoods including Charlotten-burg, Wilmersdorf, Mitte, Kreuzberg, Friedrichshain, Lichtenberg, Schöne-berg, Neukölln, Steglitz and Potsdam 85% Residential propertiesCommercial properties Central locations within top tier cities: A Berlin example Map representing approx. 95% of the portfolio 15%of the portfolio is well located primarily in Reinickendorf, Spandau, Treptow, Köpenick and Marzahn-Hellersdorf AROUNDTOWN SA Board of Directors‘ Report AROUNDTOWN SA Board of Directors‘ Report ~PAGE-BREAK~ 14 AROUNDTOWN SA Board of Directors‘ Report Office: High quality offices in top tier cities AT is the leading office landlord in Berlin, Frankfurt and Munich among publicly listed peers Berlin 81% greencertified Berlin 25% Munich 14% Frankfurt 14% Wiesbaden / Mainz / Mannheim 3% Hannover 2% Warsaw 3% Utrecht 2% Nuremberg 2% Stuttgart 1% Others 7% Hamburg 1% London 1% Amsterdam 5% Dresden / Leipzig / Halle 4%Rotterdam 3% NRW 13% Office, 34% of the portfolio,June 2026 by value 58% of the office portfolio is located in Berlin, Munich, Frankfurt, and Amsterdam. ~PAGE-BREAK~ 15 AROUNDTOWN SA Board of Directors‘ Report Hotels: Focus on central locations, quality and operators with brand recognition Around 150 hotels with >25K rooms across top locations with fixed long-term leases with third party hotel operators AT’s hotel portfolio, valued at €5.0 billion as of June 2026, is well diversified and covers a total of 1.5m sqm. The hotels are branded under a range of globally leading branding partners which offer key advantages such as worldwide reservation systems, global recognition, strong loyalty programs, quality perception and benefits from economies of scale. The hotel assets are let to hotel operators which are selected according to their capabilities, track record and experience. AT’s management participates in the branding decision of the hotel, applying its expertise in selecting the optimal brand. AT has built up good business relationship for over a decade with many of the operators as well as franchise/brand/management companies. Hotels leased to over 25 third party operators and franchised with various strong brands and a large sale of categories which provides high flexibility for branding of its assets 72% greencertified Meuse (Netherlands, Center Parcs) 8% Hamburg/Lüneburger Heide (Center Parcs) 5% Drenthe (Netherlands, Center Parcs) 3% Hannover/Braunschweig 1% Athens 3% Munich 1%Stuttgart/BB 1%Dresden / Leipzig / Halle 1%Frankfurt 1%Stralsund/Rügen/Usedom 1%Tel Aviv 1% Others 15%Wiesbaden/Mainz/Mannheim 1%London 1% Rome 5% Limburg (Belgium, Center Parcs) 8% Paris 5% Eindhoven/Brabant (Center Parcs) 4% Brussels 5% Berlin 22%NRW 8% Hotels,20% of the portfolio, June 2026 by value GCH Hotel Group is a third-party management company, managing 28 small hotels (3.4k hotel rooms) of AT’s operating tenants which are composed of ca. 1% of AT’s total rent. Until 2014, GCH was a related party of AT ~PAGE-BREAK~ 16 AROUNDTOWN SA Board of Directors‘ Report AROUNDTOWN SA Board of Directors‘ Report Corinthia / Athens ~PAGE-BREAK~ 17 AROUNDTOWN SA Board of Directors‘ Report Grand City Properties Residential portfolio, 33% of the portfolio The residential portfolio is primarily held through a 83% stake in Grand City Properties ("GCP") as of June 30, 2026. GCP is a leading market player in the German residential market and a specialist in value-add opportunities in densely populated areas, predominantly in Germany, as well as in London. GCP is a publicly listed real estate company, traded on the Frankfurt Stock Exchange. GCP holds 61k units in its portfolio with the properties spread across densely populated areas in Germany, with a focus on Berlin, North Rhine-Westphalia and the metropolitan regions of Dresden, Leipzig and Halle, as well as London. GCP includes a relatively small share of commercial properties which AT reclassifies into their relevant asset class. GCP puts a strong emphasis on growing relevant skills in-house to improve responsiveness and generate innovation across processes and departments. Through its Service Center and by supporting local community initiatives, GCP established industry-leading service standards and lasting relationships with its tenants. For more information, please visit GCP’s website. London Berlin 23% Others 10%Mannheim/KL/Frankfurt/Mainz 4%Hamburg/ Bremen 4%Nuremberg/Fürth/Munich 4% London 21% NRW 19% Dresden / Leipzig/ Halle 15% GCP regional distribution June 2026 by value ~PAGE-BREAK~ 18 AROUNDTOWN SA Board of Directors‘ Report AROUNDTOWN SA Board of Directors‘ Report SHORT STAY / SERVICED APARTMENTS 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, Numa, Limehome, adagio). SENIOR HOMES 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. LONDON RESIDENTIAL INCLUDES SOCIAL TENANTS (HMO) Additional cash flow stability through social tenants/HMO. These multi-family 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. • ~PAGE-BREAK~ 19 AROUNDTOWN SA Board of Directors‘ Report Stuttgart 2%Dresden / Leipzig / Halle 2% Hannover 5% Berlin 34% Kassel 37% Hamburg 9% NRW 4% Munich 2%Others 5% Dresden / Leipzig / Halle 2% Stuttgart/BB 1% Hamburg 7% Berlin 44% Frankfurt/ Mainz 4% NRW 32% Others 10% Retail: Largest focus is on resilient essential goods tenants and grocery-anchored properties catering strong and stable demand from local residential neighborhoods Further portfolio diversification through logistics/other and retail BerlinKassel Logistics/Other and Retail, 6% of the portfolio, June 2026 by value Logistics/Other Retail ~PAGE-BREAK~ 20 AROUNDTOWN SA Board of Directors‘ Report AROUNDTOWN SA Board of Directors‘ Report June 2026 Investment properties (in €M) Area (in k sqm) EPRA vacancy (1)(4) Annualized net rent (in €M) In-place rent per sqm (in €) Value per sqm (in €) Rental yield WALT (in 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 Asset type overview Not including held for sale Regional overview Not including held for sale June 2026 Investment properties (in €M) Area (in k sqm) EPRA vacancy(1)(4) Annualized net rent (in €M) In-place rent per sqm (in €) Value per sqm (in €) 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% (1) EPRA vacancy including the held for sale portfolio is 7.8%(2) EPRA vacancy 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. For more details, see the APM section on page 44 of this report(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 leases(5) Based on current rent, i.e. not including contractual future step rents ~PAGE-BREAK~ 21 AROUNDTOWN SA Board of Directors‘ Report Capital markets Key index inclusions Aroundtown’s share is a constituent of several major indices such as MDAX, MDAX ESG+, FTSE EPRA/NAREIT Index Series, MSCI World Small Cap, DJSI Europe as well as GPR 100 & 250. Investor relations activities The Group is proactively approaching a large investor audience in order to present its business strategy, provide insight into its progress and create awareness of its overall activities to enhance its perception in the market. AT participates in a vast amount of various national and international conferences, roadshows, one-on-one presentations and in virtual video conferences in order to present a platform for open dialogue. Explaining its unique business strategy in detail and presenting the daily operations allow investors to gain a full overview about the Group’s successful business approach. The most recent information is provided on its website and open channels for communication are always provided. Currently, AT is covered by 17 different research analysts on an ongoing basis, with reports updated and published regularly. Trading data Placement Frankfurt Stock Exchange Market segment Prime Standard Trading ticker AT1 Initial placement of capital 13.07.2015 Key index memberships MDAX MDAX ESG+ FTSE EPRA / NAREIT: • Global • Developed Europe • Eurozone • Germany • Green Indexes DJSI EUROPEMSCI World Small CapGPR 100 & 250 As of June 30, 2026 Number of shares 1,537,025,609 Number of shares, base for share KPI calculations 1,129,930,393 As of August 25, 2026 Shareholder structure Freefloat: 48% Shares held in treasury : 27% The Avisco Trust : 15% Stumpf Capital GmbH : 10% i) 12% are held held through TLG Immobilien AG, voting rights suspended ii) a trust settled by Yakir Gabay, represented by its trustee Line Trust Corporation Limited iii) controlled by Georg Stumpf Market cap Є 3.1 bn / Є2.3 bn (excl. treasury shares) 1) excluding suspended voting rights ~PAGE-BREAK~ 22 AROUNDTOWN SA Board of Directors‘ Report AROUNDTOWN SA Board of Directors‘ Report Share price performance and total return since initial placement of capital (13.07.2015) Aroundtown -17% total returnEPRA Germany (rebased) -1% total returnMDAX (rebased) +57% total returnStoxx 600 (rebased) +140% total return 0369 2015 2016 2017 2018 2019 2020 2021 2024 2025 2026 2022 2023 Berlin ~PAGE-BREAK~ AROUNDTOWN SA Board of Directors‘ Report 23 AROUNDTOWN SA Board of Directors‘ Report Management Discussion and Analysis ~PAGE-BREAK~ 24 AROUNDTOWN SA Board of Directors‘ Report AROUNDTOWN SA Board of Directors‘ Report AROUNDTOWN SA Board of Directors‘ Report Selected consolidated income statements data For the period of six months ended June 30, 2026 2025 in € millions Revenue 761.7 758.4 Net rental income 590.6 590.5 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 Adjusted EBITDA (1)(2) 500.0 500.6 Finance expenses (142.3) (112.6) Current tax expenses (63.8) (60.8) FFO I (2)(3) 143.8 150.4 FFO I per share (in €) (2)(3) 0.13 0.14 FFO II (2)(3) 268.4 199.6 Other financial results (28.5) (17.1) Deferred tax expenses (19.4) (95.6) Profit for the period 218.1 578.0 (1) Including AT‘s share in the Adjusted EBITDA of companies in which AT has significant influence. For more details regarding the methodology, please see the Alternative Performance Measures section of this report (2) Prior to 2026, this item excluded contributions from properties held for sale. For more information, please see page 38-39 of Alternative Performance Measures section of this report. (3) Including AT‘s share in the FFO I of companies in which AT has significant influence, excluding FFO I relating to minorities. For more details regarding the methodology, please see the Alternative Performance Measures section of this report Notes on business performance ~PAGE-BREAK~ 25 AROUNDTOWN SA Board of Directors‘ Report OPERATING RESULTS (a) Revenue AT recorded total revenue of €762 million in the first six months of 2026 ("H1 2026"), slightly higher compared to €758 million in the comparable period of 2025 ("H1 2025"). The increase was driven by higher operating and other income, offset by the impact of net disposals over the past twelve months. Net rental income totalled €591 million in H1 2026, stable compared to €591 million in H1 2025. Net rental income was impacted by solid like-for-like rental growth of 2.7% offset by the impacts from net disposals. The commercial portfolio recorded like-for-like rental growth of 2.2%, supported by indexation, step-up rent adjustments and reversion on reletting, which more than offset the slight negative impact on office occupancy amid the macroeconomic environment in Germany. The residential portfolio continued to benefit from strong supply-demand fundamentals, delivering like-for-like rental growth of 3.5%. The annualized net rent of Aroundtown’s portfolio stood at €1,158 million as of June 2026, increasing compared to €1,149 million as of December 2025, driven mainly by rental growth in the period as well as acquisitions, more than offsetting disposal impacts. Operating and other income totalled €171 million in H1 2026, higher by 2% compared to €168 million in H1 2025. Operating income is mainly linked to ancillary expenses that are For the period of six months ended June 30, 2026 2025 Note in € millions Net rental income 590.6 590.5 Operating and other income 171.1 167.9 Revenue (a) 761.7 758.4 Property revaluations and capital gains (b) 1.7 383.2 Share of profit from investment in equity-accounted investees (c) 10.6 13.9 Property operating expenses (d) (270.7) (260.1) Administrative and other expenses (e) (31.2) (31.3) Operating profit 472.1 864.1 reimbursed by tenants such as utility costs (heating, energy, water, insurance, etc.) and charges for services provided to tenants (cleaning, security, etc.). Accordingly, variations in this line item align with corresponding variations in recoverable property operating expenses. Additionally, this line item includes income from vendor loans and loans-to-own investments, which was lower at €5 million following repayments and conversions into investment property between the periods, with the vendor loan balance now immaterial. (b) Property revaluations and capital gains Property revaluations and capital gains amounted to €2 million in H1 2026, compared to a gain of €383 million in H1 2025. As part of its H1 2026 report, Aroundtown conducted a full revaluation of its portfolio, carried out by certified independent third-party valuers. On a like-for-like basis, the portfolio value remained stable as compared to the end of 2025. Including capex the value like-for-like amounted to 0.9%, as compared to the end of 2025. As of June 2026, the portfolio had an average value of €2,688 per sqm and a net rental yield of 5.0%, compared to €2,657 per sqm and 5.0% respectively as of December 2025. Capital gains or losses represent disposal values compared to their book values. In H1 2026, AT completed disposals in the amount of ca. €350 million at a slight discount of 1% to book values. The disposals consisted primarily of hotel properties, making up 71%, 12% development rights and invest, 6% office properties, and the remaining across retail, residential, and logistics/other assets. Geographically, the disposals were primarily in Leipzig, Berlin, other and non-core locations. (c) Share of profit from investment in equity-accounted investees In H1 2026, AT recorded a share of profit from investments in equity-accounted investees amounting to €11 million, compared to a profit of €14 million in H1 2025. This line item represents AT’s share of profits from investments which are not consolidated in AT’s financial statements, but over which AT has a significant influence. As of June 2026, the largest equity-accounted investee was the investment in Globalworth Real Estate Investments Limited ("Globalworth" or "GWI") which is a leading publicly listed office landlord in Central and Eastern European markets, mainly focused on Warsaw and Bucharest. The equity-accounted investee balance further includes stakes in other assets where AT does not have control, including several real estate properties, investment in real estate related funds specialized among others in proptech, digitalization and ~PAGE-BREAK~ 26 AROUNDTOWN SA Board of Directors‘ Report AROUNDTOWN SA Board of Directors‘ Report technology mainly in the real estate sector, as well as investments in co-working and energy related investments. AT’s share in the recurring operational profits and dividends from these investments are included in the operational results, i.e. Adjusted EBITDA and FFO I, of the Company and amounted to €27 million and €19 million respectively in H1 2026, compared to €28 million and €21 million in the comparable period of 2025. (d) Property operating expenses In H1 2026, the Company recorded property operating expenses of €271 million, higher by 4% compared to €260 million in H1 2025. The largest component of property operating expenses are ancillary expenses and purchased services which are mainly recoverable from tenants and include utility costs (heating, energy, water, insurance, etc.), charges for services provided to tenants (cleaning, security, etc.) and other services contracted in relation to the operations of properties. Additionally, property operating expenses include maintenance and refurbishment expenses, personnel expenses, depreciation and amortization, and other operating costs that include marketing, letting and legal fees, transportation, travel, communications, insurance, IT and others. (e) Administrative expenses In H1 2026, administrative expenses amounted to €31 million, stable compared to €31 million in H1 2025. Administrative expenses are mostly composed of administrative personnel expenses, fees for legal, professional, consultancy, accounting and auditing services, sales and marketing expenses, and IT and other administrative expenses. Leipzig ~PAGE-BREAK~ 27 AROUNDTOWN SA Board of Directors‘ Report RESULTS FOR THE PERIOD & RESULTS FOR THE PERIOD PER SHARE For the period of six months ended June 30, 2026 2025 Note in € millions Operating profit 472.1 864.1 Finance expenses (a) (142.3) (112.6) Other financial results (b) (28.5) (17.1) Current tax expenses (c) (63.8) (60.8) Deferred tax expenses (c) (19.4) (95.6) Profit for the period (d) 218.1 578.0 Profit attributable to: Owners of the Company 87.0 348.6 Perpetual notes investors 94.5 104.8 Non-controlling interests 36.6 124.6 Basic earnings per share (in €) (d) 0.08 0.32 Diluted earnings per share (in €) (d) 0.08 0.32 Weighted average basic shares (in millions) 1,092.2 1,093.8 Weighted average diluted shares (in millions) 1,095.2 1,096.3 Profit for the period 218.1 578.0 Other comprehensive income (d) (8.6) (80.4) Total comprehensive income for the period (d) 209.5 497.6 a) Finance expenses Finance expenses amounted to €142 million in H1 2026, higher compared to €113 million in H1 2025. The increase primarily reflects the refinancing measures undertaken during 2025, and having a full period effect in H1 2026, and the first half of 2026, whereby maturing and repurchased lower-coupon debt was partially replaced by new debt carrying higher coupons. During the reporting period, AT repaid approximately €475 million of debt through buybacks and maturities, while raising around €550 million in new bonds, further extending its maturity profile. The in-period issuances included a CHF 160 million senior unsecured bond and two AUD-denominated senior unsecured bonds of AUD 300 million each, underscoring the Company’s ability to access funding beyond the Euro markets and to secure favourable financing conditions across currencies. As of June 2026, the Company had an average debt maturity of 3.4 years, or 4.3 years on a pro-forma basis including cash and liquid assets, and an average cost of debt of 2.4%. The hedging ratio stood at 95% as of June 2026. After the reporting period, Aroundtown reaffirmed its strong access to the capital markets, issuing ca. €1 billion of senior unsecured notes. This comprised the CHF 180 million Series 49 bond at a coupon of 1.9406%, alongside the €850 million Series 50 bond at a coupon of 3.625%. Furthermore, after the reporting period, the Company repaid €1.8 billion of bonds, including ca. €0.7 billion of bonds, comprising Series 28, Series 39 and Series 40, which were bought back and ca. €1.1 billion of Series 38 and GCP’s Series G, which were redeemed at maturity, thereby reducing gross debt year-to-date as well as reducing near-term refinancing needs. (b) Other financial results In H1 2026, AT recorded other financial results amounting to an expense of €29 million, compared to an expense of €17 million in H1 2025. The higher expenses is mainly a result of changes in the valuations of derivative contracts on foreign currency denominated bonds that were not fully offset by the movement related to the underlying liability, as well as other foreign currency translation impacts. The other financial results line item records the net change in the fair value of financial assets and liabilities, hedging instruments, and derivative instruments which are mainly non-recurring and/or non-cash and thus the result varies from one period to another. Other financial results also include one-off finance-related costs such as bank fees and financial consultancy. ~PAGE-BREAK~ 28 AROUNDTOWN SA Board of Directors‘ Report AROUNDTOWN SA Board of Directors‘ Report (c) Taxation In H1 2026, AT recorded current tax expenses of €64 million, higher compared to €61 million in H1 2025. Current taxes are composed of income taxes and property taxes. The Company recorded deferred tax expenses of €19 million in H1 2026, lower compared to deferred tax expenses of €96 million in H1 2025 due to the lower amount of property revaluation result recorded in H1 2026. (d) Profit for the period & earnings per share AT recorded a profit of €218 million in H1 2026, lower compared to €578 million in H1 2025. The lower profit was the result of a lower valuation result and higher finance expenses. As a result, profit of €87 million was attributable to the owners of the Company, compared to €349 million in H1 2025. The profit attributable to non-controlling interests amounted to €37 million in H1 2026, compared to €125 million in H1 2025. The movement mainly reflects the lower valuation result and the increase in Aroundtown’s effective increased stake in GCP from 62.5% to 82.7%, completed in the second quarter of 2026 via a share exchange offer of four Aroundtown shares for each GCP share, and subsequent opportunistic GCP shares purchases in the open market. As a result, a greater proportion of GCP’s earnings are accrued to the owners of the Company and a correspondingly smaller share to non-controlling interests. Profit attributable to perpetual notes investors amounted to €95 million in H1 2026, lower compared to €105 million in H1 2025, mainly a result of the perpetual refinancing carried out in Q4 2025, which lowered the outstanding perpetual notes balance and the average coupon. During H1 2026, Aroundtown issued a new perpetual note and its subsidiary GCP likewise issued a perpetual note, with the combined proceeds applied to refinance the notes carrying a first call date in June 2026 and July 2026, as well as to repurchase select higher-coupon perpetuals. The newly issued perpetual notes qualify as 100% equity under IFRS and receive 50% equity content under S&P’s methodology, thereby supporting the Company’s rating metrics. Basic and diluted earnings per share stood at €0.08 in H1 2026, compared to €0.32 in H1 2025. The per-share metrics reflects the lower profit for the period, with the accretive effect of the share buyback program partly counterbalanced by the shares issued under the GCP exchange. AT recorded a total comprehensive income of €210 million in H1 2026, compared to €498 million in H1 2025. This comprised the profit for the period together with negative other comprehensive income of €9 million. Amsterdam ~PAGE-BREAK~ 29 AROUNDTOWN SA Board of Directors‘ Report For the period of six months ended June 30, 2026 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 (1) including expenses related to employees’ share incentive plans (2) the adjustment is to reflect AT’s share in the Adjusted EBITDA of companies in which AT has significant influence and that are not consolidated Adjusted EBITDA is a key performance measure used to evaluate the operational results of the Group, derived by deducting from the EBITDA non-operational and/or non-recurring items such as revaluation and capital gains, and other adjustments. Additionally, in order to mirror the recurring operational results of the Group, the results from investments in equity-accounted investees is subtracted as these also include the Group’s share in non-operational and non-recurring results generated by these investees. Instead, to reflect their operational earnings, the Group includes in its Adjusted EBITDA its share in the Adjusted EBITDA generated by investments where the Group has a significant influence in accordance with its effective holding rate over the period. AT recorded Adjusted EBITDA before joint venture contributions of €473 million in H1 2026, stable compared to €473 million in H1 2025. The result was underpinned by solid operational performance, reflected in like-for-like rental growth of 2.7%, which offset the impact of net disposals over the period. Including joint ventures’ Adjusted EBITDA contributions, the Company’s Adjusted EBITDA amounted to €500 million in H1 2026, stable compared to €501 million in H1 2025. AT’s Adjusted EBITDA also accounts for other adjustments of €2.5 million in H1 2026, compared to €1.1 million in H1 2025, relating to non-cash expenses associated with employee share incentive plans. In line with market standard, the contribution from assets held for sale is no longer adjusted from the financial year 2026 onward, the corresponding adjustment amounted to €0.5 million in H1 2025. ADJUSTED EBITDA ~PAGE-BREAK~ 30 AROUNDTOWN SA Board of Directors‘ Report AROUNDTOWN SA Board of Directors‘ Report FUNDS FROM OPERATIONS (FFO I, FFO II) For the period of six months ended June 30, 2026 2025 in € millions 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 (1) including the minority share in TLG‘s and GCP‘s FFO(2) the net contribution which is excluded from the FFO amounts to €0.1 million in H1 2025(3) the adjustment is to reflect AT‘s share in the FFO I of companies in which AT has significant influence and that are not consolidated(4) weighted average number of shares excludes shares held in treasury; base for share KPI calculations(5) the excess amount of the sale price, net of transaction costs and total costs (cost price and capex of the disposed properties) Funds from Operations I (FFO I) is an industry standard performance indicator, reflecting the recurring operational profitability. FFO I starts by deducting the finance expenses, current tax expenses and perpetual notes attribution from the Adjusted EBITDA. The calculation further includes the relative share in the FFO I of joint venture positions and excludes the share in minorities’ operational profits. Furthermore, in line with the adjustment previously made in the Adjusted EBITDA, AT made an adjustment related to assets held for sale in previous periods. To streamline with market standard, the impact from held for sale is not adjusted anymore from the financial year 2026 onward. In addition, AT provides the FFO II, which is an additional key performance indicator used in the real estate industry to evaluate the recurring operational profits including the disposal gains during the relevant period. AT recorded FFO I of €144 million in H1 2026, lower compared to €150 million in H1 2025. The decline was primarily driven by higher finance expenses, partly offset by a reduced contribution to minorities, reflecting the increased holding in GCP, as well as a lower perpetual notes attribution following the perpetual refinancing. On a per-share basis, FFO I amounted to €0.13 in H1 2026, compared to €0.14 in H1 2025 supported by the share buyback in the period. The positive impact of the reduced minorities resulting from the GCP transaction were offset by the increased effective number of shares outstanding resulting from the settlement of the transaction, which was broadly FFO per share neutral. FFO II totalled €268 million in H1 2026, higher compared to €200 million in H1 2025. During H1 2026, AT closed ca. €350 million of disposals, generating a gain of ca. €125 million over total costs reflecting a disposal margin of 55%. ~PAGE-BREAK~ 31 AROUNDTOWN SA Board of Directors‘ Report Cash flow from operating activities totaled €390 million in the first six months of 2026, lower compared to €402 million in the equivalent period of 2025. The strong operational performance, reflected in the like-for-like rental growth of 2.7%, was offset by the impact of net disposals, and higher taxes paid during H1 2026 compared to H1 2025. Net cash used in investing activities amounted to €284 million in H1 2026, compared to €192 million net cash provided by investing activities in H1 2025. In H1 2026, €267 million cash was received from disposals of investment property, while €378 million was used for acquisitions and capex, €164 million was invested in traded securities and other financial assets. Net cash used in financing activities amounted to €307 million in H1 2026, compared to an outflow of €837 million in H1 2025. The period was shaped by the Company’s issuance of new bonds and perpetual notes, the proceeds of which were partly used for repurchasing and redemption of existing instruments, alongside approximately €249 million used towards the execution of the share buyback program. Additional uses of cash included net finance expenses, payments to perpetual note investors, bank loan amortizations and others. At the AGM held on 24 June 2026 the shareholders of Aroundtown resolved to distribute a dividend of €0.08 per share, reflecting a total dividend payment of €91 million (gross), which was paid after the reporting period on 6 July 2026 and thus did not impact the cash flow in H1 2026. In addition, €309 million of perpetual notes were redeemed after the reporting period, connected to the refinancing exercise during H1 2026. In total, cash and cash equivalents decreased by €201 million in H1 2026. Including other liquid assets, the liquidity position of the Company stood at €3.9 billion at the end of June 2026, which represented 25% of the total debt position. (1) including change in balance of assets held for sale and movements in exchange rates on cash held CASH FLOW For the period of six months ended June 30, 2026 2025 in € millions Net cash from operating activities 389.9 402.2 Net cash (used in) from investing activities (284.2) 191.9 Net cash used in financing activities (307.0) (837.0) Net changes in cash and cash equivalents (201.3) (242.9) Cash and cash equivalents as at the beginning of the period 3,617.6 3,128.4 Other changes 8.1 2.4 Cash and cash equivalents as at the end of the period 3,424.4 2,887.9 ~PAGE-BREAK~ 32 AROUNDTOWN SA Board of Directors‘ Report AROUNDTOWN SA Board of Directors‘ Report ASSETS (a) Total assets As of June 2026, AT’s total assets amounted to €33.9 billion, higher compared to €33.7 billion as of December 2025. The increase was primarily driven by the profit recorded in the period. Non-current assets stood at €28.6 billion as of June 2026, compared to €28.1 billion as of December 2025. (b) Investment property Investment property, the largest component of non-current assets, amounted to €25.2 billion as of June 2026, higher compared to €24.9 billion at the end of December 2025. The increase was primarily driven by acquisitions and capex made during the periods, partially offset by the impact of disposals and reclassifications to assets held for sale. As part of the H1 2026 report, the full portfolio was externally revalued by certified independent third-party valuers, with values remaining stable on a like-for-like basis, relative to year-end 2025, with operational performance offsetting macro-economic volatility. In H1 2026, the Company completed disposals of ca. €350 million, at a slight discount of 1% to book value. The disposals consisted mainly of the Company’s Penta branded hotels which includes 11 hotels in Germany, Belgium and France, as well as properties with development rights primarily in Berlin. These properties were previously classified as held-for-sale and were excluded from the December 2025 portfolio. Acquisitions amounted to ca. €140 million, comprising ca. €75 million of properties located in Germany signed in Q1 2026, as well as a €50 million new built properties in London, part of a €100 million transaction. The €100 million transaction in London is a turnkey project, signed at the end of 2025 and is expected to be taken over in two stages, with the first stage completed in May 2026, and the remainder was completed after the reporting period. Jun 2026 Dec 2025 Note in € millions Total Assets (a) 33,921.0 33,690.6 Non-current assets (a) 28,574.7 28,085.1 Investment property (b) 25,241.1 24,916.0 Goodwill and intangible assets (c) 879.0 879.9 Investment in equity-accounted investees (d) 1,062.7 1,035.9 Long term financial investments and other assets (e) 990.8 870.4 (c) Goodwill and intangible assets Goodwill and intangible assets amounted to €0.9 billion at the end of June 2026, stable compared to €0.9 billion at the end of December 2025. Goodwill in the amount of €445 million is related to the TLG takeover and goodwill in the amount of €414 million is related to the consolidation of GCP. All EPRA NAV KPIs exclude goodwill so any change in the goodwill balance has no impact on these KPIs. (d) Investment in equity-accounted investees As of June 2026, investment in equity-accounted investees amounted to approximately €1.1 billion, slightly higher compared to €1.0 billion at the end of December 2025. This line item represents the Group’s long-term investments in joint ventures and associates in which the Group has a significant influence, but which are not consolidated. The largest investment within this line item as of June 2026 and representing approximately half of the total balance, is AT’s stake in Globalworth, a leading publicly listed office landlord in Central and Eastern European markets, primarily in Warsaw and Bucharest. The holding rate in Globalworth is slightly above 30%, indirectly held through a joint venture. The remaining balance consists mainly of several JV positions in properties, the largest one is an office property in Frankfurt and comprises an 88k sqm office campus at the Frankfurt central train station. Additional offices are in Amsterdam, Paris, Munich and Stuttgart. Investments further include hotel properties in Athens as well as investments in PropTech VC funds, investments in the coworking company Mindspace Germany which operates 15 locations in Germany, of which 2 are leased from Aroundtown at market rent. Investments additionally include energy projects, which comprise of a strategic JV and cooperation with IP Innovative Power for energy projects, such as PV, EV, power stations and more. IP is a leading Energy as a Service (EaaS) platform, working with some of Europe’s largest real estate groups, and is part of a wider energy group with significant cross-border operations, focusing on the international development and investment of energy projects. The Company has also partnered with DEPA (the national Greek energy company) and other investors to establish a strong local presence and holds a minority stake in a project to develop a power plant. (e) Long term financial investments and other assets Long term financial investments and other assets amounted to €991 million and other short term financial assets in the amount of €193 million, mainly comprised of long and short- term financial investments, loans-to-own assets, vendor loans related to disposals, and other receivables. The vendor loan balance amounted to €30 million as of June 2026. ~PAGE-BREAK~ 33 AROUNDTOWN SA Board of Directors‘ Report Loan-to-own assets are asset-backed and yielding loans where, under certain conditions, a default on the loan will enable the Group to take over the underlying asset at a discount. These loans are provided to a diversified group of property owners and are sourced through the Group’s established deal-sourcing network. As of June 2026, the loans-to-own balance amounted to €0.12 billion, remaining stable compared to year-end 2025. The loan-to-own assets are expected to be repaid or converted into properties over time and are therefore also supportive of deleveraging. While representing a relatively small portion of the balance sheet, these assets extend the Group’s deal-sourcing capabilities and provide access to attractive acquisition opportunities which have been successfully executed in previous periods. Financial investments amounted to ca. €0.45 billion as of June 2026, stable compared to ca. €0.45 billion in December 2025. Financial investments comprise more than 20 investments mainly in real estate related funds such as Henderson Park, SC Lowy, LRC Group Funds, Stoneshield and investment in funds specialized among others in PropTech, digitalization and technology in the real estate and energy sectors such as noa, Fifth Wall, Flow, Venn, Mavik, and others. This line item also includes tenant deposits held as security for rental payments of ca. €80 million, receivables arising from revenue straight-lining effects related to rent-free periods granted to tenants of ca. €26 million, together with long-term minority positions in real estate properties and other receivables. Additionally, non-current assets include long-term derivative financial assets, deferred tax assets, and advance payments and deposits, which mainly relate to advance payments for signed transactions, deposits for deals in the due-diligence phase, and deposits linked to committed capex programs. (1) including cash in assets held for sale, short term deposits and financial assets at fair value through profit or loss(2) excluding cash in assets held for sale Jun 2026 Dec 2025 in € millions Current assets 5,346.3 5,605.5 Cash and liquid assets 3,859.3 4,033.5 Trade and other receivables 1,005.5 848.6 Assets held for sale 410.7 672.5 As of June 2026, current assets amounted to €5.3 billion, lower compared to €5.6 billion at the end of December 2025. Cash and liquid assets amounted to €3.9 billion as of June 2026, lower compared to €4.0 billion at year-end 2025. The decrease is mainly due to debt repayments and buybacks, and the execution of the share buyback program, partially offset by the proceeds from bond issuances and from net disposals. The cash position was additionally supported by operating cashflows. Trade and other receivables totaled €1 billion as of June 2026, higher compared to €0.85 billion as of December 2025. The largest components are operating cost and operational rent receivables, prepaid expenses, and tax assets, totaling approximately €813 million as of June 2026, compared to about €740 million in December 2025, mainly due to timing differences in the settlement of service charges, partially offset by the impact of net disposals, and mirrored in the trade and other payables on the liabilities side. Operating cost receivables relate to ancillary services and other charges billed to tenants, including utilities, insurance, cleaning and waste services. These receivables are usually settled once per year against advance payments received from tenants and are therefore aligned with pre-payments for ancillary services presented under short-term liabilities. Also included under current assets are financial assets with a maturity of less than one year, comprising the current portion of other receivables and vendor loans, which amounted to approximately €193 million at the end of June 2026. Assets held for sale amounted to €411 million as of June 2026, lower compared to €673 million as of December 2025. The decrease was mainly due to the completion of disposals during the period, partially offset by properties newly reclassified into the held-for-sale balance. The remaining assets held for sale are expected to be sold within the next twelve months. ~PAGE-BREAK~ 34 AROUNDTOWN SA Board of Directors‘ Report AROUNDTOWN SA Board of Directors‘ Report LIABILITIES As of June 2026, total liabilities amounted to €19 billion, higher compared to €18.7 billion as of December 2025. The increase was mainly driven by the debt issuance during the period and the recognition of the dividend and perpetual payable, higher deferred tax liability, partially offset by debt repayments. Total debt from bonds and bank loans amounted to €15.2 billion at the end of June 2026, higher compared to €15.0 billion as of December 2025. During the reporting period, the Company raised approximately €550 million in new bonds, comprising a CHF 160 million senior unsecured bond and two AUD-denominated senior unsecured bonds of AUD 300 million each, while repaying approximately €475 million through bond redemptions and buybacks. After the reporting period, Aroundtown issued ca. €1 billion of senior unsecured notes, comprising of its Series 49 CHF 180 million bond at a coupon of 1.9406% and Series 50 €850 million bond at a coupon of 3.625%, and repaid €1.8 billion of bonds, including ca. €0.7 billion of bonds, comprising Series 28, Series 39 and Series 40, which were bought back and ca. €1.1 billion of Series 38 and GCP’s Series G, which were redeemed at maturity, thereby reducing gross debt year-to-date and near-term refinancing needs. The Company retains approximately €1.0 billion of undrawn revolving credit facilities and €17.0 billion in unencumbered assets. Deferred tax liabilities amounted to approximately €1.6 billion as of June 2026, stable (1) excluding current liability items that are included in the lines above compared to €1.6 billion as of December 2025. The increase driven by positive property revaluations recorded in the period was offset by the impact from net disposals. Deferred tax liabilities are non-cash items that are predominantly related to revaluation gains and are calculated by assuming theoretical future property disposals in the form of asset deals, with the full applicable corporate tax rate applied in the relevant jurisdictions. Deferred tax liabilities represented 8% of total liabilities as of the end of June 2026. Long- and short-term derivative financial instruments and other long-term liabilities amounted to €1.0 billion at the end of June 2026, compared to €1.0 billion at the end of December 2025. This item includes tenancy deposits, lease liabilities mainly related to right-of-use assets, and non-current payables to third parties. Other current liabilities amounted to €1.1 billion as of June 2026, stable compared to €1.1 billion as of December 2025. The largest component of this line item is trade and other payables, which are mainly composed of pre-payments for ancillary services received from tenants and are aligned with operating cost receivables under current assets. Other current liabilities also include tax payables, provisions for other liabilities and accrued expenses and liabilities related to properties held for sale that are not included above. In addition, current liabilities include €396 million relating to perpetual notes and dividend payables. The dividend was fully distributed and settled in cash on 6 July 2026, while the perpetual notes were redeemed on 7 July 2026. More details on this line item can be found in the Equity section of the Board of Directors Report. Jun 2026 Dec 2025 in € millions Long and short term straight bonds 12,542.4 12,422.0 Long and short term loans and borrowings 2,627.0 2,529.2 Deferred tax liabilities (including those under held for sale) 1,612.1 1,604.9 Long and short term derivative financial liabilities and other long-term liabilities 996.1 990.7 Perpetual notes and dividend payable 396.1 - Other current liabilities 1,097.7 1,122.0 Total Liabilities 19,271.4 18,668.8 ~PAGE-BREAK~ 35 AROUNDTOWN SA Board of Directors‘ Report AT’s disciplined approach to financing, together with its strong credit rating, continues to underpin a resilient set of debt metrics. The Group’s loan-to-value (LTV) ratio came in at 43% as of June 2026, compared to 41% at year-end 2025. The increase was mainly the result of share buyback, acquisitions and investments during the period, partially offset by disposals and operational cashflows. The dividend of approximately €91 million (gross) was paid in July 2026 and will reduce the Company’s cash and liquid assets in the subsequent period, with a corresponding slight impact on the LTV. The Company continues to maintain comfortable headroom relative to its bond covenant thresholds, reflecting its conservative leverage position. The Board of Directors has set an internal LTV guidance of 45% on a sustainable basis, significantly lower than the bond covenants. At 3.3x in H1 2026, the interest cover ratio (ICR) narrowed from 4.2x in H1 2025, mainly due to the higher finance expenses carried in the period, with a broadly stable Adjusted EBITDA. The unencumbered investment property ratio stood at 69% (by rent) as of June 2026, corresponding to a total value of €17 billion excluding assets held for sale. The large pool of unencumbered assets highlights the Group’s financial flexibility and provides additional ability to obtain liquidity, which adds to the several undrawn revolving credit facilities available. Aroundtown’s S&P rating remained unchanged at BBB with a stable outlook, having been affirmed in December 2025. (1) including advance payments and deposits and owner-occupied property and excluding right-of-use assets(2) including property related JV‘s(3) including balances under held for sale(4) annualized net rent including the contribution from joint venture positions and excluding the net rent from assets held for sale(5) including the contributions from assets held for sale Loan-To-Value (LTV) Jun 2026 Dec 2025 in € millions Investment property 25,179.4 24,867.5 Investment property of assets held for sale 405.5 651.4 Investment in equity-accounted investees 828.7 810.5 Total value (a) 26,413.6 26,329.4 Total financial debt 15,169.4 14,951.2 Less: Cash and liquid assets (3,859.3) (4,033.5) Net financial debt (b) 11,310.1 10,917.7 LTV (b/a) 43% 41% Interest Cover Ratio (ICR) For the period of six months ended June 30, 2026 2025 in € millions Finance expenses 142.3 112.6 Adjusted EBITDA before JV contribution 472.8 473.5 ICR 3.3x 4.2x Unencumbered assets Jun 2026 Dec 2025 in € millions Rent generated by unencumbered assets 804.2 811.5 Rent generated by the total Group 1,171.4 1,160.3 Unencumbered assets ratio 69% 70% STABLE OUTLOOK DEC 2025 DEBT METRICS ~PAGE-BREAK~ 36 AROUNDTOWN SA Board of Directors‘ Report AROUNDTOWN SA Board of Directors‘ Report EQUITY Total equity amounted to €14.6 billion as of June 2026, decreasing by 2% compared to €15.0 billion at year-end 2025. The increase from profit recorded in the period was more than offset by the execution of the share buyback program and the recognition of the FY2025 dividend paid in July 2026. The increase of Aroundtown’s holding in GCP reallocated equity from non-controlling interests to the owners of the Company. Equity attributable to the owners of the Company amounted to €8.5 billion as of June 2026, higher compared to €8.0 billion as of December 2025. The balance was increased by the profit attributable to shareholders and by the transfer of equity from non-controlling interests resulting from the increase in the GCP holding, while the share buyback program and the FY2025 dividend reduced it. The dividend, which was approved during the period and paid on 6 July 2026, marked the resumption of dividend payments following the decision of the Board of Directors to suspend dividends since the 2022 financial year to strengthen the Company’s financial position. Equity attributable to non-controlling interests amounted to €2.2 billion as of June 2026, lower compared to €3.1 billion as of December 2025. The decrease was primarily driven by the increase in Aroundtown’s effective stake in GCP from 62.5% to 82.7% during Q2 2026, executed through a share exchange offer and subsequent smaller opportunistic GCP share purchases in the open market, which reduced the portion of Group equity attributable to non-controlling interests, partially offset by the profit attributable to non-controlling interests during the period. The perpetual notes balance amounted to €3.9 billion as of June 2026, stable compared to €3.9 billion as of December 2025, primarily resulting from timing effects of the perpetual note refinancing transactions executed in the period. In January 2026, the Group issued a new €750 million perpetual note at a coupon of 5.125%, while GCP issued a €600 million perpetual note at a coupon of 5.25% in May 2026, the proceeds of which were used to refinance and repay outstanding perpetual notes carrying a 2026 first call date, as well as select perpetual notes carrying a higher coupon. The full redemption of the Company’s 1.625% perpetual notes occurred in July 2026. Following these transactions, the Company has no near-term perpetual first call dates remaining. Following IFRS accounting treatment, perpetual notes are classified as equity, as they do not have a contractual repayment date, are subordinated to debt, do not have default rights nor covenants, and coupon payments are deferrable at the Company’s discretion. As such, perpetual notes are treated as 100% equity under IFRS, regardless of whether they are called or not, and therefore have no impact on the bond covenants. Jun 2026 Dec 2025 in € millions Total equity 14,649.6 15,021.8 of which equity attributable to the owners of the Company 8,517.3 8,005.1 of which equity attributable to perpetual notes investors 3,920.1 3,946.5 of which non-controlling interests 2,212.2 3,070.2 Equity ratio 43% 45% ~PAGE-BREAK~ 37 AROUNDTOWN SA Board of Directors‘ Report EPRA NAV KPI’S The European Public Real Estate Association (EPRA) provides three key Net Asset Value (NAV) metrics designed to provide stakeholders with the most relevant information on the fair value of the Group’s assets and liabilities. EPRA has provided the market with the following three NAV KPI’s: EPRA Net Reinstatement Value (EPRA NRV), EPRA Net Tangible Assets (EPRA NTA) and EPRA Net Disposal Value (EPRA NDV). AT’s EPRA NAV KPIs were positively impacted by the net profit recorded in the period and by the increase in equity attributable to the owners of the Company arising from the increased holding in GCP, which was acquired through the delivery of Aroundtown treasury shares. These were partially offset by the execution of the share buyback program and the recognition of the FY2025 dividend, both of which reduced equity attributable to the owners of the Company. On a per-share basis, the metrics additionally benefited from the accretive impact of the share buyback program, partially offset by the shares issued in connection with the increase in the GCP holding. The share buy-backs were executed at a significant discount to NAV. The EPRA NRV amounted to €10.9 billion or €9.6 per share as of June 2026, higher by 2% on a per share basis, compared to €10.3 billion and €9.4 per share as of December 2025. The EPRA NTA amounted €9.1 billion or €8.0 per share as of June 2026, compared to €8.5 billion and €7.8 per share as of December 2025, reflecting a 3% per share increase. The EPRA NDV amounted to €7.8 billion or €6.9 per share as of June 2026, higher by 8% and 5% respectively, compared to €7.2 billion and €6.6 per share as of December 2025, respectively. EPRA NDV was higher due to the net profit, additionally impacted by the lower net fair value of debt resulting from the increased market volatility in the recent period. (1) excluding significant minority share in deferred tax liabilities (DTL), as well as deferred tax assets on certain financial instruments in line with EPRA recommendations. EPRA NRV additionally includes DTL of assets held for sale (2) excluding significant minority share in derivatives (3) deducting the goodwill resulting from the business combination with TLG (4) deducting the goodwill resulting from the consolidation of GCP (5) excluding significant minority share in intangibles (6) including the gross purchasers‘ costs of assets held for sale and relative share in GCP‘s relevant RETT (7) excluding shares in treasury, base for share KPI calculations June 2026 Dec 2025 in € millions in € millions EPRA NRV EPRA NTA EPRA NDV EPRA NRV EPRA NTA EPRA NDV Equity attributable to the owners of the Company 8,517.3 8,517.3 8,517.3 8,005.1 8,005.1 8,005.1 Deferred tax liabilities 1,533.9 1,359.6 - 1,421.8 1,259.4 - Fair value measurement of derivative financial instruments 56.1 56.1 - 116.7 116.7 - Goodwill in relation to TLG (445.2) (445.2) (445.2) (445.2) (445.2) (445.2) Goodwill in relation to GCP (413.7) (413.7) (413.7) (413.7) (413.7) (413.7) Intangibles as per the IFRS balance sheet - (19.7) - - (19.8) - Net fair value of debt - - 122.6 - - 68.9 Real estate transfer tax 1,680.7 - - 1,603.9 - - NAV 10,929.1 9,054.4 7,781.0 10,288.6 8,502.5 7,215.1 Number of shares (in millions) 1,133.0 1,096.9 NAV per share (in €) 9.6 8.0 6.9 9.4 7.8 6.6 ~PAGE-BREAK~ 38 AROUNDTOWN SA Board of Directors‘ Report AROUNDTOWN SA Board of Directors‘ Report Alternative Performance Measures Aroundtown follows the real estate reporting criteria and provides Alternative Performance Measures. These measures provide more clarity on the business and enables benchmarking and comparability to market levels. In the following section, Aroundtown presents a detailed reconciliation for the calculations of its Alternative Performance Measures. ADJUSTED EBITDA The adjusted EBITDA is a performance measure used to evaluate the operational results of the Group by deducting from the EBITDA, which includes the Total depreciation and amortization on top of the Operating profit, non-operational items such as the Property revaluations and capital gains (losses) and Share of profit (loss) from investment in equity-accounted investees. Aroundtown adds to its adjusted EBITDA a non-recurring and/or non-cash item called Other adjustments which is mainly the expenses for employees’ share incentive plans. In order to reflect only the recurring operational profits, Aroundtown excludes the Share of profit (loss) from investment in equity-accounted investees as this item also includes non-operational profits generated by Aroundtown’s equity-accounted investees. Instead, Aroundtown includes in its adjusted EBITDA its share in the adjusted EBITDA generated by investments where Aroundtown has significant influence in accordance with its economic holding rate over the period. This line item is labelled as Contribution of joint ventures’ adjusted EBITDA. Prior to the third quarter of 2021, this line item was mostly attributed to Aroundtown’s share in GCP’s adjusted EBITDA, however, starting from July 1, 2021, GCP is consolidated in Aroundtown’s financial accounts. Aroundtown created extraordinary expenses for uncollected hotel rents from 2020 until 2023. Adjusted EBITDA excludes Adjusted EBITDA Calculation Operating profit (+) Total depreciation and amortization (=) EBITDA (-) Property revaluations and capital gains (losses) (-) Share of profit (loss) from investment in equity-accounted investees (+) Other adjustments (-) Contribution of assets held for sale (=) Adjusted EBITDA before JV contribution (+) Contribution of joint ventures‘ adjusted EBITDA (=) Adjusted EBITDA 1) Named as „Operating profit" in FY 2020, 2021 and 2022. Named as „Operating (loss) / profit" in FY 2023 and „Operating profit / (loss)" in FY 20242) Named as „Property revaluations and capital gains" in FY 2020, 2021 and 2022. Named as „Property revaluations and capital (losses) / gains" in FY 2023. Named as „Property revaluations and capital gains / (losses)" in FY 20243) Named as „Share in profit from investment in equity-accounted investees" in FY 2020 and „Share of profit from investment in equity-accounted investees" in FY 2021 and 2022. Named as „Share of (loss) / profit from investment in equity accounted investees" in FY 2023 and "Share of results from investment in equity accounted investees" in FY 20244) Including expenses related to employees‘ share incentives plans. Named as „Other adjustments" in FY 2023 and FY 2024 as no one-off expenses related to TLG merger were recorded. Named as „Other adjustments incl. one-off expenses related to TLG merger" after the takeover of TLG in FY 2020, 2021 and 20225) Named as „Contribution from assets held for sale" in FY 20206) From 2026 onward, no adjustment is made for assets held for sale7) Named as „Adjusted EBITDA commercial portfolio, recurring long-term" in FY 20208) The adjustment is to reflect AT‘s share in the adjusted EBITDA of companies in which AT has significant influence and that are not consolidated. GCP contributed to this line item until June 30, 2021. Starting from July 1, 2021, GCP is consolidated. Named as „Adjustment for GCP‘s and other investments‘ adjusted EBITDA contribution" in FY 20209) An adjustment starting in 2020 after the Covid pandemic was made in order to reflect the recurring adjusted EBITDA excluding extraordinary expenses. There is no adjustment made after FY 2023. Named as "Extraordinary expenses for uncollected hotel rents" in FY 2023. Named as „Extraordinary expenses for uncollected rent" in FY 2020, 2021 and 2022 (adds back) these expenses which were called Extraordinary expenses for uncollected hotel rents. Prior to 2026 Aroundtown adjusted for Contributions of assets held for sale. To streamline with market standard, the impact from held for sale is not adjusted anymore from the financial year 2026 onward. ~PAGE-BREAK~ 39 AROUNDTOWN SA Board of Directors‘ Report FUNDS FROM OPERATIONS I (FFO I) Funds from Operations I (FFO I) is an industry standard performance indicator for evaluating operational recurring profits of a real estate firm. Aroundtown calculates FFO I by deducting from the Adjusted EBITDA before JV contribution, the Finance expenses, Current tax expenses, Contribution to minorities. Prior to 2026 Aroundtown made Adjustments related to assets held for sale. To streamline with market standard, the impact from held for sale is not adjusted anymore from the financial year 2026 onward. Contribution to minorities additionally include the minority share in GCP’s FFO I (starting from July 1, 2021) and the minority share in TLG’s FFO I excluding the contribution from assets held for sale. Aroundtown additionally deducts the Perpetual notes attribution to reach at FFO I before JV contribution. Prior to 2021, this figure did not deduct the perpetual notes attribution. Due to the exclusion of the Share of profit / (loss) from investment in equity-accounted investees in the adjusted EBITDA calculation which includes the operational profits from those investments, Aroundtown adds back its relative share in the FFO I of joint venture positions in accordance with the holding rate over the period to reflect the recurring operational profits generated by those investments. This item is labelled as Contribution of joint ventures’ FFO I. Prior to the third quarter of 2021, this item was mostly attributed to Aroundtown’s share in GCP’s FFO I, however, starting from July 1, 2021, GCP is consolidated in Aroundtown’s financial accounts. Aroundtown created Extraordinary expenses for uncollected hotel rents. Therefore, Aroundtown’s FFO I included these expenses but are not longer shown in the table as none of these expenses were recorded after 2023. FFO I per share is calculated by dividing the FFO I by the Weighted average basic shares which excludes the shares held in treasury. In FY 2020 and FY 2021, Aroundtown additionally showed FFO I before extraordinary Covid adjustment and FFO I per share before extraordinary Covid adjustment (named as FFO I before Covid and FFO I per share before Covid in FY 2020), which excluded the Extraordinary expenses for uncollected rent. Starting from FY 2022, this line item is not shown in the table to maintain the focus on the main FFO I KPI. FUNDS FROM OPERATIONS II (FFO II) Funds from Operations II (FFO II) is an additional measurement used in the real estate industry to evaluate operational recurring profits including the impact from disposal activities. To derive the FFO II, the Results from disposal of properties are added to the FFO I. The results from disposals reflect the profit driven from the excess amount of the sale price, net of transactions costs, to cost price plus capex of the disposed properties. Funds From Operations (FFO I) Calculation Adjusted EBITDA before JV contribution (-) Finance expenses (-) Current tax expenses (-) Contribution to minorities (+) Adjustments related to assets held for sale (-) Perpetual notes attribution (=) FFO I before JV contribution (+) Contribution of joint ventures' FFO I (=) FFO I 1) Including minority share in GCP‘s FFO I (since the consolidation in Q3 2021) and TLG‘s FFO (since the takeover in Q1 2020)2) From 2026 onward, no adjustment is made for assets held for sale3) Named as „FFO I commercial portfolio, recurring long-term" in FY 2020. In order to align FFO I better with the market standards, Aroundtown started deducting perpetual notes attribution from its main FFO I KPI in 2020 and from this line item in 20214) The adjustment is to reflect AT‘s share in the FFO I of companies in which AT has significant influence and that are not consolidated. GCP contributed to this line item until June 30, 2021. Starting from July 1, 2021 GCP is consolidated. Named as „Adjustment for GCP‘s and other investments‘ FFO I contribution" in FY 20205) An adjustment starting in 2020 until 2023 was made in order to reflect extraordinary expenses. Named as „Extraordinary expenses for uncollected rent" in FY 2020, 2021 and 2022 and „Extraordinary expenses for uncollected hotel rents" in 20236) In order to align this KPI better with market standards, in 2020, Aroundtown started deducting the perpetual notes attribution from this KPI 1) Weighted average number of shares excludes shares held in treasury, base for share KPI calculations. Prior to their conversion, it included the conver-sion impact of mandatory convertible notes2) In order to align this KPI better with market standards, in 2020, Aroundtown started deducting the perpetual notes attribution from FFO I FFO I Per Share Calculation (c) FFO I (b) Weighted average basic shares (=) (c/b) FFO I per share Funds From Operations II (FFO II) Calculation FFO I (+) Result from the disposal of properties (=) FFO II 1) The excess amount of the sale price, net of transaction costs and total costs (cost price and capex of the disposed properties)2) In order to align FFO I better with market standards, in 2020, Aroundtown started deducting the perpetual notes attribution ~PAGE-BREAK~