Wüstenrot & Württembergische : Annual Report Analyst Conference Call 2025

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Wüstenrot & Württembergische AG Annual Report 2025 W&W Group 27 March 2026 Agenda W&W - Overview and Strategy Group and Segment Development 2025 Outlook Appendix W&W - Overview and Strategy Service and Central Functions Group -wide services around IT, investments, services and digitalization Our business areas are supported by strong partners across the group Segment Housing Everything around housing: home loan savings, financing, project planning, sales and brokerage # 2 Bausparen 1) Segment Insurance Service insurer in the life, health and property/casualty lines. Adam Riese: Direct and broker brand for private customers # 12 Lebens-versicherung 2) # 9 Schaden- & Unfallversicherung 2) 6.4 mn customers, 6.6 k employees, one common location in Kornwestheim: the W&W-Campus Notes: 1) Comparison of Annual Reports German Bausparkassen, Gross new business by home loan savings 2) GDV, Feb. 2026 W&W - Overview and Strategy Segment Housing No matter how great the challenges surrounding housing may be, we are passionately committed to our customers. Because for us, housing means helping each and every individual to fulfil their dream. Home Loan Savings Business und Construction Financing As the pioneer of "Bausparen", Wüstenrot offers a wide range of modern options: from the Start Home Savings scheme to the Wealth Home Savings scheme. Or tailored, needs-based mortgage solutions, such as credit facilities or a variety of loan types. Real Estate & Services Wüstenrot also stands out for its wide range of services in housing construction, urban development, property management, energy consultancy, project management, property trading and other services. W&W AG | Annual Report 2025 | 27 March 2026 Page 4 W&W - Overview and Strategy Segment Insurance, Württembergische Württembergische provides insurance cover for both private and business customers. To this end, we offer a comprehensive range of products: from pension plans to supplementary dental insurance. In short, everything our customers need for a secure future. We are a rock of reliability for our customers. Property/Casualty Insurance We offer a comprehensive range of insurance policies across all sectors, such as third-party liability, home contents, home buildings, personal accident, motor, legal expenses and much more. Life & Pension Insurance We offer a wide range of products: from traditional and unit-linked life and pension insurance policies, through to workplace pension schemes, and including disability and basic disability cover, and more. Health & Care Insurance Our customers benefit from a wide range of products: from health and long-term care insurance for employees and the self-employed to attractive supplementary insurance policies. W&W AG | Annual Report 2025 | 27 March 2026 Page 5 W&W - Overview and Strategy Geschäftsfeld Versichern, Adam Riese Within the Insurance division, Adam Riese is another key component of the W&W Group's distribution channel mix. This young corporate start-up within the W&W Group is rethinking insurance: simple, high-quality products, priced consistently according to need and risk. As an independent company with its own brand, Adam Riese sees itself as a direct insurer for everyone who wants to focus on the essentials. Insurance not by guesswork - but by Adam Riese . Only what matters. W&W AG | Annual Report 2025 | 27 March 2026 Page 6 W&W - Overview and Strategy W&W-Service- und Zentralgesellschaften Starke Partner im Hintergrund. Ohne diese Unternehmen geht es nicht. W&W Service and Central Companies Strong partners behind the scenes. We couldn't do it without these companies. W&W Asset Management GmbH serves as the centre of expertise for asset management within the W&W Group. It is responsible for, manages and coordinates the investment and securities division across the Group, and thus acts as the central platform for all matters relating to investment. W&W Informatik GmbH is the digital heart of the W&W Group. It is responsible for the IT architecture, the IT application landscape and the IT infrastructure, including its own data centres and networks, and sees itself as a driver of innovation and digital solutions. W&W Service GmbH is the central service provider for the W&W Group. It is responsible for document, data and printing services, procurement and transport services, building services, event management and group catering. W&W Interaction Solutions GmbH , for example, develops and operates customer interaction and data analytics solutions. These include the W&W Customer Portal , the W&W Group's app for existing customers. W&W AG | Annual Report 2025 | 27 March 2026 Page 7 ∼ 6.4 mn Customers 1 On average three contracts per customer High client retention (low churn rate) Solvent customer base Increasing digital affinity Eigene Vertriebskanäle Kooperationen und Partnerschaften Insurances ~2.300 tied agents Banks ~3.000 tied agents Direct channels Financial distributors Sales networks & Brokers Over 8.000 Partnerships Comprehensive multi-channel distribution approach opens up access to 55 mn customers To the point: Sustainability goals of the W&W Group E S G E S G Customers and products "Green" product lines and components in the business areas Sustainable and resource-saving customer communication Continuous reduction of CO 2 emissions towards climate-neutral capital investments by 2050 Capital investments and refinancing CO 2 -neutral operation of own buildings and vehicle fleet through the use of ecological energy sources and compensation of the remaining CO 2 emissions Own operations Promotion of cultural, sporting, social and regional offers Expansion of our regional educational networks Society Strengthen awareness for sustainability and anchor it across the Group Expansion of responsible corporate governance Organisation Employees Developing the future of work and work culture Increase employer attractiveness and employee satisfaction Promote diversity 13. Mai 2020 W&W Group is implementing these goals as part of a new sustainability strategy W&W Group structure as of 31 December 2025 Freefloat > 21,00% 39,91% Wüstenrot Holding AG FS BW Holding GmbH > ~10,00% 27,47% WS Holding AG Wüstenrot Foundation indirectly holds 67,38% 1 of W&W shares. Note: 1) Own shares are not taken into account due to insignificance. Agenda W&W - Overview and Strategy Group and Segment Development 2025 Outlook Appendix Overview 2025 The IFRS consolidated net income amounts to EUR 121 million (previous year: EUR 36 million). The W&W Group thus recorded a positive financial year in 2025. In the Property/Casualty insurance segment, new business and replacement business, premium adjustments, portfolio restructuring and a very positive claims development led to a significant increase in the technical result. In the Life and Health insurance segment, too, the pre-tax profit increased, although there was a one-off charge resulting from the revaluation of deferred taxes. In the Housing segment, higher risk provisions and hedging measures against interest rate risks led to a significantly lower profit. Key portfolio figures increased compared with the previous year. The building loan portfolio rose from EUR 28.4 billion to EUR 30.1 billion. Insurance revenue (technical income) in accordance with IFRS 17 also increased. In the Life and Health Insurance segment, it rose by 3.4% to EUR 1,345 million (previous year: EUR 1,301 million), and in the Property/Casualty Insurance segment by 5.9% to EUR 2,929 million (previous year: EUR 2,767 million). New business figures increased across all segments. New business in Life Insurance, comprising regular premiums and single premiums, grew by 15.6%. In the Housing segment, new business volume increased by 5.2%. In the Property/Casualty Insurance segment, annual contributions to the portfolio from new and replacement business also grew by 8.3%. IFRS consolidated net income more than tripled 121 35 +246% -28.1% 1,803 1,297 - 46.2 % 476 258 500 400 The net technical result rose significantly. This was driven by higher premiums, portfolio management initiatives and the absence of storm damage in the Property/Casualty Insurance segment, as well as an improved result in the Life and Health Insurance segment. The financial result declined, primarily due to significantly lower valuation gains, a fall in net interest income and higher risk provisions. Weaker results from disposals also weighed on performance. 432 308 -17 101 122 2 2024 2025 Net Gross -118 2024 2025 Life & Health Property/Casualty Others 2024 2025 2024 2025 An increase of around 400,000 customers despite restructuring measures and the decision not to run special promotions in the Housing segment. W&W AG | Annual Report 2025 | 27 March 2026 Page 14 Segment overview Reported segments 1 (in EUR millions) 2025 2024 Delta Housing segment -117 16 -133 Life and Health Insurance segment 19 42 -23 Property/Casualty Insurance segment 210 -97 307 All other segments/consolidation 9 74 -65 Consolidated net income 121 35 86 Net income before taxes 212 26 +186 Taxes -91 -9 -100 Segment Housing - New lending business volume records strong growth 5,416 4,686 +15,6% 2024 2025 16 10,990 11,072 +0,7% -117 The negative segment result is attributable to a significant decline in the financial result, higher risk provisions, lower gains on valuation and disposals, a deterioration in the commission result, and the absence of positive one-off effects from the previous year. Gross new home loan savings business was slightly higher than in the previous year and thus performed significantly better than the market. New lending volume has seen double-digit growth. This has enabled the bank to further consolidate its market position. 2024 2025 2024 2025 Notes: 1) Incl. third party business. Segment Life and Health Insurance - New business with significant growth 12.6 11.6 +8,6% 1,590 1,694 +6,5% +13,7% Double-digit growth in the total premiums from new business in Life Insurance. 3,687 2,519 2,148 1,094 1,168 3,242 -54,8% 42 The segment profit fell, mainly due to the significantly lower financial result and the increase in tax expense. 19 In Health insurance, new annual premiums increased. 2024 2025 2024 2025 2024 2025 2024 2025 Total premiums in new business (not incl. Company pension schemes) Total premiums in new business for company pension schemes Notes: 1) The CSM represents the as yet unrealized expected future profit from the insurance contracts. In accordance with the basic principle of IFRS 17, the company only recognizes this when the benefits are provided over the coverage period. 3) Values after reinsurance. Segment Property/Casualty Insurance - continues its path to profitability and growth 290 264 106 110 66 72 436 +8,3% 102.7 86.2 -16,1% The combined ratio (gross) under IFRS 17 improved significantly to 86.2% (previous year: 102.7%). The combined ratio (net) under IFRS 17 stood at 89.5% (previous year: 104.3%). New business, measured in terms of annual premium income, increased significantly. Growth was achieved across all insurance sectors. 472 Segment profit rose due to a significant improvement in the underwriting result, combined with a higher current financial result. 2024 2025 Private customers Retail customers Automotive 2024 2025 210 -97 2024 2025 Notes: 1) DAV definition, future changes possible. IFRS consolidated income statement in EUR millions 2025 2024 Delta Net financial income 258 476 -218 Current net income 1.327 1.396 -69 Net expense from risk provision -60 -27 -33 Net measurement gain/loss 96 472 -376 Net income from disposals -66 -38 -28 Financial income (brutto) 1.297 1.803 -506 Insurance finance result -1.039 -1.327 288 Technical result (net) 432 -17 449 Property/Casualty Insurance segment 310 -118 428 Life and Health insurance segment 122 101 21 Net commission expense -25 -12 -13 General administrative expenses (net) -505 -506 1 General administrative expenses (gross) -1.171 -1.163 -8 General administrative expenses attributable to the technical result 666 657 9 Net other operating income/expense 52 85 -33 Consolidated net income before income taxes 212 26 186 Income taxes -91 9 -100 IFRS consolidated net profit 121 35 86 Consolidated balance sheet in EUR million 2025 2024 Delta Financial assets at fair value through profit or loss 11.983 11.538 445 Financial assets at fair value through other comprehensive income 23.352 23.809 -457 Financial assets at amortised cost 31.991 31.362 629 Investment property 2.251 2.466 -215 Assets from insurance business 248 340 -92 Insurance contracts issued that are assets 48 51 -3 Reinsurance contracts held that are assets 200 289 -89 Other assets 2.719 2.761 -42 Liabilities 33.341 32.225 1.116 thereof deposits 28,855 27,468 -1,387 Technical provisions 31.456 32.274 -818 Property/Casualty Insurance segment 2.518 2.552 -34 Life and Health Insurance segment 28.938 29.722 -784 Other provisions 1.586 1.721 -135 Other liabilities 1.200 1.134 66 Equity 4.961 4.922 39 Total equity and liabilities 72.544 72.276 268

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