Wüstenrot & Württembergische AG

Quarterly Statement Q1 2024 W&W Group

17 May 2024

Agenda

W&W - Overview & Strategy

Group and Segment Developments Q1 2024 Outlook

Appendix

W&W AG | Quarterly Statement as at 31 March 2024 | 17 May 2024 Page 2

W&W - Overview & Strategy

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

Segment Insurance

  • Service insurer in the Life and Health as well as Property/Casualty lines.
  • Adam Riese: Direct and broker brand for private customers

Service and Central Functions

  • Group-wideservices around IT, investments, services and digitalization

# 2

# 12

# 10

Lebens-

Schaden- &

Bausparen1)

versicherung2)

Unfallversicherung2)

6.4 Mio. customers, 6.6 ths. 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. 2024.

W&W AG | Quarterly Statement as at 31 March 2024 | 17 May 2024 Page 3

W&W - Overview & Strategy

Excellent client base with growth potential

∼6.4m

Customers

On average three contracts per customer

High client retention (low churn rate)

Solvent customer base

Increasing digital affinity

W&W AG | Quarterly Statement as at 31 March 2024 | 17 May 2024 Page 4

W&W - Overview & Strategy

The W&W Group pursues a multi-channel sales approach

Own sales channels

Partnerships and cooperations

Insurances

3,000 tied agents

Banks and financial distributors

3,000 tied agents

Sales networks& Brokers

Over 20.000

brokers

Direct channels

Parternships

Comprehensive multi-channel distribution approach opens up access to 55 million customers

W&W AG | Quarterly Statement as at 31 March 2024 | 17 May 2024 Page 5

W&W - Overview & Strategy

To the point: Sustainability goals of the W&W Group

E

S G

Capital

Customers

Own

Society

and

investments

operations

products

and refinancing

"Green" product lines and components in the business areas

Sustainable and resource-saving customer communication

13 May 2020

E

S

G

Employees

Organisation

awareness

Developing the future of

and

work and work culture

it across the

Group

Increase employer

attractiveness and

Expansion of

employee satisfaction

corporate

governance

Promote diversity

W&W Group is implementing these goals as part of a new sustainability strategy

W&W AG | Quarterly Statement as at 31 March 2024 | 17 May 2024 Page 6

W&W - Overview & Strategy

W&W Group structure

Freefloat

21.33%

Wüstenrot

39.91% Holding AG

FS BW Holding GmbH 11.29%

27.47%

Wüstenrot Foundation indirectly

holds 67.38%1 of W&W shares.

WS Holding AG

Note: 1) Own shares are not taken into account due to insignificance.

W&W AG | Quarterly Statement as at 31 March 2024 | 17 May 2024 Page 7

W&W - Overview & Strategy

The W&W AG share - stable and reliable dividend as a quality feature

W&W has a constant dividend level

4.87

4.21

4.06

3.93

3.68

3.36

3.23

2.78

3.74

2.49

2.74

2.29

2.65

2.24

2.51

1.48

0.60

0.65

0.65

0.65

0.65

0.65

0.65

0.65

2016

2017

2018

2019

2020

2021

2022

2023

Earnings per share (EUR)

Dividend per share (EUR)

Dividend yield (%)

W&W AG | Quarterly Statement as at 31 March 2024 | 17 May 2024 Page 8

W&W - Overview & Strategy

Current analyst recommendations at a glance

Analyst

Date

Recommendation

Comment

Metzler

23/11/01

Buy

Price target: 22.00 EUR

"Ironically, the profit warning might result in more generous dividends."

Montega

15/04/07

Buy

Price target: 23.00 EUR

"Although W&W only achieved a marginal profit in the most important segment in terms of earnings, EPS

amounted to EUR 1.48 and would have left scope for a higher dividend (payout ratio 44%). As the business model remains intact in our view and inflation-drivenpremium increases can be implemented in the market, we believe a return to normalized profit levels by 2025 is visible. "

LBBW

27/03/24

Hold

"The risk profile of the W&W Group is basically conservative. This is due to the good diversification of

Price target: 15.00 EUR

the business segments, the low-risk investment strategy and the relatively stable environment in the

domestic market. In the years 2011 to 2022, property & casualty insurance was the growth driver and

main earnings contributor. The W&W share is valued very favorably according to our sum-of-

the-partsmodel. However, it has a low free float and a relatively low dividend yield, which weighs

noticeably on the share."

W&W AG | Quarterly Statement as at 31 March 2024 | 17 May 2024 Page 9

Agenda

W&W - Overview & Strategy

Group and Segment Developments Q1 2024

Outlook

Appendix

W&W AG | Quarterly Statement as at 31 March 2024 | 17 May 2024 Page 10

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w&w - Wüstenrot & Württembergische AG published this content on 17 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 May 2024 07:32:03 UTC.