Adler S A : Presentation (Adler Group Investor presentation Q1 2025)

Results presentation

27 May 2025

Content

1. Disposal Update

2. Q1 2025 Key Figures

3. Portfolio & Operational Performance

4. Financial Update

5. Guidance & Concluding Remarks

6. Appendix

2

Bizetstr 1 / Guertelstr 4, Berlin

1. Disposal Update

   3

   
   
   
   
   
   
   

   Disposal Update

   4

   
   
   
   
   
   
   

   1 | Disposal Update

   Following the completion of the disposals of BCP and the NRW portfolio, Adler Group has made significant progress to partially redeem its 1L New Money Facility

   Sale of stake in BCP

   Sale of NRW portfolio

   Other yielding assets

   Development projects

   
   
   

   • Following the recent transactions, the company's holdback of disposal proceeds (max. amount of €250m) is currently filled with €245m and we expect the holdback to be fully filled from the proceeds of the remaining 10.1% of the NRW portfolio

1. Q1 2025 Key Figures

   5

   
   
   
   
   
   
   

   Q1 2025 Key Figures

   6

   
   
   
   
   

   2 | Q1 2025 Key Figures

   Successful completion of the BCP and Cosmopolitan disposals resulted in a lower LTV and a higher cash position

   
   
   
   
   

   FINANCIAL OVERVIEW

   • Net rental income: €37m

   • Adj. EBITDA Rental: €21m

   • Adj. EBITDA Total: (€0m)

   • FFO 1: (€16m)

   • Total equity: €1.2bn

   • LTV stands at 67.9%

   • Cash position of €293m

   PORTFOLIO PERFORMANCE

   • 1.9% like-for-like (l-f-l) rental growth on a year-on-year basis driven by indexation on current rental contracts and reletting activities

   • Avg. residential rent increased significantly to

     €8.31/sqm/month as per Mar-2025 compared to the prior year period, largely driven by the disposal of the NRW portfolio

   • Vacancy remained at a very low level of 1.5%

   • No portfolio revaluation in Q1 2025

   
   
   
2. Portfolio & Operational Performance

   7

   
   
   
   
   
   
   

   Berlin-anchored Yielding Asset Portfolio

   
   
   
   
   
   
   

   Following the completed disposal of the North Rhine-Westphalia-based assets, Adler Group holds a fully Berlin-anchored yielding asset portfolio

   
   
   

   Number of rental units

   (230)

   17,929

   (21)

   17,9081

   (6,884)

25,043

Residential portfolio as per Mar-20252

Dec-23

Disposals

Disposal NRW portfolio3

Dec-24

Further disposals Mar-25

GAV in

€/sqm 2,821

3 | Portfolio & Operational Performance

Gross asset value (GAV) in €bn

2,472

2,822

4.2

(0.1)

3.5

3.5

-

(0.0)

(0.6)

8

Oberhausen Essen

Duisburg

Dortmund

Düsseldorf

Berlin

NRW portfolio sold3

BERLIN

€3.5bn

GAV

17,688

units

Dec-23

Disposals

Revaluation Dec-24

Disposals

Revaluation Mar-25

1. Comprises 17,688 units in Berlin and 220 units in other locations which are earmarked for sale; 2. Includes current locations with at least 100 rental units; 3. The transaction had been announced on 23 Dec-2024 and was concluded via a share deal in which a tranche of 89.9% was sold in a first step with effect from 28 Feb-2025

Operational Performance

Increase in average rent per square meter largely driven by the disposal of the NRW "Cosmopolitan portfolio" with a

Like-for-like rental growth (%)2

Detailed breakdown of the like-for-like rental growth as per Mar-2025 (%)

Without CAPEX

CAPEX

5.1%

1.6%

1.9%

1.9%

1.8%

0.5%

0.3%

0.2%

Mar-24

Mar-25

0.4%

1.4%

(1.9%)

New Vacancy Re-letting5 Rent Total rental Vacancy3 reduction4 increase6 growth

lower-than-average rent

Average rent (€/sqm/month)

7.63

€8.14

like-for-like rent (i.e., adjusted for disposals)

8.31

Mar-24 Mar-25

3 | Portfolio & Operational Performance

Operational vacancy rate (%)1

1.7%

1.5%

9

Mar-24 Mar-25

General notes: KPIs presented on this page include ground level commercial units and exclude units under renovation and development projects; historic numbers as reported, i.e. not adjusted for disposals

1. Mar-2025 figure excluding 220 non-Berlin units which are earmarked for sale; Operational vacancy excludes unavailable units, i.e., units under refurbishment and decommissioned units; Total vacancy rate amounting to 2.8% as per Mar-2025; 2. Like-for-like rental growth calculated on a year-on-year basis; 3. Units that are vacant now but were rented out last year; 4. Units that are rented out now but were vacant last year; 5. Units that are rented out now as well as last year, but to a different tenant; 6. Total Consumer price index (CPI)-linked leases amount to 32.9% based on total rental units and 34.3% based on NRI

1. Financial Update
   
   
   
   
   
   

   Development of GAV in Q1 2025

   
   
   
   
   

   Portfolio GAV remains largely unchanged in Q1 2025

   
   
   
   
   

   GAV excl. BCP (€bn)1 Comments

   4.6

   1.02

Thereof:

€0.8bn Consus

€0.2bn ADLER RE

1.0

2

3

Thereof:

€2.9bn Adler Group

€0.5bn ADLER RE

3.5

Thereof:

€3.0bn Adler Group

€0.5bn ADLER RE

3.5

Thereof:

€0.8bn Consus

€0.2bn ADLER RE

1

(0.0)

(0.0) -

4.5

1 Sales of a few condominium units in Berlin as well as one multifamily building were completed in Q1 2025, leading to a total reduction in GAV in the amount of c. €4m

2

The disposal of the of the Frankfurt-based development project Eurohaus was signed in Q1 2025. The transaction is expected to close in Q2 2025

3 No portfolio revaluation was done in Q1 2025. Revaluations are done semi-annually in Q2 and Q4 or whenever indicators direct material value changes. There were no such indicators in Q1 2025

4 | Financial Update

Dec-24

Disposals yielding assets

Disposals development projects

Revaluation

Mar-25

Development projects

Yielding portfolio

11

General note: Rounding errors may occur

1. Based on externally appraised values, may slightly differ from IFRS accounting values; 2. Excludes disposals that are either signed, closed or handed-over as per Mar-2025

Financing Update

With the refinancings of the 1L and 1.5L facilities completed in early 2025, Adler Group is reducing its cost of debt and

saving approx. €134m interest costs over the expected remaining lifetime of both the 1L and 1.5L

1L and 1.5L REFINANCINGS

1L New Money Facility

• Refinancing completed on 28 Jan-2025

  (€1,178m volume)

• PIK interest reduced from 12.5% to 8.25% p.a. plus a 1% OID with no call protection

• Maturity date (Dec-2028) as well as all other terms remain unchanged

1.5L Notes

• Refinancing completed on 18 Feb-2025 (€717m

  volume)

• PIK interest reduced from 14.0% to 10.0% p.a. plus a 0.75% OID with a non-call protection in year 1 and a 1% call premium in year 2 (thereafter to be called at par)

• Maturity date (Dec-2029) as well as all other terms remain unchanged

DEBT REPAYMENTS AND

PROLONGATIONS

• Partial redemption of the 1L New Money Facility in the total amount of €265m1 following the completed disposals of BCP, the NRW "Cosmopolitan" portfolio and smaller asset sales

• Repayment of c. €220m secured loans in course of the completed disposal of the NRW-based "Cosmopolitan portfolio" in Feb-2025

• Completed prolongation of a €345m secured bank loan originally due in Jun-2025 to Q4 2028. The loan is provided by a German bank, financing certain of Adler's property companies in Berlin

• Completed prolongation of a €48m secured bank loan originally due in Jan-2026 to Q4 2028. The loan is provided by a German bank, financing certain of Adler's property companies in Berlin

MATURITIES IN 2026

• Option to refinance the €300m Adler RE 2026 bond with a tap under the 1st lien New Money Facility:

  • Cash tender offer to repurchase the outstanding notes

  • Launched on 19 May 2025 and expected

    to be completed in June 2025

  • Commitments in the amount of c. €240m received from Adler RE bondholders

• Further remaining 2026 bank maturities in the volume of €49m are under discussion regarding prolongation with the respective lenders

12

4 | Financial Update

1. Between Jan-2025 and May-2025

Overview of Debt KPIs as per Mar-2025

Following the completed 1L and 1.5L refinancings, the weighted average cost of debt reduced to 6.4%

Debt KPIs as per Mar-2025 Sources of funding

B- (stable outlook)

B+ CCC+ CCC

3.9

6.4%

Weighted average cost of debt

99.8%

67.9%

LTV2

3,839

Total nominal interest-bearing debt (€m)1

Reinstated 2L Notes4

18.2%

28.1%

Secured bank debt

Fixed / hedged debt

28.1%

Weighted average maturity (years)

18.7%

Issuer credit rating S&P

1L New Money Facility rating S&P3

1.5L Notes

71.9%

7.8%

ADLER Real Estate bond - 1L

4 | Financial Update

1.5L Notes / Adler RE 2026 bond ratings S&P3

Reinstated 2L Notes4rating S&P

27.2%

1L Notes

Bank debt Corporate bonds

13

General notes: Not including the Perpetual Notes as they are treated as equity under IFRS; S&P ratings as per date of this presentation

1. Excluding payment-in-kind (PIK) interest; 2. The LTV differs from the bond covenant LTV; 3 On 23 May-2025, S&P announced that the instruments are placed on CreditWatch with negative implications; 4. Excl. Perpetual Notes

Debt Maturity Schedule

Adler Group's 2025 maturities have been fully resolved; refinancing of the Adler RE 2026 Notes now in focus

0%

9%

2%

48%

19%

19%

3%

Overview of debt maturities1 as per Mar-2025 (€m) Comments

1,831

• The Group has no financial debt falling due in 2025

  717

  730

  30

  700

  All 2025

  maturities have been resolved

  349

  90

  122

  300

Adler RE

SSNs

49

Reinstated 2L Notes

1.5L

1,043

1L New Money

Facility

788

• A volume of €49m of secured bank debt due in 2026 remains to be prolongated

• Option to refinance the €300m Adler RE 2026 bond with a tap under the 1st lien New Money Facility

4 | Financial Update

2025

2026 2027 2028 2029

% of total debt maturing

Bank debt

Corporate bonds

2030 2031

14

General notes: Rounding errors may occur; not including the Perpetual Notes as they are treated as equity under IFRS; does not include BCP

1. Figures based on nominal values as per 31 Mar-2025, not including accrued payment-in-kind (PIK) interest

Loan to value (LTV) - Development in Q1 2025

The reduction of the group's balance sheet following the deconsolidation of BCP and the NRW-portfolio holding entities resulted in a lower LTV

LTV evolution (%)

1.0%

0.3%

0.2%

0.4%

67.9%

(6.6%)

72.7%

Dec-24	BCP and Cosmopolitan	Interest	CAPEX	Restructuring expenses	Other	Mar-25
	transactions	expenses

15

4 | Financial Update

General notes: The LTV differs from the bond covenant LTV; the LTV is based on the current EPRA best practice recommendation guidelines, though the Perpetual Notes that were issued in Sep-2024 as part of the recapitalization of the Company are not classified as Hybrids, i.e. debt because these instruments are accounted for equity in the balance sheet according to IFRS

Development of Cash Position - Changes during Q1 2025

The increase in cash was primarily driven by the net proceeds received from the BCP and NRW portfolio disposals

Cash position (€m)

(9)

(6)

(5)

(26)

(22)

(7)

61

111

247

14

165

(12)

184

(222)

(8)

1

293

4 | Financial Update

Dec-24

Operating

Net cash flow Net cash flow

Yielding

Tax expenses

Other (e.g.

Net cash

Yielding asset Development

Net proceeds

Restructuring

Bank loan

Debt

Mar-25

cash flow

from forward sales

from other development projects

capex

litigation)

interest paid

disposals

asset disposals

from BCP

costs

repayments

repayment incl. PIK - 1L and 1.5L2

16

1. Restricted cash mainly includes deposits for guarantees, short-term CAPEX and rolling interest reserves related to associated financing; 2. 1L redemption of €236m and 1L/1.5L increase of €14m

1. Guidance & Concluding Remarks

17

Guidance and Concluding Remarks

Following larger portfolio disposals and significant enhancements to the financing structure, Adler Group is transforming into a more stable and efficient platform with focus on the attractive Berlin rental market

Full-year 2025 guidance Concluding remarks

Net rental

5 | Guidance & Concluding Remarks

income (€m)

€127-135m

The rental business continued to develop positively during the first quarter with 1.9% like-for-like rental growth compared to previous year and operational vacancy of just 1.5% - 2025 NRI guidance confirmed

Post the successful disposals of Adler's 62.8% stake in BCP and the NRW-based "Cosmopolitan portfolio" focus on the residential portfolio with 17,900 units centred in Berlin, an attractive market with strong fundamentals and substantial embedded potential

In order to fully concentrate on the rental business, it remains the key priority to dispose of all upfront sale development projects and to complete and hand over the few remaining forward sale projects, both until the end of 2026

Sound capital structure following the completed comprehensive recapitalisation in Sep-2024 and the refinancings of the 1L and 1.5L facilities completed in early 2025

No remaining debt maturities in 2025 following significant prolongations and repayments

made in Q1 2025

18

Remaining 2026 maturities of €349m include the €300m Adler RE bond which will be refinanced with a tap under the 1st lien New Money Facility in the course of Jun-2025















Q&A

19

Appendix

21-22 Portfolio & Operational Performance 23-27 Financials

28-29 Debt Overview

30-31 Development Projects

32-33 Corporate Governance

34 Corporate Agenda

20

Yielding Portfolio Valuation

Devaluation has come to an end

Like-for-like fair value development until Q1 2025 (%)

10.1%

Rental yield (%)2

3.5%

3.7%

Revaluation is done semi-annually or whenever indicators direct material value change. There were no such indicators in Q1 2025.

-

(1.9%)

(2.2%)

Mar-24 Mar-25

Appendix

(12.8%)

FY 2021 FY 2022 FY 2023 FY 20241 Q1 2025

21

General note: Historic numbers as reported, i.e. not adjusted for disposals

1. Without NRW-based "Cosmopolitan portfolio"; 2. Calculated as annualised monthly in-place rent divided by the fair value at the reporting date; Mar-24 as reported, including the NRW-based "Cosmopolitan portfolio"

Yielding Asset Portfolio - 3M CAPEX and Maintenance

CAPEX and maintenance (€m) Maintenance expense (€/sqm) CAPEX invested (€/sqm)

47

15

32

9

3

5

9

3

5

8.6

2.0

1.9

18.9

3.2

3.1

FY 2024 3M 2024 3M 2025

FY 2024 3M 2024 3M 2025

FY 2024 3M 2024 3M 2025

22

Appendix

Maintenance

CAPEX

Profit and Loss Statement

	P&L statement
	In €m	3M 2025		3M 2024
	Net rental income	37	1	51
	Income from facility services and recharged utilities costs	20		27
	Income from property development	0		9
	Other revenue	(0)		1
	Revenue	57		89
	Costs of operations	(44)	2	(48)
	Gross profit	13		41
	General and administrative expenses	(33)	3	(33)
	Other expenses	(29)	4	(27)
	Other income	14	5	28
	Changes in fair value of investment properties	-		2
	Results from operating activities	(35)		12
	Net finance income / (expenses)	(132)	6	(91)
	Net result from investments in associated companies	-		(1)
	Net tax income / (expenses)	(4)		(1)
	Profit (loss) for the period	(170)		(81)
	Net finance income - in €m	3M 2025		3M 2024
	Finance income	6		7
dix	Finance cost	(137)		(98)
pen	thereof other finance costs	(59)		(5)
p	thereof interest expenses	(78)		(93)
A	thereof accrued	(61)		(83)
	thereof payable	(9)		(16)
	thereof amortization	(8)		6
	Net finance income	(132)		(91)
23	1. Including impairments or the addition/release of provisions for contingent	losses

Comments



1

2

Compared to the prior year period, net rental income in 3M 2025 decreased due to the lack of rental income from a) the subsidiary BCP that was sold at the beginning of January 2025 (c. €12m in 3M 2024) and b) the NRW-based "Cosmopolitan portfolio" that was sold as per end of February 2025 (accounting for c. €3m monthly net rental income). The decrease was partly compensated by rent increases realised on the remaining assets



Costs of operations include costs of property development (€18m), costs of utilities recharged (€15m), salaries and other expenses (€7m) and costs of property operations and maintenance (€4m). The net impact from non-recurring items1 amounts to a positive amount of €2m



3

General and administrative expenses include professional services (€8m), salaries and related expenses (€7m), impairment loss on trade receivables (€6m), and office, communication and IT expenses (€3m). Excluding non-recurring items1, G&A expenses would be €16m lower



4

5

6

Other expenses includes non-recurring items as well as expenses from prior periods



Other income mainly relates to the derecognition of liabilities and income from prior periods



Net finance income is broken down in the adjacent table. Other finance costs include non-recurring valuation effects from the refinancing of the 1L and 1.5L notes

Adj. EBITDA Rental and FFO 1

Adj. EBITDA Rental and FFO 1 calculation
In €m	3M 2025		3M 2024
Net rental income	37		51
Income from facility services and recharged utilities costs	20		27
Income from rental activities	57	1	78
Costs from rental activities	(23)	2	(29)
Net operating income (NOI) from rental activities	34		49
Overhead costs from rental activities	(13)	3	(18)
Adj. EBITDA Rental1	21	31
FFO 1 net interest expenses	(37)	4	(53)
Current income taxes	(1)	(4)
Interest of minority shareholders	-	(2)
FFO 1 (from rental activities)	(16)	(27)
No. of shares	152	152
FFO 1 per share	(0.11)		(0.18)

Comments



1

Income from rental activities decreased due to the sale of the subsidiary BCP at the beginning of January 2025 and the NRW-based "Cosmopolitan portfolio" at the end of February 2025



2

Costs from rental activities include costs of utilities recharged in the amount of €15m as well as salaries and other expenses of €7m



3

Overhead costs from rental activities include primarily salaries and related expenses of €4m, legal, accounting and other professional services of €4m and office and IT expenses of €2m



4

FFO 1 net interest expenses were lower than in the previous year as the amount of debt has decreased. The total PIK interest amount included in FFO 1 amounts to €35m

24

Appendix

1. Adj. EBITDA Rental is calculated by deducting the overhead costs from net operating income and used as a proxy to assess the recurring earnings potential of the letting business

Adj. EBITDA Total and FFO 2

Adj. EBITDA Total and FFO 2 calculation
In €m	3M 2025		3M 2024
Income from rental activities	57		78
Income from property development	0		9
Income from other services Income from real estate inventory disposed of Income from sale of trading properties	(0) - -		1 - -
Revenue	57		89
Cost from rental activities	(23)		(29)
Other operational costs from development and privatisation sales	(18)	1	(19)
Net operating income (NOI)	16		41
Overhead costs from rental activities	(13)	(18)
Overhead costs from development and privatisation sales	(3)	(4)
Adj. EBITDA Total	(0)	19
FFO 2 net interest expenses	(64)	2 (93)
Current income taxes	(5)	(8)
Interest of minority shareholders	-	(2)
FFO 2	(70)	(84)
No. of shares	152	152
FFO 2 per share	(0.46)	(0.56)

Comments



1

The slight increase in other operational costs from development and privatisation sales was

mainly due to higher construction expenses in the current period



25

2

Appendix

FFO 2 net interest expenses were lower than in the previous year as the amount of debt has decreased. The total PIK interest amount included in FFO 2 amounts to €61m

Balance Sheet

Balance sheet
In €m	Mar-25		Dec-24
Investment properties including advances	3,964	1	3,964
Other non-current assets	222	2	178
Non-current assets	4,186		4,141
Cash and cash equivalents	293		247
Inventories	417	3	411
Other current assets	203	4	199
Current assets	912		857
Non-current assets held for sale	144	5	1,888
Total assets	5,242		6,887
Interest-bearing debt	3,383	6	3,535
Other liabilities	355	7	588
Deferred tax liabilities	273		262
Liabilities classified as held for sale	-	5	937
Total liabilities	4,012		5,322
Total equity attributable to owners of the Company	1,166		1,327
Non-controlling interests	64	8	238
Total equity	1,230		1,565
Total equity and liabilities	5,242		6,887

Comments



1

Investment properties remain unchanged due to the lack of disposals and no portfolio revaluation done in Q1 2025



2

Other non-current assets include other financial assets of €98m (mainly comprising loans against non-controlling shareholders of subsidiaries), investments in financial instruments of €64m (mainly referring to the minority stakes in BCP and the NRW-based "Cosmopolitan portfolio"), right-of-use assets of €26m, property and equipment of €13m and restricted bank deposits of €10m



3

4

Inventories primarily include upfront sale projects and the land value of forward sale projects



5

Other current assets include other receivables (€89m), trade receivables (€69m) and restricted bank deposits (€34m)



6

Non-current assets and liabilities held for sale reduced significantly following the completed disposals of BCP and the NRW-based "Cosmopolitan portfolio"



The composition of interest-bearing debt is presented in more detail on page 28 of this presentation



7

Other liabilities include other current payables (€153m) including income tax payables of €63m, provisions (€99m), and trade payables (€62m)



26

8

Appendix

Non-controlling interests decreased by c. €175m primarily as a result of the deconsolidation of BCP in early January 2025

LTV - Overview

In €m	Mar-25	Dec-24
Borrowings from Financial Institutions Bond loans Net payables Cash and cash equivalents	2,837	1 1 2	3,007 528 1,029
	546
	50
	(293)	(247)
Net Debt	3,140	4,317
Investment properties at fair value Properties held for sale Financial assets	3,964	3,964
	560	3	1,870
	98	107
Total Property Value	4,623	5,940
LTV	67.9%	4	72.7%

LTV

Comments

1

Total interest-bearing debt of €3,383m significantly decreased compared to the Dec-2024 value of €3,734m mainly following certain debt repayments

2

Net payables are defined in accordance with EPRA and no longer include non-current liabilities held for sale of in relation to BCP and the NRW-based "Cosmopolitan portfolio" which have been sold

3

Properties held for sale decreased significantly following the completed sales of BCP and the NRW-based "Cosmopolitan portfolio"

27

4

Appendix

As of 31 Mar-2025, the Company's combined LTV amounts to 67.9%

Breakdown of Debt Maturities per Mar-2025

	Nominal amount (€m)	IFRS (€m)	Maturity	Nominal interest rate
ADLER Real Estate Bonds
SSNs 2018/26	300	294	27 Apr-26	3.00%
Total	300	294	1.3 years	3.00%2
Adler Group Bonds
1L New Money Facility1	1,043	1,042	31 Dec-28	8.25%
1.5L	717	716	31 Dec-29	10.00%
Reinstated 2L Notes	700	249	14 Jan-30	6.25%

Total	2,460	2,007	4.3 years	8.36%2
Bank debt	1,079	1,082	3.7 years	2.77%
Total interest-bearing debt	3,839	3,383	3.9 years	6.36%2

28

Appendix

1. Includes the €100m nominal facility made available to Consus as stated in the Amended and Restated New Money Facilities Agreement; 2. Nominal interest rate for totals and subtotals is calculated by using day count

convention, based on act/360, and might therefore differ from the nominal interest of the individual debt instruments

Capital Structure (excl. Intercompany Loans) per Mar-2025

ADLER Real Estate GmbH - Capital structure

Consus Real Estate AG - Capital structure

Adler Group S.A. (standalone) - Capital structure

In €m

Amount O/S

Maturity

Interest

In €m

Amount O/S

Maturity

Interest

In €m

Amount O/S

Maturity

Interest

Bank loan #1

9

Mar-26

Bank loan #1

4

Oct-26

Bank loan #2

21

Jun-26

Bank loan #2

12

Dec-26

Other bank debt

68

Var.

Bank loan #3

90

Jun-27

Other bank debt

874

Var.

Total bank debt

98

2.92%

Total bank debt

0

Total bank debt

981

2.75%

ARE Notes due '26

300

Apr-26

1L New Money Facility1

100

1L New Money Facility1

943

Dec-28

1.5L

717

Dec-29

Reinstated 2L Notes

700

Jan-30

Total bonds

300

Total bonds

100

Total bonds

2,360

Total nominal debt

398

Total nominal debt

100

Total nominal debt

3,340

ADLER Real Estate GmbH - Maturity Profile2

Consus Real Estate AG - Maturity Profile2

Adler Group S.A. (standalone) - Maturity Profile2

1,688

19

90

96

700

30

745

943

Bank debt Bonds

717 730

2025

330

300

30

43

26

2026 2027 2028 2029 2030 2031

100

2025 2026 2027 2028 2029 2030 2031

Appendix

2025 2026 2027 2028 2029

2030 2031

29

1. €100m facility made available to Consus as stated in the Amended and Restated New Money Facilities Agreement; 2. Based on contractual maturity profile, excluding amortization

Upfront Sale Projects

# Project name Entity City Zoning

Building permit

Construc. started

Land plot (k sqm)

Area (k sqm)

Actual CAPEX 3M 20251(€m)

Remaining CAPEX 9M 20251(€m)

1	CologneApart2	Consus	Köln	 	11	23	0	0	PROJECT DISPOSALS SIGNED
2	Grand Central3	Consus	Düsseldorf	 	 34	76	0	1
3	Eurohaus4	ADLER RE	Frankfurt		 14	27	0	0
4	UpperNord Tower and Office5	Consus	Düsseldorf	 	5	20	1	5
5	Offenbach project6	ADLER RE	Offenbach	 	32	88	1	2	EXCLUSIVITY
6	COL III (Windmühlenquartier)	Consus	Köln	 	 7	24	0	0
7	Holsten Quartier	Consus	Hamburg	 	 87	158	0	2
8	The Wilhelm	Consus	Berlin	 	4	19	2	8
9	VAI Campus Stuttgart-Vaihingen	Consus	Stuttgart	 	 195	181	0	1	OTHER €432 GAV7
10	Schönefeld Nord Residential & Commercial	ADLER RE	Berlin	 	 316	187	0	0
11	Steglitzer Kreisel Tower	Consus	Berlin	 	5	24	2	8
12	Steglitzer Kreisel Parkdeck + Sockel	Consus	Berlin		 13	49	0	3
13	Benrather Gärten	Consus	Düsseldorf	 	 148	131	0	0
14	SLT 107 Schwabenlandtower	Consus	Stuttgart	 	8	16	0	0
15	Covent Garden	Consus	München	 	 18	26	0	0
16	Hufewiesen (Trachau)	ADLER RE	Dresden	 	 23	-	0	0

30

Total 919 1,051 7 30

Appendix

General note: Status of projects as per the publication date of Q1 2025 results

1. Actual CAPEX spent during 3M 2025 and company's CAPEX forecast for 9M 2025; 2. Signed in Q4 2024 and closed in Q2 2025; 3. Signed in Q4 2024, expected closing in Q3 2025; 4. Signed in Q1 2025, expected closing in Q2 2025;

5. Signed in Q2 2025, expected closing by year-end 2025; 6. The sales contract was cancelled in Q4 2024 and the project is in exclusivity with another potential investor; 7. Based on Q4 2024 appraisal valuations