DGAP-News: Instone Real Estate Group AG / Key word(s): Preliminary Results/Forecast 
Instone Real Estate Group AG: 2020 adjusted net income exceeds expectations; 2021 adjusted net income guidance 
confirmed despite lower expected 2021 adjusted revenues 
2021-02-23 / 18:16 
The issuer is solely responsible for the content of this announcement. 
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2020 adjusted net income exceeds expectations; 2021 adjusted net income guidance confirmed despite lower expected 2021 
adjusted revenues 
- 2020 adjusted revenues of approx. EUR 480 million in line with guidance (EUR 470-500 million) 
- 2020 adjusted earnings after tax amount to approx. EUR 40 million, substantially exceeding previously communicated 
expectations (EUR 30-35 million) as well as analysts' consensus estimates 
- 2020 adjusted gross margin of approx. 30% (forecast > 28%) a major driver of positive earnings development 
- Based on preliminary earnings, management expects a dividend proposal of EUR 0.26 per share 
- 2021 lowered adjusted revenue guidance of EUR 820-900 million (previously EUR 0.9-1.0 billion) reflects increased 
Covid-19 related risks of delayed regulatory approvals 
- 2021 adjusted earnings after tax guidance of EUR 90-95 million confirms previous communication and reflects increased 
margin expectations 
Essen, Germany, 23 February 2021 
Instone Real Estate Group AG ("Instone") has published preliminary, unaudited figures for its 2020 financial year. 
Instone reports 2020 adjusted revenues of around EUR 480 million, in line with its most recent EUR 470-500 million 
guidance. The effects of the COVID-19 pandemic, in particular with regard to the postponement of sales and construction 
starts, had a negative impact on revenues. 2020 adjusted earnings after tax have come in at approximately EUR 40 
million, exceeding previous company expectations of EUR 30-35 million as well as analyst consensus estimates (median of 
EUR 35.2 million). 
Prices achieved in Q4 institutional as well as retail sales, reduced project costs as well as lower than anticipated 
platform costs have all contributed to the better than expected bottom line. The positive developments are evidenced by 
our gross margin, which is expected to be approximately 30% for fiscal year 2020 (forecast > 28%). 
The sales volume for the reporting period amounts to around EUR 460 million. 
Based on preliminary earnings and the planned payout ratio of 30.0%, the Management Board believes that it will be able 
to propose a dividend of EUR 0.26 per share for the previous financial year. Instone reiterates its target payout ratio 
of 30.0% of adjusted earnings after tax also for fiscal year 2021. 
Instone continues to benefit from the ongoing positive demand environment for German residential properties in 
metropolitan regions. However, regulatory approvals for certain Instone projects are at risk to be delayed versus 
Instone's previous expectations due to the ongoing COVID-19 related lock-down. As a result the management board now 
expects 2021 adjusted revenues to amount to EUR 820-900 versus previous guidance of EUR 0.9-1.0 billion. Previous 
expectations with respect to 2021 earnings after tax, however, are confirmed at EUR 90-95 million as the positive 
pricing environment, a beneficial project sales mix and construction cost benefits across our projects are expected to 
continue to materialise throughout fiscal year 2021. In line with these expectations management guides for a 2021 
adjusted gross margin of 26-27% and 2021 volume of concluded sales contracts of at least EUR 900 million. 
"Instone's business model has proven itself to be very resilient, even throughout the COVID-19 crisis. Demand for our 
newly built properties has increased once again. Despite the current negative effects of the pandemic, we are 
optimistic about the future and expect a significant increase in revenue and earnings over the coming years", says 
Kruno Crepulja, Chairman of the Management Board/CEO of Instone Real Estate Group AG. 
Instone will publish its final results and annual report for 2020 on 18 March 2021, as planned. 
The definitions of the alternative key performance indicators mentioned in the statement can be found in the glossary 
on the company's homepage at: https://ir.en.instone.de/websites/instonereal/English/3600/glossar.html 
Investor Relations 
Instone Real Estate Group AG 
Burkhard Sawazki 
Grugaplatz 2-4 
45131 Essen, Germany 
Tel.: +49 (0)201 45355-137 
Email: burkhard.sawazki@instone.de 
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2021-02-23 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. 
The issuer is solely responsible for the content of this announcement. 
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. 
Archive at www.dgap.de 
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Language:     English 
Company:      Instone Real Estate Group AG 
              Grugaplatz 2-4 
              45131 Essen 
              Germany 
Phone:        +49 201 453 550 
E-mail:       Investorrelations@instone.de 
Internet:     www.instone.de 
ISIN:         DE000A2NBX80 
WKN:          A2NBX8 
Indices:      SDAX 
Listed:       Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, 
              Munich, Stuttgart, Tradegate Exchange 
EQS News ID:  1170560 
 
End of News   DGAP News Service 
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1170560 2021-02-23

(END) Dow Jones Newswires

February 23, 2021 12:17 ET (17:17 GMT)