Instone Real Estate Group AG

Investor Presentation • Nov 18, 2021

Q3 2021 Results Presentation

Disclaimer

Highlights

Portfolio Update

Q3 Financial Performance

Outlook

Appendix

Highlights

Highlights

Strong sales momentum – Supply bottlenecks with only minor impact due to strong positioning

	 Construction / Supply chains: Minor impact from supply bottlenecks i.e. construction delays, rising material costs more than offset by continued positive HPI momentum
	 Positive margin outlook maintained
Operational	 Sales: Strong institutional and retail demand; incl. deals signed post Q3 INS well on track for FY targets
Highlights	 Acquisitions: €1.4bn new project GDV approved YTD
	 ESG: Inaugural ESG rating by Sustainalytics; Top 2% among global developers
	 clear commitment to further expanding ESG reporting including ambitious targets.

Leading gross margin maintained – Accelerating earnings growth in Q4 ahead

	 Adjusted revenues: €405.6m (9M 2020: €291.3m, +39.2%)
9M-2021	 Adjusted gross profit margin: 29.8% (9M 2020: 32.3%)
Results	 Adjusted EBIT: €65.3m (9M 2020: €50.0m, +30.6%)
	 Adjusted earnings after tax (EAT): €40.3m (9M 2020: €24.9m; +61.8%)

Strong margin outlook for FY-2021; initial guidance for FY-2022

Outlook	2021	2022
	 Adj. revenues of €780-800m (previously €820-900m);	 Adj. revenues of €0.9-1.0bn;
	 Adj. gross profit margin of c.28% (previously 26-27%);	 Adj. EAT of €90-100m
	 Adj. EAT of €93-96m (previously €90-95m);
	 Target payout-ratio: 30%

Retail sales ratio stays significantly above long term mean

• Retail sales ratio remains above long term mean since end of 1st lockdown
• Backlog of reservations and notarization appointments points to strong year-end business
• Positive HPI growth momentum persists

German residential prices: dynamic upward trend continues

Recent surveys show continued capital growth despite moderate rate increase

IMX (immoscout):	Prices for newly built condos up +4.7% in Q3 (qoq); +12.5% (yoy)
Hypoport/EPX:	Condo prices up +2.9% in Q3 (qoq); +13.4% (yoy)
Bulwiengesa:	Condo prices in top 7 cities up +1.8% in Q3 (qoq); +6.8% (yoy)
F+B:	Condo prices up +0.9% (qoq); +4.9% (yoy)

Financing markets continue providing strong support for residential demand

Bundesbank:	Mortgage loans for private households1 -3.3% in Q3 2021 (qoq) at €70.1bn; but still +4.0% yoy
Interhyp:	Average 10y-fixed rate mortgage at ~1%, slightly increasing in light of higher Pfandbrief yields

Rising costs: Limiting the upside but no threat to margins so far

Construction costs development 2021e

30 35 40 45 50 55 60 65 PMI>50: expansion PMI<50: contraction

• Construction costs continue to rise; in larger projects we witness a yearly increase of c.+6% for comparable products
• Actively managing supply bottlenecks; still experiencing more consistent construction delays than previously observed
• Rising material costs incl. costs for transportation remain key cost driver
• Only moderate increase in labour costs reflecting decreasing demand for commercial projects
• German construction PMI still in contraction mode (see chart) due to sluggish commercial demand

INS comparatively well positioned in a market with rising scarcity

• Procurement strategy of early order placements is paying-off
• Strong network of suppliers (relationships & leading market position)
• Margin sensitivity:

Germany Construction PMI

• 1 percentage point HPI growth compensates for 2.5 percentage points of CPI growth
• Above the budget CPI growth of 3.5%
• Construction costs only account for some 40% of the selling price

Potential "traffic-light" coalition: opportunities prevail

Results of the exploratory talks ("Sondierungspapier") regarding housing

Relevance for Instone

• Construction of 400k resi units p.a., of which 100k are publicly subsidized	Positive: Although support schemes are unclear, there is commitment to support new developments. INS benefits from role as forerunner in the area of affordable housing
•	Positive:
Strengthening of climate protection in new construction	Ongoing commitment to support high energy standard new built
• Support of climate protection and accelerated energetic refurbishment of existing housing stock	Neutral: Return on investments for landlords of existing housing stock is unclear
•	Neutral:
Extension of existing rental regulation (rental brake)	In the existing legal framework newly built homes are exempt from the rent restrictions
• Promotion of the state owned housing company (BlmA) for more new construction	Neutral to positive: INS has a highly competitive product offering (nyoo)
•	Neutral to positive:
Subsidies for the foundation of housing companies with low	INS with competitive edge (nyoo
return target (with rents below market levels)	product) for the affordable segment
• Higher flexibility for the federal states for introduction of reduced real estate transfer tax for owner occupiers	Positive: Help to buy-scheme could create additional demand from retail clients
•	Neutral:
Abolishment of share deals	No noticeable impact as share deals are less relevant for land purchases

Portfolio Update

Significant GDV increase paves way for future growth

Project portfolio development, ytd (GDV)

	volume (€m)	Exp. units
YTD 2021
Metropolitan area Stuttgart	70	160
Metropolitan area Nuremberg	111	180
Metropolitan area Rhine-Main	55	100
Metropolitan area Nuremberg	68	160
Metropolitan area Rhine-Main	283	600
Metropolitan area Rhine-Main	31	40
Metropolitan area NRW	715	1,500
Metropolitan area Hamburg	84	120
SUBTOTAL	1,417	2,860
At-equity investment Stuttgart region	200	/
TOTAL	1,617	/

11 | 18.11.2021 | Q3-2021 1) Share of at-equity JV not included

Significant share of pre-sold units supports future cash flow and earnings visibility

• 53 projects / 15,913 units
• 86% in metropolitan regions
• ~80 average sqm / unit

• ~€5,388 ASP / sqm

• €2.7bn GDV in "pre-construction" or "under construction" state of which 87% (€2.3bn) already sold

• €2.0bn GDV in "under construction" state of which 92% (€1.8bn) sold

Q3 Financial Performance

Adjusted Results of Operations

On track for FY targets - High profitability maintained

€m	Q3 2021	Q3 2020	Change	9M 2021	9M 2020	Change
Revenues	145.1	111.7	29.9%	405.6	291.3	39.2%
Project cost	-100.8	-75.4	33.7%	-284.6	-197.2	44.3%
Gross profit	44.3	36.3	22.0%	121.0	94.1	28.6%
Gross Margin	30.5%	32.5%		29.8%	32.3%
Platform cost	-20.2	-14.9	35.6%	-58.3	-44.8	30.1%
Share of results of joint ventures	0.1	0.4		2.6	0.7
EBIT	24.2	21.8	11.0%	65.3	50.0	30.6%
EBIT Margin	16.7%	19.5%		16.1%	17.2%
Financial and other result	-2.6	-6.0		-10.1	-15.5
EBT	21.7	15.7	38.2%	55.2	34.4	60.5%
EBT Margin	15.0%	14.1%		13.6%	11.8%
Taxes	-4.8	-4.7		-14.9	-9.6
Tax rate	22.1%	29.9%		27.0%	27.9%
EAT	16.9	11.2	50.9%	40.3	24.9	61.8%
EAT Margin	11.6%	10.0%		9.9%	8.5%
EAT post minorities	16.9	11.1	52.4%	42.8	24.9	72.1%
EPS1	0.36	0.28	28.8%	0.91	0.63	45.3%

• Strong 9M topline growth in-line with planning (sale of JV project not included); revenues structurally biased towards Q4 due to rising share of institutional business
• Sustained high gross margin underscores sound pricing environment (price-to-costs spread)
• Rising platform costs primarily due to investments into future growth (incl. valuehome/nyoo)
• Interest expenses decreased due to temporary lower debt

Strong EPS growth despite short term dilutive effect from capital increase in 2020

High visibility for FY 2021 sales and adjusted revenues targets

Concluded sales contracts – expected development in 9M 2021

9M-2021 sales & revenues in line with expectations

• Two institutional deals signed post reporting date
• All 2021 budgeted institutional deals are in advanced stages (LOI/Exclusivity) and expected to be signed by year-end
• Sales ratio for B2C business is also expected to stay above the long-term mean

15 | 18.11.2021 | Q3-2021

Strong balance sheet leaves significant headroom for growth

€m	30/09/2021	31/12/2020
Corporate debt	197.4	207.2
Project debt	203.0	274.5
Financial debt	400.4	481.7
Cash and cash equivalents and term deposits	-231.5	-232.0
Net financial debt	168.9	249.7
Inventories and contract asset	1,085.1	971.9
LTC*	15.6%	25.7%
Adjusted EBIT (LTM)**	99.1	83.8
Adjusted EBITDA (LTM)**	103.6	87.9
Net financial debt / adjusted EBITDA	1.6	2.8

• 15.6% LTC implies very low financial gearing
• Reminder: inventories are recorded at historical costs
• Significant hidden reserves provide additional downside cushion
• 1.6x net debt/adjusted EBITDA
• €1.6-1.7bn mid term revenue target fully equity funded
• INS's financial strength remains a competitive edge for acquisitions in current environment

Strong operating cash flow from visible milestone payments

Cash Flow (€m)	Q3 2021	Q3 2020	9M 2021	9M 2020
EBITDA adj.	25,4	22,8	68.7	53.0
Other non-cash items	-4,6	-6,0	-11.5	-5.5
Taxes paid	-0,6	-6,2	-8.0	-13.3
Change in working capital	-54,4	53,6	62.8	-7.8
Operating cash flow	-34,2	64,2	112.0	26.4
Land plot acquisition payments (incl. RETT*)	27,3	22,0	73.1	72.2
Operating cash flow excl. investments	-6,9	86,2	185.0	98.6

Strong operating CF based on retail prepayments and institutional milestone payments

FY 2021 operating cash flow expected to turn negative due to planned investment into land plots for future growth

Liquidity (€m)	Total	t/o drawn	t/o available
Corporate debt
Promissory notes	197.5	197.5	0.0
Revolving Credit Facilities	119.0	0.0	119.0
Total	316.5	197.5	119.0
Cash and cash equivalents and term deposits			231.5
Total corporate funds available			350.5
Project debt
Project finance**	316.3	202.5	113.8

Ample financial headroom for future growth

Intrinsic pipeline value suggests fundamental upside

Additional upside from planned future growth investments

Prospective NAV (€m)	30/09/2021	31/12/2020
Expected selling prices of project pipeline (GDV)	7,155	6,054
Payments received	-1,030	-942
Expected project costs	-4,258	-3,368
Net debt	-169	-250
Expected proceeds from "at-equity" projects	81	71
Prospective Net Asset Value	1,779	1,566
Number of shares (m)	47.0	47.0
Prospective Net Asset Value per share (€)	37.87	33.32

• Payments received reflect project related income received to date from pre-sale of pipeline, rental income and ordinary course sale of land plots
• Expected project costs include future expected payouts required to complete INS project pipeline
• Proceeds from "at-equity" projects reflect profit from subsidiaries accounted for "at-equity"

ESG: Strong initial rating underscores commitment to industry leadership

• INS among the top 2% of the 284 global real estate development companies
• Top 6% across all sectors
• Clear commitment to improve ratings in the future

Additional ESG reporting commitments

• Obtain limited assurance for integrated FY2021 sustainability report
• Disclose Scope 1, 2 and 3 GHG¹ emissions
• Provide SBTI² Compliant net zero targets
• Further expand Social and Governance related reporting
• By end of FY 2022: Provide EU-Taxonomy related disclosure

1) GHG=Greenhouse gas emissions / Scope 1-3: classification of emissions (direct and indirect) according to GHG Protocol

2) SBTI=Science-Based Targets Initiative / New approach for setting emissions reduction targets with focus on the amount of emissions that have to be reduced in order to meet the goals of the Paris Agreement, limiting global warming to 1.5°C

Outlook

Strong structural growth ahead: 2021 guidance specified, initial outlook for 2022

€m	Updated Outlook 2021	Previous Outlook 2021	Outlook 2022
Revenues (adjusted)	780-800	820-900	900-1,000
Gross profit margin (adjusted)	c.28%	26-27%	/
EAT (adjusted)	93-96	90-95	90-100
Volume of concluded Sales contracts	>1,000	900	/

Dividend policy: 30% payout ratio based on adjusted EAT

Appendix

Income statement (reported)

€m	Q3 2021	Q3 2020	9M 2021	9M 2020
Total revenues	132.1	107.0	372.4	275.9
Changes in inventories	32.5	19.0	62.0	73.3
	164.5	126.0	434.4	349.2
Other operating income	0.8	1.0	2.6	5.6
Cost of materials	-124.5	-89.2	-323.1	-251.4
Staff costs	-13.0	-10.8	-38.1	-30.8
Other operating expenses	-8.2	-4.8	-21.3	-18.4
Depreciation and amortization	-1.2	-1.0	-3.5	-3.0
Earnings from operative activities	18.5	21.1	51.1	51.2
Income from associated affiliates	0.1	0.4	2.6	0.7
Other net income from investments	0.0	-0.6	0.1	-1.2
Finance income	0.1	0.0	0.1	0.0
Finance costs	-3.6	-6.2	-12.3	-18.2
Changes of securities classified as financial assets	0.0	0.2	-0.1	0.1
EBT	15.0	14.8	41.4	32.5
Income taxes	-4.0	-4.6	-12.6	-9.3
EAT	11.0	10.3	28.8	23.3

• The increase in revenues is based on the successful marketing and the scheduled construction progress of the current project developments.
• Stable purchases of land and increased construction activities led to an increase in cost of materials to €323.1m (9M-2020: €251.4m).
• lncrease in staff costs mainly reflects the increase in FTEs to 364.7 (9M-2020: 333.7).

The financial result decreased to €-12.3m (9M-2020: €-18.1m). The lower interest expenses is mainly attributable to the successful refinancing at better conditions and the lower utilization of project financing.

Condensed balance sheet

€m	30/09/2021	31/12/2020
Non-current assets	77.9	52.9
Inventories	839.8	777.8
Contract assets	245.3	194.2
Other receivables	87.9	171.3
Cash and cash equivalents	156.5	87.0
Current assets	1,329.5	1,230.2
Total assets	1,407.3	1,283.1
Total equity	539.1	521.0
Financial liabilities	205.5	313.7
Other provisions and liabilities	22.5	32.7
Deferred tax liabilities	31.6	22.9
Non-current liabilities	259.5	369.3
Financial liabilities	194.9	168.0
Trade payables	103.1	68.9
Other provisions and liabilities	310.7	155.8
Current liabilities	608.7	392.7
Total equity and liabilities	1,407.3	1,283.1

• The increase in inventories is attributable to land acquisitions and higher capitalised construction costs. As of 9M-2021, acquisition of land plots (incl. incidental costs) of €618.0m (Q4-2020: €589.0m) are included in inventories.
• Cash and cash equivalents and time deposits totaling €231.5m (Q4-2020: €232.0m).
• Non-current financial liabilities decreased to €205.5m due to lower utilization of project financing.

Other liabilities €253.2m (Q4-2020: €88.7m) mainly comprise advance payments received on work in progress.

Well balanced financing structure at attractive terms

Maturity profile as of 30/09/2021

Secured/unsecured as of 30/09/2021

Weighted average corporate debt maturity	2.7 years
Weighted average corporate interest costs	3.33%
Share of corporate debt with floating interest	24.1%

25 | 18.11.2021 | Q3-2021 All calculations based on drawn values

Project Portfolio Key Figures

€m	Q3 2021	Q2 2021	Q1 2021	Q4 2020	Q3 2020	Q2 2020	Q1 2020	Q4 2019	Q3 2019
Volume of sales contracts	170.7	89.1	118.6**	246.0	94.9	54.1*	69.4	1,088.2	183.1
Project Portfolio	7,154.9	6,268.1	6,054.2	6,053.6	5,937.5	5,701.3	5,744.4	5,845.7	5,384.1
thereof already sold	2,308.7	2,444.0	2,360.5	2,328.8	2,108.6	2,017.1	2,189.0	2,174.0	1,261.1
Units	Q3 2021	Q2 2021	Q1 2021	Q4 2020	Q3 2020	Q2 2020	Q1 2020	Q4 2019	Q3 2019
Volume of sales contracts	468	169	372**	708	128	347*	109	2,063	380
Project Portfolio	15,913	14,338	13,678	13,561	13,374	13,075	12,952	13,715	12,233
thereof already sold	5,401	5,679	5,510	5,381	4,770	4,648	4,799	4,814	2,944

(Unless otherwise stated, the figures are quarterly values)

*Of which €24.3m (303 units) from updated business plan of already sold project Westville.

**Of which €6.3m (186 units) from updated business plan of already sold project part in "Schönhof-Viertel", Frankfurt.

9M 2021 – Concluded Sales Contracts

Project	City	Units	€m
Wiesbaden-Delkenheim, Lange Seegewann*	Wiesbaden	251	/
"Wohnen im Hochfeld" Unterbach	Düsseldorf	98	58,8
St. Marienkrankenhaus	Frankfurt a. M.	24	32,2
"Neckar.Au Viertel"	Rottenburg	92	31,9
Seetor "City Campus"	Nürnberg	63	31,1
Düsseldorfer Landstraße*	Duisburg Buchholz	/	/
Rote Kaserne West - "Fontane Gärten"	Potsdam	38	23,0
"Schönhof-Viertel" **	Frankfurt	201	21,6
"Carlina Park", Schopenhauerstraße	Nürnberg	29	20,2
"Lokhöfe", Bahnhofsareal Nord	Rosenheim	91	15,4

9M 2021 – Revenue Contribution

Project	City	Adj. revenues (€m)
St. Marienkrankenhaus	Frankfurt a. M.	49,6
"Wohnen im Hochfeld" Unterbach	Düsseldorf	41,4
Westville	Frankfurt a. M.	32,7
west.side	Bonn	30,6
"Carlina Park", Schopenhauerstraße	Nürnberg	26,5
Schulterblatt "Amanda"	Hamburg	24,5
City-Prag - Wohnen im Theaterviertel	Stuttgart	21,8
S`LEDERER	Schorndorf	20,0
Stephanstraße	Nürnberg	20,0
Schwarzwaldstraße	Herrenberg	18,0
Others		120.3
Total		405.6

9M 2021 Construction Launches

Project	City	Start in	Exp. Sales Volume (€m)	Units
"Fontane Gärten" – 1. BA	Potsdam	Q1	~ 31	~ 55
Westville – 1. BA (WA-5)	Frankfurt	Q1	~ 153	~ 330
"Wohnen im Hochfeld" Scholle 2	Düsseldorf	Q3	~42	~70
"Neckar.AU Viertel" - 2. BA	Rottenburg	Q3	k.A.	~80
"Wohnen im Hochfeld" SW-Hochbauentw.	Düsseldorf	Q3	k.A.	~65
"Fontane Gärten" - 2. BA	Potsdam	Q3	~33	~55
Düsseldorfer Landstraße	Duisburg Buchholz	Q3	k.A.	~80
Westville - 2. BA (WA-6)	Frankfurt a.M.	Q3	~142	~320
Westville - 3. BA (WA-7)	Frankfurt a.M.	Q3	~172	~330
"Lokhöfe", Bahnhofsareal Nord	Rosenheim	Q3	~25	~145

Sales Offer as of 30/09/2021 (Top Projects, condominium sales)

Project	City	Sales volume (€m)	Units	Already sold in %
"Schönhof-Viertel"	Frankfurt a. M.	82.9	117	16%
Seetor "City Campus" 1	Nürnberg	47.2	89	41%
"Wohnen im Hochfeld" Scholle 3	Düsseldorf	38.2	58	2%
Parkresidenz New building	Leipzig	34.6	91	2%
Parkresidenz Old building	Leipzig	25.0	64	16%
Fontane Gärten BA 2	Potsdam	22.9	39	30%
"Carlina Park", Schopenhauerstraße	Nürnberg	15.5	7	77%
Fontane Gärten BA 1	Potsdam	10.3	16	67%
"Lokhöfe", Bahnhofsareal Nord	Rosenheim	10.0	52	60%
Seetor "City Campus" 2	Nürnberg	9.7	13	64%
Marina Bricks	Regensburg	7.3	9	76%
"Wohnen im Hochfeld" Scholle 2	Düsseldorf	0.8	1	98%
Total		304.5	556

Project Portfolio as of 30/09/2021

(projects > €30m sales volume, representing total: ~ €7.2bn)

Project	Location	Sales volume (expected)	Land plot acquired	Building right obtained	Sales started	Construction started
Hamburg
Schulterblatt "Amanda"		96 Mio €
	Hamburg	93 Mio €
Kösliner Weg	Norderstedt-Garstedt	120 Mio €
Sportplatz Bult	Hannover	213 Mio €
Rothenburgsort	Hamburg	153 € Mio
Büntekamp	Hannover
Berlin
Wendenschlossstr	Berlin	49 Mio €
Rote Kaserne West	Potsdam	64 Mio €
NRW
Niederkasseler Lohweg	Düsseldorf	N/A
Unterbach / Wohnen am Hochfeld	Düsseldorf	185 Mio €
Literaturquartier	Essen	77 Mio €
REME	Mönchengladbach	118 Mio €
west.side	Bonn	188 Mio €
Gartenstadtquartier	Dortmund	€ 103 Mio
Projekt NRW	NRW	715 Mio €

Semi-filled circle means that the milestone has already been achieved for sections of the project (land plot acquisition, start of sales or construction). Concerning the building right the semi-filled circle means that the zoning process has been initiated. No circle for "land plot acquired" means that the land has not yet been purchased but secured by contract.

31 | 18.11.2021 | Q3-2021

Project Portfolio as of 30/09/2021

(projects > €30m sales volume, representing total: ~ €7.2bn)

Project	Location	Sales volume (expected)	Land plot acquired	Building right obtained	Sales started	Construction started
Rhine-Main
Wiesbaden-Delkenheim, Lange Seegewann	Wiesbaden	106 Mio €
Siemens-Areal	Frankfurt am Main	591 Mio €
St . Marienkrankenhaus	Frankfurt am Main	€ 217 Mio
Friedberger Landstraße	Frankfurt am Main	306 Mio €
Elisabethenareal Frankfurt	Frankfurt am Main	30 Mio €
Steinbacher Hohl	Frankfurt am Main	53 € Mio
Gallus	Frankfurt am Main	41 Mio €
Westville	Frankfurt am Main	N/A
Aukamm	Wiesbaden	184 € Mio
Heusenstamm	Heusenstamm	154 Mio €
Maintal	Maintal	193 Mio €
Polaris	Hofheim	Mio € 55
Rheinblick Wiesbaden	Wiesbaden	284 Mio €
Leipzig
Semmelweisstraße	Leipzig	109 Mio €
Parkresidenz	Leipzig	252 Mio €
Rosa-Luxemburg-Straße	Leipzig	€ 109 Mio
Heide Süd	Halle	38 Mio €

Project Portfolio as of 30/09/2021

(projects > €30m sales volume, representing total: ~ €7.2bn)

Project	Location	Sales volume (expected)	Land plot acquired	Building right obtained	Sales started	Construction started
Baden-Wurttemberg		128 Mio €
City-Prag - Wohnen im Theaterviertel	Stuttgart	50 Mio €
Schwarzwaldstraße	Herrenberg
S`LEDERER	Schorndorf	N/A
Neckartalterrassen	Rottenburg	163 Mio €
Schäferlinde	Herrenberg	61 Mio €
Schwarzwaldstraße BA II	Herrenberg	70 Mio €
Bavaria South
Ottobrunner Straße	München	93 Mio €
Beethovenpark	Augsburg	144 Mio €
Bavaria North
Schopenhauerstraße	Nürnberg	68 Mio €
Stephanstraße	Nürnberg	N/A
Seetor	Nürnberg	112 Mio €
Straße Eslarner	Nürnberg	50 Mio €
Lagarde	Bamberg	82 € Mio
Boxdorf	Nürnberg	59 € Mio
Marina Bricks	Regensburg	€ 30 Mio
Thumenberger Weg	Nürnberg	€ 111 Mio
Worzeldorf	Nürnberg	€ 68 Mio

33 | 18.11.2021 | Q3-2021

• Average daily trading volume: €1.3m • Free float: 100% • Market segment: Prime Standard, Frankfurt

• ISIN: DE000A2NBX80

• No of shares: 46,988,336

• Market cap*: €1,116.0m

• Ticker symbol: INS

• Index: SDAX

Basic data Shareholder structure (November 2021)

Instone Share

Financial Calendar

2021

November	18	Quarterly Statement for the first nine months of 2021
November	19	Virtual Roadshow, UK (Deutsche Bank)
November	22	Roadshow, UK (Deutsche Bank)
November	23	Virtual Roadshow, Paris (KeplerCheuvreux)
November	24	EPRA Corporate Access Day, virtual
November	26	Virtual Roadshow, Germany & Switzerland (Credit Suisse)
December	01	UBS Global Real Estate CEO/CFO Conference, London
December	02	Virtual Roadshow, US (Morgan Stanley)
December	06, 09	HSBC Real Estate Seminar, virtual

2022

January	10	ODDO BHF Forum
January	17	UniCredit Kepler Cheuvreux German Corporate Conference
March	10	Annual Report 2021
May	12	Quarterly Statement for the first quarter of 2022
June	09	Annual General Meeting
August	11	Group Interim Report for the first half of 2022
November	10	Quarterly Statement for the first nine months of 2022

Investor Relations Contact

Burkhard Sawazki

Head of Business Development & Communication

T +49 201 45355-137 M +49 173 2606034

burkhard.sawazki@instone.de

Simone Cujai

Senior Investor Relations Manager

T +49 201 45355-428 M +49 162 8035792

simone.cujai@instone.de

Instone Real Estate Group SE Grugaplatz 2-4, 45131 Essen E-Mail: investorrelations@instone.de Internet: www.instone.de/en

36 | 18.11.2021 | Q3-2021