LEG Immobilien SE

Investor Presentation • May 13, 2025

LEG Immobilien SE Q1-2025 Results

13 May 2025

Q1-2025 Results – Agenda

• Highlights Q1-2025
• Portfolio & Operating Performance

Financial Performance Outlook

While LEG Immobilien SE ("The Company") has taken all reasonable care to ensure that the facts stated in this presentation are accurate and that the opinions contained in it are fair and reasonable, this presentation is selective in nature and is intended to provide an introduction to, and an overview of the Company's business. Any opinions expressed in this presentation are subject to change without notice and neither the Company nor any other person is under any obligation to update or keep current the information contained in this presentation. Where this presentation quotes any information or statistics from any external sources, you should not interpret that the Company has adopted or endorsed such information or statistics as being accurate.

This presentation may contain forward-looking statements that are subject to risks and uncertainties, including those pertaining to the anticipated benefits to be realised from the proposals described herein. Forward-looking statements may include, in particular, statements about future events, future financial performance, plans, strategies, expectations, prospects, competitive environment, regulation, and supply and demand. The Company has based these forwardlooking statements on its views and assumptions with respect to future events and financial performance. Actual financial performance could differ materially from that projected in the forward-looking statements due to the inherent uncertainty of estimates, forecasts and projections, and financial performance may be better or worse than anticipated. Given these uncertainties, readers should not put undue reliance on any forward-looking statements. The information contained in this presentation is subject to change without notice and the Company does not undertake any duty to update the information and forward-looking statements, and the estimates and assumptions associated with them, except to the extent required by applicable laws and regulations.

This presentation does not constitute an offer or invitation to purchase or sell any shares in the Company and neither this presentation or anything in it shall form the basis of, or be relied upon in connection with, any contract or commitment whatsoever.

Highlights Q1-2025 1

Highlights

Financial Summary Q1-2025

Operating results		Q1-2025	Q1-2024	change
Net cold rent	€m	229.5	214.1	+7.2%
NOI (recurring)	€m	186.0	171.1	+8.7%
EBITDA (adjusted)	€m	173.4	157.6	+10.0%
FFO I1	€m	114.3	98.8	+15.7%
AFFO	€m	62.3	48.6	+28.2%
AFFO per share	€	0.84	0.66	+27.3%
Operating cashflow	€	110.3	134.4	–17.9%
NOI margin (recurring)	%	81.0	79.9	+110bps
EBITDA margin (adjusted)	%	75.6	73.6	+200bps
FFO I margin	%	49.8	46.1	+370bps
AFFO margin	%	27.2	22.7	+450bps
Portfolio
		31.03.2025	31.03.2024	change
Residential units	number	171,734	165,953	+3.5%
In-place rent (l-f-l)	€/sqm	6.87	6.67	+3.0%
Investments (adj.)2	€/sqm	7.51	7.58	–0.8%
EPRA vacancy rate (l-f-l)	%	2.4%	2.6%	–20bps

Balance sheet		31.03.2025	31.12.2024	change
Investment properties	€m	18,892.4	17,853.3	+5.8%
Cash and cash equivalents3	€m	831.6	914.3	–9.0%
Equity	€m	7,726.6	7,396.5	+4.5%
Total financing liabilities	€m	10,122.5	9,718.6	+4.2%
Net debt4	€m	9,245.2	8,756.9	+5.6%
LTV	%	48.4	47.9	+50bps
Average debt maturity	years	5.6	5.7	–0.1 years
Average debt interest cost	%	1.55	1.49	+6ps
Equity ratio	%	37.8	37.8	+/–0%
EPRA NTA, diluted	€m	9,565.1	9,375.4	+2.0%
EPRA NTA per share, diluted	€	128.44	125.90	+2.0%

1 No steering KPI – for information purpose only. 2 Excl. new construction activities on own land, own work capitalised, consolidation effects and after subsidies. 3 Including short-term deposits of €354.3m as of Q1-2025 (FY-2024: €607.4m). 4 Excl. lease liabilities according to IFRS 16 and incl. short-term deposits.

Highlights

Strong start into the year

Guidance fully confirmed as capex going to increase throughout the year – pointing to >7% AFFO growth1

• AFFO + 28.2% to €62.3m
• FFO I + 15.7% to €114.3m
• Adj. EBITDA-Margin 75.6%
• LTV 48.4%
• Debt @ 1.55% for Ø 5.6y
• Equity ratio at 37.8%
• NTA p.s. €128.44

• Net cold rent +7.2%
• l-f-l rental growth +3.0%, thereof free-financed +3.5%
• l-f-l vacancy 2.4% (–20bps)

• Publication of ESG Strategy 2030 as well as a very comprehensive ESG factbook
• Political intention to adjust German efficiency classes to that of European neighbour countries
• Cancellation of contracting agreement with EGC (local contractor) and by that insourcing and decarbonization of around 500 heating systems

BCP fully integrated

Squeeze out of minorities and delisting completed

Valuations stabilize further as portfolio offers attractive gross yield of 5.0% H1 25 valuation effects of +0.5% to +1.0% expected

Sales process for Eastern Germany portfolio started

Increasing disposal programme to c. 5,000 units

Guidance 2025 fully confirmed as capex increases €205 – 225m AFFO point to >7%1 growth in 2025

Highlights

Seamless integration of BCP

Delisted late April – simplification of corporate structure in focus

9,100 units integrated

• Operational and IT integration completed
• 34 BCP employees onboarded
• Selective refinancing: Expensive Shekel denominated bonds and loans refinanced – attractive loans continued
• Real estate transfer tax blockers established
• Simplification of corporate structure ongoing
• Sales process for Eastern German portfolio (Leipzig/ Halle/ Magdeburg) with c. 1,350 units started

Tender offer, squeeze out of minorities and delisting from Israelian stock exchange (TASE) completed

Selective Q1 effects

• €12.3m net cold rent volume effect
• Investment spent only to ramp up from Q2 onwards
• Profit recognition from lucky buy/ badwill of €129m (adjusted within FFOI/AFFO calculation, but accretive to equity position)
• Effect on LTV due to full consolidation

Earnings/ AFFO effect 2025

Higher capex level to offset positive earnings effect, neutral on an AFFO level

Portfolio & Operating Performance 2

Portfolio & Operating Performance

Larger portfolio disposals finalised in Q1

Disposal programme increased to almost 5,000 units – ramping up our disposal activities in volatile markets

Portfolio development – Divestments

Number of units

• In 2024 c. 2,500 units transferred for c. €255m with net proceeds of €180m
• Transfer of ownership for already c. 1,500 units in Q1 for disposal proceeds of €125m
• So far c. 50% of previous year volume already transferred
• Increased disposal programme includes now additionally c. 1,350 units in Eastern Germany and adds up to a total disposal programme of c. 5,000 units
• Disposals of non-core assets at low end as well as high end of quality spectrum (new built/ new development projects)
• Rigorous price discipline continued in total disposals transacted above book values
• Buyers range from HNWIs, pension funds to smaller domestic and international institutionals

Portfolio & Operating Performance

Rent growth momentum in Q1 driven by seasonality effect

Overall on track for guidance range as Q2 – Q4 to be fueled by stronger ramp-up

• Free-financed part increased by 3.5% higher rent increases expected for Q2-4 supporting group guidance range of 3.4% 3.6%
• No cost rent adjustment in 2025; next increase will be in 2026
• Tenant fluctuation stays at low level of 9.3% yoy
• Rent table publications show underlying market dynamics, e.g. in our biggest location Dortmund +6% , Münster +5%, Braunschweig +10%

Capex and Maintenance

Investments below the proportionate run-rate as BCP investments start after full integration

• yoy to €7.51/sqm. Increase in quarterly run rate of investments in the course of the year towards guidance (€35/sqm)
• BCP projects gradually added to the capex pipeline
• On track for >35€/sqm investment guidance
• Capitalisation rate2 of 53% (+90 bps yoy) continues to reflect cash-focused steering
• Investments into construction on own land of €1.0m – completion of last new development project is in sight

1 Excl. new construction activities on own land, own work capitalised and consolidation effects. 2 Relates to adjusted investments.

Financial Performance 3

Financial highlights Q1-2025

Rent growth fully converted into NOI, EBITDA and AFFO – Q1 AFFO level influenced by lower investments

Net cold rent

EBITDA (adjusted)

157.6 173.4 Q1-2024 Q1-2025 75.6% €m Margin (73.6%) +10.0%

Net operating income (recurring)

27.2%

Margin

AFFO

Net cold rent

• €15.4m net cold rent growth driven by the acquisition of BCP (€12.3m) and the 3.0% l-f-l rent growth
• Disposals had a negative impact of €4.0m

Net operating income (recurring)

Similar increase by 8.7% due to stable operating expenses

EBITDA (adjusted) and AFFO

• Increase in EBITDA by 10.0% driven by stable operating expenses and additionally also stable administrative expenses – despite consolidation of BCP
• Evidence of strict cost focus
• Strong AFFO increase of 28.2% supported by flat investments

Financial Performance

AFFO Bridge Q1-2025

AFFO benefits from strong rent growth while investments remain at low levels

Financial Performance

Financial profile

BCP debt book refinanced – 2025 maturities fully addressed – interest costs remain low – cash rich

Pro forma maturity profile1

Average debt maturity

years
Q1-2025	5.6
FY-2024	5.7

Average interest cost

%

Q1-2025	1.55%
FY-2024	1.49%

Loan-to-Value

Highlights

• All 2025 maturities addressed opportunistic refinancing, in particular focus on 2026 maturities
• Return to the bond market in Jan 2025 with a Sub-Benchmark-Bond issuance in the amount of €300m (10-year tenor, 3.875% coupon)
• In Q1 2025, support for the BCP Group in the repayment of significant financings in the amount of >€350m (including Shekel denominated bonds)
• Undrawn RCFs amounting to €750m as of the reporting date, along with an unused commercial paper program of €600m
• Solid liquidity position of > €800m as of 31 March 20252
• Average interest hedging rate of c. 97.4%
• LTV ratio of 48.4%
• Interest Coverage Ratio (ICR) at 4.4x

1 Pro forma as of March 2025 after already signed refinancing agreements. 2 Cash and cash equivalents.

Outlook 4

Outlook

Guidance 2025 confirmed: AFFO increase of >7% expected1

Resilience in times of volatility and profitability upheld

		Guidance 20252
AFFO		€205m – 225m
Adj. EBITDA margin		c. 76%
l-f-l rent growth		3.4% – 3.6%
Investments		> 35€/sqm
LTV		Medium-term target level max. 45%
Dividend		100% AFFO as well as a part of the net proceeds from disposals
Disposals		Not reflected2
Environment	2025–2028	€20m of profit and disposal results of Green Ventures3
	2025	6,000 tonnes CO reduction from modernisation projects and customer behaviour change 2

1 Based on mid-point 2025 guidance. 2 Based on 172k units. 3 Mid-point of range. For more details see remuneration report .

FFO I/ AFFO calculation

€m	Q1-2025	Q1-2024
Net cold rent	229.5	214.1
Profit from operating expenses	–7.3	–5.6
Personnel expenses (rental and lease)	–28.9	–30.4
Allowances on rent receivables	–5.9	–5.1
Other income (rental and lease)	–3.2	–5.4
Non-recurring special effects (rental and lease)	1.8	3.5
Net operating income (recurring)	186.0	171.1
Net income from other services (recurring)	1.4	0.6
Personnel expenses (admin.)	–10.8	–10.0
Non-personnel operating costs	–5.8	–6.1
Non-recurring special effects (admin.)	2.4	2.0
Administrative expenses (recurring)	–14.2	–14.1
Other income (admin.)	0,2	0.0
EBITDA (adjusted)	173.4	157.6
Net cash interest expenses and income FFO I	–37.3	–34.5
Net cash income taxes FFO I	–0.8	–0.1
Maintenance (externally-procured services)	–27.9	–30.4
Subsidies recognised in profit or loss	3.0	3.9
Own work capitalised	4.4	2.7
FFO I (including non-controlling interests)	114.8	99.2
Non-controlling interests	–0.5	–0.4
FFO I (excluding non-controlling interests)	114.3	98.8
FFO II (including disposal of investment property)	112.4	98.0
Capex (recurring)	–52.0	–50.2
AFFO (capex-adjusted FFO I)	62.3	48.6

New line item from 2025 for the AFFO calculation from 2025 onwards: Profit from Green Ventures which will capture the pro rata profits and disposal results of the Green Ventures and contribute to FFO I and accordingly to AFFO.

Net cold rent

• +€15.4m or +7.2% driven by the acquisition of BCP (+€12.3m) and residential rent increases (+3.0% l-f-l or +€7.1m)
• Disposals had a negative impact of €4.0m

Personnel expenses (rental and lease)

Decline despite BCP-acquisition due to disposal of LEG Nord FM at year-end 2024 and inflation adjustment paid last year

Net cash interest expenses and income

Moderate increase (–€2.8m) as debt financings benefit from ongoing low interest expenses and benefit from interest income of strong cash position

Subsidies & Investm. (maintenance and capex)

• Overall stable spending in Q1 on maintenance & capex overall, mainly driven by disproportionate low spending pattern on the BCP portfolio as capex measures ramp up from Q2 onwards
• Subsidies for 2025 expected to be in the range of €20 – 25m

EPRA NRV – NTA – NDV

€m	31.03.2025			31.12.2024
	EPRA NRV – diluted	EPRA NTA – diluted	EPRA NDV – diluted	EPRA NRV – diluted	EPRA NTA – diluted	EPRA NDV – diluted
IFRS equity attributable to shareholders (before minorities)	7,599.1	7,599.1	7,599.1	7,371.5	7,371.5	7,371.5
Hybrid instruments	29.2	29.2	29.2	29.2	29.2	29.2
Diluted NAV (at Fair Value)	7,628.3	7,628.3	7,628.3	7,400.7	7,400.7	7,400.7
Deferred tax in relation to fair value gains of IP and deferred tax on subsidised loans and financial derivatives	2,043.6	2,034.9	–	2,034.8	2,025.7	–
Fair value of financial instruments	–92.9	–92.9	–	–44.8	–44.8	–
Intangibles as per the IFRS balance sheet	–	–5.2	–	–	–6.2	–
Fair value of fixed interest rate debt	–	–	410.0	–	–	383.7
Deferred taxes of fixed interest rate debt	–	–	–93.7	–	–	–168.6
Estimated ancillary acquisition costs (real estate transfer tax)	1,819.5	–	–	1,721.4	–	–
NAV	11,398.5	9,565.1	7,944.6	11,112.1	9,375.4	7,615.8
Fully diluted number of shares	74,469,665	74,469,665	74,469,665	74,469,665	74,469,665	74,469,665
NAV per share (€)	153.06	128.44	106.68	149.22	125.90	102.27

Balance sheet

)

€m	31.03.2025	31.12.2024
Investment property	18,892.4	17,853.3
Other non -current assets	435.7	529.9
Non -current assets	19,328.1	18,383.2
Receivables and other assets	595.7	754.1
Cash and cash equivalents	477.3	306.9
Current assets	1,073.0	1,061.0
Assets held for sale	37.8	141.0
Total Assets	20,438.9	19,585.2
Equity	7,726.6	7,396.5
Non -current financing liabilities	7,445.5	7,796.6
Other non -current liabilities	2,188.7	2,115.0
Non -current liabilities	9,634.2	9,911.6
Current financing liabilities	2,677.0	1,922.0
Other current liabilities	401.1	355.1
Current liabilities	3,078.1	2,277.1
Total Equity and Liabilities	20,438.9	19,585.2

Equity ratio: 37.8 % (FY -2024: 37.8%)

Investment property

• BCP: +€997.7m
• Capex: +€48.7m

Receivables and other assets

Mainly release of short-term deposits ( – €253.1 m

Cash and cash equivalents

• Operating activities: +€110.3 m
• Investing activities: + €222.9 m
• Investments into the portfolio: – €56.6 m
• BCP shares (net of cash): – €108.6 m
• Disposals: + €122.9 m
• Release short -term deposits: + €253.0 m
• Financing activities: – €162.8 m

Financing liabilities

• Bond issuance (+€295.8 m )
• BCP financings ( + €177.3 m )
• Repayments ( – €70.1 m )

Loan to Value

€m	31.03.2025	31.12.2024
Financial liabilities	10,122.5	9,718.6
Excluding lease liabilities (IFRS 16)	45.7	47.4
Cash & cash equivalents1	831.6	914.3
Net Debt	9,245.2	8,756.9
Investment properties	18,892.4	17,853.3
Properties held for sale	37.8	141.0
Participation in other residential companies	174.6	298.7
Property values	19,104.8	18,293.0
Loan to Value (LTV) in %	48.4	47.9

Loan to Value
BCP

• Increase by 50bps to 48.4% effects from the acquisition/consolidation of
• Ongoing high level of cash and cash equivalents in the amount of €831.6m leave room for pay back of maturing financial instruments. Decline vs. 31.12.2024 driven by the payment of the acquisition price for BCP (€184.0m less BCP's cash position of €75.4m).

Participation in other residential companies

Decline due to full consolidation of BCP stake. As of 31.12.2024 a stake of 35.7% with a market value of €124.1m was recognised.

Evaluation of the new coalition agreement of CDU, CSU and SPD

Topic	Explanation	Evaluation LEG
Abolition of the Building Energy Act (GEG); greater openness to technology and innovation	Reduction of detailed specifications and expensive insulation standards, reliance on the steering effect of the CO2 price, consideration of innovative, green and efficient solutions	Enabling of cost-efficient decarbonisation of existing buildings and support for LEG green ventures. Right shift from energy efficiency to emission efficiency when it comes to decarbonization
Flexible and practical implementation of the EU Energy Performance of Buildings Directive (EPBD)	Planned alignment of German building efficiency classes with those of neighbouring European countries. Rapid implementation of EU ETS II. Use of all leeway in national implementation	Creating a level playing for German Buildings and their efficiency on EU level; enabling of EU-wide cost-efficient decarbonisation of existing buildings
Extension of the rental brake until 2029	New rentals in so-called 'tight markets' may still only exceed the local comparative rent by a maximum of 10%. Fines for non compliance with the rent brake. An expert group is to develop proposals for the concrete implementation of these measures by the end of 2026	Imbalance between supply and demand remains. Originally introduced in 2015 as a temporary measure to dampen rent increases in tight markets without having significant effects on the supply. Both the renewed extension as well as interference in property rights raise concern on constitutionality in general.
Additional restrictions for specific types of use or rental contracts	Disadvantage for furnished/temporary rentals/index-linked rents (a rent that is linked to inflation). An expert group is to develop proposals for the concrete implementation of these measures by the end of 2026	LEG not affected as it does not offer those rent types.
Introduction of a "residential construction turbo"	Significant simplification of building regulations. Reduction of standards. Promotion of new construction as part of the infrastructure package	Influence at federal level limited; funding volume not significantly increased; cost reductions not sufficient to increase profitability of new development product and therefore no significant incentives to support construction activity

Appendix – Market

German residential market

A highly fragmented market – dominated by private owners

Professional owners 34%

66% Private owners

Appendix – Market

Demand – supply imbalance will persist

New supply continues to erode while population will remain at high level

German population at highest level ever in 2024

New apartments completed

No. of building permissions for apartments

Portfolio growth to >170k units driven by BCP integration

BCP-units onboarded – disposal program ongoing

1 Residential units. 2 Note: The date of the transaction announcement and the transfer of ownership are usually several months apart. The number of units may therefore differ from other disclosures, depending on the data basis.

Portfolio changes

• ~9,100 additions from BCP-acquisition
• Disposal program ongoing transfer of ownership for 1,456 units translating into proceeds of €125m
• Further disposals envisaged
• In total sold above book value

LEG's portfolio comprises of c. 171,700 units Well balanced portfolio

Outside North Rhine-Westphalia (c.35,700 units / c.21%)

1 Residential units. 2 Tense markets only allow for 15% rent increase on sitting tenants within three year while normal markets allow for 20% and rental break regulations for re-lettings applies.

Portfolio values Q1-2025: Gross yields rise to 5.0% after BCP integration

H1 2025 valuation effects expected to be in the order of +0.5% to +1.0%

Market segment	Residential Units1	GAV Residential Assets (€m)	GAV/ sqm (€)	Gross yield	In-Place Rent Multiple	GAV Commercial/ Other (€m)	Total GAV (€m)	Gross yields 7%
High Growth Markets	51,878	7,549	2,305	4.1%	24.2x	348	7,897	6% 5%
Stable Markets	69,248	6,714	1,520	5.2%	19.4x	268	6,981	4%
Higher Yielding Markets	50,608	3,462	1,131	6.4%	15.7x	105	3,567	3% 2% High-Growth
Total Portfolio	171,734	17,724	1,628	5.0%	20.2x	721	18,445	Stable 1% Higher-Yielding LEG 0%

1 Including residential units categorised as "assets held for sale (IFRS 5)" or "owner-occupied property (IAS 16)".

Portfolio KPIs

Rent increases alongside vacancy reduction

Market split (GAV)

High-growth 42 Stable 38 Higher-yielding 20

In-place rent, l-f-l

€/m2

Vacancy, l-f-l

Markets

%

	Total portfolio		High-growth		Stable		Higher-yielding
	Q1-2025	 (YOY)	Q1-2025	 (YOY)	Q1-2025	 (YOY)	Q1-2025	 (YOY)
# of units	171,734	+3.5%	51,878	+4.1%	69,248	+3.9%	50,608	+2.4%
GAV residential assets (€m)	17,724	+3.7%	7,549	+3.6%	6,714	+2.2%	3,462	+3.4%
In-place rent (m2 ), l-f-l	€6.87	+3.0%	€7.71	+2.7%	€6.63	+3.5%	€6.27	+2.7%
EPRA vacancy, l-f-l	2.4%	–20bps	1.3%	–10bps	2.3%	–50bps	4.3%	+10bps

Rent regulation in Germany

Only one third of units subject to stricter regulation

Free-financed units (~142,000)

Rent restricted units (~30,000)

1 Based on rent table (Mietspiegel). 2 In NRW, 57 cities were identified as tense markets (from 1 March 2025 onwards), especially Düsseldorf, Cologne and Greater Cologne area, Bonn, Münster. Outside NRW and relevant for LEG are cities such as Brunswick, Hanover, Oldenburg, Osnabrück.

Top locations upcoming rent tables (MSP – Mietspiegel)

Offering the basis for further growth

Location	# Residents	LEG market segment	# LEG free financed units	Current MSP type	Current MSP valid since	New MSP expected type	New MSP expected time of update
Herten	> 50,000	Higher-yielding	1,204	Simple	01/2023	Qualified	01/20251
Neuss	>100,000	High-growth	668	Simple	01/2023	Qualified	01/20251
Siegen	>100,000	Stable	1,360	Simple	01/2023	Simple	01/20251
Göttingen	>100,000	Stable	1,146	Simple	05/2023	Simple	05/2025
Leipzig	>100,000	High-growth	899	Qualified	06/2023	Qualified	06/2025
Hamm	>100,000	Higher-yielding	3,796	Qualified	07/2023	Qualified	07/2025
Krefeld	>100,000	Higher-yielding	1,110	Simple	08/2023	Qualified	08/2025
Oldenburg	>100,000	High-growth	1,377	Qualified	10/2023	Qualified	10/2025
Hagen	>100,000	Higher-yielding	1,429	Qualified	11/2023	Qualified	11/2025
Iserlohn	> 50,000	Higher-yielding	1,668	Simple	12/2023	Simple	12/2025
Leverkusen	>100,000	High-growth	1,046	Qualified	12/2023	Qualified	12/2025

1 Publication delayed.

Subsidised units account for around 17% of the portfolio

Reversionary potential amounts to 55% on average

Rent potential subsidised units

• Until 2028, around 18,400 units will come off rent restriction
• Units show significant upside to market rents
• The economic upside can theoretically be realised the year after restrictions expire subject to general legal and other restrictions3

Around 60% of units to come off restriction until 2028

Number of units coming off restriction and rent upside

Spread to market rent

1 Average rent value that could theoretically be achieved, not implying that an adjustment of the in-place rent to the market rent is feasible, as stringent legal and contractual restrictions regarding rent increases exist.

2 Rent upside is defined as the difference between LEG in-place rent and market. 3 For example rent increase cap of 15% (tense markets) or 20% for three years.

3

€m

New construction – finishing the last projects – small in volume

Small size of projects and investment volume, cash potential from built to sell

0

22

Q1-2025 2025e 2026e

Remaining completions in 2025

Remaining investment volume in 2025

€22m

Appendix – ESG

On track for our target towards climate neutrality

Aiming for a reduction of 47% of our carbon footprint until 2030

• LEG fully committed to German Climate Change Act to achieve climate neutrality by 2045
• Aligned with strategy via STI/ LTI-component of compensation scheme
• CO2 reduction in 2024 by 2% to 29.1kg (market based)
• Key driver:
  • 6,639t CO2 savings of which
  • 1,088t from nudging-effects
  • 5,551t from energetic refurbishments
• 2025 STI component: 6,000 tons CO2 reduction from modernisation projects and customer behavior change

Transition roadmap towards climate neutrality by levers

Focus is on

• Emission efficiency and not so much on energy efficiency
• Costs per ton of CO2 savings to also keep focus on affordability
• Energy transition will have the biggest lever on the decarbonisation of the portfolio
• Own solutions to the decarbonisation of the portfolio via the LEG Green ventures,

Appendix – ESG

Among the best in class

Reflecting LEG's strong sustainability commitment

Comprehensive ESG update

Published on the LEG webpage at ESG-Strategy - Factbook 2030

Financing-KPIs as of Q1 2025

Unsecured financing covenants Financing mix

Covenant	Threshold	Q1-2025
Consolidated Adjusted EBITDA / Net Cash Interest	≥1.8x	4.4x1
Unencumbered Assets / Unsecured Financial Indebtedness	≥125%	187.8%
Net Financial Indebtedness / Total Assets	≤60%	47.2%
Secured Financial Indebtedness / Total Assets	≤45%	16.0%

Type	Rating	Outlook
Long Term Rating	Baa2	Stable
Short Term Rating	P-2	Stable

Ratings (Moody's) Key financial ratios

	Q1-2025	FY-2024
Net debt / adj. EBITDA2	13.6x	13.8x
LTV	48.4%	47.9%
Secured Debt / Total Debt	34.0%	33.8%
Unencumbered Assets / Total Assets	47.8%	47.7%
Equity ratio	37.8%	37.8%

1 Based on the adjusted EBITDA definition effective until business year 2022. Based on the adjusted EBITDA definition effective since business year 2023, i.e., excluding maintenance (externally-procured services) and own work capitalized, KPI is 4.9x. 2 Average net debt last four quarters / adjusted EBITDA LTM.

Appendix – Financing

Capital market financing Corporate bonds

Duration	Issue Size	Maturity Date	Coupon	Issue Price	ISIN	WKN
2019/2027	€500m	28 Nov 2027	0.875% p.a.	99.356%	DE000A254P51	A254P5
2019/2034	€300m	28 Nov 2034	1.625% p.a.	98.649%	DE000A254P69	A254P6
2021/2033	€700m	30 Mar 2033	0.875% p.a.	99.232%	DE000A3H3JU7	A3H3JU
2021/2031	€700m	30 Jun 2031	0.750% p.a.	99.502%	DE000A3E5VK1	A3E5VK
2021/2032	€500m	19 Nov 2032	1.000% p.a.	98.642%	DE000A3MQMD2	A3MQMD
2022/2026	€500m	17 Jan 2026	0.375% p.a.	99.435%	DE000A3MQNN9	A3MQNN
2022/2029	€700m	17 Jan 2029	0.875% p.a.	99.045%	DE000A3MQNP4	A3MQNP
2022/2034	€500m	17 Jan 2034	1.500% p.a.	99.175%	DE000A3MQNQ2	A3MQNQ
2025/2035	€300m	20 Jan 2035	3.875% p.a.	98.248%	DE000A383YA0	A383YA

Financial Covenants

.

Adj. EBITDA/ net cash interest ≥ 1.8x

Unencumbered assets/ unsecured financial debt ≥ 125%

Net financial debt/ total assets ≤ 60%

Secured financial debt/ total assets ≤ 45%

Appendix – Financing

Capital market financing Convertible bonds

Term / Maturity Date

Coupon

Adjusted Conversion Price1 €113.2516

Issuer Call

2017/2025 2020/2028 2024/2030

8 years/ 1 September 2025

0.875% p.a. (semi-annual payment: 1 March, 1 September)

(since 2 June 2022)

From 22 September 2022, if LEG share price >130% of the then applicable conversion price ISIN DE000A2GSDH2 DE000A289T23 DE000A3L21D1

8 years/ 30 June 2028

0.400% p.a. (semi-annual payment: 15 January, 15 July) # of shares 3,531,959 3,580,370 5,958,725 Redemption Price 100.00% 100.00% 106.34%

€153.6154 (since 7 June 2022) No adjustment so far

From 5 August 2025, if LEG share price >130% of the then applicable conversion price WKN A2GSDH A289T2 A3L21D

Issue Size €400m €550m €700m

6 years/ 4 September 2030

1.000% p.a. (semi-annual payment: 4 March, 4 September)

Initial Conversion Price €118.4692 €155.2500 €117.4748 (effective: €124.9227)

From 25 September 2028, if LEG share price >130% of the then applicable conversion price

1 Dividend-protection: The conversion price will not be adjusted until the dividend exceeds €2.63 (2017/2025 convertible) and €3.562 (2020/2028 convertible). Full dividend protection of the 2024/2030 convertible.

LEG share information

Market segment	Prime Standard
Stock Exchange	Frankfurt
Total no. of shares	74,469,665
Ticker symbol	LEG
ISIN	DE000LEG1110
Indices	MDAX, FTSE EPRA/NAREIT, GPR 250, Stoxx Europe 600, DAX 50 ESG, i.a. MSCI Europe ex UK, MSCI World ex USA, MSCI World Custom ESG Climate Series

Basic data Shareholder structure1

Share (09.05.2025; indexed; in %; 01.02.2013 = 100)

Share price and market capitalisation since IPO

IPO = Initial Public Offering; CI = capital increase; CIK = capital increase in kind; CB = convertible bond; SD = stock dividend.

Financial calendar

For our detailed financial calendar, please visit https://ir.leg-se.com/en/investor-relations/financial-calendar

IR Contact

Investor Relations Team For questions please use

Frank Kopfinger, CFA Head of Investor Relations & Strategy

Tel: +49 (0) 211 4568 – 550 E-Mail: frank.kopfinger@leg-se.com ir@leg-se.com

Elke Franzmeier Corporate Access & Events

Tel: +49 (0) 211 4568 – 159 E-Mail: elke.franzmeier@leg-se.com

Karin Widenmann Senior Manager Investor Relations

Tel: +49 (0) 211 4568 – 458 E-Mail: karin.widenmann@leg-se.com Gordon Schönell, CIIA Senior Manager Investor Relations

Tel: +49 (0) 211 4568 – 286 E-Mail: gordon.schoenell@leg-se.com

LEG Immobilien SE ǀ Flughafenstraße 99 ǀ 40474 Düsseldorf, Germany E-Mail: ir@leg-se.com ǀ Internet: www.leg-se.com