LEG Immobilien SE

Investor Presentation • Aug 7, 2025

LEG Immobilien SE H1-2025 Results

7 August 2025

H1-2025 Results – Agenda

• Highlights H1-2025
• Portfolio & Operating Performance

LEG Immobilien SE

Disclaimer

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 expressed therein are fair and reasonable. However, this presentation is selective in nature and does not purport to contain all information that may be required to evaluate the Company and/or its securities, but is intended to provide an introduction and overview of the Company's business. Where this presentation quotes any information or statistics from any external sources, this shall not be interpreted as the Company adopting or endorsing 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, estimates, opinions and projections about future events, future financial performance, plans, strategies, prospects, competitive environment, regulation, and supply and demand. The Company has based these forward-looking statements on its current views and assumptions with respect to future events and financial performance and they shall not be construed as guarantees of future developments and results. In particular, the actual financial performance could differ materially from that projected or implied 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 intend or assume any obligation to update or keep up to date 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, and is not intended to, constitute or form part of, and should not be construed as, an offer to purchase or sell or a solicitation of an offer to purchase or sell any securities of the Company and neither this presentation nor anything in it shall form the basis of, or be relied upon in connection with, any contract or commitment whatsoever.

1

Financial Summary H1-2025

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Operating results		H1-2025	H1-2024	change
Net cold rent	€m	457.8	427.9	+7.0%
NOI (recurring)	€m	383.8	350.2	+9.6%
EBITDA (adjusted)	€m	360.0	323.9	+11.1%
FFO I1	€m	241.2	217.9	+10.7%
FFO I per share	€m	3.24	2.94	+10.2%
AFFO	€m	126.6	109.7	+15.4%
AFFO per share	€	1.70	1.48	+14.9%
Operating cashflow	€	276.5	278.0	–0.5%
NOI margin (recurring)	%	83.8	81.8	+200bps
EBITDA margin (adjusted)	%	78.6	75.7	+290bps
FFO I margin	%	52.7	50.9	+180bps
AFFO margin	%	27.7	25.6	+210bps
Portfolio		30.06.2025	30.06.2024	change
Residential units	number	171,598	165,823	+3.5%
In-place rent (l-f-l)	€/sqm	6.93	6.72	+3.2%
Investments (adj.)2	€/sqm	16.51	15.41	+7.1%
EPRA vacancy rate (l-f-l)	%	2.4	2.5	–10bps

Balance sheet		30.06.2025	31.12.2024	change
Investment properties	€m	19,183.2	17,853.3	+7.4%
Cash and cash equivalents3	€m	763.9	914.3	–16.4%
Equity	€m	7,756.2	7,396.5	+4.9%
Total financing liabilities	€m	10,032.0	9,718.6	+3.2%
Net debt4	€m	9,223.5	8,756.9	+5.3%
LTV	%	47.6	47.9	–30bps
Average debt maturity	years	5.5	5.7	–0.2 years
Average debt interest cost	%	1.54	1.49	+5ps
Equity ratio	%	37.6	37.8	–20bps
EPRA NTA, diluted	€m	9,746.2	9,375.4	+4.0%
EPRA NTA per share, diluted	€	130.87	125.90	+3.9%

1 No steering KPI for 2024/2025 – for informational purpose only. 2 Excl. new construction activities on own land, own work capitalised, consolidation effects and after subsidies. 3 Including short-term deposits of €130.3m as of Q2-2025 (FY-2024: €607.4m). 4 Excl. lease liabilities according to IFRS 16 and incl. short-term deposits.

Strong momentum continues

AFFO guidance specified towards upper half of original range - pointing to c.10% AFFO and c.5% FFO I growth1

• AFFO +15.4% to €126.6m
• FFO I +10.7% to €241.2m
• Adj. EBITDA-Margin 78.6%
• LTV 47.6%
• Debt @ 1.54% for Ø 5.5y
• Equity ratio at 37.6%
• NTA p.s. €130.87

• Net cold rent +7.0%
• l-f-l rental growth +3.2%, thereof free-financed +3.7%

H1- ²⁰²⁵

l-f-l vacancy 2.4% (–10bps)

• SVB member Katrin Suder appointed member of the Government Commission on the German Corporate Governance Code
• LEG-study on promoting ownership & stabilizing neighborhoods: North Rhine-Westphalia state parliament adopts state guarantee programs according to LEG's proposal2
• LEG to be proud member of the BRYCK startup alliance to support proptech innovation

Updated guidance of €215 – 225m AFFO for 2025

FFO I 2025 to be back at FY-2022 level, i.e. in a range of €470 – 490m

Ongoing improvement in an undersupplied market Portfolio valuation effect of +1.2% in H1-2025

EBITDA margin of c.77% (+100bps) expected for 2025

Guidance raise based on seamless BCP integration and value-add

Steady ramp up towards guidance throughout the year Rent increases on track for target range of 3.4% – 3.6%

FFO I per share – back at pre-crisis earnings level

High stability of earnings throughout the cycle

Historical development of earnings per share1

Managing the cycle via non-complex measures and strict cash focus

• Shift to cashflow/ AFFO steering
• Dividend suspension for FY-2022 €337m retained2
• Run-down of LEG new development pipeline since 2023
• Portfolio management at work:
  • Disposal of >5,700 units since 2023 until H1-2025 for >€550m total proceeds
  • with weak asset and/ or location characteristics or
  • from new development
  • Disposals at or slightly above book value
• No disposal of core assets
• Acquisition of 9,100 residential units via BCP
• No structured deals, i.e. no complexity and minorities added to the balance sheet
• Opportunistic refinancing kept financing terms at attractive levels with 1.54% on average as at H1-2025
• Scrip dividend for FY-2023 and FY-2024 supported cash preservation with >€100m at limited dilutive effects of 2.0%
• LTV remains work in progress with 47.6%

Seamless integration of BCP leads to AFFO impact of >€5m in 2025

Faster execution allows for profit contribution in year 1

• Fast and smooth integration of 9,100 units
• Fast execution on synergies:
  • Refinanced vast majority of outstanding debt (total as of YE 2024 of c.€570m), esp. c. €220m in 4.7% ILS CPI-linked bonds
  • 34 out of 80 employees onboarded
  • Operational synergies from integration of data and processes into LEG state-of-the-art ERP and admin systems

Financial effect 2025e:

• Net cold rent contribution 2025e: €49m
• EBITDA-margin developed towards LEG level
• AFFO contribution >€5m (vs. original target of AFFO neutral)
• Simplification of corporate structure ongoing
• Vivid interest for Eastern German portfolio with c. 1,350 units
  • Portfolio broken down into sub portfolios to address demand for regionally focused and smaller portfolios and optimize shareholder value

€180m of disposals - transaction activity expected to increase

€143m of disposal proceeds in H1-2025, €37m to come until Q4-2025

Portfolio development – Divestments

Number of units

• Transfer of ownership for c. 1,800 units in H1-2025 for disposal proceeds of €143m
• Additional >300 units for proceeds of c.€37m to be transferred in Q4-2025
• Increased disposal programme includes now additionally c. 1,350 units in Eastern Germany from BCP and adds up to a total disposal programme of c. 5,000 units
• Transaction activity muted in Q2-2025 due to macro and geopolitical headwinds, but expected to pick up in Q3/Q4-2025 substantially
• After first round of non-binding offers Eastern German portfolio broken down into regional portfolios (Leipzig/ Halle/ Magdeburg) in order to maximize total disposal price
• Unchanged strategy: 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

1 Net proceeds = Disposal price less redemption of underlying secured financing, transaction fees and calculatory taxes.

Rent growth is gaining momentum

Overall on track for guidance range

• Free-financed part increased by 3.7%, i.e. +30bps vs H1-2024 momentum to increase further, 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 9.4% yoy
• Rent table publications in Q2 show underlying market dynamics, e.g. Hamm +5%

Capex and Maintenance

Investments expected to increase in Q3/Q4-2025 to target level of >€35/sqm

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

• yoy to €16.51/sqm
• BCP projects gradually added to the capex pipeline
• On track for >35€/sqm investment guidance
• Capitalisation rate2 of 55.9% (+90 bps yoy) continues to reflect cash-focussed steering
• Investments into construction on own land of €2.3m – completion of last new development project is in sight

LEG value add with strong momentum in H1-2025

Energy services and refurbishment steering as key growth driver

Financial Performance 3

Financial highlights H1-2025

Margins expand based on seamless BCP integration and better value-add business

Net cold rent

Net operating income (recurring)

Net cold rent

• €29.9m net cold rent growth (+7.0%) driven by the acquisition of BCP (€24.7m) and the 3.2% l-f-l rent growth
• Disposals had a negative impact of €8.7m

Net operating income (recurring)

With 9.6%, stronger growth than net cold rent, due to e.g. energy services

EBITDA (adjusted) and FFO I/ AFFO

• Increase in EBITDA by 11.1% supported by almost stable administrative expenses
• Evidence of strict cost focus
• FFO I increase of 10.7%
• AFFO increase of 15.4%

AFFO Bridge H1-2025

AFFO rises driven by strong rent growth while investments are gradually increasing

Total change

Portfolio valuation H1-2025

Recovery gaining further momentum – H1-2025 with another increase of +1.2%

Valuation decline by markets1

Highlights

• Devaluation cycle came to an end recovery ongoing with +1.2% in H1-2025 following an increase of +0.4% in H2-2024
• Slightly above the original guidance of +0.5% to +1.0%
• Recovery in particular in the high-growth and stable markets
• Going forward u-shaped recovery expected
• Average object-specific discount rate increased to 5.2% (H2-2024 5.1%), cap rate declined to 5.7% (H2-2024 5.9%)

1 Property valuation with cut-off date as of 31 March 2025 and revaluation date as of 30 June 2025.

Financial profile

2025 maturities fully addressed – 2026 maturities now in focus

Maturity profile

Average debt maturity

years
H1-2025	5.5
FY-2024	5.7

Average interest cost

Loan-to-Value

Highlights

• All 2025 maturities addressed opportunistic refinancing, in particular focus on 2026 maturities
• Only €60m left over for repayment in 2025 beside the €400m convertible (due 1 September)
• Undrawn RCFs amounting to €750m as of the reporting date, along with an unused commercial paper program of €600m
• Strong liquidity position of > €750m as of 30 June 20251
• c.60% of the 2026 maturities covered via liquidity and signed loans
• Average interest hedging rate of c. 97.6%
• LTV ratio of 47.6%
• Interest Coverage Ratio (ICR) at 4.4x

Outlook 4

Outlook

Guidance 2025 updated towards upper half of original AFFO range

Indication for FFO I provided – reflecting improved market conditions

		Guidance/ Indication 20251
AFFO		€215m – 225m (prev. €205m – 225m) Update
FFO I		€470m – 490m New indication
Adj. EBITDA margin		c. 77% (prev. c. 76%) Update
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 reflected1
Environment	2025–2028	€20m of profit and disposal results of Green Ventures2
	2025	6,000 tonnes CO reduction from modernisation projects and customer behaviour change 2

1. Based on 171k units. 2 Mid-point of range. For more details see remuneration report .

1	Financials
2	Market
3	Portfolio
4	ESG
5	Financing

Share Information

FFO I/ AFFO calculation

€m	H1-2025	H1-2024
Net cold rent	457.8	427.9
Profit from operating expenses	–10.0	–10.7
Personnel expenses (rental and lease)	–57.3	–57.5
Allowances on rent receivables	-9.8	–7.9
Other income (rental and lease)	–0.2	–5.9
Non-recurring special effects (rental and lease)	3.3	4.3
Net operating income (recurring)	383.8	350.2
Net income from other services (recurring)	2.2	–0.5
Personnel expenses (admin.)	–19.7	–18.6
Non-personnel operating costs	–15.2	–11.5
Non-recurring special effects (admin.)	8.5	4.2
Administrative expenses (recurring)	–26.4	–25.9
Other income (admin.)	0.4	0.1
EBITDA (adjusted)	360.0	323.9
Net cash interest expenses and income FFO I	–73.9	–67.9
Net cash income taxes FFO I	-1.6	–0.1
Maintenance (externally-procured services)	–55.4	–50.2
Subsidies recognised in profit or loss	3.3	7.0
Own work capitalised	9.7	6.3
FFO I (including non-controlling interests)	242.1	219.4
Non-controlling interests	–0.9	–1.5
FFO I (excluding non-controlling interests)	241.2	217.9
FFO II (including disposal of investment property)	239.0	216.6
Capex (recurring)	–114.6	–108.2
AFFO (capex-adjusted FFO I)	126.6	109.7

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

• +€29.9m or +7.0% driven by the acquisition of BCP (+€24.7m) and residential rent increases (+3.2% l-f-l or +€13.9m)
• Disposals had a negative impact of –€8.7m

Net cash interest expenses and income

Small increase (–€6.0m) as total debt increased due to BCP consolidation while average interest costs remained low at 1.54%

Subsidies & Investments

(maintenance and capex)

• Investment volumes gradually ramping up as BCP projects add to the investment pipeline
• Subsidies for 2025 expected to be in the lower end of our guidance range of around €20 – €25m

EPRA NRV – NTA – NDV

€m	30.06.2025		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)	7,693.7	7,693.7	7,693.7	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)	7,722.9	7,722.9	7,722.9	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	2,111.4	2,072.7	–	2,034.8	2,025.7	–
Fair value of financial instruments	–44.5	–44.5	–	–44.8	–44.8	–
Intangibles as per the IFRS balance sheet	–	–4.9	–	–	–6.2	–
Fair value of fixed interest rate debt	–	–	353.2	–	–	383.7
Deferred taxes of fixed interest rate debt	–	–	–80.7	–	–	–168.6
Estimated ancillary acquisition costs (real estate transfer tax)	1,848.1	–	–	1,721.4	–	–
NAV	11,637.9	9,746.2	7,995.4	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 (€)	156.28	130.87	107.36	149.22	125.90	102.27

Balance sheet

)

€m	30.06.2025	31.12.2024
Investment property	19,183.2	17,853.3
Other non -current assets	427.9	529.9
Non -current assets	19,611.1	18,383.2
Receivables and other assets	383.7	754.1
Cash and cash equivalents	633.6	306.9
Current assets	1,017.3	1,061.0
Assets held for sale	26.2	141.0
Total Assets	20,654.6	19,585.2
Equity	7,756.2	7,396.5
Non -current financing liabilities	7,250.2	7,796.6
Other non -current liabilities	2,265.5	2,115.0
Non -current liabilities	9,515.7	9,911.6
Current financing liabilities	2,781.8	1,922.0
Other current liabilities	600.9	355.1
Current liabilities	3,382.7	2,277.1
Total Equity and Liabilities	20,654.6	19,585.2

Equity ratio: 37.6 % (FY -2024: 37.8%)

Investment property

• BCP: +€999.3m and other + €20.1 m
• Valuation: + €222.1 m
• Capex: + €106.1 m
• Disposals: – €17.7 m

Receivables and other assets

Mainly release of short-term deposits ( €477.0 m

Cash and cash equivalents

• Operating activities: +€276.5 m
• Investing activities: + €324.5 m
• Investments into the portfolio: – €136.1 m
• BCP shares (net of cash): – €147.4 m
• Disposals: + €125.4 m
• Release of short -term deposits: + €477.0 m
• Financing activities: – €274.3 m

Financing liabilities

• Bond issuance (+€298.9 m )
• BCP financings ( + €176.4 m )
• Bank loans ( + €60.0 m )
• Repayments ( – €242.4 m )

Loan to Value

Loan to Value (LTV) in %	47.6	47.9
Property values	19,383.9	18,293.0
Participation in other residential companies	174.5	298.7
Properties held for sale	26.2	141.0
Investment properties	19,183.2	17,853.3
Net Debt	9,223.6	8,756.9
Cash & cash equivalents1	763.9	914.3
Excluding lease liabilities (IFRS 16)	44.6	47.4
Financial liabilities	10,032.0	9,718.6
€m	30.06.2025	31.12.2024

Loan to Value

• Decline by 30bps to 47.6%
• Ongoing high level of cash and cash equivalents in the amount of €763.9m leave room for pay back of maturing financial instruments. Decline vs. 31.12.2024 mainly driven by the payment of the acquisition price for BCP (€222.8m 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 end of 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

1. Extension of rental brake to 57 communities in NRW and Lower Saxony respectively to affect rent growth by -0.1% to -0.2%.

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

Appendix – Portfolio

LEG's portfolio comprises of c. 171,600 residential units Well balanced portfolio

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 growth to >170k units driven by BCP integration

BCP-units onboarded – disposal program ongoing

Appendix – Portfolio

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 in Q1-2025
• Additions in Q2-2025 mainly from finished new built projects

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

H1-2025 Results – LEG Immobilien SE	31

Appendix – Portfolio
Portfolio values H1-2025: Gross yield of c.5% for the portfolio

Valuation effects of +1.2% in H1-2025

Appendix – Portfolio

Portfolio KPIs

Rent increases alongside vacancy reduction

Market split (GAV)

%

High-growth 43 Stable 38 Higher-yielding 19

In-place rent, l-f-l

€/m2

Vacancy, l-f-l

%

Markets

	Total portfolio		High-growth		Stable		Higher-yielding
	H1-2025	 (YOY)	H1-2025	 (YOY)	H1-2025	 (YOY)	H1-2025	 (YOY)
# of units	171,598	+3.5%	51,974	+4.4%	69,132	+3.7%	50,492	+2.3%
GAV residential assets (€m)	18,037	+7.5%	7,719	+8.7%	6,818	+7.4%	3,500	+5.3%
In-place rent (m2 ), l-f-l	€6.93	+3.2%	€7.78	+3.0%	€6.70	+3.4%	€6.32	+2.9%
EPRA vacancy, l-f-l	2.4%	–10bps	1.2%	–20bps	2.4%	–10bps	4.3%	+20bps

Rent regulation in Germany

Only one third of units subject to stricter regulation

Free-financed units (~142,000)

Rent restricted units (~30,000)

	83%	17%
	49%	33%	17%
	Non-tense markets	Tense markets2	Cost rent adjustment
	~85,000 units Rent increase	~57,000 units Rent increase	 Every third year (i.e. last was in 2023, next will be in 2026)
s t g c n a ti r t	Max. 20% within 3 years   Max. increase to local reference rent1 +	Max. 15% within 3 years  ( ) Kappungsgrenze  Max. increase to local reference rent1 +	 After full repayment of the underlying subsidised loan, the residential unit gets out of rent restriction and regular code applies  In the case of early repayment, rent restriction continues for another 10 years (tenant protection); then regular code for free-financed units
s n xi o E C	Modernisation levy Annual rent can be increased by 8% of modernisation costs  Limit: €3 per sqm (rent/sqm/month > €7) or €2 per sqm (rent/sqm/month < €7) over 6 	years
s t w c a e r t N n o c	No regulations	Rental brake ( ) Mietpreisbremse  Increase of max. 10% on local reference rent1	applies

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.

Appendix – Portfolio

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
Neuss	>100,000	High-growth	668	Simple	01/2023	Qualified	01/20251
Siegen	>100,000	Stable	1,360	Simple	01/2023	Simple	01/20251
Osnabrück	>100,000	High-growth	692	Simple	08/2023	Simple	08/2025
Oldenburg	>100,000	High-growth	1,377	Qualified	10/2023	Qualified	10/2025
Herford	> 50,000	Stable	609	Simple	10/2023	Simple	10/2025
Hagen	>100,000	Higher-yielding	1,429	Qualified	11/2023	Qualified	11/2025
Hannover	>100,000	High-growth	533	Simple	12/2023	Qualified	12/2025
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
Menden	> 50,000	Higher-yielding	879	Simple	12/2023	Simple	12/2025

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.

Appendix – Portfolio

New construction – finishing the last projects – small in volume

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

H1-2025 Results – LEG Immobilien SE 36

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

Energy transition remains the key driver as focus on emission efficiency puts less focus on expensive refurbishments

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, e.g.

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 Q2-2025

Unsecured financing covenants Financing mix

Covenant	Threshold	Q2-2025
Consolidated Adjusted EBITDA / Net Cash Interest	≥1.8x	4.4x1
Unencumbered Assets / Unsecured Financial Indebtedness	≥125%	194.4%
Net Financial Indebtedness / Total Assets	≤60%	45.5%
Secured Financial Indebtedness / Total Assets	≤45%	15.5%

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

Ratings (Moody's) Key financial ratios

	Q2-2025	FY-2024
Net debt / adj. EBITDA2	13.4x	13.8x
LTV	47.6%	47.9%
Secured Debt / Total Debt	33.2%	33.8%
Unencumbered Assets / Total Assets	48.8%	47.7%
Equity ratio	37.6%	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 €112.9577

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 12 June 2025)

From 22 September 2022, if LEG share price >130% of the then applicable conversion price ISIN DE000A2GSDH2 DE000A289T23 DE000A3L21D1 WKN A2GSDH A289T2 A3L21D

Issue Size €400m €550m €700m

8 years/ 30 June 2028

0.400% p.a. (semi-annual payment: 15 January, 15 July) # of shares 3,541,148 3,580,370 6,189,919 Redemption Price 100.00% 100.00% 106.34%

€153.6154 (since 7 June 2022)

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

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)

€113.0871 (since 16 June 2025)

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 €2.62 (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	75,570,800
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 (05.08.2025; indexed; in %; 01.02.2013 = 100)

1 Shareholdings according to latest voting rights notifications.

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