LEG Immobilien SE

Investor Presentation • May 15, 2024

LEG Immobilien SE Q1-2024 Results

15 May 2024

Q1-2024 Results – Agenda

• Highlights Q1-2024
• Portfolio & Operating Performance

Financial Performance

Outlook

Appendix

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 Q1-2024 1

Highlights

Financial Summary Q1-2024

Operating results		Q1-2024	Q1-2023	+/– %
Net cold rent	€m	214.1	206.3	+3.8
NOI (recurring)	€m	171.1	161.4	+6.0
EBITDA (adjusted)	€m	157.6	157.0	+0.4
FFO I1	€m	98.8	103.2	–4.3
AFFO	€m	48.6	54.9	–11.5
AFFO per share	€	0.66	0.74	–11.5
Operating cashflow	€	134.4	125.1	+7.4
NOI margin (recurring)	%	79.9	78.2	+170bps
EBITDA margin (adjusted)	%	73.6	76.1	–250bps
FFO I margin	%	46.1	50.0	–390bps
AFFO margin	%	22.7	26.6	–390bps
Portfolio		31.03.2024	31.03.2023	+/– %
Residential units	number	165,953	166,987	–0.6%
In-place rent (l-f-l)	€/sqm	6.67	6.45	+3.5%
Investments (adj.)2	€/sqm	7.58	6.59	+15.0%
EPRA vacancy rate (l-f-l)	%	2.5	2.8	–30bps

Balance sheet		31.03.2024	31.12.2023	+/– %
Investment properties	€m	18,164.5	18,101.8	+0.3
Cash and cash equivalents3	€m	469.6	405.5	+15.8
Equity	€m	7,550.4	7,488.2	+0.8
Total financing liabilities	€m	9,369.2	9,375.8	–0.1
Net debt4	€m	8,885.4	8,954.4	–0.8
LTV	%	47.9	48.4	–50bps
Average debt maturity	years	5.9	6.2	–0.3y
Average debt interest cost	%	1.59	1.58	+1bps
Equity ratio	%	38.9	38.8	+10bps
EPRA NTA, diluted	€m	9,462.9	9,379.9	+0.9
EPRA NTA per share, diluted	€	127.69	126.57	+0.9

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 €184.4m as of FY-2023 (FY-2023: €128.0m). 4 Excl. lease liabilities according to IFRS 16 and incl. short-term deposits.

On track for the 2024-guidance

Strong AFFO considering green electricity effect in '23 and a more linear investment approach in '24

• AFFO –11.5% to €48.6m
• Operating Cashflow +7.4% to €134.4m
• FFO I –4.3% to €98.8m
• Adj. EBITDA-Margin 73.6%
• LTV 47.9%/ pro-forma 47.5%1
• Debt @ 1.59% for 5.9y
• NTA p.s. €127.69

• Net cold rent +3.8%
• l-f-l rental growth +3.5%
• l-f-l vacancy 2.5% (–30bps)

• Inauguration of the largest tenant solar electricity project in NRW with 1,117 units being connected
• LEG supports campaigns for openness, respect and diversity (#Zusammenland, #KeineWirtschaftOhneWir, #NieWiederIstJetzt)

Roughly €210m of disposals YTD

First recovery of the transaction market

Deceleration of devaluation continues 1% to 3% devaluation expected for H1

Free financed segment with 4.1% (l-f-l) rent growth

Strong market dynamics continue

Guidance 2024 confirmed – midpoint +5% vs. 2023 €180 – 200m AFFO driven by strong fundamentals

1 Assuming all signings will ultimately be transferred until year end.

From the start of our disposal programme in Q1 2022 until Q4 2023 c.2,000 units transferred for c.€131m

c.600 units transferred in Q1 for €40m, additional signings of c.1,600 units for c.€170m, which are expected to be transferred in the course of the year

Highlights

Number of units

Roughly €210m of disposals YTD

€40m transferred in Q1 – additional c. €170m signed – more disposals in the pipeline

Portfolio development – Divestments

Q1 Q2 Q3	Q4 Q1	Q2 Q3	Q4	Q1	Q2-4
22 22 22	22 23	23 23	23	24	24e	Existing portfolio
–47 –104 –254	–156	–165 –232
	–434
			–578	–594
						New built
					–1,623
Disposal proceeds
€131m				€40m c.€170m
				Gross Net proceeds	proceeds c.€210m c.€147m1

Signed disposals YTD (not yet transferred)

• Price €m Units Krefeld (NRW) 16 236 Warburg (NRW) 5 86 Hanover area (Lower Saxony) 61 766 Other incl. commercial 25 324 Essen/ Duesseldorf (NRW) 63 211 Total c.170 1,623
• Latest signings reflect recovery of transaction markets
• Disposals at low end as well as high end of quality spectrum
• 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 2

Portfolio & Operating Performance

Portfolio transactions Q1: c.600 units transferred for c. €40m

Reasonable portfolio management actions

Number of units based on date of transfer of ownership1,2 Disposals

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.

• Disposal incl. transfer of ownership of ~600 units at a volume of c. €40m – at book value in Q1- 2024, net proceeds of €22m
• Divestments in Q1 include one bigger block sale with around 400 units
• Disposal contracts for more than 1,600 residential units signed for a volume of c.€170m – to be transferred in the course of the year

Portfolio & Operating Performance

Dynamic rent growth for free financed portfolio

Rent tables drive increase

l-f-l rent development

Q1-2024

€/sqm/month

Residential rent

Q1-2023

Q1-2024

Q1-2023

Q1-2023

Free-financed part increased by 4.1% on average showing underlying market dynamics – no cost rent adjustment in 2024, hence overall +3.5%

vs. +3.6% (prev. year)

New rent table examples for LEG1 : Solingen +9.5%, Duesseldorf +6.8%, Bielefeld +6.7%

6.67

6.45

6.72

Tenant fluctuation stable y/y at 9.2%

1 Examples based on typical LEG apartment

Free financed rent

+3.7%

6.09

Capex and Maintenance

Increase driven by aspiration to smooth investment spending across quarters

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

• even distribution over the four quarters
• Adjusted investments per sqm increased by 15.0% yoy to €7.58
• Investment guidance of ~€32 per sqm for 2024 confirmed
• Capitalisation ratio of 52%2 continues to reflect cash-focused steering
• Investments for construction on own land of €2.3m in Q1-2024

Financial Performance 3

Financial highlights Q1-2024

Net operating income margin increases again

73.6%

(76.1%)

Margin

Q1-2023 Q1-2024

Net operating income (recurring) €m

Q1-2023 Q1-2024

Net cold rent

Growth driven by 3.5% l-f-l rent growth and 3.8% actual rent growth – the latter positively affected by new built units

Net operating income (recurring)

Margin increase from 78.2% to 79.9% driven by higher net cold in connection with even slightly lower operating expenses

EBITDA (adjusted)

Margin decline in absence of the positive effects from the forward sale of green electricity in Q1-2023 (–€7.0m)

AFFO

• Decline by 11.5% to €48.6m driven by
  • More evenly distribution of investments leads to increase by €3.2m
• Higher cash interest expenses (–€3.2m)

AFFO Bridge Q1-2024

Lower result from green energy production as well as investment effects contribute to decline in AFFO

Portfolio values Q1-2024

No revaluation effect in Q1 – H1 devaluation of 1% to 3% as well as bottoming out in 2024 expected

Market segment	Residential Units	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	49,847	7,277	2,212	4.0%	24.9x	330	7,607	6% 5%
Stable Markets	66,674	6,478	1,514	5.0%	20.1x	257	6,735	4%
Higher Yielding Markets	49,432	3,386	1,133	6.2%	16.2x	92	3,478	3% High-Growth Stable 2%
Total Portfolio	165,953	17,142	1,624	4.8%	20.8x	678	17,8201	Higher-Yielding 1% LEG
								0% 2019 2020 2021 H1-2022 2022 2023 Q1 2024

Financial profile

2024 maturities completely refinanced – next maturities mid 2025

Pro forma maturities¹

Average debt maturity

Average interest cost

47.9 Q1-2024 %

43.5

Highlights

• All 2024 maturities refinanced opportunistic refinancing of the 2025 maturities now in focus
• Headroom for a c. 25% valuation decline until the threshold of the Unencumbered Asset Test is reached
• Upcoming secured maturities in 2025 in the amount of c. €563m (first maturities mid of 2025)
• Convertible bonds in the amount of €400m due in September 2025
• Undrawn RCFs in the amount of €750m as well as an unused CP program of €600m
• Robust liquidity position of >€450m (as of 31 March 2024)2
• Average debt maturity as of 31 March 2024 is approx. 5.9 years with average interest cost of 1.59%
• Average interest hedging rate c. 94%
• LTV at 47.9% as of 31 March 2024, pro-forma 47.5%3

1 Pro-forma as of 03/2024 after refinancing 100% of the 2024 maturities. 2 Cash and short-term deposits. 3 based on reported Q1 LTV, taking YTD disposals into account

Q1-2023

Outlook 4

Outlook

Guidance 2024 confirmed: AFFO in the range of €180m – €200m

Stronger rent growth and smart spending allows for higher cash generation

		Guidance 20241
AFFO		€180m – 200m
Adj. EBITDA margin		c. 77%
l-f-l rent growth		3.2% – 3.4%
Investments		c. 32€/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	2024–2027	Installation and commissioning of 2,000 air-to-air heat pumps in 2027 in LEG's portfolio and in third-party portfolios
	2024	4,000 tonnes CO reduction from modernisation projects and customer behaviour change 2
Social	2024–2027	Acceleration of the processing time of total LEG tenant complaints by 10% by 31 December 2027 based on the averaged processing time of resolved complaint tickets from March 2024 and September 2024
	2024	Use of 100 LEG staff hours to design, organise or implement intercultural projects until 31 December 2024
Governance	2024	85% of TSP employees, 99% of employees in staff holding LEG group companies have completed the "IT Security" training until 31 December 2024

1 Guidance based on 167 k units.

FFO I/ AFFO calculation

€m	Q1 -2024	Q1 -2023
Net cold rent	214.1	206.3
Profit from operating expenses	–5.6	–6.6
Personnel expenses (rental and lease)	–30.4	–26.6
Allowances on rent receivables	–5.1	–6.5
Other income (rental and lease)	–5.4	–6.2
Non -recurring special effects (rental and lease)	3.5	1.0
Net operating income (recurring)	171.1	161.4
Net income from other services (recurring)	0.6	7.9
Personnel expenses (admin.)	–10.0	–7.7
Non -personnel operating costs	–6.1	–6.7
Non -recurring special effects (admin.)	2.0	2.1
Administrative expenses (recurring)	–14.1	–12.3
Other income (admin.)	0.0	0.0
EBITDA (adjusted)	157.6	157.0
Net cash interest expenses and income FFO I	–34.5	–31.3
Net cash income taxes FFO I	–0.1	–0.2
Maintenance (externally -procured services)	–30.4	–25.2
Subsidies recognised in profit or loss	3.9	0.0
Own work capitalised	2.7	3.5
FFO I (including non -controlling interests)	99.2	103.8
Non -controlling interests	–0.4	–0.6
FFO I (excluding non -controlling interests)	98.8	103.2
FFO II (including disposal of investment property)	98.0	101.0
Capex (recurring)	–50.2	–48.3
AFFO (capex -adjusted FFO I)	48.6	54.9

Net cold rent

+€7.8m or +3.8% driven by rent increases and new built apartments

Personnel expenses (rental and lease; admin)

Increase driven by e.g. higher wages and inflation compensation payment ( €3.9 m treated as non -recurring special effect)

Net income from other services (rec.)

Decline due to absence of positive effects from forward sale of green electricity ( €7.0m yoy impact)

Net cash interest expenses

Increase (–€3.2m) reflects general interest hike

Investments (maintenance and capex)

Increase driven by relatively low previous year level. More equally spread investment level steered for over the four quarters 2024

EPRA NRV – NTA – NDV

€m	31.03.2024			31.12.2023
	EPRA NRV	EPRA NTA1	EPRA NDV	EPRA NRV	EPRA NTA	EPRA NDV
	– diluted	– diluted	– diluted	– diluted	– diluted	– diluted
IFRS equity attributable to shareholders (before minorities)	7,525.4	7,525.4	7,525.4	7,463.2	7,463.2	7,463.2
Hybrid instruments	28.5	28.5	28.5	28.5	28.5	28.5
Diluted NAV (at Fair Value)	7,553.9	7,553.9	7,553.9	7,491.7	7,491.7	7,491.7
Deferred tax in relation to fair value gains of IP and deferred tax on subsidised loans and financial derivatives	1,966.7	1,957.9	–	1,943.4	1,935.2	–
Fair value of financial instruments	–44.3	–44.3	–	–42.0	–42.0	–
Intangibles as per the IFRS balance sheet	–	–4.6	–	–	–5.0	–
Fair value of fixed interest rate debt	–	–	841.0	–	–	744.0
Deferred taxes of fixed interest rate debt	–	–	–189.5	–	–	–156.7
Estimated ancillary acquisition costs (real estate transfer tax)	1.762.2	–	–	1,759.4	–	–
NAV	11,238.5	9,462.9	8,205.4	11,152.5	9,379.9	8,079.0
Fully diluted number of shares	74,109,276	74,109,276	74,109,276	74,109,276	74,109,276	74,109,276
NAV per share (€)	151.65	127.69	110.72	150.49	126.57	109.01

1 Including RETT (Real Estate Transfer Tax) would result in an NTA of €11,213.2m or €151.31 per share (31.12.2023: €11,127.5m or €150.15 per share).

Balance sheet

€m	31.03.2024	31.12.2023
Investment property	18,164.5	18,101.8
Other non -current assets	555.7	559.0
Non -current assets	18,720.2	18,660.8
Receivables and other assets	380.9	287.4
Cash and cash equivalents	285.2	277.5
Current assets	666.1	564.9
Assets held for sale	46.2	77.9
Total Assets	19,432.5	19,303.6
Equity	7,550.4	7,488.2
Non -current financing liabilities	8,925.7	8,930.1
Other non -current liabilities	2,123.3	2,110.2
Non -current liabilities	11,049.0	11,040.3
Current financing liabilities	443.5	445.7
Other current liabilities	389.6	329.4
Current liabilities	833.1	775.1
Total Equity and Liabilities	19,432.5	19,303.6

Equity ratio: 38.9 % (FY -2023: 38.8%)

Investment property

• New construction: + €17.0 m
• Capex: + €49.8 m

Other non -current assets

BCP stake (35.7 %) included with market value of €160.8m ( €58.33 per share) vs. €168.3 m as at 31 Dec 2024

Receivables and other assets

Increase mainly driven by higher short term deposits ( + €56.4 m) to €184.4 m

Cash and cash equivalents

• Operating activities: +€134.4m (+7.4% )
• Investing activities: – €111.9 m
• Financing activities: – €14.8 m

Loan to Value

Loan to Value (LTV) in %	47.9	48.4
Property values	18,543.3	18,519.8
Participation in other residential companies	332.6	340.1
Properties held for sale	46.2	77.9
Investment properties	18,164.5	18,101.8
Net Debt	8,885.4	8,954.4
Cash & cash equivalents1	469.6	405.5
Excluding lease liabilities (IFRS 16)	14.2	15.9
Financial liabilities	9,369.2	9,375.8
€m	31.03.2024	31.12.2023

Loan to Value
---------------	--

• Improvement by 50bps to 47.9% in comparison to 31 December 2023
• Decrease of net debt due to higher cash position
• Slightly higher property values driven by capitalised investments

Participation in other residential companies

BCP is included with a value of €160.8m based on a share price of €58.33 at Tel Aviv Stock Exchange as at 31 March 2024 (€168.3m, €61.04 as at 31 December, 2023)

Appendix – Financials

Income statement

€m	Q1-2024	Q1-2023
Net operating income	140.8	135.4
Net income from the disposal of investment property	–0.3	–0.5
Net income from the valuation of investment property	3.0	–0.5
Net income from the disposal of real estate inventory	0.0	–0.1
Net income from other services	0.4	7.8
Administrative and other expenses	–16.9	–15.2
Other income	0.0	0.0
Operating earnings	127.0	126.9
Net finance costs	–49.3	–0.6
Earnings before income taxes	77.7	126.3
Income tax expenses	–19.9	–30.0
Consolidated net profit	57.8	96.3

Net operating income
 Increase of +€5.4m mainly driven by higher net cold rent
Net income from other services
 Includes decline in result from green energy production (€7.0m). Positive
effect in Q1-2023 from forward sale of green energy at very favourable
conditions
Net finance costs Decline mainly driven by positive 
valuation effects of 35.7% stake in Brack
Capital Properties in Q1-2023 (+€35.6m) vs. negative effects in Q1-2024 (-€7.6m)
Interest cost increased by €3.2m 
Income tax expenses
Effective Group tax rate of 22.5% 

(Q1-2023: 20.7%)

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 for the coming years

Immigration remains a driver to further push demand for affordable units while new supply erodes

German population at highest level ever in 2023

Strong population growth in 2022 and 2023 in %

New apartments completed

No. of building permissions for apartments with strongest decline within last decade – in 2023 with 260k units at lowest level since 2012

1 Residential units. 2 Non-core units. 3 Tense markets only allow for 15% rent increase within three year while normal markets allow for 20%.

Stable

Appendix – Portfolio

LEG's portfolio comprises c. 166,000 units

Well balanced portfolio with significant exposure also in target markets outside NRW

40%

42%

15% tense

30%

Rent regulation in Germany

Only 15% of units located in tense markets

Free-financed units 81% of LEG's units (~134,500 units)

Non-tense markets ~109,500 units Tense markets² ~25,000 units Existing Contracts Rent increase Max. 20% within 3 years Max. increase to local reference rent1 Rent increase Max. 15% within 3 years (Kappungsgrenze) Max. increase to local reference rent1 + +

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

New contracts No regulations Rental brake (Mietpreisbremse) Increase of max. 10% on local reference rent1

Rent restricted units

19% of LEG's units (~32,000 units)

Cost rent adjustment

• Every third year (i.e. last was in 2023, next will be in 2026)
• 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 applies

Advantages of early repayment

• Earlier transition of subsidised unit into free financed segment
• Immediate positive valuation effect (DCF model)

1 Based on rent table (Mietspiegel). 2 In NRW, 18 cities were identified as tense markets, especially Düsseldorf, Cologne and Greater Cologne area, Bonn, Münster. Outside NRW and relevant for LEG are cities such as Brunswick, Hanover, Laatzen, Oldenburg, Osnabrück and Mannheim.

Appendix – Portfolio

Top locations upcoming rent tables (MSP – Mietspiegel)

Offering the basis for further growth

Location	# Residents	LEG market segment	# LEG free financed units	% of total free financed portfolio	Current MSP type	Current MSP valid since	New MSP expected type (method)	New MSP expected time of update
Neuss	>100,000	High-growth	668	0.5%	Simple	01/2023	Qualified (Bottom-Up)	06/2024
Bonn	>100,000	High-growth	1,527	1.1%	Qualified	06/2022	Qualified (Bottom-Up)	07/2024
Gütersloh	>100,000	High-growth	1,447	1.1%	Qualified	07/2022	Qualified (Bottom-Up)	07/2024
Detmold	> 50,000	Stable	1,117	0.8%	Qualified	12/2021	Qualified (Update)	07/2024
Essen	>100,000	Stable	3,205	2.4%	Qualified	08/2022	Qualified (Bottom-Up)	08/2024
Gladbeck	> 50,000	Higher-yielding	678	0.5	Qualified	08/2022	Qualified (Update)	08/2024
Braunschweig	>100,000	High-growth	1,987	1.5%	Qualified	09/2022	Qualified (Update)	09/2024
Herne	>100,000	Higher-yielding	2,925	2.2	Simple	01/2023	Qualified (Bottom-Up)	11/2024
Remscheid	>100,000	Higher-yielding	1,521	1.1%	Qualified	12/2022	Qualified (Bottom-Up)	12/2024
Wuppertal	>100,000	Stable	1,350	1.0%	Qualified	12/2022	Qualified (Bottom-Up)	12/2024

Subsidised units account for around 19% of the portfolio

Reversionary potential amounts to 46% on average

Rent potential subsidised units

• Until 2028, around 19,000 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 restrictions4

Around 60% of units to come off restriction until 2028

Number of units coming off restriction and rent upside

Spread to market rent

€/sqm/month

1 Employed by CBRE as indicator of an 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 ≤5 years = 2024–2028; 6-10 years = 2029–2033; >10 years = 2034ff. 3 Rent upside is defined as the difference between LEG in-place rent and market. 4 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

0

0

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

Completions number of units per year 0 396 2024e 2025e 2026e Development on own land Acquisitions (3rd party developer)

Investment volume per year

€m

Remaining completions until 2025

Remaining investment volume until 2025

€67m

Carbon Balance Sheet 2023

27.3 CO2ekg/sqm on a market based and climate adjusted basis

Carbon balance sheet

• Bottom-up approach
• BAFA-factors in line with GHG-protocol
• Scope 1 and scope 2
• 27.3 CO2ekg/sqm based on heating energy

Heat energy by source (100% of portfolio)

• Based on actual consumption 2022 (61% actuals, 37% energy performance certificates (EPC), 2% estimates)
• Extrapolated for 2023
• Limited assurance by Deloitte

Energy efficiency of our portfolio of 144 kWh/sqm is a function of corporate DNA & history:

Providing affordable housing in post-war Germany

Reflecting our roots Distribution by energy efficiency classes LEG

Appendix – ESG

On track for our target towards climate neutrality

Nudging initiative pays-off and leads to strong and cost-effective contribution

LEG fully committed to German Climate Change Act to achieve climate neutrality by 2045

• Aligned with strategy via STI/ LTIcomponent of compensation scheme
• CO2 reduction in 2023 by 2% to 32.6kg (location based) and by 4% to 27.3kg (market based)
• Key driver:
  • 8,728t CO2 savings of which
    • 6,011t from nudging-effects
    • 2,717t from energetic refurbishments
• 2023 and 2024 STI component: 4,000 tons CO2 reduction from modernisation projects and customer behavior change
• 2023–26 LTI component envisages a 10% efficiency improvement for investments undertaken

Appendix – ESG

Among the best in class

Reflecting LEG's strong sustainability commitment

1 As at February 2024

Appendix – Financing

LEG additional creditor information

Sufficient bond covenants headroom

Unsecured financing covenants Financing mix

Covenant	Threshold	Q1-2024
Consolidated Adjusted EBITDA / Net Cash Interest	≥1.8x	4.4x1
Unencumbered Assets / Unsecured Financial Indebtedness	≥125%	162.8%
Net Financial Indebtedness / Total Assets	≤60%	46.7%
Secured Financial Indebtedness / Total Assets	≤45%	18.8%

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

Ratings (Moody's) Key financial ratios

	Q1-2024	FY-2023
Net debt / adj. EBITDA2	13.5x	13.5x
LTV	47.9%	48.4%
Secured Debt / Total Debt	40.2%	40.2%
Unencumbered Assets / Total Assets	39.9%	39.7%
Equity ratio	38.9%	38.8%

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 capitalised, KPI is 5.0x. 2 Average net debt last four quarters / adjusted EBITDA LTM.

Appendix – Financing

Capital market financing Corporate bonds

Maturity	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	€600m	30 Mar 2033	0.875% p.a.	99.232%	DE000A3H3JU7	A3H3JU
2021/2031	€700m1	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	€600m2	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

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%

1 Includes €100m bond tap as of 10 July 2023. 2 Includes €100m bond tap as of 22 November 2023.

Appendix – Financing

Capital market financing

Convertible bonds

	2017/2025	2020/2028
Issue Size	€400m	€550m
Term / Maturity Date	8 years/ 1 September 2025	8 years/ 30 June 2028
Coupon	0.875% p.a. (semi-annual payment: 1 March, 1 September)	0.400% p.a. (semi-annual payment: 15 January, 15 July)
# of shares	3,531,959	3,580,370
Initial Conversion Price	€118.4692	€155.2500
Adjusted Conversion Price1	€113.2516 (since 2 June 2022)	€153.6154 (since 7 June 2022)
Issuer Call	From 22 September 2022, if LEG share price >130% of the then applicable conversion price	From 5 August 2025, if LEG share price >130% of the then applicable conversion price
ISIN	DE000A2GSDH2	DE000A289T23
WKN	A2GSDH	A289T2

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).

LEG share information

Market segment	Prime Standard
Stock Exchange	Frankfurt
Total no. of shares	74,109,276
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 (10.05.2024; 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