Instone Real Estate Group AG

Investor Presentation • Nov 9, 2023

Results Presentation Q3 2023

Disclaimer

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For the purposes of this notice, "presentation" means this document, its contents or any part of it. This presentation does n ot, and is not intended to, constitute or form part of, and should not be construed as, an offer to sell, or a solicitation of an offer to purchase, subscribe for or otherwise acquire, any securities of the Company, nor shall it or any part of it form the basis of or be relied upon in connection with or act as any inducement to enter into any contract or commitment or investment decision whatsoever. This presentation is neither an advertisement nor a prospectus and recipients should not purchase, subscribe for or otherwise acquire any securities of the Company. This presentation is ma de available on the express understanding that it does not contain all information that may be required to be evaluated and will not be used by the attendees / recipients in connection with, the purchase of, or investment in, any securities of t he Company. This presentation is accordingly not intended to form the basis of any investment decision and does not constitute or contain any recommendation by the Company, its shareholders or any other party.

The information and opinions contained in this presentation are provided as at the date of this presentation, are subject to change without notice and do not purport to contain all information that may be required to evaluate the Company. The information in this presentation is in draft form and has not been independ ently verified. Parts of the financial information in this presentation are preliminary and unaudited. Certain financial information (including percentages) in this presentation has been rounded ac cording to established commercial standards. As a result, the aggregate amounts (sum totals or sub totals or differences or if numbers are put in relation) may not correspond in all cases to the aggregated amounts of the underlying (unrounded) figures appearing elsewhere in this presentation. No reliance may or should be placed for any purpose whatsoever on the information c ontained in this presentation or on its completeness, accuracy or fairness. None of the Company, its shareholders, or any other party accepts any responsibility whatsoever for the contents of this presentation, and no representation or warranty, express or implied, is made by any such person in relation to the contents of this presentation. The information in this presentation is of a preliminary and abbreviated nature and may be subject to updating, revision and amendment, and such information may change materially. None of the Company, its shareholders, or any o ther party undertakes or is under any duty to update this presentation or to correct any inaccuracies in any such information which may become apparent or to provide you with any addi tional information. Recipients should not construe the contents of this presentation as legal, tax, regulatory, financial or accounting advice and are urged to consult with their own advisers in relation to such matters. In particular, no representation or warranty is given as to the achievement or reasonableness of, and no reliance should be placed on any projections, targets, ambitions, estimates or forecasts contained in this presentation and nothing in this presentation is or should be relied on as a promise or representation as to the future.

This presentation may contain forward looking statements. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes," "estimates," "anticipates," "expects," "intends," "may," "will" or "should" or, in each case, their negative, or other variat ions or comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this presentation and include statements regarding our intentions, beliefs or current expectations concerning, among other things, our prospects, growth, strategies, the industry in which Instone operates and potential or on going acquisitions or sales. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occu r in the future. Forward-looking statements are not guarantees of future performance and that the development of our prospects, growth, strategies, the industry in which Instone operates, and the effect of acquisitions or sales on Instone may differ materially from those made in or suggested by the forward-looking statements contained in this presentation. In addition, even if the development of Instone's prospects, growth, strategies and the industry in which Instone operates are consistent with the forward-looking statements contained in this presentation, those developments may not be indicative of our results, liquidity or financial position or of results or developments in subsequent periods not covered by this presentation. Nothing that is cont ained in this presentation constitutes or should be treated as an admission concerning the financial position of the Company and/or Instone.

2 | 09.11.2023 | Q3-2023

Highlights

Highlights

Continued modest improvement in B2C business, sales starts add positive momentum

	✓ Sales: Private customer demand shows modest improvement, institutional buyers in 'wait and see' mode,
Operational	✓ Private investors: encouraging initial results from new sales starts in Q4
	✓ Positive impact on retail business from introduction of special depreciation on new-builds expected (Law: Wachstumschancengesetz)
Highlights	✓ Construction costs: Stabilized; recent sideways movement of CPI
	✓ Financial strategy: Continuous focus on costs & cash preservation
	✓ Reduced platform costs; positive operating cash flow in 9M-23

9M results demonstrate sustained high profitability

	✓ Adjusted revenues: €433.3m (9M-2022: €441.9m, -1.9%)
9M 2023	✓ Adjusted gross profit margin: 25.5% (9M-2022: 25.8%)
Results	✓ Adjusted EBIT: €65.8m (9M-2022: €60.9m, +8.0%)
	✓ Adjusted earnings after tax (EAT): €37.1m (9M-2022: €34.0m, +9.1%)

Well on track for full year earnings targets

Outlook	✓ Adj. revenues of €600-700m ✓ Adj. gross margin of approx. 25% ✓ Adj. EAT of €40-50m
---------	------------------------------------------------------------------------------------------------------

Sales ratio: Continued moderate improvement from depressed

✓ Deliberate decision to postpone new sales starts in first 9 months of 2023; first new sales start in October with initial positive feedback

✓ Sales ratio recently approached long term mean; improving momentum is primarily driven by equity-oriented buy-to-let investors

✓ Higher demand for projects in well advanced stages of construction

✓ Positive impact from introduction of increased depreciation on new builds expected ('Wachstumschancengesetz', 6% p.a. vs. current 3%)

5 | 09.11.2023 | Q3-2023 1 Retail sales ratio = weekly number of units sold/total number of units on offer (four week moving average)

New build prices with only moderate decline; CPI stabilisation

• ✓ New build condo headline prices in top 7 decreased only slightly in Q3 (only moderate y-o-y decline)
• ✓ Institutional market is still largely dried up; while retail customer demand shows modest recovery
• ✓ Construction price inflation is levelling off
  • ✓ INS budgeted mid-single-digit CPI growth for FY 2023 appears well reachable so far; contracts awarded are in line with budget
  • ✓ Negotiating power vis-à-vis construction companies is continuously improving

Price development: yield expansion partly compensated by further accelerating rent growth

House price sensitivity: price impact in different scenarios1
		Rent Yield / Rent Multiple
		4.2%	4.0%	3.8%	3.7%	3.6%	3.4%	3.3%	3.2%	3.1%
		24x	25x	26x	27x	28x	29x	30x	31x	32x
	2%	-24%	-20%	-17%	-14%	-11%	-8%	-4% -3%	-1%	2%
ward Rent Increase 2y for	4%	-22%	-19%	-16%	-12%	-9%	-6%		1%	4%
	6%	-21%	-17%	-14%	-11%	-7%	-4%	-1%	3%	6%
	8%	-19%	-16%	-12%	-9%	-6%	-2%	1%	5%	8%
	10%	-18%	-14%	-11%	-7%	-4%	0%	3%	7%	10%
	12%	-16%	-13%	-9%	-5%	-2%	2%	5%	9%	12%
	14%	-15%	-11%	-7%	-4%	0%	3%	7%	10%	14%
	16%	-13%	-9%	-6%	-2%	1%	5%	9%	12%	16%
	18%	-12%	-8%	-4%	0%	3%	7%	11%	14%	18%

• ✓ The impact of yield expansion due to higher rates is mitigated by accelerating rent growth. Price correction of 5-8% for institutional market appears realistic scenario¹
• ✓ A positive yield spread to interest costs was historically rather the exception (due to expected rent growth/inflation)
• ✓ Market stabilisation as of mid 2024 could imply that forward yields may rise further- at least temporarily - to around 4% due to extended time period leading to additional 5-8% of rental growth (as highlighted in the graph above in green)

"Pressure in the rental markets is increasing. // New build rents +2.7% qoq – stronger growth than for existing housing units."

Source: Immoscout24

7 | 09.11.2023 | Q3-2023 1 Assumptions: yield shift to 3.6-3.8%; rent growth 2 years forward of 10-12% (starting point: Q1-23) 2 bulwiengesa, newly built apartments, top-7 cities average

Under construction projects de-risked as 90% sold

Project portfolio as of 30/09/2023 by development (GDV)

• ✓ Projects with GDV of €3.1bn are "under construction" of which 90% (€2.8bn) already sold
• ✓ Of the €2.8bn sold volume as of the reporting date €2.1bn has been recognised in revenues

Q3 2023 Financial Performance & Outlook

Adjusted Results of Operations

High profitability maintained – Well on track to reach FY earnings targets

€m	Q3 2023	Q3 2022	Change	9M 2023	9M 2022	Change
Revenues	153.8	173.9	-11.6%	433.3	441.9	-1.9%
Project cost	-115.3	-129.0	-10.6%	-322.6	-328.2	-1.7%
Gross profit	38.5	45.0	-14.4%	110.7	113.8	-2.7%
Gross Margin	25.0%	25.9%		25.5%	25.8%
Platform cost	-17.9	-20.7	-13.5%	-50.9	-55.1	-7.6%
Share of results of JVs	1.9	0.7		6.0	2.2
EBIT	22.5	25.0	-10.0%	65.8	60.9	8.0%
EBIT Margin	14.6%	14.4%		15.2%	13.8%
Financial & other results	-2.6	-4.1		-12.6	-11.6
EBT	19.9	20.8	-4.34%	53.2	49.3	7.9%
EBT Margin	12.9%	12.0%		12.3%	11.2%
Taxes	-6.7	-6.4		-16.1	-15.3
Tax rate	33.5%	30.7%		30.2%	31.0%
EAT	13.2	14.4	-8.3%	37.1	34.0	9.1%
EAT Margin	8.6%	8.3%		8.6%	7.7%
EAT post minorities	13.3	14.5	-8.5.2%	37.5	35.0	6.9%
EPS1	0.30	0.32	-2.2%	0.86	0.75	14.7%

• ✓ Majority of revenues is based on pre-sold units
• ✓ Strong Gross Margin reflects quality of projects and construction cost control
• ✓ Platform cost benefit from reduced staff costs (lower FTE despite increased construction volume); low level is distorted by high level of other operating income (incl. releases of project related provisions)
• ✓ JV result reflects positive development of construction and sales activity of Berlin JV
• ✓ Higher financing costs mainly due to increased project related interest cost (partly compensated by higher interest income)
• ✓ EPS also benefits from lower weighted average no. of shares

Bulk of 2023 adjusted revenues target already logged in

Adj. revenues – expected development in 2023

Rock solid balance sheet maintained

• ✓ Further improved balance sheet ratios in Q3
• ✓ Very moderate LTC
• ✓ Solid net debt/adjusted EBITDA of 2.8x
• ✓ Balance sheet and liquidity provide for downside protection as well as financial flexibility

1 Q3/23: Excl. €82.8m restricted cash and €54.7 million financial debt in connection with Project Westville client related subsidized KFW loan 2 Loan-to-Cost: Net financial debt/(Inventories + Contract assets/liabilities) 3 LTM: Last twelve months

12 | 09.11.2023 | Q3-2023

Strong Q3-cash flow further strengthens financial profile

Cash Flow (€m)	Q3 2023	Q3 2022	9M 2023	9M 2022
EBITDA adj.	23.7	26.3	69.5	64.6
Other non-cash items	3.1	-3.6	-3.7	-12.7
Taxes paid	-23.7	-2.0	-27.0	-2.9
Change in working capital	56.0	-66.7	-20.1	-75.6
Operating cash flow	59.1	-46.2	18.7	-26.7
Land plot acquisition payments (incl. RETT)1	0.5	3.4	10.2	74.1
Operating cash flow excl. investments	59.6	-42.8	28.9	47.4

• ✓ Strong Q3 operating cash flow based on predictable milestone payments
• ✓ EUR 10.2m new land payments in first 9M relating to prior year commitments
• ✓ Focus continues to be on cash preservation and maximising value from existing land bank
• ✓ Positive operating cash flow for FY-2023 expected

Liquidity (€m)	Total	t/o drawn	t/o available
Corporate debt
Promissory notes	165.5	165.5	-
Revolving Credit Facilities	170.0	-	170.0
Cash and cash equivalents and term deposits2			177.0
Total corporate funds available			347.0
Project debt2
Project finance2,3	456.4	282.8	173.6

• ✓ Well-funded to weather the downturn
• ✓ Ample cash and available funding to benefit from potential attractive distressed opportunities
• ✓ Unchanged strong access to liquidity: Completed raising of new promissory note of EUR 20m in October (3 yrs maturity, interest: c. 6.5%)

1 RETT: Real Estate Transfer Tax

13 | 09.11.2023 | Q3-2023

2 Q3/23: Excl. €82.8 million restricted cash and €54.7 million financial debt in connection with Project Westville client related subsidized KFW loan 3 Net available project financing

Financing: No major maturities until H2-2025

Maturity profile (corporate debt) as of 30/09/2023

Weighted average corporate debt maturity	2.4 years
Weighted average corporate interest costs	4.06%
Share of corporate debt with floating interest	0%

Secured/unsecured as of 30/09/2023

• ✓ Majority of financial debt is project related
• ✓ No major short-term maturities

14 | 09.11.2023 | Q3-2023 All calculations based on drawn values; ¹Raise of new promissory note in Oct 23 of which 10.5m used to partialy repay promissory note due in 2024

Outlook 2023: well on track for full year targets

Appendix

Project portfolio key figures

€m	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021
Volume of sales contracts	20.2	18.4	52.7	42.0	104.6	58.0	87.6	761.7	170.7
Project Portfolio	7,015.5	7,182.6	7,600.4	7,668.8	7,827.4	7,727.4	7,567.7	7,500.0	7,154.9
thereof already sold	2,822.7	2,868.8	2,958.7	2,980.5	2,945.4	2,891.4	3,070.1	3,038.9	2,308.7
thereof already realized revenues	2,089.4	2,002.2	1,944.7	1,902.7	1,721.0	1,597.1	1,684.0	1,621.0	1,276.2
Units	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021
Volume of sales contracts	37	28	110	44	199	96	191	1,906	468
Project Portfolio	14,269	15,148	16,107	16,209	16,580	16,644	16,607	16,418	15,913
thereof already sold	6,588	7,017	7,198	7,309	7,265	7,179	7,404	7,215	5,401

(Unless otherwise stated, the figures are quarterly values)

Diversified project portfolio across most attractive German regions

Project portfolio as of 30/09/2023 by region (GDV)

• ✓ 48 projects / 14,269 units
• ✓ 88% in metropolitan regions
• ✓ ~79 average sqm / unit
• ✓ ~€5,728 ASP / sqm
• ✓ Additional four JV projects (INS share of GDV: ~€650m)

Significant pipeline allows opportunistic investment strategy

19 | 09.11.2023 | Q3-2023 1 incl. deconsolidation of one project as "at-equity" as well as changed sales strategy to land sale 2 Excluding GDV of at-equity JVs

Expected future cash flows suggest significant upside¹

Fundamental Instone value rests on three distinct pillars

Pre-sold projects

• c.€3.1bn currently under construction
  • t/o c.€2.8bn pre-sold (90%)
  • in addition c.€70m pre-construction already pre-

sold

→ tangible and substantially de-risked cash-flow profile

Land bank

• Residual unsold and paid land bank recognised at cost² of >€400m
• → substantial incremental value

Future potential

• Ability to source new projects
• Highly attractive opportunities likely to materialise within 12-24 months
• Additional income streams from various strategic initiatives

1) Free cash flow post platform cost and taxes incl. at-equity result

2) Note: "unsold land bank at cost" excluding unsold portion of projects under construction

3) Note: 43.32m shares issued and outstanding (excluding Treasury shares)

De-risked free cash flow from projects under construction1	c.500m
Unsold land bank at cost2	>400
Notional gross asset value2	c.900m
Net debt	-272.4
Notional value to shareholders3	>600m

(As of 30 September 2023; in EUR million)

Substantial cash return to shareholders

Share Buyback	SBB I	SBB II	Total
No. of shares1	2,349,416	1,349,417	3,698,833
Percentage of share capital (%)	5.00	2.87	7.87
Volume (€ million)	25.4	11.4	36.9
Average purchase price (€)	10.82	8.48	9.97

Dividends	Total
2022 payout (€ million)	28.7
2023 payout (€ million)	15.2

• ✓ Share buy back completed; used full existing authorisation
• ✓ Two consecutive programmes: 18 March 2022 06 February 2023
• ✓ Total cash return to shareholders exceeds EUR 80 million within 15 months including 2021 and 2022 dividends

Status of building rights

Project portfolio as of 30/09/2023 by building right status (GDV)

Kategorie 1 Kategorie 2

Project portfolio as of 30/09/2023

(projects > €30m sales volume, representing total: ~ €7.0bn)

Project	Location	Sales volume (expected)	Land plot acquired	Building right obtained	Sales started	Construction started
Hamburg
SE - Kösliner Weg	Norderstedt-Garstedt	€ 106 Mio
H - Sportplatz Bult	Hannover	120 Mio €
- RBO HH	Hamburg	217 Mio €
H - Büntekamp	Hannover	€ 169 Mio
Berlin
HVL - Nauen	Nauen	148 € Mio
P - Fontane Gärten	Potsdam	67 Mio €
NRW
D - Unterbach	Düsseldorf	200 Mio €
E - Literaturquartier	Essen	N/A
MG - REME	Mönchengladbach	€ 124 Mio
BN - west.side	Bonn	203 Mio €
DO - Gartenstadtquartier	Dortmund	98 Mio €
K - Bickendorf	Köln	€ 631 Mio
DU - 6-Seen Wedau	Duisburg	76 Mio €
KK - Kempen	Kempen	52 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 rights, 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.

23 | 09.11.2023 | Q3-2023

Project portfolio as of 30/09/2023

(projects > €30m sales volume, representing total: ~ €7.0bn)

Project	Location	Sales volume (expected)	Land plot acquired	Building right obtained	Sales started	Construction started
Rhine-Main				Update CO
WI - Delkenheim	Wiesbaden	114 Mio €
F - Schönhof-Viertel	Frankfurt	621 Mio €
F - Friedberger Landstr	Frankfurt am Main	€ 306 Mio
F - Elisabethenareal	Frankfurt am Main	90 Mio €
- Steinbacher F Hohl	Frankfurt am Main	73 Mio €
- Gallus F	Frankfurt am Main	47 Mio €
F - Westville	Frankfurt am Main	N/A
OF - Heusenstamm	Heusenstamm	€ 194 Mio
MKK - Kesselstädter	Maintal	233 Mio €
MTK - Polaris	Hofheim	70 Mio €
WI - Rheinblick	Wiesbaden	315 Mio €
MKK - Eichenheege	Maintal	119 Mio €
Leipzig
L - Parkresidenz	Leipzig	€ 274 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 rights, 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.

Project portfolio as of 30/09/2023

(projects > €30m sales volume, representing total: ~ €7.0bn)

Project	Location	Sales volume (expected)	Land plot acquired	Building right obtained	Sales started	Construction started
Baden-Wurttemberg
S - City-Prag	Stuttgart	135 Mio €
WN - Schorndorf	Schorndorf	N/A
TÜ - Rottenburg	Rottenburg	170 Mio €
Schäferlinde BB - Herrenberg III ,	Herrenberg	74 Mio €
BB - Herrenberg II Zeppelinstraße ,	Herrenberg	€ 82 Mio
Bavaria South
M - Ottobrunner	München	118 € Mio
A - Beethovenpark	Augsburg	N/A
Bavaria North
N - Eslarner Straße	Nürnberg	60 Mio €
BA - Lagarde	Bamberg	86 Mio €
N - Schopenhauer	Nürnberg	67 € Mio
N - Seetor	Nürnberg	114 Mio €
R - Marina Bricks	Regensburg	30 Mio €
N - Boxdorf	Nürnberg	€ 65 Mio
N - Thumenberger	Nürnberg	133 Mio €
N - Worzeldorf	Nürnberg	72 Mio €
N - Lichtenreuth	Nürnberg	87 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 rights, 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.

Opportunity Growth Act Introduction ("Wachstumschancen Gesetz")

Key Positives from Increased Depreciation Expected

• Positive impact for buy-to-let investors expected
• Increase of depreciation on newly built residential properties from (currently) 3% linear to 6% degressive p.a.
• The higher depreciation is expected to have a substantial positive impact on the return expectations and thus demand the willingness to pay from private buy-to-let investors (due to full tax deductibility from personal income)
• The law is expected to be passed by the German parliament (Bundestag) in mid-December but will become effective as of 1 October 2023 retroactively

No major impact from other new subsidy schemes expected

The German government plans to invest >1bn p.a. to support owner-occupiers (help-tobuy) and new build of rental apartments

Programme details	• Name: "Wohneigentum für Familien" = homes for families • Volume: EUR 350 million • Start: October 16, 2023	• Name: "Klimafreundlicher Neubau" = climate friendly new-build • Volume: EUR 750 million • Start: March 1, 2023
Recipient	• Families with at least 1 child <18 yrs living in their household • Household income of max. €90,000 (up from €60,000 previously) plus €10,000 per child	• Resi landlords, other institutional or private investors
Objective	• Help-to-buy: Build or buy new home/condominium for own use for the first time (for at least 10 years) • Energy efficiency: • at least energy standard KfW40 plus additional requirements regarding GHG emissions defined in regulation "Qualitätssiegel Nachhaltiges Gebäude" • Higher subsidies possible with additional certificate for sustainable buildings "QNG"	• New build of energy efficient buildings • Energy efficiency • at least energy standard KfW40 plus additional requirements regarding GHG emissions defined in regulation "Qualitätssiegel Nachhaltiges Gebäude" • Higher subsidies possible with additional certificate for sustainable buildings "QNG" • Use of fossil fuels not allowed
Subsidies	• No direct grant; max. one housing unit • Subsidized mortgages, reduced interest costs (0.01%-0.72%) by federal KfW Bank • 170,000 EUR – 270,000 EUR credit volume (with QNG certificate) • Will be accepted as equity substitute	• No direct grant • Subsidized mortgages by federal KfW Bank (volumes per unit) • Max. 100,000 EUR credit volume • Up to 150,000 EUR with QNG certificate

2022 ESG achievements and disclosures

Environment	• EU Taxonomy related disclosure • 96.5% of Instone 2022 revenues are eligible for EU taxonomy assessment • 86.7% of Instone 2022 revenues are EU taxonomy aligned • 94.2% of individual buildings contributing to Instone 2022 revenues are taxonomy aligned • Scope 1 and 2 emissions reduced by 19.5% vs. base year 2020 (in line with SBTI requirements) through gradual conversion from construction sites to green electricity and replacement of company vehicles with electric vehicles • Established calculation of GHG emissions into a standard process covering the entire value chain (including life cycle analysis) • Started considerations of concrete measures to reduce Scope 3 emissions with a view to deriving an Instone specific marginal abatement cost curve
Social	• 2022 employee survey shows further improved satisfaction rate of 75% (2021: 70%) • Social-Impact-Initiative established five internal working groups to improve sustainability and increase social impact of projects, and share ESG best practices within the Instone Group 1 • Top ranking on social media employee platform reconfirms Instone as an attractive employer • First time offer of an employee share plan
Governance	• Target to increase diversity on Supervisory Board by an additional female member (30% female) – Target successfully implemented at the AGM 2023 • Sustainability reporting already essentially compliant with ESRS/CSRD/Taxonomy

requirements on a voluntary basis (mandatory from financial year 2025 onwards)

28 | 09.11.2023 | Q3-2023 1 Kununu valuation tool for platform Xing

ESG: Top rating underscores commitment to industry leadership

✓ INS among the top 3% of the 288 global real estate development companies

✓ Top 5% across all sectors

ESG Risk Rating Ranking
UNIVERSE	RANK PERCENTI (18t = lowest risk) (1st = Top Sc
Global Universe	592/15343	5th
Real Estate INDUSTRY	147/1057	15th
Real Estate Development SUBINDUSTRY	6/288	3rd

Major ESG-KPIs – achievements and targets

	Major KPIs	2021	2022	Targets
Taxonomy-compliant revenues (in %)		n/a	86.7	Predominantly taxonomy-compliant
	Share of projects/objects with energy requirements at least NZEB - 10%1	~82.5%	~97.4%	100% of project/object portfolio in 2030
	GHG emissions / scope 1 and 2 abs.	2,746 t CO2e	2,147 t CO2e	-42% (2030 vs. 2020)
	GHG emissions / scope 3 abs.	100,367 t CO2e	429,489 t CO2e	Net zero climate neutrality (2045)
E	GHG emissions in relation to revenues	0.1316 kg CO2e/€	0.7112 kg CO2e/€	Net zero climate neutrality (2045)
	GHG emissions in relation to net room area	1,517 kg CO2e/sqm	1,536 kg CO2e/sqm	Net zero climate neutrality (2045)
	Energy consumption in relation to revenues (Offices and Construction Sites)	n/a	0.0055 kWh/€	n/a
	Water consumption in relation to reveneues2	n/a	0.000056 ccm/€	n/a
	Charging stations for EVs	~734	~1,433	From 2025, 100% of projects in construction to provide charging stations
Brownfield developments (land plot size)		~645,000sqm	~532,000sqm	Acquisition focus on brownfield projects
	Shares of affordable housing: social / subsidized / privately financed (incl. nyoo)	17% / 1.5% / 81.5%	18% / 1% / 81%	at least 50% share of revenues with affordable housing (social / subsidized / nyoo) by 2030
S	Share of female employees in management positions (below C-level)	25% (1st)* / 23% (2nd)/ n/a (3rd)	20% (1st)* / 28% (2nd)/ 19% (3rd)	at least stable and growing
	Employee satisfaction and loyalty	70% / 76%	75% / 72%	75% / 80%
	Code of Conduct for employees and contractors (UN Charter)	100%	100%	100%
	Employee compliance and data protection training	99%	100%	100%
	Compliance cases (suspected)	0	0	0
G	Independent Supervisory Board	100%	100%	100%
	Client Satisfaction	n/a	1.7	< 2.4

30 | 09.11.2023 | Q3-2023

1) In the 2021 reporting year, this value was still determined based on the number of projects. From the 2022 reporting year, this value will be determined based on the number of properties. // 2) Consideration of 24 construction sites

87% of revenues are compliant with EU Taxonomy

	Absolute revenue	Proportion of total revenues	Climate change mitigation	Climate change adaptation
A. Taxonomy-eligible activities
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Activity: 7.1 New Construction (Taxonomy-aligned)	€538m	86.7%	100%	100%
A.2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned)
Activity: 7.1 New Construction (not Taxonomy-aligned)	€61m	9.8%
Total A.1 + A.2	€599m	96.5%
B. Taxonomy-non-eligible activities
Revenue of Taxonomy-non-eligible activities (B)	€22m	3.5%
Total A + B	€621m	100%

• Instone reports according to Art. 8 of the Taxonomy Ordinance on non-financial reporting according to the NFRD/HGB for the disclosure of Taxonomy-eligible and Taxonomy-aligned revenues, CapEx & OpEx
• Economic activity of Instone is the "7.1 New Construction", other possible economic activities fall under a materiality limit of 3% set by Instone, just like CapEx and OpEx
• 86.7% of INS 2022 adj. revenues are taxonomy-aligned, 100% of those contribute to the environmental goal of climate protection

→ i.e., the Technical Screening Criteria and Do Not Significant Harm criteria have already been met or will be met upon completion of construction

• 191 buildings were considered, of which 180 buildings are considered taxonomy-compliant
• Minimum safeguards are observed

Clear pathway to reduce GHG emissions scope 1 to 3

• ✓ Scope 1 and 2 emissions reduced by 19.5% vs. base year 2020 (in line with SBTI requirements) through gradual conversion from construction sites to green electricity and replacement of company vehicles with electric vehicles
• ✓ For scope 3 emissions (~99% of total emissions) a relative increase of 4% was recorded vs. 2021, mainly driven by a 323% increase in completed projects and share of buildings undergoing refurbishment (listed buildings)
• ✓ Based on the comparison of the portfolio of completed buildings, an average increase in energy intensity in the usage phase of 9% compared to the previous year could be determined

1 Baseline 2020 has changed vs. prev. report, further explanation can be found in the Annual Report // 2 BAU scenario: based on the assumption that decarbonising the energy sector is only progressing moderately // 3 Climate protection scenario: based on the assumption that decarbonising the energy sector achieves climate neutrality in 2045 // 4 Upstream emissions: cover erection of the building (incl. manufacturing of materials) / downstream emissions: largely consist of the use phase (95%) and of the demolition/disposal (5%)

Instone share

33 | 09.11.2023 | Q3-2023 1 Based on closing price 3/11/2023 at €5.85

Financial calendar

2023

November	09	Quarterly Statement for the first nine months of 2023
November	14	Roadshow, Frankfurt (Deutsche Bank)
November	15	Pan-European Real Estate Conference (Kepler Cheuvreux), London
November	29	UBS Global Real Estate Conference, London

2024

January	11	Barclays European Real Estate Conference, London
January	15	ODDO BHF Forum, Virtual
January	16	UniCredit Kepler Cheuvreux German Corporate Conference, Frankfurt
March	21	Annual Report 2023
May	08	Quarterly Statement for the first quarter of 2024
June	05	Annual General Meeting
August	08	Group Interim Report for the first half of 2024
November	07	Quarterly Statement for the first nine months of 2024

Investor Relations Contacts

Burkhard Sawazki

Head of Business Development & Communication

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

burkhard.sawazki@instone.de

Tania Hanson

Roadshows & Investor Events

T +49 201 45355-311

M +49 152 53033602

tania.hanson@instone.de

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

35 | 09.11.2023 | Q3-2023