Instone Real Estate Group AG

Investor Presentation • Aug 10, 2023

Results Presentation Q2 2023

Disclaimer

Highlights

Highlights

Modest improvement in B2C business from low level; high margins maintained

H1 results fully in line with budget

	✓ Adjusted revenues: €279.5m (H1-2022: €268.0m, +4.3%)
H1 2023	✓ Adjusted gross profit margin: 25.8% (H1-2022: 25.7%)
Results	✓ Adjusted EBIT: €43.3m (H1-2022: €35.9m, +20.6%)
	✓ Adjusted earnings after tax (EAT): €23.9m (H1-2022: €19.6m, +21.9%)

On track for full year targets

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

2.93.03.1 2.9 2.7 4.6 4.2 4.6 4.4 3.0 3.4 2.6 2.3 1.9 0.9 1.4 2.3 1.9 2.2 1.8 2.3 3.1 3.4 4.2 3.0 2.82.93.0 3.5 3.8 3.5 3.2 3.4 3.3 3.53.6 3.3 3.1 3.3 3.6 3.3.3 4.2 3.3.33.2 3.03.1 3.5 3.7 2.4 3.0 2.8 2.62.7 1.9 1.7 1.2 0.90.80.7 0.9 1.4 1.1.2 0.9 0.70.6 0.9 0.9 0.6 0.7 0.7 0.7 0.50.5 0.20.3 0.5 1.2 2.0 2.3 2.1 1.3 0.5 0.2 0.2 0.2 0.0.0 0.2 0.40.50.60.5 0.3 0.5 0.7 0.50.50.4 0.20.2 0.5 0.80.8 1.11.2 1.01.1.1 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 Sales ratio: Moderate improvement from depressed levels Sales ratio¹ In % Influenced by bloc sale Long term Instone sales ratio Sales ratio Pull- forward effects in Leipzig project due to increase in RETT

✓ Deliberate decision to postpone new sales starts

✓ Sales ratio still below LT mean; somewhat improving momentum is primarily driven by equity-oriented investors

✓ Higher demand for projects in well advanced stages of construction

New build prices slightly decreasing; CPI growth receding

• ✓ New build condo headline prices in top 7 cities remained rather stable in Q2 (moderate y-o-y decline)
• ✓ Transaction volumes remain depressed, institutional market is still dried up
• ✓ Rise in construction costs is clearly decelerating, signs of stabilisation in Q2
  • ✓ INS budgeted mid-single-digit CPI growth appears well achievable so far; contracts awarded are in line with budget
  • ✓ Negotiating power vis-à-vis construction companies has improved

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

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

"Further rent increases in Q2-23 on the back of collapsed new build market and record high immigration" Source: immowelt "Demand for new build rental homes is 90% higher than in Q4-19 (pre-Covid). // New build rents +2.5% qoq and +7.2% yoy – even higher on average in metropolitan areas."

Source: Immoscout24

Under and pre-construction projects de-risked as 90% pre-sold

Project portfolio as of 30/06/2023 by development (GDV)

• ✓ Projects with GDV of €3.2bn are in "preconstruction" or "under construction" of which 90% (€2.9bn) already sold
• ✓ Of the €2.9bn pre-sold volume as of the reporting date €2.0bn has been recognised in revenues

Q2 2023 Financial Performance & Outlook

Adjusted Results of Operations

High profitability maintained – On track to reach FY targets

€m	Q2 2023	Q2 2022	Change	H1 2023	H1 2022	Change
Revenues	156.0	149.5	4.4%	279.5	268.0	4.3%
Project cost	-117.6	-115.9	1.5%	-207.3	-199.2	4.1%
Gross profit	38.4	33.6	14.3%	72.2	68.8	4.9%
Gross Margin	24.6%	22.5%		25.8%	25.7%
Platform cost	-13.7	-15.7	-12.7%	-33.0	-34.4	-4.1%
Share of results of JVs	2.8	0.9		4.1	1.5
EBIT	27.5	18.9	45.5%	43.3	35.9	20.6%
EBIT Margin	17.6%	12.6%		15.5%	13.4%
Financial & other results	-6.6	-3.8		-10.0	-7.5
EBT	20.9	15.1	38.4%	33.3	28.5	27.0%
EBT Margin	13.4%	10.1%		11.9%	10.6%
Taxes	-5.5	-4.8		-9.4	-8.9
Tax rate	26.4%	31.6%		28.3%	31.2%
EAT	15.4	10.3	49.5%	23.9	19.6	21.9%
EAT Margin	9.9%	6.9%		8.6%	7.3%
EAT post minorities	15.5	11.2	39.2%	24.2	20.5	17.8%
EPS1	0.36	0.24	50.1%	0.56	0.44	27.1%

• ✓ Majority of revenues is based on pre-sold units
• ✓ Strong margin reflects quality of projects and construction cost control
• ✓ Platform cost benefit from reduced staff costs (lower FTE despite increased construction volume)
• ✓ At-equity result reflects construction and sales activity of Berlin JV in line with expectations
• ✓ Higher financing costs mainly due to rise in rates and increased project debt

✓ EPS 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

€m	30/06/2023	31/03/2023	31/12/2022
Corporate debt	200.9
Project debt1	334.7
Financial debt1	535.6	511.5	520.6
Cash and cash equivalents and term deposits1	-213.6
Net financial debt1	322.0	351.3	265.1
Inventories and contract asset / liabilities	1,330.0
LTC1,2	24.2%	25.6%	20.8%
Adjusted EBIT (LTM)3	96.0
Adjusted EBITDA (LTM)3	100.9
Net financial debt1 / adjusted EBITDA	3.2x	3.8x	2.8x

• ✓ Improved balance sheet ratios in Q2
• ✓ Moderate 24.2% LTC
• ✓ Solid net debt/adjusted EBITDA of 3.2x
• ✓ Balance sheet and liquidity provide for downside protection as well as financial flexibility

12 | 10.08.2023 | Q2-2023

Financially strong position

Cash Flow (€m)	Q2 2023	Q2 2022	H1 2023	H1 2022
EBITDA adj.	28.8	20.1	45.8	38.3
Other non-cash items	-5.5	-2.7	-6.8	-9.0
Taxes paid	-2.0	-0.5	-3.3	-0.9
Change in working capital	13.0	15.2	-76.1	-8.9
Operating cash flow	34.3	32.2	-40.4	19.5
Land plot acquisition payments (incl. RETT)1	4.1	32.6	9.7	70.7
Operating cash flow excl. investments	38.4	64.8	-30.7	90.2

• ✓ Positive Q2 operating CF
• ✓ EUR 10.2m new land payments in H1 relating to prior year commitments
• ✓ Focus will continue to be on cash preservation and maximising value from existing land bank

Liquidity (€m)	Total	t/o drawn	t/o available
Corporate debt
Promissory notes	170.5	-	-
Revolving Credit Facilities	170.0	25.0	145.0
Cash and cash equivalents and term deposits2			213.6
Total corporate funds available			358.6
Project debt2
Project finance2,3	484.8	332.8	152.0

• ✓ Well-funded to weather the downturn
• ✓ Ample cash and available funding to benefit from attractive distressed opportunities once markets stabilise
• ✓ Signing of new project financings (total volume approx. EUR 150 m) underscores full access to liquidity

1 RETT: Real Estate Transfer Tax

13 | 10.08.2023 | Q2-2023

3 Net available project financing

2 H1/23: Excl. €82.8 million restricted cash and €54.3 million financial debt in connection with Project Westville client related subsidized KFW loan

Balanced maturity profile without major short-term maturities

30.0 15.5 100.0 0.0 50.0 2023 2024 2025 2026 2027 In €m

Maturity profile (corporate debt) as of 30/06/2023

Weighted average corporate debt maturity	2.3 years
Weighted average corporate interest costs	4.4%
Share of corporate debt with floating interest	15.3%

Secured/unsecured as of 30/06/2023

• ✓ Majority of financial debt is project related
• ✓ Well balanced maturity profile with no major short-term maturities

Outlook 2023: on track for full year targets

€m	Forecast 2023
Revenues (adjusted)	600-700
Gross profit margin (adjusted)	~25%
EAT (adjusted)	40-50
Volume of concluded sales contracts	>150

Key assumptions:

• ✓ No significant institutional sales included in 2023 guidance
• ✓ Expect mid-single digit construction price inflation

Appendix

Project portfolio key figures

€m	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021	Q2 2021
Volume of sales contracts	18.4	52.7	42.0	104.6	58.0	87.6	761.7	170.7	89.1
Project Portfolio	7,182.6	7,600.4	7,668.8	7,827.4	7,727.4	7,567.7	7,500.0	7,154.9	6,268.1
thereof already sold	2,868.8	2,958.7	2,987.3	2,945.4	2,891.4	3,070.1	3,038.9	2,308.7	2,444.0
thereof already realized revenues	2,002.2	1,944.7	1,902.7	1,721.0	1,597.1	1,684.0	1,621.0	1,276.2	1,436.1
Units	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021	Q2 2021
Volume of sales contracts	28	110	44	199	96	191	1,906	468	169
Project Portfolio	15,148	16,107	16,209	16,580	16,644	16,607	16,418	15,913	14,338
thereof already sold	7,017	7,198	7,309	7,265	7,179	7,404	7,215	5,401	5,679

(Unless otherwise stated, the figures are quarterly values)

Project portfolio as of 30/06/2023 by region (GDV)

Others¹ 11.9

Diversified project portfolio across most attractive German regions

NRW 22.5

• ✓ 49 projects / 15,148 units
• ✓ 88% in metropolitan regions
• ✓ ~77 average sqm / unit
• ✓ ~€5,661 ASP / sqm
• ✓ Additional four JV projects (INS share of GDV: ~€650m)

Significant pipeline allows opportunistic investment strategy

1 incl. first time consolidation of one project as "at-equity" as well as changed sales strategy to land sale in two projects

19 | 10.08.2023 | Q2-2023 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.€60m 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

20 | 10.08.2023 | Q2-2023

• Ability to source new projects
• Highly attractive opportunities likely to materialise within 12-24 months

Notional value to shareholders3	>600m
Net debt	-322
Notional gross asset value2	c.950m
Unsold land bank at cost2	>400
De-risked free cash flow from projects under construction1	c.550m
(As of 30 June 2023; in EUR million)

2) Incl. proportionate share of at-equity JVs; Note: "unsold land bank at cost" excluding unsold portion of projects under construction

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

¹⁾ Free cash flow post platform cost and taxes

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 30/06/2023 by building right status (GDV)

Kategorie 1 Kategorie 2

Project portfolio as of 30/06/2023

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

Project	Location	Sales volume (expected)	Land plot acquired	Building right obtained	Sales started	Construction started
Hamburg
SE - Kösliner Weg	Norderstedt-Garstedt	104 Mio. €
- Sportplatz H Bult	Hannover	€ 120 Mio.
HH - RBO	Hamburg	217 Mio. €
H - Büntekamp	Hannover	163 Mio. €
Berlin
HVL - Nauen	Nauen	152 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	122 Mio. €
K - Bickendorf	Köln	737 Mio. €
- 6-Seen DU Wedau	Duisburg	Mio. € 75
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.

Project portfolio as of 30/06/2023

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

Project	Location	Sales volume (expected)	Land plot acquired	Building right obtained	Sales started	Construction started
Rhine-Main
WI - Delkenheim	Wiesbaden	114 Mio. €
F - Schönhof-Viertel	Frankfurt am Main	612 Mio. €
F - Friedberger Landstr.	Frankfurt am Main	306 Mio. €
F - Elisabethenareal	Frankfurt am Main	90 Mio. €
F - Steinbacher Hohl	Frankfurt am Main	€ 73 Mio.
- Gallus F	Frankfurt am Main	42 Mio. €
F - Westville	Frankfurt am Main	N/A
OF - Heusenstamm	Heusenstamm	191 Mio. €
MKK - Kesselstädter	Maintal	237 Mio. €
MTK - Polaris	Hofheim	€ 70 Mio.
WI - Rheinblick	Wiesbaden	305 Mio. €
MKK - Eichenheege	Maintal	108 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 30/06/2023

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

Project	Location	Sales volume (expected)	Land plot acquired	Building right obtained	Sales started	Construction started
Baden-Wurttemberg
S		135 Mio. €
- City-Prag - Schorndorf WN	Stuttgart Schorndorf	N/A
TÜ		176 Mio. €
- Rottenburg	Rottenburg	81 Mio. €
Schäferlinde BB - Herrenberg III,	Herrenberg	€ 83 Mio.
BB - Herrenberg II, Schwarzwald II	Herrenberg
South Bavaria
- Ottobrunner M	München	118 Mio. €
A - Beethovenpark	Augsburg	N/A
Bavaria North
Straße N - Eslarner	Nürnberg	60 Mio. €
BA - Lagarde	Bamberg	89 Mio. €
- Schopenhauer N	Nürnberg	67 Mio. €
N - Stephanstr.	Nürnberg	N/A
- Seetor N	Nürnberg	114 Mio. €
R - Marina Bricks	Regensburg	€ 30 Mio.
N - Boxdorf	Nürnberg	65 Mio. €
N - Thumenberger	Nürnberg	132 Mio. €
N - Worzeldorf	Nürnberg	68 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.

No major impact from new subsidy scheme expected

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

Programme details	• Name: "Wohneigentum für Familien" = homes for families • Volume: EUR 350 million • Start: June 1, 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. €60,000 plus €10,000 per child → Potentially 75% of German households → Support of 13,000-15,000 households p.a.	• 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 (by 2-4%) by federal KfW Bank • 140,000 EUR – 240,000 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)

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 Scr
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
E	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)
	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%
G	Employee compliance and data protection training	99%	100%	100%
	Compliance cases (suspected)	0	0	0
	Independent Supervisory Board	100%	100%	100%
	Client Satisfaction	n/a	1.7	< 2.4

29 | 10.08.2023 | Q2-2023

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

32 | 10.08.2023 | Q2-2023 1 Based on closing price on 04/08/2023 at €6.50

Financial calendar

2023

August	10	Group Interim Report for the first half of 2023
September	05	Commerzbank and ODDO BHF Corporate Conference, Frankfurt
September	14	Roadshow UK, London, Deutsche Bank
September	18	Berenberg and Goldman Sachs 12th German Corporate Conference, Munich
September	19	Baader Investment Conference, Munich
September	21	Société Generale - 16th Pan-European Real Estate Conference, London
November	09	Quarterly Statement for the first nine months of 2023
November	15	Kepler Cheuvreux & Unicredit - Pan-European Real Estate Conference, London

Investor Relations Contacts

Burkhard Sawazki

Head of Business Development & Communication

T +49 201 45355-137 M +49 173 2606034 burkhard.sawazki@instone.de

Simone Cujai

Senior Investor Relations Manager

T +49 201 45355-428 M +49 162 8035792 simone.cujai@instone.de

Tania Hanson

Roadshows & Investor Events

T +49 201 45355-311 M +49 152 53033602 tania.hanson@instone.de

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