LEG Immobilien SE

Investor Presentation • Mar 9, 2023

LEG

LEG Immobilien SE FY-2022 Results

9 March 2023

FY-2022 Results – Agenda

• Highlights FY-2022 1
• 2 | Portfolio & Operating Performance

3 Financial Performance

LEG Immobilien SE

Disclaimer

While LEG ImmobilienSE ("The Company") has taken all reasonation the facts stated in this presentation are accurate and that the opinions contained in it are fair and reasonable 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 without notice and neither the Company nor any other personis under any obligation to update of keep current the 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 statistics as being accurate.

This presentation may contain forward-looking statements that and uncertainies, including those pertaining to the anticipated benefits to be realised from the proposals described herein. Forward-looking statements about future events, future financial performance, plans, strategies, expectations prospective environment, regulation, and supply and demand. The Company has based these forwardlooking statements on its views and assumptions with respect to financial performance. Actual financial performance could differ materially from that projected in the forward-looking statement uncertainty of estimates, forecasts and projections, and financial performance may be better or worse than anticipated. Given these readers should not put undue reliance on any forward-looking statements. The information contained in this presentation is subject to change withe Company does not undertake any duty to update the information and forward-looking statements, and the estimates and associated with them, except to the extent required by applicable laws and regulations.

This presentation does not constitute an offer or in the Company and heither this presentation or anything in it stall form the basis of, or be relied upon in connection with, any contract or commitment whatsoever.

1 Highlights FY-2022

— Highlights

Financial Summary FY-2022

+/-

			+ / -
Operating results	FY-2022	FY-2021	%/bps
Net cold rent	€m	799.1	683.9	+16.8%
NOI (recurring)	€m	621.0	540.0	+15.0%
EBITDA (adjusted)	€m	598.7	512.2	+16.9%
FFO I	€m	482.0	423.1	+13.9%
FFO I per share	€	6.56	5.84	+12.3%
AFFO	€m	108.8	92.2	+18.0%
EBITDA margin (adjusted)	0/2	74.9	74.9	±0bps
FFO I margin	0/2	60.3	61.9	-160bps
Dividend per share	€	0.006	4.07
				+ / -
Portfolio		31.12.2022	31.12.2021	%/bps
Residential units	number	167,040	166,189	+0.5%
In-place rent (I-f-I)	€/m²	6.32	6.13	+3.1%
Capex (adj.)1	€/m²	30.56	31.21	-2.1%
Maintenance (adj.)1	€/m²	10.05	11.29	-11.0%
EPRA vacancv rate (I-f-I)	9/2	2.4	2.6	-20bps

Balance sheet

Dalginge sheet		31.12.2022	31.12.20214	%/bps
Investment properties	€m	20,204.4	19,178.4	+5.3%
Cash and cash equivalents2	€m	362.2	675.6	-46.4%
Equity	€m	9,083.9	8,952.9	+1.5%
Total financing liabilities	€m	9,460.8	8,884.3	+6.5%
Current financing liabilities	€m	252.4	1,518.1	-83.4%
Net debt3	€m	9,036.6	8,112.1	+11.4%
LTV	0/0	43.9	41.9	+200bps
Average debt maturity	years	6.5	7.5	-1.0
Average debt interest cost	0/0	1.26	1.165	+10bps
Equity ratio	0/2	42.5	43.5	-100bps
EPRA NTA, diluted	€m	11,377.2	11,261.5	+1.0%
EPRA NTA per share, diluted	E	153.52	147.58	+4.0%
Employees				+ / -
		31.12.2022	31.12.2021	%/bps
Employees (FTE)	number	1,774	1,515	+17.1%

I bcl. nev construction on wn land, on writting is the Ships is see Aperist. Excluding short en Chickes labor (in Rhan 2022) Firopost on Allens (and 1972)

FY results confirm successful strategy in a difficult environment

Retaining cash to increase resilience

• = FFO I +13.9% to €482.0m
• FFO I p.s. +12.3% to €6.56
• AFFO +18.0% to €108.8m
• Adj. EBITDA-Margin 74.9%
• = ITV 43.9%
  • · Debt @ 6.5y for 1.26%
• NTA p.s. €153.52

• Net cold rent +16.8%
• I-f-I rental growth +3.1%
• I-f-I vacancy 2.4% (-20bps)

• · Best-in class ratings via upgrades from MSCI ® SUSTAINALYTICS and ISS ESGD. Strong initial rating from 17 CDP
• Significant reduction in CO₂ footprint by −12% to 28.3kg CO2e/sqm
• Next level ESG: After successful ramp up of RENOWATE, next two major initiatives launched to faster and cheaper decarbonize the sector

Strengthening our balance sheet due to focus on cash

Suspension of dividend for FY221 - €337m cash to be retained2

Transaction markets remain calm H2/22 valuation decline -4%, FY22 +2% Majority of 2023 maturities already addressed

Clear path until 2026 - low dependency from bond market

Strong cash generation despite significant investments AFFO guidance raised to €125m - €140m for 2023

Positioning as green solution provider on the back of a resilient set-up and strong operations

Highlights

7

LEG

Highlights

LEG positions itself as first mover solutions provider

Digitisation and smart technology to push change

1 Against original ESG 2024 agenda with assumed investments of c. €1.5bn until 2030. See slide 35.

LEC

2 | Portfolio & Operating Performance

9

Portfolio & Operating Performance

RENOWATE | Expanding the value chain and positioning as solution provider

LEG

Background

• Renowate to provide comprehensive, serial, energetic refurbishment solutions
• 'One stop shop': measuring, planning, production and installation provided internally
• Refurbishment of 47 units (KfW 55) in Mönchengladbach mainly completed in 2022

Significance for LEG portfolio

Outlook

• Refurbishment of >200 units in 2023
• Product development with the aim of reducing renovation costs per sqm and increasing construction speed
• Implementation of Renowate IT portal solution as a basis for core product "one piece of CO2 reduction"

Portfolio & Operating Performance

Seero.pro | Accelerating LEG's energy transformation by installation of smart heating thermostats

Background

• · Regulatory requirement for hydraulic balancing
• Optimisation of thermostats substantial lever for energy and CO2 savings
• Conventional (manual) hydraulic balancing slow and with factual infeasibility
• · Solution for smart thermostat specifically designed to meet professional residential operators' needs

Significance for LEG portfolio

Outlook

• Finalisation of product development for smart thermostat that meets hydraulic balancing requirements
• Timely product launch to capture high expected demand due to mandatory hydraulic balancing requirement starting fall 2023
• Rapid scale-up and commercialisation due to joint venture set-up and partner capabilities

Air2Air HPs | Accelerating LEG's energy transformation via large-scale roll-out of highly efficient air-to-air heat pumps

LEG

Background

• Strategic partnership with Mitsubishi Electric to ensure best in class device availability
• Decarbonisation of heating technology critical for regulatory compliance
• Air-to-air heat pump is promising technology for decarbonising buildings
• Technology especially wellsuited for decentral infrastructure and buildings with low efficiency

Significance for LEG portfolio

Outlook

• Large-scale roll-out of economical air-to-air heat pumps within LEG portfolio starting H2 2023
• Optimisation and standardisation of roll-out process for further Capex reduction potential
• Ramp-up of own installation capacity to secure value generation within LEG
• Evaluation of partnering options to scale up craftsmen resources and build new value-add business

1 CO-Reduction based on fully decarbonized electricity mix; calculation based on average apartment with 62 sqm and energy efficiency class G.

Portfolio & Operating Performance

Portfolio transactions

Broadly stable as a quiet transaction market only allows for small ticket disposals

Number of units based on date of transfer of ownership12

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

Additions

• In FY-2022, c. 870 units acquired (13 deals) and. c. 540 new built flats
• In Q4 transfer of ownership of units in Bremen, Wolfsburg (still from Adler portfolio) and NRW
• Q4 includes finalization of c. 300 new built flats (mainly Bremen and Düsseldorf)

Disposals

• · At book value
• Small ticket sizes: Average ticket size 50-60 units in 2022
• 112 units via privatization

Portfolio & Operating Performance

Strong organic growth while rents remain affordable

Rent tables continue to fuel rent increases

l-f-l free financed rent development

€/m²/month

· Free financed rent increase of 3.7%

• C. 2,900 units got off restriction in 2022 offering growth potential ahead
• Cost rent adjustment for the subsidised units contribute 0.9%-pts to the 2023 rent growth®

LEG

• ▪
• • ▪▪
    -
• ▪▪▪▪

Financial Performance

Value-added services Continuation of growth story

LEG

3 | Financial Performance

Financial highlights FY-2022 Targets achieved

LEG

Net cold rent

EBITDA (adjusted) €m 598.7 Margin 512.2 74.9% +16.9% (74.9%) FY-2021 FY-2022

Net operating income (recurring) €m 621.0 540.0 +15.0% Margin 77.7% (79.0%)

FY-2022

FY-2021

Margin target reached

• Strong increase in net cold rent (+€115.2m) through acquisitions (+€95.1m) but also organic growth (+€20.1m)
• Negative effect from a mix of higher rent receivables, operating costs and staff costs on NOI-margin
• Strong contributions from services
• Target for FY-2022 EBITDA (adjusted) of 75% reached

FFO I p.s. = FY-2022: €6.56 (+12.3%) AFFO p.s.

= FY-2022: €1.48 (+16.5%)

Financial Performance

FFO I Bridge FY-2022

Strong contribution from acquisitions and rent growth

LEG

Portfolio valuation FY-2022 – Breakdown of revaluation gains

4% valuation decline in H2 22, still up y-o-y by 2%

Valuation uplift by markets I-f-I1

96

• Valuation adjustment of -4.0% in H2, on FY basis still positive with +1.9%, including capex +3.8%
• * Average chiect-spectic discount rate at YE22 with 3.7% based on low transaction evidence negative effects from inflation based cost bading assumptions
• Potential valuation effects will only come time based on methodology high uncertainty due to very low transaction activity

LEG

-- Financial Performance

Portfolio valuation FY-2022

Market segment	Residential Units	GAV Residential Assets (€m)	GAV/ m² (€)	Gross yield	In-Place Rent Multiple	GAV Commercial/ Other (€m)	Total GAV (€m)
High-Growth Markets	49,733	8,203	2,508	3.4%	29.6x	337	8,540
Stable Markets	66,840	7,000	1,639	4.4%	22.6x	219	7,218
Higher-Yielding Markets	50,467	3,740	1,227	5.5%	18.1x	97	3,837
Total Portfolio	167,040	18,943	1,789	4.2%	23.9x	୧୧୮	19,5951

1 GAV of IAS 40 portfolio (including leasehold, land value and assets under construction) was €20,204m.

Financial Performance

Well balanced financial profile

No significant maturities in 2023

Maturity profile Weighted avg. interest €m ■Loans ■ Bonds (excl. subsidised Convertibles ■ Sustainable bonds loans) 1.97% 2023 116 > Majority rolled over > 1.51% 968 2024 1.42% 2025 970 1.10% 2026 1,049 1.54% 2027 1.223 1.01% 2028 1,000 1.09% 2029 678 2030 1.80% 319 0.87% 2031 891 1.00% 2032 500 2033 600 0.82% 1.55% 800 2034 2035+ ■ 100 2.22%

Average debt maturity years 6.5 FY-2022 FY-2021 (adj.) 7.5

I Since Q-2022 calculation adapted to market inclusion of short-term deposits and participation in other residential companise. FY-2021 restated accordingy (adj.) = after refinancing of bridge loan from end of 2021 via 1.5bn bond issue in January 2022. 2 Previous year figures adjusted after finalisation of purchase price allocation (for details see slide 47),

Highlights

■ Increased RCF to €600m in mid October (previously: €400m)/ CP-programme of €600m

LEG

• Average debt maturity of 6.5 years
• · Majority of 2023 maturities already rolled over
• Average interest costs increase by 10 bps vs. FY-2021 (restated for M&A bridge financing in January 2022)
• Interest hedging rate of 93.7%
• · Clear refinancing path until 2026
• LTV slightly above medium-term target level of 43%, no immediate effect on ability to refinance
• = Net debt/EBITDA of 14.9 as at end of December

-

• ▪▪▪▪▪

4 | Outlook

Overall strong performance in 2022

		Guidance 2022		Actual 2022
FFO I		€475m - 485m		€482m
l-f-l rent growth		c. 3.0%		3.1%
EBITDA margin		c. 75%		74.9%
Investments		c 42€/sqm		41€/sqm
LTV		Medium-term target level max. 43%		43.9%
Dividend		70% of FFO I – subject to further market development		Suspension of dividend for FY22
Acquisitions		Stopped as of October 1, 2022		Stopped as of October 1, 2022
Disposals		Not reflected in guidance: up to 5,000 units		561 units FY22/ 156 units Q4 22
Environment	2022-2025 2022	Reduction of CO2 emissions by 10% based on CO2e kg/sqm 4,000 tons CO2 reduction from modernisation projects	2022	4,028 tons CO2
Social	2022-2025 2022	Improve Customer Satisfaction Index (CSI) to 70% Maintain high employee satisfaction level (66% Trust Index)	2022	73% Trust Index
Governance	2022	Maintain Sustainalytics rating within the negligible risk range (<10)	2022	CLOBAL Sa ESG 6.7 INDUSTRY REGIONAL TOP RATED TOP RATED TOP RATED

Guidance 2023: Focus on AFFO

		Old guidance 20231	NEW guidance 2023
AFFO2	€110m - 125m		€125m - 140m
Adj. EBITDA margin5	c.78%		c.78%
l-f-l rent growth		3.3%-3.7%	3.3%-3.7%
Investments		c. 35€/sqm	c. 35€/sqm
LTV		Medium-term target level max. 43%	Medium-term target level max. 43%
Dividend	100% AFFO as well as a part of the net proceeds from disposals –	subject to further market development	100% AFFO as well as a part of the net proceeds from disposals
Disposals		Not reflected"	Not reflected®
	2023-2026		Reduction of persistent relative CO2 emission saving costs in €/ton by 10% achieved by permanent structural adjustments to LEG residential buildings
Environment	2023	4,000 tons CO2 reduction from modernisation projects and customer behavior change
Social	2023-2026 2023		Improve high employee satisfaction level to 70% Trust Index Timely resolution of tenant inquiries regarding outstanding receivables
Governance	2023	85% of Nord FM, TSP, biomass plant, 99% of all other staff holding LEG group companies have completed digital compliance training

I Guideneed on 167 k. in the susciment of in all by subscription in a for all pro schoplaned. It hase operated, it hase poperas are contaced these will be eported separately 3 Adjusted for maintenance (externally-procured services), internally procured and non-recurring special effects.

5 | Appendix

9M-2022 Results – LEG Immobilien SE 28

FFOI 2023e to AFFO 2023e

Bridge FFOI 2022 to AFFO 2023e

-- Appendix

FFOI 2022 to FFOI 2023e

Investment and capex breakdown

New steering methodology requires view on total investment

Total investment

Capex

373

1 Excl.new construction activities on own hork capitalised and LWS Plus margin. Others includes work aptitalised (capex relevant) as well as the LWS Plus margin (not capex relevant). Rounded numbers.

Effects of lowered investment levels on capitalization rate/p&l LEG

Focus on cash instead of accounting effects

New construction pipeline further reduced to a total of c.€260m

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

■ Development on own land

■ Acquisitions (3rd party 0

2027e

Investment volume per year

Aggregated

Aggregated investment volume

Among the best in class

LEG

Upgrade to AAA rating by MSCI

1 As at 12/2022.

Carbon Balance Sheet 2022

28.3 kg CO2e/m² 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
• 28.3 kg CO2e/m² based on heating energy
• = 301k t CO2 in total (2021: 283k t)

Heat energy by source (100% of portfolio)

• Based on actual consumption 2021 (84% actuals, 14% energy performance certificates (EPC), 2% estimates)
• Extrapolated for 2022
• Limited assurance by Deloitte

Reflecting our roots

Energy efficiency of our portfolio of 147 kWh/m² (2021:144.5kWh/m²) is a function of corporate DNA & history:

■ Providing affordable housing in post-war Germany

LEG portfolio by construction years vs. LEG market

Distribution by energy efficiency classes LEG

Strong CO2 reduction of 15% in 2022

Well on track for our target towards climate neutrality

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

• · Aligned with strategy via LTIcomponent of compensation scheme
• 2023-26 LTI component envisages a 10% efficiency improvement for investments undertaken
• Strong reduction in 2022 by 4% to 33.3kg (location based) and by 12% to 28.3kg (market based)
• Key driver:
  • = 4,028t CO2 savings from energetic refurbishments
  • better footprint of our district heating grid based on actual certificates of our utility provider vs. original assumption of market average

Transition roadmap towards climate neutrality

Refurbishment

• At least 30% efficiency improvement
• Insulation of the building shell, incl. windows and doors
• Contribution of 25% 30%

Smart meter/ Tenant engagement

• Digitisation of heating system via smart metering
• Education and incentivisation of tenants
• Contribution of up to 5%

Energy transition

• Shift from fossil energy mix to green district heating
• Shift towards green electricity along Germany's path
• Contribution of 65%-70%

I Estimate based on current pro environments and their op increments into account. Based on wide cole of air-le-in her purposand introduction of smart themostats

LEG's portfolio comprised c. 167,000 units end of Q4

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

Total portfolio¹ (c. 167,000 units)

Outside North Rhine-Westphalia (c. 33,400 units / c. 20%)

Growth along our investment criteria

• Asset class affordable living
• Entry in new markets outside NRW via orange and green markets

LEG

= >1,000 units per location

Critical size in locations outside NRW reached, allowing for growth into higher-yielding markets

Appendix

Subsidised units - Inflation-dependent components of the cost rent (i.e. admin and maintenance) was adjusted in January 2023 based on 3-year CPI development!

Cost rent components2

Management costs

▪ Depreciation

■ Operating costs

■ Loss of rental income risk

· Administration costs

■ Maintenance costs

CPI - linked

Calculation for LEG's subsidised portfolio

+4.6% cost rent adjustment in January 2023

122222			since 01/2020	adjustm. 01/2023
	+15.2% (applied to		Administration costs4 per unit/year	298.41	+15%
106.1	admin costs and maintenance costs)		Maintenance costs 4 per sqm/year
			Building age <22y	9.21	+15%
			Building age >22y<32y	11.68	+15%
			Building age >32y	14.92	+15%
CPI index Ont 20105		CPI index Oct 20205

Capital costs

▪ Financing costs

Historic view

lmpact on cost rent adjustment at LEG

	2014	2017	2020 2023
3 year period CPI development		+5.7%
Total rent increase for LEG's subsidised portfolio (l-f-l)		+2.4% +1.2% +2.0% +2.0% +4.6%

LEG portfolio

Subsidised units (Q4-2022)

Total subsidised portfolio	33,289	5.05
Higher-yielding markets	7,221	4.60
Stable markets	14.609	4.97
High growth markets	11,459	5.42
Location	Number of subsidised units	Average net cold rent month/sqm (€)

1 CP development from October 2022 (index = 22, provisional Reveac. to Febela Saistical Office). 3 Basis 2015 = 100. 4 Administration and maintenance costs are lump sums.

Around 20% of portfolio comprises subsidised units

Reversionary potential amounts to at least 40%

Rent potential subsidised units

• Until 2028, around 21,000 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 65% of units to come off restriction until 2028

Number of units coming off restriction and rent upside

Spread to market rent

€/m²/month

Encloped of ORE anniation of an aeage ent who inqing than a dijustration of the indisanted to the indecessed on the land control least excit. Centre controclains egading en 2 Systems = 2022-02/2 (1) vears = 2022-02/2017) views = 2035 ) = 1 (1) = 1) = 1 = 1 = 1 = 1 = 1 = 1 = 1 = 1 = 1 = 1 = 1 = 1 = 1 = 1 = 1 = 1 = 1 = 1 = 1 = 1 = 1 = 1 = 1 = 1 =

LEG

Ongoing positive trends across all KPIs and market clusters

Further vacancy reduction confirms LEG's strong positioning in a demand-driven market

Market split (GAV)

In-place rent, l-f-l €/m² High-growth | |

Vacancy, I-f-I

%

Markets

0/0

	Total portfolio		High-growth		Stable		Higher-yielding
	FY-2022	▲ (YOY)	FY-2022	▲ (YOY)	FY-2022	▲ (YOY)	FY-2022	A (YOY)
# of units	167,040	+0.5%	49.733	+1.0%	66,840	+0.6%	50.467	-0.1%
GAV residential assets (€m)	18,943	+5.4%	8.203	+4.8%	7,000	+5.8%	3,740	+5.8%
In-place rent (m²), l-f-l	€6.32	+3.1%	€7.09	+3.0%	€6.08	+3.1%	€5.82	+3.3%
EPRA vacancy, I-f-I '	2.4%	-20bps	1.7%	-20bps	2.2%	-20bps	3.9%	+10bps

1 Excluding the Adler-Portfolio the FF-I EPRA vacancy rate declined from 2.3% to 1.9%.

• Appendix

FFO calculation

LEG

€m	FY-2022	FY-2021
Net cold rent	799.1	683.9
Profit from operating expenses	-12.4	-2.4
Maintenance (externally-procured services)	-57.0	-65.7
Personnel expenses (rental and lease)	-107.5	-87.9
Allowances on rent receivables	-25.2	-10.3
Other income (rental and lease)	13.5	16.0
Non-recurring special effects (rental and lease)	10.6	6.4
Net operating income (recurring)	621.0	540.0
Net income from other services (recurring)	17.3	8.3
Personnel expenses (admin.)	-28.4	-26.7
Non-personnel operating costs	-37.6	-105.6
Non-recurring special effects (admin.)	26.4	96.2
Administrative expenses (recurring)	-39.6	-36.1
Other income (admin.)	0.0	0.0
EBITDA (adjusted)	598.7	512.2
Net cash interest expenses and income FFO	-113.3	-86.7
Net cash income taxes FFO	-1.7	-0.6
FFO I (including non-controlling interests)	483.8	424 9
Non-controlling interests	-1.8	-1.8
FFO I (excluding non-controlling interests)	482.0	423.1
FFO II (including disposal of investment property)	485.7	419.9
Capex	-373.2	-330.9
AFFO (capex-adjusted FFO I)	108.8	92.2

Net cold rent

▪ +€115.2m or +16.8% driven by portfolio growth (+€95.1m) and organic growth (+€20.1m)

Maintenance

▪ Decline mainly relates to release of provisions and simultaneously lower additions to provisions

Personnel expenses

▪ Driven by additional 263 FTE in operations, esp. from Adler portfolio. Minor impact from increase in wages

Allowances on rent receivables

■ Increase mainly driven by higher provisions for not yet invoiced operating costs

Recurring administrative expenses

■ Admin cost ratio (recurring) improves by 0.2%-pts to 5.0%

Cash interest expenses

▪ Increase mainly from higher debt related to the acquisition financing

— Appendix

FFO calculation - current & new definition

	Current definition		New definition
€m	FY-2022	FY-2021	FY-2022	FY-2021
Net cold rent	799.1	683.9	799.1	683.9
Profit from operating expenses	-12.4	-2.4	-12.4	-2.4
Maintenance (externally-procured services)	-57.0	-65.7
Personnel expenses (rental and lease)	-107.5	-87.9	-107.5	-87.9
Allowances on rent receivables	-25.2	-10-3	-25.2	-10.3
Other income (rental and lease)	13.5	16.0	-4.2	-0.2
Non-recurring special effects (rental and lease)	10.6	6.4	10.6	6.4
Net operating income (recurring)	621.0	540.0	660.4	589.5
Net income from other services (recurring)	17.3	8.3	17.3	8.3
Personnel expenses (admin.)	-28.4	-26.7	-28.4	-26.7
Non-personnel operating costs	-37.6	-105.6	-37.6	-105.6
Non-recurring special effects (admin.)	26.4	96.2	26.4	96.2
Administrative expenses (recurring)	-39.6	-36.1	-39.6	-36.1
Other income (admin.)	0.0	0.0	0.0	0.0
EBITDA (adjusted)	598.7	512.2	638.1	561.7
Net cash interest expenses and income FFO I	-113-3	-86.7	-113.3	-86.7
Net cash income taxes FFO	-1.7	-0.6	-1.7	-0.6
Maintenance (externally-procured services)			-57.0	-65.7
Own work capitalised		-	17.7	16.2
FFO I (including non-controlling interests)	483.8	424.9	483.8	424.9
Non-controlling interests	-1.8	-1.8	-1.8	-1.8
FFO I (excluding non-controlling interests)	482.0	423.1	482.0	423.1
FFO II (including disposal of investment property)	483.7	419.9	483.7	419.9
Capex	-373.2	-330.9	-373.2	-330.9
Capex (non-recurring)
AFFO (Capex-adiusted FFO I)	108.8	92.2	108.8	92 2

New reporting set-up from business year 2023 onwards based on new cash focussed steering

Shift to below EBITDA-line:

• Maintenance (externallyprocured services)
• Own work capitalised specifically broken out - so far recognized in Other income (rental and lease)

No effect on FFO I

No effect on historical FFO I and AFFO disclosure

EPRA NRV — NTA — NDV

€m	31.12.2022			31.12.20212
	FPRA NRV - diluted	FPRA NTA - diluted	FPRA NDV - diluted	FPRA NRV - diluted	FPRA NTA - diluted	EPRA NDV – diluted
IFRS equity attributable to shareholders (before minorities)	9,058.6	9,058.6	9,058.6	8,927.9	8,927.9	8,927.9
Hybrid instruments	31.0	31.0	31.0	455.7	455.7	455.7
Diluted NAV (at Fair Value)	9,089.6	9,089.6	9,089.6	9,383.6	9,383.6	9,383.6
Deferred tax in relation to fair value gains of IP and deferred tax on subsidised loans and financial derivatives	2,371.9	2,371.9		2,091.9	2,080.2
Fair value of financial instruments	-78.5	-78.5		95.2	95.2
Goodwill as a result of deferred tax				-250.0	-250.0	-250.0
Goodwill as per the IFRS balance sheet					-43.7	-43.7
Intangibles as per the IFRS balance sheet		-5.8			-3.8
Fair value of fixed interest rate debt			1,208.3			-307.4
Deferred taxes of fixed interest rate debt			-643.6			59.5
Revaluation of intangibles to fair value
Estimated ancillary acquisition costs (real estate transfer tax)	1,955.3			1,843.9
NAV	13,338.3	11,377.2	9,654.3	13,164.6	11,261.5	8,842.0
Fully diluted number of shares	74,109,276	74,109,276	74,109,276	76,310,308	76,310,308	76,310,308
NAV per share (€)	179.98	156.52	130.27	172.51	147.58	115.87

1 Including III (Real Starte Tay includes and 1990 perstary press great (1). Any 1774 persions and the institution of purchase on final on final on operiores and on (in deal

Balance sheet

LEG

€m	31.12.2022	31.12.2021
Investment property	20,204.4	19,178.4
Other non-current assets	579.0	538.3
Non-current assets	20,783.4	19,716.7
Receivables and other assets	179.5	167.1
Cash and cash equivalents	362.2	675.6
Current assets	541.7	842.7
Assets held for sale	35.6	37.0
Total Assets	21,360.7	20,596.4
Equity	9,083.9	8,952.9
Non-current financing liabilities	9,208.4	7,366.2
Other non-current liabilities	2,491.1	2,370.4
Non-current liabilities	11,699.5	9,736.6
Current financing liabilities	252.4	1,518.1
Other current liabilities	324.9	388.8
Current liabilities	577.3	1,906.9
Total Equity and Liabilities	21,360.7	20,596.4

1 Previous year figures adjusted after finalisation of purchase price allocation (for details see slide 47).

Equity ratio

■ 42.5% (2021 43.5%)

Investment property (among others)

• Valuation: +€382.5m
• Acquisitions: +€436.5m
• Capex: +€365.0m

Other non-current assets

• Complete goodwill amortisation due to higher interest rates/ inflation (€293.8m)
• BCP stake (35.7%) included with market value of €268.0m

Receivables and other assets

▪ Increase in rent receivable (+€10.3m) and accrual of operating costs paid in advance (+€16.1m)

Cash and cash equivalents

• Operating activities: +€389.0m
• Investing activities: ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶ ̶
• Financing activities: +€356.4m (+€1,482.4m bond issuance; +€511.1m loans; –€1,438.6m mainly related to repayment of bridge loan acquisition; -€183.3m cash dividend)

Loan to Value

€m	31.12.2022	31.12.2021
Financial liabilities	9,460.8	8,884.3
Excluding lease liabilities (IFRS 16)	22.0	26.6
Cash & cash equivalents2	402.2	745.6
Net Debt	9,036.6	8,112.1
Investment properties	20,204.4	19,178.4
Properties held for sale	35.6	37.0
Prepayments for investment properties and acquisitions	60.8	23.4
Participation in other residential companies2	306.7	119.2
Prepayments for business combinations		1.8
Property values	20,607.5	19,359.8
Loan to Value (LTV) in %	43.9	41.9

1 Previous year figures adjusted of purchase price allocation (for details see side 47). 2 Since Q12022 calculation adapted to the current standard practices, i.e. inclus short-term deposits and inclusion of participation in other residential companies into property values. The figures as a 31.12.2021 have been adjusted accordingly,

Loan to Value

• Increase from 42.3% as at September 2022 to 43.9% as at December 2022
• Increase vs. September due to decline in investment properties

Participation in other residential companies

■ Increase vs. year end 2021 due to higher stake in BCP with 35.7% (8.0% at YE21). BCP is included with a value of €268.0m based on a share price of €97.19 at Tel Aviv Stock Exchange as at December 31

Income statement

€m	FY-2022	FY-2021
Net rental and lease income	413.5	522.1
Net income from the disposal of investment property	-1.5	-1.0
Net income from the valuation of investment property	382.4	1,863.7
Net income from the disposal of real estate inventory	-0.2	0.5
Net income from other services	16.4	5.7
Administrative and other expenses	-182.6	-136.4
Other income	0.1	0.1
Operating earnings	628.1	2,254.7
Net finance costs	-120.1	-116.0
Earnings before income taxes	508.0	2,138.7
Income tax expenses	-270.6	-414.0
Consolidated net profit	237.4	1,724.7

Net rental and lease income

▪ Decline driven by goodwill amortisation (€181.4m). Adjusted NRI (€621.0m) +15.0%

Net income from valuation

■ FY valuation effect +1.9%

Administrative and other expenses

▪ Impact from goodwill amortisation (€112.4m). FY-2021 negatively impacted mainly by RETT for acquisition of Adler portfolio

Net finance costs

• €21.3m increase in interest expenses mainly due to issue of corporate bonds
• =€110.8m impact from valuation of BCP at fair value
• €123.0m impact from measurement of derivatives linked to the convertible bonds (previous year +€3.5m)

Income tax expenses

■ Tax rate increased from 19.4% to 53.3% due the non-tax relevant goodwill amortisation

— Appendix

Cash effective interest expense

LEG

€m	FY-2022	FY-202
Reported interest expense	143.0	121.7
Interest expense related to loan amortisation	-22.2	-20.4
Interest costs related to valuation of assets/liabilities	-2.7	-3.0
Interest expenses related to changes in pension provisions	-1.2	-0.6
Other interest expenses	-3.0	-11.0
Cash effective interest expense (gross)	113.9	86.7
Cash effective interest income	0.7	0.0
Cash effective interest expense (net)	113.2	86.7

Reported interest expense

▪ Increase driven by growth in financing liabilities in connection with the portfolio growth

Interest expenses from loan amortisation

▪ Expenses in connection with the issue of bonds in 2021

Other interest expenses

■ One-time-effects in the previous year, e.g. prepayment costs

Cash effective interest expense

■ Interest coverage of 5.29x (FY-2021: 5.91x)

Adjustment to previous year figures based on finalisation of purchase price allocation for the Adler portfolio acquisition

• Acquisition of the Adler portfolio in 2021 was structured as a share deal, acquiring 13 Adler group companies
  • The deal has been treated as business combination under IFRS3

LEG

• Preliminary purchase price allocation conducted on 31 December 2021 and reflected accordingly within the annual accounts
• Within the scope of finalising the purchase price allocation, new information, which has not been considered by the time of acquisition has now been taken into account
• The adjustment of asset values and liabilities has been conducted retrospectively per 31 December 2021 (IFRS 3.45)
• Overall adjustments lead to a lower goodwill than originally assumed
• Accordingly balance sheet items and ratios may vary from the ones originally presented within the FY21 reports

Remuneration system 2022/25

year 3 year 1 year 2 year 4 Fffective 1 January 2023 Basic remuneration Fixed Fringe benefits c.35% components · Pension entitlement (defined contribution) Max. Malus/ Share of target remuneration remuneration Clawback ■ 40% net rental and lease income 22% ■ 40% funds from operations I (FFO I) per share STI CEO Partial or 20% ESG targets (100% target fulfilment below) 2023 23% complete ■ E: 4,000 tons CO2 reduction from modernisation projects €4.8m ■ S: Maintain high employee satisfaction level (66% Trust Index) reduction or ■ G: Maintain Sustainalytics rating within the negligible risk range (<10) reclaim of variable Board remuneration member 80% share price development vs. EPRA Germany €3.1m possible ■ 38% LTI ▪ 20% ESG targets (100% target fulfilment below) 2026 ■ E: Reduction of CO2 emissions by 10% based on CO2e kg/sqm 40% ■ S: Improve Customer Satisfaction Index (CSI) to 70% ▪ Reinvestment obligation of 25% of the LTI into LEG shares Share ownership guideline Purchase of LEG shares equivalent to a gross basic salary within 4 years

Remuneration system 2023/26

Proposed adjustment of financial STI targets in-line with new steering methodology3

LEG additional creditor information

Unsecured financing covenants

Covenant	Threshold	FY-2022
Consolidated Adjusted EBITDA / Net Cash Interest	≥1.8x	5.5x
Unencumbered Assets / Unsecured Financial Indebtedness	≥125%	165%
Net Financial Indebtedness / Total Assets	≤60%	42.6%
Secured Financial Indebtedness / Total Assets	≤45%	16.1%

Ratings (Moody's)

lype	Rating	Outlook
Long Term Rating	Baal	Negative
Short Term Rating	P-2	Stable

Financing mix 89.0% 4.7% Derivatives 6.3%

Key financial ratios

	FY-2022	FY-2021
Net debt / EBITDA®	14.9x	12.6x
LTV	43.9%2	41 9%3
Secured Debt / Total Debt	37.7%	36.8%
Unencumbered Assets / Total Assets	39.3%	43.0%

T heragened tour quares / BTDA. TM. 25 me Q-2022 dollarion adaptares, i. eduction of net destroy to the decision in the residenting operior in other residential organiss in 3. Previous year figures adjusted after finalisation of purchase price allocation (for details see slide 47).

-- Appendix

Capital market financing Corporate bonds

LEG

Maturity	Issue Size	Maturity Date	Coupon	Issue Price	ISIN	WKN
2017/2024	€500m	23 Jan 2024 (7 yrs)	1.250% p.a.	99.409%	XS1554456613	A2E4W8
2019/2027	€500m	28 Nov 2027 (8 yrs)	0.875% p.a.	99.356%	DE000A254P51	A254P5
2019/2034	€300m	28 Nov 2034 (15 yrs)	1.625% p.a.	98.649%	DE000A254P69	A254P6
2021/2033	€600m	30 Mar 2033 (12 yrs)	0.875% p.a.	99.232%	DF000A3H3.107	A3H3JU
2021/2031	€600m	30 Jun 2031 (10 yrs)	0.750% p.a.	99.502%	DE000A3E5VK1	A3E5VK
2021/2032	€500m	19 Nov 2032 (11 yrs)	1.000% p.a.	98.642%	DE000A3MQMD2	A3MQMD
2022/2026	€500m	17 Jan 2026 (4 yrs)	0.375% p.a.	99.435%	DE000A3MQNN9	A3MQNIN
2022/2029	€500m	17 Jan 2029 (7 yrs)	0.875% p.a.	99.045%	DE000A3MQNP4	A3MQNP
2022/2034	€500m	17 Jan 2034 (12 yrs)	1.500% p.a.	99.175%	DE000A3MQNQ2	A3MQNQ
			Adj. EBITDA/ net cash interest ≥ 1.8 x
Financial			Unencumbered assets/ unsecured financial debt ≥ 125% Net financial debt/ total assets ≤ 60%

Secured financial debt/ total assets ≤ 45%

-- Appendix

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)	0.4% p.a. (semi-annual payment: 15 January, 15 July)
# of shares	5,470,685	3,556,142
Initial Conversion Price	€118.4692	€155.2500
Adjusted Conversion Price1	€113.2516 (as of 2 June 2022)	€153.6154 (as of 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-orotection: The conversion pice will not be adjusted until the dividend exceeds €2.76 (2017/2025 convertible).

Share (06.03.2023; indexed; in %; 1.2.2013 = 100)

Appendix LEG share information

Basic data

Market segment	Prime Standard
Stock Exchange	Frankfurt
Total no. of shares	74,109,276
Ticker symbol	LEG
ટિંગિ	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
Weighting	MDAX 3.1% (31.12.2022)

EPRA Developed Europe 2.6% (31.12.2022)

Shareholder structure1

Share price and market capitalisation since IPO

Appendix

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

Financial calendar

LEG

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

IR Contact

Investor Relations Team

Frank Kopfinger, CFA Head of Investor Relations & Strategy Tel: +49 (0) 211 4568 – 550 E-Mail: frank.kopfinger@leg-se.com

For questions please use 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 | Flughafenstraße 99 | 40474 Düsseldorf, Germany E-Mail: ir@leg-se.com | Internet: www.leg-se.com