Adler Group S.A. Q2 2026 quarterly financial statements Luxembourg; FFO 2 negative -€98.5m six months

Adler Group S.A. Q2 2026 quarterly financial statements Luxembourg; FFO 2 negative -€98.5m six months

Quarterly Finalcial Statements Q2 2026

Q2 QUARTERLY FINANCIAL STATEMENTS 2026

Profit and loss statement For the six months ended For the three months ended For the year ended In EUR thousand 30 Jun 2026 30 Jun 2025 30 Jun 2026 30 Jun 2025 31 Dec 2025 Income from rental activities 89,768 106,281 44,141 49,262 197,494 Adj. EBITDA from rental activities 37,157 40,495 16,605 19,344 72,410 Adj. EBITDA from rental activities margin 58.9% 59.4% 52.4% 61.4% 55.0% Adj. EBITDA Total 28,765 (19,622) 14,768 (19,441) (6,454) FFO 1 (from rental activities) (39,846) (28,794) (22,805) (12,362) (68,029) FFO 2 (incl. disposal results and development activities) (98,474) (143,404) (51,081) (73,759) (252,599) Further KPIs Residential() 30 Jun 2026 31 Dec 2025 Monthly in-place rent (EUR per m2) 8.68 8.61 Total vacancy rate 0.9% 1.3% Number of units 17,465 17,504 Like-for-like rental growth (LTM) 3.0% 3.6% () All values include ground floor commercial units and exclude units under renovation and development projects. Balance sheet In % 30 Jun 2026 31 Dec 2025 LTV 79.2% 76.3% Key FiguresQ2 2 Adler Group Q2 2026 Quarterly Financial Statements

3 Adler Group Q2 2026 Quarterly Financial Statements 1 To our Stakeholders 04 About the Group 06 Adler Group Share 2 Interim Management Report 10 Fundamentals of the Group 12 Portfolio Overview 15 Financial Overview 27 Material Events 28 Forecast Report 29 Opportunities and Risk Report 32 Responsibility Statement 3 Condensed Consolidated Interim Financial Statements 36 Condensed Consolidated Interim Statement of Financial Position 38 Condensed Consolidated Interim Statement of Profit or Loss 39 Condensed Consolidated Interim Statement of Comprehensive Income 40 Condensed Consolidated Interim Statement of Cash Flows 42 Condensed Consolidated Interim Statement of Changes in Equity 44 Notes to the Condensed Consolidated Interim Financial Statements 4 Financial Calendar & Imprint Content

About the Group The Adler Group S.A. (the Company) is a Luxembourg-­ based real estate holding company with numerous sub- sidiaries (Adler Group) mainly operating in Germany. It specialises in the management and development of income-­producing, multi-family residential real estate. As per the end of Q2 2026, Adler Group owns and manag- es a core rental portfolio of 17,465 units, almost entirely located in Berlin. Most of the properties fall into the mar- ket segment of affordable housing. Besides the residential rental portfolio, Adler Group owns a portfolio of development projects located in some of the largest cities of Germany. Adler Group does not intend to hold them but rather to generate cash flow and earnings through either forward sales or upfront sales. As of 30 June 2026, Adler Group had 302 employees based in Luxembourg and in several locations across Germany. Rental portfolio as at 30 June 2026() () Residential units including ground level commer- cial units, not considering 49 units located outside of the Berlin metropolitan area. Residential rental portfolio locations Berlin 4 Adler Group Q2 2026 Quarterly Financial Statements 1    TO OUR STAKEHOLDERS About the Company

1    TO OUR STAKEHOLDERS About the Company Adler Group Q2 2026 Quarterly Financial Statements 5

Adler Group Share Shares Stock exchange Frankfurt Stock Exchange Market segment Regulated market (Prime Standard) ISIN LU1250154413 WKN A14U78 Total number of shares outstanding 151,626,107 Ticker symbol ADJ Primary listing 23 July 2015 Stock exchange Frankfurt Stock Exchange Issue price EUR 20 Price at the end of Q2 2026 EUR 0.150 Highest share price LTM EUR 0.237 Lowest share price LTM EUR 0.141

Shareholder structure(1) (as at 30 June 2026) Vonovia SE 15.9% Free Float 84.1% Voting securities Stock exchange Luxembourg Stock Exchange Date of issuance 15 October 2024 ISIN LU2900363131 Nominal value EUR 0.01 Total number of voting securities 454,878,321

Composition(2) (as at 30 June 2026) PIMCO 24.0% Taconic Capital Advisors 12.3% Sculptor Capital Manage- ment Inc 11.1% Arini Capital Management 8.7% Other 44.0% General Note: As part of the comprehensive recapitalisation completed in September 2024, holders of the Investor Notes received new voting securities that represent 75% of the voting rights in Adler Group S.A. (but 0% of the distribution rights). Common shares represent 25% of the voting rights in Adler Group S.A. and 100% of the distribution rights. (1) Based on approx. 151.6m voting rights attached to the share capital (ISIN LU1250154413); according to the official notifications received from the shareholders; based on the German stock exchange’s definition, free float refers to shares that are not owned by major shareholders holding more than 5% of the total shares. (2) Based on approx. 454.9m voting rights attached to the voting securities (parts bénéficiaires avec le droit de vote; ISIN LU2900363131); based on the voting rights notifi- cations received by the Company in accordance with article 11 of the Luxembourg law of 11 January 2008 on transparency requirements for issuers (as supplemented and amended, the “Luxembourg Transparency Law”), these shareholders hold more than 5% of the voting rights in the Company. (3) Based on approx. 606.5m total voting rights attached to both the share capital and the voting securities (parts bénéficiaires); according to the official notifications re- ceived from the shareholders and holders of voting securities (parts bénéficiaires). 6 Adler Group Q2 2026 Quarterly Financial Statements 1    TO OUR STAKEHOLDERS Adler Group Share

Total number of voting rights (606,504,428) (3) (as at 30 June 2026) Dividend policy Following the implementation of the proposed amend- ments pursuant to the Restructuring Plan, the Company is not permitted to declare or pay any dividends to share- holders for the year 2022 and thereafter. If and as long as any of the subordinated notes issued by the Company’s subsidiary AGPS BondCo PLC in the nom- inal amount of approximately EUR 2.3 billion under the Company’s guarantee as part of its 2024 financial restruc- turing (the “Subordinated Notes”) remain outstanding, and to the extent that any payments have been made in respect of the Subordinated Notes since the issuance thereof (the “Subordinated Notes Payments”), the Board of Directors may, when approving the annual financial statements of any given financial year, recommend to the Annual General Meeting that a dividend be declared and paid in an amount equivalent to one thirty-ninth (1/39) of the total Subordinated Notes Payments. 18.0% PIMCO 10.0% Taconic Capital Advisors 9.0% Sculptor Capital Management 6.5% Arini Capital Management 4.0% Vonovia 52.6% Other Key stock market data Adler Group shares are traded on the Prime Standard of the Frankfurt Stock Exchange. During the 12 months ended 30 June 2026, the shares traded between EUR 0.141 and EUR 0.237. Shareholder structure As at 30 June 2026, the total number of outstanding shares of Adler Group amounted to 151.6 million. At that time, the main shareholder with holdings of over 5% was Vonovia SE (15.88%) according to the official notifications received from the shareholders. The remaining 84.12% free float shares were mainly held by institutional investors. On 15 October 2024, approximately 454.9 million voting securities (parts bénéficiaires) were issued to certain bond investors, thereby increasing the number of total voting rights to approximately 606.5 million (including the approx- imately 151.6m voting rights attached to the share capital). 7 Adler Group Q2 2026 Quarterly Financial Statements 1    TO OUR STAKEHOLDERS Adler Group Share

Interim Management Report 8 Adler Group Q2 2026 Quarterly Financial Statements

2 Interim Management Report 10 Fundamentals of the Group 12 Portfolio Overview 15 Financial Overview 27 Material Events 28 Forecast Report 29 Opportunities and Risk Report 32 Responsibility Statement 9 Adler Group Q2 2026 Quarterly Financial Statements

Fundamentals of the Group Business model Adler Group S.A. is a residential real estate company which – through its subsidiaries – holds and manages 17,465 rent- al units, primarily based in Berlin. This rental portfolio is valued at EUR 3.5 billion as per 30 June 2026. Besides the rental portfolio, Adler Group owns a portfolio of develop- ment projects in some of the larger cities in Germany val- ued at EUR 0.5 billion. In agreement with the bondholders under the terms of the Restructuring Plan, these develop- ment projects are to be sold – some sales processes have already begun, others are to be initiated. Hence, the Adler Group’s business model focuses on asset and portfolio management, property and facility manage- ment, aiming at improving operating results by increasing rents and decreasing vacancies in its existing portfolio. The portfolio shall be further optimised depending on op- portunities or necessities. Our 302 employees (as per 30 June 2026) are based in Luxembourg and in several locations across Germany in order to bring Adler Group as close as possible to assets and tenants. Objectives and strategy Focus on active management of the portfolio to grow earnings and improve EBITDA margins. Adler Group focuses on increasing rents through active asset management and targeted investments to mod- ernise, refurbish and re-position properties, while con- stantly screening and anticipating developments in dif- ferent sub-markets. In order to realise upside potential, Adler Group pursues regular rent increases up to the market levels within the regulatory and legal limits with- out CapEx investment. In addition, Adler Group continu- ously reviews rent potentials and pursues growth be- yond the rent tables through targeted CapEx investments to modernise, refurbish and/or re-position properties. Vacancies are kept low through active marketing tai- lored to the respective micro-location. As apartments are typically renovated to market stand- ard after a tenant has moved out, Adler Group is in the position to rent vacant apartments to higher quality ten- ants and thus to continuously improve the tenant struc- ture and average rent. 10 Adler Group Q2 2026 Quarterly Financial Statements 2    INTERIM MANAGEMENT REPORT Fundamentals of the Group

Optimise the portfolio and recycle capital through se- lective investments and disposals. By disposing of non-core assets, Adler Group aims to streamline the rental portfolio and to focus on Berlin where a critical mass of assets can be managed thereby improving profitability and portfolio KPIs. Active capital recycling enables Adler Group to reduce leverage and ultimately to improve its capital structure. Committed to adding value through refurbishment and modernisation. Investing selected CapEx in refurbishment and moderni- sation measures in the existing portfolio will elevate the quality of the rental portfolio, improve energy efficiency in line with sustainability targets to reduce greenhouse gas emissions and thus add value overall. Corporate Governance The Company’s corporate governance practices are gov- erned by Luxembourg Law (particularly the Luxembourg law of 10 August 1915 on commercial companies, as amended) and the Company’s articles of association. As a Luxembourg company with its shares admitted to trading on the regulated market (Prime Standard) of the Frankfurt Stock Exchange, the Company is not subject to any spe- cific mandatory corporate governance rules. The corpo- rate governance practices applied by the Company are those applied under general Luxembourg law. Composition of the Board As at 30 June 2026, the Board comprises the follow- ing members: Mr Stefan Brendgen Independent Director Dr. Karl Reinitzhuber Director Mr Thorsten Arsan Director Mr Paul Copley Independent Director Mr Matt