Adler Group partially redeems its 1L New Money Facility in Q2 2026 Berlin; €245m holdback remains

Results presentation

27 August 2026 Results presentation

2 Content Eichborndamm 89, Berlin 1 Disposal Update 2 Q2 2026 Key Figures 3 Portfolio & Operational Performance 4 Financial Update 5 Guidance & Concluding Remarks 6 Appendix

3 1 Disposal Update

4 Development projects and yielding assets sold post Q2 ’26 Following significant disposals in Q1, Adler Group has made further progress to partially redeem its 1L New Money Facility in Q2 Disposal Update 1 | Disposal Update The company’s holdback of disposal proceeds (max. amount of €250m) remains filled with €245m Other yielding asset disposals Development projects and yielding assets sold in Q2 ’26

5 2 Q2 2026 Key Figures

6 The Berlin-anchored yielding asset portfolio continued to perform strongly in H1 2026 H1 2026 Key Figures 2 | Q2 2026 Key Figures PORTFOLIO PERFORMANCE FINANCIAL OVERVIEW 3.0% like-for-like (l-f-l) rental growth on a year-on-year basis driven by increases in current rental contracts and reletting activities Avg. residential rent increased to €8.68/sqm/month as per Jun- 2026 Vacancy remained at a very low level of 0.9% Like-for-like rental portfolio revaluation of 0.5% in H1 2026 Like-for-like development portfolio unchanged in H1 20261 Net rental income: €63m Adj. EBITDA Rental: €37m Adj. EBITDA Total: €29m FFO 1: (€40m) Total equity: €0.7bn LTV stands at 79.2% Cash position of €155m

1. Only taking into account development projects that were part of the portfolio as per Jun-2026 and are not signed for sale

7 3 Portfolio & Operational Performance

8 Berlin-anchored Yielding Asset Portfolio Number of rental units 1 Residential units including ground level commercial units, comprises 17,416 units in Berlin and 49 units in other locations which are earmarked for sale; 2. Includes current locations with at least 100 rental units 3.5 3.5 Dec-25 (0.0) Disposals 0.0 Revaluation Mar-26 (0.0) Disposals 0.0 Revaluation Jun-26 3.5 Gross asset value (GAV) in €bn Residential portfolio as per Jun-20262 BERLIN €3.5bn GAV 17,416 units Berlin Adler Group’s residential portfolio is almost entirely concentrated in Berlin and has a total gross asset value of €3.5bn 2,875 2,886 GAV in €/sqm 2,870 Dec-25 (21) Disposals Mar-26 (18) Disposals Jun-26 17,504 17,483 17,4651 3 | Portfolio & Operational Performance

9 Like-for-like fair value development until Q2 2026 (%) General note: Historic numbers as reported, i.e. not adjusted for disposals

1. Calculated as annualised monthly in-place rent divided by the fair value at the reporting date The positive revaluation mainly stems from rent increases realised in H1 2026 Yielding Portfolio Valuation Rental yield (%)1 Jun-25 Jun-26 3.5% 3.6% 10,1% (1,9%) (12,8%) (2,2%) 1,0% FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 H1 2026 0,5% 3 | Portfolio & Operational Performance

10 3.0% 1.4% 0.4% 0.3% Average rent (€/sqm/month) Like-for-like rental growth (%)2 General notes: KPIs presented on this page include ground level commercial units and exclude units under renovation and development projects; historic numbers as reported, i.e. not adjusted for disposals

1. Jun-2026 figure excluding 49 non-Berlin units which are earmarked for sale; Operational vacancy excludes unavailable units, i.e., units under refurbishment and decommissioned units; Total vacancy rate amounting to 1.8% as per Jun- 2026; 2. Like-for-like rental growth calculated on a year-on-year basis; 3. Units that are vacant now but were rented out last year; 4. Units that are rented out now but were vacant last year; 5. Units that are rented out now as well as last year, but to a different tenant; 6. Total Consumer price index (CPI)-linked leases amount to 29.4% based on total rental units and 30.2% based on NRI The like-for-like rental growth of 3.0% was driven by the increase of current rental contracts and vacancy reduction Operational Performance Jun-25 Jun-26 Jun.25 Jun-26 3.4% 3.0% Detailed breakdown of the like-for-like rental growth as per Jun-2026 (%) New Vacancy3 0.8% 1.6 Vacancy reduction4 Re-letting5 Rent increase6 Total rental growth (1.6) 0.8% 0.7% CAPEX Without CAPEX Operational vacancy rate (%)1 Jun-25 Jun-26 3 | Portfolio & Operational Performance 8,45 8,68 2,0% 0,9%

4 Financial Update

12 3.5 3.5 0.4 GAV (€bn)1 Comments General note: Rounding errors may occur

1. Based on externally appraised values, may slightly differ from IFRS accounting values; 2. Excludes disposals that are either signed, closed or handed-over as per Jun-2026; 3. Includes value adjustments of development projects reflecting prices agreed with buyers (sales contract signed or letter of intent), as also reflected on the balance sheet as per Jun-2026 Development of GAV in Q2 2026 4 | Financial Update 1 In the second quarter 2026, 18 condominium units were sold 1 2 No disposals were closed in the second quarter 2 Total portfolio GAV reduced slightly due to selective yielding asset disposals 3 During the second quarter, a positive result was realised as part of the semi-annual revaluation process of the yielding portfolio, translating into a like-for-like increase of 0.5%, compared to prior values 3 Mar-26 (0.0) Disposals yielding assets (0.0) Disposals development projects 0.0 Revaluation yielding assets 0.0 Revaluation development projects3 0.42 Jun-26 3.9 3.9 Development projects Yielding portfolio 4 For the development projects, on a like-for-like basis, valuations remained unchanged compared to Q1 2026 figures 4 Thereof: €0.3bn upfront sale projects €0.1bn forward & condo sale projects

13 Partial redemptions, i.e. proceeds returned to the holders of the 1L New Money Facility in the total amount of €116m in Q2 2026: − €93m repaid on 2 Apr-2026 after proceeds received from the sale of the Holsten development project − €11m repaid on 2 Apr-2026 after proceeds received from the sale of the Kornversuchsspeicher − €4m repaid on 2 Apr-2026 after proceeds received from Berlin condo sales − €3m repaid on 7 Apr-2026 after proceeds received from the sale of the Hedemannstrasse − €5m repaid on 13 May-2026 after proceeds received from the sale of Hansastrasse Further redemptions, i.e. proceeds returned to other lenders in Q2 2026: − €15m repaid in Apr-2026 after proceeds received from the sale of Hedemannstrasse Partial redemptions, i.e. proceeds returned to the holders of the 1L New Money Facility in the total amount of €4m in Q3 2026: − €4m repaid on 5 Aug-2026 after proceeds received from the sale of the Hansastrasse DEBT REPAYMENTS The redemption of the 1L New Money Facility continues with the inflow of disposal proceeds Financing Update 4 | Financial Update Completed prolongation of a €6m secured bank loan originally due in Q3 and Q4 2026 to Q4 2028. The loan is provided by a German bank, financing certain of Adler’s property companies in Berlin The remaining 2026 bank maturities in the volume of €12m are under discussion regarding prolongation with the respective lenders MATURITIES IN 2026

14 29,7% 30,0% 20,4% 19,9% Total nominal interest-bearing debt (€m)1 3,515 LTV2 79.2% Fixed / hedged debt 99.2% Weighted average cost of debt 7.1% Weighted average maturity (years) 2.9 Issuer credit rating S&P B- (stable outlook) 1L New Money Facility rating S&P B 1.5L Notes ratings S&P CCC Reinstated 2L Notes3 rating S&P CCC General notes: Not including the Perpetual Notes as they are treated as equity under IFRS; S&P ratings as per date of this presentation

1. Excluding payment-in-kind (PIK) interest; 2. The LTV differs from the bond covenant LTV; 3. Excl. Perpetual Notes Following further partial redemptions of the 1L New Money Facility in Q2 2026, the total nominal interest-bearing debt reduced to €3.5bn Overview of Debt KPIs as per Jun-2026 Debt KPIs as per Jun-2026 Sources of funding 29,7% 70,3% Secured bank debt 1L Notes 1.5L Notes Reinstated 2L Notes3 Bank debt Corporate bonds 4 | Financial Update

15 88 1.055 717 118 12 796 2026 2027 2028 2029 29 2030 2031 1,850 729 Overview of debt maturities1 as per Jun-2026 (€m) Comments The company’s 2026 maturities have now been fully addressed Debt Maturity Schedule % of total debt maturing Bank debt Corporate bonds General notes: Rounding errors may occur; not including the Perpetual Notes as they are treated as equity under IFRS

1. Figures based on nominal values as per 30 Jun-2026, not including accrued payment-in-kind (PIK) interest 700 Reinstated 2L Notes 1L New Money Facility 1.5L 4 | Financial Update 0% 3% 53% 20% 21% 3% The remaining 2026 bank maturities in the volume of €12m are under discussion regarding prolongation with the respective lenders

16 LTV evolution (%) The mostly non-cash effective interest expenses led to an increase of the LTV in the quarter Loan to value (LTV) – Development in Q2 2026 4 | Financial Update Mar-26 Project disposal Interest expenses CAPEX Revaluation yielding disposal other Jun-26 77.1% (0%) (0.4%) 79.2% 1.5% 1.0%

17 301 0 Cash position (€m) The cash position decreased due to high inflows from disposals in Q1 and corresponding repayments in Q2 Development of Cash Position – Development in Q2 2026 4 | Financial Update Net cash interest paid 1 Yielding asset disposals Development asset disposals (19) Mar-26 0 (116) Debt repayment incl. PIK - 1L Jun-26 3 Operating cash flow (21) Net cash flow from forward sales (6) Net cash flow from other development projects (9) Yielding capex (6) Tax income Other (e.g. litigation) (11) Bank loan repayments

1. Restricted cash mainly includes deposits for guarantees, short-term CAPEX and rolling interest reserves related to associated financing 51 35 155 301 51

18 5 Guidance & Concluding Remarks

19 Full-year 2026 guidance Concluding remarks Net rental income (€m) €124-129m 5 | Guidance & Concluding Remarks Berlin-based rental portfolio with a strong full year 2026 outlook supported by new Mietspiegel Direction of the German residential real estate market remains uncertain Continued progress on asset disposals and debt redemption of €201m ytd Progress in prevention of expropriation; election in Berlin on 20 September No capital market indebtedness maturing before the end of 2028 Solid cash position maintained Guidance and Concluding Remarks

20 Q&A

21 Appendix 21-22 Portfolio & Operational Performance 23-27 Financials 28 Debt Overview 29-30 Development Projects 31-32 Corporate Governance 33 Corporate Agenda

22 CAPEX and maintenance (€m) Maintenance expense (€/sqm) Yielding Asset Portfolio – 6M CAPEX and Maintenance Appendix CAPEX invested (€/sqm) 9.7 4.2 5.9 FY 2025 6M 2025 6M 2026 28 14 17 13 7 7 FY 2025 6M 2025 6M 2026 41 21 12 Maintenance CAPEX 20.6 8.5 13.6 FY 2025 6M 2025 6M 2026 24

23

1. As appraised by CBRE as per Jun-2026; condo units and units that have been sold but not yet transferred are included but not revalued as per Jun-2026; 2. As appraised by NAI Apollo as per Jun-2026, including projects signed but not yet transferred. Please note that the externally appraised values may slightly differ from IFRS accounting values Portfolio Breakdown of Standing Assets and Developments Appendix Yielding portfolio per city1 Development projects per city2

City Value (€m) Value (%) 1 Berlin 3,486 2 Other cities 1 Total 3,487 100.0%

City Value (€m) Value (%) 1 Berlin 188 2 Stuttgart 85 3 Frankfurt 78 4 Düsseldorf 73 5 Leipzig 52 6 München 24 7 Hamburg 18 8 Dresden 5 Total 523 100.0% 35,9 16,3 14,9 14,0 10,0 4,6 3,4 1,0 0,0 100.0

24 In €m 6M 2026 6M 2025 Net rental income 63 68 Income from facility services and recharged utilities costs 27 38 Income from property development 13 (1) Other revenue 182 1 Revenue 284 107 Costs of operations (246) (179) Gross profit 39 (72) General and administrative expenses (43) (60) Other expenses (24) (63) Other income 21 43 Changes in fair value of investment properties 2 (63) Results from operating activities (6) (215) Net finance income / (expenses) (154)