Instone Real Estate Group (INS) Investor presentation summary

Business overview and market position

• Leading residential developer in Germany with a comprehensive product portfolio, including affordable housing and customized apartments.

• Over 30 years of experience, active in all major German metropolitan regions, with a €7.1bn project portfolio as of 31/12/2025.

• Strong in-house construction expertise, covering the entire value chain from acquisition to completion.

• Cost leadership and innovative digital planning drive healthy profitability and growth.

• Clear focus on energy-efficient buildings and climate neutrality targets.

Financial performance and outlook

• 2025 revenues reached €504.4m (down 4.3% yoy), gross profit margin improved to 23.8%, and EAT was €31.6m (down 14.4% yoy).

• Sales surged to €502.3m (+52.1% yoy), with a dividend per share of €0.43 (5.1% yield).

• Outlook for 2026: revenues €550–600m, gross margin >24%, EAT €35–40m, sales €650–750m.

• Strong balance sheet with net financial debt of €151.5m and low loan-to-cost ratio (11.9%).

• Significant cash position and financial flexibility support further growth and acquisitions.

Sales and operational highlights

• Private sales doubled in 2025 to €299.5m, with retail demand up ~100% yoy.

• Institutional deals totaled €195m, with moderate recovery in this segment.

• Launch of Vestway JV to boost private investor sales and build a proprietary customer database.

• Number of apartments on offer set to double in 2026, supporting continued sales momentum.

• Several high-profile projects launched in 2025, with strong sales rates in key cities.