Instone Real Estate Group (INS) Investor presentation summary

Key investment highlights

• Leading residential developer in Germany with a comprehensive product portfolio and presence in all major metropolitan regions.

• Strong beneficiary of structural housing shortage, with a €7.1bn GDV project portfolio as of June 2026.

• Healthy profitability based on cost leadership, innovative digital planning, and attractive project pipeline.

• Robust balance sheet, strong cash position, and clear commitment to climate neutrality and energy-efficient buildings.

• Management team with over 40 years of value generation experience and 442 employees across 8 branches.

Q2 2026 highlights and financial performance

• Demand is recovering, with retail sales up 26% YoY and institutional demand strengthening; several large transactions in advanced stages.

• H1 2026 revenues at €184.2m (-20.3% YoY), gross profit margin at 27.9% (up from 25.3%), and EAT at €1.3m (-92.4% YoY); strong H2 acceleration expected.

• Operating cash flow of €42.7m, supporting further growth investments.

• Outlook for 2026 confirmed at lower end: revenues €550-600m, gross margin >24%, EAT €35-40m, sales €650-750m.

Market environment and structural trends

• German residential market faces a widening supply shortage, with a cumulative deficit expected to exceed 800,000 units by 2026.

• House prices and rents for new builds remain stable or moderately growing despite macroeconomic uncertainties.

• Energy-efficient new builds command increasing price premiums, and regulatory/tax incentives support demand.