Many thanks, and good morning, all. This is Martin.

Welcome to our Q1 2026 analyst call. Let's start right away with page number 3 of the presentation, and I'm coming to the highlights.

We think it's fair to say that the first quarter of 2026 was a very good one, just looking at the FFO I that came out in Q1 2026 at €49.3 million after €44.9 million in the comparable quarter in the previous year, so that's a 10% increase. This is definitely a good start into the year, looking at some operational figures like like-for-like rental growth.

In Germany, we came out at 3.3% per annum, which is quite good, and in Poland, like-for-like rental growth also remained quite high at 3.2% per annum. Strong start into the year from the rental business, and also the sales business developed quite well.

Looking at the development of the net income from sales in Poland, we achieved in the first quarter of 2026 a net income of €12.7 million, that compares to €5.0 million in Q1 2025, and also the number of units sold in Poland was in the first quarter with 658 units stronger than in the same quarter of the previous year, then in Q1 2025 with 592 units. Talking about the projects that we have ongoing, I think that's of course very much of interest, the antitrust approval for the Resi4Rent portfolio acquisition in Poland that we signed last year in August is still outstanding, but we really expect now shortly the decision, therefore we still assume that the closing will take place in the second quarter of 2026.

This should now happen really shortly, and what we can tell you is that, firstly, unchanged, we expect a positive decision, an antitrust approval without any conditions, and secondly, this approval is basically the only material outstanding closing condition. Once this approval is there, the closing will take shortly thereafter, perhaps two weeks after the approval, we will have the closing.

Therefore, as previously communicated, we unchangedly expect the closing to take place in Q2 2026. Second project refers to the sales business.

To make it short, we still look into strategic alternatives for ROBYG. Honestly, the main strategic alternative is here a potential public offering and listing of ROBYG shares on the Warsaw Stock Exchange.

This is continued to be evaluated. Not really very different news that we can give you, but just to repeat what we have already said with the full year 2025 analyst call.

Firstly, we are fully committed to remain the majority shareholder of ROBYG, this is not a strategic change, this is not a sell-down of the sales business. That we like this business a lot, that it makes for us a lot of sense to continue with both businesses in Poland, with the sales business as well as with the rental business, therefore, in all the considerations that we have, we're committed to remain the majority shareholder of ROBYG.

The second comment, which is also important for us, this could be an opportunity, but it's not a must. Therefore, if everything remains as it is, if we continue to be the sole shareholder of ROBYG, that's definitely not a bad outcome.

Let's look where we end up here, these strategic alternatives are still being evaluated. Looking into the balance sheet, EPRA NTA, as not unusual for the first quarter, was more or less flat, but a quite nice increase year on year with a 7% growth.

LTV stable at a quite low 41%, but to be fair, the perhaps economically real LTV is more the pro forma LTV after the Polish acquisition. Once we have the closing of the Resi4Rent transaction, the LTV will be around 45%, which is still good, even after the closing of this quite material acquisition, we are more or less exactly at our LTV target of 45%.

A little bit outlook for the next earnings call, which is the earnings call for H1 2026. As always, we will have also a full portfolio valuation with the H1 figures, and what we can give as an outlook is that we expect for the German portfolio a valuation result which is more or less in line with the two previous and semi-annual valuations.

Just to remember, we had in H2 2000—sorry, in H1 2025, a value increase of roughly 1.3%, and the second half of last year, we had a value increase of 1.8%, somewhere in that range should be also the valuation result for the German portfolio in H1 2026. With today's results, we fully confirm again all of our guidance, FFO I, net income from sales in Poland, and FFO II, this is fully confirmed, and as said, as we still expect a closing for the Resi4Rent transaction to happen in Q3—Q2 2026, this is of course then very supportive for the guidance.

Dividend payout is for the 2025 financial year 40% of FFO I, therefore we will have a decision next week in our AGM on a dividend for financial year 2025, which is €0.40. As in the previous years, scrip dividend option will be provided for our shareholders, and just to remind everyone, for this financial year, for financial year 2026, we'll have an increased dividend payout of 50% 50% of FFO I.

That is with the highlights, and then let's move quite quickly to page number 7, a little bit more details on the actual results. Just repeating that FFO I had a quite strong development, also quarter on quarter, also comparing Q1 2026 with the previous quarter with a quite nice increase of around €4 million from a higher EBITDA of more than €5 million compared to the previous quarter, partially offset by higher financing costs of roughly €1.3 million, and also on a per-share basis, it's also an increased quarter on quarter by €0.02, therefore we should be on a good way to achieve our targets in financial year 2026.

Page number 8 gives some more details on our Polish sales business and the FFO II. Don't be confused that between the quarters, between Q1 2026 and Q4 2025, the result changed.

As always, nearly always, the fourth quarter is the strongest of a year, therefore, as expected, Q1 2026 compared to the previous quarter was weaker, but, as said at the beginning, compared to the start into the year 2025, we're already better this year, and this year, we will have a similar result development as last year, over the quarters, you should expect growing results with the strongest results then coming into play in Q4 this year as most apartments are handed over towards the end of the year as nearly in every year. Let's take a look at page number 9.

EPRA NTA, as I said, remained more or less unchanged compared between the fourth quarters. As I said, we expect again a positive valuation result, this should support the EPRA NTA development in H1 2026, and if we compare the NTA development year on year, Q1 2026 with Q1 2025, that's quite a nice increase of 7% per annum.

Page number 10 shows the financing structure. As said, LTV currently at 41.0%, pro forma after the R4R portfolio acquisition near 45.3%, right at our LTV targets.

Pleased to see that S&P confirmed its rating, BBB- with a positive outlook, already in March 2026. Moody's has its rating, Baa3 with a positive outlook since June 2025.

We are right now in the discussion, as every year around this time of the year, with the agency, and in general, we should have on the ratings definitely a good development as our financial metrics are quite strong, not only the LTV has in the meanwhile a quite low level, also, and that's also shown on the slide, the net financial debt-to-EBITDA ratio stands at 8.6 times and the ICR level of more than 6 times, this should be very good financing metrics also to support further rating developments. Page number 11 shows the maturity profile, and just to explain, as I think we already did in the last conference call, we have indeed a quite strong current cash position of nearly €1.3 billion at the moment, which is good to have, but a lot of that will be used firstly for the R4R portfolio acquisition payment price, that's around €565 million, and our main maturity this year, a convertible bond due in August 2026 of €470 million will be repaid from this existing cash.

Therefore, a lot of the cash that we have in the balance sheet is also designated for the purchase price payment of Resi4Rent and of convertible bond, but still we are left with a quite sizable cash position, which is good as we want, as to invest further in our Polish and also in our German rental portfolio. Let's take a look at page number 13.

Development operationally of the German portfolio was quite good, especially very strong like-for-like rental growth of 3.3% in total. That's for us, I think, the highest like-for-like rental growth that we had in the last roughly three or four years, and this was mainly driven by higher rents from rent increase from existing tenants, which are basically [Mietspiegel?]

increases, higher tenant turnover, this basic like-for-like rental growth, which is more or less a rental growth without any big investments, was close to 3%, that should be a very strong number, plus the help of some vacancy reduction, we ended up at this 3.3%. Perhaps you've noted that vacancy in our German portfolio increased by some 30, 40 basis points in Q1, but that's a normal seasonal pattern, you will see in the following quarters that the vacancy rate in the German portfolio will go down, and we expect on a year-on-year basis a declining trend in vacancy, so as we started the year with 3.2%, you should expect that the vacancy rate at year end is lower than at the beginning, that would be also in line with what we have guided.

Page number 15 gives an overview over the Polish rental portfolio development. Vacancy here in all the units that we have finished for at least 12 months ago, so that are stabilized, that are on the market for a longer time, is still at a very low 2%, so that should be a good proof that the demand is really strong, and rental growth is continuously there, we're currently at 3.2% in Q1 2026, at 3.4 and 2.2 in the years 2025 and 2024.

On pages number 16 and 17, you see some figures regarding the Polish sales business. I think I already mentioned that the sales results in Q1 were quite good, 658 units sold compared to 592 units in the comparable quarter of the previous year, and also the number of apartments handed over, that's on page number 17, was with 311 units higher than the 224 units in Q1 2025.

Finally, again, summarizing our statement on the guidance, which is presented on page number 19, we are confirming again all guidance for 2026, FFO I, the adjusted net income from sales Poland, and FFO II should all be as expected and communicated in the past months. That's it from my side, hopefully comprehensive and quick summary of Q1 2026.

Thank you so far for listening, but of course now very happy to take your questions.

Hi. Good morning, and thank you for the presentation.

Just got one question from my side on the FFO guidance range. If we're now assuming the Resi4Rent acquisition completes at the end of the second quarter, which I think is predicated on one of the slides, do you still think you'll be at the lower end of the guidance range, or is there upside potential here based on your operational performance being quite strong so far this year?

Good morning, Marios. Thank you for the question.

Firstly, you're right that when we issued the guidance in November last year, we said if Resi4Rent is closing at the end of the second quarter 2026, that would mean we are at the lower end of the guidance. Looking at the actual development since then, I would say there's a good chance that we are perhaps a little bit better, more towards perhaps the midpoint of the guidance.

Let's see, let's have the closing first, let's follow the development of the operational business in the next months, but at the moment, it looks as if we're very comfortably positioned within our guidance range.

Very clear. Thank you.

Hi. Good morning, Martin.

Thanks for taking my questions. Just looking at like-for-like rental growth, in Germany, it is now ahead of that in Poland.

If I look at the implied like-for-like excluding vacancy reduction in your guidance, it would suggest a normalization over the remainder of the year. Is this rent increases to existing tenants, is that linked to any specific Mietspiegel this quarter, or how should we look into this number?

Good morning, John. As we have a portfolio with several locations, we're not so much dependent on two, three big locations, and therefore also not so much dependent on two or three very important Mietspiegel outcomes.

It's really across the portfolio. It's simply true that we have started the year a little bit better than expected, but I think our total like-for-like rental growth guidance, the upper range was 3.1%, now we're at 3.3%, still very close to that.

Good that we had this start into the year, but honestly, 10, 20 basis points more is perhaps not a big deviation from what we originally guided. We're very confident that we keep the good rental growth in the remaining quarters of the year.

Then just on that 1.6% that you're increasing to existing tenants, to what level could this go in your portfolio, and how sustainable do you consider it?

Firstly, that's definitely a strong number, perhaps don't read too much into it if, for example, in the next quarter this is more 1.4 or 1.5, there's a certain swing in that. Basically, as we've always said, we own a very, call it normal German residential portfolio, although we are located in what we call secondary locations.

We know since now several years that also in these locations, demand is very strong, it increases step by step. We have a portfolio where the rents are in only very, very few occasions above Mietspiegel levels because we have not had any big modernization programs in the past, we can really go along with every Mietspiegel increase and increase the rent step by step afterwards.

Difficult to say where is the limit, but if you look at that again, in total, if rents are growing including vacancy reduction with 3.3%, there should be room for improvement in the future.

That's clear. Thank you.

Hi. Good morning, Martin.

Thank you for the presentation. Two questions from my side, please.

Firstly, on capital allocation. You're at 41% LTV today, 45.3 pro forma post Resi4Rent, effectively at targets, and your share price trades at a meaningful discount to NTA.

I guess my question is where does buying back equity rank against incremental Polish rental construction and further German acquisitions in your capital allocation framework today? That is the first question.

Good morning, Andrew. Firstly to be clear, we've communicated that we want to grow further in Poland, especially in the rental business.

We want to start and have already started construction of new rental units this year, it should be a construction start in total of roughly 2,000 apartments, and this will continue in the future. For these investments, there's no external equity needed.

We have quite moderate payout ratio regarding the dividend, it will be for this year, yes, a little bit more than last year, 50% of FFO I, but we keep the full cash, the full net profit from the sales business in the balance sheet. That very naturally allows us to grow the portfolio without hurting the LTV.

If we analyze the LTV development of last year, there was a quite natural deleveraging impact only from the result that we create. When it comes to German acquisitions, the most likely outcome is that we are buying here step by step portfolios of 200, 300, 400 units as we did in Q4 last year.

By the way, we are still looking at the market, we're also happy to buy in Germany as we know the market very well, as we can easily integrate this in the portfolio. This is a more opportunistic approach, we have clearly Poland as a kind of benchmark.

Why should we buy in Germany at lower yields compared to opportunities that we potentially have in Poland? It would also not be excluded to buy a larger portfolio in Germany, it's purely numbers-driven, but I think it's more likely that you will see the smaller acquisitions.

Then finally, if it really comes to a larger acquisition, whether this is Germany or whether this is Poland again like the Resi4Rent transaction, yes, this would be the only case where we look into potential new equity as we have done last year, quite targeted, moderate equity contribution that kept then the LTV on a reasonable level. That's the only case that we have in mind, let's say a very strong growth driven by a large acquisition, that and only that could require equity.

That makes sense. To be clear, you would not consider a share buyback at this stage using some of your cash that would be net of the proceeds in R4—Resi4Rent and then your convertible payback, you wouldn't consider a buyback with the residual, though?

No, not at this point of time. We think we have good growth opportunities ahead of us, especially in the Polish rental market.

That's clear. Thank you.

Then, my second question is on Polish vacancy, specifically on the stabilized portfolio. It ticked up to 2% from 1.3 last quarter, I believe, and just curious what is driving this 70 bps drift in the stabilized bucket?

Is it just general market softness, tenant turnover, or is it something else?

This is purely tenant turnover, and if you follow that with our internal reporting on a monthly basis, any swing between, call it, 1.5 and perhaps 2.2, 2.3%, something like that is very normal. You perhaps remember that most rental contracts in Poland have a maturity of one year, for example, when we started a project sometime ago, rented it out, perhaps a lot of contracts are ending to the same time after one year, then in one month a little bit more renewals and in the next month a little bit lower.

Everything that is let's say around the 2% is a very normal vacancy rate number, which is again a quite strong one. A vacancy rate in stabilized portfolios around 2% is from our point of view a good confirmation for the strong demand in the Polish market.

That's very helpful. Thank you, Martin.

Hi. Morning.

A couple of questions. First one is on the Polish PRS market.

Just wondering if you see further players keen to divest, wondering if you see further acquisition opportunities basically, and also what magnitude would you be willing to execute?

Good morning, Thomas. In the Polish residential market, firstly, most landlords are private persons, not that different to Germany, but of course you have also other institutional players in the market.

I think in total, institutional landlords own currently around 30,000 apartments, this number is growing, and a lot of these institutional owners are backed by private equity. Their investment horizon is perhaps naturally some five, six, seven years, ending perhaps not everything this year, but the next one, two, three years.

There will be opportunities on the market, and of course we will look at that. Also to make clear, an acquisition like last year's Resi4Rent transaction with 5,300 units is unusual in its size.

We will look at such portfolios, that's very clear, we are a natural buyer, these acquisitions normally should be perhaps of a little bit smaller size, but that could be a very nice add-on to the growth that we have ahead of us anyway because we're building on the own landbank, and that's perhaps also important to repeat, it's not a must. We have a quite natural growth plan by building every year, let's say, 1,500 to 2,000 apartments on our existing landbank with the existing platform, and if acquisitions are coming on top at good terms, then, yeah, of course we will look at it.

Should we see the planned IPO or the potential IPO as a way to reallocate capacity or capital from build-to-sell to build-to-rent? Is it correct?

Which would not be really a new strategy, right? As it is currently, we produce a lot of cash in the sales business, which is then more or less flowing into the rental business, and whether this is then from proceeds of potential disposal of shares, a part of that, or whether this is year by year via dividends that ROBYG or the sales business producing, it's basically the same.

Of course with a different timing, but that the overall strategy, the overall thinking would be unchanged.

Okay. Second question is on the Resi4Rent approval by the Polish authorities.

Assuming it would not get approved in total, how could potential conditions look like? Do you have any idea?

Firstly, to make this clear, we do not expect this, therefore, speculating about potential conditions because we think our arguments and the position is very strong. Yes, after this acquisition, we are Poland's largest landlord with then in total a little bit more than 9,000 units out of 1.2 million rental apartments in Poland.

We're far away from a situation where we can dictate rental prices. Therefore, we are unchanged from the very beginning, very positive on this.

We can understand, and believe me, for us it's also very hard that the time has been extremely long. We are waiting now for the decision since that's eight or nine months, but hopefully it's really coming shortly, and of course we will inform the market once the decision is there.

Okay. My last one is on Poland rental markets overall.

Do you see any initiatives for rent controls?

No, that's not the case, and perhaps this is not the case because the rental market in Poland is definitely much smaller, for example, compared to Germany. As in Germany, roughly 50% of the people are living in rented apartment, in Poland it's around 15%.

Therefore, when we follow discussions about the residential market, let's call it like this, it's more about perhaps a potential support for buyers of apartment, but not so much about rent controls. We don't really see here discussion in Poland currently.

Thank you.

Yes, good morning. I've got three quick questions, if I may.

The first one is on the B2S, the develop-to-sell portfolio in Poland. If I saw this correctly, you have estimated now or you estimate now with tot- total investment costs of about €2,300, these from memories I think that was about €2,200, is this because of higher land costs and/or of higher construction costs you have already envisaged?

Good. The

second question is—yeah, sorry, please go ahead.

Sorry, Kai, if I interrupt you, but perhaps if I answer this directly. Yes, you have always inflation in construction costs and land prices, currently this is still moderate, but the number that we're presenting here is really the actual construction cost for all the apartments under construction and in the sales process, and that could also be then a difference depending on which location is under construction, on sale, and which land price the underlying location has.

Therefore, there's quite always swing from the product mix, and that leads to the €100 per square meter difference.

Got it. Second question is on the service segment.

Could you indicate if we might see a bit of a swing, or let's say, stronger increase from higher energy costs that you then use, or could use, also for higher income in your service segment in Germany? Or is it more coming through in 2027?

This is then perhaps more something for 2027, but you're right. If this development, that would be something suddenly positive.

With higher energy prices, we don't like to see it because that drives inflation and then increases input costs, but perhaps for the energy business, as in the past years, that could be indeed helpful, but perhaps more something for 2027.

Got it. The last question would be, on page 22, you mentioned that the cash-effective income tax in Q4 were at 9.6 and 4.9 in Q1 2026, this quarter.

Could you just explain, is this reduction because of your tax initiatives you had at the end of the last year?

This reduction is because in Q4 Q4 last year, we had more handovers in the sales business,

therefore

higher tax burden from that. It's purely coming from higher tax, expense in the sales business in Q4 last year.

Got it. Many thanks.

Hello, can you hear me?

Yeah. Good morning, Stéphanie.

Hello. Good morning, Martin, and sorry for that.

Most of my questions have been already answered, but maybe a follow-up on the vacancy rate in Germany. I was wondering about the assets you bought last year.

Have you been able to reduce the vacancy, or the increase in vacancy is driven by this portfolio or the other locations and so on? How much is the vacancy currently on the asset acquired?

Maybe a second one, a follow-up on the price development in Poland and so on. What would be your expectations going forward and what kind of gross margin can we expect on the sales business going forward, please?

Thank you.

Regarding the first question, it's correct, all the acquisitions that we have signed in Germany in Q4 last year have closed in Q1, or already at the end of Q4, or the 1st of January this year, there's also a slight impact from that, that could be out of the 40 basis points, perhaps 10 basis points, therefore it's perhaps a little bit higher than this increase in vacancy rate in previous years. As far as I remember in the last three to four years, we always had an increase of, let's say, 20, 30 basis points in the first quarter, which is a quite kind of seasonal development.

Also perhaps, most of the modernization programs that we have for vacancy reduction is then more finished in a third or fourth quarter of the year. In the acquired properties, after some weeks after we have just closed the acquisitions, you don't see any movement in vacancy, that's very natural.

Therefore, the reduction of that will come perhaps even not in the next weeks, but more towards end of this year or in the course of 2027. Good to have this opportunity, good to have portfolios acquired where we can reduce the vacancy rate in the future.

Regarding the Polish sales business, at the moment, it looks quite strong, demand is there, sales prices are even slightly increasing, that's good to see. Of course, a little bit unknown is the construction costs, mostly perhaps a question also for 2027, 2028, and the unknown is, of course, the development of energy prices.

If you ask us, do we see already something stronger construction price inflation? No, that's not the case.

Yes, clearly, that this could happen, but, yeah, at the moment, we are optimistic that we can keep our margins. Let's see how this develops in the next weeks and months.

We receive clearly this question now more and more often, very naturally, and one answer that we also give is if we are wrong, if we see more construction price inflation in the future, we still have a buffer for that. We are operating to gross margins that are in many cases close to 35%, if these margins are weaker in the future, that would be still be a very profitable and good business.

Thank you.

Hello.

Hi. Good morning.

Hi. Good morning.

Thank you for taking my question. I have a couple of questions.

Is there a potential for a valuation uplift for the Resi4Rent portfolio acquisition given that there have been five rate cuts in Poland and you signed it back in August? That's my first question.

The second question is, what is the potential EBITDA margin for that business and what kind of margins can you help manage in the future once it's integrated in the portfolio? Thank you.

Happy to answer this question. As we acquired the Resi4Rent portfolio based on a gross yield for the rent that we expect for this year of around 7.5%.

That should be for us a very good and reasonable price, and now it will come then after the closing, which is hopefully then taking place soon, first time for a valuation of the portfolio. In general, we are convinced there should be room for valuation uplift.

The question is, are we really realizing this or part of this already on day one? Because the natural discussion that we will have with the valuer is that we more or less acquired the portfolio just recently, now if you want so, this is one of the advantages that we have, that we have a longer period between signing and the hopefully soon coming closing.

It's between August and today, indeed there have been interest rates cuts. Yes, there's potential, but honestly, I just can speculate about this, we have obviously no valuation results yet, but in general, and that's take a more mid-term view over the next one, two, three years, you should have a good valuation development, especially in this portfolio.

The EBITDA margin should be quite high or, let's be more specific, the incremental EBITDA margin, we guided already for a 80% EBITDA margin because we're taking here over the portfolio plus also some people that will help us with the day-to-day business, but we're not taking over management, we're not taking over back office or administrative functions, we're fully integrating this into our quite strong team and platform. Therefore, this acquisition, all projects that are finished in the future, all potential acquisitions in the next year will contribute quite strongly to the EBITDA margin from the rental business.

Thank you. Thanks for the answers.

Many thanks from our side for dialling in, for listening to the call, and for the questions. As always, if there's anything left, please feel free as to contact us anytime.

That's it from our side. Have a good day, and talk soon.