DGAP-News

Instone Real Estate Group AG: 2020 adjusted net income exceeds expectations; 2021 adjusted net income guidance confirmed despite lower expected 2021 adjusted revenues

DGAP-News: Instone Real Estate Group AG / Key word(s): Preliminary Results/Forecast Instone Real Estate Group AG: 2020 adjusted net income exceeds expectations; 2021 adjusted net income guidance confirmed despite lower expected 2021 adjusted revenues 23.02.2021 / 18:16 The issuer is solely responsible for the content of this announcement. 2020 adjusted net income exceeds expectations; 2021 adjusted net income guidance confirmed despite lower expected 2021 adjusted revenues

- 2020 adjusted revenues of approx. EUR 480 million in line with guidance (EUR 470-500 million)

- 2020 adjusted earnings after tax amount to approx. EUR 40 million, substantially exceeding previously communicated expectations (EUR 30-35 million) as well as analysts' consensus estimates

- 2020 adjusted gross margin of approx. 30% (forecast > 28%) a major driver of positive earnings development

- Based on preliminary earnings, management expects a dividend proposal of EUR 0.26 per share

- 2021 lowered adjusted revenue guidance of EUR 820-900 million (previously EUR 0.9-1.0 billion) reflects increased Covid-19 related risks of delayed regulatory approvals

- 2021 adjusted earnings after tax guidance of EUR 90-95 million confirms previous communication and reflects increased margin expectations

Essen, Germany, 23 February 2021
Instone Real Estate Group AG ("Instone") has published preliminary, unaudited figures for its 2020 financial year. Instone reports 2020 adjusted revenues of around EUR 480 million, in line with its most recent EUR 470-500 million guidance. The effects of the COVID-19 pandemic, in particular with regard to the postponement of sales and construction starts, had a negative impact on revenues. 2020 adjusted earnings after tax have come in at approximately EUR 40 million, exceeding previous company expectations of EUR 30-35 million as well as analyst consensus estimates (median of EUR 35.2 million).