EQS-News

Instone continues its very solid performance in a still challenging environment; outlook for 2023 confirmed

EQS-News: Instone Real Estate Group SE / Key word(s): 9 Month figures/9 Month figures Instone continues its very solid performance in a still challenging environment; outlook for 2023 confirmed 09.11.2023 / 07:30 CET/CEST The issuer is solely responsible for the content of this announcement. Instone continues its very solid performance in a still challenging environment; outlook for 2023 confirmed

• Adjusted revenues in the first three quarters of 2023, at EUR 433.3 million (9M 2022: EUR 441.9 million), were virtually stable, mainly based on construction of sold units progressing according to plan
• A continued high adjusted gross profit margin of 25.5 percent (9M 2022: 25.8 percent) underscores the quality of Instone projects
• Sales amounting to EUR 91.3 million (9M 2022: EUR 250.2 million) are clearly below the previous year due to the current market situation; single unit sales to private investors had a good start in Q4
• Adjusted earnings after tax up to EUR 37.1 million (9M 2022: EUR 34.0 million) due to cost savings and higher at-equity result
• Positive operating cash flow contributes to further strengthening of the balance sheet (loan-to-cost: 21.0 percent)
• Outlook for 2023 reiterated: revenues (adjusted) of EUR 600 to 700 million, adjusted earnings after tax of EUR 40 to 50 million

Essen, Germany, 9 November 2023: Instone Real Estate Group SE (“Instone”) continued its very solid performance in the first nine months of 2023, in a still challenging environment for the sector and for the economy as a whole. Based on construction of mostly sold units progressing according to plan, adjusted revenues were almost at the previous year’s level. With a continuing high adjusted gross profit margin, a reduction in platform costs and the positive contribution to earnings from the successful joint venture project in Berlin, adjusted earnings after tax were, as planned, above the previous year’s level. As a result, Instone is well on track to achieve its financial forecast for the full year 2023.