Portfolio Valuation and Business Update

Phoenix Spree Deutschland Limited

29 July 2026

29 July 2026

Phoenix Spree Deutschland Limited

(the "Company" or "PSD")

Portfolio Valuation and Business Update

Condominium sales on track; pricing supports value realisation strategy

Phoenix Spree Deutschland Limited (LSE: PSDL), the UK-listed Berlin residential property company, announces its 30 June 2026 Portfolio valuation and updates on condominium sales and the Berlin Mietspiegel.

HIGHLIGHTS

Valuation at 30 June 2026	€m	€ per sqm	LFL v 31 December 2025¹	Commentary
Total Portfolio	518.5	3,674	-0.3%	LFL movement reflects market stabilisation
Condominium Sales Portfolio	302.1	4,181	1.1%	Premium to PRS supports value-led realisation
PRS Portfolio	216.4	3,142	-1.2%	Stabilising but remains demand-sensitive
Condominium sales	Units	€m	€ per sqm	Commentary
H1 2026 total notarisations	93	28.1	4,433	In line with FY 2026 target of at least €55m
Of which: vacant	34	11.4	4,705	14.7% premium to asset carrying value²
Of which: occupied	59	16.7	4,264	4.8% discount to asset carrying value²
Outstanding reservations³	17	4.3	4,001	Subject to notarisation and completion
Sales pool	Properties	Units	Sqm	Commentary
Condominium Sales Pool	47	1,010	72,266	Tranche 5 (227 units) added during H1 2026
Capital return	Amount	Per share		Commentary
First compulsory redemption	£17.5m	£2.56		Completed; payment made on 14 July 2026

¹ LFL = like-for-like movement in valuation per sqm versus 31 December 2025, excluding the impact of disposals and of transfers between the PRS Portfolio and the Condominium Sales Portfolio.  ² Premium / (discount) to asset carrying value, being the most recent JLL valuation of the specific properties from which the units were sold. As that valuation is a blended average across all units within a property, vacant units, which command higher prices, would ordinarily be expected to notarise at a premium to it and occupied units at a discount.  ³ Reservations are stated as at 24 July 2026 and remain subject to notarisation and completion.

Highlights commentary

·     Portfolio valuation resilient on a like-for-like basis: Portfolio independently valued at €518.5m (€3,674 per sqm) as at 30 June 2026, a like-for-like decrease of 0.3% versus 31 December 2025.

·   Condominium premium reinforces realisation strategy: Condominium Sales Portfolio valued at €302.1m (€4,181 per sqm), a material premium to the PRS Portfolio at €3,142 per sqm.

·     Condominium sales run-rate consistent with FY 2026 target: H1 2026 notarisations of €28.1m were consistent with the Company's FY 2026 target of at least €55m.

·     Sales continue to support carrying values: Overall, condominium sales were achieved at a 2% premium to latest carrying values, with vacant units achieving a 15% premium.

·     Tranche 5 expands sales inventory for H2: Added during H1 2026, Tranche 5 increased the Condominium Sales Pool to 47 properties, 1,010 units and 72,266 sqm as at 30 June 2026.

·     Mietspiegel indicates phased rental uplift: The updated Mietspiegel points to low single-digit rental increases, subject to tenant eligibility and statutory constraints.

·     First redemption converts realisations into cash returns: The Company has completed its first compulsory redemption, returning £17.5m to shareholders at £2.56 per share, demonstrating the link between completed sales and shareholder cash returns.

CHAIRMAN'S COMMENT

Robert Hingley, Chair of Phoenix Spree Deutschland, commented:

"During the first half of 2026, PSD made further progress with the orderly realisation of the Portfolio. Condominium sales are tracking the Company's plan. Achieved pricing continues to support the latest carrying values and the addition of Tranche 5 has expanded the inventory available for sale during the remainder of the year.

JLL's latest valuation continues to highlight the valuation differential between individual condominiums and bulk PRS. This supports the Board's view that a measured, price-disciplined approach remains the most appropriate route to maximising aggregate net proceeds over the life of the programme.

The completion of the first compulsory redemption is an important milestone in returning realised proceeds to shareholders. With no scheduled debt refinancing until 2030, the Company can pace disposals and capital returns while maintaining balance sheet strength. We will continue to balance further capital returns with covenant headroom, liquidity requirements and the flexibility needed to complete the multi-year realisation strategy."

PORTFOLIO VALUATION: CONDOMINIUM PREMIUM SUPPORTS VALUE-LED REALISATION

The Berlin residential market continued to show signs of stabilisation during H1 2026, although valuation trends remain differentiated between individual condominium assets and institutional PRS assets. Condominium values continue to be supported by achieved unit pricing, while PRS valuations remain more sensitive to institutional demand, financing conditions and the regulatory environment.

As at 30 June 2026, the Portfolio was valued at €518.5m, equivalent to €3,674 per sqm. On a like-for-like basis, value per sqm decreased by 0.3% compared with 31 December 2025. The movement in total Portfolio value reflects valuation changes, completed disposals and changes in Portfolio mix. As a result, total value may reduce as assets are sold, even where the retained Portfolio is stable or increasing on a like-for-like basis.

JLL valuation summary by Portfolio segment

Metric	Total Portfolio 30 Jun 2026	Total Portfolio 31 Dec 2025	Condominium Sales Portfolio 30 Jun 2026	Condominium Sales Portfolio 31 Dec 2025	PRS Portfolio 30 Jun 2026	PRS Portfolio 31 Dec 2025
Properties	73	73	47	40	26	33
Total units	2,003	2,081	1,010	891	993	1,190
Total sqm ('000)	141.1	146.5	72.3	64.7	68.9	81.9
Valuation (€m)	518.5	540.1	302.1	271.0	216.4	269.1
Value per sqm (€)	3,674	3,686	4,181	4,191	3,142	3,288
L-f-l growth per sqm v prior period	-0.3%	1.5%	1.1%	3.1%	-1.2%	0.8%

Note: prior-period figures are taken from the Company's 31 December 2025 Portfolio valuation update. Like-for-like movements exclude the impact of disposals and transfers between the PRS Portfolio and Condominium Sales Portfolio, where applicable.

The key valuation trend is the differential between condominium and PRS values. The Condominium Sales Portfolio continues to command a premium valuation per sqm relative to the PRS Portfolio, increasing 1.1% on a like-for-like basis during the period while PRS values declined 1.2%. The premium reflects the vacant and sale-ready apartments within the individual unit sales programme, which command higher pricing than assets valued on a bulk PRS basis, whereas PRS values remain sensitive to institutional demand, financing costs and regulation.

CONDOMINIUM SALES AND PRICING: NOTARISATIONS TRACKING FY 2026 TARGET

PSD continued to progress its condominium sales programme during H1 2026. The Company notarised 93 units for €28.1m during the six months to 30 June 2026, at an average price of €4,433 per sqm. This was in line with the run-rate required to achieve the Company's FY 2026 target of at least €55m of notarisations.

Pricing achieved during the period supported the latest balance sheet valuations prepared by JLL. Vacant units achieved an average price of €4,705 per sqm, representing a 14.7% premium to asset carrying values. Occupied units achieved an average price of €4,264 per sqm, representing a 4.8% discount to asset carrying values. This pattern is consistent with expectations, reflecting the broader purchaser base for vacant units and the statutory protections associated with tenanted apartments.

The Board continues to prioritise pricing discipline over short-term volume. Occupied sales are typically quicker to achieve, while vacant units typically generate the strongest pricing and therefore remain an important driver of aggregate net proceeds over the life of the programme.

Notarisations and reservations by occupancy status

Category	Units	Sales value (€m)	Average price (€/sqm)	Premium / (discount) to Portfolio carry value¹	Premium / (discount) to asset carry value²
Vacant H1 2026 notarisations	34	11.4	4,705	27.6%	14.7%
Occupied H1 2026 notarisations	59	16.7	4,264	15.7%	-4.8%
Total H1 2026 notarisations	93	28.1	4,433	20.3%	2.2%
Outstanding reservations³ as at 24 July 2026	17	4.3	4,001	8.5%	-3.5%
Total reservations and notarisations	110	32.4	4,392	19.2%	1.9%

¹ Portfolio carry value is the average JLL valuation per sqm across the Company's Portfolio applicable at the time of sale (€3,686 per sqm).  ² Asset carry value is the most recent JLL valuation of the specific properties from which the units notarised or reserved during the period were sold. As that valuation is a blended average across all units within a property, vacant units, which command higher prices, would ordinarily be expected to notarise at a premium to it and occupied units at a discount.  ³ Reservations are stated as at 24 July 2026 and remain subject to notarisation and completion.

CONDOMINIUM PREPARATION AND SALES POOL: TRANCHE 5 EXPANDS AVAILABLE INVENTORY

Following the November 2025 refinancing, Tranche 5 added 8 properties and 227 units during H1 2026, taking the Condominium Sales Pool to 47 properties, 1,010 units and 72,266 sqm at 30 June 2026.

The Company has expanded its brokerage panel to widen distribution. Together with the addition of Tranche 5, this is expected to support sales activity through the remainder of 2026. Sales pacing will continue to reflect pricing, vacancy and sale readiness.

Condominium Sales Pool by tranche and launch profile

Tranche	Added to sales pool	Units 30 Jun 2026	Sqm 30 Jun 2026	Properties 30 Jun 2026	Units at launch	Sqm at launch	Properties at launch
Tranche 1	On market 2024	75	6,951	5	108	9,291	6
Tranche 2	December 2024	192	15,037	10	258	19,711	10
Tranche 3	June 2025	240	16,826	12	282	19,549	12
Tranche 4	Q4 2025	276	18,469	12	294	19,760	12
Tranche 5	H1 2026	227	14,983	8	227	14,983	8
Total	2024-H1 2026	1,010	72,266	47	1,169	83,294	48

Note: figures are based on legal completion / transfer of title unless otherwise stated. The reduction in property count since launch, from 48 to 47, reflects one property in Tranche 1 in which all units have been sold and which the Company therefore no longer owns.

UPDATED BERLIN MIETSPIEGEL: CONSTRUCTIVE BUT PHASED RENTAL REVERSION

The updated Berlin Mietspiegel, announced in May 2026, provides a revised framework for determining local reference rents and a supportive backdrop for rental income across the Portfolio. Based on internal analysis, the Mietspiegel indicates potential low single-digit uplifts to average in-place rents on a like-for-like Berlin Portfolio basis.

This should be regarded as an indication rather than a forecast. Realisation will depend on tenant eligibility, individual lease characteristics and statutory constraints, including the Kappungsgrenze, which limits rent increases over a prescribed period. Any uplift is therefore expected to be phased over time rather than immediate.

CAPITAL RETURN AND BALANCE SHEET: FIRST REDEMPTION COMPLETED

As previously announced, the Company has completed its first compulsory redemption of Ordinary Shares, returning £17.5m to shareholders on a pro rata basis at £2.56 per share.

The redemption completed in accordance with its timetable, with a record date of 30 June 2026, an ex-entitlement date of 1 July 2026 and payment made on 14 July 2026.

Future capital returns will remain subject to completed sales, liquidity, covenant headroom, statutory solvency requirements and Board discretion.

OUTLOOK: PRICE-LED SALES AND DISCIPLINED CAPITAL RETURNS

PSD enters the second half of 2026 with an established condominium sales platform and an expanded sales pool. The Board's priorities remain unchanged: execute value-led condominium sales, control costs as the Portfolio contracts and return surplus capital to shareholders as proceeds become available.

Sales activity typically moderates over the July and August holiday period; however, Tranche 5, added at the end of H1 2026, and the potential release of a further tranche before year end are expected to support progress towards the Company's FY 2026 sales target.

The outlook remains subject to macroeconomic and geopolitical uncertainty, including heightened tensions in the Middle East. Any further escalation may add to energy-price volatility and influence inflation and interest-rate expectations, with implications for mortgage affordability and investor sentiment in the Berlin residential market. The Board continues to monitor these developments and their potential impact on the pace and pricing of disposals.

FOR FURTHER INFORMATION, PLEASE CONTACT

Organisation	Contact	Telephone
Phoenix Spree Deutschland Limited	Stuart Young	+44 (0)20 3937 8760
Deutsche Bank AG (Corporate Broker)	Hugh Jonathan	+44 (0)20 7260 1263
Teneo (Financial PR)	Robert Yates, Elizabeth Snow	+44 (0)20 7353 4200

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