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UBM Development (UBS) investor relations material
UBM Development Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved break-even in Q2 2025, with net loss halved year-over-year and a return to profitability expected in H2 2025.
Residential sales more than doubled year-over-year in H1, supported by a pipeline of 2,800 apartments.
Equity ratio improved to 30.1%, supported by green hybrid bond issuance and early loan extensions.
Liquidity and refinancing positions are solid, with financial obligations for 2025 and 2026 well covered.
ESG and green financing remain central to strategy, with industry trends and regulatory momentum supporting growth.
Financial highlights
Earnings before tax improved by 47% in H1 2025, reaching -€5.8m from -€10.9m year-over-year.
Total output fell 43.7% to €140.3m, while revenue increased 39% to €59.6m, driven by progress on sold projects.
Net loss reduced to €-6.6m (H1 2024: €-12.5m); EPS improved to €-1.32 (H1 2024: €-2.06).
Cash position increased by over 17% from Q1 to €167m at HY 2025.
EBITDA improved to €-0.3m (H1 2024: €-2.2m); EBIT at €-1.5m (H1 2024: €-3.5m).
Outlook and guidance
Profitability expected in H2 2025, with a positive outlook for 2025, though guidance remains cautious due to market uncertainties.
Confident in maintaining a run rate of over 100 apartments sold per quarter, expecting more than 300 by September.
Strategic focus on residential projects, with 58% of the pipeline in this asset class.
Survivors in the sector expected to benefit from market shakeout and supply shortages.
Plans further bond issuances and proactive cash management to meet obligations.
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