UBM Development (UBS) investor relations material

Executive summary

• Achieved a significant turnaround in H1 2026, swinging from a prior year loss to a profit before tax of €7.3m and after tax of €6.3m, with strong residential sales exceeding 200 premium apartments sold and a continued boom in demand.

• Strategic focus shifted toward affordable housing, with pilot projects in Vienna using modular, timber-based construction and plans for over 100,000 sq m of affordable living in the portfolio.

• Strategic asset sales initiated, with first transactions at or above book value, generating over €20m in cash and supporting liquidity.

• Equity ratio increased to 36.6%, exceeding the target range, and net debt reduced by 10% to €474.6m.

• Portfolio rebalancing underway, with a two-product residential strategy (affordable and premium) and a shift to hybrid timber office projects.

Financial highlights

• Revenue increased by 36% year-over-year to €81.2m, with total output up 28.2% to €179.9m.

• EBITDA improved to €13.8m and EBIT to €12.6m, while earnings per share rose to €0.10 from €-1.32 year-over-year.

• Cash and cash equivalents decreased to €84.4m, mainly due to debt repayments.

• Loan-to-value ratio at 46.5% due to active deleveraging.

• Market capitalization at €127.4m as of June 30, 2026, down 18.8% year-over-year.

Outlook and guidance

• No formal quantitative guidance issued due to market volatility and macroeconomic uncertainty, but management expresses cautious optimism for continued sales momentum in residential and asset sales.

• Focus remains on ramping up affordable housing projects, especially in Vienna and other key European cities, leveraging modular construction.

• Construction activity expected to pick up in 2027-2028 as new projects come online.

• Housing supply is expected to remain tight, supporting long-term demand, especially in affordable segments.