UBM Development (UBS) investor relations material

Executive summary

• Achieved full-year profitability in 2025, reversing prior losses, with Q4 profit offsetting earlier losses and EBT reaching €3.9m.

• Sold 452 apartments, surpassing targets, with strong sales in Vienna and Prague and a 12% increase from 2024.

• Cash position at year-end was €118 million, exceeding expectations and supporting bond repayments.

• Strategic shift to focus on affordable housing and premium living, with portfolio rebalancing underway.

• Returned to profitability after two loss-making years, with net profit improving to -€2.3m from -€29.6m in 2024.

Financial highlights

• Revenue for 2025 rose to €139.2m, up 31.1% year-over-year, driven by strong apartment sales.

• Pretax earnings (EBT) reached €4 million, reversing prior year losses.

• Net debt reduced to €527.6m, down 3.4% year-over-year.

• Equity ratio at 32.1%, within the 30%-35% target range.

• Raised over €160 million in capital markets, the second strongest year in a decade.

Outlook and guidance

• 2026 strategy centers on reallocating resources to affordable housing, freeing up cash from non-strategic assets, and portfolio rebalancing.

• Cash for new investments will come from asset disposals, maintaining a pure-play developer model.

• No formal guidance for 2026 due to ongoing market volatility.

• 2027 expected to benefit from less competition, a widening supply-demand gap, and minimal repayments until Q3 2029.

• Sales pace for apartments in 2026 expected to match 2025, with strong demand in Austria and Prague.