Ultima Capital (ULTIMA) investor relations material

Executive summary

• Achieved a strong operational turnaround in 2025, driven by the integration of Yoda PLC assets and management, portfolio optimization, and disciplined capital allocation.

• Revenue rose to CHF 29.5 million from CHF 11.8 million year-over-year, with positive EBITDA of CHF 3.9 million versus a CHF 12.3 million loss in 2024.

• Completed key developments (Chesery Promenade Chalet, Cologny Villas), advanced Mykonos Resort (flagship opening in 2026), and disposed of non-core assets to improve capital efficiency.

• Issued a CHF 100 million, 5-year bond at 1.5% to refinance higher-cost debt, boosting liquidity and reducing financing costs.

• Transitioned to IFRS reporting for enhanced transparency and comparability.

Financial highlights

• Revenue: CHF 29.5 million in 2025, up from CHF 11.8 million in 2024.

• Gross profit: CHF 27.6 million (2024: CHF 9.4 million).

• EBITDA: CHF 3.9 million (2024: CHF -12.3 million).

• Operating loss: CHF 11.4 million (2024: CHF 43.8 million loss).

• Net loss: CHF 49.0 million (2024: CHF 57.9 million loss), with total comprehensive loss improving to CHF 36.0 million.

• Net Asset Value: CHF 1,067.4 million at year-end (2024: CHF 986.4 million).

• Cash and cash equivalents: CHF 133.7 million (2024: CHF 13.5 million).

• Total assets: CHF 1,765.2 million (2024: CHF 1,667.9 million).

Outlook and guidance

• Focus remains on enhancing performance of existing assets, advancing development pipeline, and disciplined capital allocation.

• Mykonos Resort completion in 2026 expected to elevate earnings and brand profile.

• Continued investment in the Ultima Collection brand and expansion in core markets.