Branicks Group Ag · XETR:BRNK
Branicks — Debt Investor Presentation (July 2026)
21 slides from Branicks's debt investor presentation, Jul 30, 2026
Slide 1: Market Update Presentation
Market Update Presentation 30th July 2026
Slide 2: Disclaimer (1/2)
Disclaimer (1/2) IMPORTANT: Please read the following before continuing. The following applies to this document (the “Information”), which has been prepared by Branicks Group AG (the “Company” and, together with its subsidiaries, the “Group”) solely for information purposes. The Information is solel
Slide 3: Disclaimer (2/2)
Disclaimer (2/2) The Information contains views, beliefs and opinions of the Company and its management and such Information may constitute or include forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as “plans”, “
Slide 4: Transaction overview (1/3)
Transaction overview (1/3) - Branicks Group AG (the “Company”) is pleased to announce reaching an agreement on the proposed restructuring (the “Transaction”) relating to its unsecured financial liabilities (€180m Schuldscheindarlehen ("SSDs") / €400m bond). - The proposed Transaction has the support
Slide 5: Transaction overview (2/3)
Transaction overview (2/3) - The Transaction includes the following key elements: - €35m New Money at Branicks provided by current Branicks lenders (junior only to VIB debt and Branicks mortgage debt; backstopped subject to certain conditions by members of the AHG and holders of SSD) with maturity i
Slide 6: Transaction overview (3/3)
Transaction overview (3/3) - The Transaction demonstrates the continued strong support by the Company’s key financial stakeholders by strengthening the financial position of the Company and providing for strategic alignment including: - Value-maximising solution with significantly improved recoverie
Slide 7: Weekly liquidity forecast until current bond maturity
Weekly liquidity forecast until current bond maturity Consolidated Branicks Group AG Branicks AG and VIB standalone Branicks AG in €m Chart Title in €m Chart Title VIB 60 60 50 50 40 40 30 30 20 20 10 10 - - - Liquidity forecast of Branicks Group AG (i.e. with VIB) and Branicks AG as well as VIB on
Slide 8: General remarks and key assumptions
General remarks and key assumptions - Any financial information not specifically identified as actual financial information is not guidance or forecast by Branicks - Business plan has been sensitized together with an expert consulting firm – figures are shown on a preliminary basis / subject to chan
Slide 9: Lender Recovery – Going Concern vs. Liquidation
Lender Recovery – Going Concern vs. Liquidation Recovery analysis confirms a materially higher expected lender recovery through the proposed Transaction vs. liquidation Building blocks of Recovery Indicative Lender Recovery (c/€)1 Based on liquidation of all Branicks assets (€m) 600 through proposed
Slide 10: Key Financial Metrics (1/3)
Key Financial Metrics (1/3) NRI (€m) Real Estate Management Fees (€m) EBITDA (€m) 125 117 113 112 102 94 92 87 77 68 68 71 67 65 66 60 63 41 FY25 FY26 FY27 FY28 FY29 FY30 FY25 FY26 FY27 FY28 FY29 FY30 FY25 FY26 FY27 FY28 FY29 FY30 - Net rental income reducing post asset sales FY25- - EBITDA driven b
Slide 11: Key Financial Metrics (2/3)
Key Financial Metrics (2/3) Total Interest (€m) FFO (€m) Net Income(1) (€m) PropCo Debt New Money Branicks New Money VIB Senior Secured Principal Subordinated Principal Capitalised refinancing costs 120 114 115 110 7 9 9 16 86 7 3 37 57 49 69 70 43 60 (10) 47 29 42 43 41 29 28 27 3 (45) 5 1 2 27 23
Slide 12: Key Financial Metrics (3/3)
Key Financial Metrics (3/3) Operating cash flow (€m) Capex (€m) Net change in cash (€m) 66 86 87 80 82 78 59 (0) 47 (9) (16) 18 20 16 16 16 (33) (199) FY25 FY26 FY27 FY28 FY29 FY30 FY25 FY26 FY27 FY28 FY29 FY30 FY25 FY26 FY27 FY28 FY29 FY30 - Change in cash 2025 driven by repayment of - Capex requir
Slide 13: Key Credit Metrics (1/2)
Key Credit Metrics (1/2) Debt(1) (€m) LTV(2) ICR(2) PropCo Debt Senior Secured Principal Adj. LTV (incl. Subordinated Principal) ICR VIB Debt Subordinated Principal Adj. LTV (excl. Subordinated Principal) Proposed ICR covenant New Money Branicks [x] Repayment of Senior New Money VIB Secured Principa
Slide 14: Key Credit Metrics (2/2)
Key Credit Metrics (2/2) Book equity (€m) / Cash (€m) Net debt (€m) Book equity ratio Book equity / ratio (excl. Subordinated Principal) Book equity / ratio (incl. Subordinated Principal) 1,771 118 42.3% 43.7% 43.3% 43.0% 39.7% 102 1,330 29.9% 31.3% 31.6% 29.5% 26.6% 1,136 23.6% 1,079 1,046 960 968
Slide 15: Heads of terms (1/7)
Heads of terms (1/7) ■ Restructuring of €400.0m bond and all promissory note and registered note tranches (together, €179.5m) at Branicks Group AG with maturities 2026-2031 (holders of such instruments, together, the “Creditors”) ■ Pari passu and pro rata treatment of bond and all promissory notes t
Slide 16: Heads of terms (2/7)
Heads of terms (2/7) ■ €60m bridge financing in an aggregate principal amount of €61.9m to reflect the approx. 3% capitalized backstop fee) offered to all bondholders/SSDs (together with the bridge financing at Branicks) and backstopped by members of AHG/SSDs to repay €58m of promissory notes at VIB
Slide 17: Heads of terms (3/7)
Heads of terms (3/7) ■ Interest (new money): 10.0% cash, approx. 3% backstop fee capitalized an added to claim, increasing outstanding principal amount on day 1 to €36.1m at Branicks level and €61.9m at VIB level ■ Interest (Senior Secured Principal Instruments): 7.5% cash ■ Interest (Subordinated P
Slide 18: Heads of terms (4/7)
Heads of terms (4/7) ■ Introduction of double LuxCo structure below Branicks Group AG; Branicks Group AG to contribute the following assets and shareholdings into the double LuxCo structure: - Transfer of 100% of Branicks Group AG’s shares in DIC Real Estate Investments GmbH & Co. KGaA (unless furth
Slide 19: Heads of terms (5/7)
Heads of terms (5/7) ■ Up-stream Guarantees from VIB Vermögen AG and all material, property-owning subsidiaries at Branicks and VIB level (PropCos with a NAV above €5m) - No limitations for the enforcement of guarantees and/or security from VIB Vermögen AG (on the basis of the current working assump
Slide 20: Heads of terms (6/7)
Heads of terms (6/7) ■ Enhanced information rights and more detailed disclosure statements ■ Appointment of Josef Schultheis as chief restructuring officer (CRO) to the management board of the Company as follows: - Appointment as member of the management board will be a condition precedent to effect
Slide 21: Heads of terms (7/7)
Heads of terms (7/7) ■ Tightening of debt documentation, allowing only for limited baskets to incur additional debt or retain cash from asset sale proceeds ■ Appointment of common bondholder representative ■ Bondholder representative can waive EoDs upon instruction by 50%+ by nominal amount (instruc
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