Ca Immobilien Anlagen Ag · VIE:CAI
Ca Immobilien Anlagen — Q1 2025 Earnings Presentation
45 slides from Ca Immobilien Anlagen's earnings presentation, Mar 31, 2025
Slide 1: Q1 2025 Analyst & Investor Update
Q1 2025 ANALYST & INVESTOR UPDATE ALL DATA AS AT 31 MARCH 2025 UNLESS OTHERWISE STATED
Slide 2: Key Achievements Q1 2025
Overview Key Achievements Q1 2025 Occupancy • Occupancy increased from 93.1% to 93.5% qoq, with improvements in Hungary, Germany, and Austria. • 22.4% of current vacancy already leased with future lease start dates (in-place GRI of €3.1m). Income • Increased gross rental income by 7.1% to €68.5m des
Slide 3: Key Strategic Priorities
Overview Key Strategic Priorities Priorities Select Steps • Drive performance through prime portfolio quality and less dilution from low returning assets. Focus on • Reduce vacancy / capture rent reversion. Profitability • Continued operational efficiency and improved margins via process improvement
Slide 4: Future Return Drivers and Select Steps
Overview Future Return Drivers and Select Steps Return Drivers Select Steps / Impact • Signed 46 leases in Q1 2025 totalling c. 35,000 sqm above expected rental value (ERV) reducing portfolio vacancy to 6.5%. Lease Up • 22.4% of current vacancy already leased with future lease start dates (in-place
Slide 5: Portfolio
PORTFOLIO Rendering: Danube House, Prague
Slide 6: Total Portfolio
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Total Portfolio Total Portfolio (GAV) Basis 2018 2019 2020 2021 2022 2023 2024 Q1 2025 + / (-) Total Portfolio1) €m 4,471 5,186 5,596 6,254 5,910 5,159 4,965 4,902 (1.3%) Investment Properties1) €m 3,760 4,308 4,736 4,995 4,979
Slide 7: Investment Properties – KPIs (I)
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Investment Properties – KPI‘s (I) Investment Properties1) Basis 2018 2019 2020 2021 2022 2023 2024 Q1 2025 + / (-) Properties # 74 77 79 74 64 63 53 51 (2) Gross Leasing Area (GLA) ‘000 sqm 1,404 1,443 1,374 1,320 1,115 1,101 9
Slide 8: Investment Properties – KPIs (II)
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Investment Properties – KPI‘s (II) GLA (sqm) Q1 ‘25 FY ‘24 +/(-) GAV (€m) Q1 ‘25 FY ‘24 +/(-) GAV (€psqm) Q1 ‘25 FY ‘24 +/(-) Austria 97,058 96,679 0.4% Austria 235.4 235.4 (0.0%) Austria 2,425 2,435 (0.4%) Czechia 114,503 140,
Slide 9: Investment Properties – Like-for-Like Performance Q1 2025 vs Q1 2024
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Investment Properties – Like-for-Like-Performance Q1 2025 vs Q1 2024 Market Gross Asset Value (€m) In-Place GRI (€m) Gross Initial Yield (%)1) SQM Occupancy (%) Q1 ‘25 Q1 ‘24 +/(-) Q1 ‘25 Q1 ‘24 +/(-) Q1 ‘25 Q1 ‘24 +/(-) Q1 ‘25
Slide 10: Investment Properties – Leasing Overview Q1 2025
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Investment Properties – Leasing Overview Q1 2025 Market New Leasing Renewal Total Leasing Total GRI p.a. Average Office + / (–) to WAULT to WAULT to WAULT to (sqm) (sqm) (sqm) (€m) Rent (€ psqm) ERV (%) Break (Yrs.) End (Yrs.)
Slide 11: Development Properties – Overview
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Development Properties – Overview Costs Construction Buildable Book Value Total Costs Gross Yield on Pre-Leased Properties1) City Main Use # Completion Outstanding Start GLA (sqm) (€m) (€m) Cost (€m) Upbeat Berlin Office 1 2021
Slide 12: Development Properties – Upbeat Update
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Development Properties – Upbeat Update Description • Construction follows the highest sustainability, health and connectivity standards incl. extensive digital, interconnected functions. • Upbeat is developed towards DGNB (Gold
Slide 13: Development Properties – Anna Lindh Haus Update
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Development Properties – Anna Lindh Haus Update Description • Class A office building with an iconic architecture, cutting edge sustainability credentials, excellent connections to public / private transportation, and high visi
Slide 14: Development Properties – Karlsgärten Update
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Development Properties – Karlsgärten Update Description • Am Karlsbad 11 investment property was fully vacated and reclassified as development property (now “Karlsgärten”) in Q1 2024 to be CA Immo’s first “develop to green” pro
Slide 15: Development Properties – Skygreen Update
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Development Properties – Skygreen Update Description • Demolition of the existing building at Hallesches Ufer and construction of a new Class A office property featuring a distinctive timber-hybrid design. • The architectural c
Slide 16: Development Properties – Humboldthafen Update
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Development Properties – Humboldthafen Update Description • Unique location directly at the waterfront of Humboldthafen and only a footstep away from Berlin’s main railway station. • Building will provide for 6,125 sqm of GLA o
Slide 17: Capital Rotation – Transaction Overview
Portfolio Financials Returns Capital Markets Appendix Capital Rotation Transaction Overview Item1) Basis 2019 2020 2021 2022 2023 2024 Q1 2025 Total Closed Acquisitions # 2 3 1 1 1 - - Cumulative since 2018 2 5 6 7 8 8 8 Germany €m 3.0 131.2 1.6 98.6 26.5 - - Poland €m - 87.0 - - - - - Total Closed
Slide 18: Closed Disposals 2025
Portfolio Financials Returns Capital Markets Appendix Capital Rotation Closed Disposals 2025 CAI GLA In-Place Book Value + / (–) # Property City Stage Sector Closing share (sqm)1 GRI (€m) (€m)2) Book Value3) Investment 1 Parkhaus RheinTriadem 100% Cologne Parking Garage Q1 2025 606 1.5 25.6 1.5% Pro
Slide 19: Signed Disposals
Portfolio Financials Returns Capital Markets Appendix Capital Rotation Signed Disposals Daglfing, Munich Feldkirchen Bathing Lake Baumkirchen MI, Munich Country Germany Country Germany Country Germany Status Landbank Status Landbank Status Landbank Sector Residential Sector Other Sector Residential
Slide 20: Planned Disposals
Portfolio Financials Returns Capital Markets Appendix Capital Rotation Planned Disposals Bartók Ház, Budapest Spire B & C, Warsaw Kavci Hory, Prague Country Hungary Country Poland Country Czechia Investment Investment Investment Status Status Status Property Properties Property Sector Office Sector
Slide 21: Financials
FINANCIALS Rendering: Development Hallesches Ufer / Skygreen, Berlin
Slide 22: Q1 2025 Financials – Profit & Loss
Portfolio Financials Returns Capital Markets Appendix Q1 2025 Financials Profit & Loss Profit and Loss (€m) Q1 2025 Q1 2024 +/(–) Key Metrics Rental income 68.5 64.0 7.1% 1 Rental income up 7.1% at €68.5m and net rental 1 Net rental income 54.1 48.2 12.4% income up 12.4% to €54.1m due to higher rent
Slide 23: Rental Income
Portfolio Financials Returns Capital Markets Appendix Q1 2025 Financials Rental Income Q1 Q1 Rental Income Bridge (€m) Rental Income Net Rental Income 70 €68.5m €54.1m 5.6 +7.1% yoy +12.4% yoy 69 68.5 (1.0) (0.1) Key Drivers 68 • In Q1 2025, CA Immo recorded an increase in rental income of 7.1% to €
Slide 24: FFO I
Portfolio Financials Returns Capital Markets Appendix Q1 2025 Financials FFO I Q1 Q1 FFO I Bridge (€m) FFO I FFO II 36 €34.2m €29.3m 2.4 35 +28.0% yoy +11.1% yoy (0.4) 34.2 34 (0.4) (0.0) Key Drivers 33 • Net rental income growth mainly from higher 5.9 income in investment properties offsetting the
Slide 25: FFO I & II
Portfolio Financials Returns Capital Markets Appendix Q1 2025 Financials FFO I & II Funds From Operations (€m) Q1 2025 Q1 2024 +/(–) Net rental income 54.1 48.2 12.4% Income from services 0.2 0.7 (67.7%) Other operating income/expenses excl. services 0.1 0.0 359.1% Other operating income/expenses 0.
Slide 26: Balance Sheet
Portfolio Financials Returns Capital Markets Appendix Q1 2025 Financials Balance Sheet Balance Sheet (€m) Q1 2025 FY 2024 +/(–) Key Drivers 1 Investment properties 4,148.8 4,249.7 (2.4%) 1 Investment properties down at €4,149m due to 2 Properties under development 521.4 457.0 14.1% successful to rec
Slide 27: Balance Sheet Metrics
Portfolio Financials Returns Capital Markets Appendix Q1 2025 Financials Balance Sheet Metrics Balance Sheet (€m) Q1 2025 FY 2024 +/(–) Total assets 6,040.2 6,028.6 0.2% Property assets (GAV) 4,902.5 4,964.8 (1.3%) Cash and cash equivalents 747.2 647.0 15.5% Cash deposits 150.7 150.4 0.2% Shareholde
Slide 28: Returns
RETURNS Rendering: Development Anna Lindh Haus, Berlin
Slide 29: Dividend Payments
Portfolio Financials Returns Capital Markets Appendix Returns Dividend Payments Dividend Payments since 2018 Key Drivers 4.00 1,400 • Since end of 2018 CA Immo has 3.56 distributed €1,305m in dividends 3.50 3.50 1,200 (ordinary and extraordinary dividend payments) without changing the 3.00 companies
Slide 30: Share Buyback
Portfolio Financials Returns Capital Markets Appendix Returns Share Buyback Year Shares Purchased (#) % of Total Shares Ave. Price (€) Highest Price (€) Lowest Price (€) Total Cost (€m) Discount to IFRS NAV 2015 1,968,982 1.85% 16.15 17.00 14.93 31.8 19.5% 2016 3,434,337 3.22% 16.07 17.50 14.39 55.2
Slide 31: Total Accounting Return (I)
Portfolio Financials Returns Capital Markets Appendix Returns Total Accounting Return (I) Total Accounting Return (TAR) per Share1) Key Drivers 45.0 • 37% Total Accounting Return (TAR) since FY 2018. 43.0 • Composition of TAR: IFRS NAV change +11% and dividend distributions. 41.0 • Main drivers incl
Slide 32: Total Accounting Return (II)
Portfolio Financials Returns Capital Markets Appendix Returns Total Accounting Return (II) Total Accounting Return (TAR) vs. Discount to IFRS NAV (%) 0% Peer 9 CA Immo Peer 5 Peer 18 (20%) Peer 15 Peer 4 Peer 7 Spot Discount to IFRS NAV (%)1) Peer 6 Peer 17 Peer 8 Peer 10 Peer 19 Peer 11 (40%) Peer
Slide 33: Total Shareholder Return
Portfolio Financials Returns Capital Markets Appendix Returns Total Shareholder Return Total Shareholder Return since 20181) 100% 50% 0% (50%) 2019 2020 2021 2022 2023 2024 2025 CA Immo Peer Index EPRA Developed ex UK Index 2 Ytd 1 Year 3 Years Since 2018 CA Immobilien Anlagen AG (3%) (21%) (6%) 26%
Slide 34: Capital Markets
CAPITAL MARKETS Rendering: Development Hallesches Ufer / Skygreen, Berlin
Slide 35: Key Capital Markets Information
Portfolio Financials Returns Capital Markets Appendix Capital Markets Key Capital Markets Information Analyst Recommendations Stock Information Institution Analyst Recommendation Target Price (€) Date Type of shares No-par value shares Oddo BHF Philip Hettich outperform 27.00 02.05.2025 Stock market
Slide 36: Appendix
APPENDIX Rendering: Danube House, Prague
Slide 37: Five Strategic Core Pillars
Portfolio Financials Returns Capital Markets Appendix Appendix Five Strategic Core Pillars Entire Value Chain Urban Cities Pure Play Office Resilient Portfolio Solid Balance Sheet • Investment Management • Tier 1: Berlin, Munich • Technology • Balance of income, • Balance of secured/ • Asset Managem
Slide 38: Capital Rotation Value Chain
Portfolio Financials Returns Capital Markets Appendix Appendix Capital Rotation Value Chain • Excellent locations in established and emerging submarkets. • Old, inefficient, tired existing assets in strong locations with value creation potential. • New high quality, sustainable and certified existin
Slide 39: GAV / NAV Bridge Over Time
Portfolio Financials Returns Capital Markets Appendix Appendix GAV / NAV Bridge Over Time Item Basis 2018 2019 2020 2021 2022 2023 2024 Q1 2025 GAV1) €m 4,470.6 5,186.4 5,596.2 6,254.2 5,910.5 5,159.0 4,964.8 4,902.5 Cash and Cash Equivalents (incl. Cash Deposits) €m 374.3 439.1 934.9 633.1 823.8 73
Slide 40: Balance Sheet Over Time
Portfolio Financials Returns Capital Markets Appendix Appendix Balance Sheet Over Time Item Basis 2018 2019 2020 2021 2022 2023 2024 Q1 2025 IP Income Producing (FV IAS 40) €m 3,755.2 4,292.9 4,723.1 4,984.3 4,965.8 4,743.4 4,249.7 4,148.8 IP under Development (FV IAS 40) €m 651.6 817.1 791.1 1,097.
Slide 41: P&L Over Time
Portfolio Financials Returns Capital Markets Appendix Appendix P&L Over Time Item Basis 2018 2019 2020 2021 2022 2023 2024 Q1 2025 Rental Income €m 192.4 220.7 235.6 201.1 213.8 231.4 238.9 68.5 Operating Costs Charged to Tenants €m 55.8 51.8 53.3 43.9 50.4 54.6 58.4 16.1 Operating Expenses €m (60.1
Slide 42: FFO Over Time
Portfolio Financials Returns Capital Markets Appendix Appendix FFO Over Time Item Basis 2018 2019 2020 2021 2022 2023 2024 Q1 2025 Net Rental Income (NRI) €m 175.2 194.7 206.0 176.5 180.7 192.8 202.2 54.1 Other Operating Income/Expenses €m 7.5 8.0 9.4 11.4 6.4 4.4 2.4 0.3 Indirect Expenses €m (53.2)
Slide 43: Financial Profile
Portfolio Financials Returns Capital Markets Appendix Appendix Financial Profile Leverage (%) Cost of Debt / Debt Maturity (%, Years) 60% 6.0 3.00% 2.50% 55% 5.0 2.50% 53.5% 2.25% 50% 4.0 2.00% 1.99% 45% 42.3% 3.0 1.50% 40% 2.0 1.00% 35% 34.7% 30% 1.0 0.50% 5.1 4.5 4.9 4.3 4.2 3.5 3.6 3.4 25% - - 20
Slide 44: Debt Maturity Profile
Portfolio Financials Returns Capital Markets Appendix Appendix Debt Maturity Profile Debt Maturity Profile (€m)1 800 751 700 Secured financing maturity in 2027 consists of prime assets 600 in Berlin and Munich earmarked for prolongation with existing lenders 500 456 420 Ability to address all debt 4
Slide 45: Capital Markets/Investor Relations Contact Details
Capital Markets/Investor Relations Contact Details Christoph Thurnberger Julian Wöhrle Group Head of Capital Markets & Corporate Office Deputy Head of Capital Markets Tel.: +43 (1) 532 59 07 504 Tel.: +49 89 54548 517 E-Mail: christoph.thurnberger@caimmo.com E-Mail: julian.woehrle@caimmo.de www.caim
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