Slide 1: Annual results 2025 above previous year with positive outlook
Allreal Group Annual results 2025 above previous year with positive outlook Stephan Widrig, CEO Marc Frei, CFO Zurich, 20 February 2026 Rue du Grand-Pré 64/66, Geneva
Slide 2: Agenda
Annual results 2025 Agenda 1. Key figures and events at a glance 2. Notes to the financial report 3. Portfolio and projects 4. Sustainability 5. Outlook 6. Q&A 7. Appendix 2
Slide 3: Key figures and events at a glance
Annual results 2025 Key figures and events at a glance Hardstrasse 299/301, Zurich West
Slide 4: Key figures and events at a glance: annual results over previous year
Key figures and events at a glance Annual results over previous year 204.0 52.9 Rental income Earnings from Development & (CHF million) / previous year: 221.3 Realisation (CHF million) / previous year: 42.8 125.0 282.6 Revaluation of portfolio Completed project volume (CHF million) / previous year:
Slide 5: Successful lets and important project milestones
Key figures and events at a glance Successful lets and important project milestones Real Estate segment Development & Realisation segment Transactions & Financing Boulevard Lilienthal, Glattpark Baarermatte, Baar Rue du Grand-Pré 64/66, Geneva Re-lets and extensions of > 52,000 m2 Completion in 2025
Slide 6: Notes to the financial report
Annual results 2025 Notes to the financial report Herostrasse 12, Zurich Altstetten
Slide 7: Increase in net profit incl. revaluation effect
Notes to the financial report Increase in net profit incl. revaluation effect Net profit (CHF million) 250 219.3 Key drivers: 211.4 200 182.6 170.1 − Temporary decline in rental 154.7 142.9 income, offset by: 150 133.3 124.7 122.0 122.7 122.1 − higher earnings from 100 Development & Realisation 65.2
Slide 8: Stable operating profit
Notes to the financial report Stable operating profit (CHF million) 2025 2024 Change Real estate earnings 182.8 201.7 –9.4% Earnings from Development & 52.9 42.8 +23.6% Realisation Operating expenses and –51.9 –54.6 –4.9% depreciation Operating EBIT 183.8 189.9 –3.2% Financial expense –31.2 –35.0 –1
Slide 9: Performance of rental income and property expenses
Notes to the financial report Performance of rental income and property expenses Composition of change in rental income (CHF million) Real estate expenses in CHF million and in % of rental income 221.3 18% 30 -4.6 16% 27.2 -3.8 23.8 14% 25 0.2 1.1 204.0 -10.2 12% 12.3% 11.7% 20 10% 15 8% 6% 10 4% 5
Slide 10: Overview of revaluations
Notes to the financial report Overview of revaluations Geographical distribution of valuation effect (CHF million) 125 2.84% 10.0 105 25.5 85 Avg. discount rate portfolio (real) 10.9 65 –0.09% 36.3 45 91.2 25 53.6 30.8 Change 0.5 Avg. discount rate portfolio (real) 5 6.8 0.9 on 31.12.2024 -0.4 -10.8
Slide 11: Development of market value and vacancy rate
Notes to the financial report Development of market value and vacancy rate Market value of portfolio (CHF million) and vacancy rate (% of target rental income) Largest vacant properties: 6000 5267 5106 5097 5077 5185 5000 4525 4375 4195 3957 4000 Richti site, Wallisellen Route François-Peyrot, 3525
Slide 12: Advantageous maturity profile of commercial leases
Notes to the financial report Advantageous maturity profile of commercial leases Maturity profile (% of outstanding rental income) 16% 5.0 13% Weighted remaining term of 13% fixed-term leases for 12% 11% commercial properties (years) 9% 9% 6% 6% 4% 1% 2026 2027 2028 2029 2030 2031 2032 2033 2034 >20
Slide 13: Higher Earnings from Development & Realisation
Notes to the financial report Higher Earnings from Development & Realisation Earnings from Development & Realisation Gains on sales (CHF million) Gross margin third-party projects Realisation (%) 25 13 6% 10% 12 20 11 52.9 40% 15 +89% 10 21% 9 CHF million 10 21.1 8 7 5 11.2 23% 7.1 6 0 5 Gains on sa
Slide 14: Improved balance sheet figures
Notes to the financial report Improved balance sheet figures Limit 2025 2024 2023 Equity (CHF million) 2 745.3 2 641.0 2 545.1 Equity ratio > 35% 45.8% 44.9% 44.5% Return on equity excl. 5.7% 5.7% 5.7% revaluation effect Net finance debts (CHF million) 2 669.6 2 695.4 2 679.1 Loan to value 45.8% 47.
Slide 15: Long-term, stable and diversified financing
Notes to the financial report Long-term, stable and diversified financing Debt financing structure as at 31.12.2025 (CHF million) 1.13% 700.0 2.50% 600.0 2.00% Avg. interest rate 500.0 Previous year: 1.25% 1.50% 400.0 300.0 39 1.00% 200.0 0.50% 100.0 Avg. duration of financial liability (months) 0.0
Slide 16: Profit and distribution per share
Notes to the financial report Profit and distribution per share 3.4% Operating profit per share and distribution (CHF) 9.00 8.00 8.94 8.65 Dividend yield1 8.34 7.84 7.39 7.43 7.39 7.00 7.28 7.11 Breakdown of planned distribution (CHF) 6.89 7.04 6.00 5.00 4.00 6.75 6.75 7.00 7.00 7.00 7.00 7.00 6.50
Slide 17: Portfolio and projects
Annual results 2025 Portfolio and projects Toni site, Zurich West
Slide 18: Balanced investment mix with a focus on central locations
Portfolio and projects Balanced investment mix with a focus on central locations in Zurich and Geneva 84% Zurich region/Zug region 10% Industry 5% Other 10% Education 5.3 50% Office CHF billion Portfolio value 31 December 2025 25% Residential 13% Lake Geneva region Map: Federal Statistical Office, s
Slide 19: Commercial properties with low demand risks
Portfolio and projects Commercial properties with low demand risks thanks to their excellent quality and location 39 3.46 Number of commercial Value as at 31.12.2025 properties (CHF billion) 4.3% 3.9% Kreuzstrasse, Zurich Riesbach Schiffbauplatz, Zurich West Vacancy rate for Net yield of commercial
Slide 20: Modern residential portfolio as a secure investment
Portfolio and projects Modern residential portfolio as a secure investment 39 1.81 Number of residential Value as at 31.12.2025 properties (CHF billion) 0.8% 2.9% Schiffbaustrasse 7, Zurich West Rue de Zurich 1, Geneva Vacancy rate for Net return of residential residential properties properties Regi
Slide 21: Active portfolio management: Changes in the portfolio in 2025
Portfolio and projects Active portfolio management: Changes in the portfolio in 2025 Disposals in the portfolio Additions in the portfolio H1 2025 – Baarermatte, Baar: to investment properties under construction – Freiburgstrasse 130, Bern: from inv. properties under construction – Soodmattenstrasse
Slide 22: Purchase of property at Rue du Grand-Pré 64/66 in Geneva
Portfolio and projects Purchase of property at Rue du Grand-Pré 64/66 in Geneva − 17 100 m2 of office space in the centre of Geneva − Purchase price: CHF 140 million − Annual target rental income: CHF 7.8 million − Occupancy status: 97% − Main tenants: Canton of Geneva and European Union − Transfer
Slide 23: Ongoing development projects for own portfolio (build to hold)
Portfolio and projects Selection of ongoing development projects for own portfolio (build to hold) Renggerstrasse 3 Baarermatte Riant-Parc Badenerstrasse 301 Köschenrüti Zurich Baar Geneva Zurich Zurich 2026 Target rental ~ CHF 1 million ~ CHF 2 million ~ CHF 1 million ~ CHF 2 million ~ CHF 3 millio
Slide 24: Ongoing projects for sale as condominiums (build to sell)
Portfolio and projects Number of ongoing projects for sale as condominiums (build to sell) Strubenacher Living Panorama Eggen Baarermatte Hohlgasse Inzlingerstrasse Zumikon Lucerne Baar Sünikon Riehen Investment volume ~ CHF 40 million ~ CHF 95 million ~ CHF 130 million ~ CHF 50 million ~ CHF 60 mil
Slide 25: Pipeline well filled and long-term financing secured
Portfolio and projects Pipeline well filled and long-term financing secured Overview of current projects in the pipeline and under construction that will be completed in the next five years -100 -300 560 -360 Capex condominiums projects Capex portfolio projects Sale of condominiums Net Capex (BTS) (
Slide 26: Realisation with increase in volume and order backlog
Portfolio and projects Realisation with increase in volume and order backlog Volume of projects completed (CHF million) Order backlog (CHF million) 300 283 900 837 280 260 248 800 240 700 694 270 667 Heuwaage, Basel 220 611 200 123 600 190 565 180 78 149 160 500 152 326 140 400 120 100 300 567 80 17
Slide 27: Sustainability
Annual results 2025 Sustainability Avenue du Cimetière, Petit-Lancy
Slide 28: Holistic assessment / 4 stars achieved in first GRESB rating
Sustainability Holistic assessment / 4 stars achieved in first ever GRESB rating Environment GRESB Real Estate Assessment – Net zero – Labels and guidelines – Use of resources and recyclability – Biodiversity and water management Social Standing investments: – High-quality living spaces 4 stars | 86
Slide 29: Decarbonisation targets exceeded
Sustainability Decarbonisation targets exceeded Greenhouse gas emissions in the investment portfolio in kg CO2 equivalent/m2 of energy reference area (ERA) 8.7 kg Average indirect greenhouse gas emissions of own projects in kg CO2/m2a 53.2% Proportion of space in portfolio with sustainability certif
Slide 30: Outlook
Annual results 2025 Outlook Herostrasse, Zurich Altstetten
Slide 31: Positive outlook for 2026
Annual results 2025 Positive outlook for 2026 Rising rental income and falling vacancy rate Increase in income from sale of condominiums Slightly higher construction volume and stable operating expenses Improvement in operating profit Relevant contribution to earnings from sale of investment propert
Slide 32: Dates for your diary and further information
Annual results 2025 Dates for your diary and further information − 27th annual general meeting 17 April 2026 − Allreal Property Tour, Zurich West 20 May 2026 − Half-year results 2026 24 August 2026 Online report Value update 2025 32
Slide 33: Q&A
Annual results 2025 Q&A Rue du Grand-Pré 64/66, Geneva
Slide 34: Appendix
Annual results 2025 Appendix 1. Main tables from the financial report 2. Development reserves 3. Leases broken down by sector 4. Composition of shareholder base and information about our shares 34
Slide 35: Key figures at a glance
Appendix Key figures at a glance 2025 2024 or 31.12.2025* or 31.12.2024* Change (%)1 Group Total sales2 (CHF million) 486.6 469.4 3.7 Operating profit (EBIT) incl. revaluation gains (CHF million) 308.8 311.2 –0.8 Net profit incl. revaluation effect3 (CHF million) 219.3 211.4 3.7 Operating profit (EB
Slide 36: Real estate at a glance
Appendix Real estate at a glance 2025 2024 or 31.12.2025* or 31.12.2024* Change (%)1 Investment properties Residential properties on balance sheet date2 Number 38 36 2 Commercial properties on balance sheet date3 Number 38 40 –2 Market value on balance sheet date (CHF million) 5 234.6 5 110.2 2.4 Re
Slide 37: Development reserves
Appendix Development reserves Estimated Plot Portfolio / Book value investment volume Earliest start of Location Property area (m²) Condominiums (CHF million) (CHF million) realisation Adliswil Soodmattenstrasse 8/10 10 043 Portfolio 49.5 75 2027 Chavannes-près-Renens VD Av. de la Gare 84 / Route de
Slide 38: Leases broken down by sector
Appendix Leases broken down by sector Sector distribution 2025 Sector distribution 2024 (as a percentage of rental income (as a percentage of rental income 5% 3% for commercial properties) 5% 3% for commercial properties) 6% 6% 27% 26% Service/Consultation Service/Consultation Trade/Commerce Trade/C
Slide 39: Composition of shareholder base and information about our shares
Appendix Composition of shareholder base and information about our shares Shareholders broken down by category 9% 4% 30% Shares not registered Investment company/Fund 100% > 5 million 7% Free float Allreal shares CHF Pension fund Ø daily trading volume of Allreal shares in 2025 Natural persons 17% I
Slide 40: Disclaimer
Annual results 2025 Disclaimer This presentation includes statements relating to the future that are based on current expectations and assumptions. These statements are subject to risk and uncertainty, which may lead to the actual results deviating considerably from what is described in the statemen