Ca Immobilien Anlagen Ag · VIE:CAI
Ca Immobilien Anlagen — H1 2025 Earnings Presentation
52 slides from Ca Immobilien Anlagen's earnings presentation, Jun 30, 2025
Slide 1: H1 2025 Analyst & Investor Update
H1 2025 ANALYST & INVESTOR UPDATE ALL DATA AS AT 30 JUNE 2025 UNLESS OTHERWISE STATED
Slide 2: Key Achievements H1 2025
Overview Key Achievements H1 2025 Occupancy • Occupancy increased from 93.1% to 93.9% ytd and from 88.1% to 93.9% yoy, with improvements in nearly all markets. • 21.5% of current vacancy already leased with future lease start dates upcoming. Income • Increased Gross Rental Income by 2.3% to €124.2m
Slide 3: Macroeconomic & Market Environment
Overview Macroeconomic & Market Environment Macroeconomic Environment Office Market Environment • Soft economic activity continues to weigh on demand. • The reversal of tariff front-running in Q1, and the likely impact of H1 2025 Net Take-up marginally lower than expected. uncertainty, which exceeds
Slide 4: 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 5: Future Return Drivers and Select Steps
Overview Future Return Drivers and Select Steps Return Drivers Select Steps / Impact • Signed 90 leases in H1 2025 totalling c. 68,000 sqm above expected rental value (ERV) reducing portfolio vacancy to 6.1%. Lease Up • 21.5% of current vacancy already leased with future lease start dates. Vacancy •
Slide 6: Portfolio
PORTFOLIO Rendering: Danube House, Prague
Slide 7: Total Portfolio
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Total Portfolio Total Portfolio (GAV) Basis 2018 2019 2020 2021 2022 2023 2024 H1 2025 + / (-) Investment Properties1) €m 3,760 4,308 4,736 4,995 4,979 4,754 4,255 4,020 (5.5%) Active Development Under Construction €m 406 546 4
Slide 8: 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 H1 2025 + / (-) Properties # 74 77 79 74 64 63 53 48 (5) Gross Leasing Area (GLA) ‘000 sqm 1,404 1,443 1,374 1,320 1,115 1,101 9
Slide 9: Investment Properties – KPIs (II)
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Investment Properties – KPI‘s (II) GLA (sqm) H1 ‘25 FY ‘24 +/(-) GAV (€m) H1 ‘25 FY ‘24 +/(-) GAV (€psqm) H1 ‘25 FY ‘24 +/(-) Austria 96,534 96,679 (0.1%) Austria 233.6 235.4 (0.8%) Austria 2,420 2,435 (0.6%) Czechia 110,331 14
Slide 10: Investment Properties – Like-for-Like Performance H1 2025 vs H1 2024
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Investment Properties – Like-for-Like-Performance H1 2025 vs H1 2024 Market Gross Asset Value (€m) In-Place GRI (€m) Gross Initial Yield (%)1) SQM Occupancy (%) H1 ‘25 H1 ‘24 +/(-) H1 ‘25 H1 ‘24 +/(-) H1 ‘25 H1 ‘24 +/(-) H1 ‘25
Slide 11: Investment Properties – Leasing Overview H1 2025
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Investment Properties – Leasing Overview H1 2025 New Leasing Renewal Total Leasing Total GRI p.a. Average Office + / (–) to WAULT to WAULT to WAULT to Market (sqm) (sqm) (sqm) (€m) Rent (€ psqm) ERV (%)1) Break (Yrs.) End (Yrs.
Slide 12: Investment Properties – Certification & EPC Overview
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Investment Properties – Certification & EPC Overview Certified Portfolio EPC Distribution by Book Value (€m) 4,000 100% 1% 90% 13% 3,500 80% 3,000 Top 15% 70% 2,500 A 60% 16% B 2,000 50% €m €4.0bn Top 30% 51% 40% 1,500 C 30% 1,
Slide 13: 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 14: Active Developments Under Construction – Upbeat Update
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Active Developments Under Construction – Upbeat Update Description • Landmark office tower with three interconnected sections (5, 11, and 19 floors, up to 82 m high). • Underground parking for cars and ~300 bicycles, incl. e- c
Slide 15: Active Developments Under Construction – Anna Lindh Haus Update
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Active Developments Under Construction – Anna Lindh Haus Update Description • Class A office building with an iconic architecture, cutting edge sustainability credentials, excellent connections to public / private transportatio
Slide 16: Active Developments In Planning – Karlsgärten Update
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Active Developments In Planning – Karlsgärten Update Description • Am Karlsbad 11 investment property was fully vacated and reclassified as development property (renamed “Karlsgärten”) in Q1 2024. • Business plan to reposition
Slide 17: Active Developments In Planning – Skygreen Update
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Active Developments In Planning – 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 archit
Slide 18: Active Developments In Planning – Humboldthafen Update
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Active Developments In Planning – 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
Slide 19: Capital Rotation – Transaction Overview
Portfolio Financials Returns Capital Markets Appendix Capital Rotation Transaction Overview Acquisitions / Disposals1) Basis 2019 2020 2021 2022 2023 2024 H1 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 - -
Slide 20: 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) GRI (€m) (€m)1) Book Value2) 1 Feldkirchen4) 100% Munich Land Plot Mixed Use Q1 2025 105,600 - 12.5 56.7%3) 2 Parkhaus Rhe
Slide 21: Signed Disposals
Portfolio Financials Returns Capital Markets Appendix Capital Rotation Signed Disposals Bartók Ház, Budapest Mindener Str. North, Duesseldorf Bathing Lake, Feldkirchen Country Hungary Country Germany Country Germany Investment Status Status Landbank Status Landbank Property Sector Office Sector Offi
Slide 22: Select Pipeline Disposals
Portfolio Financials Returns Capital Markets Appendix Capital Rotation Select Pipeline Disposals Kavci Hory, Prague Millennium Tower 1, Budapest Spreebogen, Berlin Country Czechia Country Hungary Country Germany Investment Investment Investment Status Status Status Property Property Property Sector
Slide 23: Financials
FINANCIALS Rendering: Development Hallesches Ufer / Skygreen, Berlin
Slide 24: Balance Sheet (I)
Portfolio Financials Returns Capital Markets Appendix H1 2025 Financials Balance Sheet (I) Item Basis 2018 2019 2020 2021 2022 2023 2024 H1 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 4,015.2 IP under Development (FV IAS 40) €m 651.6 817.1 791.1 1,
Slide 25: Balance Sheet (II)
Portfolio Financials Returns Capital Markets Appendix H1 2025 Financials Balance Sheet (II) Balance Sheet (€m) H1 2025 FY 2024 +/(–) Key Drivers 1 Investment Properties 4,015.2 4,249.7 (5.5%) 1 Investment Properties down at €4,015m due to 2 Properties Under Development 552.7 457.0 20.9% reclassifica
Slide 26: Profit & Loss (I)
Portfolio Financials Returns Capital Markets Appendix H1 2025 Financials Profit & Loss (I) Item Basis 2018 2019 2020 2021 2022 2023 2024 H1 2025 Gross Rental Income €m 192.4 220.7 235.6 201.1 213.8 231.4 238.9 124.2 Operating Costs Charged to Tenants €m 55.8 51.8 53.3 43.9 50.4 54.6 58.4 30.3 Operat
Slide 27: Profit & Loss (II)
Portfolio Financials Returns Capital Markets Appendix H1 2025 Financials Profit & Loss (II) Profit and Loss (€m) H1 2025 H1 2024 +/(–) Q2 2025 Q2 2024 +/(–) Key Metrics Gross Rental Income 124.2 121.4 2.3% 55.6 57.4 (3.1%) 1 Rental Income up 2.3% at €124.2m and Net 1 Net Rental Income 105.8 98.1 7.9
Slide 28: Gross Rental Income
Portfolio Financials Returns Capital Markets Appendix H1 2025 Financials Gross Rental Income 1H 2Q Gross Rental Income Bridge Gross Rental Income Gross Rental Income 132 €124.2m €55.6m +2.3% yoy (3.1%) yoy 8.9 130 Key Drivers • Gross Rental Income up 2.3% to €124.2m (1H 128 2024: €121.4m) primarily
Slide 29: Net Rental Income
Portfolio Financials Returns Capital Markets Appendix H1 2025 Financials Net Rental Income 1H 2Q Net Rental Income Bridge Net Rental Income Net Rental Income 108.0 €105.8m €51.7m 107.0 3.1 +7.9% yoy +3.6% yoy 106.0 105.8 (1.0) Key Drivers 105.0 • Higher Gross Rental Income of (+€2.7m) (see slide 104
Slide 30: Result from Revaluation
Portfolio Financials Returns Capital Markets Appendix H1 2025 Financials Result from Revaluation H1 Q2 Result from Revaluation by Property Type and Region Result from Revaluation Result from Revaluation (€m) Austria Germany CEE Total % of FY ’24 BV (€14.0m) (€3.1m) Investment Properties (2.8) 5.6 (1
Slide 31: FFO (I)
Portfolio Financials Returns Capital Markets Appendix H1 2025 Financials FFO (I) Funds From Operations (€m) H1 2025 H1 2024 +/(–) Q2 2025 Q2 2024 +/(–) Net Rental Income 105.8 98.1 7.9% 51.7 49.9 3.6% Income from Services 0.5 1.1 (52.6%) 0.3 0.4 (22.5%) Other Operating Income/Expenses excl. Services
Slide 32: FFO (II)
Portfolio Financials Returns Capital Markets Appendix H1 2025 Financials FFO (II) 1H 1H FFO I Bridge FFO I FFO II 1.8 €63.9m €43.1m 64.0 (0.5) +14.5% yoy -23.4% yoy 0.3 62.9 7.7 (1.5) 62.0 Key Drivers • Net Rental Income growth mainly from higher 60.0 income in investment properties (incl. higher oc
Slide 33: Profitability Metrics
Portfolio Financials Returns Capital Markets Appendix H1 2025 Financials Profitability Metrics Profitability H1 2025 H1 2024 +/(-) FFO I 62.9 55.0 14.5% FFO II (Post Tax) 43.1 56.3 (23.4%) FFO I Yield (IFRS NAV)1) 5.1% 4.2% 87 bps FFO I Yield (EPRA NTA)1) 4.2% 3.5% 73 bps 1) FFO II (post Tax) Yield
Slide 34: Debt Maturity Profile
Portfolio Financials Returns Capital Markets Appendix Financing Debt Maturity Profile Debt Maturity Profile1 800 751 700 Secured financing maturity in 2027 600 consists of prime assets in Berlin and Munich earmarked for prolongation with existing mortgage lenders 500 456 Ability to address all debt
Slide 35: Financial Profile
Portfolio Financials Returns Capital Markets Appendix Financing Financial Profile Leverage Cost of Debt / Debt Maturity 60% 6.0 3.00% 2.46% 55% 5.0 2.50% 54.0% 50% 2.22% 4.0 2.00% 1.98% 45% Years 42.7% 3.0 1.50% 40% 37.2% 2.0 1.00% 35% 30% 1.0 0.50% 5.1 4.5 4.9 4.3 4.2 3.5 3.6 3.1 25% - - 2018 2019
Slide 36: BUWOG Litigation Update
Portfolio Financials Returns Capital Markets Appendix BUWOG Litigation Update Proceedings Overview & Key Milestones Case Status Key Points Description Criminal Proceedings Closed Conviction and jail time sentence for crimes • In 2009, public prosecutors opened criminal investigations against Karl-He
Slide 37: Returns
RETURNS Rendering: Development Anna Lindh Haus, Berlin
Slide 38: 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 c. €1.3bn in dividends 3.50 3.50 1,200 (ordinary and extraordinary dividend payments) without changing the 3.00 compani
Slide 39: 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 Until 2018 5,780,037 5.43% 16.55 24.20 14.39 95.7 23.3% 2022 1,080,364 1.01% 30.03 32.10 25.6
Slide 40: 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 • Positive NAV driv
Slide 41: 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 Peer 18 CA Immo Peer 5 Peer 7 (20%) Spot Discount to IFRS NAV (%)1) Peer 13 Peer 10 Peer 15 Peer 6 Peer 19 Peer 17 (40%) Peer 4 Peer 8 Peer
Slide 42: 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 2) CA Immo Peer Index EPRA Developed ex UK Index Ytd 1 Year 3 Years Since 2018 CA Immobilien Anlagen AG 5% (14%) (1%) 36%
Slide 43: Capital Markets
CAPITAL MARKETS Rendering: Development Hallesches Ufer / Skygreen, Berlin
Slide 44: 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 Stock market listing Vienna Stock Exchange. Prime market Oddo BH
Slide 45: Appendix
APPENDIX Rendering: Danube House, Prague
Slide 46: 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 47: 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 48: Balance Sheet Metrics
Portfolio Financials Returns Capital Markets Appendix Appendix Balance Sheet Metrics Balance Sheet (€m) Basis 2018 2019 2020 2021 2022 2023 2024 H1 2025 Total Assets €m 5,356 5,889 6,820 7,114 7,171 6,222 6,029 5,773 Property Assets (GAV) €m 4,471 5,186 5,596 6,254 5,910 5,159 4,965 4,757 Cash and C
Slide 49: GAV / NAV Bridge
Portfolio Financials Returns Capital Markets Appendix Appendix GAV / NAV Bridge Item Basis 2018 2019 2020 2021 2022 2023 2024 H1 2025 GAV1) €m 4,470.6 5,186.4 5,596.2 6,254.2 5,910.5 5,159.0 4,964.8 4,756.5 Cash and Cash Equivalents (incl. Cash Deposits) €m 374.3 439.1 934.9 633.1 823.8 738.6 797.3
Slide 50: FFO
Portfolio Financials Returns Capital Markets Appendix Appendix FFO Item Basis 2018 2019 2020 2021 2022 2023 2024 H1 2025 Net Rental Income (NRI) €m 175.2 194.7 206.0 176.5 180.7 192.8 202.2 105.8 Other Operating Income/Expenses €m 7.5 8.0 9.4 11.4 6.4 4.4 2.4 0.7 Indirect Expenses €m (53.2) (44.2) (
Slide 51: Profitability & Operational Key Metrics
Portfolio Financials Returns Capital Markets Appendix Appendix Profitability & Operational Key Metrics Profitability Basis 2018 2019 2020 2021 2022 2023 2024 H1 2025 FFO I €m 118.5 133.3 133.8 128.3 125.3 113.8 120.0 62.9 FFO II (Post Tax) €m 111.3 122.3 141.1 143.1 121.2 244.7 120.5 43.1 1) FFO I Y
Slide 52: 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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