Phoenix Spree Deutschland Ltd · LSE:PSDL
Phoenix Spree Deutschland — FY2025 Earnings Presentation
49 slides from Phoenix Spree Deutschland's earnings presentation, April 2026
Slide 1: Results for the year ended 31 December 2025 and strategy update
Phoenix Spree Deutschland Results for the year ended 31 December 2025 and strategy update Presentation April 2026
Slide 2: Disclaimer
Disclaimer Important Information This presentation is published by Phoenix Spree Deutschland Limited (the “Company”) The information in this presentation has not been independently verified and no for information purposes only and is made available on the Company’s website for representation or warr
Slide 3: Introduction
Introduction Contents 04 Investment case 05 From NAV to cash 06 2025 highlights 07 Key figures 2025 08 Portfolio valuation 09 Refinancing and balance sheet 10 Key performance indicators This section provides an overview of PSD's key metrics, portfolio valuation, refinancing position and operating pe
Slide 4: Investment case
Investment case From embedded asset value to shareholder cash returns: A strategy to crystallise the structural gap between PRS carrying values and condominium transaction pricing. 1 2 3 Embedded value (observed) Execution (delivered) Shareholder cash returns (declared) Consistent pricing evidence a
Slide 5: From NAV to cash
From NAV to cash Currently, UK REIT and German Real Estate discounts to NAV are common. PSD is differentiated by a capital return framework that enables NAV-to- cash conversion when the Board elects to declare a compulsory redemption. Typical listed structures Typical listed structures − NAV remains
Slide 6: 2025 highlights
2025 highlights1 Second consecutive valuation uplift since 2022 (+1.5% LFL). €36.0m of condominium sales in FY 2025 (122 units), c.20% ahead of target; c.€55m of sales targeted for 2026. Refinancing completed in Q4 2025, enabling the first shareholder distribution announced with FY 2025 results. €36
Slide 7: Key Figures 2025
Key Figures 20251 FY 2025 delivered a materially improved operating and valuation outcome. Loss before tax narrowed to €13.6m, valuations stabilised, and condominium sales increased materially to €36.0m, supporting the transition to a portfolio realisation strategy. Financial and operational highlig
Slide 8: Portfolio valuation
Portfolio valuation1 During 2025 condominium values remained resilient and PRS valuations rose for the first time since 2022. At 31 December 2025, the Portfolio value was €540m (€3,686/sqm, 3.6% gross yield), up 1.5% like-for-like. JLL Valuation Summary1 Metric Total Portfolio Condominium Sales Pool
Slide 9: Refinancing and balance sheet
Refinancing and balance sheet The Company has restructured all debt well ahead of September 2026 maturity, improving financial flexibility by removing condominium sales restrictions and enabling shareholder distributions, with the first announced alongside the FY 2025 results. Debt and Gearing1 Borr
Slide 10: Key performance indicators
Key performance indicators Like-for-like portfolio value growth (%)1 EPRA NTA per share (€)1 Condominium sales (€m)1 40.1% 19.4% 5.28 5.65 14.0% 5.10 4.92 36 10.6% 4.54 0.8% 1.5% 7.1% 6.3% 6.3% 4.11 3.96 3.55 3.40 2.73 -3.1% -11.9% 2.28 14.6 15.2 9.1 9.0 8.8 9.4 5.5 7.2 4.7 4.7 2015 2016 2017 2018 2
Slide 11: Condominium strategy explained
Condominium strategy Contents 12 Why the arbitrage exists 13 How PSD captures this value explained 14 Vacancy creation and sales pacing 15 Occupied / vacant sales history 16 Condominium sales pipeline update This section details the pricing arbitrage, vacancy dynamics and condominium sales pipeline
Slide 12: Why the arbitrage exists
Why the arbitrage exists Berlin condominiums continue to transact at resilient price levels, while PRS transaction markets remain illiquid, reinforcing the structural premium for unit-by-unit disposals. Condominium / PRS arbitrage — structural and persistent Berlin condominium volumes and prices (Al
Slide 13: How PSD captures this value
How PSD captures this value PSD’s shares continue to trade at a material discount to NAV, implying a portfolio valuation well below achievable condominium prices. Unit-by-unit disposals provide a clear, repeatable mechanism to crystallise value, close the discount and return capital. Crystallising v
Slide 14: Vacancy creation and sales pacing
Vacancy creation and sales pacing German tenancy law provides strong statutory protections. Optimal returns are achieved over multi-year horizons as vacancy compounds and sales shift toward higher-value vacant units. Returns at Different Sell-Down Horizons Execution Discipline and sales velocity − V
Slide 15: Occupied / vacant sales history
Occupied / vacant sales history Most of PSD’s historic sales have been vacant units over a 4-5 year timeframe. Occupied units can be sold, but at a material discount to vacant. Throughout the life-cycle of a property sell down, occupied units are expected to represent around 40-50% of sales volumes,
Slide 16: Condominium sales pipeline update
Condominium sales pipeline update Properties are introduced into the Condominium Sales Pool in defined tranches, reflecting legal and operational readiness. Tranche 5 (8 properties, c.227 units) is expected to be added in H1 2026. Bridge: year-end pool (T1–4) and pipeline (T5) Pipeline and execution
Slide 17: Condominium sales results
Condominium sales Contents 18 Condominium sales results 19 Achieved condominium prices 2025 results 20 Achieved prices vs carry value 2025 This section presents FY 2025 condominium sales performance, achieved pricing and the relationship between carry values and realised prices. 17
Slide 18: Condominium sales results
Condominium sales results 122 units notarised for €36.0m, ~20% ahead of plan. Pricing resilient across vacant and occupied units, continuing to support JLL's independent valuations. Condominium sales results — FY 2025 and post year-end Sales Value Premium / (discount) to Notarisation period / status
Slide 19: Achieved condominium prices 2025
Achieved condominium prices 2025 FY 2025 condominiums notarised at an average €4,132/sqm, in line with budget. Vacant units commanded a 26% premium over occupied investor sales and a 14% premium over tenant sales. Occupied – Tenant (€ per sqm) Vacant (€ per sqm) € 2,000 € 3,000 € 4,000 € 5,000 € 2,0
Slide 20: Achieved prices vs carry value 2025
Achieved prices vs carry value 2025 FY 2025 condominium disposals notarised at 4.1% above carrying values. Vacant units achieved an 18.6% premium, while occupied units were sold at a 2.8% discount to carrying values. Occupied - Tenant Vacant 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% Januar
Slide 21: PRS performance overview
PRS performance Contents 22 Rental values and reversion 23 Rental growth overview 24 Contribution to rent growth This section reviews the rental portfolio, including reversion potential, rent growth headwinds and the contribution to rental income growth. 21
Slide 22: Rental values and reversion
Rental values and reversion Re-letting premiums remain strong and rent/sqm continues to rise. The decline in annualised rental income over the past two years reflects the realisation strategy: the sale of 16 buildings in December 2024, condominium unit sales, and higher vacancy as units in the sales
Slide 23: Rental growth
Rental growth Like-for-like rental growth has decelerated as fewer new leases are signed and rental disputes increase, despite continued underlying demand for Berlin rental units. Berlin rental growth headwinds2 L-f-l annual growth in rent per sqm 1,2 − Like-for-like rental growth has decelerated fr
Slide 24: Contribution to rent growth
Contribution to rent growth Reletting activity, indexation and contractual uplifts drove rent per sqm higher, partly offset by lease churn and Mietpreisbremse-related constraints. Rent growth waterfall 2024-2025 Increase Decrease Total 10.85 10.80 10.75 +0.17 -0.17 +0.03 10.70 +0.08 Rent per sqm (€)
Slide 25: Financial Results
Financial Results Contents 26 2025 financial results 27 Rental and service charge income 28 Administrative expenses 29 Property-level expenses 30 Share redemption framework 31 Debt and gearing 32 Capital expenditure This section covers FY 2025 financial results, including income, 33 Key performance
Slide 26: 2025 financial results
2025 financial results First full year of managed realisation: accelerated condominium sales, comprehensive refinancing, and a framework for capital returns established. Overview Financial highlights − Financial statements reflect a business in transition, following €m (unless stated) FY 2025 FY 202
Slide 27: Rental & service charge income
Rental & service charge income Gross rental income declined as the Portfolio contracts under the managed realisation strategy, driven by disposals, condominium sales and intentional vacancy. Service charge income is largely pass-through and economically neutral. Rental income movement Rental income
Slide 28: Administrative expenses
Administrative expenses Reported administrative expenses declined to €3.3m (2024: €3.8m); indicative normalised base of c.€2.5m after stripping non-recurring execution and governance items. Reported Reported administrative expenses (IFRS) − Administrative expenses were €3.3m in 2025 (2024: €3.8m), i
Slide 29: Property-level expenses
Property-level expenses Property cost base is mechanically reducible and fully extinguishable on completion; no embedded tail costs or continuing obligations. Expense composition and overview Cost drivers and elimination mechanics − Property-level expenses were €15.3m in 2025 (2024: €15.8m), reflect
Slide 30: Share redemption framework
Share redemption framework Compulsory Redemption Facility approved June 2025; returns funded from net sale proceeds and delivered as mandatory pro-rata share redemptions. Mechanism and delivery From gross sales to distributable cash − The Portfolio Realisation Strategy converts underlying asset valu
Slide 31: Debt and gearing
Debt and gearing November 2025 refinancing into a single Natixis Pfandbriefbank facility extends maturity to Q4 2030 and removes constraints on sales, capital allocation and distributions. Net LTV was 41.0% at 31 December 2025 with average maturity of 4.9 years. Strategic refinancing Debt refinancin
Slide 32: Capital expenditure
Capital expenditure FY 2025 capex of €12.6m was driven by front-loaded preparation of four condominium tranches. With the majority of works now complete, the principal drivers of spend have been removed. Capital expenditure framework Capital expenditure by category – Properties undergo structured, b
Slide 33: Key performance indicators 2025 and 2026
Key performance indicators 2025 and 2026 KPIs recalibrated from 2025 to reflect execution-focused strategy, measuring asset performance, condo sales delivery and balance-sheet discipline. 2025 Framework and rationale KPI summary — 2025 vs 2024 − Six KPIs recalibrated for FY 2025, shifting from long-
Slide 34: Tax: Sale proceeds and tax mechanics
Tax: Sale proceeds and tax mechanics 1 Illustrative mechanics of how sale proceeds flow through to taxable outcomes and accounting impacts. Does not constitute a forecast of future tax liabilities. Tax considerations in a managed wind-down Sale Proceeds: Tax and Accounting Mechanics − Tax outcomes d
Slide 35: Corporate Responsibility
Corporate Contents 36 Corporate responsibility 37 Operating model and priorities Responsibility 38 Tenant protections and governance 39 Charitable initiatives This section sets out the Company's approach to corporate responsibility during the wind-down, including governance, the operating model, ten
Slide 36: Corporate responsibility
Corporate responsibility Responsible practices protect value, support orderly realisation and maintain transparent governance throughout the wind-down Disciplined, tenant-conscious wind-down Our Two Asset Pathways (Retain vs Sell) − The wind-down is designed to be disciplined and tenant Operational
Slide 37: Operating model and priorities
Operating model and priorities The Company screens a broad set of ESG topics, assesses their potential impact on stakeholders and enterprise value, and prioritises effort where it can influence outcomes. Given different risk profiles and stakeholder dynamics, topics are weighted by pathway. Key clar
Slide 38: Tenant protections and governance
Tenant protections and governance Statutory protections, operational controls and governance oversight ensure tenant-first execution throughout the condominium sales programme Tenant protections and statutory framework Operational controls supporting tenant-first delivery Area Position Control area
Slide 39: Charitable initiatives
Charitable initiatives The Company maintains charitable partnerships in Berlin and London, managed through PSD and QSix. Commitments are governed by annual sponsorship contracts with documented impact reporting; budgets are Board-reviewed annually. Partnerships are selected for community alignment,
Slide 40: Appendix 1: QSix operating platform
Appendix 1: Contents 41 QSix German platform 42 QSix German management team QSix operating platform 43 PSD non-executive Board This appendix presents the QSix operating platform, management team, and PSD's non-executive Board. 40
Slide 41: QSix German platform
QSix German platform A Berlin-based operating platform dedicated to PSD, providing hands-on execution across transactions, asset management and technical delivery. This local team is supported by London-based finance, public markets, research and data functions, providing financial control, governan
Slide 42: QSix German management team
QSix German management team The leadership team combines deep local execution capability in Germany with public markets, finance and strategy expertise in London, providing end-to-end oversight of portfolio management, condominium realisation, capital allocation and investor engagement. Christian Da
Slide 43: PSD non-executive board
PSD non-executive board The Non-executive Board provides independent oversight of strategy execution, capital allocation and governance throughout the managed realisation programme. Its composition brings deep experience across real estate, valuation, capital markets, audit and risk, supporting effe
Slide 44: Appendix 2: Market overview
Appendix 2: Contents 45 Rents rising, availability falling 46 Driven by strong demographics Market overview 47 Transaction yields now near 10-year high This appendix provides supplementary market data including rental trends, demographics, transaction yields, condominium sales history and the arbitr
Slide 45: Rents rising, availability falling...
Rents rising, availability falling... Growing shortage of PRS property driving up rents Development of asking rents (existing buildings) – The Berlin rental market continues to be shaped by net inward € 23.00 Berlin Hamburg Munich migration, population growth and low homeownership rates Cologne Fran
Slide 46: ...driven by strong demographics
…driven by strong demographics 1. Process of urbanisation in Germany forecast to continue 3. Leading to a significant housing deficit 500,000 90 450,000 % population living in urban 400,000 85 320,000 320,000 320,000 320,000 320,000 350,000 294,000 80 300,000 252,000 230,000 215,000 areas 75 250,000
Slide 47: Transaction yields now near 10-year high
Transaction yields now near 10-year high Transaction valuations per sqm have fallen significantly since the peak of 20221 Opportunity to transact at decade-high yields – Market transaction values fell c.30% from the 18.0 5.0 transaction price per sqm and in place 2022 peak but turned positive in 202
Slide 48: Appendix 3: Contact details
Contents Appendix 3: 49 Contact us Contact details 48
Slide 49: Contact us
Contact us QSix offices and investor contact points QSix London QSix Berlin Registrar enquiries MUFG Corporate Markets 167 Wardour Street Kurfürstendamm 38/39 (Jersey) Limited London W1F 8WR 10719 Berlin 12 Castle Street St Helier Jersey JE2 3RT +44 (0)371 664 0300 +44 20 3937 8760 +49 30 80 40 70 7
Phoenix Spree Deutschland — FY2025 Earnings Presentation on 6ix