Ca Immobilien Anlagen Ag · VIE:CAI
Ca Immobilien Anlagen — Q3 2025 Earnings Presentation
63 slides from Ca Immobilien Anlagen's earnings presentation, November 2025
Slide 1: Q1-3 2025 Analyst & Investor Update
Q1-3 2025 ANALYST & INVESTOR UPDATE ALL DATA AS AT 30 SEPTEMBER 2025 UNLESS OTHERWISE STATED
Slide 2: Key Achievements Q1-3 2025
Overview Key Achievements Q1-3 2025 Occupancy • Occupancy increased from 93.1% to 93.7% ytd and from 88.8% to 93.7% yoy, with improvements in nearly all markets. • 34.9% of current vacancy already leased with future lease start dates upcoming. Income • Stable Gross Rental Income at €178.3m despite s
Slide 3: Macroeconomic & Market Environment
Overview Macroeconomic & Market Environment Macroeconomic Environment Office Market Environment • Soft economic activity continues to weigh on demand. • Although the new US–EU trade agreement includes higher tariffs, it sharply • 3Q 2025 YTD Net Take-up marginally lower than expected in Germany, but
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 143 leases in Q1-3 2025 totalling c. 101,600 sqm above expected rental value (ERV) reducing portfolio vacancy to 6.3%. Lease Up • 34.9% of current vacancy already leased with future lease start dates. Vacan
Slide 6: Portfolio Overview
PORTFOLIO OVERVIEW Grasblau, Berlin ↑ Hochhaus am Europaplatz, Berlin ↓ Heidestraße 58, Berlin ↑ John F. Kennedy Haus, Berlin ↓
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 Q3 2025 + / (-) Investment Properties1) €m 3,760.4 4,307.9 4,736.0 4,995.5 4,978.7 4,753.9 4,255.3 3,797.8 (10.8%) Active Development Under Construc
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 Q3 2025 + / (-) Properties # 74 77 79 74 64 63 53 43 (10) Gross Leasing Area (GLA) sqm 1,403,966 1,443,364 1,373,773 1,320,279 1
Slide 9: Investment Properties – KPIs (II)
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Investment Properties – KPI‘s (II) GLA (sqm) Q3 ‘25 FY ‘24 +/(-) GAV (€m) Q3 ‘25 FY ‘24 +/(-) In-Place GRI (€m)1) Q3 ‘25 FY ‘24 +/(-) Austria 96,268 96,679 (0.4%) Austria 233.6 235.4 (0.8%) Austria 18.1 17.4 3.9% Czechia 67,123
Slide 10: Like-for-Like Performance Q3 2025 vs Q3 2024
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Investment Properties – Like-for-Like-Performance Q3 2025 vs Q3 2024 Market Gross Asset Value (€m) In-Place GRI (€m) Gross Initial Yield (%)1) SQM Occupancy (%) Q3 ‘25 Q3 ‘24 +/(-) Q3 ‘25 Q3 ‘24 +/(-) Q3 ‘25 Q3 ‘24 +/(-) Q3 ‘25
Slide 11: Leasing Overview Q1-3
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Investment Properties – Leasing Overview Q1-3 2025 New Leasing Renewal Total Leasing Total Leases Total GRI p.a. Average Office + / (–) to WAULT to WAULT to WAULT to Market (sqm) (sqm) (sqm) Signed (#) (€m) Rent (€ psqm) ERV (%
Slide 12: Significant Leases Signed YTD
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Investment Properties – Significant Leases Signed YTD Postepu 14, Warsaw Amazon Court, Prague Capital Square, Budapest Country Poland Country Czechia Country Hungary Investment Investment Investment Status Status Status Propert
Slide 13: Tenant Base
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Investment Properties – Tenant Base Lease Maturity Profile Tenant Industry Distribution 250 100% 1% 90% 9% 18% Computers / HiTech 100% 200 80% 10% Professional Services 70% In-Place GRI (€m) 150 60% Financial Services 50% Total
Slide 14: Certification Overview
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Investment Properties – Certification Overview Certified Portfolio1) Certification Split by Book Value1) 4,000 100% 13% DGNB Gold 3,500 80% DGNB Platin 3,000 5% 34% 2,500 LEED Gold 60% 4% €m 2,000 LEED Platin 6% €3.8bn 40% BREE
Slide 15: EPC Overview
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Investment Properties – EPC Overview Portfolio by EPC Classes1)2) EPC Split by Book Value1) 6,000 90% 0% A / 10%<NZEB 80% 5,000 20% 70% 24% Top 15% 4,000 60% A 50% €m 3,000 B 40% €3.8bn 2,000 30% 12% C 20% 1,000 Not Top 30% 10%
Slide 16: CRREM 1.5°C Benchmark Alignment
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Investment Properties – CRREM 1.5°C Benchmark Alignment Group CO2 Emissions Intensity (kgCO2 psqm) vs. CRREM Benchmark1) 90 90% 83% 80 80% 78% 77 72 70 70% CO2 Emissions Intensity in kgCO2 psqm Share of Renewable Electricity (W
Slide 17: Development Properties – Track Record
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Development Properties – Track Record Total Costs Invested (as at Year of Completion) CA Immo Development Track Record 3,500 • Since 2011 CA Immo has developed 3,000 148 2,915 assets with a total cost of c. €2.9bn. 561 2,500 •
Slide 18: 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 19: 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 20: 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 21: 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 22: 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 23: 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 24: Development Properties – Forecast Income Contribution
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Development Properties – Forecast Income Contribution In-Place GRI Development Contribution1) Key Drivers 250 • Final lease-up and stabilization of ONE 245 plus four properties under construction and in planning are expected to
Slide 25: Development Properties – Forecast GAV / NAV Contribution
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Development Properties – Forecast GAV / NAV Contribution Investment Portfolio Development Contribution1) Key Drivers 5,200 5,000 4,995 4,979 • Like-for-like upon completion of 4,800 4,736 4,754 current pipeline, Germany’s share
Slide 26: Transaction Overview
Portfolio Financials Returns Capital Markets Appendix Capital Rotation Transaction Overview Acquisitions / Disposals1) Basis 2019 2020 2021 2022 2023 2024 Q1-3 2025 Total Closed Acquisitions # 2 3 1 1 1 - 1 Cumulative since 2018 2 5 6 7 8 8 9 Germany €m 3.0 131.2 1.6 98.6 26.5 - 0.2 Poland €m - 87.0
Slide 27: Closed Disposals 2025
Portfolio Financials Returns Capital Markets Appendix Capital Rotation Closed Disposals 2025 CAI Existing 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 Par
Slide 28: Opportunistic Disposal Pipeline
Portfolio Financials Returns Capital Markets Appendix Capital Rotation Opportunistic Disposal Pipeline1) Signed Exclusivity Pipeline Total In % of Total Properties Book Value In-Place Properties Book Value In-Place Properties Book Value In-Place Properties Book Value In-Place Book Value In-Place (#)
Slide 29: Select Pipeline Disposals
Portfolio Financials Returns Capital Markets Appendix Capital Rotation Select Pipeline Disposals Millennium Tower 1, Budapest Campanile / Fernbusbahnhof, Frankfurt Intercity, Frankfurt Country Hungary Country Frankfurt Country Germany Investment Investment Investment Status Status Status Property Pr
Slide 30: Financials
FINANCIALS Kontorhaus, Munich ↑ NEO, Munich↓ Skygarden, Munich ↑ MyO, Munich ↓
Slide 31: Balance Sheet
Portfolio Financials Returns Capital Markets Appendix Q1-3 2025 Financials Balance Sheet Balance Sheet (€m) Q3 2025 FY 2024 +/(–) Key Drivers 1 Investment Properties 3,793.5 4,249.7 (10.7%) 1 Investment Properties down at €3,794m mainly 2 Properties Under Development 590.7 457.0 29.3% due to reclass
Slide 32: Profit & Loss
Portfolio Financials Returns Capital Markets Appendix Q1-3 2025 Financials Profit & Loss Profit and Loss (€m) Q1-3 2025 Q1-3 2024 +/(–) Q3 2025 Q3 2024 +/(–) Key Metrics Gross Rental Income 178.3 179.1 (0.4%) 54.1 57.7 (6.1%) 1 Rental Income stable at €178.3m and Net Rental 1 Net Rental Income 155.0
Slide 33: Gross Rental Income
Portfolio Financials Returns Capital Markets Appendix Q1-3 2025 Financials Gross Rental Income YTD Q3 Gross Rental Income Bridge Gross Rental Income Gross Rental Income 195 €178.3m €54.1m (0.4%) yoy (6.1%) yoy 10.9 190 Key Drivers • Gross Rental Income slightly lower at €178.3m (Q1-3 2024: €179.1m)
Slide 34: Net Rental Income
Portfolio Financials Returns Capital Markets Appendix Q1-3 2025 Financials Net Rental Income YTD Q3 Net Rental Income Bridge Net Rental Income Net Rental Income 160.0 €155.0m €49.2m 158.0 +3.9% yoy (3.6%) yoy 2.5 156.0 Key Drivers 155.0 (1.1) 154.0 1.8 • Higher occupancy and operational efficiency l
Slide 35: FFO (I)
Portfolio Financials Returns Capital Markets Appendix Q1-3 2025 Financials FFO (I) Funds From Operations (€m) Q1-3 2025 Q1-3 2024 +/(–) Q3 2025 Q3 2024 +/(–) Net Rental Income 155.0 149.2 3.9% 49.2 51.0 (3.6%) Income from Services 0.8 1.5 (45.1%) 0.3 0.4 (25.7%) Other Operating Income/Expenses excl.
Slide 36: FFO (II)
Portfolio Financials Returns Capital Markets Appendix Q1-3 2025 Financials FFO (II) YTD YTD FFO I Bridge FFO I FFO II 100.0 €93.3m €69.1m 98.0 +7.8% yoy (21.6%) yoy 96.0 3.4 Key Drivers (0.5) 94.0 • Net Rental Income growth mainly from higher 0.1 93.3 income in investment properties (incl. higher 5.
Slide 37: Debt Maturity Profile
Portfolio Financials Returns Capital Markets Appendix Financing Debt Maturity Profile Debt Maturity Profile1 1,000 Average Cost of Debt (to be) Repaid 1.00% 1.27% 1.29% 3.32% 900 800 708 700 600 504 €m 500 455 407 400 Repaid in Oct. 2025 300 276 200 183 128 95 100 50 - 2025 2026 2027 2028 2029 2030
Slide 38: Bond Trading Update
Portfolio Financials Returns Capital Markets Appendix Financing Bond Trading Update CA Immo Eurobond Trading (Spread to Base Rate) 500 450 400 350 300 bps 250 200 150 100 50 0 2020 2021 2022 2023 2024 2025 2027 Benchmark Bond 2030 Green Bond Spread (bps) Yield to Maturity (%) Bond Spot At Issuance M
Slide 39: Financial Profile
Portfolio Financials Returns Capital Markets Appendix Financing Financial Profile Loan-to-Value (LTV) Average Debt Maturity & Cost of Debt 60% 6.0 3.00% 55% 2.46% 53.7% 5.0 2.50% 50% 2.21% 4.0 2.00% 1.98% years 45% 3.0 1.50% 40% 35% 34.9% 2.0 1.00% 30% 1.0 0.50% 25% 2018 2019 2020 2021 2022 2023 202
Slide 40: Returns
RETURNS Rendering: Development Anna Lindh Haus, Berlin
Slide 41: Profitability Metrics
Portfolio Financials Returns Capital Markets Appendix Returns Profitability Metrics Profitability Q1-3 2025 Q1-3 2024 +/(-) FFO I 93.3 86.5 7.8% FFO II (Post Tax) 69.1 88.1 (21.6%) FFO I Yield (IFRS NAV)1) 4.8% 4.4% 40 bps FFO I Yield (EPRA NTA)1) 4.2% 3.7% 50 bps FFO II (post Tax) Yield (IFRS NAV)1
Slide 42: Dividend Payments
Portfolio Financials Returns Capital Markets Appendix Returns Dividend Payments Dividend Payments since End 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 com
Slide 43: Share Buyback
Portfolio Financials Returns Capital Markets Appendix Returns Share Buyback Basis 2018 2019 2020 2021 2022 2023 2024 2025 YTD Total Shares Outstanding # 98,808,336 98,808,336 98,808,336 98,808,336 106,496,426 106,496,426 106,496,426 101,171,605 Shares Cancelled # - - - - - - - (5,324,821) Shares Pur
Slide 44: Return on Equity – Peer Comparison
Portfolio Financials Returns Capital Markets Appendix Returns Return on Equity – Peer Comparison TTM Return on Equity (RoE)1) 20.0% 15.0% 10.0% 5.0% - (5.0%) (10.0%) (15.0%) (20.0%) Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2018 2019 2020 2021 2022 2023 2024
Slide 45: 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 • 38% 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 46: Total Accounting Return (II)
Portfolio Financials Returns Capital Markets Appendix Returns Total Accounting Return (II) Total Accounting Return (TAR) vs. Discount to IFRS NAV (%) - Peer 18 CA Immo Peer 9 (20%) Peer 5 Peer 7 Peer 17 Spot Discount to IFRS NAV (%)1) Peer 4 Peer 10 Peer 13 Peer 6 (40%) Peer 15 Peer 8 Peer 19 Peer 1
Slide 47: Total Shareholder Return
Portfolio Financials Returns Capital Markets Appendix Returns Total Shareholder Return Total Shareholder Return since 20181) 100% 50% - (50%) 2019 2020 2021 2022 2023 2024 2025 2) CA Immo Equal Weight Peer Index EPRA Developed ex UK Index Ytd 1 Year 3 Years Since 2018 CA Immobilien Anlagen AG 3.0% (
Slide 48: Capital Markets
CAPITAL MARKETS Rendering: Development Hallesches Ufer / Skygreen, Berlin
Slide 49: 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 50: Equity Valuation – Peer Comparison
Portfolio Financials Returns Capital Markets Appendix Capital Markets Equity Valuation – Peer Comparison Premium / Discount to IFRS NAV 1) 40.0% 20.0% - (20.0%) (40.0%) (60.0%) 1) CA Immo Equal Weight Peer Index Source: Bloomberg as at 30.09.2025; 1) Equal Weight Peer Index consisting of Aroundtown,
Slide 51: Appendix
APPENDIX Rendering: Danube House, Prague
Slide 52: 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 53: 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 54: 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 55: Balance Sheet
Portfolio Financials Returns Capital Markets Appendix Appendix Balance Sheet Item Basis 2018 2019 2020 2021 2022 2023 2024 Q3 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 3,793.5 IP under Development (FV IAS 40) €m 651.6 817.1 791.1 1,097.1 596.6 34
Slide 56: Balance Sheet Metrics
Portfolio Financials Returns Capital Markets Appendix Appendix Balance Sheet Metrics Balance Sheet (€m) Basis 2018 2019 2020 2021 2022 2023 2024 Q3 2025 Total Assets €m 5,356 5,889 6,820 7,114 7,171 6,222 6,029 5,761 Property Assets (GAV) €m 4,471 5,186 5,596 6,254 5,910 5,159 4,965 4,723 Cash and C
Slide 57: Profit & Loss
Portfolio Financials Returns Capital Markets Appendix Appendix Profit & Loss Item Basis 2018 2019 2020 2021 2022 2023 2024 Q1-3 2025 Gross Rental Income €m 192.4 220.7 235.6 201.1 213.8 231.4 238.9 54.1 Operating Costs Charged to Tenants €m 55.8 51.8 53.3 43.9 50.4 54.6 58.4 14.1 Operating Expenses
Slide 58: FFO
Portfolio Financials Returns Capital Markets Appendix Appendix FFO Item Basis 2018 2019 2020 2021 2022 2023 2024 Q3 2025 Net Rental Income (NRI) €m 175.2 194.7 206.0 176.5 180.7 192.8 202.2 155.0 Other Operating Income/Expenses €m 7.5 8.0 9.4 11.4 6.4 4.4 2.4 1.1 Indirect Expenses €m (53.2) (44.2) (
Slide 59: Profitability & Operational Key Metrics
Portfolio Financials Returns Capital Markets Appendix Appendix Profitability & Operational Key Metrics Profitability Basis 2018 2019 2020 2021 2022 2023 2024 Q1-3 2025 FFO I €m 118.5 133.3 133.8 128.3 125.3 113.8 120.0 31.5 FFO II (Post Tax) €m 111.3 122.3 141.1 143.1 121.2 244.7 120.5 31.9 1) FFO I
Slide 60: GAV / NAV Bridge
Portfolio Financials Returns Capital Markets Appendix Appendix GAV / NAV Bridge Item Basis 2018 2019 2020 2021 2022 2023 2024 Q3 2025 GAV1) €m 4,470.6 5,186.4 5,596.2 6,254.2 5,910.5 5,159.0 4,964.8 4,723.1 Cash and Cash Equivalents (incl. Cash Deposits) €m 374.3 439.1 934.9 633.1 823.8 738.6 797.3
Slide 61: Financial Profile
Portfolio Financials Returns Capital Markets Appendix Appendix Financial Profile Balance Sheet (€m) Basis 2018 2019 2020 2021 2022 2023 2024 Q3 2025 Total Assets €m 5,356 5,889 6,820 7,114 7,171 6,222 6,029 5,761 Property Assets (GAV) €m 4,471 5,186 5,596 6,254 5,910 5,159 4,965 4,723 Cash and Cash
Slide 62: Experienced Management Team
Portfolio Financials Returns Capital Markets Appendix Appendix Experienced Management Team Keegan Andreas Hedwig Martin Carsten Vojtech Christoph Viscius Schillhofer Höfler Löcker Bachmann Ozorovsky Thurnberger CEO, joined in CFO, joined in Group Head of Group Head of Head of Asset Head of Asset Gro
Slide 63: 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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