Ca Immobilien Anlagen Ag · VIE:CAI
Ca Immobilien Anlagen — Q1 2026 Earnings Presentation
61 slides from Ca Immobilien Anlagen's earnings presentation, May 2026
Slide 1: Q1 2026 Analyst & Investor Update
Q1 2026 ANALYST & INVESTOR UPDATE ALL DATA AS AT 31 MARCH 2026 UNLESS OTHERWISE STATED
Slide 2: Key Achievements 1Q 2026
Overview Key Achievements 1Q 2026 Occupancy • Occupancy increased from 93.5% to 94.6% yoy, with improvements in nearly all markets. • 40% of current vacancy already leased with future lease start dates upcoming. Income • Due to sales of non-core properties totaling 228,587 sqm of GLA (-25%) and €34m
Slide 3: Macroeconomic & Market Environment
Overview Macroeconomic & Market Environment Macroeconomic Environment Office Market Environment • Increasing energy prices have taken center stage again and have • Net Take-up is marginally down in Q1 2026 yoy while the overal delayed a more meaningful economic recovery at least into 2027. Occupancy
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 41 leases in 1Q 2026 totalling c. 56,700 sqm with rents. Lease Up • 40% of current vacancy already leased with future lease start dates. Vacancy • €10m of potential GRI (annualised) increase from full rever
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 2025 Q1 2026 + / (-) Investment Properties1) €m 3,760.4 4,307.9 4,736.0 4,995.5 4,978.7 4,753.9 4,255.3 3,706.0 3,644.0 (1.7%) Active Development Un
Slide 8: Investment Properties – KPI's (I)
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Investment Properties – KPI‘s (I) Investment Properties1) Basis 2018 2019 2020 2021 2022 2023 2024 2025 1Q 2026 + / (-) Properties # 74 77 79 74 64 63 53 41 40 (1) Gross Leasing Area (GLA) sqm 1,403,966 1,443,364 1,373,773 1,32
Slide 9: Investment Properties – KPI's (II)
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Investment Properties – KPI‘s (II) GLA (sqm) 1Q ‘26 1Q ‘25 +/(-) GAV (€m) 1Q ‘26 1Q ‘25 +/(-) In-Place GRI (€m)1) 1Q ‘26 1Q ‘25 +/(-) Austria 95,965 97,058 (1.1%) Austria 234.8 235.4 (0.2%) Austria 18.4 17.5 5.2% Czechia 64,664
Slide 10: Investment Properties – Like-for-Like Performance
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Investment Properties – Like-for-Like-Performance 1Q 2026 vs 1Q 2025 Market Gross Asset Value (€m) In-Place GRI (€m) Gross Initial Yield (%)1) SQM Occupancy (%) 1Q 2026 1Q 2025 +/(-) 1Q 2026 1Q 2025 +/(-) 1Q 2026 1Q 2025 +/(-)
Slide 11: Investment Properties – Largest Assets
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Investment Properties – 10 Largest Assets 1. ONE 2. Skygarden 3. Hochhaus am Europaplatz 4. Kontorhaus 5. MY.O City Frankfurt City Munich City Berlin City Munich City Munich Book Value €475.2m Book Value €281.3m Book Value €231
Slide 12: Investment Properties – Leasing Overview 1Q 2026
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Investment Properties – Leasing Overview 1Q 2026 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 (%)1
Slide 13: Investment Properties – Tenant Base
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Investment Properties – Tenant Base Lease Maturity Profile Tenant Industry Distribution 100 100% 1% 90 90% 9% Professional Services 19% 80 80% 35% 9% Computers / HiTech 70 70% 60 60% Financial Services Total In- €m 50 50% 10% C
Slide 14: Europacity Berlin Neighbourhood Initiative
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Investment Properties – Europacity Berlin Neighbourhood Initiative Description • Cross-institutional initiative uniting four leading Berlin museums and research institutions: Hamburger Bahnhof – Nationalgalerie der Gegenwart, M
Slide 15: Development Properties – Strong Track Record
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Development Properties – Strong 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 2,915 561 assets with a total cost of c. €2.9bn. 2
Slide 16: Development Properties – Pipeline Overview
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Development Properties – Pipeline 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 Offi
Slide 17: 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 18: 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 19: Karlsgärten Update
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Active Developments Under Construction – Karlsgärten Update Description • Am Karlsbad 11 investment property was fully vacated and reclassified as development property (renamed “Karlsgärten”) in Q1 2024. • Business plan to repo
Slide 20: Alexander von Humboldt Haus Update
Portfolio Financials Returns Capital Markets Appendix Portfolio Overview Active Developments In Planning – Alexander von Humboldt Haus Update Description • Unique location directly at the waterfront of Humboldthafen and only a footstep away from Berlin’s main railway station. • Building will provide
Slide 21: 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 22: 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 plus four properties under construction 240 and in planning are expected to
Slide 23: 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 4,995 4,979 5,000 • Like-for-like upon completion of 4,800 4,736 4,754 207 4,584 current pipeline, Germa
Slide 24: Capital Rotation
CAPITAL ROTATION Kontorhaus, Munich ↑ NEO, Munich↓ Skygarden, Munich ↑ MyO, Munich ↓
Slide 25: Transaction Overview
Portfolio Financials Returns Capital Markets Appendix Capital Rotation Transaction Overview Acquisitions / Disposals1) Basis 2019 2020 2021 2022 2023 2024 2025 1Q 2026 Total Closed Acquisitions # 3 1 1 1 - 1 - 2 Cumulative since 2018 2 5 6 7 8 8 9 9 Germany €m 3.0 131.2 1.6 98.6 26.5 - 0.2 - Poland
Slide 26: Closed & Signed Disposals 2026
Portfolio Financials Returns Capital Markets Appendix Capital Rotation Closed & Signed Disposals 2026 CAI Existing GLA In-Place Book Value + / (–) # Property City Stage Sector Closing Share (sqm) GRI (€m) (€m)1) Book Value2) 1 Spreebogen 100% Berlin Investment Property Office Q1 2026 29,750 5.0 91.7
Slide 27: Select Pipeline Disposals
Portfolio Financials Returns Capital Markets Appendix Capital Rotation Select Pipeline Disposals Capital Square, Budapest Intercity Hotel, Frankfurt Riverside, Prague (6x Assets) Country Hungary Country Germany Country Czechia Investment Investment Investment Status Status Status Property Property P
Slide 28: Opportunistic Disposal Pipeline
Portfolio Financials Returns Capital Markets Appendix Capital Rotation Opportunistic Disposal Pipeline1) Signed/Closed 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-Pl
Slide 29: Financials
FINANCIALS
Slide 30: Profit & Loss (I)
Portfolio Financials Returns Capital Markets Appendix 1Q 2026 Financials Profit & Loss (I) Profit and Loss (€m) Basis 2018 2019 2020 2021 2022 2023 2024 2025 1Q 2026 Gross Rental Income €m 192.4 220.7 235.6 201.1 213.8 231.4 238.9 230.9 55.9 Net Rental Income €m 175.2 194.7 209.7 176.5 180.7 192.8 2
Slide 31: Profit & Loss (II)
Portfolio Financials Returns Capital Markets Appendix 1Q 2026 Financials Profit & Loss (II) Profit and Loss (€m) 1Q 2026 1Q 2025 +/(–) Key Metrics Gross Rental Income 55.9 68.5 (18.4%) 1 Rental Income down at €55.9m and Net Rental 1 Net Rental Income 45.8 54.1 (15.5%) Income down to €45.8m due to no
Slide 32: Balance Sheet (I)
Portfolio Financials Returns Capital Markets Appendix 1Q 2026 Financials Balance Sheet (I) Balance Sheet (€m) Basis 2018 2019 2020 2021 2022 2023 2024 2025 1Q 2026 Investment Properties €m 3,755.2 4,292.9 4,723.1 4,984.3 4,965.8 4,743.4 4,249.7 3,694.1 3,632.2 Properties Under Development €m 651.6 8
Slide 33: Balance Sheet (II)
Portfolio Financials Returns Capital Markets Appendix 1Q 2026 Financials Balance Sheet (II) Balance Sheet (€m) 1Q 2026 FY 2025 +/(–) Key Drivers 1 Investment Properties 3,632.2 3,694.1 (1.7%) 1 Investment Properties down at €3,632 m mainly 2 Properties Under Development 676.6 637.1 6.2% due to recla
Slide 34: Balance Sheet Metrics
Portfolio Financials Returns Capital Markets Appendix 1Q 2026 Financials Balance Sheet Metrics Balance Sheet Basis 2018 2019 2020 2021 2022 2023 2024 2025 1Q 2026 Total Assets €m 5,356 5,889 6,820 7,114 7,171 6,222 6,029 5,462 5,270 Property Assets (GAV) €m 4,471 5,186 5,596 6,254 5,910 5,159 4,965
Slide 35: FFO (I)
Portfolio Financials Returns Capital Markets Appendix 1Q 2026 Financials FFO (I) Funds From Operations (€m) Basis 2018 2019 2020 2021 2022 2023 2024 2025 1Q 2026 Net Rental Income €m 175.2 194.7 206.0 176.5 180.7 192.8 202.2 200.2 45.8 Income from Services €m 12.1 8.5 8.2 8.1 5.2 2.8 1.8 0.8 0.4 Oth
Slide 36: FFO (II)
Portfolio Financials Returns Capital Markets Appendix 1Q 2026 Financials FFO (II) Funds From Operations (€m) 1Q 2026 1Q 2025 +/(–) Net Rental Income 45.8 54.1 (15.5%) Income from Services 0.4 0.2 88.2% Other Operating Income/Expenses excl. Services 0.0 0.1 (79.7%) Other Operating Income/Expenses 0.5
Slide 37: GAV / NAV Bridge
Portfolio Financials Returns Capital Markets Appendix 1Q 2026 Financials GAV / NAV Bridge Item Basis 2018 2019 2020 2021 2022 2023 2024 2025 1Q 2026 1) GAV €m 4,470.6 5,186.4 5,596.2 6,254.2 5,910.5 5,159.0 4,964.8 4,675.4 4,586.0 Cash and Cash Equivalents (incl. Cash Deposits) €m 374.3 439.1 934.9
Slide 38: 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 4.35% 1.29% 3.32% 900 800 706 700 600 €m 500 454 403 400 331 300 200 126 94 100 50 20 - 2026 2027 2028 2029 2030 2031 2032 2033 Unsecured Financing
Slide 39: 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 Spread to Base Rate (bps) 300 250 200 150 100 50 - 2020 2021 2022 2023 2024 2025 2026 2027 Benchmark Bond 2030 Green Bond Spread (bps) Yield to Maturity
Slide 40: Financial Profile
Portfolio Financials Returns Capital Markets Appendix Financing Financial Profile Loan-to-Value (LTV) Average Debt Maturity & Cost of Debt 60% 6.0 3.0% 50% 5.0 2.5% 2.4% 45.1% 4.0 2.0% 40% Years 33.4% 3.0 1.5% 30% 2.0 1.0% 20% 1.0 0.5% 10% - - - 2018 2019 2020 2021 2022 2023 2024 2025 1Q 2026 2018 2
Slide 41: Returns
RETURNS Rendering: Development Anna Lindh Haus, Berlin
Slide 42: Profitability & Operational Key Metrics
Portfolio Financials Returns Capital Markets Appendix Returns Profitability & Operational Key Metrics Profitability Basis 2018 2019 2020 2021 2022 2023 2024 2025 1Q 2026 FFO I €m 118.5 133.3 133.8 128.3 125.3 113.8 120.0 118.5 25.9 FFO II (Post Tax) €m 111.3 122.3 141.1 143.1 121.2 244.7 120.5 92.5
Slide 43: Total Capital Return to Shareholders
Portfolio Financials Returns Capital Markets Appendix Returns Total Capital Return to Shareholders Capital Return to Shareholders since End 2018 500 1,800 Capital Return to Shareholders Cumulated 450 1,600 Capital Return to Shareholders (€m) 399 400 352 1,400 350 1,200 300 284 1,000 (€m) 250 800 200
Slide 44: Total Dividend Payments
Portfolio Financials Returns Capital Markets Appendix Returns Total Dividend Payments Dividend Payments since End 2018 Key Drivers 4.00 1,600 • Since end of 2018 CA Immo has 3.56 distributed c. €1.4bn in dividends 3.50 3.50 1,400 (ordinary and extraordinary dividend payments) without changing the 3.
Slide 45: Share Buyback
Portfolio Financials Returns Capital Markets Appendix Returns Share Buyback Basis 2019 2020 2021 2022 2023 2024 2025 2026 YTD Total Shares Outstanding # 98,808,336 98,808,336 98,808,336 106,496,426 106,496,426 106,496,426 101,171,605 94,089,593 Shares Issued # - - - 7,688,090 - - - - Shares Cancelle
Slide 46: Return on Equity – Peer Comparison
Portfolio Financials Returns Capital Markets Appendix Returns Return on Equity – Peer Comparison TTM Return on Equity (RoE)1) 20% 15% 10% 5% - (5%) (10%) (15%) (20%) 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 Q4 Q1 2018 2019 2020 2021 2022 2023 2024 2025 2026
Slide 47: 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 • 44% Total Accounting Return (TAR) since FY 2018. 43.0 • Composition of TAR: IFRS NAV change +11% and dividend distributions. +1% +44% 41.0 +8% • Posi
Slide 48: Total Accounting Return (II)
Portfolio Financials Returns Capital Markets Appendix Returns Total Accounting Return (II) Total Accounting Return (TAR) vs. Discount to IFRS NAV (%) 20% - Spot Discount to IFRS NAV (%) (20%) (40%) (60%) (80%) (50%) (30%) (10%) 10% 30% 50% Total Accounting Return 2018 - Last Reported (%) Source: Blo
Slide 49: Total Shareholder Return (I)
Portfolio Financials Returns Capital Markets Appendix Returns Total Shareholder Return (I) Total Shareholder Return since 20181) 75% 50% 25% - (25%) (50%) 2019 2020 2021 2022 2023 2024 2025 2026 CA Immo Equal Weight Peer Index 2) EPRA Developed ex UK Index YTD 1 Year 3 Years Since 2018 CA Immobilien
Slide 50: Total Shareholder Return (II)
Portfolio Financials Returns Capital Markets Appendix Returns Total Shareholder Return (II) Total Shareholder Return (TAR) vs. Discount to IFRS NAV (%) 20% - Spot Discount to Last Reported IFRS NAV (%) (20%) (40%) (60%) (80%) (80%) (60%) (40%) (20%) - 20% 40% 60% 80% Total Shareholder Return 2018 -
Slide 51: Capital Markets
CAPITAL MARKETS Rendering: Development Hallesches Ufer / Skygreen, Berlin
Slide 52: 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 Kepler
Slide 53: Equity Valuation – Peer Comparison
Portfolio Financials Returns Capital Markets Appendix Capital Markets Equity Valuation – Peer Comparison Premium / Discount to IFRS NAV 1) 40.0% 30.0% 20.0% 10.0% - (10.0%) (20.0%) (30.0%) (40.0%) (50.0%) (60.0%) 1) CA Immo Equal Weight Peer Index Source: Bloomberg as at 12.05.2026; 1) Equal Weight
Slide 54: Appendix
APPENDIX Rendering: Danube House, Prague
Slide 55: 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 56: 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 57: EPRA KPI's
Portfolio Financials Returns Capital Markets Appendix Appendix EPRA KPI’s Item Basis 2018 2019 2020 2021 2022 2023 2024 2025 Q1 2026 EPRA NAV Metrics EPRA Net Reinstatement Value (NRV) €m n/a 4,073.9 4,346.7 4,450.5 4,382.1 3,531.0 3,350.4 3,240.2 3,213.0 EPRA Net Tangible Assets (NTA) €m n/a 3,820.
Slide 58: EPRA Earnings
Portfolio Financials Returns Capital Markets Appendix Appendix EPRA Earnings Item Basis 2018 2019 2020 2021 2022 2023 2024 2025 1Q 2026 Earnings per IFRS Income Statement €m n/a n/a 253.9 479.8 75.5 (224.5) (66.3) 184.4 16.6 Changes in Value of Investment- and Development Properties €m n/a n/a (177.
Slide 59: 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 60: 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 61: 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
CA Immobilien Anlagen — Q1 2026 Earnings Presentation on 6ix