Allreal Holding Ag · SIX:ALLN
Allreal — H1 2026 Earnings Presentation
39 slides from Allreal's earnings presentation, Aug 24, 2026
Slide 1: Allreal Group Half-year results 2026
Allreal Group Half-year results 2026 Stephan Widrig, CEO Marc Frei, CFO Glattpark, 24 August 2026 Renggerstrasse, Zurich Wollishofen
Slide 2: Agenda
Half-year results 2026 Agenda 1. Key figures and events at a glance 2. Notes to the financial report 3. Portfolio and projects 4. Outlook 5. Q&A 6. Appendix 2
Slide 3: Key figures and events at a glance
Half-year results 2026 Key figures and events at a glance Schiffbaustrasse 2, Zurich-West
Slide 4: Positive half-year results 2026
Key figures and events at a glance Positive half-year results 2026 102.6 25.9 Rental income Earnings from Development (CHF million) / previous year: 103.5 & Realisation (CHF million) / previous year: 26.0 40.8 885 Revaluation of portfolio Order backlog (CHF million) / previous year: 70.3 (CHF millio
Slide 5: Review of the most important highlights
Key figures and events at a glance Review of the most important highlights Real Estate segment Development & Realisation segment Planning Achievements & Financing Avenue Perdtemps, Nyon Avenue du Curé Baud, Lancy Badenerstrasse, Zurich Altstetten Re-lets and extensions of around Completion in H1 202
Slide 6: Notes to the financial report
Half-year results 2026 Notes to the financial report Rue de Grand-Pré, Geneva
Slide 7: Increase in net profit excl. revaluation effect
Notes to the financial report Increase in net profit excl. revaluation effect Net profit (CHF million) 140 Key drivers: 120 116.8 111.3 105.6 − Portfolio optimisation with 100 positive contribution to 79.1 81.8 82.7 80 75.6 earnings 66.7 67.2 60.5 62.6 60 − Positive revaluation 44.3 40 − Stable cont
Slide 8: Positive operating profit
Notes to the financial report Positive operating profit (CHF million) H1 2026 H1 2025 Change Real estate earnings 108.9 95.3 +14.3% Earnings from Development & 25.9 26.0 –0.4% Realisation Operating expenses and –26.0 –26.1 –0.4% depreciation Operating EBIT 108.8 95.2 +14.3% Financial expense –15.0 –
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 12 18% 4.6 10.7 16% 10 9.4 14% -3.2 103.5 102.6 8 12% -1.5 -0.8 10% 10.3% 6 9.2% 8% 4 6% 4% 2 2% 0 0% H1
Slide 10: Portfolio optimisations around Lake Geneva
Notes to the financial report Portfolio optimisations around Lake Geneva Purchase Sale Route de Loëx 51, Onex Ch. de la Traille 21/25/35, Onex 3.1 million Increase in target rental income (CHF) p. a. Daniel Gevril 10, Carouge Rue Jean-Jaquet 3, Geneva 15.7 Avenue Industrielle 18, Carouge Rue du Gran
Slide 11: Overview of revaluations
Notes to the financial report Overview of revaluations Geographical distribution of valuation effect (CHF million) 45 1.2 7.0 35 25 1.9 2.83% Avg. discount rate portfolio 33 (real) 15 1.2 5.1 23.6 End of 2025: 2.84% 5 9.4 0.8 -1.2 -0.4 -5 Residential Office Under construction Total 15.7 24.3 0.8 40.
Slide 12: 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 Target rental income (in %) rate (% of target rental income) 6000 5267 5359 5106 5097 5077 5185 5000 4525 1.0% 4000 1.6% 3000 96.4% 3.6% 2000 0.4% 3.4 3.6 0.6% 1000 1.6 1.7
Slide 13: Well-diversified maturity profile of commercial leases
Notes to the financial report Well-diversified maturity profile of commercial leases Maturity profile (% of outstanding rental income) 16% 4.8 14% Weighted remaining term of fixed- 13% term leases for commercial 11% 11% properties 10% (years) 9% 6% 6% 2% 2% 2026 2027 2028 2029 2030 2031 2032 2033 20
Slide 14: Sustainable earnings from Development & Realisation
Notes to the financial report Sustainable earnings from Development & Realisation Earnings from Development & Realisation Gains on sales condominiums (CHF million) Gross margin third-party projects Realisation (%) 15 16 14 10% 10 12 28% 10 5 10.3 17% 7.0 8 4.2 25.9 0 H1 2024 H1 2025 H1 2026 6 H1 202
Slide 15: Stable key balance sheet figures
Notes to the financial report Stable key balance sheet figures 2 735.9 46.8 Equity Loan to value (LTV) (CHF million) / H2 2025: 2 745.3 (%) / H2 2025: 45.8 > 35% 44.3 < 150% 102.6 Equity ratio Net gearing (%) / H2 2025: 45.8 (%) / H2 2025: 97.2 7.1 >2 7.3 Return on equity excl. Interest coverage rat
Slide 16: Long-term secured and diversified financing
Notes to the financial report Long-term secured and diversified financing Debt financing structure as at 30 June 2026 (CHF million)1 1.16% 700 2.50% 600 2.00% 500 Avg. interest rate1 H2 2025: 1.13% 1.50% 400 300 39 1.00% 200 0.50% 100 Avg. Duration 0 0.00% of financial liability (months)1 2026 2027
Slide 17: New Green Bond Framework 2026
Notes to the financial report New Green Bond Framework 2026 Most important change ➔ how we define green buildings: All buildings: Carbon footprint below the reference path in accordance with the Swiss Climate and Innovation Act (CIA)1 15 46% 10 Green bonds as a % of outstanding Allreal bonds volume2
Slide 18: Portfolio and projects
Half-year results 2026 Portfolio and projects Herostrasse 12, Zurich Altstetten
Slide 19: High-quality portfolio focused on central locations in Zurich and Geneva
Portfolio and projects High-quality portfolio focused on central locations in Zurich and Geneva 5% Other 84% Zurich / Zug region 10% Industry 50% Office 10% Education 5.4 CHF billion Portfolio value 30 June 2026 25% Residential 13% Lake Geneva region Map: Federal Statistical Office, site statistics
Slide 20: Key Portfolio Figures
Portfolio and projects Key Portfolio Figures 71 5.4 > 750k 224 3.7 39 32 1.7 Rentable area (m 2) Target rental income p.a. (CHF million) Number of properties Value in CHF billion Energy mix based on energy consumption 4.5 4.1 3% 2% 3.6 3.6 5% 2.7 16% Electricity (renewable) Biogas 53% District heati
Slide 21: Attractive commercial properties offering prime locations
Portfolio and projects Attractive commercial properties offering prime locations, high asset quality and sustainably low demand risk Regional distribution (% of market value) 10% 4% Richti site, Wallisellen 25% Toni site, Zurich-West 61% Schiffbaustrasse 2, Zurich-West City of Zurich Rest of Canton
Slide 22: Focus on Central Transport Hubs
Portfolio and projects Focus on Central Transport Hubs Door-to-Door Accessibility of Allreal Office Airport Properties to Zurich S-Bahn Hubs Rümlang (Zurich main station, Oerlikon, Hardbrücke, Stadelhofen, Altstetten) Regensdorf Opfikon 5% Wallisellen Nord Rest of the city Dietikon Schlieren Oberstr
Slide 23: Modern residential portfolio with stable income
Portfolio and projects Modern residential portfolio with stable income and long-term value retention Breakdown by size of apartment (number as a %) 4% 8% 20% 1–1.5 rooms 2–2.5 rooms 29% 2 082 3–3.5 rooms Total Neunbrunnenstrasse 47–53, Zurich Grünhof site, Zurich apartments 4–4.5 rooms 39% > 5 rooms
Slide 24: Selection of ongoing projects for own portfolio (build to hold)
Portfolio and projects Selection of ongoing projects for own portfolio (build to hold) Baarermatte Renggerstrasse 3 Riant-Parc Badenerstrasse Köschenrüti Larger projects ZurichBaar Geneva Zurich Zurich planned from 2030 Forecast for project for sale as condominiums: Geissacher, Zumikon Target rental
Slide 25: Selection of ongoing projects for sale as condominiums (build to sell)
Portfolio and projects Selection 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
Slide 26: Köschenrüti, Seebach – expertise in development creates portfolio quality
Portfolio and projects Köschenrüti, Seebach – expertise in development creates portfolio quality − Site development for pension fund as the service developer, incl. TC mandate − Purchase of northern site with 93 apartments in February 2026 for Allreal portfolio − Construction of northern site to beg
Slide 27: Baarermatte, Baar – sustainability implemented consistently
Portfolio and projects Baarermatte, Baar – sustainability implemented consistently Re-Use – more than 276 concrete parts and 270 supports from parts of existing building are being integrated into the new one Sponge city principle allows water to be handled sustainably Timber construction – the wood
Slide 28: Outlook
Half-year results 2026 Outlook Zollstrasse, Zurich
Slide 29: Outlook for 2026 confirmed
Half-year results 2026 Outlook for 2026 confirmed Operating performance Sales activities and contributions Financing and balance sheet to earnings − Rising rental income and declining − Rising income from sale of − Slightly higher financing costs vacancy rate condominiums − Stable key balance sheet
Slide 30: Dates for your diary and further information
Half-year results 2026 Dates for your diary and further information − Annual results 2026 26 February 2027 − 28th annual general meeting 9 April 2027 − Half-year results 2027 27 August 2027 Online report Value update HY 2026 30
Slide 31: Q&A
Half-year results 2026 Q&A Renggerstrasse, Zurich Wollishofen
Slide 32: Appendix
Half-year results 2026 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 32
Slide 33: Key figures at a glance
Appendix Key figures at a glance H1 2026 H1 2025 or 30 June 2026* or 31 December 2025* Change (%)1 Group Total sales2 (CHF million) 227.5 229.8 –1.0 Operating profit (EBIT) incl. revaluation gains (CHF million) 149.6 165.5 –9.6 Net profit incl. revaluation effect3 (CHF million) 105.6 116.8 –9.6 Oper
Slide 34: Real estate at a glance
Appendix Real estate at a glance H1 2025 H1 2026 or 31 December or 30 June 2026* 2025* Change (%)1 Total investment properties Residential properties on balance sheet date2 Number 32 38 –6.0 Commercial properties on balance sheet date3 Number 39 38 1.0 Market value on balance sheet date (CHF million
Slide 35: 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 Av. de la Gare 84 / Route de la
Slide 36: Attractive project pipeline with long-term secured financing
Appendix Attractive project pipeline with long-term secured financing Overview of current projects in the pipeline and under construction that will be completed in the next five years -80 -280 530 -330 Capex condominiums projects Capex portfolio projects Sale of condominiums Net Capex (BTS) (BTH) No
Slide 37: Leases broken down by sector
Appendix Leases broken down by sector 2% Sector distribution H1 2026 Sector distribution H1 2025 3% (as a percentage of rental income (as a percentage of rental income 5% for commercial properties) 5% 3% for commercial properties) 6% 28% 27% Service/Consultation Service/Consultation 18% Trade/Commer
Slide 38: Composition of shareholder base and information about our shares
Appendix Composition of shareholder base and information about our shares Shareholders broken down by category 6% 7% 5% 32% Shares not registered Investment company/Fund 100% > 6 million Free float Allreal shares CHF Pension fund Ø daily trading volume of Allreal shares in H1 2026 16% Natural person
Slide 39: Disclaimer
Half-year results 2026 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 state