Slide 1: Allreal Group Annual results 2024
Allreal Group Annual results 2024 Stephan Widrig, CEO Marc Frei, CFO Glattpark, 21 February 2025 Richti site, Wallisellen
Slide 2: Agenda
Annual results 2024 Agenda 1. Key figures and events at a glance 2. Notes to the financial report 3. Update on portfolio and projects 4. Sustainability 5. Outlook 6. FAQs 7. Appendix 2
Slide 3: Key figures and events at a glance
Annual results 2024 Key figures and events at a glance Hardstrasse 299/301, Zurich-West
Slide 4: Significant increase in earnings compared with the previous year
Key figures and events at a glance Significant increase in earnings compared with the previous year 221.3 42.8 Target rental income Earnings from Development & (CHF million) / previous year: 219.8 Realisation (CHF million) / previous year: 37.7 121.3 667 Revaluation of portfolio Order backlog (CHF m
Slide 5: Successful lets and important project milestones
Key figures and events at a glance Successful lets and important project milestones Soodmattenstrasse 2, Adliswil Panorama Eggen, Lucerne Grünhof site, Zurich Real Estate segment Development & Realisation segment Portfolio management and financing − Re-lets and extensions of − Completion in 2025: −
Slide 6: Notes to the financial report
Annual results 2024 Notes to the financial report Grünhof site, Zurich Aussersihl
Slide 7: Significant increase in net profit incl. revaluation effect
Notes to the financial report Significant increase in net profit incl. revaluation effect Net profit (CHF million) Key drivers: 250 - Positive revaluations 211.4 - Improved real estate earnings 200 182.6 thanks to lower vacancy rates 154.7 and rising rental income 150 142.9 133.3 122.0 122.7 - Highe
Slide 8: Good operating profit
Notes to the financial report Good operating profit (CHF million) 2024 2023 Change Real estate earnings 201.7 196.6 +2.6% Earnings from Development & 42.8 37.7 +13.5% Realisation Operating expenses & 54.6 53.7 +1.7% depreciation Operating EBIT 189.9 180.6 +5.1% Financial expense 35.0 31.2 +12.2% Tax
Slide 9: Rental income up in the Real Estate segment
Notes to the financial report Rental income up in the Real Estate segment 0.7% Change in rental income Composition of change in rental income (CHF million) 9
Slide 10: Revaluations by geographical region
Notes to the financial report Revaluations by geographical region Geographical distribution of valuation effect (CHF million) Regional breakdown of discount rate (total portfolio) 160.0 140.0 29.1 120.0 3.10% 2.86% 100.0 6.2 80.0 2.93% 59.3 60.0 129.2 40.0 79.8 1.8 20.0 47.6 Avg. discount rate portf
Slide 11: Earnings from Development & Realisation up
Notes to the financial report Earnings from Development & Realisation up Earnings Development & Realisation Composition of earnings Development & Realisation 45 42.8 -3% +13.5% 9% 40 37.7 Fees from third-party 35% business 35 Earnings from placements 26% Capitalised own developments 30 Gains on sale
Slide 12: Project volume, order backlog and gross margin
Notes to the financial report Project volume, order backlog and gross margin Project volume completed Order backlog (CHF million) 667 611 31% 565 149 152 326 248.1 (CHF million) 10.4% 462 Gross margin third-party projects 413 341 69% 2022 2023 2024 Third-party projects Own projects portfolio Poststr
Slide 13: Improvement in balance sheet figures
Notes to the financial report Improvement in balance sheet figures Limit 31.12.2024 31.12.2023 31.12.2022 Equity (CHF million) 2 641.0 2 545.1 2 595.9 Equity ratio > 35% 44.9% 44.5% 45.6% Return on equity excl. revaluation effect 5.7% 5.7% 6.7% Net financial debts (CHF million) 2 695.4 2 679.1 2 594
Slide 14: Secured financing and diversified financing structure
Notes to the financial report Secured financing and diversified financing structure Debt financing structure as at 30.12.2024 (CHF million) 1.25% 1000.0 2.50% 900.0 800.0 2.00% Avg. interest rate 700.0 600.0 100 1.50% 500.0 40 325 400.0 1.00% 445 300.0 200.0 150 0.50% 159 243 148 258 182 Avg. durati
Slide 15: Profit and distribution per share
Notes to the financial report Profit and distribution per share Operating profit per share and distribution (CHF) Breakdown of planned distribution in 2024 (CHF) 10.00 9.00 8.00 8.94 8.65 8.34 7.84 7.39 7.43 7.00 7.28 7.11 6.89 7.04 6.00 5.00 4.00 50% 7.00 50% 3.00 5.75 5.75 6.25 6.50 6.75 6.75 7.00
Slide 16: Update on portfolio and projects
Annual results 2024 Update on portfolio and projects Route de St. Julien 198, Plan-les-Ouates
Slide 17: Business model with added value
Update on portfolio and projects Business model with added value Owner: Carefully maintaining and further developing high-quality office and residential premises in well-connected locations allows an above-average portfolio return and a high degree of secure value. Responsible for development and re
Slide 18: High-quality portfolio in Switzerland's business centres
Update on portfolio and projects High-quality portfolio in Switzerland’s business centres Commercial properties/residential (in relation to rental income) 75/25% 2% Basel region 84% Zurich region/Zug region very good good 5.19 80 average below average poor Market value Number of properties (CHF bill
Slide 19: Regional distribution and mix of uses for investment properties
Update on portfolio and projects Regional distribution and mix of uses for investment properties 3% Regional distribution of 5% Mix of uses for investment 13% investment properties 6% properties (% of market value) (% of target rental income) 9% City of Zurich Office 51% Rest of Canton of Zurich 54%
Slide 20: Development of market value and vacancy rate
Update on portfolio and projects Development of market value and vacancy rate Market value of portfolio (CHF million) and vacancy rate (% of target rental income) 6000 5 5106 5097 5077 5185 5000 4525 4 4342 4000 3 3000 2 2000 1 1000 0 0 2019 2020 2021 2022 2023 2024 20 Richti site, Wallisellen
Slide 21: Commercial properties with low demand risks thanks to their quality and location
Update on portfolio and projects Commercial properties with low demand risks thanks to their quality and location 4.3% Largest tenants 15% Canton of Zurich Toni site, Zurich-West Net yield of Allianz commercial properties Generali 6% MAN 67% 1.9% Sunrise 5% Others 4% Richti site, Wallisellen Vacancy
Slide 22: Advantageous maturity profile of commercial leases
Update on portfolio and projects Advantageous maturity profile of commercial leases Maturity profile (% of outstanding rental income) 23% 5.1 Weighted remaining term of fixed- term leases for commercial properties (years) 10% 10% 10% 9% 8% 8% 7% 7% 6% 2% 2025 2026 2027 2028 2029 2030 2031 2032 2033
Slide 23: Modern residential portfolio in urban centres as a secure investment
Update on portfolio and projects Modern residential portfolio in urban centres as a secure investment 26% 2.9% Net yield of commercial properties Regional distribution of residential Rue Jean-Jaquet, Geneva portfolio City of Zurich 32% Rest of Canton of Zurich Western Switzerland Other regions (0.2%
Slide 24: Active portfolio management – sale of three properties
Update on portfolio and projects Active portfolio management – sale of three properties Missionsstrasse 60–62a, Basel Missionsstrasse 64–64a, Basel Chemin du Gué 99, Petit-Lancy − Year acquired: 1999 − Year acquired: 2007 − Year acquired: 2008 − Plot size: 1811 m2 − Plot size: 1658 m2 − Plot size: 4
Slide 25: Active portfolio management – revaluation of existing properties
Update on portfolio and projects Active portfolio management – revaluation of existing properties Bellerivestrasse 36, Zurich Freiburgstrasse 130, Bern − Generated income the whole of 2024 − Conversion to a multi-tenant building will be − Annual target rental income of CHF 7.2 million completed in s
Slide 26: Active portfolio management: Repurposing Baarermatte (BAMA Zug)
Update on portfolio and projects Active portfolio management: Repurposing Baarermatte (BAMA Zug) − Development plan legally enforceable; no objections − Leases expire in spring 2025 − Construction and marketing scheduled to start in summer 2025 − Completion in 2028 − Flagship project with minimal CO
Slide 27: Key milestones in project and site developments
Update on portfolio and projects Key milestones in project and site developments Vitus site, Winterthur (formerly Rieter site) - All spaces taken; rebranding taking place - Masterplan being prepared (75,000 m2 of land) - Successful lease extensions with existing tenants and numerous re-lets for use
Slide 28: Pipeline well filled and long-term financing secured
Update on portfolio and projects Pipeline well filled and long-term financing secured Overview of current projects in the pipeline and under construction that will be completed in the next five years Note All figures in CHF million – Net Capex refers to investment less the proceeds from the sale of
Slide 29: Sustainability
Annual results 2024 Sustainability
Slide 30: CO2 reduction path and sustainability targets on track
Sustainability CO2 reduction path and sustainability targets on track − Systematic energy monitoring introduced − Reduction path target significantly exceeded in 2024 − Expansion of PV systems and charging stations on track − LEED Platinum certificate for Bellerivestrasse 36 − Financing with green b
Slide 31: Targets for the 2025–2028 strategy period defined
Sustainability Targets for the 2025–2028 strategy period defined Detailed targets and indicators, incl. start and target values documented in annex 31 Vulkanstrasse, Zurich
Slide 32: Outlook
Annual results 2024 Outlook Toni site, Zurich-West
Slide 33: Financial outlook for 2025
Annual results 2024 Financial outlook for 2025 Net operating profit expected to be approximately at the same level as in the previous year and stable balance sheet figures Rental income decreases temporarily due to renovations and tenant changes Income from sale of condominiums increases Slightly hi
Slide 34: Dates for your diary and further information
Annual results 2024 Dates for your diary and further information − 26th annual general meeting 25 April 2025 − Half-year results 2025 22 August 2025 − Annual results 2025 20 February 2026 Online report Value Update 2024 34
Slide 35: FAQs
FAQs Richti site, Wallisellen
Slide 36: Appendix
Annual results 2024 Appendix 1. Main tables from the financial report 2. Overview of development reserves pipeline 3. Development projects 4. Leases broken down by sector 5. Composition of shareholder base and information about our shares 6. Sustainability strategy targets 2021–24 7. Sustainability
Slide 37: Key figures at a glance
Appendix Key figures at a glance 2024* or 31.12.2024 2023* or 31.12.2023 Change (%)1 Group Total sales2 CHF million 469.4 483.3 –2.9 Operating profit (EBIT) incl. revaluation gains CHF million 311.2 116.1 168.0 Net profit incl. revaluation effect3 CHF million 211.4 65.2 224.2 Operating profit (EBIT)
Slide 38: Real estate at a glance
Appendix Real estate at a glance 2024* or 31.12.2024 2023* or 31.12.2023 Change (%)1 Investment properties Residential properties on balance sheet date Number 36 36 – Commercial properties on balance sheet date2 Number 40 42 –2 Market value on balance sheet date CHF million 5 110.2 5 016.3 1.9 Renta
Slide 39: Pipeline of development reserves (incl. condominiums)
Appendix Pipeline of development reserves (incl. condominiums) Estimated 2025 2026 2027 2028 2029 2030 2031 Plot Portfolio / Latest investment volume Location Property area (m²) condominiums milestone (CHF million) Chavannes-près-Renens VD Av. de la Gare 84 bis / Route de la Maladière (Les Serres) 3
Slide 40: Development projects for own portfolio (build to hold) in realisation
Update on portfolio and projects Development projects for own portfolio (build to hold) in realisation Renggerstrasse, Avenue de Freiburgstrasse, Rue Edouard-Rod, Zurich l’Amandolier, Geneva1 Bern Geneva Residential Residential Commercial Residential Construction period 2023–2026 2023–2025 2024–2025
Slide 41: Development projects (build to sell) in realisation
Update on portfolio and projects Development projects (build to sell) in realisation Spiserstrasse, Avenue de l’Amandolier, Av. du Curé-Baud, Zurich Geneva1 Grand-Lancy Project status Realisation Realisation Realisation Investments 75 11 12 (CHF million) Number of sales units 63 14 13 Number of unit
Slide 42: Development projects for own portfolio (build to hold) in planning
Update on portfolio and projects Development projects for own portfolio (build to hold) in planning BAMA Baarermatte, Badenerstrasse, Av. de Riant-Parc, Pré des Dames, Fontaines-Saintes, Baar Zurich Confignon Veyrier Confignon Commercial Residential Residential Residential Residential Strategic Stra
Slide 43: Development projects (build to sell) in planning
Update on portfolio and projects Development projects (build to sell) in planning Strubenacher Living, Inzlingerstrasse, Panorama Eggen, BAMA Baarermatte, Zumikon Riehen Lucerne Baar Construction permit Awaiting Construction permit Project status Building project obtained construction approval obtai
Slide 44: Leases broken down by sector
Appendix Leases broken down by sector Sectoral distribution Sectoral distribution 5% 3% (% of rental income) 6% (% of rental income) 6% 6% 26% 29% Service/Consultation 8% Service/Consultation Trade/Commerce Trade/Commerce 2024 2023 18% Banks/Insurance companies 11% Banks/Insurance companies Public s
Slide 45: Composition of shareholder base and information about our shares
Appendix Composition of shareholder base and information about our shares Shareholders broken down 7% 3% 2% 29% by category Shares not registered 100% ∼ 4m Free float Allreal shares CHF Investment company/Fund 17% Avg. daily trading volume of Pension fund Allreal shares in 2024 Significant sharehold
Slide 46: Sustainability targets Environment: Strategy period 2021–2024
Appendix Sustainability targets Environment : Strategy period 2021–2024 Target figure Target Performance metrics 2024 Carbon-neutral by Allreal will halve the use of − Share of fossil fuels generating electricity for investment < 59% 2050 fossil fuels by 2030 properties3 and be carbon-neutral by 205
Slide 47: Sustainability targets Social: Strategy period 2021–2024
Appendix Sustainability targets Social: Strategy period 2021–2024 Target figure Target Performance metrics 2024 Workplace health Allreal values workplace health − Number of unannounced site audits conducted1 > 10 and safety and safety − Safety risks as a percentage of all shortcomings identified in
Slide 48: Sustainability targets Governance: Strategy period 2021–2024
Appendix Sustainability targets Governance: Strategy period 2021–2024 Target figure Target Performance metrics 2024 Sustainability in Sustainability is firmly embedded − Number of Group Management meetings with ESG items on the >6 company management in senior management at Allreal agenda1 >8 − Numbe
Slide 49: New targets for the 2025–28 strategy period
Appendix New targets for the 2025–28 strategy period pave the way to achieve the long-term targets 49 The targets and indicators relate to Allreal’s own projects.Third-party projects are not included in the indicators
Slide 50: New targets for the 2025–28 strategy period
Appendix New targets for the 2025–28 strategy period pave the way to achieve the long-term targets 50 1The targets and indicators relate to Allreal’s own projects.Third-party projects are not included in the indicators
Slide 51: New targets for the 2025–28 strategy period
Appendix New targets for the 2025–28 strategy period pave the way to achieve the long-term targets 51