Allreal Holding Ag · SIX:ALLN
Allreal — H1 2025 Earnings Presentation
50 slides from Allreal's earnings presentation, Aug 22, 2025
Slide 1: Allreal Group Half-year results 2025
Allreal Group Half-year results 2025 Stephan Widrig, CEO Marc Frei, CFO Glattpark, 22 August 2025 Richti site, Wallisellen
Slide 2: Agenda
Half-year results 2025 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. Questions and Answers 7. Appendix 2
Slide 3: Key figures and events at a glance
Half-year results 2025 Key figures and events at a glance Toni site, Zurich-West
Slide 4: Pleasing half-year results for 2025
Key figures and events at a glance Pleasing half-year results for 2025 103.5 26.0 Target rental income Earnings from (CHF million) / previous year: 111.0 Development & Realisation (CHF million) / previous year: 21.3 70.3 786 Revaluation of portfolio Order backlog1 (CHF million) / previous year: 6.7
Slide 5: Successful lets and important project milestones
Key figures and events at a glance Successful lets and important project milestones Real Estate segment Development & Realisation segment Transactions & Financing Herostrasse 12, Zurich Strubenacher Living, Zumikon Lindbergh-Allee 1, Glattpark Re-lets and extensions of > 44 000 m2 Completion in 2025
Slide 6: Notes to the financial report
Half-year results 2025 Notes to the financial report Bellerivestrasse 36, Zurich
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: 140 - Positive revaluations 120 116.8 111.3 - Temporary decrease in rental 100 86.4 79.1 81.8 82.7 income offset by: 80 66.7 67.2 63.0 60.5 62.6 - Higher income from the sa
Slide 8: Good operating profit
Notes to the financial report Good operating profit (CHF million) HY 2025 HY 2024 Change Real estate earnings 95.3 97.8 –2.6% Earnings from Development & 26.0 21.3 +22.1% Realisation Operating expenses and –26.1 –27.5 –5.1% depreciation Operating EBIT 95.2 91.6 +3.9% Financial expense –16.0 –18.0 -1
Slide 9: Changes in the portfolio
Notes to the financial report Changes in the portfolio Avenue de l’Amandolier, Geneva Rue Edouard-Rod, BAMA Baarermatte, Baar Freiburgstrasse, Bern Geneva Removals from the portfolio Additions to the portfolio − BAMA Baarermatte, Baar (investment properties under − Freiburgstrasse, Bern construction
Slide 10: Performance of rental income and property expense ratio
Notes to the financial report Performance of rental income and property expense ratio Composition of change in rental income (CHF million) Real estate expenses (CHF million) and property expense ratio 16 20% 111.0 18% 14 13.2 -3.2 -1.5 16% 0.2 103.5 12 –1.6% 10.7 14% -3.0 10 12% 11.9% 8 10% 10.3% 8%
Slide 11: Overview of revaluations
Notes to the financial report Overview of revaluations Geographical distribution of valuation effect (CHF million) 80 60 0.1 10.6 10.0 15.2 2.88% Avg. discount rate portfolio 40 (real) 20.4 –0.05% 47.9 20 23.2 22.7 0.9 0.3 0 1.0 Change -5.3 Avg. discount rate portfolio (real) -1.5 -2.8 on 31.12.2024
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 rate (% of target rental income) Largest vacant properties: 6000 5106 5097 5077 5185 5204 5000 4525 4375 4195 3957 4000 3525 3575 7.5 Route François-Peyrot, Le Grand-Saconne
Slide 13: Advantageous maturity profile of commercial leases
Notes to the financial report Advantageous maturity profile of commercial leases Maturity profile (% of outstanding rental income) 5.3 22% Weighted remaining term of fixed- 14% term leases for commercial properties (years) 12% 11% 10% 8% 7% 6% 5% 4% 1% 2025 2026 2027 2028 2029 2030 2031 2032 2033 >2
Slide 14: Earnings from Development & Realisation
Notes to the financial report Earnings from Development & Realisation Composition of earnings from Development & Realisation Gains on sales (CHF million) Key drivers of gains on sales: 7% 12 10% 10 40% 26.0 19% (CHF million) 8 +145% Changes in gains Spiserstrasse, Zurich 6 on sales 10.3 24% 4 Gains
Slide 15: Key data for Development & Realisation
Notes to the financial report Key data for Development & Realisation Completed project volume and gross margin third-party projects Order backlog (CHF million) 140 16% 900 14% 800 786 120 700 694 12% 667 100 40.2 611 50.4 600 190 565 348 10% 80 149 500 152 326 8% 60 400 6% 300 40 78.3 75.9 504 4% 46
Slide 16: Stable key balance sheet figures
Notes to the financial report Stable key balance sheet figures Limit 30.06.2025 31.12.2024 30.06.2024 31.12.2023 Equity (CHF million) 2 642.8 2 641.0 2 496.7 2 545.1 Equity ratio > 35% 44.0% 44.9% 43.5% 44.5% Return on equity excl. revaluation effect 5.9% 5.7% 5.7% 5.7% Net finance debts (CHF millio
Slide 17: Long-term secured and diversified financing
Notes to the financial report Long-term secured and diversified financing Debt financing structure as at 30.06.2025 (CHF million) 700 600 2.50% 2.00% 1.16% Avg. interest rate 500 1.50% 400 38 300 1.00% 200 0.50% 100 Avg. duration of financial liability (months) 0 0.00% 2025 2026 2027 2028 2029 2030
Slide 18: Update on portfolio and projects
Half-year results 2025 Update on portfolio and projects Panorama Eggen, Lucerne
Slide 19: Ownership, development and implementation
Update on portfolio and projects Ownership, development and implementation Owner of a portfolio of commercial and residential properties in central locations in Zurich, Basel, Bern and Geneva. Careful maintenance and further development of first-class real estate. Development of sites, high-quality
Slide 20: Balanced investment mix with a focus on central locations
Update on portfolio and projects Balanced investment mix with a focus on central locations in Zurich and Geneva 2% 84% Portfolio value (30.06.2025): CHF 5.2 billion Basel region Zurich region/Zug region ver ood ood avera e elo avera e oor Office ~ 50% Residential ~ 25% Education ~ 10% Industry ~ 10%
Slide 21: Modern residential portfolio as a secure investment
Update on portfolio and projects Modern residential portfolio as a secure investment 2.9% 0.7% Net yield of Vacancy rate for residential residential properties properties Grünhof site, Zurich Aussersihl Fangletenstrasse, Bülach Regional distribution (% of market value) 23% 34% City of Zurich Av. du
Slide 22: Commercial properties with low demand risks
Update on portfolio and projects Commercial properties with low demand risks thanks to their very high quality and location 4.0% 3.8% Net yield of Vacancy rate for commercial commercial properties properties Hardstrasse, Zurich-West Schiffbauplatz, Zurich-West Largest tenants (% of rental income) Ca
Slide 23: 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 -100 -330 600 -370 Capex condominiums projects Capex portfolio projects Sale of condominiums Net Cap
Slide 24: Selection of Development & Realisation projects for own portfolio
Update on portfolio and projects Selection of Development & Realisation projects for own portfolio In the pipeline Being implemented − Construction period − Construction period 2026–2028 2023–2026 − Investments CHF 65 million − Investments − Target rental income p.a. CHF 25.7 million ~ CHF 2.0 milli
Slide 25: Selection of condominium sales
Update on portfolio and projects Selection of condominium sales − 63 out of 63 units sold − Construction and − Transfers of ownership marketing started in in HY2 2025 HY 2025 − 10 out of 19 units sold Spiserstrasse, Zurich Albisrieden Strubenacher Living, Zumikon − 13 out of 13 units sold − Construc
Slide 26: Selection of projects being realised for third parties
Update on portfolio and projects Selection of projects being realised for third parties Haus zum Falken, Zurich Zeughausstrasse 11/21, Zurich School of Business of the University of Applied Sciences and Arts on the 26 Dreispitz site in Basel Heuwaage, Basel Source of visualisation: Miller & Maranta
Slide 27: Sustainability
Half-year results 2025 Sustainability
Slide 28: Expansion of PV systems completed
Sustainability Target: 50% reduction in fossil fuels by 2030: Expansion of PV systems completed − Expected increase in PV output in 2025 approx. +750 kWp − PV systems in portfolio with total output of 7516 kWp − All major installations were at existing properties Strongly committed to developing ind
Slide 29: First heat pump with carbon-neutral refrigerant in portfolio
Sustainability Target: 50% reduction in fossil fuels by 2030: First heat pump with carbon-neutral refrigerant in portfolio Use of first heat pump with carbon-neutral refrigerant In our property on Kalchbühlstrasse, we used a modern CO2 heat pump for heating and domestic hot water. The first with car
Slide 30: Outlook
Half-year results 2025 Outlook Toni site, Zurich-West
Slide 31: Outlook for 2025 as a whole confirmed
Half-year results 2025 Outlook Outlook for 2025 as a whole confirmed Stable business development expected, operating profit roughly the same as in 2024 Temporary slight decrease in rental income and higher vacancy rate due to renovations and tenant changes Income from sale of condominiums increases
Slide 32: Dates for your diary and further information
Half-year results 2025 Dates for your diary and further information − Annual results 2025 20 February 2026 − 27th annual general meeting 17 April 2026 − Half-year results 2026 24 August 2026 Online report Value update HY 2025 32
Slide 33: Questions and Answers
Half-year results 2025 Questions and Answers Richti site, Wallisellen
Slide 34: Questions and Answers
Half-year results 2025 Questions and Answers Stephan Widrig, CEO Marc Frei, CFO 34
Slide 35: Appendix
Half-year results 2025 Appendix 1. Main tables from the financial report 2. Regional distribution and mix of uses for investment properties 3. Leases broken down by sector 4. Overview of development reserves pipeline 5. Development projects 6. Profit and distribution per share 7. Composition of shar
Slide 36: Key figures at a glance
Appendix Key figures at a glance HY 2025 HY 2024 or 30.6.2025* or 31.12.2024* Change (%)1 Group Total sales2 (CHF million) 229.8 229.5 0.1 Operating profit (EBIT) incl. revaluation gains (CHF million) 165.5 98.3 68.4 Net profit incl. revaluation effect3 CHF million 116.8 67.2 73.8 Operating profit (
Slide 37: Real estate at a glance
Appendix Real estate at a glance HY 2025 HY 2024 or 30.6.2025* or 31.12.2024* Change (%)1 Investment properties Residential properties on balance sheet date Number 36 36 – Commercial properties on balance sheet date2 Number 39 40 –1.0 Market value on balance sheet date CHF million 5 156.1 5 110.2 0.
Slide 38: Regional distribution and mix of uses for investment properties
Appendix Regional distribution and mix of uses for investment properties Regional distribution of Mix of uses for investment 3% 5% 12% investment properties 6% properties (% of market value) (% of target rental income) 9% City of Zurich Office 53% Rest of Canton of Zurich 54% Residential 32% Lake Ge
Slide 39: Leases broken down by sector
Appendix Leases broken down by sector Sector distribution HY 2025 Sector distribution 2024 (as a percentage of rental income (as a percentage of rental income 5% 3% for commercial properties) 5% 3% for commercial properties) 6% 6% 27% 26% Service/Consultation Service/Consultation Trade/Commerce Trad
Slide 40: Pipeline of development reserves (incl. condominiums)
Appendix Pipeline of development reserves (incl. condominiums) Estimated Plot Portfolio / investment volume 2026 2027 2028 2029 2030 2031 2032 Location Property area (m²) Condominiums (CHF million) Adliswil Soodmattenstrasse 8/10 10 043 Portfolio 75 Chavannes-près-Renens VD Av. de la Gare 84 / Route
Slide 41: Development projects for own portfolio being implemented
Appendix Development projects for own portfolio being implemented Renggerstrasse, Avenue de Rue Edouard-Rod, BAMA Baarermatte, Zurich l’Amandolier, Geneva1 Geneva Baar1 Residential Residential Residential Commercial Construction period 2023–2026 2023–2025 2024–2025 2025–2028 Investment volume 25.7 9
Slide 42: Development projects for own portfolio in the pipeline
Appendix Development projects for own portfolio in the pipeline Badenerstrasse, Av. de Riant-Parc, Av. Louis-Casaï, Pré des Dames, Fontaines- Saintes, Zurich Geneva1 Geneva1 Veyrier Geneva1 Residential Residential Residential Residential Residential Strategic Strategic Project phase Building project
Slide 43: Development projects for sale of condominiums being implemented
Appendix Development projects for sale of condominiums being implemented Spiserstrasse, Av. de l’Amandolier, Av. du Curé-Baud, Strubenacher Living, Panorama Eggen, BAMA Baarermatte, Zurich Geneva1 Grand-Lancy Zumikon Lucerne Baar1 Investments 75 11 12 42 93 130 (CHF million) Number 110 / Marketing T
Slide 44: Development projects for sale of condominiums being implemented
Appendix Development projects for sale of condominiums being implemented Inzlingerstrasse, Av. de Riant-Parc, Av. Louis-Casaï, Hohlgasse, Riehen Geneva1 Geneva1 Sünikon-Steinmaur Investments 62 12 13 51 (CHF million) Number of sales units 34 14 12 40 Number of units Going to market post- Going to ma
Slide 45: Profit and distribution per share
Appendix Profit and distribution per share Operating EPS and distribution (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 7.00 6.75 6.75 7.00 7.00 7.00 7.00 6.25 6.50 3.00 5.75 5.75 3.79 2.00 1.00 0.00 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 HY 2
Slide 46: Composition of shareholder base and information about our shares
Appendix Composition of shareholder base and information about our shares Shareholders broken down by category 7% 6% 4% 30% Shares not registered Investment company/Fund 100% > 6 million Free float Allreal shares CHF Pension fund Avg. daily trading volume of 17% Allreal shares in HY 2025 Natural per
Slide 47: Targets for the 2025–2028 strategy period
Appendix Targets for the 2025–2028 strategy period pave the way to achieve the long-term targets 47 Tar ets relate to Allreal’s o n rojects. Third-party projects are not included in the indicators
Slide 48: Targets for the 2025–2028 strategy period
Appendix Targets for the 2025–2028 strategy period pave the way to achieve the long-term targets 48 1Tar ets relate to Allreal’s o n rojects. Third-party projects are not included in the indicators
Slide 49: Targets for the 2025–2028 strategy period
Appendix Targets for the 2025–2028 strategy period pave the way to achieve the long-term targets 49
Slide 50: Disclaimer
Half-year results 2025 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