Slide 1: 2025 Results and 2026 Outlook Investor Presentation
2025 RESULTS AND 2026 OUTLOOK Investor Presentation March 31, 2026
Slide 2: Legal Disclaimer
Legal Disclaimer This presentation includes forward-looking information and statements, including statements concerning the outlook for our business. These statements are based on current expectations, estimates and projections about the factors that may affect our future performance, including the
Slide 3: Agenda
Agenda 1. Key Achievements 2025 2. Financials 3. Portfolio Development 4. ESG 5. Outlook 2026 6. Ordinary AGM on 30 April 2026 3
Slide 4: Company Representatives
Company Representatives MANUEL LEUTHOLD MATTHEW LEVY KAREN WELLER ■ Chairman ■ Managing Partner, Americas ■ CFO Varia US Properties Stoneweg US Stoneweg US 4
Slide 5: Key Achievements 2025
Y VARIA Us PROPERTIES Key Achievements 2025 wanaceo sTONEWEG GA)
Slide 6: 2025 Key Achievements (1/4)
2025 Key Achievements (1/4) Progress • Corporate activities and operations • Rental income lower by 9.4% at USD 98.3 million due to smaller overall property portfolio • Rental income “like for like”¹ 3.1% higher at USD 91.5 million due to strong tenant management and high demand of multifamily housi
Slide 7: 2025 Key Achievements (2/4)
2025 Key Achievements (2/4) Perspectives • Strategic joint-venture partner • After successfully completing the initiatives set out in 2024 and 2025 to reduce the overall leverage of the Varia US Properties and increase the overall quality of its portfolio, the Company is well positioned to return to
Slide 8: 2025 Key Achievements (3/4)
2025 Key Achievements (3/4) Financials 8
Slide 9: 2025 Key Achievements (4/4)
2025 Key Achievements (4/4) Financials 9
Slide 10: Financials
Y VARIA Us PROPERTIES Financials wanaceo sTONEWEG GA)
Slide 11: Consolidated Statement of Profit or (Loss) (1/2)
Consolidated Statement of Profit or (Loss) (1/2) 11
Slide 12: Consolidated Statement of Profit or (Loss) (2/2)
Consolidated Statement of Profit or (Loss) (2/2) 12
Slide 13: Consolidated Statement of Financial Position (1/2)
Consolidated Statement of Financial Position (1/2) 13
Slide 14: Consolidated Statement of Financial Position (2/2)
Consolidated Statement of Financial Position (2/2) 14
Slide 15: Financials 6-Year-Comparison (1/2)
Financials 6-Year-Comparison (1/2) Rental Income in Mio Mio. Total Income in Mio. Rental Income Like for Like in Mio 1 Rental 1 Income in Mio 1 350 320.0 140 297.7 126.5 124.0 120 300 107.9 108.6 98.4 98.2 250 100 88.9 3.1% 80 200 139.5 152.4 60 150 91.5 93.8 40 88.7 100 81.5 50 20 0 -23.3 0 -50 201
Slide 16: Financials 6-Year-Comparison (2/2)
Financials 6-Year-Comparison (2/2) Debt in Mio. Portfolio Value Mortages Balance of interest bearing loans and borrowings LTV Debt Ratio Portfolio Value Like for Like Portfolio Value 1200 70% 1’043 944 1000 869 878 60% 1,704 818 812 760 757 1,412 800 670 702 601 50% 1,300 567 545 1,194 600 516 915 9
Slide 17: Portfolio Development
Y VARIA Us PROPERTIES Portfolio Development wanaceo sTONEWEG GA)
Slide 18: Portfolio Development Overview
Portfolio Development Overview • Portfolio value of USD 1.046 billion (2024: USD 1.194 billion), appraised by Collier • Market value per unit: USD 159,259 (2024: 154,515) • 22 properties (2024: 27) • 6,571 units (2024: 7,728) • 9 States (2024: 11) 18
Slide 19: 2025 Portfolio Key Figures
2025 Portfolio Key Figures * = According to Colliers International, appraiser of the Company’s investments 19
Slide 20: Portfolio 6-Year-Comparison
Portfolio 6-Year-Comparison Number of Units Number of Properties 11’887 53 10’896 11’042 44 43 10’269 41 8’518 31 7’728 27 6’571 22 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025 Occupancy Rate Average market value and monthly rent per unit Occupancy rate Like for Like Market
Slide 21: Asset Disposals
Asset Disposals • In 2025, the Company continued its strategy of improving the quality of its portfolio and reducing location and old building risks by selling five properties with a total of 1,166 units for a total of USD 122.9 million. 21
Slide 22: ESG
Y VARIA Us PROPERTIES ESG wanaceo sTONEWEG GA)
Slide 23: ESG Achievements
ESG Achievements • In the reporting year, Varia US Properties again received several third-party building certifications (2 new BREEAM certifications and 14 ENERGY STAR® certifications). As per the end of 2025, approximately 50% of the gross floor area of the portfolio held a green-building certific
Slide 24: Outlook 2026
Y VARIA Us PROPERTIES Outlook 2026 wanaceo sTONEWEG GA)
Slide 25: Outlook 2026
Outlook 2026 Continuous portfolio repositioning • We remain confident in the Company's position as the market continues to adjust, and we anticipate significant opportunities in the coming quarters. • In 2026, we will advance the strategic repositioning of the portfolio by divesting older, more capi
Slide 26: AGM 2026 on 30 April 2026
Y VARIA Us PROPERTIES AGM 2026 on 30 April 2026 wanaceo sTONEWEG GA)
Slide 27: Ordinary Annual General Meeting of Shareholders
Ordinary Annual General Meeting of Shareholders 30 April 2026 • Given the Company’s upcoming goals and the uncertain market conditions, the Board of Directors will not recommend to shareholders at the AGM 2026 to distribute a dividend for the business year 2025. • The Board intends to maintain a hea
Slide 28: Information for Shareholders
Information for Shareholders Investor Information Contact Information Listing: SIX Swiss Exchange Juerg Staehelin, IRF Reputation Currency: USD Investor Relations / Corporate Ticker symbol: VARN Communications ISIN: CH 030 528 529 5 Phone: +41 43 244 81 51 Listing date: December 8, 2016 E-mail: inve
Slide 29: Q&A
Y VARIA Us PROPERTIES Q&A wanaceo sTONEWEG GA)