March 31, 2026
Key Achievements 2025
Financials
Portfolio Development
ESG
Outlook 2026
Ordinary AGM on 30 April 2026
MANUEL LEUTHOLD
Chairman
Varia US Properties
MATTHEW LEVY
Managing Partner, Americas Stoneweg US
KAREN WELLER
CFO
Stoneweg US
Key Achievements 2025Progress
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 housing
Strategic sale of five portfolio assets generated USD 122.9 million and an IRR of 6.3%
Total portfolio value came slightly down at USD 1,046 billion (2024: USD 1,194 billion)
Quality of units and properties were further improved, e.g. by solar installations and targeted maintenance works
NAV was slightly lower at USD 31.91 per share (2024: USD 35.13)
EPS of USD -3.14 (2024: USD -1.73)
¹ = please refer to the Alternative Performance Measures calculations on page 109-111 of the Annual Report 2025 for underlying calculations
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 growth during the coming market cycle.
Strategically, the focus has shifted from yield towards growth, as Varia US anticipates favorable multifamily market dynamics at both a micro and macro level over the coming years.
In order to create maximum shareholder value, improve the balance sheet, and create liquidity, the Company has engaged a premier Capital Markets Advisory firm to arrange a large, strategic joint-venture partner to recapitalize the existing portfolio and provide significant additional growth capital.
Given the current discount in the share price versus the NAV,Varia US Properties views this as the optimal strategy to recover the discount and ultimately crystalize the maximum value for shareholders.
Financials
Rental Income in Mio. Total Income in Mio.
Rental Income Like for Like in Mio Rental Income in M1 io1 1
88.7
107.9
98.4
108.6
88.9
98.2
3.1%
91.5
320.0
297.7
139.5
152.4
93.8
81.5
-23.3
140 350
120
100
80
60
40
20
0
126.5 124.0
2019 2020 2021 2022 2023 2024 2025
300
250
200
150
100
50
0
-50
2019 2020 2021 2022 2023 2024 2025
EBITDA (Mio.) / EBITDA Margin (in %)
-10N0 ormalized EBITDA (Mio.) / Norm. EBITDA Margin
100
80
60
40
20
0
EBITDA EBITDA Margin80.7
60.3
40.9
44.2
50.7
32.1
88.2
2019 2020 2021 2022 2023 2024 2025
55.0%
50.0%
45.0%
40.0%
35.0%
30.0%
25.0%
20.0%
100
80
60
40
20
0
Normalized EBITDA Normalized EBITDA Margin87.7
79.1
60.0
40.1
47.8
37.4
31.4
2019 2020 2021 2022 2023 2024 2025
50.0%
45.0%
40.0%
35.0%
30.0%
25.0%
20.0%
Debt in Mio. Portfolio Value
Mortages Balance of interest bearing loans and borrowings LTV Debt Ratio1200
1000
800
600
400
200
0
1'043
869
944
760
818
878
757 812
516 567
545
601
670 702
2019 2020 2021 2022 2023 2024 2025
70%
60%
50%
40%
30%
20%
Portfolio Value Like for Like Portfolio Value1,704
1,412
1,300
1,194
915
928
1'046
1,065
2019 2020 2021 2022 2023 2024 2025
Earnings per share (EPS) for the Year ended December 31
15.41
12.11
Net Asset Value (NAV)
Nav
Nav excluding distribution Payable38.4
37.4
39.5
38.5
51.9
50.8
39.240.4
35.136.2
31.9
60.161.2
4.75 3.91
2019 2020 2021 2022
2024
-1.73
2025
-3.14
2023
-13.73
2019 2020 2021 2022 2023 2024 2025
Portfolio DevelopmentOverview
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)
* = According to Colliers International, appraiser of the Company's investments
Number of Units Number of Properties
11'887 53
10'896
11'042
10'269
8'518
7'728
6'571
44
43
41
31
27
22
2019 2020 2021 2022 2023 2024 2025
Occupancy Rate
2019 2020 2021 2022 2023 2024 2025
Average market value and monthly rent per unit
Occupancy rate Like for Like200'000
Market value per unit
*Monthly rent per unit
1'500
*
95.4%
94.6%
93.8%
93.1%
93.7%
92.2%
154'297 152'619 154'515 159'259
93.2%150'000
100'000
50'000
83'989 90'390
810
118'786
932
824
1'134
1'223
1'250
1'2771'200
900
600
300
2019 2020 2021 2022 2023 2024 2025
- -
2019 2020 2021 2022 2023 2024 2025
Asset DisposalsIn 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.
ESG
ESGAchievements
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 certification, and nearly two-thirds of the area achieved an ENERGY STAR® performance certifications.
Solar performance improved substantially across the portfolio in 2025, reflecting the first full year of Varia US's investments in solar energy at four properties.
The Company evaluates resident experience through the "Grace Hill Resident Satisfaction Surveys", one of the multifamily industry's most comprehensive benchmarking systems. Residents across the portfolio receive regular surveys throughout the year. In 2025, six Varia US housing communities earned a Grace Hill Excellence Award recognition, representing approximately 30% of the portfolio's gross floor area.
GRESB is the leading global ESG benchmark for real estate assets, providing a transparent and structured way to assess sustainability performance relative to peers. In 2025,Varia US Properties achieved its strongest performance to date.
23
Outlook 2026
Outlook 2026Continuous 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 capital-intensive assets. We will use the proceeds to deleverage the company by repaying the short-term loan. We will also make strategic investments in primarily non-discretionary capital expenditure to strengthen the existing portfolio.
Once these priorities have been achieved, we look forward to supporting Varia US Properties in resuming disciplined growth by acquiring higher-yielding properties.
25
AGM 2026 on 30 April 202630 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 healthy level of cash within the Company. Thereby, the Board intends to facilitate funding non-discretionary capital improvements, repaying the CHF 25 million short term loan, and growing the Company again via new acquisitions.
However, the Board of Directors will continue to monitor the liquidity of the Company and will revisit this decision as appropriate.
Investor Information
Listing: SIX Swiss Exchange
Currency: USD Ticker symbol: VARN
ISIN: CH 030 528 529 5
Listing date: December 8, 2016
Contact Information
Juerg Staehelin, IRF Reputation Investor Relations / Corporate Communications
Phone: +41 43 244 81 51
E-mail: investors@variausproperties.com
Financial calendar
AGM 2026 30 April 2026
Q1 2026 Update 28 May 2026
Half-Year Report 2026 31 August 2026
Q3 2026 Update 30 November 2026
Annual Report 2026 31 March 2027
AGM 2027 30 April 2027
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