Ubm Development Ag · VIE:UBS
Ubm Development — Q1 2026 Earnings Presentation
41 slides from Ubm Development's earnings presentation, May 28, 2026
Slide 1: First quarter update 2026
green. smart. and more. first quarter update 2026. Investor Presentation 28 May 2026
Slide 2: Disclaimer
DISCLAIMER disclaimer. This presentation was prepared by UBM Development AG (the "Company" or "UBM Development") solely for use at investors’ meetings and also includes oral statements made at the investors’ meetings and any material distributed in connection with this presentation (together the "Pr
Slide 3: Summary Q1/2026
SUMMARY summary. q1/2026. 1 recap q1. turnaround continues. positive earnings before and after taxes. 2 €168m cash. solid liquidity for upcoming repayments in q2. 3 solid balance sheet. equity ratio at upper end of target range. 4 resi. success story continues. strong sales repeated in the first qua
Slide 4: Promising start. Turnaround continues.
RECAP Q1 1 promising start. turnaround continues. Y/Y ▪ Positive earnings before AND after tax Earnings before tax improvement in €m 0.3 ▪ Revenue driven by successful apartment sales Q1 2026 ▪ Net debt well under control 60 -6.2 ▪ Equity ratio at almost 34% Q1 2025 40 20 Q1 2026 Q1 2025 Q1 2024 0 2
Slide 5: Cash management. Continuous focus.
FINANCIALS 2 cash management. continuous focus. Cash Repayment profile bonds (incl. Hybrid) in €m in €m 73m Senior bond and 56m Hybrid bond +50m will be repaid in Q2 2026 200 179 93 v 152 143 143 168 142 168 73 75 128 25 118 50 65 56 0 2023 Q1 2024 HY 2024 Q3 2024 FY 2024 Q1 2025 HY 2025 Q3 2025 FY
Slide 6: Solid balance sheet. Clear financial discipline.
FINANCIALS 3 solid balance sheet. clear financial discipline. Equity and Equity Ratio Net Debt and Loan to Value in €m / in % 32.1 33.7 in €m / in % 30.3 30.0 30.4 30.2 29.4 30.1 30 29.1 49 51 50 49 47 50 46 46 48 43 380 371 377 361 358 351 350 344 349 610 335 583 546 546 546 546 564 546 527 484 202
Slide 7: Strong resi sales. Momentum continues.
RESIDENTIAL 4 strong resi sales. momentum continues. units sold.¹ Premium Residential Pipeline 2026-2030 2023, 2024, 2025, 2026 # residential units 452 403 355 Berlin 78 283 Frankfurt Krakow 141 Prague 82 208 353 Munich 366 Vienna 754 87 88 97 96 Rest 211 77 37 51 16 ~2,000 units for sale/ Q1 HY Q1-
Slide 8: Building permits. Continued undersupply.
MACRO 4 building permits. continued undersupply. Residential building permits in Europe 2010-2025² Index of # residential permits ▪ Low permit activity in recent years points to 250 continued housing undersupply beyond 2026. ▪ Market shakeout is driving a significant demand-supply imbalance in metro
Slide 9: Residential prices. Supported by supply shortages.
MACRO 4 residential prices. supported by supply shortages. House prices in Europe 2010-2025 quarterly index, 2010 =100 210 200 190 180 Germany ▪ Residential prices across Europe well above pre- 170 pandemic levels. 160 EU ▪ Rising interest rates since 2022 triggered a temporary 150 Czechia1 price co
Slide 10: Two-product strategy
RESIDENTIAL 5 two-product strategy. Affordable Housing Premium Living Strategic role Volume driver (“home cooking”) Margin driver (“gourmet”) Target group Middle income Upper income Construction Technology agnostic, building systems Hybrid timber, standardised Project size Scalable Medium/large Broa
Slide 11: Affordable housing. Development calculation.
AFFORDABLE HOUSING 5 affordable housing. development calculation. Affordable Housing ▪ Assumes a monthly net rent of €15/m² and net €150 per parking space² as well as a 4% yield €/m² 1 (25x annual rent) for the investor ▪ There is an interdependence between monthly rent levels and land acquisition c
Slide 12: Outlook
OUTLOOK 6 outlook. 2026 portfolio rebalancing. continue turnaround. ▪ Continued execution of the existing premium residential developments with a strong focus on hybrid timber construction and renewable energy ▪ Keeping the ESG focus in support of UBM’s green finance framework and more independence
Slide 13: Backup
backup. ▪ ubm at a glance 12 ▪ development pipeline. 13 ▪ standing assets. non-strategic projects. 14-15 ▪ portfolio rebalancing. 16-23 ▪ green. smart. and more. 24-26 ▪ hotels 27 ▪ financials 28-34 ▪ cash flow 35-36 ▪ investor relations 37-39
Slide 14: UBM at a glance
AT A GLANCE ubm. at a glance. focus. ▪ Two-product residential strategy ▪ Major European cities (premium) and urban opportunities (affordable) ▪ green. smart. affordable. pipeline. ▪ € 1.1bn in premium residential (and selected office/light industrial) ▪ More than €750m of assets/projects for sale ▪
Slide 15: Development pipeline. Premium.
PIPELINE development pipeline. premium. Project Asset class Apartments/Rooms/GFA* Share Hybrid timber Completion Status LeopoldQuartier D, Vienna Residential 178 apartments 100% Yes 2026 Partial sale Village im Dritten, Vienna Residential/Office 492 apartments 51% No 2026 Partial sale Na Plzeňce Pha
Slide 16: Standing assets. For sale.
STANDING ASSETS standing assets. for sale. Asset Asset class Rooms Share Completion Brand Sugar Palace, Prague Hotel 176 rooms 60% 2022 Andaz Hotel Kneuterdijk, The Hague Hotel 204 rooms 100% 2021 Voco Hotel Moskauer Straße, Düsseldorf Hotel 455 rooms 50% 2023 HIEx Hotel am Kanal, Potsdam Hotel 198
Slide 17: Standing assets & non-strategic assets. For sale.
STANDING ASSETS & NON-STRATEGIC ASSETS standing assets. for sale. Asset Asset class Apartments Share Completion Sold HAVN, Mainz Residential 44 apartments 100% 2025 23 apartments Flösserhof, Mainz Residential 92 apartments 50% 2024 82 apartments Adler Lodge, Kirchberg Residential 17 apartments 100%
Slide 18: Portfolio rebalancing. Affordable housing.
BUSINESS MODEL portfolio rebalancing. affordable housing. Reshuffle resources towards Affordable Housing. ▪ Affordable Housing (“Bezahlbares Wohnen”) is going to be the next big thing in Europe, particularly in UBM’s markets ▪ Objective: The cost of housing must not exceed 30-35% of net household in
Slide 19: Portfolio rebalancing. In three steps.
NEW PIPELINE portfolio rebalancing. in three steps. STEP 1 STEP 2 STEP 3 €2.2bn €1.9bn -40% €0.74bn standings, €0.76bn office/ €0.36bn* non-strategic light ind. cash potential projects €1.1bn selected office/ €0.37bn light ind. €0.8-1.1bn €1.14bn Affordable residential Housing €0.73bn premium living
Slide 20: Portfolio rebalancing. Step 1. Focus.
NEW PIPELINE portfolio rebalancing. step 1. focus. units sold. 2023, 2024, 2025 452 -40% 355 403 Berlin 283 78 208 €1.9bn 87 97 77 96 51 Frankfurt Krakow 16 37 141 Prague 82 353 Q1 HY Q1-3 FY Munich 366 Vienna Premium residential pipeline reduced to 754 Rest ~2,000 units 211 > 450 units sold in full
Slide 21: Portfolio rebalancing. Step 2. Cash release.
NEW PIPELINE portfolio rebalancing. step 2. cash release. Standing Assets €304m Cash Potential* Hotel. Office. PremiumResi. residential pipeline reduced to €1.9bn ~2,000 units ▪ Andaz, Prague ▪ LeopoldQuartier A ▪ HAVN, Mainz ▪ Voco, The Hague ▪ Timber Pioneer ▪ Flösserhof, > 450 units Mainz sold in
Slide 22: Portfolio rebalancing. Step 2. Geographical split.
NEW PIPELINE portfolio rebalancing. step 2. geographical split. Pipeline by country1 Cash release assets by country €1.9bn Austria Germany 33% €0.74bn Cash Austria 35% Release €0.74bn 55% €1.1bn €0.74bn 33% 34% 10% Germany Residential Czechia €0.73bn Other €1.1bn Office €0.37bn Pipeline Q4/2025 Pipe
Slide 23: Portfolio rebalancing. Step 3. Growth.
NEW PIPELINE portfolio rebalancing. step 3. growth. Rebalance ~€2.2bn Capital generated from cash release (Step 2) will be reshuffled to Affordable Affordable Housing Housing €0.8-1.1bn ▪ Implementation of a two-product strategy in residential development €1.1bn (Affordable & Premium) ▪ Building a d
Slide 24: Illustration. PORR Living
AFFORDABLE illustration. porr living. @PORR INSTA-BLOC Timber-frame Concrete Slim walls external wall elements @PORR Balconies Central heat Pre-wall Plug-in cable Floor boxes with PV pump systems units connections element construction system. high degree of prefabrication. 22 UBM Development AG – In
Slide 25: Premium living. Development calculation.
PREMIUM LIVING premium living. development calculation. Premium Living ▪ Standardisation, simplification, modularisation €/m² 1 ▪ Prefabrication 8,446 ▪ Halving construction time ▪ Answer to an increasing lack of skilled workers 1,656 margin ▪ Bathroom modules (in residential) ▪ Overcapacity in buil
Slide 26: Global CO2 emissions
GREEN. global co2 emissions. Other emissions 8% Bricks, glass & Other traffic 6% other Road freight & buses 6% 34% Car traffic 10% Building operation 74% Concrete, Industry emissions 30% aluminium & steel Infrastructure construction = 6% of total 3% CO2 emissions 66% Building construction & operatio
Slide 27: Timber construction. Benefits.
GREEN. timber construction. benefits. carbon footprint – ▪ One m³ of wood stores one ton of CO2 climate neutrality. ▪ One m³ of concrete produces approximately 0.6 tons of CO2 time and cost advantages. ▪ Almost half of conventional construction time ▪ Scale effects through standardisation, modularis
Slide 28: Best in class. Ratings.
GREEN. SMART. AND MORE. best in class. ratings. ISS ESG 1 ▪ Prime Status (B-) ▪ 5 years sector leader in Germany & Austria EcoVadis 2 ▪ Silver Status (Top 15%) ▪ Above average in all four rating categories CDP Ratings 3 ▪ B for Climate Change (4th year in a row) ▪ B for Water Security (2nd time) ▪ A
Slide 29: Hotels. Leasing business.
HOTELS hotels. leasing business. “Covid” hotels – on balance sheet Hotel operation portfolio – 3,912 rooms Bricks, glass & other Andaz Prague Voco The Hague ubm hotels business model Management fees 17 hotels Hotel Lease payment (ca. 2,3 bn Hotel Hiex Potsdam ownerBuilding operator Hiex Düsseldorf L
Slide 30: Key performance indicators
FINANCIALS key performance indicators. Key Earnings Figures (in €m) 1-3/2026 1-3/2025 %Δ Total Output1 95.3 58.6 62.6% Bricks, Revenue 31.6 28.5 10.9% glass & EBT 0.3 -6.3 >100% other Net result (before non-controlling interests) 0.3 -6.6 >100% Key Asset and Financial Figures (in €m) 31 Mar 2026 31
Slide 31: Total output and EBT. Segment reporting.
FINANCIALS total output and EBT. segment reporting. in € thousands Bricks, Total Output by region3.2 1-3/2026 1-3/2025 %Δ EBT by region 1-3/2026 1-3/2025 glass & Germany 13,293 14,326 -7.2% Germany other -0,178 -2,012 Austria 24,376 19,476 25.2% Austria 5,688 -4,182 18.5 Poland 38,278 8,933 >100% Po
Slide 32: Total output and revenue. Bridge.
FINANCIALS total output and revenue. bridge. in €m 95.3 Bricks, Rentals glass & 3.2 other 19.2 Hotel operations2 11.4 General contracting & project management Proceeds from sale of properties 31.6 61.8 20.4 0.5 1.0 6.1 Management fees 24.0 1 2 Total Output Revenue 1 Total Output corresponds to the r
Slide 33: Balance sheet. Assets.
FINANCIALS balance sheet. assets. in € thousands 31 Mar 2025 31 Dec 2025 %Δ Non-current assets Intangible assets 1,520 Bricks, 1,581 -3.9% 3.2 glass & Property, plant and equipment 8,611 8,474 1.6% other Investment property 279,283 276,216 1.1% Investments in companies accounted for at equity 110,31
Slide 34: Balance sheet. Equity & liabilities.
FINANCIALS balance sheet. equity & liabilities. in € thousands 31 Mar 2026 31 Dec 2025 %Δ Equity Share capital 52,305 52,305 0.0% Treasury shares -2,594 Bricks, - 2,594 0.0% Capital reserves 3.2 100,984 glass & 100,984 0.0% Other reserves 73,392 74,077 -0.9% Mezzanine/hybrid capital 152,174 other 12
Slide 35: Bonds. Overview.
FINANCIALS bonds. overview. Bond Term Nominal (in €m) Coupon 3.125% Sustainability-linked bond 2021-2026 72.7 3.125% 7.00% Green Bond 2023-2027 50.0 7.00% 7.00% Green Bond 2024-2029 93.0 7.00% 6.75% Green Bond 2025-2030 75.0 6.75% 5.50% Sustainability-linked Hybrid Bond unlimited maturity1 56.4 5.50
Slide 36: Financing structure
FINANCIALS financing structure. Annual debt maturity profile in €m1 250 3.2 Group debt structure1 56 200 50 18.5 Average cost of debt: 5.34% p.a. Long- & short-term financial liabilities: 150 73 €341.3m 2 (average 4.69% p.a.) 100 Bonds: 177 €313.2m 3 93 (average 6.04% p.a.) 50 109 29.3 98 90 Hybrid
Slide 37: Cashflow. Net debt reconciliation.
FINANCIALS cashflow. net debt reconciliation. in € m 527.606 Bricks, 3.2 505 518.937 glass & 4.510 516.672 0 1.760 other 15.444 18.5 9.0683 26.242 483.627 4.4 29.3 22.6 Management fees Net debt Sales Operat. Net Dividend Interest Tax Net Investments/ Hybrid & Net debt 31 Dec 25 proceeds1 CF2 debt I
Slide 38: Cash flow. Net debt reconciliation.
CASH FLOW cash flow. net debt reconciliation. Sales Operating CF Dividends Interest Tax Investments Other Net debt neutral in € thousands Proceeds incl. WC (net) (net) (Income Tax) Profit/Loss for the period 250 755 -505 Depreciation, impairment & reversals of impairment on fix. & fin. assets 1,619
Slide 39: Shareholder structure
INVESTOR RELATIONS shareholder structure. Shareholder Structure Free Float – Geographical Split2 Treasury shares (1.6%) Strauss Group (0.9%) J. Dickinger Rest of world 18.5 France IGO Industries 5.0% 4% 7% 7.0% Syndicate Free float 1 Austria USA 9% 38.8% 46.7% 80% Data as at 31 March 2026 1 Free flo
Slide 40: Coverage. Regular research.
INVESTOR RELATIONS coverage. regular research. Institution Analyst Price target Recommendation Date SRC Research Stefan Scharff €30.00 Buy 27.03.2026 Montega Christian Bruns €28.00 Buy 19.05.2026 Erste Group Christoph Schultes €28.00 Buy 16.04.2026 ODDO BHF Elias New €20.00 Neutral 20.04.2026 Consen
Slide 41: Investor relations
INVESTOR RELATIONS investor relations. Financial Calendar 2026 Shareholder Information Publication of the Annual Report 2025 27 Mar 26 Share price € 17.701 145th Annual General Meeting, Vienna 21 May 26 Market capitalisation €132.26m Publication of the Q1 Report 2026 28 May 26 No. of shares outstand