Peach Property Group Ag · SIX:PEAN
Peach Property — FY2025 Earnings Presentation
63 slides from Peach Property's earnings presentation, Apr 21, 2026
Slide 1: FY 2025 Results
FY 2025 Results April 2026
Slide 2: Today's Presenters
Today‘s Presenters Gerald Klinck Michael Zahn Chief Executive Officer Chairman of the Board • Chairman of the Board of Directors of • CEO of the Peach Property Group since Peach Property Group AG since May 2024 April 2024 • Various other positions in the real estate • In addition to his role as CEO
Slide 3: Agenda
Agenda 1. Value Creation and Performance Drivers 2. Overview of Peach Performance in 2025 • Peach at a Glance • Operational • Financial Performance • Update on ESG • Overview of Financial Statement • Appendix 3
Slide 4: Initial Situation
Portfolio and Financials Operations • No clear sales strategy implemented and significant • High LTV of almost 60 % (YE2023) portion of the portfolio marketed for sale • >EUR 350m secured short term debt • High vacancy of more than 10 % • >EUR 400m unsecured short term debt • Low capex spending in p
Slide 5: Current Situation
Portfolio and Financials Operations •Significant spending on Tenant Improvements creating top-line •Lower LTV of 49 % growth •New secured loan facility with 5y maturity of EUR 410m •L-f-l rent growth of 3.8 % p.a. in two years •Repayment of unsecured debt of EUR 370m •Vacancy down to 5.2%, strategic
Slide 6: Target Vision 2028
Target Vision 2028 • 16 000 units focused in NRW • Net cold rent of more than EUR 7 • LTV below 45 % • NOI margin of 80 % per sqm / month • Debt to EBITDA Multiple of 12x • EBITDA margin of 65 % • Net cold rent growth between • All-in interest rates on market • FFO around EUR 30 - 32m 3.5 % - 4.0 %
Slide 7: EBITDA and FFO Performance of the strategic portfolio until 2028
EBITDA and FFO Performance of the strategic portfolio until 2028 in €m Target Rent 118.3 Comments Vacancy - 10.9 FFO 10.3 loss from sale Actual Rent 107.9 • Focus on disposal of non-strategics until 2027 non-strategic • KPIs in line with peers Operating • Net cold rent of around EUR 7 per sqm / mont
Slide 8: Assessment of future EBITDA potential on the basis of YE 2025
Assessment of future EBITDA potential on the basis of YE 2025 Focus on operational improvement and cost reduction; dissynergies and synergies from maturing debt are almost neutral Top-Line Growth of EUR 11m to 12m Operating Cost effect of EUR 6m to 7m 6 % rent growth achievable by 2 % vacancy redu
Slide 9: Balance-Sheet transformation completed
Balance-Sheet transformation completed Sales effects delevered the company by EUR 185m end of 2024 and further EUR 326m until 2028 Changes in debt profile in €m in €m Total debt per 30.06.2024 1 410 2.8 % 3.9 % Repayments 1400.0 50 Portfolio Sale 185 -185 Repayment Corporate Bond 300 1200.0 300 Repa
Slide 10: Debt structure as of December 2025
Debt structure as of December 2025 Reduced complexity and volume of financings resulting in nearly 100 % secured financings with a balanced maturity profile Maturity profile 1 CHF 15m / 186 Repayment Non-strategic Amount Ø interest Fixed 500 EUR 16m 473 EUR 404m with two year €m rate rate + 63 Repay
Slide 11: Debt to EBITDA Multiple on an outperformed level to peers in 2028
Debt to EBITDA Multiple on an outperformed level to peers in 2028 Low leverage to eliminate refinancing risks in 2028 and to create the foundation for attractive future margins DEBT EOP EBITDA DEBT/EBITDA multiple 1 022 725 725 720 8.6 % p.a. 51 49 55 61 20251 2026² 2027² 2028² 20x 15x 13x 12x • 2x
Slide 12: Share price in respect to Key KPI's
Share price in respect to Key KPI´s Current share price doesn‘t reflect the real value of the company NTA Forecast 2025 per Share 2028 18.54 Discount to NTA -71 % Discount to NTA -71 % -40 % Share Price EUR 5.42 Share Price EUR 5.42 EUR 11.16 Market Capitalization in EUR 301m Market Capitalization i
Slide 13: Share price assessment
Share price assessment FFO expectations, asset multiples and NTA discounts support the chance to double the current share price Comments Share price FFO 2028 Multiple FFO 2028 in EUR Enterprise • Significant upside potential driven by 29 30 31 32 33 Value NTA discount and attractive multiples 29 30
Slide 14: Guidance 2026 & mid-term financial targets
Guidance 2026 & mid-term financial targets Guidance for 2025 was successfully met FY 2025 Midterm targets (2028) FFO FFO growth in detail on page 7 FFO € 30m-32m and 8 Group € 16m-18m achieved L-f-l rental growth Sustainable growth target in the ~4% long run L-f-l rental growth Strategic ~4% achieve
Slide 15: Agenda
Agenda 1. Value Creation and Performance Drivers 2. Overview of Peach Performance in 2025 • Peach at a Glance • Operational • Financial Performance • Update on ESG • Overview of Financial Statement • Appendix 15
Slide 16: Peach at a glance
Peach at a glance Affordable German residential properties in selected B-cities Portfolio Total Strategic Non-strategic deal signed Total Peach Property Group Portfolio as of owns ~20 000 residential Dec 31, 2025 Dec 31, 2025 Dec 31, 2025 Dec 31, 2025 Dec 31, 2024 units across 9 federal states in Ge
Slide 17: Development of Peach Portfolio
Development of Peach Portfolio Non-strategic portfolio reduced by ~45% in 18 months Strategic Metric Non-Strategic Non- Strategic Trans- action Trans- action After other HY 24 2024 2025 Sales Post signed FY254 Metric 31.12.2025 Transaction 1 Share non- 100 % 24 % 26 % 56% Portfolio Share (%) 75 % 81
Slide 18: Milestones 2025
Milestones 2025 Successful implementation of balance sheet transformation March 2025 July 2025 27 August 2025 September/October December 2025 2025 € 55m CHF 50m / EUR Publication HY Signing of portfolio SSD Promissory 52m Results € 410m payout deal of ~2 000 assets Payback Capital Increase secured l
Slide 19: Agenda
Agenda 1. Value Creation and Performance Drivers 2. Overview of Peach Performance in 2025 • Peach at a Glance • Operational • Financial Performance • Update on ESG • Overview of Financial Statement • Appendix 19
Slide 20: EBITDA bridge FY 2024 to FY 2025
EBITDA bridge FY 2024 to FY 2025 Positive impact from rent increases is undermined by one-off-effects Comments In €m • Actual rent across all categories in line with expectation 62.4 • Non-cash unrealized increase in collection risks driven by deterioration in receivables ageing profile 3.4 1.9 6.2
Slide 21: Development of Rental Income
Development of Rental Income Sustainable increase of rents supports our operational performance Development of actual rent Rental income in €m ~3.8 % lfl p.a. Strategic in € thousands 2023 2024 2025 2025 Target rental income from letting of investment 124.9 127.1 137 868 142 312 118 330 88 730 107.9
Slide 22: Turnaround in vacancy development
Turnaround in vacancy development Significant operational improvements lead to lower vacancy rates in strategic portfolio Development of vacant residential units and vacancy ratio per 31.12. Strategic Figures in units # of units 19.50% Vacancy Main impact 3.8 % 2 190 from 18.50% portfolio 2 043 sale
Slide 23: Development of other operating expenses
Development of other operating expenses Lower other operating expenses, but structural expenses remain elevated Other operating expenses in €m Other operating expenses 14.09 13.85 in € thousands 2024 2025 Fees and legal expenses -4 466 -5 512 IT expenses -2 274 -1 759 8.97 Capital taxes, input tax d
Slide 24: Development of expenses from letting of investment properties
Development of expenses from letting of investment properties One-off-effect from prior years lead to a l-f-l increase Expenses from letting of investment properties in € thousands 2023 2024 2025 2025 Strategic Expenses from letting of investment properties -23 176 -23 359 -22 999 -16 850 – of which
Slide 25: Development of Personnel Expenses
Development of Personnel Expenses Overall restructuring decreases expenses Personnel expenses in €m Total personnel expenses in € thousands 2023 2024 2025 Salaries -15 190 -16 463 -15 225 Social insurance cost -2 383 -2 540 -2 304 Employee benefits – defined benefit plan -119 -121 -150 Employee bene
Slide 26: Operational KPIs in 2025
Operational KPIs in 2025 Number of residential units Actual rental income l-f-l (€m) Target rental income l-f-l (€m) Adj. EBITDA (€m) 2024 21 947 2024 103.8 HY 2024 113.6 2024 62.4 -0.3 % +4.0 % +3.6 % -18.9 % 2025 21 872 2025 107.9 HY 2025 117.7 2025 50.6 Vacancy l-f-l (residential units) Actual re
Slide 27: Agenda
Agenda 1. Value Creation and Performance Drivers 2. Overview of Peach Performance in 2025 • Peach at a Glance • Operational • Financial Performance • Update on ESG • Overview of Financial Statement • Appendix 27
Slide 28: CAPEX is back on track
CAPEX is back on track Expenses support rent increases in the area of vacancy reduction and rent increases due to tenant turnover CAPEX 2025 Figures in €m € 32.3/sqm € 28.8/sqm 16.7 € 27.7/sqm € 22.7/sqm 22.8 CAPEX Measures € 10.8/sqm Tenant Improvements • € 39.4m (o/w approx. 58 % TI and 42 % ordin
Slide 29: Portfolio sale 2025 supports Capex funding and Concentration on NRW
Portfolio sale 2025 supports Capex funding and Concentration on NRW Significant step for the execution of our portfolio strategy - Property management contract secures future third-party revenues Transaction KPIs Key transaction highlights Buyer Institutional Investor Strategic Transaction portfol
Slide 30: Portfolio valuation stabilized and confirmed
Portfolio valuation stabilized and confirmed Sustainable valuation level has been reached, corrections are completed Valuation result FY 2025 Key valuation indicators 1 in €m Dec 31, 2023 Dec 31, 2024 Dec 31, 2025 Total fair market value € 2 408m € 1 899m € 1 934m 455 20 20 21 Rental yield based on
Slide 31: Transaction Offerings from December 2024 and July 2025
Transaction Offerings from December 2024 and July 2025 Successful implementation of equity raises strengthens equity base of Peach Offering Price Loan-to-value (net) Net Cash Number of shares December 2024 CHF 5.00 57.5 % ~ EUR 120m1 22 729 450 July 2025 CHF 5.00 52.2 % ~ EUR 52m1 9 967 880 NTA per
Slide 32: Debt structure as of December 2025
Debt structure as of December 2025 Nearly 100 % secured financed with a balanced maturity profile and positive impact on rating (CCC+ to B) Maturity profile 1 CHF 15m / Amount Ø interest Fixed 186 Repayment Non-strategic 500 EUR 16m 473 EUR 404m with two year €m rate rate + 63 Repayment Peninsula ex
Slide 33: Balance-Sheet transformation completed
Balance-Sheet transformation completed Sales effects delevered the company by EUR 185m end of 2024 and further EUR 326m until 2028 Changes in debt profile in €m in €m Total debt per 30.06.2024 1 410 2.8 % 3.9 % Repayments 1400.0 50 Portfolio Sale 185 -185 Repayment Corporate Bond 300 1200.0 300 Repa
Slide 34: Changes in accounting policies at YE 2025
Changes in accounting policies at YE 2025 Adjustments to FFO and NTA calculation FFO NTA in € thousands 31.12.2024 31.12.2025 in € thousands 2024 2025 EBITDA -122 334 -2 273 Equity attributable to PPG equity 876 825 896 206 Net result from valuation 79 435 -4 829 holders Result from disposals and di
Slide 35: Financial KPIs in 2025
Financial KPIs in 2025 Portfolio market value in €m 1 Debt volume in €m FFO (€m) Debt/EBITDA multiple² 2024 1 899 2024 1 206 2024 0.58€/share 19.5 2024 20.7x +1.8 % -1.3% -15.3 % -12.3 % -0.4x 2025 1 934 2025 1 022 2025 0.35€/share 17.7 2025 20.2x Multiple on target rent WACD EPRA NTA (€/share) Loan
Slide 36: Agenda
Agenda 1. Value Creation and Performance Drivers 2. Overview of Peach Performance in 2025 • Peach at a Glance • Operational • Financial Performance • Update on ESG • Overview of Financial Statement • Appendix 36
Slide 37: ESG - Peach offers affordable housing for low- to medium income citizens
ESG - Peach offers affordable housing for low- to medium income citizens Average Residential Rents in Germany (2025): Selected States & Secondary Cities Avg. cold City Avg. Rent (€/sqm) 1 Peach (€/sqm) Rent by CBRE Peach Rent upside State rent (€/sqm) 2 (€/sqm) to CBRE (€/sqm) 1 Gelsenkirchen 6.56 6
Slide 38: Continuous and transparent ESG reporting
Continuous and transparent ESG reporting Affordable and sustainable living spaces • ESG Factsheet in accordance with the Global Reporting Initiative (GRI) standards • Will be published in July 2026; available on https://www.peachproperty.com/en/news- en/sustainability-reports/ Release of Factsheet 2
Slide 39: Peach earned CDP B-rating
Peach earned CDP B-rating – the highest rating category in CDP SME score in 2025 39
Slide 40: Tenant satisfaction
Tenant satisfaction Decentral organization still achieves high satisfaction levels Tenant inquiries “One-touch” rate 91.4 % 90.1 % 91.3 % 91.2 % 87.0 % Tenant tickets received Tenant tickets solved 121 928 182 752 98.4 % 2021 2022 2023 2024 2025 At a consistently Tenant satisfaction high level 78.0
Slide 41: Agenda
Agenda 1. Value Creation and Performance Drivers 2. Overview of Peach Performance in 2025 • Peach at a Glance • Operational • Financial Performance • Update on ESG • Overview of Financial Statement • Appendix 41
Slide 42: Consolidated statement of income (I/II)
Consolidated statement of income (I/II) Figures in € thousands 2024 2025 Comments Rental income 124 522 105 186 1 Valuation gains from investment properties 1 285 73 247 Less rental income due to divesture of 9 portfolio companies at 1 Profit on disposal of investment properties 20 0 end of 2024. Ot
Slide 43: Consolidated statement of income (II/II)
Consolidated statement of income (II/II) Figures in € thousands 2024 2025 Comments EBIT -124 125 -3 669 1 Includes FX gains of € 1.7m, gains from changes in fair value of Financial income 5 610 7 180 1 financial instruments of € 2.0m and gains from partial repayment ./. Financial expenses -58 419 -5
Slide 44: Consolidated statement of financial position (I/II)
Consolidated statement of financial position (I/II) Figures in € thousands Dec 31, 2024 Dec 31, 2025 Comments Cash & Cash equivalents 220 779 36 071 Trade receivables 11 006 10 369 1 Peninsula development project – reflects development progress of Other receivables 13 024 15 340 sold and unsold unit
Slide 45: FFO per 2025
FFO per 2025 Comments in € thousands 2024 2025 1 Decrease of FFO due to divesture of 9 portfolio companies, can EBITDA -122 334 -2 273 partly be compensated by increases of rent in strategic portfolio. Adjusted EBITDA 62 374 50 555 Interest expenses -41 537 -32 328 Interest income impacting liquidit
Slide 46: ICR & LTV per 2025
ICR & LTV per 2025 Calculation Interest coverage ratio Interest coverage ratio in € thousands 2023 2024 2025 1.62 1.54 1.66 Operating result -159 710 -124 125 -3 669 Valuation result and depreciation 224 656 81 226 -478 Result of disposals/divestitures 103 101 311 50 331 Non-cash expenses 1 014 1 48
Slide 47: Equity, share & key figures
Equity, share & key figures Equity ratio (IFRS) in € thousands in € thousands 31.12.2024 31.12.2025 IFRS equity 898 999 915 410 thereof hybrid capital 39 758 39 758 982 227 thereof non-controlling interest 22 174 19 205 898 999 915 410 Equity ratio IFRS 39.7 % 43.8 % 38.10 % 39.68 % 43.80 % Number o
Slide 48: FFO Bridge YE 2024 to YE 2025
FFO Bridge YE 2024 to YE 2025 Decrease due to portfolio sale was compensated by improvements FFO Bridge 1 in €m 19.5 0.7 17.7 18.0 8.5 19,2 17,1 -11.0 FY 2025 Guidance (1) Subject to final refinancing and the disposal of non-strategic assets; full impact of joint venture included lasting up to Q1 20
Slide 49: Appendix
© peach PROPERTY GROUP Appendix
Slide 50: Our Management
Our Management Executive Management 25+ 15+ Gerald Klinck Stefanie Koch Chief Executive Officer, Chief Operating Officer CFO responsibilities <1 25 Board of Directors 25+ 25+ 25+ 25+ 25+ Michael Zahn Urs Meister Beat Frischknecht Cyrill Schneuwly Alexander Hesse Chairman of the Board Member of the B
Slide 51: Share data
Share data Significant shareholders as of Dec 31, 2025 Information on the share Dec 31, 2024 Dec 31, 2025 30.0 % 35.4 % Share capital in CHF 45 470 539 55 535 334 Number of shares issued 45 470 539 55 535 334 Nominal value per share in CHF 1.00 1.00 Number of treasury shares 410 501 Number of outsta
Slide 52: Market fundamentals
Market fundamentals Dynamics support Peach Property’s future performance Undersupply in the German housing market is expected to persist German inflation reduces while construction price growth slows down 450 Completed new CPI Germany ³ appartments ('000) ¹ 15.0 % 150 400 Government target rate 3M E
Slide 53: Capital market development
Capital market development Credit ratings (Corporate Rating) Recent capital market transactions Mar 2026 Tender Offer for Convertible Bond maturing in May 2026 successfully completed Dec 2025 Sale of around 2,000 units from non-strategic Portfolio BB BB BB Nov 2025 Successful Completion of Eurobond
Slide 54: Our portfolio strategy
Our portfolio strategy Focus on strategic Assets to create EBITDA growth German Defining the Non-Strategic bucket… Portfolio Unterstützt von Bing © GeoNames, Microsoft, TomTom Selection Criteria • Small assets (<75 residential units) • Distance to next Peach Point (>40 km) • High vacancy • Low renta
Slide 55: Portfolio structure as of Dec 31, 2025
Portfolio structure as of Dec 31, 2025 Investment properties € 1 905(97 %) Investment properties € 28m (1 %) Total portfolio market value Development properties € 23m (2 %) € 1 956m Market values determined by Wüest Partner AG as of Jun 30, 2024, excluding right-of-use assets Maps: © Vempas.com 55
Slide 56: Portfolio fully focused on residential space
Portfolio fully focused on residential space Rental income by use category as of Dec 31, 2025 Breakdown of residential units by federal state as of Dec 31, 2025 In % of total units In % of total rental income before collection loss Parking & other 7.5 % Commercial 4.7 % 3.2 % 4.1 % Previous year 4.0
Slide 57: Typical properties in Peach's portfolio
Typical properties in Peach’s portfolio Affordable German residential properties in carefully selected B-cities 57
Slide 58: What happened in 2024
What happened in 2024 Major milestones regarding deleveraging achieved FY 2023 Results New CEO AGM 2024/New BoD EGM for Equity Portfolio Transaction Raise Financial year 2023 Effective Apr 15, 2024, New five-member Board Successfully closed shows best Gerald Klinck became of Directors elected with A
Slide 59: Peach Points – our regional tenant shops
Peach Points – our regional tenant shops 12 Peach Points at all major Peach locations Cornerstone of direct dialogue with our tenants Dortmund I & II Munster / Faßberg Recklinghausen Minden Marl Lower Saxony Gelsenkirchen Essen Central Oberhausen point of Witzenhausen Erkrath contact for rental and
Slide 60: Development project in CH «Peninsula Wädenswil»
Development project in CH «Peninsula Wädenswil» 57 condominiums in 5 buildings Total sales volume expected CHF 130-140m Sales status as of December 31, 2025 Construction status as of December 31, 2025 • Sales volume expected CHF 130-140m • Stage of completion: 81.5 % (Dec 31, 2024: 34.1 %). • Notari
Slide 61: Peach Property in the German media landscape
Peach Property in the German media landscape Proactive dialog with the media 61
Slide 62: Disclaimer
Disclaimer These materials contain forward-looking statements based on the currently held beliefs and assumptions of the management of Peach Property Group AG (hereinafter also referred to as «PPG» or «Peach Property»), which are expressed in good faith and, in their opinion, reasonable. Forward-loo
Slide 63: Investors, Analysts and Media
Investors, Analysts and Media Gerald Klinck, Chief Executive Officer +41 44 485 50 31 [email protected]