Ubm Development Ag · VIE:UBS
Ubm Development — H1 2026 Earnings Presentation
53 slides from Ubm Development's earnings presentation, Aug 27, 2026
Slide 1: Half Year Update 2026 Investor Presentation
green. smart. and more. half year update 2026. Investor Presentation 27 August 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: H1/2026 Summary
SUMMARY h1/2026. summary. 1 turnaround solidified. significant earnings swing before and after tax in h1. 2 resi boom continues. more than 200 premium apartments sold in h1. 3 affordable housing. we walk the talk. pilot project in vienna. 4 strategic sales program. first assets sold. at or above boo
Slide 4: Turnaround solidified. Earnings swing before and after tax
RECAP H1 1 turnaround solidified. earnings swing before and after tax. Earnings before tax 7.3 ▪ Positive EBT and net income Y/Y in €m improvement ▪ First assets sold ─ at or above book value HY 2026 ▪ Revenue momentum prevails (+36%) 60 -5.8 HY 2025 40 20 HY 2026 HY 2025 HY 2024 0 Earnings before t
Slide 5: Resi boom continues. Record repeated
RESIDENTIAL 2 resi boom continues. record repeated. LeopoldQuartier · Vienna units sold premium living at its finest • BPL C — almost sold out with 87% 208 208 • BPL D — sold by 30 June 29% Village im Dritten · Vienna 97 • BF 2 — sold by 30 June 67% • BF 5 — sold by 30 June 55% 51 • BF 9B — sold by
Slide 6: Affordable housing. We walk the talk (1/2)
AFFORDABLE HOUSING 3 affordable housing. we walk the talk. (1/2) Affordable housing – element construction* new way of thinking, no stripping of quality timber frame low operating costs wall facade elements of € 1.70 - € 1.90 per sqm (with pre-installed (due to hot water by windows and outside balco
Slide 7: Affordable housing. We walk the talk (2/2)
AFFORDABLE HOUSING 3 affordable housing. we walk the talk. (2/2) feasible land purchase prices* based on rent and household income €/m² 2800 2.610 2400 2.111 1.997 2000 1.911 1.854 1.917 1.794 1.745 1.709 1600 1.435 1.371 1.197 1.241 1.140 1.110 1200 800 400 1.981 1.876 1.641 1.576 1.494 1.433 1.091
Slide 8: Strategic sales programme. Successful start
SALES 4 strategic sales programme. successful start. STANDING ASSET SOLD ✓ NON-STRATEGIC SOLD ✓ Ekazent Paket 6 Landbank Vienna & the greater Vienna area Styria leasehold rights to various commercial properties (partial sale) €34.8 m volume (50% UBM ownership) €10m volume (closing in Q3/26 – 100% UB
Slide 9: Solid financials. Equity ratio above target range
FINANCIALS 5 solid financials. equity ratio above target range. equity & equity ratio (€m / %) net debt & loan-to-value (€m / %) 400 30.3 36.6 40 60 30.4 29.1 32.1 30.1 49 48 600 46 46 47 46 300 30 45 400 200 20 30 200 100 10 15 380 361 344 351 350 374 610 546 546 546 527 475 0 0 0 0 FY/23 HY/24 FY/
Slide 10: Outlook. Affordable housing is the next big thing
OUTLOOK 6 outlook. affordable housing is the next big thing. > 100,000 m² of potential for Affordable Housing from owned properties6 AT Austrian rental market1,2 • +7% Vienna rent rise expected in 2026 (+5% in Austria) rents rising steadily — rent index⁵ • traditional rental market – 77% of all apar
Slide 11: Backup
backup. ▪ backup h1 presentation. 11-33 development pipeline. 11 standing assets. non-strategic assets. 12-13 financials. 15-23 portfolio rebalancing. 25-33 ▪ real estate paradox. 35 -45 real estate paradox. 35 ubms answer. 36 resi answer: viktor-kaplan straße. 37-41 office answer. 42 hotel answer.
Slide 12: Backup. Pipeline. Non strategic assets
backup. pipeline. non strategic assets.
Slide 13: 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 14: 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 15: 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 Adler Lodge, Kirchberg Residential 17 apartments 100% 2024 3 apartments non-strategic assets. for sale. Project Asset cla
Slide 16: Backup. Financials
backup. financials.
Slide 17: Key performance indicators
FINANCIALS key performance indicators. Key Earnings Figures (in € m) 1-6/2026 1-6/2025 %Δ Total Output 179.9 140.3 28.2 % Bricks, Revenue 81.2 59.6 36.2 % glass & EBT 7.3 -5.8 >100 % other Net result (before non-controlling interests) 6.2 -6.6 >100 % Key Asset and Financial Figures (in € m) 30 Jun 2
Slide 18: Total output and revenue. Bridge
FINANCIALS total output and revenue. bridge. in € m 179.9 6.2 Rentals Bricks, glass & 42.6 other Hotel operations2 21.2 General contracting & project management 81.2 1.3 12.9 2.0 110 Proceeds from sale of properties 65.2 Management fees 1 Total Output Revenue 1 Total Output corresponds to the revenu
Slide 19: Total output and EBT. Segment reporting
FINANCIALS total output and EBT. segment reporting. in € thousands Bricks, Total Output by region3.2 1-6/2026 1-6/2025 %Δ EBT by region 1-6/2026 1-6/2025 glass & Germany 20,147 23,118 -13.0% Germany other -2,808 -8,289 Austria 65,607 56,723 15.7% Austria 15,974 4,888 18.5 Poland 50,747 22,213 >100%
Slide 20: Balance sheet. Assets
FINANCIALS balance sheet. assets. in € thousands 30 Jun 2026 31 Dec 2025 %Δ Non-current assets Intangible assets 1,459 Bricks, 1,581 -7.7% 3.2 glass & Property, plant and equipment 8,512 8,474 0.4% other Investment property 282,165 276,216 2.2% Investments in companies accounted for at equity 100,04
Slide 21: Balance sheet. Equity & liabilities
FINANCIALS balance sheet. equity & liabilities. in € thousands 30 Jun 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 99,887 glass & 100,984 -1.1% Other reserves 76,585 74,077 3.4% Mezzanine/hybrid capital 146,703 other 124
Slide 22: Cashflow. Net debt reconciliation
FINANCIALS cashflow. net debt reconciliation. in € m Bricks, 3.2 glass & other 20,242 18.5 5,044 6,394 1,812 9,602 7,265 25,760 527,606 67,485 485,194 4.4 467,386 474,632 29.3 22.6 Management fees Net debt Sales Operat. Net Hybrid Interest Tax Net Investments Project Hybrid & Net debt 31 Dec 25 proc
Slide 23: Cash flow. Net debt reconciliation
FINANCIALS cash flow. net debt reconciliation. Sales Operating CF Dividends Interest Tax Proceeds incl. WC (net) (net) (Income Tax) Investments Other Net debt neutral Profit/Loss for the period 6,247 8,059 -1,812 Depreciation, impairment & reversals of impairment on fix & fin. Assets -6,414 -6,414 I
Slide 24: Financing structure
FINANCIALS financing structure. Annual Debt Maturity Profile in €m1 300 3.2 Group Debt Structure1 250 18.5 50 Average Cost of Debt: 5.75% p.a. 200 Long- & Short-Term Financial Liabilities: € 320.6m 2 150 (average 4.88% p.a.) Bonds: 100 205 € 240.5m 3 (average 6.92% p.a.) 93 146 29.3 50 98 66 26 21 H
Slide 25: Bonds. Overview
FINANCIALS bonds. overview. Bond Term Nominal (in € m) Coupon 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% 10% Green Hybrid Bond unlimited maturity1 65.0 10.00% Hybrid Capital unlimited maturity2 56.4 9.00% Profit Participation Cap
Slide 26: Portfolio re-balancing. 2026
portfolio re-balancing. 2026.
Slide 27: Strategic repositioning. Track record. Start base
TRACK RECORD strategic repositioning. track record. start base. First mover From #1 hotel developer to leading timber-hybrid developer in Europe. advantage Equity-Ratio Repositioning. out of a position of strength. >30% Pipeline Long-time expertise across resi and pre-fab. ~2.000 units Timber-Hybrid
Slide 28: Portfolio re-balancing. In three steps
NEW PIPELINE portfolio re-balancing. in three steps. STEP 1 STEP 2 STEP 3 2.2bn 1.9bn -40% 0.74bn standings, 0.76 office/ 0.36bn* non-strategic light ind. cash potential projects 1.1bn selected office/ 0.37 light ind. 0.8-1.1bn 1.14 Affordable residential Housing 0.73 premium living Pipeline Q3/25 P
Slide 29: Portfolio re-balancing. Step 1. Focus
NEW PIPELINE portfolio re-balancing. step 1. focus. units sold. 2023, 2024, 2025 452 -40% 355 403 Berlin 283 78 208 1.9bn 87 97 77 96 51 Frankfurt Kraków 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 ful
Slide 30: Portfolio re-balancing. Step 2. Cash release
NEW PIPELINE portfolio re-balancing. step 2. cash release. Standing Assets €304 m Cash Potential* Hotel. Office. PremiumResi. residential pipeline reduced to 1.9bn ~2,000 units ▪ Andaz, Prague ▪ LeopoldQuartier A ▪ HAVN, Mainz ▪ Voco, Den Hague ▪ Timber Pioneer ▪ Flösserhof, > 450 units Mainz sold i
Slide 31: Portfolio re-balancing. Step 3. Growth
NEW PIPELINE portfolio re-balancing. step 3. growth. Re-Balance ~ 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 32: Two-product strategy
RESIDENTIAL 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 Sytems Timber-Hybrid, Standardised Project size Scalable Medium/large Broad (
Slide 33: Affordable housing. Development calculation
AFFORDABLE HOUSING affordable housing. development calculation. Affordable Housing ▪ assumes a monthly net rent of €15/m² and net €150 per parking stall² as well as a 4% yield EUR / m² 1 (25x annual rent) for the investor ▪ there is an interdependence between monthly rent levels and land acquisition
Slide 34: Affordable housing. Methodology
AFFORDABLE HOUSING affordable housing. methodology. Affordable Housing sample calculation vs Affordable Housing sample calculation for Vienna 6,647 15 €/m² for rent (net) 20.41 €/m² for rent (net) 150 € for parking 1540 150 € for parking 5,020 margin 800 2000 construction cost % % above ground 4% yi
Slide 35: Premium living. Development calculation
PREMIUM LIVING premium living. development calculation. Premium Living ▪ standardisation, simplification, modularisation EUR / m² 1 ▪ pre-fabrication 8,446 ▪ halfing construction time ▪ answer to an increasing lack of skilled workers 1,656 margin ▪ bathroom modules (in residential) ▪ overcapacity in
Slide 36: Backup. Real estate paradox
backup. real estate paradox.
Slide 37: Real estate paradox. Today
real estate paradox. today. issues current reality housing 1 shortage intensifies — top on political agendas → yet less apartments are being built construction 2 building costs outrun inflation → yet conventional methods prevail office 3 employers call staff back to the office → yet office leasing s
Slide 38: Catalysts and UBM's answers
catalysts. and ubm's answers. catalysts ubm's answers housing 1 affordable housing → ubm rebalances its portfolio (€1,1bn affordable-housing pipeline) construction 2 move the construction site into the factory → ubm launches prefabricated-housing pilot in Vienna (PORR Living) office 3 offices that c
Slide 39: UBM's answer to increasing building costs
RESI ANSWER ubm's answer to increasing building costs. prefabricated-housing pilot project viktor-kaplan-straße 11. 1220 vienna, austria 37 27.08.2026
Slide 40: Viktor-Kaplan. Macro
RESI ANSWER viktor-kaplan. macro. district Donaustadt, 1220 Vienna ▪ Vienna‘s largest district ▪ Vienna's #1 growth district @PORR ▪ 63% of the residents are families (compared to the Vienna average of 43%) ▪ bordered by the Danube in the southwest 38 27.08.2026
Slide 41: Viktor-Kaplan. Location
RESI ANSWER viktor-kaplan. location. @PORR ▪ 92 apartments ▪ ground plus 4 upper floors ▪ ideally shaped für PORR Living standard Viktor-Kaplan-Straße 11, 1220 Vienna 39 27.08.2026
Slide 42: Viktor-Kaplan. Key facts
RESI ANSWER viktor-kaplan. key facts. STANDARD FLOOR (LEVELS 1–4) TOTAL ▪ 92 units across four floors (each with a 6.7 m² balcony + photovoltaics) − 22% TYPE A: 20 units at 34.7 m² ▪ Gross floor area (above ground): 6,080 + − 48% TYPE B: 44 units at 40.9 m² 1,320 = 7,400 m² − 26% TYPE C: 24 units at
Slide 43: Viktor-Kaplan. Element construction. PORR Living
RESI ANSWER viktor-kaplan. element construction. porr living. Affordable housing – element construction* new way of thinking, no stripping of quality timber frame low operating costs wall facade elements of € 1.70 - € 1.90 per sqm (with pre-installed (due to hot water by windows and outside balcony
Slide 44: LeopoldQuartier office
OFFICE ANSWER leopoldquartier office. the new benchmark for offices in Vienna. 1. location 2. built for the future 3. space planning 5 min − to Metro U4 • hybrid timber construction • flexible, efficient floor plans − to 1st district & • geothermal + 425 kWp PV • ideal room depths for any team Danub
Slide 45: Hotels. Rooms owned. Rooms operated
HOTEL ANSWER hotels. rooms owned. rooms operated. 1,183 rooms owned assets 3,912 rooms operated portfolio 1. hotels on balance sheet Kempinski Jochberg Andaz Prague Voco The Hague Hiex Düsseldorf Hiex Potsdam 2. leasing business model Lease payment Management fees Hotel 17 hotels Hotel owner Lease g
Slide 46: Climate. Best in class
CO2 ANSWER climate. best in class. ISS ESG 1 ▪ Prime Status (B-) ▪ 5 years sector leader in Germany & Austria EcoVadis 2 ▪ Silver Status (Top 15%) CDP Ratings 3 ▪ B for Climate Change (4th year in a row) ▪ B for Water Security (second time) ▪ A- for Supplier Engagement Assessment ▪ Fifth ESG Report
Slide 47: Global CO2 emissions
CO2 ANSWER 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% aluminum & steel Infrastructure construction = 6% of total 3% CO2 emissions 66% Building construction & opera
Slide 48: Backup. At a glance. Timber construction. Investor relations
backup. at a glance. timber construction. investor relations.
Slide 49: UBM. At a glance
SUMMARY ubm. at a glance. focus. ▪ Two-product residential strategy ▪ Major European cities (premium) and urban opportunities (affordable) ▪ green. smart. and more (affordable). pipeline. ▪ € 1.1bn in premium residential (and selected office/light industrial) projects* ▪ More than €750m of assets/pr
Slide 50: Timber construction. Benefits
GREEN.SMART. AND MORE. timber construction. benefits. CO2 footprint – climate neutrality. ▪ one m³ of wood stores one ton of CO2 ▪ one m³ of concrete produces >0.6 tons of CO2 Time and cost advantages. ▪ 33%-50% less construction time ▪ cost advantages through standardisation, modularisation and pre
Slide 51: 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 of 31 December 2025 1 Free
Slide 52: Coverage. Regular research
INVESTOR RELATIONS coverage. regular research. Bank Analyst Price target Recommendation Date SRC Research Stefan Scharff €30.00 Buy 29.05.2026 Montega Christian Bruns €28.00 Buy 19.05.2026 Erste Group Christoph Schultes €26.00 Buy 30.06.2026 ODDO BHF Elias New €20.00 Neutral 20.04.2026 Consensus €26
Slide 53: Investor relations
INVESTOR RELATIONS investor relations. Bricks, 3.2 glass & Financial Calendar 2026 Shareholder Information other 18.5 Publication of the Half-Year Report 2026 27 Aug 26 Share price € 17.051 10% Interest payment on 7% UBM Green Bond 38.8% 29 Oct 26 Market capitalisation € 127,4 Mio. 4.4 Interest paym