Allreal : Presentation annual results 2025 (Presentation annual results 2025)

Allreal Group

Annual results 2025 above previous year with positive outlook

Stephan Widrig, CEO Marc Frei, CFO

Zurich, 20 February 2026 Rue du Grand-Pré 64/66, Geneva

Annual results 2025

Agenda

1. Key figures and events at a glance

2. Notes to the financial report

3. Portfolio and projects

4. Sustainability

5. Outlook

6. Q&A

7. Appendix

2

Annual results 2025

Key figures and events at a glance

Hardstrasse 299/301, Zurich West

Annual results over previous year

204.0

52.9

Rental income

(CHF million) / previous year: 221.3

125.0

Revaluation of portfolio

(CHF million) / previous year: 121.3

122.1

Net profit excl. revaluation

effect

(CHF million) / previous year: 122.7

Earnings from Development &

Realisation

(CHF million) / previous year: 42.8

282.6

Completed project volume

(CHF million) / previous year: 248.1

219.3

Net profit incl. revaluation

effect

(CHF million) / previous year: 211.4

4

2022 2023 2024 2025

Lindbergh-Allee 1, Glattpark

Successful lets and important project milestones

Real Estate segment Development & Realisation segment Transactions & Financing

Boulevard Lilienthal, Glattpark

Baarermatte, Baar

Rue du Grand-Pré 64/66, Geneva

Re-lets and extensions of > 52,000 m2 in 2025

Important rental agreements extended, incl. for:

− White Plaza, Basel

− Herostrasse, Zurich

− Vulkanstrasse, Zurich

− Boulevard Lilienthal, Glattpark

WAULT 5.0 years (FY 2024 5.1)

1 partly after balance sheet date

Completion in 2025:

− Spiserstrasse, Zurich

− Avenue de I'Amandolier, Geneva

− Rue Edouard-Rod, Geneva

Realisation and sale started:

− Panorama Eggen, Lucerne

− Strubenacher Living, Zumikon

Demolition in progress:

− Baarermatte, Baar

Projects for third parties on track with successful project completions

Purchases1

− Rue du Grand-Pré, Geneva

− Northern area of garden town Köschenrüti, Zurich

− Several plots of land in Zumikon

Sales 1 Several residential properties in Basel and Geneva

Successful refinancing as a result of issuing two green bonds for a total of CHF 235 million

5

Annual results 2025

Notes to the financial report

Herostrasse 12, Zurich Altstetten

Increase in net profit incl. revaluation effect

Net profit (CHF million) 250

170.1

182.6

154.7

142.9

124.7

133.3

122.0

122.7

122.1

65.2

200

150

100

50

0

211.4 219.3

Key drivers:

− Temporary decline in rental income, offset by:

− higher earnings from Development & Realisation

− falling financing costs

− Portfolio revaluation

2020 2021 2022 2023 2024 2025

excl. revaluation effect incl. revaluation effect

7

Stable operating profit

(CHF million)		2025	2024	Change
Real estate earnings		182.8	201.7	-9.4%

Earnings from Development & Realisation

52.9 42.8 +23.6%

Operating expenses and depreciation		-51.9	-54.6	-4.9%
Operating EBIT		183.8	189.9	-3.2%
Financial expense		-31.2	-35.0	-10.9%
Tax expense		-30.5	-32.2	-5.3%
Net profit		122.1	122.7	-0.5%
Earnings per share		7.39	7.43	-0.5%

Note

All figures excl. revaluation effect (excluding income from revaluation of investment properties less deferred taxes on revaluation)

Vulkanstrasse, Zurich Altstetten

Performance of rental income and property expenses

Composition of change in rental income (CHF million)

221.3

Real estate expenses in CHF million and in % of rental income

18%

-4.6

-3.8

-10.2

0.2 1.1 204.0

30

23.8

11.7%

12.3%

27.2

25

20

15

10

5

16%

14%

12%

10%

8%

6%

4%

2%

2024 Portfolio

changes

Increase

vacancy

Early termination

rental agreements

Other income

& defaults

Rent

adjustments

2025

0 0%

2024 2025

9

Overview of revaluations

Geographical distribution of valuation effect (CHF million)

125

105

85

65

45

25

5

-15

Residential 77.6

Office 39.2

Under construction 8.2

Total 125.0

2.84%

10.0

25.5

10.9

36.3

91.2

53.6

30.8

6.8

0.5

0.9

-0.4

-1.8

-10.8

-1.7

-1.8

Avg. discount rate portfolio (real)

-0.09%

Change

Avg. discount rate portfolio (real)

on 31.12.2024

City of Zurich Rest of Canton Zurich Lake Geneva region Other regions 10

Development of market value and vacancy rate

5106 5097 5077 5185 5267

4375 4525

3957

4195

3525 3575

5.1

7.5

2.4

2.0

2.2

1.4

1.7

1.6 1.6

3.4

1.6

Market value of portfolio (CHF million) and vacancy rate (% of target rental income) 6000

5000

4000

3000

Largest vacant properties:

Richti site, Wallisellen

79%

4%

17%

Richti-Areal, Wallisellen

Route François-Peyrot, Le Grand-Saconnex

2000

1000

Route François-Peyrot,

31%

69%

Le Grand-Saconnex

31%

15%

54%

Freiburgstrasse, Bern

0

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

let newly let (in 2025) Vacancy

11

Advantageous maturity profile of commercial leases

Maturity profile (% of outstanding rental income)

5.0

16%

13%

11%

9%

6%

4%

6%

9%

12%

13%

Weighted remaining term of fixed-term leases for commercial properties (years)

1%

2026 2027 2028 2029 2030 2031 2032 2033 2034 >2035 unlimited

12

Higher Earnings from Development & Realisation

Earnings from Development & Realisation

Gains on sales (CHF million)

Gross margin third-party projects Realisation (%)

Gains on sales

Fees from third-party business

Capitalised own development

25

6%

10%

21%

52.9

CHF

million

40%

23%

20

15

10

5

0

Income from placements and sales deductions

Other income

+89%

2023 2024 2025

13

21.1

11.2

7.1

12

11

10

9

8

7

6

5

2021 2022 2023 2024 2025

Gross margin third-party projects Realisation (%)

Target gross margin (%)

13

Improved balance sheet figures

		Limit	2025	2024	2023
Equity (CHF million)			2 745.3	2 641.0	2 545.1
Equity ratio		> 35%	45.8%	44.9%	44.5%
Return on equity excl. revaluation effect			5.7%	5.7%	5.7%
Net finance debts (CHF million)			2 669.6	2 695.4	2 679.1
Loan to value			45.8%	47.5%	48.5%
Net gearing		< 150%	97.2%	102.1%	105.3%
Interest coverage ratio		> 2.0	6.0	5.5	5.9

Schiffbauplatz, Zurich West

Long-term, stable and diversified financing

Debt financing structure as at 31.12.2025 (CHF million)

700.0

600.0

500.0

400.0

2.50%

2.00%

1.50%

1.13%

Avg. interest rate Previous year: 1.25%

300.0

200.0

100.0

0.0

2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

1.00%

0.50%

0.00%

39

Avg. duration

of financial liability (months) Previous year: 40 months

Fixed advances Mortgages Bonds

Interest rate on outstanding financial debt

15

Profit and distribution per share

Operating profit per share and distribution (CHF) 9.00

8.00

7.00

6.00

5.00

4.00

3.00

2.00

1.00

0.00

3.4%

8.94

8.34

7.84

7.28

6.89

7.04

7.11

7.00

5.75

5.75

6.25

6.50

6.75

6.75

8.65
		7.39		7.43		7.39
7.00		7.00		7.00		7.00

Dividend yield1 Breakdown of planned distribution (CHF)

50%

CHF 7.00

50%

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Distribution EPS excl. revaluation effect

1 Yield corresponds to the distribution per share as a percentage of the share price on the balance sheet date

Dividend

Repayment of reserves from contribution of capital

16

Annual results 2025

Portfolio and projects

Toni site, Zurich West

Balanced investment mix with a focus on central locations in Zurich and Geneva

84%

Zurich region/Zug region

10%

Industry

5% Other

10%

Education

5.3

CHF billion Portfolio value

31 December 2025

50% Office

13%

Lake Geneva region

Map: Federal Statistical Office, site statistics for Switzerland, inhabitants per km² of total area, 2024. Left-hand graphic: Percentage figures: Market values of the Allreal portfolio as at the end of 2025.

Right-hand graphic: Share of rental income (%)

25% Residential

Allreal's entire portfolio available digitally:

18

Commercial properties with low demand risks thanks to their excellent quality and location

39

Number of commercial properties

4.3%

Vacancy rate for commercial properties

3.46

Value as at 31.12.2025 (CHF billion)

3.9%

Net yield of commercial properties

Largest tenants

16%

65%

6%

5%

5%

3%

(% of rental income)

Canton of Zurich Allianz

Everllence Generali La Prairie

Other

Kreuzstrasse, Zurich Riesbach Schiffbauplatz, Zurich West

Bellerivestrasse 36, Zurich 19

Modern residential portfolio as a secure investment

39

Number of residential properties

0.8%

Vacancy rate for residential properties

1.81

Value as at 31.12.2025 (CHF billion)

2.9%

Net return of residential properties

Schiffbaustrasse 7, Zurich West

Rue de Zurich 1, Geneva

24%

34%

42%

Regional distribution

(% of market value)

City of Zurich



Rest of Canton Zurich Lake Geneva region Other regions (0.2%)

Hardturmstrasse 5, Zurich West 20

Active portfolio management: Changes in the portfolio in 2025

• Baarermatte, Baar: to investment properties under construction

• Soodmattenstrasse 8-10, Adliswil: to development properties

• Marterlochstrasse, Bülach: Sale

H1 2025

Disposals in the portfolio

Additions in the portfolio

• Av. de l'Amandolier, Geneva: from inv. properties under construction

• Rue Edouard-Rod, Geneva: from inv. properties under construction

- Steinenvorstadt 36, Basel: Sale

- Freiburgstrasse 130, Bern: from inv. properties under construction

H2 2025

Purchase of a larger office building:

- Rue du Grand-Pré 64/66, Geneva

Sales of smaller residential properties:

• Route de Loëx 51 and Chemin de la Traille 21, 25, 35, Onex GE

• Rue Daniel-Gevril 10 and Avenue Industrielle 17, Carouge GE

• Rue Jean-Jaquet 3 and Rue du Grand-Pré 57, Geneva

Q1 2026

• Realisation of the development potential of properties in the portfolio

  Portfolio in Western Switzerland (updated):

• Purchases and sales in Geneva and Basel value-neutral on the same scale

Increase in net rental income of approx. CHF 3 million (full effect from March 2026)

Alignment of Western Switzerland with the mix of uses for the total portfolio

Sale of properties in Basel and Bülach not conforming to the portfolio

Improvement of sustainability values in the total portfolio

12%

Other

8% Industry

50% Office

Gains on sales in H1 2026 > CHF 10 million

30% Residential

Share of rental income (%) 21

Purchase of property at Rue du Grand-Pré 64/66 in Geneva

− 17 100 m2 of office space in the centre of Geneva

− Purchase price: CHF 140 million

− Annual target rental

income:

CHF 7.8 million

− Occupancy status: 97%

− Main tenants:

Canton of Geneva and European Union

− Transfer of ownership: Mid-February 2026

22

Selection of ongoing development projects for own portfolio (build to hold)

2026

Renggerstrasse 3

Zurich

~ CHF 1 million

Residential

April 2026

Köschenrüti

Zurich

~ CHF 3 million

Residential

2029

Badenerstrasse 301

Zurich

~ CHF 2 million

Residential

2029

Riant-Parc

Geneva

~ CHF 1 million

Residential

2028

Baarermatte Baar

~ CHF 2 million

Office and parking

2028

Target rental income p.a.

Use

Completion

− Approx. CHF 10 million of rental income per year expected with projects that will be realised in the next 5 years

− SNBS Gold certification or equivalent standard

− Larger projects planned from 2030, incl. in Dübendorf Stettbach, Kloten, Chavannes and Winterthur 23

Number of ongoing projects for sale as condominiums (build to sell)

Inzlingerstrasse

Riehen

• CHF 60 million Sale to start ~ 2027

• 2029

Hohlgasse Sünikon

• CHF 50 million

  Sale to start ~ 2027

• 2029

Baarermatte

Baar

~ CHF 130 million Sale to start 2026 2028

Panorama Eggen

Lucerne

~ CHF 95 million 30/73

2027

Strubenacher Living

Zumikon

~ CHF 40 million 7/19

2027

Investment volume

Sale status Completion

− Targeted gross margin for projects for sale as condominiums: 12% of investment volume

− All apartments in the projects completed in 2025 sold and handed over

− Development plots secured for realisation from 2030, incl. in Zumikon, Veyrier and Geneva

24

Pipeline well filled and long-term financing secured

Overview of current projects in the pipeline and under construction that will be completed in the next five years

560

-300

-100

-360

Note

Capex condominiums projects

(BTS)

Capex portfolio projects

(BTH)

Sale of condominiums Net Capex

All figures in CHF million - Net Capex refers to investment less the proceeds from the sale of condominiums; deviations possible owing to procedural dependencies 25

Realisation with increase in volume and order backlog

Heuwaage, Basel

Volume of projects completed (CHF million) Order backlog (CHF million)

300

280

260

240

220

Haus zum Falken, Zurich

200

180

160

140

120

100

80

60

40

Brüttiseller-Tor, Wangen-Brüttisellen

20

0

283

2024 2025

Third-party projects Own projects

900

248

78

123

170

160

800

700

600

500

400

300

200

100

0

837

694

667

270

611

190

149

565

152

326

504

567

462

413

341

2021 2022 2023 2024 2025

Third-party projects Own projects

26

Annual results 2025

Sustainability

Avenue du Cimetière, Petit-Lancy

GRESB Real Estate Assessment

Standing investments:

4 stars | 86/100 points | Green Star

Development:

3 stars | 94/100 points | Green Star

Environment

• Net zero

• Labels and guidelines

• Use of resources and recyclability

• Biodiversity and water management

Holistic assessment / 4 stars achieved in first ever GRESB rating

Governance

• Integration of sustainability in the company

• Ethics and compliance

• Participation and stakeholder involvement

• Digitalisation and cyber security

Social

• High-quality living spaces

• Management and corporate culture

• Workplace health and safety

• Diversity and equal opportunities

A- (Scale: A to F) AA (Scale: AAA to CCC) B- (Scale: A+ to D-)

For comprehensive reporting on goals achieved, see the Sustainability report:

28

Decarbonisation targets exceeded

Greenhouse gas emissions in the investment portfolio in kg CO2equivalent/m2 of energy reference area (ERA)

8.7 kg

Average indirect greenhouse gas emissions of own projects in kg CO2/m2a

53.2%

Proportion of space in portfolio with sustainability certification

4.7/5

Customer satisfaction with Allreal rose again in 2025

37.5%

Share of women on the Board

29

Annual results 2025

Outlook

Herostrasse, Zurich Altstetten