Slides
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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
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Annual results 2025 Agenda 2 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
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Annual results 2025 Key figures and events at a glance Hardstrasse 299/301, Zurich West
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Key figures and events at a glance Annual results over previous year 4 219.3 Net profit incl. revaluation effect (CHF million) / previous year: 211.4 125.0 Revaluation of portfolio (CHF million) / previous year: 121.3 204.0 Rental income (CHF million) / previous year: 221.3 282.6 Completed project volume (CHF million) / previous year: 248.1 Lindbergh-Allee 1, Glattpark 52.9 Earnings from Development & Realisation (CHF million) / previous year: 42.8 122.1 Net profit excl. revaluation effect (CHF million) / previous year: 122.7 Lindbergh-Allee 1, Glattpark2022 2023 2024 2025
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Key figures and events at a glance Successful lets and important project milestones 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 Boulevard Lilienthal, Glattpark 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 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) Baarermatte, Baar 5 Rue du Grand-Pré 64/66, Geneva Real Estate segment Development & Realisation segment Transactions & Financing 1 partly after balance sheet date
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Herostrasse 12, Zurich Altstetten Notes to the financial report Annual results 2025
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Notes to the financial report Increase in net profit incl. revaluation effect 7 Key drivers: − Temporary decline in rental income, offset by: − higher earnings from Development & Realisation − falling financing costs − Portfolio revaluation Net profit (CHF million) 124.7 133.3 142.9 122.0 122.7 122.1 170.1 182.6 154.7 65.2 211.4 219.3 0 50 100 150 200 250 2020 2021 2022 2023 2024 2025 excl. revaluation effect incl. revaluation effect
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Notes to the financial report 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
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221.3 -4.6 -3.8 -10.2 0.2 1.1 204.0 2024 Portfolio changes Increase vacancy Early termination rental agreements Other income & defaults Rent adjustments 2025 Notes to the financial report 9 Composition of change in rental income (CHF million) 27.2 23.8 12.3% 11.7% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 0 5 10 15 20 25 30 2024 2025 Real estate expenses in CHF million and in % of rental income Performance of rental income and property expenses
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–0.09% Change Avg. discount rate portfolio (real) on 31.12.2024 Notes to the financial report Overview of revaluations City of Zurich Rest of Canton Zurich Lake Geneva region Other regions 30.8 53.6 6.8 91.236.3 -10.8 25.5 10.9 -1.8 0.9 10.0 -0.4 -1.8 0.5 -1.7 -15 5 25 45 65 85 105 125 Residential 77.6 Office 39.2 Under construction 8.2 Total 125.0 Geographical distribution of valuation effect (CHF million) 10 2.84% Avg. discount rate portfolio (real)
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Notes to the financial report Development of market value and vacancy rate 11 Largest vacant properties: Route François-Peyrot, Le Grand-Saconnex Market value of portfolio (CHF million) and vacancy rate (% of target rental income) Richti site, Wallisellen 54% 69% 79% 15% 4% 31% 31% 17% Freiburgstrasse, Bern Route François-Peyrot, Le Grand-Saconnex Richti-Areal, Wallisellen let newly let (in 2025) Vacancy 3525 3575 3957 4195 4375 4525 5106 5097 5077 5185 5267 7.5 5.1 2.4 2.0 2.2 1.4 1.6 1.6 1.7 1.6 3.4 0 1000 2000 3000 4000 5000 6000 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
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Notes to the financial report Advantageous maturity profile of commercial leases 12 4% 13% 16% 9% 11% 6% 1% 6% 13% 9% 12% 2026 2027 2028 2029 2030 2031 2032 2033 2034 >2035 unlimited Maturity profile (% of outstanding rental income) 5.0 Weighted remaining term of fixed-term leases for commercial properties (years)
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Notes to the financial report Higher Earnings from Development & Realisation 13 7.1 11.2 21.1 0 5 10 15 20 25 2023 2024 2025 Gains on sales (CHF million) 40% 23% 21% 10% 6% Earnings from Development & Realisation Gains on sales Fees from third-party business Capitalised own development Income from placements and sales deductions Other income +89%52.9 CHF million 5 6 7 8 9 10 11 12 13 2021 2022 2023 2024 2025 Gross margin third-party projects Realisation (%) Gross margin third-party projects Realisation (%) Target gross margin (%)
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Notes to the financial report 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
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Notes to the financial report Long-term, stable and diversified financing 15 1.13% Avg. interest rate Previous year: 1.25% 39 Avg. duration of financial liability (months) Previous year: 40 months Debt financing structure as at 31.12.2025 (CHF million) Mortgages Bonds Interest rate on outstanding financial debtFixed advances 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 0.0 100.0 200.0 300.0 400.0 500.0 600.0 700.0 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
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50%50% Notes to the financial report Profit and distribution per share 16 5.75 5.75 6.25 6.50 6.75 6.75 7.00 7.00 7.00 7.00 7.00 6.89 7.04 7.11 7.28 8.94 7.84 8.34 8.65 7.39 7.43 7.39 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Operating profit per share and distribution (CHF) Breakdown of planned distribution (CHF) CHF 7.00 3.4% Dividend yield1 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 Distribution EPS excl. revaluation effect
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Toni site, Zurich West Annual results 2025 Portfolio and projects
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Portfolio and projects Balanced investment mix with a focus on central locations in Zurich and Geneva Allreal’s entire portfolio available digitally: 18 13% Lake Geneva region 84% Zurich region/Zug 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 (%) 5.3 CHF billion Portfolio value 31 December 2025 50% Office 25% Residential 10% Education 10% Industry 5% Other
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Portfolio and projects Commercial properties with low demand risks thanks to their excellent quality and location 4.3% Vacancy rate for commercial properties Bellerivestrasse 36, Zurich 3.9% Net yield of commercial properties 16% 6% 5% 5% 3% 65% Largest tenants (% of rental income) Canton of Zurich Allianz Generali Everllence La Prairie Other 19 3.46 Value as at 31.12.2025 (CHF billion) 39 Number of commercial properties Kreuzstrasse, Zurich Riesbach Schiffbauplatz, Zurich West
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Portfolio and projects Modern residential portfolio as a secure investment Regional distribution (% of market value) City of Zurich Rest of Canton Zurich Lake Geneva region Other regions (0.2%) 34% 42% 24% Rue de Zurich 1, Geneva Hardturmstrasse 5, Zurich West Schiffbaustrasse 7, Zurich West 20 0.8% Vacancy rate for residential properties 2.9% Net return of residential properties 1.81 Value as at 31.12.2025 (CHF billion) 39 Number of residential properties
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Portfolio and projects Active portfolio management: Changes in the portfolio in 2025 21 Rue Edouard-Rod, Geneva Freiburgstrasse, Berne Disposals in the portfolio H1 2025 – Baarermatte, Baar: to investment properties under construction – Soodmattenstrasse 8-10, Adliswil: to development properties – Marterlochstrasse, Bülach: Sale – Freiburgstrasse 130, Bern: from inv. properties under construction Additions in the portfolio – Steinenvorstadt 36, Basel: SaleH2 2025 – Av. de l’Amandolier, Geneva: from inv. properties under construction – Rue Edouard-Rod, Geneva: from inv. properties under construction Q1 2026 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 • Realisation of the development potential of properties in the portfolio • 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 → Gains on sales in H1 2026 > CHF 10 million Share of rental income (%) Portfolio in Western Switzerland (updated): 50% Office 30% Residential 8% Industry 12% Other
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Portfolio and projects Purchase of property at Rue du Grand-Pré 64/66 in Geneva 22 − 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
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2026 Portfolio and projects Selection of ongoing development projects for own portfolio (build to hold) 23 Köschenrüti Zurich Renggerstrasse 3 Zurich Target rental income p.a. Use Completion ~ CHF 3 million Residential 2029 ~ CHF 1 million Residential April 2026 Baarermatte Baar ~ CHF 2 million Office and parking 2028 Riant-Parc Geneva ~ CHF 1 million Residential 2028 Badenerstrasse 301 Zurich ~ CHF 2 million Residential 2029 − 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
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Portfolio and projects Number of ongoing projects for sale as condominiums (build to sell) 24 Investment volume Sale status Completion Strubenacher Living Zumikon ~ CHF 40 million 7/19 2027 Panorama Eggen Lucerne ~ CHF 95 million 30/73 2027 Baarermatte Baar ~ CHF 130 million Sale to start 2026 2028 Hohlgasse Sünikon ~ CHF 50 million ~ 2029 Inzlingerstrasse Riehen ~ CHF 60 million Sale to start ~ 2027 ~ 2029 Sale to start ~ 2027 − 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
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-300 -360 560 -100 Capex condominiums projects (BTS) Capex portfolio projects (BTH) Sale of condominiums Net Capex Portfolio and projects Pipeline well filled and long-term financing secured 25 Note All figures in CHF million – Net Capex refers to investment less the proceeds from the sale of condominiums; deviations possible owing to procedural dependencies Overview of current projects in the pipeline and under construction that will be completed in the next five years
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Portfolio and projects Realisation with increase in volume and order backlog 26 Brüttiseller-Tor, Wangen-Brüttisellen Volume of projects completed (CHF million) Order backlog (CHF million) 504 462 413 341 567 190 149 152 326 270 0 100 200 300 400 500 600 700 800 900 2021 2022 2023 2024 2025 Haus zum Falken, Zurich Heuwaage, Basel Third-party projects Own projects 170 160 78 123 0 20 40 60 80 100 120 140 160 180 200 220 240 260 280 300 2024 2025 248 283 837 667 565 611 694 Third-party projects Own projects
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Annual results 2025 Sustainability Avenue du Cimetière, Petit-Lancy
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Sustainability Holistic assessment / 4 stars achieved in first ever GRESB rating 28 Environment Social Governance – Net zero – Labels and guidelines – Use of resources and recyclability – Biodiversity and water management – High-quality living spaces – Management and corporate culture – Workplace health and safety – Diversity and equal opportunities – Integration of sustainability in the company – Ethics and compliance – Participation and stakeholder involvement – Digitalisation and cyber security Standing investments: 4 stars | 86/100 points | Green Star Development: 3 stars | 94/100 points | Green Star GRESB Real Estate Assessment For comprehensive reporting on goals achieved, see the Sustainability report: A- (Scale: A to F) AA (Scale: AAA to CCC) B- (Scale: A+ to D-)
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Sustainability Decarbonisation targets exceeded 29 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 Greenhouse gas emissions in the investment portfolio in kg CO2 equivalent/m2 of energy reference area (ERA)
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Annual results 2025 Outlook Herostrasse, Zurich Altstetten
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Rising rental income and falling vacancy rate Increase in income from sale of condominiums Slightly higher construction volume and stable operating expenses Improvement in operating profit Relevant contribution to earnings from sale of investment properties in H1 2026 Slightly higher financing costs Stable key balance sheet figures Annual results 2025 Positive outlook for 2026 Hardstrasse 301, Zurich West
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Annual results 2025 Dates for your diary and further information 32 − 27th annual general meeting 17 April 2026 − Allreal Property Tour, Zurich West 20 May 2026 − Half-year results 2026 24 August 2026 Online report Value update 2025
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Annual results 2025 Q&A Rue du Grand-Pré 64/66, Geneva
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Annual results 2025 Appendix 34 1. Main tables from the financial report 2. Development reserves 3. Leases broken down by sector 4. Composition of shareholder base and information about our shares
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Appendix Key figures at a glance 35 2025 or 31.12.2025* 2024 or 31.12.2024* Change (%)1 Group Total sales2 (CHF million) 486.6 469.4 3.7 Operating profit (EBIT) incl. revaluation gains (CHF million) 308.8 311.2 –0.8 Net profit incl. revaluation effect3 (CHF million) 219.3 211.4 3.7 Operating profit (EBIT) excl. revaluation gains (CHF million) 183.8 189.9 –3.2 Net profit excl. revaluation effect3 (CHF million) 122.1 122.7 –0.5 Cash flow from operating activities (CHF million) 156.5 85.1 83.9 Return on equity incl. revaluation effect3 % 8.1 8.2 –0.1 Return on equity excl. revaluation effect3 % 5.7 5.7 – Equity ratio on balance sheet date % 45.8 44.9 0.9 Net gearing4 as at balance sheet date % 97.2 102.1 –4.9 Net finance debts5 (CHF million) 2 669.6 2 695.4 –1.0 Average interest rate on financial liabilities on balance sheet date % 1.13 1.25 –0.12 Average duration of financial liability on balance sheet date Months 39 40 –1.0 Completed project volume Realisation (CHF million) 282.6 248.1 13.9 Earnings from Development & Realisation6 (CHF million) 52.9 42.8 23.6 Gross margin third-party projects Realisation7 % 10.8 10.4 0.4 Employees on balance sheet date Full-time equivalents 211 216 –5 Share Net profit per share incl. revaluation effect3 CHF 13.28 12.80 3.7 Net profit per share excl. revaluation effect3 CHF 7.39 7.43 –0.5 Net asset value (NAV) per share before deferred tax on balance sheet date CHF 194.11 185.56 4.6 Net asset value (NAV) per share after deferred tax on balance sheet date CHF 166.23 159.95 3.9 Distribution per share8 CHF 7.00 7.00 – Share price on balance sheet date CHF 204.00 165.60 23.2 Dividend yield9 % 3.4 4.2 –0.8 Valuation on balance sheet date Market capitalisation10 (CHF million) 3 369.0 2 734.3 23.2 Enterprise value (EV)11 (CHF million) 6 038.6 5 429.7 11.2 * Should no further particulars be given, values referring to the income statement concern the full year and balance sheet va lues the cut-off dates 31 December 2025 and 31 December 2024. 6 Income from Development & Realisation segment, sales Development, capitalised own development and other income minus direct expenses from Development & Realisation and sales Development 7 Earnings from Realisation as a percentage of income from Realisation 8 Board of Directors proposal of CHF 7.00 per share for the 2025 financial year 9 Yield corresponds to the distribution per share as a percentage of the share price on the balance sheet date 10 Share price at balance sheet date multiplied by the number of outstanding shares 11 Market capitalisation plus net finance debts 1 Changes in number and percentage values are shown as an absolute difference 2 Rental income from investment properties plus completed project volume in the Realisation division 3 Revaluation effects correspond to gains from the revaluation of investment properties less deferred taxes on revaluation 4 Borrowings minus cash and marketable securities as a percentage of equity 5 Borrowings minus cash and marketable securities
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Appendix Real estate at a glance 36 2025 or 31.12.2025* 2024 or 31.12.2024* Change (%)1 Investment properties Residential properties on balance sheet date2 Number 38 36 2 Commercial properties on balance sheet date3 Number 38 40 –2 Market value on balance sheet date (CHF million) 5 234.6 5 110.2 2.4 Rental income from investment properties (CHF million) 204.0 221.3 –7.8 Vacancy rate4 % 3.4 1.6 1.8 Real estate expenses (CHF million) –23.8 –27.2 –12.5 Real estate expenses (% of rental income) 11.7 12.3 –0.6 Gross yield5 % 4.1 4.5 –0.4 Net yield6 % 3.6 3.9 –0.3 Investment properties under construction Properties on balance sheet date Number 2 4 –2 Market value on balance sheet date (CHF million) 32.4 75.2 –56.9 Estimated investment volume7 (CHF million) 66.5 118.8 –44.0 Development properties Book value of development reserves on balance sheet date (CHF million) 486.8 451.0 7.9 Estimated investment volume of development reserves7 (CHF million) 1 546.0 1 512.9 2.2 Book value of buildings under construction on balance sheet date (CHF million) 90.8 50.5 79.8 Estimated investment volume of buildings under construction7 (CHF million) 351.4 97.4 260.8 Book value of completed properties on balance sheet date (CHF million) 0.0 0.0 – * Should no further particulars be given, values referring to the income statement concern the full year and balance sheet va lues the cut-off dates 31 December 2025 and 31 December 2024. 1 Changes in number and percentage values are shown as an absolute difference 2 The addition relates to the completed properties Avenue de l’Amandolier 21 and Rue Edouard-Rod 10 in Geneva 3 The change includes the sale of Steinenvorstadt 36 in Basel and Marterlochstrasse 21 in Bülach, as well as reclassifications of the newly renovated Freiburgstrasse 130 in Be rn and the building under construction at Baarermatte in Baar 4 As a percentage of target rental income, cumulative as at balance sheet date 5 Rental income from investment properties as a percentage of the amortised market value of the investment properties as at 1 J anuary 6 Rental profit from investment properties as a percentage of continued market value of investment properties as at 1 January 7 Building and land costs
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Appendix Development reserves 37 Location Property Plot area (m²) Portfolio / Condominiums Book value (CHF million) Estimated investment volume (CHF million) Earliest start of realisation Adliswil Soodmattenstrasse 8/10 10 043 Portfolio 49.5 75 2027 Chavannes-près-Renens VD Av. de la Gare 84 / Route de la Maladière (Les Serres) 33 111 Both 126.1 341 > 2030 Confignon GE Route de Base (Cherpines) 6 231 Both 21.0 61Ch. des Grands-Champs 23 (Cherpines) Portfolio 2029 Ch. des Charrotons 25 (Cherpines) Portfolio Geneva Ch. Dr-J-L-Prévost 3 (Fontaines Saintes) 1 186 Portfolio 7.7 30 2029 Ch. Buisson 6 (Fontaines Saintes) 480 Portfolio 3.2 4 2029 Ch. Mestrezat 5A, 5B et 7 (Fontaines Saintes) 3 762 Both 22.0 40 2029 Av. de Joli-Mont 2 / Av. Louis-Casaï 12 / Av. de Riant-Parc (Riant Parc) 2 038 Both 14.5 29 2027 Av. Louis-Casaï 60–62 (Casaï) 1 932 Both 2.3 23 2027 Nyon VD Route des Tattes d’Oie 83/91 (Les Tattes d’Oie) 6 093 Both 10.1 42 > 2030 Riehen BS Inzlingerstrasse 10 883 Condominiums 21.4 62 2027 Sünikon ZH Hohlgasse 7 4 916 Condominiums 13.2 51 2027 Veyrier GE Rte de Veyrier 199/201 (Le Pré des Dames) 15 441 Both 21.0 92 2028 Winterthur ZH Vitus site 75 000 Both 97.4 535 > 2030 Zumikon Geissacher 5 500 Condominiums 35.9 85 > 2030 Zurich Badenerstrasse 501–505 1 793 Portfolio 34.3 65 2026 Hauserstrasse 1 341 Condominiums 7.2 11 2028 Investment volumes include land and building costs Deviations possible owing to procedural dependencies; illustrates current state of knowledge
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Appendix Leases broken down by sector Sector distribution 2025 (as a percentage of rental income for commercial properties) Service/Consultation27% 22% 19% 18% 6% 5% 3% Trade/Commerce Banks/Insurance companies Public sector Residential Catering and other Information technology 38 Sector distribution 2024 (as a percentage of rental income for commercial properties) Service/Consultation26% 23% 19% 18% 6% 5% 3% Trade/Commerce Banks/Insurance companies Public sector Residential Catering and other Information technology
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Appendix Composition of shareholder base and information about our shares 39 Shareholders broken down by category Shares not registered 30% 18% 15% 17% 7% 9% 4% Investment company/Fund Pension fund Natural persons Insurance company Other1 Other legal entities Significant shareholders: - UBS Fund Management (Switzerland) AG, 12.45% - Olivier Plan, 6.74% 2 - BlackRock, Inc., 4.72% - Peter Spuhler, 4.33% 3 - Dimensional Holdings Inc., 3.64% 4 - Swisscanto Fund Management Company Ltd., 3.02%Note Data as at 31.12.2025; SIX Swiss Exchange 1 Other: Banks, public entities and other foundations Significant shareholders: Shareholders who, as at 31 December 2025, had informed Allreal by means of a disclosure notice thatthey had a shareholding (direct and/or indirect) of more than 3%. 2 Held directly by Immosynergies Holding SA, Plan-les-Ouates GE 3 In the case of Peter Spuhler, the management transactions reported are included in the shareholding details 4 Held directly by Dimensional Ireland Limited, Dublin, IE 100% Free float Allreal shares > 5 million CHF Ø daily trading volume of Allreal shares in 2025
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Annual results 2025 Disclaimer 40 This presentation includes statements relating to the future that are based on current expectations and assumptions. These statements are subject to risk and uncertainty, which may lead to the actual results deviating considerably from what is described in the statements relating to the future. Among the factors that may cause such deviations are market conditions, economic developments and regulatory changes. The information contained in this presentation is solely for information purposes and should not be construed as an offer of securities for sale nor as a request to subscribe to securities. All data and information in this presentation are valid at the time of drafting, but may be changed without notice. The company accepts no liability for any errors or omissions in the information provided. Investors are recommended to carry out their own due diligence and obtain independent advice before making investment decisions.