Slides
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27 August 2025 HY1 2025 Results Conference Call
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We continue to deliver on our promises and have a solid plan HY1 2025 Conference Call Presentation Platform 2 Financial consolidation fully on track: all promiss ory notes maturing in 2025 repaid as planned: Promissory notes totalling EUR 225 million repaid in HY1 2025; further repayment of EUR 68 million end of July The promissory notes, which were subject to the StaRUG proceedings in 2024, were repaid in full. Debt reduction remains a high priority – full compliance with covenants Well filled disposal pipeline in transaction-wise t raditionally weak H1: Sale of 10 objects (COP) amounting to EUR 131 million signed in HY1, thereof closed in HY1: EUR 82 million Higher activity in Q2 of HY1 Confidence in reaching the external disposals guidance of 600 to 800 million euros Commercial portfolio as sustainable cash flow provi der: Stable and solid rent development (due to high quality portfolio and rent indexations) deliver constant and predictable cash flows Ongoing portfolio optimization shows like-for-like rental growth of 1.0 % due to indexations Continuing strategic focus on office and logistic properties 82% of market value; as of 30 June 2025 Increase of the average rent from EUR 9.06/sqm prior year to EUR 10.02/sqm as of 30 June 2025 Institutional Business continues to be a stabilisin g factor: Focus on assets under management (EUR 8.4 billion; as of 30 June 2025) Like-for-like rental growth of 0.9% Strong and solid setup; ready for market upswing (especially with regards to transaction fees) On track with cost discipline contributing to incre ase in FFO: Significantly reduced cost base due to various measures; continued cost discipline OPEX reduced by yoy 14.3% as of 30 June 2025
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3 Major milestones achieved in improving financial profile Financials Maturities of loans and borrowings, nominal values in EUR million Average interest rate 1 Incurrence-based; 2 Maintenance-based 81 66 156 604 478 400 68 144 43 11 30 2025 2026 2027 2028 2029 and later Bank debt Bonds Promissory Notes 2.27% 2.46% 1.72% 3.30%1.93% Continued focus on deleveraging leads to improved covenants Bond covenants as of 30 June 2025 with wider headroom: Bond LTV 57.4% (covenant level <60.0%) 1 Secured LTV 36.6% (covenant level <45.0%) 1 Bond ICR 2.3x (covenant level >1.8x) 2 All covenants in 6M 2025 improved in line with expectation The average interest rate is down from 2.5% to 2.4% following the repayment of EUR 225 million promissory notes in H1 2025, bringing total debt repayments to more than € 290 million in 2025 so far. Remaining 2025 bank debt includes EUR 72 million refinancing – where we are in advanced negotiations – and about EUR 5 million scheduled amortization. 2.36% As of 30 June 2025 HY1 2025 Conference Call Presentation 77 2024 31 Mar. TODAY 31 Mar. 30 Jun. ytd 84 2024 179
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4 HY1 2025: Strong letting performance in challenging environment anchored by a strong real estate platform Like-for-like rental growth continues with +0.9% Operations Assets under Management in EUR billion Like-for-like rental income annualised in EUR million Lease expiry volume, total platform in % of annualised rental income 8.9 8.8 8.4 3.6 2.8 2.7 12.5 11.6 11.1 30.06.2024 31.12.2024 30.06.2025 Institutional Business Commercial Portfolio 410.7 414.3 140.9 142.3 551.6 556.6 30.06.2024 30.06.2025 Institutional Business Commercial Portfolio +0.9% +1.0% +0.9% 2.1 9.3 12.0 13.6 63.0 2025 2026 2027 2028 2029 et seqq. HY1 2025 Conference Call Presentation Letting performance in sqm 161,200 110,700 19,700 104,000 180,900 214,700 HY1 2024 HY1 2025 Renewals New lettings +18.7%
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3.4 2.1 30.06.2024 30.06.2025 0.3 1.9 20.5 18.9 77.1 63.4 30.06.2024 30.06.2025 Rents Mgmt. Fees (rec.) Mgmt. Fees (non-rec.) 5 HY1 2025: Stable contribution from directly held portfolio, net rental income driven by successful transactions Solid recurring income results Financials Net rental income Real estate management fees Include recurring Asset-, Property- and Development-Fees and Transaction- and Performance Fees Income from associated companies Recurring income Rents and Management Fees All figures in EUR million 77.1 63.4 30.06.2024 30.06.2025 20.5 18.9 0.3 1.9 20.8 20.8 30.06.2024 30.06.2025 Transaction Fees AM/PM/Dev. Fees HY1 2025 Conference Call Presentation 99.7% recurring 97.7% recurring 97.9 84.2
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HY1 2025 Conference Call Presentation 6 HY1 2025: Funds from Operations (FFO) 1 up due to improved net interest results and OPEX upside 1 Excluding non-controlling interest (NCI), before taxes Net rental income reduced mainly due to transactions Share of the profit of associates reduced due to the sale of the VIB Retail Balance I end of 2024 OPEX shows continous results of „Performance 2024“ Improved net interest result due to continued reduction of liabilities 1 2 3 Financials 4 1 -13.7 -3.3 22.7 19.4 +19.0 -2.1 4 -1.3 +4.7 2 3
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HY1 2025 Conference Call Presentation 7 Guidance 2025 Financials EUR 125 – 135 million EUR 50 – 60 million EUR 40 – 55 million EUR 600 – 800 million, thereof: Commercial Portfolio: EUR 500 - 600 million Institutional Business: EUR 100 - 200 million EUR 100 – 200 million Only Institutional Business Gross rental income Real estate management fees FFO I (after minorities and before taxes) Disposals Acquisitions
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HY1 2025 Conference Call Presentation 8 Mid-term ambition confirmed: Transformation towards a profitable, ESG-focussed and value-generating asset expert Expansion of value chain in an extended asset spect rum will sustainably strengthen cashflows and finan cial position Outlook Substantially improve Group earnings Earnings from ESG expertise will surpass earnings contribution from traditional real estate management Return to net profit in 2026 Ambitions Substantial debt reduction and strengthened headroom for financial covenants ICR increases generally remaining above 2.0x LTV <50% Secured LTV around 30% by end of 2026
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Q & A
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HY1 2025 Conference Call Presentation 10 Investor Relations Financial calendar 2025 Baader Investment Conference 2025 22.09. Publication Quarterly Statement Q3 2025 06.11. Investor Relations Tel +49 69 94 54 858-1492 Fax +49 69 94 54 858-9399 ir@branicks.com Jasmin Dentz Contact and Financial Calendar branicks.com/en/ir More information on
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Appendix More facts and figures
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12 HY1 025: P&L – Commercial Portfolio segment FFO contribution stable after deducting non-controlling interests in spite of sales Financials Commercial Portfolio (COP) • Gross rental income reduced year-on-year to EUR 72.3 million on account of sales despite strong letting performance in the first half of 2025 with like-for-like growth of 1.0 % in the Commercial Portfolio. Reflecting this trend, net rental income reduced to EUR 63.4 million. • Branicks generated sales profits of EUR 3.0 million in the first half of 2025. • Operating expenses were reduced to EUR 12.1 million in the first half of 2025. While personnel expenses were down EUR 0.5 million to EUR 5.8 million, administrative expenses decreased by EUR 1.0 million to EUR 6.3 million. • Considerably lower impairment charges of EUR 21.5 million were recognised in the context of transactions. As a result, depreciation, amortization and impairment charges totalling EUR 46.5 million were recognised in the first half of 2025. • Due to our successful deleveraging, interest expense including one offs was significantly reduced to EUR – 35.1 million. • The segment’s FFO contribution after deducting non- controlling interests as of 30 June 2025 was stable year-on- year at EUR 17.7 million. The lower interest expense and reduced OPEX fully compensated the transaction-related decrease in gross and net rental income. Segment reporting HY1 2024 HY1 2025 in EUR million Total IBU COP Total IBU COP 89.1 89.1 72.3 72.3 Gross rental income (GRI) 77.1 77.1 63.4 63.4 Net rental income (NRI) 0.5 0.5 3.0 3.0 Profits on property disposals 20.8 20.8 20.8 20.8 Real estate mgmt. fees 3.4 1.5 1.9 2.1 2.1 0.0 Share of the profit or loss of associates -157.0 -4.4 -152.6 -50.2 -3.7 -46.5 Depreciation and amortisation 0.6 0.1 0.5 -1.3 -0.2 -1.1 Net other income -54.6 -0.3 -54.3 -35.6 -0.5 -35.1 Net interest result -32.9 -19.3 -13.6 -28.2 -16.1 -12.1 Operational expenditure (OPEX) -14.6 -7.3 -7.3 -11.1 -4.8 -6.3 of which admin costs -18.3 -12.0 -6.3 -17.1 -11.3 -5.8 of which personnel costs 12.7 0.0 12.7 11.3 0.0 11.3 Other adjustments -7.6 -1.2 -6.4 -9.7 -1.0 -8.7 Non-controlling interests 19.4 1.6 17.8 22.7 5.0 17.7 Funds from operations (FFO) after non-controlling interests 19.9 1.6 18.3 25.7 5.0 20.7 Funds from operations II (FFO II) after non-controlling interests HY1 2025 Conference Call Presentation
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13 HY1 2025: P&L – Institutional Business segment Higher FFO contribution after non-controlling inter ests Financials Institutional Business (IBU) Real estate management fees of EUR 20.8 million. These consist of recurring asset and property management and development fees totalling EUR 18.9 million, and transaction and performance fees of EUR 1.9 million. Investment income was up approximately 40 % year-on-year at EUR 2.1 million. At EUR 16.1 million, operating expenses were around 17 % lower than the previous year. This is mainly due to a reduction in administrative expenses , which came to EUR 4.8 million. Personnel costs also declined to EUR 11.3 million. These figures once again reflect the continued progress of our Performance 2024 programme. The segment’s FFO contribution was considerably higher year-on-year at EUR 5.0 million. HY1 2024 HY1 2025 in EUR million Total IBU COP Total IBU COP 89.1 89.1 72.3 72.3 Gross rental income (GRI) 77.1 77.1 63.4 63.4 Net rental income (NRI) 0.5 0.5 3.0 3.0 Profits on property disposals 20.8 20.8 20.8 20.8 Real estate mgmt. fees 3.4 1.5 1.9 2.1 2.1 0.0 Share of the profit or loss of associates -157.0 -4.4 -152.6 -50.2 -3.7 -46.5 Depreciation and amortisation 0.6 0.1 0.5 -1.3 -0.2 -1.1 Net other income -54.6 -0.3 -54.3 -35.6 -0.5 -35.1 Net interest result -32.9 -19.3 -13.6 -28.2 -16.1 -12.1 Operational expenditure (OPEX) -14.6 -7.3 -7.3 -11.1 -4.8 -6.3 of which admin costs -18.3 -12.0 -6.3 -17.1 -11.3 -5.8 of which personnel costs 12.7 0.0 12.7 11.3 0.0 11.3 Other adjustments -7.6 -1.2 -6.4 -9.7 -1.0 -8.7 Non-controlling interests 19.4 1.6 17.8 22.7 5.0 17.7 Funds from operations (FFO) after non-controlling interests 19.9 1.6 18.3 25.7 5.0 20.7 Funds from operations II (FFO II) after non-controlling interests Segment reporting HY1 2025 Conference Call Presentation
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31.12.2024 30.06.2025 in EUR million 3,741.6 3,458.4 Total assets 3,268.8 3,136.8 Total non-current assets 190.2 190.2 - thereof goodwill 472.8 321.6 Total current assets 1,128.5 1,098.6 Equity 1,824.0 1,749.9 Total non-current financial liabilities 444.8 283.0 Total current financial liabilities 344.3 326.9 Other liabilities 2,613.1 2,359.8 Total liabilities 30.2% 31.8% Balance sheet equity ratio 14 HY1 2025: Balance sheet structure Financials As of 30 June 2025, total assets reduced by EUR 283.2 million compared to the end of 2024 to EUR 3,458.4 million. The EUR 132.0 million reduction in non-current assets to EUR 3,136.8 million is primarily attributable to the reclassification of three properties to current assets as “non-current assets held for sale”. The sale of these properties was notarised at the end of June 2025, with possession, benefits and associated risks having been transferred in the third quarter of 2025. The EUR 151.2 million decrease in current assets to EUR 321.6 million is mainly due to two factors: the EUR 184.6 million reduction in cash and cash equivalents to EUR 66.1 million as a result of loan repayments, and the EUR 38.6 million increase in “non-current assets held for sale” to EUR 158.8 million mainly as a result of the reclassification of three properties. Non-current loans and borrowings decreased by EUR 74.1 million to EUR 1,749.9 million due to reclassifications to current loans and borrowings, while the EUR 161.8 million decrease in current loans and borrowings to EUR 283.0 million mainly reflects the repayment of promissory notes totalling EUR 225.0 million made in the first half of the year. Equity as of 30 June 2025 reduced by EUR 29.9 million to EUR 1,098.6 million compared to 31 December 2024. This is mainly due to the loss for the period of EUR – 23.4 million shown for the first six months of 2025. As of the reporting date, the reported equity ratio remained solid, improving to 31.8 % compared to the end of financial year 2024 (31 December 2024: 30.2 %). 1 2 4 3 5 Balance sheet overview 2 5 1 4 3 HY1 2025 Conference Call Presentation 5
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Q3 2024 Conference Call Presentation 15 Disclaimer This publication constitutes neither an offer to sell nor a solicitation to buy or subscribe to any securities. In case ofan offer of securities the information legally required to be provided to investors will be contained only ina securities prospectus as approved by the competent authority. The information contained herein is not for distribution, directly or indirectly, in or into theUnited States of America (including its territories and possessions of any State of the United States of America or the District of Columbia) and must not be distributed to U.S. persons (as defined in Regulation S of the U.S. Securities Act of 1933, as amended ("Securities Act")) or publications with a general circulation in the United States of America. This publication constitutes neither an offer to sell nor a solicitation to buy or subscribe to any securities in the United States of America. None of the securities of Branicks Group AG have been registered under the Securities Act and may not be offered or sold in the United States of America absent registration or an exemption from registration under theSecurities Act. This publication is only addressed to and directed at persons in member states of the European Economic Area who are "qualified investors" within the meaning of Article 2(e) of the Prospectus Directive (Directive 2003/71/EC as amended) ("Qualified Investors"). In addition, in the United Kingdom, this publication is being distributed only to, and is directed only at, Qualified Investors who (i) are persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order"),(ii) are high net worth entities falling within Articles 49(2)(a) to (d) of the Order, or (iii) are other persons to whom it may otherwise lawfully be communicated. This presentation should not be regarded by the recipient as a substitute for the exercise of its own judgment. Nothing contained herein is, or shall be relied upon as, a promise or representation as to the past or future. No representation or warranty, expressed or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information, or opinions contained in this presentation. Neither Branicks Group AG nor any of its advisors or representatives shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this presentation. This presentation speaks as at the date hereof (unless an earlier date is otherwise indicated in the presentation) and in giving this presentation, no obligation is undertaken and nor is any representation or undertaking given by any person to provide the recipient with additional information or to update, revise or reaffirm the information contained in this presentation or to correct any inaccuracies therein which may become apparent. This presentation may contain certain forward- looking statements, forecasts, estimates, strategic targets, projections and opinions ("Forward Statements"). No representation is made or will be made that any Forward Statements will be achieved or will prove to be correct.Actual future results and operations could vary materiallyfrom the Forward Statements. Similarly, no representation is given that the assumptions disclosed in this presentation upon which Forward Statements may be based are reasonable. UNLESS EXPRESSLY STATED OTHERWISE, ALL INFORMATION, DATA, VIEWS AND FORWARD-LOOKING STATEMENTS CONTAINED IN THIS COM PANY PRESENTATION ARE BASED ON INFORMATION, DATA AND FORECASTS AVAILABLE TO THE COMPANY AT THE TIME OF THE PUBLICATION OF THISCOMPANY PRESENTATION. THE COMPANY IS NOT OBLIGED TO UPDATE THIS COMPANY PRESENTATION UNDER RELEVANT LAWS AND THEREFORE WILL NOTUPDATE THIS COMPANY PRESENTATION WHATSOEVER. ALL INFORMATION ANDDATA CONTAINED IN THIS COMPANY PRESENTATION ARE BASED ON INFORMATION AND DATA, WHICH WAS PREVIOUSLY PUBLISHED BY THE COMPANY IN CONNECTION WITH ITS CONTINUOUS REPORTING OBLIGATIONS UNDER RELEVANT FINANCIAL OR SECURITIES LAWS. For computational reasons, rounding differences from the exact mathematical values calculated (in EUR thousand, %, etc.) may occur in tables and cross-references. Presentation as of August 2025