UBM Development (UBS) Q4 2024 earnings summary

Executive summary

• Liquidity prioritized in 2024, ending with €199.5m in cash and a 29.1% equity ratio.

• Loss before tax reduced by over 40% to -€23.2m, reflecting improved operations.

• Revenue increased 24.5% to €106.2m; total output up 49.5% to €424.9m.

• Apartment sales surged, more than quadrupling year-over-year to over 400 units.

• Dividend payment waived for 2024 as a precaution amid industry conditions.

Financial highlights

• Net loss reduced by 35.7% to €29.6m; EBT loss cut by 41.1% to €23.2m.

• Net debt decreased by 10.5% to €545.9m; cash position increased by 31.7% to €199.5m.

• Equity ratio stable at 29.1%; equity at €343.7m; total assets at €1,182.4m.

• Earnings per share improved to -€4.77 from -€7.03.

• Personnel costs down 26.5%; staff reduced by 13.8% to 231 employees.

Outlook and guidance

• Return to profitability targeted for H2 2025; 2025 expected to outperform 2024.

• No concrete 2025 guidance due to market volatility; focus on cash management.

• Continued sale of non-strategic assets and operational improvements expected.

• €1.9bn pipeline over four years, with ~3,000 apartments under development or for sale.

• ESG remains a core focus, with strong ratings and commitment.