UBM Development (UBS) Q4 2025 earnings summary

Executive summary

• Achieved full-year profitability in 2025, with EBT reaching €3.9m and net profit improving to -€2.3m, reversing prior year losses and exceeding expectations.

• Sold 452 apartments in 2025, up 12% from 2024, surpassing targets amid a widening demand-supply gap in residential markets.

• Revenue increased by 31.1% year-over-year to €139.2m, driven by strong apartment sales.

• Cash position at €118m exceeded expectations, supporting senior bond repayments and ongoing capital market activities.

• Strategic portfolio re-balancing underway, focusing on freeing up cash and shifting resources to affordable housing.

Financial highlights

• Revenue for 2025 rose to €139.2m from €106.2m in 2024; earnings before tax reached €3.9m, reversing prior year losses.

• Net debt reduced to €527.6m from €546m year-over-year; staff headcount decreased by 20, with workforce reduced by 8.7% to 211 employees.

• Equity ratio at 32.1%, within the 30-35% target range, up from 29.1% year-over-year; over €160m raised on capital markets in 2025.

• Cash and cash equivalents at year-end were €117.7m, down from €199.5m in 2024.

• Share price increased 23.3% to €19.85 at year-end; market capitalization at €148.3m.

Outlook and guidance

• 2026 strategy centers on reallocating resources to affordable housing, freeing up cash from non-strategic assets, and adjusting workforce.

• No formal guidance for 2026 due to ongoing market volatility; expects positive effects from market consolidation.

• Anticipates less competition, a widening supply-demand gap, and minimal repayments in the near term.