Additional information
Allreal Annual Report 2025
Management report About Allreal Sustainability report
Corporate governance report Compensation report Financial report
Statutory Financial Statements of Allreal Holding AG Additional information
Alternative performance measures
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The definitions and verification of the calculation of Allreal Group's alternative performance measures for the financial years 2025 and 2024 are set out below.
Total salesTotal rental income from investment properties plus completed project volume in the Realisation division for a reporting period.
CHF million | 2025 | 2024 |
Rental income from investment properties | 204.0 | 221.3 |
Completed project volumen Realisation division | 282.6 | 248.1 |
Total sales | 486.6 | 469.4 |
Operating profit (EBIT) excl. revaluation gains CHF million | 2025 | 2024 |
Operating profit (EBIT) | 308.8 | 311.2 |
Earnings from revaluation of investment properties | -125.0 | -121.3 |
Operating profit (EBIT) excl. revaluation effect | 183.8 | 189.9 |
Net profit excl. revaluation effect CHF million | 2025 | 2024 |
Net profit incl. revaluation effect | 219.3 | 211.4 |
Earnings from revaluation of investment properties | -125.0 | -121.3 |
Deferred taxes on revaluation | 27.8 | 32.6 |
Net profit excl. revaluation effect | 122.1 | 122.7 |
Net profit in relation to average group equity (balance from 1 January and 31 December, divided by two).
CHF million | 2025 | 2024 |
Net profit incl. revaluation effect | 219.3 | 211.4 |
Group equity, balance as at 1 January | 2 641.0 | 2 545.1 |
Group equity, balance as at 31 December | 2 745.3 | 2 641.0 |
Average group equity incl. revaluation effect | 2 693.2 | 2 593.1 |
Return on equity incl. revaluation effect | 8.1% | 8.2% |
Net profit excl. revaluation effect in relation to average group equity excluding the revaluation reserves recognised in group equity (balance from 1 January and 31 December, divided by two).
CHF million | 2025 | 2024 |
Net profit excl. revaluation effect | 122.1 | 122.7 |
Group equity, balance as at 1 January | 2 641.0 | 2 545.1 |
Revaluation reserves, balance as at 1 January | -495.4 | -406.7 |
Group equity, balance as at 31 December | 2 745.3 | 2 641.0 |
Revaluation reserves, balance as at 31 December | -592.6 | -495.4 |
Average group equity without revaluation reserves | 2 149.1 | 2 142.0 |
Return on equity excl. revaluation effect | 5.7% | 5.7% |
Completed project volume of third-party and own projects corresponds to the total of all project costs, fees and profits accrued according to the progress of construction for a reporting period.
CHF million | 2025 | 2024 |
Completed project volume third-party projects | 160.2 | 170.4 |
Completed project volume own projects | 122.4 | 77.7 |
Completed project volume Development & Realisation segment | 282.6 | 248.1 |
Gross margin reflects earnings from Realisation as a percentage of income from Realisation.
CHF million | 2025 | 2024 |
Earnings from Realisation | 17.3 | 17.6 |
Income from Realisation | 160.2 | 170.4 |
Gross margin third-party projects Realisation | 10.8% | 10.4% |
Gross yield reflects rental income from investment properties as a percentage of the amortised market value of the investment properties as at 1 January, adjusted for portfolio changes over time.
CHF million | 2025 | 2024 |
Rental incom from investment properties | 204.0 | 221.3 |
Amortised market value of investment properties as at 1 January without rights of use of investment properties | 5 110.2 | 5 016.3 |
Portfolio changes over time | -38.5 | -17.6 |
Own use | -58.1 | -54.4 |
Amortised market value of investment properties as at 1 January without rights of use of investment properties after portfolio changes | 5 013.6 | 4 944.3 |
Gross yield | 4.1% | 4.5% |
Net yield reflects earnings from renting investment properties as a percentage of the amortised market value of the investment properties as at 1 January, adjusted for portfolio changes over time.
CHF million | 2025 | 2024 |
Earnings from renting investment properties | 180.2 | 194.1 |
Amortised market value of investment properties as at 1 January without rights of use of investment properties | 5 110.2 | 5 016.3 |
Portfolio changes over time | -38.5 | -17.6 |
Own use | -58.1 | -54.4 |
Amortised market value of investment properties as at 1 January without rights of use of investment properties after portfolio changes | 5 013.6 | 4 944.3 |
Net yield | 3.6% | 3.9% |
Vacancy rate corresponds to the cumulative vacancy rate as a result of non-letting as a percentage of the target rental income for one year.
CHF million | 2025 | 2024 |
Vacancy loss | -7.4 | -3.6 |
Targeted rental income | 214.7 | 218.3 |
Vacancy rate | 3.4% | 1.6% |
The indicators below were calculated according to the usual international parameters and allow a comparison with other market participants.
Operating profit and operating profit per shareThe operating profit shows the net profit adjusted for revaluation effect and earnings from sale of investment properties, as well as the relevant tax implications.
CHF million | 2025 | 2024 |
Earnings according to income statement | 219.3 | 211.4 |
Adjusted by: | ||
Earnings from revaluation of investment properties | -125.0 | -121.3 |
Earnings from sale of investment properties | -2.6 | -7.6 |
Earnings from development properties held for sale incl. Impairment | -21.1 | -11.3 |
Pro-rata income tax on sales | 6.0 | 5.2 |
Deferred taxes on revaluation | 27.8 | 32.6 |
Operating earnings | 104.4 | 109.0 |
Average number of outstanding shares | 16 513 450 | 16 511 075 |
Operating earnings per share in CHF | 6.32 | 6.60 |
Adjusted equity shows the equity adjusted for changes in the fair value of the development properties, the market value of financial instruments and deferred taxes.
CHF million | 31.12.2025 | 31.12.2024 |
Equity (NAV) according to consolidated financial statements | 2 745.3 | 2 641.0 |
Dilution effects | 0.0 | 0.0 |
Diluted equity (NAV) | 2 745.3 | 2 641.0 |
Less: | ||
Valuation difference on development properties | 141.2 | 67.1 |
Plus: | ||
Deferred taxes | 460.4 | 422.7 |
Adjusted equity (NAV) | 3 346.9 | 3 130.8 |
Number of outstanding shares (diluted) | 16 517 816 | 16 513 539 |
Adjusted equity (NAV) per share in CHF | 202.62 | 189.59 |
The vacancy rate relates to the vacancy rate as a result of non-letting as a percentage and taking into account the market rent for the vacant space on the balance sheet date.
CHF million | 31.12.2025 | 31.12.2024 |
Estimated rental potential of vacant premises | 8.0 | 5.4 |
Estimated rental income from total portfolio | 217.2 | 218.4 |
Vacancy rate at balance sheet date | 3.7% | 2.5% |
Management report About Allreal Sustainability report
Corporate governance report Compensation report Financial report
Statutory Financial Statements of Allreal Holding AG Additional information
Organisation and schedule
Structure and addresses Allreal Holding AGLindbergh-Allee 1, 8152 Glattpark
Allreal Home AG Allreal Office AG Allreal Toni AG Allreal Generalunternehmung AGLindbergh-Allee 1, 8152 Glattpark
Allreal Romandie SA Allreal Développement Romandie SARoute de Saint-Julien 198, 1228 Plan-les-Ouates
Contacts/Investor Relations Marc FreiCFO
Tel. +41 44 319 14 09
ir@allreal.ch
Reto AreggerHead of Communications Tel. +41 44 319 12 67
reto.aregger@allreal.ch
ScheduleAnnual general meeting 2026
17 April 2026
Half-year results 2026
24 August 2026
Annual results 2026
26 February 2027
Annual general meeting 2027
9 April 2027
Half-year results 2027
27 August 2027
Share registerResponsibility for address changes and other changes in the share register lies with:
areg.ch ag Fabrikstrasse 10
4614 Hägendorf
Tel. +41 62 209 16 60
info@areg.ch https://www.areg.ch
Reporting by financial analystsAllreal Group is valued and analysed by the following banks, among others:
Equity research Bank Vontobel Research Partners UBS
Zürcher Kantonalbank
Credit research
UBS
Zürcher Kantonalbank
For further information on Allreal:Allreal Group
Head of Communications Reto Aregger
Tel. +41 44 319 12 67
reto.aregger@allreal.ch https://www.allreal.ch
The interactive Annual Report is available online in German and English at allreal.ch. PublisherAllreal Holding AG
Lindbergh-Allee 1, CH-8152 Glattpark (Opfikon)
T +41 44 319 11 11
https://www.allreal.ch
ImprintText and editorial office
Allreal Communications
Lindbergh-Allee 1, CH-8152 Glattpark (Opfikon)
Conzept, design and realisation (online and print)
Linkgroup AG, CH-8008 Zürich https://www.linkgroup.ch
Allreal Holding AG Lindbergh-Allee 1
CH-8152 Glattpark (Opfikon)
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Allreal Holding AG published this content on February 20, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on February 20, 2026 at 05:05 UTC.
