olivLaw · European equity research
UBM Development AG UBS.VI
Austria · Wiener Börse · ISIN AT0000815402 · Vertical: Listed companies from Austria
UBM Development AG is a European real estate developer active in Germany, Austria, Poland and other markets, with residential, office, hotel and service segments. After a difficult period in the property market, the company's revenue fell 15.9 % in fiscal 2025, and it is shifting its focus toward affordable housing.
At the close of 05 Nov 2026, UBM Development AG (UBS.VI) stock was 14.00 EUR (+0.00% on the day), with market capitalisation 23.2 k EUR, beta 0.30, 52-week range 13.75–23.20 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 29.5
- oversold (≤ 30)
- Bollinger (20, 2)
- 13.19 – 16.59
- in the lower half of the band · %B 0.24 · band width 22.9%
- SMA 50 / 200
- 16.14 / 17.51
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.67 / -0.64
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −12.5% | +0.4% | −12.9 pp | — |
| 3 months | −18.1% | −3.3% | −14.9 pp | — |
| 6 months | −18.6% | +4.0% | −22.6 pp | — |
| Year to date | −29.5% | +8.1% | −37.6 pp | — |
| 1 year | −41.7% | +10.7% | −52.4 pp | +5.6% |
| 3 years | −33.0% | +50.1% | −83.1 pp | +12.7% |
| 5 years | −68.1% | +43.6% | −111.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 106.2 m | 139.2 m |
| Revenue YoY | unavailable | +31.0% |
| Net income | -29.6 m | -2.3 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -4,770.00 | -1,400.00 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -27.9% | -1.7% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 117.7 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 350.2 m EUR
- Total assets
- 1.1 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 1.69x
- ROE
- -0.7%
- ROA
- -0.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 106.2 m | 139.2 m | esef· 07 Apr 2026verified |
| Operating income | -9.2 m | 4.9 m | esef· 07 Apr 2026verified |
| Interest expense | 32.1 m | 27.7 m | esef· 07 Apr 2026verified |
| Pre-tax income | -23.2 m | 3.9 m | esef· 07 Apr 2026verified |
| Income tax | 6.4 m | 6.2 m | esef· 07 Apr 2026verified |
| Net income | -29.6 m | -2.3 m | esef· 07 Apr 2026verified |
| Diluted EPS | -4,770.00 | -1,400.00 | esef· 07 Apr 2026verified |
Balance sheet · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 199.5 m | 117.7 m | esef· 07 Apr 2026verified |
| Receivables | 26.2 m | 17.3 m | esef· 07 Apr 2026verified |
| Inventories | 293.9 m | 301.2 m | esef· 07 Apr 2026verified |
| Current assets | 554.8 m | 473.2 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 9.6 m | 8.5 m | esef· 07 Apr 2026verified |
| Total assets | 1.2 bn | 1.1 bn | esef· 07 Apr 2026verified |
| Accounts payable | 25.2 m | 24.9 m | esef· 07 Apr 2026verified |
| Current liabilities | 393.9 m | 279.4 m | esef· 07 Apr 2026verified |
| Equity | 343.7 m | 350.2 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 6.2 k | 1.7 k | esef· 15 Apr 2026derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 16.7% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 23.2 k EUR
Key indicators
Coverage and freshness
Score by group
17% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -1.7% | 15 (vs peers) | 38% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 0.2x | 0 (on a fixed band) | 38% |
| Current ratio · Balance sheet | 1.7x | 74 (on a fixed band) | 25% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet30/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial15/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
UBM Development AG (UBS.VI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 139.2 m EUR in 2025; YoY growth 31.0%; net margin -1.7%; ROE -0.7%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 1.7x
What contradicts it
- Net margin: -1.7%
- Interest coverage: 0.2x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Austria · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| OMV.VIOmv Aktiengesellschaft | 35.6 bn | 23.4 | 8.9% | 6.3% | −7.2% | +53% / +86% |
| VER.VIVerbund AG | 26.2 bn | 17.6 | 14.7% | 18.6% | −2.8% | +19% / −14% |
| STR.VIStrabag Se | 11.7 bn | 12.8 | 17.2% | 4.9% | +7.4% | +32% / +168% |
| ANDR.VIAndritz AG | 8.1 bn | 17.7 | 19.3% | 5.8% | −5.2% | +33% / +66% |
| VOE.VIvoestalpine AG | 7.1 bn | 17.0 | 5.7% | 2.8% | −4.3% | +12% / +61% |
| EVN.VIEvn AG | 5.5 bn | 12.5 | 6.9% | 14.6% | +3.8% | +15% / +14% |
| ATS.VIAT & S Austria Technologie & Systemtechnik Aktiengesellschaft | 2.5 bn | — | -2.4% | -1.4% | +12.7% | +238% / +346% |
| DOC.VIDO & CO Aktiengesellschaft | 2.4 bn | 22.2 | 24.0% | 4.3% | +7.1% | +12% / +70% |
| CPI.VICPI Europe AG | 2.2 bn | 4.2 | 12.2% | 68.2% | −6.7% | +1% / −17% |
| POST.VIÖsterreichische Post Aktiengesellschaft | 2.2 bn | 16.4 | 18.3% | 4.3% | −2.6% | +6% / +2% |
| WIE.VIWienerberger AG | 1.9 bn | 11.7 | 5.9% | 3.6% | +1.2% | −40% / −32% |
| LNZ.VILenzing Aktiengesellschaft | 1.8 bn | — | -11.8% | -5.2% | −2.3% | −48% / −65% |
| MMK.VIMayr-Melnhof Karton Aktiengesellschaft | 1.3 bn | 17.1 | 3.6% | 1.9% | −4.8% | −21% / −41% |
| POS.VIPorr AG | 1.2 bn | 10.7 | 12.9% | 1.8% | +1.7% | +6% / +167% |
| AMAG.VIAMAG Austria Metall AG | 1.1 bn | 33.4 | 4.7% | 2.3% | +2.1% | +34% / +19% |
| BMAG.VIPIERER Mobility AG | 1.1 bn | 1.8 | 638.9% | 58.9% | −46.3% | +85% / −47% |
| FQT.VIFrequentis AG | 790.7 m | 28.1 | 15.5% | 4.9% | +20.8% | −14% / +111% |
| ETS.VIEuroTeleSites AG | 745.4 m | 22.3 | 8.8% | 11.9% | +3.7% | −6% / +34% |
| AGR.VIAGRANA Beteiligungs-Aktiengesellschaft | 722.9 m | — | -3.6% | -1.2% | −7.9% | −3% / −15% |
| FACC.VIFacc AG | 602.4 m | 28.4 | 9.1% | 2.2% | +11.3% | +22% / +127% |
| ROS.VIRosenbauer International AG | 591.1 m | 11.9 | 17.4% | 3.5% | +9.4% | +35% / +104% |
| 1AST.VIASTA Energy Solutions AG | 467.7 m | 15.5 | 42.3% | 4.3% | +8.3% | unavailable / unavailable |
| SBO.VISbo AG | 456.6 m | 19.4 | 5.2% | 5.2% | −18.8% | +5% / −30% |
| SEM.VISemperit Aktiengesellschaft Holding | 379.1 m | 902.5 | 0.1% | 0.1% | −2.1% | +39% / +28% |
| ACAG.VIAustriacard Holdings AG | 347.8 m | 25.6 | 11.4% | 4.1% | −8.2% | +76% / +65% |
1- and 3-year price returns: for UBS.VI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
UBM Development AG is a European real estate developer active in Germany, Austria, Poland and other markets, with residential, office, hotel and service segments. After a difficult period in the property market, the company's revenue fell 15.9 % in fiscal 2025, and it is shifting its focus toward affordable housing 1.
SWOT
Strengths
- Liquidity and equity described as solid, with proven access to the capital market through green bonds and hybrid bonds.
- Diversification across several countries and asset classes, which limits the impact of simultaneous changes in all markets.
- A record of repaying debt at maturity, cited in the report as a basis for market confidence.
Weaknesses
- Revenue fell sharply in 2025, with steep declines in offices and in Poland.
- Dependence on property sales makes the company sensitive to the interest rate cycle.
- Hotel profitability remains under pressure from personnel and energy costs.
Opportunities
- Demand for affordable housing, described as unmet, could open new projects if costs fall.
- A gradual decline in interest rates could revive sales and financing for commercial projects.
- A pipeline focused on EU taxonomy-compliant projects could attract green financing.
Threats
- Geopolitical tensions in Eastern Europe and the Middle East could raise energy prices and inflation.
- States could reduce subsidies for real estate if budgets come under pressure from defence spending.
- Bank restrictions on commercial financing could slow new projects.
Risks
- Property market riskhigh
Sales and prices could remain under pressure if rates fall slowly and investor demand does not return.
- Financing riskhigh
Access to credit for commercial projects remains restrictive, which could delay developments.
- Cost riskmedium
Construction, personnel and energy costs could exceed the planning assumptions.
- Poland exposuremedium
Proximity to Ukraine could affect the Polish market, where revenue has already fallen sharply.
- Geopolitical and ESG risklow
Conflicts, climate risks and ESG requirements could affect operations and asset values.
Investment thesis
What would need to be true (bull case)
- If interest rates keep falling, sales could recover and revenue could benefit from pent-up demand for property.
- Demand for affordable housing could become a source of medium-term growth if the cost strategy succeeds.
- Liquidity and capital market access could let the company seize opportunities when the market recovers.
What would break the thesis
- If demand for offices and hotels does not recover, revenue could keep falling as it did in 2025.
- Financing restrictions and geopolitical tensions could delay projects and keep costs high.
- Dependence on sales could make results volatile, especially if construction cost reductions do not materialise.
What to watch
- Revenue trends by segment and region versus 20252026
- Effect of the portfolio re-balancing toward affordable housing2026
- ECB interest rate path and investors' required returnsnext 10-K
- Impact of the Iran conflict on energy and construction costs2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
UBM Development AG's main business is the development and sale of real estate in selected European countries, with the company also operating as a hotel operator in Poland and other markets. Total revenue (Gesamtleistung) was 357.4 EUR m in 2025, compared with 424.9 EUR m in 2024 1. The company describes its activity across four main markets and several asset classes, including residential, office, hotel and services 1.
From 2025 management intends to reorient the portfolio toward affordable housing and a two-product strategy, affordable and premium, with a focus on wood-hybrid construction in A-cities across its four markets 1. The shift depends on lowering construction costs through standardisation and simpler regulation, which is not assured 1.
Segments
Residential
The residential segment generated 161.2 EUR m in 2025, up 31.7 % on the prior year, and remains the main driver of revenue 1. Demand for affordable housing is described as strong but largely unmet 1.
Market context
The European property market has been weighed down by high interest rates, which discouraged buyers, and by tighter lending for commercial projects after insolvencies of large developers 1. Euro area inflation approached the ECB's medium-term target of about 2 % toward the end of 2025, and the ECB continued a gradual easing of rates 1. Investors' required returns could ease moderately over the medium term, which could support a recovery 1.
Trends
- Interest rates and financingmixed
High interest rates have stalled the market and raised financing costs for developers, while banks have become more cautious with commercial projects 1. A gradual decline in rates could ease financing in the coming period 1.
- Demand for affordable housingtailwind
The company points to an excess of demand for affordable housing that is largely unmet and could grow further 1. This is a central argument behind the strategic reorientation 1.
- Construction costs and regulationheadwind
Construction, personnel and energy costs remain high, and reducing them depends on simpler standards and faster permits 1.
- Geopolitical tensions and public budgetsheadwind
The war in Ukraine and the Iran conflict raise uncertainty and may strain public budgets, which could reduce subsidies for real estate 1. Tourism may fluctuate with these tensions 1.
Competitive position
The source does not describe direct competitors or market shares 1. Competition in property development is implicit through the markets UBM serves, mainly local developers in Germany, Austria and Poland 1.
The company presents diversification across countries and asset classes as a way to reduce risk, since changes do not occur simultaneously in all markets 1. Differentiation through wood-hybrid construction and A-cities remains central to its premium strategy 1.
- Local property developers in Germany, Austria and Poland
Competitors active in the same markets, not named in the source; not US-listed.
- Developers that entered insolvency in 2025
Large sector players mentioned only generically in the report, without identification.
- Euro area banks financing property
Actors competing for financing and affected by ECB real estate supervision.
- Hotel operators in Poland
Competitors in the hotel segment present in the same market as UBM.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202515 Apr 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / UBM Development AG · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.