Psp Swiss Property Ag · SIX:PSPN
Psp Swiss Property — H1 2026 Earnings Presentation
61 slides from Psp Swiss Property's earnings presentation, Aug 18, 2026
Slide 1: Half-year results H1 2026
Half-year results H1 2026 Publication, 18 August 2026
Slide 2: Agenda
Agenda 3 Key Facts and Figures 7 Financial Results H1 2026 15 Portfolio & Vacancy Rate 21 Green Finance Policy & Capital Structure 25 Development Properties 34 Subsequent Events 36 Outlook 38 Annex © PSP Swiss Property 2
Slide 3: Property Portfolio (June 2026)
Property Portfolio (June 2026) Portfolio value CHF 10.2bn (148 investment properties and 11 development properties) Zurich Basel CHF 6.4bn CHF 0.7bn 63% 7% Bern CHF 0.5bn 5% Other locations Lausanne CHF 0.3bn CHF 0.5bn 3% 5% Development properties CHF 0.4bn 4% Geneva CHF 1.4bn 14% © PSP Swiss Proper
Slide 4: Current Market Environment
Current Market Environment Swiss market environment − Letting market for prime office properties in Swiss main markets healthy − Good business sentiment in our key markets Zurich and Geneva − Solid demand for letting office space at prime locations − In secondary locations demand continues to be wea
Slide 5: Main Developments
Main Developments Real estate portfolio − Portfolio value CHF 10.2bn (up CHF 0.1bn or 1.1% compared with December 2025) − Acquisitions: Schützengasse 1 / Beatengasse 4 in Zurich for CHF 75.0m and a smaller adjoining plot for consolidation purposes in Wallisellen for CHF 3.0m − Disposals: development
Slide 6: Agenda
Agenda 3 Key Facts and Figures 7 Financial Results H1 2026 15 Portfolio & Vacancy Rate 21 Green Finance Policy & Capital Structure 25 Development Properties 34 Subsequent Events 36 Outlook 48 Annex © PSP Swiss Property 6
Slide 7: Key Figures
Key Figures Consolidated, in CHF m 2024 2025 H1 2025 H1 2026 1 Rental income 350.0 349.2 173.9 174.0 0.0% EBITDA excl. ∆-RE2 304.9 302.0 148.8 187.4 26.0% Net income excl. ∆-RE2 231.8 225.4 106.9 149.7 40.1% Net income 374.9 408.5 194.3 236.5 21.7% EPRA earnings 230.6 225.0 106.9 117.2 9.6% Per sha
Slide 8: EPRA Performance Measures
EPRA Performance Measures H1 2025, 31 December 2025 H1 2026, 30 June 2026 (CHF or %) EPRA PSP EPRA PSP A. EPS (earnings per share) 2.33 2.33 2.55 3.26 B. NRV (net reinstatement value per share) 148.98 146.05 150.83 147.81 C. NTA (net tangible assets per share) 146.55 n.a. 148.29 n.a. D. NDV (net dis
Slide 9: Consolidated Income
Consolidated Income in CHF 1’000 2024 2025 H1 2025 H1 2026 Rental income 349’978 349’226 173’917 173’956 0.0%1 Net changes in fair value of investment properties 170’971 231’120 113’379 111’907 Income from property sales (inventories) 1’021 0 0 39’671 Income from property sales (investment propert
Slide 10: Consolidated Expenses
Consolidated Expenses in CHF 1’000 2024 2025 H1 2025 H1 2026 Real estate operating expenses -11’612 -10’130 -4’432 -5’340 20.5% Real estate maintenance and renovation expenses -13’202 -12’571 -6’473 -6’799 5.0% Personnel expenses -18’966 -20’154 -10’195 -10’488 2.9% General and administrative expe
Slide 11: Consolidated Results
Consolidated Results in CHF 1’000 2024 2025 H1 2025 H1 2026 Operating profit (EBIT) 487’623 539’306 261’628 299’040 14.3% Net financial expenses -34’275 -35’341 -17’538 -17’609 0.4% Profit before income taxes 453’348 503’965 244’090 281’432 15.3% Income taxes -78’4001 -95’4922 -49’7503 -44’9014 Ne
Slide 12: Per Share Distribution
Per Share Distribution (in CHF) 5.00 3.85 3.90 3.95 4.00 3.80 3.60 3.65 3.75 3.50 3.35 3.40 3.25 3.25 3.30 3.20 2.80 3.00 3.00 2.70 2.50 2.40 2.20 2.10 1.98 2.00 1.65 1.50 1.25 1.00 0.00 Business year 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Slide 13: Share Price, rebased
Share Price, rebased PSP SPI Index SMI Index EPRA Index (in CHF) 500 450 SPI Index 400 PSP 350 300 250 200 SMI Index 150 100 EPRA Index 50 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Source: Bloomberg, 5 Aug
Slide 14: Agenda
Agenda 3 Key Facts and Figures 7 Financial Results H1 2026 15 Portfolio & Vacancy Rate 21 Green Finance Policy & Capital Structure 25 Development Properties 34 Subsequent Events 36 Outlook 38 Annex © PSP Swiss Property 14
Slide 15: Real Estate Portfolio & Vacancy Rate
Real Estate Portfolio & Vacancy Rate 11 11% 10.1 10.2 10 9.6 9.8 10% 9.4 9.1 9 9% 8 8% 7 7% 6 6% 5 5% 3.8% 4.0% 4 3.6% 3.5% 4% 3.0% 3.2% 3 3% 2 2% 1 1% 0 0% 2021 2022 2023 2024 2025 H1 2026 Real estate portfolio value in CHF bn. Vacancy rate in % (CHF). © PSP Swiss Property 15
Slide 16: Largest Vacancies (June 2026)
Largest Vacancies (June 2026) Vacancy Vacancy Contribution Actions taken Properties (sqm)1 rate in %-points (new vacancy) Completion of development; new leases starting Q3 Place Saint-François 15, Lausanne 9’109 77.8% 1.2% and Q4 2026 (37.1%) Peter Merian-Strasse 88, 90, Basel 4’089 37.9% 0.4% New l
Slide 17: Expiry Profile of Leases (June 2026)
Expiry Profile of Leases (June 2026) (Legal termination option by tenants) 18% 16% 17% 14% 12% 13% 12% 10% 11% 8% 8% 9% 6% 6% 6% 4% 5% 5% 3% 2% 1.3% 3% 0% 0.7% 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036+ NL Of the H2 2026 maturities (16.8m, 5% of total rental income): 60% are renewed 26%
Slide 18: Changes in Fair Value (June 2026)
Changes in Fair Value (June 2026) (CHF m) 2024 2025 H1 2026 Existing portfolio 163.5 231.11 112.72 Acquisitions / first-time 7.5 0.0 -0.83 valuation Total net changes in fair value 171.0 231.1 111.9 1 Of which: Q1 2025: CHF +13.7m related to one investment property in Zurich ( W aisenhausstrasse 2,
Slide 19: Changes in Fair Value, Discount Rates
Changes in Fair Value, Discount Rates (June 2026) Valuation done by Wüest Partner Portfolio nominal discount rate Area Minimum Maximum Weighted Ø Zurich 2.9% 5.1% 3.4% Geneva 3.1% 5.4% 3.5% Basel 3.3% 4.3% 3.9% Bern 3.2% 4.4% 3.7% Lausanne 3.3% 4.9% 3.8% Other locations 3.4% 4.8% 4.3% All areas (all
Slide 20: Agenda
Agenda 3 Key Facts and Figures 7 Financial Results H1 2026 15 Portfolio & Vacancy Rate 21 Green Finance Policy & Capital Structure 25 Development Properties 34 Subsequent Events 36 Outlook 38 Annex © PSP Swiss Property 20
Slide 21: Green Finance Policy
Green Finance Policy Green bond portfolio − Implemented November 2022 and updated May 2025 − 100% Green bond portfolio − Green assets defined over maximum CO 2 emissions and minimum RE ESG Plus − Second party opinion obtained by Moody’s Rating Sustainability-linked loans − Implemented February 2023
Slide 22: Debt
Debt Diversified and stable lender portfolio − 9 domestic banks and 1 syndicated loan (with 7 Swiss Cantonal banks) High visibility on debt maturity profile − During the reporting period, two existing bonds were increased: CHF 100 million at an interest rate of 0.150%, maturing in February 2029 CHF
Slide 23: Capital Structure
Capital Structure in CHF 1’000 2024 2025 H1 2026 Shareholders’ equity 5’410.7 5’644.9 5’702.5 1.0 % − % of total assets 54.5% 55.5% 55.4% Deferred tax liabilities (net) 988.4 1’054.1 1’077.3 2.2 % − % of total assets 10.0% 10.4% 10.5% Interest-bearing debt 3’384.8 3’369.8 3’386.1 0.5 % − % of tota
Slide 24: Agenda
Agenda 3 Key Facts and Figures 7 Financial Results H1 2026 15 Portfolio & Vacancy Rate 21 Green Finance Policy & Capital Structure 25 Development Properties 34 Subsequent Events 36 Outlook 38 Annex © PSP Swiss Property 24
Slide 25: Overview “Quartier des Banques”, Geneva
Overview “Quartier des Banques”, Geneva − In Portfolio (~24’300 sqm) 1. Rue de la Corraterie 5, 7 / Rue de la Cité 6 (fully let) 2. Rue de la Confédération 2 (fully let) 3. Rue de la Corraterie 24, 26 (fully let) 4. Place de la Synagogue 3, 5 / Rue Jean-Petitot 4, 6 (fully let) 5. Rue de l’Arquebuse
Slide 26: Projects “Quartier des Banques”, Geneva
Projects “Quartier des Banques”, Geneva Project “Quartier des Banques Jean-Petitot 12” Under construction − Rue Jean-Petitot 12, Geneva − Total renovation, single- or multi-tenant use − Approx. 1’200 m 2 letting space (office & storage) − Building permit pending, completion expected mid-2027 − Inves
Slide 27: Project “Löwenbräu Red”, Zurich
Project “Löwenbräu Red”, Zurich In planning Location Limmatstrasse 250–254, 264, 266, Zurich Total area 5’500 sqm Project scope Conversion from office into hotel use; 175 units Current Status Planning in progress; final building permit received, contract signed with “Urban Loft” hotel operator Inves
Slide 28: Project “Eigerstrasse”, Bern
Project “Eigerstrasse”, Bern In planning Location Eigerstrasse 2, Bern Total area 4’700 sqm Project scope Conversion from office space into 125 serviced apartments Current Status Building permit expected H2 2026; operator evaluation in progress, interim rental in 2026 Investment Approx. CHF 20m (the
Slide 29: Project “Rue de Hesse”, Geneva
Project “Rue de Hesse”, Geneva In planning Location Rue de Hesse 18 / Rue Henriette-et- Jeanne-Rath 13, Geneva Total area 4’950 sqm Project scope Conversion from office into a “Ruby Hotel” with 124 units Current Status 100% pre-let; building permit is expected H2 2026; finalizing planning Investment
Slide 30: Project “Marktplatz”, Basel
Project “Marktplatz”, Basel In planning Location Marktplatz 30, 30a, Basel Total area 2’800 sqm Project scope Comprehensive renovation; ground floor mixed use retail/gastro, office and residential on upper floors Current Status Building permit granted; finalizing planning Investment Approx. CHF 23m
Slide 31: Project “Mühlebachstrasse”, Zurich
Project “Mühlebachstrasse”, Zurich In planning Location Mühlebachstrasse 32, Zurich, near Stadelhofen station Total area 2’100 sqm Project scope Comprehensive renovation, converting ground floor parking into modern office space, creating new roof terrace Current Status in planning; building permit e
Slide 32: Capex and Potential Rental Income
Capex and Potential Rental Income CAPEX Potential Completion Total expected rental Pre-let (CHF m) 2026-2028 2026 2027 2028 income1 in % 2 projects “Quartier des Banques“, Geneva 2027 12.0 8.7 2.4 6.3 0 ~ 1.7 0% Project “Löwenbräu Red“, Zurich 2028 25.0 24.0 7.0 12.5 4.5 ~ 4.9 100% Project “Eigerstr
Slide 33: Agenda
Agenda 3 Key Facts and Figures 7 Financial Results H1 2026 15 Portfolio & Vacancy Rate 21 Green Finance Policy & Capital Structure 25 Development Properties 34 Subsequent Events 36 Outlook 38 Annex © PSP Swiss Property 33
Slide 34: Subsequent Events
Subsequent Events Bond issuance - Green Bond - CHF 100 million - Interest rate 1.050% - 1 July 2026, maturity July 2032 © PSP Swiss Property 34
Slide 35: Agenda
Agenda 3 Key Facts and Figures 7 Financial Results H1 2026 15 Portfolio & Vacancy Rate 21 Green Finance Policy & Capital Structure 25 Development Properties 34 Subsequent Events 36 Outlook 38 Annex © PSP Swiss Property 35
Slide 36: Outlook 2026
Outlook 2026 Consolidated EBITDA (excl. changes in fair value), confirmed CHF 335m (2025: CHF 302.0m) Vacancy rate portfolio, at year-end, confirmed 3.5% (end of H1 2026: 4.0%) © PSP Swiss Property 36
Slide 37: Agenda
Agenda 3 Key Facts and Figures 7 Financial Results H1 2026 15 Portfolio & Vacancy Rate 21 Green Finance Policy & Capital Structure 25 Development Properties 34 Subsequent Events 36 Outlook 38 Annex © PSP Swiss Property 37
Slide 38: Board of Directors and Executive Board
Board of Directors and Executive Board Board of Directors − Luciano Gabriel, 1953, Chairman − Henrik Saxborn, 1964, Vice Chairman − Mark Abramson, 1970, Member − Corinne Denzler, 1966, Member − Adrian Dudle, 1965, Member − Martin Furrer, 1965, Member − Katharina Lichtner, 1967, Member Executive Boar
Slide 39: Group Overview (30 June 2026)
Group Overview (30 June 2026) Executive Board (3) Capital Markets / Sustainability (3), Corporate Communications & IR (1) HR & Assistant (3), Legal (4) Real Estate Investments Property Management Finance / Operations Asset Management (5) Zurich Office (18, 13*) Accounting / Controlling (11) Analysis
Slide 40: PSP Strategy & Equity Story
PSP Strategy & Equity Story Strategy Company − Switzerland only − Pure Swiss play − Commercial properties only − Transparent business model − Acquisitions to be justified by price and operational logic − Premium portfolio with limited downside risk − Risk-conscious and sustainable financing policy −
Slide 41: Shareholder Base
Shareholder Base Largest shareholder − UBS Fund Management (Switzerland) AG: 15.25% (notification 24 July 2025) − Black Rock, Inc.: 5.95% (notification 2 September 2017) − Swisscanto Fondsleitung AG: 3.001% (notification 21 November 2025) 15.6% − Number of registered shareholders, as per 30 June 202
Slide 42: Development of Rental Income
Development of Rental Income (CHF 1’000) 200 000 180 000 670 313 28 553 -733 -1’760 821 265 -119 173’917 173’956 160 000 140 000 120 000 100 000 © PSP Swiss Property 42
Slide 43: EBITDA
EBITDA 350 90% 304.9 297.7 302.0 300 87.1% 85.0% 85.1% 85.1% 250 84.4% 85% 200 187.4 148.8 150 80% 100 50 0 75% 2023 2024 2025 H1 2025 H1 2026 EBITDA excl. ∆-RE in CHF m. EBITDA margin in %. © PSP Swiss Property 43
Slide 44: Composition of net income
Composition of net income 600 500 400 183.1 143.2 300 339.2 200 231.8 225.4 86.8 87.5 100 149.7 106.9 0 -100 -131.6 -200 2023 2024 2025 H1 2025 H1 2026 Net income excl. ∆-RE in CHF m. Contribution of ∆-RE in CHF m. © PSP Swiss Property 44
Slide 45: Earnings per share (EPS)
Earnings per share (EPS) 14 12 10 8 8.91 8.17 7.40 6 5.05 4.91 5.16 4 4.53 4.24 3.26 2 2.33 0 2023 2024 2025 H1 2025 H1 2026 EPS in CHF. EPS excl. ∆-RE in CHF. © PSP Swiss Property 45
Slide 46: NAV + Cumulative Dividend per Share
NAV + Cumulative Dividend per Share 250 70.88 74.83 200 66.98 63.13 59.33 55.58 51.93 48.33 150 41.43 44.83 31.53 34.78 38.08 28.28 124.33 25.08 123.07 117.96 22.08 113.33 113.82 100 109.42 19.28 99.83 14.08 16.58 97.02 90.63 11.68 84.38 84.30 86.96 83.70 83.74 9.48 80.48 3.75 5.40 7.38 75.28 68.87
Slide 47: EPRA NRV vs. Share Price
EPRA NRV vs. Share Price 160 140 148.98 150.83 142.39 143.50 143.60 146.10 144.10 137.10 120 128.90 117.60 100 80 60 40 20 0 2023 2024 2025 H1 2025 H1 2026 EPRA NRV per share in CHF. Share price in CHF. © PSP Swiss Property 47
Slide 48: Portfolio Key Figures by region
Portfolio Key Figures by region Numbers of Rental income Revaluation Value Net yield Vacancy properties in CHF m in CHF m in CHF m in % in % Zurich H1 2026 76 105.4 95.8 6’401.5 3.1 1.9 2025 76 207.9 253.2 6’226.8 3.1 2.3 Geneva H1 2026 20 23.1 12.1 1’434.9 2.9 1.1 2025 20 50.3 7.1 1’473.5 3.1 2.7 B
Slide 49: Portfolio Key Figures, cont.
Portfolio Key Figures, cont. Rent by type of use Rent by type of tenants Rent by Largest tenants 10% 5% 7% 6% 4% 4% 25% 3% 8% 3% 7% 2% 8% 8% 16% 62% 8% 20% 73% 10% 11% Office Retail Gastronomy Parking Other Services Retail Swisscom Google Gastronomy Financial Services IWG Health Care Technology On T
Slide 50: Sustainability
Sustainability Our 7 material topics Key long-term goals: − Climate change Climate-neutral and climate-resilient portfolio − Material life cycle Optimized use of resources in renovations and new buildings − Location attractiveness Promotion of attractive, sustainable locations − Dedicated team Motiv
Slide 51: Sustainability, cont.
Sustainability, cont. Standards and ratings © PSP Swiss Property 51
Slide 52: Sustainability, cont.
Sustainability, cont. Reduction path and net zero commitment Reduction pathway with reference to CRREM assumptions* – PSP vs. 1.5° target (denominator: office space according to IPMS 2) − We are committed to the goals of the Paris Agreement and aim to achieve net zero for operational Scope 1-3 CO 2
Slide 53: Sustainability, cont.
Sustainability, cont. Performance FY 2025 GHG Intensity Energy Intensity Building Sustainability Rating 9.68 kg CO2e / m2 92.70 kWh / m2 100% of lettable space In 2025, CO2e emissions (Scope 1 and 2 emissions, by m 2 of lettable 1.6% increase compared to 2024 (91.25 kWh / m 2). Downwards trend Share
Slide 54: Portfolio Grid (30 June 2026)
Portfolio Grid (30 June 2026) Market assessment of individual properties (by Wüest Partner) © PSP Swiss Property 54
Slide 55: Zurich Portfolio
Zurich Portfolio Pfingstweidstrasse 60, 60b = Investment properties = Development properties Zurich Bahnhofstrasse 39 Limmatquai 4 © PSP Swiss Property 55
Slide 56: Geneva Portfolio
Geneva Portfolio Geneva Rue du Mont-Blanc 12 Place du Molard 7 = Investment properties = Development properties Rue de l’Arquebuse 8 © PSP Swiss Property 56
Slide 57: Basel Portfolio
Basel Portfolio Freie Strasse 38 Basel Hochstrasse 16 / Pfeffingerstrasse 5 = Investment properties = Development property Grosspeterstrasse 44 © PSP Swiss Property 57
Slide 58: Bern Portfolio
Bern Portfolio Laupenstrasse 18, 18a Bern Bollwerk 15 = Investment properties = Development property Zeughausgasse 26, 28 © PSP Swiss Property 58
Slide 59: Lausanne Portfolio
Lausanne Portfolio Avenue de Sévelin 46 = Investment properties = Development property Lausanne Place Saint-François 15 Avenue Agassiz 2 © PSP Swiss Property 59
Slide 60: Contacts
Contacts Giacomo Balzarini, CEO Phone +41 (0)44 625 59 59 Mobile +41 (0)79 207 32 40 giacomo.balzarini@psp.info Vasco Cecchini, CCO & Head IR Phone +41 (0)44 625 57 23 Mobile +41 (0)79 650 84 32 vasco.cecchini@psp.info © PSP Swiss Property 60
Slide 61: Disclaimer
Disclaimer None of the information in this presentation constitutes an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration. None of the securities of the Company referred to in thi s prese