Swiss Prime Site Ag · SIX:SPSN
Swiss Prime Site — H1 2025 Earnings Presentation
36 slides from Swiss Prime Site's earnings presentation, Aug 21, 2025
Slide 1: Results First Half-Year 2025
RESULTS FIRST HALF-YEAR 2025 ZURICH, 21 AUGUST 2025
Slide 2: Agenda
Agenda 1. KEY MESSAGES 2. FINANCE 3. BUSINESS UPDATE 4. OUTLOOK Results – first half-year 2025 2
Slide 3: Overview – first half of 2025 (1/2)
KEY MESSAGES Overview – first half of 2025 (1/2) Strategic development Portfolio & sustainability ▪ Closure of Jelmoli at end of February 2025 with follow-on ▪ Value of property portfolio at CHF 13.3 billion (CHF 13.1 billion in solutions for all employees; dismantling/pollutant clean-up previous ye
Slide 4: Overview – first half of 2025 (2/2)
KEY MESSAGES Overview – first half of 2025 (2/2) Operational performance Financing & capital ▪ Increase in operating income excl. Jelmoli by almost 2% ▪ Capital increase of CHF 300 million in February 2025 for investment in new prime properties by end of H1 2026 − Good like-for-like growth of +2.2%,
Slide 5: Key figures – first half of 2025
KEY MESSAGES Key figures – first half of 2025 Absolute Per share RENTAL FEES EBITDA¹ PROFIT¹ FFO I FFO II 2 NAV INCOME A SSE T M A NA GE M ENT CONSOLIDATED in CHF million in CHF in CHF in CHF REAL ESTATE in CHF million in CHF million in CHF million 232.0 225.5 101.84 99.95 201.3 199.5 Goodwill³ 151.
Slide 6: High investment demand coupled with strong lettings
KEY MESSAGES High investment demand coupled with strong lettings Transactions Lettings Valuations ▪ Very high activity with upward trend; real ▪ Continued strong demand for high-quality, ▪ Nominal discount rates for commercial real estate asset class increasingly an flexible commercial spaces in cen
Slide 7: We create living spaces
WE WECREATE CREATE LIVING LIVING WE CREATE LIVING WESPACES CREATE SPACES SPACESLIVING SPACES
Slide 8: Agenda
Agenda 1. KEY MESSAGES 2. FINANCE 3. BUSINESS UPDATE 4. OUTLOOK Results – first half-year 2025 8
Slide 9: Income: further growth on like-for-like basis
FINANCE Income: further growth on like-for-like basis Consolidated operating income in CHF million H1 2024 H1 2025 ∆ y-o-y ▪ Adjusted operating income (i.e. excl. Jelmoli) rose by almost 2% to CHF 263.7 million Rental Income 232.0 225.5 -2.8% ▪ Solid growth in rental income on like-for-like basis of
Slide 10: Portfolio and operational optimisation reduce cost ratio
FINANCE Portfolio and operational optimisation reduce cost ratio Consolidated operating expenses in CHF million H1 2024 H1 2025 ∆ y-o-y ▪ Adjusted operating expenses (excl. Jelmoli & development projects) -1.0% due to lower real estate expenses and other Real estate costs -33.0 -30.4 -7.8% operating
Slide 11: Stable operating profit
FINANCE Stable operating profit Group profitability in CHF million H1 2024 H1 2025 ∆ y-o-y ▪ Revaluations of CHF +102.0 million (+0.8% of portfolio value as at end 2024) across portfolio Total operating income 317.4 276.3 -13.0% − Revaluation mainly due to higher new lettings and lower Revaluations
Slide 12: Rise in FFO I per share, even directly after capital increase
FINANCE Rise in FFO I per share, even directly after capital increase Funds from operations I (FFO I)¹ Intrinsic value per share in CHF per shar e in CHF Reconciliation FFO I in CHF million H1 2024 H1 2025 ∆ y-o-y EBITDA (excl. revaluations/sales) 201.3 199.5 -0.9% 99.95 101.84 Cash-effective intere
Slide 13: Real Estate: 2.2% LfL growth; projects temporarily reduce rental income
FINANCE Real Estate: 2.2% LfL growth; projects temporarily reduce rental income Rental income bridge¹ EPRA like-for-like (LfL) growth in CHF million 2.2% 232.0 - 7.9 225.5 0.3% Vacancy reduction/other 1.2 4.0 0.5% Indexing Capital -9.0 5.1 recycling Purchases Δ Existing Re- Completion properties 1.4
Slide 14: Asset Management: strong growth, improved profitability
FINANCE Asset Management: strong growth, improved profitability Asset Management performance in CHF million H1 2024 H1 2025 ∆ y-o-y Management fees 15.2 19.0 +25% ▪ Strong growth in Asset Management: CHF 540 million in new issue subscriptions; assets under management (AuM) increased Construction, de
Slide 15: Portfolio growth through value accretive acquisitions
FINANCE Portfolio growth through value accretive acquisitions Property portfolio bridge (fair value) in CHF million ▪ Total of 137 properties (end of 2024: 139) − Capital recycling/upcycling strategy continues, but Effects from properties sold are typically smaller Valuation owner-occupied propertie
Slide 16: Broad financing basis, lower interest expense, LTV at 38.4%
FINANCE Broad financing basis, lower interest expense, LTV at 38.4% Financing parameters A3 Rating – Moody’s in CHF million stable YE 2024 H1 2025 Consolidated financing structure Investment properties 13 053 13 310 88% unsecured of which unencumbered 87% 88% Financial liabilities Secured 5 025 5 14
Slide 17: Continuous rollover of maturities, high liquidity reserve
FINANCE Continuous rollover of maturities, high liquidity reserve Liquidity Debt maturity profile Cash and cash at nominal values in CHF million as at 30 June 2025 equiva l en t s and January 2025: issue of CHF 210 million committ e d cr edit lines in CHF million green bond maturing in 2031 at inter
Slide 18: We create living spaces
WE CREATE LIVING WE WECREATE CREATELIVING LIVING SPACES SPACES SPACES
Slide 19: Agenda
Agenda 1. KEY MESSAGES 2. FINANCE 3. BUSINESS UPDATE 4. OUTLOOK Results – first half-year 2025 19
Slide 20: Portfolio focus on economic centres and larger properties
PORTFOLIO Portfolio focus on economic centres and larger properties 13% Northwestern 55% Zurich and Central Switzerland Switzerland 9% CHF 13.3 bn Berne Property portfolio ( FY 2024 : CHF 13.1 bn) 20% Lake Geneva 137 Number of properties ( FY 2024 : 139 1.58 million m 2 Rental space ( FY 2024 : 1.62
Slide 21: Focus on office with around 50% rental income
PORTFOLIO Focus on office with around 50% rental income Portfolio by type of use¹ Diversification of tenants as at 30.06. 2 0 2 5 as at 30.06. 2 0 2 5 Other Residential 1% 100% Total approx. 2 000 Parking 4% tenants 6% Assisted living 6% 49% Hotel/gastronomy 7% 5.6% Office 47% 5.0% Logistics/infrast
Slide 22: Active portfolio management more selective, less non-core
PORTFOLIO Active portfolio management more selective, less non-core Portfolio market matrix Wüest Par tner as at 30.06 . 2 0 2 5 high 87% New/repositioned properties typical l y in quadr an t I (84%) III II I › Geneva, office (acquisition) › Lausanne, office (acquisition) <1% › Berne, office (develo
Slide 23: Successful extensions and new lettings
PORTFOLIO Successful extensions and new lettings Vacancy rate › Major new tenants in % › Major contract extensions 6.7% 6.4% 6.1% 5.5% 5.2% 5.4% 5.1% 4.7% 4.8% 4.7% 4.7% 4.7% 4.6% 4.4% 4.3% 4.0% 4.1% 4.0% 3.8% 0.5% Strategic for developments 3.5% Operational 2015 2016 2017 2018 2019 2020 2021 2022 2
Slide 24: Acquisition in Lausanne-West
PORTFOLIO Acquisition in Lausanne-West KEY FACTS Floor space 14’600 m² , construction year 2023 Rental income CHF 4.75 Mio.; 4.0% net yield WAULT ~20 years Letting 100% occupancy with > 15 renowned tenants from the technology and defence sectors Timing Completion by 18.8.2025 Sustainability Minergie
Slide 25: Long-term rental contracts, new lettings with high potential
PORTFOLIO Long-term rental contracts, new lettings with high potential Lease expiry profile per August 2025 WAULT 4.9 years 17% 14% 12% 10% 9% 8% 6% 6% 6% 5% 4% 3% <1 year >1 >2 >3 >4 >5 >6 >7 >8 >9 >10 Open-ended Note: maturities taking into account agreed extensions Figures may contain differences
Slide 26: Developments offering considerable planning flexibility
PIPELINE Developments offering considerable planning flexibility Project pipeline ¹ › Pipeline: in CHF billion − High densification potential and land reserves within existing portfolio by status by commitment › Projects under construction: − Construction under way or imminent; Destination Jelmoli,
Slide 27: Selected projects under construction and in development
PIPELINE Selected projects under construction and in development Under construction In development Fraumünsterpost BERN 131 Destination Jelmoli YOND Campus Steinenvorstadt Zurich Berne Zurich Zurich Basel Construction application Construction status Start of Q1 2025 completed Start of Q2 2025 Start
Slide 28: Continuous progress in our sustainability strategy
SUSTAINABILITY Continuous progress in our sustainability strategy 1 2 3 4 Certification strategy Climate neutrality 2040 Circular economy Green Finance Framework 97% 4 Milestone project Berne 131 CHF 210 million certifiable area¹ new sustainable properties2 Timber hybrid construction, 100% Swiss tim
Slide 29: Asset Management business overview
ASSET MANAGEMENT Asset Management business overview Growth primarily in residential products Fund Management Asset Management Real Estate Advisory – Discretionary – – Fiduciary – CHF 4.2 bn AuM CHF 6.8 bn AuM CHF 2.7 bn AuM Regulated collective investment products Real estate investment advice for t
Slide 30: AuM development and new assets
ASSET MANAGEMENT AuM development and new assets Capital raises by Swiss Prime Site Solutions headed for record level; strong momentum with institutional clients Assets under management Capital development¹ in CHF billion in CHF million – without leverage – New Money Contributions in kind 13.3 13.7 5
Slide 31: Earnings and cost development
ASSET MANAGEMENT Earnings and cost development Synergy and economies of scale significantly reduce cost ratio Earnings development Cost development in CHF million in CHF million Costs ² Cost ratio 40 38.0 40 35 35 46.2% 45.9% 10.6 30 27.0 37.1% 30 25 22.2 5.3 25 20 5.0 20 15 14.1 27.4 15 12.4 21.7 1
Slide 32: Agenda
Agenda 1. KEY MESSAGES 2. FINANCE 3. BUSINESS UPDATE 4. OUTLOOK Results – first half-year 2025 32
Slide 33: Guidance for 2025 confirmed: further profitable growth
OUTLOOK Guidance for 2025 confirmed: further profitable growth Financial targets FFO I CHF 4.10–4.15 LTV <39% per share Real Estate Operational targets Vacancies <3.8% AuM > 14 bn Asset Management Results – first half-year 2025 33
Slide 34: Q&A
Q&A
Slide 35: Analyst and investor contact
Analyst and investor contact Media contact Florian Hauber Mara Ricci Head Treasury and Investor Relations Media Relations Business: +41 58 317 17 64 Business: +41 58 317 17 42 Mobile: +41 78 600 81 40 Mobile: +41 79 728 15 80 florian.hauber@sps.swiss mara.ricci@sps.swiss Company calendar 2026 Headqu
Slide 36: Disclaimer
Disclaimer Details published in this presentation are for information purposes only and should not form the basis for any investment decisions or recommendations to purchase Swiss Prime Site AG securities. The content of this presentation was diligently researched and compiled. However, Swiss Prime