Edmond de Rothschild Real Estate SICAV - Swiss Class A · SIX:ERRES
Edmond de Rothschild Real Estate SICAV - Swiss Class A — Edmond de Rothschild Real Estate SICAV - Swiss — FY2025/26 Earnings Presentation
62 slides from Edmond de Rothschild Real Estate SICAV - Swiss Class A's earnings presentation, June 2026
Slide 1: Edmond de Rothschild Real Estate SICAV - Swiss Annual Results 2025/26
EDMOND DE ROTHSCHILD REAL ESTATE SICAV - SWISS ANNUAL RESULTS 2025/26 JUNE 2026 www.edr-realestatesicav.ch
Slide 2: Content
CONTENT 01. OVERVIEW 02. MARKET 03. FINANCIAL RESULTS 04. SUSTAINABILITY 05. PORTFOLIO ACTIVITIES 06. OUTLOOK 2026/27 2
Slide 3: Key Events 2025/26
OVERVIEW KEY EVENTS 2025/26 Active year in a supportive market environment Dividend Rental growth Construction CHF 3.94 realized +1.38% like-for-like Completion of allowing a stable rental income growth Biopôle F1 (VD) and distribution over the past year* Edouard-Rod (GE) @ CHF 3.80/share Transactio
Slide 4: Key Financial Figures
OVERVIEW KEY FINANCIAL FIGURES Strong set of financial numbers 176 buildings CHF 142 mios rental income 4’709 apartments March 2024 March 2025 March 2026 Net assets 1’971 MCHF 1’980 MCHF 2’443 MCHF Property values 2’884 MCHF 2’976 MCHF 3’605 MCHF NAV/Share 122.86 123.46 126.96 Premium 21.28% 35.91%
Slide 5: Historical Perspective
OVERVIEW HISTORICAL PERSPECTIVE Long-term track record of growing dividends and net asset value per share Evolution of distribution per share and capital increase Evolution of net asset value per share 3,90 600 130 126,96 3,80 125,54 3,80 3,80 3,80 3,80 124,81 500 125 123,46 3,70 122,86 399 120,75 3
Slide 6: Evolution of NAV
OVERVIEW EVOLUTION OF NAV NAV adjusted to current market conditions 129,00 › Dividend of CHF 3.80 paid in July 2025 3,36 126,96 127,00 › Net result from cash-flow above the budget 125,00 0,57 › Positive contribution from disposals 123,46 3,37 above historical costs 123,00 › Realized result (net resu
Slide 7: Stock Market Performance
OVERVIEW STOCK MARKET PERFORMANCE Strong absolute and relative performance One-year total return performance to 31 March 2026 To 31st March 2026 ERRES SWIIT 120 1 year +5.6% +3.9% 115 3 years +39.9% +31.4% 110 5 years +31.2% +18.6% +5,6% 105 Since +3,9% +172.0% +118.5% inception 100 95 Source: Bloom
Slide 8: Portfolio Allocation
OVERVIEW PORTFOLIO ALLOCATION Diversified portfolio with a focus on residential assets in Geneva Basel Food Storage & Non food Neuchâtel 2,1% retail logistics retail 3,1% 2% 2% Others 3% Fribourg 5% 5,1% Industrial & Artisanal 2% Zürich 7,4% Health 11% BY CANTON BY USAGE (%DCF) (%Income) Vaud Office
Slide 9: Content
CONTENT 01. OVERVIEW 02. MARKET 03. FINANCIAL RESULTS 04. SUSTAINABILITY 05. PORTFOLIO ACTIVITIES 06. OUTLOOK 2026/27 9
Slide 10: Market Update
MARKET MARKET UPDATE Real estate offers 200 bps spread over Government bond yields Spread between real estate and bond yields Close link between agios and long-term interest rates Source: UBS, 31.05.2026 Source: UBS, 31.05.2026 EDMOND DE ROTHSCHILD 10
Slide 11: Market Update
MARKET MARKET UPDATE Tensions remain high on the Geneva residential market Strong underlying demand Undersupplied market ✓ The population increased by 1.3% in ✓ Only 2’550 new flats delivered over the 2025 to 537’000 inhabitants past year (28% versus previous year) ✓ Driven by net migration (~80%) ✓
Slide 12: Content
CONTENT 01. OVERVIEW 02. MARKET 03. FINANCIAL RESULTS 04. SUSTAINABILITY 05. PORTFOLIO ACTIVITIES 06. OUTLOOK 2026/27 12
Slide 13: Theoretical Rental Income Evolution
F I N A N C I A L R E S U LT S THEORETICAL RENTAL INCOME EVOLUTION Evolution over 12 months Theoritical rental income bridge CHF 150m › +1.4% like-for-like theoritical CHF 145m rental income growth 3,4 142 CHF 140m › Two construction projects delivered (Biopole F1 and E. CHF 135m 19,8 Rod) and one f
Slide 14: Rental Loss Evolution
F I N A N C I A L R E S U LT S RENTAL LOSS EVOLUTION Consistently low levels 5,0% › Consistently low levels of vacancy rate and rent default rate › Driven by housing shortage but also reflecting the properties quality 4,0% (location/condition) › Strong commitment to anticipate market evolutions and
Slide 15: Zoom on Vacancies
F I N A N C I A L R E S U LT S ZOOM ON VACANCIES Daily focus of the asset management team › Vacancy reduction for next year: ✓ Upcoming improvement ▪ Cantonale 18 : Work in progress Ongoing negotiation for all the CHF 1 000K vacant area. Should be 100% CHF 900K 12,50% leased by 30.09.26 CHF 800K ▪ C
Slide 16: Expenses
F I N A N C I A L R E S U LT S EXPENSES Attractive and stable cost base Real estate expenses Interest expenses ✓ Stabilised at 15.1% of total revenue ✓ Stabilised financing conditions with in line with CAPEX and Budget an average duration of 4.23 years plans ✓ Stabilised average cost of debt of 1.29
Slide 17: Summary of Realised P&L
F I N A N C I A L R E S U LT S SUMMARY OF REALISED P&L Robust cash generation for dividend payout In MCHF 2023/24 2024/25 2025/26 Rental income 106.9 111.2 122.2 Total Revenue 110.9 115.0 131.1 Interest expenses 11.1 12.6 12.8 Real estate expenses 17.8 17.9 19.8 Operating fees 14.3 14.6 15.2 Taxes 1
Slide 18: Net Result 31.03.2026
F I N A N C I A L S R E S U LT S NET RESULT 31.03.2026 Net Result per share breakdown Building level Fund level 8,00 › Figures adjusted for accrued 7,00 6,83 income paid by subscribing -0,05 investors 6,00 0,19 -0,92 5,51 › Key metrics -0,35 5,00 -0,71 › Building costs : 19.3% of income 4,00 -0,73 3
Slide 19: Waterfall Evaluations/Fortune
F I N A N C I A L R E S U LT S WATERFALL EVALUATIONS/FORTUNE Positive contribution of revaluations Evolution of portfolio market value CHF 3 650K 3 605,1 CHF 3 550K 78,7 37,4 CHF 3 450K CHF 3 350K Decreases CHF 3 250K Increases 560,2 CHF 3 150K CHF 3 050K 2 975,9 CHF 2 950K 47,1 CHF 2 850K *includin
Slide 20: Discount Rate and Value Change
F I N A N C I A L R E S U LT S DISCOUNT RATE AND VALUE CHANGE Declining real discount rates in line with market evolution Discount rate evolution › Decline in real term since 2025 reflecting the recovery of the real 4,00% 3,83% 3,77% 3,73% 3,74% 3,80% 3,62% 3,71% 3,68% estate market and the compress
Slide 21: Valuations and Margins
F I N A N C I A L R E S U LT S VALUATIONS AND MARGINS Market-aligned valuations and strategic CAPEX underpin margin growth Gross/net yields (after leasehold rents) on Market Portfolio margin trend on a like-for-like basis Value as per 31.03.2026 (119 buildings) 2 500 200 180 3,71% 2 400 Residential
Slide 22: Detail of Unrealized Capital Gain
F I N A N C I A L R E S U LT S DETAIL OF UNREALIZED CAPITAL GAIN Positive impact of annual revaluations Gross Yield Unrealized capital # Properties Valuation (MCHF) after leasehold rent gain 2025/26 (MCHF) (%) Existing Residential 100 1’839 3.73% +43 Existing Mixed-used 19 352 3.72% +5 Existing Comm
Slide 23: Realized & Unrealized Cap Gain
F I N A N C I A L R E S U LT S REALIZED & UNREALIZED CAP GAIN Positive NAV impacts from revaluation, sales & acquisitions Realized Unrealized NAV impact Standing investments +50 MCHF +50 MCHF - all building revaluated +2.62 CHF/share +2.62 CHF/share Acquisitions +25 MCHF +25 MCHF - 28 buildings + 1
Slide 24: Financing
F I N A N C I A L R E S U LT S FINANCING Good financing conditions despite tight credit market › Reactivity in a decreasing interest March March March March March rate environment 2022 2023 2024 2025 2026 › Tightening credit conditions coupled Debts outstanding with restricted credit access 802.9 77
Slide 25: Financing
F I N A N C I A L R E S U LT S FINANCING Balanced maturity profile 200 000 000 2,50% 2,32% 180 000 000 160 000 000 2,00% 140 000 000 120 000 000 1,54% 1,50% 1,48% 1,43% 1,41% 1,34% 100 000 000 1,28% 1,17% 1,16% 80 000 000 1,00% 0,90% 60 000 000 40 000 000 0,50% 0,46% 20 000 000 0 0,00% 2026 2027 202
Slide 26: Content
CONTENT 01. OVERVIEW 02. MARKET 03. FINANCIAL RESULTS 04. SUSTAINABILITY 05. PORTFOLIO ACTIVITIES 06. OUTLOOK 2026/27 26
Slide 27: Key Sustainability Indicators
KEY SUSTAINABILITY INDICATORS Strong sustainability performance 113.0 kWh/m2 16.6 Kg CO2/m2 Energy intensity CO2 CO2 emissions Stable (+0.7%) from 2024/25 Decrease of 4.1% from 2024/25 23 buildings equipped 1.64 – SSREI PV Installation Benchmarking 90 points (5-Stars) 2’300 kWc power installed GRESB
Slide 28: Measures and Achievements
MEASURES AND ACHIEVEMENTS Efforts carried across various topics 99 smart optimizing One comprehensive 4th rank (out of 24) in solutions in function to energy-efficient the Geneva eco-21 reduce heat renovation completed trophy for committed consumption in Dancet 8 – Genève property owners Second-time
Slide 29: Geneva (GE) Concrete Example
CONCRETE EXAMPLE GENEVA (GE) OVERVIEW Working on the existing stock Dancet 8 – Geneva (GE) › Concrete example of a complete renovation on an old building ideally located in central Geneva › Works in occupied site for 12 months : ▪ Energy-efficient renovation of facades + floor/basement slab ▪ Change
Slide 30: Concrete Example: Solar Panels
CONCRETE EXAMPLE Corniche 9 – Épalinges (GE) OVERVIEW Increasing green energy from solar panels › 23 buildings equipped with photovoltaic panels (incl. 2 buildings with contracting) for a total power installed of 2’300 kWp › 2 new installations during this financial year › Electricity production ove
Slide 31: ESG
PORTFOLIO ACTIVITIES ESG 5-star GRESB result as a testimony to our commitment EDMOND DE ROTHSCHILD 31
Slide 32: Content
CONTENT 01. OVERVIEW 02. MARKET 03. FINANCIAL RESULTS 04. SUSTAINABILITY 05. PORTFOLIO ACTIVITIES 06. OUTLOOK 2026/27 32
Slide 33: Theoretical Rental Income Growth
PORTFOLIO ACTIVITIES THEORETICAL RENTAL INCOME GROWTH Evolution of buildings owned since minimum one year Like-for-like theoritical rental income 31.03.2026 vs 31.03.2025 MCHF 120,00 2,50% 100,00 1,95% 2,00% 1,51% 80,00 1,38% 1,50% 60,00 0,92% 1,01% 1,00% 40,00 0,16% 0,50% 20,00 - 0,00% Residential
Slide 34: Rental Potential
PORTFOLIO ACTIVITIES RENTAL POTENTIAL Strong rental reversion and case by case work on reference interest rate Rental reversion Actual reference interest rates (Traditional lease) 25,0% 21% 20,0% 18% 15,0% 31% 30% 28% 10,0% 5% 5,0% 9% 3% 0,0% Residential Mixed Commercial 1,25% 1,50% 1,75% 2% >2.00%
Slide 35: Rental Reserve Deployment
PORTFOLIO ACTIVITIES RENTAL RESERVE DEPLOYMENT Milinvest portfolio : active asset management on core properties François Besson 5-7-9, Meyrin (GE) Milinvest portfolio › 18 buildings (16 located in GE and 2 located in VD) bought in January 2021 and negotiated during the COVID crisis › One development
Slide 36: 10 Year CAPEX Plan
PORTFOLIO ACTIVITIES 10 YEAR CAPEX PLAN CAPEX plan based on our ESG strategy is fully integrated in valuations 10 years CAPEX for standing investments* › Total CAPEX for the next 10 years in our valuations** : 430 MCHF 15% › 12% of GAV › Average of 2.5 MCHF per property 49% › REIM CAPEX plan : › Bui
Slide 37: Densification
PORTFOLIO ACTIVITIES DENSIFICATION Approx. 3’500 m2 of additional areas for next years New areas Development Total Project expected Adresses (m2) ROI ROI start date François-Besson 5-7-9 – Meyrin 1’077 5.18% 4.80% Realised Baillive 5 – Geneva 146 5.70% 4.25% Realised 31-Décembre 43 – Geneva 86 4.56%
Slide 38: Development Projects
DEVELOPMENT PROJECTS 4 additional permits recently obtained in Geneva for 15 MCHF total investment Malagnou 52 Pâquis 17 Asters 22 Carl Vogt 60 › 2 additional storey › Attic extension with › 1.5 additional storey › 1 additional storey (4 new apartments) 5 additional rooms (5 new apartments) + 4 outd
Slide 39: Project Under Construction
PROJECT UNDER CONSTRUCTION Approx. 8’500 m2 of additional areas in the next twelve months Capital Total Gross yield Rental Future currently investment on Project income investments Completion invested costs investment (MCHF) (MCHF) (MCHF) (MCHF) costs Croix-de-Rozon November 2.23 20.91 36.13 57.04 3
Slide 40: Construction Projects
CONSTRUCTION PROJECTS OVERVIEW La Mûre – Croix de Rozon (GE) New ongoing residential construction project in Geneva LA CROIX-DE-ROZON (GE) › New district planning in Geneva with the rehabilitation of an old industrial site › 84 apartments (3-4-5-rooms) with rental control by the state of Geneva › CH
Slide 41: Densification Project
DENSIFICATION PROJECT OVERVIEW Value-added project Genève 92, Thônex (GE) THÔNEX (GE) › Residential program of 7 floors added to the existing commercial building › HPE labels › 38 new flats subject to rental control › 15 HM LUP @ CHF 244/m2/year during 50 years › 23 ZD LOC @ CHF 297/m2/year during 1
Slide 42: Densification Project
DENSIFICATION PROJECT OVERVIEW Sustainable urban densification in Geneva city-center Lyon 55, Geneva (GE) GENEVA (GE) › Full Haute Performance Énergétique (HPE) renovation including insulation, heating pump and solar panels › 8 new flats created in two additional floors › MCHF 5.0 additional investm
Slide 43: Densification Project
DENSIFICATION PROJECT OVERVIEW Residential densification in Zürich City-Center Hohlstrasse 176/186/188, Zürich (ZH) ZÜRICH (ZH) › Acquisition in December 2022 with a “high rise” potential › Various challenges met including change in zoning, increasing interest rates and high inflation on costs › Bui
Slide 44: Densification Project
DENSIFICATION PROJECT OVERVIEW Urban densification coupled with energy renovation Banc-Bénit 36-38, Petit-Lancy (GE) GENEVA (GE) › Full renovation Haute Performance Énergétique (HPE) › 33 new flats created in three additional floors › MCHF 18.0 additional investments › Total ROI of 4.8% (5.3% on den
Slide 45: Finished Projects
FINISHED PROJECTS OVERVIEW Edouard-Rod 12-14, Geneva (GE) New residential construction in Geneva GENEVA (GE) › New district planning in Geneva city-center with the rehabilitation of an old industrial site › 37 3-5-room apartments with rental control by the state of Geneva › CHF 390/m2/year @ 50-WP Q
Slide 46: Sales 2025/26
PORTFOLIO ACTIVITIES SALES 2025/26 Disposal of well valued assets to generate capital gains Lattes 57/59 – Meyrin (GE) Champ-Colin 2A/2B/2C – Nyon (VD) Historical Cost : CHF 10’180’000 Historical cost : 26’070’000 Selling price : CHF 15’000’000 Selling price : CHF 33’350’000 Gross/Net yield buyer :
Slide 47: Sales History
PORTFOLIO ACTIVITIES SALES HISTORY Disposal of non-strategic and well valued assets to generate capital gains and reduce risk Realised gains after taxes (CHF/share) 0,80 2,85 0,70 0,60 0,65 0,60 0,57 0,50 0,40 0,30 0,30 0,29 0,20 0,23 0,10 0,12 0,04 0,00 2018 2019 2020 2021 2022 2023 2024 2025 2026
Slide 48: Content
CONTENT 01. OVERVIEW 02. MARKET 03. FINANCIAL RESULTS 04. SUSTAINABILITY 05. PORTFOLIO ACTIVITIES 06. OUTLOOK 2026/27 48
Slide 49: Focus and Outlook 2026/27
OUTLOOK 2026/27 FOCUS AND OUTLOOK 2026/27 Strong portfolio to capitalize on market shift towards value appreciation › Well positioned portfolio in terms of location, vacancy risk and environmental profile › Targeted distribution of min. CHF 3.80/share generated by net rental income, regular sales an
Slide 50: Capital Increase Conditions
OUTLOOK 2026/27 CAPITAL INCREASE CONDITIONS Envisaged terms Amount CHF 350-450 millions ~CHF 127 (post July dividend distribution of ~CHF 3.80/share) Issue price per share NAV 18.09.2026 + 2% emission fee + 0.75% ancillary costs Subscription period 31.08.2026 – 11.09.2026 (noon) Listing of the right
Slide 51: Successful Track-Record of Capital Increases
OUTLOOK 2026/27 SUCCESSFUL TRACK-RECORD OF CAPITAL INCREASES Raising capital when the market is ready History of capital increases 2019 2020 2021 2022 2023 2024 2025 2026 No capital No capital Amount (MCHF) 178,8 272,2 279,7 290,0 395,0 350-450 increase increase Ratio 1:5 1:4 1:5 1:6 1:5 ~1:5 to 1:6
Slide 52: Use of Funds
OUTLOOK 2026/27 USE OF FUNDS Future capital deployment plan Ongoing construction projects ➔ deployment within 12 months CHF 60 millions (Croix-de-Rozon 36mios + Genève 20mios + Lyon 1.4mios) Densification/renovation projects ➔ deployed within 18 months CHF 145 millions investment on CHF 95 millions
Slide 53: Casa Bamba 1-3 Vernier (GE)
TRANSACTION CLOSED OVERVIEW CASA BAMBA 1-3 › Prime office building let to Edmond de Rothschild & Raiffeisen (79% of total VERNIER (GE) rental income) with an 18,5Y WAULT › 6th floor to be let (11% of rental income) › Rental steps after 5 and 10Y for the main tenant STATUS PROJECT SIZE Transferred in
Slide 54: Strong Investment Activity in H2 2025
OUTLOOK 2026/27 STRONG INVESTMENT ACTIVITY IN H2 2025 Post capital increase from August 2025 KEY METRICS Net acquisition 231.8 MCHF price Valuation 257.0 MCHF Difference +10.9% Allocation Resi : 82% (%rental income) Com : 18% Coquelicots 5-7 – Vernier (GE) Sismondi 7 – Genève (GE) Sismondi 17 – Genè
Slide 55: Émilie-de-Morsier Vernier (GE)
TRANSACTION CLOSED ÉMILIE-DE-MORSIER OVERVIEW › Newly constructed 77 appartements residential building 2-8 & 12-14 › Controlled rents for 10 years, 25 years and 50 years depending on the control VERNIER (GE) › with an average rental level of CHF 240/m2/an Haute Performance Énergétique (HPE) labeled
Slide 56: Geneva Portfolio
TRANSACTION CLOSED OVERVIEW GENEVA › Portfolio of 9 residential and mixed-use Geneva properties PORTFOLIO › Very good micro-locations in Geneva city-center and its vicinity › Strong rental potential of +34% according to valuers STATUS PROJECT SIZE Transferred in Share Deal MCHF 57.1 October 2025 RIS
Slide 57: Valais & Vaud Portfolio
TRANSACTION CLOSED OVERVIEW VALAIS & VAUD › Portfolio of 4 residential and mixed-use properties in Sion x2, Montreux and Aigle PORTFOLIO › Very good micro-located in Sion and Montreux city-centers › Good rental potential of +21% according to valuers STATUS PROJECT SIZE Transferred in Asset Deal MCHF
Slide 58: Secured Dealflow
OUTLOOK 2026/27 SECURED DEALFLOW Strong secured pipeline Volume Initial gross/net Deal Status Typology (MCHF) yields Forward purchase signed. Aebiareal E New mixed-use construction Transfer at delivery, planned in ~20 4.7% / 4.0% Burgdorf (BE) (62% residential) Q2 2027 Im Than 1,3,8,10 Forward purch
Slide 59: Key Takeaways
OUTLOOK 2026/27 KEY TAKEAWAYS Keep building on solid foundations for the 16th year! Well-located Increase speed of Active deployment portfolio in the main ESG actions to reach of the important Swiss cities and their our ambitious rental reserve surroundings objectives Strong pipeline of Anticipation
Slide 60: Contacts
CONTACTS Pierre Arnaud Jonathan JACQUOT ANDRIEU MARTIN Co-CEO Co-CEO Managing Director Rue du Rhône 30 Rue du Rhône 30 Rue du Rhône 30 1204 Geneva 1204 Geneva 1204 Geneva Switzerland Switzerland Switzerland T: +41 79 406 33 08 T: +41 79 250 78 19 T: +41 79 611 94 13 p.jacquot@reim-edr.ch a.andrieu@r
Slide 61: Disclaimer
DISCLAIMER Important legal information This marketing material has been issued by Edmond de Rothschild REIM (Suisse), S.A., (hereinafter “EdR REIM”) located at 30 rue du Rhône, 1204 Geneva, Switzerland, a subsidiary of Edmond de Rothschild (Suisse) S.A. and manager of collective assets authorised an
Slide 62: www.edmond-de-rothschild.com EDMOND DE ROTHSCHILD
www.edmond-de-rothschild.com EDMOND DE ROTHSCHILD
Edmond de Rothschild Real Estate SICAV - Swiss — FY2025/26 Earnings Presentation on 6ix