Psp Swiss Property Ag · SIX:PSPN
Psp Swiss Property — FY 2025 Earnings Presentation
64 slides from Psp Swiss Property's earnings presentation, Feb 24, 2026
Slide 1: Annual results 2025
Annual results 2025 Publication, 24 February 2026
Slide 2: Agenda
Agenda 3 Key Facts and Figures 7 Financial Results FY 2025 15 Portfolio & Vacancy Rate 21 Green Finance Policy & Capital Structure 25 Development Properties 37 Subsequent Events 39 Outlook 41 Annex © PSP Swiss Property 2
Slide 3: Property Portfolio (December 2025)
Property Portfolio (December 2025) Portfolio value CHF 10.1bn (150 investment properties and 10 development properties) Zurich Basel CHF 6.2bn CHF 0.7bn 62% 7% Bern CHF 0.6bn 5% Other locations Lausanne CHF 0.3bn CHF 0.3bn 3% 3% Development properties CHF 0.5bn 5% Geneva CHF 1.5bn 15% © PSP Swiss Pr
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 10.1bn (up CHF 283.6 Mio. or 2.9% compared with December 2024) − Disposal of Gurtenbrauerei 10-92 in W abern (Bern) for CHF 23m, gain CHF 7.7m Vacancy and rental situation − Vacancy rate of 3.5% (end of 2024: 3.2%) − EPRA like-for-like ch
Slide 6: Agenda
Agenda 3 Key Facts and Figures 7 Financial Results FY 2025 15 Portfolio & Vacancy Rate 21 Green Finance Policy & Capital Structure 25 Development Properties 37 Subsequent Events 39 Outlook 41 Annex © PSP Swiss Property 6
Slide 7: Key Figures
Key Figures Consolidated, in CHF m 2022 2023 2024 2025 1 Rental income 316.2 331.9 350.0 349.2 -0.2 % EBITDA excl. ∆-RE2 293.8 297.7 304.9 302.0 -1.0 % Net income excl. ∆-RE2 235.7 339.2 231.8 225.4 -2.7 % Net income 330.0 207.6 374.9 408.5 8.9 % EPRA earnings 213.9 329.0 230.6 225.0 -2.4 % Per sha
Slide 8: EPRA Performance Measures
EPRA Performance Measures 2024, 31 Dec. 2024 2025, 31 Dec. 2025 (CHF or %) EPRA PSP EPRA PSP A. EPS (earnings per share) 5.03 5.05 4.91 4.91 B. NRV (net reinstatement value) 142.39 139.51 148.98 146.05 C. NTA (net tangible assets) 139.98 n.a. 146.55 n.a. D. NDV (net disposal value) 117.88 117.96 123
Slide 9: Consolidated Income
Consolidated Income in CHF 1’000 2022 2023 2024 2025 Rental income 316’231 331’905 349’978 349’226 -0.2 %1 Net changes in fair value of investment properties 124’886 -161’261 170’971 231’120 Income from property sales (inventories) 25’181 14’012 1’021 0 Income from property sales (investment prope
Slide 10: Consolidated Expenses
Consolidated Expenses in CHF 1’000 2022 2023 2024 2025 Real estate operating expenses -11’169 -11’372 -11’612 -10’130 -12.8 % Real estate maintenance and renovation expenses -16’859 -14’291 -13’202 -12’571 -4.8 % Personnel expenses -20’390 -20’604 -18’966 -20’154 6.3 % General and administrative e
Slide 11: Consolidated Results
Consolidated Results in CHF 1’000 2022 2023 2024 2025 Operating profit (EBIT) 415’778 136’140 487’623 539’306 10.6 % Net financial expenses -11’560 -22’886 -34’275 -35’341 3.1 % Profit before income taxes 404’219 113’255 453’348 503’965 11.2 % Income taxes -74’2591 94’3402,3 -78’4004 -95’4925 Net
Slide 12: Per Share Distribution (in CHF)
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) 450 PSP 400 SPI Index 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, 16.02.202
Slide 14: Agenda
Agenda 3 Key Facts and Figures 7 Financial Results FY 2025 15 Portfolio & Vacancy Rate 21 Green Finance Policy & Capital Structure 25 Development Properties 37 Subsequent Events 39 Outlook 41 Annex © PSP Swiss Property 14
Slide 15: Real Estate Portfolio & Vacancy Rate
Real Estate Portfolio & Vacancy Rate 11 10% 10.1 10 9.6 9.8 9.4 9% 9.1 9 8% 8 7% 7 6% 6 5% 5 3.8% 3.6% 3.5% 4% 4 3.0% 3.2% 3% 3 2% 2 1 1% 0 0% 2021 2022 2023 2024 2025 Real estate portfolio value in CHF bn. Vacancy rate in % (CHF). © PSP Swiss Property 15
Slide 16: Largest Vacancies (December 2025)
Largest Vacancies (December 2025) Vacancy Vacancy Contribution Actions taken Properties (sqm)1 rate in %-points (new vacancy) Grubenstrasse 6, 8, Zurich 5’268 50.9% 0.4% New leases starting Q1 and Q2 2026 (22.8%) Peter Merian-Strasse 88, 90, Basel 4’089 37.2% 0.4% Letting in progress Place Saint-Fra
Slide 17: Expiry Profile of Leases (December 2025)
Expiry Profile of Leases (December 2025) (Legal termination option by tenants) 16% 14% 14% 12% 13% 10% 11% 11% 8% 9% 7% 8% 6% 4% 5% 5% 5% 5% 2% 2% 3% 2% 0% 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036+ NL Of the 2026 maturities (CHF 37.9m, 11% of total rental income): 60% are renewed 24% r
Slide 18: Changes in Fair Value (December 2025)
Changes in Fair Value (December 2025) (CHF m) 2023 2024 2025 Existing portfolio -167.1 163.51 231.13 Acquisitions / first-time 5.8 7.52 0.0 valuation Total net changes in fair value -161.3 171.0 231.1 1 Of which: Q1 2024: CHF +31.2m related to three investment properties in Zurich (Bahnhofstrasse 28
Slide 19: Changes in Fair Value, Discount Rates (Dec 2025)
Changes in Fair Value, Discount Rates (Dec 2025) 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% 4.1% Other locations 3.4% 4.8% 4.3% All areas (all
Slide 20: Agenda
Agenda 3 Key Facts and Figures 7 Financial Results FY 2025 15 Portfolio & Vacancy Rate 21 Green Finance Policy & Capital Structure 25 Development Properties 37 Subsequent Events 39 Outlook 41 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 − 10 domestic banks and 1 syndicated loan (with 8 Swiss Cantonal banks) High visibility on debt maturity profile − Last green bond issued: 31 July 2025, CHF 155m, Compounded SARON, Spread of 58bps, maturing May 2027 − Next bond expiry: 29 April 2026, CHF
Slide 23: Capital Structure
Capital Structure in CHF 1’000 2023 2024 2025 Shareholders’ equity 5’220.7 5’410.7 5’644.9 4.3 % − % of total assets 53.3% 54.5% 55.5% Deferred tax liabilities (net) 947.7 988.4 1’054.1 6.6 % − % of total assets 9.7% 10.0% 10.4% Interest-bearing debt 3’465.8 3’384.8 3’369.8 -0.4 % − % of total ass
Slide 24: Agenda
Agenda 3 Key Facts and Figures 7 Financial Results FY 2025 15 Portfolio & Vacancy Rate 21 Green Finance Policy & Capital Structure 25 Development Properties 37 Subsequent Events 39 Outlook 41 Annex © PSP Swiss Property 24
Slide 25: Project “Hôtel des Postes”, Lausanne
Project “Hôtel des Postes”, Lausanne Under construction − Place Saint-François 15, Lausanne − Total renovation (modernisation) − Approx. 11’700 m 2 letting space (office, retail and commerce) − Completion mid-2026 − Investment sum approx. CHF 55m (thereof CHF 51.7m spent) − 50% pre-let (retail, offi
Slide 26: Overview “Quartier des Banques”, Geneva
Overview “Quartier des Banques”, Geneva − In Portfolio (22’600 sqm) 1. Rue de la Corraterie 5, 7 / Rue de la Cité 6 2. Rue de la Confédération 2 3. Rue de la Corraterie 24, 26 4. Place de la Synagogue 3, 5 / Rue Jean-Petitot 4, 6 5. Rue de l’Arquebuse 8 2 7 1 − Projects 2026 - 2027 (~4’300 sqm) 5 4
Slide 27: Projects “Quartier des Banques”, Geneva
Projects “Quartier des Banques”, Geneva Project “Quartier des Banques Henriette-et-Jeanne Rath 14” Under construction − Rue Henriette-et-Jeanne Rath 14 / Rue de Hesse 16bis, Geneva − Total renovation, single-tenant use − Approx. 1’700 m 2 letting space (office & storage) − Start of construction Q1 2
Slide 28: 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 expected in Q1 2026, completion beginning of
Slide 29: Project “Richtipark”, Wallisellen
Project “Richtipark”, Wallisellen Under evaluation − As a part of the revision of the municipal building and zoning regulations in the citiy of Wallisellen, a rezoning of the properties at Richtistrasse 3, 5, 7, 9 and 11 was decided early April 2025 − Future residential share can be increased to 75%
Slide 30: Project “Löwenbräu Red”, Zurich
Project “Löwenbräu Red”, Zurich In planning Location Limmatstrasse 250–254, 264 and 266, Zurich Total area 5’500 sqm Project scope Conversion from office into hotel use; 172 units Current Status Planning in progress; building permit expected H1 2026, final negotiations with a hotel operator Investme
Slide 31: 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 to be expected H2 2026; operator evaluation in progress, interim rental in 2026 Investment Approx. CHF 20
Slide 32: 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 Q1 2026; finalizing planning Investment
Slide 33: 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 T
Slide 34: 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 35: 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 % 3 projects “Quartier des Banques“, Geneva 2026/27 18.0 12.9 10.4 2.5 0 ~ 2.6 36% Project “Hôtel des Postes“, Lausanne 2026 55.0 8.2 8.2 0 0 ~ 5.8 50% Project “Löwe
Slide 36: Agenda
Agenda 3 Key Facts and Figures 7 Financial Results FY 2025 15 Portfolio & Vacancy Rate 21 Green Finance Policy & Capital Structure 25 Development Properties 37 Subsequent Events 39 Outlook 41 Annex © PSP Swiss Property 36
Slide 37: Subsequent Events
Subsequent Events Property sales The investment property at Igelweid 1 in Aarau was sold at the end of January 2026. © PSP Swiss Property 37
Slide 38: Agenda
Agenda 3 Key Facts and Figures 7 Financial Results FY 2025 15 Portfolio & Vacancy Rate 21 Green Finance Policy & Capital Structure 25 Development Properties 37 Subsequent Events 39 Outlook 41 Annex © PSP Swiss Property 38
Slide 39: Outlook 2026
Outlook 2026 Consolidated EBITDA (excl. changes in fair value) CHF 310m (2025: CHF 302.0m) Vacancy rate portfolio, at year-end 3.5% (year-end 2025: 3.5%) © PSP Swiss Property 39
Slide 40: Agenda
Agenda 3 Key Facts and Figures 7 Financial Results FY 2025 15 Portfolio & Vacancy Rate 21 Green Finance Policy & Capital Structure 25 Development Properties 37 Subsequent Events 39 Outlook 41 Annex © PSP Swiss Property 40
Slide 41: 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 − Katharina Lichtner, 1967, Member Executive Board − Giacomo Balzarini, 1968, C
Slide 42: Group Overview (31 December 2025)
Group Overview (31 December 2025) 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 (17, 13*) Accounting / Controlling (11) Anal
Slide 43: 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 44: 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) − The Bank of New York Mellon SA, Brussels (Nominee): 3.05% 3
Slide 45: Development of Rental Income
Development of Rental Income (CHF 1’000) 370 000 7’067 2’971 1’251 1’124 989 -3’565 350 000 -7’871 - 2’095 -623 349’978 330 000 349 226 310 000 290 000 270 000 250 000 © PSP Swiss Property 45
Slide 46: EBITDA
EBITDA 297.7 304.9 302.0 90% 310 293.8 260 85.0% 85.1% 210 84.4% 83.9% 85% 160 110 80% 60 10 2022 2023 2024 2025 -40 75% EBITDA excl. ∆-RE in CHF m. EBITDA margin in %. © PSP Swiss Property 46
Slide 47: Composition of net income
Composition of net income 600 500 400 143.2 300 339.2 183.1 94.2 200 235.7 231.8 225.4 100 0 -100 -131.6 -200 2022 2023 2024 2025 Net income excl. ∆-RE in CHF m. Contribution of ∆-RE in CHF m. © PSP Swiss Property 47
Slide 48: Earnings per share (EPS)
Earnings per share (EPS) 14 12 10 8 8.91 8.17 7.19 7.40 6 5.14 5.05 4.91 4 4.53 2 0 2022 2023 2024 2025 EPS in CHF. EPS excl. ∆-RE in CHF. © PSP Swiss Property 48
Slide 49: NAV + Cumulative Dividend per Share
NAV + Cumulative Dividend per Share 250 70.88 200 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 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 2.25 64.95 1.
Slide 50: EPRA NRV vs. Share Price
EPRA NRV vs. Share Price 160 140 148.98 142.39 143.50 139.42 137.10 120 128.90 117.60 100 108.50 80 60 40 20 0 2022 2023 2024 2025 EPRA NRV per share in CHF. Share price in CHF. © PSP Swiss Property 50
Slide 51: 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 2025 76 207.9 253.2 6’226.8 3.1 2.3 2024 77 205.6 167.0 6’085.7 3.1 3.0 Geneva 2025 20 50.3 7.1 1’473.5 3.1 2.7 2024 23 52.0 6.7 1’532.8 2.9 1.9 Basel 2
Slide 52: Portfolio Key Figures, cont.
Portfolio Key Figures, cont. Rent by type of use Rent by type of tenants Rent by Largest tenants 11% 5% 7% 6% 4% 4% 24% 3% 2% 8% 7% 2% 8% 8% 15% 63% 8% 20% 74% 11% 11% Office Retail Gastronomy Parking Other Services Retail Swisscom Google Gastronomy Financial Services IWG Technology Health Care On T
Slide 53: 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 54: Sustainability, cont.: Standards and ratings
Sustainability, cont. Standards and ratings © PSP Swiss Property 54
Slide 55: Sustainability, cont.: Reduction path and net zero commitment
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 56: Sustainability, cont.: Performance FY 2025
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 57: Portfolio Grid (31 December 2025)
Portfolio Grid (31 December 2025) Market assessment of individual properties (by Wüest Partner) © PSP Swiss Property 57
Slide 58: Zurich Portfolio
Zurich Portfolio Pfingstweidstrasse 60, 60b = Investment properties = Development properties Zurich Bahnhofstrasse 39 Limmatquai 4 © PSP Swiss Property 58
Slide 59: 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 59
Slide 60: Basel Portfolio
Basel Portfolio Freie Strasse 38 Basel Hochstrasse 16 / Pfeffingerstrasse 5 = Investment properties = Development property Grosspeterstrasse 44 © PSP Swiss Property 60
Slide 61: Bern Portfolio
Bern Portfolio Laupenstrasse 18, 18a Bern Bollwerk 15 = Investment properties = Development property Zeughausgasse 26, 28 © PSP Swiss Property 61
Slide 62: Lausanne Portfolio
Lausanne Portfolio Avenue de Sévelin 46 = Investment properties = Development property Lausanne Place Saint-François 15 Avenue Agassiz 2 © PSP Swiss Property 62
Slide 63: 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 63
Slide 64: 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