Swiss Prime Site Ag · SIX:SPSN
Swiss Prime Site — H1 2026 Earnings Presentation
42 slides from Swiss Prime Site's earnings presentation, Aug 20, 2026
Slide 1: Half-year 2026 results
Half-year 2026 results Zurich, 20 August 2026
Slide 2: Agenda
Agenda 01/ Key messages 02/ Finance 03/ Business update 04/ Outlook and takeaways 05/ Appendix 2
Slide 3: 1H2026: Strong operating performance and continued growth momentum
01 Key Messages 1H2026: Strong operating performance and continued growth momentum ― Strong leasing momentum: Alto Pont-Rouge fully leased, ― Record new money of nearly CHF 1 billion across strong demand at Fraumünsterpost driven by AI companies, products and services, lifting AuM to CHF 14.8 billio
Slide 4: Operating leverage drives profitability
01 Key Messages Operating leverage drives profitability Key figures 1H2026 Rental income Fee income Ebitda¹ Profit2 FFO I EPS2 In CHF million In CHF million In CHF million In CHF million In CHF per share In CHF per share +2.2% +1.4% +5.2% +4.6% +6.0% +2.4% +5.1% — FFO I +2.4% to CHF 2.15 per LfL sha
Slide 5: Supportive environment with continued demand for real estate assets
01 Key Messages Supportive environment with continued demand for real estate assets Transactions Lettings Valuations Fund Flows ⏤ Swiss market remained constructive ⏤ Subdued economic momentum in ⏤ Continued low inflation and low interest ⏤ Real estate allocations remain elevated Switzerland drove f
Slide 6: We create living spaces
We create living spaces 6
Slide 7: Agenda: Finance
Agenda 01/ Key messages 02/ Finance 03/ Business update 04/ Outlook and takeaways 05/ Appendix 7
Slide 8: Robust top-line growth across both segments
02 Finance Robust top-line growth across both segments Consolidated operating income in CHF million H1 2025 H1 2026 ∆ y-o-y ― Solid rental income growth, supported by prior-year acquisitions, successful renewals and new lettings, despite Rental income 225.5 230.6 2.2% property sales; EPRA like-for-l
Slide 9: Lower costs and efficiency gains drive operating leverage
02 Finance Lower costs and efficiency gains drive operating leverage Consolidated operating expenses in CHF million H1 2025 H1 2026 ∆ y-o-y ― Reduction in real estate costs, reflecting the more focused real estate portfolio, economies of scale and disciplined cost Real estate costs -30.4 -28.8 -5.1%
Slide 10: Strong operating profit demonstrates resilient business model
02 Finance Strong operating profit demonstrates resilient business model Group profitability in CHF million H1 2025 H1 2026 ∆ y-o-y ― CHF 148.0 million of revaluation gains, driven by rental growth, lower operating costs and modest discount-rate Total operating income 276.3 271.1 compression Revalua
Slide 11: Operating performance translates into higher result per share
02 Finance Operating performance translates into higher result per share Funds from operations I (FFO I) Intrinsic value per share (EPRA NTA) in CHF per share in CHF Reconciliation FFO I in CHF million H1 2025 H1 2026 ∆ y-o-y EBITDA 199.5 208.7 4.6% (excl. revaluations/sales) Cash-effective interest
Slide 12: Acquisitions and developments drive increase in rental income
02 Finance Acquisitions and developments drive increase in rental income Rental income bridge Real rental growth (EPRA like-for-like) in CHF million 2.2% Δ Existing Completion properties 230.6 0.8% New builds 1.4% 225.5 Acquisitions 2.4 3.8 0.1% Indexations / Vacancy - 4.5 6.4 reduction / Other -3.0
Slide 13: Strong inflows and scalable Asset Management platform drive profitability
02 Finance Strong inflows and scalable Asset Management platform drive profitability Asset Management performance in CHF million H1 2025 H1 2026 ∆ y-o-y ― Strong capital inflows in Asset Management of CHF 952 million, driving AuM to CHF 14.8 billion (end-2025: CHF 14.3 Management fees 19.0 20.8 +9%
Slide 14: Higher portfolio value driven by valuation gains and investments
02 Finance Higher portfolio value driven by valuation gains and investments Property portfolio growth (fair value) Portfolio streamlined to 127 properties in CHF million (2025: 132) Effects from Valuation owner-occupied ― Portfolio consolidation increased efficiency through result2 properties 14 005
Slide 15: Broad financing basis and low interest expenses
02 Finance Broad financing basis and low interest expenses Financing parameters Rating – Moody’s in CHF million YE 2025 H1 2026 Consolidated financing structure Investment properties 13 919 14 005 A3 Secured mortgages of which 85% 85% 11% unencumbered stable Financial liabilities 89% unsecured (Real
Slide 16: Continuous rollover of maturities, high liquidity reserve
02 Finance Continuous rollover of maturities, high liquidity reserve Liquidity Debt maturity profile Cash and cash equivalents and at nominal values in CHF million as at 30 June 2026 ― H12026: issue of CHF 350 million, committed credit lines in CHF million 0% convertible bond, CHF 130 1605 million g
Slide 17: We create living spaces
We create living spaces 17
Slide 18: Agenda: Business update
Agenda 01/ Key messages 02/ Finance 03/ Business update 04/ Outlook and takeaways 05/ Appendix 18
Slide 19: Portfolio quality further enhanced through disciplined capital recycling
03 Portfolio Portfolio quality further enhanced through disciplined capital recycling Focus on prime-locations Office-led portfolio Top-tier real estate portfolio Geographic distribution as of 30.06.2026 Portfolio by use as of 30.06.2026 Wüest Partner Matrix as of 30.06.2026 1% high 12% 57% 5% 3% Of
Slide 20: Strong leasing momentum and improved vacancy
03 Portfolio Strong leasing momentum and improved vacancy Vacancy rate New tenants Contract extensions in % ― Fully let Alto Pont-Rouge (new ― Successful renewals with key tenant JPM) demonstrating value tenants support income visibility – creation from developments WAULT increased to 5.7 years 6.1
Slide 21: Major developments at Maag and Otelfingen sites
03 Portfolio Major developments at Maag and Otelfingen sites © Nightnurse Images, Zürich Maag site, Zurich Campus Otelfingen, Zurich ― Future Swiss campus for Hitachi Energy, consolidating five locations by 2030. ― LOI signed with the University of Zurich for the potential relocation of the Natural
Slide 22: Solid growth across all business lines driven by residential products
03 Asset Management Solid growth across all business lines driven by residential products Fund Management +0.2 b n Asset Management +0.2 b n Real Estate Advisory +0.1 b n – Discretionary – vs 2025 – Fiduciary – vs 2025 – Bespoke – vs 2025 CHF 4.6 billion AuM CHF 7.5 billion AuM CHF 2.7 billion AuM R
Slide 23: Strong inflows and sustained institutional demand drives AuM growth
03 Asset Management Strong inflows and sustained institutional demand drives AuM growth Assets under management Capital inflows¹, without leverage in CHF billion +3.5% in CHF million 952 14.8 988 14.3 New Money 13.3 70 New mandates and 431 contributions in kind 617 8.4 512 50 918 617 521 196 462 153
Slide 24: Platform synergies and economies of scale further reduce cost ratio
03 Asset Management Platform synergies and economies of scale further reduce cost ratio Earnings development Cost development in CHF million in CHF million 40.0 38.0 45.9% Non-recurring 37.1% 35.0% 10.6 11.6 16 bps Cost ratio 16 bps margin, in bps¹ 27.0 5.3 10 bps 14.1 14.0 Recurring 12.4 27.4 41 bp
Slide 25: We create living spaces
We create living spaces 25
Slide 26: Agenda: Outlook and takeaways
Agenda 01/ Key messages 02/ Finance 03/ Business update 04/ Outlook and takeaways 05/ Appendix 26
Slide 27: Increased confidence to deliver against 2026 guidance at the upper end
04 Outlook Increased confidence to deliver against 2026 guidance at the upper end 2026 financial targets 2026 operational targets FFO I LTV Vacancies AuM Real Estate 4.25 – 4.30 <39% <3.7% +CHF 1 bn CHF per share Expected at Confirmed Confirmed Confirmed upper end Results – first half-year 2026 20 A
Slide 28: Leading real estate platform – built to deliver through the cycle
04 Key takeaways Leading real estate platform – built to deliver through the cycle Resilient platform, Operating momentum Clear path to future consistent delivery Operating momentum with visible upside value creation with visible upside Integrated business model continues to Strong Real Estate and A
Slide 29: Q&A
Q&A 29
Slide 30: Agenda: Appendix
Agenda 01/ Key messages 02/ Finance 03/ Business update 04/ Outlook and takeaways 05/ Appendix 30
Slide 31: Our high-synergy property platform is thriving through the cycle
05 Appendix Our high-synergy property platform is thriving through the cycle Property Portfolio Key value drivers Asset Management Higher rates Lower rates CHF 14.0 bn Indexation Capital flows CHF 14.8 bn Investment Properties AuM Reversion Rate Transactions 5%+ cycle 25%+ Return on Equity Developme
Slide 32: Swiss economic environment
05 Appendix Swiss economic environment Economic indicators Swiss Purchasing Managers’ Index (PMI) 2025 2026 2027 80 Indicating expansion Forecast Forecast 70 Real GDP 1.4 0.9 1.6 60 Selected components Private consumption 1.5 1.2 1.4 50 Construction industry -0.5 1.4 1.7 (Over- and underground) 40 E
Slide 33: Resilient Swiss economy with continuous employment growth
05 Appendix Resilient Swiss economy with continuous employment growth Employment growth GDP split in Switzerland Inflation Indexed to 2000 Estimate, GDP per Head 2026 (IWF) Inflation, average consumer prices 135 ~USD 126,000 GDP per capita 10% 130 Top 3 according to OECD 8% Pharmaceuticals and Other
Slide 34: Focused on prime-locations in business hubs and scale-efficient assets
05 Appendix Focused on prime-locations in business hubs and scale-efficient assets 12% 57% CHF 14.0 billion Northwestern Switzerland Zurich and Central Switzerland Property portfolio 8% (FY 2025: CHF 13.9 bn) Berne 20% Lake Geneva 127 Number of properties (FY 2025: 132) 1.6 million m2 Rental space (
Slide 35: Office-led portfolio with diversified uses and broad tenant base
05 Appendix Office-led portfolio with diversified uses and broad tenant base Portfolio by type of use Diversification of tenants as at 30.06.2026 as at 30.06.2026 100% Total approx. 3%1% Office 2,000 tenants 5% 6% Retail 6% Logistics / 49% 5.1% Infrastructure Hotel / 4.9% 9% 51% gastronomy Parking 4
Slide 36: Portfolio quality further enhanced through disciplined capital recycling
05 Appendix Portfolio quality further enhanced through disciplined capital recycling Portfolio market matrix Top-tier real estate portfolio Wüest Partner as at 30.06.2026 ― Capital recycling has further improved portfolio quality, resilience high and long-term growth potential 88% ― 88% of portfolio
Slide 37: Extended WAULT and reversion potential enhance cash-flow quality
05 Appendix Extended WAULT and reversion potential enhance cash-flow quality Lease expiry profile as at 30 Jun 2026 WAULT 5.7 years (vs 5.3 years end-2025) 14% 13% 12% 11% 9% 8% 8% 7% 6% 5% 5% 2% <1 year >1 >2 >3 >4 >5 >6 >7 >8 >9 >10 Open-ended Note: Expiries taking into account agreed extensions;
Slide 38: Snapshot: Destination Jelmoli Zurich
05 Appendix Snapshot: Destination Jelmoli Zurich Concept and construction project ⏤ Transformation of Zurich’s iconic Jelmoli building into a premium mixed-use destination for office, retail and leisure ⏤ Over 15,000 m² of future-ready rental space (45% office; 40% retail; 15% leisure) for top-tier
Slide 39: Snapshot: YOND Campus
05 Appendix Snapshot: YOND Campus Concept and construction project YOND 03 ⏤ Modular campus comprising two new buildings and one under construction YOND 02 refurbished existing asset under construction ⏤ Positioned for industrial and life-sciences users, complemented by commercial uses ⏤ 35,000 m² r
Slide 40: Snapshot: Fraumünsterpost
05 Appendix Snapshot: Fraumünsterpost Concept and construction project ⏤ Fraumünsterpost, a landmark property in central Zurich, has been undergoing extensive refurbishment since 2025, while Lidl continues to operate as ground-floor retail tenant during construction. ⏤ Value-enhancing refurbishment
Slide 41: Contact
Contact Patrick Friedli Head Group Communications Business: +41 58 317 17 45 Mobile: + 41 79 933 39 84 patrick.friedli@sps.swiss Company calendar Capital Markets Day 26 October 2026 Headquarters Zurich Office Geneva Office Swiss Prime Site AG Swiss Prime Site AG Swiss Prime Site AG Poststrasse 4a Pr
Slide 42: 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