Swiss Prime Site Ag · SIX:SPSN
Swiss Prime Site — FY2025 Earnings Presentation
42 slides from Swiss Prime Site's earnings presentation, Feb 5, 2026
Slide 1: Annual Results 2025
ANNUAL ANNUAL RESULTS 2024 ANNUAL RESULTS2025 RESULTS The four completed new 2025 ZURICH, 6 FEBRUARY 2025 ZURICH, 5 FEBRUARY 2025 builds at Stücki Park, Basel, dubbed «fingers» for their attachment to the existing structure, offer attractive spaces for life sciences ZURICH, 5 FEBRUARY 2026 companies
Slide 2: Agenda
Agenda 1. KEY MESSAGES 2. FINANCE 3. PROPERTY PORTFOLIO 4. ASSET MANAGEMENT 5. OUTLOOK Annual Results 2025 2
Slide 3: Our synergetic property platform is thriving through the cycle
STRATEGY Our synergetic property platform is thriving through the cycle Property Portfolio Asset Management Higher Rates Lower Rates Indexation Capital Flows CHF 13.9 bn CHF 14.3 bn Investment Properties AuM Rate Reversion Transactions Cycle 25%+ 5%+ Return on Equity Return on Equity Development Rev
Slide 4: Key Highlights in 2025
KEY MESSAGES Key Highlights in 2025 ▪ Like-for-like rental growth of 2% fuelled by real rent growth capturing significant reversion and vacancy reduction; resilient rental Portfolio income in absolute terms with 1.4% lower rents due to Jelmoli and Fraumünsterpost temporarily going offline (effect CH
Slide 5: Key figures – 2025 financial year
KEY MESSAGES Key figures – 2025 financial year Absolute Per share RENTAL INCOME FEES EBITDA¹ PROFIT¹ FFO I FFO II 2 EPRA NTA REAL ESTA TE A SSE T M A NA GEMENT CONSOLIDATED in CHF million in CHF in CHF in CHF in CHF million in CHF million in CHF million 463.5 456.8 410.1 415.1 317.7 99.27 101.40 313
Slide 6: Record level of fund flows into Real Estate; valuations driven by lettings and rates
KEY MESSAGES Record level of fund flows into Real Estate; valuations driven by lettings and rates Transactions Lettings Valuations Fund Flows ▪ High level of activity continues ▪ Office demand concentrated ▪ Both nominal and real ▪ Record year of activity with volumes heading to around high-quality
Slide 7: We create living spaces
WE CREATE LIVING WE WECREATE CREATELIVING LIVING SPACES SPACES SPACES
Slide 8: Agenda
Agenda 1. KEY MESSAGES 2. FINANCE 3. PROPERTY PORTFOLIO 4. ASSET MANAGEMENT 5. OUTLOOK Annual Results 2025 8
Slide 9: Resilient rental income and strong Asset Management growth
FINANCE Resilient rental income and strong Asset Management growth Consolidated operating income in CHF million FY 2024 FY 2025 ∆ y-o-y ▪ Resilient rental income reflecting higher rents (EPRA LfL +2.0%) and lower vacancies as well as temporary reduction of significant Rental Income 463.5 456.8 -1.4%
Slide 10: Discontinuation of retail and further efficiency gains reduces cost base
FINANCE Discontinuation of retail and further efficiency gains reduces cost base Consolidated operating expenses in CHF million FY 2024 FY 2025 ∆ y-o-y ▪ Reduced real estate costs yoy with further efficiency gains in real estate management (running costs, insurance expenses) and Real estate costs -6
Slide 11: Strong growth in comparable operating profit; higher revaluations
FINANCE Strong growth in comparable operating profit; higher revaluations Group profitability in CHF million FY 2024 FY 2025 ∆ y-o-y ▪ Revaluation gains of CHF +216.9 million, mainly driven by higher realised rents for new lettings and extensions as well as lower Total operating income 663.4 553.4 d
Slide 12: Stable FFO despite one-offs; acquisitions accretive immediately
FINANCE Stable FFO despite one-offs; acquisitions accretive immediately Funds from operations I (FFO I)¹ Intrinsic value per share (EPRA NTA) in CHF per shar e in CHF FFO I bridge in CHF million FY 2024 FY 2025 ∆ y-o-y 101.40 4.22 4.22 Adjusted EBITDA 415.1 410.1 -1.2% 99.27 (excl. revaluations & sa
Slide 13: Real Estate: continued reversion amid Jelmoli building off-line
FINANCE Real Estate: continued reversion amid Jelmoli building off-line Rental Income Bridge EPRA like-for-like (LfL) growth in CHF million 2.0% 463.5 Completion 0.3% Vacancy reduction / Other Re- developments New builds 456.8 0.4% - 15.7 8.1 Acquisitions 9.4 Indexations -13.9 Δ Existing 5.4 Sales p
Slide 14: Asset Management: earnings growth through high level of activity
FINANCE Asset Management: earnings growth through high level of activity Asset Management performance in CHF million FY 2024 FY 2025 ∆ y-o-y Management fees 33.8 38.8 +15% ▪ Scale effects in platform coming to play with continuous increase in management fees through larger asset base; management fee
Slide 15: Value accretive acquisitions and valuations lift portfolio
FINANCE Value accretive acquisitions and valuations lift portfolio Property portfolio growth (fair value) ▪ Total of 132 properties (2024: 139) in CHF million − Increased efficiency through portfolio consolidation (portfolio clusters, larger individual buildings) Effects from Valuation owner-occupie
Slide 16: Financing basis broadened with fully hedged EUR Bond, LTV at 38%
FINANCE Financing basis broadened with fully hedged EUR Bond, LTV at 38% Financing parameters A3 Rating – Moody’s in CHF million stable 2024 2025 Consolidated financing structure Investment properties 13 053 13 919 of which unencumbered 87% 85% 89% unsecured Financial liabilities Secured 5 025 5 335
Slide 17: High liquidity reserve and ample rollover capacity
FINANCE High liquidity reserve and ample rollover capacity Continuous short term financings in money Liquidity Debt maturity profile market at attractive terms in the 0.30% area Cash and cash Nominal values in CHF million as at 31 Dec 2025 Issuance of fully hedged EUR 500mn bond equiva l en t s and
Slide 18: We create living spaces
WE WE CREATE LIVING WE CREATELIVING CREATE LIVING WESPACES CREATE SPACESLIVING SPACES SPACES
Slide 19: Agenda
Agenda 1. KEY MESSAGES 2. FINANCE 3. PROPERTY PORTFOLIO 4. ASSET MANAGEMENT 5. OUTLOOK Annual Results 2025 19
Slide 20: Portfolio focus on business centres and larger properties
PORTFOLIO Portfolio focus on business centres and larger properties 12% Northwestern 57% Zurich and Central Switzerland Switzerland 8% CHF 13.9 bn Berne Property portfolio ( FY 2024 : CHF 13.1 bn) 20% Lake Geneva 132 Number of properties ( FY 2024 : 139) 1.6 million m 2 Rental space ( FY 2024 : 1.6
Slide 21: Focus on offices and broad tenant diversification in services segment
PORTFOLIO Focus on offices and broad tenant diversification in services segment Portfolio split by type of use Diversification of tenants as at 31 Dec 2025 as at 31 Dec 2025 Other Residential 1% 100% Total approx. 2 000 tenants Parking 4% 5% Assisted living 5% Hotel / gastronomy 50% 7% 5.5% Logistic
Slide 22: Active portfolio management with top tier acquisitions
PORTFOLIO Active portfolio management with top tier acquisitions Portfolio market matrix Acquisitions Wüest Par tner as at 31 Dec 2025 typical l y in quadr an t I high › Place des Alpes GVA, office <1% 87% (<1% in previous year) (86%) › Lausanne-Prilly, office III II I of portfolio value › Pfingstwe
Slide 23: Accretive growth through prime property acquisitions
PORTFOLIO Accretive growth through prime property acquisitions Through our platform, we have manged to source premier office buildings with high profile tenants CHF 548 mn worth of acquisitions Bahnhofstrasse Zurich Office, Retail Key tenants: CHF 20 mn expected rental income Place des Alpes Rituals
Slide 24: Consistently low vacancy level and loyal tenant base
PORTFOLIO Consistently low vacancy level and loyal tenant base 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% 4.1% 4.0% 4.0% 3.8% 3.7% 0.5% Strategic for developments 3.2% Operational 2015 2016 2017 2018 20
Slide 25: Long-term contracts, new lettings with high reversionary potential
PORTFOLIO Long-term contracts, new lettings with high reversionary potential Lease expiry of rental contracts as at 31 Dec 2025 WAULT 5.3 years Smoothed profile after staggered Globus extension 13% 11% 11% 11% 10% 9% 9% 7% 7% 5% 5% 2% <1 year >1 >2 >3 >4 >5 >6 >7 >8 >9 >10 Open-ended Note: Expiries
Slide 26: Snapshot: Destination Jelmoli Zurich
PIPELINE Snapshot: Destination Jelmoli Zurich Construction project and concept ∙ Iconic Jelmoli building will be re-developed into a mixed-use building complex ∙ Two original atriums will be reactivated, and the rooftop terrace will be redesigned for public use ∙ Rental space of 34 000 m², split int
Slide 27: Snapshot: YOND Campus
PIPELINE Snapshot: YOND Campus Construction project and concept ∙ The campus consists of two new modular buildings and one refurbished existing asset ∙ The project centers on the industrial activities and life sciences, complemented by commercial uses ∙ Rental space of 35 000 m², split into − 60% li
Slide 28: Snapshot: Fraumünsterpost
PIPELINE Snapshot: Fraumünsterpost Construction project and concept ∙ Built in 1898 in the style of a Tuscan Renaissance palazzo, the Fraumünsterpost is a striking landmark in the centre of Zurich. Started in 2025, the property is undergoing extensive refurbishment: − Building services and energy ef
Slide 29: Significant milestones achieved in our sustainability strategy
SUSTAINABILITY Significant milestones achieved in our sustainability strategy 1 2 3 4 Certification strategy Climate neutrality 2040 Circular economy Green Finance Framework Milestone project 40% -10% Bern 131, Bern CHF 777 million emissions vs previous year embodied emissions Top Tier building rati
Slide 30: Reduction pathway outperforms target – 2040 net zero goal
SUSTAINABILITY Reduction pathway outperforms target – 2040 net zero goal CO 2 -Reduction path 1 in k g CO 2 / m 2 Major initiatives 16 Heating replacement and energy optimization (Green Leases) 14 Improvement of energy mix and supply contracts Roadmap: kg CO2 / m² (e.g. higher proportion of biogas a
Slide 31: We create living spaces
WE WECREATE CREATE LIVING LIVING WE CREATE SPACES LIVING SPACES SPACES
Slide 32: Agenda
Agenda 1. KEY MESSAGES 2. FINANCE 3. PROPERTY PORTFOLIO 4. ASSET MANAGEMENT 5. OUTLOOK Annual Results 2025 32
Slide 33: Strong AuM and New Money development
ASSET MANAGEMENT Strong AuM and New Money development Record year in funding activity with funds being deployed throughout 2026 Assets under management Capital development¹ in CHF billion in CHF million – without leverage – New Money Contributions in kind 14.3 13.3 1018 70 8.4 7.7 595 612 50 948 196
Slide 34: Significant milestones achieved across our franchise
ASSET MANAGEMENT Significant milestones achieved across our franchise Fund Management Asset Management Real Estate Advisory – Discretionary – – Fiduciary – +430 mn +590 mn Capital calls and realizations new capital¹ new capital¹ CHF 4.4 bn AuM CHF 7.3 bn AuM CHF 2.6 bn AuM Regulated collective inves
Slide 35: Competitive Landscape: a barbell industry with opportunity for challengers
ASSET MANAGEMENT Competitive Landscape: a barbell industry with opportunity for challengers Swiss Prime Solutions as the largest independent Real Estate Asset Manager with opportunity to gain market share and consolid ate Swiss real estate asset managers¹ 35 Challenge based on 55 1) concentration 30
Slide 36: Continuous inflows from well funded Swiss pension fund system
ASSET MANAGEMENT Continuous inflows from well funded Swiss pension fund system Stable pension fund system as a key capital base; populations and employment growth implies upside Cash Equities 4% 30% Other 8% AuM Alternatives CHF 1.1 Pension fund assets % of GDP² 8% trillion Switzerland 167% direct a
Slide 37: We create living spaces
WE WECREATE CREATELIVING LIVING SPACES SPACES
Slide 38: Agenda
Agenda 1. KEY MESSAGES 2. FINANCE 3. PROPERTY PORTFOLIO 4. ASSET MANAGEMENT 5. OUTLOOK Annual Results 2025 38
Slide 39: Guidance 2026: further profitable growth
OUTLOOK Guidance 2026: further profitable growth Financial targets FFO I CHF 4.25–4.30 LTV < 39% per share Real Estate Operational targets Vacancy < 3.7% AuM +1bn Asset Management Annual Results 2025 39
Slide 40: Q&A
Q Q&&AA
Slide 41: Analyst and investor contact
Analyst and investor contact Media contact Florian Hauber Patrick Friedli Head Treasury and Investor Relations Head Group Communications Business: +41 58 317 17 64 Business: +41 58 317 17 45 Mobile: +41 78 600 81 40 Mobile: +41 79 358 88 30 florian.hauber@sps.swiss patrick.friedli@sps.swiss Company
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