Annual Report 2025

SF Urban Properties Ltd

Annual Report 2025

2 March 2026

Mandarin Oriental Savoy, Zurich

Zollikerstrasse 6, Zurich

Table of Contents

1. Key Events in 2025

2. Focus Topic

3. Portfolio

4. Financials

5. Key Takeaways and Outlook 2026

SF Urban Properties Ltd 2

Alte Landstrasse 26, Rüschllikon

Key Events in 2025

Portfolio strengthened through operational performance improvements and strategic transactions

Continued stable vacancy rate

of 1.85% as at the reporting date

Property income rose over the

course of the year by + 1.71%

Increase in portfolio value

like-for-like by + 3.84% (net)

Investment Sale of properties not in line with strategy for CHF 49.9 m. Acquisition of three investment properties in prime locations in Zurich Seefeld and Basel for CHF 43.6 m. Development Securing future development contributions through the purchase of three new development properties for CHF 43.6 m. Sale of the last two units in Rüschlikon for CHF 9.06 m. Complete Portfolio Overview

Strengthened distribution base and increase in value of the investment portfolio

+8.6%

900.5 m.

Investment segment

Development segment

Portfolio value as per WP valuation as at 31.12.2025,

CHF m.

Market matrix as per WP valuation as at 31.12.2025

Share price in CHF

31.4

44.1

37.9

42.1

77.4

100.50

+ CHF 2.10 compared to previous year

Distribution per share in CHF

718.2

754.5

745.6

786.8

823.1

3.65

Unchanged compared to previous year

2021

2022

2023

2024

2025

Dividend yield in %

3.63

- 0.08 percentage points compared to previous year

Investment Portfolio: Key Figures

Quality enhancement through consolidation in Zurich and Basel locations

% Δ 2024

Zurich + 5.1%

Basel + 0.1%

Eastern Switzerland - 0.1%

Berne - 1.7%

French-speaking Switzerland - 3.6%

0.4%

Bern

1.1%

Eastern Switzerland

60.6%

Zurich

37.9%

Basel

Market regions as at 31.12.2025

Gastronomy

Retail

Parking

Residential

Commercial, Storage, Other

Office

23.2%

22.8%

32.6%

9.5%

7.6%

Target net rent by usage

4.3%

Gross yield in %

3.9

- 0.25 percentage points compared to previous year

WAULT

4.1

+ 0.1 years compared to previous year

Wüest Partner Rating

3.9 4.0

out of a possible 5 points

Investment Portfolio: Real Estate Earnings

Sustainable increase in income across almost all uses

Real Estate Earnings (in CHF million) 31.7 31.7

Vacancy - 1.9%

Parking - 4.3%

Retail - 7.6%

Gastronomy - 9.5%

Rent Development Like-for-like period-based 2024 / 2025

+ 1.05%

Rent development per m2

Residential Office Commercial Retail Gastronomy

As at

31.12.2024

283

320

168

359

402

As at

31.12.2025

294

351

163

377

424

Office - 22.8%

Commercial - 23.2%

Residential - 32.6%

2021 2022 2023 2024 2025

Investment Portfolio: Acquisitions

Wohnen E

inste

llplätze

Acquisitions in Zurich Seefeld and Basel to strengthen the urban strategy

5%

GY

on PP

2.7%

Annual income

CHF

597 214

Excellent location in Seefeld

Purchase price

CHF

22 500 000

Purchase price below market value

95%

Market value

As at 31.12.2025

Parking

CHF 25 500 000

Increase in gross yield to > 3.4%

Residential

39%

GY

on PP

4.1%

Annual income

CHF 300 396

Consolidation

Purchase price

61% Market value

As at 30.06.2025

Office

CHF 7 300 000

Office to residential conversion

CHF 9 700 000

Residential

Long-term earnings potential

(apartments currently in 13% quantile)

Investment Portfolio: Acquisitions

Acquisitions in Zurich Seefeld and Basel to strengthen the urban strategy

Dufourstrasse 122, Zurich

75%

GY

on PP

2.7%

25%

Annual income CHF 365 976

Purchase price CHF 13 800 000

Excellent location

Building potential (attic conversion)

Market value

As at 31.12.2025

Commercial Residential

CHF 13 500 000

Increase in gross yield to > 3.0%

Investment Portfolio: Divestments

Sale due to non-strategic locations

Malerweg 4, Thun

19%

42%

GY

on PP

5.2%

Annual income

CHF 733 540

Property is overrented

Sales price

CHF 14 050 000

Investment required (fossil heating)

39%

Market value

As at 31.12.2024

CHF 13 550 000

Uncertainty anchor tenant

Signing Date: 27.06.2025

Residential

Office Sale

Transfer of ownership: 30.06.2025

Market value has fallen in the last 10 years

CHF 29 520 000

Market value

As at 30.06.2025

Commercial

Cluster risk tenant EdT

CHF 30 050 000

Sales price

Property is overrented

CHF 1 707 996

Annual income

GY

on PP

5.7%

100%

Investment Portfolio: Divestments

Sale due to property size

Reduced setback easement as an obstacle

Residential

CHF 4 980 000

Market value

As at 31.12.2024

Investment requirement

CHF 5 800 000

Sales price

2.7%

Very small volume

CHF 156 228

Annual income

GY

on PP

100%

Brandschenkestrasse 171, Zurich

Development Properties: Key Figures

Above-average growth in the development segment increases share of overall portfolio

Richard-Wagner-Strasse 28, Zurich

Zollikerstrasse 132 + 134, Zurich

% Δ 2024

City of Zurich + 19.6% Adjacent Zurich municipalities - 19.6%

35.1%

Adjacent ZH municipalities

64.9%

Zurich

Market regions as at 31.12.2025

Current average ROI in %

21.1

- 2.4% compared to previous year

Number of projects1

7

+ 2 projects compared to previous year

Net profit per share in CHF

0.94

+ CHF 0.49 compared to previous year

1 Weidstrasse 29 + 31 in Rüschlikon excluded. Transfer of ownership is expected to take place in the 1st half of 2026

Development Properties: Acquisitions

Securing future earnings contributions through the acquisition of new development projects

CHF 32 400 000

Investment costs

Target ROI: > 20%

1 533 m2

Gross floor area

Flexible project strategy

1 142 m2

Land area

Best address in Zurich Seefeld

CHF 17 600 000

Purchase price

06.10.2025

Transfer of ownership as at

CHF 25 800 000

Investment costs

Target ROI: > 20%

1 258 m2

Gross floor area

High development potential

634 m2

Land area

Popular location in Zurich Enge

CHF 13 500 000

Purchase price

26.09.2025

Transfer of ownership as at

Development Properties: Acquisitions

Securing future earnings contributions through the acquisition of new development projects

Richard-Wagner-Strasse 28, Zurich

Transfer of ownership as at 26.09.2025

Popular location in Zurich Enge

Purchase price CHF 13 500 000

Land area 634 m2 High utilisation potential

Gross floor area 1 258 m2 Target ROI: > 20%

Investment costs CHF 25 800 000

Transfer of ownership as at 13.01.2025

Purchase price CHF 12 500 000

Land area 1 649 m2

Gross floor area 1 600 m2

Investment costs CHF 27 400 000

Top location in Zumikon

High development potential

Target ROI: > 15%

Inner Margarethenstrasse 26/28, Basel

Zurich Housing Protection Initiative: at a Glance

Tightening of Zurich's housing protection requires proactive portfolio management

Zurich Housing Protection Initiative: Experience from Basel

Characterised by an increase in administrative costs and legal uncertainty

Relaxation of the law since November 2025:

Up to CHF 5 000 (per year and flat!) may be invested again without authorisation since the relaxation.

Every investment is analysed

The distinction between maintenance and capital expenditure is determined by the Housing Protection Commission on a case-by-case basis.

Commission determines the maximum rent increase:

Renovation of old flats is usually no longer worthwhile > Allocation of the actual investment is higher than the specified cap

Building renovations - the rent may not be increased for 5 years - after that, it could potentially be increased again by 10-20% with each change (empirical values are currently still lacking).

Rent cap applies for five years, after which the rent

can potentially be increased slightly again.

Example 2: Kitchen renovation

Kitchen with new appliances and new cupboards = investment of CHF 40 000

For the commission: maintenance

At most, the additionally installed washing tower or dishwasher would be considered value-enhancing > minimum rent increase

Example 1: Replacing carpet with parquet

Investor's view: an investment

Commission: maintenance > therefore no rent increase justified > must be reported to the Housing Protection Commission for review.

Implement staggered rent increases, i.e. slightly increase the price of the rental interest after each cancellation

Rent increases only according to local and neighbourhood standards

Rent increases between

10-20% recommended

Beware of abusive behaviour!

Rents must be reported using the initial rent form and can be contested accordingly

In the worst case, the rent must be corrected to the old rent

Zurich Housing Protection Initiative: Risk Assessment

High

Categorisation to minimise potential negative effects on the Zurich investment portfolio

Schaffhauserstrasse 6

Bäckerstrasse 62

Bürglistrasse 6-10

Asylstrasse 68

Dufourstrasse 122

Militärstrasse 114

Birmensdorferstrasse 20/

Grüngasse 2

Zweierstrasse 25

Fröhlichstrasse 50

Seefeldstrasse 186

Genferstrasse 21

Letzigraben 101

Neptunstrasse 57

Zollikerstrasse 6

Witikonerstrasse 15

Neptunstrasse 59

Niederdorfstrasse 70

High risk Properties with high income upside on

and medium-term refurbishment requirements. The properties Asylstrasse 68, Schaffhauserstrasse 6, Bäckerstrasse 62 and Dufourstrasse 122 are currently being established as condominiums. In parallel, a preliminary study is being prepared for the property Bürglistrasse 6-10

Medium risk Properties with potential, but with

small residential component. A project has already developed for Fröhlichstrasse 50 -building application to be submitted in Q1 2026

Low risk For these properties, either building

authorisation procedures are currently underway

or there is low income potential

Risk assessment

Medium

Low

10 20 30 40 50 60

Property size in CHF m.

Zollikerstrasse 132/134, Zurich

Investment Portfolio: WAULT and Vacancy Rate Trend

Stable vacancy rate

3.0%

2.5%

2.0%

1.5%

1.0%

0.5%

0.0%

4.2

4.4

4.2

3.9

4.3

3.7

3.7

4.0

4.1

2.6%

2.4%

1.5%

1.7%

1.3%

1.8%

2.0%

1.4%

1.9%

Dec. 21 June 22 Dec. 22 June 23 Dec. 23 June 24 Dec. 24 June 25 Dec. 25

Vacancy rate WAULT

Vacancy rate as at 31 December 2025

0.40%

0.40% Limmatstrasse 65, Zurich

1 office space with 231 m2

6 apartments

1.01%

1.9%

0.23% Riehentorstrasse 28, Kirchgasse 2/2A, Basel

0.23%

0.21% Picassoplatz 4, Basel

0.21%

1.01% Other vacancies

7 individual offices, each 8 - 36 m2

Apartments near Bad. Bahnhof BS station, 1 office space of 180 m2 Bürglistr. 10, ZH

Investment Portfolio: Contracts signed and renewed in 2025 Contract renewals

31.12.2024

9.7%

6.0%

Share of annualised total income

New lettings

31.12.2024

2.1%

5.0%

Share of annualised total income

Numerous new lettings lead to increased tenant quality

Investment Portfolio: Overview of Construction Projects

*Total investment costs

Bürglistrasse 6-10

Investment Portfolio: Overview of Construction Projects

Seven Ongoing Projects - Interim Use Until the Call for Tenders

Fröhlichstrasse 50, Zurich

J5 Walzwerk, Münchenstein

Seefeldstrasse 186, Zurich

Further projects

Zurich Bürglistrasse 6-10

Parcel division underway and adjustment of conditions

"Eschenmoser"

Tender for office space for interim

use

− Refurbishment project (incl. loft conversion) in Seefeld

− Property with 34 apartments

− Building application planned

for Q1 2026

− Renovation and new build project

− Small-scale office/commercial space, various interested parties already

− Building permit granted, procurement underway

− Replacement building project in Zurich Seefeld

− 17 small serviced apartments

+ small commercial space

− Currently in building permitting and procurement stage

Genferstrasse 21 Adjustment of conditions and invitation to tender

Basel

"Haus zum Tanz"

Contract extension for a further two years until 31 January 2029 with Bongénie

Investment Portfolio: Sustainability

2

emissions in 2024

− SFUP achieves 88 out of 100 points

− 4 out of 5 stars in the rating of existing properties

− 5th place in direct peer comparison

(Switzerland, Diversified, Listed)

− Above the benchmark average in all three

areas

− 12.7 kgCO /m 2 EBF/year Greenhouse gas

Reported emissions

Reported (REIDA methodology)

Reduction pathway

SF Urban Properties Ltd

Environmentally relevant key figures are published in accordance with AMAS specifications

Development Portfolio: Overview of Projects 2025

Attractive projects for potential revenue growth

Development Properties: Current Status

Seven ongoing projects - from preliminary study to completion

− Replacement construction project with 17 apartments

− Planning application submitted in Q4 2025

− Building permit expected in Q3/Q4 2026

Dufourstrasse 122, Zurich

Key Financial Figures

Attachment

Attachment

Promotion

Promotion

One-off write-offs reduce EBIT and net profit

30.0

26.1

25.9

25.0

23.6

24.4

21.1

20.0

15.0

10.0

5.0

0.0

2021

2022

Investment

2023

2024

2025

Development

18.3

17.8

2025

2024

2023

2022

2021

42.00%

40.00%

44.00%

44.60%

44.00%

45.96%

46.00%

47.23%

47.39%

50.00%

48.00%

5.00

4.38

4.47

3.73

4.00

3.34

3.50

0.45

3.00

2.00

1.00

0.00

2021

2022

2023

2024

2025

Investment Development

2025

2024

2023

2021 2022

1.35%

1.40%

1.20%

1.00%

1.69%

1.78%

2.07%

2.01%

2.20%

2.00%

1.80%

1.60%

Income Statement

Increase due to transactions performance and change in value

Income statement Funds from Operations

Operating Increase

FFO I in CHF per share

4.86

5.50

5.00

4.50

4.00

3.50

5.29

Reconciliation FFO I / FFO II

3.00

2024 2025

FFO II in CHF per share

5.50

5.00

4.50

4.00

3.50

3.00

5.00

4.86

2024 2025

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