Slides
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Quarterly results Q1–Q3 2025 Publication, 11 November 2025
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Agenda © PSP Swiss Property 2 3 Key Facts and Figures 8 Financial Results Q1 -Q3 2025 16 Portfolio & Vacancy Rate 22 Green Finance Policy & Capital Structure 26 Development Properties 34 Outlook 36 Annex
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Property Portfolio (September 2025) © PSP Swiss Property 3 Lausanne CHF 0.3bn 3% Basel CHF 0.7bn 7% Geneva CHF 1.4bn 14% Bern CHF 0.6bn 6% Zurich CHF 6.1bn 61% Other locations CHF 0.3bn 3% Development properties CHF 0.5bn 5% Portfolio value CHF 10.0bn (149 investment properties and 11 development properties)
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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 weak − Further improvement of the investment market − Increasing liquidity − Continuous low transaction yields for prime assets at good locations © PSP Swiss Property 4 Economic outlook for Switzerland1 2025 2026 GDP 1.3% 0.9% Inflation 0.2% 0.5% Unemployment 2.9% 3.2% 1 Source: SECO, 16 October 2025.
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Main Developments Real estate portfolio − Portfolio value CHF 10.0bn (up 1.5% compared with December 2024) − No acquisitions − Disposal of one investment property: Gurtenbrauerei 10-92 in Wabern (Bern) for CHF 23m, gain CHF 7.7m − Reclassification of five investment properties (four properties in Geneva, Quartier des Banques, and the “ Löwenbräu Red” property in Zurich) to development properties − Reclassification of five development properties ( Richtistrasse 3, 5, 7, 9 & 11 in Wallisellen ) to development properties for sale − Reclassification of one development property ( Bollwerk 15 in Bern) to investment property Vacancy and rental situation − Vacancy rate of 4.3% (end of 2024: 3.2%) − Of all 2025 maturities (CHF 28.3m) 3% are open − Expected vacancy year -end 2025: 3.5% © PSP Swiss Property 5
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Main Developments Financing − Low leverage with LTV of 34.3% (December 2024: 34.1%) − Low passing average cost of debt 0.98 % (December 2024: 1.05%) − Weighted average loan maturity of 3.9 years, Ø fixed -interest period of 3.8 years (December 2024: 4.4 years, 4.0 years) − CHF 1.030bn unused credit lines (thereof CHF 0.915bn committed), as at the end of the reporting period − Moody’s: Long Term Issuer Rating A3, outlook stable Sustainability − Commitment to CO 2 emission targets and reduction path, net zero target by 2050 − Standards and ratings: Great Place to Work, Fair -ON-Pay, Host Company, EPRA sBPR (Gold), GRESB (4 Stars, improved from 3 Stars), CDP (A -), MSCI (AAA) − Green finance concept fully implemented; all debt capital is linked to the sustainability criteria of our green asset portfolio − CTA (Climate Transition Assessment) “Light Green” obtained in September 2024 − Sustainably report 2024 in accordance with GRI standards © PSP Swiss Property 6
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Agenda © PSP Swiss Property 7 3 Key Facts and Figures 8 Financial Results Q1 -Q3 2025 16 Portfolio & Vacancy Rate 22 Green Finance Policy & Capital Structure 26 Development Properties 34 Outlook 36 Annex
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Key Figures Consolidated, in CHF m 2023 2024 Q1-Q3 2024 Q1-Q3 2025 1 EBITDA excl. ∆-RE2 297.7 304.9 229.0 227.2 -0.8 % Net income excl. ∆-RE2 339.2 231.8 170.3 166.2 -2.4 % Net income 207.6 374.9 225.9 259.5 14.8 % Rental income 331.9 350.0 262.0 261.4 -0.2 % © PSP Swiss Property 8 Per share, in CHF 2023 2024 Q1-Q3 2024 Q1-Q3 2025 1 Earnings per share (EPS) 4.53 8.17 4.93 5.66 14.8 % EPS excl. ∆-RE2 7.40 5.05 3.71 3.62 -2.4 % EPRA EPS 7.17 5.03 3.69 3.62 -2.1 % NAV 113.82 117.96 114.76 119.76 1.5 % NAV before deferred taxes 134.48 139.51 135.89 142.18 1.9 % EPRA NRV 137.10 142.39 138.66 145.11 1.9 % Share price 117.60 128.90 123.90 136.70 6.1 % Distribution 3.85 3.903 n.a. n.a. n.a. 1 Change to previous year’s period 1 January to 30 September 2024 or to carrying value as of 31 December 2024 as applicable. 2 Excl. ∆ -RE: excluding net changes in fair value of the real estate investments, realised income on sales of investment propert ies and all the related taxes. Income from the sale of properties, which were developed by the Company itself, is included. 3 For the business year 2024. Cash payment was made on 9 April 2025.
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EPRA Performance Measures © PSP Swiss Property 9 Q1-Q3 2024, 31 Dec. 2024 Q1-Q3 2025, 30 September 2025 (CHF or %) EPRA PSP EPRA PSP A. EPS (earnings per share) 3.69 3.71 3.62 3.62 B. NRV (net reinstatement value) 142.39 139.51 145.11 142.18 C. NTA (net tangible assets) 139.98 n.a. 142.68 n.a. D. NDV (net disposal value) 117.88 117.96 119.71 119.76 E. “topped-up” NIY (net initial yield) 3.2% 3.2% 3.2% 3.3% F. Vacancy rate 3.3% 3.2% 4.5% 4.3% G. Cost ratio 14.9% 13.8% 14.0% 13.1% H. LTV 34.7% 34.1% 34.5% 34.3% I. Like-for-like rental growth 3.6% n.a. 1.6% n.a. J. Capex in CHF 1’000 141’712 n.a. 66’294 n.a.
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Consolidated Income © PSP Swiss Property 10 in CHF 1’000 2023 2024 Q1-Q3 2024 Q1-Q3 2025 Rental income 331’905 349’978 261’975 261’392 -0.2 %1 Net changes in fair value of investment properties -161’261 170’971 61’371 113’379 Income from property sales (inventories) 14’012 1’021 1’021 0 Income from property sales (investment properties) 910 14’089 11’288 7’712 Capitalised own services 4’581 3’015 2’369 1’350 Other income 2’4182 3’2753 3’2753 3’4744 Total operating income 192’566 542’350 341’300 387’306 13.5 % 1 EPRA like -for -like rental change: +1.6% (Q1 -Q3 2024: +3.7%). 2 Of which CHF 2.3m VAT -opting -in effect. 3 Of which CHF 3.3m VAT -opting -in effect. 4 Of which CHF 3.4m VAT -opting -in effect.
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Consolidated Expenses © PSP Swiss Property 11 in CHF 1’000 2023 2024 Q1-Q3 2024 Q1-Q3 2025 Real estate operating expenses -11’372 -11’612 -8’682 -7’210 -17.0 % Real estate maintenance and renovation expenses -14’291 -13’202 -9’913 -9’431 -4.9 % Personnel expenses -20’604 -18’966 -14’689 -15’193 3.4 % General and administrative expenses -8’968 -10’007 -7’283 -7’625 4.7 % Depreciation -1’191 -939 -691 -794 Total operating expenses -56’426 -54’727 -41’258 -40’254 -2.4 %
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Consolidated Results © PSP Swiss Property 12 in CHF 1’000 2023 2024 Q1-Q3 2024 Q1-Q3 2025 Operating profit (EBIT) 136’140 487’623 300’042 347’052 15.7 % Net financial expenses -22’885 -34’275 -25’238 -26’417 4.7 % Profit before income taxes 113’255 453’348 274’804 320’635 16.7 % Income taxes 94’3401, 2 -78’4003 -48’8644 -61’1535 Net income 207’595 374’949 225’940 259’482 14.8 % Net income excl. ∆-RE 339’213 231’779 170’334 166’238 -2.4 % 1 Of which CHF -24.5m current and CHF 118.9m deferred. 2 Including CHF 106.9m due to the release of deferred taxes (for the calculation of the property gains tax contained in the def erred taxes on real estate, the market value 20 years ago is used in the relevant cantons, if applicable). 3 Of which CHF -36.5m current and CHF -41.9m deferred. 4 Of which CHF -26.7m current and CHF -22.2m deferred. 5 Of which CHF -22.1m current and CHF -39.1m deferred. Definition “Net income excl. ∆ -RE”: corresponds to the net income excluding net changes in fair value of the real estate investm ents, net income on sales of investment properties and related taxes. Income from the sale of properties which were developed by the Company itse lf is, however, included.
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Per Share Distribution (in CHF) © PSP Swiss Property 13 1 Ordinary dividend for the business year 2024, paid on 9 April 2025. 2 Payout / EPS excl. ∆ -RE. 3 Payout / share -price year -end. Business year 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 20241 Y-t-y growth 25.0% 20.0% 10.0% 20.0% 6.0% 4.8% 9.1% 4.2% 8.0% 3.7% 7.1% 6.7% 1.6% 0.0% 1.5% 1.5% 1.5% 2.9% 2.9% 1.4% 2.7% 1.3% 1.3% 1.3% Payout ratio2 52.1% 57.0% 53.6% 71.2% 76.9% 78.0% 86.3% 85.0% 82.7% 84.8% 86.5% 88.9% 85.8% 88.1% 93.8% 89.1% 87.5% 91.1% 76.7% 77.6% 77.8% 73.9% 52.1% 77.2% Payout yield3 3.9% 4.0% 3.8% 4.0% 3.7% 3.1% 4.2% 4.7% 4.6% 3.7% 3.8% 3.7% 4.3% 3.8% 3.8% 3.8% 3.7% 3.6% 2.7% 3.1% 3.3% 3.5% 3.3% 3.0% 1.25 1.65 1.98 2.10 2.20 2.40 2.50 2.70 2.80 3.00 3.20 3.25 3.25 3.30 3.35 3.40 3.50 3.60 3.65 3.75 3.80 3.85 3.90 0.00 1.00 2.00 3.00 4.00 5.00 1.50
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Share Price, rebased © PSP Swiss Property 14 Source: Bloomberg, 03.11.2025. PSP SPI Index SMI Index EPRA Index 0 50 100 150 200 250 300 350 400 450 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 PSP SPI Index SMI Index EPRA Index (in CHF)
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Agenda © PSP Swiss Property 15 3 Key Facts and Figures 8 Financial Results Q1 -Q3 2025 16 Portfolio & Vacancy Rate 22 Green Finance Policy & Capital Structure 26 Development Properties 34 Outlook 36 Annex
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Real Estate Portfolio & Vacancy Rate © PSP Swiss Property 16 Real estate portfolio value in CHF bn. Vacancy rate in % (CHF). 9.7 9.6 9.6 9.7 9.7 9.8 9.9 10.0 10.0 3.2% 3.6% 4.1% 4.0% 3.6% 3.2% 3.5% 4.0% 4.3% 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 0 1 2 3 4 5 6 7 8 9 10 11 12 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
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Largest Vacancies (September 2025) © PSP Swiss Property 17 1 Ranked by rental value (CHF) of the vacancy. Improvement since Q2 2025 Deterioration since Q2 2025 Properties Vacancy (sqm)1 Vacancy rate Contribution in %-points Actions taken (new vacancy) Füsslistrasse 6, Zurich 1’524 72.3% 0.8% New leases starting Q4 2025 (temporary) and Q2 2026 (11.7%) Peter Merian-Strasse 88, 90, Basel 4’946 40.7% 0.4% New lease starting Q4 2025 (35.0%) Grubenstrasse 6, 8, Zurich 5’268 51.8% 0.4% Letting in progress with solid demand Place Saint-François 5, Lausanne 2’589 42.1% 0.3% Evaluation of repositioning Rue des Bains 31bis, 33, 35, Geneva 1’132 13.0% 0.2% New lease starting Q4 2025 (10.4%) Pfingstweidstrasse 60, 60b, Zurich 969 4.9% 0.1% New leases starting Q4 2025 and Q1 2026 (fully let) Hardturmstrasse 101, 103, 105, Förrlibuckstrasse 30, Zurich 1’511 7.2% 0.1% Letting in progress Hochstrasse 16 / Pfeffingerstrasse 5, Basel 419 12.7% 0.1% Storage and parking Brandschenkestrasse 150, Zurich 1’081 21.6% 0.1% New lease starting Q4 2025 (fully let) Förrlibuckstrasse 10, Zurich 1’318 17.4% 0.1% Letting in progress Total investment portfolio 41’044 4.3%
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Expiry Profile of Leases (September 2025) © PSP Swiss Property 18 (Legal termination option by tenants) 1% 11% 15% 13% 8% 10% 9% 4% 5% 3% 16% 5% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035+ NL 71% of the Q4 2025 maturities (CHF 4.7m) are renewed (of the overall 2025 maturities totalling CHF 28.3m, 59% are renewed). remaining 29%: 10% -points upcoming renovation, 19% -points are open (relating to the overall 2025 maturities totalling CHF 28.3m, 3% are open and 36% became vacant due to developments). NL: Contracts not limited in time, but subject to notice. The portfolio WAULT (weighted average unexpired lease term) is 5.0 years. The WAULT of the ten largest tenants (contributing around 25% of the rental income) is 5.5 years.
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Changes in Fair Value (September 2025) © PSP Swiss Property 19 1 Of which: Q1 2024: CHF +31.2m related to three investment properties in Zurich (Bahnhofstrasse 28a / Waaggasse 6, Bahnhofstrasse 66 and Waisenhausstrasse 2, 4 / Bahnhofquai 7 ) and one project in Basel (Hochstrasse 16 / Pfeffingerstrasse 5). Q2 2024: CHF +0.7m related to the investment portfolio and CHF +5.3m to the development portfolio. Q3 2024: CHF +16.7m related to two investment properties in Zurich (Seefeldstrasse 123 and Pfingstweidstrasse 60, 60b). Q4 2024: CHF +105.2m related to the investment portfolio and CHF +4.4m to the development portfolio. 2 From the acquisition of “Quartier des Banques” office property (Rue de Hesse 18 / Rue Henriette -et-Jeanne -Rath 13, Geneva) . 3 Of which: Q1 2025: CHF +13.7m related to one investment property in Zurich ( Waisenhausstrasse 2, 4 / Bahnhofquai 7 ). Q2 2025: CHF +97.9m related to the investment portfolio and CHF +1.7m to the development portfolio. (CHF m) 2023 2024 Q1-Q3 2025 Existing portfolio -167.1 163.51 113.43 Acquisitions / first-time valuation 5.8 7.52 0.0 Total net changes in fair value -161.3 171.0 113.4
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Changes in Fair Value, Discount Rates (June 2025) © PSP Swiss Property 20 1 Nominal discount rate includes 1.0% annual inflation. 2 Nominal discount rate includes 1.25% annual inflation. Valuation done by Wüest Partner 2022 2023 2024 H1 2025 Weighted Ø discount rate (inv. properties only) 3.48%1 3.85%2 3.82%2 3.56%1 Portfolio nominal discount rate Area Minimum Maximum Weighted Ø Zurich 2.9% 5.1% 3.5% Geneva 3.1% 5.5% 3.5% Basel 3.2% 4.3% 3.9% Bern 3.2% 5.0% 3.7% Lausanne 3.2% 4.9% 4.0% Other locations 3.4% 4.9% 4.3% All areas (all objects) 2.9% 5.5% 3.6%
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Agenda © PSP Swiss Property 21 3 Key Facts and Figures 8 Financial Results Q1 -Q3 2025 16 Portfolio & Vacancy Rate 22 Green Finance Policy & Capital Structure 26 Development Properties 34 Outlook 36 Annex
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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 − Sustainability performance target tied to Green Bond Framework to ensure consistency − Pay-away solution − External review report obtained by ISS ESG Green Bond Report − Report published (annual release) with the Q1 2025 release 13 May 2025 − The Green Bond Report is published once a year with the Q1 releases © PSP Swiss Property 22
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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 200m CHF 1.030bn unused credit lines ( thereof CHF 0.915bn committed), as at the end of the reporting period Moody’s − Long Term Issuer Rating A3 − Outlook stable © PSP Swiss Property 23
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Capital Structure in CHF 1’000 2023 2024 Q3 2025 Shareholders’ equity 5’220.7 5’410.7 5’493.3 1.5 % − % of total assets 53.3% 54.5% 54.3% Deferred tax liabilities (net) 947.7 988.4 1’028.0 4.0 % − % of total assets 9.7% 10.0% 10.2% Interest-bearing debt 3’465.8 3’384.8 3’469.7 2.5 % − % of total assets 35.4% 34.1% 34.3 % − Loans, unsecured 1’380.0 1’200.0 1’180.0 − Bonds and notes 2’079.0 2’178.1 2’283.1 − % long-term 87.0% 89.7% 87.0% Net financial expenses 22.9 34.3 26.4 − Ø cost of debt (over past four quarters) 0.72% 1.03% 1.05%1 Interest coverage ratio 13.0 x 8.9 x 8.6 x Fixed interest rate > 1 year 84.1% 89.1% 87.0% Weighted average loan maturity (years) 4.7 4.4 3.9 Ø fixed-interest period (years) 3.9 3.9 3.8 © PSP Swiss Property 24 1 Reflects the average cost of debt over the past four quarters. As per 30 September 2025, the passing average rate was 0.98% ( 31 Dec. 2024: 1.05%).
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Agenda © PSP Swiss Property 25 3 Key Facts and Figures 8 Financial Results Q1 -Q3 2025 16 Portfolio & Vacancy Rate 22 Green Finance Policy & Capital Structure 26 Development Properties 34 Outlook 36 Annex
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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 beginning of 2026 − Investment sum approx. CHF 55m (thereof CHF 46.7m spent) − 35% pre-let (retail, office, underground) − Various negotiations © PSP Swiss Property 26 Visualisation
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Overview “Quartier des Banques”, Geneva − In Portfolio (20’524 m 2) 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 − Projects 2025 - 2026 (6’240 m 2) 5. Rue de l’Arquebuse 8 – multi -tenant use 6. Rue Jean -Petitot 12 – single / multi -tenant use 7. Rue Jean -Petitot 15 – single / multi -tenant use 8. Rue Henriette -et-Jeanne -Rath 14 – single tenant use / fully pre-let − Projects past 2026 (7’400 m 2) 9. Rue François -Diday 8 10. Rue de Hesse 18 - Conversion from office to hotel use © PSP Swiss Property 27 10 1 2 3 45 6 7 8 9
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Projects “Quartier des Banques”, Geneva © PSP Swiss Property 28 Project “Quartier des Banques Arquebuse 8” Under construction − Rue de l’Arquebuse 8, Geneva − Modernisation, multi -tenant use − Approx. 2’000 m 2 letting space (office & storage) − Start of construction Q1 2025, completion end of 2025 − Investment sum approx. CHF 3m (thereof CHF 1.8m spent) − 15% pre -let 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 2025, completion beginning of 2026 − Investment sum approx. CHF 6m (thereof CHF 2.3m spent) − 100% pre -let
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Projects “Quartier des Banques”, Geneva © PSP Swiss Property 29 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) − Start of construction Q4 2025, completion mid of 2026 − Investment sum approx. CHF 6m (thereof CHF 0.4m spent) − 0% pre -let Project “Quartier des Banques Jean -Petitot 15” Under construction − Rue Jean -Petitot 15 / Rue Firmin -Abauzit 2, Geneva − Total renovation, single - or multi -tenant use − Approx. 1’400 m 2 letting space (office & storage) − Start of construction Q4 2025, completion mid of 2026 − Investment sum approx. CHF 6m (thereof CHF 0.4m spent) − 0% pre -let
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Project “Löwenbräu Red”, Zurich Under evaluation − Limmatstrasse 250-254, 264, 266, Zurich − Conversion, serviced appartements − Planning in progress, the building application was submitted end of August 2025, building permit expected mid of 2026 − Start of construction H2 2026, completion of 2028 − Investment sum approx. CHF 25m © PSP Swiss Property 30
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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% (thereof 30% social housing) − Conversion is under evaluation © PSP Swiss Property 31
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Capex and Potential Rental Income © PSP Swiss Property 32 1 Expected to be earned full -year 2025, CHF 1.3 m. 2 Excl. “TEC“, Basel, and Wallisellen assets (“ Richtipark ”). CAPEX Potential rental income1 Pre-let in %(CHF m) Completion Total expected 2025-2026 2025 2026 2027 4 projects “Quartier des Banques“, Geneva 2025/26 21.0 15.8 4.5 11.3 0 ~ 3.6 30% Project “Hôtel des Postes“, Lausanne 2026 55.0 8.3 8.3 0 0 ~ 5.8 35% Project “Löwenbräu Red“, Zurich 2028 25.0 25.0 1.0 9.0 15.0 ~ 4.9 15% Total development properties2 101.0 49.1 13.8 20.3 15.0 ~ 14.3 committed, for all developments 33.0 11.5 Total investment portfolio ~ 20.0
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Agenda © PSP Swiss Property 33 3 Key Facts and Figures 8 Financial Results Q1 -Q3 2025 16 Portfolio & Vacancy Rate 22 Green Finance Policy & Capital Structure 26 Development Properties 34 Outlook 36 Annex
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Outlook 2025 © PSP Swiss Property 34 Consolidated EBITDA (excl. changes in fair value), confirmed CHF ~300m (2024: CHF 304.9m) Vacancy rate portfolio, at year-end, confirmed 3.5% (end of Q3 2025: 4.3%)
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Agenda © PSP Swiss Property 35 3 Key Facts and Figures 8 Financial Results Q1 -Q3 2025 16 Portfolio & Vacancy Rate 22 Green Finance Policy & Capital Structure 26 Development Properties 34 Outlook 36 Annex
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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, CEO / CFO − Reto Grunder, 1974, CIO − Martin Heggli, 1977, COO © PSP Swiss Property 36
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Group Overview (30 September 2025) © PSP Swiss Property 37 Number of employees: 93 (FTE 82), incl. 1 apprentice * Number of caretakers: 22, incl. 1 apprentice Property ManagementReal Estate Investments Construction (14) Asset Management (5) Finance / Operations Zurich Office (18, 13*) Geneva Office (7, 5*) Basel Office (9, 4*) Accounting / Controlling (11) Analysis / Reporting (1) Executive Board (3) Business Development (2) Property Marketing / Key Account Management (4) Technology / IT (4) Capital Markets / Sustainability (3), Corporate Communications & IR (1) HR & Assistant (3), Legal (4) Services / Hospitality (3) Transactions / Portfolio Steering (1)
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PSP Strategy & Equity Story Strategy − Switzerland only − Commercial properties only − Acquisitions to be justified by price and operational logic − Risk -conscious and sustainable financing policy Priority − Optimising profitability of existing portfolio − Ensuring long -term attractiveness of assets − Organic growth => assets repositioning (best use) − Assessing acquisition opportunities and corporate deals © PSP Swiss Property 38 Company − Pure Swiss play − Transparent business model − Premium portfolio with limited downside risk − Properties with further optimisation potential − Acquisition / integration experience − Financial flexibility to take advantage of market opportunities − Sustainability (economic, ecological, social) − Green finance concept fully implemented Share − Liquid stock − Earning visibility − Attractive pay -out yield, dividend growth − Broadly diversified shareholder structure
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Shareholder Base Largest shareholder − UBS Fund Management (Switzerland) AG: 15.25% (notification 24 July 2025) − Black Rock, Inc.: 5.95% (notification 2 September 2017) − The Bank of New York Mellon SA, Brussels (Nominee): 3.36% − Number of registered shareholders, as per 30 September 2025: 8’960 − Individuals: 8’119 (11.9% of registered shares) − Legal entities: 841 (88.1% of registered shares) © PSP Swiss Property 39 49.5% 3.1%4.1% 3.6% 39.7% CH UK Europe Other Non-registered
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Development of Rental Income © PSP Swiss Property 40 (CHF 1’000) 261 392 261’975 715 2’228 1’250 6’946 -2’900 -7’626 1’109 - 1’765 -540 200 000 220 000 240 000 260 000 280 000
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EBITDA © PSP Swiss Property 41 293.8 297.7 304.9 229.0 227.2 83.9% 84.4% 85.0% 84.9% 85.2% 75% 80% 85% 90% -40 10 60 110 160 210 260 310 2022 2023 2024 Q1-Q3 2024 Q1-Q3 2025 EBITDA excl. ∆ -RE in CHF m. EBITDA margin in %.
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235.7 339.2 231.8 170.3 166.2 94.2 -131.6 143.2 55.6 93.2 -200 -100 0 100 200 300 400 500 600 2022 2023 2024 Q1-Q3 2024 Q1-Q3 2025 Composition of net income © PSP Swiss Property 42 Net income excl. ∆ -RE in CHF m. Contribution of ∆ -RE in CHF m.
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7.19 4.53 8.17 4.93 5.665.14 7.40 5.05 3.71 3.62 0 2 4 6 8 10 12 14 2022 2023 2024 Q1-Q3 2024 Q1-Q3 2025 Earnings per share (EPS) © PSP Swiss Property 43 EPS in CHF. EPS excl. ∆ -RE in CHF.
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NAV + Cumulative Dividend per Share © PSP Swiss Property 44 NAV per share in CHF. Payout in CHF, cumulative (allocation according to payment date). 2024, incl. DPS of 3.90, paid on 9 April 2025. 47.24 50.58 51.02 51.80 53.28 56.25 59.71 61.83 64.95 68.87 75.28 80.48 83.70 83.74 84.38 84.30 86.96 90.63 97.02 99.83 109.42 113.33 113.82 117.96 119.76 1.00 2.25 3.75 5.40 7.38 9.48 11.68 14.08 16.58 19.28 22.08 25.08 28.28 31.53 34.78 38.08 41.43 44.83 48.33 51.93 55.58 59.33 63.13 66.98 70.88 0 50 100 150 200 250 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q3 2025
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139.42 137.10 142.39 138.66 145.11 108.50 117.60 128.90 123.90 136.70 0 20 40 60 80 100 120 140 160 2022 2023 2024 Q3 2024 Q3 2025 EPRA NRV vs. Share Price © PSP Swiss Property 45 EPRA NRV per share in CHF. Share price in CHF.
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Portfolio Key Figures by region © PSP Swiss Property 46 Numbers of properties Rental income in CHF m Revaluation in CHF m Value in CHF m Net yield in % Vacancy in % Zurich Q1-Q3 2025 76 155.8 108.8 6’082.3 3.1 3.8 2024 77 205.6 167.0 6’085.7 3.1 3.0 Geneva Q1-Q3 2025 19 37.7 2.4 1’434.6 3.2 2.0 2024 23 52.0 6.7 1’532.8 2.9 1.9 Basel Q1-Q3 2025 15 21.5 -0.3 745.6 3.3 10.2 2024 15 26.2 -1.0 741.9 3.1 7.0 Bern Q1-Q3 2025 15 16.6 3.5 555.3 3.3 4.0 2024 15 23.4 0.5 535.4 3.8 1.2 Lausanne Q1-Q3 2025 14 11.9 -3.8 318.1 4.3 10.3 2024 14 15.8 0.3 320.6 4.0 5.0 Others Q1-Q3 2025 10 12.4 1.4 314.2 4.5 2.1 2024 10 18.7 -6.6 312.2 4.1 3.8 Sites Q1-Q3 2025 11 6.8 1.4 532.6 n.a. n.a. 2024 7 10.1 4.1 304.2 n.a. n.a. Total Q1-Q3 2025 160 262.8 113.4 9’982.6 3.3 4.3 2024 161 351.8 171.0 9’832.8 3.2 3.2
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Portfolio Key Figures, cont. © PSP Swiss Property 47 Rent by type of use Rent by type of tenants Rent by Largest tenants 7% 4% 3% 2% 2% 8% 73% Swisscom Google IWG On Bär & Karrer Next five largest tenants Other 63%15% 7% 4% 10% Office Retail Gastronomy Parking Other 24% 20% 11%11% 8% 8% 8% 6% 5% Services Retail Financial Services Gastronomy Health Care Technology Telecommunication Government Other
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Sustainability Our 7 material topics © PSP Swiss Property 48 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 Motivated and satisfied employees − Tenant satisfaction Productive and satisfied tenants − Financial resilience Long -term stability and resilience to economic fluctuations − Responsible corporate governance High standards of transparency, ethics and sustainability
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Sustainability, cont. Standards and ratings © PSP Swiss Property 49 4
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Sustainability, cont. Reduction path and net zero commitment © PSP Swiss Property50 Reduction pathway with reference to CRREM assumptions* – PSP vs. 1.5° target (denominator: office space according to IPMS 2) *CRREM assumptions and guidelines are based, among other, on a different denominator for intensities and different assumptions on decarbonisation of district heating compared to the reduction pathway communicated by PSP Swiss Property in 2021. − We are committed to the goals of the Paris Agreement and aim to achieve net zero for operational Scope 1 -3 CO 2 emissions by 2050 (“1.5 °C target aligned”) − Interim goal to halve greenhouse gas intensity by 2035 compared to 2019 (Scope 1+2) − Share of renewable sources for landlord -obtained energy is 52% (Stable from previous year) − Tenant -obtained electricity and corresponding CO 2 emissions disclosed − Continuing replacement of fossil heating systems and refurbishments with focus on improvement of energy efficiency
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Sustainability , cont. GHG Intensity 8.90 kg CO2e / m2 In 2024, CO2e emissions (Scope 1 and 2 emissions, by m2 of lettable area) were reduced by 0.1% (2023: 8.91 kg CO2e / m2). Building Sustainability Rating 99% of lettable space Share of properties with a RE ESG Plus Rating. The Portfolio average score is 3.75 (scale of 1 to 5). Trust IndexTM 87% The Trust Index by Great Place to Work® measures trust, pride, and team spirit through an anonymous employee survey. Employee turnover 13.1% Higher compared to 2023 but in line with the long-term goal of around 10%. Tenant satisfaction 7.9 On a Scale from 0 to 10 regarding general satisfaction of tenants. Better than the benchmark of 7.1. Sustainable Finance 100% of outstanding debt All outstanding bonds and loans are linked to sustainability goals. Code of conduct No serious violations No human rights violations. No confirmed cases of corruption. No confirmed cases of insider trading. © PSP Swiss Property 51 Performance FY 2024 Energy Intensity 91.25 kWh / m2 1.6% reduction compared to 2023 (92.7 kWh / m2). Downwards trend since 2010 (125 kWh / m2). Dividend payout ratio 77% Compared to the goal of least 70% of consolidated annual profit excl. gains/losses on real estate investments.
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Market assessment of individual properties (by Wüest Partner) © PSP Swiss Property 52 Portfolio Grid (30 June 2025)
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Zurich Portfolio © PSP Swiss Property 53 = Investment properties = Development properties Zurich Hardturmstrasse 181, 183 / Förrlibuckstrasse 160, 190, 192 Bahnhofplatz 1, 2 / Bahnhofquai 9, 11, 15 Goethestrasse 24
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Geneva Portfolio © PSP Swiss Property 54 Geneva Rue de la Confédération 2 Rue du Marché 40 Rue de la Corraterie 24, 26 = Investment properties = Development properties
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Basel Portfolio © PSP Swiss Property 55 = Investment properties = Development property Basel Grosspeterstrasse 44 Barfüsserplatz 10 Peter Merian-Strasse 88, 90
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Bern Portfolio © PSP Swiss Property 56 = Investment properties = Development property Bern Kramgasse 49 Bärenplatz 9, 11, 27 / Käfiggässchen 10, 22, 26 Laupenstrasse 18, 18a
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Lausanne Portfolio © PSP Swiss Property 57 = Investment properties = Development property Lausanne Place Saint-François 5 Place Saint-François 15 Avenue Agassiz 2
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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 58
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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 presentation have been or will be registered under the United States Securities Act of 1933, as amended (the “Securities Act“), or under the applicable securities laws of any state or other jurisdiction of the United States. © PSP Swiss Property 59