Slides
Page 1
Publication, 18 August 2026 Half-year results H1 2026
Page 2
Agenda © PSP Swiss Property 2 3 Key Facts and Figures 7 Financial Results H1 2026 15 Portfolio & Vacancy Rate 21 Green Finance Policy & Capital Structure 25 Development Properties 34 Subsequent Events 36 Outlook 38 Annex
Page 3
Property Portfolio (June 2026) © PSP Swiss Property 3 Lausanne CHF 0.5bn 5% Basel CHF 0.7bn 7% Geneva CHF 1.4bn 14% Bern CHF 0.5bn 5% Zurich CHF 6.4bn 63% Other locations CHF 0.3bn 3% Development properties CHF 0.4bn 4% Portfolio value CHF 10.2bn (148 investment properties and 11 development properties)
Page 4
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 − Strong investment market − High amount of capital to be deployed − Continuous low transaction yields for prime assets at good locations © PSP Swiss Property 4 Economic outlook for Switzerland1 2026 2027 GDP 0.9% 1.6% Inflation 0.6% 0.6% Unemployment 3.1% 3.0% 1 Source: SECO, 18 June 2026.
Page 5
Main Developments Real estate portfolio − Portfolio value CHF 10.2bn (up CHF 0.1 bn or 1.1% compared with December 2025) − Acquisitions: Schützengasse 1 / Beatengasse 4 in Zurich for CHF 75.0m and a smaller adjoining plot for consolidation purposes in Wallisellen for CHF 3.0m − Disposals: development project “ Richtipark ” in Wallisellen for CHF 150.0m, gain CHF 39.7m and investment property Igelweid 1 in Aarau for CHF 5.2m, gain CHF 0.3m Vacancy and rental situation − Vacancy rate of 4.0% (end of 2025: 3.5%) − EPRA like -for -like change 0.7% (H1 2025: 1.2%) − Of all 2026 maturities (CHF 37.9m) 6% are open − Expected vacancy year -end 2026: 3.5% Financing − Low leverage with LTV of 32.9% (December 2025: 33.1%) − Low passing average cost of debt 1.05% (December 2025: 1.04%) − Weighted average loan maturity of 3.8 years, Ø fixed -interest period of 3.0 years (December 2025: 4.0 years, 3.3 years) − CHF 865m unused committed credit lines − Moody’s Ratings upgraded PSP Swiss Property Ltd’s Long -Term Issuer Rating from A3 to A2: stable outlook 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), MSCI (AAA) − Green finance concept fully implemented; all debt is linked to the sustainability criteria of our green asset portfolio − CTA (Climate Transition Assessment) “Light Green” confirmed in November 2025 © PSP Swiss Property 5
Page 6
Agenda © PSP Swiss Property 6 3 Key Facts and Figures 7 Financial Results H1 2026 15 Portfolio & Vacancy Rate 21 Green Finance Policy & Capital Structure 25 Development Properties 34 Subsequent Events 36 Outlook 48 Annex
Page 7
Key Figures Consolidated, in CHF m 2024 2025 H1 2025 H1 2026 1 Rental income 350.0 349.2 173.9 174.0 0.0% EBITDA excl. ∆-RE2 304.9 302.0 148.8 187.4 26.0% Net income excl. ∆-RE2 231.8 225.4 106.9 149.7 40.1% Net income 374.9 408.5 194.3 236.5 21.7% EPRA earnings 230.6 225.0 106.9 117.2 9.6% © PSP Swiss Property 7 Per share, in CHF 2024 2025 H1 2025 H1 2026 1 Earnings per share (EPS) 8.17 8.91 4.24 5.16 21.7% EPS excl. ∆-RE2 5.05 4.91 2.33 3.26 40.1% EPRA EPS 5.03 4.91 2.33 2.55 9.6% NAV 117.96 123.07 124.33 1.0% NAV before deferred taxes 139.51 146.05 147.81 1.2% EPRA NRV 142.39 148.98 150.83 1.2% Share price 128.90 143.50 144.10 0.4% Distribution 3.90 3.953 n.a. n.a. n.a. 1 Change to previous year’s period 2025 or to carrying value as of 31 December 2025 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 2025. Cash payment was made on 9 April 2026.
Page 8
EPRA Performance Measures © PSP Swiss Property 8 H1 2025, 31 December 2025 H1 2026, 30 June 2026 (CHF or %) EPRA PSP EPRA PSP A. EPS (earnings per share) 2.33 2.33 2.55 3.26 B. NRV (net reinstatement value per share) 148.98 146.05 150.83 147.81 C. NTA (net tangible assets per share) 146.55 n.a. 148.29 n.a. D. NDV (net disposal value per share) 123.19 123.07 124.40 124.33 E. “topped-up” NIY (net initial yield) 3.2% 3.2% 3.1% 3.1% F. Vacancy rate 3.5% 3.5% 4.1% 4.0% G. Cost ratio 14.0% 13.1% 14.6% 13.5% H. LTV 33.6% 33.1% 33.6% 32.9% I. Like-for-like rental growth 1.2% n.a. 0.7% n.a. J. Capex in CHF 1’000 48’049 n.a. 107’050 n.a.
Page 9
Consolidated Income © PSP Swiss Property 9 in CHF 1’000 2024 2025 H1 2025 H1 2026 Rental income 349’978 349’226 173’917 173’956 0.0%1 Net changes in fair value of investment properties 170’971 231’120 113’379 111’907 Income from property sales (inventories) 1’021 0 0 39’671 Income from property sales (investment properties) 14’089 7’712 0 295 Capitalised own services 3’015 1’824 969 1’552 Other income 3’2752 3’4843 43 3 Total operating income 542’350 593’366 288’308 327’383 13.6% 1 EPRA like -for -like rental change: +0.7% (H1 2025: +1.2%). 2 Of which CHF 3.3m VAT -opting -in effect. 3 Of which CHF 3.4m VAT -opting -in effect.
Page 10
Consolidated Expenses © PSP Swiss Property 10 in CHF 1’000 2024 2025 H1 2025 H1 2026 Real estate operating expenses -11’612 -10’130 -4’432 -5’340 20.5% Real estate maintenance and renovation expenses -13’202 -12’571 -6’473 -6’799 5.0% Personnel expenses -18’966 -20’154 -10’195 -10’488 2.9% General and administrative expenses -10’007 -10’143 -5’052 -5’182 2.6% Depreciation -939 -1’061 -529 -533 Total operating expenses -54’727 -54’060 -26’680 -28’343 6.2%
Page 11
Consolidated Results © PSP Swiss Property 11 in CHF 1’000 2024 2025 H1 2025 H1 2026 Operating profit (EBIT) 487’623 539’306 261’628 299’040 14.3% Net financial expenses -34’275 -35’341 -17’538 -17’609 0.4% Profit before income taxes 453’348 503’965 244’090 281’432 15.3% Income taxes -78’4001 -95’4922 -49’7503 -44’9014 Net income 374’949 408’473 194’340 236’531 21.7% Net income excl. ∆-RE 231’779 225’421 106’861 149’706 40.1% 1 Of which CHF -36.5m current and CHF -41.9m deferred. 2 Of which CHF -30.9m current and CHF -64.6m deferred. 3 Of which CHF -14.5m current and CHF -35.3m deferred. 4 Of which CHF -22.2m current and CHF -22.7m 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.
Page 12
Per Share Distribution (in CHF) © PSP Swiss Property 12 1 Ordinary dividend for the business year 2025, paid on 9 April 2026. 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 2024 20251 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% 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% 80.4% 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% 2.8% 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 3.95 0.00 1.00 2.00 3.00 4.00 5.00 3.90 1.50
Page 13
Share Price, rebased © PSP Swiss Property 13 Source: Bloomberg, 5 August 2026. PSP SPI Index SMI Index EPRA Index 0 50 100 150 200 250 300 350 400 450 500 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 PSP SPI Index SMI Index EPRA Index (in CHF)
Page 14
Agenda © PSP Swiss Property 14 3 Key Facts and Figures 7 Financial Results H1 2026 15 Portfolio & Vacancy Rate 21 Green Finance Policy & Capital Structure 25 Development Properties 34 Subsequent Events 36 Outlook 38 Annex
Page 15
Real Estate Portfolio & Vacancy Rate © PSP Swiss Property 15 Real estate portfolio value in CHF bn. Vacancy rate in % (CHF). 9.1 9.4 9.6 9.8 10.1 10.2 3.8% 3.0% 3.6% 3.2% 3.5% 4.0% 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 0 1 2 3 4 5 6 7 8 9 10 11 2021 2022 2023 2024 2025 H1 2026
Page 16
Largest Vacancies (June 2026) © PSP Swiss Property 16 1 Ranked by rental value (CHF) of the vacancy. Improvement since Q1 2026 Deterioration since Q1 2026 Properties Vacancy (sqm)1 Vacancy rate Contribution in %-points Actions taken (new vacancy) Place Saint-François 15, Lausanne 9’109 77.8% 1.2% Completion of development; new leases starting Q3 and Q4 2026 (37.1%) Peter Merian-Strasse 88, 90, Basel 4’089 37.9% 0.4% New leases starting Q3 2026 and Q1 2027 (20.3%) Füsslistrasse 6, Zurich 798 28.3% 0.3% New lease starting Q3 2026 (14.5%) Place Saint-François 5, Lausanne 2’334 38.5% 0.3% Evaluation of repositioning in Hotel Grubenstrasse 6, 8, Zurich 3’220 26.6% 0.2% Letting in progress Hardturmstrasse 101, 103, 105 / Förrlibuckstrasse 30, Zurich 2’271 10.0% 0.2% New lease starting Q3 2026 (8.5%) Moosstrasse 2, Rüschlikon 1’918 25.6% 0.1% Low demand Avenue de Sévelin 46, Lausanne 1’836 12.6% 0.1% Letting in progress Kirschgartenstrasse 12, 14, Basel 1’221 18.9% 0.1% Letting in progress Rue des Bains 31bis, 33, 35, Geneva 318 6.9% 0.1% Letting in progress Total investment portfolio 38’612 4.0%
Page 17
Expiry Profile of Leases (June 2026) © PSP Swiss Property 17 (Legal termination option by tenants) 0.7% 8% 13% 9% 11% 17% 6% 5% 3% 5% 12% 6% 1.3% 3% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036+ NL Of the H2 2026 maturities (16.8m, 5% of total rental income): 60% are renewed 26% relate to upcoming renovation 14% are open Of the overall 2026 maturities totalling CHF 37.9m, 6% are open. NL: Contracts not limited in time, but subject to notice. The portfolio WAULT (weighted average unexpired lease term) is 5.1 years.
Page 18
Changes in Fair Value (June 2026) © PSP Swiss Property 18 1 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. Q4 2025: CHF +118.5m related to the investment portfolio and CHF -0.8m to the development portfolio. 2 Of which: Q1 2026: CHF +13.5m related to one development property in Zurich ( Limmatstrasse 250 –254, 264, 266, “Löwenbräu Red” ). Q2 2026: CHF +104.1m related to the investment portfolio and CHF -4.9m to the development portfolio. 3 From the acquisition of one investment property ( Schützengasse 1 / Beatengasse 4, Zurich) . (CHF m) 2024 2025 H1 2026 Existing portfolio 163.5 231.11 112.72 Acquisitions / first-time valuation 7.5 0.0 -0.83 Total net changes in fair value 171.0 231.1 111.9
Page 19
Changes in Fair Value, Discount Rates (June 2026) © PSP Swiss Property 19 1 Nominal discount rate includes 1.25% annual inflation. 2 Nominal discount rate includes 1.0% annual inflation. Valuation done by Wüest Partner 2023 2024 2025 H1 2026 Weighted Ø discount rate (inv. properties only) 3.85%1 3.82%1 3.55%2 3.52%2 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% 3.8% Other locations 3.4% 4.8% 4.3% All areas (all objects) 2.9% 5.4% 3.5%
Page 20
Agenda © PSP Swiss Property 20 3 Key Facts and Figures 7 Financial Results H1 2026 15 Portfolio & Vacancy Rate 21 Green Finance Policy & Capital Structure 25 Development Properties 34 Subsequent Events 36 Outlook 38 Annex
Page 21
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 2025 published (annual release) with the Q1 2026 release 12 May 2026 − The Green Bond Report is published once a year with the Q1 releases © PSP Swiss Property 21
Page 22
Debt Diversified and stable lender portfolio − 9 domestic banks and 1 syndicated loan (with 7 Swiss Cantonal banks) High visibility on debt maturity profile − During the reporting period, two existing bonds were increased: CHF 100 million at an interest rate of 0.150%, maturing in February 2029 CHF 65 million at an interest rate of 1.400%, maturing in September 2034 − New bond issued: 1 July 2026, CHF 100 million, 1.050%, maturing in July 2032 − Next bond expiry: 1 July 2026, CHF 150 million CHF 865 million unused committed credit lines Moody’s − Long Term Issuer Rating A2 − Outlook stable © PSP Swiss Property 22
Page 23
Capital Structure in CHF 1’000 2024 2025 H1 2026 Shareholders’ equity 5’410.7 5’644.9 5’702.5 1.0 % − % of total assets 54.5% 55.5% 55.4% Deferred tax liabilities (net) 988.4 1’054.1 1’077.3 2.2 % − % of total assets 10.0% 10.4% 10.5% Interest-bearing debt 3’384.8 3’369.8 3’386.1 0.5 % − % of total assets 34.1% 33.1% 32.9 % − Loans, unsecured 1’200.0 1’080.0 1’130.0 − Bonds and notes 2’178.1 2’283.3 2’249.7 − % long-term 89.7% 83.7% 79.8% Net financial expenses 34.3 35.3 17.6 − Ø cost of debt (over past four quarters) 1.03% 1.05% 1.04%1 Interest coverage ratio 8.9 x 8.5 x 10.6 x Fixed interest rate > 1 year 89.1% 83.7% 78.3% Weighted average loan maturity (years) 4.4 4.0 3.8 Ø fixed-interest period (years) 4.0 3.3 3.0 © PSP Swiss Property 23 1 Reflects the average cost of debt over the past four quarters. As per 30 June 2026, the passing average rate was 1.05% (31 De cem ber 2025: 1.04%).
Page 24
Agenda © PSP Swiss Property 24 3 Key Facts and Figures 7 Financial Results H1 2026 15 Portfolio & Vacancy Rate 21 Green Finance Policy & Capital Structure 25 Development Properties 34 Subsequent Events 36 Outlook 38 Annex
Page 25
Overview “Quartier des Banques”, Geneva − In Portfolio ( ~24’300 sqm) 1. Rue de la Corraterie 5, 7 / Rue de la Cité 6 (fully let) 2. Rue de la Confédération 2 (fully let) 3. Rue de la Corraterie 24, 26 (fully let) 4. Place de la Synagogue 3, 5 / Rue Jean -Petitot 4, 6 (fully let) 5. Rue de l’Arquebuse 8 (fully let) 6. Rue Henriette -et-Jeanne -Rath 14 / Rue de Hesse 16bis (fully let) − Projects 2026 - 2027 ( ~2’800 sqm) 7. Rue Jean -Petitot 12 – single / multi -tenant use (0% pre-let) 8. Rue Jean -Petitot 15 – single / multi -tenant use (0% pre-let) − Projects 2026 & past (7’400 sqm) 9. Rue François -Diday 8 (fully let) 10. Rue de Hesse 18 - Conversion from office to hotel use (fully let) © PSP Swiss Property 25 10 1 2 3 45 7 8 9 6
Page 26
Projects “Quartier des Banques”, Geneva © PSP Swiss Property 26 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 pending, completion expected mid -2027 − Investment sum approx. CHF 6m (thereof CHF 1.3m 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) − Building permit granted; start of construction Q4 2025, completion beginning of 2027 − Investment sum approx. CHF 6m (thereof CHF 2.2m spent) − 0% pre -let
Page 27
Project “Löwenbräu Red”, Zurich In planning Location Limmatstrasse 250–254, 264, 266, Zurich Total area 5’500 sqm Project scope Conversion from office into hotel use; 175 units Current Status Planning in progress; final building permit received, contract signed with “Urban Loft” hotel operator Investment Approx. CHF 25m (thereof CHF 1.0m spent) Timeline In construction Q4 2026 to 2028 © PSP Swiss Property 27
Page 28
Project “ Eigerstrasse ”, Bern © PSP Swiss Property 28 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 expected H2 2026; operator evaluation in progress, interim rental in 2026 Investment Approx. CHF 20m (thereof CHF 0.1m spent) Timeline In construction Q1 2027 to Q4 2028
Page 29
Project “Rue de Hesse”, Geneva © PSP Swiss Property 29 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 H2 2026; finalizing planning Investment Approx. CHF 20m Timeline In construction H2 2026 to H2 2028
Page 30
Project “Marktplatz”, Basel © PSP Swiss Property 30 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 (thereof CHF 1.9m spent) Timeline In construction Q4 2026 to Q4 2028 Visualisation
Page 31
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 expected in Q3 2026 Investment Approx. CHF 10m Timeline In construction Q4 2026 to Q4 2027 Visualisation 31© PSP Swiss Property
Page 32
Capex and Potential Rental Income © PSP Swiss Property 32 1 Expected to be earned full -year 2026, CHF 4.1 m. 2 Excl. “TEC“, Basel and “Acacias”, Carouge GE. CAPEX Potential rental income1 Pre-let in %(CHF m) Completion Total expected 2026-2028 2026 2027 2028 2 projects “Quartier des Banques“, Geneva 2027 12.0 8.7 2.4 6.3 0 ~ 1.7 0% Project “Löwenbräu Red“, Zurich 2028 25.0 24.0 7.0 12.5 4.5 ~ 4.9 100% Project “Eigerstrasse“, Bern 2028 20.0 19.9 1.0 10.0 8.9 ~ 2.0 0% Project “Rue de Hesse“, Geneva 2028 25.0 23.7 2.7 11.0 10.0 ~ 2.5 100% Project “Marktplatz“, Basel 2028 23.0 21.2 2.8 9.0 9.4 ~ 1.4 0% Project “Mühlebachstrasse“, Zurich 2027 10.0 9.9 2.9 6.0 1.0 ~ 1.3 0% Total development properties2 115.0 107.4 18.8 54.8 33.8 ~ 13.8 committed, for all developments 16.2 Total investment portfolio ~ 30.0
Page 33
Agenda © PSP Swiss Property 33 3 Key Facts and Figures 7 Financial Results H1 2026 15 Portfolio & Vacancy Rate 21 Green Finance Policy & Capital Structure 25 Development Properties 34 Subsequent Events 36 Outlook 38 Annex
Page 34
Subsequent Events Bond issuance - Green Bond - CHF 100 million - Interest rate 1.050% - 1 July 2026, maturity July 2032 © PSP Swiss Property 34
Page 35
Agenda © PSP Swiss Property 35 3 Key Facts and Figures 7 Financial Results H1 2026 15 Portfolio & Vacancy Rate 21 Green Finance Policy & Capital Structure 25 Development Properties 34 Subsequent Events 36 Outlook 38 Annex
Page 36
Outlook 2026 © PSP Swiss Property 36 Consolidated EBITDA (excl. changes in fair value), confirmed CHF 335m (2025: CHF 302.0m) Vacancy rate portfolio, at year-end, confirmed 3.5% (end of H1 2026: 4.0%)
Page 37
Agenda © PSP Swiss Property 37 3 Key Facts and Figures 7 Financial Results H1 2026 15 Portfolio & Vacancy Rate 21 Green Finance Policy & Capital Structure 25 Development Properties 34 Subsequent Events 36 Outlook 38 Annex
Page 38
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 − Martin Furrer, 1965, Member − Katharina Lichtner, 1967, Member Executive Board − Giacomo Balzarini, 1968, CEO / CFO − Reto Grunder, 1974, CIO − Martin Heggli, 1977, COO © PSP Swiss Property 38
Page 39
Group Overview (30 June 2026) © PSP Swiss Property 39 Number of employees: 94 (FTE 83), 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 (10, 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)
Page 40
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 40 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
Page 41
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) − Number of registered shareholders, as per 30 June 2026: 9’547 − Individuals: 8’682 (12.0% of registered shares) − Legal entities: 865 (88.0% of registered shares) © PSP Swiss Property 41 52.3% 9.9% 7.3% 14.9% 15.6% CH Europe UK Other Non-registered
Page 42
173’956173’917 670 313 28 553 -733 -1’760 821 265 -119 100 000 120 000 140 000 160 000 180 000 200 000 Development of Rental Income © PSP Swiss Property 42 (CHF 1’000)
Page 43
EBITDA © PSP Swiss Property 43 297.7 304.9 302.0 148.8 187.4 84.4% 85.0% 85.1% 85.1% 87.1% 75% 80% 85% 90% 0 50 100 150 200 250 300 350 2023 2024 2025 H1 2025 H1 2026 EBITDA excl. ∆ -RE in CHF m. EBITDA margin in %.
Page 44
339.2 231.8 225.4 106.9 149.7 -131.6 143.2 183.1 87.5 86.8 -200 -100 0 100 200 300 400 500 600 2023 2024 2025 H1 2025 H1 2026 Composition of net income © PSP Swiss Property 44 Net income excl. ∆ -RE in CHF m. Contribution of ∆ -RE in CHF m.
Page 45
4.53 8.17 8.91 4.24 5.16 7.40 5.05 4.91 2.33 3.26 0 2 4 6 8 10 12 14 2023 2024 2025 H1 2025 H1 2026 Earnings per share (EPS) © PSP Swiss Property 45 EPS in CHF. EPS excl. ∆ -RE in CHF.
Page 46
NAV + Cumulative Dividend per Share © PSP Swiss Property 46 NAV per share in CHF. Payout in CHF, cumulative (allocation according to payment date). H1 2026, incl. DPS of 3.95, paid on 9 April 2026. 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 99.83 109.42 113.33 113.82 117.96 123.07 124.33 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 74.83 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 2025 H126
Page 47
137.10 142.39 148.98 143.60 150.83 117.60 128.90 143.50 146.10 144.10 0 20 40 60 80 100 120 140 160 2023 2024 2025 H1 2025 H1 2026 EPRA NRV vs. Share Price © PSP Swiss Property 47 EPRA NRV per share in CHF. Share price in CHF.
Page 48
Portfolio Key Figures by region © PSP Swiss Property 48 Numbers of properties Rental income in CHF m Revaluation in CHF m Value in CHF m Net yield in % Vacancy in % Zurich H1 2026 76 105.4 95.8 6’401.5 3.1 1.9 2025 76 207.9 253.2 6’226.8 3.1 2.3 Geneva H1 2026 20 23.1 12.1 1’434.9 2.9 1.1 2025 20 50.3 7.1 1’473.5 3.1 2.7 Basel H1 2026 14 14.0 -1.8 696.6 3.4 8.1 2025 15 28.6 -21.5 728.8 3.3 9.3 Bern H1 2026 14 10.2 -2.9 529.1 3.3 2.1 2025 15 22.1 -0.9 551.6 3.4 3.5 Lausanne H1 2026 15 8.0 -1.3 470.7 2.8 26.9 2025 14 15.9 -9.7 313.3 4.2 9.7 Others H1 2026 9 8.0 1.4 313.9 4.3 2.1 2025 10 16.7 2.8 316.1 4.5 3.3 Development H1 2026 11 6.2 8.6 383.7 n.a. n.a. 2025 10 9.5 0.2 506.3 n.a. n.a. Total H1 2026 159 174.9 111.9 10’230.3 3.1 4.0 2025 160 351.1 231.1 10’116.3 3.2 3.5
Page 49
Portfolio Key Figures, cont. © PSP Swiss Property 49 Rent by type of use Rent by type of tenants Rent by Largest tenants 7% 4% 3% 3% 2% 8% 73% Swisscom Google IWG On Schweizerische Post Next five largest tenants Other 62%16% 7% 4% 10% Office Retail Gastronomy Parking Other 25% 20% 11% 10% 8% 8% 8% 6% 5% Services Retail Gastronomy Financial Services Health Care Technology Telecommunication Government Other
Page 50
Sustainability Our 7 material topics © PSP Swiss Property 50 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
Page 51
Sustainability, cont. Standards and ratings © PSP Swiss Property 51
Page 52
Sustainability, cont. Reduction path and net zero commitment © PSP Swiss Property 52 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 49% − Tenant -obtained electricity and corresponding CO 2 emissions disclosed − Continuing replacement of fossil heating systems and refurbishments with focus on improvement of energy efficiency
Page 53
Sustainability , cont. GHG Intensity 9.68 kg CO2e / m2 In 2025, CO2e emissions (Scope 1 and 2 emissions, by m2 of lettable area) increased by 8.7% (2024: 8.90 kg CO2e / m2). Building Sustainability Rating 100% of lettable space Share of properties with a RE ESG Plus Rating. The Portfolio average score is 3.79 (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 6.0% Lower compared to 2024 and in line with the long-term goal of around 10%. Tenant satisfaction 7.5 On a Scale from 0 to 10 regarding general satisfaction of tenants. Better than the benchmark of 7.0. 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 53 Performance FY 2025 Energy Intensity 92.70 kWh / m2 1.6% increase compared to 2024 (91.25 kWh / m2). Downwards trend since 2010 (125 kWh / m2). Dividend payout ratio 80% Compared to the goal of least 70% of consolidated annual profit excl. gains/losses on real estate investments.
Page 54
Market assessment of individual properties (by Wüest Partner) © PSP Swiss Property 54 Portfolio Grid (30 June 2026)
Page 55
Zurich Portfolio © PSP Swiss Property 55 = Investment properties = Development properties Zurich Pfingstweidstrasse 60, 60b Bahnhofstrasse 39 Limmatquai 4
Page 56
Geneva Portfolio © PSP Swiss Property 56 Geneva Place du Molard 7 Rue du Mont-Blanc 12 Rue de l’Arquebuse 8 = Investment properties = Development properties
Page 57
Basel Portfolio © PSP Swiss Property 57 = Investment properties = Development property Basel Grosspeterstrasse 44 Freie Strasse 38 Hochstrasse 16 / Pfeffingerstrasse 5
Page 58
Bern Portfolio © PSP Swiss Property 58 = Investment properties = Development property Bern Bollwerk 15 Zeughausgasse 26, 28 Laupenstrasse 18, 18a
Page 59
Lausanne Portfolio © PSP Swiss Property 59 = Investment properties = Development property Lausanne Avenue de Sévelin 46 Place Saint-François 15 Avenue Agassiz 2
Page 60
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 60
Page 61
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 61