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27 August 2026 SF Urban Properties Ltd Semi-annual Report 2026 Limmatstrasse 65, Zurich
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1. Key Events in the First Half of 2026 2. Investment Portfolio 3. Development Properties 4. Financials 5. Outlook Table of Contents 2SF Urban Properties Ltd
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Limmatstrasse 65, Zurich 1. Key Events in the First Half of 2026
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Investment Sale of properties not in line with strategy for a total sale price of CHF 23.15 mn Reclassification of a development property in the Enge area as an investment property Development Successful completion of two development projects: Minervastrasse 124 in Zurich and Alte Landstrasse 26 in Rüschlikon Building permit granted for the Ruchenacher 17 project in Zumikon Portfolio Strengthened Through Operational Efficiency Improvements and Strategic Divestments Key Events in the First Half of 2026 SF Urban Properties Ltd 4 Market Environment 2026 Portfolio Rejection of the Zurich Housing Protection Initiative on 14 June 2026 The SNB left the key interest rate unchanged at 0% Capital increases of approx. CHF 4.4 bn announced or completed for Swiss investment vehicles1 Increase in portfolio value on a like-for-like (net) basis of + 2.0%, (gross) + 1.8% Property income decreased by - 3.0% Vacancy rates as at the reporting date reduced to 1.8% 1 Source: SFP
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Increase in commercial and office space, reduction in Gastronomy Target net rent by use Improved Quality Through Consolidation of the Portfolio in Zurich and Basel Investment Portfolio: Key Figures at a Glance SF Urban Properties Ltd 5 Residential Commercial, Storage, Other Office Gastronomy Retail Parking Restructuring of two periphery sites in Schlieren and St. Gallen Market regions as at 30 June 2026 % Δ FY 2025 Zurich + 1.1% Basel No change Eastern Switzerland - 1.1% Bern No change 61.7% Zurich37.9% Basel 0.4% Bern Reclassification of a property in Zurich with income potential Market matrix as at 30 June 2026 based on WP valuation Wüest Partner Rating 4.0 → 4.1 points (out of a possible 5 points) 31.4% 23.6% 24.8% 7.3% 9.1% 3.8%
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13.8 14.7 15.6 15.9 15.4 H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 Increased Returns Across all Property Categories Trends in Property Income and Portfolio Value Portfolio rotation reduces property income as at half- yearly basis − Sale of the two periphery locations at Uitikonerstrasse 17, Schlieren and Bohl 4, St. Gallen − Higher period-on-period vacancy rate of 2.36% Rent development per m2 As at 30.06.2026 As at 30.06.2026 Residential 286 288 Office 347 356 Commercial 164 166 Retail 358 360 Gastronomy 484 484 Rent Development Like-for-like period-based 2025–2026 6SF Urban Properties Ltd Portfolio value including transactions in CHF million Property income in CHF million 823.1 837.6 2025 H1 2026 +1.8% 93% of the total portfolio (CHF 898.8 mn) as at 30 June 2026 -3.0%
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Sales of two Periphery Sites in Schlieren and St. Gallen Investment Portfolio: Divestments SF Urban Properties Ltd 7 Investment requirements Location outside the city of Zurich Uncertainty regarding anchor tenant BR on VP 3.2% High investment requirements Restaurant as a single tenant Letting risk BR on VP 4.5% Uitikonerstrasse 17, Schlieren Signing date: 16.07.2025 Transfer of ownership: 03.03.2026 Bohl 4, St. Gallen Signing Date: 24.06.2026 Transfer of ownership: 30.06.2026 Inventory Property in St. Gallen Residential Gastronomy Residential Gastronomy Annual income CHF 451 548 Purchase price CHF 14 000 000 Market value As at 31.12.2025 CHF 9 040 000 Annual income CHF 414 684 Purchase price CHF 9 150 000 Market value As at 31.12.2025 CHF 9 350 000
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Development Properties: Key Figures at a Glance SF Urban Properties Ltd 8 Current average ROI in % 20.0 - 1.1 percentage points compared with 31 December 2025 Number of projects 4 - 3 projects compared with 31 December 2025 Net profit per share in CHF 0.30 + CHF 0.04 compared with 30 June 2025 Slight shift towards neighbouring Zurich municipalities Successful completion of two projects 59.6% Zurich 40.4% Adjacent ZH municipalities Market regions as at 30 June 2026 % Δ FY 2025 City of Zurich - 5.3% Neighbouring Zurich municipalities + 5.3% Development Projects Progressing According to Plan Alte Landstrasse 26, Rüschlikon Minervastrasse 124, Zurich
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2. Investment Portfolio Limmatstrasse 65, Zurich
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0.41% 0.16% 0.13% 1.08% Reduction in the Vacancy Rate as at the Reporting Date 2.4% 1.5% 1.7% 1.3% 1.8% 1.4% 2.0% 1.9% 1.8% 4.4 4.2 3.9 3.7 3.7 4.0 4.3 4.1 4.0 1 2 3 4 5 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% June 22 Dec. 22 June 23 Dec. 23 June 24 Dec. 24 June 25 Dec. 25 June 26 Vacancy rate WAULT SF Urban Properties Ltd 10 0.41% Limmatstrasse 65, Zurich 1 office space (let) 0.16% Riehentorstrasse 28, Kirchgasse 2/2A, Basel 6 apartments (5/6 let) 0.13% Zweierstrasse 25, Zurich 5 individual offices (2/5 let) 1.08% Other vacancies Vacancy rate as at 30 June 2026 1.8% Investment Portfolio: WAULT and Vacancy Trends In years
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Zurich Lagerstrasse 1 "Clipper" Gastronomy 1 250 CHF/m2 → + 33.2%; 15-year lease Basel Walzwerk Commercial space 140 CHF/m2 → + 34.8%, 5-year lease Basel Binningerstrasse 5, Innere Margarethenstrasse 2 Law firm 237 CHF/m2 → + 13.3%, 6-year lease New Lettings at Higher Rent Levels and Long-term Renewals 7.4% Share of annualised total return 11 Investment Portfolio: Lease Agreements Secure the Annual Rental Income CHF 0.53 mn CHF 1.76 mn Contract renewals CHF 1.76 million New lettings: CHF 0.53 million→ 1 653 m2 → 4 488 m2 kaisin. Contribution by contract type SF Urban Properties Ltd Selected new lettings
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New build Investment costs Annual income Return on investment Current SF Urban Properties Ltd 12 Purchase price Annual income Gross yield To further strengthen the investment portfolio, the property in Zurich’s Enge district will be redeveloped as a multi-family residential building for letting. 27 units, each measuring 33–64 m2 Timetable: Planning application Q3 2026 Start of construction Q2 2028 Completion Q2 2030 Investment Portfolio: Reclassification of Richard-Wagner-Strasse 28, Zurich To Further Strengthen the Investment Portfolio CHF 13.5 mn CHF 385 000 p.a. 2.9% approx. CHF 11.5 mn approx. CHF 780 000 p.a. approx. 3.4%
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Projects 2026 2027 2028 2029 2030 2031 2032 Project status Investment costs in CHF mn Gross floor area in m2 Additional rental income p.a. in CHF Internal rate of return in % Current projects Zurich, Seefeldstrasse 186 Tender 7.6 240 500 000 6.6 Münchenstein, J5 Walzwerk Implementation 3.7 600 129 000 3.5 Zurich, Genferstrasse 21 Tender 4.0 - 207 000 5.2 Basel, “Haus zum Tanz” Project planning 17.0 - 650 000 3.8 Zurich, Fröhlichstrasse 50 Tender 8.8 - 500 000 5.7 Zurich, “Eschenmoser” Project planning 48.8 1 285 2 000 000 4.1 Zurich, Bürglistrasse 6–10 Zurich, Richard-Wagner-Str. 28 Project planning 11.5 - 395 000 3.4 Zurich, Asylstrasse 68 Project planning 3.7 - 150 000 4.1 Total 105.1 2 125 4 531 000 4.3 Investment Portfolio: Overview of Construction Projects 13 Sale or conversion to condominium ownership *Total investment costs SF Urban Properties Ltd Additional Rental Income of over CHF 4.5 mn
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Project Status and Next Milestones 14 Replacement development − 17 serviced apartments and a small commercial space − Next milestone: Demolition in Q3 2026 Refurbishment and attic conversion − Property comprising 34 small apartments − Milestones: Valid planning permission and successful termination of tenancies − Next milestone: Construction start Q2 2027 Investment Portfolio: Zurich Seefeld Seefeldstrasse 186, Zurich 2 projects 51 apartments Milestones: achieved Project status: on schedule Fröhlichstrasse 50, Zurich Planning Approval Execution CompletionPlanning Approval Execution Completion SF Urban Properties Ltd
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15 Targeted Measures to Improve Energy Efficiency and Enhance Environmental Quality SF Urban Properties Ltd Investment Portfolio: Sustainability − Projects in six properties in Zurich − Assessment of a roll-out across all Zurich properties Optimised heating control − Projects at Zeltweg 67, Klausstrasse 4 and Witikonstrasse 15 in Zurich − Implementation in collaboration with a landscape architecture firm and "Grün Stadt Zurich" (50% cost-sharing model) Unsealing and greening Objective: Reduction in energy consumption and a long-term decarbonisation pathway Objective: To improve biodiversity and enhance the microclimate Klausstrasse 4, Zurich
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3. Development Properties Alte Landstrasse 26, Rüschlikon
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Slight Increase in Project Portfolio Development Projects: Overview SF Urban Properties Ltd 17 2026 2027 2028 2029 2030 Project status Investment costs in CHF mn Gross floor area in m2 Commerciali- sation (units) ROI in % IRR (leveraged) in % Completed projects Zurich, Klusstrasse 38 18.8 1 237 13 / 13 40.7 34.3 Riehen, Sandreuterweg 39 18.9 1 636 10 / 10 7.5 4.5 Basel, Elsässerstrasse 1 19.3 1 620 14 / 14 38.9 32.8 Herrliberg, Fuederholzstrasse 8 17.5 1 225 6 / 6 23.4 19.8 Zurich, Minervastrasse 124 16.8 837 9 / 9 23.2 16.6 Rüschlikon, Alte Landstrasse 26 15.5 820 4 / 4 19.6 17.6 Current projects Zumikon, Ruchenacher 17 Tender 21.7 1 116 - 27.2 15.2 Zurich, Berghaldenstrasse 32+34 Approval phase 38.5 2 045 - 15.4 13.2 Zumikon, Dorfstrasse 68 Approval phase 26.9 1 554 - 20.3 15.3 Zurich, Zollikerstrasse 132/134 Project planning 33.2 1 559 - 20.4 18.6
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Successful Completion of two Projects 18 − In Minervastrasse 124 in Zurich, an ROI of 23.27% and an IRR of 16.56% were achieved − In Alte Landstrasse 26 in Rüschlikon, the ROI stands at 19.64% and the IRR at 17.56% Development Properties: Current Status Minervastrasse 124, Zurich 2 projects 13 apartments Completed Ruchenacher 17, Zumikon Planning Approval Execution Completion SF Urban Properties Ltd Alte Landstrasse 26, Rüschlikon 1 project 6 apartments Single-family home character − Milestone: Building permit granted − Marketing launch: End of August − Start of construction: Scheduled for Q4 2026 Planning Approval Execution Completion Planning Approval Execution Completion
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Visualisation of Ruchenacher 17, Zumikon 4. Financials
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Increase in net Profit Key Financial Figures EBIT excl. revaluation effects Net profit per share excl. revaluation effects LTV (Loan-to-Value) Ø interest rate (reporting date) SF Urban Properties Ltd 20 44.60% 45.96% 47.39% 47.23% 45.51% 43.00% 44.00% 45.00% 46.00% 47.00% 48.00% 49.00% 50.00% 2022 2023 2024 2025 H1 2026 2.01% 2.07% 1.78% 1.69% 1.77% 1.50% 1.60% 1.70% 1.80% 1.90% 2.00% 2.10% 2.20% 2022 2023 2024 2025 H1 2026 in TCHFin CHF 14 175 15 123 11 435 13 545 2 740 1 578 0 2 000 4 000 6 000 8 000 10 000 12 000 14 000 16 000 H1 2025 H1 2026 Consolidated Appendix PhDInvestment Development 2.17 2.39 1.91 2.09 0.26 0.30 - 0.50 1.00 1.50 2.00 2.50 3.00 H1 2025 H1 2026 Consolidated Appendix PhDInvestment InvestmentDevelopment
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Positive EBIT Performance Despite Higher Investments in the Asset Portfolio Income Statement SF Urban Properties Ltd 21 Income statement H1 2026 H1 2026 H1 2026 H1 2025 H1 2025 H1 2025 CHF 1 000 Consolidated Investment Promotion Consolidated Investment Promotion Income from investment properties 15 445 14 968 477 15 928 15 794 134 Profit on the sale of investment properties 4 330 4 330 0 1 021 1 021 0 Revaluations of investment properties 15 606 15 606 0 16 547 16 547 0 Income from development properties 9 679 0 9 679 14 921 0 14 921 Operating expenses - 6 553 - 6 160 - 393 - 5 688 - 5 399 - 289 Expenses relating to development properties - 8 185 0 - 8 185 - 12 026 0 - 12 026 EBIT excluding revaluation effects 15 123 13 545 1 578 14 175 11 435 2 740 Finance costs (net) - 3 578 - 3 578 0 - 3 955 - 3 448 - 507 Income tax - 6 264 - 6 016 - 248 - 5 215 - 4 805 - 410 Net profit 20 887 19 558 1 329 21 552 19 729 1 823 Net profit excluding revaluation effects, SFUP shareholders 8 011 6 995 1 016 7 279 6 409 870 Net profit excluding revaluation effects per share 2.39 2.09 0.30 2.17 1.91 0.26
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Significant Revaluations and Investments Have Almost Offset the Volume of Sales Change in Yield portfolio SF Urban Properties Ltd 22 Market value as at 31.12.2025 Investments RevaluationAcquisitions Market value 30.06.2026 Sales in CHF mn Transactions in the first half of 2026 − Sale of Uitikonerstrasse 17 in Schlieren (CHF 14.0 mn) − Sale of im Bohl 4, St. Gallen (CHF 9.15 mn) − Reclassification of Richard-Wagner-Strasse 28 in Zurich from development properties to investment properties (CHF 13.9 mn) Valuation loss 823.1 3.4 13.9 -0.4 -18.4 16.0 837.6 800.0 805.0 810.0 815.0 820.0 825.0 830.0 835.0 840.0 845.0 850.0
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Visualisation of Ruchenacher 17, Zumikon 5. Outlook
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Further Consolidation Through Planned Reorganisation Outlook for 2026 SF Urban Properties Ltd 24 Investment Properties Development Projects Development Properties Existing PortfolioAsset ManagementTransactions Sales of CHF 15–20 mn Acquisitions totalling CHF 40 mn of which CHF 27 mn already secured Construction to start in Q3 2026 Seefeldstrasse 186, Zurich Construction to start in Q3 2026 Genferstrasse 21, Zurich Property income > CHF 31 mn Target vacancy rate < 2.0%Completion of portfolio rotation Completion of 2 projects EBIT contribution: CHF 1.5 mn Management expects net profit per listed registered share (excluding revaluation effects) to the level seen in the 2024 financial year
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14 April 2027 Annual General Meeting Agenda 2026 / 2027 SF Urban Properties Ltd 25 29 October 2026 Investor’s Day October 2026 Pulication of GRESB results 9 March 2027 Presentation of Annual Results
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SF Urban Properties Ltd Seefeldstrasse 275 CH-8008 Zurich T +41 43 344 61 31 info@sfurban.ch www.sfurban.ch Address SF Urban Properties Ltd 26
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The information in this document is confidential and may not be disclosed in or outside Switzerland to any other person without prior approval of Swiss Finance & Property Ltd and/or its affiliates. This document does not constitute an issue and/or an issue prospectus pursuant to Art 35 et seq. of the Financial Services Act (FinSA) as well as Art 27 et seqq of the Swiss Listing Rules of SIX Swiss Exchange, the Key Information Document (KID) according to the Swiss Federal Act on Collective Investment Schemes or a financial research according to the Directives on the Independence of Financial Research of the Swiss Banking Association. The solely binding documents for an investment decision are available from Swiss Finance & Property Ltd and/or its affiliates. This document is a product of Swiss Finance & Property Ltd and/or its affiliated companies. The information and data contained in this document have been obtained from sources believed to be reliable. Swiss Finance & Property Ltd and/or its affiliates do not guarantee, represent or warrant, expressly or impliedly, that the information and data in this document are accurate, complete or up to date. All expressions of opinion are subject to change without notice by Swiss Finance & Property Ltd and/or its affiliates Swiss Finance & Property Ltd and/or its affiliates accept no liability, including any liability for incidental or consequential damages, arising out of information and data contained in this document and/or the use of this document. Any proposed terms in this document are indicative only and remain subject to a separate contract. Nothing in this document shall constitute or form part of any legal agreement, or any offer to sell or the solicitation of any offer to buy any securities or other financial instruments or to engage in any transaction Investments in securities or other financial instruments should only be undertaken following a thorough study of the relevant prospectuses, regulations, the basic legal information that these regulations contain and other relevant documents. Investments in securities or other financial instruments can involve significant risks and the value of securities or other financial instruments may rise or fall. No assurance can be given that the investment objective of any investment will be achieved or that substantial losses will not be suffered. Past performance does not guarantee or indicate current or future performance or earnings. The performance shown does not take account of any commissions and costs charged when subscribing and redeeming shares or interests in securities or other financial instruments Swiss Finance & Property Ltd and/or its affiliates do not provide legal, accounting or tax advice. Investors in securities or other financial instruments are advised to engage legal, tax and accounting professionals prior to entering into any investments, transactions or other actions mentioned in this document Swiss Finance & Property Ltd and/or its affiliates may from time to time have positions in, and buy or sell, securities and for other financial instruments identical or related to those mentioned in this document and may possess or have access to non-public information relating to matters referred to in this document which Swiss Finance & Property Ltd and/or its affiliates do not intend to disclose. No person shall be treated as a client of Swiss Finance & Property Ltd and/or its affiliates, or be entitled to the protections afforded to clients of Swiss Finance & Property Ltd and/or its affiliates, solely by virtue of having received this document. Neither this document nor any copy thereof may be sent to or taken into the United States or distributed in the United States or to any US persons or to any other state or territory where such distribution is contradictory to local law or regulation. Any eventual legal relationship resulting from the use of this document is governed by Swiss law, regulations and rules including but not limited to the Swiss Financial Market Supervisory FINMA guidelines. The place of jurisdiction is Zurich, Switzerland. This translation was created using artificial intelligence. The original German version is binding. © Copyright 2003 - 2026, Swiss Finance & Property Ltd and/or its affiliates. All rights reserved. Disclaimer SF Urban Properties Ltd 27