Earnings release
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SF Urban Properties Ltd Seefeldstrasse 275, CH-8008 Zurich +41 43 344 61 31, www.sfurban.ch Media Release Zurich, 27 August 2026 Ad hoc announcement pursuant to Art. 53 LR SF Urban Properties Ltd Half-year Results 2026: Portfolio Rotation Completed and Positive Revaluations With positive revaluations and a stable operating result, SF Urban Properties Ltd looks back on a solid first half of 2026 and confirms its full -year targets. The completion of the portfolio rotation sharpens the investment portfolio’s focus on urban locations in Zurich and Basel. Two successfully completed development projects once again ma de a positive contribution to earnings. – Net profit (incl. revaluations): CHF 20.89 mn (30 June 2025: CHF 21.55 mn) – Net profit (excl. revaluations): CHF 8.32 mn (30 June 2025: CHF 8.23 mn) – Portfolio value increased from CHF 823.10 mn to CHF 837.62 mn (+1.76%) – Vacancy rate as at the reporting date reduced to 1.78% (30 June 2025: 1.98%) SF Urban Properties Ltd’s half-year results for 2026 underscore the quality of its investment portfolio, which is focused on urban locations in Zurich and Basel, as well as the successful implementation of its core/satellite strategy. “The investment portfolio is demonstrating its strengths in the current market environment: rising revaluations and a stable, low vacancy rate underline the quality of the locations and properties,” says Bruno Kurz, CEO of SF Urban Properties Ltd. Completion of Portfolio Rotation and Significant Increase in Value In the first half of 2026, SF Urban Properties Ltd successfully completed the portfolio rotation initiated in the year 2024. The properties at Uitikonerstrasse 17 in Schlieren and at Bohl 4 in St. Gallen were sold with a high, planned capital gain of CHF 3.63 mn (after deferred tax) . This represents a profit contribution of CHF 1.08 per registered share. With the exception of one property in Bern held under building rights, the investment portfolio is now invested to just over 61% in Zurich and around 38% in Basel. The market value of the investment portfolio has increased by CHF 14.52 mn gross, or 1. 76%, compared with the end of 2025. On a like- for-like basis, after deducting investments, this represents a net change in value of CHF 15.80 mn, or 1.96%. The average weighted real discount rate fell from 2.64% to 2.61% in the first half of the year . The carrying amount of investment properties increased to CHF 837.62 mn as at 30 June 2026 (31 December 2025: CHF 823.10 mn).
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Media Release, 27 August 2026 Page 2/5 Solid Operating Result and Successful Development Projects Property income, at CHF 15.45 mn, was slightly below the figure for the same period last year of CHF 15.93 mn. The main reason for this was the portfolio rotation planned and carried out during the reporting year. In the property development segment, the projects at Minervastrasse 124 in Zurich and at Alte Landstrasse 26 in R üschlikon were transferred to their new owners on schedule and were thus successfully completed. The EBIT contribution from the property development segment amounted to CHF 1.58 mn (30 June 2025: CHF 2.74 mn). Net profit amounted to CHF 20.89 mn (30 June 2025: CHF 21.55 mn). Excluding revaluation effects, it rose slightly to CHF 8.3 2 mn (30 June 2025: CHF 8.2 3 mn). Earnings per share, excluding revaluation effects, increased from CHF 2.17 to CHF 2.39. N et asset value (NAV) per share rose to CHF 124.49 as at 30 June 2026 (31 December 2025: CHF 122.16). Outlook for 2026 With regard to the investment portfolio, the focus in the second half of the year will be on targeted vacancy management and the implementation, as planned, of refurbishments and replacement builds. Construction is scheduled to commence in the second half of the year on the properties at Seefeldstrasse 186 and Genferstrasse 21 in Zurich. Planning applications are to be submitted for Asylstrasse 68 and Richard-Wagner-Strasse 28 in Zurich. The company is also continuing to drive forward its development pipeline and plans to submit planning applications by the end of 2026 for the projects at Zollikerstrasse 132/134 in Zurich and at Weidstrasse 29/31 in R üschlikon. For the year 2026, management expects EBIT of around CHF 1.8 mn from the development segment. The capital authorised by the Annual General Meeting for the purpose of carrying out an ordinary capital increase was intended to be used for the purchase of an attractive commercial property in Zurich. Contrary to expectations, this transaction could not be successfully completed. Despite an intensive review of alternative acquisition opportunities, no sufficiently attractive alternative was found. Against this background, the Board of Directors has decided to refrain from carrying out the ordinary capital increase. The management confirms the targets for 2026 and expects net profit per share, excluding revaluation effects, to be on a par with the 2024 financial year, as previously announced in the 2025 Annual Report. Contact Bruno Kurz CEO SF Urban Properties Ltd kurz@sfp.ch Sascha Küng CFO SF Urban Properties Ltd kueng@sfp.ch
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Media release, 27 August 2026 Page 3/5 Key Figures First Half of 2026 Income statement Unit 30 Jun. 2026 30 Jun. 2025 Property earnings CHF 1 000 15 445 15 928 Total operating income before revaluation CHF 1 000 29 939 31 969 Revaluation of investment properties CHF 1 000 15 606 16 547 Operating result (EBIT) CHF 1 000 30 729 30 722 EBIT margin excluding revaluation effects 6 % 59.94 65.86 Net profit CHF 1 000 20 887 21 552 Net income, excluding revaluation effects 1 CHF 1 000 8 324 8 232 Net income attributable to shareholders of SF Urban Properties Ltd CHF 1 000 20 574 20 599 Net income attributable to shareholders of SF Urban Properties Ltd excluding revaluation effects 1 CHF 1 000 8 011 7 279 Balance sheet Unit 30 Jun. 2026 31 Dec. 2025 Total assets CHF 1 000 931 164 949 582 Equity capital CHF 1 000 417 779 410 905 Equity ratio % 44.87 43.27 Financial liabilities CHF 1 000 409 067 436 929 Outside capital CHF 1 000 513 385 538 677 Debt financing ratio % 55.13 56.73 Third-party loan-to-value ratio of the properties 2 % 45.51 47.23 Return on equity p.a. 3 % 9.95 10.90 Return on equity p.a. excluding revaluation effects 1/3 % 3.88 3.00 Portfolio data Unit 30 Jun. 2026 31 Dec. 2025 Number of investment properties Quantity 49 50 Number of development properties Quantity 4 7 Investment properties incl. building rights CHF 1 000 840 182 825 740 Development properties CHF 1 000 61 179 77 353 Gross yield 4 % 3.74 3.90 Weighted real discount rate of portfolio valuation % 2.61 2.64 Weighted nominal discount rate of portfolio valuation % 3.63 3.67 Vacancy rate end of period % 1.78 1.85 Vacancies reporting period 5 % 2.36 1.94 CO2e emission intensity kgCO2e/m2ERA/year 12.70 12.70 Average interest rate (including swaps) of financial liabilities as of reporting date % 1.77 1.69 Average fixed interest rate as of reporting date Years 5.70 5.41
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Media Release, 27 August 2026 Page 4/5 Key Figures per Share Unit 30 Jun. 2026 31 Dec. 2025 Net Asset Value (NAV) per share of CHF 1.80 CHF 24.90 24.43 Net Asset Value (NAV) per share of CHF 1.80 before deferred taxes CHF 28.97 28.27 Net Asset Value (NAV) per share of CHF 9.00 CHF 124.49 122.16 Net Asset Value (NAV) per share of CHF 9.00 before deferred taxes CHF 144.83 141.35 Share price CHF 99.20 100.50 Premium (+) and discount (–) on NAV % -20.31 -17.73 Unit 30 Jun. 2026 30 Jun. 2025 Earnings per share (EPS) of CHF 1.80 nominal in CHF 1.23 1.23 Earnings per share (EPS) of CHF 1.80 nominal excluding revaluation 1 in CHF 0.48 0.43 Earnings per share (EPS) of CHF 9.00 nominal in CHF 6.14 6.15 Earnings per share (EPS) of CHF 9.00 nominal excluding revaluation 1 in CHF 2.39 2.17 1 Revaluation effects: revaluations as well as their tax effects 2 Interest bearing debt in relation to properties including developments dedicated to be sold 3 SFUP shareholders' attributable net profit in relation to average equity 4 Gross profit yield equals targeted rental income at a specific date as a percentage of market value (fair value) 5 Vacancy rate corresponds to vacancy excluding inconsistencies, rent reductions and discounts / target net rental when fully let 6 Following the introduction of segment reporting, the EBIT margin of the return portfolio is now calculated on the basis of the segment. The previous year was adjusted accordingly. 7 The value determined for 42 properties in accordance with REIDA. Livestream Bruno Kurz (CEO), Sascha Küng (CFO) and Micaela Dal Santo-Venzi (Portfolio Manager) will present the half-year results for 2026 as follows: – Livestream in German on Thursday, 27 August 2026, 10:00 a.m. The recordings, the presentation on the half -year results and the semi-annual report 2026 will be made available on our website www.sfurban.ch following the presentation. Thank you for your interest.
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Media release, 27 August 2026 Page 5/5 SF Urban Properties Ltd SF Urban Properties Ltd (SFUP) is a Swiss real estate company based in Zurich. The company follows a core/satellite invest- ment approach. It primarily invests in a portfolio of income-generating properties located in urban areas in the cities of Zurich and Basel. In addition, it develops and sells residential condominiums through selected development projects along the Lake Zurich region. The investment strategy also focuses on locations that offer above-average development or value appreciation potential due to demographic or economic conditions. Disclaimer This publication constitutes neither an offer to sell nor a solicitation to buy securities of SF Urban Properties Ltd. The securities have already been sold. Some of the information published in this publication contains forward-looking statements. Users are cautioned that any such forward- looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those in the forward- looking statements as a result of various factors. SF Urban Properties Ltd undertakes no obligation to publicly update or revise any information or opinions published in the publication. SF Urban Properties Ltd reserves the right to amend the information at any time without prior notice. This communication is being distributed only to, and is directed only at (i ) persons outside the United Kingdom, (ii) persons who have professional experience in matters relating to investments falling within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (iii) high net worth entities, and other persons to whom it may otherwise lawfully be communicated, falling within Article 49(2) of the Order (all such persons together being referred to as "Relevant Persons"). Any investment or investment activity to which this comm unication relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. Any person who is not a Relevant Person must not act or rely on this communication or any of its contents. This communication does not constitute an "offer of securities to the public" within the meaning of Directive 2003/71/EC of the European Union (the "Prospectus Directive") of the securities referred to in it (the "Securities") in any member state of the European Economic Area (the "EEA"). Any offers of the Securities to persons in the EEA will be made pursuant to an exemption under the Prospectus Directive, as implemented in member states of the EEA, from the requirement to produce a prospectus for offers of the Securities. The securities referred to herein have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States or to US persons (as such term is defined in Regulation S under the Securities Act) unless the securities are registered under the Securities Act, or an exemption from the registration requirements of the Securities Act is availabl e. The issuer of the securities has not registered, and does not intend to register, any portion of the offering in the United States, and does not intend to conduct a public offering of securities in the United States. This communication is not for distribution in the United States, Canada, Australia or Japan. This communication does not constitute an offer to sell, or the solicitation of an offer to buy, securities in any jurisdiction in which is unlawful to do so.