Interim report
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Swiss Properties Invest A/S Bredgade 23B, 2., 1260 København K CVR no. 42 74 11 16 Interim financial statements for the financial year 01.01.26 - 30.06.26
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Swiss Properties Invest A/S Table of contents Group information etc. 3 Statement by the Executive Board and Board of Directors on the interim financial statements 4 Management’s review 5 - 6 Income statement 7 Balance sheet 8 - 9 Statement of changes in equity 10 Consolidated cash flow statement 11 Notes 12 - 19 2
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Swiss Properties Invest A/S Group information etc. The company Swiss Properties Invest A/S Bredgade 23B, 2. 1260 København K Registered office: København K CVR no.: 42 74 11 16 Financial year: 01.07 - 30.06 Executive Board CEO Gert Mortensen Board of Directors Chair Thorbjørn Graarud Kirsten Sillehoved Michael Gregersen Subsidiaries Swiss Properties Invest AG, Schweiz 3
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Swiss Properties Invest A/S Statement by the Executive Board and Board of Directors on the interim financial statements We have on this day presented the interim financial statements of Swiss Properties Invest A/S for the period 01.01.26 - 30.06.26. The interim financial statements are presented in accordance with the provisions on recognition and measurement in the Danish Financial Statements Act (Årsregnskabsloven). In our opinion, the interim financial statements have in all material respects been prepared in accor- dance with the accounting policies as described on pages 13 - 19. We believe that the management's review includes a fair review of the matters dealt with in the management's review. Copenhagen, September 9, 2026 Executive Board Gert Mortensen CEO Board of Directors Thorbjørn Graarud Chairman Kirsten Sillehoved Michael Gregersen 4
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Swiss Properties Invest A/S Management’s review GROUPS FINANCIAL HIGHLIGHTS Key figures Figures in DKK '000 01.01.26 30.06.26 2025 01.01.25 30.06.25 2024 Profit/loss Revenue 20,079 37,858 18,739 35,215 Indeks 57 108 53 100 Gross profit I 15,777 27,030 14,493 22,424 Indeks 70 121 65 100 Total net financials -3,876 -6,579 -3,851 -9,172 Indeks 42 72 42 100 Profit/loss before tax 9,285 29,615 8,461 68,805 Indeks 13 43 12 100 Total tax -1,001 -4,196 -623 -11,090 Indeks 9 38 6 100 Profit/loss for the period 8,284 25,419 7,838 57,715 Indeks 14 44 14 100 Balance Property, plant and equipment 782,079 776,842 759,951 749,914 Indeks 104 104 101 100 Receivables 2,480 2,352 3,564 2,779 Indeks 89 85 128 100 Cash 33,734 12,014 5,538 3,989 Indeks 846 301 139 100 Current assets 36,214 14,366 9,102 6,767 Indeks 535 212 135 100 Equity 364,778 337,130 317,260 306,473 Indeks 119 110 104 100 Long-term payables 423,256 423,915 423,173 422,896 Indeks 100 100 100 100 Short-term payables 14,087 14,037 16,257 15,064 Indeks 94 93 108 100 5
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Swiss Properties Invest A/S Management’s review Ratios 01.01.26 30.06.26 01.01.25 30.06.25 01.01.24 30.06.24 2024 Others Earnings per share 3.37 11.12 3.43 25.30 Number of outstanding shares 2,458,072 2,285,272 2,285,272 2,285,272 Average (weigted) number of outstanding shares 2,363,608 2,285,272 2,285,272 2,285,272 Development in activities and financial affairs The results for first half year of 2026 shows a continued positive development in both revenues and earnings. H1 2026 Financial highlights - The group revenue reached 20.0 MDKK compared to 18.7 MDKK for H1 2025 - The group operating profit reached 13.1 MDKK compared to 12.3 MDKK for H1 2025 - Profit after tax for the group reached 8.3 MDKK compared to 7.8 MDKK during H1 2025 The management team continues to be very confident that Swiss Properties Invest will deliver on our IPO promises of a return on investment of at least 100 % after 10 years, 200% after 15 years and 300 % after 20 years. 6
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Swiss Properties Invest A/S Income statement Group Parent 01.01.26 30.06.26 01.01.25 30.06.25 01.01.26 30.06.26 01.01.25 30.06.25 Note DKK DKK '000 DKK DKK '000 1 Revenue 20,079,279 18,738 1,574,850 840 Other operating income 73,745 110 0 0 Total income 20,153,024 18,848 1,574,850 840 Property costs -4,376,424 -4,355 0 0 Staff costs -1,399,588 -827 -632,583 -161 Gross profit II 14,377,012 13,666 942,267 679 Selling costs -233,848 -128 -228,507 -128 Cost of premises -73,260 -71 0 0 Administrative expenses -1,231,322 -1,155 -512,151 -561 Other external expenses -1,538,430 -1,354 -740,658 -689 Profit/loss before fair value adjustments 12,838,582 12,312 201,609 -10 Fair value adjustment of investment properties 323,346 0 0 0 Operating profit/loss 13,161,928 12,312 201,609 -10 Financial income 219 0 219 0 Financial expenses -3,876,703 -3,851 -380 -5 Total net financials -3,876,484 -3,851 -161 -5 Profit/loss before tax 9,285,444 8,461 201,448 -15 Tax on profit or loss for the year -1,000,958 -623 -44,319 2 Profit/loss for the period 8,284,486 7,838 157,129 -13 Proposed appropriation account Retained earnings 8,284,486 7,838 157,129 -13 Total 8,284,486 7,838 157,129 -13 7
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Swiss Properties Invest A/S Balance sheet ASSETS Group Parent 30.06.26 30.06.25 30.06.26 30.06.25 Note DKK DKK '000 DKK DKK '000 Investment properties 782,078,656 759,951 0 0 Total property, plant and equipment 782,078,656 759,951 0 0 Equity investments in group enterprises 0 0 243,406,362 226,914 Total investments 0 0 243,406,362 226,914 Total non-current assets 782,078,656 759,951 243,406,362 226,914 Trade receivables 1,799,161 2,491 0 0 Receivables from group enterprises 0 0 0 420 Deferred tax asset 0 0 93,638 56 Other receivables 0 53 150,009 53 Prepayments 680,344 1,020 0 0 Total receivables 2,479,505 3,564 243,647 529 Cash 33,734,385 5,537 3,386,669 2,718 Total current assets 36,213,890 9,101 3,630,316 3,247 Total assets 818,292,546 769,052 247,036,678 230,161 8
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Swiss Properties Invest A/S Balance sheet EQUITY AND LIABILITIES Group Parent 30.06.26 30.06.25 30.06.26 30.06.25 Note DKK DKK '000 DKK DKK '000 Share capital 245,807,200 228,527 245,807,200 228,527 Foreign currency translation reserve 18,503,119 13,802 0 0 Retained earnings 100,468,083 74,931 1,111,966 1,579 Total equity 364,778,402 317,260 246,919,166 230,106 Provisions for deferred tax 16,170,246 12,363 0 0 Total provisions 16,170,246 12,363 0 0 Mortgage debt 423,256,471 423,173 0 0 Total long-term payables 423,256,471 423,173 0 0 Short-term part of long-term payables 8,289,574 7,838 0 0 Prepayments received from customers 1,541,636 1,167 0 0 Trade payables 867,077 2,047 70,000 55 Income taxes 1,292,517 894 0 0 Other payables 2,096,623 4,310 47,512 0 Total short-term payables 14,087,427 16,256 117,512 55 Total payables 437,343,898 439,429 117,512 55 Total equity and liabilities 818,292,546 769,052 247,036,678 230,161 2 Charges and security 9
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Swiss Properties Invest A/S Statement of changes in equity Figures in DKK Share capital Foreign currency translation reserve Retained earnings Group Statement of changes in equity for 01.01.26 - 30.06.26 Balance as at 01.01.26 228,527,200 16,090,625 92,512,261 Foreign currency translation adjustment of foreign enterprises 0 2,412,494 0 Capital increase 17,280,000 0 0 Cost of changes in capital 0 0 -328,664 Net profit/loss for the year 0 0 8,284,486 Balance as at 30.06.26 245,807,200 18,503,119 100,468,083 Parent: Statement of changes in equity for 01.01.26 - 30.06.26 Balance as at 01.01.26 228,527,200 0 1,283,501 Capital increase 17,280,000 0 0 Cost of changes in capital 0 0 -328,664 Net profit/loss for the year 0 0 157,129 Balance as at 30.06.26 245,807,200 0 1,111,966 10
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Swiss Properties Invest A/S Consolidated cash flow statement 01.01.26 30.06.26 01.01.25 30.06.25 Note DKK DKK '000 Profit/loss for the period 8,284,486 7,838 3 Adjustments 579,021 -174 Change in working capital: Receivables -127,763 -732 Other payables relating to operating activities 215,367 586 Other provisions -922,211 542 Cash flows from operating activities before net financials 8,028,900 8,060 Interest income and similar income received 219 0 Interest expenses and similar expenses paid -3,876,703 -3,296 Income tax paid -266,903 -374 Cash flows from operating activities 3,885,513 4,390 Purchase of property, plant and equipment 0 -2,866 Sale of property, plant and equipment 1,474,403 0 Cash flows from investing activities 1,474,403 -2,866 Raising of additional capital 17,280,000 0 Expenses related to changes in capital -328,664 0 Arrangement of mortgage debt 0 4,110 Repayment of mortgage debt -590,738 -4,083 Cash flows from financing activities 16,360,598 27 Total cash flows for the period 21,720,514 1,551 Cash, beginning of year 12,013,871 3,987 Cash, end of period 33,734,385 5,538 Cash, end of period, comprises: Cash 33,734,385 5,538 Total 33,734,385 5,538 11
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Swiss Properties Invest A/S Notes Group Parent 01.01.26 30.06.26 01.01.25 30.06.25 01.01.26 30.06.26 01.01.25 30.06.25 DKK DKK '000 DKK DKK '000 1. Revenue Service fee 0 0 1,574,850 840 Rental income 20,079,279 18,738 0 0 Total 20,079,279 18,738 1,574,850 840 2. Charges and security Group: Investment properties with a carrying amount of t.DKK 782.079 have been provided as security for mortgage debt of t.DKK 431.546. Parent: The company has not provided any security over assets. Group 01.01.26 30.06.26 01.01.25 30.06.25 DKK DKK '000 3. Adjustments for the cash flow statement Fair value adjustment of investment properties -323,346 0 Financial income -219 0 Financial expenses 3,876,703 3,296 Tax on profit or loss for the year 1,000,958 623 Other adjustments -3,975,075 -4,093 Total 579,021 -174 12
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Swiss Properties Invest A/S Notes 4. Accounting policies GENERAL The interim report are presented in accordance with the provisions on recognition and measurement in the Danish Financial Statements Act (Årsregnskabsloven). The accounting policies have been applied consistently with previous years. Basis of recognition and measurement Income is recognised in the income statement as earned, including value adjustments of financial assets and liabilities. All expenses, including depreciation, amortisation, impairment losses and write- downs, are also recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits will flow to the company, and the value of such assets can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow from the company, and the value of such liabilities can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below. On recognition and measurement, account is taken of foreseeable losses and risks arising before the date at which the interim report is presented and proving or disproving matters arising on or before the balance sheet date. CONSOLIDATED FINANCIAL STATEMENTS The consolidated financial statements comprise the parent and its subsidiaries in which the parent directly or indirectly holds more than 50% of the voting rights or by way of agreements exercises control. All financial statements used for consolidation are prepared in accordance with the accounting policies of the group. The consolidated financial statements consolidate the financial statements of the parent and its subsidiaries by adding together items of a uniform nature, eliminating intercompany income and ex- penditure, equity investments, intercompany balances and dividends as well as gains and losses resulting from transactions between the consolidated enterprises to the extent that the underlying assets and liabilities are not realised. 13
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Swiss Properties Invest A/S Notes 4. Accounting policies - continued - CURRENCY The interim report is presented in Danish kroner (DKK). On initial recognition, transactions denominated in foreign currencies are translated using the exchange rates applicable at the transaction date. Exchange rate differences between the exchange rate applicable at the transaction date and the exchange rate at the date of payment are recognised in the income statement as a financial item. Receivables, payables and other monetary items denominated in foreign currencies are translated using the exchange rates applicable at the balance sheet date. The difference between the exchange rate applicable at the balance sheet date and at the date at which the receivable or payable arose or was recognised in the latest interim report is recognised under financial income or expenses in the income statement. Fixed assets and other non- monetary assets acquired in foreign currencies are translated using historical exchange rates. On recognition of independent foreign entities, the income statements are translated at the exchange rates applicable at the transaction date or approximate average exchange rates. The balance sheet items are translated using the exchange rates applicable at the balance sheet date. Foreign currency translation adjustments arising from the translation of equity at the beginning of the year using the exchange rates applicable at the balance sheet date and from the translation of income statements from average exchange rates to the exchange rates applicable at the balance sheet date are recognised directly in equity under the foreign currency translation reserve. Translation adjustments of intercompany balances with independent foreign entities, measured using the equity method and where the balance is considered to be part of the overall investment, are recognised directly in equity under the foreign currency translation reserve. On the divestment of foreign entities, accumulated exchange differences are recognised in the income statement. INCOME STATEMENT Revenue Income from the sale of services is recognised in the income statement as delivery takes place (delivery method). Revenue is measured at the selling value of the agreed consideration exclusive of VAT and other taxes collected on behalf of third parties and less discounts. Other operating income Other operating income comprises income of a secondary nature in relation to the enterprise ’s activities, including rental income, negative goodwill and gains on the sale of intangible assets and property, plant and equipment. 14
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Swiss Properties Invest A/S Notes 4. Accounting policies - continued - Property costs Property costs comprise costs relating to property management, including repair and maintenance costs, real property taxes, insurance, overhead costs and other costs. Other external expenses Other external expenses comprise costs, cost of premises and and administrative expenses as well as other capacity costs, including bad debts to the extent that these do not exceed normal write-downs. Staff costs Staff costs comprise wages and salaries as well as other staff-related costs. Depreciation, amortisation and impairment losses Investment properties are not depreciated. Fair value adjustment of investment properties Unrealised value adjustments of investment properties and realised gains and losses on the sale of assets are recognised in the fair value adjustment of investment properties. Income from equity investments in group entreprises Dividends from equity investments measured at cost are recognised as income in the financial year in which the dividend is declared. Other net financials Interest income and interest expenses, foreign exchange gains and losses on transactions denominated in foreign currencies etc. are recognised in other net financials. Amortisation of capital losses and borrowing costs relating to financial liabilities is recognised on an ongoing basis as financial expenses. Tax on profit/loss for the period The current and deferred tax for the period is recognised in the income statement as tax on the profit/loss for the period with the portion attributable to the profit/loss for the period, and directly in equity with the portion attributable to amounts recognised directly in equity. 15
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Swiss Properties Invest A/S Notes 4. Accounting policies - continued - BALANCE SHEET Property, plant and equipment Investment properties Investment properties comprise investments in land and buildings for the purpose of earning a return on such investments in the form of regular operating income and capital gains on sale. Investment properties are recognised at cost at the date of acquisition. Cost comprises the purchase price plus expenses resulting directly from the purchase until the asset is ready for use. Investment properties are subsequently measured at fair value with value adjustments in the income statement. The fair value is calculated by applying an individually determined discount rate to the capitalisation of a market-based operating income from the property. A valuer has not been used to determine the fair value. Gains and losses on the disposal of property, plant and equipment are determined as the difference between the selling price, if any, less selling costs and the carrying amount at the date of disposal less any costs of disposal. Equity investments in group entreprises Equity investments in subsidiaries are measured at cost less any impairment losses in the balance sheet of the parent. Transaction costs directly attributable to the acquisition are recognised in the cost of equity investments in the balance sheet of the parent, while transaction costs are recognised in the income statement in the consolidated financial statements. Gains or losses on disposal of equity investments are determined as the difference between the disposal consideration and the carrying amount of net assets at the time of sale, including non- amortised goodwill, as well as the expected costs of divestment or discontinuation. Gains and losses are recognised in the income statement under income from equity investments. Impairment losses on fixed assets The carrying amount of fixed assets which are not measured at fair value is assessed annually for indications of impairment over and above what is reflected in depreciation and amortisation. If the company's realised return on an asset or a group of assets is lower than expected, this is considered an indication of impairment. If there are indications of impairment, an impairment test is conducted of individual assets or groups of assets. 16
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Swiss Properties Invest A/S Notes 4. Accounting policies - continued - If dividends are distributed on equity investments in subsidiaries exceeding the period earnings from the enterprise in question, this is considered an indication of impairment. The assets or groups of assets are impaired to the lower of recoverable amount and carrying amount. The higher of net selling price and value in use is used as the recoverable amount. The value in use is determined as the present value of expected net cash flows from the use of the asset or group of assets as well as expected net cash flows from the sale of the asset or group of assets after the expiry of their useful lives. Impairment losses are reversed when the reasons for the impairment no longer exist. Receivables Receivables are measured at amortised cost, which usually corresponds to the nominal value, less write-downs for bad debts. Write-downs for bad debts are determined based on an individual assessment of each receivable if there is no objective evidence of individual impairment of a receivable. Prepayments Prepayments recognised under assets comprise costs incurred in respect of subsequent financial years. Cash Cash includes deposits in bank account. Equity Unrealised foreign currency gains and losses from the translation of the net investment in independent foreign entities are recognised in equity under the foreign currency translation reserve. The reserve is dissolved when the independent foreign entities are disposed of. 17
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Swiss Properties Invest A/S Notes 4. Accounting policies - continued - Current and deferred tax Current tax payable and receivable is recognised in the balance sheet as tax computed on the basis of the taxable income for the period, adjusted for tax paid on account. Deferred tax liabilities and tax assets are recognised on the basis of all temporary differences between the carrying amounts and tax bases of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is non-amortisable for tax purposes and other items where temporary differences, except for acquisitions, have arisen at the date of acquisition without affecting the net profit or loss for the year or the taxable income. In cases where the tax value can be determined according to different taxation rules, deferred tax is measured on the basis of management’s intended use of the asset or settlement of the liability. Deferred tax assets are recognised, following an assessment, at the expected realisable value through offsetting against deferred tax liabilities within the same tax jurisdiction or elimination in tax on future earnings. Deferred tax is measured on the basis of the tax rules and at the tax rates in the respective countries which, according to the legislation in force at the balance sheet date, will be applicable when the deferred tax is expected to crystallise as current tax. Payables Long-term payables are measured at cost at the time of contracting such liabilities (raising of the loan). The payables are subsequently measured at amortised cost where capital losses and loan expenses are recognised in the income statement as a financial expense over the term of the payable on the basis of the calculated effective interest rate in force at the time of contracting the liability. Short-term financial payables are measured at amortised cost, normally corresponding to the nominal value of such payables. Other short-term payables are measured at net realisable value. Prepayments received from customers Prepayments received from customers comprise amounts received from customers prior to the time and date of delivery of the agreed product or completion of the agreed service. CASH FLOW STATEMENT The cash flow statement is prepared using the indirect method, showing cash flows from operating, investing and financing activities as well as cash and cash equivalents at the beginning and end of the year. 18
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Swiss Properties Invest A/S Notes 4. Accounting policies - continued - Cash flows from operating activities comprise the net profit or loss for the year, adjusted for non-cash operating items, income tax paid and changes in working capital. Cash flows from investing activities comprise payments in connection with the acquisition and divestment of companies and financial assets as well as the purchase, development, improvement and sale of intangible assets and property, plant and equipment. Cash flows from financing activities comprise changes in the parent ’s share capital and associated costs and financing from and dividends paid to shareholders as well as the arrangement and repay- ment of long-term payables. Cash and cash equivalents at the beginning and end of the year comprise cash. 19