Helvetica Asset Management AG Helvetica Swiss Living Fund increases net income in the first Half of 2026, successfully completes capital increase, and strengthens the foundation for further growth

Ad hoc announcement pursuant to Art. 53 LR

Highlights

• Net income and Distribution of profits: Net income of CHF 6.25 million, or CHF 1.58 per unit (CHF 1.56 in the same period last year). The fund is on track to achieve its target distribution of profits of at least CHF 2.80 per unit in 2026 as well; after six months, approximately 56 % of this target has already been generated.
• Return on investment: 2.57 % in the first half of 2026, driven by the high earnings component (1.58 %) as well as realized capital gains and the appreciation of the existing property portfolio.
• Capital increase: Rights issue at a ratio of 9:1 fully subscribed; new capital of approximately CHF 41 million for growth and value-creating investments.
• Leasing: Vacancy rate reduced to 2.2 % and rent default rate to 3.53 % as of the reporting date—significantly below the prior-year figure (4.38 %).
• Capital gains and performance: Three purchases (CHF 56.7 million) and two sales (CHF 50.7 million); realized capital gain of CHF 3.8 million and a 0.5 % increase in the value of the existing property portfolio.
• Income-generating capacity: Operating profit margin of 67.5 % (65.6 %), due in particular to lower operating and maintenance costs as well as reduced rent default.

Earnings and Key Financial Figures

The HSL Fund generated earnings of CHF 10.50 million in the first half of 2026 (CHF 10.28 million in the same period of the previous year). The 4.6 % year-over-year decline in rental income is attributable to the smaller property portfolio and was offset by a significant reduction in rental default: Thanks to a further decline in vacancy (2.2 % as of the reporting date), the rental default rate fell to 3.53 %, well below the level for the same period last year (4.38 %).

The operating profit margin (EBIT margin) rose significantly to 67.5 % (65.6 %), thanks in particular to optimizations in administrative as well as operating and maintenance costs.

On this basis, the fund generated net income of CHF 6.25 million, or CHF 1.58 per unit (CHF 1.56 in the prior year), and thus remains on track to once again pay a distribution at the minimum target level of CHF 2.80 per unit.

Performance and Return on investment

The fair market value of the properties increased by CHF 8.2 million to CHF 512.7 million in the first half of 2026. This was driven by the sale of two properties (CHF 50.7 million), the purchase of three properties (CHF 56.7 million), and a 0.5% appreciation of the existing property portfolio on a like-for-like basis.

The properties sold included a property in Biel (Poststrasse 32-44b)—the largest property in the portfolio to date, with short-term renovation needed—and a property in Zurich (Gagliardiweg 9), which no longer aligned with the strategic investment profile due to its urban location and consequently low return. The two sales resulted in a realized capital gain totaling approximately CHF 3.8 million.

Three properties were purchased in Villmergen (AG), Romanshorn (TG), and Emmen (LU), at net returns above the fund’s average. After the balance sheet date, the fund conducted a purchase of a residential property in Liestal (BL) in August 2026 for CHF 14.0 million, effective retroactively as of July 1, 2026.

The net asset value per unit declined from CHF 102.69 as of December 31, 2025, to CHF 102.46 as of June 30, 2026, taking into account the distribution of profits of CHF 2.80 per unit paid out in April 2026. This results in a return on investment of 2.57 %.

Outlook

The HSL Fund invests in residential properties in suburban growth areas and consistently targets families and multi-person households in the affordable segment: over 90 % of rental income comes from residential use, and about 80 % of the apartments have 3.5 rooms or more. In March 2026, the fund management company outlined four value drivers—active leasing, optimisation of operating costs and Maintenance costs, investments in the portfolio, and transactions. The half-year results reflect this: higher Earnings per unit coupled with lower vacancy rates and lower costs.

For the second half of 2026, the fund management company is accordingly focusing on:

• Value creation in the portfolio: implementation of the renovation project in Nidau (BE) and further development of projects in the renovation pipeline;
• Operational efficiency: active asset management with low Vacancies, a lean cost structure, and consistent realization of potential;

• Earnings and distributions: ensuring strong earnings power and achieving the target Distribution of profits of CHF 2.80 per unit for the 2026 fiscal year;
• Further growth in line with the fund’s strategy and value-creating investments in the portfolio.

Further details, facts, and figures can be found in the HSL Fund’s 2026 Half-Year Report: Helvetica.com

Appendix

Key Figures for the HSL Fund

Key Figures		Appendix	June 30, 2026	December 31, 2025
Securities number			49527566	49527566
ISIN			CH0495275668	CH0495275668
Initiation date			November 6, 2019	November 6, 2019
Outstanding units	Number		3,967,982	3,571,844
Fund units issued	Number		396,798	–
Fund units redeemed	Number		660	267,390
Net asset value per unit)	CHF		102.46	102.69
Real/nominal discount rate	%		2.79 / 3.81	2.77 / 3.80
Balance Sheet			June 30, 2026	December 31, 2025
Fair market value of the properties	CHF	1	512,670,000	504,479,000
Gross asset value (GAV)	CHF		542,862,554	523,202,677
Debt ratio2)	%		25.11	29.89
Residual term debt financing 2)	years	5.3	2.97	2.10
Interest rate debt financing 2)	%	5.3	1.44	1.21
Net Asset Value (NAV)1)	CHF		406,561,136	366,806,741
Income Statement			Jan. 1–June 30, 2026	Jan. 1–June 30, 2025
Rental income	CHF		9,746,006	10,219,234
Net income	CHF		6,250,650	5,561,752
Net income per unit	CHF		1.58	1.56
Maintenance and repairs	CHF		901,050	1,190,326
Target rental income p.a.3)	CHF		19,773,779	19,573,318
Gross target return [TARGET]3)	%		3.86	4.01
Gross Return [ACTUAL]3)	%		3.78	3.88
Key financial figures according to AMAS2)			June 30, 2026	June 30, 2025
Return on investment	%		2.57	2.94
Distribution yield	%	9	n/a	n/a
Distribution per unit	CHF	9	n/a	n/a
Payout ration	%	9	n/a	n/a
Return on equity (ROE)*	%		2.38	2.34
Return on invested capital (ROIC)	%		1.89	1.82
Premium/discount	%		2.09	-3.25
Price per unit	CHF		104.60	97.70
Operating profit margin (EBIT margin)	%		67.46	65.63
Debt financing ratio	%		22.43	26.44
Rent default rate	%	1	3.53	4.38
Fund Operating Expense Ratio TERREF  GAV	%		0.68	0.69
Total Expense Ratio (TER) (REF)  MV	%		0.97	1.00
Performance	%		0.58	-3.46
1)  Figures as of December 31, 2024: Net asset value per unit CHF 100.90 / Net Asset Value (NAV) CHF 387,377,826.
2)  The key financial figures were calculated in accordance with the AMAS “Technical Information on Real Estate Fund Key Financial Figures” dated September 13, 2016 (as of December 18, 2025)
3)  Annualized value based on the balance sheet date.
Past performance is no guarantee of future results and does not take into account any commissions or fees charged on the subscription and redemption of units.

Media contacts

Urs Kunz

Chief Commercial Officer,

Member of the Executive Board

T +41 43 544 70 95

urs.kunz@helvetica.com

About Helvetica
Helvetica Asset Management AG, founded in 2006, is an independent real estate investment manager and FINMA-regulated fund manager. We provide institutional and private investors as well as pension funds with stable real estate investments offering solid returns, or develop tailored investment solutions, managed across our fully integrated value chain. Our listed investment vehicles, the HSC Fund focused on commercial properties and the HSL Fund focused on residential properties, as well as the HL Investment Foundation focused on energy efficient residential assets and projects, invest throughout Switzerland in high growth suburban locations. Sustainability is an integral part of Helvetica and is formally embedded at fund level across the entire real estate life cycle. Helvetica.com

Helvetica Swiss Living Fund
The HSL Fund is a Swiss real estate fund for public investors, listed on the SIX Swiss Exchange. It invests in residential properties throughout Switzerland, primarily in suburban, high-growth locations with excellent access to business centres. All properties are GEAK-certified. The investment portfolio is geared towards long-term value preservation and the distribution of constant income. The HSL Fund is authorized by the Swiss Financial Market Supervisory Authority FINMA. Listing SIX Swiss Exchange; ticker symbol HSL; valor 49 527 566; ISIN CH0495275668

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