Helvetica Asset Management AG Helvetica Swiss Commercial Fund increases net income by 11 % in the first half of 2026
Ad hoc announcement pursuant to Art. 53 LR
Highlights
- Net income: CHF 14.7 million, or CHF 3.12 per unit (CHF 2.82 in the prior year), an increase of 11 %—generated without any acquisitions or disposals during the reporting period.
- Distribution target: Thanks to strong earnings, the fund is on track to achieve its target distribution of CHF 5.35 per unit in 2026 as well. After six months, approximately 58 % of this amount has already been generated.
- Return on investment: Based on the results achieved, the HSC Fund generated a return on investment of 2.86 % in the first half of the year.
- Leasing: 28 new leases and lease renewals covering approximately 20,500 m² and representing annualized rental income of over CHF 3 million; occupancy rate of 96.0 % and WAULT of 4.83 years, both at their highest levels since launch; rent default rate of 3.99 % (7.49 %).
- EBIT margin: Operating profit margin (EBIT margin) increased to 75.3 % (71.3 %), primarily due to a significantly reduced rent default rate.
- Performance: 4.1 % year-to-date, once again outperforming the SWIIT Benchmark (0.8 %).
Earnings and Key Financial Figures
In the first half of 2026, the HSC Fund generated earnings of approximately CHF 22.4 million (CHF 19.6 million in the prior year). This significant increase is primarily attributable to the fact that the properties acquired as part of the merger with the HSO Fund are now recognized in income for the full reporting period, as well as to the acquisitions made in the second half of 2025. On this basis, the fund generated net income of approximately CHF 14.7 million, or CHF 3.12 per unit (CHF 2.82 in the prior year), and reaffirms its intention to once again pay a distribution at the target level of CHF 5.35 per unit.
Return and Performance
The fair value of the portfolio increased by CHF 1.7 million (+0.2 %) compared to the end of 2025, reaching CHF 774.8 million. The increase is attributable to new leases and lease renewals, as well as a reduction in the real discount rate by 2 basis points to 3.46 %. Taking into account investments in the portfolio, this resulted in an unrealized capital gain of CHF 1.06 million; conversely, the provision for estimated liquidation taxes increased by CHF 1.66 million.
The change in NAV from CHF 111.02 per unit (December 31, 2025) to CHF 108.69 as of June 30, 2026, taking into account the distribution of profits of CHF 5.35 per unit paid out in April 2026, results in a Return on investment of 2.86 %.
Ten Years of focused investing
The HSC Fund invests with a clear focus on the "Werkplatz Schweiz", Switzerland's industrial base: light industrial and commercial, production, logistics and warehousing, and selected retail parks along the country's main transport corridors. Demand for well-connected, flexible-use space remains robust and rent levels are holding firm. The fund's rental income is spread across more than 400 tenants, the largest of which accounts for 6.9 % of annual rental income. This focus and this diversification underpinned the quality of earnings in the first half of 2026.
The investment focus also benefits from a supportive market environment. The reshoring of industrial production and the shift towards resilient, local supply chains are structurally increasing demand for space, while supply remains tightly constrained: according to Wüest Partner, only around 1 % to 1.5 % of Switzerland's industrial and warehouse space comes to market each year. Scarce building land and lengthy permit procedures are likely to tighten this further. The result is low vacancy rates and rising rents.
Outlook
As of June 30, 2026, the HSC Fund is trading slightly below its Net asset value per unit. The distribution of CHF 5.35 per unit paid out for the 2025 fiscal year corresponds to a distribution yield of approximately 5 % based on this price—an attractive current distribution in the current market environment. With a net income of CHF 3.12 per unit after six months, the fund is on track to achieve its distribution target of CHF 5.35 per unit for 2026 as well.
The fund management company will continue to consistently pursue its strategic priorities in the second half of 2026:
- Focusing investments on “Werkplatz Schweiz” (Swiss Industrial Base), particularly in light industrial and commercial, production, logistics and warehousing, and selected retail parks along the country's main transport corridors;
- Maintaining strong earnings and high cost efficiency to ensure the target distribution of profits of CHF 5.35 per unit;
- Continuation of successful leasing performance and value creation in the portfolio through active asset management, close tenant relationships, and investments in the portfolio;
- Implementation of concrete measures in line with the defined ESG strategy.
Further details, facts, and figures can be found in the HSC Fund’s 2026 Half-Year Report: Helvetica.com
Appendix
Key Figures for the HSC Fund
|
Key Data |
|
Appendix |
June 30, 2026 |
December 31, 2025 |
|
Securities number |
|
|
33550793 |
33550793 |
|
ISIN |
|
|
CH0335507932 |
CH0335507932 |
|
Initiation date |
|
|
December 9, 2016 |
December 9, 2016 |
|
Outstanding shares |
Number |
|
4,714,406 |
4,743,388 |
|
Fund shares issued1) |
Number |
|
– |
1,129,364 |
|
Fund shares redeemed |
Number |
|
28,982 |
683,827 |
|
Net asset value per unit) |
CHF |
|
108.69 |
111.02 |
|
Real/nominal discount rate |
% |
|
3.46 / 4.50 |
3.48 / 4.51 |
|
|
|
|
|
|
|
Balance Sheet |
|
|
June 30, 2026 |
December 31, 2025 |
|
Fair market value of the properties |
CHF |
1 |
774,787,000 |
773,075,000 |
|
Gross asset value (GAV) |
CHF |
|
787,621,856 |
786,769,707 |
|
Debt ratio3) |
% |
|
34.94 |
33.07 |
|
Residual term debt financing3) |
years |
|
2.78 |
2.57 |
|
Interest rate debt financing 3) |
% |
|
1.04 |
1.03 |
|
Net Asset Value (NAV)2) |
CHF |
|
512,405,860 |
526,622,744 |
|
|
|
|
|
|
|
Income Statement |
|
|
Jan. 1–June 30, 2026 |
Jan. 1–June 30, 2025 |
|
Rental and Building Lease Income |
CHF |
|
21,661,847 |
17,289,817 |
|
Net income |
CHF |
|
14,698,053 |
13,362,930 |
|
Net income per unit |
CHF |
|
3.12 |
2.82 |
|
Weighted averageunexpired lease term (WAULT)* |
years |
|
4.83 |
4.45 |
|
Maintenance and repairs |
CHF |
|
1,051,400 |
605,306 |
|
Target rental income p.a.4) |
CHF |
|
45,882,560 |
44,904,640 |
|
Gross target return [TARGET]4) |
% |
|
5.92 |
6.01 |
|
Gross Return [ACTUAL]4) |
% |
|
5.69 |
5.72 |
|
|
|
|
|
|
|
Key financial figures according to AMAS3) |
|
|
June 30, 2026 |
June 30, 2025 |
|
Return on investment |
% |
|
2.86 |
3.80 |
|
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)* |
% |
|
2.69 |
3.16 |
|
Return on invested capital (ROIC) |
% |
|
1.95 |
2.46 |
|
Premium/discount |
% |
|
-3.39 |
-8.17 |
|
Price per unit |
CHF |
|
105.00 |
99.30 |
|
Operating profit margin (EBIT margin) |
% |
|
75.27 |
71.34 |
|
Debt financing ratio |
% |
|
29.04 |
26.79 |
|
Rent default rate |
% |
1 |
3.99 |
7.49 |
|
Fund Operating Expense Ratio TERREF GAV |
% |
|
0.81 |
0.83 |
|
Total Expense Ratio (TER) (REF) MV |
% |
|
1.27 |
1.27 |
|
Performance |
% |
|
4.06 |
5.29 |
|
|
||||
|
1)Issuance of new shares in 2025 due to a merger with the Helvetica Swiss Opportunity Fund |
||||
|
2) Figures as of Dec. 31, 2024: Net asset value per unit CHF 109.53 / Net Asset Value (NAV) CHF 470,728,263. |
||||
|
3) The key financial figures were calculated in accordance with the AMAS “Technical Information on Key Financial Figures for Real Estate Funds” dated September 13, 2016 (as of December 18, 2025) |
||||
|
4) 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 Commercial Fund
The HSC Fund is a Swiss real estate fund for public investors, listed on the SIX Swiss Exchange. It invests in commercial properties throughout Switzerland, focusing on industrial, production, light industrial, office and retail, primarily in suburban, high-growth and easily accessible locations. The investment portfolio is geared towards long-term value preservation and the distribution of constant income. The HSC Fund is authorized by the Swiss Financial Market Supervisory Authority FINMA. Listing SIX Swiss Exchange; ticker symbol HSC; valor 33 550 793; ISIN CH0335507932
Disclaimer
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