Helvetica Swiss Living Fund concludes its successful strategic optimization phase with a strong annual result for 2025 and focuses on further value creation in the portfolio

Ad hoc announcement pursuant to Art. 53 LR

Zurich, March 19, 2026 – The listed Helvetica Swiss Living Fund (HSL Fund) closed the 2025 financial year with strong operational performance, confirming the successful transformation and portfolio optimization of recent years. Following targeted sales and new investments, portfolio adjustments and listing on the SIX Swiss Exchange, the Fund now boasts a focused, high-quality and well-positioned purely residential portfolio, the lowest vacancy rate since its initiation and stable earnings based on high rental demand.

• Return on investment: strong earnings and performance resulted in a return on investment of 4.68%

• Distribution of profits: net income of CHF 2.84 per share keeps the withholding tax-exempt distribution for 2025 at the previous year’s level of CHF 2.80 per share

• Vacancy/rent default rate: both key figures at the lowest level since initiation

• Performance: appreciation of the existing property portfolio of 1.6% and realized capital gain from property sales of CHF 1.3 million with the discount rate remaining stable

The annual result for 2025 clearly confirms this development The HSL Fund achieved a return on investment of 4.68%, while the net income of CHF 2.84 per share allows for a stable, withholding tax-free distribution of CHF 2.80 per share, in line with the previous year’s level.  Based on the current unit price, this corresponds to a dividend return of around 2.7 %. At the same time, the vacancy rate fell to 2.9% as of the reporting date, while the rent default rate also improved by around 200 basis points compared to the previous year to reach its lowest level since the fund was initiated. The debt financing ratio of 27.55% and a residual term of 2.1 years remains within the target range.

With a portfolio of around CHF 504 million consisting of 38 residential properties in high-growth suburban locations, of which around 70% already have GEAK energy efficiency ratings from A to C and are thus well positioned in terms of quality, the Fund is therefore entering the next phase of its development from an adjusted and stabilized starting point.

Alongside the high profitability, the comprehensive portfolio analysis was also advanced and largely completed in 2025. Further projects with cash flow and value growth potential were identified and systematically pursued in the existing portfolio, which will provide additional value and earnings momentum in the coming years. Today, the HSL Fund combines a stable earnings base with clearly identified potential for value creation in its portfolio.

The Fund is currently trading close to its net asset value per unit and therefore offers an attractive entry point compared to numerous listed Swiss residential property funds, which are presently valued at significant premiums.

Net income and distribution of profits

Net income amounted to CHF 10.1 million, or CHF 2.84 per unit (previous year: CHF 10.8 million or CHF 2.82 per unit). Despite a 20% smaller portfolio size, net income fell by only 6%, supported by portfolio optimizations, fewer rent defaults and lower financing costs. This will allow for another distribution of CHF 2.80 per unit, which is exempt from withholding tax.

Portfolio size and increase in value

The market value of the portfolio as at December 31, 2025 was CHF 504.5 million (previous year: CHF 530.3 million). The change resulted from sales of five properties totaling CHF 67.7 million, purchases of three properties totaling CHF 34.7 million and a like-for-like appreciation of the existing property portfolio of around 1.6%. This is based on active vacancy reduction, value-enhancing investments and a slight reduction in the discount rate.

Capital gain and change in liquidation taxes

The sales generated a realized capital gain of CHF 1.3 million. In addition, there was an unrealized capital gain of CHF 4.8 million while estimated liquidation taxes increased by around CHF 1.0 million.

Return on investment

The return on investment stands at 4.68%, well above the previous year’s figure. This is the result of an increase in the NAV per unit to CHF 102.69 and the distribution of profits of CHF 2.80 paid out in April 2025. Net income contributed CHF 2.84 per unit or 2.89 percentage points to the return. Capital gains and tax changes resulted in CHF 1.41 per unit or 1.44 percentage points. In addition, a one-off effect of 35 basis points from reimbursements to the Fund assets had an impact.

Average interest rate

The average interest rate as of the reporting date was reduced by 23 basis points to 1.21%. Due to the conclusion of long-term mortgages with lease terms of between seven and ten years, the residual term of the debt financing increased to 2.1 years (previous year: 1.4 years).

Outlook

Following the successful stabilization and portfolio optimization of recent years, the HSL Fund is now in a solid position and has a stable operating base. The focus of the fund management company is now on realizing additional potential for value creation in the existing portfolio.

In 2025, a comprehensive portfolio analysis was carried out in which several specific projects with cash flow potential and scope for value growth were identified. At the same time, the fund management company is continuing to examine selective opportunities for targeted growth in high-growth suburban residential areas.

Against the backdrop of stable cash flows, identified development potential and structurally robust housing demand, the HSL Fund considers itself well positioned for the next phase of development.

More details, facts and figures in the HSL Fund’s Annual Report 2025: Helvetica.com

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About Helvetica
Helvetica Property Investors 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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