Helvetica Swiss Commercial Fund confirms strong earnings quality and achieves attractive investment and dividend returns

Ad hoc announcement pursuant to Art. 53 LR

Zurich, March 19, 2026 – The listed Helvetica Swiss Commercial Fund (HSC Fund) had a successful financial year in 2025 and confirmed its strong market position in the Swiss commercial property segment. The fund boasts stable, high earnings and attractive investment and distribution yields, has seen a record occupancy rate since its initiation and is once again outperforming the benchmark.

• Return on investment of 6.57% thanks to strong operating earnings and positive portfolio performance

• Stable distribution of profits of CHF 5.35 per unit, corresponding to an attractive distribution yield of around 5% with a sustainable payout ratio of around 91%

• Occupancy rate increased to 95.7% and WAULT extended to 4.7 years, underscoring the long-term stability of the cash flows

• Performance of 12.4%, once again above the benchmark SWIIT Index (10.6%)

• Successful merger with the HSO Fund completed, allowing the Fund to benefit from a larger portfolio and additional economies of scale

The financial statements for 2025 underline the high earnings quality of the portfolio: the HSC Fund achieved a return on investment of 6.57%, while the net income of CHF 5.87 per unit again enables a stable distribution of profits of CHF 5.35 per unit. Based on the current unit price, this corresponds to an attractive dividend return of around 5%. At the same time, the payout ratio is around 91%, which underscores the Fund’s sustainable earnings base.

The portfolio also performed very well from an operational standpoint: thanks to 44 new leases and re-lettings, the occupancy rate increased to 95.7%, while the average lease term (WAULT) was extended to 4.7 years. With a performance of 12.4%, the Fund once again outperformed the SWIIT Index benchmark (10.6%).

Another important milestone in the financial year was the successful merger with the HSO Fund, which was completed in June 2025. Since then, the merged Fund has benefited from a larger portfolio base as well as additional economies of scale and efficiency gains in both the portfolio and fund management.

The HSC Fund is currently trading slightly below its net asset value per unit. With a dividend return of around 5%, the Fund offers an attractive ongoing distribution in the current market environment that is significantly higher than the returns of many listed Swiss property funds, the majority of which are currently valued at significant premiums.

Going forward, the HSC Fund intends to selectively pursue its growth strategy on the basis of its portfolio, which is now stable, diversified and high-income. In addition to stable core assets, properties with identifiable value-added potential will also increasingly be assessed in order to tap into additional opportunities for earnings and value enhancement in the portfolio. This already led to two acquisitions in 2025: a rounding-off purchase will enable the creation of around 2 000 m² of additional rental space, while another property in Wil (ZH) has very attractive rental potential.

Stable earnings base and high letting performance

In the 2025 financial year, the HSC Fund generated total earnings of CHF 41.6 million (previous year: CHF 39.3 million), of which CHF 38.7 million was attributable to rental and land lease income. Earnings were increased despite some property sales, with this development being driven in particular by successful lease extensions, re-lettings and the integration of the HSO Fund as at April 30, 2025.

The Fund also performed positively on the cost side. Thanks to efficient cost control and economies of scale from the merger of the Funds, the EBIT margin increased to 72.4% (previous year: 71.6%), while the total expense ratio TER_REF GAV fell to 0.83% (previous year: 0.86%).

Positive portfolio performance and growth

The market value of the property portfolio increased significantly in the 2025 financial year, from CHF 613.8 million to CHF 773.1 million. This development was mainly driven by the successful merger with the HSO Fund and positive performance in the existing portfolio. The like-for-like appreciation of the existing portfolio amounted to around 1.6%, resulting from active value creation in the portfolio and a moderate adjustment of the discount rate to 3.48% (previous year: 3.54%). Disposals in the first quarter of 2025 also resulted in a realized capital gain of CHF 1.6 million, while the appreciation of the existing property portfolio led to an unrealized capital gain of CHF 2.4 million.

Solid financing and optimized capital structure

The Fund also continued to improve its position on the financing side. The average interest rate of debt financing fell to 1.03% (previous year: 1.22%). At the same time, the residual term of debt financing rose to 2.6 years due to the conclusion of additional long-term mortgages (previous year: 1.4 years), and the proportion of long-term financing increased to 47% (previous year: 24%). The Fund therefore has a stable and balanced financing structure.

Successful merger with the HSO Fund

The merger of the HSC Fund with the HSO Fund was successfully completed in the first half of 2025. Based on an exchange ratio of 0.8967 HSC units per 1 HSO unit, around 1.13 million new units were issued, increasing the number of units to a total of 4.74 million. The merged fund has been traded on the SIX Swiss Exchange since June 23, 2025. The combined portfolio now comprises 38 properties and strengthens the Fund’s market position in the Swiss commercial property market.

Outlook

Today, the HSC Fund is in a solid position and has a stable operating base with cash flows secured long term. The fund management company will continue to focus on active portfolio management and a consistent rental strategy in order to further strengthen the high earnings quality. Particular focuses include the continuous optimization of letting performance, an efficient cost structure in fund management and the implementation of specific measures in line with the defined ESG strategy.

More details, facts and figures in the HSC Fund’s 2025 Annual Report: 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 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

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