Swiss Life REF (CH) ESG Swiss Properties: half-year results with higher net income driven by improved operational efficiency

Swiss Life REF (CH) ESG Swiss Properties: half-year results with higher net income driven by improved operational efficiency

The listed real estate fund Swiss Life REF (CH) ESG Swiss Properties increased both its net income and operating profit margin (EBIT margin) as at the half-year reporting date (31 March 2026).
There were no transactions during the reporting period.

Ongoing asset management made a significant contribution to the positive half-year result of Swiss Life REF (CH) ESG Swiss Properties, supported by close collaboration with property management,
controlling and construction. The rent loss rate was reduced to 2.1% (3.0% as at 30 September 2025), with no material loss of rental income recorded during the reporting period. In addition, part
of the valuation adjustments recognised in the previous year was reversed. The vacancy rate remained at a low level of 2.2% (previous year: 2.1%). Maintenance and operating costs were also slightly
reduced compared to the previous year. The fund operating expenses rate (TER GAV) decreased from 0.68% to 0.67% of gross asset value. As a result, the operating profit margin (EBIT margin) reached
68.9% for the half-year, exceeding the levels reported as at 30 September 2025 (68.6%) and 31 March 2025 (67.6%).

Overall, the fund generated net income of CHF 30.1 million in the first half of the year (CHF 27.4 million as at 31 March
2025). As no transactions were executed and no revaluations of properties were carried out during the reporting period, both realised income and total comprehensive income remained at the same
level. Net asset value (NAV) as at 31 March 2026 stood at CHF 115.35 per unit (CHF 116.65 as at 30 September 2025, prior to the distribution of CHF 2.70). The borrowing ratio increased slightly to
21.67% (20.56% as at 30 September 2025). Despite this, improved financing conditions led to a reduction in period-specific financing costs, with the remaining term to maturity maintained at 2.16
years (2.14 years as at 30 September 2025).