Helvetica Swiss Commercial Fund increases net income by 11 % in the first half of 2026

Ad hoc announcement pursuant to Art. 53 LR

Zurich, 27 August 2026 – The Helvetica Swiss Commercial Fund (HSC Fund) increased net income in the first half of 2026 by 11 % to CHF 3.12 per unit and confirms its distribution target of CHF 5.35 per unit for the current financial year. After six months, the fund has therefore earned around 58 % of the targeted annual distribution. The increase came entirely from the existing portfolio: the fund neither acquired nor sold any properties during the reporting period. The occupancy rate (96.0 %) and the weighted average unexpired lease term (4.83 years) both reached their highest levels since the fund was launched ten years ago, while the rental default rate was reduced significantly to 3.99 %. The operating profit margin (EBIT margin) rose to 75.3 % and performance for the period was 4.1 %, compared with 0.8 % for the SWIIT benchmark.

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

Media contacts

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

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