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

Zurich, 28 May 2026
Ad hoc announcement pursuant to Art. 53 LR

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).

In the second half of the year, the focus will be on further optimising recurring income and expenses, as well as on investments to enhance the quality of the real estate portfolio.

The half-year report as at 31 March 2026 and further information on the fund can be found at the following link.


Information

Media Relations
Phone +41 43 284 77 77
media.relations@swisslife.ch

Investor Relations
Phone +41 43 284 52 76
investor.relations@swisslife.ch

www.swisslife-am.com


Swiss Life Asset Managers  
Swiss Life Asset Managers has more than 165 years of experience in managing the assets of the Swiss Life Group. This insurance background has exerted a key influence on the investment philosophy of Swiss Life Asset Managers, which is governed by such principles as value preservation, the generation of consistent and sustainable performance and a responsible approach to risks. Swiss Life Asset Managers offers this proven approach to third-party clients in multiple European locations.

As at 31 December 2025, assets under management for third-party clients amount to CHF 145.7 billion. Together with insurance mandates for the Swiss Life Group, total assets under management at Swiss Life Asset Managers stood at CHF 288.3 billion. Swiss Life Asset Managers is a leading institutional real estate investor in Europe¹. Of the assets totalling CHF 288.3 billion, CHF 89.5 billion are invested in real estate. In addition, Swiss Life Asset Managers, in cooperation with Livit, manages real estate totalling CHF 24.5 billion in value. Total real estate assets under management and administration at the end of December 2025 thus came to CHF 114 billion.

Swiss Life Asset Managers employs more than 2300 people in Europe.

A financially self-determined life 
SwissLife enables people to lead a financially self-determined life and look to the future with confidence. SwissLife Asset Managers pursues the same goal: We think long-term and act responsibly. We use our knowledge and experience to develop future-oriented investment solutions. This is how we support our customers in achieving their long-term investment objectives, which in turn also take account of their client’s needs so they can plan their future in a financially self-determined manner.

¹ #2 IPE Top 150 Real Estate Investment Managers 2025 Ranking Europe, #2 INREV Fund Manager Survey 2025 

Disclaimer
This announcement has been produced with the greatest possible care and to the best of our knowledge and belief. However, we do not accept any liability for losses resulting from the use of this information. This publication is not intended as a solicitation or recommendation to buy or sell investment instruments but only serves to provide information. Prior to subscribing or acquiring fund units on the stock exchange, investors should obtain and carefully read the detailed information on the fund contained in the regulatory documentation (prospectus with integrated fund contract, PRIIPs KID and the latest annual and semi-annual reports) that serve as the sole legal basis for the purchase of fund units. These may be ordered free of charge in electronic or printed form from the fund management company, Swiss Life Asset Management Ltd, General-Guisan-Quai 40, 8002 Zurich.

Past performance is no indication of current or future performance The performance data do not include commissions and costs incurred when issuing and redeeming fund units. Both Swiss Life Ltd and the other members of the Swiss Life Group are entitled to positions in this fund and to purchase and/or sell them. Swiss Life Asset Managers’ funds may not be offered for sale or sold in the US or on behalf of US citizens or US persons residing in the US. “Swiss Life Asset Managers” is the brand for the asset management activities for professional and institutional clients of the Swiss Life Group. More information is available at www.swisslife-am.com. Source: Swiss Life Asset Managers (unless stated otherwise). All rights reserved. Contact: info@swisslife-am.com.