Ad hoc announcement pursuant to Art. 53 LR

Zurich, 28 August 2025 – The listed Helvetica Swiss Commercial Fund (HSC Fund) has had a successful first half of 2025. Thanks to its continued strong performance in letting and further reductions in financing costs, the fund is on track to meet its distribution target of CHF 5.35 per unit for the 2025 financial year as well. The good result is reflected in a return on investment for the first half of the year of 3.80 percent and the year-to-date performance of 5.29 percent. 

• Net income: CHF 2.82 per unit generated in the first half of the year keeps fund on track for it distribution target for 2025 of CHF 5.35 per unit
• Letting: Occupancy rate as at the reporting date increased to 95.2 percent and WAULT to 4.5 years
• Cost structure: TER_REF GAV reduced to 0.83 percent
• Return on investment: 3.80 percent achieved in the first half of the year
• Performance: 5.29 percent achieved year to date (compared to 3.25 percent SWIIT index benchmark)
• Fund merger: Merger with HSO Fund completed in June 2025 with retroactive effect from 30 April 2025; portfolio now comprises 36 properties with a total value of CHF 748 million

Financial performance and key operating figures

The HSC Fund generated net income of CHF 13.4 million in the first half of the year, corresponding to CHF 2.82 per unit, keeping it on track for its target distribution of CHF 5.35 per unit for 2025. The total profit of CHF 14.9 million (31.12.2024: CHF 0.3 million) underlines its successful first half of 2025.

In addition to the positive trend in earnings, the key operating figures also confirm the fund’s stability. The rental measures introduced increased the occupancy rate to 95.2 percent and the weighted average unexpired lease term (WAULT) to 4.5 years.

The average interest rate on debt financing was reduced to 0.97 percent and the remaining term was increased to 1.91 years. The operating cost structure was streamlined and fund operating expenses (TER_REF GAV) reduced further to 0.83 percent, while the EBIT margin remained stable at a high level of 71.34 percent.

Specific decarbonisation measures remain a strategic focus – including the renovation of existing heating systems, the targeted expansion of photovoltaic systems and the CO₂ reduction pathway to net zero by 2050 (target by 2035 of 4.5 kg CO₂e/m²). In the first half of the year, a large PV system was put into operation in Lyssach (Bern), whose output is designed to supply around 150 households.

Performance and return on investment

As a result of the merger with the HSO Fund, the property portfolio grew by 11 properties and, as at 30 June 2025, comprises a total of 36 properties with an aggregate market value of around CHF 748 million. Both the realised capital gain of CHF 1.1 million from the sale of three properties with a total value of CHF 63.1 million and the appreciation of the portfolio by 0.2 percent compared with the end of 2024 reflect the stability of the portfolio’s value.

The transferred assets from the HSO Fund increased net asset value (NAV) to around CHF 513 million and the number of units outstanding to 4.74 million. As at the balance sheet date, net asset value per unit was CHF 108.14. The return on investment was 3.80 percent for the first half of the year, largely based on strong net income.

Fund merger

The merger of the HSC Fund with the HSO Fund was completed with retroactive effect from 30 April 2025. The fixed conversion ratio was 0.8967 HSC Fund units per HSO Fund unit. Around 1.13 million new units were issued in total. The merged fund’s first trading day on the SIX Swiss Exchange was 23 June 2025.

Outlook

For the second half of 2025, the fund management will consistently pursue its current strategy. The plan is to implement operational optimisations in the portfolio, such as reducing rent defaults, increasing the EBIT margin and using available liquidity for selective purchases. The target remains a stable distribution for 2025 at the planned level of CHF 5.35 per unit.

More details, facts and figures in the HSC Fund’s 2025 Half-Year 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 offer institutional and private investors stable property investments with sustainable returns and develop individual solutions that we manage via our fully integrated value chain. Our listed investment products – the commercially focused HSC Fund and the residentially focused HSL Fund – invest in high-growth, suburban locations throughout Switzerland. Sustainability is an integral component of our business and is formally embraced at fund level throughout the entire property 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

Disclaimer
This media release does not constitute a prospectus within the meaning of Art. 35 et seq. of the Federal Act on Financial Services or Art. 27 et seq. of the Listing Rules of SIX Swiss Exchange Ltd, nor a basic information sheet. It does not constitute an offer or a recommendation to subscribe for or redeem fund units but is intended solely for information purposes. This media release may contain forward-looking statements that are subject to uncertainties and risks and may change. Historical performance is no guarantee of current or future performance. The performance data do not take into account any commissions and costs charged on the subscription and redemption of units. The documents that are solely relevant for an investment decision, the prospectus with integrated fund contract as well as the current annual report can be obtained free of charge from the fund management company. This media release is not addressed to persons resident and/or domiciled outside Switzerland. In particular, this media release may not be made available or handed over to US persons within the meaning of the US Securities Act or US tax regulations, nor may it be distributed in the USA.
In case of doubt, the German version shall prevail.