SF Retail Properties Fund – Successful Financial Year 2025: Strategic Portfolio Growth and Increase in Distribution

• Increase in the market value of the portfolio to CHF 1 169.5 mn (previous year: CHF 1 005.95 mn)
• Net income increased by 20.03% to CHF 38.13 mn (previous year: CHF 31.76 mn)
• Vacancy rate (as at the balance-sheet date) reduced to 4.50% (previous year: 4.82%)
• Top rating in the GRESB rating of 91/100 points and 5 out of 5 stars
• Increase in distribution to CHF 4.40 per unit (previous year: CHF 4.35)

The fund’s portfolio strategy focuses on investments in “Everyday consumer goods”, which again proved successful in 2025. “The financial year 2025 was characterised by strategic portfolio growth and the operational consolidation of the construction projects initiated in the previous year,” says Thomas Lavater, Portfolio Manager of the SF Retail Properties Fund. “With the acquisition of 18 properties and the realisation of our flagship projects in Schöftland and Marly, we are creating a reliable basis for sustainable earnings,” Lavater adds.

Real Estate Portfolio

The product strengthened its market position and concluded the financial year with a successful capital increase in November 2025. The market value of the real estate portfolio amounts to CHF
1 169.5 mn as at 31 December 2025 (previous year: CHF 1 005.95 mn), representing an increase of CHF 163.5 mn or 16.25% compared with the previous year.

The portfolio now comprises 105 properties (previous year: 87). The strong increase in the market value of the real estate portfolio resulted in particular from the acquisition of a portfolio consisting of 17 properties as well as a further acquisition during the second half of the year. In addition, construction progress in Marly and at the new construction project in Schöftland contributed to the positive development.

The vacancy rate as at the balance-sheet date was further reduced and now stands at 4.50% (previous year: 4.82%). The fund thus reaches a new record low within the portfolio.

Financial Result

Rental income increased significantly in the 2025 financial year to CHF 53.48 mn (previous year: CHF 46.09 mn). Gross yield stands at 5.27% as at 31 December 2025 (previous year: 5.39%).

Total expenses amount to CHF 21.49 mn (previous year: CHF 18.03 mn). Net income increased by 20.03% to CHF 38.13 mn (previous year: CHF 31.76 mn). This corresponds to CHF 4.66 per unit (previous year: CHF 4.52 per unit).

Net fund assets increased to CHF 849.41 mn (previous year: CHF 718.73 mn). Investment yield at year-end amounts to 5.79% (previous year: 5.54%). The distribution for the 2025 financial year amounts to CHF 4.40 per unit (previous year: CHF 4.35), corresponding to a distribution payout ratio of 94.51%.

Sustainability

Substantial progress was also achieved in sustainability in 2025. The SF Retail Properties Fund achieved the top rating of 5 stars in the GRESB rating with 91/100 points in the peer group segment “Europe, Retail: Retail Centres, Listed”.

During the reporting year, four additional photovoltaic systems were commissioned. The total installed capacity now amounts to around 3.1 MWp. The share of fossil energy sources in total energy
consumption was further reduced and now stands below 50% for the first time.

Outlook

The fund’s focus on properties with „Everyday consumer goods” continues to prove a stabilising factor in the current market environment.

In 2026, the main priorities will be the completion and marketing of the first phase of the new construction project in Schöftland, the repositioning of the property in Volketswil and the continued active reduction of vacancies. In addition, further acquisition opportunities in line with the strategy will continue to be evaluated.