Positive half-year result as at 30 September 2026

Ad hoc announcement pursuant to Article 53 LR - Züblin Immobilien Holding AG
Zurich, 5 November 2026

Züblin increased EBITDA by 6.8% to CHF 3.7 million in the first half of 2026/27. Net profit amounted to CHF 3.0 million, below the prior-year figure of CHF 4.3 million due to the lower revaluation result. EPRA earnings reached CHF 3.0 million (CHF 0.89 per share), compared with CHF 2.7 million (CHF 0.82 per share) in the prior-year period, an increase of 8.8%.

New Board of Directors

At the Annual General Meeting on 1 July 2026, Frederic Königsegg was elected Chairman of the Board of Directors. Yves Rossier was re-elected and Marc Zollinger was newly elected to the Board. The new composition strengthens local real estate market expertise, better reflects the size of the portfolio and enables swift decision-making. At the same time, the Board retains its knowledge of the company’s history. We thank Dr. Markus Wesnitzer, Nicolas Gross and David Schärli for their many years of commitment and their contribution to Züblin’s development. The Annual General Meeting also approved a distribution of CHF 2.25 per registered share from the statutory capital contribution reserves, exempt from Swiss withholding tax. This comprised an ordinary distribution of CHF 1.25 and an extraordinary distribution of CHF 1.00. The total amount should therefore not be regarded as a benchmark for future distributions.
 

Higher operating result

Rental income in the first half of 2026/27 amounted to CHF 4.8 million, down CHF 0.1 million or 2.5% on the prior-year figure of CHF 4.9 million. The prior-year period included a positive one-off effect of CHF 0.2 million from the reversal of impairment allowances on rent receivables. Excluding this one-off effect, rental income in the prior-year period would have been CHF 0.2 million lower, and rental income would have increased by 1.5% on this adjusted basis.

Potential rental income remained virtually unchanged from the prior-year period at CHF 5.0 million. Vacancy losses declined from CHF 0.3 million to CHF 0.2 million. The EPRA vacancy rate as of 30 September 2026 was 4.4%, compared with 4.3% as of 31 March 2026.

Real estate expenses and maintenance and repair costs each amounted to CHF 0.2 million and remained virtually unchanged from the prior-year period. Net operating income from letting activities was CHF 4.5 million, compared with CHF 4.6 million in the comparative period. Excluding the positive one-off effect relating to bad debts in the prior-year period, net operating income from letting activities would have increased by 1.1%.

Personnel expenses of CHF 0.6 million were slightly below the prior-year figure. However, no accrual for performance-related remuneration was recognised in the prior-year period. Had an accrual been recognised on the same basis as in the current reporting period, personnel expenses for that period would have been CHF 0.1 million higher. On this comparable basis (like-for-like), personnel expenses in the current reporting period decreased by CHF 0.1 million or 15.4%. Administrative expenses declined significantly from CHF 0.6 million to CHF 0.2 million, driven in particular by legal and tax advisory expenses and lower investor relations expenses. EBITDA increased to CHF 3.7 million, a rise of approximately CHF 0.2 million or 6.8%.

The revaluation of the real estate portfolio resulted in a net upward revaluation of CHF 0.4 million recognised in profit or loss, equivalent to around 0.2% of the portfolio value at the beginning of the period. In the prior-year period, the upward revaluation amounted to CHF 2.2 million or around 0.9%. The EPRA net initial yield as of 30 September 2026 was 3.8%, compared with 3.7% as of 31 March 2026.

Financial expenses increased to CHF 0.5 million, compared with CHF 0.4 million in the prior-year period. The average effective interest rate was 1.23%, compared with 1.21% as of 31 March 2026. The nominal amount of mortgages increased by CHF 3.0 million to CHF 75.5 million during the reporting period.

Overall, Züblin generated net profit of CHF 3.0 million in the first half of 2026/27, compared with CHF 4.3 million in the prior-year period. Earnings per share were CHF 0.92, compared with CHF 1.31. EPRA earnings increased by 8.8% to CHF 3.0 million, as shown in the reconciliation. EPRA earnings per share reached CHF 0.89, compared with CHF 0.82 in the prior-year period.
 

Active portfolio development

Active asset management and targeted investment in the further development of the existing portfolio remained a focus in the first half of 2026/27. The renovation work at Hofwiesenstrasse in Zurich-Oerlikon is nearing completion. The modernisation supports the property’s long-term lettability.

The gym opened at Morgenstrasse in Bern in September 2025 complements the amenities available to tenants and brings additional activity to the site. Further small spaces were let in Egg. This confirms the focus on flexible, small office units with shared infrastructure.

Annualised rental income as of 30 September 2026 amounted to CHF 9.6 million, virtually unchanged from 31 March 2026. The weighted average lease term (WALT) remained unchanged at 5.6 years.

Decarbonisation remains a priority in the further development of the portfolio.
 

Solid balance sheet and low debt

Total assets as of 30 September 2026 amounted to CHF 258.8 million, compared with CHF 256.8 million as of 31 March 2026. The distribution made in July 2026 for the 2025/26 financial year of CHF 2.25 per outstanding registered share amounted to CHF 7.5 million in total. Of this amount, CHF 4.4 million was paid out during the reporting period. Equity stood at CHF 145.1 million and the equity ratio was 56.0%, compared with 58.2% at the end of the previous financial year.

EPRA Net Disposal Value (NDV) per share was CHF 43.75, compared with CHF 45.08 as of 31 March 2026. The share price on the reporting date was CHF 51.00, around 16.6% above EPRA NDV per share.

The real estate portfolio was valued at CHF 241.0 million as of 30 September 2026, compared with CHF 240.3 million as of 31 March 2026. The nominal amount of mortgages was CHF 75.5 million, compared with CHF 72.5 million at the end of the previous financial year. EPRA LTV increased from 29.3% to 31.2%.
 

Outlook

Optimising the existing portfolio and assessing strategic options are at the heart of Züblin’s activities. The aim is to strengthen earnings capacity sustainably and create long-term value for shareholders.

In the second half of 2026/27, the operational focus will be on renewing key leases, letting available space and managing the properties cost-consciously. At the same time, we will continue to develop and decarbonise our properties.

When assessing strategic options, Züblin reviews the composition of its real estate portfolio, taking into account market conditions and long-term value development.

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