Pleasing half-year results for Cham Swiss Properties

Ad hoc announcement pursuant to Art. 53 LR

• Operating result excluding revaluation CHF 39.0 million
• Net income from revaluation CHF 125.4 million
• Consolidated profit CHF 144.0 million
• Equity increased to CHF 1,050.4 million, with an equity ratio of 61.1%

Cham Swiss Properties reflects on a dynamic and successful first half of the year. The portfolio and sustainability strategy have been firmly established, integration is progressing as planned across all areas, and construction and development projects are well on track. The company’s half-year results are pleasing.

Cham, 28 August 2025 – The merger of Ina Invest AG and Cham Group AG was completed in spring 2025. On 9 April 2025, the shares of the company, renamed Cham Swiss Properties Ltd., were traded on the SIX Swiss Exchange for the first time. The key figures from the company’s income statement and balance sheet are now available for the period ending 30 June 2025. The reported half-year results do not include Ina Invest’s figures up to the date of the merger. However, to allow an assessment of performance in the core operating business, the company is also disclosing pro forma rental income including Ina Invest. Due to the merger of the two companies, a comparison with the previous year’s results is not meaningful.

The operating result excluding revaluation of Cham Swiss Properties amounted to CHF 39.0 million, of which a significant contribution of CHF 37.3 million stemmed from the transfer of ownership of the 61 condominiums in High-Rise I (Hochhaus I) in Cham. The real estate portfolio was uniformly valued at mid-year by Wüest Partner AG. The market value increased substantially from CHF 1,564 million to CHF 1,666 million as a result of valuation harmonisation and the assessment of the portfolio’s prospects, as well as operational progress, despite the transfer of ownership in High-Rise I. Net income from revaluation amounted to CHF 125.4 million, resulting in an operating result including revaluation of CHF 164.4 million. This led to consolidated profit of CHF 144.0 million, corresponding to earnings per share of CHF 3.73.

Rental income from approximately 20 investment properties

The company’s rental income is generated by around 20 investment properties in Swiss metropolitan regions and amounted to CHF 9.1 million for the first half of the year (pro forma combined: CHF 13.1 million). The vacancy rate is 6%. Additional rental income is expected towards the end of 2025 from leasing a large part of the central warehouse (Zentrallager) on the Papieri site after the balance sheet date, as well as from Swiss Casinos moving into one of the Lokstadt halls (Lokstadt-Hallen) in Winterthur.

Construction and development projects on track

Cham Swiss Properties’ major construction and development projects made good progress in the first half of 2025. Particularly noteworthy are the start of construction on Rue du Valais in the city of Geneva, where rental apartments are being built as part of the transformation of an office building; the smooth progress of work on the casino in one of the historic Lokstadt halls in Winterthur; and the judging of the architectural competitions for two construction sites in the significant Bredella site development at Pratteln station. In Winterthur, the 'Rocket' high-rise and the three adjacent 'Tigerli' residential buildings are currently being adjusted. This follows the granting of the building permit in April 2025, which is subject to several important conditions. The Cham Swiss Properties team is taking this as an opportunity to further improve the project in close consultation with the city. However, no significant delay is expected for this future flagship of the portfolio. On the Papieri site, construction work on the third phase is still in full swing, with an investment volume of around CHF 80 million and target rental income of over CHF 4 million, as are the marketing initiatives for the office, retail, and commercial space being created.

Definition of the portfolio strategy

In early summer 2025, the Board of Directors and Executive Board developed the portfolio strategy for Cham Swiss Properties. Its implementation is expected to result in a portfolio value of around CHF 3 billion and rental income of over CHF 100 million until 2032. On behalf of the company, six investment properties are currently under construction for its own portfolio, with an investment volume of CHF 225 million; projects in the planning stage have a volume of over CHF 1.2 billion. The current pipeline of condominiums for third parties comprises around CHF 200 million.

Strong balance sheet

The company’s total assets amounted to CHF 1,718.1 million at the end of the first half of the year. The equity of CHF 1,050.4 million included in this figure corresponds to a strong equity ratio of 61.1%. The net asset value (NAV) per share, excluding minorities, is CHF 21.48. This solid starting position enables Cham Swiss Properties to implement its portfolio strategy independently and without a capital increase.

GRESB rating to measure sustainability performance

The sustainability strategy is fully in place. It reflects the commitment to sustainability in all its facets, as practiced by both Ina Invest and the Cham Group, and requires Cham Swiss Properties to build one of the most sustainable portfolios in Switzerland. The sustainability performance of the development and investment properties is measured using the Global Real Estate Sustainability Benchmark (GRESB) rating system. The company’s goal is to rank at the top of the GRESB peer comparison. As is usual with GRESB, Cham Swiss Properties’ rating for 2025 will be available for the first time in autumn 2026. In addition, the company will publish a sustainability report in accordance with the Global Reporting Initiative (GRI) as part of its annual report. Beyond analysing overall portfolio performance using GRESB, Cham Swiss Properties places a second, more qualitative focus on particularly innovative and impactful initiatives at the level of individual projects and sites.

Smooth integration and positive outlook

Following the merger, Cham Swiss Properties immediately assumed operational responsibility for all investment properties and development sites in the former Ina Invest portfolio. The company was able to fill key positions in Asset and Portfolio Management, the Development team, and the Realisation division very quickly with qualified new colleagues – a welcome testament to Cham Swiss Properties’ attractiveness as an employer.

The company is confident that the integration will be fully completed by the end of the year and remains optimistic about the future. Cham Swiss Properties is strategically and operationally well positioned to capitalise on the potential of its high-quality portfolio, seize opportunities in the market, and achieve its ambitious sustainability goals. The Board of Directors and Executive Board continue to view the market environment as favourable, particularly for the residential segment. Demand for commercial and office space is somewhat more subdued across Switzerland. Against this backdrop, the development of a locally appropriate product, the right positioning, and effective marketing remain of great importance even during the development phase.

Detailed reporting

You can find the Half-Year Report 2025 here.

The analyst, investor, and press conference on the 2025 half-year results can be followed from 10 a.m. as a webcast with audio (and the opportunity to submit written questions). The presentations will be held in German.

Financial calendar
18 September 2025: Company Presentation at Investora, Zurich
20 March 2026:  Publication of Annual Results
4 May 2026:  Annual General Meeting

Contacts for investors, analysts and financial media

IR and media officers of Cham Swiss Properties AG

Edwin van der Geest +41 79 330 55 22

Thomas Balmer +41 79 703 87 28

investors@champroperties.ch

One of Switzerland's most sustainable real estate portfolios

Cham Swiss Properties AG is a real estate company based in Cham (ZG). It was formed in 2025 throgh the merger of Ina Invest AG and Cham Group AG. The company focuses on the value-creating development of attractive living and working spaces in central locations with good public transport connections in Switzerland. Its real estate portfolio amounts to around CHF 1.7 billion. Over the coming years, Cham Swiss Properties will build up and expand a high-quality, sustainable and diversified real estate portfolio. Once the current projects are completed, the company’s portfolio size is estimated to increase to around CHF 3 billion and generate annual rental income of over CHF 100 million. The expertise of the approximately 50 employees of Cham Swiss Properties covers the entire value chain of the real estate life cycle. Cham Swiss Properties is listed on the SIX Swiss Exchange (CHAM, CH0524026959). Further information is available at champroperties.ch.

Disclaimer

This press release contains forward-looking statements such as projections, forecasts, and estimates. Such forward-looking statements involve certain risks and uncertainties that could cause actual results, performance, or events to differ materially from those anticipated in this ad hoc announcement. The forward-looking statements contained in this announcement are based on the current views and assumptions of Cham Swiss Properties AG. Cham Swiss Properties AG does not assume any obligation to update or supplement this announcement. This announcement does not constitute an advertisement, offer, recommendation or invitation to purchase shares in any jurisdiction. It is for information purposes only and does not constitute a prospectus within the meaning of Art. 35 et seq. of the Federal Act on Financial Services (FinSA).

Ad hoc announcement pursuant to Art. 53 LR