Ad hoc announcement  I Zug, August 28, 2026

• Further expansion of the property portfolio through the acquisition of six fully let properties in the cantons of Zurich and Bern
• Portfolio value increased from CHF 256.3 million (December 31, 2025) to CHF 314.9 million (+22.7%)
• Rise in rental income from CHF 3.7 million (H1 2025) to CHF 5.2 million (+40.6%)
• Increase in net income from CHF 2.8 million (H1 2025) to CHF 3.9 million (+40.2%)
• A solid return on equity (ROE) of 2.3% and a return on investment of 2.4% on a six-month basis
• The rent default rate declined from 1.5% (June 30, 2025) to 1.1%
• Increase in the proportion of rental income from residential use in the portfolio from 47% (December 31, 2025) to 52%

Successful expansion of the PSO portfolio

The PURE Swiss Opportunity REF (PSO) continues to grow and has achieved encouraging financial results for the first half of 2026. The market value of the properties rose by CHF 58.6 million from CHF 256.3 million to CHF 314.9 million in the first half of 2026. Using the funds raised in the capital increase in December 2025, five attractive and fully let properties with a market value of CHF 54.0 million were acquired by March 2026.

In May 2026, the fund management carried out a further capital increase of CHF 38.9 million. The proceeds from the issue will be used for acquisitions in line with the fund’s strategy. As a first transaction, a residential property in Oetwil am See with a market value of CHF 8.0 million was acquired in June 2026. The proportion of rental income from residential use increased to 52% as at June 30, 2026 (December 31, 2025: 47%).

Income Statement

Rental income increased by CHF 1.5 million compared with the previous year period, rising from CHF 3.7 million to CHF 5.2 million, representing growth of 41%. The property acquisitions made during the reporting period contributed approximately CHF 0.8 million to the target net rents.

The portfolio has maintained a high occupancy rate for years, and the rent default rate was further reduced by 0.4 percentage points, from 1.5% to 1.1%.

Owing to the low vacancy rate and the fact that the properties are in new condition, PSO achieved an operating profit margin of 70.4% (June 30, 2025: 72.4%), which underlines the portfolio’s profitability.

Expenses rose at a slower rate than the portfolio was growing, as the cost of financial debt (weighted average interest rate on financial debt) was reduced from 1.03% to 0.76% within the past 12 months period.

Net income rose by CHF 1.1 million from CHF 2.8 million in the previous year period to CHF 3.9 million, representing an increase of 40% and providing a solid basis for an attractive dividend for the 2026 financial year.

In June 2026, the project development site in Biel (BE) was sold as part of a targeted portfolio optimization.

At CHF 5.9 million, total comprehensive income is slightly lower compared to CHF 6.4 million in the previous year period, as a realized capital gain of CHF 1.9 million after tax was generated during the 2025 reporting period following the sale of two properties.

In terms of key return metrics, PSO achieved an attractive return on equity of 2.3% and a return on investment of 2.4% for the first six months (June 30, 2025: 4.7% and 4.7%). The corresponding period in 2025 was positively influenced primarily by the one-off capital gain realized on the sale of the property in Sissach.

Statement of Financial Position

The existing portfolio as at December 31, 2025, valued at CHF 251.3 million, saw a revaluation gain (like-for-like) of CHF 1.6 million in the first half of 2026. This revaluation gain represents 0.6% of the existing portfolio, excluding the project property in Biel that was sold. The revaluations are attributable to positive market developments and active asset management. This includes, amongst other things, successful lease contract extensions and targeted, value-enhancing investments in selected properties.

During the reporting period, PSO acquired six attractive properties in excellent macro- and micro-locations in the cantons of Zurich and Bern. These transactions were predominantly executed off-market and generated unrealized total capital gains of approximately CHF 2.3 million after transaction costs and before capital gains tax.   

As at June 30, 2026, total fund assets stood at CHF 349.5 million (December 31, 2025: CHF 281.1 million), whilst net fund assets stood at CHF 253.8 million (December 31, 2025: CHF 218.2 million). On April 24, 2026, a distribution of CHF 4.50 per unit was made for the 2025 financial year, corresponding to a distribution yield of 3.45% based on the market price at the end of 2025. This marked the fourth consecutive year in which the annual distribution had been increased.

Outlook for the second half of 2026

In the third quarter of 2026, PSO’s focus will be on the continued, systematic expansion of its property portfolio. In addition to the full allocation of the capital made available through the capital increase in May 2026, the successful integration of the acquired properties will be a key priority.

In July 2026, two fully let properties in Bülach were purchased, thereby further strengthening the portfolio of established residential locations in the Zurich and Bern economic regions from a strategic perspective. Further property notarizations are being prepared for early September 2026 and are expected to further increase the proportion of rental income from residential use in the portfolio.

In early August 2026, the fund management company sold its smallest property in the portfolio, located in St. Gallen, at a profit. The sale of the property took place as part of a portfolio optimization in line with the fund’s strategy and increases the average property value of the PSO.

The planning and further development of ongoing refurbishment and development projects are proceeding according to plan, with a view to realizing existing potential for value enhancement and densification and further expanding the portfolio’s earnings potential. In parallel, potential portfolio adjustments are being reviewed and implemented where appropriate opportunities arise.

The PSO’s 2026 Half-Year Report (German version) is available on the fund management company’s website and on Swiss Fund Data.

About PURE Funds AG

Partnership, uniqueness, return and commitment – that is PURE. PURE Funds AG is an independent, privately held fund management company authorised by FINMA. We manage and distribute our own fund solutions with a focus on investments in real estate. We also offer consulting, asset and portfolio management, and the handling of real estate transactions for third parties. Through our innovative and passionate approach, we create opportunities, generate value and shape the future together with our partners. We question and optimise proven business areas, are agile and realise opportunities with foresight.

Further information and contact details

PURE Funds AG I T +41 41 726 19 19 I info@pure.swiss I www.pure.swiss

CEO I Flavio Lauener I T +41 41 726 19 10 I flavio.lauener@pure.swiss

Head Investment Management I Michael Kirschner I T +41 41 726 19 13 I michael.kirschner@pure.swiss

Investor Relations
Sebastian Eggert I T +41 41 726 19 58 I sebastian.eggert@pure.swiss
Philippe Kuster I T +41 41 726 19 59 I philippe.kuster@pure.swiss

Disclaimer
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