Ad hoc announcement pursuant Article 53 LR - Züblin Immobilien Holding AG
Zurich, 13 May 2026

Züblin can look back on a successful financial year 2025/26: earnings excluding revaluations and one-off effects (EPRA earnings) rose by 11.7% to CHF 5.0 million or CHF 1.51 per share. Lower interest expense on mortgages was one of the main contributors to this increase. The upward revaluation of the properties amounted to CHF 3.1 million or 1.3%.

Higher operating result

Target rents fell by 1.0% compared with the prior year to CHF 10.1 million as a result of a lease extension by a major tenant. This was compensated by lower vacancy losses and fewer rent reductions. The vacancy loss fell by 31.7% to CHF 0.5 million (previous year: CHF 0.7 million) and the vacancy rate stood at 4.3% on the reporting date (previous year: 4.8%). Rental income rose by CHF 0.6 million to CHF 9.8 million (previous year: CHF 9.2 million). However, part of this increase reflected the payment during the financial year of an outstanding rent receivable that had been written off in the prior year. This led to a reclassification of CHF 0.3 million of bad debts from real estate expenses to rental income. Excluding this one-off effect, rental income would have increased from CHF9.4 million to CHF9.6 million (+1.6%).

Real estate expenses increased slightly year-on-year due to higher insurance premiums and service charges. Maintenance and repair costs rose by CHF 0.2 million and account for 3.9% of rental income. Overall, operating income rose by 4.6% to CHF 9.2 million (previous year: CHF 8.8 million).

Personnel expenses were reduced by CHF 0.2 million, but this was largely offset by higher advisory expenses for ongoing projects and one-off expenses. EBITDA increased by 7.0% overall to CHF 6.8 million (previous year: CHF 6.3 million).

The real estate portfolio was revalued upwards by CHF 3.1 million or 1.3% (previous year: upward revaluation of CHF 5.8 million or 2.6%). This was mainly driven by the markedly improved market environment with a large overhang of demand and lower yield requirements. The estimated average real discount rate was lowered by 5 basis points. The net rental yield stood at 3.7% at the year-end (previous year: 3.9%). Financial expenses fell from CHF 1.3 million in the previous year to CHF 0.8 million due to lower interest rates. The average interest rate was 1.05% on the reporting date (previous year 1.16%). The loss carryforwards from previous years have predominantly been used up and therefore the entire net profit for financial year 2025/26 is taxable.

Overall, the company achieved a good result in the financial year with a net profit of CHF 7.5 million (previous year: CHF 8.7 million), which equates to CHF 2.27 per share (previous year: CHF 2.62). The decline compared to the previous year was due to the lower property revaluations. EPRA earnings, which exclude valuation effects, rose by CHF 0.5 million to CHF 5.0 million, which corresponds to operating earnings (EPRA earnings per share) of CHF 1.51 per share (previous year: CHF 1.35 per share), an increase of 11.7%.

Low debt

Total assets stood at CHF 256.8 million as at 31 March 2026 (previous year: CHF 239.4 million). The increase by CHF 17.5 million year-on-year was due to higher liquid assets, increased market values of the properties and investments in tenant fit-outs. On the liability side mortgages increased by CHF 8.5 million. As a result the equity ratio fell to 58.2% (previous year: 59.3%). Net asset value (NAV) per share was CHF 45.08 and thus CHF 2.27 or 5.3% higher than the previous year.

The real estate portfolio was valued at CHF 240.3 million at year-end, up from CHF 235.6 million a year ago. Mortgage borrowing is spread across several banks and the mortgage interest rates are fixed in the short term. The company continues to have a committed credit line up to the end of the 2028/29 financial year, with CHF 35.0 million currently unutilised. The mortgages taken out under the credit line are reported as long-term mortgages with a maturity date at the end of financial year 2028/29, as the company is entitled to extend them. Including net liabilities, the EPRA LTV was 29.3% (previous year: 31.0%).

Increase in dividend

Züblin has a stable dividend policy, where dividends are paid out of underlying profit excluding upward or downward re-valuations on the investment properties and other one-off or exceptional effects. The Board of Directors uses EPRA earnings per share, which were CHF 1.51 per share (previous year: CHF 1.35 per share) as its reference point.

The Board of Directors intends to propose to the Annual General Meeting a tax-free distribution of CHF 2.25 per eligible registered share from the statutory capital contribution reserves for financial year 2025/26. CHF 1.00 per share of this is by way of an extraordinary distribution. This amount is being paid in recognition of the fact that no dividend was paid for the previous financial year. The remaining CHF 1.25 per share is the regular dividend for the financial year 2025/26 and represents a sustained increase of CHF 0.25 per share compared with the regular dividend in the last financial year in which a dividend was paid.

The Board of Directors would like to point out that, owing to the extraordinary element, the total dividend of CHF 2.25 per share should not be seen as the new regular dividend amount. Going forward, the company’s dividend policy will continue to be based on its operating profitability and a balanced funding structure.

Outlook

Given the tense geopolitical situation, the economic outlook is clouded with very significant uncertainties. Most economic forecasts for 2026 assume slightly weaker but still positive growth in the Swiss economy and low inflation. In the absence of severe adverse events such as a recession or sharp rise in interest rates, the real estate market should continue to perform well. One of the main reasons for this is the acute overhang in demand, triggered by the inflows of new money into Swiss real estate funds and foundations, which reached a record level last year. With a relatively low vacancy rate compared to previous years and its moderate debt ratio, Züblin starts from a good operational position with the potential for further optimisation.

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