Automatic translation: Originally published in Danish 09/09/2026, 08:57 GMT. Give feedback here.

Swiss Properties Invest has released its financial statements for H1 2026 this morning, showing growth in both revenue and earnings compared to the same period last year. The company owns nine commercial properties in Switzerland through its subsidiary Swiss Properties Invest AG, and revenue consists of rental income from this portfolio.

Group revenue for the half-year ended at MDKK 20.1 (H1 2025: MDKK 18.7), gross profit was MDKK 15.8 (MDKK 14.5), and operating profit landed at MDKK 13.2 (MDKK 12.3). Profit before tax was MDKK 9.3 (MDKK 8.5), and profit after tax was MDKK 8.3 (MDKK 7.8). Operating profit includes a positive fair value adjustment of investment properties of MDKK 0.3 vs. MDKK 0 in the same period last year. Profit before fair value adjustments was MDKK 12.8 vs. MDKK 12.3. Net financial items were unchanged at MDKK -3.9. Earnings per share were DKK 3.37 (DKK 3.43), with the decrease driven by a higher average number of shares.

On the balance sheet, investment properties are recognized at MDKK 782.1 (June 30, 2025: MDKK 760.0), and equity has increased to MDKK 364.8 from MDKK 337.1 at the turn of the year. This development covers the half-year profit of MDKK 8.3, a positive foreign exchange adjustment of the Swiss activities of MDKK 2.4, and a capital increase with net proceeds of MDKK 17.0. The number of outstanding shares has thus increased from 2,285,272 to 2,458,072. Net asset value per share is DKK 148.4 vs. DKK 147.5 at the turn of the year. Mortgage debt is largely unchanged at MDKK 431.5 including the short-term portion, corresponding to approx. 55% of the recognized property value, and the solvency ratio is approx. 45%.

Cash and cash equivalents increased to MDKK 33.7 from MDKK 12.0 at the turn of the year. Cash flow from operating activities was MDKK 3.9 (MDKK 4.4), investing activities contributed positively with MDKK 1.5 from a property sale, and financing activities contributed MDKK 16.4 net as a result of the capital increase. No property acquisitions were made during the half-year, vs. MDKK 2.9 in the same period last year.

The company has not issued specific guidance for the calendar year 2026. Management writes in the report that it remains confident in delivering on the IPO target of a return of at least 100% after 10 years, 200% after 15 years, and 300% after 20 years. By comparison, group revenue was MDKK 37.9 for the full year 2025, meaning that the half-year revenue corresponds to 57% of last year's full-year level.

After the balance sheet date, Swiss Properties Invest has expanded its portfolio with a commercial property in Zwillikon in the canton of Zurich, which was announced on July 8, 2026. This marks the company's tenth property. As the transaction was completed after June 30, 2026, the property is not included in the half-year revenue or the recognized property value of MDKK 782.1, but will contribute to revenue in H2 2026.

Swiss Properties Invest is presenting its financial statements for the half-year on Tuesday, September 15 at 1:00 PM, where CEO Gert Mortensen will review the figures and answer questions from the audience – sign up here: https://www.inderes.dk/videos/swiss-properties-invest-praesentation-af-regnskabet-for-1-halvar-2026

Disclaimer: HC Andersen Capital receives payment from Swiss Properties Invest for a Digital IR subscription agreement. /Rasmus Køjborg, CFA at 10:55 AM on Sep 9, 2026.