Swiss Life Asset Management AG / CH0293784861

Zurich, 21 November 2025
Ad hoc announcement pursuant to Art. 53 LR


Swiss Life REF (CH) ESG Swiss Properties: 2024/2025 financial year marked by higher total return

The listed real estate fund Swiss Life REF (CH) ESG Swiss Properties achieved a solid investment yield of 5.1% in the 2024/2025 financial year. The net asset value per unit rose to CHF 116.65, and rental income increased by 1.5% on a like-for-like basis compared to the same period in the previous year.

The real estate portfolio, which is diversified throughout Switzerland, comprises a total of 194 properties with a market value of CHF 3233 million (as at 30 September 2025). The market value of real estate held during the entire reporting period increased by 2.4% (net, after deducting the investments made). Accordingly, the fund’s total return of CHF 121.5 million was significantly higher than in the prior period (CHF 57.6 million). The net asset value per unit rose from CHF 113.73 (as at 30 September 2024) to CHF 116.65 as at 30 September 2025 (+2.6%). At the level of net income, a decline was recorded, mainly due to higher taxes on profits. The fund operating expenses rate (TERREF GAV) was reduced again, standing at 0.68% (previous year: 0.70%).

One residential property was acquired in the 2024/2025 financial year. Eight smaller properties were successfully sold, resulting in a realised capital gain totalling CHF 6.1 million (net, after taxes and selling costs). As a result of the sales and positive changes in market value, the borrowing ratio decreased over the financial year to 20.6% (30 September 2024: 22.1%).

The total profit realised in the 2024/2025 business period came to CHF 58.5 million or CHF 2.71 per unit. Of this, CHF 58.3 million or CHF 2.70 per unit will be distributed to investors. Ex date for the dividend is 26 November 2025. It will be paid on 28 November 2025. The yield on distribution based on the exchange price is therefore 2.03% (as at 30 September 2025) and 2.31% based on the net asset value (NAV). The total return in the 2024/2025 financial year was 14.8%. In the same period, the listed Swiss real estate funds delivered a performance of 12.7% (SXI Real Estate® Funds Broad TR, SWIIT).

The annual report as at 30 September 2025 and further information on the fund can be found at the following link.


Information
Media Relations
Phone +41 43 284 77 77
media.relations@swisslife.ch

Investor Relations
Phone +41 43 284 52 76
investor.relations@swisslife.ch

www.swisslife-am.com

Swiss Life Asset Managers
Swiss Life Asset Managers has more than 165 years of experience in managing the assets of the Swiss Life Group. This insurance background has exerted a key influence on the investment philosophy of Swiss Life Asset Managers, which is governed by such principles as value preservation, the generation of consistent and sustainable performance and a responsible approach to risks. Swiss Life Asset Managers offers this proven approach to third-party clients in Switzerland, France, Germany, Luxembourg, the UK, Italy and the Nordic countries.

As at 30 June 2025, assets under management for third-party clients amount to CHF 137.6 billion. Together with insurance mandates for the Swiss Life Group, total assets under management at Swiss Life Asset Managers stood at CHF 281.8 billion. Swiss Life Asset Managers is a leading institutional real estate investor in Europe1. Of the assets totalling CHF 281.8 billion, CHF 88.7 billion are invested in real estate. In addition, Swiss Life Asset Managers, in cooperation with Livit, manages real estate totalling CHF 24.2 billion in value. Total real estate assets under management and administration at the end of June 2025 thus came to CHF 112.9 billion.

Swiss Life Asset Managers employs more than 2300 people in Europe.

A financially self-determined life
Swiss Life enables people to lead a financially self-determined life and look to the future with confidence. Swiss Life Asset Managers pursues the same goal: We think long-term and act responsibly. We use our knowledge and experience to develop future-oriented investment solutions. This is how we support our customers in achieving their long-term investment objectives, which in turn also take account of their client’s needs so they can plan their future in a financially self-determined manner.

1 #2 IPE Top 150 Real Estate Investment Managers 2024 Ranking Europe, #2 INREV Fund Manager Survey 2025


Disclaimer
This announcement has been produced with the greatest possible care and to the best of our knowledge and belief. However, we do not accept any liability for losses resulting from the use of this information. This publication is not intended as a solicitation or recommendation to buy or sell investment instruments but only serves to provide information. Prior to subscribing or acquiring fund units on the stock exchange, investors should obtain and carefully read the detailed information on the fund contained in the regulatory documentation (prospectus with integrated fund contract, PRIIPs KID and the latest annual and semi-annual reports) that serve as the sole legal basis for the purchase of fund units. These may be ordered free of charge in electronic or printed form from the fund management company, Swiss Life Asset Management Ltd, General-Guisan-Quai 40, 8002 Zurich.

Past performance is no indication of current or future performance The performance data do not include commissions and costs incurred when issuing and redeeming fund units. Both Swiss Life Ltd and the other members of the Swiss Life Group are entitled to positions in this fund and to purchase and/or sell them. Swiss Life Asset Managers’ funds may not be offered for sale or sold in the US or on behalf of US citizens or US persons residing in the US. “Swiss Life Asset Managers” is the brand for the asset management activities for professional and institutional clients of the Swiss Life Group. More information is available at www.swisslife-am.com. Source: Swiss Life Asset Managers (unless stated otherwise). All rights reserved. Contact: info@swisslife-am.com.