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PSP Swiss Property (PSPN) investor relations material
PSP Swiss Property Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary11 Nov, 2025
Executive summary
Prime office and retail markets in Zurich, Geneva, and Bern remain robust, with strong letting activity and high demand, especially for prime retail in Zurich and successful progress in Lausanne and Binz.
Portfolio value reached CHF 10.0bn as of September 2025, up 1.5% from December 2024, with 149 investment and 11 development properties.
Net income for Q1–Q3 2025 was CHF 259.5m, up 14.8% year-over-year, mainly due to higher property revaluations.
Vacancy rate increased to 4.3% at end of Q3 2025 (from 3.2% at end of 2024), with year-end 2025 expected at 3.5%.
Asset acquisition remains selective due to limited availability of prime properties with development potential; focus is on value creation over simple yield.
Financial highlights
EBITDA (excl. revaluations) for Q1–Q3 2025 was CHF 227.2m, down 0.8% year-over-year; guidance for 2025 is confirmed at around CHF 300m.
Rental income for Q1–Q3 2025 was CHF 261.4m, nearly flat year-over-year; like-for-like rental growth for the nine-month period is 1.6%.
EPS for Q1–Q3 2025 was CHF 5.66, up 14.8% year-over-year; EPS excl. revaluations was CHF 3.62, down 2.4%.
NAV per share at 30 September 2025 was CHF 119.76, up 1.5% from end of 2024; EPRA NRV per share CHF 145.11.
Other income saw a significant jump in Q3, mainly driven by VAT refunds, particularly from the Binz property.
Outlook and guidance
2025 EBITDA (excl. fair value changes) guidance confirmed at ~CHF 300m; vacancy rate forecasted to decrease to 3.5% by year-end 2025.
Expectation of a slight valuation uptick at year-end, driven by letting successes and minor yield compression in central locations.
Top-line revenue is expected to remain flat next year due to negligible inflation (CPI at 0.1–0.2%), but EBITDA is anticipated to increase from ongoing projects.
No major lease expiries expected in 2026; positive ongoing discussions with key tenants, including Google, for 2027 expiries.
Continued cautious acquisition strategy, focusing on high-quality, centrally located properties.
What drives Q4 vacancy rate reduction to 3.5%?
Rationale for Löwenbräu Red office to serviced apts?
Impact of appraiser's inflation view on valuations?
Strategy for major asset repositioning/disposals
Key drivers for rental income growth beyond CPI?
Mitigating risk from major lease expiries beyond 2026
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Next PSP Swiss Property earnings date
Q4 202524 Feb, 2026
Next PSP Swiss Property earnings date
Q4 202524 Feb, 2026
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Frequently asked questions
PSP Swiss Property AG owns and manages a portfolio of commercial real estate properties, primarily office and retail buildings. The company focuses on prime locations in Switzerland and offers property development, leasing, and facility management services. Its portfolio supports institutional and corporate tenants. The company is headquartered in Zug, Switzerland, and its shares are listed on the SIX.
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