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PSP Swiss Property (PSPN) investor relations material
PSP Swiss Property Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Portfolio value reached CHF 10.1 billion, up 2.9% year-over-year, with 150 investment and 10 development properties, and strong results driven by Zurich and Geneva, which comprise the majority of the portfolio.
Net income rose 8.9% to CHF 408.5 million, with a proposed dividend increase to CHF 3.95 per share.
Market conditions favored high-quality, centrally located properties, while peripheral and older assets faced challenges.
Sustainability initiatives advanced, with all debt linked to green criteria and a net zero target by 2050.
Financial highlights
Operating income increased by 9.4% year-over-year to CHF 593.4 million, mainly due to fair value changes.
Rental income was CHF 349.2 million, down 0.2% from 2024, but like-for-like rental income rose 1.3%.
Net income excluding real estate gains was CHF 225.4 million, a 2.7% decrease year-over-year.
EBITDA excluding fair value changes was CHF 302.0 million, down 1.0% year-over-year; 2026 guidance is CHF 310 million.
Dividend proposed at CHF 3.95 per share, payout ratio at 80%.
Outlook and guidance
2026 EBITDA (excluding fair value changes) expected at CHF 310 million, with a stable vacancy rate of 3.5%.
Deferred tax releases of CHF 5–10 million per year expected for the next 17 years.
Plans to maintain a shareholder-friendly dividend policy.
- Net income more than doubled, rental income rose 7.9%, and guidance was reaffirmed.PSPN
Q2 202423 Jan 2026 - Rental income up 5.8%, net profit up 45%, vacancy at 3.6%, and green finance in place.PSPN
Q3 202415 Jan 2026 - Net income up 80.6%, portfolio at CHF 9.8bn, rental income up 5.4%, vacancy at 3.2%.PSPN
Q4 202421 Dec 2025 - Q1 2025 saw resilient operations, stable vacancy, and strong balance sheet despite lower revaluation gains.PSPN
Q1 202524 Nov 2025 - Net income up 24.3%, portfolio at CHF 10.0bn, vacancy at 4.0%, strong revaluations.PSPN
Q2 202523 Nov 2025 - Net income up 14.8% to CHF 259.5m, vacancy at 4.3%, EBITDA guidance ~CHF 300m.PSPN
Q3 202511 Nov 2025
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Next PSP Swiss Property earnings date
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