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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
PSP Swiss Property
PSP Swiss Property (PSPN) investor relations material
PSP Swiss Property Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary10 Nov, 2026
Executive summary
Q1–Q3 EBITDA excluding gains/losses on real estate investments rose 14.7% to CHF 260.6m; FY26 guidance of CHF 335m was reaffirmed.
Net income increased 13.5% to CHF 294.6m, including CHF 118.4m of net fair-value gains and CHF 39.7m income from property sales.
Portfolio value reached CHF 10.2bn, with vacancy at 3.7% at 30 September 2026, down from 4.0% at mid-year.
Financial highlights
Q1–Q3 rental income was CHF 259.3m, down 0.8% YoY; EPRA like-for-like growth was 0.5%, or 1.2% excluding the prior-year Geneva property-tax benefit.
Total operating income rose 8.6% to CHF 420.7m; EBIT increased 9.0% to CHF 378.4m.
Adjusted net income rose 22.0% to CHF 202.7m; adjusted EPS was CHF 4.42 and EPRA EPS was CHF 3.71.
Net fair-value gains were CHF 118.4m, including CHF 110.6m for investment properties and CHF 8.6m for developments, partly offset by CHF 0.8m in acquisition transaction costs.
NAV per share was CHF 125.65, up from CHF 123.07 at year-end 2025; NAV before deferred taxes was CHF 149.28.
Outlook and guidance
FY26 EBITDA excluding gains/losses on real estate investments guidance was confirmed at CHF 335m, versus CHF 302.0m in FY25; no Richtipark earn-out contribution is currently expected.
Year-end vacancy guidance remains 3.5%; like-for-like growth of 1.8%–2.0% is expected next year, supported by 1.4% indexation.
No top-line guidance was given for next year before annual results; no major portfolio changes are expected beyond the Richtipark disposal.
Further year-end valuation uplift is expected, driven by rental growth and longer re-letting periods after lease expiry.
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Latest events from PSP Swiss Property
- EBITDA and net income surged, portfolio hit CHF 10.2bn, and Moody’s rating was upgraded to A2.PSPN
Q2 2026 - EBITDA guidance rises to CHF 335 million after Richtipark sale; portfolio and vacancy stable.PSPNInvestor update
- Q1 2026 delivered 7% net income growth, CHF 10.1bn portfolio, and 3.9% vacancy.PSPNQ1 2026
- Net income up 8.9% to CHF 408.5m, portfolio value at CHF 10.1bn, and dividend set to rise.PSPNQ4 2025
- Net income up 24.3%, portfolio at CHF 10.0bn, vacancy at 4.0%, strong revaluations.PSPNQ2 2025
- Rental income up 5.8%, net profit up 45%, vacancy at 3.6%, and green finance in place.PSPNQ3 2024
- Net income more than doubled, rental income rose 7.9%, and 2024 guidance is reaffirmed.PSPNQ2 2024
- Q1 2025 saw resilient operations, stable vacancy, and strong balance sheet despite lower revaluation gains.PSPNQ1 2025
- Net income up 80.6%, portfolio at CHF 9.8bn, rental income up 5.4%, vacancy at 3.2%.PSPNQ4 2024
Next PSP Swiss Property earnings date
Q4 202616 Feb, 2027
PSP Swiss Property
Next PSP Swiss Property earnings date
Q4 202616 Feb, 2027
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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.