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PSP Swiss Property (PSPN) investor relations material

PSP Swiss Property Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary19 Aug, 2025

Executive summary

  • Solid H1 2025 results with stable rental markets in key Swiss cities, robust operating performance, and a 24.3% increase in net income to CHF 194.3 million, mainly driven by higher property revaluations.

  • Portfolio value reached CHF 10.0bn as of June 2025, with 149 investment properties and 12 development properties.

  • No acquisitions or disposals in H1 2025; focus on development projects, property reclassifications, and major renovations.

  • Vacancy rate increased to 4.0% (from 3.2% at end-2024), with a year-end target of 3.5%.

  • Guidance for year-end confirmed, reflecting confidence in ongoing performance and a shareholder-friendly dividend policy.

Financial highlights

  • Rental income for H1 2025 was CHF 173.9 million, down 1.3% year-over-year, mainly due to prior-year extraordinary items; like-for-like rental income rose 1.2%.

  • EBITDA margin remains above 85% (85.1% in H1 2025), with EBITDA (excluding revaluations) at CHF 148.8 million.

  • Earnings per share (EPS) increased 24.3% to CHF 4.24; EPS excluding revaluations declined 5.9% to CHF 2.33.

  • NAV per share rose 0.3% to CHF 118.33; EPRA NRV per share up 0.8% to CHF 143.60.

  • Total operating income grew 22.9% year-over-year to CHF 288.3 million.

Outlook and guidance

  • 2025 EBITDA (excluding revaluations) guidance confirmed at around CHF 300 million (2024: CHF 304.9 million).

  • Year-end 2025 vacancy rate expected at 3.5%, with stable rental demand and positive market developments.

  • Maintains a strong market position in core regions and a shareholder-friendly dividend policy.

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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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