Zug Estates
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Zug Estates (ZUGN) investor relations material

Zug Estates H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary19 Feb, 2026

Executive summary

  • Achieved a strong annual result with operational improvements in both real estate and hotel & catering segments, leading to significant increases in net income both including and excluding revaluation and special effects.

  • Real estate segment saw encouraging rental trends, low vacancy rates, and substantial revaluation gains due to high demand for attractive properties.

  • Hotel & catering segment broadened its customer base, increasing revenue and profitability, and received top sustainability certifications.

Financial highlights

  • Property income rose 3.4% year-over-year to CHF 71.6 million, driven by an almost fully let portfolio.

  • Revaluation gain surged 110.8% to CHF 52.2 million, about 2.8% of portfolio value.

  • Operating income increased 3.0% to CHF 91.5 million; net income excluding revaluation and special effects up 6.3% to CHF 39.2 million.

  • Net income including revaluation and special effects jumped 45.1% to CHF 85.2 million.

  • Hotel & catering segment revenue and gross operating profit continued to improve, with accommodation and catering as main contributors.

Outlook and guidance

  • For 2026, property income may slightly decrease due to lower reference interest rates, but lower property expenses are expected to offset this.

  • Revenues projected to remain stable; hotel & catering segment may see slightly lower gross operating profit due to a marginally higher cost base.

  • Net income excluding revaluation and special effects expected to remain at 2025 levels, assuming favorable interest rates.

  • Proposed dividend increase of 4.3% to CHF 49.00 per Series B registered share.

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H1 202619 Aug, 2026
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Frequently asked questions

Zug Estates Holding AG is a Swiss real estate company specializing in the development, management, and leasing of residential, office, and commercial properties. The company focuses on sustainable property development in the Zug region, where it manages key sites, including urban centers and mixed-use developments. Zug Estates emphasizes environmentally responsible construction and long-term property value through energy-efficient buildings and green infrastructure. The portfolio includes high-quality residential units, office spaces, retail outlets, and hospitality properties catering to a diverse tenant base. The company is headquartered in Zug, Switzerland, and its shares are listed on the SIX.

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