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Zug Estates (ZUGN) investor relations material
Zug Estates H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Strong operating results in both real estate and hotel & catering segments, with net profit up 127.1% to CHF 63.9 million, mainly due to a CHF 50.1 million revaluation gain.
Property income increased by 6.0% year-over-year, and adjusted net income (excluding revaluation and special effects) rose 10.1% to CHF 19.9 million.
Portfolio value increased to CHF 1.92 billion, supported by positive market conditions and new investments.
Positive outlook for the remainder of 2025, supported by a low vacancy rate and robust demand for high-quality rental spaces.
Financial highlights
Property income rose to CHF 35.9 million (+6.0% year-over-year); total operating income reached CHF 45.3 million (+4.5%).
Net income surged 127.1% to CHF 63.9 million, driven by a CHF 50.1 million revaluation gain.
Adjusted net income (excluding revaluation and special effects) increased 10.1% to CHF 19.9 million.
EBIT more than doubled to CHF 78.0 million (+110.7% year-over-year).
Earnings per Series B share: CHF 125.38; adjusted EPS: CHF 39.00.
Outlook and guidance
Slightly lower property income expected in H2 2025 due to passing on interest rate reductions to residential tenants.
Hotel & catering business anticipated to remain stable; property and financing costs to rise slightly.
Full-year adjusted net profit expected to exceed prior year, though H2 will be lower than H1 due to higher property and financing costs.
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