Allreal (ALLN) H1 2026 earnings summary

Executive summary

• Net operating profit rose 20.8% year-over-year to CHF 75.6 million, driven by stable rental income, property sales, and improved Realisation and condominium sales.

• Net profit including revaluation effect was CHF 105.6 million, down from CHF 116.8 million in H1 2025 due to lower revaluation gains.

• Portfolio optimisation and successful property transactions in the Lake Geneva region and Geneva contributed to earnings and improved long-term rental income potential.

• The property portfolio value rose to CHF 5.36 billion, with a focus on high-quality assets in Zurich and Lake Geneva.

Financial highlights

• Total sales reached CHF 227.5 million, a slight decrease of 1.0% year-over-year.

• Operating profit (EBIT) excluding revaluation rose 14.3% to CHF 108.8 million; including revaluation, EBIT was CHF 149.6 million, down 9.6%.

• Earnings per share excluding revaluation rose to CHF 4.58 (up 20.8%), while including revaluation it was CHF 6.39 (down 9.6%).

• Revaluation gains totaled CHF 40.8 million, with the average discount rate on the portfolio at 2.83%.

• Market capitalisation increased to CHF 3.50 billion, with a share price of CHF 212.00 at period end.

Outlook and guidance

• Outlook for 2026 confirmed: higher net operating profit, rising rental income, declining vacancy, and stable balance sheet expected.

• Slightly higher construction volume and stable operating expenses anticipated.

• Continued relevant earnings from condominium and investment property sales.

• Financing costs are expected to rise slightly as low-interest liabilities mature.