Cham Swiss Properties (CHAM) H1 2025 earnings summary

Executive summary

• Merger of Ina Invest and Cham Group completed in April 2025, with first listing on SIX Swiss Exchange on April 9, 2025, creating a top-10 Swiss listed real estate company with a CHF 1.7 billion portfolio in prime locations.

• Portfolio expected to double to CHF 3 billion and rental income to quadruple to over CHF 100 million by 2032.

• Integration and portfolio strategy progressing as planned, focusing on sustainable development and high-quality Swiss properties.

• Strong balance sheet with high equity ratio and flexible development pipeline; expansion achievable without capital increases.

• Sustainability strategy adopted, with GRESB benchmarking and GRI-based reporting to be published.

Financial highlights

• Operating result excluding revaluation: CHF 39.0 million for H1 2025.

• Income from revaluation: CHF 125.4 million, mainly due to merger and operational progress.

• Consolidated profit: CHF 144.0 million; EPS: CHF 3.73.

• Rental income: CHF 9.1 million (excluding Ina Invest pre-merger), total rental income including Ina Invest: CHF 13.1 million; vacancy rate: 6%.

• Sales from promotional properties: CHF 114.9 million in H1 2025.

Outlook and guidance

• Portfolio to reach CHF 3 billion and rental income over CHF 100 million by 2032, with a residential share of 60% for stable income.

• No capital increases planned to achieve growth targets.

• Dividend policy: at least 1.5% of NAV through 2027, at least 2% thereafter.

• Equity ratio to remain above 45%; LTV to stay below 45%.

• Integration of the merger to be completed by end of 2025.