Cham Swiss Properties (CHAM) H2 2024 earnings summary

Executive summary

• Completed initial growth phase and shifted focus to future strategy, including a proposed merger with Cham Group and realignment with anchor shareholder Implenia.

• Achieved significant project milestones, including new construction starts and key building permits in Zurich and Geneva.

• Real estate portfolio market value reached CHF 862 million at year-end 2024.

• GRESB sustainability ratings improved, with 98/100 for development and a "Green Star" for existing properties.

Financial highlights

• Rental income stable at CHF 15.4 million year-over-year despite construction-related vacancies.

• Adjusted EBIT (excluding special items) was CHF 20.4 million, up from CHF -8.8 million in 2023.

• Net loss of CHF -17.4 million due to a one-time negative impact of CHF 34.7 million from contract termination with Implenia.

• Adjusted net profit (excluding special items) was CHF 10.7 million.

• Total assets at CHF 875.7 million; equity CHF 395.8 million; equity ratio 45.2%.

• Loan-to-value (LTV) ratio at 41%.

• Gross return on investment property 3.02%; vacancy rate 4.48%.

Outlook and guidance

• Focus for 2025 is on project development and successful completion of the Cham Group merger.

• Board proposes first-time dividend of CHF 0.20 per share for 2024.

• Combined company post-merger expected to have a high equity ratio and ability to realize development pipeline without capital increases.