Mobimo (MOBN) H2 2023 earnings summary

Executive summary

• Rental income and occupancy improved, while reported profit fell sharply after a CHF 50.0 million net property revaluation loss; profit excluding revaluation was CHF 90.0 million.

• Equity ratio was 48.9%, EPRA-LTV 42.3%, and the proposed dividend remained CHF 10.00 per share.

Financial highlights

• Net rental income rose 4.7% YoY to CHF 125.7 million; development-project and trading-property profit declined 36.0% to CHF 27.2 million.

• EBIT fell 57.6% to CHF 77.0 million; excluding revaluation, EBIT was CHF 127.0 million, down 7.4%.

• Net income was CHF 46.6 million, down 65.5%; excluding revaluation, profit was CHF 90.0 million, down 12.1%.

• EPS was CHF 6.43; EPS excluding revaluation was CHF 12.40, down 13.8% YoY.

• FFO I per share was CHF 14.69, down 3.7%; FFO II per share was CHF 14.89, down 5.4%.

Outlook and guidance

• 2024 rental income expected to remain stable as rent adjustments offset the absence of 2023 one-off effects; portfolio vacancy expected to stay below 4.5%.

• Income from development projects and trading-property sales expected slightly above 2023, driven by the Oberägeri condominium project; dividend policy remains attractive.

• Priorities include full occupancy of completed properties, rent growth in line with inflation, cost control, project profit realisation, and progressing certification and CO2 targets.