Plazza (PLAN) H1 2026 earnings summary

Executive summary

• Operating results in H1 2026 were in line with the previous year, with a significant gain from property revaluation driving profit growth.

• Property income rose to CHF 20.2 million, mainly due to contributions from the newly acquired property in Affoltern am Albis and higher income in Crissier.

• Achieved strong portfolio growth in H1 2026, with major project milestones including the completion of the first phase of the Tiergarten renovation and the start of construction in Affoltern am Albis.

Financial highlights

• Net profit increased to CHF 42.2 million in H1 2026 (H1 2025: CHF 25.3 million), driven by a CHF 40.5 million revaluation gain (H1 2025: CHF 19.5 million).

• EBITDA rose to CHF 55.97 million (H1 2025: CHF 35.28 million); EBIT reached CHF 55.92 million (H1 2025: CHF 35.25 million).

• Excluding revaluation, net profit was CHF 11.8 million, similar to the prior year (H1 2025: CHF 12.2 million).

• Free cash flow was negative at CHF -18.26 million (H1 2025: CHF -72.21 million), reflecting higher investments.

• The market value of the real estate portfolio increased to CHF 1.36 billion (Dec 2025: CHF 1.28 billion).

Outlook and guidance

• For full-year 2026, operating results before depreciation and revaluation are expected to match the previous year.

• Further revaluation gains and a profit exceeding the prior year are anticipated, depending on market and project progress.

• Over the next 3–5 years, net rental income is projected to rise above CHF 55 million, supported by a strong project pipeline.