PSP Swiss Property (PSPN) Q2 2025 earnings summary

Executive summary

• Solid H1 2025 results reflect a quality-focused strategy, with portfolio value at CHF 10.0bn and robust performance in Zurich and Geneva, despite a slight decrease in rental income due to prior-year one-off effects.

• No acquisitions or disposals in H1 2025; focus remained on strategic development, asset management, and property reclassifications.

• Vacancy rate increased to 4.0% (from 3.2% at end-2024), with a year-end target of 3.5% through active retail letting and management.

• Net income rose 24.3% year-over-year to CHF 194.3m, while net income excluding revaluations fell 5.9% to CHF 106.9m.

• Rental income for H1 2025 was CHF 173.9m, down 1.3% year-over-year, mainly due to extraordinary items in the prior year.

Financial highlights

• Valuation gain of CHF 100m in H1 2025, primarily from Zurich CBD assets, with total property revaluations at CHF 113.4m.

• EBITDA (excluding revaluations) for H1 2025 was CHF 148.8m, down 2.3% year-over-year; EBITDA margin at 85.1%.

• EPS increased 24.3% to CHF 4.24; EPS excluding revaluations declined 5.9% to CHF 2.33.

• NAV per share rose 0.3% to CHF 118.33; EPRA NRV per share up 0.8% to CHF 143.60.

• Share price increased 13.3% year-over-year to CHF 146.10.

Outlook and guidance

• 2025 EBITDA (excluding revaluations) guidance confirmed at around CHF 300m, with no intention to upgrade.

• Year-end 2025 vacancy rate expected at 3.5%, with stable like-for-like rental growth and potential increases in super prime retail and renovated prime offices.

• Maintains a shareholder-friendly dividend policy and strong market position in core regions.