PSP Swiss Property (PSPN) Q2 2026 earnings summary

Executive summary

• Strong H1 2026 results driven by premium property focus, robust demand in prime Swiss locations, and stable market conditions, with portfolio value at CHF 10.2 billion and 148 investment plus 11 development properties.

• EBITDA guidance for 2026 confirmed at CHF 335 million, reflecting improved outlook after the Richtipark sale.

• Moody's upgraded the credit rating from A3 to A2, reflecting improved financial strength and stable outlook.

• Major sale of the Richtipark project and selective acquisitions and reclassifications shaped the period.

• Vacancy rate rose to 4.0% due to reclassifications but is expected to fall to 3.5% by year-end.

Financial highlights

• Rental income stable at CHF 174.0 million, with like-for-like rental growth of up to 1.7%.

• EBITDA excluding gains/losses on real estate investments rose 26.0% to CHF 187.4 million year-over-year; EBITDA margin 87.1%.

• Net income excluding gains/losses on real estate investments increased 40.1% to CHF 149.7 million; total net income up 21.7% to CHF 236.5 million.

• Net asset value per share at CHF 124.33 (up from CHF 123.07 at end 2025).

• Major revaluation gains of CHF 111.9 million, mainly from Zurich assets.

Outlook and guidance

• EBITDA guidance for 2026 confirmed at CHF 335 million; vacancy rate expected at 3.5% by year-end.

• Continued robust demand for premium office and retail space in central Swiss locations anticipated.

• Transaction market to benefit from high institutional investor demand and favorable financing.

• Shareholder-friendly, predictable dividend policy to continue, with no special dividends anticipated.