PSP Swiss Property (PSPN) Q3 2025 earnings summary

Executive summary

• Prime office and retail markets in Zurich, Geneva, and Bern remain robust, with strong letting activity and high demand, especially for prime retail in Zurich and successful progress in Lausanne and Binz.

• Portfolio value reached CHF 10.0bn as of September 2025, up 1.5% from December 2024, with 149 investment and 11 development properties.

• Net income for Q1–Q3 2025 was CHF 259.5m, up 14.8% year-over-year, mainly due to higher property revaluations.

• Vacancy rate increased to 4.3% at end of Q3 2025 (from 3.2% at end of 2024), with year-end 2025 expected at 3.5%.

• Asset acquisition remains selective due to limited availability of prime properties with development potential; focus is on value creation over simple yield.

Financial highlights

• EBITDA (excl. revaluations) for Q1–Q3 2025 was CHF 227.2m, down 0.8% year-over-year; guidance for 2025 is confirmed at around CHF 300m.

• Rental income for Q1–Q3 2025 was CHF 261.4m, nearly flat year-over-year; like-for-like rental growth for the nine-month period is 1.6%.

• EPS for Q1–Q3 2025 was CHF 5.66, up 14.8% year-over-year; EPS excl. revaluations was CHF 3.62, down 2.4%.

• NAV per share at 30 September 2025 was CHF 119.76, up 1.5% from end of 2024; EPRA NRV per share CHF 145.11.

• Other income saw a significant jump in Q3, mainly driven by VAT refunds, particularly from the Binz property.

Outlook and guidance

• 2025 EBITDA (excl. fair value changes) guidance confirmed at ~CHF 300m; vacancy rate forecasted to decrease to 3.5% by year-end 2025.

• Expectation of a slight valuation uptick at year-end, driven by letting successes and minor yield compression in central locations.

• Top-line revenue is expected to remain flat next year due to negligible inflation (CPI at 0.1–0.2%), but EBITDA is anticipated to increase from ongoing projects.

• No major lease expiries expected in 2026; positive ongoing discussions with key tenants, including Google, for 2027 expiries.

• Continued cautious acquisition strategy, focusing on high-quality, centrally located properties.