PSP Swiss Property (PSPN) Q3 2026 earnings summary

Executive summary

• Q1–Q3 EBITDA excluding gains/losses on real estate investments rose 14.7% to CHF 260.6m; FY26 guidance of CHF 335m was reaffirmed.

• Net income increased 13.5% to CHF 294.6m, including CHF 118.4m of net fair-value gains and CHF 39.7m income from property sales.

• Portfolio value reached CHF 10.2bn, with vacancy at 3.7% at 30 September 2026, down from 4.0% at mid-year.

Financial highlights

• Q1–Q3 rental income was CHF 259.3m, down 0.8% YoY; EPRA like-for-like growth was 0.5%, or 1.2% excluding the prior-year Geneva property-tax benefit.

• Total operating income rose 8.6% to CHF 420.7m; EBIT increased 9.0% to CHF 378.4m.

• Adjusted net income rose 22.0% to CHF 202.7m; adjusted EPS was CHF 4.42 and EPRA EPS was CHF 3.71.

• Net fair-value gains were CHF 118.4m, including CHF 110.6m for investment properties and CHF 8.6m for developments, partly offset by CHF 0.8m in acquisition transaction costs.

• NAV per share was CHF 125.65, up from CHF 123.07 at year-end 2025; NAV before deferred taxes was CHF 149.28.

Outlook and guidance

• FY26 EBITDA excluding gains/losses on real estate investments guidance was confirmed at CHF 335m, versus CHF 302.0m in FY25; no Richtipark earn-out contribution is currently expected.

• Year-end vacancy guidance remains 3.5%; like-for-like growth of 1.8%–2.0% is expected next year, supported by 1.4% indexation.

• No top-line guidance was given for next year before annual results; no major portfolio changes are expected beyond the Richtipark disposal.

• Further year-end valuation uplift is expected, driven by rental growth and longer re-letting periods after lease expiry.