PSP Swiss Property (PSPN) Q4 2025 earnings summary

Executive summary

• Portfolio value reached CHF 10.1 billion, up 2.9% year-over-year, with 150 investment and 10 development properties, and strong results driven by Zurich and Geneva, which comprise the majority of the portfolio.

• Net income rose 8.9% to CHF 408.5 million, with a proposed dividend increase to CHF 3.95 per share.

• Market conditions favored high-quality, centrally located properties, while peripheral and older assets faced challenges.

• Sustainability initiatives advanced, with all debt linked to green criteria and a net zero target by 2050.

Financial highlights

• Operating income increased by 9.4% year-over-year to CHF 593.4 million, mainly due to fair value changes.

• Rental income was CHF 349.2 million, down 0.2% from 2024, but like-for-like rental income rose 1.3%.

• Net income excluding real estate gains was CHF 225.4 million, a 2.7% decrease year-over-year.

• EBITDA excluding fair value changes was CHF 302.0 million, down 1.0% year-over-year; 2026 guidance is CHF 310 million.

• Dividend proposed at CHF 3.95 per share, payout ratio at 80%.

Outlook and guidance

• 2026 EBITDA (excluding fair value changes) expected at CHF 310 million, with a stable vacancy rate of 3.5%.

• Deferred tax releases of CHF 5–10 million per year expected for the next 17 years.

• Plans to maintain a shareholder-friendly dividend policy.