SF Urban Properties (SFPN) H1 2026 earnings summary

Executive summary

• Portfolio strengthened through operational efficiency improvements and strategic divestments, including the sale of non-strategic properties for CHF 23.15 mn.

• Successful completion of two development projects and building permit granted for a new project in Zumikon.

• Vacancy rates reduced to 1.8% as of the reporting date.

• Rejection of the Zurich Housing Protection Initiative and stable SNB key interest rate at 0%.

• Achieved solid first-half 2026 results with stable operating performance and positive property revaluations, confirming full-year targets.

Financial highlights

• Net profit for H1 2026 reached CHF 20.9 mn, with EBIT excluding revaluation effects at CHF 15.1 mn, up from CHF 14.2 mn in H1 2025.

• Net profit per share (excluding revaluation effects) increased to CHF 2.39 from CHF 2.17 year-over-year.

• Property income decreased by 3.0% due to portfolio rotation and divestments, totaling CHF 15.45 mn.

• Loan-to-value (LTV) ratio at 45.51% as of H1 2026, down from 47.23% in 2025.

• Portfolio value increased 1.76% to CHF 837.62 mn; NAV per share rose to CHF 124.49.

Outlook and guidance

• Targeted sales of CHF 15–20 mn and property income above CHF 31 mn for the remainder of 2026.

• Completion of portfolio rotation and target vacancy rate below 2.0%.

• Construction starts planned for Seefeldstrasse 186 and Genferstrasse 21 in Zurich in Q3 2026.

• Management expects net profit per share (excluding revaluation effects) to remain at 2024 levels.

• Focus for H2 2026 on targeted vacancy management, refurbishments, and new construction starts in Zurich.