SF Urban Properties (SFPN) H2 2025 earnings summary

Executive summary

• Portfolio value increased by CHF 71.6 million to CHF 900.5 million, up 8.6% year-over-year, driven by a focus on Zurich and Basel.

• Property income rose to CHF 31.7 million, up 1.7% year-over-year.

• Net profit per share (excluding revaluation) decreased to CHF 2.56, while net income including revaluations surged to CHF 42.7 million from CHF 16.0 million year-over-year.

• Stable distribution of CHF 3.65 per share proposed, yielding 3.63% at year-end price.

• Strategic portfolio rotation completed, with CHF 49.9 million in non-core asset sales and CHF 43.6 million in targeted acquisitions in Zurich and Basel.

Financial highlights

• EBIT excluding revaluation effects declined to CHF 23.25 million, while operating result (EBIT) including revaluation reached CHF 62.9 million.

• Funds from Operations (FFO I) increased by 8.79% to CHF 17.72 million.

• NAV per share rose by CHF 10.69 to CHF 122.16.

• Loan-to-value (LTV) ratio at 43.27%, with third-party LTV at 47.2%.

• ROE including revaluation reached 10.90%, up from 4.24% the previous year.

Outlook and guidance

• Target property income above CHF 31 million for 2026.

• Planned sales of CHF 15–20 million and purchase of 2–3 plots for CHF 24 million.

• Target vacancy rate below 2.0% and expected earnings per share above CHF 3.65 (excluding revaluation) for 2026.

• Management expects net income per share (excluding revaluation) to return to 2024 levels in 2026.

• Start of construction for Seefeldstrasse 186 and refurbishment of Genferstrasse 21 in Q3 2026.