Swiss Prime Site (SPSN) CMD 2026 summary

Ambition 2030 and financial targets

• Shift to a pure-play real estate model with asset-light Asset Management; indicative FY26 earnings mix is 85% rental income and 15% fees.

• Target FFO I per share growth of 15%+ versus FY26 guidance of CHF 4.30–4.35, approaching CHF 5 by 2030; assumptions include possible rate hikes and no valuation uplifts.

• Maintain LTV below 39%, ICR above 6.0x and Moody’s A3 rating; dividend payout target remains 80%–90% of FFO I.

• Target rental income above CHF 530m and vacancy near 3% by 2030, versus CHF 456.8m rental income in 2025.

• Asset Management targets CHF 23bn+ AuM and CHF 130m+ fees by 2030, with ~70% recurring fees.

2026 guidance and performance

• FY26 FFO I guidance raised to CHF 4.30–4.35/share from CHF 4.25–4.30; vacancy guidance improved to ~3.5% from below 3.7%.

• Asset Management AuM growth guidance raised to CHF 1.2bn from CHF 1.0bn, implying CHF 15.5bn year-end AuM; year-end LTV expected below 39%.

• H1 2026: CHF 14.0bn investment properties and CHF 230.6m rental income; Asset Management reported CHF 14.8bn AuM and CHF 40.0m fee income.

Real estate portfolio and development

• Portfolio narrowed from ~190 to ~125 properties; 99% were in excellent locations in June 2026, and proximity to InterCity stations improved 17% since end-2020.

• Like-for-like rental growth rose from 0.8% five years ago to an expected 1.6% in 2026; vacancy fell by more than one-third to a record-low 3.5%.

• Contracted rent per square meter increased 13% in offices and 26% in retail; costs declined by more than 20% over recent years.

• Capital upcycling and development/refurbishment remain priorities; projects target yields 1.0%–1.5% above market acquisitions and are expected to add over CHF 50m in annual rent.

• Jelmoli is projected to generate CHF 33m rent on CHF 245m investment, with staged completion from late 2028; Fraumünsterpost is 100% pre-let for spring 2027 and YOND Campus targets ~CHF 9m rent.