Swiss Prime Site (SPSN) H1 2025 earnings summary

Executive summary

• FFO1 per share increased 3.4% to CHF 2.10, supported by strong asset management growth, successful capital raising, and the closure and redevelopment of Jelmoli, despite temporary rental income loss.

• Portfolio value grew to CHF 13.3 billion, with new acquisitions in Geneva and Lausanne and sales of non-core assets.

• Asset management fees rose by nearly 41% year-over-year, with recurring fees covering 200% of costs and EBITDA margin up to 63%.

• Integration of Fundamenta products and realization of group synergies advanced operational efficiency.

• Progress made in sustainability initiatives, targeting net zero by 2040 and advancing circular economy practices.

Financial highlights

• Rental income decreased by 2.8% year-over-year to CHF 225.5 million due to development projects and asset sales, but like-for-like growth was 2.2%.

• EBITDA before revaluations and sales remained stable at CHF 199.5 million, with cost reductions from synergies and portfolio adjustments.

• Net revaluations reached CHF 102.0 million, up from CHF 30.4 million in the prior year, mainly from new lettings and lower property costs.

• FFO I per share rose 3.4% to CHF 2.10, despite a higher share count from a capital increase.

• Asset Management income surged 41% to CHF 38 million, with EBITDA up 65% to CHF 23.9 million.

Outlook and guidance

• Guidance for 2025 confirmed: FFO I per share targeted at CHF 4.10–4.15, LTV below 39%, vacancies under 3.8%, and AuM above CHF 14 billion.

• Vacancy rate expected to fall below 3.8% by year-end, with LTV maintained below 39%.

• Medium-term targets include CHF 16–17 billion AUM and CHF 75 million EBITDA from asset management by 2027.