Swiss Prime Site (SPSN) H1 2026 earnings summary

Executive summary

• Achieved strong operating performance in H1 2026, with robust leasing momentum, full occupancy at Alto Pont-Rouge, and growth in both Real Estate and Asset Management segments; portfolio quality improved via CHF 167 million in retail asset disposals and value-adding developments.

• Rental income rose 2.2% year-over-year to CHF 230.6 million, with like-for-like growth at 1.4%; portfolio value surpassed CHF 14 billion for the first time.

• Asset management AUM increased to CHF 14.8 billion, driven by CHF 950–952 million net new money inflows and new mandates.

• Upgraded to B- in ISS STOXX ESG rating, ranking among the top 10% most sustainable global real estate firms.

• Guidance for 2026 confirmed, with FFO I expected at the upper end of CHF 4.25–4.30 per share.

Financial highlights

• Rental income: CHF 230.6/231 million (+2.2% YoY); like-for-like growth at 1.3–1.4%.

• Fee income: CHF 40 million (+5.2% YoY); operating income: CHF 270.3 million (+3.4% YoY, comparable basis).

• EBITDA: CHF 208.7/209 million (+4.4%/4.6% YoY); net profit: CHF 165.7–192.5 million (+6–17.2% YoY).

• FFO I per share: CHF 2.15 (+2.4% YoY, record level); EPS: CHF 2.07 (+5% YoY); EPRA NTA per share: CHF 100.84.

• Revaluation gains: CHF 148 million (+1.1% YoY); portfolio value: CHF 14 billion (+0.6% since year-end).

Outlook and guidance

• Full-year FFO I expected at the upper end of CHF 4.25–4.30 per share; rental income and AUM expected to grow further in H2 2026.

• Targeting AUM growth of at least CHF 1 billion, vacancy rate below 3.7%, and LTV below 39% by year-end.

• No major lease expiries expected in 2027; vacancy rates anticipated to remain low.

• Continued focus on Real Estate and Asset Management, with further growth opportunities to be presented at Capital Markets Day.