Swiss Prime Site (SPSN) H2 2024 earnings summary

Executive summary

• Transitioned into a focused, profitable real estate and asset management company, marking its 25th anniversary and divesting non-core businesses like Tertianum, Wincasa, and Jelmoli.

• Achieved record rental income and strong asset management growth, supported by the integration of Fundamenta.

• Portfolio streamlined to 139 properties valued at CHF 13.1 billion, with retail share reduced below 20% and a shift toward office, logistics, and infrastructure assets.

• Sustainability initiatives reduced emission intensity by 13%, advanced circular construction, and set a target of carbon neutrality by 2040.

• Dividend proposal increased to CHF 3.45 per share.

Financial highlights

• Rental income reached CHF 463.5 million, up 5.7% year-over-year, with like-for-like growth of 3.3%.

• EBITDA before revaluation and deferred taxes was CHF 415.1 million, up 6.5%; adjusted EBITDA ex Jelmoli up 8.7%.

• Net profit totaled CHF 313.5 million.

• FFO I per share reached CHF 4.22, exceeding guidance and up 4.2%.

• Asset management income surged over 40% to CHF 71 million, driven by Fundamenta acquisition.

• Vacancy rate at a record low of 3.8%.

• LTV improved to 38.3%, with liquidity covering maturities for the next 24 months.

Outlook and guidance

• 2025 guidance targets FFO I per share of CHF 4.10–4.15, vacancy below 3.8%, LTV under 39%, and AuM above CHF 14 billion.

• Positive outlook for real estate and asset management, with continued demand and institutional investor activity.

• Focus on profitable growth, capital recycling, and sustainability improvements.