Swiss Prime Site (SPSN) H2 2025 earnings summary

Executive summary

• Achieved strong organic growth in property and asset management, with CHF 1 billion in new capital inflows and record CHF 14.3 billion in assets under management.

• Reduced vacancy rate to a record low of 3.7%, with like-for-like rental growth of 2% and asset management top-line growth of 18%.

• Completed CHF 550 million in acquisitions for the own portfolio and CHF 1.7 billion in asset management transactions.

• Increased profitability and efficiency, with comparable EBITDA up 3.4% to CHF 408.3–410 million and a 30%+ profit growth in asset management.

• Proposed a higher dividend, up CHF 0.05 year-over-year to CHF 3.50 per share.

Financial highlights

• Rental income decreased 1.4% due to Jelmoli and other buildings going offline, but like-for-like rental income grew 2%.

• Asset management revenue reached CHF 85 million, up 18% year-over-year, with 66% recurring income.

• Comparable EBITDA increased 3.4%; absolute EBITDA remained stable at CHF 410.1 million.

• FFO I per share unchanged at CHF 4.22; FFO II per share up 6% to CHF 4.17.

• EPRA NTA per share up 2.1% to CHF 101.40.

• Net profit before revaluation and sales up 1.3% to nearly CHF 320 million.

• Operating expenses reduced by 42.3% to CHF 148.2 million, mainly due to retail business discontinuation.

• Revaluation gains of CHF 217 million (+1.7% of portfolio value); property sales at 5% above book value.

Outlook and guidance

• Guidance for 2026 FFO per share of CHF 4.25–4.30 and LTV below 39%.

• Vacancy rate expected to fall below 3.7% in 2026.

• Asset management AUM targeted to grow by CHF 1 billion in 2026.