Swiss Prime Site (SPSN) H2 2025 earnings summary

Executive summary

• Achieved strong organic growth and record inflows in both property and asset management, with like-for-like rental growth of 2% and a record-low vacancy rate of 3.7%.

• Asset management AUM reached CHF 14.3 billion, with CHF 1 billion in new money and CHF 1.7 billion in transaction volume.

• Dividend proposal increased by CHF 0.05 per share to CHF 3.50.

• Focused on core Swiss markets, with 60% of portfolio in central Zurich and significant presence in Geneva and Lausanne.

• Revaluation gains of CHF 217 million (+1.7% of portfolio value) driven by higher lease terms and lower costs.

Financial highlights

• EBITDA rose 3.4% on a comparable basis to CHF 408.3 million; consolidated EBITDA nearly unchanged at CHF 410.1 million.

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

• FFO I per share stable at CHF 4.22; EPRA NTA per share up 2.1% to CHF 101.40.

• Rental income decreased 1.4% to CHF 456.8 million due to Jelmoli and Fraumünsterpost renovations, but like-for-like rental income grew 2%.

• Asset management fees up 18.1% to CHF 83.6 million.

Outlook and guidance

• 2026 guidance: FFO I per share CHF 4.25–4.30, vacancy below 3.7%, LTV below 39%, and AUM growth of CHF 1 billion.