Switzerland · Delayed Price · Currency is CHF PSP Swiss Property AG Earnings Call Transcripts
Fiscal Year 2026
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Richtipark was sold for CHF 175 million, boosting EBITDA guidance to CHF 335 million. Proceeds were split between debt repayment and a new CHF 75 million Zürich property acquisition. Google renewed its lease until 2033, and vacancy rate guidance remains unchanged.
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Solid Q1 2026 results featured stable costs, strong letting activity, and a valuation uplift in prime assets. Vacancy rate guidance is maintained at 3.5%, with continued growth expected from prime city locations and ongoing projects.
Fiscal Year 2025
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Strong 2025 results driven by Zurich and Geneva, with operating income up 9.4% and a stable 3.5% vacancy rate. Portfolio value rose 2.9%, LTV dropped to 33.1%, and guidance for 2026 targets CHF 310 million EBITDA. High demand persists for prime city-center assets.
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Prime office and retail markets in key Swiss cities remain strong, with robust letting activity and high rental rates. EBITDA guidance is confirmed at CHF 300 million, vacancy rate is expected to fall to 3.5% by year-end, and cost of debt remains low.
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Solid H1 2025 results with strong Zurich and Geneva performance, stable EBITDA margin above 85%, and year-end guidance confirmed. Vacancy reduction and selective asset management remain priorities, with a conservative approach to acquisitions and capital allocation.
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Prime locations in Zurich and Geneva show strong letting activity, with Q1 results aided by a one-off tax benefit and a CHF 13 million valuation uplift. Cost of debt remains stable, and management is confident in handling upcoming lease expiries.
Fiscal Year 2024
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Rental income grew 5.4% to CHF 350 million, with strong valuation gains and a low 3.2% vacancy rate. EBITDA guidance for 2025 is CHF 300 million, with continued focus on prime CBD assets and disciplined cost management.
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Rental income rose 5.8% year-over-year, with strong demand in Zurich and Geneva CBDs and a vacancy rate of 3.6%. EBITDA margin remains high, and year-end guidance is confirmed, while disciplined LTV and new development projects support future growth.
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EBITDA rose to CHF 152.3 million in H1 2024, with rental income up 7.9% and NAV increasing 1.9%. Portfolio concentration continued with asset sales at a premium and a strategic Geneva acquisition. Full-year EBITDA guidance of CHF 300 million and a vacancy rate below 4% are reaffirmed.