Switzerland · Delayed Price · Currency is CHF PSP Swiss Property AG Earnings Call Transcripts
Fiscal Year 2026
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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 net income boosted by revaluation gains. Six secondary city assets were sold at significant premiums, supporting a focus on prime locations. Full-year EBITDA and vacancy guidance were reaffirmed.