Swiss Prime Site
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Swiss Prime Site (SPSN) investor relations material

Swiss Prime Site H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 earnings summary21 Aug, 2025

Executive summary

  • FFO1 per share increased 3.4% to CHF 2.10, supported by strong asset management growth, successful capital raising, and the closure and redevelopment of Jelmoli, despite temporary rental income loss.

  • Portfolio value grew to CHF 13.3 billion, with new acquisitions in Geneva and Lausanne and sales of non-core assets.

  • Asset management fees rose by nearly 41% year-over-year, with recurring fees covering 200% of costs and EBITDA margin up to 63%.

  • Integration of Fundamenta products and realization of group synergies advanced operational efficiency.

  • Progress made in sustainability initiatives, targeting net zero by 2040 and advancing circular economy practices.

Financial highlights

  • Rental income decreased by 2.8% year-over-year to CHF 225.5 million due to development projects and asset sales, but like-for-like growth was 2.2%.

  • EBITDA before revaluations and sales remained stable at CHF 199.5 million, with cost reductions from synergies and portfolio adjustments.

  • Net revaluations reached CHF 102.0 million, up from CHF 30.4 million in the prior year, mainly from new lettings and lower property costs.

  • FFO I per share rose 3.4% to CHF 2.10, despite a higher share count from a capital increase.

  • Asset Management income surged 41% to CHF 38 million, with EBITDA up 65% to CHF 23.9 million.

Outlook and guidance

  • Guidance for 2025 confirmed: FFO I per share targeted at CHF 4.10–4.15, LTV below 39%, vacancies under 3.8%, and AuM above CHF 14 billion.

  • Vacancy rate expected to fall below 3.8% by year-end, with LTV maintained below 39%.

  • Medium-term targets include CHF 16–17 billion AUM and CHF 75 million EBITDA from asset management by 2027.

Assess impact of interest rate cuts on asset values.
Explain Fundamenta's synergies after full integration.
Detail plans to achieve climate neutrality by 2040.
Jelmoli cost increase: Any future project risk?
How do reclassified sales impact upcycling strategy?
Maag premises: What is the Plan B implication?
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Frequently asked questions

Swiss Prime Site AG is a real estate investment company focused on the development, management, and ownership of high-quality commercial properties in Switzerland. The company's portfolio includes office buildings, retail spaces, and residential properties, with a concentration in prime urban locations. Swiss Prime Site also operates in related business areas, including real estate services and property development, offering sustainable solutions for tenants and investors. The company emphasizes creating long-term value through strategic property management and environmentally friendly developments. The company is headquartered in Zurich, Switzerland, and its shares are listed on the SIX Swiss Exchange.

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