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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.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.
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Net income up 11.7% YoY, shareholder returns at 50.2%, CET1 ratio at 13.33%. - RM
Record 2025 net income, originations, and efficiency set up strong 2026 growth outlook. - KPIL
27% YOY revenue growth, strong profit and order book, and improved debt metrics drive outlook. - FSV
Annual revenues rose 5% to $5.50B, led by Residential growth and improved profitability. - HEXT
Revenue up 7.6% YoY, margin expands, and AI and acquisitions drive future growth. - 4188
Net income surged on discontinued operations gains, but outlook cut due to restructuring costs. - 021240
Record-high profits and strong rental growth, with overseas expansion led by Malaysia and Thailand. - 021240
Record revenue and profit growth in 2Q'25, led by robust domestic and overseas performance. - 021240
Record-high revenue and net profit in 3Q'24, driven by robust rental growth and overseas expansion. - 021240
Record revenue and profit, with strong growth in rental accounts and overseas markets.
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