Allreal (ALLN) H2 2024 earnings summary

Executive summary

• Net profit including revaluation effect rose to CHF 211.4 million, a significant increase from CHF 65.2 million in 2023, driven by positive property revaluations and improved real estate earnings.

• Target rental income increased to CHF 221.3 million (up 0.7% year-over-year), with a low vacancy rate of 1.6%.

• Earnings from Development & Realisation grew 13.5% to CHF 42.8 million, and the order backlog reached CHF 667 million.

• Three properties were sold above balance sheet value, and over CHF 750 million was refinanced, including a CHF 150 million green bond.

Financial highlights

• EBIT excluding revaluation effect rose 5.1% to CHF 189.9 million year-over-year.

• Net profit excluding revaluation effect was CHF 122.7 million, up 0.6% from 2023.

• Earnings per share (EPS) excluding revaluation effect increased to CHF 7.43.

• Gross margin on third-party projects was 10.4%.

• Equity ratio improved to 44.9%, and loan-to-value (LTV) stood at 47.5%.

Outlook and guidance

• Net operating profit for 2025 expected to remain stable, with temporary rental income decrease due to renovations and tenant changes.

• Income from condominium sales projected to rise, with slightly higher construction volume and lower operating expenses.