Allreal (ALLN) H2 2025 earnings summary

Executive summary

• Net profit increased by 3.7% year-over-year to CHF 219.3 million, driven by higher revaluation gains and improved earnings from Development & Realisation, with a positive outlook for 2026 supported by higher net profit and improved project milestones.

• Key achievements include successful refinancing, major property acquisitions, strong sustainability ratings, and the issuance of two green bonds totaling CHF 235 million.

• Board proposes a stable distribution of CHF 7.00 per share, half from capital reserves, with a 3.4% yield.

• Personnel changes announced for the Board of Directors, including a new Chair proposal.

Financial highlights

• Rental income was CHF 204.0 million, down 7.8% year-over-year due to portfolio changes.

• Earnings from Development & Realisation rose to CHF 52.9 million, up 23.6% from the previous year.

• Net profit excluding revaluation effect was CHF 122.1 million (vs. CHF 122.7 million), while including revaluation effect it was CHF 219.3 million (vs. CHF 211.4 million).

• Completed project volume increased to CHF 282.6 million from CHF 248.1 million.

• Total sales rose 3.7% year-over-year to CHF 486.6 million.

Outlook and guidance

• 2026 is expected to see rising rental income, lower vacancy rates, and increased income from condominium sales, with operating profit projected to improve and a relevant contribution from property sales in H1 2026.

• Financing costs may rise slightly as low-rate liabilities are refinanced, but key balance sheet figures are expected to remain stable.