Mobimo (MOBN) H1 2024 earnings summary

Executive summary

• Rental income reached CHF 72.5 million, down 1.7% year-over-year but up 2.0% like-for-like, with low vacancy at 4.2%.

• Net income rose 91.5% year-over-year to CHF 65.6 million, driven by revaluation gains and robust development activity.

• Profit from development and sale of trading properties rose 43.3% to CHF 12.9 million, driven by progress in condominium projects.

• Real estate portfolio value increased to CHF 3.7 billion, with continued focus on sustainable growth and innovation.

• Equity ratio remained strong at 48.1%, with EPRA-LTV at 43.1%.

Financial highlights

• Net rental income was CHF 62.5 million, down 3.0% year-over-year due to prior-year special effects.

• EBIT rose 63.9% to CHF 83.3 million; EBIT excluding revaluation up 1.9% to CHF 61.3 million.

• Profit increased 91.5% to CHF 65.6 million; profit excluding revaluation up 11.0% to CHF 47.8 million.

• Earnings per share excluding revaluation increased 10.9% to CHF 6.59.

• FFO I per share was CHF 6.20, down 10.5% year-over-year.

Outlook and guidance

• Rental income expected to remain stable for 2024, with rent adjustments offsetting absence of one-off effects.

• Vacancy rate expected to stay below 4.5%.

• Income from development projects and trading property sales expected slightly above 2023, driven by Oberägeri.

• Dividend policy remains attractive; focus on CO2 reduction and certification strategy.

• Confident in meeting 2024 targets, supported by established strategy and improved market environment.