Mobimo (MOBN) H2 2024 earnings summary

Executive summary

• 2024 marked Mobimo's 25th anniversary with strong financial and operational performance, including higher rental income, robust development profits, and a solid balance sheet.

• Vacancy rate decreased to 3.7%, with residential portfolio nearly fully let and commercial vacancies reduced.

• Net valuation gain of CHF 43.1 million, reversing the prior year's loss, mainly due to higher residential rents and project progress.

• Dividend of CHF 10.25 per share proposed, up 2.5% year-over-year.

• Annual meeting held in Kusnacht with both in-person and virtual attendance options.

Financial highlights

• Rental income stable at CHF 145.0 million; adjusted growth of 2.0% year-over-year.

• Net income from development and sale of trading properties CHF 33.0 million, up 21.4% year-over-year.

• EBIT CHF 171.5 million (prior year: CHF 77.0 million); EBIT excl. revaluation CHF 128.4 million (prior year: CHF 127.0 million).

• Profit CHF 125.2 million (prior year: CHF 46.6 million); profit excl. revaluation CHF 91.3 million (prior year: CHF 90.0 million).

• EPRA Earnings per share CHF 10.08 (prior year: CHF 10.55); FFO I per share CHF 13.67 (prior year: CHF 14.95).

Outlook and guidance

• Rental income expected to decline slightly in 2025 due to disposals and project delays, with growth resuming in 2026/2027 as new projects complete.

• Vacancy rate expected to remain below 5%; another strong year anticipated for development profits.

• Dividend to remain attractive and sustainable; further expansion of photovoltaic systems and progress on CO2 reduction path planned.