Plazza (PLAN) H2 2025 earnings summary

Executive summary

• Net profit increased 20% year-over-year to CHF 60.7 million, driven by higher property income and significant revaluation gains.

• Property income rose 21% to CHF 39.9 million, with growth from new assets and existing portfolio.

• Acquisition of A. Schönbächler & Co AG added 48 apartments and a development site, expanding the portfolio to 21 properties.

• Major progress in development projects, including Regensdorf (building permit application) and start of Tiergarten renovation.

• Sustainability initiatives advanced, with first property certified SGNI Gold and further PV installations.

Financial highlights

• EBITDA increased 22% to CHF 75.8 million; EBIT up 22% to CHF 75.7 million year-over-year.

• Net profit excluding revaluation gains rose 15% to CHF 23.6 million.

• Free cash flow was negative CHF 90.9 million due to high investment activity.

• Total assets grew to CHF 1.29 billion; equity ratio at 61.2%.

• Dividend proposal: CHF 10.00 per A share (+CHF 1.00) and CHF 2.00 per B share (+CHF 0.20).

Outlook and guidance

• Stable operating results expected for 2026; revaluation gains dependent on market and project progress.

• Medium-term target: net rental income to exceed CHF 55 million within 3–5 years, supported by robust development pipeline.