SF Urban Properties (SFPN) H1 2025 earnings summary

Executive summary

• Strong operational performance in H1 2025 with robust earnings and a nearly completed strategic shift toward Zurich and Basel, demonstrating resilience amid geopolitical and market uncertainties.

• Like-for-like portfolio value increased by 2.5% in H1 2025, reaching CHF 800.7 million, supported by asset rotation and a lower discount rate.

• Net profit excluding revaluation effects increased by 14.0% year-over-year, with total net profit rising to CHF 21.6 million.

• Real estate earnings and property income rose 2.3% year-over-year, with a low vacancy rate of 2.0%.

Financial highlights

• Net profit excluding revaluation effects was CHF 7.3 million, up from CHF 6.4 million in H1 2024; total net profit reached CHF 21.6 million.

• EBIT from investment properties (excluding revaluations) reached CHF 11.4 million; total EBIT was CHF 30.7 million.

• Property income rose to CHF 15.9 million from CHF 15.6 million in H1 2024.

• EBIT margin for investment properties (excl. revaluation) was 65.86%.

• NAV per share (CHF 9.00 nominal) rose to CHF 114.47; share price at period-end was CHF 98.00, a 14.4% discount to NAV.

Outlook and guidance

• Portfolio realignment to be completed in 2025, with acquisitions and sales each targeted at approximately CHF 30–40 million, consolidating assets in Zurich and Basel.

• Target vacancy rate set below 2% and property income expected to exceed CHF 31.2 million for 2025.

• New development and marketing launches planned in Zurich and Zumikon.

• Management remains confident in achieving full-year targets despite regulatory and geopolitical uncertainties.