Peach Property AG Posts HY 2026 Turnaround with EBITDA Up 25%

Peach Property Group AG reported first-half 2026 results on September 23, highlighting a turnaround in operational performance and financial discipline. Adjusted EBITDA rose 25% to approximately EUR 29.9 million, up from EUR 23.8 million in the same period last year, while total debt fell by EUR 168 million to EUR 854 million. The company’s strategic focus on core assets—representing 80% of its portfolio—has improved rental growth, vacancy rates, and operational efficiency, with net cold rent rising 3.2% year-over-year to EUR 6.68 per square meter. Vacancy in the strategic portfolio dropped to 3.3%, down from 6.3% a year earlier, while collection risk fell to 1.1% from 4.4%. EBITDA margins expanded to 56.1%, up 8 percentage points from HY 2025, and net operating income margin reached 75%, targeting 80% by 2028. The company also reduced personnel expenses by 12.5% to EUR 7.9 million, with a headcount of 225 employees—50% female—while operational costs per square meter declined in repair and maintenance. ESG metrics improved, with Scope 1 and 2 GHG intensity falling to 24.9 kg CO₂e per square meter and energy consumption down to 121 kWh per square meter. The portfolio’s total fair market value stands at EUR 1.81 billion, with non-strategic assets valued at EUR 185 million. A key development was the completion of Peninsula Wädenswil’s condominium sales, with CHF 130–140 million raised from 57 units across five buildings, 96.5% of which were notarized. The company’s financial health remains underpinned by a EUR 62 million loan facility secured in August 2025, with EUR 22 million in free liquidity, though a EUR 60 million debt maturity is due in March 2028. Moody’s and Fitch have maintained stable outlooks, with Moody’s rating at Ba2 and a positive outlook, while Fitch rated the company BB. Analysts project full-year 2026 FFO between EUR 17–19 million and a 2028 target of EUR 30–32 million, with a debt/EBITDA multiple improving to 12x from 20.2x. The stock traded around CHF 5.83 on the day of the presentation, down about 25% year-to-date, with analyst targets ranging from CHF 8.40 to CHF 10.59.