Swiss Prime Site reported a 2.4% increase in funds from operations (FFO) to CHF 2.15 per share in the first half of 2026, maintaining momentum from prior guidance and positioning the company to deliver full-year FFO at the upper end of its February range of CHF 4.25 to CHF 4.30 per share.
Net profit rose 17.2% to CHF 192.5 million, while consolidated operating income excluding Jelmoli advanced 3.4% to CHF 270.3 million. EBITDA, excluding revaluation and property-disposal gains, increased 4.6% to CHF 208.7 million. Rental income from own properties grew 2.2% to CHF 230.6 million, driven by new leases from building modifications, lease extensions at higher rents, and acquisitions completed in the prior year. On an EPRA like-for-like basis, rental income rose 1.4%.
The vacancy rate remained stable at 3.7%, unchanged from year-end 2025. Financial expenses increased to CHF 113.9 million from CHF 97 million a year earlier, primarily due to a one-off valuation adjustment linked to an embedded derivative in a convertible bond refinanced in February 2026. Tax expenses rose to CHF 54.6 million from CHF 40 million, reflecting higher deferred taxes from upward portfolio revaluations.
Property portfolio value increased 0.6% to CHF 14 billion at the end of June 2026, surpassing CHF 14 billion for the first time and accompanied by revaluation gains of CHF 148 million. Five properties were disposed of for a combined CHF 166.9 million, generating a gain of CHF 6.9 million over fair value. The portfolio count declined to 127 properties from 132 at year-end 2025.
Asset management income rose 5.2% to CHF 40 million, while assets under management increased to CHF 14.8 billion from CHF 14.3 billion. New money inflows reached a record CHF 0.95 billion, up from CHF 0.62 billion a year earlier. The loan-to-value ratio rose to 39.9% from 38.1% at year-end 2025 due to seasonal factors tied to the dividend payout but is expected to fall below 39% later in the year.
CEO Marcel Kucher said the company is on track to meet its full-year outlook, stating that FFO of CHF 2.15 per share in the first half supports expectations for a full-year result at the upper end of the previously guided range.
