Swiss Prime Site AG reported steady first-half growth on Tuesday, with underlying earnings per share rising 2.4% to a record CHF 2.15 and net profit increasing 6% to CHF 165.7 million.
The Swiss real estate group said its portfolio value exceeded CHF 14 billion for the first time, up 0.6% from year-end 2025. Rental income rose 2.2% to CHF 231 million, or 4.5% including sales, while like-for-like rental growth reached 1.3% in real terms.
Funds from operations (FFO1) per share climbed to CHF 2.15 from CHF 2.10 in the same period last year, with the company reaffirming its full-year guidance of CHF 4.25 to CHF 4.30 per share, expecting to land near the upper end. Net profit rose to CHF 165.7 million from CHF 156.3 million, while operating income grew 3.4% to CHF 270 million.
The group’s asset-management business saw fee income increase 5.2% to CHF 40 million, with assets under management rising to CHF 14.8 billion on record net inflows of CHF 950 million. EBITDA advanced 4.4% to approximately CHF 208 million, with EBIT up 20% and the EBITDA margin edging higher to 65%.
Swiss Prime Site disposed of CHF 167 million in smaller retail assets during the period, reducing rental income by CHF 4.5 million. The average cost of debt fell 11 basis points to 83 basis points year-over-year, while the debt-to-equity ratio stood at 0.83 and net debt to EBITDA was roughly 11 times.
CEO Marcel Kucher highlighted strong operating performance and said Alto Pont-Rouge is now fully leased. CFO Martina Moosmann noted the group focuses on prime commercial properties and residential assets for institutional investors. The company also reaffirmed full-year targets, including asset-management net new money of CHF 1.3 billion to CHF 1.4 billion and a vacancy rate expected to dip below 3.7% by year-end.
Development spending is planned at about CHF 100 million, with key projects including the Fraumünsterpost set to open in early 2027 and YOND in early 2028. Swiss Prime Site will host a Capital Markets Day in Zurich on October 26, including updated guidance through 2030.
