Swiss Prime Site AG reported a 2.4% rise in first-half funds from operations (FFO I) to CHF 2.15 per share from CHF 2.10 in the same period last year, as the Swiss real estate group posted stronger operating performance and sustained portfolio growth.
The company’s consolidated operating revenue increased 3.4% on a comparable basis to CHF 270.3 million, excluding Jelmoli, while EBITDA rose 4.6% to CHF 208.7 million. Net rental income grew 2.2% to CHF 230.6 million, driven by new leases, renewals at higher rents, and acquisitions completed in 2025. On an EPRA like-for-like basis, rental income increased 1.4%, with real rental growth of 1.3% and lower vacancy rates contributing the remainder.
The value of Swiss Prime Site’s own real estate portfolio rose 0.6% to CHF 14.0 billion at the end of June, marking the first time it exceeded CHF 14 billion. Revaluation gains totaled CHF 148 million, up from CHF 102 million a year earlier, supported by lower operating costs, higher lease agreements, and a two-basis-point reduction in the average discount rate. Under its capital-recycling strategy, the company sold five properties for CHF 166.9 million, generating a gain of CHF 6.9 million, with proceeds focused on smaller shopping centers in secondary locations.
Funds from operations for the first half rose 2.4% to CHF 2.15 per share, while net profit increased 17.2% to CHF 192.5 million. The company confirmed full-year 2026 FFO I guidance at the upper end of its February range of CHF 4.25 to CHF 4.30 per share.
Swiss Prime Site Solutions, the group’s asset management arm, reported a 5.2% increase in earnings to CHF 40.0 million, with assets under management rising 3.5% to CHF 14.8 billion. New client inflows reached a record CHF 0.95 billion, up from CHF 0.62 billion in the prior-year period.
The company highlighted progress in its development pipeline, including the signing of a sale agreement with Hitachi Energy for a new production site in Otelfingen, and an agreement in principle with the University of Zurich to lease the Maag-Hallen for the Natural History Museum. The Prime Tower area in Zurich West remains on track, with ongoing projects including the Fraumünsterpost, YOND Campus, and the Destination Jelmoli development.
Swiss Prime Site also improved its ISS STOXX ESG rating to B-, placing it among the top 10% of globally ranked real estate companies.
