Swiss Prime Site AG

Swiss Prime Site reported rental income of CHF 231 million, up 2.2% year on year, and asset management fee income of CHF 40 million, up 5.2%. Comparable operating income was CHF 270 million, comparable operating expenses were CHF 64 million, EBITDA was rounded CHF 208 million, net profit was CHF 165.7 million, FFO I per share was CHF 2.15, and EPS was CHF 2.07. The portfolio was revalued up by CHF 148 million, lifting total portfolio value to more than CHF 14 billion for the first time; AUM reached CHF 14.8 billion after net new money of CHF 950 million. Management confirmed 2026 guidance, especially FFO I per share of CHF 4.25 to CHF 4.30, with the outcome expected at the upper end.

Marcel Kucher framed the half year as a period of strong operating momentum across both pillars of the business, with leasing demand, development milestones, and asset management inflows all moving positively. He emphasized the quality of the portfolio, saying Alto Pont-Rouge is fully leased, Fraumünsterpost is seeing strong demand from AI-related tenants, and lease extensions such as Homburger’s 15-year renewal reinforce campus quality. His tone was confident but disciplined: he repeatedly stressed that the Swiss market is attractive, yet yields are compressed, so the group must remain selective on acquisitions.

Martina Moosmann highlighted that the dual strategy translated into higher operating profit, with rental income at CHF 231 million, asset management fees at CHF 40 million, comparable operating income at CHF 270 million, and comparable operating expenses down 3.4% to CHF 64 million. She pointed to CHF 148 million of valuation gains, EBITDA of rounded CHF 208 million, and FFO I per share of CHF 2.15, supported by lower financing costs after the 0% convertible issue and early redemption of the deep in-the-money convertible. On the balance sheet, she said average interest cost fell to 83 bps, average maturity rose to 4 years, and LTV was 39.9%, which she expects to move back below 39% by year-end; she also noted over CHF 700 million of dry powder in committed credit lines.

Analysts focused on lease expiries, asset management growth capacity, debt maturities, and the cost of the convertible refinancing. Management said there are no major lease expiries coming in 2027 and vacancy should remain around current levels or slightly lower, while asset management can still grow in Switzerland because pipelines are full and roughly 30% of deals are off-market. On financing, they said the large 2029-2030 maturities sit mainly in syndicated loan facilities and banks appear interested in rolling them. On the convertible, management said the total delta from proceeds received to cash paid back is roughly CHF 180 million.