PSP Swiss Property (PSPN) Q1 2026 earnings summary

Executive summary

• Achieved solid Q1 2026 results with stable rental income of CHF 87.5 million, up 0.7% year-over-year, and net income rising 7.0% to CHF 64.8 million; EPS increased to CHF 1.41.

• Portfolio value reached CHF 10.1 billion, comprising 148 investment and 11 development properties, with Zurich accounting for 61% of value.

• Vacancy rate stood at 3.9% in Q1, with a targeted reduction to 3.5% by year-end 2026.

• Strategy focused on prime, sustainable assets in central Swiss cities, supported by letting successes and a CHF 13.5 million valuation uplift for Löwenbräu Red, Zurich.

• Sustainability initiatives remain central, with all debt linked to green criteria and a net zero target by 2050.

Financial highlights

• Rental income for Q1 2026 was CHF 87.5 million, up 0.7% year-over-year; like-for-like rental growth was 0.6%.

• Net income excluding real estate gains/losses rose 8.4% to CHF 54.2 million; EPS (excl. gains/losses) at CHF 1.18.

• EBITDA (excl. revaluations) was CHF 74.4 million, down 0.4%; EBITDA margin at 84.6%.

• Net asset value per share increased to CHF 124.47; share price at period end CHF 158.50, up 10.5% year-over-year.

• Dividend of CHF 3.95 per share for 2025 paid in April 2026.

Outlook and guidance

• 2026 EBITDA (excl. revaluations) is forecast at CHF 310 million, up from CHF 302 million in 2025.

• Vacancy rate expected to decrease to 3.5% by year-end 2026, supported by letting successes in Zurich, Basel, Lausanne, and Geneva.

• Like-for-like rental growth for the full year is guided at 1.5%-1.8%.

• Continues selective acquisition strategy focused on premium, sustainable properties and maintains shareholder-friendly dividend policy.

• Potential Wallisellen asset sale could impact EBITDA guidance, depending on timing.