Half Year 2026 PSP Swiss Property AG Earnings Call Transcript
Key Points
- Strong half-year results driven by the Richtipark disposal, with adjusted like-for-like growth of 1.7%.
- Significant valuation gains of CHF112 million, reflecting a robust property market.
- Moody's upgraded PSP Swiss Property AG (WBO:PSPN) rating from A3 to A2, recognizing strong financial stability.
- Healthy letting market with high visibility, expecting vacancy to decrease to 3.5% by year-end.
- Early signs of recovery in Basel, with successful lettings in the Peter Merian building.
- Vacancy rate increased to 4% in the half year due to reclassification of HĂ´tel des Postes.
- Topline expected to decline by year-end due to disposals and ongoing developments.
- Debt duration is shortening, potentially increasing refinancing risk.
- Earn-out agreements from Richtipark sale are uncertain and depend on new owner's progress.
- Delays in building permissions for HĂ´tel des Postes may postpone tenant contracts by one to two months.
Good morning, everybody, and welcome to our release of the half-year results. As always, I will do a quick rundown of the key highlights and then open for questions. As I have seen, we are many participants.
We are pleased to report strong half-year results. They are predominantly driven by the already announced disposal of the Richtipark sale. We report an adjusted like-for-like growth of 1.7%. You remember that Q1 '25, we had a one-off effect on the costs, which would have had a negative impact. So without that, it is a 0.7%, but on a like-for-life basis and adjusted, it's a 1.7%.
We report strong valuation gains of CHF112 million on the back of already a reported gain in Q1. And we demonstrate and continue to demonstrate a very strong cost discipline and a very stable financials, which has been recognized by Moody's with an upgrade on the rating from an A3 to A2.
Furthermore, we have seen again lower taxes, release of deferred taxes of more than CHF10
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