PSP Swiss Property AG (XSWX:PSPN)

Q3 2025 PSP Swiss Property AG Earnings Call Transcript

Nov 11, 2025 / 08:00 AM GMT

Release Date Price: CHF138.8 (-1.28%)

Transcript

Key Points

Positve

PSP Swiss Property AG (PSPSF) is experiencing a solid letting market in prime office locations such as Zurich, Geneva, and Bern, with high demand for prime retail in Zurich.
The company has made significant progress in leasing activities, particularly in Saint Francois, Lausanne, and has signed leases at record high rates for the region.
Interest rates have slightly decreased, leading to cheaper refinancing options and a slight reduction in spreads.
The company expects a positive contribution to valuations at year-end due to letting successes and potential yield compression in central locations.
PSP Swiss Property AG (PSPSF) confirmed its EBITA guidance around 300 million and maintains a vacancy rate target of 3.5% by year-end, indicating strong leasing activity and asset management.

Negative

There is a lack of availability of prime assets with development potential, which limits the company's ability to invest in new opportunities.
The vacancy rate increased to 4.3% in the third quarter, driven by the reclassification of the Bulwark asset in Bern, although the company expects it to decrease by year-end.
The company faces challenges in securing pre-leases for developments in Geneva, with ongoing discussions and uncertainty about future leasing scenarios.
Inflation in Switzerland is low, which may pose challenges for top-line growth in the coming year.
The company has not yet secured a lease renewal with Google, a major tenant, although discussions are reportedly positive.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

PSPN.S - PSP Swiss Property AG
Q3 2025 PSP Swiss Property AG Earnings Call
Nov 11, 2025 / 08:00AM GMT

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Presentation
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Unidentified_1 [1]
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Good morning and thank you. And welcome to our 3rd quarter results release.

As always, I will start with a short introduction on the main highlights and then rather quickly go into Q&A.

If we look first on the letting market, we continue to be confronted with a solid letting market on prime office, especially for Zurich, Geneva, but also in Bern. We see good letting successes at good market rents. We continue to see a very high demand for prime retail in Zurich.

And we did some good progress on the lettings in Saint Francois in Lausanne.

We see strong interest now in beans and also infuss Strauss. So we are confronted, as I said, with a very solid letting market in our prime areas.

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