Q1 2026 PSP Swiss Property AG Earnings Call Transcript
Key Points
- PSP Swiss Property AG (PSPSF) reported solid Q1 results with top-line growth in line with expectations.
- The company achieved a significant valuation uplift of more than CHF13 million for a property due to successful letting.
- The vacancy rate is expected to decrease to 3.5%, supported by several letting successes across major cities.
- The company maintains a stable cost base and confirms its EBITDA guidance of CHF 310 million for the full year.
- PSP Swiss Property AG (PSPSF) has a strong focus on prime assets in primary cities, which aligns with its successful strategy.
- The like-for-like growth was only 0.6%, although it would have been 1.7% without last year's one-off costs.
- The company is in negotiations for the sale of the Wallisellen asset, but visibility on the transaction's completion is not guaranteed.
- The fixed interest period has fallen to 3.1 years, below the company's preferred range of 3.5 to 4.5 years.
- The Geneva market experienced a vacancy rate increase and negative like-for-like growth due to a one-off cost benefit last year.
- Political uncertainties related to Lex Koller create an unpleasant environment, although the company believes it is unlikely to pass.
Thank you, and good morning, everybody. Welcome to this short presentation and Q&A, as always, in the Q1 and Q3. I will limit myself to some headline updates and then leave the room for the questions. Today, we reported a very solid Q1 results in line with our expectations. We show a solid top line growth, very stable cost base, basically very line and very predictable. The like-for-like growth was 0.6%. If you take out the one-off on the cost of last year and Rue de Marche, the like-for-like would have been 1.7%. And that's also what we roughly guide for the full year, around 1.5%, 1.8% on the like-for-like.
The letting and transactional market is unchanged since we last speak end of February 2026, it's very supportive to our strategy. And what we observed is that our strategy to focus on the prime assets, the primary cities is certainly the winning one. Letting success in the first quarter led to an appreciation of one property on the Lowenbrau. As you recall, we
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
