Swiss Prime Site Posts Record FFO1 and AUM Growth in H1 2026

Earnings

โดย GuruFocus·

Summary · why it matters

Swiss Prime Site AG reported record first-half 2026 results, with FFO1 per share rising 2.4% to CHF 2.15 and guidance confirmed at the upper end of the CHF 4.25-4.30 range. The asset management business attracted almost CHF 1 billion in net new money, lifting assets under management to CHF 14.8 billion, while the portfolio value exceeded CHF 14 billion for the first time, driven by CHF 148 million in revaluation gains. The company refinanced its convertible bond at 0% interest for six years and issued two green bonds, lowering the average cost of debt to 83 basis points, though the redemption of the deep-in-the-money convertible bond resulted in a total cost of approximately CHF 180 million, which impacted the P&L. Leasing momentum was strong, with vacancy down to 3.2% and major lease extensions at Prime Tower, while EBITDA rose 4.4% to CHF 208 million and net profit increased 6% to CHF 165.7 million. The company also signed a letter of intent with the University of Zurich for the Markhouse site and attracted Hitachi Energy to Otelfingen, securing long-term value creation.

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