Psp Swiss Property Ag · SIX:PSPN
Psp Swiss Property — Q1 2025 Earnings Presentation
63 slides from Psp Swiss Property's earnings presentation, May 13, 2025
Slide 1: Quarterly results Q1 2025
Quarterly results Q1 2025 Publication, 13 May 2025
Slide 2: Agenda
Agenda 3 Key Facts and Figures 8 Financial Results Q1 2025 16 Portfolio & Vacancy Rate 22 Green Finance Policy & Capital Structure 26 Development Properties 36 Subsequent Events 38 Outlook 40 Annex © PSP Swiss Property 2
Slide 3: Property Portfolio (March 2025)
Property Portfolio (March 2025) Portfolio value CHF 9.9bn (149 investment properties and 12 development properties) Zurich Basel CHF 6.0bn CHF 0.7bn 61% 8% Bern CHF 0.5bn 5% Other locations Lausanne CHF 0.3bn CHF 0.3bn 3% 3% Sites and projects CHF 0.5bn 5% Geneva CHF 1.4bn 15% © PSP Swiss Property 3
Slide 4: Current Market Environment
Current Market Environment Swiss market environment − Letting market for prime office properties in Swiss main markets healthy − Good business sentiment in our key markets Zurich and Geneva − Solid demand for letting office space at prime locations − In secondary locations demand continues to be wea
Slide 5: Main Developments
Main Developments Real estate portfolio − Portfolio value CHF 9.9bn (up 0.3% compared with December 2024) − No acquisitions and no disposals − Reclassification of five investment properties (four properties in Geneva, Quartier des Banques, and the “Löwenbräu Red” property in Zurich) to development p
Slide 6: Main Developments
Main Developments Financing − Low leverage with LTV of 33.6% (December 2024: 34.1%) − Low passing average cost of debt 1.04% (December 2024: 1.05%) − Weighted average loan maturity of 4.1 years, Ø fixed-interest period of 3.8 years (December 2024: 4.4 years, 4.0 years) − CHF 0.765bn unused, committe
Slide 7: Agenda
Agenda 3 Key Facts and Figures 8 Financial Results Q1 2025 16 Portfolio & Vacancy Rate 22 Green Finance Policy & Capital Structure 26 Development Properties 36 Subsequent Events 38 Outlook 40 Annex © PSP Swiss Property 7
Slide 8: Key Figures
Key Figures Consolidated, in CHF m 2023 2024 Q1 2024 Q1 2025 ∆1 Ebitda excl. ∆-RE2 297.7 304.9 76.7 74.6 -2.7 % Net income excl. ∆-RE2 339.2 231.8 56.6 50.0 -11.7 % Net income 207.6 374.9 81.0 60.6 -25.2 % Rental income 331.9 350.0 89.2 86.9 -2.5 % Per share, in CHF 2023 2024 Q1 2024 Q1 2025 ∆1 EPS
Slide 9: EPRA Performance Measures
EPRA Performance Measures Q1 2024, 31 March 2024 Q1 2025, 31 March 2025 (CHF or %) EPRA PSP EPRA PSP A. EPS (earnings per share) 1.09 1.09 1.23 1.23 B. NRV (net reinstatement value) 144.01 141.17 142.39 139.51 C. NTA (net tangible assets) 141.59 n.a. 139.98 n.a. D. NDV (net disposal value) 119.65 11
Slide 10: Consolidated Income
Consolidated Income in CHF 1’000 2023 2024 Q1 2024 Q1 2025 ∆ Rental income 331’905 349’978 89’182 86’912 -2.5 %1 Valuation gains -161’261 170’971 31’210 13’725 Property sales revenues (development properties) 14’012 1’021 568 0 Property sales (investment properties) 910 14’089 0 0 Capitalised own se
Slide 11: Consolidated Expenses
Consolidated Expenses in CHF 1’000 2023 2024 Q1 2024 Q1 2025 ∆ Properties’ operating expenses -11’372 -11’612 -2’963 -1’752 -40.9 % Properties’ maintenance / renovation -14’291 -13’202 -3’287 -3’353 2.0 % Personnel expenses -20’604 -18’966 -5’003 -5’205 4.0 % General and administrative expenses -8’9
Slide 12: Consolidated Results
Consolidated Results in CHF 1’000 2023 2024 Q1 2024 Q1 2025 ∆ Profit before financial expenses 136’140 487’623 107’706 88’105 -18.2 % Net financial expenses -22’886 -34’275 -7’968 -8’685 9.0 % Profit before taxes 113’255 453’348 99’738 79’420 -20.4 % Taxes 94’3401, 2 -78’4003 -18’7484 -18’8525 Net i
Slide 13: Per Share Distribution (in CHF)
Per Share Distribution (in CHF) 5.00 3.85 3.90 4.00 3.75 3.80 3.60 3.65 3.50 3.35 3.40 3.25 3.25 3.30 3.20 3.00 3.00 2.80 2.70 2.50 2.40 2.20 2.10 1.98 2.00 1.65 1.50 1.25 1.00 0.00 Business year 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Slide 14: Share Price, rebased
Share Price, rebased PSP SPI Index SMI Index EPRA Index (in CHF) 450 400 PSP 350 SPI Index 300 250 200 SMI Index 150 100 EPRA Index 50 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Source: Bloomberg, 9.5.2025. © PS
Slide 15: Agenda
Agenda 3 Key Facts and Figures 8 Financial Results Q1 2025 16 Portfolio & Vacancy Rate 22 Green Finance Policy & Capital Structure 26 Development Properties 36 Subsequent Events 38 Outlook 40 Annex © PSP Swiss Property 15
Slide 16: Portfolio & Vacancy Rate
Portfolio & Vacancy Rate 9.7 9.7 9.7 9.8 9.9 10 9.4 9.6 9.6 9.6 10% 9 9% 8 8% 7 7% 6 6% 5 5% 4.1% 4.0% 4 3.6% 3.6% 3.5% 4% 3.2% 3.2% 3.2% 3.2% 3 3% 2 2% 1 1% 0 0% Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Real estate portfolio value in CHF bn. Vacancy rate in % (CHF). ©
Slide 17: Largest Vacancies (March 2025)
Largest Vacancies (March 2025) Vacancy Vacancy Contribution Actions taken Properties (sqm)1 rate in %-points (new vacancy) Grubenstrasse 6, 8, Zurich 6’475 65.5% 0.5% New lease starting Q2 2025 (45.0%) Füsslistrasse 6, Zurich 1’071 54.9% 0.5% Letting in progress Peter Merian-Strasse 88, 90, Basel 4’
Slide 18: Expiry Profile of Leases (March 2025)
Expiry Profile of Leases (March 2025) (Legal termination option by tenants) 18% 16% 16% 16% 14% 14% 12% 12% 10% 8% 8% 6% 7% 4% 5% 6% 4% 5% 4% 2% 3% 0% 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035+ NL 70% of the Q2-Q4 2025 maturities (CHF 15.6m) are renewed (of the overall 2025 maturities t
Slide 19: Changes in Fair Value (March 2025)
Changes in Fair Value (March 2025) (CHF m) 2023 2024 Q1 2025 Existing portfolio -167.11 163.53 13.75 Acquisitions / first-time 5.82 7.54 0.0 valuation Total net changes in fair value -161.3 171.0 13.7 1 Of which: Q2 2023: CHF -104.3m related to the investment portfolio and CHF +10.1m to the developm
Slide 20: Changes in Fair Value, Discount Rates (Dec. 2024)
Changes in Fair Value, Discount Rates (Dec. 2024) Valuation done by Wüest Partner Portfolio nominal discount rate Area Minimum Maximum Weighted Ø Zurich 3.2% 5.4% 3.7% Geneva 3.3% 5.8% 3.7% Basel 3.5% 4.5% 4.2% Bern 3.4% 5.3% 4.0% Lausanne 3.5% 5.2% 4.3% Other locations 3.7% 5.2% 4.6% All areas (all
Slide 21: Agenda
Agenda 3 Key Facts and Figures 8 Financial Results Q1 2025 16 Portfolio & Vacancy Rate 22 Green Finance Policy & Capital Structure 26 Development Properties 36 Subsequent Events 38 Outlook 40 Annex © PSP Swiss Property 21
Slide 22: Green Finance Policy
Green Finance Policy Green bond portfolio − Implemented November 2022 and updated May 2025 − 100% Green bond portfolio − Green assets defined over maximum CO 2 emissions and minimum RE ESG Plus − Second party opinion obtained by Moody’s Rating Sustainability-linked loans − Implemented February 2023
Slide 23: Debt
Debt Diversified and stable lender portfolio − 9 domestic banks and 1 syndicated loan (with 9 Swiss Cantonal banks) High visibility on debt maturity profile − Last private placement issued: 12 February 2025, CHF 125m, all-in 0.52% (spread of 30 basis points), maturing August 2025 − Next bond expiry:
Slide 24: Capital Structure
Capital Structure Money values in CHF m 2023 2024 Q1 2025 ∆ Shareholders’ equity 5’220.7 5’410.7 5’474.2 1.2 % − % of total assets 53.3% 54.5% 55.1% Deferred tax liabilities (net) 947.7 988.4 1’001.2 1.3 % − % of total assets 9.7% 10.0% 10.1% Interest-bearing debt 3’465.8 3’384.8 3’339.9 -1.3 % − %
Slide 25: Agenda
Agenda 3 Key Facts and Figures 8 Financial Results Q1 2025 16 Portfolio & Vacancy Rate 22 Green Finance Policy & Capital Structure 26 Development Properties 36 Subsequent Events 38 Outlook 40 Annex © PSP Swiss Property 25
Slide 26: Project "Bollwerk", Bern
Project “Bollwerk”, Bern Under construction − Bollwerk 15, Bern − Total renovation (modernisation) − Completion Q3 2025 − Investment sum approx. CHF 11m (thereof CHF 4.7m spent) − 65% pre-let (entire retail space and partial office spaces) © PSP Swiss Property 26
Slide 27: Project "Hôtel des Postes", Lausanne
Project “Hôtel des Postes”, Lausanne Under construction − Place Saint-François 15, Lausanne − Total renovation (modernisation) − Approx. 11’700 m 2 letting space (office, retail and commerce) − Completion beginning of 2026 − Investment sum approx. CHF 55m (thereof CHF 37.1m spent) − 10% pre-let (ret
Slide 28: Project "TEC", Basel
Project “TEC”, Basel Under construction − Grosspeterstrasse 24, Basel − Modernisation − Approx. 11’300 m 2 letting space, thereof approx. 5’000 m 2 to be modernised (upper floors 2, 3 and 4) − Completion mid-2026 − Investment sum approx. CHF 11m (thereof CHF 7.4m spent) − 42% pre-let (office, storag
Slide 29: Overview "Quartier des Banques", Geneva
Overview “Quartier des Banques”, Geneva − In Portfolio (20’524 m 2) 1. Rue de la Corraterie 5, 7 / Rue de la Cité 6 2. Rue de la Confédération 2 3. Rue de la Corraterie 24, 26 4. Place de la Synagogue 3, 5 / Rue Jean-Petitot 4, 6 2 − Projects 2025 - 2026 (6’240 m2) 7 1 5. Rue de l’Arquebuse 8 – mult
Slide 30: Projects "Quartier des Banques", Geneva
Projects “Quartier des Banques”, Geneva Project “Quartier des Banques Arquebuse 8” Under construction − Rue de l’Arquebuse 8, Geneva − Modernisation, multi-tenant use − Approx. 2’000 m 2 letting space (office & storage) − Start of construction Q1 2025, completion Q3 2025 − Investment sum approx. CHF
Slide 31: Projects "Quartier des Banques", Geneva
Projects “Quartier des Banques”, Geneva Project “Quartier des Banques Jean-Petitot 12” Under construction − Rue Jean-Petitot 12, Geneva − Total renovation (modernisation), single- or multi-tenant use − Approx. 1’200 m 2 letting space (office & storage) − Start of construction Q3 2025, completion beg
Slide 32: Project "Löwenbräu Red", Zurich
Project “Löwenbräu Red”, Zurich Under evaluation − Limmatstrasse 250-254, 264, 266, Zurich − Conversion, serviced appartements − Planning in progress, the building application will be submitted in Q3 2025 − Investment sum and construction period to be defined © PSP Swiss Property 32
Slide 33: Project "Richtipark", Wallisellen
Project “Richtipark”, Wallisellen Under evaluation − As a part of the revision of the municipal building and zoning regulations in the citiy of Wallisellen, a rezoning of the properties at Richtistrasse 3, 5, 7, 9 and 11 was decided early April 2025. − Future residential share can be increased to 75
Slide 34: Capex and Potential Rental Income
Capex and Potential Rental Income CAPEX Potential Completion Total expected rental Pre-let (CHF m) 2025-2026 2025 2026 income1 in % Project “Bollwerk“, Bern 2025 11.0 6.1 6.1 0 ~ 1.0 65% Project “TEC“, Basel 2026 11.0 3.6 1.9 1.7 ~ 2.5 42% 4 projects “Quartier des Banques“, Geneva 2025/26 21.0 18.6
Slide 35: Agenda
Agenda 3 Key Facts and Figures 8 Financial Results Q1 2025 16 Portfolio & Vacancy Rate 22 Green Finance Policy & Capital Structure 26 Development Properties 36 Subsequent Events 38 Outlook 40 Annex © PSP Swiss Property 35
Slide 36: Subsequent Events
Subsequent Events Dividend payment for the 2024 business year − 9 April 2025 − CHF 3.90 gross per share, totalling CHF 178.9m © PSP Swiss Property 36
Slide 37: Agenda
Agenda 3 Key Facts and Figures 8 Financial Results Q1 2025 16 Portfolio & Vacancy Rate 22 Green Finance Policy & Capital Structure 26 Development Properties 36 Subsequent Events 38 Outlook 40 Annex © PSP Swiss Property 37
Slide 38: Outlook 2025
Outlook 2025 Consolidated Ebitda (excl. changes in fair value), confirmed CHF ~300m (2024: CHF 304.9m) Vacancy rate portfolio, at year-end, confirmed 3.5% (end of Q1 2025: 3.5%) © PSP Swiss Property 38
Slide 39: Agenda
Agenda 3 Key Facts and Figures 8 Financial Results Q1 2025 16 Portfolio & Vacancy Rate 22 Green Finance Policy & Capital Structure 26 Development Properties 36 Subsequent Events 38 Outlook 40 Annex © PSP Swiss Property 39
Slide 40: Board of Directors and Executive Board
Board of Directors and Executive Board Board of Directors − Luciano Gabriel, 1953, Chairman − Henrik Saxborn, 1964, Vice Chairman − Mark Abramson, 1970, Member − Corinne Denzler, 1966, Member − Adrian Dudle, 1965, Member − Katharina Lichtner, 1967, Member Executive Board − Giacomo Balzarini, 1968, C
Slide 41: Group Overview (31 March 2025)
Group Overview (31 March 2025) Executive Board (3) Capital Markets / Sustainability (3), Corporate Communications & IR (1) HR & Assistant (3), Legal (4) Real Estate Investments Property Management Finance / Operations Asset Management (5) Zurich Office (16, 12*) Accounting / Controlling (10) Analysi
Slide 42: PSP Strategy & Equity Story
PSP Strategy & Equity Story Strategy Company − Switzerland only − Pure Swiss play − Commercial properties only − Transparent business model − Acquisitions to be justified by price and operational logic − Premium portfolio with limited downside risk − Risk-conscious and sustainable financing policy −
Slide 43: Shareholder Base
Shareholder Base Largest shareholder − UBS Fund Management (Switzerland) AG: 15.26% (notification 14 December 2024) − Swisscanto Fondsleitung AG: 3.02% (notification 15 October 2024) − Black Rock, Inc.: 5.95% (notification 2 September 2017) 14% − Number of registered shareholders, as per 31. March 2
Slide 44: Development of Rental Income
Development of Rental Income (CHF 1’000) 110 000 90 000 -1’419 -3’520 89’182 - 35 743 625 2’424 519 - 904 -702 70 000 86’912 50 000 30 000 10 000 © PSP Swiss Property 44
Slide 45: Ebitda
Ebitda 297.7 304.9 310 293.8 90% 260 85.3% 210 85.0% 85.0% 84.4% 83.9% 85% 160 110 76.7 74.6 80% 60 10 2022 2023 2024 Q1 2024 Q1 2025 -40 75% Ebitda excl. ∆-RE in CHF m. Ebitda margin in %. © PSP Swiss Property 45
Slide 46: Net Income Components
Net Income Components 600 500 400 143.2 300 94.2 339.2 200 235.7 231.8 100 10.6 24.4 0 56.6 50.0 -100 -131.6 -200 2022 2023 2024 Q1 2024 Q1 2025 Net income excl. ∆-RE in CHF m. Contribution of ∆-RE in CHF m. © PSP Swiss Property 46
Slide 47: EPS
EPS 14 12 10 8 8.17 7.19 7.40 6 5.14 5.05 4 4.53 2 1.77 1.23 1.32 1.09 0 2022 2023 2024 Q1 2024 Q1 2025 EPS in CHF. EPS excl. ∆-RE in CHF. © PSP Swiss Property 47
Slide 48: NAV + Cumulative Dividend per Share
NAV + Cumulative Dividend per Share 200 70.88 66.98 180 59.33 63.13 55.58 160 51.93 48.33 140 44.83 41.43 38.08 34.78 120 28.28 31.53 25.08 117.96 119.35 113.33 113.82 22.08 109.42 100 19.28 99.83 97.02 16.58 90.63 80 14.08 83.70 83.74 84.38 84.30 86.96 11.68 80.48 9.48 75.28 5.40 7.38 68.87 60 3.75
Slide 49: EPRA NRV vs. Share Price
EPRA NRV vs. Share Price 160 140 142.39 144.01 139.42 137.10 139.18 138.20 120 128.90 117.60 118.20 100 108.50 80 60 40 20 0 2022 2023 2024 Q1 2024 Q1 2025 EPRA NRV per share in CHF. Share price in CHF. © PSP Swiss Property 49
Slide 50: Portfolio Key Figures
Portfolio Key Figures Numbers of Rental income Revaluation Value Net yield Vacancy properties in CHF m in CHF m in CHF m in % in % Zurich Q1 2025 76 51.5 13.7 5’977.6 3.1 3.2 2024 77 205.6 167.0 6’085.7 3.1 3.0 Geneva Q1 2025 19 12.7 0 1’429.9 3.5 1.7 2024 23 52.0 6.7 1’532.8 2.9 1.9 Basel Q1 2025 1
Slide 51: Portfolio Key Figures, cont.
Portfolio Key Figures, cont. Rent by type of use Rent by type of tenants Largest tenants 11% 6% 7% 6% 4% 4% 24% 3% 2% 8% 2% 7% 8% 8% 15% 63% 8% 20% 74% 10% 11% Office Retail Gastronomy Parking Other Services Retail Swisscom Google Financial Services Gastronomy IWG Technology Health Care On Telecommu
Slide 52: Sustainability
Sustainability Our 7 material topics Key long-term goals: − Climate change Climate-neutral and climate-resilient portfolio − Material life cycle Optimized use of resources in renovations and new buildings − Location attractiveness Promotion of attractive, sustainable locations − Dedicated team Motiv
Slide 53: Sustainability, cont. Standards and ratings
Sustainability, cont. Standards and ratings © PSP Swiss Property 53
Slide 54: Sustainability, cont.
Sustainability, cont. Reduction path and net zero commitment Reduction pathway with reference to CRREM assumptions* – PSP vs. 1.5° target (denominator: office space according to IPMS 2) − We are committed to the goals of the Paris Agreement and aim to achieve net zero for operational Scope 1-3 CO 2
Slide 55: Sustainability, cont.
Sustainability, cont. Performance FY 2024 GHG Intensity Energy Intensity Building Sustainability Rating 8.90 kg CO2e / m2 91.25 kWh / m2 99% of lettable space In 2024, CO2e emissions (Scope 1 and 2 emissions, by m2 of lettable 1.6% reduction compared to 2023 (92.7 kWh / m2). Downwards trend Share of
Slide 56: Portfolio Grid (31 December 2024)
Portfolio Grid (31 December 2024) Market assessment of individual properties (by Wüest Partner) © PSP Swiss Property 56
Slide 57: Zurich Portfolio
Zurich Portfolio Hardturmstrasse 181, 183 / Förrlibuckstrasse 160, 190, 192 = Investment properties = Development properties Zurich Bahnhofplatz 1, 2 / Bahnhofquai 9, 11, 15 Goethestrasse 24 © PSP Swiss Property 57
Slide 58: Geneva Portfolio
Geneva Portfolio Rue de la Confédération 2 Geneva Rue du Marché 40 = Investment properties = Development properties Rue de la Corraterie 24, 26 © PSP Swiss Property 58
Slide 59: Basel Portfolio
Basel Portfolio Barfüsserplatz 10 Basel Peter Merian-Strasse 88, 90 = Investment properties = Development property Grosspeterstrasse 44 © PSP Swiss Property 59
Slide 60: Bern Portfolio
Bern Portfolio Laupenstrasse 18, 18a Bern Kramgasse 49 = Investment properties = Development property Bärenplatz 9, 11, 27 / Käfiggässchen 10, 22, 26 © PSP Swiss Property 60
Slide 61: Lausanne Portfolio
Lausanne Portfolio Place Saint-François 5 = Investment properties = Development property Lausanne Place Saint-François 15 Avenue Agassiz 2 © PSP Swiss Property 61
Slide 62: Contacts
Contacts Giacomo Balzarini, CEO Phone +41 (0)44 625 59 59 Mobile +41 (0)79 207 32 40 giacomo.balzarini@psp.info Vasco Cecchini, CCO & Head IR Phone +41 (0)44 625 57 23 Mobile +41 (0)79 650 84 32 vasco.cecchini@psp.info © PSP Swiss Property 62
Slide 63: Disclaimer
Disclaimer None of the information in this presentation constitutes an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration. None of the securities of the Company referred to in this presen