PSP Swiss Property AG (0QO8) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Ladies and gentlemen, welcome to the PSP Swift Property half-year 2025 results conference call. I am Mathilde, the call-call operator. I would like to remind you that all participants will be in lesson-only mode and the conference is being recorded. The presentation will be followed by Q&A session. You can register for questions at any time by pressing star and 1 on your telephone. For operator assistance, please press star and 0. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Giacomo Balzarini, CEO of CSP Swiss Properties. Please go ahead, sir. Thank you, Mathilde. Good morning, everybody, and thanks for dialing in. As usual, with the half-year results and the quarter results, I will do a rather quick introduction, then go directly into the Q&A. As we reported this morning, we are satisfied with the very solid operating results. We have seen it's a bit lower in the previous year's comparison, but as mentioned, this is due to a specific one of the effects we had in the first half of 2024. We have seen a valuation gain of about 100 million, which is predominantly driven by the Zurich CBD portfolio, and thanks to the continuous cost discipline, we operate at an EBITDA margin of above 85%. We are on track with the various development sites, also here and there might take a bit longer, but we can go through that in the Q&A, but generally we are pretty satisfied with the development and the demand. And on the prediction side, we have nothing we acquired or disposed, but clearly we are looking at the transactions in the market, but as for now, we have not seen anything which would suit our portfolio. The successful news came out from Valizelen, that we got the permission and the new rezoning code, so we are ...