PSP Swiss Property AG (0QO8) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Ladies and gentlemen, welcome to the PSP Swiss Property Half Year Results twenty twenty six Conference Call. I am Myra, the Chorus Call operator. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Giacomo Baldarini, CEO of PSP Swiss Property. Please go ahead, sir. Thank you. Good morning, everybody, and welcome to our release of the half year results. As always, I will do a quick rundown of the key highlights and then open for question as I have seen with our many participants. We are pleased to report strong half year results. Predominantly driven by the already announced disposal of the Rixty Park sale. We report an adjusted like for like growth of 1.7%. You remember that Q1 twenty twenty five, we had a one off effect on the costs, which would have had a negative impact. So without that, it is a 0.7%. But on a like for like basis, adjusted to 1.7 We report a strong valuation gains of EUR112 million on the back of already a reported gain in Q1. And we demonstrate and continue to demonstrate a very strong cost discipline and very stable financials, which has been recognized by Moody's with an upgrade on the rating from an A3 to A2. Furthermore, we have seen again lower taxes, release of deferred taxes more than 10,000,000 in the first half, which clearly helps the earnings per share growth on an ALPRA basis. If you look at the market, we are confronted with a very healthy letting market. The vacancy rate in the half year went slightly up to 4%. That's driven by the reclassification of the hotel de post. But also here, we have a strong visibility for letting successes. And here, we are already at the letting status of more than 70%. So the vacancy rate by year end will come back down to 3.5%. And we see som...