PSP Swiss Property AG (0QO8) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Ladies and gentlemen, welcome to the PSP Swiss Property Financial Year 2025 results conference call. I am Moira, the course call operator. I would like to remind you that all participants will be in listen-only mode and the conference has been recorded. The presentation will be followed by a 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 PSP Swiss Property. Please go ahead, sir. Thank you, Maria, and good morning to everybody, to our release of the annual results of 2025. As every year, I will have a quick rundown through the major highlights of the year, and then I will open for the Q&A in order to have enough time to address the questions. As stated already at the press release, clearly we are happy and pleased to report an excellent year-end result for 2025, which is predominantly backed by very good business sentiments in our major markets of Zurich and Geneva, which reflects roughly 80% of our portfolio. We have seen major re-lettings within our portfolio, and we are very positive on the letting market in general in those areas, specifically in the city areas. There's a clear bifurcation between city center and surrounding and secondary locations. That's a trend we have seen now since a couple of years. Second point, we are confronted with a huge amount of liquidity which needs to be invested in the real estate, first and foremost residential, but then also prime office, and that has also driven the valuations last year backed by the letting successes. If we go into the headline results, and we start with slide 9, We see that ...