Financials 2025 in brieF
Strong results and continued expansion - higher dividend proposed
Value and composition
- Growing portfolio valued at CHF 2,238 million (+12.5%)
- 5 attractive properties acquired for CHF 122.8 million
- +24% increase in rental income
- Residential share: 78%
- 207 buildings and 3,067 residential units
- Like-for-like rental growth of +0.9%
- Quality of the portfolio underlined by double-digit rent potential of 15%
Revaluation gains
- CHF 113 million
Profitability
- Excellent EBITDA of CHF 53.3 million
- Remarkable EBIT of CHF 167.5 million
Financial income
Divestment of 73% of the stake in PHM Group TopCo Oy, generating a profit of CHF 11.2 million
NET Profit
CHF 152.0 million – net profit excluding revaluation effect of CHF 54.1 million
NET ASSET VALUE
NAV per share at CHF 113.97 and excluding deferred taxes at CHF 127.64
LTV
Conservative LTV of 28.0%
PROPOSED DIVIDEND
Increased dividend from CHF 2.60 to CHF 3.00 per registered share to be proposed to the next AGM
‘It is a pleasure to present these strong results. Our solid 2025 performance demonstrates again the robustness of our quality-driven strategy.
Since our IPO almost a decade ago, we have navigated several real estate cycles, favourable at times, demanding at others. Throughout these phases, we have anticipated market shifts, adjusted our positioning, and remained firmly aligned with a clear strategic path. This strategic consistency has enabled us to create significant value, maintain low leverage, and substantially strengthen our equity base.
During the reporting year, we acquired five properties totalling more than CHF 120 million, less than originally planned. While low interest rates have revived transaction activity, yields for high-quality assets have softened, and the availability of properties that fit our strategic criteria has remained limited.
Looking ahead, we expect the Swiss real estate market to develop positively and anticipate continued stable demand in our core segment.’