ALTERNATIVE PERFORMANCE MEASURES
In accordance with SIX Swiss Exchange’s Directive on Financial Reporting regulations, this section includes definitions of performance measures that are not defined under Swiss GAAP FER.
EBITDA BEFORE REVALUATIONS/DISPOSALS
The EBITDA before revaluations/disposals is a subtotal in the income statement and represents the operating profit before revaluations, disposal of properties, disposal of subsidiaries, depreciation and amortisation.
NET PROFIT EXCLUDING REVALUATION EFFECT
CHF 1,000 | 1st half 2026 | 2025 | 1st half 2025 | |
|---|---|---|---|---|
Net profit | 67,586 | 152,038 | 80,215 | |
Revaluation of investment properties | –43,683 | –113,458 | –70,515 | |
Deferred income taxes from revaluation | 6,148 | 15,567 | 9,926 | |
Net profit excluding revaluation effect | 30,051 | 54,147 | 19,625 |
FUNDS FROM OPERATIONS (FFO)
CHF 1,000 | 1st half 2026 | 2025 | 1st half 2025 | |
|---|---|---|---|---|
Cash flow from operating activities | 21,964 | 55,936 | 25,942 | |
Cash flow from changes in properties held for sale | - | –5,609 | –5,591 | |
Interest received | 2 | 151 | 51 | |
Interest paid | –2,669 | –6,032 | –2,495 | |
Funds from operations (FFO) | 19,297 | 44,447 | 17,907 |
GROSS LOAN-TO-VALUE (GROSS LTV)
Interest-bearing financial liabilities in relation to total property portfolio value
CHF 1,000 | 30.06.2026 | 31.12.2025 | 30.06.2025 | |
|---|---|---|---|---|
Current financial liabilities | 525,000 | 526,000 | 439,000 | |
Non-current financial liabilities | 100,000 | 100,000 | 200,000 | |
Total interest-bearing financial liabilities | 625,000 | 626,000 | 639,000 | |
Properties held for sale | 2,683 | 2,683 | 11,203 | |
Investment properties | 2,282,765 | 2,235,389 | 2,112,302 | |
Total property portfolio | 2,285,448 | 2,238,072 | 2,123,505 | |
Gross LTV | 27.3% | 28.0% | 30.1% |
NET ASSET VALUE (NAV) PER SHARE
CHF 1,000 | 30.06.2026 | 31.12.2025 | 30.06.2025 | |
|---|---|---|---|---|
Total equity | CHF 1,000 | 1,484,753 | 1,454,002 | 1,385,007 |
Number of shares outstanding | 12,769,450 | 12,757,862 | 12,757,862 | |
NAV per share (basic/diluted) | CHF | 116.27 | 113.97 | 108.56 |
NET ASSET VALUE (NAV) PER SHARE EXCLUDING DEFERRED TAXES
CHF 1,000 | 30.06.2026 | 31.12.2025 | 30.06.2025 | |
|---|---|---|---|---|
Total equity | CHF 1,000 | 1,484,753 | 1,454,002 | 1,385,007 |
Deferred tax liabilities | CHF 1,000 | 182,686 | 174,463 | 167,539 |
Net asset value excluding deferred taxes | CHF 1,000 | 1,667,440 | 1,628,465 | 1,552,547 |
Number of shares outstanding | 12,769,450 | 12,757,862 | 12,757,862 | |
NAV per share excluding deferred taxes (basic/diluted) | CHF | 130.58 | 127.64 | 121.69 |
LIKE-FOR-LIKE RENTAL GROWTH
CHF 1,000 | 1st half 2026 | 2025 | 1st half 2025 | |
|---|---|---|---|---|
Rental income – current period | 41,464 | 79,811 | 38,811 | |
Rental income – prior period | –38,811 | –64,360 | –28,190 | |
Increase in rental income | 2,654 | 15,451 | 10,620 | |
Rental growth | 6.8% | 24.0% | 37.7% | |
of which due to acquisitions | 6.2% | 24.3% | 38.0% | |
of which due to disposals | 0.0% | –0.7% | –1.4% | |
of which due to conversion of use | - | –0.5% | –0.8% | |
of which like-for-like rental growth | 0.6% | 0.9% | 1.9% |