PSP Swiss stock slips after H1 2026 earnings
Published on 08/18/2026 at 12:06 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS
PSP Swiss Property AG (CH0011037469) is trading lower after reporting H1 2026 net income of CHF 236.5 million, up 21.7% year over year, with earnings per share of CHF 5.16. The update also confirmed a 2026 EBITDA outlook of CHF 335 million after the sale of the Richtipark development project in Wallisellen.
H1 figures move higher
The half-year release showed EBITDA excluding gains and losses on real estate investments rising 26.0% to CHF 187.4 million from CHF 148.8 million in H1 2025, while the EBITDA margin improved to 87.1% from 85.1%. Rental income was CHF 174.0 million, and like-for-like growth came in at 0.7%.
That mix matters because the company paired flat rental income with stronger underlying profitability, which points to a better earnings conversion than the top line alone suggests. EPRA earnings reached CHF 117.2 million, and EPRA EPS advanced 9.6% to CHF 2.55.
Portfolio and outlook
The portfolio was valued at CHF 10.2 billion at June 30, 2026, while market capitalization stood at CHF 6.6 billion on the same reporting date. Equity amounted to CHF 5.703 billion at the end of June 2026, and the equity ratio was 55.4%.
Guidance stayed intact at CHF 335 million for EBITDA excluding real estate gains and losses in 2026, up from CHF 310 million before the Richtipark sale. Vacancy is still expected to end 2026 at 3.5%, a useful anchor for investors watching whether rental stability can keep matching the stronger profit line.
What the numbers say
The market price stood at EUR 151.00 in Tradegate trading, with a 5-day change of -0.98% and a year-to-date move of -1.88%. That leaves the shares close to the middle of the 52-week band cited in live market data, with a 5.2% gap to the low and a 15.9% gap to the high.
For investors, the key contrast is clear: H1 2026 net income rose 21.7%, EBITDA excluding real estate gains and losses rose 26.0%, and the 2026 EBITDA outlook moved to CHF 335 million. The share price still reflects a valuation gap versus EPRA NRV, which the live market snapshot put at CHF 150.83 against a share price of CHF 144.10 at June 30, 2026.
Investor angle
PSP Swiss Property AG is still centered on Swiss commercial real estate, with its portfolio concentrated in key economic hubs and a dividend-linked earnings base supported by rental income and disposals. The half-year numbers show how asset sales, revaluations and recurring property income are combining in 2026.
The stock traded at CHF 142.50 in the latest CBOE-linked snapshot, with a market cap of CHF 6.6 billion and a 1st Jan change of -0.77%. That keeps the name in a narrow trading range after the August 18, 2026 results update.
More on PSP Swiss Property AG
The company owns and manages Swiss commercial property, with office and mixed-use assets across major urban centers.
Stock snapshot
Company: PSP Swiss Property AG
ISIN: CH0011037469
Ticker: PSPN
Exchange: SIX Swiss Exchange
Price (as of August 17, 2026, 5:20 p.m. CET): CHF 142.50
Market cap: CHF 6.6 billion (as of June 30, 2026)
Sector / Industry: Real Estate / Office REIT
Index membership: Swiss Market Index
