Swiss Prime Site AG (SWPRF) Q2 2026 Earnings Report

Overall the call was positive: the company reported broad-based operational and financial progress—record FFO per share, rising AUM (~CHF 1bn net new money), portfolio valuation exceeding CHF 14bn, improved margins and lower financing costs—while also outlining clear development milestones (Maag, Hitachi Energy at Otelfingen) and strong leasing momentum. The main challenges are market-wide (yield compression, competitive acquisition environment), modest like-for-like rental growth due to low indexation, some temporary revenue effects from disposals and redevelopments, and near-term refinancing items to manage. Management confirmed guidance and expects to finish the year at the upper end of prior FFO guidance.

Management reconfirmed its 2026 guidance across four pillars: FFO I is expected at the upper end of the CHF 4.25–4.30 range (management expects to be closer to CHF 4.30; H1 FFO I was CHF 2.15/share); asset‑management AUM growth of >CHF 1.0bn for the year (H1 net new money ~CHF 950m, AUM CHF 14.8bn, and management expects total net inflows toward CHF 1.3–1.4bn by year‑end); vacancy to finish below 3.7% (current operational vacancy 3.2%, 3.7% including 0.5% earmarked for development); and LTV to fall back below 39% by year‑end (H1 LTV 39.9%), all supported by a lower average cost of debt (~83 bps) and the 0% convertible refinancing.