The boost came from strong sales performance rather than increased letting activity. In the first nine months of 2026, EBITDA excluding gains on property disposals rose by 14.7 per cent to 260.6 million Swiss francs, following PSP Swiss Property’s sale of the Richtipark development project in Wallisellen. According to the quarterly report, the sale generated a gain on property disposals of 39.7 million Swiss francs.
By contrast, the operational lettings base showed little momentum. Property income stood at CHF 259.3 million at the end of September, slightly below the previous year’s figure. Although there was a small increase on a like-for-like basis, rental growth remained weak overall.
Portfolio grows only slightly
As at 30 September 2026, PSP Swiss Property valued its portfolio at CHF 10.2 billion, up from CHF 10.1 billion at the end of 2025. The portfolio comprised 147 investment properties and 12 development properties. The vacancy rate stood at 3.7 per cent, slightly higher than the 3.5 per cent recorded at the end of 2025.
Net profit rose by 13.5 per cent to CHF 294.6 million during the reporting period. A positive market value adjustment of the properties totalling CHF 118.4 million in the first three quarters provided additional momentum. At the same time, the average cost of debt remained virtually stable at 1.04 per cent over the last four quarters.
Annual targets remain unchanged
The company confirmed its annual forecast on 10 November 2026. For the full year, it continues to expect an EBITDA excluding property gains of 335 million Swiss francs and a vacancy rate of 3.5 per cent at the end of the year. Following the sale of the Richtipark site in June, the company had already raised its EBITDA outlook from CHF 310 million to CHF 335 million.
For the property sector, one thing is particularly clear: in 2026, profit growth can still be achieved through targeted site sales, whilst recurring rental income from the existing portfolio is growing at a much slower pace.
