PSP Swiss Property AG (PSPSY) Q2 2026 Earnings Call Transcript

SA Transcripts 161.89K Followers Follow PSP Swiss Property AG ( PSPSY ) Q2 2026 Earnings Call August 18, 2026 3:00 AM EDT Company Participants Giacomo Balzarini - CEO, CFO & Member of the Executive Board Conference Call Participants Ken Kagerer - Zürcher Kantonalbank, Research Division Holger Frisch Alexander Totomanov Tommaso Operto - UBS Investment Bank, Research Division Presentation Operator Ladies and gentlemen, welcome to the PSP Swiss Property Half Year Results 2026 Conference Call. I am Myra, the Chorus Call operator. [Operator Instructions] The conference is being recorded. [Operator Instructions] The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Giacomo Balzarini, CEO of PSP Swiss Property. Please go ahead, sir. Giacomo Balzarini CEO, CFO & Member of the Executive Board Thank you. Good morning, everybody, and welcome to our release of the half year results. As always, I will do a quick rundown of the key highlights and then open for questions as I have seen, we have many participants. We are pleased to report strong half year results. The predominantly driven by the already announced disposal of the Richtipark sale. We report an adjusted like-for-like growth of 1.7%. You remember that Q1 '25, we had a one-off effect on the costs, which would have had a negative impact. So without that, it is 0.7%, but on a like-for-like basis and adjusted 1.7%. We report a strong valuation gains of CHF 112 million on the back of already a reported gain in Q1. And we demonstrate and continue to demonstrate a very strong cost discipline and a very stable financials, which has been recognized by Moody's with an upgrade on the rating from an A3 to A2. Furthermore, we have seen again lower taxes, release of deferred taxes more than CHF 10 million in the first half, which clearly helps