Cham Swiss Properties reports a successful financial year 2025

• Operating result excluding revaluation CHF 43.3 million
• Net income from revaluation CHF 132.0 million
• Consolidated profit CHF 143.9 million
• Equity at CHF 1’050.5 million; equity ratio of 59.2%
• Proposal for a dividend of 2.0% of NAV; distribution policy confirmed three years ahead of schedule
• The company enters the bond market with a CHF 150 million bond, carrying a coupon of 1.35% and a maturity of five years

“In its first financial year, Cham Swiss Properties established itself as a new player in the Swiss real estate market. The operational merger of Ina Invest and Cham Group to form Cham Swiss Properties was completed as announced by the end of 2025. During the reporting year, we made significant strides with the start of construction on two projects, key decisions regarding flagship projects and progress in letting activities,” says CEO Thomas Aebischer.

Cham, 20 March 2026 – Cham Swiss Properties’ operating profit before revaluation stood at CHF 43.3 million, of which CHF 37.4 million represents a substantial contribution from the transfer of ownership of the 61 residential units in Hochhaus I in Cham (ZG). The value of the property portfolio stood at CHF 1,725 million at year-end (first half of 2025: CHF 1,666 million), primarily reflecting the planned progress in construction and development activities. Revaluation gains amounted to CHF 132.0 million, bringing operating profit including revaluation to CHF 175.2 million. This resulted in a pleasing consolidated profit of CHF 143.9 million. Earnings per share amounted to CHF 3.35. The Board of Directors will propose to the Annual General Meeting on 4 May 2026 a dividend of CHF 0.43 per share, an increase of CHF 0.23. This corresponds to 2.0% of the company’s NAV. This dividend policy will be maintained as a minimum in the coming years – three years earlier than originally planned.

Diversified rental income base

The annual result outlined above does not include Ina Invest’s figures up to the merger date in early April 2025. To assess operational performance in the rental business, Cham Swiss Properties therefore discloses pro forma rental income including Ina Invest. Rental income from the approximately 20 investment properties amounts to CHF 22.4 million (pro forma combined: CHF 26.3 million). The vacancy rate stands at 6%.

Bustling construction activity

On behalf of Cham Swiss Properties, construction is currently underway on six investment properties for its own portfolio, with a total investment volume of CHF 180 million. In the cities of Geneva and Zurich, where there is high demand for housing, the company is building a total of 117 rental apartments, which are expected to be ready for occupancy in 2027. Construction work is already well advanced on the Kesselhaus and on buildings E and F (third construction phase) on the Papieri site. The marketing situation for both projects is looking promising.

Medium- and long-term development potential

In 2025, the Bredella West site development at Pratteln station (BL) focused on the jury process of the architectural competitions for the various buildings. In the current year, the emphasis will shift to planning and preparatory work. Following the decision by the Government of the Canton of Basel-Landschaft not to pursue the Bredella East site as a location for the new cantonal hospital, development of the eastern part of the site can now also proceed with a high degree of planning certainty. In Winterthur, the development team focused on optimizing the Rocket high-rise. The most significant adjustment is the replacement of the planned hotel use with approximately 5,000 m² of additional residential space. Together with other developments, the projects outlined above represent a construction volume of around CHF 1.38 billion currently in the planning stage. The pipeline of condominiums amounts to approximately CHF 190 million. The implementation of the portfolio strategy is expected to result in a portfolio value of around CHF 3 billion and rental income of over CHF 100 million by 2032.

Strong financial position

The company’s total assets amounted to CHF 1,773.7 million at year-end. Equity of CHF 1,050.5 million corresponds to a strong equity ratio of 59.2%. Net asset value (NAV) per share stood at CHF 21.50. In September 2025, Cham Swiss Properties issued its inaugural bond of CHF 150 million with a five-year maturity and a coupon of 1.35%. This marked the starting point for building a staggered bond portfolio, which is expected to account for around two-thirds of the company’s debt in the medium term. Thanks to its strong financial position, the company is able to implement its portfolio strategy without a capital increase.

Commitment to sustainability

Following the definition of its sustainability strategy in early summer 2025, Cham Swiss Properties is now reporting for the first time on its sustainability performance and the measures it is taking to build one of the most sustainable real estate portfolios in Switzerland, in accordance with the GRI Standard. The analysis of the relevant environmental indicators disclosed in the report underscores the quality of the portfolio: Cham Swiss Properties is well below the benchmarks set by the Real Estate Investment Data Association (REIDA) and the requirements of the Swiss Climate and Innovation Act (KIG) in terms of both energy and greenhouse gas intensity.

Changes to the Board of Directors

At the Annual General Meeting on 4 May 2026, Dr Felix Thöni and Prof. Dr Annelies Häcki Buhofer will not stand for re-election. The Board of Directors would like to thank them sincerely for their many years of dedicated service. The Board of Directors will propose to the Annual General Meeting the election of Dr Annelis Lüscher Hämmerli and Urs Simeon as independent members of the Board.

Outlook

Value-creating development activities, the professional management of the investment portfolio and smooth construction operations will remain the company’s operational priorities in 2026. The Board of Directors and the Management continue to assess the market environment as attractive, given the strength of the Swiss economy, the appeal of urban centers and the persistently low interest rate environment. They therefore expect demand for residential and commercial space in modern urban properties to remain intact and consider Cham Swiss Properties to be well positioned.

Webcast of the Analyst and Media Conference

An analyst and media conference on the 2025 annual results will take place today at 10:00 a.m. The presentations will be held in German. You can participate in the webcast via the following link:

► Webcast

Contacts for investors and analysts

investors@champroperties.ch
+41 79 330 55 22
 

Contact for media

media@champroperties.ch
+41 79 705 88 15

One of Switzerlandʼs most sustainable real estate portfolios

Cham Swiss Properties AG is a real estate company based in Cham (ZG). It was formed in 2025 through the merger of Ina Invest AG and Cham Group AG. The company focuses on the value-creating development of attractive living and working spaces in central locations with good public transport connections in Switzerland. Its real estate portfolio amounts to around CHF 1.7 billion. Over the coming years, Cham Swiss Properties will build up and expand a high-quality, sustainable and diversified real estate portfolio. Once the current projects are completed, the company’s portfolio size is estimated to increase to around CHF 3 billion and generate annual rental income of over CHF 100 million. The expertise of the approximately 70 employees of Cham Swiss Properties covers the entire value chain of the real estate life cycle. Cham Swiss Properties is listed on the SIX Swiss Exchange (CHAM, CH0524026959). Further information is available at champroperties.ch.

Disclaimer

This press release contains forward-looking statements such as projections, forecasts, and estimates. Such forward-looking statements involve certain risks and uncertainties that could cause actual results, performance, or events to differ materially from those anticipated in this ad hoc announcement. The forward-looking statements contained in this announcement are based on the current views and assumptions of Cham Swiss Properties AG. Cham Swiss Properties AG does not assume any obligation to update or supplement this announcement. This announcement does not constitute an advertisement, offer, recommendation or invitation to purchase shares in any jurisdiction. It is for information purposes only and does not constitute a prospectus within the meaning of Art. 35 et seq. of the Federal Act on Financial Services (FinSA).

Ad hoc release (PDF)