Asset disposal ups EBITDA guidance, reduces headline EPS

Research evidence excerpt

Asset disposal ups EBITDA guidance, reduces headline EPS

Deutsche Bank

Research

Rating Company Date

Hold PSP 29 June 2026

Company Update

Europe

Switzerland

Reuters Bloomberg Exchange Ticker Price at 26 Jun 2026 (CHF) 146.90

PSPN.S PSPN SW SWX PSPN

Price Target (CHF) 143.00

Real Estate

166.90 -

Real Estate 52-week range (CHF) 132.30

Asset disposal ups EBITDA guidance,

Valuation & Risks reduces headline EPS

Thomas Rothaeusler

Asset disposal ups EBITDA guidance, reduces headline EPS Research Analyst

PSP Swiss Property has successfully sold the Richtipark development project in +49-69-910-43054

Wallisellen to La Foncière Urban Development S.A. for CHF 150 million, effective

Sheetal Jaimalani

June 26, 2026. This transaction involves four plots and five commercial buildings Research Associate

spread over approximately 27,000 m². In addition to the up-front purchase price, the

agreement includes potential earn-out payments totaling up to CHF 24.75 million,

which are dependent on pre-defined development milestones, with two payments Price/price relative

of CHF 10 million each and a remaining payment of CHF 4.75 million. This sale has 200

no impact on the company's capital expenditure plans as the project has been fully

divested.

The company has revised its full-year EBITDA guidance for 2026, increasing it by 50

2024 2025 2026

c.8% from CHF 310 million to CHF 335 million (+11% YoY). The Richtipark sale alone

contributes CHF 40 million to this updated EBITDA forecast. However, this positive PSP – (Rebased)

impact is partially mitigated by a CHF 15 million reduction in EBITDA due to the Performance (%) 1m 3m 12m

postponement of another development property sale that was previously factored

Absolute 0.1 -5.4 0.7

into the guidance.