Report published August 25, 2026
Cham Swiss Properties AG (CHAM): 1H26 Results & NAV Valuation Analysis by Zürcher Kantonalbank
Source and citation context
- Issuer
- Zürcher Kantonalbank
- Report date
- August 25, 2026
- Analysis as of
- Not stated in source
Authors / editors: Philippe Züger
Finvaulta summarizes Zürcher Kantonalbank's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Zürcher Kantonalbank reiterates its Market Perform rating on Cham Swiss Properties AG after 1H26 net profit missed expectations due to smaller revaluation gains. While the company's 56.4% equity ratio funds its long-term development pipeline through 2032E, dividend cover remains constrained until 2028E.
Key Takeaways
- 1.1H26 net profit fell sharply to CHF 8.4 mn (down 94.2% YoY), missing ZKB's CHF 19.5 mn estimate due to substantially lower revaluation gains (CHF 6.4 mn vs CHF 18 mn estimated).
- 2.Rental income rose to CHF 13.7 mn (around +5% YoY on a pro forma basis including Ina Invest), with an investment property vacancy rate of 5.2%.
- 3.A strong equity ratio of 56.4% supports Cham's development pipeline toward a target portfolio of ~CHF 3 bn and rental income >CHF 100 mn by 2032E without needing additional equity raises.
Table of Contents
- Outlook
- Conclusion
- Disclosures and Disclaimer
- Recording of remote business communications
- Financial analysts' statement
- Disclosure of conflict of interests
- Disclosure of further conflicts of interest
- List of all ratings of the last 12 months
- Recommendation distribution of the companies in the Swiss research universe
- Fact check
- Explanation of the rating system
- Methodology
- Updates
- Citation of sources
- Competent supervisory authority
- Miscellaneous legal information
- Publications on request
- Use abroad
- Additional information for UK clients
- Additional information for U.S. Persons
- Additional information for persons in the Abu Dhabi Global Market, United Arab Emirates
Report data
1H26 Result Comparison vs Estimates (Rental income, EBIT excl. reval., Net profit)
| Metric | Estimate | Context |
|---|---|---|
| Share Price | 24.0 CHF | Current trading price of Cham Swiss Properties AG |
| Rental Income | 13.7 CHF mn | Reported rental income for 1H26 (vs CHF 14.0 mn ZKB estimate and CHF 9.1 mn in 1H25) |
| EBIT (excluding revaluation) | 5.5 CHF mn | Operating profit excluding revaluation effects (vs CHF 7.4 mn ZKB estimate) |
| Net Profit | 8.4 CHF mn | Net profit for the half year (vs CHF 19.5 mn ZKB estimate) |
| Revaluation Gains | 6.4 CHF mn | Revaluation gains compared to ZKB forecast of CHF 18 mn |
Reports in this series
Swiss Number Cruncher is shown in chronological order through this edition, published on August 25, 2026.
Part of the Swiss Number Cruncher series — view all 17 editions
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Authors / Editors
Reported Data Context
- Share Price: 24.0 CHF (2026-08-25) · Source: Zürcher Kantonalbank
- Rental Income: 13.7 CHF mn (1H26) · Source: Zürcher Kantonalbank
- EBIT (excluding revaluation): 5.5 CHF mn (1H26) · Source: Zürcher Kantonalbank
- Net Profit: 8.4 CHF mn (1H26) · Source: Zürcher Kantonalbank
- Revaluation Gains: 6.4 CHF mn (1H26) · Source: Zürcher Kantonalbank
Securities
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