Fundamenta Real Estate AG was able to further increase its operational earnings power in the first half of 2026, achieving a new record high in earnings. This development is the result of a consistently implemented portfolio strategy, the successful completion of several development and repositioning projects, and disciplined capital allocation. The real estate portfolio grew despite selective disposals and its quality was further enhanced.
Net actual rental income increased by 4.6 per cent to CHF 21.9 million in the reporting period. This increase was primarily due to the successfully completed development and repositioning projects, whose additional income compensated for the loss of income from the sale of a total of eight properties since the beginning of 2025. The vacancy rate remained low at 1.4 per cent. While operating income increased by 4.7 per cent, operating expenses rose by only 3.7 per cent from CHF 6.0 million to CHF 6.3 million. Consequently, the operating EBT margin, excluding revaluation and sales, improved from 54.8 per cent to 57.6 per cent, which highlights the company's strengthened earnings position. Net profit excluding revaluation effects, a key metric for financial management, increased by 54.1 per cent to CHF 15.9 million or CHF 0.47 per share. Reported net profit amounted to CHF 23.8 million.
As part of Capital Re- and Upcycling, three properties were sold in the first half of 2026. The selling prices were 19.4 per cent above the last reported market values and generated a pre-tax sales profit of CHF 6.5 million. The funds released are being specifically invested in properties and projects with higher return, quality, and development potential. These transactions confirm the value of the portfolio and the successful implementation of the long-term portfolio strategy.
Two development projects, the new building on Bollenhofstrasse in Dietikon (ZH) and the repositioning on Hallwylstrasse in Zurich, were completed successfully and partly ahead of schedule. Both properties are fully let and achieve rental income above initial expectations. These projects also improve the energy efficiency of the overall portfolio. The project pipeline, with properties on Ekkehardstrasse and Josefstrasse in Zurich and on Opfikonerstrasse in Wallisellen (ZH), is progressing as planned and forms the basis for further organic growth.
The balance sheet value of the real estate portfolio increased to CHF 1,272.3 million as of 30 June 2026, exceeding the value at the end of 2025. Positive developments in the existing portfolio, as well as investments made and acquisitions, more than compensated for divestments. In addition to an acquisition in Schlieren (ZH) with twelve residential units, a recently built property from 2021 was purchased on Bahnhofstrasse in Schachen (LU), comprising 28 fully let apartments. After the balance sheet date, the company also acquired the Huebacher development site in Rümlang (ZH), a plot of approximately 15,000 square metres with potential for around 100 residential units.
Fundamenta Real Estate AG's revised Sustainability Strategy 2026–2030 integrates ecological objectives into its property and portfolio strategy. Key priorities include the continuous energetic transformation of existing properties, the replacement of fossil heating systems, the optimisation of building technology, and the expansion of photovoltaic infrastructure. Thanks to the completed projects on Bollenhofstrasse and Hallwylstrasse, the proportion of energy-efficient buildings in the portfolio is increasing. The Net Asset Value (NAV) before deferred taxes rose to CHF 19.59 per share, despite the distribution, and to CHF 17.86 per share after deferred taxes.
For the second half of 2026, the company has an acquisition and development pipeline, with several investment opportunities under detailed review. The focus is on the handover of further development projects, the implementation of additional repositionings, and the further development of the Huebacher site. Fundamenta Real Estate AG continues its strategic development through a combination of completed and ongoing developments, targeted acquisitions, active asset management, and consistent Capital Re- and Upcycling, with the aim of sustainably increasing earnings power, improving portfolio quality, and creating long-term shareholder value.
