PSP Swiss Property AG (SIX:PSPN) reported an 8.9% rise in 2025 net income to CHF 408.5 million, with property revaluations contributing CHF 231.1 million (56.5% of total profit). Operating earnings, however, declined as rental income fell 0.2% to CHF 349.2 million, constrained by asset sales and development reclassifications. EBITDA margin remained stable at 85.1%, while return on equity rose to 7.4% from 7.1%, primarily due to revaluation gains rather than operational improvements. The company’s portfolio saw a 2.6% reduction in investment properties to 150, alongside a 66.4% increase in development property valuations to CHF 506.3 million.