Mobimo first-half profit jumps 67% on property revaluations, development sales

Investing.com -- Mobimo Holding AG’s (SIX:MOBN) first-half 2025 profit rose 67.3% to CHF 109.7 million, lifted by strong property revaluation gains and higher income from development projects and trading property sales, the Swiss company posted on Friday.

Operating profit climbed 73.6% to CHF 144.5 million from CHF 83.3 million a year earlier. Excluding revaluation effects, operating profit increased 19% to CHF 73 million.

Net income from revaluation more than tripled to CHF 71.6 million from CHF 22 million, with the residential portfolio accounting for the largest share and commercial properties contributing about a quarter. 

The value of the real estate portfolio rose to CHF 3.92 billion at June 30 from CHF 3.80 billion at year-end 2024.

Net income from development projects and trading property sales jumped 90.5% to CHF 24.6 million, supported by demand for residential property. 

All 90 apartments in the Edenblick project in Oberägeri have been sold, with the first buildings due for completion in the fourth quarter. 

In Merlischachen, 51 of 79 units in the Burgmatt project have been allocated, and construction began in July. 

The Feuerfalter project in Niederwangen/Köniz has notarised or reserved 60 of 65 condominiums, while 9 of 19 units in Lausanne’s Beaumont project have been sold or reserved since December.

Net rental income was unchanged at CHF 62.5 million. On a like-for-like basis, rental income increased 2.2%, aided by a 2023 reference interest rate rise.

The vacancy rate for investment properties was 3.9%, compared with 3.7% at the end of 2024.

On Aug. 7, Mobimo signed a contract to acquire EMWE Immobilien AG’s portfolio, including five residential properties with annual rental income of about CHF 3 million and three under-construction residential properties expected to generate CHF 3.5 million annually. 

About 51% of the purchase price will be paid in Mobimo shares. Completion is expected in the second half of August.

Portfolio investments in the first half totalled CHF 42 million, including projects in Lausen, Aarau, and Zurich. Renovations continued at listed buildings in Lausanne, and sustainable energy projects advanced in Köniz and Oberägeri.

Total (EPA:TTEF) assets exceeded CHF 4 billion for the first time, reaching CHF 4.13 billion from CHF 3.97 billion at the end of 2024. 

The equity ratio fell to 47.4% from 48.3%, while the EPRA loan-to-value ratio edged up to 43.2% from 43.1%.

Earnings per share rose to CHF 15.13 from CHF 9.04. EPRA profit fell 6.1% to CHF 35.7 million. EPRA net tangible assets per share increased 5.7% to CHF 297.39.

In governance changes, Lukas Brosi, chief executive of Zurich Airport Ltd., joined the board in March, and Nadia Mastacchi was appointed head of portfolio and transactions and to the executive board the same month.