Mobimo Holding AG / CH0011108872
14.02.2025 - 06:30:16Mobimo Holding AG: Mobimo increases its operating result and profit in the 2024 financial year
| Mobimo Holding AG / Key word(s): Annual Results/Profit Hike 14-Feb-2025 / 06:30 CET/CEST Release of an ad hoc announcement pursuant to Art. 53 LR The issuer is solely responsible for the content of this announcement. Ad hoc announcement pursuant to Art. 53 LR Mobimo increases its operating result and profit in the 2024 financial year Significant increase in net income from development projects and sale of trading properties to CHF 33.0 million – a rise of 21.4% compared to the prior year. Stable rental income of CHF 145.0 million despite the absence of the prior year's special effects – the next growth step of rental income is in realisation. Strong equity ratio of 48.3% (prior year: 48.9%) along with significant portfolio growth to CHF 3.8 billion (prior year: CHF 3.6 billion). Proposal to the Annual General Meeting to increase the dividend per share to CHF 10.25 (prior year: CHF 10.00). Lukas Brosi proposed as a new member of the Board of Directors. Lucerne, 14 February 2025 – From an operational perspective, Mobimo can once again look back on an encouraging result for 2024. Net income from development projects and sale of trading properties increased significantly, and continues to make a substantial contribution to the overall result. Income from rental properties remained stable despite property sales and the lack of special effects from the prior year. For the 2025 financial year, the contribution from development projects is again expected to be above average and income from rental properties is expected to be slightly below the 2024 level. The operating result (EBIT) for 2024 was CHF 171.5 million (prior year: CHF 77.0 million) or CHF 128.4 million excluding revaluation (prior year: CHF 127.0 million). Profit excluding revaluation came in at CHF 91.3 million (prior year: CHF 90.0 million) or CHF 125.2 million including revaluation (prior year: CHF 46.6 million). This equates to earnings per share of CHF 17.26 (prior year: CHF 6.43) respectively CHF 12.59 (prior year: CHF 12.40) excluding revaluation. At the Annual General Meeting on 31 March 2025, the Board of Directors will propose a dividend increase to CHF 10.25 per share (prior year: CHF 10.00). This further emphasises the attractiveness of Mobimo as a dividend stock. The valuation result reflects the stabilisation of the real estate market. Net income from revaluation amounted to CHF 43.1 million, whereas the prior year recorded a revaluation loss of CHF 50.0 million. This positive development is primarily due to higher rents. The total value of the property portfolio increased to CHF 3.8 billion at the end of 2024 (prior year: CHF 3.6 billion). Consistently high demand for residential properties Net income from development projects and sale of trading properties significantly increased by 21.4% to CHF 33.0 million (prior year: CHF 27.2 million). Value-creating development activities and realising profits from the sale of these projects and condominium units, remains a key strategic pillar for Mobimo. The foundation stone for the Edenblick project in Oberägeri was laid in June 2024.The rapid sale of the apartments with views of Lake Ägeri and the mountains shows that demand for high-quality residential properties in well-connected locations remains strong. This trend is also underlined by the sales status of the Feuerfalter project in Niederwangen/Köniz. Ground was broken for construction in September 2024, and it is part of one of the first energy-plus districts in the canton of Berne. From 2025, the Burgmatt project in Merlischachen, where construction work has begun, and the Beaumont project in Lausanne will contribute to the result of development projects and sale of trading properties. Beaumont is Mobimo’s first condominium project in French-speaking Switzerland. Stable rental income and promising revenue pipeline Rental income remained stable in 2024 at CHF 145.0 million (prior year: CHF 144.9 million) despite property sales and a lack of special effects as included in the prior year. In 2024, several long-term rental agreements were secured at Mattenhof (Lucerne south), including one with the education institution ICT- Berufsbildung Zentralschweiz. In the city of Zurich, the iconic Office Tower at Escher-Wyss-Platz is being modernised, aiming to make it suitable for multi-tenant use in the future. The marketing team has achieved initial successes. As part of the penultimate expansion phase of the Aeschbach quarter, Mobimo plans to add a total of 250 new rental apartments in Aarau over the coming years. The foundations for the 126 apartments in the Hofhaus (courtyard building) and the Hallenhaus (hall building) were laid in September 2024. From the second half of 2026, the rental income from these apartments will start to contribute to the net rental income, marking the next step in the growth of Mobimo’s rental income base. Portfolio streamlining and transactions The interest rate turnaround in 2024 has dynamised the transaction markets. Capitalising on these improved market conditions during its regular portfolio review, Mobimo successfully sold the Rue de Malatrex property in Geneva and the Ziil Center in Kreuzlingen to private investors. With these portfolio optimisations, Mobimo is releasing capital for new projects. Mobimo has acquired an existing property with 41 apartments in Dielsdorf near Zurich, which holds promising potential for future development. Additionally, ownership of the approximately 11,000 m² RAD site near Zurich Oerlikon railway station was transferred in December 2024. Mobimo plans to develop up to 150 apartments at this prime location by 2030. With a development pipeline of around CHF 1.5 billion, Mobimo has secured the foundation for future profits from the development segment for the coming years. Mobimo continues to have a solid balance sheet. The equity ratio of 48.3% (prior year: 48.9%) and the net LTV (EPRA LTV) of 42.2% (prior year: 42.3%) are testament to the company's strong financing situation. Change on the Board of Directors Brian Fischer, Vice President and Member of the Board of Directors, announced last year that he will not seek re-election at the upcoming general meeting. Brian Fischer has been closely involved with Mobimo since its IPO and has been an active member of the Board since 2008. His insightful analyses and extensive experience have been instrumental in shaping Mobimo’s development in recent years. The Board of Directors would like to thank Brian Fischer for his many years of valuable engagement. Lukas Brosi will be nominated for election as a new member in his place. Lukas Brosi (born 1979, Swiss citizen) has been the CEO of Zurich Airport Ltd. since May 2023, having previously served as CFO. Bringing valuable skills to Mobimo’s Board, his broad expertise at the intersection of infrastructure and real estate, finance and politics is indispensable. Progress in reducing emissions Mobimo is consistently pursuing its CO? reduction path. In the reporting year, emissions in the investment portfolio were reduced by 8% to 7.2 kg CO?/m² (Scope 1 + 2). This corresponds to a decline of 14% since 2020. This development is driven by the energy efficiency of new projects as well as the renovation of existing properties. Additionally, seven photovoltaic installations, with calculated potential electricity production of 375,000 kWh, were put into operation in 2024. A further 15 photovoltaic installations are expected to follow in 2025. These PV installations will help Mobimo to gradually increase its renewable electricity production to 2 million kWh per year by 2030. Outlook Given the current interest rate climate, Mobimo anticipates a continued positive outlook for the real estate market. In the rental business, Mobimo expects rental income in 2025 to be slightly below the level of the 2024 financial year. This is due to the loss of rental income from the properties sold in 2024 and the expected decrease in the reference interest rate for residential properties. From 2026, rental income will grow again due to the completion of the projects in Lausen and Aarau. Strong demand for the condominiums is also expected in 2025. Accordingly net income from development projects and sale of trading properties is expected to be above the 2024 level and above the target of more than CHF 20 million on a multi-year average. Detailed reporting: ›› You can see the 2024 Annual Report here. ›› Analysts and press conference on the 2024 annual results: Date 14 February 2025 Time 10.00 (CET) Daniel Ducrey (CEO) and Jörg Brunner (CFO) will present the results. The conference can be followed live as a web stream with audio and video signal via the following link (registration required). The presentation will be in German with the option for English or French subtitles. It will also be possible to ask questions online (including in English and French). Upcoming events: 31 March 2025: Annual General Meeting 8 August 2025: Publication of 2025 half-year financial results If you have any queries, please contact: Contact for analysts and investors: Stefan Feller, Head of Investor Relations ir@mobimo.ch +41 44 397 11 97 Contact for media: Anthony Welbergen, Head of Corporate Communication medien@mobimo.ch +41 44 397 11 86 About Mobimo: With a broadly diversified real estate portfolio that has a total value of approximately CHF 3.8 billion, Mobimo Holding AG (www.mobimo.ch) is one of the leading real estate companies in Switzerland. Its portfolio comprises residential and commercial properties, along with development properties both for the company's own portfolio and for third parties. The properties are in first-class locations in German-speaking and French-speaking Switzerland. The buildings are characterised by balanced diversification and diligent management. Mobimo uses its development projects to strengthen its income base and boost the intrinsic value of its portfolio. The company also creates investment opportunities for third parties through its development services. Mobimo has around 170 employees. Mobimo is celebrating its 25th anniversary. Selected stories and anecdotes from a quarter of a century can be found in the digital anniversary magazine (www.mobimo25.ch). End of Inside Information |
