immo!nvest – Die Plattform für Standorte und Immobilien

Category: Ratings & Market Analyses

  • Double award recognises quality in property management

    Double award recognises quality in property management

    IAZI, Informations- und Ausbildungszentrum für Immobilien AG, presented this year’s IAZI Awards at the 21st IAZI Real Estate Investment Event in Zurich. According to a press release, the Rivora Collective Foundation, based in Winterthur, received the awards for Best Residential Properties 2026 and, for the first time, Best Pension Fund.

    “We are delighted to receive this double award, which is the result of a clear strategy and strong collaboration,” said Amet Bekiri, Managing Director of Rivora Collective Foundation, in the press release. “It confirms our ongoing commitment to responsible action and sustainable quality – for the benefit of our policyholders.”

    Rivora is a long-standing partner of Auwiesen Immobilien AG. The property company based in Winterthur supports Rivora in the portfolio management of direct investments in real estate. “Being honoured twice with the prestigious IAZI award is an extraordinary confirmation of our many years of joint work,” said Christof Schmid, Managing Director of Auwiesen Immobilien AG. “Together with the Rivora Collective Foundation, we develop an investment strategy tailored to their needs and are responsible for its implementation.”

    As a pension fund without vested interests, Rivora offers companies and their employees customised pension solutions. Auwiesen Immobilien AG manages property portfolios worth over CHF 4.5 billion, primarily in German-speaking Switzerland.

  • Renewable energies remain on course for growth despite difficult market conditions

    Renewable energies remain on course for growth despite difficult market conditions

    Aventron has announced its key financial figures for the 2025 financial year. In total, the producer of electricity from renewable energies generated around 1.3 billion kilowatt hours of electricity – around 15 per cent less than in the previous year (2024: 1.498 billion kilowatt hours). Aventron cites historically weak weather conditions and high price volatility, including negative electricity prices, as the reasons for this.

    Despite the decline in production, the result remains “solid” according to a statement. Net revenue amounted to 120.5 million Swiss francs (2024: 134.9 million Swiss francs), while the EBIT margin (earnings before interest and taxes) was around 21 per cent. Net profit after taxes reached CHF 10.3 million.

    In 2025, aventron continued its diversification strategy with solar, wind and hydro technologies and further developed its portfolio. In Switzerland, construction began on the Sedrun Solar (Grisons) and APV Sidenplangg (Uri) alpine photovoltaic projects. In Italy, realisation of the 25-megawatt Lazio 01 solar power plant began, while two wind farms are under construction in France and Germany. The company invested a total of CHF 67 million. At the end of the year, the portfolio comprised a consolidated total output of 819 megawatts (previous year: 797 MW) in operation or under construction.

    In the medium term, aventron intends to focus increasingly on successful electricity marketing and the expansion of data management and monitoring systems. The aim remains to build up a portfolio with a total output of 1000 megawatts. The Münchenstein-based company operates and develops power plants in the areas of hydro, solar and wind energy in Switzerland and selected European countries.

  • Study shows high regional value creation by energy companies

    Study shows high regional value creation by energy companies

    Repower commissioned Hanser Consulting to analyse how much added value the Graubünden-based energy supplier generates compared to energy companies outside the canton. In its study, the consulting firm puts the additional added value of the Repower Group for the canton at around CHF 144 million for the year 2024. According to its press release, Repower presented the results to the Graubünden cantonal parliament at an information event on 23 April 2026.

    Hanser Consulting summarises the main findings as follows: Firstly, due to the Repower Group’s headquarters in Graubünden, more than twice the added value per kilowatt hour of electricity produced from Graubünden hydropower remains in Graubünden compared to companies outside the canton. Secondly, this would result in “many other advantages” for the Graubünden economy, particularly with regard to the diversity of the labour market, tax revenues for the canton and municipalities and the inclusion of local suppliers for headquarters activities.

    “Against the backdrop of the Graubünden hydropower strategy and the pending home cases in the coming years, the question of how the use of hydropower is organised in the long term and where the associated added value is generated is becoming increasingly important,” writes Repower. “The study aims to provide a factual basis for discussion.” As Repower emphasises, although the company paid for the study and provided the necessary basis, it had no influence on the methodology or results.

    Repower employs around 500 people in Graubünden and operates along the entire value chain, from production to the grid and supply to trading. The largest shareholders are Elektrizitätswerke des Kantons Zürich (38.49 per cent), the canton of Graubünden (27 per cent) and UBS’s Clean Energy Infrastructure Switzerland fund (23.04 per cent).

  • Lucerne knocks Zug off its throne

    Lucerne knocks Zug off its throne

    Lucerne is lowering its effective corporate tax rate from 11.91 to 11.66 per cent in 2026, overtaking Zug, which is now at 11.71 per cent. According to PwC, this makes Lucerne the canton with the lowest corporate tax rate in Switzerland for the first time.

    The difference is small, but the message is all the greater. In tax competition, it is not only the absolute amount that counts, but also the symbolic effect. Whoever is at the top sends a clear signal to mobile companies and investors.

    Switzerland keeps moving
    Eight cantons are lowering their corporate taxes slightly, while four are increasing them minimally. Overall, the 2026 tax comparison shows a country that remains active in international competition and does not simply manage its attractiveness.

    It is striking that the OECD minimum tax introduced in 2024 has hardly changed the cantonal tax rates so far. PwC speaks of a rather wait-and-see attitude towards the new global framework conditions. This is precisely why competition within Switzerland continues to gain in importance.

    Zurich and Bern are coming under pressure
    At the other end of the scale are Bern and Zurich. According to PwC, Berne has an effective rate of 20.54 per cent, while Zurich is still at 19.47 per cent despite a slight reduction. Both cantons therefore continue to be among the most expensive locations for companies in Switzerland in terms of taxes.

    This is tricky from a location perspective. After all, high economic quality, good accessibility and strong labour markets are not always enough if the fiscal difference is almost twice as high as in Lucerne. The tax factor remains a tough lever in the competition for new relocations and expansions.

    More than just a tax ranking
    According to PwC, Central Switzerland maintains its role as a particularly attractive business location. In an international comparison, Lucerne and Zug rank at the lower end of the tax burden; in the EU, only Hungary taxes companies more heavily than Lucerne.

    This makes it clear what is really at stake. It’s not just about a difference in figures between two cantons, but about the strategic positioning of entire economic areas. Lucerne has taken a small step towards the top. This is precisely what can make the difference in the competition between locations.

  • 10 million and then

    10 million and then

    On 14 June 2026, Switzerland will vote on the “No 10 million Switzerland!” initiative. It aims to keep the permanent resident population below 10 million in the long term and provides for additional measures from 9.5 million. The political focus is on immigration. However, the spatial effect could be much broader.

    After all, labour markets cannot simply be stopped at the national border. If companies continue to need skilled labour, but fewer people can or should live in Switzerland, the pressure on living and commuting areas close to the border will increase. This doesn’t just change statistics. It changes entire regions.

    The housing market is shifting
    The pattern has long been visible. In the Lake Geneva region, the labour market is growing strongly, while living space remains chronically scarce on the Swiss side. The result is an ever-increasing expansion of the metropolitan area towards France.

    The price difference explains the dynamic. In the canton of Geneva, asking rents recently stood at CHF 384 per square metre per year, while in France, which is close to the border, they were only CHF 190 to 260, depending on the location. The gap is even greater for residential property. In Geneva, asking prices are around 13,500 francs per square metre, in nearby France around 3,500 to 6,000 francs.

    When relief creates new burdens
    What is supposed to act as a brake for Switzerland can additionally fuel border regions. More cross-border commuters mean more demand for housing outside Switzerland, higher prices in neighbouring communities and growing pressure on schools, transport and municipal services. Voices from Haute-Savoie are already warning of precisely this.

    In terms of infrastructure, this is not a minor issue either. New transport services such as the Léman Express have made cross-border commuting much easier and triggered new development dynamics around the stops. The area is not growing any less. It is just growing differently.

    What this means for locations
    This is a tricky truth for location policy. Growth does not disappear just because you want to put a political cap on it. It seeks new paths via commuter axes, residential locations and functional economic areas.

  • The silent ascent south of the Gotthard

    The silent ascent south of the Gotthard

    The EU’s Regional Innovation Scoreboard 2025 confirms Ticino’s “Innovation Leader” status. Only Zurich performs better in Switzerland. There are measurable drivers behind the ranking. The USI and SUPSI universities form the academic backbone, complemented by institutes such as the IDSIA for artificial intelligence and the national supercomputing center. At the same time, SMEs in the canton invest above average in research and development.

    Three competence centers, one park
    The Switzerland Innovation Park Ticino pools forces at three locations. The Swiss Drone Base Camp at Riviera Airport tests drone technology in real airspace. In Lugano, the Lifestyle Tech Competence Center is driving forward the digitalization of fashion, food and wellness. In Bellinzona, the Life Sciences Competence Center conducts research into biomedicine and oncology. From 2032, the park will move to the Nuovo Quartiere Officine, a 120,000 square meter urban development area in the heart of the cantonal capital.

    Lugano relies on digital infrastructure
    The city of Lugano has gone its own way in the area of crypto. Over 400 businesses already accept digital means of payment, and more than 100 fintech and blockchain companies have set up shop. Phase II was launched in March 2026 in collaboration with the company Tether. Five million Swiss francs will flow into digital resilience, AI ecosystems and decentralized urban infrastructure by 2030. Lugano is thus positioning itself as Switzerland’s third-largest financial center with technological ambitions.

    cHF 60 million and a clear signal
    The Grand Council sent a clear signal at the end of 2023. A credit line of CHF 60 million will secure the promotion of innovation, research cooperation and regional economic policy until 2027. CHF 25 million will flow directly into innovation and research synergies. Fondazione Agire, the canton’s innovation agency for over 10 years, supports 20 startup ideas every year via its Boldbrain accelerator and coaches SMEs on digitalization.

    What the real estate sector needs to learn from this
    Location promotion only develops its full value when it grows beyond strategy papers. Ticino is faced with the task of developing land availability, process reliability and urban quality at the same pace as its innovation projects. For investors, this means a region on the move with high potential and a simultaneous need for patience. Anyone who has the south of Switzerland on their radar today will find a location that wants to deliver and has the means to do so.

  • New branch strengthens presence in Central Asia

    New branch strengthens presence in Central Asia

    Sika is expanding its presence in Central Asia with a new subsidiary in Bishkek, Kyrgyzstan. According to a press release, the aim of the new branch is to increase customer proximity in the region and improve regional market access for the company.

    One of the reasons for the expansion into Kyrgyzstan is the positive economic outlook for the former Soviet republic. Forecasts predict annual growth in gross domestic product of up to 7 per cent until 2030, according to the press release. Growth drivers in the construction sector include large-scale industrial construction projects as well as infrastructure and energy investments, which further emphasise the strategic importance of Central Asia for Sika.

    “The local organisation in Kyrgyzstan complements our existing activities in Kazakhstan and Uzbekistan and strengthens our regional network in Central Asia. This creates a basis for the targeted further development of our market position in the region and for further growth,” Christoph Ganz, Regional Head EMEA at Sika, is quoted as saying.

    The construction chemicals group Sika focuses on the development and production of systems and products for bonding, sealing, damping, reinforcing and protecting in construction and industry. With the opening of the Kyrgyz site, the company is expanding its global network to 103 national subsidiaries. The company generated sales of CHF 11.20 billion in 2025.

  • People aged 55 and over moving house could ease pressure on the housing market

    People aged 55 and over moving house could ease pressure on the housing market

    The moving patterns of the ‘Best Ager’ generation – those aged between 55 and 74 – are becoming increasingly important for a functioning housing market in Switzerland, as shown by the new Helvetia Housing Report, according to a press release from Helvetia Baloise. The study was conducted by the insurer in collaboration with the Sotomo research institute in Zurich.

    When this age group moves house, they usually relocate to less central areas or, increasingly, abroad. This frees up larger, centrally located flats, which are subsequently occupied by families much more frequently. According to the study, this helps to distribute existing housing more efficiently across different stages of life.

    Furthermore, emigration abroad increased by almost 50 per cent between 2014 and 2024. At the same time, moves within one’s own municipality remain comparatively rare. It is only from the age of 75 that the trend reverses: older people then move more frequently back to well-connected, central locations.

    “Additional moves by this age group make an important contribution to better utilisation of living space,” says Michael Hermann, Managing Director of Sotomo. This dynamic is driven in particular by the moving behaviour of foreign ‘Best Agers’, whose likelihood of moving is 50 per cent higher than that of Swiss nationals. However, this trend is being held back by the so-called lock-in effect: homeowners move significantly less often – their likelihood of moving is over 60 per cent lower than that of tenants. According to the report, however, the often-discussed influence of affordable existing rents is significantly lower than assumed and is not the decisive factor behind the low mobility of older households.

  • Energy cooperative strengthens its brand and increases investment

    Energy cooperative strengthens its brand and increases investment

    The transition from EBM to Primeo Energie is now complete: at their annual general meeting on 15 April 2026, the delegates approved the change of name from EBM to Primeo Energie Genossenschaft. The company has been operating under the Primeo Energie brand since 2019. According to a press release, the name change is intended to ensure that the umbrella brand is also visible in the cooperative’s name in future and to avoid misunderstandings.

    Prior to this, the delegates had approved the annual accounts and the management report of the Primeo Energie Group. Operating profit (EBIT) rose to CHF 127 million in 2025. In the previous year, it had stood at CHF 124 million. Profit grew from CHF 91 million to CHF 109 million over the same period. In total, Primeo Energie invested CHF 187 million in energy infrastructure. This figure is set to rise to CHF 220 million in the current year.

    The contribution to the energy fund was doubled from CHF 2 million to CHF 4 million. CHF 3.1 million from the fund was allocated to grant applications, primarily for connections to district heating networks. Support is now also being provided for the conversion of photovoltaic systems with direct feed-in to self-consumption. The co-operatively organised company therefore expects an increase in applications. A further CHF 500,000 was made available for grants to charitable institutions.

    Gilbert Fuchs and Carmen Gerber-Balmelli were re-elected to the Board of Directors for a further term until 2030. Thomas Ernst was newly elected to the board. Long-standing Vice-President Urs Grütter stepped down.

  • Condominiums remain in demand even with record supply

    Condominiums remain in demand even with record supply

    The latest Online Home Market Analysis by ImmoScout24, in collaboration with the Swiss Homeowners Association and the Swiss Real Estate Institute, analyses the advertisements for condominiums in 2025. According to a press release, a new high has been reached with around 101,000 advertised properties – the highest since the survey began in 2016. At the same time, the growth in supply has slowed significantly. At the same time, the average advertising period has been reduced by eight days to 84 days, which indicates that demand for condominiums is increasing again compared to the previous year.

    The study cites the changed interest rate environment in particular as a reason for this: falling financing costs and easier mortgage lending in some cases are making home ownership more attractive than rental properties. In addition, the need for a secure long-term living situation is becoming more important again.

    “The fact that condominiums are selling more quickly again despite the large supply is a clear sign. Swiss people want to live within their own four walls. Fortunately, the dream of home ownership is still realisable for many people,” Markus Meier, Director of the Swiss Homeowners’ Association, is quoted as saying.

    There is also a uniform regional trend: In all major regions, the insertion period is shorter than in 2024, with condominiums continuing to sell particularly quickly in Central Switzerland (61 days), Zurich (64 days) and the Geneva region (65 days). A particularly dynamic development in demand can be seen in Ticino, where the time it takes to place an advertisement has been significantly reduced by 22 per cent despite a sharp increase in the number of listings (10 per cent).

    ImmoScout24 is an online property marketplace operated by the SMG Swiss Marketplace Group. SMG Swiss Marketplace Group AG combines the digital marketplaces of TX Group, Ringier and Mobiliar.

  • Ticino economic area between energy, housing and investment

    Ticino economic area between energy, housing and investment

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    At the 108th immoTable Ticino in Savosa, representatives from the real estate industry, energy, planning and investment discussed the future of the Ticino economic region. The focus was not only on individual projects, but also on the fundamental question of how Ticino can continue to develop as a modern business and real estate location.

    The discussion made it clear that Ticino today is much more than just a vacation and second-home region. A high quality of life, strategic location and exciting development potential meet challenges in terms of processes, living space, mobility and regional cooperation.

    Roberto Fantoni from Volta RE showed how much the energy market has changed. While the feed-in tariff for photovoltaic electricity has fallen massively in recent years, new models for property owners, municipalities and site developments are emerging in the form of energy communities, virtual associations and local electricity communities. The new CLE models from 2026 in particular could have a lasting impact on the real estate market. At the same time, it became clear that owners and administrations are increasingly looking for solutions that reduce energy costs, improve the energy efficiency of buildings and simplify investments.

    Monique Bosco-von Allmen from CASSI focused on the issue of housing. She made it clear that Ticino is lagging far behind the rest of Switzerland in terms of non-profit housing construction and that the discussion about affordable housing, demographic change and sustainable forms of housing is becoming increasingly important. The topics discussed included gentrification, rising rental costs, the low proportion of non-profit housing and the question of how politicians, municipalities and private stakeholders can work together to promote new housing models. At the same time, it was emphasized that housing is much more than just a roof over one’s head, but is closely linked to social balance, intergenerational dialogue and quality of life.

    Manuel Gamper from Leading Investors presented Ticino from the perspective of national and international investors. Ticino remains attractive, but finds itself in a more demanding market environment that requires significantly more professionalism, data competence and strategic thinking. Particularly important are predictability, speed, larger volumes and a professional ecosystem along the entire real estate value chain. At the same time, it became clear that Ticino, despite its limited market size, has interesting returns and considerable development potential if projects are of high quality, flexible and long-term.

    The future of the Ticino economic region will not be decided by individual construction projects or investments alone, but by cooperation, quality, innovation and the ability to think about economic development, energy, mobility and housing together.

    The next immoTable will take place on June 18, 2026 at the StartUp Space in Schlieren.

  • Ticino at a glance – opportunities, pressure and dynamics

    Ticino at a glance – opportunities, pressure and dynamics

    The canton, with around 360,000 inhabitants, 100 municipalities and an area of 2,812 square kilometres, has positioned itself as a research and innovation-oriented region. In the EU’s Regional Innovation Scoreboard 2025, Ticino ranks 6th out of 241 European regions, just behind Zurich in Switzerland. According to BAK Economics, the cantonal GDP grew by 0.6 per cent in 2024. An increase of around 1.1 per cent is expected for 2025. The unemployment rate as at January 2026 was 3.3 per cent, slightly above the Swiss average of 3.2 per cent.

    This development is important for the property industry because innovation alone does not guarantee a location’s attractiveness. The decisive factor is whether research, entrepreneurship and urban quality come together spatially. With USI, SUPSI, the Switzerland Innovation Park Ticino and the Boldbrain accelerator, the canton has a solid innovation infrastructure. At the same time, the construction industry and market development are under pressure. Construction output fell by 0.2 per cent across Switzerland in December 2025, with an above-average decline in Ticino. Rising construction costs, political uncertainties and complex authorisation procedures are exacerbating the pressure on supply and project calculations in the medium term.

    The property market presents a varied picture. The vacancy rate in Ticino fell from 2.08 per cent in 2024 to 1.92 per cent in June 2025, the sharpest decline of all the major regions, but still almost twice as high as the Swiss average of 1.0 per cent. At the same time, asking rents fell by 5.6 per cent in 2024/2025 according to ReMPA. The only region in Switzerland to see a decline, while the national average rose by 2.4 per cent.

    The spatial structure remains a challenge. Lugano with 63,600 inhabitants, Bellinzona with 45,300, Locarno with 16,400 and Mendrisio with 15,100 form different sub-regions with their own profiles. Topography, scarce space and demographic pressure also play a role. The FSO forecasts a decline in the labour force of 45,000 people by 2050. The approximately 78,800 cross-border commuters support the labour market, but their number has fallen slightly for the first time. Against the national trend of 411,000 cross-border commuters throughout Switzerland. If you want to invest in Ticino, you won’t get far by simply analysing from afar from Zurich or Basel. You need local partners, market knowledge and an understanding of the specific sub-regions.

    At the same time, this mixed situation offers potential. The proximity to northern Italy, the Gotthard Base Tunnel, the role as the southern portal of the Gotthard corridor and the high quality of life. At 85.2 years, Ticino has the second-highest life expectancy in Europe, creating conditions that are rarely found elsewhere. If innovation strategy, land policy, mobility and project development can be coordinated more closely, Ticino can significantly strengthen its position as an economic and property region. It is not whether the potential is there, but how consistently it is translated into reality.

  • Strong franc weighs on quarterly results despite gains in market share

    Strong franc weighs on quarterly results despite gains in market share

    The construction chemicals group Sika has announced its financial results for the first quarter of 2026 in a press release. The group recorded sales of CHF 2.49 billion in the first quarter, representing sales growth of 0.9 per cent in local currencies and a decline of 7 per cent in Swiss francs. The decline in Swiss francs is attributable to the strength of the Swiss franc against Asian currencies and the US dollar, according to the company.

    The main drivers of growth in local currencies were market share gains across all regions, despite a subdued global construction market. In the EMEA region (Europe, Middle East, Africa), Sika recorded a 3.6 per cent increase in revenue in local currencies in the first quarter (previous year: 0.7 per cent) In the Americas region, Sika recorded a slight decline in sales of 0.8 per cent in local currencies. Whilst economic uncertainties weighed on construction activity in the US, demand in the data centre sector grew at double-digit rates, Sika reports. Canada performed well and Latin America also continued the recovery in construction markets. In the Asia/Pacific region, sales in local currencies fell by 2.2 per cent. The continued weakness of the Chinese construction sector, with double-digit declines, had a particularly negative impact. Positive contributions came primarily from India, South-East Asia and the Automotive & Industry segment.

    The completed acquisition of mortar manufacturer Finja (Sweden) and the announcement of the acquisition of adhesives manufacturer Akkim (Turkey) contributed to the increase in market share in the first quarter. Sika is also strengthening its production capacities with new plants in the USA, Tanzania, Argentina, Colombia and Bangladesh.

    Sika confirmed its strategic direction and expects revenue growth of 1 to 4 per cent in local currencies for the full year 2026, as well as an EBITDA margin of 19.5 to 20 per cent.

  • Energy provider reports declining results alongside rising investments

    Energy provider reports declining results alongside rising investments

    According to a press release,Repower achieved a total operating performance of CHF 1986 million in 2025. This was 20 per cent less than in the previous year. The operating result before interest and taxes fell by 24 per cent to CHF 133 million, while Group profit fell by 27 per cent to CHF 101 million. According to the press release, the international energy trading business made the largest contribution to earnings. At the same time, the Graubünden-based energy supplier increased its investments by 80 per cent to 142 million. The equity ratio rose from 53 to 59 per cent.

    The low rainfall in spring 2025 in particular had a negative impact on Repower’s result. The wind farms in Italy and Germany also recorded a slight decline. The Teverola gas-fired combined-cycle power plant was out of operation for an extended period. Only solar production increased significantly in 2025. According to the press release, Repower produced a total of 2147 gigawatt hours of electricity in 2025. In the previous year, this figure was 2639 gigawatt hours.

    Repower achieved a very strong result of CHF 371 million and a profit of CHF 300 million in 2023. However, the company also reported a very good annual result for 2025. This was above the long-term average. The company also expects a good result for 2026.

  • Energy supplier boosts profits despite lower turnover

    Energy supplier boosts profits despite lower turnover

    The AEW Group has had a successful financial year in 2025. According to a press release, the Aargau-based energy supplier achieved total revenue of 833.1 million Swiss francs. This is 4.2 per cent less than in the previous year. At the same time, operating profit before interest and taxes increased by 24.4 million to 131.4 million Swiss francs. The adjusted net profit stands at 159.7 million Swiss francs. The canton can expect a dividend of 53.0 million Swiss francs.

    The company attributes this growth to one-off effects. These included not only the efficient management of the energy business but also the early sale of own-generated electricity on the power exchange, as well as the strong performance of the Leibstadt Nuclear Power Plant (KKL) decommissioning and disposal fund, the Axpo dividend and a write-down in the power plant portfolio. AEW holds a 5.4 per cent stake in KKL.

    Investments stood at 94.3 million, slightly above the previous year’s figure (93.0 million).

    “Operationally, 2025 was a very good year for AEW,” CEO Marc Ritter is quoted as saying in the statement. “Our organisation has picked up pace and, at the same time, demonstrated that it can perform effectively even in a very challenging and dynamic market environment.”

  • Consumer confidence collapses

    Consumer confidence collapses

    The decline is abrupt. In January and February 2026, the index was still at around – 30 points, slightly above the previous year’s level. The slump in March to – 43 points is therefore one of the sharpest monthly declines in recent years. The turnaround came quickly and affected several areas simultaneously.

    Where sentiment has tipped the most
    Three of the four SECO sub-indices are clearly below the level of March 2025. Expectations regarding economic development have slumped the most. The expected financial situation of households and the willingness to make major purchases have also fallen significantly. Only the view of the past financial situation remained stable compared to the previous year.

    Geopolitics as a mood killer
    The war in Iran and the associated rise in oil prices are seen as the main triggers. Inflation expectations jumped sharply in March: from 98.3 to 121.4 points. At the same time, unemployment expectations rose. Both are having a direct and noticeable impact on household confidence.

    What this means for consumption
    Falling consumer sentiment is not just a statistical signal. It shows that households are postponing major expenditure and opting for security. For the retail trade, real estate market and construction industry, this means less stimulus from domestic consumption, at least in the short term. Trading Economics expects a gradual recovery to around – 34 points by mid-2026 and – 26 points by 2028.

    Whether sentiment recovers depends heavily on the geopolitical situation and price trends. The Swiss economy has been robust so far, but consumer confidence is a leading indicator. If the buying mood remains subdued, the growth figures usually follow with a delay.

  • No longer a bonus, but mandatory

    No longer a bonus, but mandatory

    From ESG label to strategic reality
    Sustainability in the real estate industry has had its noisy years behind it. After gaining a certain reputation as a differentiating feature, it has now taken its place as a strategic core issue in the form of ESG criteria. However, this is precisely why the topic is in danger of becoming quiet between reporting obligations and day-to-day business. What becomes the norm disappears from the limelight. But routine is no protective shield. Especially not in an industry that thinks in decades but often makes decisions in years.

    Because while sustainability is being discarded as a done deal in many places, the structural challenges remain. Real estate thinks in cycles of 30, 40 or more years. Net zero by 2050 is therefore not a distant vision, but a real planning horizon. This also means that a large proportion of today’s existing properties can only be properly renovated or completely refurbished once.

    Uncertainty as the new planning reality
    The current geopolitical situation, volatile markets and unclear framework conditions are currently making it difficult to draw up reliable climate reduction paths. In practice, this often leads to decisions being postponed or reduced to the most favorable short-term solution. However, those who persist in linear thinking are limiting themselves in the long term. Climate protection roadmaps, gray energy, life cycle costs and climate risks must be an integral part of every decision in order to achieve climate neutrality in an economically viable way. And not at some point, but now.

    In practice, it is becoming clear that portfolio holders are taking an increasingly differentiated approach to sustainability. In addition to traditional CSR approaches, a clearly risk-oriented approach is becoming established. The focus is on reliable data on condition, consumption and emissions as well as building-specific risk profiles, which are incorporated into the portfolio strategy as control parameters. This makes sustainability a strategic decision-making factor that goes beyond reporting. The location in particular is taking center stage: Real estate must not only be efficient, but also resilient to heat, water, extreme events and social tensions. Those who systematically assess these risks can take targeted action. Everyone else reacts to the consequences later.

  • Municipal energy supplier is systematically expanding its infrastructure and district heating network

    Municipal energy supplier is systematically expanding its infrastructure and district heating network

    The Zurich City Electricity Works generated turnover of 1.44 billion Swiss francs in 2025, according to a statement from ewz. This represents an increase of CHF 11 million year-on-year. Operating expenses rose by CHF 64 million to CHF 1.02 billion over the same period. This was driven by the integration of the district heating network of Entsorgung Recycling Zürich (ERZ-Fernwärme) and additional energy procurement. A profit of CHF 303 million was reported, compared with CHF 391 million in the previous year.

    “This strong result is primarily attributable to energy sales on the open market, a profit from the marketing of wind power production abroad and the targeted use of funds,” ewz Director Benedikt Loepfe is quoted as saying in the statement. “The successful integration of district heating, involving over 100 additional employees, impressively demonstrates our company’s adaptability.”

    In the reporting year, ewz also invested CHF 244 million in networks, power stations and shareholdings. That is CHF 48 million more than in the previous year, the energy supplier writes. “Capital requirements will rise massively over the next ten years so that the necessary investments of over CHF 3 billion can be made,” explains Loepfe. “ewz’s current strong financial position enables us to make these investments in the future of energy and security of supply in the coming years using our own funds.” CHF 80 million of this year’s profit will be transferred to the city.

  • Confidence in Swiss property is growing

    Confidence in Swiss property is growing

    According to a press release from EY Switzerland, 98 per cent of property investors continue to view the Swiss property market as attractive. The Zurich-based audit and advisory firm reports this in its latest “Property Investment Market Trend Barometer”. Last year, only 93 per cent expressed a positive interest.

    For the study, EY surveyed 96 experts and investors who have been actively involved in the Swiss property market in recent years. Of those surveyed, 35 per cent of investors rated the Swiss market as “very attractive” last year; in the new survey, this figure had risen to 46 per cent. Nine out of ten respondents believe that new-build activity can be significantly boosted by simplified, digitalised planning permissions. Three-quarters see digitalisation as a driving force, yet only 16 per cent already use artificial intelligence for their business operations.

    Residential property remains in vogue in the top nine centres (Basel, Bern, Geneva, Lausanne, Lugano, Lucerne, St Gallen, Zurich and Zug), whilst demand is lower in rural areas. Demand for office and logistics properties has risen in the centres. Office properties in particular are in greater demand, with a ratio of 58 per cent to 48 per cent (2025). In the logistics sector, the trend remained virtually unchanged: 51 per cent to 52 per cent (2025).

    “Geopolitical uncertainties – such as US tariffs, international trade conflicts, the war in Ukraine or global financial market risks – are having an increasing impact on the Swiss property market as exogenous disruptive factors, particularly in centres with a strong international focus,” says Daniel Zaugg, Sector Leader Real Estate, Construction & Building Materials at EY in Switzerland, quoted in the press release. “These effects are reinforcing existing trends towards regional polarisation by widening the gap between highly internationalised markets such as Geneva and Zurich and more domestically oriented regions. Nevertheless, Switzerland remains a politically and economically stable location overall – and in uncertain times even positions itself as a ‘safe haven’ for capital.”

  • Weather conditions and impairment charges are weighing on business performance

    Weather conditions and impairment charges are weighing on business performance

    According to a press release, BKW generated revenue of CHF 4,543.6 million in 2025. In the previous year, the figure stood at CHF 4,772.3 million, representing a decline of 4.8 per cent. The decline in operating profit before interest and taxes was significantly more pronounced. In 2025, BKW posted a profit of CHF 561.0 million, compared with CHF 789.9 million the previous year. Net operating profit fell from CHF 550.4 million the previous year to CHF 351.1 million in 2025.

    BKW attributes the decline partly to a value adjustment on its stake in the Wilhelmshaven coal-fired power station on the North Sea coast of Lower Saxony. This adjustment amounts to CHF 113.7 million at the operating profit level and CHF 90.9 million at the net profit level. BKW holds a 33 per cent stake in the power station.

    Secondly, the weather-related decline in electricity generation from hydro and wind power weighed on the result in the Energy Solutions business segment. Even before the impairment charge, this was down 18.6 per cent on the previous year. The result of the Power Grid business segment, at CHF 130.6 million, was 7.0 per cent below that of the previous year.

    In contrast, the result of the Infrastructure & Buildings business segment rose significantly by 40.6 per cent to CHF 80.0 million. Revenue for the business segment remained constant at CHF 1.98 billion.

    BKW expects earnings of between CHF 650 million and CHF 750 million for 2026.

  • Graubünden builds bigger, more expensive, longer

    Graubünden builds bigger, more expensive, longer

    128 construction sites do not mean relief, but concentration. Instead of many small interventions, the focus in 2026 will be on complex infrastructure projects that require more manpower, longer construction times and higher budgets. Traffic light systems will be used at 67 of the 128 construction sites to guide traffic through in an orderly fashion. The Graubünden Civil Engineering Office has set clear priorities.

    La Punt freed from through traffic
    The largest project is the La Punt bypass in the Engadin. In future, a 584-metre-long tunnel will run under the village center and a 55-metre-long bridge will cross the Inn. The total costs amount to 80 million Swiss francs and the construction period is eight years until 2033. After the ground-breaking ceremony in September 2025, the preliminary cuts in the Arvins area will be made in 2026. It is a relief for La Punt and a leap in quality for the Engadin.

    New tunnel for the Surselva
    Between Disentis and Curaglia, a new 500-metre-long tunnel will replace the dilapidated Las Ruinas tunnel and its two galleries. The work will take three years and traffic will remain in operation throughout the construction period. As the new tunnel runs directly next to the existing one in some places, night-time closures are unavoidable. An intervention that requires consideration, but is necessary.

    malix five years of work before completion
    On the Julierstrasse between Chur and Malix, the signs are pointing to the finale. The section lies in a landslide area and has been stabilized, widened and straightened over five years. The final work should be completed by July. As a visible sign of the new start, the section will be given a cycle lane. A project that was born out of necessity and ends up as a modern stretch of road.

    infrastructure as an investment
    Graubünden’s 2026 construction season shows that infrastructure is not a matter of course. Operating 1360 kilometers of cantonal roads through alpine terrain, landslide areas and flood zones requires continuous investment. Fewer construction sites, larger projects – this is not a cost-cutting exercise, but a strategic decision for sustainable quality.

  • Rent cap eats its own children

    Rent cap eats its own children

    Since the Housing Protection Ordinance came into force in Basel-Stadt in May 2022, planning applications for rental apartments have plummeted by 76 percent. in 2024, only 151 new-build apartments were completed in the city canton, less than a quarter of the long-term average. While Zurich recorded a 20 percent increase in building applications in the same period, construction activity in Basel effectively came to a standstill.

    No renovation, buildings fall into disrepair
    Regulation not only slows down new construction, it also paralyzes the renewal of existing buildings. Craft businesses are complaining about a lack of orders; individual companies are looking for work 40 kilometers away in Fricktal. Necessary energy-efficient renovations are not being carried out and properties are falling into disrepair. This ultimately affects the tenants themselves and thwarts any claim to climate protection.

    Geneva 40 years of regulation, 40 years behind
    Geneva has had one of the strictest tenant protection laws in Switzerland since 1983. The result is sobering. 83.5 percent of residential buildings over 40 years old have never been comprehensively modernized, compared to 47.6 percent in Basel and 41.3 percent in Zurich. New tenants in Geneva pay an average of 30 percent more per square meter than existing tenants. Strict tenant protection therefore primarily protects those who already have an affordable apartment. Not those who are looking for one.

    The real problem, too little supply
    If you want to reduce rents, you have to increase supply. This means faster approval procedures, more densification, more replacement new builds and extensions and fewer objections. The Zurich Cantonal Council has already drawn up two counter-proposals that focus on better framework conditions rather than bans. This is the right direction.

    What Zurich needs to decide
    The housing market in the canton of Zurich is under pressure, that is real. But a rent cap does not solve the problem, it exacerbates it. Basel and Geneva are not a theory, but a living warning. On June 14, Zurich has the choice of learning from its mistakes or repeating them.

  • Who pays, who lives, who benefits?

    Who pays, who lives, who benefits?

    The SOSDA framework developed by Zimraum and Stratcraft records the social performance of residential real estate along nine key figures in three scopes: tenants, neighborhood and society. The data pool comprises 30 portfolios with around 68,500 apartments from 17 owners. These include pension funds, investment foundations, listed funds and non-profit housing developers. A database that allows comparisons to be made for the first time.

    Affordability is holding up better than expected
    78 percent of the apartments in the data pool are considered affordable according to the SOSDA definition. The net rent accounts for less than a third of the monthly taxable median income in the respective municipality. Even in the new-build segment, this figure is 58 percent. In institutional portfolios, 48 percent of new-build apartments reach this threshold. This contradicts the widespread view that new construction and affordability are fundamentally mutually exclusive.

    High satisfaction, solid management quality
    Tenant satisfaction is remarkably high. 90 percent of respondents are somewhat to very satisfied with their apartment. 83 percent also give their property management good marks. The residential environment is also impressive. 85 percent are satisfied with their neighborhood, 77 percent rate the neighborhood conditions positively. Quality is obviously not a product of chance in the Swiss housing market.

    Family apartments remain under-occupied
    When it comes to occupancy efficiency, the benchmark reveals a structural weakness. Only 58 percent of apartments fulfill the “room minus 1” rule. For family apartments with four or more rooms, this proportion drops to 41 percent. Although non-profit portfolios perform slightly better than institutional portfolios when it comes to family apartments, the difference remains small. This is a clear area for optimization for all market participants.

    Letting practice under the magnifying glass
    For the first time, the benchmark also documents to whom apartments are actually let. The range is considerable. Depending on the portfolio, between 46 and 100 percent of family apartments went to households with children. Only 9 percent of apartments were rented to senior citizens. The proportion of affordable apartments that went to low-income households varied between 30 and 50 percent. The database is still limited, but the direction is clear. Social performance can no longer be ignored in the future.

  • That’s what it’s all about: usage and operating concepts as the key to needs-based sports facilities

    That’s what it’s all about: usage and operating concepts as the key to needs-based sports facilities

    From a competition venue to a facility for leisure and exercise
    Over the last five decades, the sporting behaviour of the population – whether on an individual basis or in organized sport – has changed dramatically. New training habits, a significant rise in population figures, increasing professionalization in club sport and changing social needs have led to facilities having to perform significantly better today than they did 50 years ago. This also includes aspects such as gender and age equality, which are now taken for granted.

    Accordingly, at the beginning of every infrastructure project, the focus should not be on the structural solution, but on the question of a suitable utilization and operating concept (including a profitability analysis). All too often, however, a planner is hastily commissioned before the project fundamentals and dependencies on other institutions and projects have been identified. The result is then the development of volumetric options, but not strategic options for the communities concerned. As a specialist in strategic utilization and operational concepts, BPM Sports has more than 20 years of experience in this field.

    So what characterizes a good utilization and operating concept? In principle, it comprises three key levels:

    • Strategic-conceptual: purpose, target groups, offer, business case, strategy, sponsorship
    • Operational-conceptual: Maximum utilization and use with added value
    • Operational: staffing requirements, maintenance, visitor management, self-financing of maintenance

    At the strategic level, the question of the raison d’être – the purpose of the facility – must be answered. This needs to be sharpened and clearly defined for all stakeholders. The better this is done, the easier it will be to communicate with taxpayers and the parties ultimately involved in the planning.

    The key elements include

    Political leadership: sports facility projects require broad support. Perceptible, continuous and strong political leadership is therefore essential.

    Addressed target groups: The user groups and their needs must be identified. This includes recording routines and expectations, but also future developments. Frequencies and capacities derived from this are key to optimally utilizing the facility for both users and operators.

    Sharpened offer: The available space and functionalities are formulated in a targeted manner, with a focus on energy and personnel costs. These are based on the formulated needs, with a direct impact on the follow-up costs of a facility.

    Construction costs vs. follow-up costs: The latter are (too) often overshadowed and only tend to come into focus in a later project phase. An early consideration of the follow-up costs is helpful to ensure the financial viability of a system.

    System strategy: An effective lever for predicting operating costs and earnings potential. Particularly in the case of seasonal facilities such as outdoor pools or ice sports facilities, complementary or supplementary offers can increase income and influence resource requirements.

    Operator model: There is a wide variety of models here. Different organizational forms (administrations, public limited companies, private-public partnerships) offer different advantages, whereby PPPs have become increasingly established in recent years and offer new opportunities, especially for less profitable club and popular sports.

    Other success factors at operational and conceptual level are

    Utilization: Generating high utilization is a challenge. This is because it does not always go hand in hand with profitability due to the different purchasing power of the target groups and unavoidable wear and tear. Checkrooms and loading areas are also a decisive factor. If they were neglected during construction to save money, this has a negative impact on capacity and therefore on maximum utilization.

    Staff: Employees of sports facilities are identification factors. In order to optimally promote this potential, it is important to keep operating routes short and clear and to design efficient work processes. This can be ensured with the appropriate layout of the facility and the individual rooms.

    Conclusion: A utilization and operating concept for sports facilities is a complex interplay of strategic, operational and economic factors. Correctly compiled and applied, it forms the basis for the long-term success and profitability of a facility.

    BPM Sports is a specialist for public sports infrastructures operating throughout Switzerland and based in Bern. With over 20 years of experience in consulting, monitoring and supporting a wide range of sports facility projects and operations, the company, founded in 2006 by owner Rainer Gilg, is one of the leading service providers in this field.

  • Industrial firm stabilises turnover and invests in new sites

    Industrial firm stabilises turnover and invests in new sites

    According to a press release, the Kistler Group managed to keep its turnover stable in 2025: at 424 million Swiss francs, it fell by 1 per cent on a currency-adjusted basis and by 5 per cent in Swiss francs. The company cites the strong Swiss franc in particular as a negative factor, but also the stagnating German automotive industry and geopolitical and economic uncertainties, including those related to US tariff policy. Order intake fell short of the company’s expectations, down 2 per cent on a currency-adjusted basis and 6 per cent in Swiss francs.

    “My first year as CEO was challenging, but we have set an important course – including through adapted regional structures that enable us to respond even more flexibly to varying market conditions,” Marc Schaad is quoted as saying. He is cautiously optimistic about the 2026 financial year. “We plan to continue growing through targeted investments, particularly in Asian markets such as China.”

    For Asia, Kistler is planning a new headquarters in the Malaysian capital, Kuala Lumpur. In the US, Kistler has strengthened its management team. In Germany, the focus is on developing new applications to offset declining sales in the automotive sector. New products are also set to contribute to the Group’s growth in 2026. Nine per cent of revenue is channelled into research and development.

    In Winterthur, Kistler is pressing ahead with preparations for a new, highly automated sensor factory. “The smart factory is a long-term investment for us and a clear commitment to Winterthur as a location,” said Schaad. The company is currently “in an intensive planning and clarification phase”.

  • Swiss energy consumption has risen slightly

    Swiss energy consumption has risen slightly

    According to an initial estimate by the Swiss Federal Office of Energy (SFOE), energy consumption in Switzerland in 2025 was slightly higher than in the previous year. Consumption rose to 778,630 terajoules. In the previous year, it had stood at 776,220 terajoules.

    Energy from petroleum products again accounted for the largest share in 2025. This supplied 351,420 terajoules. In the previous year, the figure had been 354,810 terajoules. Electricity consumption rose to 209,340 terajoules, compared with 207,040 terajoules in the previous year. Gas consumption fell from 95,480 to 93,840 terajoules. Consumption of biogenic fuels, biogas, solar energy and geothermal heat rose from 38,390 to 40,090 terajoules.

    The SFOE points out that the estimate is provisional. The final figures for final energy consumption are due to be published on 18 June.

  • The turnaround is real USZ turns positive

    The turnaround is real USZ turns positive

    Anyone driving through the Hochschulquartier will see it immediately. Cranes. Building pits. Large construction site. Campus Mitte is being built and with it the ambition to redefine cutting-edge medicine in the long term. The investments are underway. The question has long been, how will the balance sheet support this? Now there is an answer.

    The turnaround is real
    36 million francs profit. For the first time since 2019. A year earlier, a loss of 31 million francs. The contrast is clear and the direction is right.
    Inpatient cases rose by just under 3 percent, outpatient visits by 5 percent to around 882,000. More patients, better capacity utilization, more consistent processes. The result is no coincidence. The turnaround is real. The work has only just begun.

    Digitalization is paying off
    Since CEO Monika Jänicke took the helm in 2023, the clear strategy “USZ 2030” has been in place. More efficient processes, greater digitalization, focused medicine. The EBITDA margin rose from 2.9 to 6.6 percent. Strong, but not yet at the finish line. As the owner, the canton is demanding 10 percent. At the same pace, this can be achieved in 2026. The target for the equity ratio, just under 40%, has already been met.

    The canton is moving with
    Investments are running in parallel with the increase in earnings. Around CHF 100 million was invested in real estate in both 2023 and 2024. The canton is supporting the project and is borrowing CHF 690 million on the capital market. This at better conditions than the hospital itself would ever receive and passes the money on.
    The retained earnings, which fell to under 200 million francs in 2024, have now risen again to around 230 million francs. The cushion is growing.

    Not just the USZ
    The positive trend is not an isolated case. Winterthur Integrated Psychiatry closed 2025 with a profit of CHF 1.8 million. After red figures in the previous year. Patient numbers up 5 percent. This shows that cantonal healthcare institutions are responding to cost pressure with structure, efficiency and clarity.

  • Power generator continues to invest in flexible energy production

    Power generator continues to invest in flexible energy production

    According to a statement,Alpiq achieved net sales of CHF 5,920 million in 2025. In the previous year, this figure was CHF 6,366 million. Adjusted earnings before interest, taxes and depreciation amounted to CHF 572 million, CHF 310 million less than in the previous year.

    The Lausanne-based electricity producer attributes the significant decline primarily to the unplanned outage of the Gösgen nuclear power plant, in which it holds a 40 per cent stake. The nuclear power plant has been off the grid since May 2025 due to the modernisation of its water supply system. Energy trading generated a negative result of CHF 35 million in 2025. In the previous year, it had achieved a positive result of CHF 30.1 million.

    Alpiq’s financial position is strong, with an equity ratio of 61 per cent. The company is therefore focusing on further investments in its growth areas and is paying a dividend of CHF 230 million.

    “We are positioning Alpiq for the future: our strategy is focused on flexibility, modernising power plants and customer-oriented energy solutions,” CEO Antje Kanngiesser is quoted as saying in the press release. “This will consolidate our contribution to the future of energy in Europe.”

  • Building materials industry records profitable growth

    Building materials industry records profitable growth

    According to a statement, the Zug-based building materials group Holcim achieved annual sales of CHF 15.7 billion in 2025, representing growth of 3.0 per cent in local currency. Recurring EBIT (earnings before interest and taxes) rose to CHF 2.88 billion (10.3 per cent). The recurring EBIT margin improved by 80 basis points to an “industry-leading” 18.3 per cent. Earnings per share before impairment and disposals increased by 5.0 per cent to CHF 3.22. There were sharp declines in consolidated profit (-73.4 per cent to CHF 387 million) and earnings per share (-73.1 per cent to CHF 0.70). This was “characterised by a non-cash effect caused by exchange rate changes on the divestment of Holcim’s business in Nigeria”.

    Profitable growth accelerated particularly in the fourth quarter. Recurring EBIT increased by 12.2 per cent to CHF 601 million in local currency. Quarterly sales amounted to CHF 3.82 billion, representing growth of 3.4 per cent in local currency.

    By product line, Building Materials recorded organic sales growth of 5.1 per cent to CHF 11.56 billion. Building Solutions, on the other hand, posted an organic sales decline of 1.6 per cent to CHF 5.85 billion.  Regionally, Europe saw a decline in sales (organic -2.4 per cent), while recurring EBIT rose by 7.4 per cent to CHF 1.47 billion. The margin was 17.0 per cent. In Latin America, sales grew organically by 4.9 per cent to CHF 3.09 billion, while recurring EBIT declined slightly by 0.5 per cent organically. In Asia, the Middle East and Africa, sales grew organically by 10.0 per cent to CHF 3.62 billion. Recurring EBIT rose organically by 20.5 per cent, with the margin reaching 24.6 per cent.

    An important growth driver for Holcim in 2025 was the 21 transactions completed, 18 of which had a value-enhancing effect. In the announcement, CEO Miljan Gutovic thanked the 45,000 employees: “Together, we have achieved all our goals for 2025.” For 2026, the Group expects organic revenue growth of 3 to 5 per cent and an organic increase in recurring EBIT of 8 to 10 per cent. The company also expects a further improvement in the recurring EBIT margin.

  • Property portfolio grows despite stable income

    Property portfolio grows despite stable income

    The real estate company PSP Swiss Property has announced its 2025 business results. Property income reached 349.2 million, down 0.2 per cent on the previous year’s result. On a like-for-like basis, however, growth of 1.3 per cent was achieved, mainly due to index adjustments. Profit excluding property gains amounted to 225.4 million, or 4.91 Swiss francs per share. Net profit rose by 8.9 per cent to CHF 408.5 million, mainly as a result of higher portfolio revaluations of CHF 231.1 million. Earnings per share increased to CHF 8.91 and the dividend per share to CHF 3.95.

    The portfolio value rose to CHF 10.1 billion at the end of 2025, with 150 investment properties and ten development properties. The revaluation was mainly driven by successful lettings in high-street retail in Zurich and rising market tenant expectations in prime locations. The vacancy rate was 3.5 per cent. The average remaining term of leases (WAULT) was 4.9 years, and 5.3 years for the largest tenants.

    Overall, the Swiss market for commercial properties remained stable, according to the report. In 2025, high-quality office space in central locations was in particular demand. In Geneva and Zurich, demand for city centre locations remained high, while the markets in Bern and Lausanne remained stable. In Basel, the oversupply of office space continued. The investment market picked up over the course of the year thanks to moderately falling interest rates and improved financing conditions.

    PSP expects the market to continue to develop positively in 2026, with stable rental demand in its core business. According to the company, low interest rates are likely to support the transaction market, while high-quality properties remain in short supply. The company therefore intends to invest selectively, exploit opportunities with long-term value growth potential and continue its shareholder-friendly dividend policy.