Investis (IREN) H1 2025 earnings summary

Executive summary

• Achieved strong revenue growth in HY 2025, with rental income up 38% to CHF 38.8 million, driven by strategic portfolio expansion and targeted acquisitions.

• Portfolio exceeded CHF 2.1 billion for the first time, now totaling 203 properties and 3,043 residential units.

• Significant revaluation gain of over CHF 70 million, mainly from 2023 and HY 2025 acquisitions.

• Divested Real Estate Services segment in June 2024, strengthening focus on core residential portfolio.

• Maintains a strong balance sheet with low LTV at 30.1% and equity ratio at 62%.

Financial highlights

• EBIT for H1 2025 reached CHF 95.7 million; net profit was CHF 80.2 million, or CHF 6.28 per share; excluding revaluation effects, net profit was CHF 19.6 million.

• Rental income increased to CHF 39 million, with organic growth at 1.9%.

• EBITDA margin improved to 63% in 2025 from 55% in 2024 (excluding divested segment).

• Funds from operations (FFO) stood at CHF 17.9 million, down from CHF 23.9 million year-over-year.

• Financial expenses dropped to CHF 2.5 million from CHF 3.5 million year-over-year, despite higher debt.

Outlook and guidance

• Expects to exceed +21% full-year rental income growth guidance for 2025, supported by robust demand and low vacancy rates in the Lake Geneva region.

• July 2025 acquisition adds CHF 3.8 million annual rent; focus remains on selective, long-term value-generating investments.

• Dividend is fully covered by recurring income, with potential for future increases.

• Will maintain a prudent approach, focusing on value-add asset management and a low-risk profile.

• Demographic shifts and limited new construction will keep vacancy rates low and support rental growth.