Investis (IREN) H1 2025 earnings summary

Executive summary

• Achieved strong revenue growth in HY 2025, with rental income up 38% to CHF 38.8M, driven by targeted acquisitions and like-for-like rental growth of 1.9%.

• Portfolio expanded to over CHF 2.1B, now totaling 203 properties and 3,043 residential units, with three properties acquired for CHF 58M.

• Net profit reached CHF 80.2M, with EBIT at CHF 95.7M for H1 2025.

• Maintained a conservative LTV ratio around 30%, supporting future growth and a strong balance sheet.

• Divested the Real Estate Services segment in June 2024, focusing on core residential assets.

Financial highlights

• Rental income increased to CHF 39M, with 1.9% organic growth and the rest from recent acquisitions.

• EBITDA margin improved to 63% from 55% year-over-year, reflecting operational efficiency.

• Vacancy rate reduced to 1.4%, with Geneva at 0.9% and Vaud at 1.2%.

• Net profit excluding revaluation effects was CHF 19.6M.

• NAV per share (excluding deferred taxes) at CHF 121.69.

Outlook and guidance

• Expects to exceed the +21% full-year rental income growth guidance for 2025.

• Another acquisition in July added CHF 3.8M annual rent; strong demand in Lake Geneva region to persist.

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

• Focus remains on selective, long-term value-generating investments amid rising market competition.

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