Investis (IREN) H1 2026 earnings summary

Executive summary

• Celebrated the tenth anniversary of IPO, with portfolio value tripling since listing and LTV reduced to 27.3%.

• Portfolio now valued at CHF 2.3 billion, predominantly residential and focused on the Lake Geneva region.

• Achieved strong H1 2026 results with rental income up 6.8% and EBITDA before revaluations/disposals up 9.3%.

• Share price reached CHF 153 as of 30 June 2026, with an annualized total return of 12.9% since IPO.

• Strategy emphasizes organic growth, disciplined acquisitions, operational excellence, and maintaining a high residential share.

Financial highlights

• Rental income rose 6.8% year-over-year to CHF 41.5 million in H1 2026; gross rental income CHF 85.9 million.

• Net profit excluding revaluation effects reached CHF 30.1 million; total net profit CHF 67.6 million.

• EBIT was CHF 70.3 million, supported by CHF 43.7 million in revaluation gains.

• EBITDA before revaluations/disposals increased 9.3% to CHF 26.7 million.

• Vacancy rate at 2.0% overall, 1.2% for residential properties.

Outlook and guidance

• Expect continued rental income growth in H2 2026, supported by strong demand, acquisitions, and rental upside.

• Maintain 1%-2% like-for-like rental growth target for residential properties.

• Operating performance in H2 2026 anticipated to be broadly in line with H1.

• Continued focus on sustainable portfolio development and monitoring of political and regulatory changes.