Investis (IREN) H2 2024 earnings summary

Executive summary

• Achieved significant portfolio expansion in 2024, acquiring properties worth over CHF 370 million and planning further acquisitions of CHF 300 million in 2025.

• Sold the service business for CHF 122 million, strengthening the equity base and enabling a strategic focus on real estate investments.

• Net profit excluding revaluation reached CHF 157 million, with total net profit at CHF 246.5 million, a strong recovery from the previous year's loss.

• Increased dividend to CHF 2.6 per share, supported by recurring FFO of CHF 46 million and strong operating cash flow.

• Maintained a strong balance sheet with low leverage and high equity ratio.

Financial highlights

• Portfolio value reached CHF 2 billion, with rental income of CHF 84 million as of January 2024.

• Equity ratio stood at 64%, with total assets rising by 29% to CHF 2.1 billion.

• EBITDA increased by 27% to almost CHF 43 million; EBIT, including revaluation gains, was nearly CHF 150 million.

• Revaluation gains totaled CHF 105 million, reversing last year's CHF 48 million loss.

• NAV per share (excluding deferred tax) rose to CHF 117.13; LTV remained low at 27.6%.

Outlook and guidance

• Expects rental income growth of 21% in 2025, consistent with recent years, supported by two new acquisitions with CHF 2.7 million rental income.

• Strong demand for quality housing in Lake Geneva region, with demographic trends intensifying demand.

• Vacancy rate expected to decrease from 1.9% as newly acquired vacancies are filled.