Investis (IREN) H2 2024 earnings summary

Executive summary

• Achieved significant portfolio expansion, acquiring over CHF 370 million in properties in 2024, with a current portfolio valued at CHF 2 billion and rental income of CHF 84 million as of January.

• Sold the service business in 2024 for CHF 122 million, strengthening the equity base and enabling further real estate investments.

• Net profit reached CHF 246.5 million, with net profit excluding revaluation at CHF 157 million, rebounding from a prior year loss.

• Increased dividend to CHF 2.6 per share, reflecting strong recurring earnings and FFO of CHF 46 million.

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

Financial highlights

• Net profit excluding revaluation rose to CHF 157 million; total net profit reached CHF 246.5 million, rebounding from a prior year loss.

• Revaluation gains of CHF 105 million, driven by well-negotiated acquisitions and improved property values.

• EBITDA before revaluations/disposals at CHF 49 million; EBIT, including revaluation, was nearly CHF 150 million.

• Equity ratio at 64% with total assets up 29% to CHF 2.1 billion; LTV at 27.6%.

• NAV per share (excluding deferred tax) rose to CHF 117.13.

Outlook and guidance

• Plans to acquire an additional CHF 300 million in properties in 2025, aiming for continued rental income growth similar to the 21% achieved from 2021 to 2024.

• Expects further significant rental income growth in 2025, supported by strong demand and low vacancy rates in the Lake Geneva region.

• Vacancy rate anticipated to decrease from the current 1.9% as newly acquired properties are leased.