Investis (IREN) H2 2025 earnings summary

Executive summary

• Achieved strong operational and financial results in 2025, with rental income up 24% to CHF 79.8 million and a strategic focus on Lake Geneva residential assets.

• Property portfolio value exceeded CHF 2.2 billion, with 207 buildings and 3,067 residential units.

• Net profit reached CHF 152 million, or CHF 11.91 per share, supported by revaluation gains and operational performance.

• Dividend proposal increased to CHF 3.00 per share, reflecting robust cash flow and sustainable earnings.

• Funds from operations totaled CHF 44.4 million, with NAV per share at CHF 127.64 (excluding deferred taxes).

Financial highlights

• EBITDA before revaluation and disposals reached CHF 53.3 million, up from CHF 48.9 million year-over-year.

• Revaluation gains of CHF 113.5 million to CHF 130 million supported earnings before taxes of CHF 173.1 million.

• Portfolio value increased to CHF 2.24 billion, with total assets at CHF 2.3 billion and shareholders’ equity at CHF 1.45 billion.

• Gross LTV stable at 28%, equity ratio at 64%, and interest coverage ratio at 8.8x.

• Like-for-like rental growth was 0.9% in 2025, mainly from tenant turnover.

Outlook and guidance

• Expects continued rental income growth in 2026, supported by recent acquisitions, organic rental potential, and demographic growth.

• Targeting CHF 100 million in rental income; expects to reach CHF 90 million once renovations and vacancies are stabilized.

• Like-for-like rental growth guidance remains at 1%-2% for residential properties.

• Anticipates another strong operating result in 2026, maintaining attractive dividend policy.

• Ongoing strong demand for affordable, high-quality housing in Lake Geneva region anticipated.