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 net profit at CHF 152 million.

• Completed strategic repositioning to focus solely on residential real estate in Lake Geneva, exiting service business for a simpler, resilient model.

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

• Proposed dividend increase to CHF 3.00 per share, reflecting robust cash flow and sustainable earnings.

• Funds from operations reached CHF 44.4 million, and NAV per share rose to CHF 127.64 (excluding deferred taxes).

Financial highlights

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

• Net profit totaled CHF 152 million, with profit before taxes at CHF 173.1 million, supported by CHF 113.5 million in revaluation gains.

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

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

• Gross LTV stable at 28%, equity ratio at 64%, and market capitalization at CHF 1.85 billion.

Outlook and guidance

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

• Targeting CHF 90 million stabilized rental income from current portfolio, with long-term goal of CHF 100 million.

• Vacancy rates anticipated to remain very low due to demographic growth and limited new supply.

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

• The group anticipates another strong operating result in 2026, maintaining its attractive dividend policy.