Novavest Real Estate (NREN) H1 2026 earnings summary

Executive summary

• Net profit including revaluation gains rose to CHF 20.1 million in H1 2026, up from CHF 16.0 million in H1 2025.

• Net profit excluding revaluation gains increased 20% year-over-year to CHF 15.2 million.

• EBIT increased 24% to CHF 26.7 million compared to H1 2025.

• Portfolio optimization through the sale of seven properties generated a gain of CHF 3.6 million and reduced leverage.

• Vacancy rate further reduced to 1.9% as of June 2026.

Financial highlights

• Rental income for H1 2026 was CHF 20.7 million, slightly below H1 2025 due to property sales.

• Total operating income grew 13% to CHF 24.3 million, driven by property sales and revaluation gains.

• Net asset value per share increased to CHF 43.74 as of June 30, 2026.

• Net rental yield stable at 3.6%; gross yield at 4.2%.

• Equity ratio improved to 45.9% (from 43.1% at year-end 2025); loan-to-value ratio reduced to 48.8%.

Outlook and guidance

• Positive outlook for the Swiss real estate market in H2 2026, with continued focus on residential assets and demographic-driven demand.

• Ongoing portfolio optimization, selective disposals, and efficiency improvements planned.

• Commitment to attractive dividend policy and further reduction of leverage.

• Ongoing sustainability initiatives, including emission reductions and increased use of renewables.