Warteck Invest (WARN) H1 2024 earnings summary

Executive summary

• Achieved strong operational results in H1 2024, with increased rental income and a strengthened capital base through a successful capital increase.

• Consolidated profit reached CHF 8.0 million, down 24.3% year-over-year due to a negative revaluation effect; adjusted profit excluding revaluation rose 19.7% to CHF 11.2 million.

• No acquisitions or disposals in the period; investments focused on development and refurbishment projects, keeping the property portfolio value stable at CHF 1,026.6 million.

Financial highlights

• Total assets increased 13.3% to CHF 1,061.2 million compared to June 2023.

• Equity rose 21.3% to CHF 502.6 million, with an equity ratio of 47.4%.

• Rental income (Ist-Mieterträge) grew 17.3% year-over-year to CHF 21.8 million.

• EBIT fell 16.5% to CHF 13.6 million due to a CHF 3.8 million negative revaluation; EBIT excluding revaluation increased 26.6% to CHF 17.3 million.

• Net profit per share was CHF 31.94 (H1 2023: CHF 42.91).

Outlook and guidance

• Demand for residential space expected to remain robust, driven by immigration and higher per capita space consumption.

• Office market anticipated to remain stable, with moderate rent development.

• Well-diversified portfolio and strong project pipeline position the company for sustainable growth.