Warteck Invest (WARN) H1 2025 earnings summary

Executive summary

• Net income for H1 2025 reached CHF 19.8 million, up 146.7% year-over-year, with strong recurring earnings even excluding revaluation effects.

• Portfolio market value increased to CHF 1,050.8 million, with 67 properties across 11 cantons.

• Project pipeline includes 17 developments, notably the start of the 'Tiglio' project in Buchs AG after receiving building approval.

• Dividend per share remained stable at CHF 70, and the share price rose 5.5% in H1 2025.

Financial highlights

• EBIT rose to CHF 25.9 million (up 90.6% year-over-year), with CHF 8.4 million from property revaluations.

• Rental income increased 2.1% to CHF 22.3 million, driven by index adjustments and successful leasing.

• Net asset value per share at CHF 1,667, up 2.6% from year-end 2024.

• Loan-to-value ratio at 45.1%, and equity ratio stable at 47.4%.

• Total return on shares for H1 2025 was 9.1%.

Outlook and guidance

• Management expects continued strong demand for residential properties, especially in urban centers.

• No acquisitions in H1 2025 due to high market prices and competition for assets.

• Ongoing and planned projects are expected to support controlled growth and stable returns.