Warteck Invest (WARN) H1 2026 earnings summary

Executive summary

• Achieved robust operational growth in H1 2026, expanding the portfolio with a major residential acquisition and a strategic property sale, with further acquisitions post-balance sheet date.

• EBIT rose 4.3% year-over-year to CHF 27.0 million, with EBIT margin (excl. revaluation) at 78.8%.

• Net profit declined 9.4% to CHF 18.0 million due to higher tax expenses despite improved operating results.

• Portfolio market value increased 6.9% to CHF 1,136.4 million, with 65 properties across ten cantons.

Financial highlights

• Rental income grew 3.9% year-over-year to CHF 23.2 million, driven by portfolio expansion and strong residential demand.

• EBIT (excl. revaluation) increased 6.5% to CHF 18.7 million.

• Net profit (excl. revaluation) was CHF 11.4 million, down 10.7% year-over-year.

• Dividend per share increased to CHF 72 (up CHF 2 from prior year).

• NAV per share rose 4.0% to CHF 1,734.

Outlook and guidance

• Management expects a strong full-year 2026, supported by high residential demand and a robust project pipeline.

• Strategic focus on expanding development activities and capital recycling to enhance returns.

• Anticipates continued portfolio growth and stable or rising dividends.