Warteck Invest (WARN) H2 2024 earnings summary

Executive summary

• Achieved strong growth in 2024, with net profit up 44.1% to CHF 23.1m year-over-year, driven by higher rental income and positive revaluation effects.

• Equity ratio increased to 48.3% following a successful capital increase, strengthening the balance sheet.

• No new property acquisitions in 2024; focus was on investments in existing portfolio and project pipeline.

• Market value of real estate portfolio rose 1.0% to CHF 1,035.4m, with 68 properties across 11 cantons.

• Board proposes an unchanged dividend of CHF 70 per share, reflecting stable earnings and outlook.

Financial highlights

• EBIT increased 34.9% to CHF 35.9m compared to previous year; EBIT excluding revaluation effect up 13.7% to CHF 34.5m.

• Rental income rose 10.8% to CHF 44.0m, supported by prior year acquisitions and low vacancy.

• Net gearing reduced to 84.8% (from 124.0%), loan-to-value improved to 44.1% (from 52.3%).

• Equity capital increased by 23.3% to CHF 517.6m; total assets at CHF 1,071.5m.

• Dividend yield at year-end share price: 3.7%; total shareholder return for 2024: 10.0%.

Outlook and guidance

• Management expects a positive environment for Swiss real estate, with robust domestic economy and declining interest rates.

• Project pipeline of 17 projects (CHF 225m investment volume) supports future growth.

• Board and management see conditions for sustainable positive development as intact.