Investis (IREN) H1 2025 earnings summary

Executive summary

• Achieved strong revenue growth in H1 2025, with rental income up 38% to CHF 38.8 million, driven by targeted acquisitions and a strategic focus on the property portfolio.

• Portfolio expanded to over CHF 2.1 billion, now totaling 203 properties and 3,043 residential units, marking the first time above CHF 2 billion.

• Significant revaluation gains of CHF 71 million, mainly from attractive acquisitions made in 2023 and HY 2025.

• Divested the Real Estate Services segment in June 2024, strengthening focus on core residential assets and distorting year-over-year comparisons due to a CHF 122 million gain in the prior period.

• Maintains a strong balance sheet with low LTV at 30.1% and an equity ratio of 62%, supporting further growth.

Financial highlights

• EBIT reached CHF 95.7 million for H1 2025, with net profit at CHF 80.2 million; excluding revaluation effects, net profit was CHF 19.6 million.

• EBITDA margin improved to 63% in 2025 from 55% in 2024 (excluding service division).

• Gross rental income reached CHF 81.3 million, with like-for-like rental income growth of 1.9%.

• Financial expenses dropped to CHF 2.5 million from CHF 3.5 million year-over-year, despite higher debt.

• NAV per share (excluding deferred taxes) at CHF 121.69; earnings per share at CHF 6.28 for H1 2025.

Outlook and guidance

• Expects to exceed the +21% full-year rental income growth guidance for 2025, supported by robust demand and low vacancy rates in the Lake Geneva region.

• Market fundamentals remain strong, with demographic shifts and limited new construction supporting continued rental growth.

• Focus remains on selective, long-term value-generating investments and prudent acquisitions.

• Dividend expected to remain fully covered by recurring income, with potential to increase.