Investis reports strong first-half results

• Rental income up 7%
• Revaluation gains of CHF 44 million
• Portfolio growing to CHF 2.3 billion – LTV reduced to 27.3%
• NAV per share excluding deferred taxes rises to CHF 130.58
   

“The Swiss residential real estate market continues to be characterised by robust demand and a structural supply shortage, especially in the Lake Geneva region. This market environment once again proved highly favourable for Investis in the first half of 2026. Thanks to our consistent focus on residential properties and our disciplined asset management, we further strengthened our market position, delivered a strong operating result and continued to reinforce our balance sheet. The high quality of the real estate portfolio, ongoing renovations and the long-term investment horizon provide the foundation for sustainable value creation.

2026 also marks the tenth anniversary of our listing on the SIX Swiss Exchange: a significant milestone in the development of Investis. Since our IPO on 30 June 2016, we have tripled the value of our real estate portfolio, continuously strengthened our capital structure and significantly reduced our loan-to-value ratio. At the same time, we have consistently provided our shareholders with attractive and reliable distributions while sustainably increasing shareholder value.

Since the IPO at CHF 53, the share price has performed exceptionally well, reaching CHF 153 as of 30 June 2026. Including dividends paid, this corresponds to an annualised total return of 12.9%. This development underscores the successful execution of our long-term strategy and confirms the resilience of our business model. I am therefore very pleased with Investis’ operating performance in the first half of 2026 and confident that our clear strategic positioning will continue to deliver sustainable value creation for all our stakeholders,” says Stéphane Bonvin, CEO of Investis Group.
 

Healthy operating income

Rental income increased by 6.8% to CHF 41.5 million in the first half of 2026 compared with the prior-year period. On a like-for-like basis, rental income increased by +0.6% (residential properties +1.1%). As at 30 June 2026, gross rental income stood at CHF 85.9 million. The vacancy rate remained at 2.0% (residential properties 1.2%), reflecting the sustained attractiveness of the portfolio and the strong demand for residential properties in the Lake Geneva region.

EBITDA before revaluations and gains on disposals increased by 9.3% to CHF 26.7 million, representing growth that outpaced the increase in rental income. This development reflects both the improved operational performance of the portfolio and the Group’s continued disciplined cost management. Supported by the continued low interest rate environment, resulting in lower discount rates and higher cash flows, the real estate portfolio recorded a revaluation gain of CHF 43.7 million. Overall, Investis generated a very strong EBIT of CHF 70.3 million in the first half of 2026, highlighting the Group’s ability to generate value through both its operational performance and the quality of its assets.

The weighted average interest rate on financial liabilities decreased to a low 0.92% in the first half of 2026 (H1 2025: 1.10%). The sale of two minority stakes (PHM Group TopCO Oy and Nexthink SA) resulted in a financial gain of CHF 10.2 million. With an effective tax rate of 13%, net profit amounted to CHF 67.6 million (H1 2025: CHF 80.2 million), corresponding to earnings per share of CHF 5.29 (H1 2025: CHF 6.28). Excluding revaluation effects, net profit increased significantly to CHF 30.1 million, compared with CHF 19.6 million in the prior-year period. This significant improvement in earnings highlights the consistently strong operational strength of the Group and its ability to deliver sustained improvements in profitability.
Solid capital structure – LTV further reduced to 27.3%
Total assets increased to CHF 2.32 billion as at 30 June 2026 (31 December 2025: CHF 2.29 billion). Notwithstanding the further increased profit distribution of CHF 38.3 million, the equity ratio rose to a strong 63.9%, underscoring the Group’s continued robust capital structure. This is also reflected in the low level of interest-bearing financial liabilities of CHF 625 million (CHF 626 million) relative to the real estate portfolio, which was valued at CHF 2,285 million (CHF 2,238 million). As a result, the loan-to-value (LTV) ratio decreased to 27.3% (28.0%), a level that continues to rank among the lowest in the Swiss listed real estate sector. As at 30 June 2026, the weighted average cost of debt stood at 0.90% (31 December 2025: 0.88%). At the reporting date, the portfolio comprised 207 buildings. Of these, 78% were residential properties with a total of 3,070 residential units.
The net asset value (NAV) per share excluding deferred taxes amounted to CHF 130.58 as of 30 June 2026 (31 December 2025: CHF 127.64). This development reflects the portfolio’s continued value creation and the strength of Investis’ balance sheet.
Market environment and outlook for 2026
The market environment for residential real estate in the Lake Geneva region is expected to remain attractive in the second half of 2026. The combination of persistently low vacancy rates, demand supported by immigration, limited availability of development land and construction activity that continues to fall short of demand is expected to sustain a structural supply-demand imbalance.
The continued low interest rate environment and ample liquidity among institutional investors continue to support strong demand for high-quality residential real estate. At the same time, the supply of attractive investment properties remains limited, and competition for prime assets is therefore expected to remain intense, with yields, particularly in the Lake Geneva region, likely to remain under further pressure.
Against this backdrop, Investis enters the second half of 2026 with confidence. Supported by its high-quality portfolio, its clear strategic focus on residential real estate in the Lake Geneva region and its particularly strong financial position, the Group is well positioned to continue creating long-term value for all stakeholders. At the same time, Investis will continue to closely monitor political and regulatory developments, particularly those relating to the Lex Koller, as well as the implications of monetary policy decisions. The Group remains firmly focused on sustainable development of its portfolio, the targeted realization of its rental potential and the creation of long-term value for its shareholders.
Investis expects its operating performance in the second half of 2026 to be broadly in line with that of the first half of the year.
Presentation of the half-year 2026 results
All information is available under https://www.investisgroup.com/en/investors/reporting
Direct access to the online HY 2026 report on https://reports.investisgroup.com/26/hyr
Investis' management will present the results for the half-year 2026 in English in a webcast today at 9:00 a.m. CEST. Following the presentation, management will be available to answer questions.
An invitation to the webcast was sent to Investis news subscribers on 6 August. If you did not receive this and wish to attend, please click here to register by 8:45am CET at the latest to receive the webcast link and dial-in details.
Please connect a few minutes before the webcast begins. The accompanying presentation will be available on our website from 7 a.m. Webcast participants can ask their questions in writing or verbally.
A replay of the webcast will be made available in the afternoon.