Swiss real estate investment firm Investis Holding SA reported a 6.8% year-over-year increase in rental income to CHF 41.5 million for the first half of 2026, though its shares declined 1.35% to $146 on Wednesday.
The company’s recurring earnings reached CHF 30 million, fully covering its dividend payments, while total net profit including revaluation effects stood at CHF 68 million. Operating profit rose 9.3% year-over-year, driven by organic growth and property acquisitions finalized in 2025. Like-for-like residential rental growth of 1.1% remained within the firm’s long-term target range of 1% to 2%, with compound average organic growth in recent years at 1.7%.
Investis maintained a strong balance sheet with an equity ratio of 63.8% and a loan-to-value ratio of 27.3%, down from 38% at its 2016 IPO. The real estate portfolio’s total value approached CHF 2.3 billion, up from CHF 875 million at the time of listing. Total debt stood at CHF 625 million, including CHF 525 million due within 12 months, with a CHF 100 million bond maturing in October set for refinancing.
The company’s portfolio remains heavily concentrated in residential assets, comprising 78% of holdings, with 66% located in Geneva and 30% in Vaud. Residential vacancy rates remained low at 1.2%, while commercial vacancy improved to 4.0%. Management highlighted tight market conditions, citing recent transaction gross yields of 2.5% to 2.7% as indicative of competitive pricing.
CEO Stéphane Bonvin emphasized the firm’s focus on organic growth, stating that its competitive advantage lies in generating steady rental income from existing properties rather than acquisition timing. CFO René Häsler noted that operating margins are expected to return to the historical level of 67%, with renovation investments totaling CHF 4 million in the first half.
Investis’ stock has underperformed its 52-week high of $162.50 by 11.2%, though it remains 17.2% above its low of $124.50. The firm has returned CHF 25 per share in dividends since its 2016 IPO, with an annualized total shareholder return of 12.9% as of June 30, 2026.
