Investis Holding Sa · SIX:IREN
Investis Holding Sa — FY2025 Earnings Presentation
30 slides from Investis Holding Sa's earnings presentation, Mar 18, 2026
Slide 1: Investis Real Estate Group Full Year Report 2025
INVESTIS REAL ESTATE GROUP FULL YEAR REPORT 2025 18 March 2026
Slide 2: Disclaimer
Disclaimer This communication contains specific forward-looking statements, beliefs or opinions, including statements with respect to objectives, which are based on current beliefs, expectations and projections about future events and assumptions of the management of Investis Holding SA ("Investis")
Slide 3: Agenda
Agenda Highlights FY 2025 Market trends Financials FY 2025 Outlook Q&A FULL-YEAR 2025 RESULTS – IR PRESENTATION – 18 MARCH 2026 3
Slide 4: Highlights FY 2025
Highlights FY 2025 Strong, sustained results and continued expansion ▪ Significant 24% increase in rental income ▪ Property portfolio value exceeds CHF 2.2 billion ▪ Revaluation gains of CHF 113m ▪ NAV per share rose to CHF 127.64 excluding deferred taxes ▪ Funds from operations (FFO) at CHF 44m – d
Slide 5: Agenda: Market trends
Agenda Highlights FY 2025 Market trends Financials FY 2025 Outlook Q&A FULL-YEAR 2025 RESULTS – IR PRESENTATION – 18 MARCH 2026 5
Slide 6: Real Estate Market in the Lake Geneva region
Real Estate Market in the Lake Geneva region A very attractive location Migration/ Demography Construction activity Regulations Capital Markets ▪ Positive demographic ▪ Lowest portion of homeowners ▪ Tax regime for corporations ▪ Inflation rate in CH expected perspective unchanged in CH i.e. highest
Slide 7: Residential market remarks
Real Estate Market in the Lake Geneva region Residential market remarks Residential ▪ Vacancy rates remain extremely low overall (<0.5%) despite higher construction activity ▪ Rent affordability should remain an issue in the long term and weight upon market liquidity ▪ New residential projects in Ge
Slide 8: Investment market
Real Estate Market in the Lake Geneva region Investment market ▪ Continued competitive pressure is expected to drive further yield compression ▪ Record fundraising levels in 2025 have accelerated investment activity, with institutional capital playing a particularly prominent role ▪ Declining reside
Slide 9: Vacancy rate: from a localised housing shortage to a widespread one
Real Estate Market in the Lake Geneva region Vacancy rate: from a localised housing shortage to a widespread one > 3.00 % 2.00-3.00% 2019 2025 1.50-2.00% 1.00-1.50% < 1.00% ▪ The cantons of GE and VD continue to see declining vacancy rates ▪ The shortage of housing supply in the Lake Geneva region i
Slide 10: High level of new construction activity in GE
Real Estate Market in the Lake Geneva region High level of new construction activity in GE: will available land soon run out? ▪ GE had roughly 8,000 apartments under construction in Q3 2025, matching the six-year average ▪ Despite above-average construction activity the vacancy rate has kept below 0
Slide 11: Decline in housing supply, except for high-rent properties
Real Estate Market in the Lake Geneva region Decline in housing supply, except for high-rent properties Number of apartments for rent in Switzerland by rent category (supply) – in CHF/sqm/year ▪ More limited “affordable” apartments for rent suggest wide rental growth in the (private) residential sec
Slide 12: Prime residential real estate is attractive
Real Estate Market in Switzerland Prime residential real estate is attractive ▪ Swiss 10-year bond yields declined to ~ 0.3% by end- 2025; negative SNB rates cannot be excluded amid geopolitical uncertainty ▪ Prime Geneva residential offers ~ 200 bps risk premium; limited “core” supply and strong de
Slide 13: Strategy: Buy and hold – fair value and gross rental income since IPO
Strategy: Buy and hold – evolution of fair value and gross rental income since IPO Rue du Nant 30 – Geneva – Acquisition in December 1998 Like-for-like CAGR in rental income = +2.7% +31% 623 19.6 +104% 12.3 HALF-YEAR 2025 RESULTS – IR PRESENTATION – 27 AUGUST 2025 13
Slide 14: Investis' position in the Swiss and Lake Geneva real estate market is unique
Investis’ position in the Real Estate Market in Switzerland and especially in the Lake Geneva region is unique Fundamentals remain strong ▪ Active in markets where there is a constant situation of undersupply − Low vacancy rates ▪ Focus on middle segment of the market – no luxury homes ▪ Number of r
Slide 15: Agenda: Financials FY 2025
Agenda Highlights FY 2025 Market trends Financials FY 2025 Outlook Q&A FULL-YEAR 2025 RESULTS – IR PRESENTATION – 18 MARCH 2026 15
Slide 16: Summary of a strong performance FY 2025
Summary of a strong performance FY 2025 Sustainable value creation while maintaining strong balance sheet and leadership in the Lake Geneva residential market ▪ Revenue of CHF 79.8m (FY 2024: CHF 152.7m) – Rental income +24% ▪ EBITDA before revaluations/disposals at a remarkable CHF 53.3m (CHF 48.9m
Slide 17: Overview on an excellent performance FY 2025
Overview on an excellent performance FY 2025 Overall, a strong operating development FY 2024 FY 2024 (CHFm) FY 2025 Δ in % FY 2023 FY 2022 (excl. RES)1) (Group) Revenue 79.8 24.0 64.4 152.7 231.5 227.5 ▪ EBITDA shows a strong progression by 40% EBITDA 53.3 40.3 38.0 48.9 50.1 53.5 ▪ Net profit +30.2
Slide 18: Excellent operating performance: revenue and like-for-like rental growth
Excellent operating performance Revenue and like-for-like rental growth (CHFm) 79.8 ▪ Like-for-like rental growth +0.9% (2024: +2.0%); – in residential +1.0% 64.4 60.0 57.8 ▪ 5-year CAGR like-for-like rental growth of 1.7% 53.1 ▪ Gross rental income increased to CHF 85.8m 3.0 (CHF 78.4m) 2.0 ▪ Vacan
Slide 19: Portfolio: 207 buildings – 3,067 residential units
Portfolio: 207 buildings – 3,067 residential units by category: by canton: by apartment type 1): 4% 16% 22% 30% 28% 30% 78% 66% 26% Residential Commercial GE VD other 1-room 2-room 3-room other Note: 1) Based on number of apartments. In the Canton of Geneva the kitchen is considered as one room whil
Slide 20: Evolution of the property portfolio since IPO
Visualisation of the evolution of the property portfolio since IPO Counter-cyclical investment & divestment decisions (CHFm) 2022: - Portfolio investments CHF 19m - Portfolio disposals CHF 377m 2023: - Portfolio investments CHF 65m - Portfolio disposals CHF 7m 2024: - Portfolio investments CHF 395m
Slide 21: Significant positive revaluation effects over the years
Significant positive revaluation effects over the years (CHFm) ▪ Revaluation effects, mainly generated by − increased cashflows − change in applied discount rates − attractive acquisitions Revaluation effects ▪ Average real discount rate at 2.89% (31.12.2024: 3.00%) (nominal +1.0%) − in residential
Slide 22: Low vacancy rates – considerable rent potential
Low vacancy rates – considerable rent potential Double digit rent potential at 15% despite like-for-like rent increases Rent potential residential properties based on CBRE appraisal Low vacancy rate of 2.0% +15% (CHFm) +1.0% Residential properties 1.0% Commercial properties 4.5% 6.3% 40.8 41.9 Curre
Slide 23: A robust capital structure supports full investment capacity
A robust capital structure continues to support full investment capacity NAV per share at CHF 127.64 excluding deferred taxes further improved (CHF 117.13) Balance Sheet (CHFm) 31.12.2025 Δ in % 31.12.2024 31.12.2023 31.12.2022 31.12.2021 last 5 years Cash and cash equivalents 1 -43.8 2 4 4 5 Proper
Slide 24: Evolution of the debt structure – all unsecured
Evolution of the debt structure – all unsecured – no pledged properties Despite substantial acquisitions over the years – LTV remains low Breakdown of financial liabilities 800 700 600 32% 39% 184 500 30 386 PY CY 400 435 281 51% 62% 300 64 10% 247 6% 55 200 255 40 215 200 35 100 115 n Bonds n Priva
Slide 25: Agenda: Outlook
Agenda Highlights FY 2025 Market trends Financials FY 2025 Outlook Q&A FULL-YEAR 2025 RESULTS – IR PRESENTATION – 18 MARCH 2026 25
Slide 26: Outlook 2026
Outlook 2026 Investis anticipates a further growth in rental income .... ▪ .... driven by acquisitions completed in 2025 and unchanged double digit rent potential ▪ .... as strong ongoing demand for affordable, high-quality housing in the Lake Geneva region persists ▪ .... as demographic shifts will
Slide 27: Why to invest in Investis?
Why to invest in INVESTIS? The real estate market remains resilient and attractive to investors, with strong residential demand supported by population growth and a solid economy ▪ High-quality, well-maintained portfolio driving year-on-year value creation ▪ Largest listed residential property owner
Slide 28: Value proposition
Value proposition FULL-YEAR 2025 RESULTS – IR PRESENTATION – 18 MARCH 2026 28
Slide 29: Agenda
Agenda Highlights FY 2025 Market trends Financials FY 2025 Outlook Q&A FULL-YEAR 2025 RESULTS – IR PRESENTATION – 18 MARCH 2026 29
Slide 30: Thank you for your attention
THANK YOU FOR YOUR ATTENTION 30