NOTES to the consolidated financial statements

1. PERFORMANCE

1.1 Segment reporting

SEGMENT INFORMATION 1ST HALF 2024

CHF 1,000	Properties	Real Estate Services 1)	Corporate	Eliminations	Investis Group
Revenue 2)	28,190	89,948	-	–1,601	116,537
Direct expenses	–8,672	–5,572	-	1,602	–12,642
Personnel expenses	–678	–63,553	–1,834	-	–66,064
Other operating expenses	–917	–9,893	–659	–1	–11,470
Operating profit before revaluations, disposal of properties, depreciation and amortisation	17,923	10,930	–2,493	-	26,361

Income from revaluations	4,471				4,471
Income from disposal of properties	59				59
Income from disposal of subsidiaries			122,188		122,188
Depreciation and amortisation	–22	–2,148	–59	-	–2,229
Operating profit (EBIT)	22,431	8,783	119,637	-	150,850

Total assets as at 30 June 2024	1,636,836	-	82,766	–12,255	1,707,347
Total liabilities as at 30 June 2024	18,733	-	464,834	–12,255	471,312

Headcount as at 30 June 2024	9	-	11		20
FTE as at 30 June 2024	9	-	9		18
FTE (full-time equivalent, average over the period)	8	1,561	9		1,579

1) Only for the period from 1 January to 24 June 2024 (see note 4.3).

2) Revenue is generated exclusively in Switzerland.

SEGMENT INFORMATION 1ST HALF 2023

CHF 1,000	Properties	Real Estate Services	Corporate	Eliminations	Investis Group
Revenue 1)	26,166	90,222	-	–1,608	114,779
Direct expenses	–8,233	–5,582	-	1,608	–12,207
Personnel expenses	–632	–63,744	–1,916	-	–66,291
Other operating expenses	–754	–10,210	–668	-	–11,632
Operating profit before revaluations, disposal of properties, depreciation and amortisation	16,547	10,685	–2,584	-	24,649

Income from revaluations	–48,763				–48,763
Income from disposal of properties	36				36
Depreciation and amortisation	–21	–1,779	–48	-	–1,849
Operating result (EBIT)	–32,202	8,906	–2,632	-	–25,928

Total assets as at 30 June 2023	1,469,499	71,828	48,097	–23,881	1,565,544
Total liabilities as at 30 June 2023	20,400	25,629	529,074	–23,881	551,222

Headcount as at 30 June 2023	9	2,325	13		2,347
FTE as at 30 June 2023	9	1,591	11		1,611
FTE (full-time equivalent, average over the period)	9	1,541	11		1,561

1) Revenue is generated exclusively in Switzerland.

Accounting principles

The following operating and reporting segments have been identified based on the management structure as well as the reporting to the Executive Board and the Board of Directors: – Properties: invests primarily in Swiss residential properties – Real Estate Services: provides comprehensive real estate services in Switzerland

Segment reporting is prepared to the operating result (EBIT) level since this key figure is used for management purposes. There are no differences between the accounting and valuation principles used for segment reporting and those used for the preparation of the consolidated financial statements.

Revenue includes the actual rental income from properties, income from Real Estate Services as well as other revenues. Revenue is recorded over the lease term or upon provision of services.

Direct expenses contain all relating to maintenance and administration (including building superintendent remuneration, marketing and property taxes) that cannot be passed on to tenants as well as cost items directly related to income from Real Estate Services.

The position “Eliminations” contains transactions between segments.

All operating assets and liabilities that can be assigned to the segments, either directly or on a reasonable basis, are reported in the respective segment. The assets and liabilities shown under “Corporate” include the corporate items from the balance sheet and the financial assets/liabilities and tax assets/liabilities of the Investis Group.

1.2 Earnings per share

WEIGHTED AVERAGE NUMBER OF SHARES

	1st half 2024	1st half 2023
Shares issued as at 1 January	12,800,000	12,800,000
Effects in holding of treasury shares	–41,456	–59,914
Weighted average number of shares as at 30 June	12,758,544	12,740,086

EARNINGS PER SHARE

		1st half 2024	1st half 2023
Net profit attributable to Investis Holding SA shareholders	CHF 1,000	143,002	–24,393
Weighted average number of shares		12,758,544	12,740,086
Earnings per share (basic/diluted)	CHF	11.21	–1.91

Accounting principles

Earnings per share are calculated by dividing the net result attributable to Investis Holding SA shareholders by the weighted average number of outstanding shares entitled to dividends. For both periods under review, there were no dilutive effects.

2. PROPERTY PORTFOLIO

2.1 Property portfolio overview

Investis Group

Half-Year Report 2024

2.1 Property portfolio overview

	Market value		Gross rental income		Vacancy rate
CHF million	30.06.2024	31.12.2023	30.06.2024	31.12.2023	30.06.2024	31.12.2023
Residential properties	1,430.5	1,361.5	52.6	49.6	1.1%	0.9%
of which in the Canton of Geneva	1,079.7	1,032.3	38.8	36.7	0.7%	0.7%
of which in the Canton of Vaud	335.2	313.6	13.3	12.3	0.7%	0.4%
of which in other cantons	15.6	15.6	0.6	0.6	40.7%	25.4%

Commercial properties	166.9	147.0	9.2	8.2	0.5%	0.1%
of which in the Canton of Geneva	57.8	55.9	3.0	3.0	0.0%	0.2%
of which in the Canton of Vaud	23.9	23.6	1.0	1.0	0.0%	0.0%
of which in other cantons	85.2	67.5	5.2	4.2	0.8%	0.0%

Properties under construction	0.3	0.3
of which in other cantons	0.3	0.3

Total investment properties	1,597.7	1,508.8	61.9	57.8	1.0%	1.0%

Properties held for sale	7.2	9.3	0.1	0.1	17.1%	100.0%
of which in other cantons	7.2	9.3	0.1	0.1	17.1%	100.0%

Total property portfolio	1,604.9	1,518.0	62.0	57.9	1.0%	0.9%

Accounting principles

Investment properties are held for long-term investment purposes with the aim of realising revenues from the letting of properties. Investment properties are accounted for at fair value and as such are not subject to depreciation. The fair values are updated and calculated using the discounted cash flow (DCF) method on a semi-annual basis by an independent property appraiser based on the individual risk profile per property. Single-family houses and condominiums are valued by the independent property appraiser using a sales comparison approach. In accordance with the provisions of Swiss GAAP FER, increases and decreases in fair value are recognised in the income statement in the period in which they occur. Investment properties under construction are recorded at fair value from the date on which their fair value can be reliably determined. Investis has defined the existence of a final construction permit, plus a definite construction project in which costs and revenues can be determined reliably, as mandatory requirements for a reliable market valuation. If the conditions for a reliable assessment of market value are not yet present, investment properties under construction are accounted for at cost. Provided they do not lead to an increase in market value, investments and refurbishments are recorded as an expense in the period in which they are incurred. Investment properties are classified into the categories of residential properties, commercial properties and properties under construction.

Investment properties intended for sale are classified under current assets. They are recognised at lower of cost or fair value less cost to sell. The costs of development properties (projects) intended for sale include the plot of land, the directly attributable construction costs in line with the construction progress including interest incurred during the construction phase. Discounts are recorded as a reduction in construction costs. Properties reclassed from investment properties (non-current assets, valued at fair value) are subsequently valued at the lower of this value (including construction costs after reclassification) or fair value less cost to sell.

Government grants are recognised when there is reasonable assurance that the entity complies with any conditions to the grant and the value can be estimated reliably. Government grants related to assets are offset against the asset.

2.2 Statement of changes in property portfolio

CHF 1,000	Residential properties	Commercial properties	Properties under construction	Total investment properties	Properties held for sale	Total property portfolio
Portfolio value as at 1 January 2023	1,383,135	108,170	263	1,491,568	16,354	1,507,923

Acquisition costs as at 1 January 2023	608,527	132,595	263	741,385	16,354	757,739
Increases	4,137	682	-	4,819	5	4,824
Disposals	-	-	-	-	–3,973	–3,973
Acquisition costs as at 30 June 2023	612,663	133,277	263	746,204	12,386	758,590

Revaluation as at 1 January 2023	774,608	–24,424	-	750,184	-	750,184
Gains on valuations	292	29	-	321	-	321
Losses on valuations	–46,550	–2,534	-	–49,084	-	–49,084
Revaluation as at 30 June 2023	728,351	–26,930	-	701,421	-	701,421
Portfolio value as at 30 June 2023	1,341,014	106,347	263	1,447,624	12,386	1,460,011

Portfolio value as at 1 January 2024	1,361,482	147,012	263	1,508,757	9,269	1,518,026

Acquisition costs as at 1 January 2024	633,325	172,659	263	806,248	9,269	815,516
Increases	65,831	567	19	66,417	-	66,417
Disposals	-	-	-	-	–2,035	–2,035
Reclassifications	-	18,006	-	18,006	-	18,006
Acquisition costs as at 30 June 2024	699,156	191,232	282	890,670	7,234	897,904

Revaluation as at 1 January 2024	728,157	–25,648	-	702,509	-	702,509
Gains on valuations	6,382	2,286	-	8,669	-	8,669
Losses on valuations	–3,201	–997	-	–4,198	-	–4,198
Revaluation as at 30 June 2024	731,339	–24,358	-	706,981	-	706,981
Portfolio value as at 30 June 2024	1,430,495	166,874	282	1,597,651	7,234	1,604,885

As at 30 June 2024 and 2023, the valuation of investment properties was carried out by CBRE (Geneva) SA in accordance with national and international standards and guidelines.

Increases consisted of value-enhancing renovations, purchases of buildings and investments.

In the 1st half 2024, governmental grants amounting to CHF 0.0 million (1st half 2023: –) were received for energetical renovation of residential properties and offset against the corresponding increases.

In the 1st half 2024, the properties "Alte Bahnhofstrasse 7" in Mägenwil and "Obere Holzgasse 8/9" in Hausen AG were reclassified from tangible fixed assets (owner-occupied properties) to commercial properties. Moreover, two residential units (1st half 2023: one residential unit) at “Gstaadstrasse 6/8, Oberi Märetmattestrasse 3” in Saanen (properties held for sale) were sold.

2.3 Revenue from letting of properties

DURATION OF EXISTING FIXED LEASES OF COMMERCIAL PROPERTIES

The duration of existing fixed leases of commercial properties was:

	Net rental income as at
CHF 1,000	30.06.2024	31.12.2023
Less than one year	1,658	1,650
1–5 years	4,453	3,130
More than 5 years	3,079	3,417
Total net rental income commercial properties	9,190	8,197

MOST IMPORTANT TENANTS

The five most important tenants measured according to property income accounted for 12.9% of the gross rental income (31.12.2023: 12.4%). The five most important tenants were the following:

Share of gross rental income as at	30.06.2024	31.12.2023
Alaïa SA	5.3%	5.6%
Banque Cantonale de Genève	3.1%	3.3%
Hospice général	1.7%	1.8%
PHM Group Oy	1.6%	n/a
ATHOMESWITZERLAND Sàrl	1.2%	1.3%
Globe Plan & Cie SA	n/a	0.4%

2.4 Income from disposal of properties

CHF 1,000	1st half 2024	1st half 2023
Total sales proceeds, net	2,093	4,009
Investment costs	–2,035	–3,973
Total income from disposal of properties	59	36
of which income from disposal of properties held for sale	59	36

CASH FLOWS FROM DISPOSAL OF PROPERTIES

The net cash flow from disposal of properties is composed as follows:

		1st half 2024			1st half 2023
CHF 1,000	Properties held for sale	Investment properties	Total	Properties held for sale	Investment properties	Total
Sales proceeds, net (current period)	2,093	-	2,093	4,009	-	4,009
Cash flow from disposal of properties	2,093	-	2,093	4,009	-	4,009
Payments of taxes for sales of investment properties in prior periods	-	-	-	-	21,904	21,904
Taxes paid relating to the sale of investment properties	-	-	-	-	21,904	21,904
Net cash flow from disposal of properties	2,093	-	2,093	4,009	–21,904	–17,895
of which operating cash flow 1)	2,093	-	2,093	4,009	-	4,009
of which investing cash flow	-	-	-	-	–21,904	–21,904

1) The cash flow from changes in properties held for sale amounts to CHF 2.1 million (1st half 2023: CHF 4.0 million), including payments for additions to properties held for sale of CHF 0.0 million (1st half 2023: CHF 0.0 million).

Accounting principles

The result from property sales is recognised in income from disposal of properties. Tax payments directly related to the sale of investment properties are presented in the cash flow from investing activities.

2.5 Property portfolio details as at 30 June 2024

								Lettable area (% sqm)						Building history (year)
Address	Market value (CHFm)	Gross rental income (CHFm)	Net rental income (CHFm)	Vacancy rate	Discount rate	Site area (sqm)	Lettable area (sqm)	Residen- tial	Office	Retail/ Trade	Ware-housing	Other	Parking units	Construc- tion	Acquisi- tion	Reno- vation 1)	Owner- ship type 2)

Rue du Môle 5, Geneva	18.8	0.6	0.6	-	2.60%	277	1,518	85%	-	15%	-	-	-	1,957	2000	2,014	100%
Rue de la Servette 23, Geneva	18.5	0.8	0.8	-	2.85%	421	2,149	61%	16%	16%	7%	-	-	1,967	1999	-	100%
Rue Charles-Cusin 10, Geneva	17.6	0.7	0.7	-	2.85%	279	1,308	72%	-	21%	7%	-	-	1,970	2017	2,020	100%
Rue de Bâle 28/30, Geneva	22.9	0.8	0.8	-	2.55%	1,230	3,515	46%	4%	10%	40%	-	-	1,963	2019	2,020	100%
Rue des Asters 8, Geneva	8.6	0.3	0.3	-	2.71%	302	1,115	83%	-	8%	9%	-	-	1,910	2002	2,022	100%
Rue de Montbrillant 52, Geneva	12.7	0.5	0.5	-	2.65%	263	1,372	87%	13%	-	-	-	-	1,959	1998	-	100%
Rue du Grand-Pré 39, Geneva	15.9	0.6	0.6	-	2.60%	393	2,043	87%	-	2%	11%	-	-	1,962	1997	-	100%
Rue Rothschild 60/64, Geneva	31.4	1.2	1.2	0.4%	3.23%	397	2,915	99%	-	-	1%	-	63	1,961	2024		100%
Rue Lamartine 23, Geneva	35.9	1.3	1.3	0.7%	2.80%	2,230	3,677	70%	6%	24%	-	-	90	1,964	1998	-	100%
Rue de Lyon 65, Geneva	15.8	0.5	0.5	-	2.55%	601	1,321	100%	-	-	-	-	8	1,957	1998	-	100%
Avenue d'Aïre 47, Geneva	12.3	0.4	0.4	-	2.55%	233	1,028	100%	-	-	-	-	-	1,950	2004	-	100%
Rue des Délices 21 bis, Geneva	17.5	0.5	0.5	-	2.55%	285	1,744	100%	-	-	-	-	-	1,935	1998	-	100%
Avenue Wendt 3/5, Geneva	32.1	1.1	1.0	7.9%	2.70%	939	3,006	83%	2%	13%	2%	-	15	1,950	1999	2,010	100%
Avenue Ernest Pictet 14, Geneva	34.7	1.1	1.1	-	2.55%	356	3,522	93%	-	7%	-	-	59	1,980	2018	-	72%
Rue Daubin 35, Geneva	12.8	0.4	0.4	-	2.60%	624	1,188	100%	-	-	-	-	11	1,940	2018	2,020	100%
Avenue Wendt 27, Geneva	9.5	0.3	0.3	5.3%	2.60%	1,265	1,340	100%	-	-	-	-	-	1,955	2019	-	100%
Rue Henri-Frédéric-Amiel 8, Geneva	14.9	0.5	0.5	-	2.60%	456	1,809	94%	4%	3%	-	-	-	1,919	2019	-	100%
Avenue Henri-Dunant 20, Rue Guillaume de Marcossay 21, Geneva	30.7	1.1	1.1	-	2.75%	1,165	3,560	65%	-	17%	18%	-	3	1,965	1999	2,008	100%
Boulevard St-Georges 71, Rue des Rois 12, Geneva	18.9	0.7	0.7	-	2.92%	371	2,089	78%	0%	12%	11%	-	-	1,971	2010	-	100%
Rue du Vieux-Billard 12, Geneva	10.0	0.3	0.3	-	2.55%	385	932	100%	-	-	-	-	-	1,957	1999	2,017	100%
Boulevard de la Cluse 35, Geneva	13.5	0.5	0.5	-	2.71%	188	915	78%	-	13%	9%	-	-	1,961	2002	2,009	100%
Rue Goetz-Monin 24, Geneva	28.9	0.9	0.9	-	2.75%	728	2,313	61%	-	39%	-	-	-	1,947	2002	2,008	100%
Rue de Carouge 72/74, Geneva	26.8	1.0	0.9	1.6%	2.75%	904	3,667	70%	-	30%	-	-	-	1,970	2017	2,020	100%
Boulevard Carl-Vogt 6, Geneva	11.5	0.4	0.4	-	3.00%	436	1,893	49%	-	51%	-	-	-	1,960	2018	2,019	100%
Rue des Peupliers 13, Geneva	5.3	0.2	0.2	-	2.60%	147	514	100%	-	-	-	-	-	1,920	2018	2,022	100%
Rue du Village-Suisse 4, Geneva	5.3	0.2	0.2	-	2.70%	145	490	100%	-	-	-	-	-	1,920	2018	-	100%
Avenue Jules-Crosnier 2, Geneva	19.2	0.8	0.8	-	3.40%	641	2,576	87%	-	13%	-	-	-	1,958	2023	-	100%
Rue du Nant 30, Geneva	24.1	0.8	0.8	-	2.65%	567	2,024	95%	-	5%	-	-	-	1,960	1998	2,019	100%
Avenue Bois-de-la-Chapelle 101, Onex	20.0	0.8	0.8	-	2.70%	320	2,525	98%	-	2%	-	-	31	1,970	2001	-	100%
Route de Chancy 40, Petit-Lancy	6.6	0.3	0.2	8.2%	2.75%	804	713	100%	-	-	-	-	16	1,910	2018	2,018	100%
Rue du Village 18 a/b/c/d/e, Vernier	12.8	0.5	0.5	-	2.70%	3,692	1,551	100%	-	-	-	-	11	1,970	2018	-	100%
Route de Peney 4, Vernier	9.3	0.3	0.3	-	2.71%	253	1,230	100%	-	-	-	-	15	1,973	2018	2,019	100%
Avenue Louis-Casaï 80, Cointrin	13.1	0.5	0.5	-	3.00%	1,372	1,389	55%	-	28%	17%	-	10	1,973	2005	-	100%
Avenue François-Besson 16, Meyrin	12.4	0.4	0.4	-	2.75%	345	1,365	100%	-	-	-	-	8	1,967	2004	2,020	100%
Chemin du Grand-Puits 62/64/66, Meyrin	17.8	0.7	0.7	-	2.81%	749	2,416	100%	-	-	-	-	32	1,974	1998	-	100%
Avenue François-Besson 1/3, Meyrin	26.6	0.9	0.9	-	2.80%	579	3,294	91%	4%	1%	4%	-	35	1,973	2003	2,008	100%
Rue des Lattes 25/27, Meyrin	10.4	0.4	0.4	0.5%	2.75%	425	1,343	94%	-	6%	-	-	16	1,975	2000	-	100%
Rue des Lattes 63, Meyrin	13.9	0.5	0.5	0.3%	2.80%	213	1,745	100%	-	-	-	-	22	1,975	2001	-	100%
Rue de la Prulay 64/66, Meyrin	26.7	1.0	1.0	2.0%	2.80%	3,393	3,012	97%	-	-	3%	-	46	1,962	1998	2,008	100%
Route de Meyrin 283/285, Meyrin	17.6	0.7	0.7	-	2.70%	2,642	2,422	93%	-	-	7%	-	33	1,994	2017	-	100%
Avenue Vaudagne 78/80/82, Meyrin	17.1	0.6	0.6	-	3.11%	669	2,457	100%	-	-	-	-	-	1,964	1999	-	78%
Avenue Mategnin 75/77, Meyrin	17.2	0.5	0.5	-	3.11%	450	2,301	100%	-	-	-	-	-	1,968	1999	2,008	73%
Chemin du Vieux-Bureau 98, Meyrin	13.4	0.5	0.5	-	2.75%	333	1,521	98%	-	2%	-	-	19	1,970	2017	2,018	100%
Promenade de Champs-Fréchets 20/24, Meyrin	13.6	0.6	0.6	1.1%	3.10%	467	2,458	87%	6%	7%	0%	-	30	1,973	2024		100%
L'Ancienne-Route 77a, Grand-Saconnex	10.3	0.4	0.4	-	2.82%	2,452	1,151	66%	-	34%	-	-	18	1,962	1998	2,016	100%
Route de Ferney 208a/b, Grand-Saconnex	24.5	0.9	0.9	-	2.75%	2,910	2,654	92%	1%	5%	2%	-	56	1,959	1998	2,017	100%
Chemin de l'Ecu 15/17a, Vernier	19.3	0.7	0.7	-	2.80%	1,043	2,323	100%	-	-	-	-	-	1,960	1905	2,014	100%
Avenue Louis-Casaï 43, Les Avanchets	15.2	0.5	0.5	-	2.81%	1,035	1,682	91%	-	9%	-	-	29	1,963	1905	2,018	100%
Avenue Louis-Casaï 37, Les Avanchets	15.2	0.6	0.6	-	2.81%	1,093	1,688	91%	3%	6%	-	-	27	1,963	1998	2,016	100%
Avenue des Cavaliers 7, Chêne-Bougeries	15.5	0.5	0.5	-	2.66%	1,690	2,021	82%	-	15%	3%	-	12	1,975	2018	2,023	100%
Route de Mon Idée 65/67, Thonex	29.0	1.0	1.0	-	2.70%	1,001	2,609	100%	-	-	-	-	33	1,971	2018	2,023	100%
Chemin des Deux-Communes 13, Thonex	11.0	0.4	0.4	0.4%	2.70%	470	1,573	99%	-	-	1%	-	19	1,963	2019	-	100%
Rue de la Fontenette 11, Carouge	17.4	0.6	0.6	-	2.55%	427	1,590	100%	-	-	-	-	5	1,963	2000	2,016	100%
Route des Acacias 20, Rue des Ronzades 1/3, Rue Gustave-Revilliod 14, Les Acacias	52.5	2.0	2.0	-	2.76%	1,857	5,672	72%	-	23%	5%	-	10	1,958	1997	2,007	100%
Route des Acacias 28, Les Acacias	14.6	0.5	0.5	-	2.70%	570	1,480	100%	-	-	-	-	7	1,959	2002	2,022	100%
Rue Simon-Durand 5, Les Acacias	6.8	0.3	0.2	28.3%	2.80%	306	787	45%	-	36%	19%	-	-	1,960	2017	-	100%
Place d'Armes 8, Carouge	15.5	0.5	0.5	-	2.56%	250	1,198	92%	-	8%	-	-	8	1,940	2018	2,022	100%
Route de Certoux 11/15B/15D, Perly	8.7	0.3	0.3	-	2.85%	532	1,300	100%	-	-	-	-	-	1,977	2019	-	100%
Route de Certoux 17/17A/19/21, Perly	23.6	0.9	0.9	-	2.81%	1,025	3,157	98%	-	-	2%	-	45	1,985	2019	-	100%
Avenue Théodore-Vernes 20/22, Versoix	10.0	0.4	0.4	-	2.80%	512	1,061	98%	-	-	2%	-	4	1,959	2002	2,017	100%
Grand-Montfleury 38, Versoix	16.1	0.6	0.6	-	2.81%	329	2,249	100%	-	-	-	-	11	1,980	2018	-	100%
Residential properties – Canton of Geneva	1,079.7	38.8	38.5	0.7%		50,436	121,480

Avenue Alexandre-Vinet 39, Lausanne	9.1	0.3	0.3	-	2.66%	597	1,125	76%	-	24%	-	-	5	1,953	2000	2,005	100%
Avenue d'Echallens 87/89, Lausanne	6.0	0.2	0.2	-	2.90%	535	822	100%	-	-	-	-	-	1,899	2015	2,022	100%
Chemin de Montmeillan 19/21, Lausanne	12.7	0.5	0.5	3.4%	2.75%	1,158	1,661	85%	-	15%	-	-	3	1,966	2004	2,009	100%
Place du Vallon 1, Lausanne	11.4	0.4	0.4	-	2.75%	515	1,544	95%	-	4%	1%	-	4	1,955	2009	2,018	100%
Chemin du Closelet 4/6/8/10, Lausanne 3)	30.0	1.0	1.0	0.3%	2.66%	1,747	2,936	92%	-	6%	2%	-	34	1,895	2005	2,006	100%
Avenue d'Ouchy 72/74, Lausanne	6.0	0.2	0.2	11.7%	2.65%	1,911	988	100%	-	-	-	-	-	1,907	2019	-	100%
Rue de la Combette 22/24, Prilly	16.6	0.6	0.6	-	2.95%	2,840	2,506	100%	-	-	-	-	15	1,963	2001	2,022	100%
Chemin de Château-Sec 9a, Pully	4.9	0.2	0.2	-	2.86%	720	670	100%	-	-	-	-	5	1,960	2020	2,022	100%
Avenue Victor-Ruffy 33, Lausanne	6.9	0.2	0.2	-	2.70%	1,097	1,120	100%	-	-	-	-	12	1,952	2018	-	100%
Route Aloys Fauquez 122/124, Lausanne	24.4	0.9	0.9	-	2.80%	1,447	3,472	91%	4%	4%	2%	-	6	1,968	2016	2,023	100%
Route Aloys Fauquez 60, Lausanne	8.1	0.3	0.3	-	3.12%	786	1,405	62%	-	23%	15%	-	8	1,962	2017	2,022	100%
Avenue du Censuy 18/20/22/24/26, Renens	33.3	1.4	1.4	0.1%	2.91%	6,321	6,014	91%	-	6%	3%	-	78	1,972	2003	2,009	100%
Avenue de Florissant 30/32, Renens	25.3	1.0	1.0	-	2.87%	9,259	3,629	92%	1%	6%	1%	-	70	1,962	2007	2,018	100%
Rue Neuve 10/12/14, Renens 3)	5.8	0.3	0.3	6.9%	3.30%	574	1,027	57%	12%	29%	2%	-	-	1,900	1999	-	100%
Avenue du Tir-Fédéral 79/81, Chavannes-Renens	25.0	1.0	1.0	1.6%	2.90%	2,898	3,442	100%	-	-	-	-	44	1,962	1997	2,007	100%
Avenue du Tir-Fédéral 4, Chavannes-Renens	3.0	0.1	0.1	-	3.25%	559	603	41%	37%	22%	-	-	8	1,920	2021	-	100%
Chemin des Chantres 8, St. Sulpice	12.0	0.6	0.6	-	3.16%	3,118	943	100%	-	-	-	-	10	2,020	2020	-	100%
Chemin de Roséaz 8, Bussigny	8.0	0.3	0.3	-	2.85%	1,463	984	100%	-	-	-	-	16	1,966	2000	2,008	100%
Rue du Centre 7, Bussigny	15.9	0.6	0.6	-	2.77%	2,058	1,650	100%	-	-	-	-	29	1,964	2021	-	100%
Chemin des Petits-Esserts 1, Cugy	4.3	0.2	0.2	0.8%	3.40%	1,515	706	100%	-	-	-	-	16	1,965	2015	-	100%
Route de la Bernadaz 1, Paudex	4.2	0.2	0.2	3.0%	2.96%	1,188	785	77%	-	23%	-	-	11	1,910	2020	-	100%
Rue de Couvaloup 24, Morges	12.3	0.6	0.6	-	3.16%	612	1,869	50%	20%	25%	5%	-	-	1,963	2021	-	100%
Rue d'Estuey 13, Etoy	8.5	0.3	0.3	-	2.75%	1,940	1,106	100%	-	-	-	-	24	1,990	2021	-	100%
Rue du Jura 15, Gland	7.9	0.4	0.4	-	3.05%	1,787	992	100%	-	-	-	-	15	1,969	2016	2,017	100%
Chemin des Morettes 7/9, Route du Curson 18, Prangins	20.2	0.9	0.9	0.3%	3.15%	7,423	4,130	100%	-	-	-	-	71	1,971	2024		100%
Avenue Kiener 1/3, Yverdon-les-Bains	9.8	0.5	0.5	-	3.21%	3,900	2,080	100%	-	-	-	-	35	1,991	1998	-	100%
Rue du Centre 7, Vevey	3.5	0.2	0.2	-	3.14%	143	575	76%	-	17%	7%	-	-	1,920	2005	2,007	100%
Residential properties – Canton of Vaud	335.2	13.3	13.2	0.7%		58,111	48,784

Route des Briesses 4, Crans-Montana	2.7	0.1	0.0	100.0%	3.51%	916	263	100%	-	-	-	-	3	2,012	2009	-	100%
Route de Grinchon 1, Crans-Montana	8.5	0.3	0.2	21.2%	4.00%	2,340	963	100%	-	-	-	-	16	2,015	2011	-	100%
Chemin de Praty 4, Randogne	4.5	0.2	0.1	48.6%	4.27%	1,678	610	100%	-	-	-	-	3	1,950	2014	2,017	100%
Residential properties – Canton of Valais	15.6	0.6	0.3	40.7%		4,934	1,836

Total Residential properties	1,430.5	52.6	52.0	1.1%		113,481	172,100	87%	1%	9%	2%	0%	1,398

Route de Chancy 65/67, Petit-Lancy	40.6	1.9	1.9	-	3.75%	3,241	7,630	-	64%	1%	35%	-	167	1,988	2023	-	100%
Route de Saint-Julien 253/255, Perly	17.1	1.1	1.1	-	4.83%	9,099	6,018	-	-	100%	-	-	140	1,982	2010	-	100%
Commercial properties – Canton of Geneva	57.8	3.0	3.0	0.0%		12,340	13,648

Place de la Navigation 4/6, Lausanne	9.9	0.0	0.0	n/a	4.98%	1,710	3,437	-	-	-	-	100%	-	1,906	2019	-	100%
Chemin de la Chapelle 2, Cheseaux-Lausanne	5.9	0.5	0.5	-	4.61%	5,358	3,142	5%	17%	78%	-	-	43	1,961	2016	-	100%
Rue de Lausanne 35a, Morges	8.1	0.6	0.6	-	4.31%	377	1,894	-	100%	-	-	-	20	2,019	2019	-	100%
Commercial properties – Canton of Vaud	23.9	1.0	1.0	0.0%		7,445	8,473

Avenue de la Gare 18, Avenue du Théâtre 18, Monthey	8.0	0.6	0.6	6.7%	4.92%	1,368	4,401	48%	18%	34%	-	-	31	1,971	2019	2,023	100%
Route d'Aproz 65, Sion 4)	37.7	2.4	2.4	-	4.83%	16,663	12,578	-	-	-	-	100%	400	2,021	2021	-	100%
Route de Crans 85, Lens 4)	6.6	0.4	0.4	-	4.69%	7,892	5,305	-	-	-	-	100%	-	2,019	2019	-	100%
Rue du Prado 19, Crans-Montana	1.9	0.1	0.1	-	4.19%	1,317	162	-	-	100%	-	-	-	2,013	2011	-	100%
Grand Place 12/14, Crans-Montana	3.6	0.2	0.2	-	4.77%	1,415	905	14%	86%	-	-	-	3	1,972	2013	2,015	100%
Route du Rawyl 10, Crans-Montana	9.6	0.5	0.5	-	5.05%	1,816	2,388	-	-	-	-	100%	-	1,955	2020	2,021	100%
Commercial properties – Canton of Valais	67.5	4.2	4.1	1.0%		30,471	25,739

Obere Holzgasse 8, Hausen AG	9.5	0.6	0.6	-	4.60%	7,374	4,031	-	36%	64%	-	-	103	1995	2024	-	100%
Alte Bahnhofstrasse 5/7, Mägenwil	8.3	0.5	0.5	-	3.46%	7,003	2,566	2%	37%	17%	44%	-	117	1911	2024	-	100%
Commercial properties – Canton of Argovia	17.7	1.0	1.0	0.0%		14,377	6,597

Total Commercial properties	166.9	9.2	9.2	0.5%		64,633	54,457	5%	19%	21%	6%	50%	1,024

Route des Mélèzes, Lens 4, 5)	0.3	n/a	n/a	n/a	n/a	-	-		-	-	-	100%	-		2018		100%
Properties under construction	0.3	n/a	n/a	n/a		-	-

Route de Crans 87, Lens	3.1	0.1	0.1	-	n/a	1,531	374	100%	-	-	-	-	2	1,985	2016	2,018	100%
Rue des Vergers 47, Aproz	0.4	0.0	0.0	100.0%	n/a	n/a	91	100%	-	-	-	-	1	2,019	2020	-	9%
Gstaadstrasse 6/8, Oberi Märetmattestrasse 3, Saanen 6)	3.7	n/a	n/a	n/a	n/a	2,347	412	100%	-	-	-	-	9	2,020	2013	-	14%
Properties held for sale	7.2	0.1	0.1	17.1%		3,878	877	100%	-	-	-	-	12

Total Property Portfolio	1,604.9	62.0	61.3	1.0%	2.99%	181,992	227,434						2,434

1) Under Investisʼ ownership.

2) 100% = sole ownership, otherwise = Condominium.

3) Property recorded in the register of polluted sites. No compulsory surveillance, no obligatory remediation. All other properties not recorded in the register of polluted sites.

4) Building right.

5) Development project. One commercial unit in the planning phase.

6) Development property held for sale. Three condominiums for sale.

3. FINANCING

3.1 Financial result

CHF 1,000	1st half 2024	1st half 2023 restated
Share of profit of associates	3	107
Share of loss of associates	–438	–9
Total result from associates 1)	–435	98

Interest income	154	154
Other financial income	25	9
Total financial income 1)	179	163

Interest expenses	–3,251	–956
Other financial expenses	–30	–17
Total financial expenses 1)	–3,281	–973

Total financial result	–3,536	–712

1) 2023 figures restated (Note 4.4).

The weighted average interest rate was 1.60% (1st half 2023: 0.55%). The weighted average interest rate of the outstanding financial liabilities as at 30 June 2024 stands at 1.20% (31.12.2023: 1.66%).

Accounting principles

The financial result includes the result from associates, interest income and expenses, exchange rate differences, gains and losses on securities and other financial income and expenses.

3.2 Financial liabilities

CHF 1,000	30.06.2024	31.12.2023
Bank loans	145,000	247,000
Private placements	40,000	35,000
Bonds	115,000	-
Current financial liabilities	300,000	282,000

Bonds	-	115,000
Non-current financial liabilities	-	115,000
Total financial liabilities	300,000	397,000

As at 30 June 2024 and 31 December 2023, neither properties nor other assets were pledged to secure available credit lines. Credit lines with Swiss banks (without securities) totalled CHF 375 million (31.12.2023: CHF 382 million), of which CHF 230 million was unused as at 30 June 2024 (31.12.2023: CHF 134 million).

As at the balance sheet date, amounts falling due are as follows:

CHF 1,000	Due within the first year	Due within the second year	Due within the third year and beyond	30.06.2024	Interest rate
Bank loans	145,000	-	-	145,000	1-3%
Private placements	40,000	-	-	40,000	1-2%
Bonds	115,000	-	-	115,000	0-1%
Total financial liabilities	300,000	-	-	300,000

CHF 1,000	Due within the first year	Due within the second year	Due within the third year and beyond	31.12.2023	Interest rate
Bank loans	247,000	-	-	247,000	2-3%
Private placements	35,000	-	-	35,000	1-2%
Bonds	-	115,000	-	115,000	0-1%
Total financial liabilities	282,000	115,000	-	397,000

The interest maturity periods correspond to the above-listed maturities. The weighted average interest rate of the outstanding financial liabilities as at 30 June 2024 stands at 1.20% (31.12.2023: 1.66%).

As at the balance sheet date, the following bond is outstanding:

ISIN	CH 0589030979
Trading currency	CHF
Issuing volume	115 million
Listing	SIX Swiss Exchange
Coupon	0.25%
Tenor	4 years
Payment date	15 Feb 2021
Redemption date	14 Feb 2025

Accounting principles

Financial liabilities are stated at nominal value.

Issuance costs, reduced by the amount of the premium, are charged in full to the income statement upon issue of the bond.

Bonds due for repayment within the next 12 months are reported under current financial liabilities.

4. OTHER FINANCIAL INFORMATION

4.1 Goodwill arising from acquisitions

Theorethical movements in goodwill

	1st half 2024			1st half 2023 restated 1)
CHF 1,000	Goodwill from consolidated companies	Goodwill from associated companies	Total	Goodwill from consolidated companies	Goodwill from associated companies	Total
Theoretical values as at 1 January	23,009	938	23,947	32,056	1,250	33,306

Acquisition costs as at 1 January	100,451	4,106	104,557	100,451	4,106	104,557
Additions from acquisitions	806	-	806	-	-	-
Disposal	–95,218	-	–95,218	-	-	-
Acquisition costs as at 30 June	6,038	4,106	10,144	100,451	4,106	104,557

Accumulated amortisation as at 1 January	77,442	3,168	80,610	68,395	2,856	71,251
Amortisation for the period	4,477	139	4,616	4,523	174	4,697
Disposal	–75,881	-	–75,881	-	-	-
Accumulated amortisation as at 30 June	6,038	3,307	9,345	72,919	3,030	75,948
Theoretical values as at 30 June	-	799	799	27,532	1,076	28,609

The theoretical capitalisation of the goodwill would affect the results of the consolidated financial statements as follows:

Effect on consolidated income statement

CHF 1,000	30.06.2024	30.06.2023 restated
Net profit as per financial statements	142,981	–24,429
Goodwill recycling in connection with disposals	95,218	-
Disposal of theoretical value of goodwill	–19,337	-
Amortisation of goodwill 1)	–4,616	–4,697
Theoretical net profit including goodwill amortisation	214,246	–29,126

Effect on consolidated balance sheet

CHF 1,000	30.06.2024	31.12.2023 restated	30.06.2023 restated
Equity as per financial statements 1)	1,236,035	1,029,243	1,010,216
Theoretical value of goodwill	799	23,947	28,609
Theoretical equity when reporting goodwill	1,236,834	1,053,190	1,038,824

1) 2023 figures restated (Note 4.4).

Accounting principles

Goodwill arising from acquisitions of consolidated and associated companies is charged against equity at the date of acquisition. The theoretical amortisation is based on a straight-line method over a useful life of five years.

In a business acquisition achieved in stages (including transactions with minorities), the goodwill is determined on each separate transaction and offset against retained earnings.

Companies sold are excluded from the scope of consolidation as at the date on which the Group ceases to have control, with any gain or loss (after goodwill recycling) recognised in the operating result.

If there is any indication of impairment, an impairment test is performed immediately. If the theoretical carrying amount exceeds the recoverable amount, the theoretical impairment loss is disclosed in this note.

4.2 Financial assets

CHF 1,000	30.06.2024	31.12.2023 restated
Loans to third parties	7,406	9,421
Loans to associates	906	1,265
Investments in associates 1)	5,127	5,202
Assets from employer contribution reserves	-	111
Other financial assets	61,309	12,972
Total financial assets	74,748	28,971

1) 2023 figures restated (Note 4.4).

Other financial assets include the minority interest of 4% in PHM Group TopCo Oy, which was acquired for CHF 49 million following the sale of the entire Real Estate Services segment to the Finnish PHM Group in June 2024 (see Note 4.3).

Accounting principles

Long-term loans and other long-term receivables are stated at nominal value.

Investments in associates are all companies on which the Investis Group exerts significant influence but does not have control. This is generally evidenced when the Investis Group holds voting rights and share capital ownership of between 20% and 50% of a company. They are valued and accounted for using the equity method. Goodwill arising from acquisition is charged against equity at the acquisition date.

Ownership of shares in organisations where Investis has voting rights of less than 20% of the total is recognised as other financial assets at acquisition cost, less any necessary write-downs.

If there is any indication of impairment, an impairment test is performed immediately. If the carrying amount exceeds the recoverable amount, an impairment loss is recognised in the income statement.

4.3 Acquisitions and disposals of consolidated companies

	1st half 2024				1st half 2023
CHF 1,000	Acquisitions			Disposals	Acquisitions	Disposals
	Total	Real Estate Services 2)	Others	Total	Total	Total
Cash and cash equivalents	147	–8,315	–28	–8,343	-	-
Trade and other current receivables	327	–24,467	–106	–24,573	-	-
Tangible fixed assets	71	–7,256	-	–7,256	-	-
Intangible assets 1)	260	–6,343	-	–6,343	-	-
Other non-current assets	0	–680	–10	–690	-	-
Trade and other current liabilities	–128	20,638	35	20,672	-	-
Non-current liabilities	–42	609	-	609	-	-
Non-controlling interests	-	-	54	54	-	-
Net assets acquired/disposed	636	–25,815	–56	–25,871	-	-
Goodwill (recognised in equity)	806	–95,218	-	–95,218	-	-
Recognised income from disposal of subsidiaries	-	–122,158	–30	–122,188	-	-
Purchase/selling prices	1,442	–243,192	–86	–243,278	-	-
Cash and cash equivalents acquired/disposed	–147	8,315	28	8,343	-	-
Cash outflow on acquisitions	1,294				-
Cash inflow from disposals		–234,877	–58	–234,935		-

1) Acquired intangible assets relate to previously unrecognised intangible assets relevant to the acquisition of control.

2) On 24 June 2024, the entire Real Estate Services segment, consisting of the companies Privera AG, hauswartprofis AG, Rohr AG, analysis lab SA, Aatest AG, Home Service Aktiengesellschaft and Valores AG, was sold. The discontinued operation (including AGD AG, which was sold on 26 March 2024) generated – up to the disposal date – revenue of CHF 89.9 million (1st half 2023: CHF 90.2 million) and an operating profit (EBIT) of CHF 8.8 million (1st half 2023: CHF 8.9 million).

Transactions in 1st half 2024

On 11 January 2024, Hauswartprofis AG acquired 100% of the shares in the facility services company Olbara AG, Olten, and merged it into the acquiring company. The acquired company contributed revenue of CHF 0.8 million in the 1st half 2024. Prior to the acquisition date, the company generated revenue of CHF 0.0 million in the current year.

On 26 March 2024, all shares held (53%) in AGD Renovationen AG, Neuenhof, were sold.

On 24 June 2024, 100% of the shares in the following Real Estate Services segment companies were sold:

–Privera AG, Muri bei Bern
–hauswartprofis AG, Mägenwil
–Rohr AG, Hausen (AG)
–analysis lab SA, Bienne
–Aatest AG, Lenzburg
–Home Service Aktiengesellschaft,
Hauswartung Gartenpflege, Zurich
–Valores AG, Mägenwil

Group internal mergers in 1st half 2024

As at 1 January 2024, the following Group companies were merged:

–ProLabo Sàrl, Sion, has been merged into analysis lab SA, Bienne.
–Marvi Holding SA, Geneva, has been merged into Investis Properties SA, Baar.

TRANSACTIONS IN 1ST HALF 2023

none.

Accounting principles

Companies acquired by the Investis Group are included in the consolidated financial statements from the date of obtaining control. The net assets previously recognised by the acquired subsidiary are revalued at the acquisition date using uniform Group accounting principles and are then consolidated. Intangible assets not previously recognised for an acquired subsidiary that are relevant to the acquisition of control are identified and recognised. Any difference between the higher purchase price and the net assets acquired (goodwill) is offset against retained earnings. Where an offset takes place with retained earnings, the impact of this theoretical capitalisation and amortisation over the estimated useful life of five years is disclosed separately in the notes. In a business acquisition achieved in stages (including transactions with minorities), the goodwill is determined on each separate transaction and offset against retained earnings.

Companies sold are excluded from the scope of consolidation as of the date on which the Group ceases to have control, with any gain or loss (after goodwill recycling) recognised in the operating result.

4.4 Restatement

The revised standard Swiss GAAP FER 30 (Consolidated financial statements) with effective date of 1 January 2024 led to following adjustment of previous-year figures:

–Goodwill of associated entities
In the annual report 2023, goodwill of associated entities was recognised as an asset under the balance sheet item "Financial assets" (Investments in associates). According to the revised Swiss GAAP FER 30, goodwill of associated entities is to be treated in the same way as that of entities that are fully consolidated, which is offset against retained earnings. As goodwill of associated entities has not been amortised in the past, the corresponding restatement had no impact on the income statement.

The share of profit of associates was previously included in financial income and expenses due to the immateriality of the amount. To improve transparency, the result from associates is now reported as a separate line item in the financial result. The prior year comparatives have been restated accordingly. The corresponding restatement had no impact on the financial result and net result.

Consolidated Balance sheet as at 31.12.2022 (condensed)

CHF 1,000	31.12.2022 published	Restatement	31.12.2022 restated
Financial assets	29,772	–4,106	25,666
Total assets	1,597,358	–4,106	1,593,252

Retained earnings	1,068,315	–4,106	1,064,209
Equity attributable to the shareholders of Investis Holding SA	1,068,806	–4,106	1,064,701
Total shareholdersʼ equity	1,069,675	–4,106	1,065,569
Total shareholdersʼ equity and liabilities	1,597,358	–4,106	1,593,252

Consolidated Balance sheet as at 30.06.2023 (condensed)

CHF 1,000	30.06.2023 published	Restatement	30.06.2023 restated
Financial assets	34,960	–4,106	30,854
Total assets	1,565,544	–4,106	1,561,438

Retained earnings	1,017,789	–4,106	1,013,683
Equity attributable to the shareholders of Investis Holding SA	1,013,933	–4,106	1,009,827
Total shareholdersʼ equity	1,014,322	–4,106	1,010,216
Total shareholdersʼ equity and liabilities	1,565,544	–4,106	1,561,438

Consolidated Balance sheet as at 31.12.2023 (condensed)

CHF 1,000	31.12.2023 published	Restatement	31.12.2023 restated
Financial assets	33,076	–4,106	28,971
Total assets	1,613,696	–4,106	1,609,590

Retained earnings	1,036,789	–4,106	1,032,683
Equity attributable to the shareholders of Investis Holding SA	1,032,933	–4,106	1,028,827
Total shareholdersʼ equity	1,033,349	–4,106	1,029,243
Total shareholdersʼ equity and liabilities	1,613,696	–4,106	1,609,590

Consolidated Income Statement 1st half 2023 (condensed)

CHF 1,000	1st half 2023 published	Restatement	1st half 2023 restated
Operating result (EBIT)	–25,928	-	–25,928
Result from associates	-	98	98
Financial income	270	–107	163
Financial expenses	–982	9	–973
Financial result	–712	-	–712
Income taxes	2,210	-	2,210
Net result	–24,429	-	–24,429

5. OTHER DISCLOSURES

5.1 General information/Principles

Investis Holding SA (“the Company”) is based in Zurich, Switzerland. Its shares have been traded on the SIX Swiss Exchange since 30 June 2016 (IREN). The unaudited consolidated financial statements, prepared as at 30 June 2024, include Investis Holding SA and all its direct or indirect subsidiaries (Investis Group) as well as its shareholdings in associated companies.

The business activity of the Investis Group includes the long-term holding of residential and commercial properties as well as comprehensive real estate services in the areas of property management and facility services until 24 June 2024.

CONSOLIDATION AND ACCOUNTING PRINCIPLES

The unaudited interim consolidated financial statements of Investis Holding SA have been prepared in accordance with Swiss GAAP FER 31 – Complementary recommendation for listed companies and comply with Swiss law and the special provisions for real estate companies specified in article 17 of the SIX Swiss Exchange’s Directive on Financial Reporting. They give a true and fair view of the assets, liabilities, cash flows and earnings of the Investis Group.

The consolidation and accounting policies applied to the present consolidated financial statements are unchanged from those applied to the 2023 consolidated financial statements. The only exception is the revised standard Swiss GAAP FER 30 – Consolidated financial statements effective from 1 January 2024, which resulted in a restatement (see Note 4.4).

These interim financial statements do not contain all the information and disclosures required for annual financial reporting and should therefore be read in conjunction with the consolidated financial statements as at 31 December 2023.

REAL ESTATE VALUATION METHOD

The properties held for investment purposes were valued on the basis of the fair value assessments (update valuations) performed by a recognised independent real estate expert (CBRE Geneva SA) as at 30 June 2024 using the discounted cash flow (DCF) method. The valuation method applied for the half-year financial statements for 2024 is unchanged from the previous year.

5.2 Events after the balance sheet date

In July/August 2024, four additional properties were acquired and a purchase agreement was signed for another property. The purchase price for all properties amounts to CHF 159 million and the total gross rental income will rise by CHF 10.8 million.

On 16 August 2024, Investis Holding SA issued a CHF 100 million fixed-rate bond with a coupon of 1.45% and a tenor of two years and two months (until 16 October 2026). The proceeds were used to refinance short-term financial debt.

The Board of Directors approved the consolidated financial statements for publication on 29 August 2024.

No other events occurred between 30 June 2024 and the date of approval of the consolidated financial statements, that would require adjustments to the carrying amounts of the Group’s assets and liabilities as at 30 June 2024 or disclosure in this section.

5.3 Group companies

			30.06.2024		31.12.2023
	Domicile	Original currency	Share capital in CHF 1,000	Ownership interest 1)	Ownership interest 1)	Footnote
Investis Holding SA	Zurich	CHF	1,280	n. a.	n. a.	C

Properties
Investis Properties SA	Baar	CHF	1,650	100%	100%	C
Alaïa Invest SA	Lens	CHF	100	100%	100%	C
OR omiresidences Sàrl	Lens	CHF	20	100%	100%	C
Perty Technologies SA	Morges	CHF	200	72%	72%	C
Marvi Holding SA	Geneva	CHF			100%	C 2)
Real Estate Services
Privera AG	Muri bei Bern	CHF			100%	C 3)
hauswartprofis AG	Mägenwil	CHF			100%	C 3)
Rohr AG	Hausen (AG)	CHF			100%	C 3)
analysis lab SA	Bienne	CHF			100%	C 3)
Aatest AG	Lenzburg	CHF			100%	C 3)
Home Service Aktiengesellschaft, Hauswartung Gartenpflege	Zurich	CHF			100%	C 3)
Valores AG	Mägenwil	CHF			100%	C 3)
ProLabo Sàrl	Sion	CHF			100%	C 4)
AGD Renovationen AG	Neuenhof	CHF			53%	C 3)
Corporate
Investis Investments SA	Baar	CHF	1,000	100%	100%	C 5)
Investis Management SA	Baar	CHF	100	100%	100%	C
Investis SA	Baar	CHF	100	100%	100%	C
Servicis AG	Baar	CHF	50	100%	100%	C
Insite Management SA	Unteriberg	CHF	120	42%	42%	E
PlanYourMove SA	Morges	CHF	272	37%	37%	E
Polytech Ventures Holding SA	Morges	CHF	214	33%	33%	E
PropTech Partners SA	Lausanne	CHF	166	30%	31%	E
RedPapillons SA	Morges	CHF	128	20%	20%	E
EMETS SA	Marly	CHF	125	20%	20%	E

C) Consolidated.

E) Financial investment included in the consolidated financial statements using the equity method.

1) Ownership interest is equal to voting rights.

2) Merged into Investis Properties SA as at 01.01.2024.

3) Sold in 2024.

4) Merged into analysis lab SA as at 01.01.2024.

5) Company held directly by Investis Holding SA.

Accounting principles

The consolidated financial statements comprise the financial statements of Investis Holding SA, Zurich, and all subsidiaries that belonged to the Group during the year and over which Investis Holding SA had the power to govern the financial and operating policies so as to obtain benefits from their activities. At Investis Group, this is achieved when more than 50% of a subsidiary’s share capital or voting rights is unconditionally owned directly or indirectly by Investis Holding SA. These entities are fully consolidated; assets, liabilities, income and expenses are incorporated in the consolidated accounts and all intercompany balances are eliminated. Non-controlling interests are presented as a separate component of the Group’s equity and net profit.

Capital consolidation is based on the purchase method.

Associates are all companies on which the Investis Group exerts significant influence but does not have control. This is generally evidenced when the Investis Group holds voting rights and share capital ownership of between 20% and 50% of a company.

Documents	Type	Size
Half-Year Report 2024	PDF	2 MB

Documents	Type	Size
Corporate Communication HY 2024 Results EN	PDF	254 KB
Corporate Communication HY 2024 Results DE	PDF	260 KB
Corporate Communication HY 2024 Results FR	PDF	261 KB

Documents	Type	Size
Presentation of the Half-Year Results 2024	PDF	1 MB

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