ALTERNATIVE PERFORMANCE MEASURES
In accordance with SIX Swiss Exchange’s Directive on Financial Reporting regulations, this section includes definitions of performance measures that are not defined under Swiss GAAP FER.
EBITDA BEFORE REVALUATIONS/DISPOSALS
The EBITDA before revaluations/disposals is a subtotal in the income statement and represents the operating profit before revaluations, disposal of properties, disposal of subsidiaries, depreciation and amortisation.
NET PROFIT EXCLUDING REVALUATION EFFECT
CHF 1,000 | 2025 | 2024 | |
|---|---|---|---|
Net profit | 152,038 | 246,507 | |
Revaluation of investment properties | –113,458 | –104,884 | |
Deferred income taxes from revaluation | 15,567 | 14,881 | |
Net profit excluding revaluation effect | 54,147 | 156,503 |
FUNDS FROM OPERATIONS (FFO)
CHF 1,000 | 2025 | 2024 | |
|---|---|---|---|
Cash flow from operating activities | 55,936 | 55,523 | |
Cash flow from changes in properties held for sale | –5,609 | –4,644 | |
Interest received | 151 | 191 | |
Interest paid | –6,032 | –5,464 | |
Funds from operations (FFO) | 44,447 | 45,606 |
GROSS LOAN-TO-VALUE (GROSS LTV)
Interest-bearing financial liabilities in relation to total property portfolio value.
CHF 1,000 | 31.12.2025 | 31.12.2024 | |
|---|---|---|---|
Current financial liabilities | 526,000 | 451,000 | |
Non-current financial liabilities | 100,000 | 100,000 | |
Total interest-bearing financial liabilities | 626,000 | 551,000 | |
Properties held for sale | 2,683 | 4,791 | |
Investment properties | 2,235,389 | 1,990,457 | |
Total property portfolio | 2,238,072 | 1,995,247 | |
Gross LTV | 28.0% | 27.6% |
NET ASSET VALUE (NAV) PER SHARE
31.12.2025 | 31.12.2024 | ||
|---|---|---|---|
Equity attributable to the shareholders of Investis Holding SA | CHF 1,000 | 1,454,002 | 1,339,505 |
Number of shares outstanding | 12,757,862 | 12,768,031 | |
NAV per share (basic/diluted) | CHF | 113.97 | 104.91 |
NET ASSET VALUE (NAV) PER SHARE EXCLUDING DEFERRED TAXES
31.12.2025 | 31.12.2024 | ||
|---|---|---|---|
Equity attributable to the shareholders of Investis Holding SA | CHF 1,000 | 1,454,002 | 1,339,505 |
Deferred tax liabilities | CHF 1,000 | 174,463 | 155,957 |
Net asset value excluding deferred taxes | CHF 1,000 | 1,628,465 | 1,495,462 |
Number of shares outstanding | 12,757,862 | 12,768,031 | |
NAV per share excluding deferred taxes (basic/diluted) | CHF | 127.64 | 117.13 |
DIVIDEND YIELD
CHF | 31.12.2025 | 31.12.2024 |
|---|---|---|
Gross dividend 1) | 3.00 | 2.60 |
Share price at end of period | 144.50 | 112.00 |
Dividend yield 1) | 2.1% | 2.3% |
PAYOUT RATIO
31.12.2025 | 31.12.2024 | ||
|---|---|---|---|
Number of registered shares issued | 12,800,000 | 12,800,000 | |
Gross dividend 1) | CHF | 3.00 | 2.60 |
Total intended distribution | CHF 1,000 | 38,400 | 33,280 |
Net profit attributable to Investis Holding SA shareholders | CHF 1,000 | 152,038 | 246,528 |
Payout ratio | 25.3% | 13.5% |
1)Intended distribution per share in accordance with the proposal to the Annual General Meeting.
LIKE-FOR-LIKE RENTAL GROWTH
CHF 1,000 | 2025 | 2024 | |
|---|---|---|---|
Rental income – current period | 79,811 | 64,360 | |
Rental income – prior period | –64,360 | –53,077 | |
Increase in rental income | 15,451 | 11,283 | |
Rental growth | 24.0% | 21.3% | |
of which due to acquisitions | 24.3% | 18.6% | |
of which due to disposals | –0.7% | –0.8% | |
of which due to conversion of use | –0.5% | - | |
of which due to one-off turnover-based rental income for prior years 1) | - | 1.4% | |
of which like-for-like rental growth 2) | 0.9% | 2.0% | |
1)A one-off payment received in the 2nd half of 2024 (CHF 0.5 million) concerned partly the prior years (2023: CHF 0.2 million, 2022: CHF 0.3 million) and was therefore adjusted and allocated to the corresponding years.
2)The adjustment has no impact on 2025. However, without the adjustment, the like-for-like rental growth for 2024 would stand at 3.4%.