Notes to the consolidateD Financial statements
The property portfolio, consisting of investment properties and properties held for sale, is managed as a single entity. The Board of Directors and the Executive Board manage the Investis Group based on the consolidated financial statements. In accordance with Swiss GAAP FER 31, Investis only has one segment, following the sale of all companies in the Real Estate Services segment in the first half of 2024, and no longer publishes segment reporting for the financial year 2025. As the Investis Group is only active in Switzerland, no information on geographical markets is disclosed. 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.
Segment Information 2024
CHF 1,000 | Properties | Corporate | Investis Group (excluding RES) 1) | Real Estate Services | Eliminations | Investis Group |
|---|---|---|---|---|---|---|
Revenue 2) | 64,360 | - | 64,360 | 89,948 | –1,601 | 152,707 |
Direct expenses | –18,095 | - | –18,095 | –5,572 | 1,602 | –22,066 |
Personnel expenses | –1,546 | –3,945 | –5,491 | –63,553 | - | –69,044 |
Other operating expenses | –1,833 | –973 | –2,807 | –9,893 | –1 | –12,701 |
Operating profit before revaluations, disposal of properties, depreciation and amortisation | 42,885 | –4,918 | 37,967 | 10,930 | - | 48,897 |
Income from revaluations | 104,884 | - | 104,884 | - | - | 104,884 |
Income from disposal of properties | 759 | - | 759 | - | - | 759 |
Income from disposal of subsidiaries | - | 122,271 | 122,271 | - | - | 122,271 |
Depreciation and amortisation | –44 | –102 | –146 | –2,148 | - | –2,293 |
Operating profit (EBIT) | 148,485 | 117,250 | 265,735 | 8,783 | - | 274,518 |
Total assets as at 31 December 2024 3) | 2,079,021 | - | 2,079,021 | |||
Total liabilities as at 31 December 2024 3) | 739,516 | - | 739,516 | |||
Headcount as at 31 December 2024 3) | 17 | - | 17 | |||
FTE as at 31 December 2024 3) | 15 | - | 15 | |||
FTE (full-time equivalents, average over the period) 3) | 15 | 780 | 795 | |||
1)Following the sale of all companies in the Real Estate Services segment in the first half of 2024, the Group consists as at 31 December 2024 of one segment only. To improve the informative value of the results from June 2024, the segment information has been extended accordingly.
2)Revenue is generated exclusively in Switzerland.
3)The segment assets, liabilities and personnel information voluntarily disclosed in the prior year are no longer voluntarily disclosed.
Accounting principles |
|---|
Before the disposal of all Group companies of the Real Estate Service segment on 24 June 2024, following operating and reporting segments were identified based on the management structure and 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 |
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 include property expenses (particularly property management, facility services, maintenance and renovation costs, 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. |
CHF 1,000 | 2025 | 2024 |
|---|---|---|
Wages and salaries | 2,363 | 56,137 |
Share-based compensation | 1,406 | 1,395 |
Social security expenses | 304 | 5,921 |
Pension benefit expenses | 395 | 2,774 |
Other personnel expenses | 186 | 2,816 |
Total personnel expenses | 4,653 | 69,044 |
Share-based compensation
2025 | 2024 | ||
|---|---|---|---|
Board of Directors | 2,691 | 3,234 | |
Executive Board | 8,438 | 11,077 | |
Key management positions | 459 | 520 | |
Total number of shares | 11,588 | 14,831 | |
Share price | CHF | 121.30 | 94.05 |
Share-based compensation | CHF 1,000 | 1,406 | 1,395 |
Employee benefits
Pension benefit expenses
CHF 1,000 | 2025 | 2024 |
|---|---|---|
Contributions concerning the reporting period | 395 | 2,750 |
Result from employer contribution reserve (ECR) 1) | - | 24 |
Economical part of surplus/deficit recognised | - | - |
Pension benefit expenses | 395 | 2,774 |
Pension institutions without surplus/deficit | 395 | 1,366 |
Pension institutions with surplus 2) | - | 1,408 |
1)Exclusively from pension institutions with a surplus.
2)The capitalisation or use of possible economic benefits (stemming from a surplus in the pension institution) is neither intended nor do the conditions for this exist. There is neither a surplus nor deficit coverage.
Employer contribution reserve (ECR)
CHF 1,000 | 2025 | 2024 |
|---|---|---|
Employer contribution reserve (ECR) as at 1 January 1, 2) | - | 111 |
Result from ECR in personnel expenses | - | –24 |
Change in scope of consolidation | - | –87 |
Employer contribution reserve (ECR) as at 31 December 1, 2) | - | - |
1)The nominal value corresponds to the balance sheet value. There is no renouncement of use of the employer contribution reserve.
2)The employer contribution reserves originate entirely from pension institutions.
Accounting principles |
|---|
Share-based compensation is stated at fair value and recognised in personnel expenses in the period in which the service is performed. Participants in share-based compensation are the members of the Board of Directors, the Executive Board and employees in key management positions. The members of the Board of Directors receive fixed remuneration, half of which is awarded in shares. The remuneration of members of the Executive Board and key management positions consists of a fixed and a variable component. At least 50% of the variable compensation is paid in shares. The description of the Investis share plan and detailed information on share-based compensation to members of the Board of Directors and the Executive Board are disclosed in chapters 4.2 (for the Board of Directors) and chapter 4.3.3 (for the Executive Board) of the Compensation Report. |
The pension obligations of the Group companies for retirement, death or disability are based on the applicable regulations and practices. All companies are located in Switzerland, where the pension plan is administered by a legally independent foundation. The capitalisation of possible economic benefits (stemming from a surplus in the pension institution) is neither intended nor do the conditions for this exist. A financial obligation is carried as a liability if the conditions for the establishment of a provision are met. |
INCOME TAXES
CHF 1,000 | 2025 | 2024 |
|---|---|---|
Current income taxes | 2,538 | 6,208 |
Deferred income taxes | 18,508 | 15,215 |
Total income taxes | 21,046 | 21,423 |
The difference between the expected income tax expense and the income tax expense shown in the income statement can be explained as follows:
CHF 1,000 | 2025 | 2024 |
|---|---|---|
Result before taxes | 173,084 | 267,929 |
Expected Group tax rate | 14% | 16% |
Expected income taxes | 24,232 | 42,869 |
Non-deductible expenses | 71 | 147 |
Tax-free income | –2,470 | –16,982 |
Use of non-capitalised tax losses carried forward | –1,020 | –282 |
Non-capitalisable tax losses for the period | 474 | 236 |
Expenses/income that are taxed at a lower/higher tax rate | –20 | –4,618 |
Tax effects for prior periods | –222 | 54 |
Effective income tax charge | 21,046 | 21,423 |
Effective tax rate | 12% | 8% |
In 2025, the Group’s expected tax rate decreased to 14% (2024: 16%). This reduction is the direct result of the disposal of all Group companies of the Real Estate Services segment during 2024. These entities were subject to higher tax rates compared to the remainder of the Group. Their disposal has therefore led to a lower average applied tax rate for the Group.
The non-capitalised tax assets from losses carried forward amount to CHF 0.9 million (2024: CHF 1.0 million). Prepaid expenses include income taxes of CHF 1.2 million (2024: CHF 0.3 million). Accrued expenses include income taxes of CHF 3.4 million (2024: CHF 2.9 million).
Deferred tax liabilities
CHF 1,000 | 2025 | 2024 |
|---|---|---|
Deferred tax liabilities as at 1 January | 155,957 | 140,839 |
Changes in scope of consolidation | - | –97 |
Changes from valuation of investment properties | 15,567 | 14,881 |
Changes from disposal of investment properties | –396 | –2,025 |
Other changes recognised in the income statement | 3,335 | 2,359 |
Deferred tax liabilities as at 31 December | 174,463 | 155,957 |
Accounting principles |
|---|
The current income tax rates are applied in cantons with a two-tier system. In cantons with a single-tier system, there is a separate property gains tax with speculation surcharges or deductions for the period of ownership, depending on the holding period. For properties that are intended for sale, the actual holding period will apply. For the remaining properties, a residual holding period of 25 years will apply. |
Deferred income taxes are calculated for each subsidiary using the local tax rates. The tax rates applied in the financial year and preceding years lie between 14% and 17%. Deferred tax liabilities are not discounted. |
Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which temporary differences or unused tax losses can be utilised. |
WEIGHTED AVERAGE NUMBER OF SHARES
2025 | 2024 | ||
|---|---|---|---|
Shares issued as at 1 January | 12,800,000 | 12,800,000 | |
Effects in holding of treasury shares | –39,267 | –36,687 | |
Weighted average number of shares as at 31 December | 12,760,733 | 12,763,313 |
EARNINGS PER SHARE
2025 | 2024 | ||
|---|---|---|---|
Net profit attributable to Investis Holding SA shareholders | CHF 1,000 | 152,038 | 246,528 |
Weighted average number of shares | 12,760,733 | 12,763,313 | |
Earnings per share (basic/diluted) | CHF | 11.91 | 19.32 |
Accounting principles |
|---|
Earnings per share are calculated by dividing the net profit 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. |
Market value | Gross rental income | Vacancy rate | ||||
|---|---|---|---|---|---|---|
CHF million | 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024 |
Residential properties | 1,742.7 | 1,620.5 | 60.5 | 58.9 | 1.0% | 1.3% |
of which in the Canton of Geneva | 1,180.5 | 1,097.7 | 40.0 | 38.7 | 0.9% | 1.0% |
of which in the Canton of Vaud | 548.8 | 506.7 | 20.1 | 19.6 | 1.2% | 1.1% |
of which in other cantons | 13.5 | 16.1 | 0.4 | 0.6 | 0.0% | 36.0% |
Commercial properties | 492.7 | 370.0 | 25.3 | 19.4 | 4.5% | 3.8% |
of which in the Canton of Geneva | 293.1 | 222.9 | 17.0 | 13.2 | 6.6% | 5.2% |
of which in the Canton of Vaud | 118.4 | 54.6 | 3.5 | 1.1 | 0.6% | 0.7% |
of which in other cantons | 81.2 | 92.4 | 4.8 | 5.2 | 0.0% | 0.8% |
Total investment properties | 2,235.4 | 1,990.5 | 85.8 | 78.3 | 2.0% | 1.9% |
Properties held for sale | 2.7 | 4.8 | 0.0 | 0.1 | 0.0% | 0.0% |
of which in other cantons | 2.7 | 4.8 | 0.0 | 0.1 | 0.0% | 0.0% |
Total property portfolio | 2,238.1 | 1,995.2 | 85.8 | 78.4 | 2.0% | 1.9% |
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 the lower of cost or fair value less cost to sell. The costs of development properties (projects) intended for sale include the plot of land and 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. |
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 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 | 229,233 | 147,340 | 20 | 376,593 | 34 | 376,627 |
Disposals | –5,558 | - | –283 | –5,841 | –4,512 | –10,353 |
Reclassifications | - | 18,006 | - | 18,006 | - | 18,006 |
Acquisition costs as at 31 December 2024 | 857,000 | 338,005 | - | 1,195,005 | 4,791 | 1,199,796 |
Revaluation as at 1 January 2024 | 728,157 | –25,648 | - | 702,509 | - | 702,509 |
Gains on valuations | 51,377 | 58,809 | - | 110,186 | - | 110,186 |
Losses on valuations | –4,112 | –1,189 | - | –5,301 | - | –5,301 |
Disposals | –11,942 | - | - | –11,942 | - | –11,942 |
Revaluation as at 31 December 2024 | 763,480 | 31,972 | - | 795,451 | - | 795,451 |
Portfolio value as at 31 December 2024 | 1,620,480 | 369,977 | - | 1,990,457 | 4,791 | 1,995,247 |
Portfolio value as at 1 January 2025 | 1,620,480 | 369,977 | - | 1,990,457 | 4,791 | 1,995,247 |
Acquisition costs as at 1 January 2025 | 857,000 | 338,005 | - | 1,195,005 | 4,791 | 1,199,796 |
Increases | 32,899 | 102,880 | - | 135,779 | 9 | 135,788 |
Disposals | - | –2,335 | - | –2,335 | –4,791 | –7,125 |
Reclassifications | –2,170 | - | - | –2,170 | 2,674 | 504 |
Acquisition costs as at 31 December 2025 | 887,729 | 438,550 | - | 1,326,280 | 2,683 | 1,328,963 |
Revaluation as at 1 January 2025 | 763,480 | 31,972 | - | 795,451 | - | 795,451 |
Gains on valuations | 99,768 | 35,797 | - | 135,565 | - | 135,565 |
Losses on valuations | –7,747 | –14,360 | - | –22,107 | - | –22,107 |
Disposals | - | 704 | - | 704 | - | 704 |
Reclassifications | –504 | - | - | –504 | - | –504 |
Revaluation as at 31 December 2025 | 854,997 | 54,113 | - | 909,109 | - | 909,109 |
Portfolio value as at 31 December 2025 | 1,742,726 | 492,663 | - | 2,235,389 | 2,683 | 2,238,072 |
As at 31 December 2025 and 2024, 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 2025, governmental grants amounting to CHF 0.3 million (2024: CHF 0.1 million) were received for energetic renovation of residential properties and offset against the corresponding increases. The properties ‘Rue des Vergers 47’ in Aproz, ‘Route de Crans 87’, Lens, one residential unit at ‘Grand-Place 12/14’ in Crans-Montana and one residential unit at ‘Oberi Märetmattestrasse 3’ in Saanen (properties held for sale) were sold. The property ‘Route des Briesses 4’ in Crans-Montana was reclassified from residential investment properties to properties held for sale.
In 2024, the properties ‘Alte Bahnhofstrasse 5/7’ in Mägenwil and ‘Obere Holzgasse 8/9’ in Hausen AG were reclassified from tangible fixed assets (owner-occupied properties) and intangible assets (right to use an underground car park) to commercial properties. Moreover, the residential property ‘Chemin de l’Ecu 15/17a’ in Châtelaine and three residential units at ‘Gstaadstrasse 6/8, Oberi Märetmattestrasse 3’ in Saanen (properties held for sale) were sold.
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 | 31.12.2025 | 31.12.2024 |
Commercial leases maturing within one year1) | 4,156 | 3,278 |
Commercial leases maturing within 1–5 years | 11,740 | 9,586 |
Commercial leases maturing within more than 5 years | 5,541 | 5,315 |
Commercial leases | 21,437 | 18,179 |
Residential leases1) | 2,682 | 496 |
Total net rental income from commercial properties | 24,118 | 18,675 |
1)To improve the informative value of these key figures, residential leases (including ancillary parking spaces) in commercial properties are now presented separately. The figures for the previous year have been adjusted accordingly.
The above totals for commercial leases correspond to a weighted average unexpired lease term (WAULT) of 4.8 years (31.12.2024: 5.5 years).
MOST IMPORTANT TENANTS
The five most important tenants measured according to property income accounted for 8.1% of the gross rental income (31.12.2024: 9.5%). The five most important tenants were the following:
Share of gross rental income as at | 31.12.2025 | 31.12.2024 |
|---|---|---|
Alaïa SA | 2.6% | 3.5% |
Banque Cantonale de Genève | 2.2% | 2.4% |
Hospice général | 1.2% | 1.3% |
PHM Group Oy | 1.2% | 1.3% |
Cityus Sàrl | 0.9% | 1.0% |
CHF 1,000 | 2025 | 2024 |
|---|---|---|
Total sales proceeds, net | 7,260 | 22,771 |
Investment costs | –7,125 | –10,070 |
Gross profit from disposal of properties | 135 | 12,701 |
Accumulated valuation gains | - | –11,942 |
Accumulated valuation losses | 704 | - |
Total income from disposal of properties | 839 | 759 |
of which income from disposal of properties held for sale | 828 | 166 |
of which income from disposal of residential properties | - | 593 |
of which income from disposal of commercial properties | 11 | - |
Cashflows from disposal of properties
The net cash flow from the sale of properties is composed as follows:
2025 | 2024 | |||||
|---|---|---|---|---|---|---|
CHF 1,000 | Properties held for sale | Investment properties | Total | Properties held for sale | Investment properties | Total |
Cash flow from disposal of properties | 5,618 | 1,642 | 7,260 | 4,678 | 18,093 | 22,771 |
Taxes paid relating to the sale of investment properties | - | 1,305 | 1,305 | - | 782 | 782 |
Net cash flow from disposal of properties | 5,618 | 337 | 5,955 | 4,678 | 17,311 | 21,989 |
of which operating cash flow | 5,618 | - | 5,618 | 4,678 | - | 4,678 |
of which investing cash flow | - | 337 | 337 | - | 17,311 | 17,311 |
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. |
Lettable area (% sqm) | Building history (year) | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Address | Market value (CHFm) | Gross rental income (CHFm) | Net rental income (CHFm) | Vacancy rate | Discount rate (real) | 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 | 19.4 | 0.6 | 0.6 | - | 2.54% | 277 | 1,518 | 85% | - | 15% | - | - | - | 1957 | 2000 | 2014 | 100% |
Rue de la Servette 23, Geneva | 21.4 | 0.8 | 0.8 | 1.3% | 2.50% | 421 | 2,149 | 61% | 16% | 16% | 7% | - | - | 1967 | 1999 | - | 100% |
Rue Charles-Cusin 10, Geneva | 22.2 | 0.8 | 0.8 | 0.5% | 2.37% | 279 | 1,308 | 72% | - | 21% | 7% | - | - | 1970 | 2017 | 2020 | 100% |
Rue de Bâle 28/30, Geneva | 24.0 | 0.8 | 0.8 | - | 2.51% | 1,230 | 3,490 | 47% | 4% | 10% | 39% | - | - | 1963 | 2019 | 2020 | 100% |
Rue des Asters 8, Geneva | 9.5 | 0.3 | 0.3 | - | 2.51% | 302 | 1,115 | 83% | - | 8% | 9% | - | - | 1910 | 2002 | 2022 | 100% |
Rue de Montbrillant 52, Geneva | 14.3 | 0.5 | 0.5 | - | 2.45% | 263 | 1,372 | 87% | 13% | - | - | - | - | 1959 | 1998 | - | 100% |
Rue du Grand-Pré 39, Geneva | 17.7 | 0.6 | 0.6 | 5.3% | 2.51% | 393 | 2,043 | 87% | - | 2% | 11% | - | - | 1962 | 1997 | - | 100% |
Rue Rothschild 60/64, Geneva | 35.8 | 1.2 | 1.2 | 0.6% | 2.93% | 397 | 2,916 | 99% | - | - | 1% | - | 63 | 1961 | 2024 | - | 100% |
Rue Liotard 33, Geneva | 9.4 | 0.3 | 0.3 | - | 2.65% | 331 | 988 | 95% | 5% | - | - | - | - | 1919 | 2025 | - | 100% |
Rue Lamartine 23, Geneva | 37.2 | 1.3 | 1.2 | 3.1% | 2.71% | 2,230 | 3,677 | 70% | 6% | 24% | - | - | 90 | 1964 | 1998 | - | 100% |
Rue de Lyon 65, Geneva | 16.5 | 0.5 | 0.5 | 4.0% | 2.49% | 601 | 1,321 | 100% | - | - | - | - | 8 | 1957 | 1998 | - | 100% |
Avenue d'Aïre 47, Geneva | 12.7 | 0.4 | 0.4 | - | 2.50% | 233 | 1,028 | 100% | - | - | - | - | - | 1950 | 2004 | - | 100% |
Rue des Délices 21 bis, Geneva | 18.1 | 0.6 | 0.5 | 2.9% | 2.50% | 285 | 1,744 | 100% | - | - | - | - | - | 1935 | 1998 | - | 100% |
Avenue Wendt 3/5, Geneva | 33.3 | 1.1 | 1.0 | 5.4% | 2.66% | 939 | 3,006 | 83% | 2% | 13% | 2% | - | 15 | 1950 | 1999 | 2010 | 100% |
Avenue Ernest Pictet 14, Geneva | 35.9 | 1.1 | 1.1 | - | 2.50% | 356 | 3,522 | 93% | - | 7% | - | - | 59 | 1980 | 2018 | - | 72% |
Rue Daubin 35, Geneva | 13.5 | 0.4 | 0.4 | - | 2.55% | 624 | 1,188 | 100% | - | - | - | - | 11 | 1940 | 2018 | 2020 | 100% |
Avenue Wendt 27, Geneva | 10.3 | 0.3 | 0.3 | - | 2.55% | 1,265 | 1,340 | 100% | - | - | - | - | - | 1955 | 2019 | 2024 | 100% |
Rue Henri-Frédéric-Amiel 8, Geneva | 16.1 | 0.5 | 0.5 | - | 2.55% | 456 | 1,809 | 94% | 4% | 3% | - | - | - | 1919 | 2019 | - | 100% |
Avenue Henri-Dunant 20, Rue Guillaume de Marcossay 21, Geneva | 32.4 | 1.1 | 1.1 | - | 2.65% | 1,165 | 3,560 | 65% | - | 17% | 18% | - | 3 | 1965 | 1999 | 2008 | 100% |
Boulevard St-Georges 71, Rue des Rois 12, Geneva | 20.1 | 0.7 | 0.7 | - | 2.77% | 371 | 2,089 | 78% | - | 12% | 11% | - | - | 1971 | 2010 | - | 100% |
Rue du Vieux-Billard 12, Geneva | 10.3 | 0.3 | 0.3 | - | 2.50% | 385 | 932 | 100% | - | - | - | - | - | 1957 | 1999 | 2017 | 100% |
Boulevard de la Cluse 35, Geneva | 14.3 | 0.5 | 0.5 | - | 2.61% | 188 | 915 | 78% | - | 13% | 9% | - | - | 1961 | 2002 | 2009 | 100% |
Rue Goetz-Monin 24, Geneva | 29.5 | 0.9 | 0.9 | - | 2.70% | 728 | 2,313 | 61% | - | 39% | - | - | - | 1947 | 2002 | 2008 | 100% |
Rue de Carouge 72/74, Geneva | 28.2 | 1.0 | 1.0 | - | 2.65% | 904 | 3,667 | 70% | - | 30% | - | - | - | 1970 | 2017 | 2020 | 100% |
Boulevard Carl-Vogt 6, Geneva | 12.9 | 0.5 | 0.5 | - | 2.71% | 436 | 1,893 | 49% | 3% | 48% | - | - | - | 1960 | 2018 | 2019 | 100% |
Rue des Peupliers 13, Geneva | 5.5 | 0.2 | 0.2 | - | 2.55% | 147 | 514 | 100% | - | - | - | - | - | 1920 | 2018 | 2022 | 100% |
Rue du Village-Suisse 4, Geneva | 5.7 | 0.2 | 0.2 | - | 2.55% | 145 | 490 | 100% | - | - | - | - | - | 1920 | 2018 | - | 100% |
Avenue Jules-Crosnier 2, Geneva | 24.6 | 0.8 | 0.8 | - | 2.76% | 641 | 2,576 | 87% | - | 13% | - | - | - | 1958 | 2023 | - | 100% |
Rue du Nant 30, Geneva | 25.1 | 0.8 | 0.8 | - | 2.60% | 567 | 2,024 | 95% | - | 5% | - | - | - | 1960 | 1998 | 2019 | 100% |
Avenue Bois-de-la-Chapelle 101, Onex | 22.5 | 0.8 | 0.8 | 2.7% | 2.45% | 320 | 2,525 | 98% | - | 2% | - | - | 31 | 1970 | 2001 | - | 100% |
Route de Chancy 40, Petit-Lancy | 7.5 | 0.3 | 0.3 | 1.0% | 2.60% | 804 | 713 | 100% | - | - | - | - | 16 | 1910 | 2018 | 2025 | 100% |
Rue du Village 18 a/b/c/d/e, Vernier | 14.1 | 0.5 | 0.5 | - | 2.55% | 3,692 | 1,551 | 100% | - | - | - | - | 11 | 1970 | 2018 | - | 100% |
Route de Peney 4, Vernier | 9.7 | 0.3 | 0.3 | - | 2.61% | 253 | 1,230 | 100% | - | - | - | - | 15 | 1973 | 2018 | 2024 | 100% |
Avenue Louis-Casaï 80, Cointrin | 14.7 | 0.5 | 0.5 | - | 2.85% | 1,372 | 1,389 | 55% | - | 28% | 17% | - | 10 | 1973 | 2005 | - | 100% |
Avenue François-Besson 16, Meyrin | 13.2 | 0.5 | 0.5 | - | 2.65% | 345 | 1,365 | 100% | - | - | - | - | 8 | 1967 | 2004 | 2020 | 100% |
Chemin du Grand-Puits 62/64/66, Meyrin | 19.1 | 0.7 | 0.7 | - | 2.66% | 749 | 2,416 | 100% | - | - | - | - | 32 | 1974 | 1998 | - | 100% |
Avenue François-Besson 1/3, Meyrin | 29.2 | 1.0 | 1.0 | - | 2.70% | 579 | 3,294 | 91% | 4% | 1% | 4% | - | 55 | 1973 | 2003 | 2008 | 100% |
Rue des Lattes 25/27, Meyrin | 11.6 | 0.4 | 0.4 | 5.2% | 2.51% | 425 | 1,343 | 94% | - | 6% | - | - | 16 | 1975 | 2000 | - | 100% |
Rue des Lattes 63, Meyrin | 15.1 | 0.5 | 0.5 | - | 2.60% | 213 | 1,745 | 100% | - | - | - | - | 22 | 1975 | 2001 | - | 100% |
Rue des Lattes 57/59, Meyrin | 15.5 | 0.6 | 0.6 | - | 2.60% | 546 | 2,147 | 81% | 14% | 3% | 2% | - | 26 | 1971 | 2025 | - | 100% |
Rue de la Prulay 64/66, Meyrin | 29.1 | 1.0 | 1.0 | 0.3% | 2.65% | 3,393 | 3,012 | 97% | - | - | 3% | - | 47 | 1962 | 1998 | 2024 | 100% |
Route de Meyrin 283/285, Meyrin | 19.4 | 0.7 | 0.7 | - | 2.50% | 2,642 | 2,422 | 93% | - | - | 7% | - | 33 | 1994 | 2017 | - | 100% |
Avenue Vaudagne 78/80/82, Meyrin | 14.1 | 0.6 | 0.6 | - | 3.25% | 669 | 2,457 | 100% | - | - | - | - | - | 1964 | 1999 | - | 78% |
Avenue Mategnin 75/77, Meyrin | 14.4 | 0.5 | 0.5 | - | 3.19% | 450 | 2,301 | 100% | - | - | - | - | - | 1968 | 1999 | 2008 | 73% |
Chemin du Vieux-Bureau 98, Meyrin | 14.2 | 0.5 | 0.5 | - | 2.65% | 333 | 1,521 | 98% | - | 2% | - | - | 19 | 1970 | 2017 | 2018 | 100% |
Promenade des Champs-Fréchets 20/24, Meyrin | 16.2 | 0.6 | 0.6 | 0.5% | 2.70% | 467 | 2,458 | 87% | 6% | 7% | - | - | 30 | 1973 | 2024 | - | 100% |
L'Ancienne-Route 77a, Grand-Saconnex | 11.8 | 0.4 | 0.4 | - | 2.57% | 2,452 | 1,151 | 66% | - | 34% | - | - | 18 | 1962 | 1998 | 2016 | 100% |
Route de Ferney 208a/b, Grand-Saconnex | 26.0 | 0.9 | 0.9 | - | 2.65% | 2,910 | 2,654 | 92% | 1% | 5% | 2% | - | 56 | 1959 | 1998 | 2017 | 100% |
Avenue Louis-Casaï 43, Les Avanchets | 16.0 | 0.6 | 0.6 | 0.2% | 2.71% | 1,035 | 1,682 | 91% | - | 9% | - | - | 29 | 1963 | 2004 | 2018 | 100% |
Avenue Louis-Casaï 37, Les Avanchets | 16.4 | 0.6 | 0.6 | - | 2.66% | 1,093 | 1,688 | 91% | 3% | 6% | - | - | 27 | 1963 | 1998 | 2016 | 100% |
Avenue des Cavaliers 7, Chêne-Bougeries | 16.3 | 0.5 | 0.5 | - | 2.56% | 1,690 | 2,021 | 82% | - | 15% | 3% | - | 12 | 1975 | 2018 | 2023 | 100% |
Route de Mon Idée 65/67, Thônex | 30.6 | 1.0 | 1.0 | 0.2% | 2.65% | 1,001 | 2,609 | 100% | - | - | - | - | 33 | 1971 | 2018 | 2023 | 100% |
Chemin des Deux-Communes 13, Thônex | 11.7 | 0.4 | 0.4 | 0.4% | 2.65% | 470 | 1,573 | 99% | - | - | 1% | - | 19 | 1963 | 2019 | - | 100% |
Rue de la Fontenette 11, Carouge | 19.9 | 0.6 | 0.5 | 6.8% | 2.50% | 427 | 1,590 | 100% | - | - | - | - | 5 | 1963 | 2000 | 2016 | 100% |
Route des Acacias 20, Rue des Ronzades 1/3, Rue Gustave-Revilliod 14, Les Acacias | 59.1 | 2.0 | 2.0 | 0.6% | 2.48% | 1,857 | 5,672 | 72% | - | 23% | 5% | - | 10 | 1958 | 1997 | 2007 | 100% |
Route des Acacias 28, Les Acacias | 15.5 | 0.5 | 0.5 | - | 2.60% | 570 | 1,480 | 100% | - | - | - | - | 7 | 1959 | 2002 | 2022 | 100% |
Rue Simon-Durand 5, Les Acacias | 9.0 | 0.3 | 0.2 | 23.5% | 2.60% | 306 | 946 | 54% | - | 30% | 16% | - | - | 1960 | 2017 | - | 100% |
Place d'Armes 8, Carouge | 16.6 | 0.6 | 0.6 | - | 2.50% | 250 | 1,198 | 92% | - | 8% | - | - | 8 | 1940 | 2018 | 2022 | 100% |
Route de Certoux 11/15B/15D, Perly | 9.5 | 0.3 | 0.3 | - | 2.65% | 532 | 1,300 | 100% | - | - | - | - | - | 1977 | 2019 | - | 100% |
Route de Certoux 17/17A/19/21, Perly | 25.3 | 0.9 | 0.9 | 0.2% | 2.66% | 1,025 | 3,157 | 98% | - | - | 2% | - | 45 | 1985 | 2019 | - | 100% |
Avenue Théodore-Vernes 20/22, Versoix | 10.9 | 0.4 | 0.4 | - | 2.60% | 512 | 1,061 | 98% | - | - | 2% | - | 4 | 1959 | 2002 | 2017 | 100% |
Grand-Montfleury 38, Versoix | 16.8 | 0.6 | 0.6 | - | 2.71% | 329 | 2,249 | 100% | - | - | - | - | 11 | 1980 | 2018 | - | 100% |
Chemin de Pont-Céard 7, Versoix | 13.6 | 0.5 | 0.5 | 0.6% | 2.60% | 371 | 1,518 | 100% | - | - | - | - | 23 | 1900 | 2024 | - | 100% |
Residential properties – Canton of Geneva | 1,180.5 | 40.0 | 39.7 | 0.9% | 50,641 | 123,945 | |||||||||||
Avenue Alexandre-Vinet 39, Lausanne | 9.8 | 0.3 | 0.3 | - | 2.51% | 597 | 1,125 | 76% | - | 24% | - | - | 5 | 1953 | 2000 | 2005 | 100% |
Avenue d'Echallens 87/89, Lausanne | 6.1 | 0.2 | 0.2 | - | 2.85% | 535 | 822 | 100% | - | - | - | - | - | 1899 | 2015 | 2022 | 100% |
Avenue de Collonges 5, Lausanne | 17.3 | 0.6 | 0.6 | - | 2.85% | 1,343 | 2,134 | 100% | - | - | - | - | 17 | 1961 | 2024 | - | 100% |
Chemin de Montmeillan 19/21, Lausanne | 14.2 | 0.5 | 0.5 | - | 2.55% | 1,158 | 1,661 | 85% | - | 15% | - | - | 3 | 1966 | 2004 | 2009 | 100% |
Place du Vallon 1, Lausanne | 12.3 | 0.4 | 0.4 | - | 2.60% | 515 | 1,544 | 95% | - | 4% | 1% | - | 4 | 1955 | 2009 | 2018 | 100% |
Chemin du Closelet 4/6/8/10, Lausanne 3) | 30.7 | 1.0 | 1.0 | - | 2.61% | 1,747 | 2,936 | 92% | - | 6% | 2% | - | 34 | 1895 | 2005 | 2006 | 100% |
Avenue d'Ouchy 72/74, Lausanne | 5.8 | 0.2 | 0.2 | - | 2.50% | 1,911 | 988 | 100% | - | - | - | - | - | 1907 | 2019 | - | 100% |
Rue de la Combette 22/24, Prilly | 18.1 | 0.7 | 0.7 | - | 2.80% | 2,840 | 2,506 | 100% | - | - | - | - | 15 | 1963 | 2001 | 2024 | 100% |
Avenue de la Rochelle 2/4/6/8, Prilly | 30.9 | 1.1 | 1.1 | 0.8% | 2.80% | 4,552 | 4,067 | 100% | - | - | - | - | 29 | 1968 | 2024 | - | 100% |
Avenue de la Rochelle 16/18/20/22, Prilly | 50.2 | 1.8 | 1.7 | 2.2% | 2.80% | 3,524 | 6,839 | 100% | - | - | - | - | 51 | 1967 | 2024 | - | 100% |
Chemin de Château-Sec 9a, Pully | 5.3 | 0.2 | 0.2 | - | 2.76% | 720 | 670 | 100% | - | - | - | - | 5 | 1960 | 2020 | 2022 | 100% |
Avenue Victor-Ruffy 33, Lausanne | 7.5 | 0.3 | 0.3 | - | 2.55% | 1,097 | 1,120 | 100% | - | - | - | - | 12 | 1952 | 2018 | - | 100% |
Route Aloys Fauquez 122/124, Lausanne | 26.7 | 0.9 | 0.9 | 1.2% | 2.65% | 1,447 | 3,472 | 91% | 4% | 4% | 2% | - | 6 | 1968 | 2016 | 2023 | 100% |
Route Aloys Fauquez 60, Lausanne | 9.5 | 0.3 | 0.3 | - | 2.68% | 786 | 1,405 | 62% | - | 23% | 15% | - | 8 | 1962 | 2017 | 2022 | 100% |
Avenue du Censuy 18/20/22/24/26, Renens | 38.6 | 1.4 | 1.4 | - | 2.55% | 6,321 | 6,014 | 91% | - | 6% | 3% | - | 78 | 1972 | 2003 | 2009 | 100% |
Avenue de Florissant 30/32, Renens | 27.4 | 1.0 | 1.0 | - | 2.67% | 9,259 | 3,629 | 92% | 1% | 6% | 1% | - | 70 | 1962 | 2007 | 2018 | 100% |
Rue Neuve 10/12/14, Renens 3) | 6.8 | 0.3 | 0.3 | - | 2.90% | 574 | 1,027 | 57% | 12% | 29% | 2% | - | - | 1900 | 1999 | - | 100% |
Avenue du Tir-Fédéral 79/81, Chavannes-Renens | 28.6 | 1.0 | 1.0 | - | 2.61% | 2,898 | 3,442 | 100% | - | - | - | - | 44 | 1962 | 1997 | 2007 | 100% |
Avenue du Tir-Fédéral 4, Chavannes-Renens | 3.6 | 0.1 | 0.1 | - | 2.85% | 559 | 603 | 41% | 37% | 22% | - | - | 8 | 1920 | 2021 | - | 100% |
Chemin des Chantres 8a/b, St. Sulpice | 14.2 | 0.5 | 0.4 | 19.0% | 2.66% | 3,118 | 943 | 100% | - | - | - | - | 10 | 2020 | 2020 | - | 100% |
Chemin de Roséaz 8, Bussigny | 9.4 | 0.3 | 0.3 | - | 2.51% | 1,463 | 984 | 100% | - | - | - | - | 16 | 1966 | 2000 | 2008 | 100% |
Rue du Centre 7, Bussigny | 16.9 | 0.6 | 0.6 | 2.0% | 2.67% | 2,058 | 1,641 | 100% | - | - | - | - | 29 | 1964 | 2021 | - | 100% |
Grand'Rue 10, Echallens | 2.4 | 0.1 | 0.1 | - | 2.65% | 130 | 357 | 54% | 37% | 9% | - | - | - | 1860 | 2024 | - | 100% |
Chemin des Petits-Esserts 1, Cugy | 5.3 | 0.2 | 0.2 | - | 2.95% | 1,515 | 706 | 100% | - | - | - | - | 16 | 1965 | 2015 | 2025 | 100% |
Route de la Bernadaz 1, Paudex | 4.8 | 0.2 | 0.2 | - | 2.86% | 1,188 | 788 | 76% | - | 24% | - | - | 11 | 1910 | 2020 | - | 100% |
Route de la Bernadaz 3, Paudex | 6.7 | 0.2 | 0.2 | - | 2.75% | 1,431 | 1,005 | 100% | - | - | - | - | 7 | 1962 | 2024 | - | 100% |
Rue de Couvaloup 24, Morges | 13.1 | 0.6 | 0.6 | - | 3.01% | 612 | 1,869 | 50% | 20% | 25% | 5% | - | - | 1963 | 2021 | - | 100% |
Grand-Rue 4, Morges | 3.7 | 0.1 | 0.1 | - | 2.75% | 132 | 456 | 85% | - | 15% | - | - | 0% | 1790 | 2025 | - | 100% |
Rue d'Estuey 13, Etoy | 8.9 | 0.3 | 0.3 | - | 2.65% | 1,940 | 1,106 | 100% | - | - | - | - | 24 | 1990 | 2021 | - | 100% |
Rue du Jura 15, Gland | 9.1 | 0.4 | 0.4 | - | 2.75% | 1,787 | 992 | 100% | - | - | - | - | 15 | 1969 | 2016 | 2017 | 100% |
Chemin des Morettes 7a/7b/9a/9b, Route de Curson 18a/18b, Prangins | 25.0 | 0.9 | 0.9 | - | 2.74% | 7,423 | 4,130 | 100% | - | - | - | - | 71 | 1971 | 2024 | - | 100% |
Avenue Kiener 1/3, Yverdon-les-Bains | 12.8 | 0.5 | 0.5 | - | 2.51% | 3,900 | 2,080 | 100% | - | - | - | - | 35 | 1991 | 1998 | - | 100% |
Rue du Centre 7, Vevey | 4.2 | 0.2 | 0.2 | - | 2.70% | 143 | 575 | 76% | - | 17% | 7% | - | - | 1920 | 2005 | 2007 | 100% |
Rue des Vaudrès 9/9a/9b, Clarens | 23.2 | 0.9 | 0.9 | - | 2.80% | 1,997 | 4,625 | 44% | - | 56% | - | - | 53 | 1984 | 2024 | - | 100% |
Avenue des Alpes 38-58, Rue de la Rouvenettaz 8-14, Montreux | 39.6 | 1.6 | 1.5 | 3.7% | 2.85% | 3,506 | 8,770 | 74% | 2% | 24% | - | - | 33 | 1909-1912 | 2024 | - | 100% |
Residential properties – Canton of Vaud | 548.8 | 20.1 | 19.8 | 1.2% | 74,726 | 77,031 | |||||||||||
Route de Grinchon 1, Crans-Montana | 8.4 | 0.3 | 0.3 | - | 3.55% | 2,340 | 963 | 100% | - | - | - | - | 16 | 2015 | 2011 | - | 100% |
Chemin de Praty 4, Randogne | 5.1 | 0.2 | 0.2 | - | 4.17% | 1,678 | 610 | 100% | - | - | - | - | 3 | 1950 | 2014 | 2017 | 100% |
Residential properties – Canton of Valais | 13.5 | 0.4 | 0.4 | 0.0% | 4,018 | 1,573 | |||||||||||
Total residential properties | 1,742.7 | 60.5 | 59.9 | 1.0% | 129,385 | 202,549 | 87% | 1% | 9% | 3% | - | 1,655 | |||||
Route de Chancy 65/67, Petit-Lancy | 40.9 | 1.9 | 1.9 | - | 3.55% | 3,241 | 7,630 | - | 64% | 36% | - | - | 167 | 1988 | 2023 | - | 100% |
Avenue des Morgines 12, Petit-Lancy | 134.4 | 8.0 | 7.5 | 5.8% | 3.70% | 12,865 | 21,964 | - | 82% | 13% | 5% | - | 530 | 1977/1989 | 2024 | - | 100% |
Route de Saint-Julien 253/255, Perly | 19.6 | 1.1 | 1.1 | - | 4.22% | 9,099 | 6,018 | - | - | 100% | - | - | 140 | 1982 | 2010 | - | 100% |
Chemin Jean-Baptiste-Vandelle 3/3a/5, Versoix | 39.1 | 2.0 | 2.0 | 0.3% | 3.69% | 2,001 | 5,227 | - | 97% | 2% | 1% | - | 70 | 2014 | 2024 | - | 100% |
Route de Suisse 160/162, Versoix | 59.2 | 3.9 | 3.3 | 16.6% | 4.00% | 11,170 | 11,013 | 32% | 38% | 21% | 9% | - | 264 | 2017 | 2025 | - | 100% |
Commercial properties – Canton of Geneva | 293.1 | 17.0 | 15.8 | 6.6% | 38,376 | 51,852 | |||||||||||
Place de la Navigation 4/6, Lausanne | 42.6 | 0.0 | 0.0 | n/a | 2.74% | 1,710 | 3,437 | - | 1% | 7% | 3% | 89% | - | 1906 | 2019 | - | 100% |
Rue de la Borde 3a-d/5c-d, Lausanne | 59.1 | 2.4 | 2.4 | 0.9% | 3.00% | 5,400 | 9,707 | 41% | 27% | 32% | - | - | 165 | 1965 | 2025 | - | 100% |
Chemin de la Chapelle 2, Cheseaux-Lausanne | 6.9 | 0.5 | 0.5 | - | 3.82% | 5,358 | 3,142 | 5% | 17% | 78% | - | - | 43 | 1961 | 2016 | - | 100% |
Rue de Lausanne 35a, Morges | 9.8 | 0.6 | 0.6 | - | 3.41% | 377 | 1,895 | - | 100% | - | - | - | 20 | 2019 | 2019 | - | 100% |
Commercial properties – Canton of Vaud | 118.4 | 3.5 | 3.5 | 0.6% | 12,845 | 18,181 | |||||||||||
Avenue de la Gare 18, Avenue du Théâtre 18, Monthey | 9.7 | 0.6 | 0.6 | - | 4.16% | 1,368 | 3,965 | 50% | 19% | 30% | 1% | - | 31 | 1994 | 2019 | 2023 | 100% |
Route d'Aproz 65, Sion 4) | 32.6 | 2.0 | 2.0 | - | 4.58% | 16,663 | 12,578 | - | - | - | - | 100% | 400 | 2021 | 2021 | - | 100% |
Route de Crans 85, Lens 4) | 4.7 | 0.3 | 0.3 | - | 4.54% | 7,892 | 5,305 | - | - | - | - | 100% | - | 2019 | 2019 | - | 100% |
Rue du Prado 19, Crans-Montana | 1.9 | 0.1 | 0.1 | - | 4.09% | 1,317 | 162 | - | - | 100% | - | - | - | 2013 | 2011 | - | 100% |
Grand Place 12/14, Crans-Montana | 4.5 | 0.2 | 0.2 | 0.7% | 4.72% | 1,415 | 894 | - | 75% | 5% | 20% | - | 3 | 1972 | 2013 | 2015 | 100% |
Route du Rawyl 10, Crans-Montana | 9.1 | 0.6 | 0.6 | - | 4.95% | 1,816 | 2,388 | - | - | - | - | 100% | - | 1955 | 2020 | 2021 | 100% |
Commercial properties – Canton of Valais | 62.6 | 3.8 | 3.8 | 0.0% | 30,471 | 25,292 | |||||||||||
Obere Holzgasse 8/9, Hausen AG | 9.6 | 0.6 | 0.6 | - | 4.55% | 7,374 | 4,031 | - | 36% | 64% | - | - | 103 | 1995 | 2024 | - | 100% |
Alte Bahnhofstrasse 5/7, Mägenwil | 9.0 | 0.5 | 0.5 | - | 3.41% | 7,003 | 2,613 | 2% | 38% | 60% | - | - | 117 | 1911 | 2024 | - | 100% |
Commercial properties – Canton of Argovia | 18.7 | 1.0 | 1.0 | - | 14,377 | 6,644 | |||||||||||
Total commercial properties | 492.7 | 25.3 | 24.1 | 4.5% | 96,069 | 101,969 | 10% | 40% | 25% | 2% | 23% | 2,053 | |||||
Route des Briesses 4, Crans-Montana 5) | 2.7 | 0.0 | 0.0 | - | n/a | 916 | 263 | 100% | - | - | - | - | 3 | 2012 | 2009 | - | 100% |
Properties held for sale | 2.7 | 0.0 | 0.0 | - | 916 | 263 | 100% | - | - | - | - | 3 | |||||
Total property portfolio | 2,238.1 | 85.8 | 84.0 | 2.0% | 2.89% | 226,370 | 304,781 | 3,711 | |||||||||
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)In 2025 reclassified from investment properties to properties held for sale.
CHF 1,000 | 2025 | 2024 |
|---|---|---|
Share of profit of associates | 1,595 | 3 |
Share of loss of associates | –604 | –641 |
Total result from associates | 991 | –638 |
Interest income | 105 | 237 |
Income from disposal of financial assets | 11,080 | - |
Other financial income | 40 | 26 |
Total financial income | 11,225 | 262 |
Interest expenses | –6,270 | –5,956 |
Other financial expenses | –317 | –256 |
Total financial expenses | –6,587 | –6,212 |
Total financial result | 5,628 | –6,588 |
The weighted average interest rate was 1.01% (2024: 1.41 %). The weighted average interest rate of the outstanding financial liabilities as at 31 December 2025 stands at 0.88 % (31.12.2024: 1.05 %).
In 2025, share of loss of associates includes the loss on the disposal of associates amounting to CHF 0.6 million (see Note 4.3, Note 4.4 and Note 4.5). Income from disposal of financial assets relates entirely to the gain on the partial sale of the minority interest in PHM Group TopCo Oy amounting to CHF 11.1 million (see Note 4.4). Other financial expenses include CHF 0.2 million for the issuance of bonds.
In 2024, other financial expenses include CHF 0.2 million for the issuance of bonds.
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. |
CHF 1,000 | 31.12.2025 | 31.12.2024 |
|---|---|---|
Bank loans | 386,000 | 281,000 |
Private placements | 40,000 | 55,000 |
Bonds | 100,000 | 115,000 |
Current financial liabilities | 526,000 | 451,000 |
Bonds | 100,000 | 100,000 |
Non-current financial liabilities | 100,000 | 100,000 |
Total financial liabilities | 626,000 | 551,000 |
As at 31 December 2025 and 2024, neither properties nor other assets were pledged to secure available credit lines. Credit lines with Swiss banks (without securities) totalled CHF 600 million (31.12.2024: CHF 600 million), of which CHF 214 million was unused as at 31 December 2025 (31.12.2024: CHF 319 million).
In 2025, a CHF 100 million bond, maturing on 14 February 2028, was issued with a coupon of 1.10%.
In 2024, a CHF 100 million bond, maturing on 16 October 2026, was issued with a coupon of 1.45%.
As at the balance sheet date, the following bonds are outstanding:
ISIN | CH 1357852784 | CH1405472023 |
Trading currency | CHF | CHF |
Issuing volume | 100 million | 100 million |
Listing | SIX Swiss Exchange | SIX Swiss Exchange |
Coupon | 1.45% | 1.10% |
Tenor | 2 years and 2 months | 3 years |
Payment date | 16 Aug 2024 | 14 Feb 2025 |
Redemption date | 16 Oct 2026 | 14 Feb 2028 |
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 | 31.12.2025 | Interest rate |
|---|---|---|---|---|---|
Bank loans | 386,000 | - | - | 386,000 | 0-2% |
Private placements | 40,000 | - | - | 40,000 | 0-1% |
Bonds | 100,000 | 100,000 | 200,000 | 1-2% | |
Total financial liabilities | 526,000 | - | 100,000 | 626,000 | |
CHF 1,000 | Due within the first year | Due within the second year | Due within the third year and beyond | 31.12.2024 | Interest rate |
Bank loans | 281,000 | - | - | 281,000 | 1-2% |
Private placements | 55,000 | - | - | 55,000 | 1-2% |
Bonds | 115,000 | 100,000 | - | 215,000 | 0-2% |
Total financial liabilities | 451,000 | 100,000 | - | 551,000 |
The interest maturity periods correspond to the above-listed maturities. The weighted average interest rate of the outstanding financial liabilities as at 31 December 2025 stands at 0.88% (31.12.2024: 1.05 %).
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. |
CHF 1,000 | 2025 | 2024 |
|---|---|---|
Provisions as at 1 January | 277 | 756 |
Changes in scope of consolidation | - | –517 |
Increase | - | 42 |
Use | - | –4 |
Provisions as at 31 December | 277 | 277 |
As at balance sheet date, the position includes long-term provisions for pending legal cases and disputes.
Accounting principles |
|---|
Provisions are recognised only if the Company has a present obligation to a third party as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the obligation can be sufficiently reliably estimated. Provisions are presented as being either short- or long-term in accordance with their expected due dates. |
As at 31 December 2025, the share capital consists of 12,800,000 registered shares at a par value of CHF 0.10 each and remains unchanged from 31 December 2024.
CONDITIONAL SHARE CAPITAL
Article 3a of the Company’s Articles of Association sets out that the Company’s share capital shall be increased by a maximum amount of CHF 30,000 through the issuance of no more than 300,000 fully paid-up registered shares with a nominal value of CHF 0.10 by way of the exercise of conversion rights and/or warrants, belonging to employees and members of the Board of Directors and the Executive Board in accordance with the applicable regulations and resolutions of the Board of Directors.
Article 3b of the Company’s Articles of Association sets out that the share capital may be increased by the issuance of up to 1,280,000 fully paid-up registered shares with a nominal value of CHF 0.10 each, up to CHF 128,000, by means of the exercise of conversion rights and/or warrants granted in connection with newly or already issued bonds or similar debt instruments of the Company or its Group companies to Company creditors and/or investors.
RETAINED EARNINGS
Retained earnings are only distributable on a limited basis:
- The retained earnings of Investis Holding SA pursuant to a resolution of the Annual General Meeting
- The retained earnings of subsidiaries in accordance with local fiscal and statutory requirements, first to the respective parent company
TREASURY SHARES
Members of the Board of Directors, the Executive Board and employees in key management positions received part of their compensation in shares. See Compensation Report and Note 1.2.
2025 | 2024 | |||
|---|---|---|---|---|
Quantity | Value CHF 1,000 | Quantity | Value CHF 1,000 | |
Net carrying amount as at 1 January | 31,969 | 2,526 | 52,283 | 4,131 |
Purchase of treasury shares 1) | 25,000 | 2,930 | - | |
Use of treasury shares 2) | –14,831 | –1,388 | –20,314 | –1,658 |
Gain on use of treasury shares recognised in capital reserves | 216 | 53 | ||
Net carrying amount as at 31 December | 42,138 | 4,284 | 31,969 | 2,526 |
1)In 2025, Investis Holding SA acquired 25,000 (2024: – ) registered treasury shares at an average price of CHF 117.20 (2024: – ).
2)In 2025, Investis Holding SA used 14,831 (2024: 20,314) registered treasury shares at an average price of CHF 93.60 (2024: CHF 81.60) for the share-based compensation.
Accounting principles |
|---|
Non-controlling interests in equity and profit are presented separately in the consolidated balance sheet and the consolidated income statement. |
Treasury shares (own equity instruments held by the Investis Group) are accounted for as a reduction in equity at acquisition cost and are not subsequently re-measured. When shares are used or sold out of treasury shares, the resulting profit or loss is recognised in the capital reserves. |
The Investis Group has a risk management programme. Every year, a risk analysis is carried out to compile and document all business risks in accordance with uniform criteria. The identified risks are then assessed according to their probability of occurrence and their potential scope. Financial implications as well as general effects are taken into account when determining the potential impact on the Investis Group. Such risks are then either borne, avoided, reduced or passed on by the measures decided upon by the Board of Directors.
CHF 1,000 | 31.12.2025 | 31.12.2024 |
|---|---|---|
Trade receivables | 5,203 | 4,410 |
Receivables from related parties | - | 9 |
Provision for doubtful debts | –2,863 | –1,499 |
Total trade receivables | 2,340 | 2,920 |
Accounting principles |
|---|
Trade receivables and other receivables are stated at nominal value. Provisions for doubtful debts are made in cases where the Group faces a risk of not collecting the outstanding amount. Changes to provisions are recorded in the income statement item from which they originate. |
CHF 1,000 | Owner-occupied properties | Other tangible fixed assets | Tangible fixed assets | Intangible assets |
|---|---|---|---|---|
Net carrying amount as at 1 January 2024 | 16,282 | 6,987 | 23,269 | 8,376 |
Acquisition costs as at 1 January 2024 | 17,089 | 27,028 | 44,116 | 16,290 |
Changes in scope of consolidation | - | –26,768 | –26,768 | –14,268 |
Additions | 36 | 1,776 | 1,812 | 406 |
Disposals | - | –213 | –213 | –46 |
Reclassification | –17,125 | - | –17,125 | –2,236 |
Acquisition costs as at 31 December 2024 | - | 1,822 | 1,822 | 146 |
Accumulated depreciation/amortisation as at 1 January 2024 | 807 | 20,040 | 20,847 | 7,914 |
Changes in scope of consolidation | - | –19,583 | –19,583 | –8,184 |
Depreciation/amortisation | 136 | 1,286 | 1,422 | 872 |
Disposals | - | –163 | –163 | –46 |
Reclassification | –943 | - | –943 | –413 |
Accumulated depreciation/amortisation as at 31 December 2024 | - | 1,580 | 1,580 | 143 |
Net carrying amount as at 31 December 2024 | - | 242 | 242 | 3 |
Acquisition costs as at 1 January 2025 | - | 1,822 | 1,822 | 146 |
Acquisition costs as at 31 December 2025 | - | 1,822 | 1,822 | 146 |
Accumulated depreciation/amortisation as at 1 January 2025 | - | 1,580 | 1,580 | 143 |
Depreciation/amortisation | - | 113 | 113 | 3 |
Accumulated depreciation/amortisation as at 31 December 2025 | - | 1,693 | 1,693 | 146 |
Net carrying amount as at 31 December 2025 | - | 129 | 129 | 0 |
In 2024, the owner-occupied properties ‘Alte Bahnhofstrasse 5/7’ in Mägenwil and ‘Obere Holzgasse 8’ in Hausen AG as well as the right of use an underground car park ‘Obere Holzgasse 9’ in Hausen AG were reclassified from tangible/intangible fixed assets to commercial properties.
Accounting principles |
|---|
Tangible fixed assets, including owner-occupied properties, that do not meet the definition of investment properties, are stated at cost less depreciation and impairment. The depreciation is recognised on a straight-line basis over their estimated useful lives: three to ten years for office and other equipment; 50 years for owner-occupied properties. |
Acquired intangible assets are stated at cost less amortisation and impairment. The amortisation is recognised on a straight-line basis over their estimated useful lives of three to five years. No internally generated intangible assets were capitalised. |
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. |
THEORETICAL MOVEMENTS IN GOODWILL
2025 | 2024 | |||||
|---|---|---|---|---|---|---|
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 | - | 661 | 661 | 23,009 | 938 | 23,947 |
Acquisition costs as at 1 January | 6,038 | 4,106 | 10,144 | 100,451 | 4,106 | 104,557 |
Additions from acquisitions | - | 3,432 | 3,432 | 806 | - | 806 |
Disposal | - | –603 | –603 | –95,218 | - | –95,218 |
Acquisition costs as at 31 December | 6,038 | 6,935 | 12,973 | 6,038 | 4,106 | 10,144 |
Accumulated amortisation as at 1 January | 6,038 | 3,445 | 9,483 | 77,442 | 3,168 | 80,610 |
Amortisation for the period | - | 405 | 405 | 4,477 | 277 | 4,755 |
Disposal | - | –603 | –603 | –75,881 | - | –75,881 |
Accumulated amortisation as at 31 December | 6,038 | 3,247 | 9,285 | 6,038 | 3,445 | 9,483 |
Theoretical values as at 31 December | - | 3,688 | 3,688 | - | 661 | 661 |
The theoretical capitalisation of the goodwill would affect the results of the consolidated financial statements as follows:
EFFECT ON the CONSOLIDATED INCOME STATEMENT
CHF 1,000 | 2025 | 2024 |
Net profit as per financial statements | 152,038 | 246,507 |
Goodwill recycling in connection with disposals | 603 | 95,218 |
Disposal of theoretical value of goodwill | 0 | –19,337 |
Amortisation of goodwill | –405 | –4,755 |
Theoretical net profit including goodwill amortisation | 152,237 | 317,633 |
EFFECT ON the CONSOLIDATED BALANCE SHEET
CHF 1,000 | 31.12.2025 | 31.12.2024 |
|---|---|---|
Equity as per financial statements | 1,454,002 | 1,339,505 |
Theoretical value of goodwill | 3,688 | 661 |
Theoretical equity when reporting goodwill | 1,457,690 | 1,340,166 |
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. Any gain or loss from the disposal of associates (after goodwill recycling) is recognised in the result from associates. |
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. |
CHF 1,000 | 31.12.2025 | 31.12.2024 |
|---|---|---|
Loans to third parties | 5,517 | 6,428 |
Loans to associates | - | 663 |
Investments in associates | 7,148 | 5,088 |
Other financial assets | 24,282 | 61,290 |
Total financial assets | 36,948 | 73,469 |
In 2025, the 25% stake in the associated company ‘PlanYourMove SA’ was sold at book value to another associated company. The loss on the sale of CHF 0.6 million including the recycling of the goodwill previously offset against equity is recognised in the result from associates (see Note 3.1 and Note 4.5). In other financial assets, the minority interest in PHM Group TopCo Oy was reduced to CHF 13 million (31.12.2024: CHF 49 million). The gain on the partial disposal of CHF 11.1 million is recognised in other financial income (see Note 3.1)
In 2024, other financial assets include the minority interest 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 4.8).
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. |
All transactions with related parties are included in the 2025 and 2024 consolidated financial statements. There are loans and services from and to related parties. The respective balances are reported separately in these financial statements (see Note 4.1 and Note 4.4).
In 2025, the 25% stake in the associated company ‘PlanYourMove SA’ in Morges was sold at book value to another associated company ‘Polytech Ventures Holding SA’ in Morges. The goodwill of CHF 0.6 million, previously offset against equity, was recognised in the result from associates (goodwill recycling).
Accounting principles |
|---|
Business transactions with related parties are based on standard commercial contractual forms and conditions. Related parties include natural or legal persons who could exert a significant direct or indirect influence on financial and operating decisions affecting Investis Holding SA. Organisations that are directly or indirectly controlled by a related party are also classified as related parties. |
As at the balance sheet date, the following future obligations relating to the rental of offices were in effect:
CHF 1,000 | 31.12.2025 | 31.12.2024 |
|---|---|---|
Operating lease expenses up to 1 year | 535 | 532 |
Operating lease expenses from 1 year up to 5 years | 1,236 | 1,697 |
Operating lease expenses over 5 years | - | 37 |
Total operating lease expenses | 1,771 | 2,266 |
As at 31 December 2025 and 2024, there are no material contingent assets or liabilities.
Accounting principles |
|---|
Contingent liabilities as well as other obligations for which a provision has not been recorded are assessed at each balance sheet date and are disclosed in this note. If an outflow of funds without a usable inflow of funds, services and/or goods is probable and can be estimated, a provision is recorded. |
2025 | 2024 | |||||
|---|---|---|---|---|---|---|
CHF 1,000 | Acquisitions | Disposals | Acquisitions | Disposals | ||
Total | Total | Total | Real Estate Services 1) | Others | Total | |
Cash and cash equivalents | - | - | 147 | –8,315 | –41 | –8,356 |
Trade and other current receivables | - | - | 327 | –24,467 | –150 | –24,617 |
Investment properties | - | - | - | - | - | |
Tangible fixed assets | - | - | 71 | –7,256 | - | –7,256 |
Intangible assets 2) | - | - | 260 | –6,343 | - | –6,343 |
Other non-current assets | - | - | 0 | –680 | –29 | –709 |
Trade and other current liabilities | - | - | –128 | 20,638 | 140 | 20,778 |
Non-current liabilities | - | - | –42 | 609 | - | 609 |
Non-controlling interests | - | - | - | - | 110 | 110 |
Net assets acquired/disposed | - | - | 636 | –25,815 | 29 | –25,786 |
Goodwill (recognised in equity) | - | - | 806 | –95,218 | - | –95,218 |
Recognised income from disposal of subsidiaries | - | - | - | –122,158 | –112 | –122,271 |
Purchase/selling prices | - | - | 1,442 | –243,192 | –83 | –243,276 |
Cash and cash equivalents acquired/disposed | - | - | –147 | 8,315 | 41 | 8,356 |
Cash outflow on acquisitions | - | - | 1,294 | - | ||
Cash inflow from disposals | - | –234,877 | –42 | –234,919 |
1)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 and an operating profit (EBIT) of CHF 8.8 million.
2)Acquired intangible assets relate to previously unrecognised intangible assets relevant to the acquisition of control.
TrANSACTIONS in 2025
None.
TRANSACTIONS IN 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 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
On 19 December 2024, all shares held (72%) in Perty Technologies SA, Morges, were sold.
GROUP INTERNAL MERGERS IN 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.
Accounting principles |
|---|
Companies acquired by the Investis Group are included in the consolidated financial statements from the date of obtaining control. Assets acquired and liabilities assumed are recognised as of the date when control is obtained and measured at their acquisition-date fair values. 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 its useful life is disclosed separately in the notes. The estimated useful life does not exceed 20 years. If the useful life cannot be determined, amortisation over 5 years takes place. 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. |
Investis Holding SA (‘the Company’) is based in Zurich, Switzerland. Its shares have been listed on the SIX Swiss Exchange since 30 June 2016 (IREN). The consolidated financial statements, prepared as at 31 December 2025, include Investis Holding SA and all its direct or indirect subsidiaries (Investis Group) as well as its shareholdings in associated companies.
The Investis Group’s business activity centres on the long-term holding of residential and commercial properties. Until 24 June 2024, the Group also provided comprehensive real estate services in the areas of property management and facilities services
BASIS OF ACCOUNTING
The consolidated financial statements of Investis Holding SA have been prepared in accordance with Swiss GAAP FER as a whole and with 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 Investis Group.
The consolidated financial statements have been prepared applying the principle of historical cost accounting or fair value. Key accounting and valuation principles are disclosed in the note to the relevant balance sheet or income statement item. The income statement is presented by nature. The financial statements have been drawn up on the basis of going-concern values.
Assets realised or consumed in the ordinary course of business within 12 months or held for sale purposes are classified as current assets. All other assets are included in non-current assets. Liabilities to be settled in the ordinary course of business or falling due within 12 months from the balance sheet date are classified as current liabilities. All other liabilities are classified as non-current liabilities.
APPLICATION OF NEW SWISS GAAP FER STANDARDS
In the year under review, the Swiss GAAP FER accounting principles have not been changed.
CONSOLIDATION PRINCIPLES
The consolidated financial statements are based on the individual financial statements of the Group companies, which were prepared as at 31 December 2025 and drawn up according to uniform accounting principles. The consolidated financial statements are presented in Swiss francs (CHF). Unless otherwise stated, all amounts are stated in thousands of Swiss francs (CHF 1,000). Due to rounding, parts of an item that has been broken down may add up to more or less than 100% of the total item.
TRANSLATION OF FOREIGN CURRENCIES
All Group companies prepare their financial statements in CHF.
Use of estimates
The preparation of financial statements requires judgement and assumptions to be made. This will affect the reported asset values, liabilities and contingent liabilities at the balance sheet date, as well as income and expenses during the reporting period. If assumptions that were made at the date of the financial statements to the best of management’s knowledge and belief differ from the actual circumstances, the original assessments and assumptions will be adjusted in the reporting year in which the circumstances change.
derivative financial instruments
No derivative financial instruments are outstanding at the balance sheet date.
The Board of Directors approved the consolidated annual financial statements for publication on 16 March 2026. These statements are also subject to approval by the Annual General Meeting of Investis Holding SA on 4 May 2026.
No events occurred between 31 December 2025 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 31 December 2025 or disclosure in this section.
31.12.2025 | 31.12.2024 | |||||
|---|---|---|---|---|---|---|
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 |
Investis Investments SA | Baar | CHF | 1,000 | 100% | 100% | C 2) |
Investis Properties SA | Baar | CHF | 1,650 | 100% | 100% | C |
Alaïa Invest SA | Sion | CHF | 100 | 100% | 100% | C |
Investis Management SA | Baar | CHF | 100 | 100% | 100% | C |
Investis SA | Baar | CHF | 100 | 100% | 100% | C |
Investis Finance AG 3) | Baar | CHF | 50 | 100% | 100% | C |
OR omiresidences Sàrl | Lens | CHF | 20 | 100% | 100% | C |
Insite Management SA | Unteriberg | CHF | 120 | 42% | 42% | E |
PropTech Partners SA | Lausanne | CHF | 166 | 35% | 30% | E |
Polytech Ventures Holding SA | Morges | CHF | 214 | 33% | 33% | E |
RedPapillons SA | Morges | CHF | 128 | 20% | 20% | E |
EMETS SA | Marly | CHF | 125 | 20% | 20% | E |
PlanYourMove SA | Morges | CHF | 25% | E 4) | ||
C)Consolidated.
E)Financial investment included in the consolidated financial statements using the equity method.
1)Ownership interest is equal to voting rights.
2)Company held directly by Investis Holding SA.
3)Renamed from ‘Servicis SA’ in 2025.
4)Sold in 2025.
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. |