Notes to the financial statements
These financial statements were prepared in accordance with the provisions of the Swiss Law on Accounting and Financial Reporting (32nd title of the Swiss Code of Obligations). Where not prescribed by law, the significant accounting and valuation principles applied are described below.
As Investis Holding SA, Zurich, has prepared its consolidated financial statements in accordance with a recognised accounting standard (Swiss GAAP FER), it has decided, as the law allows, not to present additional information on interest-bearing liabilities and audit fees in the notes, and not to present a cash flow statement.
Assets are valued at no more than their acquisition cost. Exceptions are current assets with an observable market price, which are valued at the stock price or market value on the balance sheet date. All changes in value are recognised in the income statement. No value fluctuation reserves have been formed.
Loans to Group companies and investments in subsidiaries are carried at acquisition costs less any necessary depreciation.
Current and non-current financial liabilities are recognised in the balance sheet at nominal value. Issuance costs upon issue are offset against any applicable agio and the remaining costs are charged to the income statement.
Treasury shares are recognised at acquisition cost and deducted from equity. Gains and losses on the use/sale are recognised in legal capital reserves.
CHF 1,000 | 31.12.2025 | 31.12.2024 |
Loan to Investis Properties SA | 200,000 | 215,000 |
Loan to Investis Finance AG | 454,700 | 399,000 |
Total non-current loans to Group companies | 654,700 | 614,000 |
The list of legal entities held directly or indirectly by the Company and consolidated at Investis Group level is published in Note 5.3 of the consolidated financial statements in this report.
As at 31 December 2025, credit lines with Swiss banks (without securities) totalled CHF 600 million (31.12.2024: CHF 600 million), of which CHF 386 million was used for current bank loans as at 31 December 2025 (31.12.2024: CHF 281 million).
In 2025, a CHF 100 million bond, maturing on 14 February 2028, was issued with a coupon of 1.10%. The proceeds were used to partially refinance the CHF 115 million bond expiring on the same day.
In 2024, a CHF 100 million bond, maturing on 16 October 2026, with a coupon of 1.45%, was issued on 16 August 2024.
Further information on the financial liabilities is published in Note 3.2 of the consolidated financial statements in this report.
The share capital amounted to CHF 1.28 million, composed of 12,800,000 registered shares with a nominal value of CHF 0.10 each. All outstanding shares are entitled to dividends and confer the right to one vote per share at the Company’s general meetings.
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 options or similar rights 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.
Legal capital reserves | ||||||
CHF 1,000 | Share capital | Reserves from capital contributions | Other capital reserves | Treasury shares | Available earnings | Total equity |
|---|---|---|---|---|---|---|
Equity as at 1 January 2024 | 1,280 | 65 | 200,789 | –4,154 | 91,604 | 289,584 |
Profit for the year | 2,115 | 2,115 | ||||
Distribution to shareholders | –31,920 | –31,920 | ||||
Use of treasury shares | 306 | 1,614 | 1,920 | |||
Equity as at 31 December 2024 | 1,280 | 65 | 201,095 | –2,540 | 61,799 | 261,699 |
Equity as at 1 January 2025 | 1,280 | 65 | 201,095 | –2,540 | 61,799 | 261,699 |
Profit for the year | 325 | 325 | ||||
Distribution to shareholders | –33,170 | –33,170 | ||||
Purchase of treasury shares | –2,930 | –2,930 | ||||
Use of treasury shares | 417 | 1,178 | 1,596 | |||
Equity as at 31 December 2025 | 1,280 | 65 | 201,513 | –4,292 | 28,953 | 227,519 |
2.4.1 Reserves from CAPITAL CONTRIBUTIONs
The reserves from capital contributions include the share premium from the capital increase in 2016, less the distributions decided to date.
2.4.2 TREASURY SHARES
2025 | 2024 | |||
Quantity | Value CHF 1,000 | Quantity | Value CHF 1,000 | |
|---|---|---|---|---|
Net carrying amount as at 1 January | 31,969 | 2,540 | 52,283 | 4,154 |
Purchase of treasury shares 1) | 25,000 | 2,930 | - | - |
Use of treasury shares 2) | –14,831 | –1,596 | –20,314 | –1,920 |
Gain on use of treasury shares recognised in equity | 417 | 306 | ||
Net carrying amount as at 31 December | 42,138 | 4,292 | 31,969 | 2,540 |
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 107.60 (2024: CHF 94.53) for the share-based compensation.
In 2025 and 2024, no dividend from investments in subsidiaries was received.
In 2025, 2,691 shares (2024: 3,234 shares) with a value of CHF 0.3 million (2024: CHF 0.3 million) were allocated to the Board of Directors.
Further information on personnel expenses for the Board of Directors and the Executive Board is published in the Compensation Report and in the Note 1.2 of the consolidated financial statements in this Annual Report.
Investis Holding SA has no employees.
As at 31 December 2025, the Board of Directors is aware of the following shareholders and groups of shareholders that hold at least 3% of the voting rights in the Company:
Stéphane Bonvin owned 10,004,387 shares or 78.2% of the outstanding share capital as at 31 December 2025.
As at 20 March 2025, MV Immoxtra Schweiz Fonds reported to own 568,711 shares or 4.443% of the outstanding share capital.
As at 30 April 2024, UBS Fund Management (Switzerland) reported to own 420,631 shares or 3.286% of the outstanding share capital.
Members of the Board of Directors
(non-executive)
As at 31 December 2025, the non-executive members of the Board of Directors (including their related parties) held the following Investis shares:
As at 31 December 2025 | Function | Number of registered shares held | Voting rights in % (rounded) |
Thomas Vettiger | Chairman, member of the Audit Committee | 10,484 | 0.1 |
Albert Baehny | Vice-Chairman and Chairman of the Compensation Committee | 25,196 | 0.2 |
Corine Blesi | Member and member of the Compensation Committee | 1,343 | <0.1 |
Christian Gellerstad | Member and Chairman of the Audit Committee | 2,657 | <0.1 |
Total | 39,680 | 0.3 | |
As at 31 December 2024 | Function | Number of registered shares held | Voting rights in % (rounded) |
Thomas Vettiger | Chairman, member of the Audit Committee | 9,191 | 0.1 |
Albert Baehny | Vice-Chairman and Chairman of the Compensation Committee | 24,549 | 0.2 |
Corine Blesi | Member and member of the Compensation Committee | 696 | <0.1 |
Christian Gellerstad | Member and Chairman of the Audit Committee | 2,010 | <0.1 |
Total | 36,446 | 0.3 |
Members of the Executive Board
(including the executive member of the Board of Directors)
As at 31 December 2025, the executive member of the Board of Directors and the members of the Executive Board (including their related parties) held the following Investis shares:
As at 31 December 2025 | Function | Number of registered shares held | Voting rights in % (rounded) |
Stéphane Bonvin | Chief Executive Officer and member of the Board of Directors | 10,004,387 | 78.2 |
René Häsler | Chief Financial Officer | 30,066 | 0.2 |
Aude-Sophie Vartzbed | Head Properties | 3,015 | <0.1 |
Total | 10,037,468 | 78.4 | |
As at 31 December 2024 | Function | Number of registered shares held | Voting rights in % (rounded) |
Stéphane Bonvin | Chief Executive Officer and member of the Board of Directors | 9,941,484 | 77.7 |
René Häsler | Chief Financial Officer | 33,929 | 0.3 |
Aude-Sophie Vartzbed | Head Properties | 1,655 | <0.1 |
Michael Stucki 1) | Head Real Estate Services | 5,223 | <0.1 |
Total | 9,982,291 | 78.0 |
1)Member of the Executive Board until 24 June 2024
Investis Holding SA is a member of the Investis Group value-added-tax group in Switzerland and is thereby jointly and severally liable to the federal tax authorities for the value-added tax debts of the Group.
There are no significant events after the balance sheet date that could impact the book value of the assets or liabilities or that should be disclosed here.