Half Year 2026 Investis Holding SA Earnings Call

August 27, 2026

Speaker #1: You may type your question into the Q&A text box at the top of your screen, or you may use the raise hand function. If you've joined us via the telephone lines today, you may press star 1 on your telephone keypad.

Speaker #1: On a handout to CEO Stéphane Bonvin to begin, please go ahead.

Speaker #2: So thank you. Ladies and gentlemen, good morning, and thank you for joining us today to the presentation of our half-year results for 2026. I have with me our CFO, René Häsler, and our investor relations, Laurence Diane.

Speaker #2: As you know, Investis celebrated the 10th anniversary of its initial public offering in June. This is an important milestone for us, since our listing in 2016 we have almost tripled the size of our real estate portfolio, significantly strengthening our financial position, reducing our loan-to-value ratio, and delivering an excellent total return to our shareholders.

Speaker #2: At the time of our IPO, our real estate portfolio was valued at approximately $875 million, with the LTV ratio of 38%. Today, its value stands at almost $2.3 billion, while our LTV has been reduced to almost 27%.

Speaker #2: Since our listing, we have also paid $25 per share to our shareholders, as dividends, and as at 30 June 2026, the annualized total shareholder return on Investis shares including dividends stood at 12.9%, an excellent return.

Speaker #2: At a recent investor conference, a speaker asked me: "After the success of your first 10 years, how do you see the next 10?" Our ambition is, of course, to continue on this path, but we have to recognize that the next 10 years will probably be different from the first 10.

Stéphane Bonvin: Paid CHF 25 per share to our shareholders as dividend. As at 30 June 2026, the annualized total shareholder return on Investis share, including dividends, stood at 12.9%, an excellent return. At a recent investor conference, a speaker asked me, "After the success of your first 10 years, how do you see the next 10?" Our ambition is, of course, to continue on this path, but we have to recognize that the next 10 years will probably be different from the first 10. Economic cycles will evolve. Financing condition may change rapidly. Real estate markets will experience both more and less favorable period. The expectation of our tenant will continue to evolve as well. Before presenting our four priorities for the next 10 years, however, I would like to emphasize one essential point.

Speaker #1: It's CHF 25 per share to our shareholders as a dividend. And as at 30 June 2026, the annualized total shareholder return on Investis shares, including dividend, stood at 12.9%.

Speaker #2: Economic cycles will evolve, financing conditions may change rapidly, and real estate markets will experience both more and less favorable periods. And the expectation of our tenants will continue to evolve as well.

Speaker #1: An excellent return. At a recent investor conference, a speaker asked me, "After the success of your first 10 years, how do you see the next 10?" Our ambition is, of course, to continue on this path, but we have to recognize that the next 10 years will probably be different from the first 10.

Speaker #2: Before presenting our four priorities for the next 10 years, however, I would like to emphasize one essential point: Investis' main competence is not our ability to acquire the right properties at the right time.

Speaker #2: Our real strength is that our value creation is driven first by the organic growth of our existing residential portfolio, thanks to the quality of our locations, the structural housing shortage in the Lake Geneva region, the exceptional low vacancy rate, and the gap between in-place and market rents our portfolio can continue to generate steady growth.

Speaker #1: Economic cycles with evolved financing conditions may change rapidly; real estate markets will experience both more and less favorable periods. And the expectations of our tenants will continue to evolve as well.

Speaker #1: Before presenting our four priorities for the next ten years, however, I would like to emphasize one essential point: Investis' main competence is not our ability to acquire the right properties at the right time.

Speaker #2: Acquisition accelerates this growth; they are not its only driver. So today, our strategy for the coming years is built around four priorities. First priority: the acquisition market naturally remains an important component of our value creation, since our IPO we have always taken a highly disciplined approach to investment.

Stéphane Bonvin: Investis' main competence is not our ability to acquire the right properties at the right time. Our real strength is that our value creation is driven first by the organic growth of our existing residential portfolio. Thanks to the quality of our locations, the structural housing shortage in the Lake Geneva region, the exceptional low vacancy rate, and the gap between in-place and market trends, our portfolio can continue to generate steady growth. Acquisition accelerate this growth. They are not its only driver. Today, our strategy for the coming years is built around four priorities. First priority, the acquisition market naturally remain an important component of our value creation. Since our IPO, we have always taken a highly disciplined approach to investment. We have been able to take advantage of market cycles, disposing of assets when valuation were particularly attractive and reinvesting when conditions became favorable again.

Speaker #1: Our real strength is that our value creation is driven first by the organic growth of our existing residential portfolio, thanks to the quality of our locations, the structural housing shortage in the Lake Geneva region, the exceptionally low vacancy rate, and the gap between in-place and market rents.

Speaker #2: We have been able to take advantage of market cycles, disposing of assets when valuations were particularly attractive, and reinvesting when conditions became favorable again.

Speaker #1: Our portfolio can continue to generate steady growth. Acquisitions accelerate this growth; they are not its only driver. So, today, our strategy for the coming years is built around four priorities.

Speaker #2: This philosophy remains fully relevant today. We continuously assess a significant number of opportunities and continue to submit bids on a regular basis. Our objective remains unchanged: to continue growing our portfolio gradually with the aim of reaching 100 million annualized rental income while maintaining one of the lowest LTV ratios in the sector.

Speaker #1: First priority: the acquisition market naturally remains an important component of our value creation. Since our IPO, we have always taken a highly disciplined approach to investment.

Speaker #1: We have been able to take advantage of market cycles, disposing of assets when valuations were particularly attractive and reinvesting when conditions become favorable again.

Speaker #2: We will therefore continue to prioritize the quality of acquisition over the number. When valuations become excessive, we prefer to be patient; our investment capacity is not an obligation to spend, it is a strategic option that allows us to wait, negotiate, and act when the risk return profile becomes attractive.

Speaker #1: This philosophy remains fully relevant today. We continuously assess a significant number of opportunities and continue to submit bids on a regular basis. Our objective remains unchanged: to continue growing our portfolio gradually, with the aim of reaching CHF 100 million in annualized rental income, while maintaining one of the lowest LTV ratios in the sector.

Stéphane Bonvin: This philosophy remain fully relevant today. We continuously assess a significant number of opportunities and continue to submit bids on a regular basis. Our objective remains unchanged to continue growing our portfolio gradually with the aim of reaching CHF 100 million annualized rental income while maintaining one of the lowest LTV ratio in the sector. We will therefore continue to prioritize the quality of acquisition over the number. When valuation become excessive, we prefer to be patient. Our investment capacity is not an obligation to spend. It is a strategic option that allow us to wait, negotiate, and act when the risk-return profile become attractive. Second priority. Our second strategic priority is probably the area on which we are currently focusing most of our effort. We believe that success over the next few years will not be driven by acquisition alone.

Speaker #2: Second priority: our second strategic priority is probably the area on which we are currently focusing most of our effort. We believe that success over the next few years will not be driven by acquisition alone; it will also depend on operating our existing portfolio ever more effectively.

Speaker #1: We will therefore continue to prioritize the quality of acquisitions over the number. When valuations become excessive, we prefer to be patient; our investment capacity is not an obligation to spend—it is a strategic option that allows us to wait, negotiate, and act when the risk-return profile becomes attractive.

Speaker #2: The housing market remains exceptionally tight, while the expectation of our tenants are evolving rapidly. New technologies and AI, in particular, now offer unprecedented opportunities to improve the quality of our service while increasing efficiency.

Speaker #1: Second priority: our second strategic priority is probably the area on which we are currently focusing most of our effort. We believe that success over the next few years will not be driven by acquisition alone; it will also depend on operating our existing portfolio ever more effectively.

Speaker #2: We are currently testing several new tools, and assessing the gradual insourcing of certain activities that are presently operated by external property managers. The objective goes far beyond simple cost reduction; we want to bring the team's responsibility for for letting technical services facilities and renovations close together.

Stéphane Bonvin: It will also depend on operating our existing portfolio ever more effectively. The housing market remain exceptionally tight while the expectation of our tenants are evolving rapidly. New technologies and AI, in particular, now offer unprecedented opportunities to improve the quality of our service while increasing efficiency. We are currently testing several new tools and assessing the gradual insourcing of certain activity that are presently operated by external property managers. The objective goes far beyond simple cost reduction. We want to bring the teams responsible for letting technical service, facilities, and renovation close together. This organization should allow us to provide a better service to our tenant, improve the responsiveness of our team, monitor maintenance work more effectively, and ultimately, further strengthen the economic performance of the portfolio.

Speaker #1: The housing market remains exceptionally tight, while the expectations of our tenants are evolving rapidly. New technologies—and AI in particular—now offer unprecedented opportunities to improve the quality of our service while increasing efficiency.

Speaker #2: This organization should allow us to provide a better service to our tenants, improve the responsiveness of our team, monitor maintenance work more effectively, and ultimately further strengthen the economic performance of the portfolio.

Speaker #1: We are currently testing several new tools, and assessing the gradual insourcing of certain activities that are presently operated by external property managers. The objective goes far beyond simple cost reduction; we want to bring the teams responsible for letting, technical service, facilities, and renovation closer together.

Speaker #2: We are convinced that this closer day-to-day connection with our tenants and our building will become an important competitive advantage over the coming years. The third priority is to continue investing in the quality of real estate portfolio.

Speaker #1: This organization should allow us to provide better service to our tenants, improve the responsiveness of our team, monitor maintenance work more effectively, and ultimately further strengthen the economic performance of the portfolio.

Speaker #2: Organic value creation does not depend solely on rental growth; it also depends on our ability to maintain renovated and improved properties over the long term and especially in our high-regulated market.

Speaker #1: We are convinced that this closer, day-to-day connection with our tenants and our buildings will become an important competitive advantage over the coming years. The third priority is to continue investing in the quality of our real estate portfolio.

Stéphane Bonvin: We are convinced that this closer day-to-day connection with our tenant and our building will become an important competitive advantage over the coming years. Our third priority is to continue investing in the quality of real estate portfolio. Organic value creation does not depend solely on rental growth. It also depends on our ability to maintain, renovate, and improve our properties over the long term, and especially in our high-regulated market. We are therefore continuing to invest in the renovation of apartment and common areas, improvement in energy efficiency, and the overall attractiveness of our building. We are also strengthening our collaboration with specialist partners to optimize energy consumption on a substantial basis and preserve the value of our asset. These investments improve the comfort of our tenants, reduce technical risk, support the attractiveness of our properties, and prepare the portfolio for future environmental requirements.

Speaker #2: We are therefore continuing to invest the renovation of apartments and common areas improvement in energy efficiency and the overall attractiveness of our building. We are also strengthening our collaboration with specialist partners to optimize energy consumption on a substantial basis and preserve the value of our assets.

Speaker #1: Organic value creation does not depend solely on rental growth; it also depends on our ability to maintain, renovate, and improve our properties over the long term, especially in our highly regulated market.

Speaker #2: These investments improve the comfort of our tenants, reduce technical risk, support the attractiveness of our properties and prepare the portfolio for future environmental requirements.

Speaker #1: We are therefore continuing to invest in the renovation of apartments and common areas, improvement in energy efficiency, and the overall attractiveness of our buildings. We are also strengthening our collaboration with specialist partners to optimize energy consumption on a substantial basis and preserve the value of our assets.

Speaker #2: Fourth priority: finally, our business model is not changing; our objective remains to maintain a residential rating of more than 80% within the portfolio over the long term.

Speaker #2: Several commercial properties will therefore be gradually converted into residential use over the coming years. This project will create new homes in the area where demand is strongest, increase our rental income, and further strengthen the residential profile of the portfolio.

Speaker #1: These investments improve the comfort of our tenants, reduce technical risk, support the attractiveness of our properties, and prepare the portfolio for future environmental requirements.

Speaker #2: Without any significant increase in our LTV. Beyond this portfolio allocation, however, the main driver of Investis' value creation remains unchanged. Our portfolio is concentrated in the Lake Geneva region, particularly in the canton of Geneva, population growth, scarcity of land, structural housing shortage, and an exceptionally low vacancy rate create particularly favorable fundamentals in this region.

Speaker #1: Fourth priority: Finally, our business model is not changing; our objective remains to maintain a residential rating of more than 80% within the portfolio over the long term.

Stéphane Bonvin: Fourth priority, finally, our business model is not changing. Our objective remains to maintain a residential ratio of more than 80% within the portfolio over the long term. Several commercial properties will therefore be gradually converted into residential use over the coming years. This project will create new homes in the area where demand is strongest, increase our rental income, and further strengthen the residential profile of the portfolio without any significant increase in our LTV. Beyond this portfolio allocation, however, the main driver of Investis' value creation remains unchanged. Our portfolio is concentrated in the Lake Geneva region, particularly in the canton of Geneva. Population growth, scarcity of land, structural housing shortage, and an exceptionally low vacancy rate create particularly favorable fundamentals in this region.

Speaker #1: Several commercial properties will, therefore, be gradually converted into residential use over the coming years. This project will create new homes in the area where demand is strongest, increase our rental income, and further strengthen the residential profile of the portfolio.

Speaker #1: Without any significant increase in our LTV. Beyond this portfolio allocation, however, the main driver of Investis' value creation remains unchanged. Our portfolio is concentrated in the Lake Geneva region, particularly in the canton of Geneva. Population growth, scarcity of land, a structural housing shortage, and an exceptionally low vacancy rate create particularly favorable fundamentals in this region.

Speaker #2: And this environment enables us to increase rents gradually when the tenants change, without relying solely on rent adjustment linked to change in the Swiss reference interest rate or the CPI.

Speaker #2: This dynamic is once again reflected in our first half results, with the like-for-like growth of 1.1% across our residential portfolio. We are convinced that this ability to generate steady organic growth is one of Investis' main competitive advantages and will continue to support our value creation over the coming years.

Speaker #1: And this environment enables us to increase rents gradually when the tenants change, without relying solely on rent adjustments linked to changes in the Swiss reference interest rate or the CPI.

Stéphane Bonvin: This environment enables us to increase rents gradually when the tenant changes, without relying solely on rent adjustments linked to changes in the Swiss reference interest rate or the CPI. This dynamic is once again reflected in our H1 results, with like-for-like growth of 1.1% across our residential portfolio. We are convinced that this ability to generate steady organic growth is one of Investis' main competitive advantages, and will continue to support our value creation over the coming years. To conclude this introduction, I would like to return to the question I was asked: Are we capable of replicating over the next 10 years the performance achieved since our IPO? I am convinced that we are, not because market conditions will always be favorable, but because the principles that have guided our development remain more relevant than ever.

Speaker #2: So, to conclude this introduction, I will like to return to the question I was asked: are we capable of replicating over the next 10 years the performance achieved since our IPO?

Speaker #1: This dynamic is once again reflected in our first-half results, with like-for-like growth of 1.1% across our residential portfolio. We are convinced that this ability to generate steady organic growth is one of Investis' main competitive advantages and will continue to support our value creation over the coming years.

Speaker #2: I'm convinced that we are, not because market conditions will always be favorable, but because the principle that has guided our development remains more relevant than ever.

Speaker #2: Discipline, strong balance sheet, focus on a residential segment with particularly attractive fundamentals. Our ambition is not to be the most active investor in the market; our ambition is to create more value than our competitors over the long term.

Speaker #1: So, to conclude this introduction, I would like to return to the question I was asked: Are we capable of replicating, over the next ten years, the performance achieved since our IPO?

Speaker #2: This also means accepting that some periods will offer fewer investment opportunities than others. When market conditions do not offer sufficient value creation potential, we prefer to wait.

Speaker #1: I'm convinced that we are—not because market conditions will always be favorable, but because the principle that has guided our development remains more relevant than ever.

Speaker #2: This discipline has allowed us to navigate different market cycles successfully over the past 10 years. It will remain one of the strongest safeguards of value creation for our shareholders over the next decade.

Speaker #1: Discipline, a strong balance sheet, and a focus on a residential segment with particularly attractive fundamentals. Our ambition is not to be the most active investor in the market; our ambition is to create more value than our competitors over the long term.

Stéphane Bonvin: Discipline, strong balance sheet, focus on the residential segment with particularly attractive fundamentals. Our ambition is not to be the most active investor in the market. Our ambition is to create more value than our competitors over the long term. This also means accepting that some periods will offer fewer investment opportunities than others. When market conditions do not offer sufficient value creation potential, we prefer to wait. This discipline has allowed us to navigate different market cycles successfully over the past 10 years. It will remain one of the strongest safeguards of value creation for our shareholders over the next decade. With this long-term vision in mind, let us now turn to the results of this H1 2026. Shortly, agenda. I will begin with the key highlights, very short. I will then present our view of the market in the Lake Geneva region.

Speaker #2: So, with this long-term vision in mind, let us now turn to the results of this first half 2026. Shortly, agenda: I will begin with the key highlight, very short.

Speaker #1: This also means accepting that some periods will offer fewer investment opportunities than others. When market conditions do not offer sufficient value creation potential, we prefer to wait.

Speaker #2: I will then present our view of the market in the Lake Geneva region. René will then present the financial overview and finally I will return to conclude with our outlook before taking your questions.

Speaker #1: This discipline has allowed us to navigate different market cycles successfully over the past ten years. It will remain one of the strongest safeguards of value creation for our shareholders over the next decade.

Speaker #2: So, highlight: the results for the first half of 2026 confirm the strength of our model. Rental income increased almost by 7%, net profit excluding revaluation effects reached 30 million.

Speaker #1: So, with this long-term vision in mind, let us now turn to the results of this first half of 2026. Shortly, agenda: I will begin with the key highlights, very shortly.

Speaker #2: It confirms that our dividend is comfortably covered by recurring earnings. Our balance sheet also remains particularly strong with an equity ratio of almost 64% and an LTV reduced to 27.3%.

Speaker #1: I will then present our view of the market in the Lake Geneva region. René will then present the financial overview, and finally, I will return to conclude with our outlook before taking your questions.

Stéphane Bonvin: René will then present the financial overview. Finally, I will return to conclude with our outlook before taking your questions. Highlights. The results for the H1 2026 confirm the strength of our model. Rental income increased almost by 7%. Net profit, excluding revaluation effects, reached EUR 30 million. It confirms that our dividend is comfortably covered by recurring earnings. Our balance sheet also remains particularly strong, with an equity ratio of almost 64% and an LTV reduced to 27.3%. We therefore combine a high-quality portfolio valued at approximately EUR 2.3 billion, positive organic growth, and one of the strongest balance sheets in the sector. These results provide further confirmation of the strength of our long-term strategy. Before looking more closely at our portfolio, I would now like to take a step back and present our view of the market.

Speaker #2: So, we therefore combine a high-quality portfolio valued at approximately 2.3 billion, positive organic growth, and one of the strongest balance sheets in the sector.

Speaker #1: So, highlight: the results for the first half of 2026 confirm the strength of our model. Rental income increased by almost 7%, and net profit, excluding revaluation effects, reached CHF 30 million.

Speaker #2: These results provide further confirmation of the strength of our long-term strategy. So, before looking more closely at our portfolio, I will now like to take a step back and present our view of the market.

Speaker #1: It confirms that our dividend is comfortably covered by recurring earnings. Our balance sheet also remains particularly strong, with an equity ratio of almost 64% and an LTV reduced to 27.3%.

Speaker #2: To understand Investis' organic growth potential, it is essential to understand the structural force shaping the residential market in the Lake Geneva region. So, on the next slide, the main feature of our market remains the structural housing shortage.

Speaker #1: So, we therefore combine a high-quality portfolio valued at approximately CHF 2.3 billion, positive organic growth, and one of the strongest balance sheets in the sector.

Speaker #2: Population growth continued to support demand while the supply of new housing remained insufficient in our view. The expected decline inserted United Nations-related jobs should have only a very marginal impact on the residential market.

Speaker #1: These results provide further confirmation of the strength of our long-term strategy. So, before looking more closely at our portfolio, I would now like to take a step back and present our view of the market.

Speaker #1: To understand Investis' organic growth potential, it is essential to understand the structural forces shaping the residential market in the Lake Geneva region. So, on the next slide, the main feature of our market remains the structural housing shortage.

Stéphane Bonvin: To understand Investis' organic growth potential, it is essential to understand the structural forces shaping the residential market in the Lake Geneva region. On the next slide, the main feature of our market remains the structural housing shortage. Population growth continues to support demand, while the supply of new housing remains insufficient. In our view, the expected decline in certain United Nations-related jobs should have only a very marginal impact on the residential market. At the same time, we are observing a widening gap between the rents paid by existing tenants and the asking rent for apartments returning to the market. Finally, also, the Swiss National Bank's decision to maintain its policy rate at 0% supports demand from institutional investors for residential real estate. Our conviction regarding the rental market and the investment market is therefore very strong.

Speaker #2: And at the same time, we are observing a widening gap between the rents paid by existing tenants and the asking rent for apartments returning to the market.

Speaker #2: Finally, also, the Swiss National Bank's decision to maintain its policy rate at 0% supports demand from institutional investors for residential real estate. So, our conviction regarding the rental market and the investment market is therefore very strong.

Speaker #1: Population growth continues to support demand, while the supply of new housing remains insufficient. In our view, the expected decline in United Nations-related jobs should have only a very marginal impact on the residential market.

Speaker #2: So, the next slide brings together the four structural forces shaping the Lake Geneva real estate market today. First, demographics, as always, remain a major source of support.

Speaker #1: At the same time, we are observing a widening gap between the rents paid by existing tenants and the asking rent for apartments returning to the market.

Speaker #1: Finally, the Swiss National Bank's decision to maintain its policy rate at 0% also supports demand from institutional investors for residential real estate. So, our conviction regarding the rental market and the investment market is therefore very strong.

Speaker #2: Canton Vaud and Geneva are expected to continue recording above-average migration growth, mainly in urban centers. And this trend supports the rental demand, while rural areas are more exposed to stagnation.

Speaker #2: Second, supply is not keeping pace with demand. The share of rental households remains high, and the shortage is particularly acute in the affordable segment.

Speaker #1: So, the next slide brings together the four structural forces shaping the Lake Geneva real estate market today. First, demographics, as always, remain a major source of support.

Stéphane Bonvin: The next slide brings together the four structural forces shaping the Lake Geneva real estate market today. First, demographics, as always, remain a major source of support. Cantons Vaud and Geneva are expected to continue recording above-average migration growth, mainly in urban centers. This trend supports the rental demand, while rural areas are more exposed to stagnation. Second, supply is not keeping pace with demand. The share of rental households remains high, and the shortage is particularly acute in the affordable segment. Despite visible construction activity, the delivery of new homes remains well below market needs. Third, the regulatory and fiscal picture is mixed. On the positive side, Geneva's competitive corporate tax environment continues to attract companies and strengthens the region's economic appeal. On the other hand, lengthy and complex planning and permitting procedure are causing significant project delays.

Speaker #2: Despite visible construction activity, the delivery of new homes remains well below market needs. Third, the regulatory and fiscal picture. It's mixed. On the positive side, Geneva's competitive corporate tax environment continues to attract companies and strengthens the region's economic appeal.

Speaker #1: Canton Vaud and Geneva are expected to continue recording above-average migration growth, mainly in urban centers. This trend supports rental demand, while rural areas are more exposed to stagnation.

Speaker #1: Second, supply is not keeping pace with demand. The share of rental households remains high, and the shortage is particularly acute in the affordable segment.

Speaker #2: On the other hand, lengthy and complex planning and permitting processes are causing significant project delays, in practice even when projects exist, new homes reach the market too slowly.

Speaker #1: Despite visible construction activity, the delivery of new homes remains well below market needs. Third, the regulatory and fiscal picture is mixed. On the positive side, Geneva's competitive corporate tax environment continues to attract companies and strengthens the region's economic appeal.

Speaker #2: Further constraining supply. Another key issue is the federal council proposal to tighten the Lex Scholar. Under the current draft, persons abroad would in principle require authorization for any purchase of shares in listed real estate companies, which would amount in practice to a near prohibition.

Speaker #1: On the other hand, lengthy and complex planning and permitting processes are causing significant project delays. In practice, even when projects exist, new homes reach the market too slowly.

Speaker #2: The real estate industry position is clear. This would not create any additional housing. Instead, it could reduce liquidity in the listed market, restrict areas' access to capital, and make it more difficult to finance larger developments.

Stéphane Bonvin: In practice, even when projects exist, new homes reach the market too slowly, further constraining supply. Another key issue is the Federal Council proposal to tighten the Lex Koller. Under the current draft, persons abroad would, in principle, require authorization for any purchase of share in listed real estate company, which would amount in practice to a near prohibition. The real estate industry position is clear. This will not create any additional housing. Instead, it could reduce liquidity in the listed market, restrict area access to capital, and make it more difficult to finance larger developments. For investors, the immediate exposure through the current shareholder structure is relatively limited as foreign shareholder account for less than 5%. There could nevertheless be an effect on future share liquidity and access to foreign capital.

Speaker #1: Further constraining supply. Another key issue is the Federal Council proposal to tighten the Lex Koller. Under the current draft, persons abroad would, in principle, require authorization for any purchase of shares in listed real estate companies.

Speaker #2: For Investis, the immediate exposure through the current shareholder structure is relatively limited, as foreign shareholder accounts for less than 5%. But there could, nevertheless, be an effect on future share liquidity and access to foreign capital.

Speaker #1: Which would amount, in practice, to a near prohibition. The real estate industry's position is clear: this would not create any additional housing. Instead, it could reduce liquidity in the listed market, restrict areas' access to capital, and make it more difficult to finance larger developments.

Speaker #2: Finally, the capital market remains supportive, with low inflation, stable and strong Swiss francs, and a resilient economic environment. These factors continue to underpin investor interest in Swiss residential real estate.

Speaker #1: For Investis, the immediate exposure through the current shareholder structure is relatively limited, as foreign shareholders account for less than 5%. However, there could nevertheless be an effect on future share liquidity and access to foreign capital.

Speaker #2: And our strategy is positioned at the intersection of these four trends. So, on the next slide, the chart may suggest that the number of residential units currently under construction in Geneva is relatively high.

Speaker #1: Finally, the capital market remains supportive, with low inflation, a stable and strong Swiss franc, and a resilient economic environment. These factors continue to underpin investor interest in Swiss residential real estate.

Stéphane Bonvin: Finally, the capital market remains supportive with low inflation, stable and strong CHF, and a resilient economic environment. These factors continue to underpin investor interest in Swiss residential real estate. Our strategy is positioned at the intersection of these four trends. On the next slide, the chart may suggest that the number of residential units currently under construction in Geneva is relatively high. However, the key question is not only how many homes are being built today. We must also ask whether the space of construction can be maintained over the coming years. Planning and approval procedures remain lengthy and complex. Current construction activity is therefore not sufficient to eliminate the shortage. It merely prevents the imbalance between supply and demand from deteriorating even more rapidly in the short term. The next slide provide an indication of future supply.

Speaker #2: However, the key question is not only how many homes are being built today, we must also ask whether the space of construction can be maintained over the coming years.

Speaker #2: Planning and approval procedures remain lengthy and complex. Current construction activity is therefore not sufficient to eliminate the shortage, it merely prevents the imbalance between supply and demand from deteriorating even more rapidly in the short term.

Speaker #1: And our strategy is positioned at the intersection of these four trends. So, on the next slide, the chart may suggest that the number of residential units currently under construction in Geneva is relatively high.

Speaker #2: And the next slide provides an indication of future supply. While the previous chart showed the residential units currently under construction, this chart shows a sharp decline in the number of new buildings permitted, particularly in the Lake Geneva region.

Speaker #1: However, the key question is not only how many homes are being built today; we must also ask whether the pace of construction can be maintained over the coming years.

Speaker #1: Planning and approval procedures remain lengthy and complex. Current construction activity is therefore not sufficient to eliminate the shortage. It merely prevents the imbalance between supply and demand from deteriorating even more rapidly in the short term.

Speaker #2: Construction currently underway represents today's supply. Buildings permitted provide an indication of tomorrow's supply. The decline in permits shows that the production of new housing is likely to remain insufficient relative to population growth.

Speaker #1: The next slide provides an indication of future supply. While the previous chart showed the residential units currently under construction, this chart shows a sharp decline in the number of new buildings permitted, particularly in the Lake Geneva region.

Speaker #2: This is why we consider the imbalance between supply and demand to be structural rather than temporary. And on the next slide, the consequence of this situation is clearly visible on the development of vacancy rates.

Stéphane Bonvin: While the previous chart showed the residential units currently under construction, this chart shows a sharp decline in the number of new buildings permits, particularly in the Lake Geneva region. Construction currently underway represents today's supply. Building permits provide an indication of tomorrow's supply. The decline in permits shows that the production of new housing is likely to remain insufficient relative to population growth. This is why we consider the imbalance between supply and demand to be structural rather than temporary. On the next slide, the consequence of this situation are clearly visible on the development of vacancy rates. The vacancy rates stand approximately at 1% across Switzerland, 0.87% in Vaud, and only 0.31% in Geneva. At these levels, the market is effectively operating at full occupancy.

Speaker #1: Construction currently underway represents today's supply. Building permits provide an indication of tomorrow's supply. The decline in permits shows that the production of new housing is likely to remain insufficient relative to population growth.

Speaker #2: The vacancy rates stand approximately at 1% across Switzerland, 0.87% in Vaud, and only 0.31% in Geneva. At these levels, the market is effectively operating at full occupancy.

Speaker #1: This is why we consider the imbalance between supply and demand to be structural rather than temporary. And on the next slide, the consequences of this situation are clearly visible in the development of vacancy rates.

Speaker #2: This situation provides strong visibility over rental income and confirms that the shortage is not limited to a small number of neighborhoods or to a particular housing category.

Speaker #2: It is particularly relevant for Investis because our portfolio is concentrated in urban centers, where the imbalance is most pronounced. And on the next slide, it is illustrates another essential future of the Swiss residential market, asking rents for new tenants have increased much more rapidly than the rents paid under existing leases.

Speaker #1: The vacancy rates stand at approximately 1% across Switzerland, 0.87% in Vaud, and only 0.31% in Geneva. At these levels, the market is effectively operating at full occupancy.

Speaker #1: This situation provides strong visibility over rental income and confirms that the shortage is not limited to a small number of neighborhoods or to a particular housing category.

Stéphane Bonvin: This situation provides strong visibility over rental income and confirms that the shortage is not limited to a small number of neighborhoods or to a particular housing category. It is particularly relevant for investors because our portfolio is concentrated in urban center where the imbalance is most pronounced. On the next slide, it illustrates another essential feature of the Swiss residential market. Asking rents for new tenants have increased much more rapidly than the rents paid under existing leases. This creates what we call the lock-in effect. Tenants often prefer to remain in their apartment even when it no longer perfectly meets their needs, because moving would result in a materially higher rent. For investors, this situation supports high occupancy rates and very stable cash flows. It also creates significant rental upside.

Speaker #2: This creates what we call the lock-in effect. Tenants often prefer to remain in their apartment, even when it no longer perfectly meets their needs, because moving would result in a materially higher rent.

Speaker #1: It is particularly relevant for Investis because our portfolio is concentrated in urban centers, where the imbalance is most pronounced. On the next slide, it illustrates another essential feature of the Swiss residential market: asking rents for new tenants have increased much more rapidly than the rents paid under existing leases.

Speaker #2: For occupancy rates and very stable cash flows. It also creates significant rental upside. This upside is realized gradually primarily when tenants change and always in compliance with the applicable regulatory framework.

Speaker #1: This creates what we call the lock-in effect. Tenants often prefer to remain in their apartment, even when it no longer perfectly meets their needs, because moving would result in a materially higher rent.

Speaker #2: The organic growth of our portfolio is therefore not based on a theoretical assumption. It is based on observable gaps between existing rent and market rents.

Speaker #1: For Investis, this situation supports high occupancy rates and very stable cash flows. It also creates significant rental upside. This upside is realized gradually, primarily when tenants change, and always in compliance with the applicable regulatory framework.

Speaker #2: Now, regarding the investment market, Swiss residential real estate remains attractive relative to Swiss confederation bonds. In Geneva, prime residential real estate continues to offer a risk premium of approximately 200 basis points over the 10-year Swiss confederation bond.

Stéphane Bonvin: This upside is realized gradually, primarily when tenants change, and always in compliance with the applicable regulatory framework. The organic growth of our portfolio is therefore not based on a theoretical assumption. It is based on an observable gap between existing rents and market rents. Regarding the investment market, Swiss residential real estate remains attractive relative to Swiss Confederation bonds. In Geneva, prime residential real estate continues to offer a risk premium of approximately 200 basis points over the 10-year Swiss Confederation bond. Strong investor demand and the limited availability of high-quality residential assets continue to compress yields. As opportunities become increasingly scarce in the best location, investors are gradually expanding their search towards the outskirts of Lake Geneva region and neighboring cantons. This development support the value of our existing portfolio. However, it also makes acquisitions more competitive, actually.

Speaker #1: The organic growth of our portfolio is therefore not based on a theoretical assumption. It is based on an observable gap between existing rent and market rates.

Speaker #2: Strong investor demand and the limited ability of high-quality residential assets continue to compress yields. As opportunities become increasingly scarce, in the best location, investors are gradually expanding their search towards the outskirts of Lake Geneva region and neighboring cantons.

Speaker #1: Now, regarding the investment market, Swiss residential real estate remains attractive relative to Swiss Confederation bonds. In Geneva, prime residential real estate continues to offer a risk premium of approximately 200 basis points over the 10-year Swiss Confederation bond.

Speaker #2: This development supports the value of our existing portfolio; however, it also makes acquisitions more competitive, actually. We must not confuse an abundance of capital with value creation, a highly liquid market supports the value of assets, but it also requires even greater discipline when acquiring new properties.

Speaker #1: Strong investor demand and the limited availability of high-quality residential assets continue to compress yield. As opportunities become increasingly scarce in the best locations, investors are gradually expanding their search towards the outskirts of the Lake Geneva region and neighboring cantons.

Speaker #2: On the next slide, you can see that investment activity in Geneva has accelerated during '26. We are also seeing the return of larger transactions, particularly in the commercial segment, which is contributing to higher overall transaction volume.

Speaker #1: This development supports the value of our existing portfolio. However, it also makes acquisitions more competitive, actually. We must not confuse an abundance of capital with value creation. A highly liquid market supports the value of assets, but it also requires even greater discipline when acquiring new properties.

Stéphane Bonvin: We must not confuse an abundance of capital with value creation. A highly liquid market supports the value of assets, but it also requires even greater discipline when acquiring new properties. On the next slide, you can see that investment activity in Geneva has accelerated during 2026. We are also seeing the return of larger transactions, particularly in the commercial segment, which is contributing to higher overall transaction volumes. This development confirms investor continued interest in Geneva real estate. The next slide explains one of the main reasons behind the strength of investment demand. Swiss real estate vehicles continue to raise very substantial amounts of capital, while the average size of this capital raising is increasing. A significant proportion of this capital will need to be deployed in new acquisitions. At the same time, the supply of high-quality residential properties remains exceptionally limited.

Speaker #2: This development confirms investor continued interest in Geneva real estate. And the next slide explains one of the main reasons behind the strength of investment demand: Swiss real estate vehicles continue to rise very substantial amount of capital while the average size of this capital raising is increasing.

Speaker #1: On the next slide, you can see that investment activity in Geneva has accelerated during 2026. We are also seeing the return of larger transactions, particularly in the commercial segment, which is contributing to higher overall transaction volumes.

Speaker #2: A significant proportion of this capital will need to be deployed in new acquisitions. At the same time, the supply of high-quality residential properties remains exceptionally limited, and for Investis, this environment has two consequences.

Speaker #1: This development confirms investors' continued interest in Geneva real estate. The next slide explains one of the main reasons behind the strength of investment demand.

Speaker #2: First, it supports the value of our portfolio, but it also reinforces the need to remain patient and disciplined. We will continue to submit bids.

Speaker #1: Swiss real estate vehicles continue to raise very substantial amounts of capital, while the average size of this capital raising is increasing. A significant proportion of this capital will need to be deployed in new acquisitions.

Speaker #2: However, we will not change our criteria simply to be more active. Next slide, the property at Rue du Nant 30 is a good illustration of our buy-and-hold strategy, or what I call our business model.

Speaker #1: At the same time, the supply of high-quality residential properties remains exceptionally limited. And for Investis, this environment has two consequences. First, it supports the value of our portfolio, but it also reinforces the need to remain patient and disciplined.

Speaker #2: We acquired these assets in December '98. Over the period shown in this chart, its value increased from 12.3 million to 25.5 million representing an increase of 106%.

Stéphane Bonvin: For investors, this environment has two consequences. First, it supports the value of our portfolio, but it also reinforces the need to remain patient and disciplined. We will continue to submit bids. However, we will not change our criteria simply to be more active. Next slide. The property at Rue du Nant 30 is a good illustration of our buy and hold strategy, or what I call our business model. We acquired this asset in December 1998. Over the period shown in this chart, its value increased from CHF 12.3 million to CHF 25.5 million, representing an increase of 106%. Over the same period, gross rental income rose from CHF 623,000 to CHF 826,000, representing an increase of 33% and an average annual growth of 2.7%. The value creation did not result from a single event.

Speaker #2: Over the same period, gross rental income rose from 623,000 to 826,000, representing an increase of 33%. And an average annual growth of 2.7%. The value creation did not result from a single event.

Speaker #1: We will continue to submit bids. However, we will not change our criteria simply to be more active. Next slide: The property at Rue du Nant 30 is a good illustration of our buy-and-hold strategy, or what I call our business model.

Speaker #1: We acquired these assets in December '98. Over the period shown in this chart, their value increased from CHF 12.3 million to CHF 25.5 million, representing an increase of 106%.

Speaker #2: It reflects the quality of the location, the steady growth in rental income, the investment made in the building, and our ability to retain a good asset over a long period.

Speaker #1: Over the same period, gross rental income rose from CHF 623,000 to CHF 826,000, representing an increase of 33% and an average annual growth of 2.7%. The value creation did not result from a single event.

Speaker #2: And again, this example perfectly explains our business model. So shortly, Investis positioning as I said, we operate in markets where the supply of housing is structurally constrained and vacancy rates are exceptionally low.

Speaker #2: We focus on urban centers and mid-market residential segments. We have a deep knowledge of our market. This specialization is balanced by the portfolio high residential rating or limited commercial exposure and a very low level of indebtedness.

Speaker #1: It reflects the quality of the location, the steady growth in rental income, the investment made in the building, and our ability to retain a good asset over a long period.

Stéphane Bonvin: It reflects the quality of the location, the steady growth in rental income, the investment made in the building, and our ability to retain a good asset over a long period. Again, this example perfectly explains our business model. So shortly, Investis positioning. As I said, we operate in markets where the supply of housing is structurally constrained and vacancy rates are exceptionally low. We focus on urban centers and mid-market residential segment. We have a deep knowledge of our market. This specialization is balanced by the portfolio's high residential ratio, our limited commercial exposure, and a very low level of indebtedness. Our model therefore provides us simultaneously with resilient, significant organic growth potential and the ability to act when winning opportunities arise. I will now hand over to René, who will take you through the financial results for this H2 2026. René, please.

Speaker #1: And again, this example perfectly explains our business model. So, shortly, Investis' positioning, as I said: we operate in a market where the supply of housing is structurally constrained and vacancy rates are exceptionally low.

Speaker #2: Our model, therefore, provides us simultaneously with resilience, significant organic growth potential, and the ability to act when benign opportunities arise. So I will now hand over to René, who will take you through the financial results for this first half of '26.

Speaker #1: We focus on urban centers and the mid-market residential segment. We have a deep knowledge of our market. This specialization is balanced by the portfolio's high residential rating, limited commercial exposure, and a very low level of indebtedness.

Speaker #2: René, please.

Speaker #1: Thank you, Stéphane. Ladies and gentlemen, good morning. Stéphane has already described the key points of our half-year results. I will therefore now turn to the details of our performance in the income statement.

Speaker #1: Our model, therefore, provides us simultaneously with resilience, significant organic growth potential, and the ability to act when attractive opportunities arise. So, I will now hand over to Rene, who will take you through the financial results for this first half of '26.

Speaker #1: Revenue for the first six months rose by 6.8% to 41.5 million, and we improved our operating profit by 9.3%. The organic revenue increase was 0.6% with the majority of the revenue growth was due to last year's property acquisition, now contributing a full six months period to the rental income.

Speaker #1: René, please. Thank you, Stefan. Ladies and gentlemen, good morning. Stefan has already described the key points of our half-year results. I will therefore now turn to the details of our performance in the income statement.

René Häsler: Thank you, Stéphane. Ladies and gentlemen, good morning. Stéphane has already described the key points of our half-year results. I will therefore now turn to the details of our performance in the income statement. Revenue for the first six months rose by 6.8% to CHF 41.5 million, and we improved our operating profit by 9.3%. The organic revenue increase was 0.6%, with the majority of the revenue growth due to last year's property acquisition now contributing the full six months period to the rental income. We achieved a like-for-like rental growth in residential properties within our long-term guidance of 1% to 2%. With the CPI index remaining relatively stable, all of the growth was driven by tenant turnover. Revaluation gains amount to CHF 44 million. Both major contribution factors, lowering discount rates and higher cash flows, contributed more or less equally to this positive result.

Speaker #1: We achieved a like-for-like rental growth in residential properties within our long-term guidance of 1 to 2%. With the CPI index remaining relatively stable, all of the growth was driven by tenant turnover.

Speaker #1: Revenue for the first six months rose by 6.8% to CHF 41.5 million, and we improved our operating profit by 9.3%. The organic revenue increase was 0.6%, with the majority of the revenue growth due to last year's property acquisition now contributing a full six-month period to the rental income.

Speaker #1: Revaluation gains amount to 44 million both major contribution factor, lowering discount rates, and higher cash flows contributed more or less equally to this positive result.

Speaker #1: We achieved like-for-like rental growth in residential properties within our long-term guidance of 1% to 2%. With the CPI index remaining relatively stable, all of the growth was driven by tenant turnover.

Speaker #1: EBIT closed at 70 million, compared to 96 million a year ago, when revaluation gains were even higher. Once again, the financial result remained positive, the sale of two financial assets during the first six months enabled us to report the financial gain of 10 million.

Speaker #1: Revaluation gains amount to 44 million. Both major contributing factors—lowering discount rates and higher cash flows—contributed more or less equally to this positive result.

Speaker #1: Which offset for the interest expenses. The slightly lower income tax charge was due to the use of some tax losses reducing the tax cost to 13%, just below the current guidance of 14%.

Speaker #1: EBIT closed at 70 million, compared to 96 million a year ago, when revaluation gains were even higher. Once again, the financial result remained positive. The sale of two financial assets during the first six months enabled us to report a financial gain of 10 million.

René Häsler: EBIT closed at CHF 70 million compared to CHF 96 million a year ago, when revaluation gains were even higher. Once again, the financial result remained positive. The sale of two financial assets during the first six months enabled us to report a financial gain of CHF 10 million, which offset for the interest expenses. The slightly lower income tax charge was due to the use of some tax losses, reducing the tax cost to 13%, just below the current guidance of 14%. This brings us to the bottom line, where we can report a profit of CHF 68 million for the first six months, or without the effects of revaluation, a remarkable CHF 30 million profit, well on track to cover the dividend. On the next slide, we show our ability to organic growth. Over the last years, we had a compound average growth of 1.7% organically.

Speaker #1: This brings us to the bottom line, where we can report the profit of 68 million for the first six months or without the effects of revaluation, a remarkable 30 million profit well on track to quarter dividend.

Speaker #1: Which offset for the interest expenses. The slightly lower income tax charge was due to the use of some tax losses, reducing the tax cost to 13%, just below the current guidance of 14%.

Speaker #1: On the next slide, we slow our ability to organic growth over the last years. We had a compound average growth of 1.7% organically. Even so, in the current environment with no inflation or very low inflation, the main contributor to the organic growth comes assets from the tenant turnover.

Speaker #1: This brings us to the bottom line, where we can report a profit of 68 million for the first six months, or, without the effects of revaluation, a remarkable 30 million profit—well on track to a quarter dividend.

Speaker #1: In residential, we grew 1.1%. Vacancy rate at 2%. I come back to that on a later slide. I would like to confirm our growth target, which is unchanged of 1 to 2% in residential properties like-for-like.

Speaker #1: On the next slide, we show our ability for organic growth over the last years. We had a compound average growth of 1.7% organically. Even so, in the current environment with no inflation or very low inflation, the main contributor to the organic growth comes mainly from the tenant turnover.

René Häsler: Even so, in the current environment with no inflation or very low inflation, the main contributor to the organic growth comes as set from the tenant turnover. In residential, we grew 1.1%. Vacancy rate at 2%, I come back to that on the latest slide. I would like to confirm our growth target which is unchanged of 1% to 2% in residential properties like-for-like. Since we could not acquire any properties in 2026 so far, these charts show somehow the same characteristics as in Morges. We are residential, 78%. We are Geneva, 66%, and Vaud, 30%, and just a little, 4% outside these two cantons. We are very importantly in the one to three-room segments, where we have most demands in the Lake Geneva region. A significant contribution to our EBIT comes from revaluation. Here we have the development since the IPO 2016.

Speaker #1: Since we could not acquire any properties in 2020, 2026, so far these charts show somehow the same characteristics as in March. We are residential, 78%.

Speaker #1: In residential, we grew 1.1%. The vacancy rate is at 2%. I will come back to that on a later slide. I would like to confirm our growth target, which is unchanged at 1 to 2% in residential properties like-for-like.

Speaker #1: We are Geneva, 66%, and Vaud, 30%, and just a little 4% outside these two cantons. And we are very importantly in the 1 to 3 room segment where we have most demands in the Lake Geneva region.

Speaker #1: Since we could not acquire any properties in 2020 or 2026 so far, these charts show more or less the same characteristics as in March. We are residential, at 78%.

Speaker #1: A significant contribution to our EBIT comes from revaluation. So here we have the development since the IPO 2016. We with the 44 million in the current six months period, we are just short of the 700 million accumulated revaluation gains over this 10-year period.

Speaker #1: We are in Geneva, 66%, and in Vaud, 30%, with just a little 4% outside these two cantons. And we are very importantly in the 1- to 3-room segment, where we have most demand in the Lake Geneva region.

Speaker #1: Average discount rate decreased three basis points to 2.86. Of course, we have some commercial properties, so the real the residential discount rate is lower.

Speaker #1: A significant contribution to our EBIT comes from revaluation. So here we have the development since the IPO in 2016. With the 44 million in the current six-month period, we are just short of the 700 million in accumulated revaluation gains over this ten-year period.

René Häsler: We meet the CHF 44 million in the current six months period. We are just short of the CHF 700 million accumulated revaluation gains over this 10-year period. Average discount rate decreased three basis points to 2.86. Of course, we have some commercial properties, so the residential discount rate is lower. Likewise, the portfolio development, and this is a nice characteristic of the Investis business model. Over the years, you see what we have invested or disposed in the portfolio. So we used the cycles that were available in the market, and we could improve not only the equity of the company but also turnover growth while doing some selective disposals and reinvestments. In 2026, as I said before, we had some renovations of CHF 4 million. Otherwise, no investment in the portfolio. So coming back to the low vacancy rate. We are still at no vacancy.

Speaker #1: Likewise, the portfolio development, and this is a nice characteristic of the Investis business model, over the years you see what we have invested or disposed in the portfolio.

Speaker #1: The average discount rate decreased three basis points to 2.86%. Of course, we have some commercial properties, so the real residential discount rate is lower.

Speaker #1: So we used the cycles that were available in the market, and we could improve not only the equity of the company, but also turnover growth while doing some selective disposals and reinvestments.

Speaker #1: Likewise, the portfolio development—and this is a nice characteristic of the Investis business model—over the years, you see what we have invested or disposed in the portfolio.

Speaker #1: In 2026, as I said before, we had some renovations of 4 million, otherwise no investment in the portfolio. So coming back to the low vacancy rate, we are still at no vacancy.

Speaker #1: So we used the cycles that were available in the market, and we could improve not only the equity of the company but also turnover growth, while doing some selective disposals and reinvestments.

Speaker #1: The 1.2% residential vacancy is 1% in Geneva and a slightly higher number in the canton of Vaud, which is fully contributable to renovations or ongoing renovations that we have in two properties.

Speaker #1: In 2026, as I said before, we had some renovations of CHF 4 million; otherwise, no investment in the portfolio. So, coming back to the low vacancy rate, we are still at no vacancy.

Speaker #1: Otherwise, the vacancy would be at 1% as in Geneva. The commercial property 4% is not a big concern to us. On the one hand, we purchased two properties with large vacancy.

Speaker #1: The 1.2% residential vacancy is 1% in Geneva and a slightly higher number in the canton of Vaud, which is fully attributable to renovations or ongoing renovations that we have in two properties.

René Häsler: The 1.2% residential vacancy is 1% in Geneva and a slightly higher number in the canton of Vaud, which is fully contributable to renovations or ongoing renovations that we have in two properties. Otherwise, the vacancy would be at 1%, as in Geneva. The commercial property at 4% is not a big concern to us. On one hand, we purchased two properties with large vacancy that we were happy for and did not pay for that rental income. Over the years, we will work on these vacancies to eliminate it. Rent potential, still 15%, which gives us further organic growth in the portfolio in the coming years. Looking at the balance sheet, it is strong. It is solid. We have an equity ratio of 64%. We have low financial debts with 27%, and we continue to have a very strong ability to growth.

Speaker #1: That we were happy for and did not pay for that rental income. And over the years, we will work on this vacancies to eliminate it.

Speaker #1: Rent potential still 15%, which gives us further organic growth in the portfolio in the coming years. Looking at the balance sheet, it is strong.

Speaker #1: Otherwise, the vacancy would be at 1%, as in Geneva. The commercial property vacancy of 4% is not a big concern to us. On the one hand, we purchased two properties with large vacancies that we were happy for, and did not pay for that rental income. Over the years, we will work on these vacancies to eliminate them.

Speaker #1: It is solid. We have an equity ratio of 64%. We have low financial debts with 27%. And we continue to have a very strong ability to growth.

Speaker #1: Rent potential is still 15%, which gives us further organic growth in the portfolio in the coming years. Looking at the balance sheet, it is strong.

Speaker #1: Interest costs are below 1%, both in the first six months and at the balance sheet date. So we are looking forward to remain in that territory.

Speaker #1: Going forward. The LTV already disclosed and explained many times. You see the effect of the disposals in '22 and the reinvestments. Nevertheless, we could keep the low level, and we are still well below 30%.

Speaker #1: It is solid. We have an equity ratio of 64%. We have low financial debts at 27%, and we continue to have a very strong ability to grow.

Speaker #1: Interest costs are below 1% both in the first six months and at the balance sheet date. So we are looking forward to remaining in that territory.

René Häsler: Interest costs are below 1%, both in the first six months and at the balance sheet date. We are looking forward to remain in that territory going forward. The LTV already disclosed and explained many times. You see the effect of the disposals in 2022 and the reinvestments. Nevertheless, we could keep the low level, and we are still well below 30%. Financing, we still have CHF 500 million of credit lines available. They are 65% used, or we have instant firepower of CHF 175 million in cash. That is from my side. Thank you very much. I hand over to Stéphane.

Speaker #1: Financing, we still have 500 million of credit lines available. They are 65% used or we have instant firepower of 175 million. That's from my side.

Speaker #1: Going forward, the LTV has already been disclosed and explained many times. You can see the effect of the disposals in '22 and the reinvestments. Nevertheless, we could keep the low level, and we are still well below 30%.

Speaker #1: Thank you very much. I hand over to Stephan.

Speaker #2: So thank you, René. So now let me conclude with our outlook for the remainder of '26. For the second half of '26, we expect rental income to continue growing.

Speaker #1: Regarding financing, we still have CHF 500 million of credit lines available. They are 65% used, so we have instant firepower of CHF 175 million. That's from my side.

Speaker #2: This growth will be supported by the full-year contribution from the acquisition completed in '25, but also and above all by the gradual realization of the rental upside within our existing portfolio.

Speaker #2: The market environment remains supportive. Demand for affordable high-quality housing remains very strong in the Lake Geneva region. Demographic trends remain positive. We are therefore confident that the portfolio will continue to deliver a strong operational performance.

Speaker #1: Thank you very much. I hand over to Stephan.

Speaker #2: So thank you, René. So now let me conclude with our outlook for the remainder of '26. For the second half of '26, we expect rental income to continue growing.

Stéphane Bonvin: Thank you, René. Now let me conclude with our outlook for the remainder of 2026. For the H2 of 2026, we expect rental income to continue growing. This growth will be supported by the full year contribution from the acquisition completed in 2025, but also and above all, by the gradual realization of the rental upside within our existing portfolio. The market environment remains supportive. Demand for affordable, high-quality housing remain very strong in the Lake Geneva region. Demographic trends remain positive. We are therefore confident that the portfolio will continue to deliver a strong operational performance. At the same time, we will remain highly disciplined in our capital allocation. Our balance sheet provide us with significant investment capacity, and our confidence in the rental market is based on structural fundamentals. Allow me to conclude by summarizing the Investis equity story.

Speaker #2: This growth will be supported by the full-year contribution from the acquisition completed in '25, but also, and above all, by the gradual realization of the rental upside within our existing portfolio.

Speaker #2: At the same time, we will remain highly disciplined in our capital allocation. Our balance sheet provides us with significant investment capacity. And our confidence in the rental market is based on structural fundamentals.

Speaker #2: The market environment remains supportive. Demand for affordable, high-quality housing remains very strong in the Lake Geneva region. Demographic trends remain positive. We are therefore confident that the portfolio will continue to deliver a strong operational performance.

Speaker #2: So allow me to conclude by summarizing the Investis equity story. We own a high-quality residential portfolio that is exceptionally well positioned in the Lake Geneva region.

Speaker #2: At the same time, we will remain highly disciplined in our capital allocation. Our balance sheet provides us with significant investment capacity, and our confidence in the rental market is based on structural fundamentals.

Speaker #2: This portfolio benefits from strong demand and exceptionally low vacancy rate and significant rental upside. Our strong balance sheet provides resilience and significant strategic flexibility.

Speaker #2: Our dividend is fully covered by recurring earnings. The past 10 years have shown that Investis can grow while maintaining particularly strong financial discipline. And for the next 10 years, our priorities remain clear.

Speaker #2: So allow me to conclude by summarizing the Investis equity story. We own a high-quality residential portfolio that is exceptionally well positioned in the Lake Geneva region.

Stéphane Bonvin: We own a high-quality residential portfolio that is exceptionally well-positioned in the Lake Geneva region. This portfolio benefits from strong demand, an exceptionally low vacancy rate, and a significant rental upside. Our strong balance sheet provides resilience and significant strategic flexibility. Our dividend is fully covered by recurring earnings. The past 10 years have shown that Investis can grow while maintaining particularly strong financial discipline. For the next 10 years, our priorities remain clear. Realize the very close potential of the portfolio, improve our operational performance, invest in the quality of our properties, preserve our balance sheet, and seize opportunities when they really create value. We are entering our second decade as a listed company with the same focus: a stronger portfolio and the ability to act without ever being forced to do so. Thank you for your attention.

Speaker #2: Realize the organic growth potential of the portfolio, improve our operational performance, invest in the quality of our properties, preserve our balance sheet, and seize opportunities when the Green League create value.

Speaker #2: This portfolio benefits from strong demand, an exceptionally low vacancy rate, and significant rental upside. Our strong balance sheet provides resilience and significant strategic flexibility. Our dividend is fully covered by recurring earnings. The past 10 years have shown that Investis can grow while maintaining particularly strong financial discipline. For the next 10 years, our priorities remain clear: realize the organic growth potential of the portfolio, improve our operational performance, invest in the quality of our properties, preserve our balance sheet, and seize opportunities when they arise in order to create value.

Speaker #2: We are entering our second decade as a listed company with the same focus. A stronger portfolio and the ability to act without ever being forced to do so.

Speaker #2: So thank you for your attention. René and I are now available to answer your questions.

Stéphane Bonvin: Realize the very close potential of the portfolio, improve our operational performance, invest in the quality of our properties, preserve our balance sheet, and seize opportunities when they really create value. We are entering our second decade as a listed company with the same focus: a stronger portfolio and the ability to act without ever being forced to do so. Thank you for your attention. René and I are now available to answer your questions.

Speaker #3: Thank you. As a reminder, if you'd like to ask a question on Teams, you may use the raise hand function or you may type your question into the Q&A text box.

Speaker #3: And if you have joined us via the telephone lines today, you may press star followed by one on your telephone keypad. We have some questions from the telephone lines.

Speaker #2: We are entering our second decade as a listed company with the same focus, a stronger portfolio, and the ability to act without ever being forced to do so.

Speaker #2: So, thank you for your attention. Rene and I are now available to answer your questions.

Speaker #3: The first one is from Holger Frisch of Raiffeisen Switzerland. Your line is now open. Please go ahead.

Stéphane Bonvin: René and I are now available to answer your questions.

Speaker #3: Thank you. As a reminder, if you'd like to ask a question on Teams, you may use the raise hand function or you may type your question into the Q&A text box.

Operator: Thank you. As a reminder, if you would like to ask a question on Teams, you may use the raise hand function, or you may type your question into the Q&A text box. If you have joined us via the telephone lines today, you may press star followed by one on your telephone keypad. We have some questions from the telephone lines. The first one is from Holger Fausch of Raiffeisen, Switzerland. Your line is now open. Please go ahead.

Speaker #4: Good morning. Thanks for the presentation. I have three questions. I would take them one by one. First one would be, can you give us a bit more insight into the commercial properties of your portfolio?

Speaker #3: And if you have joined us via the telephone lines today, you may press star followed by one on your telephone keypad. We have some questions from the telephone lines.

Speaker #4: I saw the Vault is now at 4.5 years compared to 4.8 years. Per year end. And on the other hand, the vacancy went down from 4.5% to 4.0%.

Speaker #3: The first question is from Holger Frisch of Raiffeisen Switzerland. Your line is now open. Please go ahead.

Speaker #4: So what were the main drivers behind these two developments?

Speaker #4: Good morning. Thanks for the presentation. I have three questions. I will take them one by one. The first one would be: can you give us a bit more insight into the commercial properties of your portfolio?

Speaker #2: So you know, as I explained already, so we have only a few properties commercial properties. You know, there is an industrial building in Vault and office building where we have our own office in Morges.

Holger Fausch: Good morning. Thanks for the presentation. I have three questions, but I would take them one by one. First one would be, can you give us a bit more insight into the commercial properties of your portfolio? I saw the WALT is now at 4.5 years compared to 4.8 years at year-end. On the other hand, the vacancy went down from 4.5% to 4.0%. What were the main drivers behind these two developments?

Holger Frisch: Good morning. Thanks for the presentation. I have three questions, but I would take them one by one. First one would be, can you give us a bit more insight into the commercial properties of your portfolio? I saw the WALT is now at 4.5 years compared to 4.8 years at year-end. On the other hand, the vacancy went down from 4.5% to 4.0%. What were the main drivers behind these two developments?

Speaker #4: I saw the vault is now at 4.5 years compared to 4.8 years per year-end, and on the other hand, the vacancy went down from 4.5% to 4.0%.

Speaker #2: So it's well-known building full occupancy. We bought then in Geneva mainly one building very important for more than 100 million. That was Geneva Business Center.

Speaker #4: So, what were the main drivers behind these two developments?

Speaker #2: So, you know, as I explained already, we only have a few commercial properties. You know, there is an industrial building in Vault, and an office building where we have our own office in Marge.

Stéphane Bonvin: As I explained already, we have only a few commercial properties. There is an industrial building in Vaud, an office building where we have our own office in Morges. It is a well-known building, full occupancy. We bought then in Geneva, mainly one building, very important, for more than EUR 100 million. That was Geneva Business Center in Morges, and one in Versoix, and also one building occupied by Banque Cantonale de Genève. As we explained in the strategy, there is also one commercial building I forgot in Canton Vaud, Hotel Aulac. Hotel Aulac, we are going to get now the building license, finally. We had some problem with the neighbor to get all the planning signed by them for the final approval, but now it is done. There we are going to start now the refurbishment, which takes maybe more than one year.

Speaker #2: And one in Versailles and also one building occupied by Banque cantonale de Genève. So as we explained, in the strategy is also there is one commercial building I forgot in Canton Vault is Hotel Aulac.

Speaker #2: So it's a well-known building with full occupancy. We bought, then, in Geneva mainly one building, very important, for more than CHF 100 million—that was the Geneva Business Center in Margin-Douze—and one in Versailles, and also one building occupied by Banque Cantonale de Genève.

Speaker #2: Hotel Aulac, we're going to get now the building license finally. So we had some problem with the neighbor to get all the planning signed by them for the final approval.

Speaker #2: But now it's done. And there we're going to start now the refurbishment. It will take maybe more than one year. But this is going to become a residential building then.

Speaker #2: So, as we explained in the strategy, there is also one commercial building I forgot in Canton Vaud: Hotel Aulac. For Hotel Aulac, we're now going to get the building license, finally. So, we had some problems with the neighbor to get all the planning signed by them for the final approval, but now it's done.

Speaker #2: Versailles already one third of the building is already residential. We're going to change it gradually when the tenants leave. As a residential building. And also we have one building in Petit Lancier where we have actually Banque cantonale de Genève.

Speaker #2: And there, we're going to start now the refurbishment. It will take maybe more than one year, but this is going to become a residential building then.

Speaker #2: They should when I'm not wrong, we had five year plus 10 years, two years we bought it now three years. So it remains two and a half years.

Stéphane Bonvin: This is going to become a residential building then. Versoix already one-third of the building is already residential. We are going to change it gradually when the tenants leave as a residential building. Also we have one building in Petit-Lancy where we have actually Banque Cantonale de Genève. They should, when I am not wrong, we had five year plus 10 years, two years. We bought it now three years, so it remains two and a half year. There we are working to get the permit to do residential. These three commercial buildings are going to be residential, and as I explained, this is going to reduce our commercial exposure. Regarding the vacancy rate from 4.5% to 4%, we took over, in 2024, 2025, two buildings, and we had really to restructure also the organization.

Speaker #2: At Versailles, already one third of the building is already residential. We're going to change it gradually when the tenants leave to make it a residential building. Also, we have one building in Petit-Lancy where we currently have Banque Cantonale de Genève. If I'm not wrong, we had five years plus ten years, then two years—now we bought it three years ago, so it remains two and a half years. There, we are working to get the permit to convert it to residential.

Speaker #2: And there we are working to get the permit to do residential. So this is going to be these three residents commercial building is going to be residential.

Speaker #2: And as I explained, this is going to reduce our commercial exposure. And regarding the vacancy rate from 4.5 to 4, we took over in 2024, 2025, two buildings.

Speaker #2: And we had really to restructure also the organization, and not only the organization, also you know, always when you have a property management change, Geneva Business Center also we have a company who is offering the facility service.

Speaker #2: So, this is going to be these three residential buildings. The commercial building is going to be residential, and as I explained, this is going to reduce our commercial exposure.

Speaker #2: And regarding the vacancy rate, from 4.5% to 4%, we took over in 2024–2025 two buildings, and we had really to restructure also the organization. And not only the organization—also, you know, always when you have a property management change, Geneva Business Center also, we have a company who is offering the facility service, so there are five employees working the whole day there. And this makes that we improved, and as René said, now also we are hiring one person just to take care of our commercial letting.

Speaker #2: So there is five employees working the whole day there. And this makes that we improved and as René said, now also we are hiring one person just to take care of our commercial letting.

Stéphane Bonvin: Not only the organization, also, always when you have a property management change, Geneva Business Center also, we have a company who is offering the facility service. So there are 5 employees working the whole day there. This makes that we improve. As René said, now also we are hiring one person, just to take care of our commercial lettings, also to improve and to reduce as low as possible this building. What is very important is that the tenants must have the sensation that they are happy in the buildings. Last week, my responsible of the portfolio with Sophie did a visit at Geneva Business Center. Except one tenant, all the tenants were very happy and much happier than the former owner. Also what I explained earlier, our priority now is also to develop tools to be directly in contact with them.

Speaker #2: Also to improve and to reduce the as low as possible this building. What's very important is that the tenants they must have the sensation that they are happy in the buildings.

Speaker #2: Last week my responsible of the portfolio did a visit at Geneva Business Center. Except one tenant, all the tenants were very happy and much happier than the former owner.

Speaker #2: Also, to improve and to reduce this building as low as possible. What's very important is that the tenants must have the sensation that they are happy in the buildings. Last week, the person responsible for the portfolio, Sophie, did a visit at Geneva Business Center. Except for one tenant, all the tenants were very happy and much happier than with the former owner.

Speaker #2: So also what I explained earlier, our priority now is also to develop tools to be directly in contact with them. And we're going to start regarding your question of the Vault to already discuss not six months before, but already one and a half year, two years, to renew the lease contract.

Speaker #2: Also what we noticed in Morges, in our building, we did something new is the building is already lettered so it's they the tenants, they come, they enter, you have already all the furniture, all the service.

Speaker #2: So, as I explained earlier, our priority now is also to develop tools to be directly in contact with them. And, regarding your question about the Vault, we are going to start not six months before, but already one and a half to two years in advance, to discuss renewing the lease contract.

Stéphane Bonvin: We are going to start regarding your question of the vault, to already discuss not 6 months before, but already 1 and a half year, 2 years, to renew the lease contract. Also what we noticed, in March in our building, we did something new is the building is already lettered. So the tenants, they come, they enter, you have already all the furniture, all the service. We have also a short-term contract of one year. What we noticed, so we have PostFinance, so we have different tenants, no one is moving. What I think today, what they expect is really to get an office ready to enter and maybe to offer some service. If you look for March, the average price that we rent, we are also over the market price because we offer these service to be already furnished, et cetera.

Speaker #2: And we have also a short-term contract of one year. But what we noticed, so we have post-finance, so we have different tenants, no one is moving.

Speaker #2: Also, what we noticed in Marge in our building, we did something new: the building is already let, so it's—they, the tenants, they come, they enter, you have already all the furniture, all the service.

Speaker #2: What I think today, what they expect is really to get an office ready to enter and maybe to offer some service. And if you look for Morges, the average price that we rent, we are also over the market price because we offer these service to be already furnished, etc.

Speaker #2: And we also have a short-term contract of one year. But what we noticed—so, we have PostFinance, so we have different tenants. No one is moving.

Speaker #2: And we need to be more close of our tenant and that's what we are doing with a dedicated team. Yeah, that was the answer also for vacancy why it reduced.

Speaker #2: What I think today, what they expect is really to get an office ready to enter and maybe to offer some services. And if you look for Marge, the average price that we rent is also over the market price because we offer these services, to be already furnished, etc.

Speaker #4: Okay. Thank you. Second question will be on the debt. So out of the 625 million in debt, 525 million is due within the next 12 months.

Speaker #4: So can you walk us through the refinance plans for this debt, especially with respect to the 100 million bond that is maturing in October?

Speaker #2: And we need to be closer to our tenants, and that's what we are doing with a dedicated team. Regarding—yeah, that was also the answer for vacancy, why it was reduced.

Stéphane Bonvin: We need to be more close of our tenant, and that is what we are doing with a dedicated team. Regarding, that was the answer also for vacancy, why it reduced.

Speaker #2: Yes. We have a maturity in mid of October. And we plan to replace it with another bond. And the bank credit lines, they are all used with short-term financing on a rollover basis month by month.

Speaker #4: Okay, thank you. Second question will be on the debt. So, out of the CHF 625 million in debt, CHF 525 million is due within the next 12 months.

Holger Fausch: Okay, thank you. Second question will be on the debt. Out of the CHF 625 million in debt, CHF 525 million is due within the next 12 months. Can you walk us through the refinancing plan for this debt, especially with respect to the CHF 100 million bond that is maturing in October?

Holger Frisch: Okay, thank you. Second question will be on the debt. Out of the CHF 625 million in debt, CHF 525 million is due within the next 12 months. Can you walk us through the refinancing plan for this debt, especially with respect to the CHF 100 million bond that is maturing in October?

Speaker #2: So that's why they are very short-term.

Speaker #4: So, can you walk us through the refinance plans for this debt, especially with respect to the 100 million bond that is maturing in October?

Speaker #4: Okay. Great. Thank you. Last question would be on the strategic pillars that you outlined for the next coming years. So could you give us an idea for the time horizon to realize those ambitions, especially with respect to for the rental income to reach the 100 million?

Speaker #2: Yes, we have a maturity in mid-October, and we plan to replace it with another bond. The bank credit lines are all used for short-term financing on a rollover basis, month by month.

René Häsler: Yes. We have a majority in mid of October, and we plan to replace it with another bond. The bank credit lines, they are all used with short-term financing on a rollover basis, month by month. That's why they are very short term.

Speaker #4: And then with respect to investing in your current portfolio, what level of capex would you expect on an annual basis for the next few years, excluding acquisitions?

Speaker #2: So that's why they are very short term.

Speaker #2: So regarding so the time frame, you know, maybe I have a good news in six months is done. And maybe it takes three years.

Speaker #4: Okay, great. Thank you. Last question will be on the strategic pillars that you outlined for the next coming years. Could you give us an idea of the time horizon to realize those ambitions, especially with respect to the rental income to reach 100 million? And then, with respect to investing in your current portfolio, what level of capex would you expect on an annual basis for the next few years, excluding acquisitions?

Holger Fausch: Okay, great. Thank you. Last question would be on the four specific pillars that you outlined for the next coming years. Could you give us an idea for the time horizon to realize those ambitions, especially with respect to, for the rental income to reach the CHF 100 million? Then with respect to investing in your current portfolio, what level of CapEx would you expect on an annual basis for the next few years, excluding acquisitions?

Holger Frisch: Okay, great. Thank you. Last question would be on the four specific pillars that you outlined for the next coming years. Could you give us an idea for the time horizon to realize those ambitions, especially with respect to, for the rental income to reach the CHF 100 million? Then with respect to investing in your current portfolio, what level of CapEx would you expect on an annual basis for the next few years, excluding acquisitions?

Speaker #2: Depends. I think during my introduction, I really and that's really what we've done during the past year. We are quite disciplined in our acquisition.

Speaker #2: What we are more looking today is to speak with some families to get the whole portfolio and that they become shareholder of Investis to increase this rent.

Speaker #2: So regarding the time frame, you know, maybe I have good news in six months and it's done, and maybe it takes three years—it depends.

Stéphane Bonvin: Regarding the timeframe, maybe I have a good news in 6 months is done, and maybe it takes 3 years. It depends. I think during my introduction, and that's really what we've done during the past year, we are quite disciplined in our acquisition. What we are more looking today is to speak with some families to get the whole portfolio and that they become shareholder of Investis to increase this rent and this rental income. But it's difficult to say. Just read what happened this week. Solvalor bought a residential properties in Geneva at a gross yield of 2.7%. So of course, it's quite tough to create value if you start to buy properties at this yield. So it's difficult to answer, but as I said, we are actually on two property, not that big.

Speaker #2: And this rental income. But it's difficult to say. But just read what's happened this week. Solvalor bought a residential property in Geneva at a gross yield of 2.7.

Speaker #2: I think during my introduction, I really—and that's really what we've done during the past year. We are quite disciplined in our acquisition. What we are more looking at today is to speak with some families to get the whole portfolio, and that they become shareholders of Investis to increase this rent.

Speaker #2: So of course, it's quite tough to create value if you start to buy properties at this yield. So it's difficult to answer, but as I said, we are doing we are actually on two property, not that big.

Speaker #2: And these rental incomes. But it's difficult to say. But just read what's happened this week—Solvalor bought a residential property in Geneva at a gross yield of 2.7%.

Speaker #2: One we prepared the contract and the other one so we know that we are in the due diligence phase and our best of our offer was the best.

Speaker #2: So of course it's quite tough to create value if you start to buy properties at this yield. So it's difficult to answer but as I said we are doing we are actually on two property not that big one we prepared the contract and the other one so we know that we are in the due diligence phase and our best of our offer was the best.

Speaker #2: One is in over Lausanne and the other one is in Montreal. But it will take time. Second question was.

Speaker #1: What's the investments traditionally we invest 10 of our rental income into renovations. That is what we currently are executing.

Stéphane Bonvin: One, we prepare the contract, and the other one, so we know that we are in the due diligence phase and our offer was the best. One is in Ouchy-Lausanne and the other one is in Morges. But it will take time. Second question was?

Speaker #4: Okay. Great. Thank you.

Speaker #3: Thank you. Our next question comes from René Locher of Auto BHF. Your line is now open. Please go ahead.

Speaker #2: One is in, over Lausanne, and the other one is in Montreux. But it will take time. Second question was...

Speaker #5: Yes. Good morning. Thank you very much. You can hear me well. So I'm going to just go back to interest expense, which decreased by 12% year over year.

Speaker #1: With investments, traditionally we invest 10% of our rental income into renovations, and that is what we are currently executing.

René Häsler: Was the investments. Traditionally, we invest 10% of our rental income into renovations, and that is what we currently are executing.

Speaker #5: And I have seen that you have shifted 60 million from bank loans to credit rate and so I was wondering is this the reason for the decrease in the interest expense?

Speaker #4: Okay. Great. Thank you.

Holger Fausch: Okay, great. Thank you.

Holger Frisch: Okay, great. Thank you.

Speaker #5: Thank you. Our next question comes from Rene Aloha of Auto BHF. Your line is now open. Please go ahead.

Operator: Thank you. Our next question comes from René Locher of ODDO BHF. Your line is now open. Please go ahead.

Speaker #5: That would be my first question. Now, I don't know if you want to go question by question.

Speaker #1: So let's go one by one. So we had some financial income from sales. That we used to reduce the debt. And the lower interest environment also helped to create this low interest rates.

Speaker #6: Yes, good morning. Thank you very much. You can hear me well. So I'm going to just go back to interest expense, which decreased by 12% year over year, and I have seen that you have shifted 60 million from bank loans at a price, and so I was wondering, is this the reason for the decrease in interest expense?

René Locher: Yes, good morning. Thank you very much. Hope you can hear me well. I am going to just go back to interest expense, which decreased by 12% year over year. I have seen that you have shifted 60 million from bank loans at a price. I was wondering, is this the reason for the decrease in the interest expense? That would be my first question. I do not know if you want to go question by question.

Speaker #6: That would be my first question. Now, I don't know if you want to go question by question.

Speaker #5: Okay. Thank you. And then just on the EBITDA margins, when I'm right, it's 64.3%. In H1, 26, you are guiding for a non-changed H2.

Speaker #1: So let's go one by one. We had some financial income from sales that we used to reduce the debt, and the lower interest environment also helped to create these low interest rates.

René Häsler: Let's go one by one.

René Locher: Yes, please.

René Häsler: financial income from sales that we used to reduce the debt. The lower interest environment also helped to create these low interest rates.

Speaker #5: So yeah, I'm a little bit higher in my mobile. I'm more in the range of 66, 67%. So I was wondering if you comment if you can comment on development of the EBITDA margin.

Speaker #5: So it's more like 64 or can it go up to 66, 67 again?

Speaker #6: Okay, thank you. And then just on the EBITDA margin—you are at 64.3% in H1 '26, and you are guiding for an unchanged H2, right?

René Locher: Mm-hmm. Okay. Thank you. Then just on the EBITDA margins, if I am right, it is 64.3% in H1 2026. You are guiding for an unchanged H2. I am a little bit higher in my model. I am more at the range of 66% to 67%. I was wondering if you can comment on the development of the EBITDA margin. Is it more like 64%, or can it go up to 66% to 67% again?

Speaker #2: I take this one as well. Yes, you are right with your calculation. 64.3% for the first half year. We were 67% last year. We were a year before 59%.

Speaker #6: So yeah, I'm a little bit tired and on my mobile. I'm more in the range of 66–67%. So I was wondering if you can comment on the development of the EBITDA margin.

Speaker #2: So I was expecting this question to be honest. And the reason is very simple. We purchased in 2024 some properties that need heavy renovations which we started to do.

Speaker #6: So, it's more like 64, or can it go up to 66, 67 again?

Speaker #2: So this year, and maybe also the first six months next year, we'll see some higher renovation charges. Which we hadn't in 2025. That's why we have maybe this year and a couple of months next year, higher direct costs which lead to that 64%.

Speaker #2: I'll take this one as well. Yes, you are right with your calculation—64.3% for the first half-year. We were at 67% last year, and the year before, we were at 59%.

René Häsler: I take this one as well. Yes, you are right with your calculation, 64.3% for the H1. We were 67% last year. We were, a year before, 59%. I was expecting this question, to be honest. The reason is very simple. We purchased, in 2024, some properties that need heavy renovations, which we started to do. This year, and maybe also the first six months next year, we will see some higher renovation charges, which we had not in 2025. That is why we have, maybe this year and a couple of months next year, higher direct costs, which lead to that 64%. Nothing to worry. We will go back to 67% in the future.

Speaker #2: So, I was expecting this question, to be honest. And the reason is very simple. We purchased, in 2024, some properties that need heavy renovations, which we started to do.

Speaker #2: Nothing to worry. We will go back to 67% in the future.

Speaker #5: Excellent. Understood. Thank you very much. And then just a general question. I saw a report in a Swiss German newspaper that up to 90,000 French-speaking Swiss people are thinking about moving to France.

Speaker #2: So this year, and maybe also the first six months of next year, we'll see some higher renovation charges, which we hadn't in 2025. That's why we have, maybe this year and a couple of months next year, higher direct costs, which lead to that 64%.

Speaker #5: So I was wondering, is this something you experience in the late Geneva region?

Speaker #2: I would say is I would say, you know, France Geneva till two years ago, they were accepting that Swiss nationality, Swiss national who were living in France, could bring the children in a Swiss school.

Speaker #2: Nothing to worry about. We will go back to 67% in the future.

Speaker #6: Excellent. Understood. Thank you very much. And then just a general question. I saw a board in a serious term newspaper that up to 90,000 French-speaking Swiss people are thinking about moving to France.

René Locher: Excellent. Understood. Thank you very much. Just a general question. I saw a board in a Swiss German newspaper that up to 90,000 French-speaking Swiss people are thinking about moving to France. I was wondering, is this something you experience in the Lake Geneva region?

Speaker #6: So, I was wondering, is this something you experience in the Lake Geneva region?

Speaker #2: That's not anymore the case. So then I think if you are factual and you look at the numbers, I think you have more Swiss people coming back to Swiss to get the ability to have the to continue to have the children in a Swiss school.

Speaker #2: I would say is I would say you know France Geneva till two years ago they were accepting that Swiss nationality Swiss national who were living in France could bring the children in a Swiss school.

René Häsler: I would say, France, Geneva, till two years ago, they were accepting that Swiss national who were living in France could bring the children in a Swiss school. That is not anymore the case.

Speaker #2: Of course, you have many people, they say, I want to move because it's too expensive or I cannot find an apartment. But then when they look at all the disadvantage they have to move to France, of course, no one is moving, you know?

Speaker #2: That's not anymore the case. So then I think if you are factual and you look at the numbers I think you have more Swiss people coming back to Swiss to get the ability to have the to continue to have the children in a Swiss school.

René Häsler: I think if you are factual and you look at the numbers, I think you have more Swiss people coming back to Swiss to get the ability to continue to have the children in the Swiss school. Of course, you have many people, they said, "I want to move because it is too expensive," or, "I cannot find an apartment." But then when they look at all the disadvantage they have to move to France, of course, no one is moving. We do not feel really. Also, do not forget that today, and you are based in Geneva, so you know well, you have 100,000 people coming every day in Geneva, coming from France to work. Already all these international organization, you have almost minimum 50% of them, they are living already in France. For me, there is no change.

Speaker #2: So I don't we don't feel really you know, also don't forget that today, you are based in Geneva, so you know well, you have 100,000 people coming every day in Geneva coming from France to work.

Speaker #2: Of course, you have many people, they say, "I want to move because it's too expensive or I cannot find an apartment." But then, when they look at all the disadvantages they would have if they were to move to France, of course, no one is moving, you know.

Speaker #2: And already all these international organization, you have almost minimum 50% of them, they are living already in France. Already in France. So for me, there is no chance no change and what I know and also when you speak with the local property manager, you see more that when everyone is living in France, they look always always they are screening the market to see if they can find something affordable in Geneva.

Speaker #2: So I don't, we don't feel really, you know—also don't forget that today, and you are based in Geneva, so you know well—you have 100,000 people coming every day into Geneva from France to work.

Speaker #2: And already, all these international organizations, you have almost a minimum 50% of them—they are living already in France. Already in France. So for me, there is no chance, no change. And what I know, and also when you speak with the local property manager, you see more that when everyone is living in France, they look—always, always, they are screening the market to see if they can find something affordable in Geneva.

Speaker #5: Okay. Thank you very much.

Speaker #3: Thank you. We have a question from Teams from Dagmar Morrowitz. Please unmute yourself locally and proceed with your question.

René Häsler: And also when you speak with the local property manager, you see more that when everyone is living in France, they look always. They are screening the market to see if they can find something affordable in Geneva.

Speaker #1: Well, maybe I can read the question. In March, you said that you are in concrete negotiations for acquisitions, but till now the portfolio hasn't changed.

Speaker #6: Okay. Thank you very much.

René Locher: Mm-hmm. Okay. Thank you very much.

Speaker #1: What happens and what can we expect for H2?

Speaker #5: Thank you. We have a question from Teams, from Dagmar Morrowitz. Please unmute yourself locally and proceed with your question.

Operator: Thank you. We have a question from Teams from Dagmar Morawetz. Please unmute yourself locally and proceed with your question.

Speaker #2: Yes, it's true. So we were even selected in the second round on numbers of potential acquisition. But what we've noticed is exactly what I told before, that some institutional, they are bidding much higher than what we want to pay.

Speaker #1: Well, maybe I can read the question. In March, you said that you are in concrete negotiations for acquisitions, but until now the portfolio hasn't changed.

Stéphane Bonvin: Well, maybe I can read the question. In Morges, you said that you are in concrete negotiations for acquisitions, but till now, the portfolio hasn't changed. What happened, and what can we expect for H2?

[Company Representative] (Investis): Well, maybe I can read the question. In Morges, you said that you are in concrete negotiations for acquisitions, but till now, the portfolio hasn't changed. What happened, and what can we expect for H2?

Speaker #1: What happens and what can we expect for H2?

Speaker #2: And recently, we were very surprised because you see after the due diligence that some institutions, they increase the price they even they had the best offer, they increase the price by more than 10% just to be sure that they get the properties.

Speaker #2: Yes, it's true. So, we were even selected in the second round on a number of potential acquisitions. But what we've noticed is exactly what I said before: that some institutional investors are bidding much higher than what we want to pay.

René Häsler: Yes, it is true. We were even selected in the second round on numbers of potential acquisition. What we have noticed is exactly what I told before, that some institutional, they are bidding much higher than what we want to pay. Recently, we were very surprised because you see after the due diligence that some institution, they increase the price. Even they had the best offer, they increased the price by more than 10% just to be sure that they get the property. It shows you that the competition was too high, and we did not want to follow. That was the first question, and the second

Speaker #2: So it's just you that the competition was too high and we didn't want to follow. That was the first question. And the second.

Speaker #2: And recently we were very surprised because you see after the due diligence that some institution they increase the price they even they had the best offer they increase the price by more than 10% just to be sure that they get the properties.

Speaker #1: What can we expect for H2?

Speaker #2: Yes. As I said, you know, we have these two properties actually so we are bidding comparative to 21. We still receive quite a lot of opportunity.

Speaker #2: We are always bidding. But now I show it in the presentation. Asset manager, they rise so much money. And if they want to get fees, they need to invest this money.

Speaker #2: So it's just that the competition was too high, and we didn't want to follow. That was the first question. And the second.

Speaker #1: What can we expect for.

Speaker #2: Oh. Yes. As I said, you know, we have these two properties actually, so we are bidding comparatively to '21. We still receive quite a lot of opportunity.

Speaker #2: And so I said sometime and also I explain it and last investor presentation, in our industry, sometimes you have to be patient and to you know, I think we create a lot of value because we were able to be anticipate and now the demand is very high and if you start to buy residential building I know it's going to.

Dagmar Morawetz: What can we expect for

[Analyst]: What can we expect for

Stéphane Bonvin: Yes. As I said, we have these two properties, actually. We are bidding

Stéphane Bonvin: Yes. As I said, we have these two properties, actually. We are bidding Comparative to 2021, we still receive quite a lot of opportunity. We are always bidding, but now, I show it in the presentation, asset manager, they raise so much money, and if they want to get fees, they need to invest this money.

Stéphane Bonvin: Comparative to 2021, we still receive quite a lot of opportunity. We are always bidding, but now, I show it in the presentation, asset manager, they raise so much money, and if they want to get fees, they need to invest this money. I said sometime, and also I explain it in the last investor presentation, in our industry, sometimes you have to be patient and I think we create a lot of value because we were able to anticipate. Now the demand is very high, and if you start to my residential building, I know it is going to be I have seen that some in the center of Geneva residential building now, I have seen some transaction with even 2.5% gross yield. It will be difficult, but we are still in the market and let us see also the evolution.

Speaker #2: We are always bidding. But now I show it in the presentation. Asset managers, they raise so much money and if they want to get fees, they need to invest this money.

Speaker #2: And so I said sometime and also I explain it and last investor presentation in our industry sometimes you have to be patient and to you know we I think we create a lot of value because we were able to be anticipate and now the demand is very high and if you start to buy residential building I know it's going to be I've seen that some in the center of Geneva residential building now I've seen some transaction with even 2.5% gross yield so it will be difficult but we are still in the market and let's see let's see also the evolution now you know we have quite a high instability in the I would say in the financial market regarding the sovereign debt and always when you have a stress on sovereign debt then all the analysts first they start to monitor the countries but just after they start to monitor also the companies and just look what's happening actually in Europe on real estate.

Stéphane Bonvin: I said sometime, and also I explain it in the last investor presentation, in our industry, sometimes you have to be patient and I think we create a lot of value because we were able to anticipate. Now the demand is very high, and if you start to my residential building, I know it is going to be I have seen that some in the center of Geneva residential building now, I have seen some transaction with even 2.5% gross yield. It will be difficult, but we are still in the market and let us see also the evolution.

Stéphane Bonvin: Now we have quite a high instability in the, I would say, in the financial market regarding the sovereign debt. Always when you have a stress on sovereign debt, then all the analysts first they start to monitor the countries, but just after they start to monitor also the companies. Just look what is happening actually in Europe on real estate, the price, the demand, the yield, et cetera. I think the investor who is patient, who has his policy, he can again. It will not change a lot if we buy 6 months or 18 months later. Because if you buy a property and the price fell 50%, then you have to gain after just to be at the level 100%.

Speaker #2: The price, the demand, the yield, etc. So I think the investor who is patient, who has his policy, he can—again, you know—it will not change a lot if we buy six months or 18 months later.

Speaker #2: I've seen that some in the center of Geneva, residential building now, I've seen some transaction with even 2.5% gross yield. So it will be difficult, but we are still in the market and let's see.

Speaker #2: Because, you know, if you buy a property and the price falls 50%, then you have to gain 100% just to be back to the same level.

Speaker #2: Let's see also the evolution now. You know, we have quite a high instability in the I would say in the financial market regarding the sovereign debt.

Speaker #2: And always when you have a stress on sovereign debt, then all the analysts first, they start to monitor the countries, but just after they start to monitor also the companies, and just look what's happening actually in Europe on real estate.

Speaker #2: I think you know, the difference is always what I explain to investors when, for example, I have to present sometime with Swiss Life. And I always say to follow this, Stefano, I said, you know, you have to invest money.

Stéphane Bonvin: I think the difference is always what I explain to investors when, for example, I have to present sometime with Swiss Life, and I said always to Paolo Di Stefano, I said, "You have to invest money. You have to place this money that you receive." The difference with Investis, we have to gain money. We have to earn money. Because we did just one capital raise in 2016, and look what we did with this CHF 150 million. That is the difference, so better to wait.

Speaker #2: You have to place this money that you receive. And the difference with invest is we have to gain money. We have to earn money.

Speaker #2: The price, the demand, the yield, etc. So I think the investor who is patient who has his policy he can again, you know, it will not change a lot if we buy six months or 18 months later.

Speaker #2: Because we did just one capital raise in 2016, and look what we did with this 150 million. And that's the difference. So, better to wait.

Speaker #2: Because, you know, if you buy a property and the price fell 50%, then you have to gain after just to be at the level 100%.

Speaker #1: I have no.

René Häsler: I have no more questions.

[Company Representative] (Investis): I have no more questions.

Speaker #5: We do have one further question from the telephone lines. From Philippe Zuga of Circa Bank, your line is open. Please go ahead.

Operator: We do have one further question from the telephone lines, from Philippe Züger of Zürcher Kantonalbank. Your line is now open. Please go ahead.

Speaker #2: I think, you know, the difference is always what I explain to investors when for example, I have to present sometime with Swiss Life and I said always to Paulo DiStefano, I said, you know, you have to invest money.

Speaker #6: Thank you very much for the presentation. I do have a question regarding DHM. Have you now sold the entire position there, and then what's actually the strategy behind all your financial assets?

Philippe Züger: Thank you very much for the presentation. I do have a question regarding PHM. Have you now sold the entire position there? What is actually the strategy behind all your financial assets? May you elaborate on that?

Speaker #2: You have to place this money that you receive. And the difference with invest is we have to gain. We have to earn money. Because we did just once capital rise in 2016 and from look what we did with this 150 million.

Speaker #6: May you elaborate on that?

Speaker #2: Well, I'll take the first one. The second one I did not hear correctly. So, PHM—yes, we sold the entire participation. We could exit with the final part in the first six months, and we decided to do so.

René Häsler: Well, I take the first one. The second one I did not hear correctly. PHM, yes, we sold the entire participation. We could exit with the final port in the first six months, and we decided to do so. We achieved another nice financial gain of roughly EUR 8 million on this single transaction. The second one, what was it?

Speaker #2: And that's the difference. So better to wait.

Speaker #1: I have no. Great questions.

Speaker #2: And we achieved another nice financial gain of roughly $8 million on this single transaction. The second one—what was it?

Speaker #3: We do have one further question from the telephone lines. From Philippe Züger of Zürger Bank. Your lines are open. Please go ahead.

Speaker #4: Thank you very much for the presentation. I do have a question regarding PHM. Have you now sold the entire position there? And then what's actually the strategy behind all your financial assets?

Speaker #6: The second part is regarding the strategy behind your financial assets. You do have a couple of investments there. What’s...

Philippe Züger: The second part is regarding the strategy behind your financial assets. You do have a couple of investments there. What is the idea behind?

Speaker #2: Okay. I think our strategy—so we still have NEO, where we have Polytech directly, and indirectly we now have control of the company.

Stéphane Bonvin: Okay. I think our strategy, so we have still NEO, where with Polytech, we have directly and indirectly, we have now the control of the company. Indirectly, because we have one-third of Polytech, it is just if we want to vote, so we can speak with the other shareholder of Polytech. We are doing very well. We have almost a growth between 20% and 70% this company, so we want to keep it. The second one is Durovis. There it is more long-term, but also the company is doing well. The last one is also linked to NEO, because there we are doing some consolidation, but it is more really a financial participation with Polytech. The rest, when we get the opportunity, we are going to exit from there then.

Speaker #4: May you elaborate on that?

Speaker #2: Well, I take the first one. The second one, I did not hear correctly. So PHM, yes, we sold the entire participation. We could exit with the final part in the first six months and we decided to do so.

Speaker #2: Indirectly, because we have one third of Polytech, if we want to vote, we can speak with the other shareholder of Polytech. So, and we are doing very well.

Speaker #2: And we achieved another nice financial gain of roughly 8 million on this single transaction. The second one was what was it?

Speaker #2: Very well. So we have almost a gross between 20% and 30%. This company, so we want to keep it. The second one is Torus, and it's more long term, but also the company is doing well.

Speaker #4: The second part is regarding the strategy behind your financial assets. Did you have a couple of investments there? What's.

Speaker #2: Okay. I think our strategy so we have still NEO where with Polytech we have directly and indirectly we have now the control of the company.

Speaker #2: And the last one is also linked to NEO because there we are doing some consolidation, but he's more really a financial participation, it's Polytech.

Speaker #2: Indirectly, because we have one third of Polytech is just if we want to vote so we can speak with the other shareholder of Polytech so and we are doing very well, very well.

Speaker #2: And the rest will, when we get the opportunity, we're going to exit from there.

Speaker #6: Okay. Thank you.

Philippe Züger: Okay. Thank you.

Speaker #5: Thank you. At this time, we currently have no further questions.

Operator: Thank you. At this time, we currently have no further questions.

Speaker #1: So, I propose some closing remarks.

Speaker #2: So we have almost a gross between 20 and 30%. This company so we want to keep it. The second one is Taurus. And there is more it's more long term.

Speaker #2: Thank you for your question and for your interest in Investis. We look forward to seeing you again for the presentation of the full-year results in 2026.

René Häsler: I propose some closing remarks, Luca.

[Company Representative] (Investis): I propose some closing remarks, Luca.

Stéphane Bonvin: Then thank you for your question and for your interest in Investis. We look forward to seeing you again for the presentation of the full year results 2026. Thank you again, and we wish you a very pleasant day.

Speaker #2: Thank you again, and we wish you a very pleasant day.

Speaker #3: Thank you. Bye bye. See you soon.

Speaker #1: Thank you. Bye bye.

René Häsler: Thank you. Bye-bye. See you soon.

Speaker #2: But also the company is doing well. And the last one is also linked to NEO because there we are doing some consolidation, but it's more really a financial participation is Polytech.

[Company Representative] (Investis): Thank you. Bye-bye.

Operator: Thank you all for joining. You may now disconnect your lines.

Speaker #2: And the rest will when we get the opportunity we're going to exit from there.

Speaker #4: Okay. Thank you.

Speaker #3: Thank you. At this time, we currently have no further questions.

Speaker #1: So I propose some closing remarks.

Speaker #2: So thank you for your question and for your interest in investis. We look forward to seeing you again for the presentation of the full year result 26.

Speaker #2: Thank you again and we wish you a very pleasant day.

Speaker #5: Thank you. Bye-bye. See you soon.

Speaker #1: Thank you. Bye-bye.