Sustainable investment
Sustainable investment
Key figures of bonainvest Holding AG
| 01.01.-30.06.2026 | 01.01.-30.06.2025 | |
|---|---|---|
| Key financial figures | ||
| Income from letting of properties in CHF | 10'108'290 | 9'434'854 |
| Income from property development and sales in CHF | 16'617'705 | 17'132'409 |
| Gain from change in fair value of investment properties in CHF | 34'627'999 | 0 |
| Operating profit (EBIT) in CHF | 46'093'378 | 7'434'980 |
| Operating profit (EBIT), excluding changes in fair value in CHF | 11'465'378 | 7'434'980 |
| Net profit in CHF | 36'925'189 | 4'330'343 |
| 30.06.2026 | 31.12.2025 | |
| Total assets in CHF | 717'640'436 | 667'830'552 |
| Total property portfolio (Investment properties and development properties) |
684'266'160 | 631'918'002 |
| Total equity in CHF | 322'675'759 | 297'277'818 |
| Equity ratio (%) | 44,96% | 44,51% |
| Return on equity in % | 11,91% | 1,5% |
| Gross loan-to-value (LTV) as a percentage | 52,3% | 53,7% |
| Net loan-to-value (LTV) as a percentage | 48,3% | 51,3% |
| Investment properties in the portfolio | ||
| Number of investment properties | 24 | 23 |
| Market value of investment properties in CHF | 537'400'000 | 502'762'000 |
| Letable area in m² (HNF) | 66'021 | 66'021 |
| Income from letting investment properties in CHF | 10'108'290 | 19'035'108 |
| Vacancy rate for investment properties (%) | 1,7% | 2,1% |
| of which housing | 0,5% | 0,8 % |
| Direct expenses from the letting of investment properties in CHF | -1'341'044 | -2'690'724 |
| Gross yield (annualised) on investment properties (%) | 3,8% | 3,8% |
| Net return (annualised) on investment properties (%) | 3,3% | 3,3% |
| Investment properties under construction | ||
| Number of investment properties under construction | 4 | 4 |
| Carrying amount of investment properties under construction in CHF | 128'140'176 | 112'307'565 |
| Estimated investment volume for investment properties under construction in CHF | 222'430'000 | 251'762'000 |
| Investment properties under development | ||
| Number of investment properties under development | 7 | 5 |
| Carrying amount of investment properties under development in CHF | 14'825'555 | 13'098'448 |
| Estimated investment volume for investment properties under construction in CHF | 121'170'000 | 40'705'000 |
| Development properties | ||
| Carrying value of development properties under construction in CHF | 3'170'356 | 2'864'882 |
| Market value of properties for sale in CHF | 730'072 | 885'108 |
| Personal | ||
| Number of employees | 25 | 28 |
| Number of Full-time equivalent | 20.1 | 21.8 |
| 30.06.2026 | 31.12.2025 | |
| Shares | ||
| Number of shares in issue | 3'272'318 | 3'318'212 |
| Number of shares outstanding on average | 3'316'261 | 3'309'88 |
| Nominal value per share in CHF | 10 | 10 |
| NAV (Net Asset Value) per outstanding share in CHF | 98.61 | 89.59 |
| Earnings per share, basic/diluted in CHF | 11.13 | 5.45 |
Investment strategy
At carefully chosen sites, bonainvest Holding invests responsibly for the long-term in properties that are developed and built in compliance with the bonacasa concept. The portfolio is geographically diversified, with no economic region accounting for more than 40% of the total volume. bonainvest Holding offers capital providers an advantageous investment opportunity in rental properties based on the bonacasa concept and generating a gross target yield (2024) of 3.75%.
Shareholding structure
As at 30 june 2026, the shareholder base comprises 177 investors, including well-known pension funds, insurance companies, foundations and private investors.
Leading shareholders as at the end of june 2026
| Investor | Anteil |
|---|---|
| CPV/CAP Pensionskasse Coop | 10.95 |
| Migros Pensionskasse | 10.47 |
| F.G. Pfister Holding AG | 6.95 |
| Fonds interprofessionnel de Prévoyance Gebäudeversicherung Bern | 5.55 |
| Gebäudeversicherung Bern | 4.85 |
| Caisse de Prévoyance de l'Etat du Valais CPVAL | 3.53 |
| Previva | 3.51 |
| Ivo Bracher | 4.58 |
| Others | 49.61 |
Market capitalisation in CHF million
| Aktienwert Ende | Gegenwert Kapital |
|---|---|
| 2018 | 264.58 |
| 2019 | 275.00 |
| 2020 | 290.80 |
| 2021 | 293.33 |
| 2022 | 296.18 |
| 2023 | 303.05 |
| 2024 | 303.39 |
| 2025 | 308.92 |
Tax value per share
| Gross CHF | Net CHF | |
| Tax value 2023 | 80.50 | 56.35 |
| Tax value 2022 | 81.00 | 56.70 |
| Tax value 2021 | 78.00 | 54.60 |
| Tax value 2020 | 79.50 | 55.65 |
| Tax value 2019 | 76.95 | 53.87 |
| Tax value 2018 | 77.95 | 54.57 |
| Tax value 2017 | 78.00 | 54.60 |
| Tax value 2016 | 78.60 | 55.02 |
| Tax value 2015 | 76.80 | 53.76 |
| Tax value 2014 | 77.60 | 54.32 |
| Tax value 2013 | 77.39 | 54.17 |
| Tax value 2012 | 74.45 | 52.12 |
| Tax value 2011 | 64.00 | 44.80 |
| Tax value 2010 | 54.00 | 37.80 |
Return on equity
The return on equity rose from 4.3% in the previous year to 6% in the 2025 financial year. Rental income rose by 13.5% to CHF 19.0 million (2024: CHF 16.8 million), as we were able to complete our Strahmmatte and Worben (phase 1) projects with full occupancy during the reporting year.
Capital increases
bonainvest Holding makes regular capital increases to finance growth. The last capital increase was implemented on 28 January 2021 with a value of CHF 15.8 million. The equity ratio is 47% (as of 31 December 2025).
Dividend policy
bonainvest Holding’s dividend policy and the amount of future dividends depend on a number of factors, including income, the financial situation, need for liquidity, the group’s general business prospects, legal obligations in relation to the distribution of dividends and other factors. Taking all these factors into account, bonainvest Holding aims to achieve a stable dividend distribution. Dividends are paid out tax-free from the reserves from capital contributions.