Ina Invest increases operating result - simplification of the company
structure will be proposed to the Annual General Meeting

Ina Invest Holding AG / Key word(s): Annual Results/Real Estate
Ina Invest increases operating result - simplification of the company
structure will be proposed to the Annual General Meeting

26-Feb-2024 / 07:03 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.

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  * Operating result (EBIT) excluding changes in market value reaches CHF
    7.5 million, compared with CHF 3.3 million in the previous year

  * Completion of projects increases rental income by 34% to CHF 15.2
    million

  * Higher interest rates lead to a market-related valuation adjustment of
    CHF -16.3 million or around 2% of the portfolio

  * A merger with the subsidiary Ina Invest Ltd and thus the simplification
    of the company structure will be proposed to the Annual General Meeting

  * Confident outlook and commitment to the medium-term targets of a
    portfolio size of over CHF 2 billion and a return on equity (ROE) of
    over 6%

Glattpark (Opfikon), 26 February 2024 - Ina Invest, the Swiss real estate
company listed on the SIX Swiss Exchange, made progress in the 2023
financial year in a challenging market environment. The portfolio was
further developed as planned and the operating result increased
significantly compared to the previous year. The valuation adjustment of the
portfolio is in line with the general development of the real estate market
in Switzerland. Ina Invest sees itself on track to achieve its medium and
long-term goals.

Significantly higher rental income

Ina Invest generated an operating result (EBIT) excluding changes in market
value of CHF 7.5 million in the financial year 2023, compared with CHF 3.3
million in the previous year. This was mainly driven by a 34% increase in
rental income to CHF 15.2 million (2022: CHF 11.3 million), partly due to
the completion of various projects. In addition, a positive one-off effect
of CHF 3 million in connection with the "Bredella" site contributed to the
significant increase in the operating result. Other operating expenses were
reduced by around 5%. Financial expenses increased as a result of higher
debt capital and higher interest rates.

As communicated on December 14, 2023, negative, non-cash changes in market
value of CHF -16.3 million (2022: CHF +12.8 million) were recorded due to
the higher interest rates. The valuation adjustment of around 2% of the
portfolio is in line with the general market trend. After taking the
revaluation into account, the operating result (EBIT) is CHF -8.8 million
(2022: CHF 16.1 million), leading to a net result of CHF -11.2 million
(2022: CHF +19.1 million).

High quality of the real estate portfolio

The market value of the real estate portfolio stood at CHF 836 million at
the end of 2023. With the completion of "HolidayInn Express & Suites" in
Allschwil and "Elefant" in Winterthur, these properties were transferred to
Ina Invest's property portfolio, which contributed significantly to the
increase in rental income. "Garage Grüssen" in Pratteln was also
successfully re-let. All 38 apartments sold in the "Tender" in Winterthur
were handed over to the condominium owners. Ina Invest's portfolio is of
high quality in terms of its locations and the high proportion of
residential properties of over 50% (after completion).

Development projects on track

The development of key projects reached important milestones in the
financial year 2023. Ina Invest received the building permit for the casino
in the "Lokstadt-Hallen" in Winterthur, and the operator was granted the
concession by the federal government. Construction of the casino will begin
in spring 2024. The district plan West for the Bredella project has been
submitted to the canton of Basel-Landschaft for approval and Ina Invest is
confident that it will receive approval in the first half of 2024. The
planning application for "Rue du Valais" in Geneva has been submitted for
its transformation into a residential property. "Birspark" in Aesch (BL) was
successfully sold after planning permission was granted. The "Tivoli"
project (NE) was also sold. These two transactions resulted in a profit
contribution of CHF 1.6 million.

High standards of sustainability

In 2023, Ina Invest has also reached further milestones in implementing its
vision of holding and developing one of the most sustainable real estate
portfolios in Switzerland. As part of the GRESB(1) Real Estate Development
Benchmark Analysis, it once again compared itself with the peer group in
Western Europe. With 95 out of a possible 100 points, Ina Invest once again
exceeded the very good result from the previous year (93 points). For the
first time, Ina Invest also subjected its existing properties to the GRESB
rating and, with 65 out of a possible 100 points, also received the "Green
Star" award, underlining the progress made in transforming the portfolio.

The simplification of the corporate structure will be proposed to the Annual
General Meeting on April 3, 2024

Ina Invest Holding Ltd will propose a merger with its subsidiary Ina Invest
Ltd to the Annual General Meeting on April 3, 2024. The Board of Directors
and Executive Board of Ina Invest Holding Ltd are convinced that this step
will benefit both the company and its shareholders. The simplification of
the corporate structure will lead to an increase in the market
capitalization of Ina Invest Holding Ltd by around 40% or CHF 125 million to
approximately CHF 295 million.

Confident outlook

In addition to simplifying the company structure, the focus in the current
year is on the further development of projects. One focus will be the start
of construction of the casino in the Lokstadt-Hallen. Building permits are
expected for "Schaffhauserstrasse" in Zurich, Rue du Valais in Geneva and
"Rocket & Tigerli" in Lokstadt Winterthur, as well as the approval of the
Bredella West district plan in Pratteln.

The Board of Directors and Executive Board of Ina Invest are confident about
the current year. The interest rate peak has probably been reached. Net
immigration will be accompanied by a decline in construction activity, which
will further increase demand for residential space, both for residential
property and rental apartments in good locations, particularly in urban
centers. Ina Invest is well positioned in this segment. Against this
background, Ina Invest is reaffirming its medium-term targets of a portfolio
size of over CHF 2 billion and a return on equity (ROE) of over 6%.

In addition, Ina Invest intends to distribute a proportion of the operating
result as a dividend to shareholders in future. For the first time, a
dividend is to be paid out for the current financial year 2024.

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(1) GRESB is the leading rating system for measuring the sustainability
performance of real estate companies and real estate funds. Seven different
aspects are weighted to produce the "GRESB Score", which contributes
significantly to the transparency of the real estate industry in
sustainability issues.


You can find the Annual Report 2023 at report.ina-invest.com.

Media and analysts' conference on the 2023 full-year results
Today at 3:00pm, CEO Marc Pointet and CFO Daniel Baumann will present the
2023 full-year results of Ina Invest. You can watch the livestream with
presentation and audio feed at ina-invest.com/webcast. To take part in the
Q&A session, please register for the conference call at
ina-invest.com/telefonkonferenz. You will then receive your individual
dial-in details.


Contact for investors and analysts
Marc Pointet, CEO
T +41 44 552 97 17
investors@ina-invest.com

Contact for the media
Corporate Communications
T +41 44 552 97 27
communications@ina-invest.com


Ina Invest is an independent Swiss real estate company that develops
sustainable spaces to live, work and relax in, with a focus on hybrid real
estate that ensures long-term flexibility of use and profitability. Ina
Invest, which was created as a spin-off from Implenia, now has one of the
largest and most high-potential development portfolios on the Swiss market.
The properties are situated in high-quality locations and can be used in a
variety of ways. Ina Invest plans to keep on investing and growing while
maintaining an above-average development ratio and at least 50% residential
space in its portfolio. Ina Invest achieves the highest sustainability
standards by taking a holistic approach to sustainability across all parts
of the value chain. In addition, the GRESB Real Estate Development Benchmark
Assessment found that Ina Invest is one of the most sustainable company in
its peer group in Western Europe. Ina Invest has been listed on the SIX
Swiss Exchange since June 2020 (INA, CH0524026959). Further information is
available at ina-invest.com.


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End of Inside Information

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   Language:       English
   Company:        Ina Invest Holding AG
                   Binzmühlestrasse 11
                   8050 Zurich
                   Switzerland
   Phone:          044 552 97 00
   E-mail:         info@ina-invest.com
   Internet:       www.ina-invest.com
   ISIN:           CH0524026959
   Valor:          52402695
   Listed:         SIX Swiss Exchange
   EQS News ID:    1844465

End of Announcement EQS News Service
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1844465 26-Feb-2024 CET/CEST