Infracore SA, a leading Swiss healthcare real estate company, has published its audited consolidated results for the financial year 2025 and outlined proposals for its upcoming Annual General Meeting. The company generated rental income of CHF 66.1 million and total revenue including revaluation gains of CHF 82.5 million. The Group recorded EBITDA of CHF 76.7 million, representing a margin of 93.0% of total revenue including revaluation. Profit for the period amounted to CHF 55.8 million, which is 67.6% of total revenue including revaluation.
The market value of investment properties, including those under construction and development projects, stood at CHF 1.412 billion at year-end. This valuation was conducted by the independent appraiser Wüest Partner AG using the discounted cash flow method. The portfolio achieved an exceptionally high occupancy rate of 98.7% in 2025, implying a very low vacancy rate of approximately 1.3%. This high occupancy is crucial for stable, recurring income in the real estate sector.
Infracore demonstrated strong cash-generation capacity, with cash flow from operating activities before changes in working capital amounting to CHF 42.2 million. This figure, a commonly used proxy for Funds From Operations, represents 51.2% of total revenue including revaluation. The company maintains a conservative financial position with shareholders' equity of CHF 688.7 million and net debt of CHF 627.8 million. Relative to the property portfolio's market value, this corresponds to a Net Loan-to-Value ratio of 44.5%.
Based on these results, the Board of Directors will propose a dividend corresponding to a payout ratio of 95% of Infracore's profit excluding result from revaluation at the AGM. The company also announces a significant governance development: it plans to strengthen its Board's independent representation to achieve a majority of independent members. Two new independent candidates, Dr. Stephan Thaler and Céline Amaudruz, will be proposed for election at the AGM on 25 March 2026.
Subject to their election, the Board will comprise three independent members, including Chairman Martin Gafner, alongside Dr. Stephan Thaler and Celine Amaudruz. They will join one representative of Medical Properties Trust, Inc., Edward K. Aldag, and one representative of AEVIS VICTORIA SA, Antoine Hubert. This structure, with five board members possessing varied backgrounds, expertise, and perspectives where a majority is independent, aligns with best practice corporate governance standards.
Infracore sees growing demand for efficient capital allocation and modern infrastructure solutions among public and private healthcare institutions. As Switzerland's leading hospital real estate specialist and development partner, the company is well positioned to expand its sale-and-leaseback activities, leveraging its expertise in structuring long-term partnerships with hospitals. The consolidated financial statements were prepared in accordance with Swiss GAAP FER and authorized for issue by the Board of Directors on 18 February 2026. The statutory auditor concluded they present a true and fair view in accordance with Swiss GAAP FER and comply with Swiss law. For more information, visit https://www.infracore.ch.
