Infracore SA published its audited consolidated results for the financial year 2025 and outlined proposals for its Annual General Meeting scheduled for 25 March 2026. The company generated rental income of CHF 66.1 million and total revenue including revaluation gains of CHF 82.5 million during the year. The Group recorded EBITDA of CHF 76.7 million, representing an EBITDA margin of 93.0% of total revenue including revaluation. Profit for the period amounted to CHF 55.8 million, which corresponds to 67.6% of total revenue including revaluation.
At year-end, the market value of investment properties stood at CHF 1.412 billion, reflecting continued portfolio strengthening. The portfolio is valued by independent appraiser Wüest Partner AG using the discounted cash flow method. Infracore's investment portfolio achieved an occupancy rate of 98.7% in 2025, implying a very low vacancy rate of approximately 1.3%. The company also highlighted its recurring cash-generation capacity, with cash flow from operating activities before changes in working capital amounting to CHF 42.2 million, representing 51.2% of total revenue including revaluation.
Shareholders' equity amounted to CHF 688.7 million, while net debt stood at CHF 627.8 million. Relative to the market value of the property portfolio, this corresponds to a Net Loan-to-Value of 44.5%. Based on these results, the Board of Directors will propose a dividend corresponding to a payout ratio of 95% of profit excluding result from revaluation. 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.
Infracore announced a strengthening of its Board's independent representation, planning to have a majority of independent board members. Two new independent candidates, Dr. Stephan Thaler and Céline Amaudruz, will be proposed for election to the Board of Directors at the AGM. Subject to their election, the Board will comprise three independent members, including Chairman Martin Gafner, alongside Dr. Stephan Thaler and Celine Amaudruz, in addition to one representative of Medical Properties Trust, Inc., Edward K. Aldag, and one representative of AEVIS VICTORIA SA, Antoine Hubert. This structure aligns with best practice corporate governance.
Dr. Stephan P. Thaler holds a PhD in Business Economics and is a Certified Board Member. He currently serves as senior advisor and former CEO of Swiss Life Investment Foundation, where he was responsible for a real estate portfolio of CHF 9 billion. Celine Amaudruz holds a M.A. in Law from the University of Geneva and currently serves as managing director and relationship manager at Reyl Intesa Sanpaolo. She has been vice-president of the Swiss People's Party since 2016 and a member of the Swiss National Council since 2011.
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 know-how in structuring long-term partnerships with hospitals. The company's portfolio comprises 47 properties across 19 prime locations in Switzerland, totaling 221,157 square meters. More information about the company is available at https://www.infracore.ch.
