Infracore SA, a leading Swiss healthcare real estate company, today published its audited consolidated results for the financial year 2025, highlighting robust operational performance and a strengthened balance sheet. The company also announced proposals for the Annual General Meeting (AGM) scheduled for 25 March 2026, including the election of two new independent board members, Dr. Stephan Thaler and Celine Amaudruz.
For the year 2025, Infracore generated rental income of CHF 66.1 million and total revenue including revaluation gains of CHF 82.5 million. The Group reported EBITDA of CHF 76.7 million, corresponding to an EBITDA margin of 93.0% of total revenue including revaluation. Profit for the period reached CHF 55.8 million, representing 67.6% of total revenue including revaluation. The market value of investment properties stood at CHF 1.412 billion as of year-end, reflecting continued portfolio strengthening, as valued by independent appraiser Wüest Partner AG using the discounted cash flow method.
The portfolio achieved an exceptional occupancy rate of 98.7% in 2025, implying a very low vacancy rate of approximately 1.3%. Infracore also highlighted its recurring cash-generation capacity, with cash flow from operating activities before changes in working capital amounting to CHF 42.2 million, a commonly used proxy for Funds From Operations (FFO), representing 51.2% of total revenue including revaluation.
Balance sheet strength was underscored by shareholders‘ equity of CHF 688.7 million and a conservative leverage profile. Net debt amounted to CHF 627.8 million, resulting in a Net Loan-to-Value (Net LTV) of 44.5% relative to the property portfolio market value. 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.
Infracore also announced a strengthening of its Board’s independent representation, aiming for a majority of independent members. Two new independent candidates, Dr. Stephan Thaler and Celine Amaudruz, will be proposed for election 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, plus one representative from Medical Properties Trust, Inc., Edward K. Aldag, and one from AEVIS VICTORIA SA, Antoine Hubert. This composition aligns with best practice corporate governance.
The company 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, Infracore is well positioned to expand its sale-and-leaseback activities, leveraging its know-how in structuring long-term partnerships with hospitals.
The consolidated financial statements have been prepared in accordance with Swiss GAAP FER and were authorized for issue by the Board of Directors on 18 February 2026. The statutory auditor concluded that the financial statements present a true and fair view in accordance with Swiss GAAP FER and comply with Swiss law. For more information, visit the original release on NewMediaWire.
