Infracore SA, a leading Swiss healthcare real estate company, 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 reported total revenue including revaluation gains of CHF 82.5 million for 2025, with rental income contributing CHF 66.1 million. The Group recorded EBITDA of CHF 76.7 million, representing a 93.0% margin relative to total revenue including revaluation. Profit for the period reached CHF 55.8 million, equating to 67.6% of total revenue including revaluation.
The company's investment properties, including those under construction and development projects, were valued at CHF 1.412 billion at year-end, reflecting portfolio strengthening. The portfolio valuation was conducted by independent appraiser Wüest Partner AG using the discounted cash flow method. Infracore's portfolio demonstrated exceptional stability with a 98.7% occupancy rate in 2025, resulting in a minimal vacancy rate of approximately 1.3%. This high occupancy supports the company's 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.
Infracore maintains a strong balance sheet with shareholders' equity of CHF 688.7 million and reports a conservative leverage profile. Net debt stood at CHF 627.8 million, resulting in a Net Loan-to-Value ratio of 44.5% relative to the property portfolio's market value. Based on these results, the Board of Directors will propose a dividend corresponding to a 95% payout ratio of profit excluding result from revaluation at the upcoming AGM.
The company announced plans to strengthen its Board's independent representation, aiming for 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. If elected, the Board will comprise three independent members including Chairman Martin Gafner, alongside Dr. Thaler and Ms. 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 by providing varied backgrounds, expertise, and perspectives.
Infracore identifies 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 positioned to expand its sale-and-leaseback activities by 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, with the statutory auditor confirming they present a true and fair view in accordance with Swiss GAAP FER and comply with Swiss law.
For business and technology leaders, Infracore's performance demonstrates the resilience of specialized healthcare real estate in uncertain economic environments. The company's high occupancy rates and recurring cash flow generation provide stability for investors, while its conservative leverage and strong balance sheet offer protection against market volatility. The proposed governance enhancements through independent board member elections signal commitment to transparent oversight and strategic decision-making. As healthcare infrastructure demands increase globally, Infracore's model of long-term, inflation-indexed leases with healthcare providers presents a replicable framework for real estate investment in essential service sectors. The company's expansion plans in sale-and-leaseback activities could provide capital solutions for healthcare institutions seeking to modernize facilities without significant upfront investment.
