Infracore SA (Infracore), a leading Swiss healthcare real estate company, today published its audited consolidated results for the financial year 2025, highlighting robust financial performance and strategic board enhancements. The company also outlined proposals for the Annual General Meeting (AGM) scheduled for 25 March 2026, including the election of two new independent members to the Board of Directors.
In 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 at year-end stood at CHF 1.412 billion, reflecting continued portfolio strengthening, as valued by independent appraiser Wüest Partner AG using the discounted cash flow method.
Infracore's 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 (a proxy for Funds From Operations, or FFO), representing 51.2% of total revenue including revaluation. In terms of balance sheet strength, shareholders' equity amounted to CHF 688.7 million, and net debt was CHF 627.8 million, resulting in a Net Loan-to-Value (Net LTV) 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 payout ratio of 95% of Infracore's profit excluding results from revaluation. Additionally, Infracore announced a strengthening of its Board's independent representation, aiming for a majority of independent members. Two new independent candidates—Dr. Stephan Thaler and Céline 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. 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. The five board members, with varied backgrounds and expertise, align with best practice corporate governance.
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, Infracore is well positioned to expand its sale-and-leaseback activities, leveraging its know-how in structuring long-term partnerships with hospitals. For more information, visit www.infracore.ch.
