Infracore SA (Infracore), a leading Swiss healthcare real estate company, today published its audited consolidated results for the financial year 2025 and outlined proposals for the Annual General Meeting (AGM) to be held on 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 recorded EBITDA of CHF 76.7 million, corresponding to an EBITDA margin of 93.0% of total revenue including revaluation. Profit for the period amounted to CHF 55.8 million, representing 67.6% of total revenue including revaluation. At year-end, the market value of investment properties (including properties under construction and development projects) stood at CHF 1.412 billion, reflecting the continued strengthening of the portfolio. The portfolio is valued by the independent appraiser Wüest Partner AG, using the discounted cash flow (DCF) method.
Infracore’s portfolio continues to stand out for its exceptionally high occupancy: the investment portfolio achieved an occupancy rate of 98.7% in 2025, implying a very low vacancy rate of approximately 1.3%. Infracore also highlights its recurring cash-generation capacity: cash flow from operating activities before changes in working capital amounted to CHF 42.2 million (a commonly used proxy for Funds From Operations, “FFO”), representing 51.2% of total revenue including revaluation.
In terms of balance sheet strength, shareholders’ equity amounted to CHF 688.7 million. In addition, Infracore reports a conservative leverage profile. Net debt amounted to CHF 627.8 million. Relative to the market value of the property portfolio of CHF 1.412 billion, this corresponds to a Net Loan-to-Value (Net LTV) of 44.5%. Based on these results, the Board of Directors will propose to the AGM a dividend corresponding to a payout ratio of 95% of Infracore’s profit excluding result from revaluation.
Infracore also announces 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. The five board members with varied backgrounds, expertise and perspectives, whereof a majority is independent, 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. 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 concludes that the consolidated financial statements present a true and fair view in accordance with Swiss GAAP FER and comply with Swiss law.
