Infracore SA, a leading Swiss healthcare real estate company, has published its audited consolidated results for the financial year 2025 and outlined proposals for its upcoming Annual General Meeting scheduled for March 25, 2026. The company reported rental income of CHF 66.1 million and total revenue including revaluation gains of CHF 82.5 million for the year. The Group recorded EBITDA of CHF 76.7 million, representing an impressive 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.
The market value of investment properties, including properties under construction and development projects, stood at CHF 1.412 billion at year-end, reflecting continued portfolio strengthening. The portfolio valuation was conducted by independent appraiser Wüest Partner AG using the discounted cash flow method. Infracore's investment portfolio achieved an exceptional occupancy rate of 98.7% in 2025, implying a very low vacancy rate of approximately 1.3%. This high occupancy rate underscores the stability and demand for healthcare real estate assets in the Swiss market.
Infracore demonstrated strong recurring cash-generation capacity, with cash flow from operating activities before changes in working capital amounting to CHF 42.2 million. This figure, commonly used as a proxy for Funds From Operations, represented 51.2% of total revenue including revaluation. The company maintains a solid balance sheet with shareholders' equity of CHF 688.7 million and reports a conservative leverage profile. Net debt amounted to 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 financial results, the Board of Directors will propose to the AGM a dividend corresponding to a payout ratio of 95% of Infracore's profit excluding results from revaluation. The company also announced significant governance enhancements, planning to achieve 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 alongside representatives from Medical Properties Trust, Inc. and AEVIS VICTORIA SA.
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 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 February 18, 2026. The statutory auditor concluded that the statements present a true and fair view in accordance with Swiss GAAP FER and comply with Swiss law.
The proposed board enhancements reflect Infracore's commitment to strong corporate governance practices. Dr. Stephan Thaler brings extensive experience in real estate and institutional asset management, having served as CEO of Swiss Life Investment Foundation where he was responsible for a real estate portfolio of CHF 9 billion. Celine Amaudruz offers management and business development expertise across public and private sectors, with experience at Hirslanden AG and current roles including managing director at Reyl Intesa Sanpaolo. These appointments would create a five-member board with varied backgrounds, expertise, and perspectives, aligning with best practice corporate governance standards.
For additional information about Infracore SA, visit https://www.infracore.ch. Details about Medical Properties Trust, Inc., one of Infracore's controlling shareholders, can be found at https://www.medicalpropertiestrust.com, while information about AEVIS VICTORIA SA is available at https://www.aevis.com. The original press release was published on https://www.newmediawire.com.
