Infracore SA, a leading Swiss healthcare real estate company, today announced its audited consolidated results for the financial year 2025, highlighting strong financial performance and a proposal to strengthen its board independence. The company generated rental income of CHF 66.1 million and total revenue including revaluation gains of CHF 82.5 million. EBITDA reached CHF 76.7 million, representing an EBITDA margin of 93.0% of total revenue including revaluation. Profit for the period amounted to CHF 55.8 million, or 67.6% of total revenue.
The market value of Infracore's investment properties, including those under construction and development projects, stood at CHF 1.412 billion at year-end, reflecting continued portfolio strengthening. The valuation was conducted by independent appraiser Wüest Partner AG using the discounted cash flow method. The portfolio achieved an occupancy rate of 98.7%, implying a vacancy rate of approximately 1.3%. Cash flow from operating activities before changes in working capital amounted to CHF 42.2 million, a proxy for Funds From Operations, representing 51.2% of total revenue.
Balance sheet strength is evidenced by shareholders' equity of CHF 688.7 million and a conservative leverage profile. Net debt of CHF 627.8 million resulted 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 with a payout ratio of 95% of Infracore's profit excluding revaluation results at the Annual General Meeting scheduled for March 25, 2026.
Infracore also announced plans to enhance board independence by proposing the election of two new independent candidates: Dr. Stephan Thaler and Céline Amaudruz. Subject to their election, the board would comprise three independent members, including Chairman Martin Gafner, alongside Dr. Thaler and Ms. Amaudruz, plus one representative from Medical Properties Trust, Inc., Edward K. Aldag, and one from AEVIS VICTORIA SA, Antoine Hubert. The five-member board, with a majority independent, aligns with best practice corporate governance.
The company sees growing demand for efficient capital allocation and modern infrastructure solutions among healthcare institutions. As Switzerland's leading hospital real estate specialist, Infracore 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 confirmed that the financial statements present a true and fair view and comply with Swiss law.
For more information, visit www.infracore.ch or www.medicalpropertiestrust.com.
