HIAG Immobilien Holding AG

Latest Results (31.05.2026):

HIAG Immobilien Holding AG — reporting on the year ended 31.12.2025 (Q4 2025 / Annual Results 2025). The company delivered an all‑time high net income of CHF 115.1m (+53% vs 2024) driven by strong revaluation gains and robust property and promotion sales; net income excl. revaluations was CHF 68.7m (+32.5%). Total operating income rose to CHF 218.0m, vacancy remained low (3.2%) and the board proposes an increased dividend of CHF 3.70/share.

Earnings and key P&L figures

Property income CHF 77.4m (+2.3% y/y); revaluation gains CHF 51.4m (up ~98%); income from sale of condominiums CHF 64.4m (profit from these sales CHF 25.0m). EBITDA CHF 139.8m and EBIT CHF 138.8m supported the CHF 115.1m net income.

Underlying operating performance

Net income excluding revaluations was CHF 68.7m (+32.5%), showing solid cash‑flow earnings growth. Like‑for‑like property income increased +5.1%, with project completions (e.g., GTR/power station Hausen/Lupfig and Fahrwerk Winterthur) cited as main drivers.

Balance sheet and financing

HIAG reports a strong capital structure: equity ratio c. 57.0% and net LTV 37.3% at year‑end. Average interest rate on debt fell to 1.7% and interest‑rate fixation duration was 2.2 years, underpinning financing flexibility for the development pipeline.

Portfolio, occupancy and leases

Vacancy remained low at 3.2% (01.01.2026), WAULT about 6.5 years (top‑15 tenants 7.1 years), indicating long and stable lease maturities and diversified tenant base.

Promotion & sales activity

Promotion sales were strong: income from sale of condominiums CHF 64.4m with direct profit CHF 25.0m (vs CHF 18.1m in 2024). The Chama development achieved full sales and handed over units, with Chama 2nd stage showing strong demand.

Operating expenses and one‑offs

Operating expenses were within a normal range but elevated by a one‑off non‑insurable damage in Kleindöttingen; real‑estate operating costs represented ~14.8% of property income (upper end of historical fluctuation).

Sustainability and ESG

HIAG expanded onsite solar capacity (three new PV plants) to a total of 8.7 MWp, set a target value for construction emissions (Minergie‑ECO aligned) and reported high tenant satisfaction (survey score 4.12/5 based on 239 responses).

Outlook and capital allocation

Management presents a sharpened strategy focused on cash‑flow growth (cash flow growth +12.1% cited), continued site development and selective capital recycling; the company highlights high financing flexibility to execute the mid‑term project pipeline and proposes a dividend increase to CHF 3.70/share.