HIAG Immobilien Holding AG

HIAG

Equity

ISIN CH0239518779 / Valor 23951877

SIX Swiss Exchange (2026-07-03)

CHF 134.80+1.19%

HIAG Immobilien Holding AG
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About company

HIAG Immobilien Holding AG is a Swiss real estate company that focuses on the development, management, and optimization of a diverse property portfolio. The company operates an integrated business model that spans the entire lifecycle of a property, from site and project development to portfolio and asset management, primarily conducted in-house. HIAG's investment strategy targets former industrial sites, as well as commercial, office, logistics, and select residential properties, particularly in economically significant and growth-oriented regions of German and French-speaking Switzerland, though its market presence extends across the entire country. The company employs a capital recycling strategy, continuously optimizing its portfolio through strategic acquisitions and divestments to enhance value over multiple generations. As a publicly listed entity with long-term anchor shareholders, HIAG leverages its access to capital markets and a proactive, entrepreneurial approach to adapt to market developments, aiming for sustainable value creation through its project pipeline and strategic investments.

Summarized from source with an LLMView SourceSector: Finance

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.

Summarized from source with an LLMView Source

Key figures

24.6%1Y

78.4%3Y

31.7%5Y

Performance

19.1%1Y

18.1%3Y

18.0%5Y

Volatility