HIAG Immobilien Holding AG

Latest Results (08.03.2026):

HIAG Immobilien Holding AG — Half‑Year (H1) 2025: Net income rose to CHF 44.6m (up 23.3% year‑on‑year), driven by higher property income and strong revaluation gains, while the balance sheet remains conservative and financing conditions supportive. The company recorded stable operating performance (property income CHF 39.3m, +5.8%), a low vacancy rate and a clear pipeline where condominium sales (notably Chama stage 2) are expected to contribute materially in H2 2025.

Key financials

Net income CHF 44.6m (+23.3% YoY); property income CHF 39.3m (+5.8%); total operating income CHF 75.0m (vs CHF 82.0m H1 2024); EBITDA CHF 55.3m (+20.2%). Profit from sale of investment properties CHF 3.5m. Revaluation gains CHF 26.6m (up from CHF 11.6m in H1 2024).

Drivers of performance

Increase mainly from project completions and positive revaluations across yielding and development portfolios. LfL property income up (~+7.9% indicated in slides) and one‑off timing of condominium sales reduced total operating income versus prior year (no condo sales in H1 2025).

Condominium sales outlook

No income from sale of condominiums in H1 2025 (CHF 0m vs CHF 29.0m in H1 2024). HIAG expects significant profit contribution from the Chama stage 2 promotion (project profit cited ~CHF 36.3m) in H2 2025.

Portfolio, vacancy and leasing

Vacancy rate low at 4.4%. WAULT around 6.8 years (top‑15 tenants ~7.9 years). Revaluations were positive across use types, supporting asset value momentum and rental income stability.

Balance sheet & capital structure

Equity ratio ~54.3%; net LTV ~39.4%. Financial liabilities benefit from a supportive interest environment: average interest rate ~1.7% with interest fixation duration ~2.6 years, supporting refinancing flexibility.

Liquidity and financing of pipeline

Sale of condominiums and existing committed facilities increase financing flexibility for the mid‑term project pipeline; company highlights improved cash‑flow capacity to fund construction and development projects.

Projects & pipeline

Active short‑term projects include Alto (Zürich Freihofstrasse), Chama stage 2 (completion expected Q3–Q4 2026), Meyrin Hive 6 (data centre) and other committed builds. Construction and cost progress reported in line with plan.

Sustainability & operations

Ongoing sustainability measures: growth of PV capacity (total ~8.3 MWp installed), low embodied carbon target in Alto tower, tenant engagement and operational optimization initiatives underway.