HIAG Immobilien Holding AG

Latest Results (20.04.2026):

HIAG Immobilien Holding AG — Annual results for the full year 2025 (reported Q1 2026). The company delivered a strong set of results: net income rose to CHF 115.1m (+53.1% vs. 2024), driven by CHF 51.4m in property revaluations and higher disposal gains; net income excluding revaluations was CHF 68.7m (+32.5%). Property income increased slightly to CHF 77.4m, profit from sale of condominiums rose to CHF 25.0m, and HIAG proposes a higher dividend of CHF 3.70/share. The balance sheet remains solid (equity ratio c.57.0%, net LTV 37.3%) with low vacancy (3.2%) and continued project activity.

Profit & income

Net income: CHF 115.1m in 2025 (2024: CHF 75.2m; +53.1%). Net income excl. revaluations: CHF 68.7m (+32.5%). EBITDA was CHF 139.8m and EBIT CHF 138.8m. Revaluation gains on properties were CHF 51.4m (2024: CHF 26.0m).

Operating performance

Property income rose to CHF 77.4m (+2.3% y/y), supported by project completions (notably Fahrwerk Winterthur and the GTR & power station in Hausen/Lupfig). Like‑for‑like property income increased ~+5.1%.

Development & sales

Income from sale of condominiums: CHF 64.4m (sales revenue) with profit from those sales CHF 25.0m (2024: CHF 18.1m). The Chama project’s 2nd stage showed strong demand and contributed materially to results.

Balance sheet & capital structure

Equity ratio ~57.0%; net LTV c.37.3% (conservative leverage). Portfolio value movement included revaluations, acquisitions and disposals, supporting HIAG’s stated capital recycling strategy for growth.

Liquidity & financing

Average financing cost lowered to ~1.7% (2025) with interest‑rate fixation duration ~2.2 years and capital commitment duration ~2.5 years, providing flexibility for the project pipeline. Financing structures include mortgages, syndicate loan, bonds and private placements.

Occupancy & lease profile

Vacancy rate remained low at 3.2% (as of 01.01.2026 for the portfolio), and WAULT is long and stable at 6.5 years (top‑15 tenants WAULT ~7.1 years), supporting rental income stability.

Costs & one‑offs

Total operating expenses increased to CHF 78.2m; real estate operating costs were at the upper end of the normal range and included a one‑off uninsured building damage in Kleindöttingen which affected maintenance/repair expenses.

Sustainability & capex pipeline

HIAG expanded PV capacity to 8.7 MWp in 2025 and operationalized an emissions target aligned with Minergie‑ECO values. Active project pipeline remains (projects under construction and committed), including Alto (Zürich), Chama 2nd stage and a data‑center (Meyrin Hive 6).

Dividend & outlook

HIAG proposes a dividend increase to CHF 3.70/share. Management emphasizes a promising outlook based on a sharpened strategy, ongoing project completions, capital recycling and a solid financing position to support growth.