Hiag Immobilien (HIAG) H1 2025 earnings summary

Executive summary

• Net income rose 23.3% year-over-year to CHF 44.6m, driven by revaluation gains and a sharpened strategy focused on cash flow growth.

• Property income increased 5.8% to CHF 39.3m, with low vacancy rate at 4.4% and high equity ratio of 54.3%.

• Significant profit from sale of investment properties (CHF 3.5m) and strong outlook for H2 2025, expecting major contributions from condominium sales.

• Strategy emphasizes scaling the yielding portfolio, capital recycling, and maintaining a robust balance sheet.

• Solid financial position with high financial flexibility and focus on residential properties.

Financial highlights

• EBITDA up 20.2% year-over-year to CHF 55.3m; EBIT up 20.0% to CHF 54.9m.

• Revaluation gains surged to CHF 26.6m (H1 2024: CHF 11.6m); net income excluding revaluation at CHF 20.5m.

• EPS (excl. revaluation) at CHF 2.0; NAV per share (incl. deferred tax) at CHF 112.3; adjusted NAV per share at CHF 126.95.

• Funds from operations (FFO) I at CHF 15.4m, FFO II at CHF 19.0m, both down year-over-year due to timing of profits.

• Portfolio value increased to CHF 2.021bn, with like-for-like property income up 7.9%.

Outlook and guidance

• Confident for H2 2025, expecting CHF 15–20m profit from Chama 2nd stage condominium sales.

• Targeting further reduction in vacancy rate to below 4.0% by year-end 2025 (excl. Fahrwerk <3.0%).

• Portfolio value target CHF 2.5bn by 2029, CHF 3.5bn by 2034, with property income targets of CHF 95–100m and CHF 150–160m, respectively.

• Continued divestment of non-strategic properties and expansion of renewable energy initiatives.

• Positive business trend expected to continue in H2 2025, with key project milestones and transaction activities strengthening earnings.