Hiag Immobilien (HIAG) H1 2026 earnings summary

Executive summary

• Net income surged 90.4% year-over-year to CHF 85 million, with net income excluding revaluations up 80.2% to CHF 36.9 million, driven by strong operational and development performance.

• Significant earnings from condominium sales (CHF 23.3 million) and property disposals (CHF 6.1 million), with all business segments contributing positively.

• Property income declined by 3.3% due to divestments, but like-for-like property income increased 3.8%; vacancy rate improved to 2.8%.

• High equity ratio (56.4%) and low net LTV (39.2%) support financial flexibility.

• Strategic focus on active portfolio management, targeted development, and disciplined acquisitions.

Financial highlights

• Operating income more than doubled to CHF 159 million, with EBITDA at CHF 106.2 million and EBIT at CHF 105.7 million.

• Revaluation gains totaled CHF 53.4 million, up from CHF 26.6 million year-over-year, mainly from the development portfolio.

• Portfolio value increased to CHF 2.1 billion, supported by investments and positive revaluations.

• EPS excluding revaluation increased 80% to CHF 3.7; NAV per share (incl. deferred tax) rose to CHF 119.4.

• Funds from operations (FFO) II rose 93% to CHF 36.7 million.

Outlook and guidance

• Guidance for 2026 confirmed, with expectations of slightly increased rental income and a low vacancy rate (~3%).

• Investment expenditure for 2026 projected at CHF 120 million, with CHF 60 million planned for H2 2026.

• Completion of Chama 2nd stage sales expected to contribute CHF 35 million profit in 2026.

• Expects significant rental income growth from completed developments in 2027 and beyond.

• Continued focus on sustainability and dividend growth.