Hiag Immobilien (HIAG) H2 2024 earnings summary

Executive summary

• Net income rose 60.0% year-over-year to CHF 75.2m; excluding revaluation, up 6.6% to CHF 51.8m.

• Property income increased 7.5% to CHF 75.6m, driven by new lettings and project completions.

• Vacancy rate improved to 3.2%, reflecting active management and successful lettings.

• Dividend per share increased by 6.5% to CHF 3.30, supported by strong results.

• High equity ratio of 55.2% and low net LTV of 37.3% provide financial flexibility.

Financial highlights

• EBITDA rose 32.3% year-over-year to CHF 93.8m; EBIT up 32.5% to CHF 93.3m.

• Revaluation gains of CHF 26.0m, compared to a loss of CHF 1.9m in the prior year.

• Funds from operations (FFO) I increased 28.0% to CHF 50.6m; FFO II up 14.2% to CHF 53.7m.

• NAV per share (incl. deferred tax) rose 4.1% to CHF 111.3.

• Share price closed at CHF 85.40, up from CHF 79.80 at prior year-end.

Outlook and guidance

• Expect stable to slightly increased collected income and low vacancy rate (<4.5%) for YE 2025.

• Revaluation gains anticipated from ongoing development progress.

• Start of condominium sales for Chama 2nd stage and further divestments planned.

• Continued focus on sustainability, with further GHG reduction and renewable energy expansion.

• Dividend policy remains unchanged, with ongoing increases in payout.