Hiag Immobilien (HIAG) H2 2025 earnings summary

Executive summary

• Achieved record net income of CHF 115.1m, up 53.1% year-over-year, with net income excluding revaluations at CHF 68.7m (+32.5%).

• Property income rose 2.3% to CHF 77.4m, driven by project completions and low vacancy rate of 3.2%.

• Profit from property and condominium sales surged, supporting a 12.1% dividend increase to CHF 3.70/share.

• Strategy sharpened to focus on cash flow growth and capital recycling.

Financial highlights

• EBITDA increased to CHF 139.8m (+48.9% year-over-year); EBIT at CHF 138.8m (+48.8%).

• Revaluation gains nearly doubled to CHF 51.4m.

• Funds from operations (FFO) II rose 23.4% to CHF 66.3m.

• NAV per share (incl. deferred tax) increased 7.3% to CHF 119.4.

• Share price closed at CHF 118.60, up from CHF 85.40 at prior year-end.

Outlook and guidance

• Slight increase in collected income expected for 2026, with low vacancy rate (~3.5%).

• Investment expenditure for 2026 projected at CHF 125m.

• Completion of Chama 2nd stage sales to contribute ~CHF 30m profit in 2026.

• Further divestments and acquisitions planned, with continued focus on sustainability and dividend growth.