Infracore (INFRAC) Investor presentation summary

Business model and strategic positioning

• Operates as Switzerland's leading hospital real estate specialist, managing a CHF 1.5bn portfolio across 49 properties in 20 prime locations and 11 cantons, with a 98.8% occupancy rate and a WAULT of 28.6 years.

• Utilizes an OpCo/PropCo structure, enabling hospital operators to focus on healthcare delivery while providing capital for modernization, expansion, and acquisitions.

• Portfolio is almost fully occupied by 21 hospitals under individual lease agreements, with Swiss Medical Network (SMN) as the main operator.

• High entry barriers in the sector due to capital intensity, regulatory requirements, specialized expertise, and established networks.

• Lease structures are bilaterally negotiated, indexed to inflation, and designed for long-term affordability and sustainability.

Financial performance and IPO highlights

• Completed a successful IPO in July 2026, raising CHF 200m to finance sale-and-leaseback pipeline and development projects.

• Rental income for H1 2026 increased by 5.3% to CHF 35.9m, with EBITDA up 3.6% to CHF 32.4m and a margin of 90.4%.

• Portfolio value rose to CHF 1.53bn after the acquisition of See-Spital.

• Free funds from operations grew by 3.5% to CHF 23.6m.

• Post-IPO, equity ratio improved to 50.5%, with cash and equivalents at CHF 125m.

Portfolio quality and tenant profile

• High-quality, geographically diverse portfolio with assets in attractive regions such as Zurich, Vaud, Geneva, and Ticino.

• Majority of properties operated by SMN, Switzerland’s second-largest private hospital operator, under long-term, CPI-indexed leases.

• Lease structure ensures predictable, inflation-protected income, with over 62% of leases maturing post-2044.

• Significant expertise in hospital renovation and optimization, with 20 major projects realized in the last decade.

• Board and management team average over 12 years of sector experience.