Infracore (INFRAC) Q2 2026 earnings summary

Executive summary

• Completed a successful IPO in July 2026, raising CHF 200 million and reaching a market capitalization of CHF 826 million, to fund sale-and-leaseback pipeline and development projects.

• Acquired See-Spital Horgen, marking the first sale-and-leaseback with a public hospital and diversifying the tenant base.

• Portfolio consists of 49 properties in 20 prime Swiss locations, valued at CHF 1.53 billion post-acquisition, with a 98.8% occupancy rate.

• Vacancy rate remains low at 1.2%, with a WAULT of 28.6 years, ensuring stable long-term income.

• Portfolio focused on healthcare infrastructure, with long-term, inflation-indexed leases and high tenant quality.

Financial highlights

• Rental income for H1 2026 increased by 5.3% year-over-year to CHF 35.9 million, driven by acquisitions, developments, and indexations.

• EBITDA rose 3.6% to CHF 32.4 million, with a margin of 90.4%; adjusted EBITDA (excluding extraordinary items) was CHF 33.1 million (92.1% margin).

• Net profit for H1 2026 was CHF 22.8 million, up 5.5% year-over-year.

• Free funds from operations (FFO) reached CHF 23.6 million, up 3.5% year-over-year, with a 7% annualized yield.

• EPS for H1 2026 was CHF 1.96 (up from CHF 1.86 year-over-year).

Outlook and guidance

• Full-year 2026 rental income guidance raised to CHF 74 million; FFO guidance at CHF 47 million.

• Expected dividend distribution for 2026 between CHF 2.95 and CHF 3.05 per share, representing 96–99% of forecast FFO and a yield above 6%.

• Organic rental growth expected from staggered rent contracts, ongoing construction, and annual indexation.

• Development pipeline totals CHF 149 million, with further external acquisitions planned.

• Confident in continued growth opportunities from healthcare infrastructure transformation and sale-and-leaseback demand.