Infracore delivers a solid first-half 2026 performance and confirms distribution guidance

Ad hoc announcement pursuant to Art. 53 LR
Fribourg, 27 August 2026

Infracore delivers a solid first-half 2026 performance and confirms distribution guidance

Infracore SA, a leading owner of healthcare infrastructure in Switzerland, today announces its half-year 2026 results:

• Rental income increased by 5.3% to CHF 35.9 million (H1 2025: CHF 34.1 million).
• EBITDA went up 3.6% to CHF 32.4 million, corresponding to an EBITDA margin of 90.4% (H1 2025: CHF 31.3 million; 91.9%). Without the extraordinary effect of the sale of two properties, the EBITDA margin would have reached 92.1%.
• Free Funds from Operations grew 3.5% to CHF 23.6 million (H1 2025: CHF 22.8 million).
• As of 31 July 2026, after the IPO and the acquisition of See-Spital Horgen, the market value of the portfolio amounted to CHF 1.53 billion (31.12.2025: CHF 1.41 billion) and the NAV before deferred taxes was CHF 987.9 million (31.12.2025: CHF 809.3 million).
• Infracore forecasts full-year 2026 rental income of approximately CHF 74 million and funds from operations of approximately CHF 47 million. The Board of Directors expects to propose a distribution for the 2026 financial year in the range of CHF 2.95 to CHF 3.05 per share. This corresponds to approximately 96% to 99% of forecast funds from operations

Eric Frey, Chief Executive Officer of Infracore, said: «Our successful IPO, in which we achieved a market capitalization of CHF 826 million, marks a defining milestone for Infracore. The good demand from new private and institutional investors, alongside the continued commitment of our anchor shareholders Medical Properties Trust and AEVIS VICTORIA, reflects confidence in our strategy. With enhanced financial flexibility, we are well positioned to advance our sale-and-leaseback pipeline and development projects, while our resilient, healthcare-focused portfolio will continue to ensure sustainable growth and distributions.»

Solid operating performance in the first half of 2026

In the first half of 2026, Infracore delivered a solid operating performance, supported by the stability and long-term nature of its rental income and the resilience of its healthcare-focused real estate portfolio. Rental income increased by 5.3% to CHF 35.9 million (H1 2025: CHF 34.1 million). Main growth drivers were the acquisition of Spital Zofingen in spring 2025 which has contributed to rental income from 1 April 2025, staggered rental increases in new properties such as the Genolier Innovation Hub, new leases for completed constructions at Clinica Ars Medica in Gravesano, the medical center in Bellinzona and an extension in Privatklinik Bethanien in Zurich as well as rent indexations. These positive developments more than offset the negative impacts by the sale of two smaller non-core properties in Sion in the second half of 2025.

EBITDA reached CHF 32.4 million, up 3.6%, corresponding to an EBITDA margin of 90.4%. The sale of a non-core property in Solothurn resulted in a small loss on the disposal of investment property. Excluding this extraordinary effect, EBITDA would have been CHF 33.1 million and the margin 92.1%. EBIT increased by 3.6% to CHF 32.2 million. Net profit rose by 5.5% to CHF 22.8 million (H1 2025: CHF 21.6 million). No revaluation gains or losses were recognized during the reporting period. Free Funds from Operations totaled CHF 23.6 million, up 3.5% from the first half of 2025 (H1 2025: CHF 22.8 million).

Cash flow from operating activities before changes in working capital increased to CHF 23.6 million, compared with CHF 22.8 million in the prior-year period. Reported operating cash flow amounted to CHF 20.2 million, mainly reflecting working-capital movements during the period.

Balance Sheet by end of July with strong LTV improvement

As the IPO had a significant impact on the consolidated balance sheet, Infracore has prepared a consolidated balance sheet as of 31 July 2026 for informational purposes to provide a more complete picture of the Group’s financial position. This balance sheet includes all financial transactions related to the IPO, the acquisition of See-Spital completed in early July, and other business activities during the month of July. The balance sheet as of 31 July 2026 can be found in the half-year report.

As of 31 July 2026, the NAV before deferred taxes amounted to CHF 987.9 million (31.12.2025: CHF 809.3 million). The net LTV amounted to 34.1% (31.12.2025: 44.5%). The LTV ratio decreased following the IPO, primarily reflecting the IPO proceeds which remained largely as cash on the balance sheet as of 31 July 2026, pending deployment into the investment pipeline.

Acquisition of See-Spital Horgen raises portfolio value to CHF 1.53 billion

On 2 July 2026, prior to the IPO, the acquisition of See-Spital Horgen was completed. The transaction represents a milestone in Infracore’s development and is the first sale-and-leaseback transaction with a public hospital. Infracore has taken over the main buildings at the hospital site in Horgen. See-Spital will continue its medical operations under a long-term lease agreement. The transaction ensures the continuity of hospital operations and patient care, while it also enabled See-Spital to free up capital to repay its maturing bond.

With this acquisition, the market value of Infracore’s real estate portfolio rises to CHF 1.53 billion as of 31 July 2026 (31.12.2025: CHF 1.41 billion).

Infracore offers a resilient, non-cyclical business model and attractive dividend policy

The See-Spital location in Horgen strengthens Infracore’s presence in the canton of Zurich while further diversifying its tenant base. The transaction with a public hospital also represents a strategic milestone for Infracore, demonstrating that its sale-and-leaseback model addresses the needs of the public healthcare sector.

By focusing on healthcare infrastructure, Infracore offers its shareholders a resilient, non-cyclical business model based on structural growth trends such as the aging society and increased demand in healthcare services. The properties generate recurring rental income secured by long-term, inflation-indexed lease agreements. The development pipeline, which includes projects aimed at optimizing the use of existing properties and expanding the portfolio, creates further potential.

Infracore aims to pursue an attractive dividend policy to allow shareholders to participate in the expected stable, recurring cash flows.

Confident outlook

Infracore is convinced that the infrastructure transformation of public and private Swiss healthcare institutions will continue to offer growth opportunities in the future and that demand for sale-and-leaseback transactions will increase.

Based on the current portfolio, completed transactions and prevailing financing conditions, Infracore expects full-year 2026 rental income of approximately CHF 74 million and funds from operations of approximately CHF 47 million.

The Board of Directors expects to propose a distribution for the 2026 financial year in the range of CHF 2.95 to CHF 3.05 per share. This represents an aggregate amount of approximately CHF 45.1 million to CHF 46.7 million and corresponds to approximately 96% to 99% of forecast funds from operations.

Key Figures

*FFO defines the cash flow arising from operating activities excluding the result from sale of investment properties

Conference Call and Audio Webcast (in English)

Eric Frey, CEO, and Nicolas Schmid, CFO, will explain the Half-Year 2026 Results and provide an outlook for the current financial year. Following the presentation, they will be available for your questions. The conference call and audio webcast in English will take place as follows:

Thursday, 27 August 2026
2.00 pm to 3.00 pm (CEST)

To participate in the conference call, you may pre-register under this link and will receive the dial-in details to access the call. As a participant of the telephone conference, you can follow the presentation here (please mute the browser sound).

The presentation will be broadcast as a live audio webcast. To access, please use this link. Questions can be asked via the chat function. A recording will subsequently be available under the same link and on the Infracore website.

Download Links:

>> Half-Year Report 2026

>> Presentation Half-Year Results 2026

For more information:

IR contact:   Nicolas Schmid, CFO, nschmid@infracore.ch, +41 79 607 94 10

Media contact c/o Dynamics Group: Thomas Balmer, tba@dynamicsgroup.ch, +41 79 703 87 28

About Infracore SA

Infracore SA is one of Switzerland’s leading owners of healthcare infrastructure. The company owns and develops a real estate portfolio dedicated to the healthcare sector. Its business model is based on long-term lease agreements with hospital and healthcare operators, providing high visibility of rental income and direct exposure to the growing need for modern healthcare infrastructure in Switzerland. Infracore is listed in accordance with the Standard for Real Estate Companies of the SIX Swiss Exchange (INFRAC.SW). www.infracore.ch