Swiss hospital real estate specialist Infracore reported a 5.5% increase in first-half net profit to 22.8 million francs, driven by a 5.3% rise in rental income to 35.9 million francs and a 3.6% gain in EBITDA to 32.4 million francs. The company, listed on the SIX Swiss Exchange since July, also raised its full-year 2026 rental revenue forecast to 74 million francs.
Infracore’s board plans to propose a 2026 dividend of 2.95 to 3.05 francs per share, equivalent to 96% to 99% of projected operating cash flow of 47 million francs. Chief Executive Eric Frey highlighted the company’s strong market debut, which valued it at 826 million francs, and noted sustained demand from private and institutional investors alongside continued support from anchor shareholders Medical Properties Trust and Aevis Victoria.
The company said its expanded financial flexibility positions it to accelerate its sale-and-leaseback pipeline and development projects. Infracore’s inaugural sale-and-leaseback transaction with See-Spital Horgen, completed ahead of its IPO, underscored the model’s viability for public hospitals, enabling the facility to refinance maturing debt while maintaining operations. The deal is seen as a reference case for similar transactions in Switzerland’s healthcare sector.
The transaction carries broader relevance for Swiss capital markets, where hospital borrowers face heightened scrutiny following the GZO Spital Wetzikon default. Infracore emphasized that the See-Spital model demonstrates how sale-and-leaseback structures can meet public healthcare needs, opening potential for further deals. Meanwhile, GZO Spital Wetzikon continues to evaluate multiple bids, including a July offer from Thurmed, a hospital group owned by a neighboring canton, and a spring proposal from U.S.-based Kawa Capital and Swiss Medical Network, a unit of Aevis Victoria.
