AEVIS VICTORIA SA - Infracore SA reports solid results for the first quarter of 2026 and confirms its unique position as a Swiss specialist in hospital infrastructure

Press release

Fribourg, 12 May 2026

Infracore SA reports solid results for the first quarter of 2026 and confirms its unique position as a Swiss specialist in hospital infrastructure

Infracore AG (“Infracore”), a Swiss real estate company specializing in hospital infrastructure, has reported solid results for the first quarter of 2026. The company confirms the strength of its business model, the quality of its rental income, and the solidity of its balance sheet. There are no directly comparable companies in the Swiss healthcare real estate sector among Swiss listed real estate companies.

Solid operating performance in the first quarter

In the first quarter of 2026, rental income rose by 7.8% to CHF 18.0 million (same period last year: CHF 16.7 million). EBITDA amounted to CHF 16.7 million, representing an increase of 9.4%, with an EBITDA margin of 92.7% compared to 91.4% in the first quarter of 2025. EBIT reached CHF 16.5 million and net income increased to CHF 11.8 million, an increase of 9.4% respectively 10.4% compared to the same period last year. Earnings per share and participation certificate amounted to CHF 1.01 (same period last year: CHF 0.92).

Real estate portfolio valued at CHF 1.417 billion

The total value of the real estate portfolio (including investment properties, properties under construction, and development projects) amounted to CHF 1.417 billion as of March 31, 2026. Investment properties accounted for CHF 1.272 billion, properties under construction for CHF 18.5 million, and development projects for CHF 127.1 million.

Solid capital structure

Infracore continues to maintain a solid and disciplined capital structure. Net debt stands at CHF 622.8 million, and the net LTV is 43.94%. The weighted average cost of debt as of March 31, 2026, is 1.48%.

NAV before deferred taxes: CHF 821.6 million (CHF 70.83 per share / participation certificate)

NAV after deferred taxes amounts to CHF 700.5 million, corresponding to CHF 60.39 per share / participation certificate. NAV before deferred taxes (NAV before DTL) amounts to CHF 821.6 million, or CHF 70.83 per share / participation certificate. This figure reflects equity of CHF 700.5 million plus deferred taxes of CHF 121.1 million, with the real estate held as investment properties accounted for at market value in accordance with Swiss GAAP FER.

A company uniquely positioned in the Swiss market

The listed real estate market in Switzerland is primarily characterized by companies active in the residential, office, commercial, or mixed-use segments. Infracore stands out through its clear specialization in healthcare infrastructure, a market characterized by long-term structural needs, namely the modernization of the hospital portfolio, the advancement of medical standards, the consolidation of healthcare services, and the need for high-performance infrastructure. This specialization gives Infracore a unique positioning: the company is an institutional player focused on essential healthcare infrastructure in Switzerland, distinguishing itself through recurring rental income, high operational transparency, tangible assets, and financial strength.

“The results for the first quarter of 2026 confirm the robustness of Infracore’s business model and the soundness of our positioning. In a Swiss market where investors can invest in numerous publicly traded companies with residential, commercial, or office properties, Infracore offers a different profile: a company specializing in healthcare infrastructure with systemically important assets, recurring income, and strong long-term visibility.”

Martin Gafner, Chairman of the Board of Directors of Infracore

“Our performance in the first quarter reflects the quality of our portfolio, our cost discipline, and the soundness of our capital structure. We are continuing to drive the expansion of modern medical infrastructure while ensuring high profitability and conservative leverage.”

Eric Frey, CEO of Infracore

Key figures Q1 2026

Reconciliation of NAV before DTL

Methodological Note: NAV before deferred taxes is calculated as consolidated equity plus deferred taxes. It is reported to reflect the value of the assets in the context of a long-term portfolio strategy. Since the investment properties are recognized at market value in accordance with Swiss GAAP FER, no additional value adjustments were made in this reconciliation.

Outlook

Infracore intends to further expand its portfolio of healthcare infrastructure in Switzerland, pursuing a disciplined approach to investments, financing, and value creation. The company benefits from a specialized portfolio, high profitability, a solid capital structure, and a differentiated positioning in the listed Swiss real estate market, which has no comparable peers.

For the 2026 fiscal year, forecasts – taking into account the acquisition of See-Spital (Horgen) and the change at Privatklinik Lindberg (Winterthur)—confirm Infracore’s growth trajectory. On this basis, the company expects rental income of CHF 71 to 74 million and EBITDA of CHF 64 to 68 million before fair value adjustments. For the 2026 fiscal year, Infracore expects to pay a dividend of approximately CHF 45 million.

About Infracore SA

Infracore SA is a Swiss real estate company based in Fribourg, specializing in the acquisition, construction, management, and leasing of real estate infrastructure in the healthcare sector in Switzerland. Its portfolio consists primarily of hospital, clinic, and medical assets. Infracore owns, among others, Infracore Investments SA and GENERALE-BEAULIEU IMMOBILIERE SA, both of which are fully consolidated. Infracore is jointly controlled by AEVIS VICTORIA and MPT.

Important Notice

This announcement does not constitute an offer to sell or a solicitation of an offer to buy securities of Infracore AG in any jurisdiction. Any investment decision must be made solely on the basis of a prospectus or offering documents that have been approved and published in accordance with applicable requirements. This announcement contains forward-looking statements based on the company’s current expectations. These statements are subject to risks and uncertainties; actual results may differ materially from those expressed or implied.

For more information:  Media and IR contact c/o Dynamics Group, Zurich

Alexandre Müller, amu@dynamicsgroup.ch, +41 79 635 64 13

About Infracore SA

Infracore SA is a Swiss healthcare real estate company that owns, develops and manages hospital and clinic properties under long-term leases. Headquartered in Fribourg, the Group’s portfolio comprises 47 properties across 19 prime locations in Switzerland, totaling 221’157 sqm and a market value of CHF 1.41 billion. The assets are almost fully let under long-duration, inflation-indexed leases, predominantly to entities of Swiss Medical Network. Infracore generates recurring income from its stabilized portfolio and pursues growth through campus optimizations, extensions and selective developments, supported by a pipeline of about 42’053 sqm development potential. Infracore is jointly controlled by Medical Properties Trust, Inc. and AEVIS VICTORIA SA. www.infracore.ch