Hiag Immobilien Holding Ag · SIX:HIAG
Hiag Immobilien — FY2024 Earnings Presentation
50 slides from Hiag Immobilien's earnings presentation, Mar 3, 2025
Slide 1: Annual Results 2024
Annual Results 2024 HIAG Immobilien Holding AG Marco Feusi Stefan Hilber CEO CFO 3 March 2025
Slide 2: Agenda
Agenda 1 Key Highlights 2 Financials 3 Sustainability 4 Site Development 5 Transactions 6 Market assessment by HIAG 7 Outlook HIAG Annual Results 2024 2
Slide 3: Key Highlights
Key Highlights Dividend increase due to good results Net income Property income CHFm 75.2 Net profit from CHFm 75.6 (+60.0%) sale of (+7.5%) condominiums w/o revaluation CHFm 18.1 Vacancy rate CHFm 51.8 (2023: CHFm 13.6) down to 3.2% (+6.6%) Good results and High equity ratio High Financing promisin
Slide 4: Financials
Financials HIAG
Slide 5: Financial figures 2024
Financial figures 2024 Net income significantly increased Income Statement ROE annualised / EPS In CHFm 2024 2023 Δ CHFm Δ% Property income 75.6 70.3 5.3 7.5 11.1% 10.4% Revaluation of properties 26.0 -1.9 27.9 <-100 7.7% 6.8% Income from sale of condominiums 49.0 40.9 8.1 19.8 4.7% 4.6% 4.4% 4.5% 4
Slide 6: Property income
Property income Increase by 7.5% mainly due to new lettings and project completions Property income bridge (in CHFm) Main effects New lettings: +7.5% − Smyths Toys AG Dietikon 0.5 0.0 − Migros Dietikon -0.3 -1.1 1.0 -1.9 75.6 − Thommen Group SA Lancy 3.7 − Verein Bachtelen Dornach Project completion
Slide 7: Vacancy rate / Yields
Vacancy rate / Yields Further remarkable vacancy rate decrease by 0.8%p to 3.2% Vacancy rate / Potential property income (in CHFm)1 Yields annualised (in %)2 13.2% 5.5% 5.5% 5.4% 5.2% 5.2% 10.7% 77.2 79.3 75.1 69.1 70.7 4.6% 4.4% 6.4% 3.9% 4.0% 3.2% 3.7% 3.6% 9.1 7.6 4.9 3.0 2.5 01.01.2021 01.01.202
Slide 8: Tenants: WAULT / Lease expiry profile
Tenants: WAULT / Lease expiry profile Stable WAULT at almost 7 years Lease expiries WAULT 6.6 years 38.4% Thereof Residentials (39%) 18.8% 10.5% 10.8% 7.9% 8.5% 4.6% 0.5% 2025 2026 2027 2028 2029 2030 2031 - 2080 unlimited WAULT Top 15 tenants: 8.2 years HIAG Annual Results 2024 8
Slide 9: Portfolio value
Portfolio value CHFm c. 300 portfolio growth within 4 years Portfolio value bridge (in CHFm) 94 26 1,926 1,961 1,898 6 -31 -31 1,784 1,638 703 735 782 647 612 1,223 1,226 1,138 1,115 1,026 31.12.2020 31.12.2021 31.12.2022 31.12.2023 Investments in Investments in Revaluation Disposals Divestments 31.
Slide 10: Revaluations
Revaluations Development progress leads to revaluation gains Revaluations (in CHFm) Revaluation by type of use (in CHFm) 46.7 Office -2.7 33.5 29.8 (+4.2%) Distribution / Logistics 1.7 25.4 Retail -2.1 16.4 15.7 14.2 Residential mixed -0.3 9.8 Industrial / Commercial -4.7 Residential 4.0 -3.8 (-0.3%
Slide 11: Promotion
Promotion All condominiums in Chama 1st stage have been sold Profit from sale of condominiums (in CHFm) Comments +3 2 .9 % − Profit from sale of condominiums results from the «Chama stage 1» project, which was 18.1 completed in 2024 13.6 − All Units were sold and handed over to the buyers − From 202
Slide 12: Operating expenses
Operating expenses Operating expenses as expected Operating expenses bridge (in CHFm)1 Comments − Lower maintenance and repairs mainly due lower +3.9% expenditure for project-related maintenance costs 38.0 − Higher personnel expenses due to increase in 1.3 headcount (insourcing property management 3
Slide 13: Capital Structure
Capital Structure Strong balance sheet as foundation for further growth LTV Ratio / Equity Ratio (in %) 53.9% 55.2% 52.0% 53.1% 49.9% 48.7% 45.0% 44.5% 42.6% 40.9% 41.1% 39.6% 39.8% 39.3% 37.3% 31.12.2020 31.12.2021 31.12.2022 31.12.2023 31.12.2024 LTV Ratio gross LTV Ratio net Equity Ratio HIAG Ann
Slide 14: Financial liabilities
Financial liabilities Interest rates increased along market environment Financial liabilities 2024 2023 Δ Average interest rate 1.8% 1.6% +0.2 %p -1.3% 813 820 Duration (Interest rate fixation)1 2.6 yrs 3.2 yrs -0.6 yrs 793 780 770 93 70 Duration (Capital commitment)2 3.1 yrs 3.4 yrs -0.3 yrs 173 70
Slide 15: Financing project pipeline
Financing project pipeline Sale of condominiums enlarges financing flexibility Financing of mid-term pipeline (in CHFm) -200 22 500 -153 -154 150 -554 295 138 Projects under Projects Other mid- Total CF sale of Total CF sale of CF from mid-term Total revolving Committed credit Financing surplus cons
Slide 16: Sustainability
Sustainability HIAG
Slide 17: Sustainability Update
Sustainability Update 2024 Highlights 2024 Progress in the Achievement of HIAG Publication of a Update of the construction of Solar AG's interim Scope 3 inventory sustainability strategy sustainable buildings target KPIs 2024 and evolution since 2023 Current focus of work Reduce GHG emission Install
Slide 18: Site Development
Site Development HIAG
Slide 19: Projects completed in 2024
Projects completed in 2024 Profitable business segment with impressive track-record Projects completed in 2024 / developments since 2014 Project Segment Acqui- Constr. Constr. Land value Market Capex Land value Develop. Develop. Multiple IRR p.a. since acquisition to completion In CHFm sition start
Slide 20: Projects short-term
Projects short-term Construction progress and costs according to plan Usable Market Expec. Total Remaining Open Est. Est. Pre-let Lease Project status 2025 2026 2027 2028 area Value MV after investment investment developer Rental sales Ratio Duration in m2 (MV) compl. volume in in CHFm, gain Value i
Slide 21: Projects short-term
Projects short-term Good visibility of additional rent and development gains Usable Market Expec. Total Remaining Open Est. Est. Pre-let Lease Project status 2025 2026 2027 2028 area Value MV after investment investment developer Rental sales Ratio Duration in m2 (MV) compl. volume in in CHFm, gain
Slide 22: Transactions
Transactions HIAG
Slide 23: Divestments 2024
Divestments 2024 Gross profit >10% Divestments Address Property Type Portfolio Closing-Date Fair value Annual rent Gross- CHFm CHFm p.a. Profit Aathal, Zürichstrasse 1-7 Residential Yielding 01.10.2024 Wetzikon, Zürcherstrasse 130, 131-133 Residential Yielding 01.10.2024 Wetzikon, Usterstrasse 128 R
Slide 24: Divestments 2025
Divestments 2025 Expected gross profit >25% Notarised divestments to be closed in the 1st quarter of the year Address Property Type Portfolio Closing-Date Fair value Annual rent Gross- CHFm CHFm p.a. Profit Aathal, Chälenweg, Aretshaldenstrasse Residential Development 29.01.2025 Aathal, Zürichstrass
Slide 25: Market assessment by HIAG
Market assessment by HIAG HIAG
Slide 26: Market assessment by HIAG
Market assessment by HIAG Good market momentum due to lower interest rates Economic environment Real estate segments Commercial 2014-2023 Expect. Forecast Forecast Impact real KPI (p.a.) 2024 2025 2026 estate market – Industry / Light industrial: Intact demand, marketing times for large facilities r
Slide 27: Outlook
Outlook 2024 HIAG
Slide 28: Outlook 2025
Outlook 2025 Promising progress in all business segments Business topic Ambitions Actions Portfolio / Asset Management – Stable to slightly increase of collected income – Additional rental income from completed projects offsets the decline in – Low vacancy rate YE 2025 <4.5% (excl. «Fahrwerk» <3.5%)
Slide 29: Q&A
Q&A HIAG
Slide 30: Thank you !
Office Basel Aeschenplatz 7 4052 Basel T +41 61 606 55 00 Office Zurich Thank you ! Löwenstrasse 51 8001 Zürich T +41 44 404 10 30 Office Geneva Rue François-Bonivard 10 1201 Genf T +41 22 304 10 30 hiag.com
Slide 31: Company Calendar
Company Calendar 17 April 2025 General Meeting 2025 18 August 2025 Publication Half-Year Report 2025 3 March 2026 Publication Annual Report and Sustainability Report 2025 23 April 2026 General Meeting 2026 17 August 2026 Publication Half-Year Report 2026 investor.relations@hiag.com www.hiag.com HIAG
Slide 32: Appendix
Appendix HIAG
Slide 33: KPI Overview
KPI Overview Successful reporting period in all business segments Net income Net income excl. Earnings NAV per share Return on Equity Equity ratio LTV (in CHFm) revaluation per share excl. (incl. deferred tax) (in %) (in %) gross / net (in CHFm) revaluation (in CHF) (in %) (in CHF) +60.0% +6.6% +6.6
Slide 34: Portfolio overview
Portfolio overview Highly diversified portfolio Actual Annualised income by type of use Actual annualised income by sector Investment properties by canton 8-11; 7% 1 Industry/Commercial 12-17; 4% 1 Manufacturing industry / 8; 6% 1 ZH 11; 1% Production 7; 4% 2 Office 10; 2% 7; 3% 2 AG 2 Transport / L
Slide 35: Property income like-for-like
Property income like-for-like Increase by 10.6% mainly due to new lettings and project completions Property income bridge (in CHFm) +10.6% 0.5 74.7 -0.3 -1.1 1.0 3.7 3.4 67.5 2023 New lettings Project completion Due to development Cancel- CPI adjustments Reference interest 2024 lations rate adjustme
Slide 36: Tenants – Top 15
Tenants –Top 15 Strong tenant structure with high credibility Top 15 tenants based on annualised property income – 1 January 2025 40.9% Share of annualised property income 32.5% 30.0% Cumulative share of annualised property income 27.5% 24.6% 21.7% 18.7% 15.5% 12.2% 8.4% 8.4% 4.3% 4.1% 3.8% 3.3% 3.1
Slide 37: Inflation and rental income
Inflation and rental income Inflation protection through CPI and reference rate linked leases Annualised income by type of lease indexation Actual reference interest rates 4; 1% 5; 1% 5; 11% 1; 3% 3; 1% 4; 0% 2; 20% 1 CPI linked leases 1; 1.25% 2; 28% 2 Non-CPI linked leases 2; 1.5% CHFm 3 Step rent
Slide 38: Largest Vacancies
Largest Vacancies Significant improvement through active management 1 January 2025 vs. 1 January 2024 Property Main use Portfolio Part of total Contribution Vacancy Vacancy ∆ Vacancy Vacancy Action taken/ vacancy portfolio 1.1.2025 rate 1.1.2024 rate Vacancy including letting success 1.1.2025 in %p
Slide 39: Discount rates
Discount rates Slightly increased discount rates in line with expectations Discount rate development 5.50% 5.40% 5.30% 5.30% 5.30% in % 2024 2023 2022 2021 2020 Weighted average discount 3.45 3.51 3.34 3.52 3.71 rate yield portfolio 3.55% 3.43% 3.33% 3.35% Weighted average discount 3.22% 3.17 3.13 3
Slide 40: Pipeline
Pipeline Mid-term to long-term Usable Total Remaining Open Est. Est. Project status 2025 2026 2027 2028 2029 area investment investment developer Rental sales in m2 volume in CHFm, gain Value in rev. in in CHFm 2025 ff. 2025 ff. CHFm CHFm Projects in planning / in marketing Aathal, Talwis Retail/res
Slide 41: Development Performance
Development Performance Outperforming in average during the last years Segments since 2021 without valuation change from market 2021 2022 2023 2024 6,2% 6,2% 6,0% In CHFm Yielding Develop. Yielding Develop. Yielding Develop. Yielding Develop. Reported EBITDA 74.4 19.9 59.1 54.6 17.5 42.5 44.6 53.9 4
Slide 42: Funds from operations (FFO)
Funds from operations (FFO) Increased FFO over the last 4 years FFO development since 2021 In CHFm 2024 2023 Δ CHFm Δ% 2022 2021 EBIT 93.3 70.4 22.9 32.5 115.2 115.1 Revaluation of investment properties -26.0 1.9 -27.9 <-100 -64.3 -60.5 Profit from sale of investment properties -2.9 -16.7 13.9 -82.9
Slide 43: NAV per share
NAV per share Increasing NAV in the last 5 years NAV per share excl. deferred tax (in CHF) NAV per share incl. deferred tax (in CHF) +3.9% +4.1% -3.1 119.7 -3.1 111.3 7.6 115.2 7.5 107.0 NAV per share 2023 Result Dividend per share NAV per share 2024 NAV per share 2023 Result Dividend per share NAV
Slide 44: Share price performance
Share price performance Overview Development of share price performance – 31 December 2024 Share price (in CHF) 2024 2023 High 85.60 85.60 Low 69.40 73.40 End of period 85.40 79.80 Market capitalisation (in CHFm) High 864.81 865.27 Low 701.14 741.95 End of period 862.79 806.64 Number of shares Issue
Slide 45: Company information
Company information HIAG
Slide 46: Investment Case HIAG
Investment Case HIAG Why to invest? Financing & Risk Status quo & Potential Organisation & Experience – Solid balance sheet structure – Diversified mixed use real estate – Strong in house real estate throughout internal planning period portfolio of CHFb 2.0 with rental development know-how with prov
Slide 47: HIAG «at a Glance»
HIAG «at a Glance» Long-term view to realise profitable growth based on solid financing Long-term oriented business view Strong market positioning Performance / Finance structure Diversified Portfolio for Long-term Real Estate challenging market Enormous value increase business supported by the envi
Slide 48: Integrated Business Model / Sites and offices
Integrated Business Model / Sites and offices At a glance Integrated business model (incl. 3 segments) HIAG sites and offices HIAG Annual Results 2024 48
Slide 49: Shareholder structure
Shareholder structure No significant change of shareholder structure Shareholder structure – 31 December 2024 Major shareholders 2024 2023 1 Anchor shareholders 54.6% 54.6% F 2 Free Float 45.4% 45.4% A Shareholder structure A SFAG Holding AG 20.0% 20.0% 2 B Grisgros Beteiligungs AG 17.8% 17.8% C Bra
Slide 50: Disclaimer
Disclaimer This presentation does not constitute or form part of any advertising, offer, recommendation or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities, nor shall part, or all, of this presentation or their distribution form the basis of,
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