Infracore Sa · DUS:385
Infracore Sa — H1 2026 Earnings Presentation
23 slides from Infracore Sa's earnings presentation, August 2026
Slide 1: Half-Year Results 2026
INFRACORE Half-Year Results 2026 Switzerland's leading hospital real estate specialist August 2026 Privatklinik Bethanien
Slide 2: Forward-looking statements
Forward-looking statements This communication contains statements that constitute “forward-looking statements”. In this communication, such forward-looking statements include, without limitation, statements relating to our financial condition, results of operations and business and certain of our st
Slide 3: Today’s presenters
Today’s presenters Eric Nicolas Frey Schmid CEO CFO 3
Slide 4: Opening Remarks
01 Opening Remarks Privatklinik Lindberg
Slide 5: Infracore is Switzerland’s leading hospital real estate specialist
Infracore is Switzerland’s leading hospital real estate specialist I N F R A C O R E AT A G L A N C E *Below for the first half of 2026 Number of 49 Portfolio CHF 6’593 / m2 Rental CHF 35.9m Portfolio CHF 1.5bn properties as of end of July 2026 value / m2 as of end of July 2026 income value as of en
Slide 6: Highlights in the first half of 2026
Highlights in the first half of 2026 Initial Public Offering (IPO) Acquisition of See-Spital Strong financial performance • Infracore has successfully completed its • Acquisition was completed on 2 July 2026 • Rental income up by 5.3% compared to the IPO on 9 July 2026, which marks the and is an imp
Slide 7: HY-2026 performance
02 HY-2026 performance Clinique de Valère
Slide 8: Solid performance in the first half of 2026
Solid performance in the first half of 2026 CHFm / % HY 2026 HY 2025 Deviation S E L E C T E D K E Y C O M M E N TA R Y Rental income 35.9 34.1 1.8 Total revenue A 35.9 34.1 +1.8m / +5.3% A Revenue growth: Strong rental income growth, supported by a prior-year acquisition (Spital Zofingen), complete
Slide 9: Rental income
Rental income Breakdown of rental income growth (in thousands of CHF) Impact from disposals of non- core properties in 2025 195 226 870 35’871 (557) (200) 595 678 5.3% 34’063 Rental income Acquisitions during Impact from Completed Indexations Other changes Sale Sale Rental Income HY 2025 2025 1 stag
Slide 10: Breakdown of Free Funds from Operations yield
Breakdown of Free Funds from Operations yield Annualized Annualized yield on operating GAV 1 FFO Yield 2 5.5% 5.2% 4.9% 7.0% CHFm (1.7) (1.7) 0.6 (5.5) (4.0) Others Maintenance and repair Others 35.9 Operating 34.2 32.4 Admin Insurance Real estate fees taxes 23.6 Total revenue Real estate NOI SG&A E
Slide 11: Robust balance sheet prior and post IPO
Robust balance sheet prior and post IPO 31.07.2026 S E L E C T E D K E Y C O M M E N TA R Y CHFm / % 30.06.2026 31.12.2025 (post-IPO) Total investment properties 1’525.4 1’411.5 1’412.0 A Investment properties: Sale of two non-core assets in Investment properties A 1375.1 1’262.6 1’271.8 Solothurn a
Slide 12: Financing costs remain low with broad diversification of lenders
Financing costs remain low with broad diversification of lenders CHFm 31.07.2026 30.06.2026 31.12.2025 Broad diversification of financial debt2 (post-IPO) Total investment properties 1’525.4 1’411.5 1’412.0 Financial liabilities 669.3 691.9 648.0 ./. Cash & Cash equivalents1 (149.0) (87.5) (20.2) Sm
Slide 13: Financial Outlook
Financial Outlook CHFm / CHF FY 2026 FY 2025 Deviation Rental income ≈74.0 66.1 +7.9 Free funds from operations ≈47.0 42.0 +5.0 Expected distribution for 2026 45.1 – 46.7 Distribution per share (in CHF) 2.95 – 3.05 Key parameters for the FY2026 outlook Drivers for future growth • Financial Outlook i
Slide 14: Business update
03 Business update Clinica Sant’Anna
Slide 15: Key highlights of business update
Key highlights of business update 28.6 years WAULT First sale-and-leaseback transaction Weighted average unexpired lease term with a public hospital See-Spital in Horgen (ZH) 49 properties in 20 highly attractive prime locations across Switzerland Market value exceeds CHF 1.5 billion for the first t
Slide 16: Object quality
26/08/2026 Infracore is characterized by a high-quality portfolio strategically placed in attractive locations with long-term indexed rents… P L AT F O R M H I G H L I G H T S ( 3 0 J U N E 2 0 2 6 ) HIGH ASSET QUALITY2 98.8% 28.6 Years CHF 149m Occupancy Rate WAULT Development1 Questionable Top Goo
Slide 17: …making it a diverse and modern portfolio with…
…making it a diverse and modern portfolio with… ASSET GALLERY T O TA L I N V E S T M E N T P R O P E R T I E S B R E AK D O W N 1 By regions By market value >1.5% of total assets Rest of portfolio Beau-Soleil 20/22 Privatklinik Bethanien Clinique de Genolier Genolier Innovation Hub Campus Spital Zof
Slide 18: Infracore’s business model at a glance – win-win for all stakeholders
Infracore’s business model at a glance – win-win for all stakeholders OpCo PropCo (Hospital Operators) (Property Owners) OpCo/PropCo structure unlocks capital for operators and enables stronger focus on core healthcare delivery, as the property itself is not a direct revenue driver • Focus on core B
Slide 19: Case study: sale-and-leaseback transaction with See-Spital
Case study: ’s sale-and-leaseback transaction with See-Spital Infracore announced the acquisition of the real estate of See-Spital Horgen via a sale-and-leaseback transaction • Acquisition of a brand-new, publicly backed hospital campus in a top location See Spital • Attractive valuation of the camp
Slide 20: Case study: tenant diversification with KSW
Case study: ’s tenant diversification with KSW Kantonsspital Winterthur (KSW) as prospective new lessee at Klinik Lindberg, adding a cantonal hospital with excellent credit-quality to the tenant base Transaction • Infracore announced an agreement with Kantonsspital Winterthur to lease the premises o
Slide 21: Infracore faces a sizeable addressable market guided by a focused investment strategy…
Infracore faces a sizeable addressable market guided by a focused investment strategy… ADDRESSABLE INVESTMENT UNIVERSE INVESTMENT CRITERIA3 275 Swiss hospitals1 Size • Mid-sized, regional hospitals preferred 259 hospitals not owned by Infracore2 • Focus on acute hospitals Type • Opportunistically al
Slide 22: Q&A
Q&A ¢ INFRACORE Clinia Ars Medica
Slide 23: INFRACORE
cr , INFRACORE Rue Georges Jordil 4 1700 Fribourg www.infracore.ch