Half Year 2026 HIAG Immobilien Holding AG Earnings Call Transcript
Key Points
- Net profit surged approximately 90% to CHF 85 million in H1 2026, with a significant 80% increase in net profit excluding revaluation effects to around CHF 37 million.
- Like-for-like rental income grew by 3.8%, and the vacancy rate dropped to a record low of 2.8%, demonstrating strong portfolio quality and successful project positioning.
- The Alto project in Zurich-Altstetten was completed in March and fully let shortly after, with all 149 residential units and commercial spaces occupied.
- Capital recycling strategy proved effective, with property sales generating CHF 20 million in proceeds and a gross profit of CHF 6 million, selling at prices 39% above book value.
- The company maintained a robust balance sheet with an equity ratio of 6.5% and a net LTV of 39.2%, well below its self-imposed limit, providing financial flexibility for future growth.
- Rental income decreased by 3.3% in H1 2026 due to property disposals, although like-for-like income rose.
- Tax expenses increased due to the absorption of tax loss carryforwards, leading to a return to a normal tax rate from 2026 onwards.
- Operating and administrative expenses rose significantly from CHF 20 million to CHF 52 million, driven by higher direct costs for condominium projects.
- The company faces intense competition in the transaction market, making it challenging to find acquisitions that meet its quality and return requirements.
- Future development profits are uncertain, with expectations of CHF 50-60 million from medium-term projects, but these are subject to market conditions and planning approvals.
Good morning. Welcome to the HIAG Immobilien Holding AG half-year results 2026 telephone conference and live webcast. My name is Sandra, your chorus call operator. (Operator Instructions) It is forbidden to record the conference for publication.
And now over to you, Marco Feusi , CEO. You have the floor.
Thank you very much, Sandra, for organizing this and giving the introduction. Good morning, ladies and gentlemen. I would like to warmly welcome you to the presentation of the half year results 2026 of HIAG Immobilien Holding AG. My name is Marco Feusi. I'm joined by our CFO, Stefan Hilber. We are delighted to see so many of you here today.
Stefan and I will be guiding you through the key developments of the first half of the year today. As usual, we will be available to answer your questions at the end. HIAG can look back on a very successful half year. We were able to build on our equity of 2025 and once again,
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