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INFRACORE Half -Year Results 2026 Switzerland's leading hospital real estate specialist A u g u s t 2 0 2 6 Privatklinik Bethanien
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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 strategic plans and objectives. Because these forward-looking statements are subject to risks and uncertainties, actual future results may differ materially from those expressed in or implied by the statements. Many of these risks and uncertainties relate to factors which are beyond Infracore SA’s ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behavior of other market participants, the actions of governmental regulators and other risk factors detailed in Infracore SA’s past and future filings and reports and in past and future filings, press releases, reports and other information posted on Infracore SA’s website. Readers are cautioned not to put undue reliance on forward-looking statements, which speak only of the date of this communication. Infracore SA disclaims any intention or obligation to update and revise any forward-looking statements, whether as a result of new information, future events or otherwise. This presentation does not constitute an offer to sell or a solicitation to purchase any securities of Infracore SA. 2
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3 Today’s presenters Eric Frey CEO Nicolas Schmid CFO
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Opening Remarks 01 Privatklinik Lindberg
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5 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 2 6 / 0 8 / 2 0 2 6 Specialized platform leveraging deep expertise to deliver hospital real estate solutions for Swiss healthcare operators✓ Diversified portfolio with high-quality properties situated across 20 prime locations in 11 cantons✓ Almost fully occupied by 21 hospitals under individual lease agreements with Swiss Medical Network (SMN) as the main operator✓ Leadership team with execution excellence and industry expertise with a strong track record of value creation ✓ CHF 6’593 / m2 Portfolio value / m2 247k m2 Rental surface CHF 299 / m2 p.a. Average rent / m2 43% / 34% Net LTV 7.0% FFO Yield CHF 1.5bn Portfolio value 49 Number of properties 20 Number of prime locations 11 Cantons CHF 32.4m 90.4% EBITDA excl. Revaluations (margin %) CHF 23.6m 66% Funds from Operations (margin %) CHF 35.9m Rental income *Below for the first half of 2026 as of end of July 2026 as of end of July 2026 as of end of July 2026 as of end of July 2026 as of end of July 2026 annualized end of June / July 2026
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6 Highlights in the first half of 2026 • Acquisition was completed on 2 July 2026 and is an important milestone in Infracore’s history • First sale-and-leaseback transaction with a public hospital • See-Spital will continue its medical operations under a long-term lease agreement Acquisition of See-Spital • Rental income up by 5.3% compared to the first half of 2025 • EBITDA up 3.6% with an EBITDA margin of 90.4% • Portfolio value rises to CHF1.53 billion after the acquisition of See-Spital Strong financial performance • Infracore has successfully completed its IPO on 9 July 2026, which marks the beginning of a new era in Infracore’s history • Gross proceeds from IPO amounted to 200mCHF • Proceeds will be used to finance the sale- and-leaseback pipeline and development projects Initial Public Offering (IPO)
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HY-2026 performance 02 Clinique de Valère
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Solid performance in the first half of 2026 CHFm / % HY 2026 HY 2025 Deviation Rental income 35.9 34.1 1.8 Total revenue 35.9 34.1 +1.8m / +5.3% Real estate expenses (1.7) (1.7) - Other operating expenses (1.1) (1.1) - Loss from sale of investment properties (0.6) - (0.6) EBITDA 32.4 31.3 +1.1m / +3.6% EBITDA-Margin 90.4% 91.9% Depreciation on tangible assets (0.2) (0.2) - EBIT 32.2 31.1 +1.1m / +3.6% EBIT-Margin 89.7% 91.2% Financial result (5.5) (5.7) 0.2 Profit before taxes 26.7 25.4 +1.4m / +5.4% Income taxes (4.0) (3.8) (0.2) Profit for the period 22.8 21.6 +1.2m / +5.5% Profit-Margin 63.4% 63.3% Free funds from operations 23.6 22.8 +0.8m / +3.5% S E L E C T E D K E Y C O M M E N T A R Y A B C A B C Revenue growth: Strong rental income growth, supported by a prior-year acquisition (Spital Zofingen), completed constructions, staggered rental contracts and indexations. Strong EBITDA: with CHF 32.4m and a margin of 90.4%. EBITDA excluding extraordinary loss from sale of investment property at CHF 33.1m with a margin of 92.1% Attractive FFO: Free funds from operations grew by CHF 0.8m or +3.5% 8
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Impact from disposals of non- core properties in 2025 678 595 870 226 195 (557) (200) Rental income B r e a k d o w n o f r e n t a l i n c o m e g r o w t h ( i n t h o u s a n d s o f C H F ) Acquisitions during 2025 1 Impact from staggered rents 2 Completed constructions 3 Indexations Other changes Sale Gare 27, Sion Sale Hangar, Sion Rental Income HY 2026 34’063 Rental income HY 2025 5.3% 1 Spital Zofingen on 1 April 2025 (Impact: 3 months) 2 Spital Zofingen, Genolier Innovation Hub, Extensions in Privatklinik Bethanien 3 Extension in Clinica Ars Medica in Sorengo, Bellinzona, Extension in Privatklinik Bethanien 9 35’871
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35.9 (1.7) (1.7) (5.5) (4.0) 23.6 34.2 32.4 0.6 Total revenue Real estate expenses NOI SG&A EBITDA (excl. Revaluations) Loss on disposal Financial Result Current income taxes FFO Breakdown of Free Funds from Operations yield 1 Based on fair Value of Properties as of 30 June 2026, including Privatklinik Lindberg and excluding all other development projects and investment properties under construction 2 FFO Yield calculated based on NAV / Shareholder equity as of 30 June 2026 CHFm Annualized yield on operating GAV 1 Annualized FFO Yield 2 10 5.5% 5.2% 4.9% 7.0% Maintenance and repair Operating Real estate taxes Insurance fees Others Admin Others
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CHFm / % 31.07.2026 (post-IPO) 30.06.2026 31.12.2025 Total investment properties 1’525.4 1’411.5 1’412.0 Investment properties 1375.1 1’262.6 1’271.8 Constructions & development projects1 150.2 149.0 140.2 Cash & equivalents 125.0 13.1 2.1 Other current and non-current assets 65.3 118.3 62.8 Total assets 1’715.7 1’542.9 1’476.9 Financing debt 669.3 691.9 648.0 Dividends payable2 40.2 40.2 - Deferred tax liabilities 120.9 120.6 120.6 Other current and non-current liabilities 18.3 18.8 19.6 Total liabilities 848.7 871.5 788.2 Shareholders’ equity 867.0 671.4 688.7 Equity ratio 50.5% 43.5% 46.6% Shareholders’ equity/NAV per share (in CHF)3 56.66 57.88 59.37 Investment properties: Sale of two non-core assets in Solothurn and Sorengo in June 2026 and acquisition of See-Spital in July 2026 Valuations of the portfolio are carried out at year-end Cash & equivalents: Mainly driven by the proceeds from the IPO available for future acquisitions Strong equity: Strong equity driven by the capital increase from the IPO, the solid income and the dividend for 2025. Robust balance sheet prior and post IPO S E L E C T E D K E Y C O M M E N T A R Y A B C B D 1 Investment properties under construction and development projects 2 Dividend for 2025 / Payable in September 2026 to “old” shareholders 3 Based on number of shares at balance sheet date (31.07: 15’303’703 / 30.06 and 31.12: 11’600’000) 11 A 12% discount to NAV: The Infracore share is currently traded with a discount of more than 12% compared to the NAV based on the closing share price as of 25 August 2026 D FY: Wasserfall Chart mit Portfolio Entwicklung C
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22% 13% 12% 10% 10% 8% 5% 20% CHFm 31.07.2026 (post-IPO) 30.06.2026 31.12.2025 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) Net financial liabilities 520.2 604.4 627.8 LTV (net) 34.1% 42.8% 44.5% Ø interest rate of third-party debt 1.60% 1.61% 1.55% Financing costs remain low with broad diversification of lenders B r o a d d i v e r s i f i c a t i o n o f f i n a n c i a l d e b t2 1 Includes cash-pooling receivables with a shareholder 2 Third party financial debt on 30 June 2026 12 14 Lenders Lender 1 Lender 2 Lender 3 Lender 4 Lender 5 Lender 6 Lender 7 Smallest 7 lenders • Broad diversification of financial debt with currently 14 different lenders (banks and other institutions) • On 30 June 2026, 70.5% of financial liabilities and other borrowings are SARON and roll-over products with indefinite terms • Weighted average maturity of fixed products amounts to 2.6 years • The current financing structure provides the necessary flexibility regarding the different financing options after the IPO.
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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 Financial Outlook 13 • Financial Outlook is based on the current portfolio including See-Spital which was acquired in July 2026. • The sales of Obachpark and Villa Merdiana in June 2026 are taken into account in the figures • Any additional acquisitions or divestments are not reflected in these figures • Distribution per share calculated based on the number of outstanding shares after the capital increase from the IPO. • Current implied dividend yield of 6% FY: Outlook Slide Blöcken – dann HY mit «CONFIRMED» und OK Zeichen oder ähnlich K e y p a r a m e t e r s f o r t h e F Y 2 0 2 6 o u t l o o k • Organic rental growth: Staggered rents in several properties, completed developments and annual indexations • Development pipeline: CHF 149m of ongoing construction projects and development projects • External acquisitions / sale-and-leaseback transactions: Large addressable market / The IPO proceeds enable rapid financing D r i v e r s f o r f u t u r e g r o w t h
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Business update 03 Clinica Sant’Anna
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Key highlights of business update Market value exceeds CHF 1.5 billion for the first time First sale-and-leaseback transaction with a public hospital See-Spital in Horgen (ZH) Vacancy rate remains very low at only 1.2% (FY2025: 1.3%) 28.6 years WAULT Weighted average unexpired lease term 49 properties in 20 highly attractive prime locations across Switzerland New highly attractive tenant for the Lindberg property in Winterthur Kantonsspital Winterthur 15
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2 6 / 0 8 / 2 0 2 6 16 Infracore is characterized by a high-quality portfolio strategically placed in attractive locations with long-term indexed rents… The strategically located, high-quality real estate portfolio in prime locations tied to core and shell lease which results in long WAULT 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 ) Strong presence in prime locations across all three language regions 28.6 Years WAULT Investment properties Development projects Clinique de Montchoisi (Lausanne, Vaud) 1 Clinique Nescens (Nyon, Vaud)2 Clinique Générale, (Fribourg, Canton of Fribourg) 3 Privatklinik Obach (Solothurn, Soleure)4 Privatklinik Bethanien (Zurich, Canton of Zurich)5 Clinica Sant’Anna (Lugano, Ticino) 6 Clinique de Genolier (Nyon, Vaud)7 Clinique de Valère (Sion, Valais)8 98.8% Occupancy Rate CHF 149m Development1 H I G H A S S E T Q U A L I T Y2 <50 persons by km2 50- 99,9 persons by km2 100- 199,9 persons by km2 300- 999,9 persons by km2 > 1000 persons by km2 200- 299,9 persons by km2 1 Includes development projects and investment properties under construction 2 As per appraiser report by Wüest Partner 1 2 1 5 1 2 8 8 x3 2 3 6 1 1 1 1 1 III II I VI V IV IX VIII VII GoodObject quality GoodPoor Location quality ImpairedProblematic Questionable Top Poor High quality character of portfolio • Independent appraisal: Wüest Partner confirms continuous asset quality2 based on valuation carried out at year-end 2025
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Clinique de Montchoisi Genolier Innovation Hub 17 …making it a diverse and modern portfolio with… A S S E T G A L L E R Y T O T A L I N V E S T M E N T P R O P E R T I E S B R E A K D O W N1 By regions Beau-Soleil 20/22 Privatklinik Bethanien Clinique de Genolier D E TA I L S O N T O P 1 0 P R O P E R T I E S Clinica Ars Medica Campus Spital Zofingen Clinica Sant’Anna Clinique de Valère Clinique Générale 31% 17% 14% 14% 9% 15% Vaud Geneva Zurich Ticino Aargau Others Geographically diverse portfolio across attractive regions in Switzerland Building City Canton Owner Ownership (o/s) status Built Rental area (in k m2) Rental income 2025 (in CHFm) Net yield 20252 Market value 2025 (in mCHF) Clinique Générale-Beaulieu Geneva Geneva Générale-Beaulieu Immobilière SA sole o/s 1983/1992 16.5 9.8 3.9% 181 Privatklinik Bethanien Zurich Zurich Infracore SA sole o/s 1912 14.5 4.3 3.3% 146 Clinique de Genolier Genolier Vaud Infracore SA sole o/s 1971/1981 18.7 7.3 4.9% 138 Clinica Ars Medica Gravesano Ticino Infracore SA sole o/s 1989/2003 9.6 3.3 4.2% 89 Genolier Innovation Hub Genolier Vaud Infracore Investments SA sole o/s 2024 11.3 2.7 5.1% 89 Spital Zofingen Zofingen Aargau Infracore SA sole o/s 1982 20.3 1.6 5.6% 71 Clinica Sant’Anna Sorengo Ticino Infracore SA sole o/s 1934 11.6 3.9 5.6% 54 Clinique Valmont Glion-sur-Montreux Vaud Infracore SA sole o/s 1900 6.7 1.8 4.9% 49 Clinique de Valère Sion Valais Infracore SA building right 1936/1971 3.6 3.2 5.2% 49 Clinique Générale Ste-Anne Fribourg Fribourg Infracore SA sole o/s 1968 6.5 2.6 4.6% 46 Sources: Wüest Partner individual valuation reports 2025 1 As of 31 December 2025 2 Ann. 1-10 net yield after capex 13% 10% 10% 6% 6%5%4% 3% 3% 13% Clinique Générale-Beaulieu Privatklinik Bethanien Clinique de Genolier Clinica Ars Medica Genolier Innovation Hub Spital Zofingen Clinica Sant’Anna Clinique Valmont Clinique de Valère Clinique Générale Ste-Anne By market value >1.5% of total assets Rest of portfolio
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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 • Bundling of expertise in renovations / optimization • Stable, predictable lease income • Attractive yield & value preservation • Better financing terms and financial flexibility • Focus on core healthcare delivery • Access to capital for: • Modernization • Expansion • Development • Acquisitions • Financial flexibility and optimized balance sheet 18 Infracore’s business model at a glance – win-win for all stakeholders OpCo (Hospital Operators) PropCo (Property Owners) Through its OpCo/PropCo setup, Infracore forms a strategic partnership that allows healthcare providers to optimize their operations and reinvest in core services, while Infracore manages and enhances their real estate assets BENEFITS OF PARTNERSHIP WITH INFRACORE Flexible and creative funding approaches No limitations on leverage and growth The ability to retain control over real estate decisions Reliable source of capital with a relationship oriented real estate partner
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19 Case study: ’s sale-and-leaseback transaction with See-Spital The See-Spital transaction demonstrates Infracore's ability to source high-quality, publicly anchored assets with attractive long-term, inflation-protected returns 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 • Attractive valuation of the campus • A major redevelopment was recently completed delivering a fully modernized campus with no significant capex backlog See Spital campus • Only listed regional hospital on the left shore of Lake Zurich • The hospital is operated by a foundation originally established by 12 municipalities • Serving 130'000+ residents, strong integration within the surrounding municipalities and deeply embedded in cantonal healthcare planning About the operator See Spital • The sale-and-leaseback transaction allows See-Spital to pay back a CHF 100m bond maturing July 2026 originally issued to finance the redevelopment project • Strengthens liquidity reserves • Focus on healthcare delivery as core competence Advantage for See Spital • Long-term, CPI-indexed lease, generating stable rental income • Reinforces Infracore’s role as a specialist owner of Swiss healthcare real estate • Proof of concept with a third-party tenant – with See-Spital, a foundation backed by 12 municipalities, Infracore successfully diversifies its tenant base with a high-quality, publicly anchored tenant Advantage for Infracore
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20 Case study: ’s tenant diversification with KSW The KSW tenancy at Klinik Lindberg demonstrates Infracore's ability to attract high-credit-quality public tenants, reducing single-tenant concentration risk Kantonsspital Winterthur (KSW) as prospective new lessee at Klinik Lindberg, adding a cantonal hospital with excellent credit-quality to the tenant base • Infracore announced an agreement with Kantonsspital Winterthur to lease the premises of Klinik Lindberg, which is only a few minutes away from its campus, to serve the need for additional space for its growing operations. Transaction details • KSW is one of Switzerland's largest cantonal hospitals, backed by the Canton of Zurich ensuring long-term creditworthiness • The existing KSW site lacks the necessary space to meet the increasing demand for healthcare services About the operator KSW • Additional space in close proximity to the existing campus • The rental space is practically ready for use • KSW will use Klinik Lindberg as geriatric clinic to meet the increasing demand Advantage for KSW • Long-term, CPI-indexed lease, generating stable rental income • Public-sector tenant with implicit state guarantee, reducing tenant default risk and potentially supporting a lower discount rate with a positive impact on the real estate valuation • Proof of concept for re-lettability – with KSW, a cantonal hospital backed by the Canton of Zurich, Infracore demonstrates that its prime real estate assets attract high-quality tenants Advantage for Infracore
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21 Infracore faces a sizeable addressable market guided by a focused investment strategy… A D D R E S S A B L E I N V E S T M E N T U N I V E R S E I N V E S T M E N T C R I T E R I A3 Infracore invests in properties in attractive catchment areas across Switzerland, operated by established and regionally embedded healthcare providers – given the rising re-financing pressure for Swiss hospitals, Infracore expects growing sale-and-leaseback opportunities especially for regional hospitals 1 BFS, 2023. Includes 16 Infracore hospitals. Lugano, Bellinzona, Echandens, and the Genolier Innovation Hub are excluded from this statistic 2 16 of the 596 hospital sites are held by Infracore and deducted to show the addressable investment universe, Infracore parcel s are held in full ownership, under a building right or as condominium property (see also p.61ff of AP) 3 These parameters reflect Infracore’s preferred focus areas and are not exhaustive 275 Swiss hospitals1 259 hospitals not owned by Infracore2 139 hospitals excluding3: • University hospitals • Birthing centers • Psychiatric clinics • Rehabilitation clinics Size • Mid-sized, regional hospitals preferred Type • Focus on acute hospitals • Opportunistically also outpatient centers and other healthcare buildings Location • Switzerland only • Attractive catchment areas, with limited competition Status • Investment properties • Properties under construction Operator • Established and embedded healthcare providers Financial profile • Target rent cover of > 2.0x • Target gross yield of > 5.0% Potential investment opportunities for Infracore
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Q&A 04 Clinia Ars Medica