HIAG, a leading real estate company with a portfolio of approximately CHF 2.1 billion, reported a significant increase in net profit for the first half of 2026. This rose by 90.4% compared to the prior-year period to CHF 85.0 million (H1 2025: CHF 44.6 million). Adjusted for revaluations, net profit increased by 80.2% to CHF 36.9 million (H1 2025: CHF 20.5 million). The annualised return on equity improved to 13.3% (H1 2025: 7.7%) and 6.0% (H1 2025: 3.6%) before revaluations, respectively.
The main factors contributing to this development were the successful sale of condominiums at the “Chama” site in Cham (ZG), which generated an earnings contribution of CHF 23.3 million (H1 2025: CHF 0 million). This was complemented by positive revaluations in the real estate portfolio of CHF 53.4 million (H1 2025: CHF 26.6 million), as well as a profit from divestments of existing and development properties no longer aligned with the strategy, amounting to CHF 6.1 million (H1 2025: CHF 3.5 million). The divestments and cancellations temporarily led to a 3.3% decrease in rental income to CHF 38.0 million (H1 2025: CHF 39.3 million), which was nonetheless within expectations. Like-for-like rental income recorded an increase of 3.8% (H1 2025: 7.9%). By year-end, rental income is expected to slightly exceed the previous year's level, driven by completed projects in Cham (ZG) and Zurich-Altstetten.
Vacancy rates across the entire real estate portfolio were further reduced during the reporting period and stood at 2.8% as of 1 July 2026 (1 January 2026: 3.2%). HIAG plans to expand its rental income base in the coming years and strengthen the earning power of its existing portfolio through future project completions and targeted acquisitions. Progress in project development contributed significantly to the net revaluation of the real estate portfolio by CHF 53.4 million in the first half of 2026, of which CHF 39.7 million related to the development portfolio and CHF 13.6 million to the existing portfolio.
Several significant milestones were achieved in project developments. The 80-metre high residential tower “Alto” with a commercial plinth in Zurich-Altstetten was completed on schedule and within budget in March 2026; all 149 rental apartments and commercial units were let shortly after completion. The annual rental income from these amounts to CHF 6.3 million. The second phase of the residential development “Chama” in Cham (ZG) also saw success, with all 67 rental apartments fully let months before occupancy. For the 73 condominiums, a marketing rate of 96% was achieved by mid-2026, leaving only three units available. The refurbishment and further development of the listed industrial building “Walzmühlehaus” in Frauenfeld (TG) for 30 rental apartments and commercial units is expected to be completed by mid-2027. In Meyrin (GE), a rental agreement exceeding 30 years was concluded with “NorthC Schweiz AG” for the commercial building “Hive6” for data centre use; construction began in March 2026, with handover scheduled for the end of 2027.
At the “Campus Reichhold” in Hausen/Lupfig (AG), construction work for the office building and the production and distribution centre of “OC Oerlikon” is progressing as planned. For the “Schönau” site in Wetzikon (ZH), legally binding building permits for 118 rental and condominium units are expected in the coming months. In Niederhasli (ZH), building permits for the first construction phase of the “Im Farn/Bahnhof Niederhasli” site, which is to include approximately 100 rental and 70 owner-occupied apartments, as well as 2,000 m² of service and commercial space, are expected by the end of 2026. A building application for 29 owner-occupied apartments was submitted for the property on Kelchweg in Zurich-Altstetten, with construction commencing in mid-2027. The planned investment volume for projects under construction or shortly before construction begins amounts to approximately CHF 278 million, with an expected annual rental income of CHF 16 million and a targeted revenue from condominium units of approximately CHF 356 million.
In its transaction business, HIAG capitalised on the high demand for real estate. The transfers of the development sites in Aesch (BL) and St. Maurice (VS) as well as individual small plots led to a profit from property sales of CHF 6.1 million (H1 2025: CHF 3.5 million), with sale prices averaging approximately 40% above book values. HIAG pursues a disciplined and selective approach to acquisitions, which is why no acquisitions took place in the first half of the year. Operating profit (EBIT) increased by 92.7% to CHF 105.7 million (H1 2025: CHF 54.9 million), mainly due to the successful marketing of condominiums from the “Chama” project and the positive revaluation effect from project developments. After a previous year with extraordinarily low income taxes due to tax-deductible loss carryforwards, customary tax rates are expected again for the 2026 reporting period.
