Report published August 17, 2026
HIAG Immobilien Holding AG (HIAG): 1H26 Results Analysis & ZKB Equity Research
Source and citation context
- Issuer
- Zürcher Kantonalbank
- Report date
- August 17, 2026
- Analysis as of
- Not stated in source
Authors / editors: Philippe Züger
Finvaulta summarizes Zürcher Kantonalbank's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
HIAG published solid 1H26 results, with net profit rising 90.4% YoY to CHF 85.0 mn on strong revaluation gains and condominium sales in Cham. Zürcher Kantonalbank reiterates its Market Perform rating, considering the valuation fair in light of development and cyclical risks.
Key Takeaways
- 1.HIAG reported strong 1H26 net profit of CHF 85.0 mn (up 90.4% YoY), significantly exceeding ZKB expectations (CHF 69.7 mn), driven by CHF 53.4 mn in revaluation effects and condominium sales in Cham.
- 2.Rental income declined 3.3% YoY to CHF 38.0 mn due to strategic property disposals, while like-for-like rental income rose 3.8% and the vacancy rate dropped to 2.8%.
- 3.ZKB maintains a Market Perform rating on HIAG, judging the current valuation (9% discount to 2027E NAV before deferred taxes) fair given development risks, cyclical sensitivity, and a low free float of ~46%.
Table of Contents
- Outlook
- Conclusion
- Disclosures and Disclaimer
- Recording of remote business communications
- Financial analysts’ statement
- Disclosure of conflict of interests
- Disclosure of further conflicts of interest
- List of all ratings of the last 12 months
- Recommendation distribution of the companies in the Swiss research universe
- Fact check
- Explanation of the rating system
- Methodology
- Updates
- Citation of sources
- Competent supervisory authority
- Miscellaneous legal information
- Publications on request
- Use abroad
- Additional information for UK clients
- Additional information for U.S. Persons
- Additional information for persons in the Abu Dhabi Global Market, United Arab Emirates
Report data
1H26 Results Comparison (1H25 vs 1H26 vs ZKB-E)
| Metric | Estimate | Context |
|---|---|---|
| Net profit | 85.0 CHF mn | 1H26 net profit compared to CHF 44.6 mn in 1H25 and ZKB estimate of CHF 69.7 mn. |
| EBIT (excl. revaluation) | 52.3 CHF mn | EBIT excluding revaluations, up from CHF 28.3 mn in 1H25 and ahead of ZKB-E CHF 50.1 mn. |
| Rental income | 38.0 CHF mn | Rental income fell 3.3% YoY due to strategic disposals, while like-for-like rental income rose 3.8%. |
| Vacancy rate | 2.8% | Vacancy rate fell from 3.2% at the end of 2025. |
| Revaluation effects | 53.4 CHF mn | Revaluation gains in 1H26, with project development progress contributing ~CHF 40 mn. |
Reports in this series
Swiss Number Cruncher is shown in chronological order through this edition, published on August 17, 2026.
Part of the Swiss Number Cruncher series — view all 17 editions
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Authors / Editors
Reported Data Context
- Net profit: 85.0 CHF mn (1H26) · Source: Zürcher Kantonalbank
- EBIT (excl. revaluation): 52.3 CHF mn (1H26) · Source: Zürcher Kantonalbank
- Rental income: 38.0 CHF mn (1H26) · Source: Zürcher Kantonalbank
- Vacancy rate: 2.8 % (1H26) · Source: Zürcher Kantonalbank
- Revaluation effects: 53.4 CHF mn (1H26) · Source: Zürcher Kantonalbank
Securities
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