BVZ Holding (BVZN) H1 2026 earnings summary

Executive summary

• Robust and diversified demand across all business segments, despite a challenging international market environment.

• Strategic investments continued, including major rolling stock and infrastructure projects.

• Total revenue including public service compensation reached CHF 112.0 million, up 0.4% year-over-year.

• Net profit declined by 15.5% to CHF 11.0 million due to higher operating costs and special depreciation.

• Private sector profit (dividend-eligible) fell 16.9% to CHF 10.4 million.

Financial highlights

• Operating income (EBIT) was CHF 15.4 million, down from CHF 17.8 million in H1 2025.

• EBITDA decreased to CHF 32.7 million from CHF 34.9 million year-over-year.

• Earnings per share dropped to CHF 46.67 from CHF 55.25.

• Equity ratio improved to 38.2%, up 0.5 percentage points from H1 2025.

• Cash flow from operations was CHF 20.1 million, slightly down from CHF 20.9 million in H1 2025.

Outlook and guidance

• Full-year 2026 results expected below record 2025 but in line with recent years.

• Continued focus on value-driven growth, quality offerings, and resilient structures.

• Significant investments planned in rolling stock, infrastructure, and real estate.