HBM Healthcare Investments (HBMN) Q2 2027 earnings summary

Executive summary

• First-half FY2026/27 net profit was CHF 176.7 million; NAV per share rose 9.8% including the CHF 9.00 dividend, while the share return was 7.8%.

• Private holdings drove performance; public holdings consolidated in Q2 after a strong Q1 recovery, with liquidity supporting new and follow-on investments.

Financial highlights

• Six-month net result was CHF 176.7 million versus CHF 95.6 million a year earlier; basic EPS was CHF 26.82 versus CHF 14.25.

• Q2 net result was a CHF 61.6 million loss, compared with CHF 235.6 million income in Q2 a year earlier.

• Net assets were CHF 1,946.0 million at 30 September 2026, up from CHF 1,844.1 million at 31 March 2026; cash and equivalents rose to CHF 278.0 million from CHF 194.4 million.

Outlook and guidance

• Healthcare activity is expected to continue through financing rounds, IPOs and strategic acquisitions, but in a more selective and volatile environment; fundamentals remain supported by pharmaceutical demand for innovation.

• Advanced-stage or marketed products, convincing clinical data and broad portfolio diversification are viewed as positioning the portfolio to manage market fluctuations and pursue opportunities.