HBM Healthcare Investments (HBMN) Q4 2025 earnings summary

Executive summary

• Annual profit of CHF 19 million achieved in 2024/2025 amid challenging market conditions, with NAV per share up 1.5% and share price down 2.6%.

• Private companies drove positive results, offsetting losses in public company holdings.

• Three new private investments added; continued focus on diversified, balanced portfolio.

• Board proposes unchanged cash distribution of CHF 7.50 per share and continuation of share buy-back program.

• Strategy of broad diversification across geographies and value chain stages proved resilient.

Financial highlights

• Net result for the year was CHF 18.5 million, reversing a prior year loss of CHF 1.1 million.

• Basic earnings per share reached CHF 2.72, up from -0.16 the previous year.

• Net asset value per share at CHF 244.41, with a share price of CHF 181.00, reflecting a 25.9% discount.

• Distribution yield increased to 4.1% from 3.9% year-over-year.

• Cash and cash equivalents declined to CHF 66.2 million from CHF 203.4 million year-over-year.

Outlook and guidance

• New financial year began slowly due to US tariff announcements, but impact on main portfolio companies expected to be limited.

• Cathay Biotech anticipates significant sales growth from strategic partnerships in China.

• Swixx BioPharma continues strong growth and is exploring strategic options for further expansion.

• 47% of investments are in profitable companies, providing portfolio stability.

• Most portfolio companies are well financed and positioned for next value-enhancing milestones.