HBM Healthcare Investments (HBMN) Q4 2025 earnings summary

Executive summary

• Achieved a profit of CHF 272 million for 2025/2026, with NAV per share up 17.2% and share price up 28.5% year-over-year.

• Portfolio benefited from increased M&A activity, clinical successes, and improved market sentiment, despite a 10% negative currency impact from Swiss franc appreciation.

• Major value creation from the sale of Swixx BioPharma, with a cumulative capital gain of CHF 340 million, the largest in company history.

• Board proposes an ordinary dividend of CHF 9.00 per share, yielding 4% at year-end share price.

• Three new private investments and continued focus on portfolio diversification and financial stability.

Financial highlights

• Net assets increased to CHF 1,844.1 million as of 31 March 2026, up from CHF 1,645.4 million a year earlier.

• Net result for the year was CHF 271.9 million, compared to CHF 18.5 million in the prior year.

• Basic earnings per share rose to CHF 40.74 from CHF 2.72 year-over-year.

• NAV per share reached CHF 278.87, up from CHF 244.41.

• Share price closed at CHF 225.00, up from CHF 181.00, with a discount to NAV of -19.3%.

• Cash and cash equivalents stood at CHF 194.4 million.

Outlook and guidance

• Positive outlook for the biotechnology sector, expecting continued M&A activity and value-enhancing milestones.

• Anticipates further value realization from private investments through financing rounds, IPOs, and acquisitions.

• Expects significant clinical results and regulatory decisions from public investments in the coming year.