SWI Capital Holding (SWICH) H2 2025 earnings summary

Executive summary

• 2025 marked the first full year post-consolidation, establishing an institutional platform and preparing for Euronext Amsterdam listing in February 2026 at €3.76/share, with market cap reaching €2.6bn by March 2026.

• Strategic focus on digital infrastructure and AI, with five European hyperscale data center projects (2.3 GW capacity) and expansion into the US market.

• Integration of Stoneweg group, managing €10bn AUM, and acquisition of prime real estate assets in Geneva and the Swiss Alps.

Financial highlights

• Total consolidated assets grew 90% to €3.3bn as of 31 Dec 2025, driven by asset appreciation and Stoneweg integration.

• Adjusted NAV rose 56% year-over-year to €1.51bn; Adjusted NAV/share up 25% to €3.51.

• Net LTV improved to 15.3% from 17.6%, reflecting conservative leverage.

• 2025 revenues were €93.9m (down from €153.7m in 2024 due to one-off items and consolidation timing); net profit €423.7m (down from €741.8m in 2024, which included initial asset revaluations).

• EPS for 2025 was €0.87 (down from €1.50 in 2024).

Outlook and guidance

• Entering 2026 with a robust platform, recurring income from real estate, and progressing data center assets.

• Expansion into US high-performance computing and AI infrastructure, including acquisition of a US bitcoin miner (to be converted to HPC) and majority stake in Polarise, a European NVIDIA Cloud Preferred Partner.

• Continued focus on recurring operational cash flows and further international diversification.