Ultima Capital (ULTIMA) H1 2024 earnings summary

Executive summary

• Operated 6 locations as of June 30, 2024, with 1 under renovation and 4 under development; flagship Gstaad property closed due to flooding but set to reopen for 2024/25 winter season.

• H1 2024 revenue was CHF 5.82 million, down from CHF 7.96 million in H1 2023, mainly due to Gstaad closure.

• Strategic shift to an operating model continued, with significant investments in talent, rebranding, and partnerships, resulting in higher non-recurring operating expenses.

• Net loss of CHF 24.49 million in H1 2024, compared to a profit of CHF 15.26 million in H1 2023, impacted by impairments and business model transition.

• Portfolio value increased by CHF 10.7 million to CHF 1,057.6 million since December 2023.

Financial highlights

• Revenue for H1 2024: CHF 5.82 million (H1 2023: CHF 7.96 million).

• Operating result before depreciation and impairment: CHF -3.77 million (H1 2023: CHF 4.81 million).

• Net result: CHF -24.49 million (H1 2023: CHF 15.26 million).

• EPS basic: CHF -4.13 (H1 2023: CHF 2.58); EPS diluted: CHF -3.10 (H1 2023: CHF 2.44).

• Cash and cash equivalents: CHF 12.33 million as of June 30, 2024 (Dec 31, 2023: CHF 11.10 million).

Outlook and guidance

• Reopening of Gstaad and opening of Quai Wilson expected to drive short-term revenue growth.

• Openings of Chesery and Cologny in 2025 to further support growth.

• Sale and leaseback of Quai Wilson/Ultima Wilson to generate excess cash and reinforce cash flow.

• Management expects operating profit to increase due to higher revenue, economies of scale, and completion of rebranding.

• Future reservations are strong, especially for new properties, with daily booking requests.