Ultima Capital (ULTIMA) H1 2025 earnings summary

Executive summary

• Achieved significant positive transformation in H1 2025 following Yoda PLC's acquisition of a majority stake, resulting in improved capital structure and operational momentum.

• Revenue for H1 2025 reached CHF 14.5 million, nearly quadrupling year-over-year and surpassing full-year 2024 revenue.

• Positive EBITDA of CHF 2.3 million in H1 2025, a CHF 6.1 million improvement from the prior year period.

• Net asset value increased by over 50% post-transaction, standing at CHF 955.8 million as of June 30, 2025.

• Strategic portfolio expansion included the launch of Ultima Athens, acquisition of Nammos Village, and progress on key developments.

Financial highlights

• Revenue for H1 2025: CHF 14.5 million (H1 2024: CHF 3.7 million).

• EBITDA: CHF 2.3 million (H1 2024: CHF -3.8 million).

• Net loss for H1 2025: CHF -16.4 million (H1 2024: CHF -24.5 million).

• Net asset value (excluding minorities): CHF 955.8 million as of June 30, 2025 (up CHF 100.7 million from December 31, 2024).

• Cash and cash equivalents: CHF 27.3 million as of June 30, 2025.

Outlook and guidance

• Management expects continued revenue growth and gradual improvement in EBITDA margins under new leadership.

• Portfolio expansion and brand development remain strategic priorities, with several projects scheduled for completion in 2025 and 2026.

• Confident in delivering positive shareholder returns and further business consolidation.