Ultima Capital (ULTIMA) H2 2023 earnings summary

Executive summary

• Achieved strong operating performance in 2023, completing integration of management business and expanding operational footprint to 7 locations with 4 projects under development.

• Transitioned to an operating company model, targeting the ultra-high-net-worth individual (UHNWI) segment.

Financial highlights

• Consolidated revenue for 2023 reached CHF 17.94 million, up from CHF 16.84 million in 2022, despite temporary closure of a key property due to flooding.

• Operating profit (EBIT) after depreciation and amortization was CHF 9.86 million, compared to CHF 4.47 million in 2022.

• Operating profit before revaluations and amortization was CHF 2.62 million, highlighting underlying profitability.

• Net result for the period was a loss of CHF 9.48 million, compared to a loss of CHF 6.98 million in 2022, mainly due to extraordinary expenses and financial costs.

• Real estate portfolio value increased by CHF 36.6 million to CHF 1,046.9 million as of year-end 2023.

Outlook and guidance

• New CEO and management structure implemented, with focus on international rebranding and marketing.

• Significant revenue growth expected from the next winter season, driven by new property openings and brand strengthening.

• Management remains confident in attracting new customers despite ongoing economic and geopolitical uncertainties.