Ultima Capital (ULTIMA) H2 2024 earnings summary

Executive summary

• 2024 was a year of major transition, with a shift in business model to an operating hospitality firm and a significant change in shareholding structure, as Yoda PLC became the new majority shareholder with a 53.79% stake following a capital increase and asset contribution in December 2024.

• The company focused on the ultra-wealth segment, expanding its luxury real estate portfolio to 4 hotels and resorts and 19 chalets and villas across 14 locations in Switzerland, France, and Greece.

• The business model change led to a reclassification of investment properties as owner-operated properties, impacting accounting and valuation policies.

Financial highlights

• Consolidated revenues for 2024 were CHF 11.8 million, down from CHF 17.9 million in 2023, mainly from owner-operated properties.

• Operating loss (EBIT) was CHF (45.7) million, compared to a profit of CHF 9.9 million in 2023, driven by higher personnel, operating, and depreciation expenses.

• Net loss for 2024 was CHF 53.7 million, compared to a net loss of CHF 9.5 million in 2023.

• Cash and cash equivalents increased to CHF 13.5 million from CHF 11.1 million at year-end 2023.

• The portfolio's consolidated value rose by CHF 334.7 million to CHF 1,381.6 million, mainly due to new asset contributions from Yoda PLC.

Outlook and guidance

• Management expects significant positive results for 2025, driven by cost reduction programs, commercial synergies with Yoda PLC, and a reinforced financial structure.

• The company plans to optimize its financing structure and consider dividend distributions in the near future, subject to regulatory approval.

• The sale of the Schönried property for CHF 93 million is expected to close by May 2025, further supporting deleveraging and liquidity.