HBM Healthcare Investments (HBMN) Q1 2026 earnings summary

Executive summary

• Portfolio value rose 0.5% in investment currencies, but strong Swiss franc appreciation led to an 8.4% NAV per share decline and a CHF 140 million quarterly loss for the period ending 30 June 2025.

• Share price dropped 5.5% compared to the previous quarter; asset allocation remained stable with no new investments in private or public companies.

• Positive operational progress in private companies and significant clinical milestones in public holdings, despite currency headwinds.

Financial highlights

• Net result for the quarter was a loss of CHF 140.1 million, compared to a profit of CHF 18.5 million in the previous quarter.

• Net asset value (NAV) per share fell to CHF 216.35 from CHF 244.41 sequentially; share price at CHF 171.00, down from CHF 181.00.

• Basic earnings per share for the quarter were CHF -20.85, compared to CHF 2.72 in the previous quarter.

• Cash and cash equivalents increased to CHF 90.3 million from CHF 66.2 million sequentially.

• Distribution per share remained at CHF 7.50, with a yield of 4.1%.

Outlook and guidance

• Market uncertainties expected to persist due to geopolitical tensions, trade tariffs, drug price regulation debates, and currency volatility.

• Anticipates positive portfolio outcomes, with private companies achieving clinical milestones and public companies expecting key study results and regulatory decisions.

• M&A activity expected to accelerate in the second half of the year as large pharma seeks growth and patent expiry compensation.