HBM Healthcare Investments (HBMN) Q2 2026 earnings summary

Executive summary

• Achieved a profit of CHF 96 million in the first half of 2025/2026, driven by strong public company performance and positive portfolio revaluations despite adverse currency effects from a strong Swiss franc.

• Net asset value (NAV) per share increased by 6.1% and share price rose by 4.0%, though shares continue to trade at a 28% discount to NAV.

• Portfolio remains highly diversified across geographies, development phases, and therapeutic areas, with significant exposure to the US dollar and a focus on advanced-stage and revenue-generating companies.

Financial highlights

• Net result for the period was CHF 95.6 million, up from CHF 18.5 million in the previous half-year.

• Basic earnings per share reached CHF 14.25, compared to CHF 2.72 in the prior period.

• NAV per share stood at CHF 251.78 as of 30 September 2025, up from CHF 244.41 at 31 March 2025.

• Cash and cash equivalents increased to CHF 149.9 million, representing 8% of assets.

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

Outlook and guidance

• Investor confidence in biopharma is rising, supported by M&A activity, positive clinical results, and regulatory developments.

• Anticipates key FDA approval decisions and study results in the second half, with the portfolio well positioned to benefit from sector momentum.