HBM Healthcare Investments (HBMN) Q3 2026 earnings summary

Executive summary

• Achieved a profit of CHF 286 million for the first nine months of FY 2025/2026, with CHF 191 million in Q3 alone, despite negative currency effects of CHF 180 million.

• Net asset value (NAV) per share rose 18% year-over-year; share price increased 29.3% but remains at a 19.4% discount to NAV.

• Portfolio benefited from improved market conditions, with significant value creation in both private and public holdings.

Financial highlights

• Net assets reached CHF 1,863.5 million as of 31 December 2025, up from CHF 1,645.4 million at the end of March 2025.

• Net result for the nine-month period was CHF 286.4 million, compared to CHF 18.5 million in the prior year period.

• Basic earnings per share for the nine months was CHF 42.83, up from CHF 2.72 year-over-year.

• Cash and cash equivalents stood at CHF 124.3 million.

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

Outlook and guidance

• Biotechnology sector market environment has improved, expected to drive further M&A and IPO activity.

• Several portfolio companies anticipate major clinical or regulatory milestones in the next 12 months.

• Management remains optimistic about further value creation and is focused on identifying next-generation winners.