Valartis Group AG

Latest Results (06.02.2026):

Summary — Valartis Group AG, first half (Q1–Q2) 2025: The Group reported a half‑year net result of CHF 8.6 million (1.1.–30.06.2025), essentially in line with H1 2024, with total operating income of CHF 7.09 million. EBITDA was CHF 3.03 million (slightly below CHF 3.26 million a year earlier). Net finance result rose to a gain of CHF 5.55 million (driven notably by a CHF 5.8 million foreign‑exchange gain and a renegotiation gain that offset derivative termination costs). Equity strengthened to CHF 101.6 million (equity ratio 72.5%), while cash and cash equivalents decreased to CHF 10.52 million at 30 June 2025.

Key income and profitability

Total operating income: CHF 7.09m (H1 2024: CHF 7.14m). EBITDA: CHF 3.03m (H1 2024: CHF 3.26m). EBIT: CHF 3.22m (H1 2024: CHF 4.18m). Net result: CHF 8.60m (stable vs CHF 8.59m in H1 2024).

Earnings per share

Undiluted/diluted earnings per share (continued operations): CHF 3.03 in H1 2025 (H1 2024: CHF 2.59).

Finance result and one‑offs

Net finance result: gain of CHF 5.55m (H1 2024: gain CHF 4.32m). Financial income (CHF 11.87m) included a CHF 5.8m foreign‑exchange gain on investment property and non‑current receivables; financial expenses (CHF 6.32m) reflected termination of a derivative contract that was largely offset by a renegotiation gain recognised in financial income.

Balance sheet and capital strength

Total assets: CHF 140.08m (31.12.2024: CHF 139.17m). Shareholders’ equity: CHF 101.59m (31.12.2024: CHF 90.99m). Equity ratio: 72.5% (31.12.2024: 65.4%). Equity per share: CHF 36.03 (31.12.2024: CHF 32.30).

Cash flow and liquidity

Net cash used in operating activities: CHF 1.21m. Net cash used in investing activities: CHF 3.17m (including shipping investments and acquisitions). Net cash used in financing activities: CHF 0.30m. Cash and cash equivalents fell from CHF 15.06m at year‑end 2024 to CHF 10.52m at 30 June 2025.

Asset and investment movements

Investment property increased to CHF 31.23m (31.12.2024: CHF 24.91m). Associated companies rose to CHF 47.10m (31.12.2024: CHF 41.99m). Non‑current receivables increased to CHF 19.57m (from CHF 16.15m). Trading portfolio assets decreased to CHF 9.65m (from CHF 11.50m).

Expenses, staffing and operating items

Administrative expenses up ~5% to CHF 4.06m (personnel CHF 2.30m; general expense CHF 1.77m). Full‑time equivalents: 33.8 (31.12.2024: 36.1).

Other notable items and events

Liquidation of a Group subsidiary in March 2025 released a liability of CHF 2.0m recognised in H1 2025. No significant events after the balance sheet date were reported. VLRT closing share price at period end: CHF 12.00 (previous: CHF 12.50). Outstanding shares: 3,023,295.

Outlook stated by management

Management reiterates focus on developing cash‑producing activities, further shipping investments (including construction of a new multipurpose vessel and acquisitions), continued support of EPH European Property Holdings PLC (asset management and refurbishment projects), and selective real‑estate opportunities. Management flags continued economic and geopolitical challenges for certain subsidiaries (ENR, banking associates) but emphasizes a diversified strategy and risk management approach.