Valartis Group AG

Latest Results (23.03.2026):

Valartis Group AG — results for the half-year ended 30 June 2025 (H1 2025, reported alongside Q2 2025): the Group reported a net result of CHF 8.60 million (H1 2024: CHF 8.59m), total operating income of CHF 7.09 million and earnings per share of CHF 3.03. EBITDA was CHF 3.03m, EBIT CHF 3.22m, and the Group strengthened equity to CHF 101.6m (equity ratio 72.5%) while cash and cash equivalents declined to CHF 10.52m. Overall performance was described as broadly in line with the prior-year half.

Key financials

Total operating income: CHF 7.089m (H1 2024: CHF 7.137m). EBITDA: CHF 3.025m (3.258m). EBIT: CHF 3.221m (4.182m). Net result: CHF 8.600m (8.594m). Net result attributable to shareholders: CHF 8.582m (7.171m). Earnings per share (undiluted): CHF 3.03.

Finance result — main drivers

Net finance result was a gain of CHF 5.545m (vs CHF 4.315m). Financial income (CHF 11.865m) included a CHF 5.8m foreign‑exchange gain mainly on investment property and non‑current receivables; financial expenses (CHF 6.320m) reflected termination of a derivative but were largely offset by a gain from renegotiating an external investment facility.

Balance sheet and equity

Total assets: CHF 140.077m (CHF 139.170m at 31.12.2024). Shareholders’ equity (including non‑controlling interests): CHF 101.593m (up from CHF 90.985m); equity per share CHF 36.03 (vs CHF 32.30). Equity ratio improved to 72.5% (from 65.4%).

Cash flow & liquidity

Cash and cash equivalents decreased to CHF 10.523m (from CHF 15.059m). Operating cash flow was negative CHF 1.205m; investing cash flow used CHF 3.168m (notably shipping investments); financing cash flow used CHF 0.298m.

Segment / operational contributions

Income from investment property increased to CHF 2.132m (+21% vs prior half) driven by higher rental income. Share of results of associated companies fell to CHF 1.633m (from CHF 3.988m), partly reflecting lower contributions from some associates; shipping investments contributed CHF 0.6m. Other income included proceeds from liquidation of a group company (release of a CHF 2.0m liability).

Costs and headcount

Administrative expenses rose ~5% to CHF 4.064m (personnel CHF 2.295m; general CHF 1.769m). Staff FTEs were 33.8 at 30.06.2025 (36.1 at 31.12.2024).

Strategic moves and outlook

Group continues to prioritise shipping (acquired 50% stake in a second‑hand heavy‑lift multipurpose vessel and is investing in a new mid‑size multipurpose ship) and selected real‑estate projects. Valartis remains engaged as asset manager/advisor to EPH and highlights market challenges in ENR (sanctions, financing costs) while expecting to pursue further maritime and domestic real‑estate opportunities.

Other notable items

Trading portfolio and short‑term assets modestly declined (trading portfolio CHF 9.650m). Closing VLRT share price: CHF 12.00 (vs CHF 12.50 at 31.12.2024). No significant events after the balance sheet date were reported.