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Annual Report 2025
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shareholder letter

Bellevue Group reports a net profit of CHF 1.9 mn for 2025

Cost base reduction of 16% through efficiency measures and clear focus on core strengths
2025 was an exceptionally challenging year for Bellevue Group. The result primarily reflects the weakness of the healthcare sector in the first half of the year, driven by uncertainties surrounding drug pricing in the US, tariff issues, patent expiries, and the significant depreciation of the US dollar against the Swiss franc. Signs of stabilisation only emerged towards the end of the year. Against this backdrop, we consistently focused our business model on our core competencies and reduced our cost base.

We have consistently focused our business model on our core competencies and reduced our cost base.

André Rüegg

Chief Executive Officer

Key figures

Assets under management

(in CHF bn)

5.3

5.8
2024
5.3
2025

Operating Income

(in CHF mn)

52.6

70.2
2024
52.6
2025

Operating profit (EBTDA) 1)

(in CHF mn)

7.1

16.7
2024
7.1
2025

Group net profit

(in CHF mn)

1.9

9.2
2024
1.9
2025

Cost/Income ratio (CIR)

in %

86.4

76.2
2024
86.4
2025

Return on equity 2)

in %

1.7

8.5
2024
1.7
2025

1) Earnings before taxes, depreciation and amortization
2) Based on reported net profit and average equity for the preceding 12-month period after distribution of the respective dividends
Source: Bellevue Group, as at December 31, 2025

developments
Market environment
  • Performance of the healthcare sector lagging behind the overall market – signs of a trend reversal visible in Q4 2025
  • Pharma deals with the US government increase predictability – bringing generalist investors back into the healthcare sector
  • Intensification of M&A activity – biopharma industry with strong M&A firepower
  • US dollar weakness – significant depreciation weighing on USD-exposed assets under management
Developments
Market reality
  • Decline in AuM despite improved investment performance: assets under management decreased to CHF 5.3 bn (-9% vs. year-end 2024), driven by reallocations and US dollar weakness (USD/CHF -12.6%)
  • Market recovery in Q4 2025: client assets increased by 10% in the second half of the year
  • Revenue decline due to lower asset base: operating income fell by 25% to CHF 52.6 m (PY: CHF 70.2 mn)
  • Reduction of cost base by 16% to CHF 49.1 mn – optimisation measures initiated
  • Group net profit for 2025 at CHF 1.9 mn (-79%) – operational stabilisation in the second half of the year
  • Refocusing of the business model on proven strengths and a sustainable reduction of fixed costs
Developments
Market opportunity
  • Healthcare market environment improving: expected further US rate cuts in 2026 and more predictable regulatory frameworks are providing tailwinds, while capital inflows into the sector are picking up again
  • The healthcare investment case remains intact: attractive valuations, high levels of innovation and favourable demographic trends act as catalysts
  • European small and mid caps are attractively valued: a cyclical upswing in Europe, supported by monetary easing, reform momentum and fiscal stimulus, is creating an environment in which smaller companies are set to benefit disproportionately
  • Sales & tools in focus: product quality, client engagement and digital tools are being systematically enhanced – with a clear focus on performance and scalability

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