Bellevue Group breaks even, bottom-line result of CHF 0.2 mn
Significant upside potential in healthcare sector – further improvement in performance The historically low valuation of the healthcare sector, combined with significant dollar weakness, is impacting investment performance and asset base, leading to a 16% decline in assets under management to CHF 4.8 bn. Operating income declined 23% to CHF 27 mn, while operating expenses were reduced by 11% year-on-year thanks to lower personnel expences. Portfolio management optimizations are showing further improvements, and the healthcare sector offers promising rebound potential. In addition, a management buy-out of the adbodmer subsidiary is being considered as part of efforts to sharpen the business profile.
Healthcare remains a strategic pillar with a strong outlook and multiple trend reversal triggers.
André Rüegg
Chief Executive Officer
Key figures
Client assets
(in CHF bn)
4.8
5.8
31.12.2024
4.8
H1 2025
Operating Income
(in CHF mn)
25.0
36.4
H1 2024
25.0
H1 2025
Operating Profit (EBTDA)1)
(in CHF mn)
2.4
10.8
H1 2024
2.4
H1 2025
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Group net profit
(in CHF mn)
0.2
7.4
H1 2024
0.2
H1 2025
Cost/Income ratio (CIR)
(in %)
90.6
40.4
H1 2024
90.6
H1 2025
Return on equity2)
(in %)
0.3
13.7
H1 2024
0.3
H1 2025
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1) Earnings before taxes, depreciation and amortization
2) Based on reported net profit and average equity for the preceding 6-month period after distribution of the respective dividends
Source: Bellevue Group, as at June 30, 2025
Developments
Market environment
Healthcare sector remains under pressure: Historically low valuations, with investors remaining cautious
POTUS policies cause uncertainty: Tariffs and drug price regulations dampen the investment sentiment
US dollar weakens: Despite higher interest rates, significant depreciation weighs on USD-exposed assets under management
AuM decline despite improved investment performance: Assets under management fell to CHF 4.8 bn (-16% compared to year-end 2024), driven by reallocations and the weakness of the US dollar (USD/CHF -12.5%)
Revenue decline due to a lower asset base: Operating income decreased by 31% to CHF 25 mn (PY: CHF 36.4 mn)
Cost reductions not yet fully effective: Despite an 11% lower operating expense (CHF 22.7 mn), the result was only break-even at CHF 0.2 mn (PY: CHF 7.4 mn)
Market reality requires adjustments: A solid, debt-free balance sheet with a strong equity base and supportive core shareholders lays the foundation for targeted future growth
Developments
Market opportunity
Market environment improves: Falling interest rates in Europe and expected US rate cuts create tailwinds for growth stocks. POTUS-related uncertainties may ease, providing greater planning security and therewith an improving investor sentiment
Investment Case healthcare remains intact: Attractive valuations, high innovation, favorable demographics, an interest rate turnaround, and political decisions leading to greater clarity act as catalysts
Small & mid caps at an advantage: European small and mid-cap stocks benefit disproportionately from the macroeconomic environment and increased investor interest
Focus on distribution & tools: Product quality, client engagement, and digital tools are being strategically enhanced – with performance and scalability in focus
Investor presentation
The 2025 half-year results in brief: Overview, capital market environment, business results and business update and outlook.
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