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Half-year report 2026
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shareholder letter

Bellevue reports Group net profit of CHF 1.8 million in the first half of 2026

Healthcare sector offers compelling upside potential – cost reductions delivering results
The continued rotation of investors into the technology sector reduced assets under management to CHF 4.8 billion as of the end of June, down 8.7%. Supported by a positive financial result, operating income increased by 4.4% to CHF 26.2 million, while the cost reduction measures initiated in the previous year lowered operating expenses by 3.2% to CHF 23.8 million. BB Biotech delivered a strong performance of 14.1% (in CHF). Despite divergent performance across its subsectors, the healthcare sector continues to offer attractive entry opportunities for the second half of the year.

Bellevue is exceptionally well positioned to benefit disproportionately from the emerging recovery in the healthcare sector.

André Rüegg

Chief Executive Officer

Key figures

Client assets

(in CHF bn)

4.8

5.3
31.12.2025
4.8
H1 2026

Operating Income

(in CHF mn)

26.2

25.0
H1 2025
26.2
H1 2026

Operating Expenses

(in CHF mn)

21.5

22.7
H1 2025
21.5
H1 2026
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Operating Profit (EBTDA)1)

(in CHF mn)

4.7

2.4
H1 2025
4.7
H1 2026

Group net profit

(in CHF mn)

1.8

0.2
H1 2025
1.8
H1 2026

Cost/Income ratio (CIR)

(in %)

82.1

90.6
H1 2025
82.1
H1 2026
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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, 2026

Developments
Our market environment
  • Healthcare: Lagged the broader equity market in the first half. Signs of a trend reversal emerging toward the end of Q2 2026
  • Biopharma: A more constructive regulatory environment supports drug manufacturers
  • Biotechnology: Benefiting from strong innovation momentum, compelling clinical data, and active M&A
  • Medtech: Despite continued innovation momentum, new products, and intact end markets, still under valuation pressure and weighed down by sector rotation into technology and AI stocks
Developments
Our performance
  • Assets under management: Decreased to CHF 4.8 bn (-8.7% versus the end of 2025), due to negative performance in medtech and various healthcare strategies as well as net outflows from client reallocations, mainly into technology and AI stocks
  • Operating income: Increased to CHF 26.2 mn (+4.4%), supported by a positive financial result
  • Operating expenses: Decreased to CHF 21.5 mn (-5.4%), thanks to cost-reduction measures initiated in the prior year
  • Result: Includes a one-off, non-cash impairment of CHF 0.6 mn related to the sublease of office premises
Developments
Our opportunity
  • Market environment: Investors are shifting focus from richly valued technology stocks toward more defensive growth sectors such as healthcare
  • The healthcare investment case remains intact: Attractive valuations, strong innovation power, AI potential, and positive demographic trends support sustainable earnings growth
  • Medtech: The gap between solid operating fundamentals and depressed valuation multiples is starting to close. Strong innovation power, new product cycles, and intact end markets support a normalization of valuations
  • Small & mid caps: Structural growth trends such as electrification, AI, energy efficiency, and reshoring create lasting potential for leading niche companies with strong pricing power. European small-cap stocks are attractively valued
  • Distribution & tools in focus: Product quality, client engagement, and digital tools are being expanded in a targeted way – to strengthen performance

Investor presentation

The 2026 half-year results in brief: Overview, capital market environment, business results and business update and outlook.

To the presentation