Valartis Group reported a net profit of 3.7 million Swiss francs for the first half of 2026, a 57% decline from 8.6 million francs in the same period of 2025. The group, headquartered in Fribourg and listed on the SIX Swiss Exchange, operates in financial services, real estate project management and investments.
The operating result fell to 5.5 million francs from 7.1 million, primarily due to the absence of one-off liquidation gains recorded in 2025. Those gains included the dissolution of a 2 million franc liability through the liquidation of a subsidiary. EBITDA declined to 1.5 million francs from 3 million, while earnings before interest and taxes slipped to 5.5 million francs from 7.1 million.
Operational improvements were visible in certain segments. Management service revenues rose to 1.5 million francs from 1.3 million, driven by additional transaction fees. Real estate revenues increased to 2.6 million francs from 2.1 million, supported by higher rental income and favorable currency effects. In the first half of 2025, real estate revenues had already climbed to 2.1 million francs from 1.7 million due to rent increases.
Associated company contributions remained stable at 1.5 million francs, compared with 1.6 million a year earlier, with shipping investments contributing in 2026.
Valuation adjustments weighed on performance, with impairments, provisions and losses totaling 2.8 million francs. Of that, 2.4 million francs stemmed from a fair-value adjustment on loans to a joint venture in flower production, attributed to challenging operating conditions in the sector.
Cost discipline supported results. Personnel expenses edged down to 2.2 million francs from 2.3 million, while administrative expenses held steady at 1.8 million francs. Total operating expenses fell to 4 million francs from 4.1 million, reversing a 5% increase recorded in the first half of 2025.
The financial result provided key support, contributing 5.3 million francs net, compared with 5.5 million a year earlier. This included a 2.7 million franc gain on Valartis’s stake in EPH and 1.8 million francs in currency gains. Financial expenses collapsed to 0.3 million francs from 6.3 million, reflecting the absence of a 6.3 million franc charge in 2025 tied to the unwinding of a derivatives contract, partially offset by gains from renegotiating an external investment facility.
Despite the profit decline, Valartis strengthened its capital base. Consolidated equity rose to 105.2 million francs at June 30 from 100.6 million at year-end 2025, with the equity ratio easing slightly to 79.8% from 80.4%, still among the highest in the sector.
