Net asset value $(NAV)$ per share increased by 16.4% in the second quarter of fiscal year 2025/2026 to CHF 251.78. The company reported a quarterly profit of CHF 236 million, offsetting the currency-related loss from the first quarter. For the first half of the current fiscal year, the company expects a profit of CHF 96 million and an increase in NAV of 6.1% in Swiss francs (17.8% in US dollars). The share price rose by 4.0% during the same period and trades at a 28% discount to NAV. The positive second quarter results are mainly attributed to developments in listed portfolio companies, including clinical study results from Abivax, Mineralys, Upstream Bio, and UniQure, as well as acquisition offers for Merus, Y-mAbs Therapeutics, and 89Bio. Foreign currency effects had no material impact on the second quarter's performance. The final half-year results will be published on October 24, 2025.