Orascom Development: Profit triples, ASA with higher earnings
Orascom Development Holding, domiciled in Altdorf (UR), reported a significantly higher consolidated profit for 2025, to which the subsidiary Andermatt Swiss Alps also contributed.
ODH's consolidated sales rose by 1.7 % to CHF 641.4 million. This growth was driven primarily by the hotel segment, whose external revenue climbed by % 14.0 to CHF 173.5 million. In the real estate business - the largest segment - revenue fell by 1.8 % to CHF 349.3 million, primarily due to the weaker Egyptian pound. The decline in land sales was more pronounced: Only one single closing was recorded, resulting in a decline of 40.6 % to CHF 26.1 million.
Despite higher sales, gross profit fell from CHF 160.3 million to CHF 149.2 million, which is attributable to higher costs. The strong increase in total comprehensive income is mainly due to significantly lower other losses: in the previous year, currency losses and impairments on fixed assets had impacted the result by around CHF 60.0 million; in 2025, the figure was CHF 14.4 million. In addition, there were currency gains of CHF 21.0 million. CHF 41.0 million of the net profit was attributable to the shareholders of the parent company (previous year: loss of CHF 6.1 million).
Andermatt Swiss Alps with remarkable improvement
The only Swiss investment is Andermatt Swiss Alps (ASA), in which ODH holds 49 %. The share of ASA's profit attributable to ODH amounted to CHF 3.8 million in 2025 (previous year: CHF 1.8 million) - with ASA's annual profit attributable to the company's shareholders at CHF 7.7 million (previous year: CHF 3.6 million), according to ODH information. ASA's contribution to earnings has therefore more than doubled compared to the previous year. ASA's sales amounted to CHF 184.4 million in 2025 (previous year: CHF 249.0 million); the decline is likely to be related to the very high real estate business in 2024 - this ODH financial report does not contain more detailed information on the ASA segments.
The carrying amount of ODH's investment in ASA rose from CHF 36.9 million to CHF 41.8 million, reflecting the contribution to earnings and other OCI effects.
Delisting and change of ownership
The delisting of ODH from the SIX Swiss Exchange was another major turning point in the financial year. After the company LPSO Holding - the main vehicle of the Sawiris family - launched a public tender offer at CHF 5.60 per share at the end of 2024 and held over 97 % of the shares at the end of February 2025, the delisting was approved at the Annual General Meeting in May; the last day of trading was June 4, 2025. Since then, ODH has been an unlisted public limited company. In December 2025, the departure of CEO Omar El Hamamsy was also completed, with the associated share-based remuneration reserve of CHF 1.8 million being released to the income statement.
The financial position improved over the course of the year: net debt fell from CHF 263.0 million to CHF 178.2 million and the gearing ratio from 58.1 to 38.7 %. After the end of the year, the sale of The Cove Rotana Hotel in Ras al-Khaimah (UAE), which had been agreed in advance, was also completed on January 7, 2026; the net proceeds for ODH amounted to CHF 15.7 million (USD 19.9 million).
