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Leonteq (LEON) investor relations material
Leonteq H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Reported a net loss for 2025 due to lower net fee income and trading result, impacted by challenging market conditions, legacy issues, and lower activity from historic partners, but client momentum improved in H2.
Transition to a new regulatory regime was completed ahead of schedule, strengthening the CET1 ratio to 16.9% by year-end.
Strategic focus in 2025 was on resizing and optimizing; 2026 will prioritize expansion and growth, with a return to positive pre-tax results expected.
Felix Oegerli nominated as new independent chairman for AGM 2026.
Financial highlights
Net fee income declined 17% to CHF 178.5 million in 2025, with net trading result dropping to -CHF 3.1 million from CHF 21.5 million in 2024.
Total operating income fell 28% year-over-year to CHF 172.3 million.
Underlying pre-tax loss was CHF 21.5 million; IFRS net loss was CHF 33 million, including CHF 11 million in non-recurring charges.
Operating expenses reduced by 16% on an underlying basis to CHF 193.8 million; headcount down 7%, contractors down 24%.
No dividend for 2025; CHF 52.9 million was distributed in April 2025.
Outlook and guidance
Full focus on expansion in 2026, with expected return to positive pre-tax results for H1 and full year.
Total operating expenses for 2026 expected at CHF 200 million, reflecting new business launches and normalization of variable compensation.
Share buyback planned for early 2027 if CET1 ratio remains meaningfully above 15%.
Midterm financial targets expected to be achieved by 2028.
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