EFG International (EFGN) H1 2026 earnings summary

Executive summary

• Achieved record net profit of CHF 184.6 million for H1 2026, up 5% year-over-year and 13% sequentially, with Return on Tangible Equity at 22.4%, exceeding the 2028 target.

• Assets under Management (AuM) rose to CHF 196.3 billion at end-June 2026, a 21% year-over-year increase, surpassing CHF 200 billion after the Quilvest acquisition.

• Net new assets reached CHF 5.7 billion, with an annualized growth rate of 6.2%, exceeding the 4-6% target range, marking the fifteenth consecutive period of positive inflows.

• Strong organic growth complemented by successful acquisitions, with all business regions contributing positively, especially Continental Europe & Middle East and Asia Pacific.

• Operating expenses rose 8% year-over-year due to acquisitions and continued investment in talent and technology.

Financial highlights

• Operating income grew to CHF 856.5 million, up 7% year-over-year.

• Net commission income increased 20% year-over-year, driven by higher volumes and improved mandate penetration.

• Cost/income ratio improved to 71.5%, down from 73.1% in H2 2025, but up from 66.7% year-over-year due to acquisition-related expenses.

• Return on tangible equity reached 22.4%, above the 2028 target of 20%.

• CET1 capital ratio improved to 15.0%, up from 14.0% at end-2025, with total capital at 18.3%.

Outlook and guidance

• Confident in achieving 2028 financial targets, including 15% CAGR in IFRS net profit, NNA growth of 4-6% p.a., revenue margin above 85bps, CIR 68%, and ROTE 20%.

• Margin expected to stabilize around 90 basis points, with limited headwinds from interest rates.

• Cost-to-income ratio on track to reach 68% by 2028, with annual reductions of 1.5-2 percentage points.

• Acquisitions expected to contribute more post-integration, especially after technology migration in 2027.

• Focus remains on disciplined execution of the 2026-2028 strategic plan, aiming for further operating leverage and strong performance.