GAM (GAM) H1 2025 earnings summary

Executive summary

• Completed a major transformation, streamlining operations and leadership, now focused on growth and client-centric strategies.

• New CEO Albert Saporta and Chief Distribution Officer Tim Rainsford appointed to drive the next phase.

• Strategic focus shifted to pureplay active investment and wealth management, with operational simplification and divestment of non-core activities completed.

• Backed by majority shareholder NJJ Holding, with a fully underwritten CHF 100m rights issue and extended loan facility.

• Strategic partnerships in alternatives and fixed income aim to drive future growth.

Financial highlights

• IFRS net loss after tax of CHF 40.7m for H1 2025, including CHF 6.3m in reorganisation and other charges.

• Underlying loss before tax was CHF 34.1m; net management fees and commissions fell 44% year-over-year to CHF 23.4m.

• Assets under management (AuM) at CHF 12.7bn as of 30 June 2025, down 33% year-over-year, driven by CHF 3.0bn net outflows.

• Underlying expenses reduced by 22% compared to H1 2024, driven by headcount and cost reductions.

• Net cash position decreased to CHF 42.4m, down from CHF 65.1m at year-end 2024.

Outlook and guidance

• Entering a new phase focused on growth, innovation, and client-centric investment excellence.

• Continued cost optimisation and efficiency measures to support a return to sustainable profitability.

• Strategic focus on growing AuM and delivering long-term value, supported by anchor shareholder NJJ.

• Selective inorganic growth opportunities under review to complement organic initiatives.

• Management expects continued volatility in earnings due to market conditions and performance fee recognition timing.