GAM (GAM) H1 2026 earnings summary

Executive summary

• Revenue grew 10.4% at constant exchange rates in H1 2026, reaching CHF 646.2 million, reflecting continued growth momentum.

• Assets under management rose to CHF 12.7 billion at 30 June 2026, up from CHF 12.5 billion at year-end 2025, driven by strong gross inflows and improved investment performance.

• IFRS net loss after tax narrowed to CHF 24.7 million for H1 2026, a significant improvement from CHF 40.7 million loss in H1 2025, mainly due to cost optimisation measures.

• Client redemptions declined substantially, with underlying net inflows positive at CHF 38 million, excluding a one-off CHF 0.4 billion redemption.

• Strategic transformation over the past two years resulted in a lower cost base, simplified structure, and expanded investment capabilities.

Financial highlights

• H1 2026 reported revenue (IFRS) was CHF 597.8 million, up 3.1% at current rates and 11.0% at constant rates year-over-year.

• Interdealer broking (IDB) revenue reached CHF 623.3 million, up 2.6% at current rates and 10.4% at constant rates.

• Retail investors (Non-IDB) revenue was CHF 22.9 million, down 6.7% at current rates but up 8.9% at constant rates.

• Total underlying operating expenses decreased 17% to CHF 47.8 million compared to H1 2025.

• Performance fees rose sharply to CHF 6.0 million from CHF 1.6 million, driven by the GAM Swiss Re Cat Bond fund.

Segment performance

• Interdealer broking business (IDB) showed strong growth at constant exchange rates, with H1 2026 revenue up 10.4% year-over-year.

• Alternatives AuM increased to CHF 2.0 billion, with 96% outperforming three-year benchmarks.

• Specialist Active segment saw net outflows but improved investment performance in fixed income.

• Wealth Management AuM remained stable at CHF 0.9 billion.

• Retail investors (Non-IDB) segment saw a decline at current rates but grew 8.9% at constant rates in H1 2026.