GAM (GAM) H2 2025 earnings summary

Executive summary

• Assets under management (AUM) at CHF 12.5 billion as of 31 December 2025, down from CHF 16.3 billion a year earlier, reflecting a 23% year-over-year decline due to net outflows and asset disposals.

• IFRS net loss after tax of CHF 74.2 million for FY2025, including CHF 14.4 million in reorganisation and other charges, improved from CHF 77.2 million in FY2024.

• Underlying loss before tax improved to CHF 60.2 million from CHF 67.7 million in 2024, mainly due to cost reductions.

• Strategic transformation included new leadership, operational simplification, and expansion of the alternatives platform through key partnerships.

• Board expects return to profitability will take longer than previously targeted.

Financial highlights

• Net management fees and commissions fell 43% to CHF 43.5 million.

• Net underlying fee and commission income declined 40% to CHF 47.1 million.

• Underlying expenses reduced by 24% to CHF 108.3 million, driven by headcount and cost reductions.

• Management fee margin dropped to 32.1bps from 40.4bps, reflecting asset mix shift and outsourcing.

• Net outflows of CHF 3.7 billion and asset disposals of CHF 0.5 billion, partially offset by positive market and FX movements of CHF 0.4 billion.

Outlook and guidance

• Board acknowledges profitability is unlikely to be achieved in 2026 as previously targeted.

• Continued focus on cost optimisation, platform simplification, and strategic partnerships to support turnaround.

• Further legal entity simplification planned for 2026 to reduce regulatory capital requirements.

• Focus for 2026 is on achieving sustainable growth and translating improved client engagement into net inflows.

• Confident in strategic foundations and leadership to support future growth.