Leonteq (LEON) H1 2026 earnings summary

Executive summary

• Returned to profitability in H1 2026, achieving a group net profit of CHF 12.7 million, up 37% year-over-year, following a loss in H2 2025 and in line with guidance.

• Growth achieved across all regions, supported by expansion of product offerings, improved client sentiment, and successful execution of the "Resize, Optimise, Expand" strategy.

• Operating expenses declined by 10% year-over-year to CHF 99.2 million, reflecting benefits from a resizing and cost reduction programme.

• Regulatory legacy matters were resolved, removing constraints on growth and supporting business momentum.

• Strategic focus shifted from resizing and optimisation in 2025 to expansion in 2026, including completed exit from Japan and growth in recurring revenue streams.

Financial highlights

• Total operating income for H1 2026 was CHF 111.6 million, down 10% year-over-year but up 133% sequentially from H2 2025.

• Net fee income rose 10% year-over-year to CHF 96.8 million; net trading result fell 66% to CHF 13.4 million.

• Platform turnover increased 10% year-over-year to CHF 15.9 billion.

• Group net profit was CHF 12.7 million, up 37% year-over-year.

• Basic earnings per share reached CHF 0.71, up 34% year-over-year.

Outlook and guidance

• Full-year guidance confirmed, with management expecting a positive pre-tax result and total operating expenses around CHF 200 million for 2026.

• Intention to launch a share buyback in early 2027, contingent on maintaining a CET1 ratio meaningfully above 15%.

• Board to consider total distribution to shareholders in line with group net profit for FY 2026.

• Focus remains on disciplined execution of growth initiatives and expanding sales force in key regions.

• Management expects continued revenue growth from expanded business initiatives and recurring revenue streams.