Vontobel (VONN) Q2 2026 earnings summary

Executive summary

• Achieved record net profit of CHF 216 million for the half-year, up 87% year-over-year, with operating income rising 24% to CHF 852 million and assets under management reaching CHF 252.2 billion.

• Revenues, efficiency, profitability, and capital metrics all exceeded through-the-cycle targets, supported by strong client inflows and operational leverage.

• Significant progress on strategic initiatives, including expansion in the US and Germany, integration of Quantitative Investments, and embedding AI capabilities.

• Efficiency program delivered CHF 116 million in cumulative exit rate savings, ahead of plan.

• Announced new CFO and expanded Executive Committee, pending regulatory approval.

Financial highlights

• Net profit: CHF 216 million (up 87% year-over-year); operating income: CHF 852 million (up 24% year-over-year); profit before taxes: CHF 273 million (up 84% year-over-year).

• Assets under management: CHF 252.2 billion (up 5% from year-end 2025); net new money: CHF 2.5 billion, driven by Private Clients.

• Cost/income ratio improved to 67.9% (adjusted 66.4%), down from 77.9% in H1 2025.

• Return on equity reached 16.9%, up from 10.2% year-over-year.

• Basic earnings per share rose to CHF 3.84, up 86% year-over-year.

Outlook and guidance

• All key financial targets for growth, profitability, and capital remain ahead of through-the-cycle objectives.

• Efficiency program of CHF 100 million progressing ahead of plan, expected to complete by year-end.

• Continued investment in technology, client-facing capabilities, and new fixed income products planned for H2 2026.

• Strategic focus on expanding integrated investment solutions and maintaining strong capital position.