Leonteq AG

In H1 2026, Leonteq reported net fee income of CHF 96.8 million, up 10% year on year; total operating income was CHF 111.6 million, down 10% year on year; operating expenses were CHF 99.2 million, down 10% year on year; profit before taxes was CHF 12.2 million; net profit was CHF 12.7 million, up 37%; and EPS was CHF 0.71, up 34%. Return on tangible equity improved to 4%. Platform turnover increased 10% to CHF 15.9 billion, and total assets rose to CHF 12.4 billion. For guidance, management reaffirmed full-year 2026 cost guidance of approximately CHF 200 million and full-year guidance for a positive pretax result; the Board said it intends to consider a share buyback in early 2027, with total shareholder distribution including a 30% dividend and 70% buyback if CET1 remains sustainably and meaningfully above 15%.

Christian Spieler framed H1 2026 as a pivotal turnaround period and said the company is now back to profitability in line with guidance. He emphasized that closure of all regulatory legacy matters removed a key constraint on growth and led to a clear pickup in client engagement and new project discussions. His tone was optimistic but disciplined, stressing execution, targeted expansion, and growth in businesses less dependent on market volatility such as AMC, QIS, and digital platforms.

Hans Widler focused on the IFRS numbers and the cost program’s impact. He said net fee income was CHF 96.8 million, trading result was CHF 13.4 million, operating income was CHF 111.6 million, operating expenses were CHF 99.2 million, pretax profit was CHF 12.2 million, and EPS was CHF 0.71. He also highlighted lower personnel expense of CHF 51.6 million, 531 FTEs, eligible capital of CHF 655 million, a CET1 ratio of 16.5%, and reiterated full-year operating expenses of about CHF 200 million; he added that the company expects a moderate cost increase in future years due to selective investment in sales and structuring.

Analysts pressed management on how much demand picked up after the regulatory overhang ended, how to think about margin trends, the path for AMC volumes, the likely shape of 2026 profitability, and the timing and size of shareholder returns. Management said the customer response was clearly better, with more willingness to discuss new projects, but declined to quantify the uplift; it also said margin management is not the main objective, with volume and fee growth more important given the scalable, high-fixed-cost model. On payouts, management confirmed the current framework implies a 30% dividend plus a 70% buyback if CET1 remains sustainably above 15%, and on costs it guided to a moderate increase in future years.