Leonteq (LEON) H1 2026 earnings summary

Executive summary

• Returned to profitability in H1 2026 with group net profit of CHF 12.7 million, up 37% year-over-year, in line with guidance, following a pivotal turnaround and supported by improved client sentiment and successful execution of growth strategies.

• Achieved double-digit growth in turnover and net fee income, with strong performance and expansion across all regions, especially in Asia & Middle East.

• Operating expenses decreased 10% year-over-year to CHF 99.2 million, reflecting benefits from cost reduction and resizing programmes.

• All regulatory legacy matters were resolved, removing growth constraints and supporting business momentum.

• Strong capital position maintained, with full-year guidance for a positive pre-tax result confirmed.

Financial highlights

• Net fee income grew 10% year-over-year to CHF 96.8 million; total operating income was CHF 111.6 million, down 10% year-over-year but up 133% sequentially from H2 2025.

• Operating expenses decreased 10% year-over-year to CHF 99.2 million.

• Group net profit increased 37% year-over-year to CHF 12.7 million; EPS up 34% to CHF 0.71.

• Return on tangible equity improved to 4% in H1 2026.

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

Outlook and guidance

• Full-year guidance for a positive pre-tax result reaffirmed, with operating expenses guidance for 2026 at CHF 200 million.

• Board intends to launch a share buyback in early 2027, subject to CET1 ratio remaining meaningfully above 15%.

• Board will consider total shareholder distribution in line with group net profit for FY 2026.

• Focus remains on accelerating growth, expanding sales force, and optimizing target market strategy.

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