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GAM
GAM (GAM) investor relations material
GAM H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary26 Mar, 2026
Executive summary
Assets under management (AUM) at CHF 12.5 billion as of 31 December 2025, down 23% year-over-year.
IFRS net loss after tax of CHF 74.2 million, including CHF 14.4 million in reorganisation and other charges.
Underlying loss before tax improved to CHF 60.2 million from CHF 67.7 million in 2024.
Strategic partnerships and leadership changes implemented to drive growth and turnaround.
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.
Diluted underlying EPS improved to CHF -0.06 from CHF -0.26.
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.
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Latest events from GAM
- Net loss and lower AuM offset by cost cuts, new leadership, and strategic growth initiatives.GAM
H1 20257 Aug 2025 - Net loss improved to CHF 39.1m, with AuM at CHF 19.0bn and major restructuring underway.GAMH1 202413 Jun 2025
- Net loss narrowed, cost base reduced, and profitability targeted for 2026.GAMH2 20246 Jun 2025
Next GAM earnings date
H1 20266 Aug, 2026
GAM
Next GAM earnings date
H1 20266 Aug, 2026
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