Leonteq AG (LEON) Q2 2026 Earnings Report

The call communicated a clear and measurable recovery: return to profitability, double‑digit growth in fee income and turnover, significant cost reductions, strengthened recurring and capital‑efficient businesses (AMCs, QIS, LYNQS), and a solid capital base with a Board‑level intent to return capital to shareholders. Offsetting concerns include a 10% year‑on‑year decline in total operating income (driven by weaker trading), a negative treasury carry component, higher RWAs and slightly lower CET1 ratio, a reduction in Tier 1 partner turnover, and continued pressure in the pension/long‑term savings segment. Overall, the positives — particularly the profitability turnaround, revenue and fee growth, cost discipline, regional momentum (Asia), and strategic progress — materially outweigh the negatives.

Leonteq reiterated full‑year 2026 guidance to deliver a positive pretax result and reconfirmed operating expense guidance of approximately CHF 200 million, while signalling a shareholder distribution framework of an unchanged dividend policy (30%) and the Board's intention to launch a share buyback in early 2027 (Hans referenced a potential buyback at ~70% of net profit), conditional on maintaining a CET1 ratio meaningfully and sustainably above 15% (CET1 was 16.5% at end‑June; eligible capital CHF 655m; RWAs CHF 3.97bn). Management said the outlook is supported by H1 performance—pretax profit CHF 12.2m, net profit CHF 12.7m, EPS CHF 0.71, RoTE 4%—and improving underlying metrics including net fee income CHF 96.8m (+10% YoY), total operating income CHF 111.6m, platform turnover CHF 15.9bn (+10% YoY), H1 operating expenses CHF 99.2m, own‑issued products CHF 5.6bn, assets CHF 12.4bn, shareholders’ equity CHF 710m, and growth areas they expect to drive further results (AMC outstanding ~CHF 2.4bn with ~9% annualized net new money, QIS ~700 indices, balance‑sheet‑light turnover CHF 3.6bn, LYNQS product initiations +42% with 36% click‑and‑trade).