Slide 1: GAM Holding AG FY2024 Results Presentation
GAM Holding AG FY2024 Results Presentation 26th March 2025 Please see “Important Legal Information” at the end of this presentation. This document is confidential and intended solely for the use of the person to whom it is given or sent and may not be reproduced, copied or given, in whole or in part
Slide 2: Key highlights
Key highlights Financial highlights for 2024 Strong progress on turnaround strategy implementation supported by significant financial contribution made by our now majority shareholder through the rights issue. GAM targets to achieve profitability in fiscal year 2026. IFRS net loss of CHF 70.9 millio
Slide 3: Group overview
Group overview Distinctive product offering combined with significant global presence and reach Global distribution Affiliated 3rd party CHF 89% and investment 12 Investment Managers1 16.3bn presence, with ~60 16 offices in of GAM’s AuM has 14 Independent GAM 7 outperformed investment teams¹ their b
Slide 4: GAM's specialist product offering
GAM’s specialist product offering Distinctive investing Non-traditional sources of return and genuinely differentiated active investment approaches across business areas. Equity Fixed Income Multi-Asset Alternatives High active Alternative sources Packaged and Diversified absolute share of yield bes
Slide 5: Strategy overview: GAM's four strategic pillars
Strategy overview GAM’s four strategic pillars GAM’s strategy is designed across four pillars to achieve sustainable growth and profitability by delivering strong investment performance and exemplary service for our clients. Clients Amplification Diversification Effectiveness Diversifying into new i
Slide 6: Strategic overview: GAM Specialist Active
Strategic overview Implementation progress across business areas, distribution and investment platform GAM Specialist GAM Alternatives GAM Wealth Global Distribution & Active Management Investment Platform GAM Specialist Active: Deep expertise, experience and specialisms unlocking core and niche ret
Slide 7: Strategic overview: GAM Alternatives
Strategic overview Implementation progress across business areas, distribution and investment platform GAM Specialist GAM Alternatives GAM Wealth Global Distribution & Active Management Investment Platform GAM Alternatives: Access to in-house and third-party alternative investment managers focusing
Slide 8: Strategic overview: GAM Wealth Management
Strategic overview Implementation progress across business areas, distribution and investment platform GAM Specialist GAM Alternatives GAM Wealth Global Distribution & Active Management Investment Platform GAM Wealth Management: Multi-asset solutions with tailored portfolios for high-net-worth indiv
Slide 9: Strategic overview (1 of 2)
Strategic overview (1 of 2) Implementation progress across business areas, distribution and investment platform GAM Specialist GAM Alternatives GAM Wealth Global Distribution & Active Management Investment Platform GAM’s three core business areas share and benefit from GAM’s global distribution, inv
Slide 10: Strategic overview (2 of 2)
Strategic overview (2 of 2) Implementation progress across business areas, distribution and investment platform GAM Specialist GAM Alternatives GAM Wealth Global Distribution & Active Management Investment Platform GAM’s three core business areas share and benefit from GAM’s global distribution, inv
Slide 11: GAM Investment's capability: strong investment performance
GAM Investment’s capability Strong investment performance 3-year investment performance1 with 5-year investment performance1 with 64% 89% of AuM outperforming the benchmark of AuM outperforming the benchmark Source: GAM as of 31 December 2024. Past performance is not an indicator of future performan
Slide 12: Majority shareholder's continued commitment
Majority shareholder’s continued commitment Financial strength The implementation of GAM’s turnaround strategy is progressing well, and we target to achieve profitability in fiscal year 2026. To support the The rights issue, of Successful CHF 100 Cost optimisation The existing implementation of CHF
Slide 13: NJJ's investment approach and support for GAM
NJJ’s investment approach and support for GAM NJJ Holding SAS has an extraordinary long-term investment record and has demonstrated its ability to create significant value. ~ €15bn portfolio Asset Telecoms Venture capital Real estate Media and others GAM is NJJ management Holding’s Various real esta
Slide 14: Outlook
Outlook “We have made strong progress in implementing GAM’s turnaround strategy and have now evolved into being a pure play investment management firm, but we are not finished yet. The cost optimisation initiatives implemented in 2024 will yield their full benefit in 2025 and beyond. While we stay f
Slide 15: Full Year Results 2024
Full Year Results 2024 15
Slide 16: 2024 financial summary
2024 financial summary Expense reductions partially offsetting income decline in CHFm, except where indicated 1 2024 2023 Change Net management fees and commissions 76.1 124.4 (39%) of which Investment Management 74.5 108.1 (31%) of which Fund Management Services 1.6 16.3 (90%) Net underlying perfor
Slide 17: Management fee margin
Management fee margin Reduction given asset mix, sub-advisors arrangements and accounting for admin fees Investment Management (in bps) Investment management FY 2024 margin at 40.4bps down from 49.7bps at FY 2023, primarily due to change in asset mix of assets under management across products and su
Slide 18: Expenses
Expenses Underlying expenses lower by 20% compared to FY 2023 in CHFm, except where indicated Change Change 2024 2023 in CHF in % 1 Fixed personnel expenses 65.4 83.7 (18.3) (22%) Driven by headcount reduction Variable personnel expenses2 11.2 13.1 (1.9) (15%) Underlying personnel expenses 76.6 96.8
Slide 19: Efficiency programme
Efficiency programme Cost reductions to continue as GAM implements its strategy Total expenses FY 2018 – 2024 (in CHFm) Key Areas of Efficiency: • Significant headcount reductions • Optimising our global platform by consolidating operations into our cloud-based SimCorp investment management platform
Slide 20: IFRS net loss
IFRS net loss IFRS net loss reduced due to lower non-core items in CHFm, except where indicated 2024 2023 Change Underlying loss before taxes (66.8) (49.5) n.m. Acquisition-related items1 (0.8) 0.4 2 Non-core items 3.6 31.8 IFRS loss before taxes (69.6) (81.7) -15.2 Income tax expense 1.3 0.4 IFRS n
Slide 21: Cash and capital management
Cash and capital management Cash and capital Cash and adjusted tangible equity1 (in CHFm) • Adjusted tangible equity down year-on-year, mainly driven by losses recognised • Further legal entity simplification underway in 2024 to reduce regulatory capital requirements • CHF 100 million rights issue c
Slide 22: Disclaimer
Disclaimer Important legal information The information in this document is given for information purposes only and does not qualify as investment advice. Opinions and assessments contained in this document may change and reflect the point of view of GAM in the current economic environment. No liabil
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