Gam Holding Ag · SIX:GAM
Gam — H1 2025 Earnings Presentation
23 slides from Gam's earnings presentation, Aug 7, 2025
Slide 1: GAM Holding AG HY2025 Results Presentation
GAM Holding AG HY2025 Results Presentation 7th August 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: Reset. Rebuilt. Ready to Grow.
Reset. Rebuilt. Ready to Grow. GAM has completed its material transformation Now streamlined, focused, and under new leadership, we are entering our next phase: growth. • A lean, scalable platform is now in place, following 21 months of intentional restructuring and simplification. • Albert Saporta,
Slide 3: Financial and strategic updates
Financial and strategic updates HY 2025 GAM now fully focused on growth with new investment partnerships and leadership in place GAM reported an IFRS net loss after tax of CHF 40.7 million, which includes CHF 6.3m of reorganisation and other charges, and an underlying loss before tax of CHF 34.1 mil
Slide 4: Group overview
Group overview Distinctive product offering combined with significant global presence and reach GAM’s three core business areas: Global distribution Affiliated 3rd party 74% 11 and investment Investment Managers GAM Specialist Active presence, with ~60 16 offices in Deep expertise, experience and 15
Slide 5: GAM Investment's capability
GAM Investment’s capability Strong investment performance 3-year investment performance1 with 5-year investment performance1 with 73% 74% of AuM outperforming the benchmark of AuM outperforming the benchmark Source: GAM as of 30 June 2025. Past performance is not an indicator of future performance a
Slide 6: GAM's specialist product offering
GAM’s specialist product offering Distinctive Investing and access to best-in-class investment partners Non-traditional sources of return and genuinely differentiated active investment approaches across 3 core business areas: GAM Specialist Active, GAM Alternatives and GAM Wealth Management Equity F
Slide 7: 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 8: 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 9: 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 10: 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 11: Strategic overview: Global distribution and investment platform
Strategic overview 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, investment p
Slide 12: A Global distribution footprint and capabilities
A Global distribution footprint and capabilities Spanning jurisdictions across five continents Americas EMEA APAC Nordics (Stockholm) UK (London) Germany North America (Frankfurt) US / International France, Japan (New York) BeneLux & Switzerland (Tokyo) Monaco (Paris) (Zurich & Geneva) EMEA Alternat
Slide 13: Majority shareholder's continued commitment
Majority shareholder’s continued commitment Financial strength “With its strong platform and new partnerships firmly in place, GAM is now fully focused on growing its assets under management and long- term value creation. NJJ sees GAM as a distinctive business combining top-tier investment talent, g
Slide 14: GAM: The 5th pillar in NJJ's world-class portfolio
GAM: The 5th pillar in NJJ’s world-class portfolio Backing GAM’s potential. Committed to its turnaround, growth and long-term success NJJ Holding SAS has an extraordinary long-term investment record and has demonstrated its ability to create significant value NJJ’s Multi-Billion Euro Portfolio Telco
Slide 15: Half Year Results 2025
Half Year Results 2025 15
Slide 16: H1 2025 financial summary
H1 2025 financial summary Expense reductions broadly offsetting income decline in CHFm, except where indicated 1 H1 2025 H1 2024 Change Net management fees and commissions 23.4 41.6 (44%) of which Investment Management 23.4 40.0 (42%) of which Fund Management Services - 1.6 (100%) Net underlying per
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 HY 2025 margin at 32.7bps down from 40.4bps at FY 2024. The main impact is driven by administration costs which were previously included under
Slide 18: Expenses
Expenses Underlying expenses lower by 22% compared to 1H 2024 in CHFm, except where indicated Change Change H1 2025 H1 2024 in CHF in % 1 Fixed personnel expenses 27.2 35.1 (7.9) (23%) Driven by headcount reduction. 2 Variable personnel expenses 5.9 5.0 0.9 18% Reflects a higher volume of new awards
Slide 19: Efficiency programme
Efficiency programme Cost reductions continue as GAM implements its strategy Total expenses FY2018 – HY2025 (in CHFm) Key Areas of Efficiency: • Optimising our global platform by consolidating operations into our cloud-based SimCorp investment management platform. • Successful transfer of our FMS bu
Slide 20: IFRS net loss
IFRS net loss IFRS net loss reduced due to lower non-core items in CHFm, except where indicated H1 2025 H1 2024 Change Underlying loss before taxes (34.1) (33.2) n.m. 1 Acquisition-related items - 0.4 2 Non-core items 6.3 5.3 IFRS loss before taxes (40.4) (38.9) -15.2 Income tax expense 0.3 0.2 IFRS
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 2025 to reduce regulatory capital requirements • CHF 100 million loan facility,
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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