Slide 1: GAM Holding AG FY2025 Results Presentation
GAM Holding AG FY2025 Results Presentation 26th March 2026 Please see “Important Legal Information” at the end of this presentation.
Slide 2: Financial and strategic updates
Financial and strategic updates FY 2025 - GAM now fully focused on growth with new investment partnerships & leadership in place Assets under Management (AuM) stood at CHF 12.5 billion as at 31 December 2025. GAM reported an IFRS net loss after tax of CHF 74.2 million, which includes CHF 14.4 millio
Slide 3: Group overview
Group overview Distinctive product offering combined with significant global presence and reach GAM’s three core business areas: 10 Global distribution and Affiliated 3rd party GAM Alternatives Investment Managers investment presence in Access to in-house and third-party 15 17 ~50 alternative manage
Slide 4: GAM Investment's Capability: strong investment performance
GAM Investment’s Capability Strong investment performance 3-year investment performance1 with 5-year investment performance1 with 61% 54% of AuM outperforming the benchmark: of AuM outperforming the benchmark: 92% 85% 17% 83% 84% 8% Alternatives Fixed income Equities Alternatives Fixed income Equiti
Slide 5: 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 Alternatives, GAM Specialist Active and GAM Wealth Management Alternat
Slide 6: 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. In an increasingly complex and volatile global environment, GAM’s specialis
Slide 7: Strategic overview: GAM Alternatives
Strategic overview Implementation progress across business areas, distribution and investment platform GAM Alternatives GAM Specialist 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 Specialist Active
Strategic overview Implementation progress across business areas, distribution and investment platform GAM Alternatives GAM Specialist 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 Wealth Management
Strategic overview Implementation progress across business areas, distribution and investment platform GAM Alternatives GAM Specialist GAM Wealth Global Distribution & Active Management Investment Platform GAM Wealth Management: Multi-asset solutions with tailored portfolios for high-net-worth indiv
Slide 10: Strategic overview: Global Distribution & Investment Platform
Strategic overview Implementation progress across business areas, distribution and investment platform GAM Alternatives GAM Specialist 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 11: 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 12: Majority shareholder's continued commitment
Majority shareholder’s continued commitment Financial strength “GAM was founded on a simple conviction: to provide access to great investment talent. That purpose endures, and today GAM's platform is stronger, more focused and better positioned than at any point in its recent history. We are proud o
Slide 13: 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 14: Full Year Results 2025
Full Year Results 2025 14
Slide 15: 2025 financial summary
2025 financial summary Expense reductions more than offsetting income decline in CHFm, except where indicated 1 2025 2024 Change restated Net management fees and commissions 43.5 76.1 (43%) of which Investment Management 43.5 74.5 (42%) of which Fund Management Services - 1.6 (100%) Net underlying p
Slide 16: Management fee margin
Management fee margin Reduction given asset mix, sub-advisors arrangements and accounting for admin fees Management Fee Margin (in bps) The 2025 management margin at 32.1bps is down from 40.4bps in 2024. This was primarily driven by the changes in asset mix to lower margin products. In addition, adm
Slide 17: Expenses
Expenses Underlying expenses lower by 24% compared to 2024 in CHFm, except where indicated Change Change 2025 2024 in CHF in % restated 1 Fixed personnel expenses 49.7 65.4 (15.7) (24%) Driven by headcount reduction Variable personnel expenses2 13.1 11.2 1.9 17% Reflects a higher volume of new award
Slide 18: Efficiency programme
Efficiency programme Cost reductions continue as GAM implements its turnaround strategy Total expenses 2018 – 2025 (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
Slide 19: IFRS net loss
IFRS net loss IFRS net loss reduced due to lower underlying loss in CHFm, except where indicated 2025 2024 Change restated Underlying loss before taxes (60.2) (67.7) (11% ) Acquisition-related items1 - (0.8) n.m 2 Non-core items 14.4 9.0 n.m IFRS loss before taxes (74.6) (75.9) (2% ) Income tax expe
Slide 20: 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 expected in 2026 to reduce regulatory capital requirements • CHF 100 million loan facility,
Slide 21: 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
Slide 22: EK yu Ww Ree
EK yu Ww Ree wv ayannnny wy nr r co a apart) sauna gene nennee aw AWW Hee RRC CCCUK RORO ANAS aM Dy arm =r Ayan DS ONOINY Pyne Iso eeunecan anny ‘ vn : wun r >) inn > GAM Investments