Gam Holding Ag · SIX:GAM
Gam — H1 2026 Earnings Presentation
18 slides from Gam's earnings presentation, Aug 6, 2026
Slide 1: GAM Holding AG H1 2026 Results Presentation
GAM Holding AG H1 2026 Results Presentation 6 August 2026 www.gam.com/resultscentre Please see “Important Legal Information” at the end of this presentation
Slide 2: H1 2026 Key Messages
H1 2026 Key Messages GAM's transformation begins to deliver Strategic actions taking effect: Assets under management increase on strong gross inflows and improved performance, with client redemptions declining substantially. First-half year loss narrows materially due to leaner operating model and s
Slide 3: Group overview
Group overview Distinctive product offering combined with significant global presence and reach GAM’s three core business areas: Global distribution and Independent GAM Affiliated 3rd party GAM Alternatives Investment presence in Investment teams Investment Managers 10 9 Access to in-house and third
Slide 4: H1 2026 Financial Highlights
H1 2026 Financial Highlights Underlying loss before taxes (CHF m) IFRS net loss (CHF m) 0 0 (20) (20) (24.7) (40) (33.5) (24.0) (38.5) (26.1) (39.1) (40.7) (33.2) (34.5) (34.1) (40) (60) H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 Management fee margin (bps) Opera
Slide 5: H1 2026 Key Drivers
H1 2026 Key Drivers Underlying net flows (CHF bn) Investment Performance (% AuM outperformance1) 1 Investment Performance - 3 Year Investment Performance - 5 Year 0.04 0 100% 88% 89% 79% (1) 73% 74% (0.7) 80% 64% 61% 64% 54% 58% (2) 60% (1.8) (3) 40% (2.6) (3.0) 20% (4) H1 2024 H2 2024 H1 2025 H2 20
Slide 6: Realising cost-base transformation benefits
Realising cost-base transformation benefits 19% 19% Fixed Expenses (H1 2025 vs H1 2026) Headcount (H1 2025 vs H1 2026) Operating expenses (CHF m) Headcount (FTE) 80 400 70 5.0 6.2 149.8 60 300 5.9 50 7.2 131.6 6.4 131.3 40 200 68.3 115.8 117.8 30 63.9 51.4 264.1 20 43.8 41.4 100 162.6 149.8 110.6 10
Slide 7: GAM's specialist product offering
GAM’s specialist product offering Distinctive active investing and access to great investment talent Specialist Active Alternatives Fixed Income Equities Multi-Asset ILS and Cat Bonds Special Situations Emerging Market Debt Asia Bespoke Portfolio & Multi- Late-Stage Venture Capital Global Macro Glob
Slide 8: GAM Investments
GAM Investments AuM outperforming the benchmark Strong performance in Alternatives and Fixed income 3-year investment performance1 5-year investment performance1 96% 84% 20% 85% 91% 9% Alternatives Fixed income Equities Alternatives Fixed income Equities Industry recognition: • GAM funds received 15
Slide 9: A global distribution footprint
A global distribution footprint Spanning jurisdictions across five continents Americas EMEA APAC RFP momentum: H1 2026 submissions equalled the whole of 2025, reflecting increased institutional consideration. Nordics (Stockholm) Expanded distribution: Senior client- UK facing hires strengthened cove
Slide 10: Majority shareholder's continued commitment
Majority shareholder’s continued commitment Backing GAM’s potential. Committed to its turnaround, growth and long-term success Governance At the AGM on 12 May 2026, Anthony Maarek was elected Chairman of the Board of Directors, and Albert Saporta and John Niel were elected as new Board members. Majo
Slide 11: Outlook
Outlook Positioning for long-term success GAM’s priorities remain to convert growing institutional engagement and demand for its differentiated investment capabilities into sustainable net inflows, while maintaining strong investment performance and disciplined cost management. Building on enhanced
Slide 12: Appendices H1 2026
Appendices H1 2026
Slide 13: H1 2026 financial summary
H1 2026 financial summary in CHFm, except where indicated H1 2026 H1 2025 Change1 Net management fees and commissions 18.8 23.4 (20%) Net underlying performance fees 6.0 1.6 n/m Net underlying fee and commission income 24.8 25.0 (1%) Net underlying other expenses (1.0) (1.8) (44%) Underlying income
Slide 14: Management fee margin
Management fee margin Investment Management (in bps) Investment management HY 2026 margin at 30.1bps down from 32.1bps at FY 2025. The change in average management fee 55 margin reflects the mix of assets under management across products and client segments. 50 52.7 51.0 49.7 45 40 40.4 35 30 32.1 H
Slide 15: Expenses
Expenses Underlying expenses lower by 17% compared to H1 2025 in CHF m, except where indicated Change Change H1 2026 H1 2025 in CHF in % Fixed personnel expenses1 22.9 27.2 (4.3) (16%) Driven by headcount reduction Variable personnel expenses2 6.4 5.9 0.5 8% Reflects a higher volume of new awards gr
Slide 16: IFRS net loss
IFRS net loss IFRS net loss reduced due to the positive impact of cost optimisation measures in CHF m, except where indicated H1 2026 H1 2025 Change Underlying loss before tax (24.0) (34.1) n.m. Non-core items1 (0.7) 6.3 n.m. IFRS loss before tax (24.7) (40.4) n.m. - 15.2 Income tax expense - 0.3 n.
Slide 17: Disclaimer
Disclaimer Important legal information The information in this presentation is given for information purposes only and does not qualify as investment, legal, tax or accounting advice. Opinions and assessments contained in this presentation may change and reflect the point of view of GAM in the curre
Slide 18: H1 2026 Results
H1 2026 Results www.gam.com/resultscentre