Slide 1: Leonteq AG Full-Year 2025 Results
LEONTEQ AG FULL-YEAR 2025 RESULTS Zurich, 12 February 2026 1
Slide 2: Legal Disclaimer
L EO N T EQ F U L L -Y E A R 2 0 2 5 R E S U LTS LEGAL DISCLAIMER Forward Looking Statements: This presentation contains statements that constitute “forward-looking statements,” including but not limited to management’s outlook for Leonteq’s financial performance, statements relating to the anticipa
Slide 3: Agenda
L EO N T EQ F U L L -Y E A R 2 0 2 5 R E S U LTS AGENDA 01 02 03 Key Financial Strategic messages performance progress 3
Slide 4: Key messages
L EO N T EQ F U L L -Y E A R 2 0 2 5 R E S U LTS • Unsatisfactory 2025 result • Reported loss for 2025 on the back of lower net fee income and trading result • Challenging market conditions, lower activity from our historic partners and effects of legacy matters weighed on earnings • Improved client
Slide 5: Financial performance
L EO N T EQ F U L L -Y E A R 2 0 2 5 R E S U LTS 5 PERFORMANCE FINANCIAL HANS WIDLER, CFO
Slide 6: Challenging market environment
L EO N T EQ F U L L -Y E A R 2 0 2 5 R E S U LTS Challenging market environment Constantly lower realised volatility compared Further strengthening of Swiss franc1 to implied volatility in H2 20251 40% 1.10 2024 H1 2025 H2 2025 2024 H1 2025 H2 2025 30% 1.05 20% 1.00 0.95 10% 0.90 0% 0.85 -10% 0.80 -
Slide 7: Results 2025 reflecting lower net fee income, reduced trading result and significant cost reduction
L EO N T EQ F U L L -Y E A R 2 0 2 5 R E S U LTS Results 2025 reflecting lower net fee income, reduced trading result and significant cost reduction Underlying results Change Leonteq performance 2025 2025 2024 (CHF million) YoY • Decline in net fee income mainly due to lower Net fee income 178.5 214
Slide 8: Underlying costs CHF ~26 million below cost guidance of CHF 220 million
L EO N T EQ F U L L -Y E A R 2 0 2 5 R E S U LTS Underlying costs CHF ~26 million below cost guidance of CHF 220 million Total operating expenses Cost drivers 2025 vs. 2024 (CHF million) • Reduction in contractors (-24%) and FTEs (-7%) • Significant reduction in discretionary variable 2024 reported
Slide 9: Transition to new regulatory regime completed ahead of schedule
L EO N T EQ F U L L -Y E A R 2 0 2 5 R E S U LTS Transition to new regulatory regime completed ahead of schedule Risk-weighted assets CET1 capital ratio CET1 ratio 16.9% well above guidance (>14%) (CHF million) • Substantial changes to systems, data infrastructure, and calculation engines • Switch t
Slide 10: Sound balance sheet with highly liquid hedge book and conservative investment portfolio
L EO N T EQ F U L L -Y E A R 2 0 2 5 R E S U LTS Sound balance sheet with highly liquid hedge book and conservative investment portfolio Balance sheet Change Change Cash and receivables reduced mainly due to a 31.12.2025 31.12.2024 (CHF million) (%) (abs.) decrease in transaction volume towards the
Slide 11: Strategic progress
L EO N T EQ F U L L -Y E A R 2 0 2 5 R E S U LTS STRATEGIC PROGRESS C H R I ST I A N S P I E L E R , C EO 11
Slide 12: ROE strategy in the context of Leonteq's business model
L EO N T EQ F U L L -Y E A R 2 0 2 5 R E S U LTS ROE strategy in the context of Leonteq’s business model Regulatory scrutiny Allegations & Changing regulatory capital regulatory proceedings and liquidity framework Core Strategic counter measures services Leonteq business model taken in the past Prod
Slide 13: Consistent execution against the priorities defined with its ROE strategy
L EO N T EQ F U L L -Y E A R 2 0 2 5 R E S U LTS Consistent execution against the priorities defined with its ROE strategy RESIZE OPTIMISE EXPAND Footprint: Agreement signed for the sale of General management: Enhanced AMC: Roll-out of new generation of AMCs entity in Japan (transaction to be closed
Slide 14: Improved client momentum in H2 2025 and expansion of market share
L EO N T EQ F U L L -Y E A R 2 0 2 5 R E S U LTS Improved client momentum in H2 2025 and expansion of market share Historic surge in new issuances, underlining Strong increase in client transactions processed sustained client appetite for launching new Market share gains in well established retail o
Slide 15: Positive trends in Europe and Asia in H2 2025 – growth expected across all regions in 2026
L EO N T EQ F U L L -Y E A R 2 0 2 5 R E S U LTS Positive trends in Europe and Asia in H2 2025 – growth expected across all regions in 2026 Net fee income by regions Performance (H2 2025 vs. H2 2024) (CHF million) • Reduction in net fee income in Switzerland mainly driven by the 58% decrease in pens
Slide 16: Good progress in expanding recurring revenues and increasing the total addressable market
L EO N T EQ F U L L -Y E A R 2 0 2 5 R E S U LTS Good progress in expanding recurring revenues and increasing the total addressable market Strong start for the retail flow business in Strong adoption of LYNQS by clients in H2 2025 AMC business provided the Group with recurring Switzerland – achieved
Slide 17: Strong demand for Leonteq issuance – change in partner mix impacts margins
L EO N T EQ F U L L -Y E A R 2 0 2 5 R E S U LTS Strong demand for Leonteq issuance – change in partner mix impacts margins Turnover by issuer groups Performance (H2 2025 vs. H2 2024) (CHF billion; excluding exceptional transactions) • Strong pick up of demand in Leonteq issued products • 23% yoy gr
Slide 18: Summary and outlook
L EO N T EQ F U L L -Y E A R 2 0 2 5 R E S U LTS Summary and outlook Transition to new Earnings Focus for 2026 Positive pre-tax Financial regime volatility is on business result expected targets now completed being addressed expansion to (H1 and FY 2026) expected through ROE grow revenues to be achi
Slide 19: ti LEONTEQ
ti LEONTEQ