FULL YEAR 2025 RESULTS
2 February 2026
INTRODUCTION AND HIGHLIGHTS
Stefan Bollinger, CEO
Transition year 2025: Strong underlying performance, return to solid foundations and positive momentum to deliver on our mid-term targets
Record AuM of CHF 521bn, solid NNM inflows of CHF 14.4bn despite de-risking
Positive operating leverage: Underlying1 pre-tax profit +17% YoY, CIR at 67.6%
Strong capital generation: CET1
capital ratio increase to 17.4%
Strong underlying1
performance in 2025
1
Drew a line under legacy issues: completion of credit review, new risk setup
Strengthened governance and leadership incl. talent
Instilled ownership through disciplined
entrepreneurship and incentives
Solid foundations for
transformation ahead
2
Driving profitable growth across all Regions, with enhanced footprint
Unwavering client focus with upgraded (U)HNW propositions and offering
Continue delivering on operational
efficiencies and technology upgrades
Positive execution momentum
to deliver on 2026-28 targets
3
1 Excluding net credit losses of CHF 213m (CHF 170m net of tax), primarily related to positions in the mortgage book and the remaining private debt loan book
FINANCIAL RESULTS FULL YEAR 2025*
Evie Kostakis, CFO
*Financial Results are presented on adjusted/underlying basis - see "Scope of presentation of financial results" in the Appendix
Market environment
Positive markets despite April dislocation - Significantly weaker USD - Yield curves normalising
Stock markets recovered after April shock - Weaker USD Rate cuts continued in 2025 - Further USD rate cuts expected
Equity, bond and FX markets in 20251
Interest rate outlook, %4
JB Consensus
Forward rates
115
SMI (+14%)
USD EUR CHF
110
105
100
95
Bonds2 (+5%) 5
MSCI World3 (+4%)
EUR/CHF (-1%)
4
4
2.15
3.75
3.25
3.2
3.0
3
2.15
1.0
0.0
0.0
0.0
-0.02
0.5
90
85 USD/CHF (-13%)
80
3
2.15
0.0
2 1.99
1
9 1 -0.5
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
end of
2024
2025 2026
(forward)
2024
2025 2026
(forward)
2024
2025 2026
(forward)
Yield curves normalising
Overnight - 10Y treasury yield curve, %5
31.12.2024
30.06.202531.12.2025
Stock market volatility overall subdued except for large spike in April
CBOE Volatility Index (VIX)1
5.0
4.5
4.0
3.5
3.0
USD EUR
4.0
3.5
3.0
2.5
2.0
1.5
0.75
0.50
0.25
0.00
-0.25
CHF
60
50
40
30
20
Aug 5th
Apr 2nd
Avg 2025 (18.9)
O/N3M 1Y 2Y 3Y 5Y 10Y
O/N 3M 1Y 2Y 3Y 5Y 10Y
O/N 3M 1Y 2Y 3Y 5Y 10Y
Q1 Q2
Q3 Q4
Q1 Q2 Q3 Q4
2024 2025
As of 31.12.2025 (equity and bond markets, foreign exchange markets, interest rate outlook) | 1 Source: Bloomberg | 2 Bloomberg Global Aggregate Total Return Index Value Hedged USD | 3 In CHF | 4 Source for interest rates and forward rates: Bloomberg; USD: Fed Funds Target Upper Bound; EUR: ECB Main Refinancing Rate; CHF: SNB Policy Rate. Source for Julius Baer outlook: Julius Baer Research; source for forward rate: Bloomberg (Function "Market Implied Policy Rates", 12M) | 5 Source: Bloomberg O/N Deposit rates, USD Treasury Active Curve, European Union Issuance Curve, Switzerland Sovereign Curve
Assets under management AuM +5% to CHF 521bn
Driven by market performance and NNM, partly
offset by currency impacts and divestments
CHF bn
+56.6
497.4
+14.4
22%
9%
51%
18%
-38.3
-9.0 -0.1
521.0
AuM currency exposure3
427.4
o/w sale of Julius Baer Brazil CHF -7.9bn
USD EURCHF
Other
Monthly average AuM: CHF 499bn
Up CHF 32bn or +7% from CHF 467bn in 2024
31.12.2023 31.12.2024 Net new
money
Market performance
Currency impacts
Acquisitions/ (divestments)1
Other effects2
31.12.2025
Assets under custody: +0% to CHF 93bn
Total client assets: +4% to CHF 614bn
1 Resulting from M&A transactions and discontinuation of certain service offerings | 2 Includes the consequences of policy changes and reclassifications into assets under custody resulting from externally imposed restrictions impacting the Group's service offering | 3 See appendix for breakdown of AuM by asset class and currency
Net new money Net new money CHF 14.4bn
Return to releveraging
NNM, CHF bn and growth rate (%)
Excl. de/leveraging
+4.3% +3.2% +1.8% +4.3%
+3.3% +2.4% +1.7% +4.4%
10.4
7.1
5.4
+3.1%
+3.2%
7.9
+2.1%
+2.7%
6.5
Main inflows from strategic key markets
Asia
− Particularly Hong Kong, India, Singapore, Thailand
Western Europe
− Particularly UK & Ireland, Germany, Iberia
Middle East
3.7
2023 | 2024 | 2025 | ||
+2.9% | +3.3% | +2.9% | ||
xcl. +3.8% e/lever. | +3.3% | +2.6% | ||
12.5bn | 14.2bn | 14.4bn |
H1 2023 H2 2023 H1 2024 H2 2024 H1 2025 H2 2025
E
d
− Particularly UAE
Releveraging: CHF +1.7bn
Adjusted and underlying1 operating income
2024 | 2023 | |||
3,240 | 3,861 | 3,861 | +0% | +19% |
4,073 | +6% | +6% | ||
CHF m
Adjusted operating income
1,608
2,314
125
26
Underlying1
vs vs
Underlying1 operating income +6%
Further shift from NII to treasury swap income
Net interest income: -67% to CHF 125m
Interest income: -27% mainly from lower rates, mix shift to CHF loans,
operating income
Net interest income
Net commission and fee income
Net income from financial instruments measured at FVTPL
Other ordinary results
Net credit (losses)/ recoveries
3,825 3,861
1,058
1,930
842
17
1,282
2,204
377
12
-20 -15
-67% -85%
+5% +20%
+25% +52%
Excluding net
credit losses of
weaker USD
Interest expense: -20%, driven mainly by lower client deposit rates
Net commission and fee income: +5% to CHF 2,314m
Recurring income up on higher avg AuM and mandate fees
Increase in client activity and structured products issued
Net income from fin. instr. at FVTPL: +25% to CHF 1,608m
Meaningful increase in treasury swap income (higher volumes and widening spread between US and Swiss interest rates)
Net credit losses: CHF 213m2
2023
2024
2025
CHF 213m1
CHF 130m announced in May 2025; CHF 149m in November 2025
1 2025 excluding net credit losses of CHF 213m (CHF 170m net of tax), primarily related to positions in the mortgage book and the remaining private debt loan book. 2023 excluding credit loss allowance related to the single largest exposure in private debt | 2 Excluded from underlying operating income
Credit recoveries in December related primarily to credit losses on single largest exposure in private debt book (2023)
Operating income: Alternative split, reflecting key business drivers
Interest-driven income +10% and recurring income +5%
CHF m
Adjusted operating income
3,240
3,861
3,861
2025
2024
2023
708
620
Treasury swap
1,066
income4
377
1,191
Net interest
125
income
842
1,085
1,461
1,822
1,191
4,073
Underlying1
operating income
3,825 3,861
778
1,590
1,461
-4
1,741
1,085
Interest-driven income2
1,037
1,034
778
574
Other net income
542
from f.i. at FVTPL
438
340
463
Other commission
492
and fee income
2023
2024
2025
Recurring income2
1,034
1,037
-3
26
Activity-driven income2
Other income1,3
2023
2024
2025
Underlying1 gross margin stabilising at 82bp
Increase in interest-driven income, recurring income stable
bp
2025
2024
2023
Treasury swap
income4
15
14
Net interest
income
8
24
3
23
19
33
21
Adjusted gross
margin 74 83 77
Underlying1
gross margin 88
18
36
33
0
83 82
37
24
37
23
Interest-driven income2
2025
2024
2023
Other commission
10
and fee income
10
8
Other net income
from f.i. at FVTPL
10
11
12
18
21
22
Recurring income2
21
22
Activity-driven income2
0
1
Other income1,3
2023
2024
2025
Adjusted operating expenses Operating expenses +1%
CHF m
vs 2024
vs 2023
Underlying1 C/I ratio2 improved by 3% pt
Depreciation/ amortisation
General expenses
Personnel expenses
2,705 2,782 2,808
1,707
766
246
238
232
767
714
1,778
1,848
+1% +4%
+4% +6%
-7% -7%
+4% +8%
Personnel expenses: +4% to CHF 1,848m
Partly due to higher incentive & performance-related costs, pension-fund-related expenses, severance payments and internalisations
General expenses: -7% to CHF 714m
Excl. provisions and losses: -9% to CHF 658m, driven by a reduction in external staff spend, consulting charges and legal fees
Provisions and losses: CHF 56m (2024: CHF 44m)
losses (CHF m)
o CHF 246m
2023
2024
2025 Depreciation/amortisation: +4% t
Provisions and 62
44
56
Underlying1
cost/income ratio 69.1
(%)
70.9
67.6
Adjusted 81.6
70.9
71.3 Underlying1 C/I ratio2: 67.6% (2024
(%)
Adjusted expense 61
2025: Approx.4 breakdown by
59
currency
55
Exchange rate sensitivity by 20283
Reflecting higher IT-related investme
Return to widening operating jaws
nts in recent years
cost/income ratio margin (bp)
: 70.9%)
CHF
55%
SGD
12%
GBP
4%
BRL
1%
EUR
13%
HKD
6%
USD
4%
Others
5%
USD/CHF -10% → ~2% pt higher cost/income ratio
EUR/CHF -10% → ~0.8% pt higher cost/income ratio
1 2025 excluding net credit losses of CHF 213m (CHF 170m net of tax), primarily related to positions in the mortgage book and the remaining private debt loan book. 2023 excluding credit loss allowance related to the
single largest exposure in private debt | 2 Cost/income ratio | 3 Impact on adj. cost/income ratio from move in exchange rates vs. Swiss franc relative to USD/CHF 0.80 and EUR/CHF 0.94 planning assumption, ceteris 12
Overview cost programme 2025 and efficiency measures 2026-2028
2025 cost savings target exceeded
Gross run-rate savings (actuals and outlook), CHF m
2025
110
20
130
110
Overachievement
Strategic cycle 2026-2028
~130
CHF 130m gross run-rate savings implemented
CHF 110m cost programme extension (announced in February
2025) fully implemented …
… with additional CHF 20m run-rate savings realised
Cost-to-achieve at 30 cents on the Swiss franc
H1 2025 FY 2025
2026-2028
Key measures implemented in 2025
Simplification of organisational structure
Optimisation of front operating model
Significant reduction of non-personnel spend
Fiscal year savings (gross)
Cost-to-achieve
1 Crystallised P&L impact
161
27
601
40
~130
~65
2026-2028: Further structural efficiency improvements
Additional CHF ~130m gross run-rate savings lined up
Cost-to-achieve expected at max. ~50 cents on the Swiss franc
Majority of savings back-ended, cost-to-achieve front-loaded
Adjusted and underlying1 net profit and profit before taxes
1,266
Underlying1 profit before taxes +17%
CHF m
Adjusted net profit1
Adjusted profit before taxes1RoCET1, adjusted (%)1 Adjusted pre-tax margin (bp)1
947
1,120 1,047 1,078 1,048
30
28
32
26 23 25
Return to operating leverage
6% higher operating income1 and 1% rise in expenses drive 17% improvement in underlying1 PBT to CHF 1,266m
Underlying1:
Pre-tax margin: +2bp to 25bp
Net profit: +1m to CHF 1,048m
EPS stable at 5.10
recalculated
Underlying1
Adjusted
Underlying1
CHF m
2023
2024
2025
vs 2024
Operating income
3,825
3,861
4,073
+6%
Operating expenses
2,705
2,782
2,808
+1%
Profit before taxes
1,120
1,078
1,266
+17%
Income taxes
173
32
218
+587%
Tax rate (%)
15.5
2.9
17.2
+14.3% pt
Net profit
947
1,047
1,048
+0%
EPS attributable to shareholders (CHF)
4.61
5.10
5.10
-0%
IFRS net profit attributable to shareholders
454
1,022
764
-25%
1 2025 excluding net credit losses of CHF 213m (CHF 170m net of tax), primarily related to selected positions in the mortgage book and the remaining private debt loan book. 2023 excluding credit loss allowance related to th single largest exposure in private debt of CHF 586m (CHF 475m net of tax). IFRS figures have not been
e
IFRS net profit: -25% to CHF 764m
YoY development impacted by:
Non-recurring release of tax provisions in 2024
CHF 99m net impact from sale of Julius Baer Brazil
Net credit losses of CHF 213m (CHF 170m net of tax)
Normalised tax rate in 2025
2025 underlying1 tax rate: 17.2% (2024: 2.9%)
Currently expected adj. tax rate for 2026-2028: 18-20%
Highly liquid balance sheet
Lombard loan growth - Deposit growth on FX-neutral basis
CHF bn
(in brackets: figures at 31.12.2024) Assets Liabilities/Equity
Cash and balances at central banks1
Due from banks2
Loans FX-neutral3 43.9
of which of which
107.5 (105.1)
7.2 (8.2)
14.3 (11.3)
Liquid balance sheet
Loan-to-deposit ratio: 63% (61%)
Liquidity coverage ratio: 261% (292%)
107.5 (105.1)
5.9 (7.8)
66.8 (68.7)
Due to banks2
Due to customers FX-neutral3 70.7
Due to customers4 (incl. client deposits)
Due to of which call &
of which
call & term dep.:
40.2 (45.4)
USD / HKD
32 (34)
78% (76%)
EUR
13 (14)
66% (72%)
CHF
9 (8)
10% (50%)
GBP
4 (4)
78% (78%)
Others
8 (9)
32% (30%)
customers4 term deposits
USD / HKD
Lombard
8.4 (10.4)
Mortgages Loans 42.1 (41.6)
0.0 (0.0) Lombard
EUR
7.5 (6.7)
1.9 (2.2)
33.8 (33.1)
CHF
13.0 (10.7)
6.1 (6.0)
Mortgages
GBP
1.3 (1.6)
0.3 (0.3)
8.3 (8.5)
Others
3.5 (3.7)
0.0 (0.0)
14.4 (14.7)
Financial assets FVTPL (trading portfolios) Financial assets at amortised cost (treasury book)
Financial assets at FVOCI (treasury book)
Others Goodwill and other intangible assets
Financial liabilities (structured products issued)
16.4 (12.2)
Others (incl. AT1 bonds issued) Equity
11.2 (9.6)
7.2 (6.8)
6.5 (5.3)
8.7 (10.7)
11.5 (10.7)
2.6 (2.6)
Figures as at 31.12.2025, summarised and regrouped from Consolidated Financial Statements | 1 Cash held mainly at Swiss National Bank as well as at Deutsche Bundesbank, Banque centrale du Luxembourg and Banque de France
| 2 Incl. receivables/payables from securities financing transactions | 3 31.12.2025 loans and deposits calculated with 31.12.2024 FX-rates | 4 Incl. precious metal accounts and pension fund accounts
CET1 capital ratio1
CHF bn CET1
CET1 capital ratio strengthened to 17.4%4
RWA
3.6
3.6
3.9
Switzerland: Basel 3 Final fully implemented
20.2
17.8%
6.8%
25.2
14.2%
+3.0%
-2.1%
+0.6%
-0.1%
+1.8%
22.7
17.4%
6.4%
CET1 capital ratio strengthened4
Net profit generation and continued pull-to-par benefit5
Decrease in RWA mainly driven by Operational Risk RWA relief of 2015 US DOJ settlement
3.2%
Buy-back threshold ~14.0%2
Risk density decreased; guidance 2026-28 unchanged
2.7%
2.7%
Group floor 11.0%
2.7%
8.3%
8.3%
Regulatory minimum 8.3%
8.3%
At 31.12.2025: 21.1%
Currently expected range for 2026-2028: 22-24%
31.12.2024
Basel 3 Actual
31.12.2024
Basel 3 Final (pro-forma)
IFRS net profit
Dividend accrual
OCI
pull-to-par & other effects3
Other changes in CET1
Change in RWA
31.12.2025
Basel 3 Final
Capital distribution
Dividend maintained at CHF 2.60 per share6
Future share buybacks subject to regulatory approvals
1 For more details see RWA, capital and liquidity ratios slide in Appendix | 2 Distribution via share buy-back programme to be considered following appropriate regulatory approvals from FINMA | 3 Includes the pull-to-par effect and changes in OCI related to debt instruments driven by other market factors | 4 vs pro-forma Basel 3 Final CET1 capital ratio of 14.2% at 31.12.2024 | 5 At 31.12.2025 the remaining 'pull-to-par' volume was CHF 73m
| 6 Subject to AGM approval
Tier 1 leverage ratio
CHF bn Tier 1
Tier 1 leverage ratio at 4.9%
Well above regulatory minimum of 3.0%
5.3
5.3
5.5
Leverage
exposure 107.1
108.2
Incl. CHF 1.1bn impact from B3F
+0.7%
111.2
Tier 1 capital improved following CET1 capital development
Leverage exposure +3%, in line with balance sheet evolution
1.9%
1.9%
4.9% 4.9%
-0.5%
+0.1%
-0.0%
-0.1%
-0.1%
1.9%
4.9%
Basel 3 Final
(pro-forma)
Basel 3 Actual
CHF bn
31.12.2025
31.12.2024
31.12.2024 vs 31.12.20242
CET1 capital
3.9
3.6
3.6
+0.3
Additional Tier 1 bonds
1.5
1.7
1.7
-0.2
Tier 1 capital
5.5
5.3
5.3
+0.2
Leverage exposure
111.2
108.2
107.1
+4.1
Tier 1 leverage ratio (%)
4.9
4.9
4.9
+0.1%pt
Basel 3 Final
Regulatory minimum 3.0%
3.0%
3.0%
3%
31.12.2024 31.12.2024
IFRS net
Dividend
OCI
Other
Changes
Change in
31.12.2025
Basel 3 Actual
Basel 3 Final
(pro-forma)
profit
accrual
pull-to-par & other effects1
changes in CET1
in AT1
leverage exposure
Basel 3 Final
1 Includes the pull-to-par effect and changes in OCI related to debt instruments driven by other market factors
| 2 Pro-forma regulatory metrics calculated as per Basel 3 Final
UPDATE ON STRATEGY EXECUTION
Stefan Bollinger, CEO
On track to deliver against our mid-term targets as communicated at the Strategy Update on 3 June 2025
Mid-term targets
2025 2028
4-5%by 2028
2.9%
Net new money growth
by 2028
67.6%
underlying1
Adjusted cost/income ratio
underlying1 at 14%
CET1 capital ratio 33%
>30%2026-2028 cycle, assuming a constant 14% CET1 capital ratio
28%
underlying1
Adjusted RoCET1
Note: Assuming no major deterioration in markets
Transition year 2025: Creating positive momentum for the 2026-2028 strategic cycle
Strengthening the foundations
Legacy issues
Revised Group Risk Appetite
Completed credit book review
Upgraded risk processes and organisation
Defining and executing on our strategyClient focus
Sharpening client propositions incl. UHNW
Rolled out global Wealth Navigator, new e-Banking
Benefits of new Global Products & Solutions unit
Governance, leadership, talent
New ExB and GWMC
New CRO, new Compliance function at ExB, appointment of new COO
New talent programme and internal mobility
Revenue & Growth Programme to be launched
Growth and enhanced footprint
Opened new offices in Milan, Lisbon and Abu Dhabi
Exited Brazil onshore
Ownership and accountability
Strengthened first and second line of defence
New front operating model
Revised compensation framework
Overachieved 2025 cost savings ambition by CHF 20m
Operational efficiencies, technology
Upgraded Finance platform
Launched IT infrastructure modernisation project in Switzerland
Recap of our strategic priorities and key imperatives driving the execution
Driving cultural transformation
Performance and Ownership Culture
V
Disciplined entrepreneurship
in line with our core WM lane
Disciplined Risk and Compliance Management
III
Embedding cost conscious-
ness in daily operations
Operational Efficiency and Cost Discipline
II
Reviving our organic growth
engine to our full potential
Profitable Growth in the Core Business
I
IV
Leveraging Technology
Building digital experiences enabled by scalable infrastructure
Unleashing the Full Potential of Julius Baer
Underpinned by a Disciplined Resource Allocation
Comprehensive Growth Agenda in place to deliver NNM and revenue targets
Growth mindset / Front productivity
Incentives for organic growth
'Ease of Doing Business'
Systematic sales
Internal and external talent
JB Growth Agenda 2026-2028
Enhancing product access
Better access through GPS and CIO Office
Discretionary and high-end advisory mandates
Structured products, funds, alternative investments
Sharpening client propositions
UHNW experience and capabilities
HNW proposition
Value-based pricing along segments
Capturing growth
in core geographies
Region WM & CH: CH, UK, Germany, Southern EU
Region Asia: Hong Kong, Singapore
Region Emerging Markets: Middle East, India
Regions
Western Markets & Switzerland, Asia, Emerging Markets
Product units
Global Products & Solutions, CIO Office
Group functions
Operations, IT, Finance, HR, Risk, Compliance, Legal
A dedicated Revenue & Growth Programme to support the execution and strengthen the interplay Regions / Product units / Group functions
Dedicated Revenue & Growth Programme, focused on organic growth
Objectives
Support execution
Complement business activities
Strengthen interplay Regions / Product
units / Group functions
Rollout
Across all Regions, including targets
Cascaded down to RM level
Structured central framework
Implementation of common themes such as sales management, pricing and product adoption
Systematic target monitoring and reporting
Outlook: Our transformation is about striking the right balance across growth, cost and risk - empowered by technology and cultural change
Striking the right balance
Growth
Return
Cost
Risk
-
Organic and profitable growth
Continued mobilisation to drive topline growth
Innovative and technology-enabled client solutions and processes
Frontline empowerment, aligned incentives framework and granular targets
-
Cost discipline
Front-to-back operating model optimisation, process re-engineering
Scalable operations and IT simplification
Embedded cost discipline in day-to-day business
-
Disciplined risk and compliance management
State of the art risk and compliance processes
Culture & Conduct Programme and tone from the top
Summary messages: Firmly on track to unleash Julius Baer's full potential
Strong underlying performance in 2025 - unique strengths, positive transformation momentum
Transition year 2025: addressed legacy issues, strengthened foundations, mobilised on execution
Significant progress across all strategic priorities - balancing growth, cost and risk discipline
Growth agenda aimed at reviving our organic growth engine to our full potential
Reconfirmation of mid-term targets - fully energised to embark on strategic cycle 2026-2028
Q&A
Stefan Bollinger, CEO
Evie Kostakis, CFO
APPENDIX
Scope of presentation of financial results
As in previous years, financial results and analysis are presented on an adjusted basis
Adjusted: excluding from the IFRS financial results the impact on operating income (new since 1 January 2025) or on operating expenses related to acquisitions or divestments of businesses or participations (i.e. M&A transactions) as well as the taxes on those respective items
In order to ensure meaningful comparability of the underlying business performance, "underlying" figures presented on certain slides refer to pro forma P&L figures and related KPIs in 2025 excluding the net credit losses amounting to CHF 213m (CHF 170m net of tax), primarily related to selected positions in the mortgage book and the remaining private debt loan book and in 2023 excluding the CHF 586m (CHF 475m net of tax) increase in credit loss allowance related to the single largest exposure in private debt (at that time)
Please refer to the Extract of Annual Report 20251for the IFRS results
A reconciliation from the IFRS results to the adjusted results and the underlying results is outlined in the Appendix
A more detailed explanation of the adjustments, a definition of (non-IFRS) Alternative Performance Measures, as well as a more comprehensive reconciliation from the adjusted results to the most directly reconcilable IFRS line items, are provided in the Alternative Performance Measures section of the Extract of Annual Report 20251
1 Available from https://www.juliusbaer.com
APMs and other definitions used in presentation (1/2)
APMs
Adjusted cost/income ratio Adjusted operating expenses excluding adjusted provisions and losses, divided by operating income.
Adjusted gross margin Adjusted operating income divided by monthly average assets under management.1
Adjusted expense margin Adjusted operating expenses, excluding adjusted provisions and losses, divided by monthly average assets under management.1
Adjusted pre-tax margin Adjusted profit before taxes divided by monthly average assets under management.1
Adjusted earnings per share (EPS) attributable to shareholders of Julius Baer Group Ltd.
Adjusted net profit attributable to shareholders of Julius Baer Group Ltd., divided by the weighted average number of shares outstanding for diluted earnings per share.
Return on tangible equity (RoTE) Adjusted net profit attributable to shareholders of Julius Baer Group Ltd., divided by (half-yearly) average of shareholders' equity less goodwill and other intangible assets.1
Return on common equity tier 1 (RoCET1) Adjusted net profit attributable to shareholders of Julius Baer Group Ltd., divided by the (half-yearly) average CET1 capital.1
Loan-to-deposit ratio The balance sheet loans position divided by the balance sheet due to customers position.
Dividend pay-out ratio Total dividend distribution amount divided by adjusted net profit attributable to shareholders of Julius Baer Group Ltd.
Total shareholder return The change in a company's share price over a period plus any dividends paid by the company in this period, divided by the company's share price
at the start of the period.
1If the reported period is not a full year (e.g. a half year), the result will be made comparable to a full year equivalent (annualisation)
APMs and other definitions used in presentation (2/2)
APMs
Assets under management (AuM)
All bankable assets managed by or deposited with the Group for investment purposes. Assets included are portfolios of wealth management clients for which the Group provides discretionary or advisory asset management services. Assets under management take into account client deposits as well as market values of securities, precious metals, and fiduciary investments placed at third-party institutions.
Assets with discretionary mandate Assets for which the investment decisions are made by the Group, and include assets deposited with the Group as well as assets deposited with a third-party institution.
Other assets under management Assets for which the investment decision is made by the client itself.
Assets under custody (AuC) Assets held for transactional, safekeeping, custody or administrative purposes and for which additional services, for example analysis and reporting or securities lending and borrowing, are provided.
Client assets Aggregate of assets under management and assets under custody.
Assets in collective investment schemes managed by the Group Investment products and solutions developed by the Group and for which the Group provides services on an ongoing basis.
Double counting assets under management
Net new money (NNM)
When assets under management are subject to more than one level of asset management services, double counting arises within the total assets under management. Each such separate discretionary or advisory service provides additional benefits to the respective client and generates additional revenue to the Group.
In- or outflows attributable to new clients, departed clients and existing clients, calculated by the direct method, which is based on individual client transactions. New or repaid loans to clients and related interest expenses result in net new money flows. Interest and dividend income from assets under management, market performance and currency impacts as well as fees and commissions are not included in the net new money result.
Generally, reclassifications between assets under management and assets under custody result in corresponding net new money in- or outflows.
Net new money growth rate Net new money as a percentage of assets under management at the end of the previous period.1
Other definitions
Other income Other income is the total of income statement items "other ordinary results" and "net credit (losses)/recoveries on financial assets".
Other commission and fee income Income statement item "brokerage commissions and income from securities underwriting" minus income statement item "commission expense".
Recurring income Total of income statement items "advisory and management fees" and "commission and fee income on other services".
Market performance Market performance is determined through the change in AuM that remains after accounting for net new money, currency impacts, acquisitions/(divestments) and other effects (if any).
Currency impacts Currency impacts is determined by applying the changes in the currency exchange rates in the period to AuM at the end of the preceding year.
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Julius Bär Gruppe AG published this content on February 02, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on February 02, 2026 at 06:03 UTC.
