First Read: Vontobel "H1 26 results: large trading-driven pre-tax beat and..."

Research evidence excerpt

First Read: Vontobel "H1 26 results: large trading-driven pre-tax beat and..."

Global Research

24 July 2026ab

First Read

EquitiesVontobel

H1 26 results: large trading-driven pre-tax beat Switzerland

and substantial capital build Banks, Ex-S&L

12-month rating Neutral

12m price target CHF71.00

Structured solutions doubling y/y drove 12% revenue and 27% pre-tax beat

Vontobel reported H1 26 profit of CHF273mn, 27% above consensus forecasts, driven

by 12% better total revenues and in-line costs. Vontobel saw sequential improvement Price (24 Jul 2026) CHF79.10

across all revenue lines but the beat was driven by particularly strong trading income in RIC: VONN.S BBG: VONN SW

Structured Solutions (structured products and warrants) with the unit's operating

Trading data and key metrics

income doubling y/y and up 43% from H2 25. Net fees and commissions income grew

7% y/y. See detailed results overview table on page 2. 52-wk range CHF82.00-58.20

Market cap. CHF4.41b/US$5.39b

Very large CET1 beat, underwhelming NNM, in-line AUM Shares o/s 55.7m (BEAR)

The CET1 ratio came in at 23.2%, 330bps ahead of consensus. Both Private Clients and Free float 34%

Institutional Clients AuM were in-line with consensus, but NNM was weaker in both Avg. daily volume ('000) 45.0

divisions. Private Clients annualized NNM was 4% and Institutional Clients saw net Avg. daily value (m) CHF3.2

outflows (CHF0.8bn) again. However, Vontobel flags that excluding the outflows related Common s/h equity (12/26E) CHF2.37b

to the Raiffeisen mandate insourcing (CHF1.3bn) and Quality Growth (CHF2.5), the rest P/BV (12/26E) 1.9x

of the platform generated 7.4% annualized growth. Gross margin in IC improved 1bp vs Tier 1 ratio 25%

H2 25, while PC gross margin jumped 13bps from H2 25, driven by Structured Solutions.