Julius Baer reported 4M26 results with a material beat in revenue margins (90bp) offsetting a slight miss in AuM and net new money growth. Goldman Sachs maintains a Buy rating with a SFr75 target price.
Key Takeaways
- 1.Revenue margins reached 90bp, significantly higher than the 83bp estimated by Goldman Sachs, driven by strong client activity in Q1 2026.
- 2.Assets under Management (AuM) of CHF528bn and Net New Money (NNM) of CHF3.0bn came in slightly below forecasts.
- 3.The CET1 capital ratio strengthened to 18.1%, up from 17.4% at the end of 2025.
Table of Contents
- Revenue margin
- AuM
- Valuation and key risks
- Disclosure Appendix
- GS Factor Profile
- M&A Rank
- Quantum
- Disclosures
- Company-specific regulatory disclosures
- Distribution of ratings/investment banking relationships
- Price target and rating history chart(s)
- Target price history table(s) Julius Baer Group (BAER.S)
- Regulatory disclosures
- Ratings, coverage universe and related definitions
- Global product; distributing entities
- General disclosures
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Authors
Benjamin Caven-RobertsChris Hallam
Securities
BAER.S
Themes
Revenue Margin ExpansionAsset Management Growth Headwinds
Regions
EuropeSwitzerland