Swiss Number Cruncher

Latest edition · August 28, 2026

Ersteinschätzung Compagnie Financière Tradition (CFT) EN 2026 08 28

Compagnie Financière Tradition reported 1H26 net profit of CHF 79.1 mn (+12.6% YoY), beating consensus driven by strong joint venture contributions and financial result improvements. Zürcher Kantonalbank maintains its Market Perform rating due to Swiss franc appreciation headwinds offsetting favorable macro volatility.

Zürcher Kantonalbank assessed Compagnie Financière Tradition's (CFT) 1H26 results, highlighting that net profit attributable to shareholders reached CHF 79.1 mn, outpacing both internal (CHF 73.1 mn) and consensus (CHF 74 mn) estimates. While reported IFRS revenue (CHF 597.8 mn, +3.1% YoY) and EBIT (CHF 88.0 mn, -0.2% YoY) were held back by CHF appreciation against the USD and JPY as well as higher personnel expenses, constant-currency revenue and EBIT rose 11% and 7% YoY, respectively. Profit before tax rose 7.4% YoY to CHF 103.0 mn, driven by a 33% increase in JV/associate earnings following Gaitame's integration of Money Partners Group. ZKB reiterates its Market Perform rating.

Key takeaways from the latest edition

• 1.CFT delivered strong 1H26 net profit attributable to shareholders of CHF 79.1 mn (+12.6% YoY), beating both ZKB's estimate (CHF 73.1 mn) and consensus (CHF 74 mn).
• 2.Reported EBIT of CHF 88.0 mn (-0.2% YoY) came in slightly below consensus and ZKB estimates due to CHF appreciation against USD/JPY and higher personnel/D&A costs, though constant-currency EBIT rose 7% YoY.
• 3.Profit before tax rose 7.4% YoY to CHF 103.0 mn, boosted by a 33% increase in earnings from associates/JVs (CHF 16.1 mn) driven by the integration of Money Partners Group by Gaitame and lower net financial expenses.

What this series covers

• Outlook
• Conclusion
• Disclosures and Disclaimer
• Recording of remote business communications
• Financial analysts' statement
• Disclosure of conflict of interests
• Disclosure of further conflicts of interest
• List of all ratings of the last 12 months
• Recommendation distribution of the companies in the Swiss research universe
• Fact check
• Explanation of the rating system
• Methodology
• Updates
• Citation of sources
• Competent supervisory authority
• Miscellaneous legal information
• Publications on request
• Use abroad
• Additional information for UK clients
• Additional information for U.S. Persons
• Additional information for persons in the Abu Dhabi Global Market, United Arab Emirates

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